N-CSRS

N-CSRS 1 d924390dncsrs.htm N-CSRS N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


INVESTMENT COMPANY ACT FILE NUMBER:		811-05443

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

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

NAME AND ADDRESS OF AGENT FOR SERVICE:		John P Calamos, Sr., Founder, Chairman and Global Chief Investment Officer Calamos Advisors LLC 2020 Calamos Court, Naperville, Illinois 60563-2787

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

DATE OF FISCAL YEAR END: October 31, 2020

DATE OF REPORTING PERIOD: November 1, 2019 through April 30, 2020

ITEM 1. REPORT TO SHAREHOLDERS.

LOGO

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 18 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			5

Calamos Hedged Equity Fund			10

Calamos Phineus Long/Short Fund			13

Calamos Convertible Fund			19

Calamos Global Convertible Fund			23

Calamos Timpani Small Cap Growth Fund			26

Calamos Timpani SMID Growth Fund			29

Calamos Growth Fund			32

Calamos Growth and Income Fund			36

Calamos Dividend Growth Fund			40

Calamos Select Fund (formerly, Calamos Opportunistic Value Fund)			43

Calamos International Growth Fund			47

Calamos Evolving World Growth Fund			51

Calamos Global Equity Fund			55

Calamos Global Growth and Income Fund			59

Calamos Total Return Bond Fund			63

Calamos High Income Opportunities Fund			68

Calamos Short-Term Bond Fund			73

Expense Overview			77

Schedules of Investments			81

Statements of Assets and Liabilities			163

Statements of Operations			167

Statements of Changes In Net Assets			171

Notes to Financial Statements			178

Financial Highlights			213

Report of Independent Registered Public Accounting Firm			266

Liquidity Risk Management Program			268

Letter to Shareholders

LOGO

JOHN P. CALAMOS, SR.

Founder, Chairman and Global Chief Investment Officer

Dear Fellow Shareholder:

Welcome to your semiannual report for the six-month period ended April 30, 2020. 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 semiannual period brought unprecedented uncertainty to the global economy and markets. Global efforts to contain the COVID-19 pandemic resulted in severe and rapid declines in economic activity and global financial markets. The turmoil in the markets reached its height in March, with the S&P 500 falling more than 30% over just a few weeks. As investors sought safe havens and central banks lowered short-term rates, yields plummeted and the U.S. 10-year Treasury yield reached a record low. Meanwhile, oil prices slumped on the back of weak demand and geopolitics. By the end of the reporting period, market conditions had stabilized to a large extent, however. Significant market rebounds occurred during the final weeks of the period as investor sentiment improved in the wake of fiscal and monetary policy efforts.¹

For the semiannual period overall, equities came under the most pressure, particularly emerging market equities. Convertible securities demonstrated relative resilience, with the U.S. market posting a modest advance and the global market falling slightly. In the bond market, U.S. investment grade and short-term U.S. markets gained, benefiting from a flight to perceived safety.²

Outlook

We are confident that both the economy and markets will recover, although we cannot predict the exact timeline. Although we are in the midst of sweeping uncertainties and discouraging headlines, it is important to remember that the economy and markets have navigated many crises that seemed quite insurmountable at the time.

Countries around the world have responded to the pandemic with unprecedented global monetary and fiscal policy responses. In the U.S., the Federal Reserve and federal government have acted swiftly, increasing the likelihood for a relatively faster economic recovery. U.S. consumer balance sheets are in better shape than they were in 2008, while credit markets and the banking system are operating in an orderly fashion.


		www.calamos.com			1

Letter to Shareholders

From an investment perspective, the economy and markets are unlikely to recover at the same pace. Markets are typically forward looking and have often turned the corner not when problems were fully solved but when things looked “less bad.” We’ve already seen the stock market gain ground back from March lows, and we believe better market conditions can continue, even before the pandemic is resolved and the economy is fully up and running again.

Even though markets conditions have improved since late March, we expect volatility to remain very high, due to the pandemic, economic shocks and U.S. elections. This is an environment that will favor active management and security selection. As conditions change, we may see significant shifts in market leadership. We believe that our investment teams will be able to navigate these crosscurrents, drawing on our long-term perspective, risk-management experience and deep research capabilities.

Throughout my 50-year investing career, I have maintained that there is opportunity in every market environment. I believe this holds true. During this recent correction, many securities were sold off more severely than we believe their fundamentals warranted. Our teams sought to take advantage of these dislocations to build positions in companies, sectors and investment themes that provide attractive compensation for their potential risks. Additionally, our teams are finding many opportunities in newly issued securities. For example, as companies seek capital, high yield bonds and convertible securities are coming to market with very attractive terms.

Asset Allocation Considerations for Investors

As the global health crisis of COVID-19 has upended the global economy, many investors are understandably worried about their asset allocations. In these fast moving markets, making panicked moves or trying to time the markets is very dangerous. Markets can rise as unpredictably as they fall, but it’s impossible to predict these changes with certainty. Investors who make sudden shifts when markets are falling may find that they’ve capture the downside, only to miss the upside.

Now more than ever, we encourage investors to seek out their investment professionals, who can help address changing financial goals and risk considerations. If you seek equity market participation with potentially less volatility, your advisor may recommend actively managed Calamos funds that include convertible securities. Convertible securities combine characteristics of stocks and traditional fixed income securities. With active management, convertibles can provide the opportunity for upside participation with equity risk mitigation. Calamos Convertible Fund (page 19) or Calamos Global Convertible Fund (page 23) focus primarily on convertible securities, while Calamos Growth and Income Fund (page 36) and Calamos Global Growth and Income (page 59) invest in stocks, convertibles and other fixed income securities.


2		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Letter to Shareholders

In volatile markets, your financial professional may propose enhancing the overall diversification of your portfolio. The volatility of the semiannual period affirms the potential benefits of fixed income strategies such as Calamos Total Return Bond Fund (page 63) and Calamos Short-Term Bond Fund (page 73). Also, liquid alternative strategies such as Calamos Hedged Equity Fund (page 10) and Calamos Market Neutral Income Fund (page 5) offer compelling approaches for navigating challenging markets.

Conclusion

I founded Calamos Investments more than 40 years ago, during the difficult financial markets of the 1970s. Throughout the decades, the economic and investment landscape have changed dramatically against a backdrop of technological advancements and globalization. However, our vision has remained constant. We are dedicated to providing innovative investment approaches that help investors achieve their financial goals, including through uncertain times.

As always, we thank you for your continued trust.

Sincerely,

LOGO

John P. Calamos, Sr.

Founder, Chairman and Global Chief Investment Officer


		www.calamos.com			3

Letter to Shareholders

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

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

The MSCI All Country World Index is a measure of global stock market performance which returned 10.76% in April 2020. The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market which returned 12.82% for the month. The MSCI Emerging Market Index is a measure of emerging market equity performance which returned 9.18% for the month.

The ICE BofA All U.S. Convertibles Ex-Mandatory Index represents the U.S. convertible securities market excluding mandatory convertibles. The index returned 11.41% in April 2020. The Refinitiv Global Convertible Bond Index is designed to broadly represent the global convertible bond market. The index returned 8.64% for the month. 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 4.53% for month.

For the six-month period ending April 30, 2020, the MSCI All Country World Index returned -7.43%, the S&P 500 Index returned -3.16% and the MSCI Emerging Market Index returned -10.39%. The ICE BofAML All U.S. Convertibles Ex-Mandatory Index returned 2.50% for the six-month period ending April 30, 2020. The Refinitiv Global Convertible Bond Index is returned -0.52% for the same period.

The Bloomberg Barclays U.S. Aggregate Bond Index is considered generally representative of the investment-grade bond market. For the six-month period ending April 30, 2020, the index returned 4.86%. The Bloomberg Barclays U.S. High Yield 2% Issuer Capped Index returned -6.60% for the six-month period. 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 2.58% for the six-month period.

Source: Lipper, Inc and Mellon Analytical Solutions, LLC. Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index. 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, which 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.


4		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Market Neutral Income Fund

CALAMOS MARKET NEUTRAL INCOME FUND

INVESTMENT TEAM DISCUSSION

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

Launched more than 25 years ago, it represents one of the first liquid alternative mutual funds and blends two main strategies—convertible arbitrage and covered call writing—with the aim of monetizing volatility. In addition to offering an attractive historical risk/reward profile, the Fund may enhance long-term portfolio diversification potential, especially in relation to fixed income securities.

Recently, bouts of historically elevated equity volatility underscore the value of diversification. Calamos Market Neutral Income Fund is designed to:

» Potentially enhance an investor’s fixed income allocation.

» Actively pursue equity market upside while hedging downside risk.

The end goal is consistent absolute total return over varying market cycles.

How has the Fund performed?

For the six-month period ended April 30, 2020, Calamos Market Neutral Income Fund returned -0.12% (Class I shares at net asset value) versus a 5.36% return for the Bloomberg Barclays U.S. Government/Credit Bond Index and the 0.66% increase for the FTSE 30-Day U.S. Treasury Bill Index.

For the 1-year, 3-year, 5-year and 10-year periods ended April 30, 2020, the Fund’s I shares return ranked in the 27th, 18th, 11th and 1st percentiles, respectively, in the Morningstar Market Neutral category peer group.*

Both the convertible arbitrage and covered call writing strategies contributed positively to performance during the period. Since the inception of Class I shares on May 10, 2000, the Fund gained 4.42% on an annualized basis. For the same period, the Bloomberg Barclays U.S. Government/Credit Bond Index gained 5.39%, while the FTSE 30-Day U.S. Treasury Bill Index returned 1.55%.

What factors influenced performance?

The Fund held up well despite significantly elevated volatility during the last two and a half months of the reporting period. The COVID-19 crisis along with an OPEC-Russia oil price war delivered a stunning combination blow. The S&P 500 Index caved, giving up three years of gains in a matter of days. The Fund resisted the extreme equity market decline that, combined with widening credit spreads and cheapening convertible valuations, proved a difficult environment to post a positive return. The Cboe Volatility Index (VIX) illustrated the extreme volatility, as it increased from 13.11 at the beginning of the period to a Mount Everest 82.69 on March 16 before falling back to 34.15 at the end of the reporting period.

Data is as of 4/30/20. Morningstar category percentile rankings are based on annualized total returns for the 1-year, 3-year, 5-year and 10-year periods. Calamos Market Neutral Income Fund Class I Shares were in the 27th, 18th, 11th and 1st percentiles of 119, 99, 78 and 21 funds for the 1-year, 3-year, 5-year and 10-year periods, respectively, for the Morningstar Market Neutral category.

OVERVIEW

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

KEY FEATURES

◾

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

◾

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

◾

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

PORTFOLIO FIT

The fund may provide potential diversification, 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


		www.calamos.com			5

Calamos Market Neutral Income Fund


SECTOR WEIGHTINGS

Information Technology	35.9	%
Consumer Discretionary	14.9

Health Care	14.3
Communication Services	9.7

Financials	7.2
Industrials	5.0

Consumer Staples	3.8
Utilities	3.3

Real Estate	2.8
Other	2.0

Energy	1.7
Materials	1.5

Asset Allocation 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.

The 33.79% S&P 500 Index decline from February 20 to March 23 delivered a stiff headwind to the hedged equity portion of the Fund. The Fund benefited from the put and short call options in place, but the equity basket fell below the call and put option. The Fund also benefited from the active management of our option trading, given we were able to take profits in the calls after the market decline while maintaining the existing put positioning. This meant that we were able to “clear the runway” so that we could participate in more of the market rebound (from March 24 forward) than we gave up during the pullback.

The convertible arbitrage portion of the portfolio fared better than the hedged equity strategy during the significant market decline. The strategy benefitted from increasing volatility, though this benefit was offset somewhat by widening credit spreads. According to Bloomberg Barclays, high yield credit spreads widened from 415 basis points to 766 basis points during the six months ended April 30, 2020.

Elevated option skew¹ flattened during the reporting period. The Credit Suisse “Fear Barometer” Index, an index that compares the relative value of calls versus puts and is useful for measuring option skew, had begun the period at 25.24 and ended at 23.33 above its historical long-term average of about 20, though it did decline to 14.38 on March 12. As option skew flattened, the Fund’s “North Star” trade, which entails selling 80% calls against 40% puts, became increasingly attractive. Steeper skew provided an affordable opportunity for the Fund to use call and put spreads to create a favorable risk/reward profile.

In response to the COVID-19 crisis, the Federal Reserve reduced interest rates to near zero and initiated further quantitative easing activities. These actions moved U.S. interest rates sharply lower across the yield curve. The 3-year U.S. Treasury yield declined from 1.52% to 0.24%, the 5-year Treasury yield dropped from 2.98% to 0.36%, and the 10-year Treasury yield declined from 1.69% to 0.64%. While the Fund won’t have significant interest-rate exposure, this generally also means that it won’t have interest-rate opportunity. Declining interest rates over the reporting period supported the Bloomberg Barclay’s Government Credit Index outperformance relative to the Fund. Still, the Fund held up well relative to equities during the reporting period and helped add stability to the equity portfolio.

How is the fund positioned?

At the end of the reporting period, the Fund had 55.7% in convertible arbitrage and 43.4% in covered call writing. The relatively heavy allocation to convertible arbitrage reflects the opportunity we had to invest in robust new convertible issuance that offered favorable terms and valuations. Per ICE BofA, the U.S. has seen $26.4 billion in new issuance so far in 2020 through April 30. Annualized, this would put 2020 U.S. issuance on track to exceed $79.2 billion and would be the highest annual issuance witnessed since 2007.

During the significant market pullback, we took profits from our call positioning and worked to clear a runway to provide upside as the market recovered, all the while maintaining a significant amount of puts to help reduce market participation

Volatility Skew is the difference in implied volatility between out-of-the-money options, at-the-money options, and in-the-money options. Volatility skew, which is affected by sentiment and the supply-and-demand relationship, provides information that helps fund managers determine whether to write calls or puts.


6		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Market Neutral Income Fund

on the downside. The recent volatility increase has made our traditional “North Star” positioning (writing 80% calls and buying 40% puts) more attractive, and we have been allocating more of the hedged equity sleeve in this direction. At the same time, we maintained an allocation to “put-call spread” trades that remained attractive. The call-spread positioning involved writing calls that were in the money while at the same time purchasing out-of-the-money calls. In addition to the long puts that we always maintain in the portfolio, we also found it attractive to utilize put spreads by selling deep out-of-the-money puts and buying closer-to-the-money puts. This positioning provided an attractive upside/downside risk posture during the market pullback in February and March.

What are your closing thoughts for Fund shareholders?

The Market Neutral Income Fund seeks to provide bond-like returns with bond-like volatility but without bond-like risk exposures. The Fund seeks to “monetize volatility” through convertible arbitrage and hedged equity strategies. We expect uncertainty and volatility to remain in the market, given the uncertain long-term impact of COVID-19 and the contentious U.S. November election. The Fund benefits from “volatility in volatility” and the recent market volatility provides an attractive setting for both convertible arbitrage and hedged equity strategies going forward.

The Fund’s returns are not interest-rate-path dependent. While bonds have performed strongly as interest rates have declined, Calamos Market Neutral Income Fund performed well relative to equities during the reporting period despite not having the duration exposure. Investors face a dilemma in terms of how to reduce equity sensitivity without embracing the interest-rate sensitivity of the bond market. With bond interest rates at historic lows, investors should consider whether current bond yields are providing adequate compensation for the risk that interest rates or inflation may increase. Calamos Market Neutral Income Fund has historically provided bond-like returns with bond-like risk over a long period of time without bond-like interest-rate sensitivity. The Fund also has lower correlations to other asset classes and can potentially provide diversification ballast to an investment portfolio.


		www.calamos.com			7

Calamos Market Neutral Income Fund

ANNUALIZED RETURN: SINCE INCEPTION (5/10/00) THROUGH 4/30/20

LOGO

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

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

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


8		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Market Neutral Income Fund

GROWTH OF $1,000,000: FOR THE 10-YEAR PERIOD ENDED 4/30/20

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/20


	6 MONTHS			1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 9/4/90
Without Sales Charge		-0.25	%		1.96	%		3.15	%		3.68	%
With Sales Charge		-2.50			-0.37			2.16			3.17
Class C Shares – Inception 2/16/00
Without Sales Charge		-0.64			1.20			2.38			2.90
With Sales Charge		-1.63			0.20			2.38			2.90
Class I Shares – Inception 5/10/00		-0.12			2.25			3.42			3.94

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 2/28/20, the Fund’s gross expense ratio for Class A shares is 1.26%; Class C shares is 2.01% and Class I shares is 1.01%. 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, 2000. 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.

The FTSE 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.

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.

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			9

Calamos Hedged Equity Fund

OVERVIEW

The Fund blends a core long-equity portfolio with an actively managed option overlay. Tactical management creates opportunities to add alpha from option market dynamics and equity market volatility.

KEY FEATURES

◾

Our investment approach is highly responsive to dynamic market conditions, unlike many less active option-based strategies.

◾

The investment team seeks to take advantage of opportunities the market presents, with a focus on being favorably positioned for as many outcomes as possible.

PORTFOLIO FIT

The Fund’s options-based risk-management strategy can provide upside participation in equity markets while limiting downside exposure, thereby improving the quality of the ride.


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 FUND

INVESTMENT TEAM DISCUSSION

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

Calamos Hedged Equity Fund is designed to dampen volatility within an equity allocation.

•

The Fund’s investment approach is highly responsive to dynamic market conditions, a key differentiator versus many less-active option-based strategies.

•

The Fund’s strategy blends a core long equity portfolio with an actively managed option overlay. Tactical management creates opportunities to add alpha from option market dynamics and equity market volatility.

•

As an equity substitute, the strategy seeks to provide better upside/downside asymmetry than long-only equities.

•

The Fund seeks to take advantage of market opportunities by being favorably positioned for as many outcomes as possible.

How has the Fund performed?

For the six-month period ended April 30, 2020, Calamos Hedged Equity Fund returned -0.04% (Class I shares at net asset value) versus the S&P 500 Index decrease of -3.16% and the Bloomberg Barclays U.S. Aggregate Bond Index 4.86% increase. Since its inception on December 31, 2014, the Fund gained 4.90% on an annualized basis (Class I shares at net asset value) versus 8.92% for the S&P 500 Index and 3.80% for the Bloomberg Barclays U.S. Aggregate Bond Index.

In this strategy, we utilize covered call writing, puts, as well as put and call spreads for income and risk mitigation on our proprietary basket of equities that represents the broad stock market. Through active management, we are attempting to derive better risk-adjusted returns versus holding the index passively.

What factors influenced performance?

The markets started 2020 with a steady upside tilt. The upside momentum stalled on February 19 when it began to sink in that the COVID-19 crisis was much more than a regional Chinese problem. To add to the drama, a rift between OPEC and Russia precipitated a slide in oil prices that had the WTI trading in negative territory for the first time in the history of the contract. Stunned investors looked on as three-years of S&P 500 Index gains vaporized in a matter of days. All told, the S&P 500 saw a 34% decline in March period followed by a roughly 15% bounce back beginning in late March through the end of April. Calamos Hedged Equity Fund road this unprecedented move, limiting downside capture to 35% and the rebound almost instantaneously brought the Fund to breakeven by April on a year-over-year basis. This environment provided favorable opportunities to monetize volatility, as we rebalanced our option hedges, improved the risk/reward positioning, and locked in profits.

The S&P 500 Volatility Index (VIX) increased from 13.65 (01/02/2020) at the beginning of the period to 85.47 (03/18/2020) at a pace and levels that have never been seen,


10		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Hedged Equity Fund

even in 2008. Elevated option skew¹ declined during the period. The Credit Suisse “Fear Barometer” Index, an index that compares the relative value of calls versus puts, finished the reporting period at 23.30. While this was lower than the 33.94 level at the beginning of the quarter, the CSFB was above the 20.50 historical average of the index and was indicative that calls are relatively inexpensive when compared to puts. The option skew presented opportunity to the Fund in terms of using call and put spreads.

How is the Fund positioned?

Option Positioning. The flattening of the skew early into the crisis presented an attractive opportunity to use our “North Star” trade selling 80% notional expensive calls and buying 60% notional position puts and put spreads at favorable pricing. More recently, the higher volatility and flatter option skew made our typical baseline trade look more appealing. As such, we marginally shifted back to our baseline trade towards the end of the reporting period. We used the early March rally to replace a portion of our put hedge and found put spreads to be attractive during this move. At the end of the period, our call positioning included a call write of 79% and a gross long call of 89%. Gross long calls were higher than typical because the Fund owned a number of calls that had become deep out of the money (OTM). Rather than sell those for pennies on the dollar, we believed the better course was to hold them. The Fund’s net put position at the end of the period was 119%, with an average strike of 2,360 (18% OTM). We also partially protected an additional +39% through put spreads.

Sector Positioning. At the end of the reporting period and relative to the S&P 500 Index, the equity basket was slightly overweight to the consumer discretionary and information technology sectors. The portfolio had slight underweight positions in the materials, financials, consumer staples, real estate and materials sectors.

Market Cap Positioning. Relative to the S&P 500 Index, the portfolio maintained a heavier relative weight to larger capitalization (>$25b) holdings and a lighter weight to small and mid-capitalization ($1b to $25b) names.

What are your closing thoughts for Fund shareholders?

The increase in market volatility has provided welcome opportunities to generate trading profits as we rebalance option hedges with market ebbs and flows. We continue to expect heightened volatility and the market’s fortunes will be bound to a decline in global COVID 19 cases and the continued leadership of select large-cap growth names. Should the equity markets continue to advance, the Fund is poised to participate in a portion of its upside while also providing an enhanced income stream from the equity dividends. Conversely, should the markets retreat, the dividend income stream and puts used in the Fund can serve to provide a measure of downside mitigation.


SECTOR WEIGHTINGS

Information Technology	23.2	%
Health Care	14.0

Communication Services	10.2
Consumer Discretionary	10.1

Financials	10.0
Other	9.1

Industrials	7.1
Consumer Staples	6.8

Energy	3.0
Utilities	2.9

Real Estate	2.5
Materials	2.1


		www.calamos.com			11

Calamos Hedged Equity Fund

GROWTH OF $1,000,000: SINCE INCEPTION (12/31/14) THROUGH 4/30/20

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/20


	6 MONTHS			1 YEAR			5 YEARS			SINCE INCEPTION
Class A Shares – Inception 12/31/2014
Without Sales Charge		-0.10	%		2.38	%		4.85	%		4.62	%
With Sales Charge		-4.82			-2.49			3.83			3.66
Class C Shares – Inception 12/31/2014
Without Sales Charge		-0.35			1.73			4.10			3.88
With Sales Charge		-1.35			0.73			4.10			3.88
Class I Shares – Inception 12/31/2014		-0.04			2.54			5.13			4.90

As of the prospectus dated 2/28/20, the Fund’s gross expense ratio for Class A shares is 1.23%; Class C shares is 1.98% and Class I shares is 0.92%. 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. For the period of January 22, 2020 through February 28, 2021, the Fund’s investment advisor has contractually agreed to reimburse Fund expenses 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 includes 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 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.

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 Cboe SKEW Index essentially tracks the willingness of investors to pay up for downside protection 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.


12		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL 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 six-month period, ended April 30, 2020, Calamos Phineus Long/Short Fund decreased -3.59% (Class I shares at net asset value). The S&P 500 Index declined -3.16% and MSCI World Index fell -7.03% over the same period.

Events of the period were historic as the already vulnerable equity markets capitulated to the economic consequences inflicted by a deadly pandemic. Our hedging ahead of the eventual market decline in February served to mitigate the impact of the fast and precipitous sell-off, while our pivot to greater market exposure to oversold sectors after the sell-off helped us capitalize on the subsequent market recovery that we believe began in March.

What factors influenced performance?

Our approach through much of 2019 and into Q1 2020 was one of capital preservation. We based our market exposures on our expectations of how fundamentals would evolve. In 2019, well before the outbreak of COVID-19, we expected economic data to weaken domestically and abroad, no longer supporting existing equity market valuations. U.S. activity slowed progressively in response to the long Fed tightening cycle, and the U.S. economy appeared to be coming in for a “soft landing.” The European story remained one of stagnation as German manufacturing slipped into recession. China and other emerging markets were dogged by trade conflicts and slowing global output. While the U.S. consumer was a source of resilience, the global producer industries entered a virtual recession. Almost all leading economic indicators deteriorated through the course of the year, coalescing into a concerning picture for corporate fundamentals—S&P 500 earnings were essentially flat in 2019.

We maintained this positioning into 2020, as we expected U.S. equities to be range bound. Given the troubling economic and corporate fundamentals, we anticipated numerous reversals of “trend perception” in the context of a multi-year transition. We kept a watchful eye over equity markets as valuations continued to expand into 2020 in spite of expectations of lower corporate earnings growth. Although we never anticipated the economic and market consequences of a historic pandemic, we did believe that the equity markets were vulnerably priced.

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			13

Calamos Phineus Long/Short Fund


SECTOR WEIGHTINGS

Financials	26.2	%
Industrials	22.2

Communication Services	12.5
Health Care	8.6

Information Technology	8.0
Energy	7.6

Consumer Discretionary	5.8
Materials	5.8

Real Estate	3.6
Other	2.3

Our perception proved correct, as Q1 devolved into the worst quarter for equities since 1987, characterized by the sharpest bear market in recent history. After a rather benign first half of the quarter, equity markets rushed to discount the impact of the government mandated shutdowns across many sectors of the economy.

Although the Q1 correction was driven by investors’ reaction to the magnitude of virus-induced economic damage and the unprecedented oil price collapse, the year began with a dubious combination of above-average equity valuations coupled with below-average earnings growth in an economy that was exhibiting late-cycle characteristics.

Since its inception on May 1, 2002, the Fund has returned 9.71% on an annualized basis (Class I shares at net asset value) and, therefore, markedly outperformed both the MSCI World and S&P 500 Indexes, which returned 6.86% and 7.80%, respectively during that time.

What helped and hurt performance over the six-month period?

The largest contributors were from long investments in the health care and communication services sectors, while long positions in financials and industrials hindered performance. Notable contributors during the period included short positions in the S&P 500 Index Fund (SPY), which serves as a general market hedge, as well as long positions in United Healthcare Group 2.1%* (Health Care) and Tesla 0.7%^† (Consumer Discretionary). Detractors included long positions in Boeing Company 1.9%* (Industrials) and Royal Bank of Scotland 2.8%* (Financials) and Royal Dutch Shell 2.7%* (Energy).

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

Investors are grappling with unprecedented uncertainty and little guidance or analogies from the past. How well one manages through this chaos often comes down to one’s psychological bias.

The bull case for equities is straightforward. Unprecedented monetary and fiscal policies will stabilize the system; valuations are now sensible; and Americans will embrace effective healthcare policies. The virus is not the crisis: rather the crisis is the poor preparation of the U.S. government and healthcare system, which can be fixed. The bear case is the flipside of these issues, with an ominous possibility that the virus is not contained and could return with a vengeance later in the year.

We are watching a cyclonic battle between the disease, its economic ramifications and extraordinary policy responses. Skilled labor was a scarce resource just a few months ago, and policy actions aim to keep labor and businesses connected. We think policy will win out. When economic activity resumes, we believe markets will enjoy a sharp rebound. In our opinion, we shouldn’t see the S&P 500 Index below 2400 by autumn.

Since October 2018, we have viewed the equity world through the lens of transition. The investment regime of the post-2008 period gradually gave way to a new era, one whose contours were not immediately visible, and the risk versus reward for equity investors did not add up.

*	3/31/20 % of NAV

^†	2/28/20 % of NAV (Sold 3/19/20)


14		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Phineus Long/Short Fund

We have now reversed that view. For the first time in years, the math for equity investors is compelling. Some of this reflects the swift improvement in valuation levels, including the extreme liquidation across cyclical industries. Risk prices are dominated by the immediate distress of events, yet equities will invariably move toward a renewed earning cycle in 2021 and beyond. History argues that recession marks the end of the cyclical bear, not the start of a new one.

We believe the extreme shift in volatility measures, from record lows in late 2019 to record highs today is evidence that uncertainty is “in the price.” Even for those investors who remain more bearish, they should be ready to respond and take advantage of further price declines. We have already done so.

Of course, some uncertainties remain. We suspect the absolute floor for the S&P 500 Index is around 2100, and our hedging strategy reflects this presumption. For those who lean more bearishly, we can measure the remaining downside. The scale of risk between our view of extreme downside and the full trauma of a bear market is about 1800 on the S&P 500 Index, or another (15%) of downside.

As we move into Q2 2020, we believe the bias will be to the upside. If we do see any unpleasant surprises concerning the virus or reopening of the economy, we’ll have to move quickly. We have increased our net long exposure from the single digits at the start of the period, to the mid-forties at the end, on a delta-adjusted basis. In March, we were over 60% net-long on a delta-adjusted basis. It’s our belief that in order for the equity recovery to continue, it will need to broaden to include value, high beta and higher risk sectors and stocks.

In anticipation of different stocks eventually participating, we have introduced more balance in the portfolio between traditional growth and quality and higher beta stocks. Consequently, we have been adding cyclicals, airlines, health care, banks and energy to the mix.

In addition, we have increased our exposure in Europe, most notably in the energy and health care sectors, as valuations and yields offer opportunities.

We believe financials and energy names, whose valuation levels, dividends and cash flows offer compelling opportunities, will be supportive as the market recovers.

The Fund’s shorts include consumer staples stocks that will likely come under pressure as equity markets recover and investors rotate into risk-on growth opportunities.

We will tactically manage our exposures over the next several weeks. Although we believe the bias will be to the upside, we will continue to monitor many variables that could affect pricing on a near-term basis and require us to adjust accordingly.

What are your closing thoughts for the coming six months?

The COVID-19 virus has been unexpectedly destructive for risk assets. It spread rapidly, engulfed the globe and has undermined the service portion of the economy, which usually acts as a stabilizing force during times of distress. We expect the downturn to be severe but short-lived. Of course, the longer it continues, the greater the repercussions. The 2008 crisis tore across the fabric of the capitalist system. This disaster could as well depending upon its length.

As most of our clients know, we have been wary of equity markets since October 2018 based on our view that the risk versus reward (the math) for equities did not add up.


		www.calamos.com			15

Calamos Phineus Long/Short Fund

While the speed of the reset is without precedent in U.S. market history, the retrospective view is that equities were an accident waiting to happen. Risk pricing had decoupled from economic reality, and risk assets had ignored the likelihood of a fallback of global growth in 2020.

In a few short weeks, investor expectations have been brutally reset. When risk is viciously redefined as it has been in 2020, our understanding of the investment setting becomes pivotal. The good news is that much of today’s anxiety is already reflected “in the price” of risk assets. Unlike the period before the COVID-19 correction, there now exist greater opportunities for our clients to be amply compensated for leaning into equities.

Global markets have been hit hard by a trio of crises: valuation, virus and oil. As most of our clients know, we have been wary of equity markets since October 2018 based on our view that the risk versus reward (the math) for equities did not add up.

Today’s anxiety reflects the realization that few have any clear idea how much damage COVID-19 will wreak. When investors sell into fear, positioning risk comes into play. This explains the swift drop below 2900 for the S&P 500 Index. The major benchmark declines from their highs equate to a 5+ standard deviation move; the only comparable moves occurred infamously in 1987 and 1929.

The virus pandemic is a deflationary shock, and democracies cannot tolerate prolonged deflation due to the leverage in corporate balance sheets. Governments are mounting an unprecedented policy response at both the monetary and fiscal level. While an abrupt shock to demand is unavoidable, we believe the U.S. consumer could prove more resilient than expected.

Our base-case scenario here calls for a sharp but short global recession which would imply that equities have largely discounted this outcome around 2,500 in the SPX. Equity markets typically bottom before the end of a recession and lead a recovery by four months. This implies a bottom in Q2 if our base case of a six-month recession that started in February proves accurate, marked by a March bottom. Consequently, we began increasing our net exposure since the market sell-off in February, to over 40% net positive as of April 30. We may adjust exposures quickly in the near-term to both mitigate remaining market volatility and optimize opportunities that present themselves.


16		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Phineus Long/Short Fund

ANNUALIZED RETURN: SINCE INCEPTION (5/1/02) THROUGH 4/30/20

LOGO

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

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


		www.calamos.com			17

Calamos Phineus Long/Short Fund

GROWTH OF $1,000,000: FOR THE 10-YEAR PERIOD ENDED 4/30/20

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/20


	6 MONTHS			1 YEAR			5 YEARS			10 YEARS
Class A Shares (With Predecessor) – Inception 5/1/2002
Without Sales Charge		-3.60	%		-5.15	%		2.02	%		3.83	%
With Sales Charge		-8.18			-9.66			1.03			3.32
Class C Shares (With Predecessor) – Inception 5/1/2002
Without Sales Charge		-4.06			-5.89			1.26			3.04
With Sales Charge		-5.02			-6.83			1.26			3.04
Class I Shares (With Predecessor) – Inception 5/1/2002		-3.59			-4.96			2.29			4.08

As of the prospectus dated 2/28/20, the Fund’s gross expense ratio for Class A shares is 3.00%, Class C shares is 3.74% and Class I shares is 2.73%. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

†

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results 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 S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. Source: Lipper, Inc.

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.

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.


18		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Convertible Fund

CALAMOS CONVERTIBLE FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2020, Calamos Convertible Fund had a positive return of 4.54% (Class I shares at net asset value) versus the ICE BofA All U.S. Convertibles Index (VXA0) increase of 1.44%. For the same period, the S&P 500 Index decreased -3.16%.

Since Class I shares inception on June 25, 1997, the Fund returned 7.63% on an annualized basis compared with an annualized gain of 7.49% for the ICE BofA All U.S. Convertibles Index and a 7.34% annualized return for the S&P 500 Index.

What factors influenced performance?

As the COVID-19 pandemic surged and oil prices plummeted late in the first calendar quarter of 2020, investors looked on as three-years of equity market gains evaporated in a matter of days. However, the Calamos Convertible Fund mostly held its ground during the period, displaying the merits of active management. It participated in the 10/31/19 to 2/19/20 advance (Fund I shares: +13.09%, VXA0: +14.50%, S&P 500: +12.18%), held up better during the market’s 2/20 to 3/23 decline (Fund I shares: -25.73, VXA0: -26.75%, S&P 500: -33.79%) and then outperformed the convertible market during the subsequent rebound from 3/24 to 4/30 (Fund I shares: +24.47%, VXA0: +20.95%, S&P 500 +30.38%).

Our preference for balanced convertibles led us to be relatively underweight to the most credit-sensitive convertibles in the market. This served the portfolio well when credit spreads widened during the COVID-19 spiral that began in late February. Credit-sensitive convertibles measured by the ICE BofA Yield Alternative U.S. Convertible Index (VYLD) declined 4.92% and strongly underperformed convertibles with more balanced risk/reward attributes (+1.57%) and those with the most equity sensitivity (+9.28%).

From an economic sector perspective, the Fund benefited most from its overweight position and security selection in the consumer discretionary sector. In the same fashion, it benefited from an underweight position and security selection within the financials sector. In consumer discretionary, our selection within the cruise line industry performed well. In financials, selection in mortgage real estate investment trusts held up better than names in the index, and the Fund’s positioning within the asset management and custody bank industry was supportive to results. Areas that detracted from performance included an underweight position and security selection in health care and security selection in real estate. In health care, holdings in biotechnology and health care equipment lagged, while holdings in residential and specialized REITs held back the real estate sector result.

How is the Fund positioned?

We favor balanced convertibles that offer the most attractive opportunities given their combination of upside potential and downside risk mitigation. With the market volatility late in the reporting period, we opportunistically sought to rebalance the portfolio by scaling back on convertibles trading closer to their straight bond value and offering limited equity sensitivity, while adding names with more favorable risk/reward

OVERVIEW

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

KEY FEATURES

◾

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

◾

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

◾

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

◾

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

PORTFOLIO FIT

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


FUND NASDAQ SYMBOLS

A Shares		CCVIX
C Shares		CCVCX

I Shares		CICVX


FUND CUSIP NUMBERS

A Shares		128119401
C Shares		128119823

I Shares		128119864


		www.calamos.com			19

Calamos Convertible Fund


SECTOR WEIGHTINGS

Information Technology	35.5	%
Consumer Discretionary	17.6

Health Care	15.6
Communication Services	9.9

Industrials	6.0
Financials	5.4

Utilities	4.9
Real Estate	1.6

Energy	0.8
Consumer Staples	0.4

Other	0.1

attributes. The market pullback also created an opportunity to revisit several holdings that we had previously sold or trimmed when they had become overly equity sensitive. In addition, the wider credit spreads and increased volatility seen late in the reporting period spurred an increase in new convertible issuance and provided attractive opportunities on a selective basis.

In terms of economic sectors, the Fund’s largest portfolio weights reside in information technology and consumer discretionary on an absolute basis. Conversely, energy and consumer staples represent the smallest absolute sector weights. On a relative basis, the largest industry overweight positions are systems software and internet services & infrastructure. Relative to the ICE BofA All U.S. Convertibles Index, the Fund holds underweight allocations to financials and health care, with mortgage REITs (financials) and pharmaceuticals (health care) among the underweight industries.

Allocations to consumer discretionary and industrials rose during the period with increased weights in internet & direct marketing retail and airlines. By contrast, allocations to financials and information technology decreased over the period, with reductions to diversified banks and semiconductors.

What are your closing thoughts for Fund shareholders?

Our belief has always been that the flipside of volatility is opportunity and the recent drawdown of the market has provided significant opportunities going forward in our view. Convertible new issuance has increased significantly, as many issuers have sought capital to withstand the near-term impacts of COVID-10. Wider credit spreads have made traditional financing more expensive for issuers, and increased volatility has meant that issuers see an increased benefit with including an option in their debt. Many of these issuers have a short-term cash issue but present long-term opportunity. The convertible structure allows investors to participate in the recovery, while providing a measure of downside mitigation should conditions worsen before they improve. This said, we view active management to be essential in approaching the convertibles market. Not every new issue presents an attractive investment opportunity, so having a seasoned management team with a rigorous investment process is important.

Looking forward, we expect convertibles to benefit from narrowing credit spreads, normalizing equity prices, and richening convertible structural valuations. The convertible market also has a relatively heavy representation in the growth areas of the market that we view as attractive—particularly in the technology and health care sectors. We expect uncertainty to remain in the market, given the cloudy long-term impact of COVID-19 and a contentious U.S. presidential election. We believe that our focus on continually seeking to improve the overall/risk-reward of the portfolio will serve investors well during the potentially challenging and volatile time ahead.


20		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Convertible Fund

ANNUALIZED RETURN: SINCE INCEPTION (6/25/97) THROUGH 4/30/20

LOGO

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

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


		www.calamos.com			21

Calamos Convertible Fund

GROWTH OF $1,000,000: FOR THE 10-YEAR PERIOD ENDED 4/30/20

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/20


	6 MONTHS			1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 6/21/85
Without Sales Charge		4.42	%		6.18	%		6.02	%		6.50	%
With Sales Charge		2.08			3.78			4.99			5.98
Class C Shares – Inception 7/5/96
Without Sales Charge		4.00			5.36			5.23			5.69
With Sales Charge		3.00			4.36			5.23			5.69
Class I Shares – Inception 6/25/97		4.54			6.48			6.29			6.76

As of the prospectus dated 2/28/20, the Fund’s gross expense ratio for Class A shares is 1.17%; Class C shares is 1.92% and Class I shares is 0.92%. 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. Since inception data for the index is shown from 6/30/97, 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.

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.


22		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Convertible Fund

CALAMOS GLOBAL CONVERTIBLE FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2020, Calamos Global Convertible Fund returned 4.10% (Class I shares at net asset value) versus the Refinitiv Global Convertible Bond Index return of -0.52%. We believe balanced convertibles offer the most attractive investment opportunity, given their combination of upside potential and downside risk mitigation. This approach led us to underweight the most equity-sensitive and credit-sensitive convertibles in favor of those with balanced risk/reward attributes. This tactic supported the Fund during the historically volatile period, and we believe the Fund’s longer-term performance affirms the wisdom of this strategy. Since its inception on December 31, 2014, the Fund increased 5.37% (Class I shares at net asset value) annualized versus a 3.86% gain for the Refinitiv Global Convertible Bond Index.

What factors influenced performance?

The markets rose steadily from the beginning of the reporting period until February 19 when a historical combination punch of a deadly pandemic followed by an oil price war sent markets reeling. Stunned investors looked on as three-years of equity market gains evaporated in a matter of days. However, the Fund (+4.10%) weathered the volatility well, as it outperformed its benchmark in addition to stocks (MSCI World Index: -7.03%) and bonds (Bloomberg Barclays Global Aggregate Bond Index: +1.45%).

The Calamos Global Convertible Fund displayed the merits of active management as it outperformed in the 10/31/19 to 2/19/20 market advance (Fund I shares: +10.09%, RGCI: +9.53%, MSCI World: +9.46%); held up well during the 2/20 to 3/23 decline (Fund I shares: -18.71%, RGCI: -22.00%, MSCI World: -33.93%); and then participated well in the subsequent rebound from 3/24 to 4/30 (Fund I shares: +17.86%, RGCI: +18.93%, MSCI World +29.24%).

Our preference for balanced convertibles led us to be relatively underweight to the most credit-sensitive areas of the market. This served the portfolio well when credit spreads widened during the COVID-19 spiral that began in late February. Based on the Refinitiv Global Convertible Bond Index, credit-sensitive convertibles declined -5.4% and strongly underperformed convertibles with more balanced risk/reward attributes (+3.1%) and those exhibiting the most equity sensitivity (+4.3%).

In terms of economic sectors, the Fund benefited from its underweight positioning and security selection in the consumer discretionary and industrials sectors. The Fund’s holdings in the resorts & cruise lines, automobile manufacturers, airlines and its lack of ownership in the industrial machinery industry promoted results. The Fund’s average underweight position and selection in communication services as well as names in information technology set back relative results. Holdings in the interactive media & services, interactive home entertainment, semiconductors and systems software industries underperformed.

From a regional standpoint, the Fund’s security selection and overweight allocation in the U.S. added to relative performance. Similarly, the Fund benefitted from security selection and an underweight allocation in Europe where Switzerland was a leading

OVERVIEW

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

KEY FEATURES

◾

Provides broadly diversified exposure to the global convertible bond universe.

◾

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

◾

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

◾

Blends global investment themes and fundamental research via active management.

◾

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

PORTFOLIO FIT

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


FUND NASDAQ SYMBOLS

A Shares		CAGCX
C Shares		CCGCX

I Shares		CXGCX


FUND CUSIP NUMBERS

A Shares		128120748
C Shares		128120730

I Shares		128120722


		www.calamos.com			23

Calamos Global Convertible Fund


SECTOR WEIGHTINGS

Information Technology	26.5	%
Consumer Discretionary	13.8

Communication Services	10.9
Financials	10.6

Health Care	10.1
Industrials	4.8

Real Estate	4.0
Materials	3.5

Consumer Staples	3.0
Utilities	2.4

Energy	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.

contributor. In addition, our lack of participation in the UK assisted return. Conversely, selection in Emerging Asia was detrimental to the Fund’s performance. Specifically, China and Taiwan were leading detractors. In addition, security selection in Europe, the Middle East and Africa (EMEA) lost ground on a relative basis. Positions in Ghana hurt performance, as did our lack of exposure to Russia.

How is the Fund positioned?

We favor balanced convertibles that offer the most attractive opportunity given their combination of upside potential and downside risk mitigation. During the market retreat, we looked to take advantage of convertibles trading at discounts and sought issues poised to capture significant equity upside while also providing downside resilience. The market pullback created an opportunity to revisit several holdings that we had previously sold or trimmed when they had become overly equity sensitive. In addition, wider credit spreads and increased volatility spurred a significant increase in new convertible issues that provided attractive opportunities on a selective basis.

From a sector standpoint, the Fund’s largest weights reside within information technology and consumer discretionary on an absolute basis, while energy and utilities comprise the smallest weights. On a relative basis, the largest industry overweight positions include application software and real estate operating companies. Integrated telecommunication services and specialty chemicals are among the underweight industries.

Allocations to consumer discretionary and health care rose during the period with increased weights in hotels, resorts & cruise lines and health care equipment. By contrast, allocations to energy and financials decreased over the period with reductions to integrated oil & gas and asset management & custody banks.

What are your closing thoughts for Fund shareholders?

Our belief has always been that the flipside of volatility is opportunity and the recent drawdown of the market has provided significant opportunities going forward. We expect convertibles to benefit from narrowing credit spreads, the normalization of equity prices and richening convertible structural valuation. The convertible market has a relatively heavy amount in the growth areas of the market that we view as attractive—particularly in the technology and health care sectors.

We expect to see increased volatility as the global markets continue to sort through coronavirus impacts on all aspects of economic activity. Global monetary policy is extremely accommodative and the major central banks have taken aggressive actions to address the effects of reduced economic activity and high uncertainty. We believe that our focus on continually seeking to improve the overall risk/reward of the portfolio will serve investors well during the potentially challenging and volatile days ahead.


24		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Convertible Fund

GROWTH OF $1,000,000: SINCE INCEPTION (12/31/14) THROUGH 4/30/20

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/20


	6 MONTHS			1 YEAR			5 YEARS			SINCE INCEPTION
Class A Shares – Inception 12/31/2014
Without Sales Charge		3.96	%		6.02	%		4.60	%		5.10	%
With Sales Charge		1.58			3.64			3.59			4.14
Class C Shares – Inception 12/31/2014
Without Sales Charge		3.55			5.14			3.81			4.31
With Sales Charge		2.55			4.14			3.81			4.31
Class I Shares – Inception 12/31/2014		4.10			6.20			4.85			5.37

As of the prospectus dated 2/28/20, the Fund’s gross expense ratio for Class A shares is 1.32%, Class C shares is 2.07% and Class I shares is 1.07%. 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 and was in effect until October 31, 2017. Load-adjusted returns are adjusted for the maximum frontend sales load of 2.25% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

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

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.


		www.calamos.com			25

Calamos Timpani Small Cap Growth Fund

OVERVIEW

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

KEY FEATURES

◾

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

◾

Pursues active management in a less followed investment space.

◾

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

PORTFOLIO FIT

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


FUND NASDAQ SYMBOLS

A Shares		CTASX
I Shares		CTSIX

R6 Shares		CTSOX


FUND CUSIP NUMBERS

A Shares		128120417
I Shares		128120391

R6 Shares		128120383

CALAMOS TIMPANI SMALL CAP GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2020, Calamos Timpani Small Cap Growth Fund declined -2.04% (Class I shares at net asset value), outperforming the Russell 2000 Growth Index drop of -7.62%.

Since Class I shares inception on March 23, 2011, the Fund has returned 10.33% on an annualized basis, while the Russell 2000 Growth Index returned 8.78% over the same period. We believe these comparisons demonstrate the Fund’s ability to outdistance its benchmark over full market cycles.

What factors influenced performance during the reporting period?

An 11-year bull market in equities came to an abrupt halt during the period. COVID-19, which initially was viewed as more regional than global, overtook economics, politics, world health organizations and investors’ psyches. The events, decisions and results, which all had significant influence on Fund and market performance for the period, will be the topic of case studies in history books for years to come. Headlines referenced many “first,” “most” and “fastest” in terms of market history being made. Economic activity plummeted globally as governments mandated shutting down large swaths of their economies to “flatten the curve.” However, governments and central banks around the world also responded quickly with enormous fiscal and monetary relief. Equity markets cratered, as investors de-risked their portfolios in a sprint for the exits. The equity market dropped 34%, only to see a rapid rebound and 27% gain from market bottom to the end of the reporting period. The VIX Index, a measure of U.S. equity market volatility, began the period with a sanguine reading of 13, but registered an alarming 82 by mid-March 2020. To add to the drama, oil markets went into freefall as the Kingdom of Saudi Arabia and Russia engaged in an unfortunately timed price war, and at one point oil futures’ prices went negative. This was truly a remarkable period.

For the full reporting period, the Fund significantly outperformed the Russell 2000 Growth Index through strong security selection, though sector allocations were modestly additive as well. During the extreme market volatility, management was quite active in managing portfolio holdings. Specifically, we endeavored to improve overall quality by selling names that may have strong growth expectations, but in our view are more likely to fall prey to a skittish and skeptical market in light of economic conditions. In addition, we sought to add to positions that helped balance out cyclical and secular growth opportunities going forward.

The biggest contributors to the Fund’s relative performance were security selection and the overweight to the information technology sector. Fund holdings collectively provided a strongly positive return in technology, while the sector as a whole within the benchmark finished negative. Selection within the application software sector were stalwarts, as companies providing connectivity saw strength owing to the work-from-home and shelter-at-home mandates. Semiconductor and internet services & infrastructure names also saw strong gains. An underweight to the more cyclically oriented industrials sector also provided lift, and our security selection was strongly positive


26		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Timpani Small Cap Growth Fund

within industrial names. Investment in building products and aerospace & defense delivered strong returns, and avoiding problem areas such as airlines and employment services also added value. As mentioned previously, we increased fund holdings in industrials during the period in an effort to take advantage of heavily discounted growth opportunities in some cyclical areas.

Security selection and an underweight position in health care detracted from relative performance during the period. An underweight to the strong performing biotechnology industry was another impediment, as the Fund missed some strong performers. For example, the biotech space drew significantly more interest during the health pandemic. While there may be strong growth for the names, often the outcomes for speculative health care businesses is a bit of a coin flip depending on trial testing results. An underweight and selection within pharmaceuticals also hurt, as did security selection and an overweight to consumer discretionary names. Stock picks in homebuilding struggled during the period, and we trimmed or exited certain investments in the space. Automotive retail also proved a difficult space during the period and detracted from relative performance.

How is the Fund positioned?

We remain tilted toward secular growth but have some select exposure to high-quality cyclical names as well. We are optimistic with regard to overcoming the health issues, re-opening our economy, and opportunity for strong growth businesses. However, given the macro uncertainty and many moving parts involved, this diversification is especially prudent. Increasing the Fund’s allocation to industrials was the biggest change during the period relative to benchmark weights, and many of these names fit the bill for higher-potential cyclical opportunities. Furthermore, the Fund has increased its stake in information technology names since the beginning of the period. The sector is the Fund’s largest absolute weight and the Funds largest overweight relative to the benchmark. Information technology stocks themselves represent a diverse mix of secular and cyclical growth opportunities. Many of the company’s we hold saw increases in customer acquisition, largely due to their use of technology.

What closing thoughts do you have for Fund shareholders?

After the market sell-off and as government and central bankers introduced measures to help alleviate the self-imposed economic contraction, investors began to prognosticate on the eventual shape of the rebound, using a wide range of letters and shapes as descriptors: V, U, L, square root sign, etc. The thought is that the shape and magnitude of the economic rebound will shape the market leadership moving forward. In light of so much uncertainty, we have added some cyclical growth opportunities to our portfolio of strong and underestimated growth names. Small cap stocks, in general, have lacked the attention that their large cap brethren have enjoyed. The small cap universe offers the same compelling growth stories and themes as the broad market leaders: technology for personal and corporate connectivity, security solutions, as well as health care. All the while, small cap stocks trade at relative discounts to their large cap growth peers. We believe that this combination speaks to a great opportunity for investors going forward, no matter the eventual shape of the rebound. We are confident that the efforts of health care companies and the medical community, along with the incredible level of fiscal and monetary support will enable economies and markets to recover, and will reward those business managing to opportunities and needs.


SECTOR WEIGHTINGS

Information Technology	30.7	%
Health Care	27.3

Industrials	15.0
Consumer Discretionary	12.3

Financials	7.4
Communication Services	3.9

Consumer Staples	2.0
Real Estate	0.6


		www.calamos.com			27

Calamos Timpani Small Cap Growth Fund

GROWTH OF $1,000,000: SINCE INCEPTION THROUGH 4/30/20

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/20


	6 MONTHS			1 YEAR			5 YEARS			SINCE INCEPTION
Class A Shares (With Predecessor) – Inception 1/6/2014
Without Sales Charge		-2.18	%		-7.33	%		6.62	%		5.85	%
With Sales Charge		-6.82			-11.72			5.59			5.03
Class I Shares (With Predecessor) – Inception 3/23/2011
Without Sales Charge		-2.04			-7.05			7.03			10.33
Class R6 Shares – Inception 6/1/2019		-2.00									-2.68

As of the prospectus dated 2/28/20, the Fund’s gross expense ratio for Class A shares is 1.38%, Class I shares is 1.14% and Class R6 shares is 1.10%. The Fund’s investment adviser has contractually agreed to reimburse Fund expenses through March 1, 2022, to the extent necessary so that Total Annual Fund Operating Expenses of Class A shares and Class I shares are limited to 1.30% and 1.05% of average net assets, respectively. The Fund’s investment adviser has contractually agreed to limit the Fund’s annual ordinary operating expenses for Class R6 shares (as a percentage of average net assets) to 1.05% less the Fund’s annual sub-transfer agency ratio (the aggregate sub-transfer agency fees of the Fund’s other share classes divided by the aggregate average annual net assets of the Fund’s other share classes). For purposes of these expense limitations, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective share class’s expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

†

NOTES:

Effective as of the close of business on May 31, 2019, the Fund acquired all of the assets, subject to the liabilities, of the Timpani Small Cap Growth Fund (the “Predecessor Fund”) through a tax-free reorganization (the “Reorganization”). Pursuant to the Reorganization of the Predecessor Fund into the Fund, Class Y shareholders of the Predecessor Fund received Class A shares of the Fund, and Service Class and Institutional Class shareholders of the Predecessor Fund each received Class I shares of the Fund. As a result of the Reorganization, the Fund adopted the performance and financial history of the Predecessor Fund. Accordingly, the performance shown in the average annual total return table above for periods prior to the commencement of the Fund’s operations on June 1, 2019 is the performance of the Predecessor Fund. The Fund has the same investment objective, strategy and portfolio manager as the Predecessor Fund. As a result, the performance of the Fund would have been substantially similar to that of the Predecessor Fund.

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

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.


28		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Timpani SMID Growth Fund

CALAMOS TIMPANI SMID GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2020, Calamos Timpani SMID Growth Fund delivered a slight decline of -0.11% (Class I Shares at net asset value) versus a drop of -3.96% for the Russell 2500 Growth Index.

The Fund owed its outperformance to a combination of security selection and sector positioning during a turbulent market.

What factors influenced performance during the reporting period?

Investors showed a clear preference for growth stocks, with the Russell 2500 Growth Index’s -3.96% return significantly outpacing the Russell 2500 Value Index decline of -21.89%. Many of the businesses that had been leading the U.S. equity market prior to COVID-19 saw their relative business prospects actually accelerate in light of the economic and social conditions of the pandemic. Health care and innovated health care solutions, solutions for working, studying and shopping from home were all market favorites for the period. Within the Russell 2500 Growth Index, health care (+17%) and information technology (+3 %) were the lone sectors that performed positively and led the broad index. Energy (-45%) was the biggest laggard, with real estate (-21%), industrials (-19%), consumer discretionary (-15%), materials (-15%), utilities (-12%), consumer staples (-11%), financials (-10%) and communication services (-10%) also trailing the overall index.

For the full reporting period, the Fund significantly outperformed the Russell 2500 Growth Index through strong security selection, though sector allocations were additive as well. During the extreme market volatility, management was quite active in managing portfolio holdings. Specifically, we endeavored to improve overall quality by selling names that may have strong growth expectations, but in our view are more likely to fall prey to a skittish and skeptical market in light of economic conditions. In addition, we sought to add to positions that helped balance out cyclical and secular growth opportunities going forward.

OVERVIEW

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

KEY FEATURES

◾

Pursues active management in a less followed investment space.

◾

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

PORTFOLIO FIT

Investing in SMID companies is an important component of a diversified investment strategy. Small-to-midsize companies tend to experience greater growth and outperform larger companies.


FUND NASDAQ SYMBOLS

A Shares		CTAGX
I Shares		CTIGX

R6 Shares		CTOGX


FUND CUSIP NUMBERS

A Shares		128120375
I Shares		128120367

R6 Shares		128120359


		www.calamos.com			29

Calamos Timpani SMID Growth Fund


SECTOR WEIGHTINGS

Information Technology	36.1	%
Health Care	25.1

Industrials	12.6
Consumer Discretionary	12.3

Financials	7.0
Communication Services	4.1

Consumer Staples	1.6
Real Estate	0.6

The biggest contributors to the Fund’s relative performance were security selection and the overweight to information technology. Names within the application software sector were stalwarts, as companies providing connectivity saw strength owing to the work-from-home and shelter-at-home mandates. Semiconductor and internet services & infrastructure names also saw strong gains. Security selection within industrials was another robust contributor for the period, and an underweight to the more cyclically oriented sector proved beneficial. Investments in research & consulting services and aerospace & defense delivered strong returns, and avoiding problem areas such as airlines added return. As mentioned previously, we increased fund holdings in industrials during the period in an effort to take advantage of heavily discounted growth opportunities in some cyclical areas.

Security selection in consumer discretionary names was a drag on relative performance. Stock picks in homebuilding struggled during the period, and we trimmed or exited certain investments in the space. Automotive retail also proved a difficult space for the period and detracted from relative performance. A modest overweight position to the energy sector detracted from relative performance during the period, as the energy sector struggled with rapidly declining oil prices and decreased demand. Due to the macro and sector headwinds, securities we sold in favor of better opportunities elsewhere.

How is the Fund positioned?

We remain tilted toward secular growth but have some select exposure to high quality cyclical names as well. We are optimistic with regard to overcoming the health issues, re-opening our economy, and opportunity for strong growth businesses. However, given the macro uncertainty and many moving parts, diversification is especially prudent. The Fund increased its stake in information technology names since the beginning of the period. The sector is the Fund’s largest absolute weight and its largest overweight relative to the benchmark. Information technology stocks themselves represent a diverse mix of secular and cyclical growth. Many of the companies we hold saw increases in customer acquisition, largely due to the increase reliance on technology to complete tasks remotely. The Fund also increased weights to health care, utilities and industrials during the period relative to benchmark weights, providing a mix of secular and cyclical growth opportunities.

What closing thoughts do you have for Fund shareholders?

After the market sell-off and as government and central bankers introduced measures to help alleviate the self-imposed economic contraction, investors began to prognosticate on the eventual shape of the rebound, using a wide range of letters and shapes as descriptors: V, U, L, square root sign, etc. The thought being that the shape and magnitude of the economic rebound will shape the market leadership moving forward. In light of so much uncertainty, we have added some cyclical growth opportunities to our portfolio of strong and underestimated growth names. Small- to mid-cap stocks, in general, have lacked the attention that their large cap brethren have enjoyed. The small- to mid-cap universe offers the same compelling growth stories and themes the broad market leaders: technology for personal and corporate connectivity, security solutions, as well as health care. All the while, these stocks trade at relative discounts to their large-cap growth peers. We believe that this combination speaks to a great opportunity for investors going forward, no matter the eventual shape of the rebound. We are confident that the efforts of health care companies and the medical community, along with the incredible level of fiscal and monetary support will enable economies and markets to recover, and will reward those business managing to opportunities and needs.


30		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Timpani SMID Growth Fund

GROWTH OF $1,000,000: SINCE INCEPTION THROUGH 4/30/20

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/20


	6 MONTHS			SINCE INCEPTION
Class A Shares – Inception 7/31/19
Without Sales Charge		-0.22	%		-10.10	%
With Sales Charge		-4.97			-14.38
Class I Shares – Inception 7/31/19
Without Sales Charge		-0.11			-9.90
Class R6 Shares – Inception 7/31/2019		-0.22			-10.00

As of the prospectus dated 2/28/20, the Fund’s gross expense ratio for Class A shares is 3.42%, Class I shares is 3.17% and Class R6 shares is 3.16%. The Fund’s investment adviser has contractually agreed to reimburse Fund expenses through March 1, 2022 to the extent necessary so that Total Annual Fund Operating Expenses of Class A shares and Class I shares are limited to 1.35% and 1.10% of average net assets, respectively. The Fund’s investment adviser has contractually agreed to limit the Fund’s annual ordinary operating expenses for Class R6 shares (as a percentage of average net assets) to 1.10% less the Fund’s annual sub-transfer agency ratio (the aggregate subtransfer agency fees of the Fund’s other share classes divided by the aggregate average annual net assets of the Fund’s other share classes). For purposes of these expense limitations, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective share class’s expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

†

NOTES:

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

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


		www.calamos.com			31

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 six-month period ended April 30, 2020, Calamos Growth Fund returned -1.53% (Class I shares at net asset value) versus the S&P 1500 Growth Index return of 2.88%. By way of comparison, the broad equity market, as measured by the S&P 500 Index, declined -3.16% for the same period.

Since the Class I shares inception on September 18, 1997, the Fund has returned 10.53% on an annualized basis. The S&P 1500 Growth Index, the primary benchmark, returned 7.84% over the same period, and the S&P 500 Index returned 7.09%. We believe these comparisons demonstrate the Fund’s ability to outdistance the growth and broad indexes over full market cycles.

What factors influenced performance over the period?

Investors showed a clear preference for growth stocks, as the S&P 1500 Growth Index returned 2.88% significantly outpacing the S&P 1500 Value Index’s decline of -12.48%. Many of the businesses that had been leading the U.S. equity market prior to COVID-19 saw their relative business prospects actually accelerate in light of economic and social conditions. Companies that provide connectivity for working from home, home entertainment, retail delivery, and innovative health care solutions were all market favorites for the period. Within the growth benchmark, information technology (+10%), consumer discretionary (+7%), health care (+7%) and communication services (+6%) all led the market. Energy (-32%) was the biggest laggard, with industrials (-14%), materials (-11%), financials (-10%), real estate (-8%), utilities (-8%) and consumer staples (-5%) also trailing the overall index.

While market leadership was narrow, the Fund benefitted from owning the benchmark index’s top-five contributors as well as the top-five names by market capitalization. However, overall the Fund lagged the benchmark index largely due to selection among industrial names in aerospace and defense as well as airlines. We believed they had


32		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Growth Fund

been overly discounted and subsequent improvements from low levels would reward stock prices. An overweight to the industrials sector also weighed on relative performance, though we reduced this overweight during the period. The brunt of this relative performance drop occurred during the market’s historic sell-off in early March, when investors were most pessimistic about future economic growth prospects. Prior to this sell-off, Fund performance was tightly in-line with the benchmark index, and it should be noted that the Fund’s relative performance improved before the market itself bottomed out.

An underweight to the information technology sector was also a drag on relative performance. We chose to underweight the sector due to concerns regarding the higher, stretched valuations that it commanded as a market favorite for a considerable period of time. Taking it to the next level, we began to believe that this consensus view was introducing market fragility, and while there certainly was fragility in the equity markets, the market leaders seemed largely immune to the volatility. The Fund reduced its underweight to information technology during the period by adding select names within the application software and semiconductors industries.

The Fund benefitted from strong stock selection and an overweight to the consumer discretionary sector. Online purchases and deliveries took on greater importance as shelter-at-home and store shutdowns put greater emphasis on that business model. Selection in internet retail was strongly additive to relative performance. Avoiding traditional brick and mortar retail while owning strongly performing apparel also benefitted performance within the sector. A significant underweight to the real estate sector and an overweight to health care were also additive to results during the period.

How is the Fund positioned?

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, and strong growth catalysts, while being mindful of valuations. The portfolio remains broadly diversified with a mix of secular and cyclical growth holdings. As mentioned, some of the key themes driving business before the pandemic took on more precedence during the crisis, and many were especially pronounced within the information technology sector. Connectivity, data storage, and online retail remain key themes and there are many businesses in these spaces that offer strong growth prospects, even in less-certain economic times. The Fund added to information technology investments during the period, making it the Fund’s largest sector weight. Consumer discretionary represents the Fund’s second largest sector by portfolio weight, and is an overweight position relative to the growth benchmark. Within the sector, the Fund owns strong secular growth businesses but also some cyclical growth opportunities. Additionally, the Fund is overweight to the industrials sector where, despite a rebound toward the end of the period, an overly pessimistic consensus view has created favorable risk/reward opportunities.

What closing thoughts do you have for Fund shareholders?

“There are decades where nothing happens; and there are weeks where decades happen.”—Vladimir Lenin.

Maybe decades didn’t elapse in the last few weeks of the period, but it certainly felt like it. While the mood was incredibly dour in mid-March, the market has impressively


SECTOR WEIGHTINGS

Information Technology	34.7	%
Consumer Discretionary	17.0

Communication Services	12.9
Industrials	11.5

Health Care	10.3
Financials	4.9

Consumer Staples	4.4
Materials	1.5

Real Estate	1.2
Energy	0.5

Other	0.4


		www.calamos.com			33

Calamos Growth Fund

been able to look through the economic slowdown toward a potential path of recovery. The U.S. government and governments around the world have thrown tremendous amounts of monetary and fiscal policy at the problem, in an effort not to repeat the same mistakes they made responding to the Great Financial Crisis of 2008. Businesses that had footholds in areas that consumers, businesses and governments consider necessary only strengthened their relative positions through this economic and health crisis. While we are not out of the woods yet, society will find a way forward. Despite many risks, such as a second wave of infection or other yet unforeseen obstacles to re-opening our economy, we believe that U.S. growth businesses are attractive investment opportunities in a low-growth, low-interest-rate environment. There may be some cyclical growth opportunities in the near-term, and we have diversified the portfolio to include what we consider some of the best candidates.

ANNUALIZED RETURN: SINCE INCEPTION (9/18/97) THROUGH 4/30/20

LOGO

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

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


34		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Growth Fund

GROWTH OF $1,000,000: FOR THE 10-YEAR PERIOD ENDED 4/30/20

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/20


	6 MONTHS			1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 9/4/90
Without Sales Charge		-1.67	%		0.38	%		6.88	%		9.08	%
With Sales Charge		-6.35			-4.37			5.84			8.55
Class C Shares – Inception 9/3/96
Without Sales Charge		-2.06			-0.37			6.08			8.27
With Sales Charge		-2.89			-1.21			6.08			8.27
Class I Shares – Inception 9/18/97		-1.53			0.66			7.15			9.36

As of the prospectus dated 2/28/20, the Fund’s gross expense ratio for Class A shares is 1.35%, Class C shares is 2.13% and Class I shares is 1.10%. 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, 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 S&P 1500 Growth Index consists of the growth segment of the securities found in the S&P 1500 Index. The S&P 1500 combines the S&P 500, S&P MidCap 400 and the S&P SmallCap 600.

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

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


		www.calamos.com			35

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 four decades of research experience combining equities and convertible holdings to provide equity-like participation.

◾

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

◾

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

PORTFOLIO FIT

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


FUND NASDAQ SYMBOLS

A Shares		CVTRX
C Shares		CVTCX

I Shares		CGIIX


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 six-month period ended April 30, 2020, Calamos Growth and Income Fund returned -1.25% (Class I shares at net asset value) versus a drop of -3.16% for the S&P 500 Index, capturing 40% of the equity market’s decline. The ICE BofA All U.S. Convertibles ex Mandatory Index registered a gain of 2.50% for the period. We manage this Fund with the goal of achieving upside equity participation and potential downside risk mitigation over full market cycles. Since its Class I shares inception on September 18, 1997, the Fund gained 9.12% on an annualized basis versus a 7.09% return for the S&P 500 Index and 7.55% return for the ICE BofA 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 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 0.74 (Class I shares) versus the S&P 500 Index. The Fund, therefore, outperformed the broader equity market, as measured by the S&P 500 Index, with less volatility than the equity market. Please note that past performance does not indicate future results and that beta is one of many measures of risk.

What factors influenced performance during the reporting period?

Investors showed a clear preference for growth stocks, as the S&P 500 Growth Index returned 4.18%, significantly outpacing the S&P 500 Value Index’s decline of -11.48%. Many of the businesses that had been leading the U.S. equity market prior to COVID-19 saw their relative business prospects actually accelerate in light of economic and social conditions. Connectivity for working remotely, home entertainment, retail


36		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Growth and Income Fund

delivery, and innovative health care solutions were all market favorites for the period. Within the S&P 500 Index, information technology (+11%), health care (+8%), consumer discretionary (+2%), communication services (+1%) and consumer staples (-3%) all led the market. Energy (-30%) was the biggest laggard, with financials (-19%), industrials (-18%), real estate (-12%), utilities (-8%) and materials (-8%) also trailing the overall index return.

For the full reporting period, the Fund was able to outperform the S&P 500 Index by staying broadly in line with the equity market during the first four months of the period, but retaining its value significantly better than the equity market during the sharp and sudden downturn. The Fund was quite active in utilizing options and the convertible market in order to manage the risk/reward of the total portfolio. Volatility pricing, or option pricing, was actually quite affordable before this historic turn in equity and risk assets. Overall, security selection was strongly additive, while sector allocations were modestly helpful.

The biggest benefactor to the Fund’s relative performance was security selection and the overweight to the consumer discretionary sector. Security selection was strongest in more cyclically sensitive areas within consumer discretionary names, where convertible securities performed well within automobile manufacturers, as well as hotels, resorts & cruise lines. These securities proved an attractive way to access these areas, though the Fund exited them ahead of the market downturn. The portfolio’s overweight in internet retail was also additive, as this industry clearly benefited from the recent circumstances. Another sector that provided a relative benefit for the Fund was energy. The Fund’s underweight to energy supported relative performance, as energy was bar none the market’s worst performer by sector. In addition, issue selection was additive as the Fund favored some of the better relative performers and avoided other issuers that underperformed.

As for detractors, the Fund’s selection and underweight to health care was a negative during the period. Fund holdings within the pharmaceuticals and biotechnology sectors performed well with positive returns overall for the period, but lagged those of the S&P 500 Index. The Fund did reduce the underweight to health care slightly during the period. Holdings in information technology were another relative detractor to performance. Again, the holdings overall performed very well, delivering positive returns, but slightly lagged those of the S&P 500 Index for the period. A modest underweight to technology was also a detriment.

How is the Fund positioned?

While always very risk conscious, the Fund maintains a relatively optimistic position when it comes to equity market risks. While the high cash flow generating growth businesses may continue to do well in light of current trends, we are also mindful that more short-term cyclical opportunities need to be considered as well. As such, we have struck a balance of cyclical and secular growth opportunities, utilizing convertible securities to help us achieve what we believe to be a better risk/reward positioning. Based on our view that the U.S. equity market may be volatile but upward trending, we position the portfolio with the goal of participating in the U.S. equity market’s upside, while resisting market declines and downside volatility. We believe that actively managing equity market risks by blending equity and convertible securities allows us to construct a portfolio that can provide equity-like returns with significantly less volatility and equity beta over full market cycles. The Fund maintains a diversified portfolio with modest differences in sector weights. We are most attracted to dominant businesses


SECTOR WEIGHTINGS

Information Technology	25.1	%
Health Care	14.0

Consumer Discretionary	12.4
Communication Services	11.4

Industrials	10.2
Financials	9.8

Consumer Staples	5.6
Utilities	4.0

Real Estate	2.4
Energy	2.4

Other	1.1
Materials	1.0


		www.calamos.com			37

Calamos Growth and Income Fund

that have the capital and resources to not only survive, but also thrive in this new paradigm. Health care and safety will be paramount, and businesses that address those needs are attractive in our view. The use of data, connectivity and virtualization are also themes that should benefit going forward long after the pandemic fades.

Please discuss the Fund as a source for income and total distribution yield.

The Fund’s risk-conscious approach and broad investment universe have contributed to an annual distribution history that we believe is compelling. In addition to convertible securities, our team often identifies opportunities in dividend-paying stocks. By investing in these names as well as more growth-oriented stocks, we can pursue a potentially lower-volatility outcome that also supports an attractive distribution stream.

What closing thoughts do you have for Fund shareholders?

In our view, an investment strategy such as Calamos Growth and Income Fund makes the most sense in more volatile markets—although no one could have predicted the turn of events that we have witnessed over the past six months. Investors quickly de-risked as news flow continued to go increasingly south. However, subsequently, and amazingly quickly, investors were able to incorporate strong government support with diminished growth expectations and move forward once again. Market timing has consistently proven to be difficult at best and requires two extremely well timed decisions. We believe our strategy can help investors worry less about market timing by managing the up and down cycles through our differentiated approach to equity markets. We believe that collectively, we will be able to persevere through this pandemic and, as such, keep an eye toward growth. That said, there are significant potential risks associated with the reopening of global economies, the main danger being a secondary wave of infections. To that end, we will position the portfolio aiming to capture significant equity market opportunities in secular and cyclical growth business, while being mindful of downside resilience as risk management must be a continual focus.

ANNUALIZED RETURN: SINCE INCEPTION (9/18/97) THROUGH 4/30/20

LOGO

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

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


38		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Growth and Income Fund

GROWTH OF $1,000,000: FOR 10-YEAR PERIOD ENDED 4/30/20

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/20


	6 MONTHS			1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 9/22/88
Without Sales Charge		-1.40	%		1.33	%		7.08	%		7.74	%
With Sales Charge		-6.10			-3.48			6.04			7.22
Class C Shares – Inception 8/5/96
Without Sales Charge		-1.75			0.57			6.26			6.93
With Sales Charge		-2.71			-0.41			6.26			6.93
Class I Shares – Inception 9/18/97		-1.25			1.60			7.34			8.01

As of the prospectus dated 2/28/20, the Fund’s gross expense ratio for Class A shares is 1.10%, Class C shares is 1.86% and Class I shares is 0.86%. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

†

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

NOTES:

The S&P 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 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 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

◾

Employs bottom-up stock picking and a benchmark-agnostic approach.

◾

Focuses on good businesses with solid cash flows and value prices.

PORTFOLIO FIT

The Fund may be suitable for investors seeking 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 six-month period ended April 30, 2020, Calamos Dividend Growth Fund returned -3.32% (Class I shares at net asset value), performing broadly in line with the S&P 500 Index return of -3.16%. The Fund outperformed the Morningstar Large Blend category average of -5.96% and ranked in the 31st percentile (1-year).*

What factors influenced performance during the reporting period?

Investors showed a clear preference for growth stocks, with the S&P 500 Growth Index’s 4.18% return significantly outpacing the S&P 500 Value Index decline of -11.48%. Many of the businesses that had been leading the U.S. equity market prior to the COVID-19 crisis saw their relative business prospects actually accelerate in light of economic and social conditions. Companies that provide connectivity for working from home, home entertainment, retail delivery, and innovative health care solutions were all market favorites for the period. Within the S&P 500 Index, information technology (+11%), health care (+8%), consumer discretionary (+2%), communication services (+1%) and consumer staples (-3%) all led the market. Energy (-30%) was the biggest laggard, with financials (-19%), industrials (-18%), real estate (-12%), utilities (-8%) and materials (-8%) also trailing the overall index.

The Fund benefitted from owning high-quality growth stocks and avoiding more cyclically oriented stocks in the consumer discretionary sector. Selection and an overweight to internet & direct marketing retail was additive to relative performance as current social and economic conditions consolidated many of the advantages businesses had in this arena. Avoiding the struggling luxury goods space also helped within the consumer discretionary sector. Strong security selection and an underweight

Data is as of 4/30/20. Morningstar category percentile rankings are based on annualized total returns for the 1-year, 3-year and 5-year periods. Calamos Dividend Growth Fund Class I Shares were in the 31st, 32nd and 40th percentiles of 1,331, 1,199 and 1,022 funds for the 1-year, 3-year and 5-year periods, respectively, for the Morningstar Large Blend category.


40		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Dividend Growth Fund

to the challenged real estate sector was also additive. Fund holdings favored specialized REITs as opposed to retail, hotel & resort, residential and office REITs that all suffered a difficult six-month period.

In the financials sector, security selection was a drag on relative performance. The Fund was generally market-weight the sector over the course of the six months but active in managing individual securities vis-a-vis market volatility. Multi-line insurance holdings and securities within financial exchanges & data trailed those of the broad market and weighed on relative performance. Security selection as well as a modest underweight to the strong-performing health care sector also detracted from relative performance. Fund holdings within biotechnology performed very well, but a modest underweight was a drag on relative performance. Additionally, under performance within the pharmaceuticals industry weighed on the Fund.

How is the Fund positioned?

In light of macro conditions, the Fund continues to favor strong, market-share-dominating names that continue to enjoy growth in their businesses. However, as pessimism has weighed heavily on many cyclical growth opportunities, the Fund has sought to add to positions, given the highly attractive entry points. As of the end of the reporting period, the Fund maintained overweights to the consumer discretionary and information technology sectors. The Fund increased its weightings in consumer discretionary names that may benefit from a cyclical upturn when the economy goes from “bad” to “less bad.” Information technology is a diverse sector, which has many strong, secular growth names that continue to dominate, as well as cyclical opportunities such as semiconductors and semiconductor capital equipment. The Fund is underweight to consumer staples and real estate. During the six-month period, the Fund reduced its allocation to consumer staples as many of those names became overly favored during the market and economic crisis.

What closing thoughts do you have for Fund shareholders?

We are viewing the economic impact of global shelter-at-home orders in line with what we have seen from natural disasters such as hurricanes. However, there was nothing usual about the speed and magnitude of the decline in equity markets, so we should not expect to see anything normal about the market’s recovery. The debate going forward appears centered around the contrast of slow growth versus a quicker jump-start from the massive amount of support and stimulus provided by governments and central banks around the world. Many of the high quality growth businesses can and should continue to dominate in light of current economic conditions, and are likely to do well even as some sense of normalcy returns. In addition, investors may have been overly pessimistic with regard to cyclical names that, in our view, should benefit as we make progress as a country and globally against the pandemic.


SECTOR WEIGHTINGS

Information Technology	26.4	%
Health Care	14.6

Consumer Discretionary	11.6
Communication Services	11.2

Financials	10.5
Industrials	8.6

Consumer Staples	6.2
Energy	3.0

Utilities	2.7
Real Estate	1.8

Materials	1.6
Other	0.5


		www.calamos.com			41

Calamos Dividend Growth Fund

GROWTH OF $1,000,000: SINCE INCEPTION (8/5/13) THROUGH 4/30/20

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/20


	6 MONTHS			1 YEAR			5 YEARS			SINCE INCEPTION
Class A Shares – Inception 8/5/2013
Without Sales Charge		-3.44	%		-0.14	%		7.62	%		7.24	%
With Sales Charge		-8.05			-4.91			6.58			6.47
Class C Shares – Inception 8/5/2013
Without Sales Charge		-3.79			-0.91			6.83			6.44
With Sales Charge		-4.65			-1.80			6.83			6.44
Class I Shares – Inception 8/5/2013		-3.32			0.10			7.91			7.51

As of the prospectus dated 2/28/20, the Fund’s gross expense ratio for Class A shares is 1.95%, Class C shares is 2.66% and Class I shares is 1.68%. 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 S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market.

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


42		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Select Fund

CALAMOS SELECT FUND

(formerly, Calamos Opportunistic Value Fund)

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2020, Calamos Select Fund returned -7.73% (Class I shares at net asset value), outperforming the S&P 1500 Value Index return of -12.48%, but lagging the broad market as measured by the S&P 500 Index return of -3.16%.

Seeking to improve the opportunity set rather than limit the focus to the value side of U.S. equity markets, the Fund changed its primary benchmark on February 28, 2020, from the S&P 1500 Value Index to the S&P 500 Index, which more closely aligns with the Fund’s investment universe, and additionally changed its name to Calamos Select Fund.

What factors influenced performance during the reporting period?

Investors showed a clear preference for growth stocks, as the S&P 1500 Growth Index returned 2.88%, significantly outpacing the S&P 500 1500 Value Index’s decline of -12.48%. Many of the businesses that had been leading the U.S. equity market prior to the COVID-19 crisis saw their relative business prospects actually accelerate in light of economic and social conditions. Connectivity for working remotely, home entertainment, retail delivery, and innovative health care solutions were all market favorites for the period. Within the S&P 500 Index, information technology (+11%), health care (+8%), consumer discretionary (+2%), communication services (+1%) and consumer staples (-3%) all lead the market. Energy (-30%) was the biggest laggard, with financials (-19%), industrials (-18%), real estate (-12%), utilities (-8%) and materials (-8%) all trailing the overall index return.

Fund holdings in the information technology sector contributed the most to Fund performance and outperformed those of the S&P 500 Index, with notable strength coming from selection in hardware, storage & peripherals and semiconductors. During

OVERVIEW

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

KEY FEATURES

◾

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

◾

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

◾

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

PORTFOLIO FIT

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


FUND NASDAQ SYMBOLS

A Shares		CVAAX
C Shares		CVACX

I Shares		CVAIX


FUND CUSIP NUMBERS

A Shares		128119666
C Shares		128119641

I Shares		128119633


		www.calamos.com			43

Calamos Select Fund


SECTOR WEIGHTINGS

Information Technology	25.6	%
Health Care	16.4

Consumer Discretionary	11.4
Communication Services	9.8

Financials	9.8
Industrials	9.4

Consumer Staples	5.9
Utilities	3.1

Materials	2.8
Real Estate	1.5

Energy	1.4

the period, the Fund increased its allocation to the sector, ending the period with a slight overweight relative to the S&P 500 Index. Health care stocks were also strong contributors to performance, as the sector was clearly favored in light of the pandemic. Fund selection within pharmaceuticals, life sciences & tools, and biotechnology all contributed to Fund performance.

Holdings in financials detracted most from the Fund’s performance during the period, underperforming those of the S&P 500 Index. An overweight to the sector was a drag on performance as well. The financials sector struggled in light of the historic economic slowdown, and Fund holdings in diversified banks and multi-line insurance weighed heavily on performance during the period. An overweight to the cyclically oriented industrials sector and issue selection within the space also detracted from Fund performance. Aerospace & defense names as well as airlines holdings struggled during the period, as global travel slowed to a near standstill. The Fund was very active in the industrials sector during the period, looking to decrease exposures during the market sell-off and selectively adding to businesses with the potential to benefit as conditions improve.

How is the Fund positioned?

In light of macro conditions, the Fund continues to favor strong, market-share-dominating names that continue to enjoy growth in their businesses. However, as pessimism has weighed heavily on many cyclical growth opportunities, the Fund also has invested in those areas, given the outstanding values. As of the end of the reporting period, the Fund maintained overweights to the consumer discretionary and industrials sectors. The Fund increased its weightings in consumer discretionary names that have been market leaders despite economic conditions. While the Fund’s relative weight to the industrials sector did not change significantly during the period, we did look to add to businesses that could benefit from a cyclical upturn from “bad” to “less bad.” The Fund is underweight to consumer staples and real estate as well. During the six-month period, the Fund reduced its allocation to consumer staples as many names in the sector became overly favored during the market and economic crisis.

What closing thoughts do you have for Fund shareholders?


44		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Select Fund

ANNUALIZED RETURN: SINCE INCEPTION (3/1/02) THROUGH 4/30/20

LOGO

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

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

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


		www.calamos.com			45

Calamos Select Fund

GROWTH OF $1,000,000: FOR THE 10-YEAR PERIOD ENDED 4/30/20

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/20


	6 MONTHS			1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 1/2/02
Without Sales Charge		-7.89	%		-4.88	%		4.90	%		6.37	%
With Sales Charge		-12.27			-9.42			3.89			5.85
Class C Shares – Inception 1/2/02
Without Sales Charge		-8.25			-5.58			4.11			5.58
With Sales Charge		-9.17			-6.52			4.11			5.58
Class I Shares – Inception 3/1/02		-7.73			-4.53			5.17			6.64

As of the prospectus dated 2/28/20, the Fund’s gross expense ratio for Class A shares is 1.63%, Class C shares is 2.36% and Class I shares is 1.37%. The Fund’s investment adviser has contractually agreed to reimburse Fund expenses through March 1, 2022, 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 S&P 1500 Value Index is designed to provide investors with a measure of the performance of U.S. value equities.

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 SEMIANNUAL REPORT

Calamos International Growth Fund

CALAMOS INTERNATIONAL GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the fund performed?

For the six-month period ended April 30, 2020, Calamos International Growth Fund returned -2.91% (Class I shares at net asset value) versus the -7.03% return for the MSCI EAFE Growth Index and -13.02% return for the MSCI ACWI ex U.S. Index for the same period.

Since its inception on March 17, 2005, the Fund has returned 6.41% on an annualized basis (Class I shares at net asset value) compared with a 5.18% return for the MSCI EAFE Growth Index and 4.13% return for the MSCI ACWI ex U.S. Index. We believe this demonstrates the Fund’s ability to generate long-term excess returns over complete market cycles.

What factors influenced performance?

During the first half of the six-month period, international stocks rose against a backdrop of positive earnings growth, progress in global trade negotiations and accommodative central bank policy. The second half of the period ushered in a sea change in market conditions and sharp correction in international stocks as markets were upended by the coronavirus pandemic and its immediate impacts on economic activity and market volatility.

Reflecting the extremely challenging environment across global markets, the Fund declined over the period but significantly outperformed the benchmark indexes and category peers (finishing in the 18th percentile of its Morningstar category for the 1-year period*) due to better individual security selection and more favorable sector positioning. Many of our key fund holdings in higher quality international companies with advantaged business models, stronger balance sheets, and secular demand tailwinds held up better than the benchmark, as investors sought the relative stability of these companies during the worst of the turbulence.

What helped and hurt the Fund’s performance?

The Fund experienced a modest decline over the six-month period but significantly outperformed relative to the steeper declines in the indexes. This Fund’s individual investment selection and overall positioning across geographic regions and sectors helped it outdistance the benchmark indexes.

Positive Influences on Performance

Information Technology. The fund’s security selection and an average overweight position in information technology boosted relative results. Specifically, internet services & infrastructure and semiconductor equipment were sources of strength.

Communication Services. Security selection and an average overweight stance in communication services also added to the fund’s results. The main contributors within this sector were interactive media & services and interactive home entertainment.

Data is as of 4/30/20. Morningstar category percentile rankings are based on annualized total returns for the 1-year, 3-year, 5-year and 10-year periods. Calamos International Growth Fund Class I Shares were in the 18th, 27th, 44th and 43rd percentiles of 463, 415, 344 and 247 funds for the 1-year, 3-year, 5-year and 10-year periods, respectively, for the Morningstar Foreign Large Growth category.

OVERVIEW

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

KEY FEATURES

◾

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

◾

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

◾

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

◾

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

PORTFOLIO FIT

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


FUND NASDAQ SYMBOLS

A Shares		CIGRX
C Shares		CIGCX

I Shares		CIGIX
R6 Shares		CIGOX

FUND CUSIP NUMBERS

A Shares		128119575
C Shares		128119559

I Shares		128119542
R6 Shares		128120425


		www.calamos.com			47

Calamos International Growth Fund


SECTOR WEIGHTINGS

Information Technology	19.7	%
Consumer Discretionary	16.1

Health Care	15.5
Industrials	14.9

Financials	11.3
Communication Services	6.7

Materials	5.6
Consumer Staples	4.4

Energy	3.1
Utilities	0.7

Negative Influences on Performance

Energy. Over the period, an average overweight stance and security selection within the energy sector hampered relative performance, as holdings in the integrated oil & gas and oil & gas exploration & production industries lost ground.

Financials. Selection and an average overweight allocation in financials underperformed, especially names in the diversified banks and life & health insurance industries.

Geographic Performance

Favorable security selection in Emerging Asia added to Fund performance. Specifically, our holdings in China and Australia buoyed results.

In contrast, security selection in EMEA curbed relative results. The Fund’s holdings fell short of MSCI EAFE Growth Index constituents, especially those in Ghana and Zambia.

How is the Fund positioned?

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

•

We hold a combination of core and secular growth companies, in addition to select cyclical opportunities as we contemplate the opportunities ahead of a potential second-half recovery when we hopefully gain an upper hand over the virus and economic conditions improve.

•

Technology, consumer discretionary, health care, industrials and communications services are the largest weights in the fund, reflecting the most promising secular growth and attractive demand segments.

•

Key industry positions industries include interactive media & services, internet retail, semiconductors, health care supplies, biotechnology, financial exchanges and industrial machinery.

•

We have an underweight stance in more defensive areas including utilities, real estate, traditional telecoms and certain high-valuation consumer staples.

•

We are underweight in energy and materials, though we hold companies with stronger balance sheets and sustainable dividends in these sectors.

•

We own diversified holdings in Europe, with a blend of end markets and business types. The Fund’s positioning is largely in global secular demand opportunities and, in some cases, more regionally exposed businesses with stable, less-cyclical characteristics.

•

We own a range of investments in emerging markets within key demand areas such as interactive media & services, e-commerce, semiconductors, higher quality banks and insurance.


48		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos International Growth Fund

•

We are underweight in Japan. Monetary and fiscal programs are extremely accommodative but weak global growth and supply chain pressures continue to challenge many Japanese companies.

What closing thoughts do you have for Fund shareholders?

Markets continue to navigate a dynamic set of headwinds and tailwinds in international equities. We are analyzing the pandemic’s impact on all aspects of economic activity, alongside policy actions and the future path of corporate earnings. Global monetary policy is extremely accommodative and central banks have implemented an unprecedented set of programs to support economic activity and market liquidity. Given this underlying support, we see opportunities in international stocks, benefiting from abundant global liquidity, a record level of coordinated stimulus, and the potential for virus mitigation and vaccine development to progress over the coming months. Despite these potential positives, we are mindful that markets will likely remain volatile and we remain closely attuned to the near-term risks, including the possibility of new infection hot spots and waves.

ANNUALIZED RETURN: (3/16/05) THROUGH 4/30/20

LOGO

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

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund’s Class I shares at net asset value. The Fund also offers Class A, Class C and Class R6 shares, the performance of which may vary. Source: State Street Corporation and Lipper, Inc.

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


		www.calamos.com			49

Calamos International Growth Fund

GROWTH OF $1,000,000: FOR THE 10-YEAR PERIOD ENDED 4/30/20

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/20



	6 MONTHS			1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 3/16/05
Without Sales Charge		-3.06	%		0.11	%		2.53	%		5.19	%
With Sales Charge		-7.68			-4.65			1.54			4.68
Class C Shares – Inception 3/16/05
Without Sales Charge		-3.39			-0.65			1.77			4.41
With Sales Charge		-4.36			-1.64			1.77			4.41
Class I Shares – Inception 3/16/05		-2.91			0.33			2.79			5.46
Class R6 Shares – Inception 9/17/18^		-2.84			0.44						-0.97

As of the prospectus dated 2/28/20, the Fund’s gross expense ratio for Class A shares is 1.48%, Class C shares is 2.26%, Class I shares is 1.23% and Class R6 shares is 1.15%. The Fund’s investment adviser has contractually agreed to reimburse Fund expenses through March 1, 2022 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. The Fund’s investment adviser has contractually agreed to limit the Fund’s annual ordinary operating expenses for Class R6 shares (as a percentage of average net assets) to 0.85% less the annual sub-transfer agency ratio for the Fund. The annual sub-transfer agency ratio is equal to the aggregate sub-transfer agency expenses common to the other share classes of the Fund divided by the aggregate average annual net assets of the Fund’s other share classes. For purposes of these expense limitations, operating expenses do not include taxes, interest, short interest, short dividend expenses, all commissions and other normal charges incident to the purchase and sale of portfolio securities, and extraordinary expenses, if any. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund’s expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

†

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results and was in effect until March 31, 2005. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

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

The MSCI ACWI ex US Index is designed to measure the equity market performance of companies outside of the United States in developed and emerging markets. The MSCI ACWI ex US Index is provided to show how the Fund’s performance compares with the returns of an index of securities similar to those in which the Fund invests.

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


50		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Evolving World Growth Fund

CALAMOS EVOLVING WORLD GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2020, Calamos Evolving World Growth Fund returned -0.30% (Class I shares at net asset value) versus a -10.39% return for the MSCI Emerging Market Index. The Fund’s return significantly outperformed the benchmark and its category peer average return, landing it in the 3rd percentile (1-year) of the Morningstar Diversified Emerging Markets category.¹

Since its inception on August 15, 2008, the Fund has returned 3.68% on an annualized basis (Class I shares at net asset value) compared with a 2.32% return for the MSCI Emerging Market Index. We believe this demonstrates the Fund’s ability to access growth opportunities in emerging markets and deliver competitive returns while pursuing a risk-managed investment approach over complete market cycles.

What factors influenced performance?

During the first half of the six-month period, emerging market stocks and convertibles advanced against a backdrop of positive earnings growth, progress in global trade negotiations (for example, Brexit) and accommodative central bank policy. However, the second half of the period ushered in a sea change in conditions and a sharp market correction, as investors were stunned by the coronavirus pandemic and the abrupt impact on economic activity and market volatility.

Reflecting the challenging environment across global markets, the Fund declined in value over the six-month period but significantly outperformed the larger decline in the index and category peer funds. The Fund’s outperformance was primarily attributable to active risk-management tactics, which included using convertibles and options strategies in concert with better individual security selection and favorable sector positioning. Many of our key Fund holdings in higher quality emerging market companies with advantaged business models, stronger balance sheets, and secular demand tailwinds outperformed benchmark peers, as investors sought the relative stability of these companies in a turbulent period.

Positive Influences on Performance

Communication Services. The Fund’s favorable security selection and an average overweight allocation in communication services outperformed. Specifically, interactive home entertainment and interactive media & services propelled relative returns.

Financials. An average underweight position and favorable security selection in financials added to performance, especially names in diversified banks and life & health insurance.

Negative Influences on Performance

Utilities. Over the period, a lack of exposure within the utilities sector underperformed.

Data is as of 4/30/20. Morningstar category percentile rankings are based on annualized total returns for the 1-year, 3-year, 5-year and 10-year periods. Calamos Evolving World Growth Fund Class I Shares were in the 3rd, 9th, 28th and 18th percentiles of 800, 688, 568 and 233 funds for the 1-year, 3-year, 5-year and 10-year periods, respectively, for the Morningstar Diversified Emerging Markets category.

²	Skew defines the extent to which a distribution differs from the norm. In this case, skew describes how the Fund’s performance is favorably asymmetric compared with its peers.

OVERVIEW

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

KEY FEATURES

◾

Focuses on higher-quality companies with compelling growth attributes.

◾

Conducts research across the capital structure and utilizes Calamos’ experience in convertible securities to dynamically manage the risk profile, seeking to improve skew² and provide asymmetric returns.

◾

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

◾

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

PORTFOLIO FIT

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


FUND NASDAQ SYMBOLS

A Shares		CNWGX
C Shares		CNWDX

I Shares		CNWIX


FUND CUSIP NUMBERS

A Shares		128119161
C Shares		128119146

I Shares		128119138


		www.calamos.com			51

Calamos Evolving World Growth Fund


SECTOR WEIGHTINGS

Consumer Discretionary	21.0	%
Information Technology	20.6

Communication Services	15.4
Financials	13.7

Health Care	6.3
Materials	6.0

Industrials	5.5
Energy	3.9

Consumer Staples	3.3
Real Estate	1.4

Other	1.2

Real Estate. The Fund’s real estate position lost ground on a relative basis, especially holdings in the real estate development and diversified real estate activities industries.

Geographic Performance

From a regional standpoint, favorable security selection in Emerging Asia helped buoy return. In particular, positions in China and Taiwan outperformed.

Conversely, Canada was a drag on the Fund’s performance.

How is the Fund positioned?

In terms of Fund positioning, we favor a blend of investments in secular growth and select defensive businesses, in addition to select opportunities with cyclical characteristics that we believe are well positioned for a potential recovery in the second half of this year.

•

We have a positive view of the investment opportunities in emerging markets following the first-quarter correction. Since equities hit their lows, we have taken a number of steps to increase the equity sensitivity of the Fund, so it participates more fully in potential upside as conditions improve in many markets within our coverage.

•

We own diversified investments with larger weight in the technology, consumer discretionary, communication services and financials sectors. We favor businesses in semiconductors, internet retail, interactive media & services, diversified banks and insurance. We focus on names that exhibit sound business models, stronger balance sheets, and alignment with our key secular demand themes.

•

We hold underweight allocations in the energy and materials sectors, though we do own select opportunities with better capital management, supply-and-demand fundamentals and asset value.

•

We have an underweight stance in more defensive areas such as utilities and real estate, while we favor select exposure to names in consumer staples addressing key areas of demand.

•

From a geographic perspective, we own a significant weight in Emerging Asia, our preferred region in the Fund, though we also hold select names in Latin America and Emerging Europe.

•

We favor investments in individual markets including China, Taiwan, South Korea, India and Brazil.

What closing thoughts do you have for Fund shareholders?

Global markets continue to navigate a dynamic set of headwinds and tailwinds. We are analyzing the pandemic’s impacts on all aspects of economic activity, alongside policy actions and the future path of corporate earnings. Global monetary policy is extremely accommodative and central banks have implemented an unprecedented array of programs to support economic activity and market liquidity. Given this underlying support, we see opportunities in emerging markets, benefiting from abundant global liquidity, the record level of coordinated stimulus, and the potential for virus mitigation and vaccine development to progress over the coming months. Despite these potential positives, we are mindful that markets will likely remain volatile and we remain closely attuned to near-term risks, including the possibility of new infection hot spots and waves.


52		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Evolving World Growth Fund

ANNUALIZED RETURN: SINCE INCEPTION (8/15/08) THROUGH 4/30/20

LOGO

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

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


		www.calamos.com			53

Calamos Evolving World Growth Fund

GROWTH OF $1,000,000: FOR THE 10-YEAR PERIOD ENDED 4/30/20

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/20


	6 MONTHS			1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 8/15/08
Without Sales Charge		-0.42	%		-0.28	%		0.28	%		2.58	%
With Sales Charge		-5.12			-4.99			-0.69			2.08
Class C Shares – Inception 8/15/08
Without Sales Charge		-0.84			-1.06			-0.48			1.81
With Sales Charge		-1.83			-2.05			-0.48			1.81
Class I Shares – Inception 8/15/08		-0.30			-0.02			0.54			2.84

As of the prospectus dated 2/28/20, the Fund’s gross expense ratio for Class A shares is 1.64%, Class C shares is 2.39% and Class I shares is 1.39%.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 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 returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.


54		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Equity Fund

CALAMOS GLOBAL EQUITY FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2020, Calamos Global Equity Fund returned 0.60% (Class I shares at net asset value) versus the -7.03% decrease for the MSCI World Index and -7.43% return for the MSCI ACWI Index for the same period. The Fund’s return significantly outperformed the benchmarks and category peer returns, landing in the 18th percentile of the Morningstar World Large Stock category (1-year).

Since its inception on March 2, 2007, the Fund has returned 7.10% on an annualized basis (Class I shares at net asset value) compared with a 5.24% return for the MSCI World Index and 4.95% return for the MSCI ACWI Index. We believe this compelling record demonstrates the Fund’s ability to generate long-term excess returns over complete market cycles and varied investment environments.

What factors influenced performance during the reporting period?

During the first half of the six-month period, global stocks advanced against a backdrop of positive earnings growth, progress in global trade negotiations (for example, Brexit) and accommodative central bank policy. However, the second half of the period ushered in a sea change in conditions and a sharp correction in global securities, as markets were upended by the coronavirus pandemic and its abrupt impacts on economic activity and market volatility.

Reflecting the challenging environment across global markets, the Fund delivered a modest gain over the period but significantly outperformed the index and category peer funds by means of individual security selection and favorable sector positioning. Many of our key Fund holdings in higher quality global companies with advantaged business models, stronger balance sheets, and secular demand tailwinds outperformed benchmark peers, as investors sought the relative stability of these companies in a turbulent period for stocks.

Positive Influences on Performance

Information Technology. The Fund’s overweight and selection in information technology. boosted portfolio return. In particular, our holdings in interactive media & services as well as data processing & outsourced services were additive.

Consumer Discretionary. The Fund’s security selection and an average underweight position in consumer discretionary drove return. Specifically, internet & direct marketing retail and apparel, accessories & luxury goods represented major contributors.

Negative Influences on Performance

Industrials. Over the period, security selection within the industrials sector hampered relative results, as holdings in the aerospace & defense and electrical components & equipment industries lagged.

Data is as of 4/30/20. Morningstar category percentile rankings are based on annualized total returns for the 1-year, 3-year, 5-year and 10-year periods. Calamos Global Equity Fund Class I Shares were in the 18th, 23rd, 25th and 23rd percentiles of 849, 751, 613 and 364 funds for the 1-year, 3-year, 5-year and 10-year periods, respectively, for the Morningstar World Large Stock category.

OVERVIEW

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

KEY FEATURES

◾

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

◾

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

PORTFOLIO FIT

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


FUND NASDAQ SYMBOLS

A Shares		CAGEX
C Shares		CCGEX

I Shares		CIGEX


FUND CUSIP NUMBERS

A Shares		128119484
C Shares		128119468

I Shares		128119450


		www.calamos.com			55

Calamos Global Equity Fund


SECTOR WEIGHTINGS

Information Technology	29.3	%
Consumer Discretionary	16.9

Health Care	13.9
Communication Services	13.7

Industrials	10.1
Financials	7.8

Materials	3.8
Energy	2.1

Consumer Staples	1.8

Consumer Staples. Selection and an average underweight stance in consumer staples weighed on results, especially in the packaged foods & meats industry.

Geographic Performance

The Fund benefitted from security selection and an overweight stance in Emerging Asia. Our holdings in China and Australia boosted relative performance. Conversely, the Fund’s position in India hampered relative performance, as did selection in Germany.

How is the Fund positioned?

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

•

We hold a combination of core and secular growth companies, in addition to select cyclical opportunities. We are contemplating market opportunities in a potential second-half recovery, when we hopefully gain an upper hand over the virus and market conditions improve.

•

We have an underweight position in the U.S. The stance reflects our view of relatively less favorable risk/reward compared to international markets. Our domestic holdings emphasize secular growth opportunities and higher quality businesses with defensible business models.

•

We own diversified holdings in Europe, with a blend of end markets and business types. Positioning is largely in global secular demand opportunities and, in some cases, more regionally exposed businesses with stable, less-cyclical characteristics.

•

We own a range of investments in emerging markets within key demand areas, such as interactive media & services, e-commerce, semiconductors, higher-quality banks and insurance.

•

We are modestly underweight in Japan. Monetary and fiscal conditions are extremely accommodative, but weak global growth and supply chain pressures continue to challenge many companies.

•

Technology, consumer discretionary, health care, communication services, and financials are the largest sector weights in the portfolio, reflecting our view of where secular growth and attractive demand segments can be found. Key industry positions include interactive media & services, internet retail, entertainment, biotechnology, diversified banks and insurance.

•

We have an underweight stance in more defensive areas, including utilities, real estate, more traditional telecoms and certain slow-growth, highly valued consumer staples.

•

We have an underweight in energy and materials, with select holdings in companies with stronger balance sheets and sustainable dividends.

What closing thoughts do you have for Fund shareholders?

Markets continue to navigate a dynamic set of headwinds and tailwinds in international


56		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Equity Fund

equities. We are analyzing the pandemic impacts on all aspects of economic activity, alongside policy actions and the future path of corporate earnings. Global monetary policy is extremely accommodative and the central banks have implemented an unprecedented array of programs to support economic activity and market liquidity. Given this underlying support, we see opportunities in global stocks, benefiting from abundant global liquidity, the record level of coordinated stimulus, and the potential for virus mitigation and vaccine development over the coming months. Despite these potential positives, we are mindful that markets will likely remain volatile and we remain closely attuned to the near-term risks, including the possibility of new infection hot spots and waves.

In terms of Fund positioning, we favor a blend of investments in secular growth and select defensive businesses, in addition to select opportunities with more cyclical characteristics that we believe are well positioned for a potential recovery in the second half of the year. We favor investments in companies with sound business models, stronger balance sheets, and the ability to compound growth over the medium to longer-term period. From a thematic and sector perspective, we see opportunities in technology, communications services, consumer discretionary and health care companies with competitive advantages while targeting critical demand areas within their industry. Our investment approach and long-term perspective positions us to take advantage of the volatility and potential opportunities in global stocks.

ANNUALIZED RETURN: SINCE INCEPTION (3/1/07) THROUGH 4/30/20

LOGO

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

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


		www.calamos.com			57

Calamos Global Equity Fund

GROWTH OF $1,000,000: FOR THE 10-YEAR PERIOD ENDED 4/30/20

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/20


	6 MONTHS			1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 3/1/07
Without Sales Charge		0.44	%		0.53	%		5.66	%		8.07	%
With Sales Charge		-4.32			-4.25			4.64			7.55
Class C Shares – Inception 3/1/07
Without Sales Charge		0.19			-0.20			4.88			7.28
With Sales Charge		-0.73			-1.11			4.88			7.28
Class I Shares – Inception 3/1/07		0.60			0.76			5.91			8.34

As of the prospectus dated 2/28/20, the Fund’s gross expense ratio for Class A shares is 1.51%, Class C shares is 2.26% and Class I shares is 1.26%. The Fund’s investment adviser has contractually agreed to reimburse Fund expenses through March 1, 2022 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. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The MSCI ACWI (USD) Index is designed to measure the equity market performance of companies in developed and emerging markets. The MSCI ACWI (USD) Index is provided to show how the Fund’s performance compares with the returns of an index of securities similar to those in which the Fund invests.

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


58		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Growth and Income Fund

CALAMOS GLOBAL GROWTH AND INCOME FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2020, Calamos Global Growth & Income Fund returned -2.48% (Class I shares at net asset value) versus -7.43% for the MSCI ACWI Index and -7.03% for the MSCI World Index.

Since its inception on September 10, 1996, the Fund has returned 6.69% on an annualized basis (Class I shares at net asset value) compared with a 5.69% return for the MSCI ACWI Index and a 5.81% return for the MSCI World Index. We manage the Fund with the goal of achieving upside equity participation and potential downside risk mitigation over full market cycles. We believe this performance demonstrates the Fund’s ability to generate attractive long-term returns while pursuing a risk-managed investment approach.

What factors influenced performance?

During the first half of the six-month period, global stocks and convertibles advanced against a backdrop of positive earnings growth, progress in global trade negotiations (for example, Brexit) and accommodative central bank policy. However, the second half of the period ushered in a sea change in conditions and a sharp correction in global securities, as markets were upended by the coronavirus pandemic and its abrupt impacts on economic activity and market volatility.

Reflecting the challenging environment across global markets, the Fund declined in value over the six-month period but significantly outperformed the index and category peer funds. The Fund’s outperformance was primarily attributable to active risk-management tactics, which included using convertibles and options strategies in concert with better individual security selection and favorable sector positioning. Many of our key Fund holdings in higher quality global companies with advantaged business models, stronger balance sheets, and secular demand tailwinds outperformed benchmark peers, as investors sought the relative stability of these companies in a turbulent period.

Positive Influences on Performance

Consumer Discretionary. The Fund’s security selection and an average underweight position in consumer discretionary drove return. Specifically, internet & direct marketing retail and hotels, resorts & cruise lines represented major contributors.

Financials. Leading security selection and an average underweight stance in financials added to results. The main contributors within the sector were property & casualty insurance and life & health insurance.

Negative Influences on Performance

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 core allocation to global equities with the potential for lower volatility over full market cycles.


FUND NASDAQ SYMBOLS

A Shares		CVLOX
C Shares		CVLCX

I Shares		CGCIX


FUND CUSIP NUMBERS

A Shares		128119500
C Shares		128119708

I Shares		128119609


		www.calamos.com			59

Calamos Global Growth and Income Fund


SECTOR WEIGHTINGS

Information Technology	23.1	%
Consumer Discretionary	13.5

Communication Services	12.8
Health Care	11.8

Financials	10.3
Industrials	8.8

Energy	5.2
Consumer Staples	3.8

Materials	3.8
Utilities	3.1

Real Estate	1.8
Other	0.4

Health Care. An average underweight stance and selection in health care underperformed, especially in the pharmaceuticals and managed health care industries.

Geographic Performance

The Fund benefitted from security selection and an overweight stance in Emerging Asia. Our holdings in China and Australia boosted relative performance. In addition, the Fund received a lift from favorable security selection in the United States.

Conversely, the Fund’s security selection in Canada hampered relative performance. In addition, EMEA underperformed in this period. Specifically, positions in Ghana hurt relative performance. Additionally, our lack of exposure to Israel held back return.

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 hold a combination of core and secular growth companies, in addition to select cyclical opportunities as we contemplate opportunities and a potential second half-recovery, when we hopefully gain an upper hand over the virus and market conditions improve.

•

We also aim to position the Fund to generate equity-like returns with lower volatility, while also seeking investments that pay attractive current income across multiple asset classes. In addition to convertible securities, our team identifies opportunities in corporate debt and dividend-paying stocks. By investing in these as well as more growth-oriented stocks, we can pursue a potentially lower-volatility outcome while also seeking to provide attractive income distribution.

•

From a geographic perspective, we hold significant weight in the U.S. while also being quite selective in our investments. It is a continual balancing act: comparing U.S. company fundamentals and risk/reward against overseas markets’ prospects. Our domestic holdings emphasize secular growth opportunities and higher quality businesses with defensible business models.

•

We own diversified holdings in Europe, with a blend of end markets and business types. The Fund is positioned largely in core global growth opportunities and, in some cases, more regionally exposed businesses.

•

We own a range of investments in emerging markets within key demand areas such as interactive media & services, e-commerce, semiconductors, higher quality banks and insurance.

•

We are underweight in Japan. Monetary and fiscal conditions are extremely accommodative but weak global demand and supply chain pressures continue to challenge many large Japanese companies.

•

In terms of sector positioning, technology, consumer discretionary, health care, and communication services represent the largest weights in the Fund. These allocations reflect attractive industry areas and secular demand opportunities. For example, key industry holdings include interactive media & services, semiconductors, internet retail, entertainment, biotechnology, diversified banks and industrial machinery.


60		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Growth and Income Fund

•

We hold modest weight in energy and materials, with select holdings in companies with relatively stronger balance sheets and a lower cost structure versus peers.

•

We also have an underweight in more defensive areas, including real estate, consumer staples and traditional telecoms and utilities.

What closing thoughts do you have for Fund shareholders?

Global markets continue to navigate a dynamic set of headwinds and tailwinds. We are analyzing the pandemic’s impacts on all aspects of economic activity, alongside policy actions and the future path of corporate earnings. Global monetary policy is extremely accommodative and central banks have implemented an unprecedented array of programs to support economic activity and market liquidity. Given this underlying support, we see opportunities in global stocks, benefiting from abundant global liquidity, a record level of coordinated stimulus, and the potential for virus mitigation and vaccine development over the coming months. Despite these potential positives, we are mindful that markets will likely remain volatile and we remain closely attuned to the near-term risks, including the possibility of new infection hot spots and waves.

ANNUALIZED RETURN: SINCE INCEPTION (9/18/97) THROUGH 4/30/20

LOGO

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

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


		www.calamos.com			61

Calamos Global Growth and Income Fund

GROWTH OF $1,000,000: FOR THE 10-YEAR PERIOD ENDED 4/30/20

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/20


	6 MONTHS			1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 9/9/96
Without Sales Charge		-2.59	%		-3.10	%		2.74	%		4.87	%
With Sales Charge		-7.17			-7.72			1.75			4.36
Class C Shares – Inception 9/24/96
Without Sales Charge		-2.96			-3.86			1.97			4.09
With Sales Charge		-3.92			-4.81			1.97			4.09
Class I Shares – Inception 9/18/97		-2.48			-2.86			3.01			5.13

As of the prospectus dated 2/28/20, the Fund’s gross expense ratio for Class A shares is 1.49%, Class C shares is 2.28% and Class I shares is 1.25%. 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. Performance shown reflects the effects of an expense reimbursement that improved results and was in effect until March 31, 2003. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

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

The MSCI World Index (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 9/30/97 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.


62		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Total Return Bond Fund

CALAMOS TOTAL RETURN BOND FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the semiannual period ended April 30, 2020, the Fund returned 2.95% (Class I shares at net asset value) underperforming the 4.86% return of the Bloomberg Barclays U.S. Aggregate Bond Index.

Since its inception on September 19, 2018, the Fund gained 4.54% on an annualized basis (Class I shares at net asset value) versus a 4.66% return for the Bloomberg Barclays U.S. Aggregate Bond Index.

What factors influenced performance?

Following a series of three cuts to the federal funds rate in mid-2019, capital markets returned to a sense of normalcy through the end of the year and into the first six weeks of 2020. Risk assets performed well, with equity markets trading at all-time highs in mid-February, while corporate bond spreads in both the high yield and investment-grade markets traded near cyclical tights during the same time frame.

As cases of COVID-19 quickly spread beyond the Wuhan region of China, concerns of how the virus could negatively affect global economic conditions mounted. Markets reacted sharply, and the S&P 500 Index plummeted more than 30% between February 20 and March 23, representing the fastest drawdown in the index’s history. As if the COVID-19 crisis wasn’t enough, Saudi Arabia and Russia were unable to reach an agreement on oil production cuts in early March and threatened a price war, which sent a supply shock jolt through the energy sector, already reeling from a global demand shock brought on by the pandemic. The energy environment has improved since, as OPEC agreed to production cuts to offset the demand destruction caused by global quarantines and the drop off in industrial demand.

LOGO

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 both current income and total return in excess of the benchmark over full market cycles.

KEY FEATURES

◾

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

◾

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

◾

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

◾

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

PORTFOLIO FIT

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


FUND NASDAQ SYMBOLS

A Shares		CTRAX
C Shares		CTRCX

I Shares		CTRIX


FUND CUSIP NUMBERS

A Shares		128119310
C Shares		128119286

I Shares		128119278


		www.calamos.com			63

Calamos Total Return Bond Fund


ASSET ALLOCATION

Corporate Bonds	48.9	%
U.S. Government and Agency Securities	37.9

Asset Backed Securities	6.5
Bank Loans	1.3

Residential Mortgage Backed Securities	1.0
Convertible Bond	0.3

Convertible Preferred Stocks	0.2

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

of repo lines intended to keep the financial system functioning normally with good liquidity. It reintroduced quantitative easing on a previously unseen scale, taking over $650 billion of Treasury and mortgage-backed securities out of the market per week. In terms of scale, that weekly amount is equivalent to the size of the entire QE2 program enacted in 2010. Following up, the Fed introduced several asset purchase programs in support of liquidity and trading for risk assets including asset-backed securities and, for the first time, investment-grade corporate bonds. Those programs were scheduled to begin in April. Alongside these actions, Congress and the administration passed a $2 trillion support bill, the Coronavirus Aid, Relief and Economic Security (CARES) Act. CARES includes support for individuals, small and large businesses, public schools, public health initiatives, and state and local governments. Even though it is broad sweeping legislation, the government will likely need to take additional fiscal steps to get ahead of the crisis.

After reversing course and reaching cyclical wides in the third week of March, corporate credit spreads in both the investment-grade and high yield markets retraced substantial amounts of the widening that transpired in late February and early March. After spending the first half of the semiannual period trading sub 125 basis points, the option-adjusted spread¹ on the Bloomberg Barclays U.S. Corporate Index traded as wide as 373 basis points before ending the period at 202 basis points over like-maturity Treasuries. Interestingly, through the peak of the crisis in mid-March, the full spectrum of maturities for investment-grade credit traded within the 1-3 year subcomponent of the market. In part, we believe this was related to concerns regarding the ability to liquidate and refinance shorter-term debt, while companies that have a longer runway before they need to clean up maturities were viewed as slightly safer.

Both the unprecedented monetary policy and a flight to quality assets drove Treasury yields substantially lower with two, five, 10 and 30-year maturities falling by 133, 116, 105 and 89 basis points, respectively. In addition, the yield curve steepened markedly, spurred by expectations of inflation and long-term debt needed to support quantitative easing programs. Given the Treasury rally and spread widening during the period, major sectors of the U.S. Aggregate market experienced markedly different performance. The Treasury component of the Bloomberg Barclays U.S. Aggregate Bond Index led with an +8.0% return, securitized products returned +3.7%, with the corporate sector returning only +2.0%, and the government-related sector trailing at +1.3%.

The Fund held an overweight in corporate debt over the six-month period. As a result, the overweight allocation to corporate bonds across financial, industrial and utility related sectors detracted from performance, while security selection in both the financial and industrial sectors also set back results. The overweight allocation to the asset-backed security sector also weighed on performance, while the team’s security selectin in both Treasuries and mortgage-backed securities supported performance. Over the long-term, we continue to favor an overweight to corporate bonds and asset-backed securities in the Fund, as the additional yield has shown historically to generate superior long-term returns.

How is the Fund positioned?

The Fund has a duration of 5.6 years neutral to the 5.6 years duration of the Bloomberg Barclays U.S. Aggregate Bond Index.

¹	Option-adjusted spread (OAS) is the yield spread which has to be added to a benchmark yield curve to discount a security’s payments to match its market price; uses a dynamic pricing model that accounts for embedded options and is usually measured in basis points.


64		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Total Return Bond Fund

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 with the AA quality of the benchmark. The strong rally in Treasury rates coupled with the widening of spreads in risk assets led to positive returns during the reporting period, ahead of peer group averages, but trailing the Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s weighting of corporate bonds was increased during the six-month period, primarily by adding industrial-related names during the dislocation that occurred during the liquidity crisis phase of the pandemic-induced downturn. We also added significantly to the allocation in mortgage-backed securities following the Fed announcement of reinstituting a quantitative easing program in that sector, though we remain underweight versus the benchmark allocation. The Fund continues to hold overweight positions in corporate and asset-backed securities and underweight positions in Treasuries and Agencies following the changes. Within the corporate bond allocation, our largest overweight allocations are found in the consumer cyclical and consumer non-cyclical sectors.

What are your closing thoughts for Fund shareholders?

Both the domestic and global economies are in contraction, and we believe that the second quarter of 2020 is likely to be the worst ever recorded. While the length and severity of the recession is certainly tied to the duration of shutdowns across broad swaths of the economy, we also view the unprecedented actions taken by both the Federal Reserve and the federal government as critical to maintaining normal market operations and enabling economic recovery in the most timely fashion possible. We expect more liquidity programs to emerge from the Federal Reserve, as they are operating with a “whatever it takes” mentality to ensure that capital flows to both businesses and consumers alike. Furthermore, we believe it is unlikely that Congress and the administration are finished delivering relief and support to families and small businesses.

Aside from the difference of origin, there are key differences between this downturn and the Great Financial Crisis. Most importantly, the banking system currently remains healthy. Availability of credit is flowing in the corporate bond market, and we have seen record issuance as companies look to shore up liquidity and balance sheet strength, albeit at increased costs. We do anticipate significant spikes in defaults, particularly in energy-related industries. In the coming weeks and months, we will continue to monitor the economic impact of COVID-19. We will study macroeconomic data points both domestic and global. How quickly the nations of the world are able to return to work with a relative sense of normalcy will be a critical indicator. In the meantime, we are adhering to our disciplined approach of building portfolios bond-by-bond with a focus on being well compensated for the risks taken.


		www.calamos.com			65

Calamos Total Return Bond Fund

ANNUALIZED RETURN: SINCE INCEPTION (6/27/07) THROUGH 4/30/20

LOGO

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

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.

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


66		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Total Return Bond Fund

GROWTH OF $1,000,000: FOR THE 10-YEAR PERIOD ENDED 4/30/20

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/20


	6 MONTHS			1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 6/27/07
Without Sales Charge		2.92	%		8.05	%		3.14	%		3.25	%
With Sales Charge		0.63			5.66			2.36			2.86
Class C Shares – Inception 6/27/07
Without Sales Charge		2.54			7.25			2.37			2.49
With Sales Charge		1.54			6.25			2.37			2.49
Class I Shares – Inception 6/27/07		2.95			8.32			3.39			3.52

As of the prospectus dated 2/28/20, the Fund’s gross expense ratio for Class A shares is 1.09%, Class C shares is 1.84% and Class I shares is 0.84%. The Fund’s investment adviser has contractually agreed to reimburse Fund expenses through March 1, 2022 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. Load-adjusted returns are adjusted for the maximum front-end sales load of 2.25% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The Bloomberg 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			67

Calamos High Income Opportunities Fund

OVERVIEW

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

KEY FEATURES

◾

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

◾

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

PORTFOLIO FIT

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


FUND NASDAQ SYMBOLS

A Shares		CHYDX
C Shares		CCHYX

I Shares		CIHYX


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 semiannual period ended April 30, 2020, the Fund returned -9.24% (Class I shares at net asset value) versus a decrease of -6.60% for the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index.

Since its inception on August 2, 1999, the Fund gained 5.59% on an annualized basis (Class I share at net asset value) versus a 7.50% return for the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index.

What factors influenced performance?

Following a series of series of three cuts to the Federal Funds rate in mid-2019, capital markets returned to a sense of normalcy in the months that followed through the end of the year and into the first six weeks of 2020. Risk assets performed well, with equity markets trading to all-time highs in mid-February and corporate bond spreads in both the high yield and investment grade markets trading near cyclical tights during the same period.

As cases of COVID-19 quickly spread beyond the Wuhan region of China, concerns of how the virus could negatively affect global economic conditions mounted. Markets reacted sharply, and the S&P 500 Index plummeted more than 30% between February 20 and March 23, representing the fastest drawdown in the index’s history. As if the COVID-19 crisis wasn’t enough, Saudi Arabia and Russia were unable to reach an agreement on oil production cuts in early March and threatened a price war, which sent a supply shock jolt through the energy sector, which was already reeling from a global demand shock brought on by the pandemic.

LOGO

Both the Federal Reserve and the federal government took unprecedented actions during the course of the quarter. Early on, the Fed slashed its overnight rate from


68		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos High Income Opportunities Fund

1.50% to 0.00% in a pair of inter-meeting cuts while introducing hundreds of billions of repo lines intended to keep the financial system functioning normally with good liquidity. It reintroduced quantitative easing on a previously unseen scale, taking over $650 billion of Treasury and mortgage-backed securities out of the market per week. In terms of scale, that weekly amount is equivalent to the size of the entire QE2 program enacted in 2010. Following up, the Fed introduced several asset purchase programs in support of liquidity and trading for risk assets including asset-backed securities and, for the first time, investment-grade corporate bonds. Alongside these actions, Congress and the administration passed a $2 trillion support bill, the Coronavirus Aid, Relief and Economic Security (CARES) Act. CARES includes support for individuals, small and large businesses, public schools, public health initiatives, and state and local governments. Even though it is broad sweeping legislation, it is unlikely to represent the final fiscal steps taken by the government during the crisis.

Before the crisis began, high yield spreads had spent the first half of the reporting period trading in a range of 315 to 400 basis points on an option-adjusted basis. With the advent of the crisis, but prior to the Fed announcing its intention to support corporate credit markets through both primary and secondary market purchase programs, fear of widespread liquidity issues took spreads on the broad high yield market out to 1100 basis points. In addition to purchasing investment grade bonds, the Fed announced in late March that its program would include buying BB-rated credits, so long as the company was downgraded on or after March 23. This additional show of support for corporate bond markets, along with generally improving liquidity conditions, led to a retracement of roughly half of the spread widening. The Bloomberg Barclays US High Yield 2% Issuer Capped Index closed the semi-annual period with option-adjusted spreads at 744 basis points over like maturity Treasuries. Excluding energy, the yield on the index closed at 7.15%.

Higher-quality, below-investment-grade bonds rated BB delivered returns of -2.5%, whereas CCC-rated issuers delivered a loss of -17.1%. At the beginning of the semiannual period, the trailing 12-month default rate was 2.8%, still running lower than the long-term average of 3.5%. By the end of the reporting period, default rates had increased to 4.5%, much of which was driven by energy-related businesses in both exploration and production and oil field services. We expect the overall default rate, and that of energy to continue increasing as businesses find themselves insolvent. Regarding our credit-quality positioning, our underweight to BB-rated bonds impeded performance, while security selection among our CCC-rated holdings was a positive.

From a sector perspective, the team’s overweight allocation to the insurance sector and security selection within the consumer non-cyclical sector contributed to return. Conversely, our security selection within the energy sector and underweight to the technology sector detracted from performance.

How is the Fund positioned?

The Fund is currently overweight the property and casualty insurance, pharmaceuticals and brokerage/asset managers industries. The pharmaceuticals overweight is a result of idiosyncratic opportunities in two companies, in particular, while the property and casualty insurance overweight is related to favorable consolidation trends in the industry. Our notable underweights fall within the technology, independent industry and wireless communications industries. In the case of independent energy, we chose to pare back its allocation during the reporting period.


SECTOR WEIGHTINGS

Financials	15.3	%
Consumer Discretionary	15.1

Communication Services	15.0
Industrials	15.0

Health Care	11.4
Energy	8.3

Materials	4.2
Consumer Staples	4.0

Information Technology	3.0
Utilities	1.3

Real Estate	0.9


		www.calamos.com			69

Calamos High Income Opportunities Fund

From a credit-quality perspective, the Fund is underweight in the BB category, while currently overweight toward both B-rated and CCC-rated issuers. The Fund is positioned short (3.5 years) in comparison with the option-adjusted duration of the Bloomberg Barclays US High Yield 2% Issuer Capped Index (3.9 years).

Over the annual period, the team has added to positions in the property and casualty insurance, technology, and metals and mining industries. In addition, we reduced the portfolio exposure to wireless, pharmaceutical and midstream energy credits. Independent energy and wireless are more underweight than the beginning of the period, while we reduced the midstream exposure an overweight to an underweight.

What are your closing thoughts for Fund shareholders?

Both the domestic and global economies are in contraction, and we believe that the second quarter of 2020 is likely to be the worst ever recorded. The length and severity of the recession certainly depends on the duration of shutdowns across broad swaths of the economy. We also view the unprecedented actions taken by both the Federal Reserve and the Federal government as critical to both maintaining normal market operations during these extraordinary times and allowing for economic recovery in the timeliest fashion possible. We expect more liquidity programs to emerge from the Federal Reserve, as they are operating in a “whatever it takes” mentality to ensure that capital flows to both businesses and consumers alike. In addition, we believe it is unlikely that Congress and the administration are finished delivering relief and support to families and small businesses.

Aside from the difference of origin, there are key differences between this downturn and the Great Financial Crisis. Most importantly, the banking system currently remains healthy. Availability of credit is flowing in the corporate bond market, and we have seen record issuance as companies look to shore up liquidity and balance sheet strength, albeit at increased costs. We do anticipate significant spikes in defaults, particularly in energy-related industries. In the coming weeks and months, we will continue to monitor the economic impact of COVID-19. We will study macroeconomic data points both domestic and global. How quickly the nations of the world are able to return to work with a relative sense of normalcy will be a critical indicator. In the meantime, we adhere to our disciplined approach of building portfolios bond-by-bond with a focus on being well compensated for the risks taken.


70		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos High Income Opportunities Fund

ANNUALIZED RETURN: SINCE INCEPTION (3/1/02) THROUGH 4/30/20

LOGO

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

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


		www.calamos.com			71

Calamos High Income Opportunities Fund

GROWTH OF $1,000,000: FOR THE 10-YEAR PERIOD ENDED 4/30/20

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/20


	6 MONTHS			1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 8/2/99
Without Sales Charge		-9.35	%		-8.31	%		0.96	%		3.62	%
With Sales Charge		-11.37			-10.42			-0.02			3.11
Class C Shares – Inception 12/21/00
Without Sales Charge		-9.64			-9.03			0.21			2.84
With Sales Charge		-10.52			-9.89			0.21			2.84
Class I Shares – Inception 3/1/02		-9.24			-8.08			1.21			3.88

As of the prospectus dated 2/28/20, the Fund’s gross expense ratio for Class A shares is 1.24%, Class C shares is 2.09% and Class I shares is 1.00%. The Fund’s investment adviser has contractually agreed to reimburse Fund expenses through March 1, 2022, 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 and was in effect until March 31, 2003. Load-adjusted returns are adjusted for the maximum front-end sales load of 2.25% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The Bloomberg 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.


72		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Short-Term Bond Fund

CALAMOS SHORT-TERM BOND FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the semiannual period ended April 30, 2020, the Fund returned 0.40% (Class I shares at net asset value) underperforming the 2.58% return of the Bloomberg Barclays 1-3 Year Government/Credit Index and 1.47% gain for the Bloomberg Barclays U.S. 1-3 Year Credit Index.

Since its inception on September 19, 2018, the Fund gained 3.48% on an annualized basis (Class I shares at net asset value) versus a 4.78% return for the Bloomberg Barclays 1-3 Year Government/Credit Index and 4.42% increase for the Bloomberg Barclays U.S. 1-3 Year Credit Index.

What factors influenced performance?

Following a series of series of three cuts to the federal funds rate in mid-2019, capital markets returned to a sense of normalcy through the end of the year and into the first six weeks of 2020. Risk assets performed well, with equity markets trading to all-time highs in mid-February. Corporate bond spreads in both the high yield and investment-grade markets traded near cyclical tights during the same time frame.

Both the Federal Reserve and the federal government took unprecedented actions during the course of the quarter. Early on, the Fed slashed its overnight rate from 1.50% to 0.00% in a pair of inter-meeting cuts while introducing hundreds of billions of repo lines intended to keep the financial system functioning normally with good liquidity. It reintroduced quantitative easing on a previously unseen scale, taking over $650 billion of Treasury and mortgage-backed securities out of the market per week. In terms of scale, that weekly amount is equivalent to the size of the entire QE2 program enacted in 2010. Following up, the Fed introduced several asset purchase programs in support of liquidity and trading for risk assets including asset-backed securities and, for the first time, investment-grade corporate bonds. Those programs were scheduled to begin in April. Alongside these actions, Congress and the administration passed a $2 trillion support bill, the Coronavirus Aid, Relief and Economic Security (CARES) Act. CARES includes support for individuals, small and large businesses, public schools, public health initiatives, and state and local governments. Even though it is broad sweeping legislation, the government will likely need to take additional fiscal steps to get ahead of the crisis.

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 and total return in excess of the benchmark over full market cycles.

KEY FEATURES

◾

Draws on a broader investable universe to enhance portfolio construction and risk management. Expanding the universe to include high yield bonds, bank loans and preferreds provides additional opportunities.

◾

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

PORTFOLIO FIT

The Fund 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


		www.calamos.com			73

Calamos Short-Term Bond Fund


ASSET ALLOCATION

Corporate Bonds	74.4	%
Asset Backed Securities	14.1

U.S. Government and Agency Securities	5.2
Residential Mortgage Backed Securities	2.3

Bank Loans	1.8
Municipal Obligations	0.9

Convertible Bonds	0.5

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

After spending the first half of the semiannual period trading sub 50 basis points, the option adjusted spread on the Bloomberg Barclays US Corporate 1-3 Year Index traded as wide as 390 basis points before ending the period at 151 basis points over like-maturity Treasuries.

Short-duration Treasury yields moved substantially lower with one, two and three year maturities falling by 135, 133, and 127 basis points, respectively. This was driven by both the unprecedented monetary policy and a flight to quality assets. Given the Treasury rally and spread widening during the period, major sectors of the short-duration market experienced markedly different performance. The Treasury component of the Bloomberg Barclays US Corporate 1-3 Year Index led with a +3.1% return, with the government-related sector trailing at +2.6%, and the corporate sector returning only +1.1%. As a result, the Fund’s overweight allocation to corporate bonds across financial, industrial and utility related sectors detracted from performance, while security selection in each sector also detracted from performance. The out-of-benchmark allocation to the asset-backed security sector also weighed on performance. Over the long-term, we continue to favor an overweight to corporate bonds and asset-backed securities in the Fund, as the additional yield in short duration securities has historically generated superior long-term returns.

How is the Fund positioned?

The Fund has a duration of 1.9 years versus the 1.8 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 result in a lower overall credit quality of A- compared with the AA quality of the benchmark. The strong rally in Treasury rates coupled with the widening of spreads in risk assets led to slightly positive returns during the reporting period. The Fund’s weighting of corporate bonds was increased during the six-month period, primarily during the dislocation that occurred during the liquidity crisis sparked by the COVID-19 pandemic. While the Fund continues to hold overweight positions in corporate and asset-backed securities, it has underweight positions in Treasuries and agencies following the changes. Within the corporate bond allocation, our largest overweight allocations reside in the consumer cyclical and consumer non-cyclical sectors.

What are your closing thoughts for Fund shareholders?


74		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Short-Term Bond Fund


		www.calamos.com			75

Calamos Short-Term Bond Fund

GROWTH OF $1,000,000: SINCE INCEPTION THROUGH 4/30/20

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/20


	6 MONTHS			1 YEAR			SINCE INCEPTION
Class A Shares – Inception 9/19/18
Without Sales Charge		0.28	%		2.73	%		3.23	%
With Sales Charge		-1.94			0.44			1.78
Class I Shares – Inception 9/19/18		0.40			2.98			3.48

As of the prospectus dated 2/28/20, the Fund’s gross expense ratio for Class A shares is 0.74% and Class I shares is 0.47%. 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 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 Government/Credit 1-3 Year 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.


76		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL 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 November 1, 2019 to April 30, 2020. It is intended to help you understand the ongoing costs associated with investing in each mutual fund and to compare these costs with the ongoing costs of investing in other mutual funds.

There are two parts of each Fund’s chart:

Actual

In this part of the chart, you’ll see the actual expenses you would have paid on a $1,000 investment made at the beginning of the period and held for the entire period in each fund from November 1, 2019 to April 30, 2020, the period covered by this report. This chart also shows the actual returns, after expenses, you would have earned during that time. This chart can help you estimate your own expenses. For example, if you invested $8,600 in Class A shares of the fund, simply divide $8,600 by $1,000, then multiply that result by the figure in the Actual Expenses per $1,000 row. In this example, you would multiply 8.6 times the figure.

Hypothetical

In this part of the chart, you’ll see the hypothetical expenses you would have paid on a $1,000 investment from November 1, 2019 to April 30, 2020, 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			77

Expense Example

The actual and hypothetical examples shown assume a $1,000 investment at the beginning of the period, November 1, 2019 and held through April 30, 2020.


	CLASS A SHARES		CLASS C SHARES		CLASS I SHARES		CLASS R6 SHARES
CALAMOS MARKET NEUTRAL INCOME FUND
Actual Expenses per $1,000*	$	6.06	$	9.76	$	4.82	$	—
Actual – Ending Balance	$	997.50	$	993.60	$	998.80	$	—

Hypothetical Expenses per $1,000*	$	6.12	$	9.87	$	4.87	$	—
Hypothetical – Ending Value	$	1,018.80	$	1,015.07	$	1,020.04	$	—

Annualized expense ratio^(1),(2)		1.22%		1.97%		0.97%		—
CALAMOS HEDGED EQUITY FUND
Actual Expenses per $1,000*	$	5.72	$	9.43	$	4.47	$	—
Actual – Ending Balance	$	999.00	$	996.50	$	999.60	$	—

Hypothetical Expenses per $1,000*	$	5.77	$	9.52	$	4.52	$	—
Hypothetical – Ending Value	$	1,019.14	$	1,015.42	$	1,020.39	$	—

Annualized expense ratio⁽³⁾		1.15%		1.90%		0.90%		—
CALAMOS PHINEUS LONG/SHORT FUND
Actual Expenses per $1,000*	$	15.09	$	18.66	$	13.67	$	—
Actual – Ending Balance	$	964.00	$	959.40	$	964.10	$	—

Hypothetical Expenses per $1,000*	$	15.44	$	19.10	$	14.00	$	—
Hypothetical – Ending Value	$	1,009.50	$	1,005.82	$	1,010.94	$	—

Annualized expense ratio^(1),(2)		3.09%		3.83%		2.80%		—
CALAMOS CONVERTIBLE FUND
Actual Expenses per $1,000*	$	5.84	$	9.64	$	4.58	$	—
Actual – Ending Balance	$	1,044.20	$	1,040.00	$	1,045.40	$	—

Hypothetical Expenses per $1,000*	$	5.77	$	9.52	$	4.52	$	—
Hypothetical – Ending Value	$	1,019.14	$	1,015.42	$	1,020.39	$	—

Annualized expense ratio		1.15%		1.90%		0.90%		—
CALAMOS GLOBAL CONVERTIBLE FUND
Actual Expenses per $1,000*	$	6.64	$	10.43	$	5.38	$	—
Actual – Ending Balance	$	1,039.60	$	1,035.50	$	1,041.00	$	—

Hypothetical Expenses per $1,000*	$	6.57	$	10.32	$	5.32	$	—
Hypothetical – Ending Value	$	1,018.35	$	1,014.62	$	1,019.59	$	—

Annualized expense ratio		1.31%		2.06%		1.06%		—
CALAMOS TIMPANI SMALL CAP GROWTH FUND
Actual Expenses per $1,000	$	6.39	$	—	$	5.17	$	4.87
Actual – Ending Balance	$	978.20	$	—	$	979.60	$	980.00

Hypothetical Expenses per $1,000	$	6.52	$	—	$	5.27	$	4.97
Hypothetical – Ending Value	$	1,018.40	$	—	$	1,019.94	$	1,019.90

Annualized expense ratio⁽³⁾		1.30%		—		1.05%		0.99%
CALAMOS TIMPANI SMID GROWTH
Actual Expenses per $1,000**	$	6.71	$	—	$	5.47	$	5.46
Actual – Ending Balance	$	997.80	$	—	$	998.90	$	997.80

Hypothetical Expenses per $1,000**	$	6.77	$	—	$	5.52	$	5.52
Hypothetical – Ending Value	$	1,018.15	$	—	$	1,019.39	$	1,019.39

Annualized expense ratio⁽³⁾		1.35%		—		1.10%		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 182/366.

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

(1)	Annualized Expense Ratios for Market Neutral Income Fund and Phineus Long/Short Fund are adjusted to reflect fee waiver related to their investment in an affiliated fund.

(2)	Includes 0.18% and 1.36% related to dividend expense on short positions for Market Neutral Income Fund and Phineus Long/Short Fund, respectively.

(3)	Annualized Expense Ratios for Hedged Equity Fund, Timpani Small Cap Growth Fund and Timpani SMID Growth Fund are adjusted to reflect an expense limitation agreement.


78		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Expense Example

The actual and hypothetical examples shown assume a $1,000 investment at the beginning of the period, November 1, 2019 and held through April 30, 2020.


	CLASS A SHARES		CLASS C SHARES		CLASS I SHARES		CLASS R6 SHARES
CALAMOS GROWTH FUND
Actual Expenses per $1,000*	$	6.66	$	10.34	$	5.43	$	—
Actual – Ending Balance	$	983.30	$	979.40	$	984.70	$	—

Hypothetical Expenses per $1,000*	$	6.77	$	10.52	$	5.52	$	—
Hypothetical – Ending Value	$	1,018.15	$	1,014.42	$	1,019.39	$	—

Annualized expense ratio⁽¹⁾		1.35%		2.10%		1.10%		—
CALAMOS GROWTH AND INCOME FUND
Actual Expenses per $1,000*	$	5.38	$	9.07	$	4.15	$	—
Actual – Ending Balance	$	986.00	$	982.50	$	987.50	$	—

Hypothetical Expenses per $1,000*	$	5.47	$	9.22	$	4.22	$	—
Hypothetical – Ending Value	$	1,019.44	$	1,015.71	$	1,020.69	$	—

Annualized expense ratio		1.09%		1.84%		0.84%		—
CALAMOS DIVIDEND GROWTH FUND
Actual Expenses per $1,000*	$	6.60	$	10.24	$	5.38	$	—
Actual – Ending Balance	$	965.60	$	962.10	$	966.80	$	—

Hypothetical Expenses per $1,000*	$	6.77	$	10.52	$	5.52	$	—
Hypothetical – Ending Value	$	1,018.15	$	1,014.42	$	1,019.39	$	—

Annualized expense ratio⁽²⁾		1.35%		2.10%		1.10%		—
CALAMOS SELECT FUND
Actual Expenses per $1,000*	$	5.49	$	9.06	$	4.30	$	—
Actual – Ending Balance	$	921.10	$	917.50	$	922.70	$	—

Hypothetical Expenses per $1,000*	$	5.77	$	9.52	$	4.52	$	—
Hypothetical – Ending Value	$	1,019.14	$	1,015.42	$	1,020.39	$	—

Annualized expense ratio⁽²⁾		1.15%		1.90%		0.90%		—
CALAMOS INTERNATIONAL GROWTH FUND^(a)
Actual Expenses per $1,000*	$	5.39	$	9.04	$	4.17	$	3.73
Actual – Ending Balance	$	969.40	$	966.10	$	970.90	$	971.60

Hypothetical Expenses per $1,000*	$	5.52	$	9.27	$	4.27	$	3.82
Hypothetical – Ending Value	$	1,019.39	$	1,015.66	$	1,020.64	$	1,021.08

Annualized expense ratio⁽²⁾		1.10%		1.85%		0.85%		0.76%
CALAMOS EVOLVING WORLD GROWTH FUND
Actual Expenses per $1,000*	$	8.29	$	11.98	$	7.05	$	—
Actual – Ending Balance	$	995.80	$	991.60	$	997.00	$	—

Hypothetical Expenses per $1,000*	$	8.37	$	12.11	$	7.12	$	—
Hypothetical – Ending Value	$	1,016.56	$	1,012.83	$	1,017.80	$	—

Annualized expense ratio⁽²⁾		1.67%		2.42%		1.42%		—
CALAMOS GLOBAL EQUITY FUND
Actual Expenses per $1,000*	$	6.98	$	10.70	$	5.74	$	—
Actual – Ending Balance	$	1,004.40	$	1,001.90	$	1,006.00	$	—

Hypothetical Expenses per $1,000*	$	7.02	$	10.77	$	5.77	$	—
Hypothetical – Ending Value	$	1,017.90	$	1,014.17	$	1,019.14	$	—

Annualized expense ratio⁽²⁾		1.40%		2.15%		1.15%		—

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

(1)	Annualized Expense Ratios for Growth Fund is adjusted to reflect fee waiver related to its investment in an affiliated fund.

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

(a)	Expenses for Fund Class R6 of the International Growth Fund are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366.


		www.calamos.com			79

Expense Example

The actual and hypothetical examples shown assume a $1,000 investment at the beginning of the period, November 1, 2019 and held through April 30, 2020.


	CLASS A SHARES		CLASS C SHARES		CLASS I SHARES		CLASS R6 SHARES
CALAMOS GLOBAL GROWTH AND INCOME FUND
Actual Expenses per $1,000*	$	7.56	$	11.22	$	6.34	$	—
Actual – Ending Balance	$	974.10	$	970.40	$	975.20	$	—

Hypothetical Expenses per $1,000*	$	7.72	$	11.46	$	6.47	$	—
Hypothetical – Ending Value	$	1,017.21	$	1,013.48	$	1,018.45	$	—

Annualized expense ratio⁽²⁾		1.54%		2.29%		1.29%		—
CALAMOS TOTAL RETURN BOND FUND
Actual Expenses per $1,000*	$	4.54	$	8.31	$	3.28	$	—
Actual – Ending Balance	$	1,029.20	$	1,025.40	$	1,029.50	$	—

Hypothetical Expenses per $1,000*	$	4.52	$	8.27	$	3.27	$	—
Hypothetical – Ending Value	$	1,020.39	$	1,016.66	$	1,021.63	$	—

Annualized expense ratio⁽²⁾		0.90%		1.65%		0.65%		—
CALAMOS HIGH INCOME OPPORTUNITIES FUND
Actual Expenses per $1,000*	$	4.74	$	8.28	$	3.56	$	—
Actual – Ending Balance	$	906.50	$	903.60	$	907.60	$	—

Hypothetical Expenses per $1,000*	$	5.02	$	8.77	$	3.77	$	—
Hypothetical – Ending Value	$	1,019.89	$	1,016.16	$	1,021.13	$	—

Annualized expense ratio⁽²⁾		1.00%		1.75%		0.75%		—
CALAMOS SHORT-TERM BOND FUND^(b)
Actual Expenses per $1,000	$	3.24	$	—	$	1.99	$	—
Actual – Ending Balance	$	1,002.80	$	—	$	1,004.00	$	—

Hypothetical Expenses per $1,000	$	3.27	$	—	$	2.01	$	—
Hypothetical – Ending Value	$	1,021.63	$	—	$	1,022.87	$	—

Annualized expense ratio⁽²⁾		0.65%		—		0.40%		—

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

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

(b)	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 over the period, multiplied by 182/366.


80		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Market Neutral Income Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT				VALUE

	CONVERTIBLE BONDS (47.5%)
			Communication Services (4.6%)
	2,500,000		Bandwidth, Inc.* 0.250%, 03/01/26	$	2,705,150

	12,000,000		Bilibili, Inc.*~ 1.375%, 04/01/26		15,491,640

	15,000,000	EUR	Cellnex Telecom, SA 1.500%, 01/16/26		25,269,826

	1,000,000,000	JPY	CyberAgent, Inc. 0.000%, 02/19/25		9,998,043

	1,500,000		Gogo, Inc. 6.000%, 05/15/22		813,833

	5,000,000		IAC FinanceCo 3, Inc.* 2.000%, 01/15/30		5,225,800

	30,000,000		IAC FinanceCo, Inc.*~ 0.875%, 10/01/22		46,321,200

			iQIYI, Inc.
	20,000,000		2.000%, 04/01/25		16,871,000
	10,000,000		3.750%, 12/01/23^		9,471,950

			JOYY, Inc.*^
	10,000,000		1.375%, 06/15/26		9,187,400
	10,000,000		0.750%, 06/15/25		9,291,900

			Liberty Media Corp.*
	12,500,000		2.750%, 12/01/49		11,673,250
	5,000,000		2.250%, 12/01/48		4,988,750

	5,000,000		Liberty Media Corp. / Liberty Formula One^ 1.000%, 01/30/23		5,269,425

	15,000,000		Momo, Inc.^ 1.250%, 07/01/25		12,124,800

			Sea, Ltd.
	12,500,000		1.000%, 12/01/24*		16,088,875
	10,000,000		2.250%, 07/01/23~		28,295,700

			Snap, Inc.*
	29,970,000		0.750%, 08/01/26~		31,060,608
	15,000,000		0.250%, 05/01/25		15,792,600

			Twitter, Inc.
	34,000,000		0.250%, 06/15/24~		32,047,040
	15,000,000		1.000%, 09/15/21^		14,571,675

	7,500,000		Vonage Holdings Corp.* 1.750%, 06/01/24		6,748,987

	13,000,000		World Wrestling Entertainment, Inc.~ 3.375%, 12/15/23		24,645,725

			Zillow Group, Inc.*
	15,500,000		0.750%, 09/01/24~^		18,292,480
	7,500,000		1.375%, 09/01/26		8,831,925

	22,500,000		Zynga, Inc.*~ 0.250%, 06/01/24		25,057,575

					406,137,157


PRINCIPAL AMOUNT				VALUE

			Consumer Discretionary (9.4%)
	5,000,000		American Eagle Outfitters, Inc.* 3.750%, 04/15/25	$	5,483,150

			Booking Holdings, Inc.
	40,500,000		0.350%, 06/15/20~		45,763,380
	15,000,000		0.750%, 05/01/25*^		16,964,100

	12,500,000		Burlington Stores, Inc.*^ 2.250%, 04/15/25		13,338,688

	3,000,000		Callaway Golf Company* 2.750%, 05/01/26		3,118,350

	55,686,000		Carnival Corp.*~^ 5.750%, 04/01/23		94,319,276

			Chegg, Inc.
	17,500,000		0.250%, 05/15/23~		28,861,700
	13,457,000		0.125%, 03/15/25^		14,214,831

	10,000,000	EUR	Delivery Hero, SE^ 1.000%, 01/23/27		11,693,756

	8,174,000		Dick’s Sporting Goods, Inc.* 3.250%, 04/15/25		8,728,320

	500,000,000	JPY	EDION Corp. 0.000%, 06/19/25		4,708,568

			Etsy, Inc.^
	11,500,000		0.125%, 10/01/26*		11,676,525
	10,000,000		0.000%, 03/01/23~		18,575,100

	10,000,000		Farfetch, Ltd.* 3.750%, 05/01/27		10,627,700

	15,000,000		Guess, Inc.*~ 2.000%, 04/15/24		9,395,025

	15,500,000	EUR	Just Eat Takeaway.com, NV 2.250%, 01/25/24		25,170,213

	27,500,000		MercadoLibre, Inc.~^ 2.000%, 08/15/28		40,788,825

	30,000,000		NIO, Inc. 4.500%, 02/01/24		15,444,650

	10,000,000		Pinduoduo, Inc.*^ 0.000%, 10/01/24		12,789,950

	7,000,000		Quotient Technology, Inc. 1.750%, 12/01/22		6,203,925

			Tesla, Inc.~
	65,000,000		2.375%, 03/15/22		162,278,675
	55,000,000		2.000%, 05/15/24		141,832,350
	25,000,000		1.250%, 03/01/21^		55,211,500

			Wayfair, Inc.
	35,000,000		1.000%, 08/15/26*~		35,656,950
	19,821,000		1.125%, 11/01/24~		24,430,175
	12,500,000		0.375%, 09/01/22^		16,107,438

	5,000,000		Winnebago Industries, Inc.* 1.500%, 04/01/25		4,806,375

					838,189,495


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

Market Neutral Income Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT				VALUE

			Consumer Staples (0.2%)
	10,000,000		Herbalife Nutrition, Ltd. 2.625%, 03/15/24	$	9,189,100

	4,000,000		Turning Point Brands, Inc.* 2.500%, 07/15/24		3,167,620

	160,000,000	JPY	Yaoko Company, Ltd. 0.000%, 06/20/24		1,728,377

					14,085,097

			Energy (0.2%)
	15,000,000		Chesapeake Energy Corp. 5.500%, 09/15/26		659,550

	5,000,000		Nabors Industries, Inc. 0.750%, 01/15/24		549,100

	5,000,000		Oasis Petroleum, Inc.~ 2.625%, 09/15/23		563,600

	4,000,000		Renewable Energy Group, Inc. 4.000%, 06/15/36		9,488,820

	4,000,000		SEACOR Holdings, Inc. 3.250%, 05/15/30		3,004,780

					14,265,850

			Financials (1.0%)
	3,500,000		Apollo Commercial Real Estate Finance, Inc. 4.750%, 08/23/22		2,459,888

	21,120,000		AXA, SA*~ 7.250%, 05/15/21		18,554,976

	10,000,000		Goldman Sachs BDC, Inc. 4.500%, 04/01/22		9,608,750

	5,000,000		Heritage Insurance Holdings, Inc. 5.875%, 08/01/37		5,874,950

	5,000,000		Hope Bancorp, Inc. 2.000%, 05/15/38		4,161,475

	25,000,000		LendingTree, Inc.~ 0.625%, 06/01/22		33,604,500

	5,000,000		PennyMac Corp.* 5.500%, 11/01/24		3,869,025

	5,000,000		PRA Group, Inc. 3.500%, 06/01/23		4,209,700

	7,500,000		Qudian, Inc.* 1.000%, 07/01/26		3,934,500

	4,000,000		Redwood Trust, Inc. 4.750%, 08/15/23		2,858,720

	5,000,000		RWT Holdings, Inc.* 5.750%, 10/01/25		3,413,075

					92,549,559

			Health Care (6.2%)
	5,000,000		Aerie Pharmaceuticals, Inc.* 1.500%, 10/01/24		4,634,350

	7,500,000		Allscripts Healthcare Solutions, Inc.* 0.875%, 01/01/27		5,679,300

	5,000,000		AMAG Pharmaceuticals, Inc.~ 3.250%, 06/01/22		4,254,400


PRINCIPAL AMOUNT			VALUE

	6,000,000	Bridgebio Pharma, Inc.* 2.500%, 03/15/27	$	5,812,800

	3,759,000	Coherus Biosciences, Inc.*^ 1.500%, 04/15/26		4,012,695

	3,500,000	Collegium Pharmaceutical, Inc. 2.625%, 02/15/26		3,522,960

	10,000,000	CONMED Corp.^ 2.625%, 02/01/24		10,737,950

	22,953,000	DexCom, Inc.~ 0.750%, 05/15/22		77,275,291

	5,000,000	Evolent Health, Inc. 1.500%, 10/15/25		3,218,925

	10,000,000	Halozyme Therapeutics, Inc.* 1.250%, 12/01/24		11,470,150

	17,000,000	Innoviva, Inc.~ 2.500%, 08/15/25		18,364,675

	10,000,000	Insmed, Inc.~ 1.750%, 01/15/25		9,467,700

		Intercept Pharmaceuticals, Inc.
	5,000,000	3.250%, 07/01/23		4,417,350
	5,000,000	2.000%, 05/15/26		5,065,200

	3,000,000	Invacare Corp. 4.500%, 06/01/22		2,679,000

	5,000,000	Invitae Corp.* 2.000%, 09/01/24		4,520,025

	29,243,000	Ionis Pharmaceuticals, Inc.*~ 0.125%, 12/15/24		28,136,152

		Ironwood Pharmaceuticals, Inc.
	9,500,000	1.500%, 06/15/26*~		9,694,513
	7,500,000	0.750%, 06/15/24*		7,640,813
	2,423,000	2.250%, 06/15/22		2,507,042

	15,000,000	Ligand Pharmaceuticals, Inc.~ 0.750%, 05/15/23		13,192,500

	5,000,000	Luckin Coffee, Inc.* 0.750%, 01/15/25		1,700,000

	2,343,000	NanoString Technologies, Inc.* 2.625%, 03/01/25		2,276,400

	10,000,000	Natera, Inc.* 2.250%, 05/01/27		11,816,200

	15,000,000	Neurocrine Biosciences, Inc.~ 2.250%, 05/15/24		21,112,350

	2,000,000	Nevro Corp. 2.750%, 04/01/25		2,692,210

		NuVasive, Inc.
	22,050,000	2.250%, 03/15/21~		25,596,742
	4,000,000	0.375%, 03/15/25*		3,699,660

	5,000,000	OPKO Health, Inc. 4.500%, 02/15/25		4,083,525

	10,000,000	Pacira BioSciences, Inc. 2.375%, 04/01/22		10,170,350

	6,661,000	Quidel Corp.~ 3.250%, 12/15/20		28,893,953


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

Market Neutral Income Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

	5,000,000	Radius Health, Inc. 3.000%, 09/01/24	$	3,836,650

	5,000,000	Retrophin, Inc. 2.500%, 09/15/25		3,783,625

	4,000,000	Revance Therapeutics, Inc.* 1.750%, 02/15/27		3,362,700

	20,000,000	Sarepta Therapeutics, Inc.~ 1.500%, 11/15/24		35,289,600

	10,000,000	Supernus Pharmaceuticals, Inc.^ 0.625%, 04/01/23		8,595,250

	6,276,000	Tabula Rasa HealthCare, Inc.*^ 1.750%, 02/15/26		6,965,638

		Teladoc Health, Inc.~
	16,500,000	1.375%, 05/15/25^		50,687,257
	13,000,000	3.000%, 12/15/22		50,607,505

	5,000,000	Theravance Biopharma, Inc. 3.250%, 11/01/23		5,499,875

	5,000,000	Tilray, Inc. 5.000%, 10/01/23		1,598,000

	11,461,000	Wright Medical Group, Inc.^ 1.625%, 06/15/23		11,685,865

	13,500,000	Wright Medical Group, NV~ 2.250%, 11/15/21		18,993,555

				549,250,701

		Industrials (0.6%)
	5,000,000	Aerojet Rocketdyne Holdings, Inc.~ 2.250%, 12/15/23		8,188,350

	11,250,000	FTI Consulting, Inc.^ 2.000%, 08/15/23		15,641,831

	25,000,000	Southwest Airlines Company 1.250%, 05/01/25		27,487,500

				51,317,681

		Information Technology (23.9%)
	5,000,000	2U, Inc.* 2.250%, 05/01/25		5,083,225

	7,500,000	8x8, Inc. 0.500%, 02/01/24		7,007,925

	38,500,000	Advanced Micro Devices, Inc.~ 2.125%, 09/01/26		251,858,722

	21,500,000	Akamai Technologies, Inc.* 0.375%, 09/01/27		22,599,617

	10,000,000	Altair Engineering, Inc.~ 0.250%, 06/01/24		9,752,700

		Alteryx, Inc.
	12,500,000	0.500%, 06/01/23~		32,369,812
	10,000,000	1.000%, 08/01/26*^		9,523,300
	10,000,000	0.500%, 08/01/24*		9,557,250

	49,000,000	Atlassian, Inc.~ 0.625%, 05/01/23		95,358,655

	5,000,000	Avaya Holdings Corp. 2.250%, 06/15/23		4,041,875


PRINCIPAL AMOUNT			VALUE

	7,500,000	Benefitfocus, Inc. 1.250%, 12/15/23	$	5,364,900

	14,000,000	Blackline, Inc.*~ 0.125%, 08/01/24		14,834,750

	3,000,000	CalAmp Corp. 2.000%, 08/01/25		2,196,615

	8,800,000	Cardtronics, Inc.~ 1.000%, 12/01/20		8,488,304

	11,376,000	Coupa Software, Inc.*~ 0.125%, 06/15/25		14,531,702

	10,000,000	Cree, Inc.* 1.750%, 05/01/26		11,372,700

	11,000,000	CSG Systems International, Inc.~ 4.250%, 03/15/36		11,880,660

	10,000,000	CyberArk Software, Ltd.*^ 0.000%, 11/15/24		9,312,650

	22,500,000	Cypress Semiconductor Corp.~ 4.500%, 01/15/22		39,748,050

	3,000,000	DocuSign, Inc.^ 0.500%, 09/15/23		4,696,935

		FireEye, Inc.
	12,500,000	0.875%, 06/01/24		10,768,687
	5,000,000	1.625%, 06/01/35		4,655,250
	5,000,000	1.000%, 06/01/35~		4,977,425

	17,000,000	Five9, Inc.~^ 0.125%, 05/01/23		38,923,285

	5,000,000	GDS Holdings, Ltd.^ 2.000%, 06/01/25		6,228,600

	20,000,000	Guidewire Software, Inc. 1.250%, 03/15/25		21,100,300

	35,341,000	HubSpot, Inc.~ 0.250%, 06/01/22		65,042,107

	2,500,000	i3 Verticals, LLC* 1.000%, 02/15/25		2,179,988

	5,000,000	II-VI, Inc. 0.250%, 09/01/22		4,939,075

	2,500,000	Impinj, Inc.* 2.000%, 12/15/26		2,365,950

	15,000,000	Infinera Corp.~ 2.125%, 09/01/24		13,437,450

		Inphi Corp.
	8,000,000	1.125%, 12/01/20~		19,168,160
	8,000,000	0.750%, 09/01/21		13,960,600
	5,000,000	0.750%, 04/15/25*		5,289,400

	10,000,000	Insight Enterprises, Inc.* 0.750%, 02/15/25		10,014,500

	25,000,000	j2 Global, Inc.~ 3.250%, 06/15/29		31,979,125

	7,500,000	LivePerson, Inc.* 0.750%, 03/01/24		6,988,950

	20,000,000	Lumentum Holdings, Inc.* 0.500%, 12/15/26		21,257,200


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

Market Neutral Income Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

		Microchip Technology, Inc.
	20,000,000	1.625%, 02/15/25~	$	36,890,800
	19,903,000	1.625%, 02/15/27		25,091,414
	7,500,000	2.250%, 02/15/37		9,164,663

	17,475,000	Micron Technology, Inc. 3.125%, 05/01/32		82,585,190

		MongoDB, Inc.
	35,000,000	0.250%, 01/15/26*^		36,646,400
	3,000,000	0.750%, 06/15/24		7,277,265

	15,000,000	New Relic, Inc.~ 0.500%, 05/01/23		13,616,775

	20,000,000	Nice Systems, Inc.~^ 1.250%, 01/15/24		40,312,200

	20,229,000	Nuance Communications, Inc.~ 1.000%, 12/15/35		21,086,103

	12,500,000	Nutanix, Inc.~ 0.000%, 01/15/23		10,763,063

		Okta, Inc.~
	22,500,000	0.250%, 02/15/23		70,458,075
	22,500,000	0.125%, 09/01/25*^		23,815,012

	25,000,000	ON Semiconductor Corp.~^ 1.625%, 10/15/23		27,430,875

	10,000,000	OSI Systems, Inc.~ 1.250%, 09/01/22		9,566,150

	40,925,000	Palo Alto Networks, Inc.~ 0.750%, 07/01/23		41,924,798

	4,500,000	PAR Technology Corp.* 2.875%, 04/15/26		3,529,755

	14,000,000	Pegasystems, Inc.*^ 0.750%, 03/01/25		13,447,070

	10,000,000	Pluralsight, Inc. 0.375%, 03/01/24		8,534,150

	7,000,000	Proofpoint, Inc.* 0.250%, 08/15/24		7,334,285

	5,000,000	PROS Holdings, Inc.* 1.000%, 05/15/24		4,356,175

	10,000,000	Pure Storage, Inc.^ 0.125%, 04/15/23		9,251,450

		Q2 Holdings, Inc.
	15,000,000	0.750%, 02/15/23~		22,115,175
	5,625,000	0.750%, 06/01/26*		6,031,294

	5,000,000	Rapid7, Inc.^ 1.250%, 08/01/23		6,271,825

	20,000,000	RealPage, Inc.~ 1.500%, 11/15/22		32,089,900

		RingCentral, Inc.~
	32,000,000	0.000%, 03/01/25*^		30,908,960
	28,000,000	0.000%, 03/15/23		78,663,900

	14,500,000	SailPoint Technologies Holding, Inc.* 0.125%, 09/15/24		13,563,155


PRINCIPAL AMOUNT				VALUE

	50,000,000		ServiceNow, Inc.~ 0.000%, 06/01/22	$	131,297,000

	18,500,000		Silicon Laboratories, Inc.~^ 1.375%, 03/01/22		22,282,232

	7,500,000		Slack Technologies, Inc.* 0.500%, 04/15/25		8,329,238

	3,000,000		SMART Global Holdings, Inc.* 2.250%, 02/15/26		2,669,130

			Splunk, Inc.~
	35,000,000		0.500%, 09/15/23		40,129,075
	25,000,000		1.125%, 09/15/25		29,430,625

			Square, Inc.
	34,000,000		0.125%, 03/01/25*^		31,359,900
	25,000,000		0.375%, 03/01/22~		71,253,125
	6,500,000		0.500%, 05/15/23~		7,288,353

	12,500,000		Synaptics, Inc.~ 0.500%, 06/15/22		13,703,062

	15,000,000		Teradyne, Inc.~^ 1.250%, 12/15/23		30,533,850

	15,000,000		TTM Technologies, Inc.~ 1.750%, 12/15/20		18,523,275

	30,000,000		Twilio, Inc.~^ 0.250%, 06/01/23		49,644,300

	6,000,000		Viavi Solutions, Inc.~^ 1.000%, 03/01/24		6,754,380

	10,000,000		Vishay Intertechnology, Inc.^ 2.250%, 06/15/25		9,249,000

	10,000,000		Weibo Corp.^ 1.250%, 11/15/22		9,139,950

			Workday, Inc.~
	35,000,000		0.250%, 10/01/22		42,738,850
	12,500,000		1.500%, 07/15/20		23,513,000

	12,500,000		Workiva, Inc.* 1.125%, 08/15/26		10,049,188

	11,500,000		Zendesk, Inc.~^ 0.250%, 03/15/23		15,633,502

					2,119,103,311

			Materials (0.3%)
	10,000,000		Allegheny Technologies, Inc.~ 4.750%, 07/01/22		8,603,500

	5,000,000		SSR Mining, Inc.^ 2.500%, 04/01/39		6,143,150

	5,000,000		TimkenSteel Corp. 6.000%, 06/01/21		3,893,725

	5,000,000		United States Steel Corp.* 5.000%, 11/01/26		3,898,325

					22,538,700

			Real Estate (1.1%)

	10,000,000	EUR	Deutsche Wohnen, SE 0.325%, 07/26/24		11,371,905

	47,500,000		Extra Space Storage, LP*~^ 3.125%, 10/01/35		50,939,713


84		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Market Neutral Income Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT				VALUE

	17,700,000		IH Merger Sub, LLC 3.500%, 01/15/22	$	20,494,122

	10,500,000	EUR	IMMOFINANZ, AG 1.500%, 01/24/24		11,579,601

	7,500,000		iStar, Inc. 3.125%, 09/15/22		7,023,450

					101,408,791


			TOTAL CONVERTIBLE BONDS (Cost $3,496,996,527)		4,208,846,342


	CORPORATE BONDS (0.2%)
			Communication Services (0.0%)
	470,000		Charter Communications Operating, LLC / Charter Communications Operating Capital 4.464%, 07/23/22		496,214

	3,000,000		Sirius XM Radio, Inc.* 3.875%, 08/01/22		3,021,300

					3,517,514

			Consumer Discretionary (0.1%)

			Lennar Corp.
	3,000,000		8.375%, 01/15/21		3,102,360
	894,000		4.750%, 04/01/21		901,067

					4,003,427

			Financials (0.1%)
	2,000,000		Discover Bank 3.100%, 06/04/20		2,000,170

	1,200,000		Goldman Sachs Group, Inc. 5.750%, 01/24/22		1,284,912

	3,000,000		Level 3 Financing, Inc. 5.375%, 08/15/22		3,005,520

					6,290,602

			Information Technology (0.0%)
	1,400,000		Dell International, LLC / EMC Corp.* 5.875%, 06/15/21		1,403,542

			Materials (0.0%)
	1,223,000		DuPont de Nemours, Inc. 3.766%, 11/15/20		1,235,200

			Utilities (0.0%)
	220,000		Exelon Corp.^ 2.450%, 04/15/21		221,687

			Exelon Generation Company, LLC
	1,500,000		3.400%, 03/15/22		1,555,095
	1,000,000		4.250%, 06/15/22		1,053,310

					2,830,092


			TOTAL CORPORATE BONDS (Cost $18,226,187)		19,280,377


NUMBER OF SHARES			VALUE

	CONVERTIBLE PREFERRED STOCKS (4.9%)
		Consumer Staples (0.1%)
	100,000	Energizer Holdings, Inc.^ 7.500%, 01/15/22	$	8,525,000

		Financials (0.9%)
	280,000	2017 Mandatory Exchangeable Trust*~ 5.188%, 12/01/20		43,587,600

	322,820	Assurant, Inc.~^ 6.500%, 03/15/21		34,574,022

				78,161,622

		Health Care (0.7%)
	200,000	Avantor, Inc.~ 6.250%, 05/15/22		11,516,000

	814,735	Becton Dickinson and Company~ 6.125%, 05/01/20		48,264,901

				59,780,901

		Industrials (0.7%)
	230,000	Colfax Corp. 5.750%, 01/15/22		26,197,000

	25,500	Fortive Corp. 5.000%, 07/01/21		21,159,390

	154,200	Stanley Black & Decker, Inc.^ 5.250%, 11/15/22		12,260,442

				59,616,832

		Information Technology (0.1%)
	10,000	Broadcom, Inc.^ 8.000%, 09/30/22		10,174,400

		Materials (0.1%)
	242,647	International Flavors & Fragrances, Inc. 6.000%, 09/15/21		11,537,865

		Real Estate (0.4%)
	22,856	Crown Castle International Corp.~ 6.875%, 08/01/20		31,838,408

		Utilities (1.9%)
	99,780	American Electric Power Company, Inc. 6.125%, 03/15/22		5,068,824

	400,000	CenterPoint Energy, Inc. (Warner Media, LLC, Charter Communications Time, Inc.)§ 7.000%, 09/01/21		13,536,000

	300,000	DTE Energy Company 6.250%, 11/01/22		12,540,000

	308,881	Essential Utilities, Inc. 6.000%, 04/30/22		17,637,105

		NextEra Energy, Inc.
	650,000	4.872%, 09/01/22~		31,161,000
	205,000	5.279%, 03/01/23		8,853,950


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

Market Neutral Income Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES			VALUE

		Sempra Energy
	463,385	6.000%, 01/15/21~	$	47,408,919
	135,000	6.750%, 07/15/21		13,676,850

	88,235	South Jersey Industries, Inc. 7.250%, 04/15/21		4,102,928

	400,000	Southern Company~ 6.750%, 08/01/22		18,936,000

				172,921,576


		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $441,266,388)		432,556,604


	COMMON STOCKS (47.2%)
		Communication Services (5.1%)
	117,306	Activision Blizzard, Inc.		7,475,911

	49,941	Alphabet, Inc. - Class A~#		67,255,545

	51,692	Alphabet, Inc. - Class C~#		69,714,933

	1,259,807	AT&T, Inc.~		38,386,319

	33,756	Charter Communications, Inc. - Class A#		16,716,984

	832,773	Comcast Corp. - Class A~		31,337,248

	501,562	Facebook, Inc. - Class A~#		102,674,757

	143,912	Fox Corp. - Class A		3,723,003

	89,569	Netflix, Inc.#		37,605,545

	137,611	Twitter, Inc.#		3,946,683

	741,097	Verizon Communications, Inc.~		42,576,023

	325,291	Walt Disney Company~		35,180,222

				456,593,173

		Consumer Discretionary (5.2%)
	73,760	Amazon.com, Inc.~#		182,482,240

	116,475	Aptiv, PLC		8,100,836

	6,667	Booking Holdings, Inc.~#		9,870,960

	518,000	Caesars Entertainment Corp.#		5,003,880

	154,554	D.R. Horton, Inc.~		7,298,040

	50,875	Darden Restaurants, Inc.~		3,754,066

	44,129	Dollar General Corp.~		7,735,814

	177,912	eBay, Inc.		7,086,235

	70,129	Expedia Group, Inc.		4,977,756

	690,980	Ford Motor Company~		3,517,088

	184,064	General Motors Company		4,102,787

	212,544	Home Depot, Inc.~		46,723,548

	104,358	Leggett & Platt, Inc.		3,666,097

	174,908	Lowe’s Companies, Inc.~		18,321,613

	172,027	McDonald’s Corp.		32,265,384

	302,061	MGM Resorts International		5,083,687

	42,142	Mohawk Industries, Inc.~#		3,696,696

	230,023	Nike, Inc. - Class B~		20,053,405

	20,920	O’Reilly Automotive, Inc.#		8,082,233

	42,048	PVH Corp.~		2,070,023


NUMBER OF SHARES			VALUE

	87,851	Ross Stores, Inc.~	$	8,026,067

	93,451	Royal Caribbean Cruises, Ltd.^		4,370,703

	213,365	Starbucks Corp.~		16,371,496

	131,955	Target Corp.~		14,480,742

	100,040	Tiffany & Company		12,655,060

	274,619	TJX Companies, Inc.~		13,470,062

	16,094	Ulta Beauty, Inc.#		3,507,205

	92,690	VF Corp.		5,385,289

	2,300	Wynn Resorts, Ltd.		196,719

				462,355,731

		Consumer Staples (3.5%)
	357,646	Altria Group, Inc.~		14,037,606

	145,473	Archer-Daniels-Midland Company~		5,402,867

	93,491	Church & Dwight Company, Inc.		6,543,435

	728,770	Coca-Cola Company		33,443,255

	144,150	Colgate-Palmolive Company~		10,129,421

	48,175	Constellation Brands, Inc. - Class A		7,933,941

	57,249	Costco Wholesale Corp.~		17,346,447

	157,669	General Mills, Inc.		9,442,796

	116,208	Kellogg Company~		7,611,624

	86,613	Kimberly-Clark Corp.		11,994,168

	200,306	Kraft Heinz Company		6,075,281

	207,611	Kroger Company		6,562,584

	334,526	Mondelez International, Inc. - Class A		17,208,017

	90,000	Monster Beverage Corp.#		5,562,900

	241,423	PepsiCo, Inc.~		31,937,849

	191,952	Philip Morris International, Inc.~		14,319,619

	431,217	Procter & Gamble Company		50,827,548

	120,275	Sysco Corp.		6,767,874

	146,265	Walgreens Boots Alliance, Inc.		6,331,812

	317,399	Walmart, Inc.~		38,579,848

				308,058,892

		Energy (1.5%)

	393,769	Chevron Corp.~		36,226,748

	323,120	ConocoPhillips~		13,603,352

	71,284	EOG Resources, Inc.~		3,386,703

	437,374	Exxon Mobil Corp.~		20,324,770

	166,548	Hess Corp.		8,100,895

	493,352	Kinder Morgan, Inc.		7,513,751

	369,354	Marathon Petroleum Corp.		11,848,876

	153,117	Occidental Petroleum Corp.		2,541,742

	98,898	ONEOK, Inc.		2,960,017

	69,415	Phillips 66~		5,079,095

	88,957	Pioneer Natural Resources Company		7,944,750

	220,050	Schlumberger, Ltd.		3,701,241


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

Market Neutral Income Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES			VALUE

	67,156	Valero Energy Corp.~	$	4,254,333

	248,927	Williams Companies, Inc.		4,821,716

				132,307,989

		Financials (5.2%)
	122,626	Aflac, Inc.~		4,566,592

	95,669	Allstate Corp.~		9,731,451

	110,548	American Express Company~		10,087,505

	349,800	American International Group, Inc.~		8,895,414

	47,935	Ameriprise Financial, Inc.		5,509,649

	85,520	Arthur J. Gallagher & Company		6,713,320

	71,903	Assurant, Inc.		7,638,975

	1,944,182	Bank of America Corp.~		46,757,577

	178,527	Bank of New York Mellon Corp.		6,701,904

	316,189	Berkshire Hathaway, Inc. - Class B~#		59,241,171

	18,523	BlackRock, Inc.~		9,299,287

	247,874	Capital One Financial Corp.~		16,052,320

	123,039	Cboe Global Markets, Inc.		12,227,616

	135,181	Charles Schwab Corp.~		5,099,027

	79,848	Chubb, Ltd.~		8,624,382

	414,276	Citigroup, Inc.~		20,117,243

	38,523	CME Group, Inc.		6,865,184

	84,565	Discover Financial Services		3,633,758

	105,462	E*TRADE Financial Corp.		4,282,812

	88,695	First Republic Bank		9,250,002

	103,846	Goldman Sachs Group, Inc.~		19,047,433

	635,271	JPMorgan Chase & Company~		60,833,551

	47,651	M&T Bank Corp.		5,340,724

	132,199	Marsh & McLennan Companies, Inc.		12,866,929

	144,039	MetLife, Inc.~		5,196,927

	346,942	Morgan Stanley~		13,679,923

	76,324	Northern Trust Corp.		6,041,808

	57,360	Prudential Financial, Inc.~		3,577,543

	49,791	S&P Global, Inc.		14,582,788

	72,084	State Street Corp.~		4,544,175

	63,936	Travelers Companies, Inc.~		6,470,963

	128,836	Truist Financial Corp.		4,808,159

	386,446	US Bancorp		14,105,279

	634,742	Wells Fargo & Company~		18,439,255

	230,073	Zions Bancorporation, N.A.		7,272,607

				458,103,253

		Health Care (7.4%)
	248,045	Abbott Laboratories~		22,842,464

	257,920	AbbVie, Inc.~		21,201,024

	210,481	Agilent Technologies, Inc.		16,135,473

	126,327	Alexion Pharmaceuticals, Inc.~#		13,576,363


NUMBER OF SHARES			VALUE

	123,494	Allergan, PLC	$	23,135,366

	69,748	Amgen, Inc.~		16,685,117

	224,689	Baxter International, Inc.		19,947,889

	59,617	Becton Dickinson and Company		15,055,081

	36,303	Biogen, Inc.~#		10,775,820

	233,419	Boston Scientific Corp.#		8,748,544

	456,489	Bristol-Myers Squibb Company~		27,759,096

	112,942	Centene Corp.#		7,519,678

	48,063	Cigna Corp.#		9,409,774

	212,307	CVS Health Corp.~		13,067,496

	91,286	Danaher Corp.		14,921,610

	35,605	Edwards Lifesciences Corp.~#		7,744,088

	143,725	Eli Lilly and Company		22,225,634

	184,501	Gilead Sciences, Inc.		15,498,084

	48,565	HCA Healthcare, Inc.		5,336,322

	32,700	Health Catalyst, Inc.^#		872,109

	56,973	Humana, Inc.		21,753,431

	26,781	Illumina, Inc.#		8,543,942

	27,069	Intuitive Surgical, Inc.#		13,829,011

	456,494	Johnson & Johnson~		68,492,360

	61,663	Laboratory Corp. of America Holdings~#		10,140,480

	44,779	McKesson Corp.		6,325,034

	275,287	Medtronic, PLC		26,876,270

	458,090	Merck & Company, Inc.		36,344,861

	993,683	Pfizer, Inc.~		38,117,680

	58,286	Quest Diagnostics, Inc.~		6,417,871

	11,838	Regeneron Pharmaceuticals, Inc.~#		6,225,367

	42,227	Stryker Corp.~		7,872,380

	8,411	Teleflex, Inc.		2,821,049

	53,670	Thermo Fisher Scientific, Inc.~		17,962,276

	204,101	UnitedHealth Group, Inc.~		59,693,419

	38,504	Vertex Pharmaceuticals, Inc.#		9,672,205

	183,316	Wright Medical Group, NV#		5,338,162

	45,659	Zimmer Biomet Holdings, Inc.		5,465,382

	58,872	Zoetis, Inc.		7,612,738

				651,960,950

		Industrials (3.6%)
	96,241	3M Company		14,620,933

	50,453	Allegion, PLC		5,072,545

	93,248	Boeing Company~		13,149,833

	128,764	Carrier Global Corp.#		2,280,410

	147,055	Caterpillar, Inc.~		17,114,261

	241,850	CSX Corp.~		16,017,725

	49,848	Deere & Company		7,230,951

	218,646	Delta Air Lines, Inc.~		5,665,118

	73,406	Eaton Corp., PLC		6,129,401

	194,554	Emerson Electric Company~		11,095,415


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

Market Neutral Income Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES			VALUE

	36,781	FedEx Corp.	$	4,662,727

	106,038	Fortune Brands Home & Security, Inc.		5,111,032

	42,761	General Dynamics Corp.		5,585,442

	1,477,656	General Electric Company		10,048,061

	152,138	Honeywell International, Inc.		21,588,382

	61,004	Illinois Tool Works, Inc.~		9,913,150

	167,502	Johnson Controls International, PLC		4,875,983

	56,746	L3Harris Technologies, Inc.		10,991,700

	34,959	Lockheed Martin Corp.		13,601,149

	144,073	Masco Corp.		5,912,756

	38,377	Norfolk Southern Corp.		6,566,305

	55,271	Northrop Grumman Corp.		18,276,462

	64,382	Otis Worldwide Corp.#		3,277,688

	101,296	PACCAR, Inc.		7,012,722

	119,692	Pentair, PLC		4,140,146

	232,352	Raytheon Technologies Corp.~		15,058,733

	126,942	Southwest Airlines Company~#		3,966,937

	70,985	Stanley Black & Decker, Inc.		7,822,547

	135,523	Union Pacific Corp.~		21,655,220

	83,538	United Airlines Holdings, Inc.#		2,471,054

	116,137	United Parcel Service, Inc. - Class B		10,993,528

	56,794	Verisk Analytics, Inc.		8,679,827

	24,564	Wabtec Corp.		1,385,901

	108,511	Waste Management, Inc.		10,853,270

	79,899	Xylem, Inc.		5,744,738

				318,572,052

		Information Technology (11.9%)
	103,312	Accenture, PLC - Class A~		19,132,349

	83,100	Adobe, Inc.#		29,387,484

	427,659	Advanced Micro Devices, Inc.#		22,405,055

	73,954	Amphenol Corp. - Class A~		6,527,180

	662,920	Apple, Inc.~		194,765,896

	415,062	Applied Materials, Inc.~		20,620,280

	48,751	Autodesk, Inc.#		9,122,775

	96,211	Automatic Data Processing, Inc.		14,113,192

	76,270	Broadcom, Inc.		20,716,457

	950,477	Cisco Systems, Inc.~		40,281,215

	63,107	Citrix Systems, Inc.		9,151,146

	125,112	Cognizant Technology Solutions Corp. - Class A~		7,258,998

	113,656	Fiserv, Inc.#		11,713,387

	461,000	Fitbit, Inc. - Class A#		3,084,090

	97,864	FLIR Systems, Inc.		4,247,298

	42,251	Gartner, Inc.#		5,019,841

	64,419	Global Payments, Inc.		10,694,842

	243,469	HP, Inc.		3,776,204

	700,885	Intel Corp.~		42,039,082


NUMBER OF SHARES			VALUE

	115,654	International Business Machines Corp.	$	14,521,516

	48,441	Intuit, Inc.		13,069,866

	42,946	Jack Henry & Associates, Inc.		7,023,818

	48,038	Lam Research Corp.		12,263,141

	12,601	LogMeIn, Inc.		1,076,881

	156,120	MasterCard, Inc. - Class A		42,928,316

	317,112	Micron Technology, Inc.~#		15,186,494

	1,327,294	Microsoft Corp.~		237,864,358

	126,185	NVIDIA Corp.		36,881,352

	331,173	Oracle Corp.		17,542,234

	90,299	Paychex, Inc.		6,187,288

	180,817	PayPal Holdings, Inc.#		22,240,491

	208,282	QUALCOMM, Inc.		16,385,545

	191,188	Salesforce.com, Inc.#		30,962,897

	62,696	TE Connectivity, Ltd.		4,605,648

	42,354	Tech Data Corp.#		5,956,667

	112,669	Texas Instruments, Inc.~		13,077,491

	349,223	Visa, Inc. - Class A~		62,413,135

	63,271	Western Digital Corp.		2,915,528

	290,148	Western Union Company^		5,533,122

	127,469	Xilinx, Inc.		11,140,791

				1,053,833,350

		Materials (1.1%)

	57,365	Air Products & Chemicals, Inc.~		12,940,397

	46,771	Avery Dennison Corp.		5,163,051

	129,767	Ball Corp.		8,511,417

	163,028	Corteva, Inc.#		4,269,703

	163,027	Dow, Inc.#		5,981,461

	163,026	DuPont de Nemours, Inc.		7,665,482

	446,716	Freeport-McMoRan, Inc.		3,944,502

	125,319	Linde, PLC		23,057,443

	146,381	Newmont Mining Corp.		8,706,742

	70,440	PPG Industries, Inc.		6,398,065

	14,064	Sherwin-Williams Company		7,543,508

				94,181,771

		Real Estate (1.3%)

	48,642	Alexandria Real Estate Equities, Inc.		7,641,172

	67,117	American Tower Corp.~		15,973,846

	109,475	Apartment Investment & Management Company - Class A		4,123,923

	44,749	AvalonBay Communities, Inc.~		7,291,850

	62,007	Crown Castle International Corp.		9,885,776

	53,093	Digital Realty Trust, Inc.		7,936,873

	12,857	Equinix, Inc.		8,681,046

	43,203	Federal Realty Investment Trust		3,597,514

	57,990	Mid-America Apartment Communities, Inc.		6,490,241


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

Market Neutral Income Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES				VALUE

	91,139		Prologis, Inc.~	$	8,132,333

	31,933		Public Storage~		5,921,975

	110,707		Realty Income Corp.		6,080,028

	90,299		Regency Centers Corp.		3,965,029

	73,247		Simon Property Group, Inc.		4,890,702

	50,158		Taubman Centers, Inc.		2,161,810

	140,479		UDR, Inc.		5,263,748

	113,615		Welltower, Inc.		5,820,496

	216,990		Weyerhaeuser Company		4,745,571

					118,603,933

			Utilities (1.4%)
	347,157		AES Corp.~		4,599,830

	135,759		American Electric Power Company, Inc.~		11,282,931

	126,044		CMS Energy Corp.~		7,195,852

	105,532		Consolidated Edison, Inc.		8,315,922

	124,740		Dominion Energy, Inc.~		9,621,196

	172,376		Duke Energy Corp.~		14,593,352

	82,854		Edison International		4,864,358

	77,166		Entergy Corp.		7,370,125

	116,004		Exelon Corp.~		4,301,428

	174,684		FirstEnergy Corp.~		7,209,209

	71,218		NextEra Energy, Inc.		16,459,904

	213,807		NiSource, Inc.		5,368,694

	134,218		Public Service Enterprise Group, Inc.~		6,806,195

	191,859		Southern Company		10,884,161

	153,565		Xcel Energy, Inc.		9,760,591

					128,633,748


			TOTAL COMMON STOCKS (Cost $3,820,225,467)		4,183,204,842


	INVESTMENT IN AFFILIATED FUND (1.7%)
			Other (1.7%)
	14,938,002		Calamos Short-Term Bond Fund - Class I (Cost $150,000,000)		149,977,536


	RIGHTS (0.0%)

	20,458		Bristol-Myers Squibb Company# - (Expiration date 03/31/21) (Cost $43,576)		92,266

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE

	PURCHASED OPTIONS (0.6%) #
			Communication Services (0.0%)
			CyberAgent, Inc.

	70 735,455,000	JPY	Call, 02/17/23, Strike 95.44		490,178


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE

	30 300,000,000	JPY	Call, 02/19/25, Strike 93.40	$	214,546

	10 100,000,000	JPY	Call, 02/17/23, Strike 95.84		75,379

	50 500,000,000	JPY	Zenrin Company, Ltd. Call, 03/31/23, Strike 96.21		—

					780,103

			Consumer Discretionary (0.2%)
	550 11,146,850		Alibaba Group Holding, Ltd. Call, 06/19/20, Strike $190.00		1,036,750

	100 14,805,700		Booking Holdings, Inc. Put, 05/15/20, Strike $1,680.00		2,042,500

			DCM Holdings Company, Ltd.

	1,000 1,000,000,000	JPY	Call, 12/21/20, Strike 99.13		930,776

	900 900,000,000	JPY	Call, 12/21/20, Strike 99.35		837,699

			EDION Corp.

	60 600,000,000	JPY	Call, 06/19/25, Strike 99.51		55,887

	50 504,335,000	JPY	Call, 06/19/25, Strike 94.30		219,648

	100 1,000,000,000	JPY	HIS Company, Ltd. Call, 11/15/24, Strike 96.54		—

	500 2,338,500		Royal Caribbean Cruises, Ltd. Put, 06/19/20, Strike $110.00		3,162,500

			Takashimaya Company, Ltd.

	100 964,460,000	JPY	Call, 12/06/23, Strike 97.28		—

	50 482,230,000	JPY	Call, 12/06/23, Strike 97.29		—

	50 482,230,000	JPY	Call, 12/06/23, Strike 97.18		—

	250 19,547,000		Tesla, Inc. Put, 01/15/21, Strike $600.00		2,356,875

	500 4,276,500		Wynn Resorts, Ltd. Put, 06/19/20, Strike $140.00		2,717,500


					13,360,135

			Consumer Staples (0.0%)
			Ezaki Glico Company, Ltd.

	100 1,003,790,000	JPY	Call, 01/30/24, Strike 97.57		63,861

	50 501,895,000	JPY	Call, 01/30/24, Strike 96.89		40,926

					104,787

			Health Care (0.0%)
	1,200 19,615,200		Danaher Corp. Call, 06/19/20, Strike $180.00		213,000

	100 1,000,000,000	JPY	Medipal Holdings Corp. Call, 10/07/22, Strike 98.52		707,239


See accompanying Notes to Schedule of Investments		www.calamos.com			89

Market Neutral Income Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE

	100 997,090,000	JPY	Nipro Corp. Call, 01/29/21, Strike 98.68	$	—

	72 720,000,000	JPY	Ship Healthcare Holdings, Inc. Call, 12/13/23, Strike 97.95		818,161

	100 1,000,000,000	JPY	Toho Holdings Company, Ltd. Call, 06/23/23, Strike 98.43		117,892

					1,856,292

			Industrials (0.1%)
	100 951,050,000	JPY	ANA Holdings, Inc. Call, 09/19/24, Strike 96.53		—

	70 700,000,000	JPY	Fuji Corp/Aichi Call, 03/25/21, Strike 98.73		1,858,361

	45 450,000,000	JPY	Maeda Kosen Company, Ltd. Call, 04/18/22, Strike 97.72		42

			Nagoya Railroad Company, Ltd.

	100 1,144,890,000	JPY	Call, 12/09/22, Strike 97.53		1,469,524

	100 1,000,000,000	JPY	Call, 12/09/22, Strike 98.92		1,491,927

	50 572,445,000	JPY	Call, 12/09/22, Strike 98.07		722,305

	28 280,000,000	JPY	Call, 12/09/22, Strike 98.77		423,962

	22 220,000,000	JPY	Call, 12/09/22, Strike 98.94		328,224

	54 540,000,000	JPY	Senko Company, Ltd. Call, 03/28/22, Strike 98.82		275,246

					6,569,591

			Information Technology (0.0%)
	375 11,017,500		Apple, Inc. Call, 07/17/20, Strike $325.00		156,562

			Digital Garage, Inc.

	150 1,583,820,000	JPY	Call, 09/14/23, Strike 94.68		1,015,418

	50 527,940,000	JPY	Call, 09/14/23, Strike 94.80		338,473

	6,000 4,014,000		Fitbit, Inc. Put, 05/15/20, Strike $5.00		6,000

	1,000 17,921,000		Microsoft Corp. Call, 06/19/20, Strike $230.00		21,500

	250 7,307,000		NVIDIA Corp. Put, 06/19/20, Strike $230.00		111,875

					1,649,828

			Materials (0.0%)
	100 1,000,000,000	JPY	Mitsubishi Chemical Holdings Corp. Call, 03/30/22, Strike 98.83		—

			Teijin, Ltd.

	100 1,000,000,000	JPY	Call, 12/10/21, Strike 99.18		447,610


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE

	100 1,000,000,000	JPY	Call, 12/10/21, Strike 99.19	$	491,078

					938,688

			Other (0.3%)
			S&P 500 Index

	4,000 1,164,972,000		Call, 05/29/20, Strike $3,250.00		770,000

	3,500 1,019,350,500		Put, 05/29/20, Strike $2,600.00		9,940,000

	3,250 946,539,750		Put, 05/29/20, Strike $2,300.00		2,518,750

	2,500 728,107,500		Put, 07/31/20, Strike $2,100.00		5,837,500

	1,750 509,675,250		Put, 06/30/20, Strike $2,050.00		1,793,750

	1,500 436,864,500		Put, 05/29/20, Strike $2,000.00		360,000

	1,500 436,864,500		Put, 06/30/20, Strike $2,400.00		5,100,000

	1,500 436,864,500		Call, 12/31/20, Strike $3,800.00		682,500

	1,000 291,243,000		Call, 06/30/20, Strike $3,300.00		640,000

	1,000 291,243,000		Call, 12/31/20, Strike $3,700.00		825,000

					28,467,500

			Utilities (0.0%)

			Chugoku Electric Power Company, Inc.

	100 1,000,000,000	JPY	Call, 01/25/22, Strike 98.54		720,653

	100 1,000,000,000	JPY	Call, 01/25/22, Strike 98.97		720,653

	50 534,745,000	JPY	Call, 01/25/22, Strike 98.22		360,327

	100 981,000,000	JPY	Kyushu Electric Power Company, Inc. Call, 03/31/22, Strike 98.05		—

					1,801,633


			TOTAL PURCHASED OPTIONS (Cost $108,305,460)		55,528,557

NUMBER OF SHARES				VALUE

	SHORT TERM INVESTMENTS (1.1%)
	50,757,222		Fidelity Prime Money Market Fund - Institutional Class, 0.490%***		50,802,903


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

Market Neutral Income Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES					VALUE

	50,744,477			Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.150%***	$	50,744,477


				TOTAL SHORT TERM INVESTMENTS (Cost $101,545,133)		101,547,380

NUMBER OF SHARES/ PRINCIPAL AMOUNT					VALUE

	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.4%)
	71,873,286			Fidelity Prime Money Market Fund - Institutional Class, 0.490%***†		71,873,286

	50,805,508			State Street Navigator Securities Lending Government Money Market Portfolio†		50,805,508


				TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $122,678,794)		122,678,794


	TOTAL INVESTMENTS (104.6%) (Cost $8,259,287,532)					9,273,712,698


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.4%)					(122,678,794	)


	LIABILITIES, LESS OTHER ASSETS (-3.2%)					(281,796,828	)


	NET ASSETS (100.0%)				$	8,869,237,076


NUMBER OF SHARES					VALUE

	COMMON STOCKS SOLD SHORT (-37.3%)#
				Communication Services (-2.9%)

	(18,977	)		Bandwidth, Inc. - Class A		(1,547,764	)

	(389,000	)		Bilibili, Inc.		(10,654,710	)

	(285,500	)	EUR	Cellnex Telecom, SA*		(14,954,950	)

	(132,800	)	JPY	CyberAgent, Inc.		(5,618,152	)

	(173,950	)		IAC/InterActive Corp.		(38,874,346	)

	(580,200	)		iQIYI, Inc.		(9,845,994	)

	(126,800	)		JOYY, Inc.		(7,729,728	)

	(73,000	)		Liberty Media Corp. / Liberty Formula One		(2,349,870	)

	(28,500	)		Live Nation Entertainment, Inc.		(1,278,795	)

	(71,700	)		Momo, Inc.		(1,726,536	)

	(1,294,000	)		New York Times Company - Class A		(42,080,880	)

	(685,600	)		Sea, Ltd.		(38,105,648	)

	(725,100	)		Sirius XM Holdings, Inc.		(4,285,341	)

	(945,000	)		Snap, Inc. - Class A		(16,641,450	)

	(218,900	)		Twitter, Inc.		(6,278,052	)


NUMBER OF SHARES					VALUE

	(179,500	)		Vonage Holdings Corp.	$	(1,500,620	)

	(484,500	)		World Wrestling Entertainment, Inc. - Class A		(21,545,715	)

	(381,500	)		Zillow Group, Inc. - Class C		(16,770,740	)

	(1,697,700	)		Zynga, Inc. - Class A		(12,800,658	)

						(254,589,949	)

				Consumer Discretionary (-7.6%)

	(34,100	)		Alibaba Group Holding, Ltd.		(6,911,047	)

	(435,000	)		American Eagle Outfitters, Inc.		(3,458,250	)

	(34,700	)		Booking Holdings, Inc.		(51,375,779	)

	(44,400	)		Burlington Stores, Inc.		(8,111,436	)

	(10,000	)		Callaway Golf Company		(143,200	)

	(4,175,231	)		Carnival Corp.		(66,386,173	)

	(727,950	)		Chegg, Inc.		(31,119,862	)

	(1,002,900	)	JPY	DCM Holdings Company, Ltd.		(9,868,727	)

	(73,500	)	EUR	Delivery Hero, SE*		(6,201,961	)

	(172,000	)		Dick’s Sporting Goods, Inc.		(5,055,080	)

	(532,400	)	JPY	EDION Corp.		(4,653,508	)

	(46,568	)		Eldorado Resorts, Inc.		(998,418	)

	(328,600	)		Etsy, Inc.		(21,316,282	)

	(485,498	)		Farfetch, Ltd.		(6,427,993	)

	(249,080	)		Guess, Inc.		(2,328,898	)

	(172,312	)	EUR	Just Eat Takeaway.com, NV*		(17,564,784	)

	(54,904	)		MercadoLibre, Inc.		(32,037,033	)

	(176,000	)		Pinduoduo, Inc.		(8,349,440	)

	(112,500	)		Quotient Technology, Inc.		(807,750	)

	(40,000	)	JPY	Takashimaya Company, Ltd.		(364,162	)

	(429,780	)		Tesla, Inc.		(336,036,386	)

	(389,827	)		Wayfair, Inc. - Class A		(48,354,141	)

	(49,800	)		Winnebago Industries, Inc.		(2,209,626	)

						(670,079,936	)

				Consumer Staples (-0.1%)

	(170,108	)		Energizer Holdings, Inc.		(6,627,408	)

	(33,800	)	JPY	Ezaki Glico Company, Ltd.		(1,483,465	)

	(60,200	)		Herbalife Nutrition, Ltd.		(2,248,470	)

	(29,561	)		Turning Point Brands, Inc.		(688,771	)

	(18,500	)	JPY	Yaoko Company, Ltd.		(1,148,115	)

						(12,196,229	)

				Energy (-0.1%)
	(365,400	)		Renewable Energy Group, Inc.		(9,065,574	)

	(25,000	)		SEACOR Holdings, Inc.		(706,500	)

						(9,772,074	)

				Financials (-0.9%)
	(255,327	)		Assurant, Inc.		(27,125,941	)

	(816,000	)		Equitable Holdings, Inc.		(14,949,120	)

	(211,300	)		Heritage Insurance Holdings, Inc.		(2,396,142	)


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

Market Neutral Income Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES					VALUE

	(34,000	)		Hope Bancorp, Inc.	$	(338,300	)

	(95,429	)		LendingTree, Inc.		(23,797,130	)

	(110,017	)		Morgan Stanley		(4,337,970	)

	(55,000	)		PRA Group, Inc.		(1,525,700	)

	(218,000	)		Qudian, Inc.		(377,140	)

						(74,847,443	)

				Health Care (-4.8%)
	(55,680	)		AbbVie, Inc.		(4,576,896	)

	(140,000	)		Aerie Pharmaceuticals, Inc.		(2,133,600	)

	(322,000	)		Allscripts Healthcare Solutions, Inc.		(2,093,000	)

	(549,900	)		Avantor, Inc.		(9,243,819	)

	(192,300	)		Becton Dickinson and Company		(48,561,519	)

	(109,500	)		Bridgebio Pharma, Inc.		(3,343,035	)

	(157,790	)		Coherus Biosciences, Inc.		(2,619,314	)

	(64,000	)		Collegium Pharmaceutical, Inc.		(1,323,520	)

	(61,500	)		CONMED Corp.		(4,545,465	)

	(229,750	)		DexCom, Inc.		(77,012,200	)

	(30,000	)		Evolent Health, Inc. - Class A		(216,300	)

	(287,525	)		Halozyme Therapeutics, Inc.		(6,513,879	)

	(89,500	)		Innoviva, Inc.		(2,609,820	)

	(743,600	)		Innoviva, Inc.		(10,544,248	)

	(127,431	)		Insmed, Inc.		(2,930,913	)

	(36,500	)		Intercept Pharmaceuticals, Inc.		(2,990,080	)

	(50,000	)		Invacare Corp.		(376,000	)

	(195,600	)		Ionis Pharmaceuticals, Inc.		(10,861,668	)

	(1,005,487	)		Ironwood Pharmaceuticals, Inc.		(10,054,870	)

	(7,500	)		Ligand Pharmaceuticals, Inc.		(739,275	)

	(189,900	)	JPY	Medipal Holdings Corp.		(3,705,452	)

	(33,000	)		NanoString Technologies, Inc.		(1,048,080	)

	(206,000	)		Natera, Inc.		(7,630,240	)

	(170,371	)		Neurocrine Biosciences, Inc.		(16,720,210	)

	(4,500	)		Nevro Corp.		(529,380	)

	(147,600	)	JPY	Nipro Corp.		(1,662,847	)

	(160,900	)		NuVasive, Inc.		(9,795,592	)

	(500,000	)		OPKO Health, Inc.		(1,110,000	)

	(67,000	)		Pacira BioSciences, Inc.		(2,766,430	)

	(207,750	)		Quidel Corp.		(28,877,250	)

	(43,137	)		Retrophin, Inc.		(656,545	)

	(86,000	)		Revance Therapeutics, Inc.		(1,591,860	)

	(237,500	)		Sarepta Therapeutics, Inc.		(27,996,500	)

	(47,400	)	JPY	Ship Healthcare Holdings, Inc.		(2,155,449	)

	(51,000	)		Supernus Pharmaceuticals, Inc.		(1,193,400	)

	(60,100	)		Tabula Rasa HealthCare, Inc.		(3,806,734	)

	(592,900	)		Teladoc Health, Inc.		(97,585,411	)

	(44,600	)	JPY	Toho Holdings Company, Ltd.		(931,357	)

	(530,217	)		Wright Medical Group, NV		(15,439,919	)

						(428,492,077	)


NUMBER OF SHARES					VALUE

				Industrials (-1.1%)
	(165,659	)		Aerojet Rocketdyne Holdings, Inc.	$	(6,815,211	)

	(905,000	)		Colfax Corp.		(23,339,950	)

	(241,500	)		Fortive Corp.		(15,456,000	)

	(91,050	)		FTI Consulting, Inc.		(11,596,128	)

	(381,000	)	JPY	Fuji Corp/Aichi		(6,429,586	)

	(33,600	)	JPY	Maeda Kosen Company, Ltd.		(654,686	)

	(567,600	)	JPY	Nagoya Railroad Company, Ltd.		(16,369,771	)

	(197,300	)	JPY	Senko Group Holdings Company, Ltd.		(1,610,537	)

	(336,900	)		Southwest Airlines Company		(10,528,125	)

	(72,500	)		Stanley Black & Decker, Inc.		(7,989,500	)

						(100,789,494	)

				Information Technology (-17.1%)
	(16,000	)		2U, Inc.		(380,000	)

	(186,000	)		8x8, Inc.		(3,154,560	)

	(4,795,600	)		Advanced Micro Devices, Inc.		(251,241,484	)

	(119,700	)		Akamai Technologies, Inc.		(11,695,887	)

	(107,500	)		Altair Engineering, Inc. - Class A		(3,546,425	)

	(330,800	)		Alteryx, Inc. - Class A		(37,439,944	)

	(537,050	)		Atlassian Corp., PLC - Class A		(83,505,905	)

	(113,641	)		Blackline, Inc.		(6,902,554	)

	(27,975	)		Broadcom, Inc.		(7,598,569	)

	(13,999	)		Cardtronics, PLC - Class A		(320,577	)

	(52,800	)		Coupa Software, Inc.		(9,297,552	)

	(165,500	)		Cree, Inc.		(7,138,015	)

	(75,000	)		CSG Systems International, Inc.		(3,643,500	)

	(36,000	)		CyberArk Software, Ltd.		(3,555,360	)

	(132,000	)	JPY	Digital Garage, Inc.		(4,797,093	)

	(35,600	)		DocuSign, Inc.		(3,729,100	)

	(206,500	)		FireEye, Inc.		(2,376,815	)

	(395,200	)		Five9, Inc.		(36,623,184	)

	(84,250	)		GDS Holdings, Ltd.		(4,829,210	)

	(87,333	)		Guidewire Software, Inc.		(7,933,330	)

	(328,900	)		HubSpot, Inc.		(55,462,407	)

	(40,000	)		i3 Verticals, Inc. - Class A		(929,600	)

	(43,500	)		II-VI, Inc.		(1,497,270	)

	(49,500	)		Impinj, Inc.		(1,111,770	)

	(813,959	)		Infinera Corp.		(5,018,057	)

	(326,000	)		Inphi Corp.		(31,472,040	)

	(66,100	)		Insight Enterprises, Inc.		(3,588,569	)

	(299,900	)		j2 Global, Inc.		(24,183,936	)

	(120,400	)		LivePerson, Inc.		(2,882,376	)

	(140,800	)		Lumentum Holdings, Inc.		(11,392,128	)

	(688,000	)		Microchip Technology, Inc.		(60,358,240	)

	(1,742,415	)		Micron Technology, Inc.		(83,444,254	)

	(152,750	)		MongoDB, Inc.		(24,765,358	)

	(47,000	)		New Relic, Inc.		(2,523,430	)


92		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Market Neutral Income Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES					VALUE

	(233,900	)		Nice, Ltd.	$	(38,429,770	)

	(365,099	)		Nuance Communications, Inc.		(7,375,000	)

	(52,500	)		Nutanix, Inc. - Class A		(1,075,725	)

	(528,250	)		Okta, Inc.		(79,924,225	)

	(688,000	)		ON Semiconductor Corp.		(11,038,960	)

	(45,100	)		OSI Systems, Inc.		(3,264,338	)

	(59,641	)		Palo Alto Networks, Inc.		(11,720,053	)

	(71,400	)		PAR Technology Corp.		(1,350,174	)

	(39,600	)		Pegasystems, Inc.		(3,311,352	)

	(97,175	)		Pluralsight, Inc. - Class A		(1,597,557	)

	(27,792	)		Proofpoint, Inc.		(3,383,120	)

	(35,700	)		PROS Holdings, Inc.		(1,227,723	)

	(139,973	)		Pure Storage, Inc. - Class A		(2,015,611	)

	(257,800	)		Q2 Holdings, Inc.		(20,551,816	)

	(84,000	)		Rapid7, Inc.		(3,826,200	)

	(418,729	)		RealPage, Inc.		(27,003,833	)

	(378,305	)		RingCentral, Inc. - Class A		(86,454,042	)

	(274,400	)		SailPoint Technologies Holding, Inc.		(5,101,096	)

	(365,450	)		ServiceNow, Inc.		(128,470,293	)

	(119,100	)		Silicon Laboratories, Inc.		(11,578,902	)

	(37,000	)		Slack Technologies, Inc. - Class A		(987,530	)

	(51,800	)		SMART Global Holdings, Inc.		(1,310,022	)

	(271,000	)		Splunk, Inc.		(38,037,560	)

	(1,225,700	)		Square, Inc. - Class A		(79,842,098	)

	(91,500	)		Synaptics, Inc.		(5,983,185	)

	(437,975	)		Teradyne, Inc.		(27,390,957	)

	(1,255,139	)		TTM Technologies, Inc.		(14,547,061	)

	(351,000	)		Twilio, Inc. - Class A		(39,417,300	)

	(332,400	)		Viavi Solutions, Inc.		(4,015,392	)

	(116,000	)		Vishay Intertechnology, Inc.		(1,924,440	)

	(298,997	)		Workday, Inc. - Class A		(46,015,638	)

	(74,800	)		Workiva, Inc.		(2,868,580	)

	(142,500	)		Zendesk, Inc.		(10,955,400	)

						(1,520,333,452	)

				Materials (-0.3%)
	(312,000	)		Allegheny Technologies, Inc.		(2,343,120	)

	(71,000	)		International Flavors & Fragrances, Inc.		(9,303,130	)

	(196,000	)		SSR Mining, Inc.		(3,428,040	)

	(487,100	)	JPY	Teijin, Ltd.		(7,829,730	)

	(190,000	)		United States Steel Corp.		(1,459,200	)

						(24,363,220	)

				Real Estate (-0.8%)
	(198,403	)		Crown Castle International Corp.		(31,631,390	)

	(65,560	)	EUR	Deutsche Wohnen, SE		(2,658,224	)

	(268,286	)		Extra Space Storage, Inc.		(23,673,557	)

	(183,300	)	EUR	IMMOFINANZ, AG		(3,390,673	)


NUMBER OF SHARES					VALUE

	(437,359	)		Invitation Homes, Inc.	$	(10,343,540	)

	(247,100	)		iStar, Inc.		(2,475,942	)

						(74,173,326	)

				Utilities (-1.6%)
	(44,000	)		American Electric Power Company, Inc.		(3,656,840	)

	(575,000	)		CenterPoint Energy, Inc.		(9,792,250	)

	(919,000	)	JPY	Chugoku Electric Power Company, Inc.		(12,382,929	)

	(84,100	)		DTE Energy Company		(8,724,534	)

	(330,733	)		Essential Utilities, Inc.		(13,821,332	)

	(121,325	)		NextEra Energy, Inc.		(28,040,634	)

	(370,600	)		Sempra Energy		(45,898,810	)

	(114,706	)		South Jersey Industries, Inc.		(3,279,444	)

	(262,500	)		Southern Company		(14,891,625	)

						(140,488,398	)


				TOTAL COMMON STOCKS SOLD SHORT (Proceeds $2,381,672,079)		(3,310,125,598	)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT					VALUE

	WRITTEN OPTIONS (-4.4%)#
				Communication Services (0.0%)
	1,769 288,347			Gogo, Inc. Put, 01/15/21, Strike $5.00		(663,375	)

	100 4,198,500			Netflix, Inc. Call, 06/19/20, Strike $400.00		(371,750	)

						(1,035,125	)

				Consumer Discretionary (-0.2%)
				Booking Holdings, Inc.

	200 29,611,400			Put, 05/15/20, Strike $1,500.00		(1,464,000	)

	200 29,611,400			Put, 05/15/20, Strike $1,300.00		(205,000	)

				Carnival Corp.

	7,500 11,925,000			Call, 01/21/22, Strike $10.00		(6,937,500	)

	2,500 3,975,000			Put, 01/21/22, Strike $10.00		(937,500	)

	5,000 1,705,000			NIO, Inc. Call, 01/15/21, Strike $5.00		(417,500	)

	981 4,588,137			Royal Caribbean Cruises, Ltd. Put, 06/19/20, Strike $100.00		(5,277,780	)

	500 39,094,000			Tesla, Inc. Put, 01/15/21, Strike $480.00		(2,673,750	)

	977 8,356,281			Wynn Resorts, Ltd. Put, 06/19/20, Strike $125.00		(3,903,115	)

						(21,816,145	)


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

Market Neutral Income Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

		Health Care (0.0%)
	1,000 803,000	AMAG Pharmaceuticals, Inc. Call, 01/15/21, Strike $15.00	$	(232,500	)

	50 1,484,150	Biogen, Inc. Call, 07/17/20, Strike $340.00		(35,500	)

		Danaher Corp.

	1,200 19,615,200	Call, 06/19/20, Strike $185.00		(108,600	)

	400 6,538,400	Put, 06/19/20, Strike $135.00		(45,600	)

	400 6,538,400	Put, 06/19/20, Strike $130.00		(39,800	)

	410 3,444,000	Gilead Sciences, Inc. Put, 05/08/20, Strike $75.00		(31,365	)

	1,350 2,234,250	Invitae Corp. Call, 06/18/21, Strike $30.00		(300,375	)

	575 252,425	Luckin Coffee, Inc. Call, 01/21/22, Strike $45.00		(20,413	)

				(814,153	)

		Industrials (-0.1%)
		Southwest Airlines Company

	2,500 7,812,500	Call, 01/21/22, Strike $30.00		(2,637,500	)

	2,500 7,812,500	Put, 01/21/22, Strike $27.50		(1,750,000	)

				(4,387,500	)

		Information Technology (0.0%)
	2,500 13,097,500	Advanced Micro Devices, Inc. Put, 03/19/21, Strike $15.00		(97,500	)

	375 11,017,500	Apple, Inc. Call, 07/17/20, Strike $350.00		(58,125	)

	4,000 2,676,000	Fitbit, Inc. Call, 08/21/20, Strike $7.00		(76,000	)

		Microsoft Corp.

	2,000 35,842,000	Call, 06/19/20, Strike $250.00		(22,000	)

	200 3,584,200	Put, 06/19/20, Strike $140.00		(15,500	)

	383 6,209,579	MongoDB, Inc. Put, 01/15/21, Strike $65.00		(73,727	)

	500 14,614,000	NVIDIA Corp. Put, 06/19/20, Strike $210.00		(118,250	)

				(461,102	)

		Other (-4.1%)
		S&P 500 Index

	4,000 1,164,972,000	Call, 12/31/20, Strike $2,900.00		(104,840,000	)

	3,500 1,019,350,500	Call, 07/31/20, Strike $2,900.00		(58,817,500	)

	3,000 873,729,000	Call, 05/29/20, Strike $2,650.00		(85,440,000	)

	2,000 582,486,000	Call, 06/30/20, Strike $2,600.00		(71,780,000	)


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

	1,500 436,864,500	Put, 06/30/20, Strike $2,100.00	$	(1,830,000	)

	500 145,621,500	Call, 05/29/20, Strike $2,800.00		(8,152,500	)

	500 145,621,500	Call, 06/30/20, Strike $2,350.00		(28,782,500	)

	250 72,810,750	Call, 05/29/20, Strike $2,900.00		(2,336,250	)

				(361,978,750	)


		TOTAL WRITTEN OPTIONS (Premium $317,461,453)	$	(390,492,775	)

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 $2,540,300,273.

^	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 April 30, 2020.

†	Represents investment of cash collateral received from securities on loan as of April 30, 2020.

FOREIGN CURRENCY ABBREVIATION



EUR		European Monetary Unit

GBP		British Pound Sterling

JPY		Japanese Yen


94		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Market Neutral Income Fund Schedule of Investments April 30, 2020 (Unaudited)

TOTAL RETURN SWAPS


COUNTERPARTY	UNDERLYING REFERENCE INSTRUMENT	FIXED RATE (FUND PAYS)	FLOATING RATE (FUND RECEIVES)			TERMINATION DATE		PERIODIC PAYMENT FREQUENCY		NOTIONAL AMOUNT		UPFRONT PAYMENTS (PAID)/ RECEIVED		MARKET VALUE			UNREALIZED APPRECIATION/ (DEPRECIATION)

Goldman Sachs & Co.	Health Catalyst, Inc.	Equity Returns on 32,700 shares of Health Catalyst, Inc.		OBFR Flat			05/14/20		Monthly	$	784,800	$	—	$	(87,263	)	$	(87,263	)

Goldman Sachs & Co.	Snap, Inc. - Class A	Equity Returns on 380,500 shares of Snap, Inc.		OBFR Flat			05/28/20		Monthly		6,110,830		—		(589,755	)		(589,755	)

Goldman Sachs & Co.	Callaway Golf Company	Equity Returns on 117,500 shares of Callaway Golf Company		OBFR Flat			06/08/20		Monthly		1,592,125		—		—			—

Goldman Sachs & Co.	NIO, Inc.	Equity returns on 1,232,800 shares of NIO, Inc.		OBFR less 1.500	%		01/31/22		Monthly		3,427,184		—		(3,865	)		(3,865	)

Morgan Stanley & Co.	Bandwidth, Inc. - Class A	Equity Returns on 709 shares of Bandwith, Inc.		FED Funds			05/05/20		2 Month		48,708		2		(9,193	)		(9,195	)

Morgan Stanley & Co.	Nevro Corp.	Equity Returns on 11,400 shares of NVRO Corp.		FED Funds			05/07/20		Monthly		957,600		342		(383,464	)		(383,806	)

Morgan Stanley & Co.	Slack Technologies, Inc. - Class A	Equity Returns on 146,000 shares of Slack Technologies, Inc.		FED Funds			05/13/20		Monthly		3,549,260		1,546		(347,377	)		(348,923	)

Morgan Stanley & Co.	Inphi Corp.	Equity Returns on 26,500 shares of Inphi Corp.		FED Funds			05/29/20		Monthly		2,498,155		795		(60,135	)		(60,930	)

Morgan Stanley & Co.	2U, Inc.	Equity Returns on 117,000 shares of 2U, Inc.		FED Funds			06/04/20		Monthly		2,593,890		2,841		(184,835	)		(187,676	)

												$	5,526	$	(1,665,887	)	$	(1,671,413	)

ABBREVIATION



OBFR		Overnight Bank Funding Rate

FORWARD FOREIGN CURRENCY CONTRACTS


COUNTERPARTY	SHORT CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS

Goldman Sachs & Co.	Japanese Yen	07/29/20		228,729,000	$	2,134,228	$	(4,598	)

Goldman Sachs & Co.	Japanese Yen	07/29/20		494,257,000		4,611,820		15,912

State Street Bank and Trust	European Monetary Unit	07/29/20		4,291,000		4,710,623		(51,928	)

State Street Bank and Trust	Japanese Yen	07/29/20		3,226,287,000		30,103,881		(12,468	)

State Street Bank and Trust	European Monetary Unit	07/29/20		68,204,000		74,873,771		(482,045	)

							$	(535,127	)

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


See accompanying Notes to Financial Statements		www.calamos.com			95

Hedged Equity Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

	CONVERTIBLE BONDS (0.0%)
		Consumer Discretionary (0.0%)
	85,000	Carnival Corp.*^ 5.750%, 04/01/23 (Cost $108,743)	$	143,970

NUMBER OF SHARES			VALUE

	COMMON STOCKS (91.8%)
		Communication Services (10.2%)

	7,653	Activision Blizzard, Inc.		487,726

	3,317	Alphabet, Inc. - Class A#~		4,467,004

	3,370	Alphabet, Inc. - Class C#~		4,544,984

	82,167	AT&T, Inc.~		2,503,628

	2,197	Charter Communications, Inc. - Class A#~		1,088,020

	54,623	Comcast Corp. - Class A~		2,055,463

	33,060	Facebook, Inc. - Class A#~		6,767,713

	9,619	Fox Corp. - Class A		248,844

	5,566	Netflix, Inc.#~		2,336,885

	9,212	Twitter, Inc.#		264,200

	49,651	Verizon Communications, Inc.~		2,852,450

	21,790	Walt Disney Company~		2,356,589

				29,973,506

		Consumer Discretionary (10.0%)

	4,928	Amazon.com, Inc.#~		12,191,872

	7,579	Aptiv, PLC		527,119

	431	Booking Holdings, Inc.#~		638,126

	10,340	D.R. Horton, Inc.		488,255

	3,328	Darden Restaurants, Inc.		245,573

	3,007	Dollar General Corp.		527,127

	11,614	eBay, Inc.		462,586

	4,613	Expedia Group, Inc.		327,431

	45,169	Ford Motor Company		229,910

	12,025	General Motors Company		268,037

	13,854	Home Depot, Inc.~		3,045,525

	7,015	Leggett & Platt, Inc.		246,437

	11,721	Lowe’s Companies, Inc.~		1,227,775

	11,277	McDonald’s Corp.~		2,115,114

	19,673	MGM Resorts International		331,097

	2,832	Mohawk Industries, Inc.#		248,423

	14,985	Nike, Inc. - Class B~		1,306,392

	1,362	O’Reilly Automotive, Inc.#		526,195

	2,762	PVH Corp.		135,973

	5,735	Ross Stores, Inc.		523,950

	5,855	Royal Caribbean Cruises, Ltd.^		273,838

	13,904	Starbucks Corp.~		1,066,854

	8,847	Target Corp.~		970,870


NUMBER OF SHARES			VALUE

	17,919	TJX Companies, Inc.~	$	878,927

	1,055	Ulta Beauty, Inc.#		229,906

	6,214	VF Corp.		361,033

				29,394,345

		Consumer Staples (6.8%)

	22,097	Altria Group, Inc.~		867,307

	9,741	Archer-Daniels-Midland Company		361,781

	6,249	Church & Dwight Company, Inc.		437,368

	47,573	Coca-Cola Company~		2,183,125

	9,412	Colgate-Palmolive Company		661,381

	3,015	Constellation Brands, Inc. - Class A		496,540

	3,842	Costco Wholesale Corp.~		1,164,126

	10,277	General Mills, Inc.		615,490

	7,797	Kellogg Company		510,704

	5,810	Kimberly-Clark Corp.		804,569

	13,425	Kraft Heinz Company		407,180

	13,523	Kroger Company		427,462

	22,444	Mondelez International, Inc. - Class A~		1,154,519

	5,868	Monster Beverage Corp.#		362,701

	15,735	PepsiCo, Inc.~		2,081,583

	12,608	Philip Morris International, Inc.~		940,557

	28,120	Procter & Gamble Company~		3,314,504

	8,043	Sysco Corp.		452,580

	9,536	Walgreens Boots Alliance, Inc.~		412,813

	19,113	Walmart, Inc.~		2,323,185

				19,979,475

		Energy (3.0%)

	26,453	Chevron Corp.~		2,433,676

	21,861	ConocoPhillips~		920,348

	4,787	EOG Resources, Inc.		227,430

	29,123	Exxon Mobil Corp.~		1,353,346

	11,020	Hess Corp.		536,013

	32,208	Kinder Morgan, Inc.		490,528

	23,014	Marathon Petroleum Corp.~		738,289

	9,563	Occidental Petroleum Corp.		158,746

	6,454	ONEOK, Inc.		193,168

	4,524	Phillips 66		331,021

	5,807	Pioneer Natural Resources Company		518,623

	13,624	Schlumberger, Ltd.		229,156

	4,499	Valero Energy Corp.~		285,011

	16,256	Williams Companies, Inc.		314,879

				8,730,234

		Financials (10.0%)

	6,676	Aflac, Inc.		248,614

	5,127	Allstate Corp.		521,518

	7,385	American Express Company~		673,881


96		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Hedged Equity Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES			VALUE

	22,824	American International Group, Inc.~	$	580,414

	3,140	Ameriprise Financial, Inc.		360,912

	5,718	Arthur J. Gallagher & Company		448,863

	4,716	Assurant, Inc.~		501,028

	126,800	Bank of America Corp.~		3,049,540

	11,636	Bank of New York Mellon Corp.		436,815

	21,134	Berkshire Hathaway, Inc. - Class B#~		3,959,666

	1,207	BlackRock, Inc.		605,962

	16,203	Capital One Financial Corp.~		1,049,306

	8,023	Cboe Global Markets, Inc.~		797,326

	9,023	Charles Schwab Corp.		340,348

	5,203	Chubb, Ltd.		561,976

	27,653	Citigroup, Inc.~		1,342,830

	2,513	CME Group, Inc.		447,842

	5,127	Discover Financial Services		220,307

	5,939	First Republic Bank		619,378

	6,773	Goldman Sachs Group, Inc.~		1,242,304

	41,680	JPMorgan Chase & Company~		3,991,277

	3,122	M&T Bank Corp.		349,914

	8,869	Marsh & McLennan Companies, Inc.~		863,220

	9,671	MetLife, Inc.		348,930

	22,724	Morgan Stanley~		896,007

	5,000	Northern Trust Corp.		395,800

	3,745	Prudential Financial, Inc.		233,576

	3,249	S&P Global, Inc.~		951,567

	4,406	State Street Corp.		277,754

	4,174	Travelers Companies, Inc.		422,451

	7,926	Truist Financial Corp.		295,798

	25,903	US Bancorp~		945,460

	41,365	Wells Fargo & Company~		1,201,653

	14,986	Zions Bancorporation, N.A.		473,707

				29,655,944

		Health Care (14.0%)

	16,571	Abbott Laboratories~		1,526,023

	17,233	AbbVie, Inc.~		1,416,553

	13,801	Agilent Technologies, Inc.~		1,057,985

	7,367	Alexion Pharmaceuticals, Inc.#~		791,731

	3,867	Allergan, PLC		724,444

	4,659	Amgen, Inc.~		1,114,526

	14,658	Baxter International, Inc.~		1,301,337

	3,892	Becton Dickinson and Company~		982,847

	2,425	Biogen, Inc.#~		719,813

	15,292	Boston Scientific Corp.#		573,144

	29,833	Bristol-Myers Squibb Company~		1,814,145

	7,568	Centene Corp.#		503,877

	3,215	Cigna Corp.#		629,433

	14,220	CVS Health Corp.~		875,241


NUMBER OF SHARES			VALUE

	5,684	Danaher Corp.~	$	929,107

	2,291	Edwards Lifesciences Corp.#~		498,293

	9,108	Eli Lilly and Company~		1,408,461

	12,370	Gilead Sciences, Inc.~		1,039,080

	3,172	HCA Healthcare, Inc.		348,539

	3,745	Humana, Inc.~		1,429,916

	1,746	Illumina, Inc.#		557,026

	1,809	Intuitive Surgical, Inc.#~		924,182

	30,595	Johnson & Johnson~		4,590,474

	4,133	Laboratory Corp. of America Holdings#		679,672

	2,920	McKesson Corp.		412,450

	16,067	Medtronic, PLC		1,568,621

	29,872	Merck & Company, Inc.~		2,370,044

	66,535	Pfizer, Inc.~		2,552,283

	3,623	Quest Diagnostics, Inc.		398,929

	773	Regeneron Pharmaceuticals, Inc.#		406,505

	2,829	Stryker Corp.		527,410

	591	Teleflex, Inc.		198,221

	3,503	Thermo Fisher Scientific, Inc.~		1,172,384

	13,394	UnitedHealth Group, Inc.~		3,917,343

	2,508	Vertex Pharmaceuticals, Inc.#~		630,010

	2,814	Zimmer Biomet Holdings, Inc.		336,836

	3,829	Zoetis, Inc.		495,128

				41,422,013

		Industrials (7.1%)

	6,437	3M Company~		977,909

	3,376	Allegion, PLC		339,423

	6,068	Boeing Company~		855,709

	8,451	Carrier Global Corp.#		149,667

	9,592	Caterpillar, Inc.~		1,116,317

	15,858	CSX Corp.~		1,050,275

	3,233	Deere & Company~		468,979

	14,369	Delta Air Lines, Inc.~		372,301

	4,438	Eaton Corp., PLC		370,573

	12,697	Emerson Electric Company~		724,110

	2,417	FedEx Corp.		306,403

	6,894	Fortune Brands Home & Security, Inc.		332,291

	2,808	General Dynamics Corp.		366,781

	95,725	General Electric Company~		650,930

	10,199	Honeywell International, Inc.~		1,447,238

	4,001	Illinois Tool Works, Inc.		650,162

	10,320	Johnson Controls International, PLC		300,415

	3,792	L3Harris Technologies, Inc.		734,510

	2,253	Lockheed Martin Corp.~		876,552

	9,440	Masco Corp.		387,418

	2,565	Norfolk Southern Corp.		438,872

	3,707	Northrop Grumman Corp.~		1,225,794


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

Hedged Equity Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES			VALUE

	4,225	Otis Worldwide Corp.#	$	215,095

	6,603	PACCAR, Inc.		457,126

	8,003	Pentair, PLC		276,824

	15,541	Raytheon Technologies Corp.~		1,007,212

	8,347	Southwest Airlines Company#		260,844

	4,637	Stanley Black & Decker, Inc.		510,997

	9,088	Union Pacific Corp.~		1,452,172

	5,471	United Airlines Holdings, Inc.#		161,832

	7,569	United Parcel Service, Inc. - Class B~		716,482

	3,798	Verisk Analytics, Inc.		580,448

	1,651	Wabtec Corp.		93,149

	7,270	Waste Management, Inc.~		727,145

	5,223	Xylem, Inc.~		375,534

				20,977,489

		Information Technology (23.2%)

	6,902	Accenture, PLC - Class A		1,278,181

	5,434	Adobe, Inc.#~		1,921,680

	27,898	Advanced Micro Devices, Inc.#~		1,461,576

	4,935	Amphenol Corp. - Class A		435,563

	42,638	Apple, Inc.~		12,527,044

	27,055	Applied Materials, Inc.~		1,344,092

	3,201	Autodesk, Inc.#		599,003

	6,429	Automatic Data Processing, Inc.~		943,070

	5,073	Broadcom, Inc.~		1,377,928

	62,363	Cisco Systems, Inc.~		2,642,944

	4,229	Citrix Systems, Inc.		613,247

	7,705	Cognizant Technology Solutions Corp. - Class A		447,044

	7,622	Fiserv, Inc.#~		785,523

	6,367	FLIR Systems, Inc.		276,328

	2,840	Gartner, Inc.#		337,420

	4,220	Global Payments, Inc.		700,604

	15,839	HP, Inc.		245,663

	46,986	Intel Corp.~		2,818,220

	7,750	International Business Machines Corp.~		973,090

	3,245	Intuit, Inc.~		875,534

	2,880	Jack Henry & Associates, Inc.		471,024

	3,221	Lam Research Corp.~		822,257

	10,175	MasterCard, Inc. - Class A~		2,797,820

	20,659	Micron Technology, Inc.#~		989,360

	88,370	Microsoft Corp.~		15,836,788

	8,224	NVIDIA Corp.~		2,403,711

	22,179	Oracle Corp.~		1,174,822

	6,045	Paychex, Inc.		414,203

	11,708	PayPal Holdings, Inc.#~		1,440,084

	13,569	QUALCOMM, Inc.~		1,067,473

	12,469	Salesforce.com, Inc.#~		2,019,355


NUMBER OF SHARES			VALUE

	4,120	TE Connectivity, Ltd.	$	302,655

	7,555	Texas Instruments, Inc.~		876,909

	22,901	Visa, Inc. - Class A~		4,092,867

	4,183	Western Digital Corp.		192,753

	19,383	Western Union Company^		369,634

	8,375	Xilinx, Inc.~		731,975

				68,607,444

		Materials (2.1%)

	3,730	Air Products & Chemicals, Inc.~		841,413

	3,046	Avery Dennison Corp.		336,248

	8,669	Ball Corp.		568,600

	10,627	Corteva, Inc.#		278,321

	10,626	Dow, Inc.#		389,868

	10,623	DuPont de Nemours, Inc.		499,493

	29,960	Freeport-McMoRan, Inc.		264,547

	8,333	Linde, PLC		1,533,189

	9,678	Newmont Mining Corp.		575,647

	4,724	PPG Industries, Inc.		429,081

	964	Sherwin-Williams Company		517,061

				6,233,468

		Real Estate (2.5%)

	3,249	Alexandria Real Estate Equities, Inc.		510,385

	4,082	American Tower Corp.		971,516

	7,322	Apartment Investment & Management Company - Class A		275,820

	2,986	AvalonBay Communities, Inc.		486,569

	4,052	Crown Castle International Corp.		646,010

	3,230	Digital Realty Trust, Inc.		482,853

	748	Equinix, Inc.		505,050

	2,891	Federal Realty Investment Trust		240,734

	3,888	Mid-America Apartment Communities, Inc.		435,145

	5,598	Prologis, Inc.		499,509

	2,139	Public Storage		396,677

	7,434	Realty Income Corp.		408,275

	6,058	Regency Centers Corp.		266,007

	4,488	Simon Property Group, Inc.		299,664

	9,407	UDR, Inc.		352,480

	7,611	Welltower, Inc.		389,911

	14,165	Weyerhaeuser Company		309,789

				7,476,394

		Utilities (2.9%)

	23,183	AES Corp.		307,175

	9,077	American Electric Power Company, Inc.~		754,389

	8,444	CMS Energy Corp.		482,068

	7,070	Consolidated Edison, Inc.		557,116


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

Hedged Equity Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES			VALUE

	8,361	Dominion Energy, Inc.	$	644,884

	11,562	Duke Energy Corp.~		978,839

	5,116	Edison International		300,360

	5,176	Entergy Corp.		494,360

	7,130	Exelon Corp.		264,380

	11,708	FirstEnergy Corp.		483,189

	4,649	NextEra Energy, Inc.~		1,074,477

	14,306	NiSource, Inc.		359,224

	8,990	Public Service Enterprise Group, Inc.		455,883

	12,835	Southern Company		728,130

	10,304	Xcel Energy, Inc.		654,922

				8,539,396


		TOTAL COMMON STOCKS (Cost $261,803,449)		270,989,708



	EXCHANGE-TRADED FUND (7.9%)
		Other (7.9%)

	80,077	SPDR S&P 500 ETF Trust^ (Cost $20,957,344)		23,260,767


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

	PURCHASED OPTIONS (1.3%) #
		Consumer Discretionary (0.1%)

	30 140,310	Royal Caribbean Cruises, Ltd. Put, 06/19/20, Strike $110.00		189,750

	28 239,484	Wynn Resorts, Ltd. Put, 06/19/20, Strike $140.00		152,180

				341,930

		Health Care (0.0%)

	72 1,176,912	Danaher Corp. Call, 06/19/20, Strike $180.00		12,780

		Information Technology (0.0%)

	23 675,740	Apple, Inc. Call, 07/17/20, Strike $325.00		9,603

	65 1,164,865	Microsoft Corp. Call, 06/19/20, Strike $230.00		1,398

	17 496,876	NVIDIA Corp. Put, 06/19/20, Strike $230.00		7,607

				18,608

		Other (1.2%)

		S&P 500 Index

	350 101,935,050	Put, 05/29/20, Strike $2,600.00		994,000

	300 87,372,900	Call, 05/29/20, Strike $3,250.00		57,750


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

	300 87,372,900	Call, 06/30/20, Strike $3,300.00	$	192,000

	300 87,372,900	Put, 06/30/20, Strike $2,400.00		1,020,000

	250 72,810,750	Put, 07/31/20, Strike $2,100.00		583,750

	150 43,686,450	Call, 12/31/20, Strike $3,800.00		68,250

	125 36,405,375	Put, 05/29/20, Strike $2,300.00		96,875

	100 29,124,300	Call, 05/29/20, Strike $3,100.00		125,500

	75 21,843,225	Put, 05/29/20, Strike $2,000.00		18,000

	50 14,562,150	Put, 05/29/20, Strike $2,700.00		213,500

	50 14,562,150	Put, 05/29/20, Strike $2,100.00		17,750
	50 14,562,150	Call, 12/31/20, Strike $3,700.00		41,250

				3,428,625


		TOTAL PURCHASED OPTIONS (Cost $5,938,632)		3,801,943


NUMBER OF SHARES			VALUE

	SHORT TERM INVESTMENTS (3.8%)
	5,560,595	Fidelity Prime Money Market Fund - Institutional Class, 0.490%***		5,565,600

	5,561,095	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.150%***		5,561,095


		TOTAL SHORT TERM INVESTMENTS (Cost $11,125,302)		11,126,695


NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE

	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (3.4%)
	9,893,179	State Street Navigator Securities Lending Government Money Market Portfolio† (Cost $9,893,179)		9,893,179


	TOTAL INVESTMENTS (108.2%) (Cost $309,826,649)			319,216,262


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.4%)			(9,893,179	)


	LIABILITIES, LESS OTHER ASSETS (-4.8%)			(14,180,767	)


	NET ASSETS (100.0%)		$	295,142,316


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

Hedged Equity Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

	WRITTEN OPTIONS (-5.6%)#
		Communication Services (0.0%)
	7 293,895	Netflix, Inc. Call, 06/19/20, Strike $400.00	$	(26,023	)

		Consumer Discretionary (-0.2%)
	60 280,620	Royal Caribbean Cruises, Ltd. Put, 06/19/20, Strike $100.00		(322,800	)

	56 478,968	Wynn Resorts, Ltd. Put, 06/19/20, Strike $125.00		(223,720	)

				(546,520	)

		Health Care (0.0%)

	3 89,049	Biogen, Inc. Call, 07/17/20, Strike $340.00		(2,130	)

		Danaher Corp.

	72 1,176,912	Call, 06/19/20, Strike $185.00		(6,516	)

	24 392,304	Put, 06/19/20, Strike $135.00		(2,736	)

	24 392,304	Put, 06/19/20, Strike $130.00		(2,388	)

	30 252,000	Gilead Sciences, Inc. Put, 05/08/20, Strike $75.00		(2,295	)

				(16,065	)

		Information Technology (0.0%)

	23 675,740	Apple, Inc. Call, 07/17/20, Strike $350.00		(3,565	)

		Microsoft Corp.

	130 2,329,730	Call, 06/19/20, Strike $250.00		(1,430	)

	13 232,973	Put, 06/19/20, Strike $140.00		(1,007	)

	34 993,752	NVIDIA Corp. Put, 06/19/20, Strike $210.00		(8,041	)

				(14,043	)

		Other (-5.4%)

		S&P 500 Index

	300 87,372,900	Put, 06/30/20, Strike $2,100.00		(366,000	)

	250 72,810,750	Call, 07/31/20, Strike $2,900.00		(4,201,250	)

	200 58,248,600	Call, 05/29/20, Strike $2,800.00		(3,261,000	)

	150 43,686,450	Call, 05/29/20, Strike $2,650.00		(4,272,000	)

	70 20,387,010	Call, 09/30/20, Strike $2,900.00		(1,473,500	)

	50 14,562,150	Call, 05/29/20, Strike $2,900.00		(467,250	)

	50 14,562,150	Call, 06/30/20, Strike $2,600.00		(1,794,500	)
	25 7,281,075	Call, 05/29/20, Strike $3,000.00		(101,500	)

				(15,937,000	)


		TOTAL WRITTEN OPTIONS (Premium $10,018,878)	$	(16,539,651	)

NOTES TO SCHEDULE OF INVESTMENTS

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

#	Non-income producing security.

~	Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $74,616,640.

***	The rate disclosed is the 7 day net yield as of April 30, 2020.

†	Represents investment of cash collateral received from securities on loan as of April 30, 2020.

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.


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

Phineus Long/Short Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES				VALUE

	COMMON STOCKS (98.7%)
			Communication Services (12.5%)

	19,500		Alphabet, Inc. - Class A#~	$	26,260,650

	132,500		Facebook, Inc. - Class A#~		27,124,075

	105,500		Walt Disney Company~		11,409,825

					64,794,550

			Consumer Discretionary (4.9%)

	339,500		Las Vegas Sands Corp.~		16,302,790

	196,700		Royal Caribbean Cruises, Ltd.^		9,199,659

					25,502,449

			Energy (7.6%)

	769,000		Marathon Petroleum Corp.~		24,669,520

	450,000		Royal Dutch Shell, PLC - Class A~^		14,908,500

					39,578,020

			Financials (25.9%)

	660,000		Bank of America Corp.~		15,873,000

	87,500		Cboe Global Markets, Inc.~		8,695,750

	86,500		Chubb, Ltd.		9,342,865

	88,300		Goldman Sachs Group, Inc.~		16,195,986

	159,500		JPMorgan Chase & Company~		15,273,720

	6,686,000	GBP	Legal & General Group, PLC		17,189,701

	600,000		Morgan Stanley~		23,658,000

	13,383,500	GBP	Royal Bank of Scotland Group, PLC		18,671,473

	852,500		UBS Group, AG#~^		9,172,900

					134,073,395

			Health Care (8.6%)

	103,200		Alcon, Inc.#^		5,449,992

	155,000		Alexion Pharmaceuticals, Inc.#		16,657,850

	375,000		Boston Scientific Corp.#		14,055,000

	88,500		Medtronic, PLC		8,640,255

					44,803,097

			Industrials (21.8%)

	780,500		Air Lease Corp.~		20,410,075

	75,000		Boeing Company~		10,576,500

	260,000		Delta Air Lines, Inc.~		6,736,600

	38,200		Honeywell International, Inc.~		5,420,580

	122,000		L3Harris Technologies, Inc.~		23,631,400

	503,500		Lyft, Inc. - Class A#~		16,529,905

	375,902		Raytheon Technologies Corp.~		24,362,209

	72,000		Republic Services, Inc.		5,640,480

					113,307,749

			Information Technology (8.0%)

	144,000		Fidelity National Information Services, Inc.~		18,992,160

	221,000		First Solar, Inc.#~^		9,726,210


NUMBER OF SHARES			VALUE

	79,000	Salesforce.com, Inc.#~	$	12,794,050

				41,512,420

		Materials (5.8%)

	49,500	Air Products & Chemicals, Inc.~		11,166,210

	103,500	Linde, PLC~		19,042,965

				30,209,175

		Real Estate (3.6%)

	740,000	MGM Growth Properties, LLC		18,625,800


		TOTAL COMMON STOCKS (Cost $559,786,634)		512,406,655



	INVESTMENT IN AFFILIATED FUND (2.2%)
		Other (2.2%)

	1,118,000	Calamos Short-Term Bond Fund - Class I (Cost $11,147,154)		11,224,716

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

	PURCHASED OPTIONS (1.7%)#
		Communication Services (0.0%)

	125 16,833,750	Alphabet, Inc. Put, 05/01/20, Strike $1,200.00		937

	520 10,644,920	Facebook, Inc. Put, 05/01/20, Strike $180.00		1,820

				2,757

		Consumer Discretionary (0.9%)

	12,000 20,196,000	MGM Resorts International Call, 05/15/20, Strike $13.00		4,920,000

		Financials (0.3%)

	3,000 12,891,000	Discover Financial Services Call, 05/15/20, Strike $40.00		1,305,000

		Industrials (0.4%)

		Delta Air Lines, Inc.

	4,100 10,623,100	Call, 05/01/20, Strike $30.00		14,350

	4,000 10,364,000	Call, 06/19/20, Strike $25.00		1,360,000

	5,485 18,007,255	Lyft, Inc. Put, 05/15/20, Strike $28.00		493,650

				1,868,000

		Information Technology (0.0%)

	870 15,591,270	Microsoft Corp. Put, 05/01/20, Strike $160.00		435


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

Phineus Long/Short Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE

			Other (0.1%)

	24,000 54,696,000		Financial Select Sector SPDR Fund Call, 05/01/20, Strike $23.50	$	132,000

	2,350 68,262,800		SPDR S&P 500 ETF Trust May20 Call, 05/15/20, Strike $300.00		521,700

					653,700


			TOTAL PURCHASED OPTIONS (Cost $7,623,076)		8,749,892


NUMBER OF SHARES				VALUE

	SHORT TERM INVESTMENTS (0.0%)

	621		Fidelity Prime Money Market Fund - Institutional Class, 0.490%***		622

	220		Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.150%***		220


			TOTAL SHORT TERM INVESTMENTS (Cost $842)		842


NUMBER OF SHARES/ PRINCIPAL AMOUNT				VALUE

	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (2.7%)
	13,880,868		State Street Navigator Securities Lending Government Money Market Portfolio† (Cost $13,880,868)		13,880,868


	TOTAL INVESTMENTS (105.3%) (Cost $592,438,574)				546,262,973


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-2.7%)				(13,880,868	)


	LIABILITIES, LESS OTHER ASSETS (-2.6%)				(13,519,969	)


	NET ASSETS (100.0%)				518,862,136


NUMBER OF SHARES				VALUE

	COMMON STOCKS SOLD SHORT (-9.0%)#
			Communication Services (-1.0%)

	(12,300	)	Netflix, Inc.		(5,164,155	)

			Consumer Staples (-5.5%)

	(50,200	)	Clorox Company		(9,359,288	)

	(23,200	)	Costco Wholesale Corp.		(7,029,600	)

	(98,300	)	Walmart, Inc.		(11,948,365	)

					(28,337,253	)


NUMBER OF SHARES				VALUE

			Information Technology (-2.5%)

	(45,000	)	Apple, Inc.	$	(13,221,000	)


			TOTAL COMMON STOCKS SOLD SHORT (Proceeds $40,114,470)		(46,722,408	)


	EXCHANGE-TRADED FUND SOLD SHORT (-61.6%)#
			Other (-61.6%)

	(1,101,000	)	SPDR S&P 500 ETF Trust (Proceeds $332,382,774)		(319,818,480	)


			TOTAL SECURITIES SOLD SHORT (Proceeds $372,497,244)		(366,540,888	)


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE

	WRITTEN OPTIONS (-2.1%)#
			Communication Services (-0.1%)

	250 33,667,500		Alphabet, Inc. Put, 06/19/20, Strike $1,000.00		(49,375	)

	130 2,661,230		Facebook, Inc. Call, 05/01/20, Strike $192.50		(149,825	)

					(199,200	)

			Health Care (0.0%)

	165 6,300,030		Humana, Inc. Put, 08/21/20, Strike $300.00		(171,600	)

			Industrials (-1.6%)

	3,815 9,884,665		Delta Air Lines, Inc. Put, 06/19/20, Strike $45.00		(7,353,413	)

	5,485 18,007,255		Lyft, Inc. Call, 06/19/20, Strike $37.50		(1,036,665	)

					(8,390,078	)

			Information Technology (0.0%)

	410 4,758,870		Texas Instruments, Inc. Call, 05/15/20, Strike $120.00		(55,760	)

			Other (-0.4%)

			SPDR S&P 500 ETF Trust

	9,400 273,051,200		Put, 06/19/20, Strike $230.00		(1,818,900	)

	8,000 232,384,000		Put, 05/01/20, Strike $260.00		(4,000	)
	1,075 31,226,600		Put, 05/15/20, Strike $276.00		(352,062	)

					(2,174,962	)


			TOTAL WRITTEN OPTIONS (Premium $17,365,831)	$	(10,991,600	)


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

Phineus Long/Short Fund Schedule of Investments April 30, 2020 (Unaudited)

NOTES TO SCHEDULE OF INVESTMENTS

#	Non-income producing security.

~	Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $265,273,484.

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

***	The rate disclosed is the 7 day net yield as of April 30, 2020.

†	Represents investment of cash collateral received from securities on loan as of April 30, 2020.

FOREIGN CURRENCY ABBREVIATION



GBP		British Pound Sterling

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

Convertible Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

	CONVERTIBLE BONDS (77.8%)
		Communication Services (9.9%)
	4,250,000	Bandwidth, Inc.* 0.250%, 03/01/26	$	4,598,755

	8,900,000	GCI Liberty, Inc.* 1.750%, 09/30/46		12,312,349

	7,750,000	IAC FinanceCo 3, Inc.* 2.000%, 01/15/30		8,099,990

		Liberty Media Corp.
	8,380,000	1.375%, 10/15/23^		8,743,692
	7,200,000	2.250%, 09/30/46		3,498,228
	7,079,000	2.750%, 12/01/49*^		6,610,795

	8,000,000	Liberty Media Corp. / Liberty Formula One~ 1.000%, 01/30/23		8,431,080

	4,000,000	Sea, Ltd.* 1.000%, 12/01/24		5,148,440

		Snap, Inc.*
	4,250,000	0.750%, 08/01/26		4,404,658
	3,273,000	0.250%, 05/01/25		3,445,945

	7,600,000	Zynga, Inc.* 0.250%, 06/01/24		8,463,892

				73,757,824

		Consumer Discretionary (17.3%)
	15,419,000	Booking Holdings, Inc.*^ 0.750%, 05/01/25		17,437,964

	6,750,000	Burlington Stores, Inc.* 2.250%, 04/15/25		7,202,891

	1,094,000	Callaway Golf Company* 2.750%, 05/01/26		1,137,158

	10,149,000	Carnival Corp.* 5.750%, 04/01/23		17,190,072

	7,093,000	Chegg, Inc.^ 0.125%, 03/15/25		7,492,442

	7,000,000	Dick’s Sporting Goods, Inc.* 3.250%, 04/15/25		7,474,705

	8,000,000	DISH Network Corp. 3.375%, 08/15/26		6,565,320

	9,750,000	Etsy, Inc.*^ 0.125%, 10/01/26		9,899,662

	1,435,000	Guess, Inc.* 2.000%, 04/15/24		898,791

		RH

	3,750,000	0.000%, 09/15/24*		3,427,781

	3,250,000	0.000%, 06/15/23		3,182,173

		Tesla, Inc.
	10,500,000	1.250%, 03/01/21~		23,188,830
	4,500,000	2.000%, 05/15/24^		11,604,465

	8,250,000	Wayfair, Inc.* 1.000%, 08/15/26		8,404,853

	4,000,000	Winnebago Industries, Inc.* 1.500%, 04/01/25		3,845,100

				128,952,207


PRINCIPAL AMOUNT			VALUE

		Energy (0.8%)

	2,200,000	Helix Energy Solutions Group, Inc. 4.125%, 09/15/23	$	1,644,214

	4,000,000	Integra LifeSciences Holdings Corp.* 0.500%, 08/15/25		3,768,880

	4,000,000	Transocean, Inc. 0.500%, 01/30/23		791,800

				6,204,894

		Financials (0.9%)
	6,300,000	JPMorgan Chase Bank, N.A. 0.000%, 12/30/20		6,613,772

		Health Care (13.6%)

	9,500,000	BioMarin Pharmaceutical, Inc.^ 1.500%, 10/15/20		10,323,080

	3,000,000	CONMED Corp. 2.625%, 02/01/24		3,221,385

	3,750,000	DexCom, Inc. 0.750%, 12/01/23		7,856,981

	6,750,000	Exact Sciences Corp.^ 0.375%, 03/15/27		6,597,450

	2,400,000	Flexion Therapeutics, Inc. 3.375%, 05/01/24		1,787,184

	4,750,000	Illumina, Inc.^ 0.500%, 06/15/21		6,371,294

	1,500,000	Insmed, Inc. 1.750%, 01/15/25		1,420,155

	14,750,000	Insulet Corp.*^ 0.375%, 09/01/26		16,559,530

	5,250,000	Invitae Corp.* 2.000%, 09/01/24		4,746,026

	2,750,000	Ionis Pharmaceuticals, Inc.* 0.125%, 12/15/24		2,645,912

	4,080,000	NanoString Technologies, Inc.* 2.625%, 03/01/25		3,964,026

	2,802,000	Natera, Inc.* 2.250%, 05/01/27		3,310,899

	2,740,000	Neurocrine Biosciences, Inc. 2.250%, 05/15/24		3,856,523

	1,951,000	Nevro Corp. 2.750%, 04/01/25		2,626,251

	4,250,000	NuVasive, Inc.* 0.375%, 03/15/25		3,930,889

	6,805,000	Repligen Corp. 0.375%, 07/15/24		8,068,144

	2,000,000	Sarepta Therapeutics, Inc. 1.500%, 11/15/24		3,528,960

	3,700,000	Tabula Rasa HealthCare, Inc.* 1.750%, 02/15/26		4,106,574

	2,120,000	Teladoc Health, Inc. 1.375%, 05/15/25		6,512,545

				101,433,808


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

Convertible Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

		Industrials (3.8%)
	7,000,000	Air Transport Services Group, Inc. 1.125%, 10/15/24	$	6,275,955

	3,250,000	Chart Industries, Inc.* 1.000%, 11/15/24		2,946,499

	2,501,000	FTI Consulting, Inc. 2.000%, 08/15/23		3,477,353

	14,630,000	Southwest Airlines Company 1.250%, 05/01/25		16,085,685

				28,785,492

		Information Technology (30.6%)
	3,750,000	8x8, Inc. 0.500%, 02/01/24		3,503,963

	1,415,000	Advanced Micro Devices, Inc. 2.125%, 09/01/26		9,256,626

	9,500,000	Akamai Technologies, Inc.^ 0.125%, 05/01/25		11,267,522

		Alteryx, Inc.*
	4,445,000	0.500%, 08/01/24		4,248,198
	4,000,000	1.000%, 08/01/26		3,809,320

	10,250,000	Coupa Software, Inc.* 0.125%, 06/15/25		13,093,350

	4,250,000	DocuSign, Inc. 0.500%, 09/15/23		6,653,991

	3,250,000	Envestnet, Inc.^ 1.750%, 06/01/23		3,607,305

	6,750,000	Everbridge, Inc.* 0.125%, 12/15/24		7,978,905

	6,250,000	II-VI, Inc. 0.250%, 09/01/22		6,173,844

	14,500,000	Inphi Corp.*^ 0.750%, 04/15/25		15,339,260

	7,750,000	Lumentum Holdings, Inc.*^~ 0.500%, 12/15/26		8,237,165

	15,250,000	Microchip Technology, Inc.~ 1.625%, 02/15/27		19,225,446

	7,500,000	MongoDB, Inc.* 0.250%, 01/15/26		7,852,800

	8,000,000	Okta, Inc.* 0.125%, 09/01/25		8,467,560

	9,500,000	Palo Alto Networks, Inc.~ 0.750%, 07/01/23		9,732,085

	13,250,000	Proofpoint, Inc.* 0.250%, 08/15/24		13,882,754

	3,500,000	Q2 Holdings, Inc.* 0.750%, 06/01/26		3,752,805

	4,295,000	RingCentral, Inc.* 0.000%, 03/01/25		4,148,562

	2,500,000	Silicon Laboratories, Inc. 1.375%, 03/01/22		3,011,113

	6,250,000	Slack Technologies, Inc.* 0.500%, 04/15/25		6,941,031

	13,870,000	Splunk, Inc.^ 1.125%, 09/15/25		16,328,111


PRINCIPAL AMOUNT			VALUE

	9,500,000	Square, Inc. 0.500%, 05/15/23	$	10,652,207

	3,500,000	Twilio, Inc.^ 0.250%, 06/01/23		5,791,835

	3,250,000	Viavi Solutions, Inc.^ 1.000%, 03/01/24		3,658,622

	3,250,000	Wix.com, Ltd.^ 0.000%, 07/01/23		3,739,710

	9,500,000	Workday, Inc.^ 0.250%, 10/01/22		11,600,545

	4,500,000	Zendesk, Inc. 0.250%, 03/15/23		6,117,457

				228,072,092

		Real Estate (0.9%)

	6,000,000	IH Merger Sub, LLC 3.500%, 01/15/22		6,947,160


		TOTAL CONVERTIBLE BONDS (Cost $530,810,600)		580,767,249


NUMBER OF SHARES			VALUE

	CONVERTIBLE PREFERRED STOCKS (16.0%)
		Consumer Staples (0.4%)
	39,465	Energizer Holdings, Inc.^ 7.500%, 01/15/22		3,364,391

		Financials (4.5%)
	30,400	Assurant, Inc. 6.500%, 03/15/21		3,255,840

	10,300	Bank of America Corp.~‡‡ 7.250%		14,238,720

	11,405	Wells Fargo & Company~‡‡ 7.500%		15,953,770

				33,448,330

		Health Care (1.1%)
	6,755	Danaher Corp. 4.750%, 04/15/22		8,032,506

		Industrials (2.2%)
	11,795	Fortive Corp. 5.000%, 07/01/21		9,787,255

	80,180	Stanley Black & Decker, Inc. 5.250%, 11/15/22		6,375,112

				16,162,367

		Information Technology (2.2%)
	16,605	Broadcom, Inc.^ 8.000%, 09/30/22		16,894,591

		Real Estate (0.7%)

	3,650	Crown Castle International Corp. 6.875%, 08/01/20		5,084,450


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

Convertible Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES			VALUE

		Utilities (4.9%)
	135,685	American Electric Power Company, Inc.^~ 6.125%, 03/15/22	$	6,892,798

	92,540	Dominion Energy, Inc. 7.250%, 06/01/22		9,090,204

	73,315	DTE Energy Company 6.250%, 11/01/22		3,064,567

		NextEra Energy, Inc.
	149,730	4.872%, 09/01/22		7,178,056
	86,590	5.279%, 03/01/23		3,739,822

		Sempra Energy
	33,430	6.750%, 07/15/21		3,386,794
	30,000	6.000%, 01/15/21		3,069,300


				36,421,541


		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $118,500,474)		119,408,176



	COMMON STOCKS (3.4%)
		Health Care (0.9%)
	24,945	Anthem, Inc.		7,002,810

		Information Technology (2.5%)

	26,385	Lam Research Corp.		6,735,563

	76,370	Micron Technology, Inc.#		3,657,359

	17,850	RingCentral, Inc. - Class A^#		4,079,260

	11,735	ServiceNow, Inc.#		4,125,322

				18,597,504


		TOTAL COMMON STOCKS (Cost $24,246,495)		25,600,314


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

	PURCHASED OPTIONS (0.6%)#
		Consumer Discretionary (0.3%)
	375 7,600,125	Alibaba Group Holding, Ltd. Call, 06/19/20, Strike $220.00		160,313

	41 10,143,400	Amazon.com, Inc. Call, 06/19/20, Strike $2,300.00		988,100

	175 13,682,900	Tesla, Inc. Put, 06/19/20, Strike $675.00		696,062

				1,844,475

		Information Technology (0.2%)
	1,455 6,967,995	Micron Technology, Inc. Call, 06/19/20, Strike $57.50		101,850

	395 13,885,830	ServiceNow, Inc. Call, 08/21/20, Strike $340.00		1,668,875

				1,770,725


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

		Other (0.1%)
	1,475 42,845,800	SPDR S&P 500 ETF Trust Put, 05/29/20, Strike $280.00	$	932,938


		TOTAL PURCHASED OPTIONS (Cost $5,679,645)		4,548,138


NUMBER OF SHARES			VALUE

	SHORT TERM INVESTMENTS (3.6%)
	13,343,442	Fidelity Prime Money Market Fund - Institutional Class, 0.490%***		13,355,451

	13,273,790	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.150%***		13,273,790


		TOTAL SHORT TERM INVESTMENTS (Cost $26,624,554)		26,629,241


NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE

	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (9.1%)
	17,957,012	Fidelity Prime Money Market Fund - Institutional Class, 0.490%***†		17,957,012

	49,883,318	State Street Navigator Securities Lending Government Money Market Portfolio†		49,883,318


		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $67,840,330)		67,840,330


	TOTAL INVESTMENTS (110.5%) (Cost $773,702,098)			824,793,448


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-9.1%)			(67,840,330	)


	LIABILITIES, LESS OTHER ASSETS (-1.4%)			(10,730,360	)


	NET ASSETS (100.0%)		$	746,222,758

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 $37,735,706.


106		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Convertible Fund Schedule of Investments April 30, 2020 (Unaudited)

#	Non-income producing security.

‡‡	Perpetual maturity.

***

The rate disclosed is the 7 day net yield as of April 30, 2020.

†	Represents investment of cash collateral received from securities on loan as of April 30, 2020.

FORWARD FOREIGN CURRENCY CONTRACTS


COUNTERPARTY	SHORT CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS

State Street Bank and Trust	Hong Kong Dollar	07/29/20		2,264,000	$	291,735	$	11

State Street Bank and Trust	Hong Kong Dollar	07/29/20		3,140,000		404,614		58

State Street Bank and Trust	Hong Kong Dollar	07/29/20		15,501,000		1,997,429		322

							$	391

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			107

Global Convertible Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT				VALUE

	CONVERTIBLE BONDS (79.5%)
			Communication Services (10.9%)
	1,363,000		Bharti Airtel, Ltd.* 1.500%, 02/17/25	$	1,538,916

	600,000	EUR	Cellnex Telecom, SA 1.500%, 01/16/26		1,010,793

			CyberAgent, Inc.
	50,000,000	JPY	0.000%, 02/17/23		490,179
	50,000,000	JPY	0.000%, 02/19/25		499,902

	941,000		GCI Liberty, Inc.* 1.750%, 09/30/46		1,301,789

	670,000		IAC FinanceCo 3, Inc.* 2.000%, 01/15/30		700,257

	760,000		iQIYI, Inc. 2.000%, 04/01/25		641,098

	710,000		Liberty Media Corp. 1.375%, 10/15/23		740,814

	665,000		Liberty Media Corp. (Sirius XM Holdings, Inc.)*§ 2.125%, 03/31/48		645,595

	660,000		Liberty Media Corp. / Liberty Formula One 1.000%, 01/30/23		695,564

	750,000		Momo, Inc.^ 1.250%, 07/01/25		606,240

	675,000		Sea, Ltd.* 1.000%, 12/01/24		868,799

			Snap, Inc.*
	2,236,000		0.750%, 08/01/26		2,317,368
	476,000		0.250%, 05/01/25		501,152

	2,090,000		Twitter, Inc. 0.250%, 06/15/24		1,969,950

	675,000		Zynga, Inc.* 0.250%, 06/01/24		751,727

					15,280,143

			Consumer Discretionary (13.5%)
	613,000		Baozun, Inc. 1.625%, 05/01/24		527,683

	1,957,000		Booking Holdings, Inc.* 0.750%, 05/01/25		2,213,250

	644,000		Burlington Stores, Inc.* 2.250%, 04/15/25		687,209

	3,042,000		Carnival Corp.* 5.750%, 04/01/23		5,152,448

	5,000,000	HKD	China Yuhua Education Corp, Ltd. 0.900%, 12/27/24		768,178

	600,000		Cie Generale des Etablissements Michelin, SCA 0.000%, 01/10/22		582,429

	600,000	EUR	Delivery Hero, SE 0.250%, 01/23/24		690,083

	650,000		Dick’s Sporting Goods, Inc.* 3.250%, 04/15/25		694,080


PRINCIPAL AMOUNT				VALUE

	1,155,000		DISH Network Corp. 3.375%, 08/15/26	$	947,868

	665,000		Guess, Inc.* 2.000%, 04/15/24		416,513

	1,220,000		NIO, Inc. 4.500%, 02/01/24		642,245

	557,000		Pinduoduo, Inc.* 0.000%, 10/01/24		712,400

	650,000		RH 0.000%, 06/15/23		636,434

	416,000	EUR	SEB, SA 0.000%, 11/17/21		814,381

	270,000		Shanghai Port Group BVI Holding Company, Ltd. 0.000%, 08/09/22		273,969

			Tesla, Inc.

	614,000		2.000%, 05/15/24		1,583,365

	610,000		2.375%, 03/15/22^		1,522,923

					18,865,458

			Consumer Staples (3.0%)
	3,800,000		Carrefour, SA 0.000%, 03/27/24		3,602,267

	729,000		Turning Point Brands, Inc.* 2.500%, 07/15/24		577,299

					4,179,566

			Energy (1.5%)

	390,000		Nabors Industries, Inc. 0.750%, 01/15/24		42,830

	430,000		SM Energy Company 1.500%, 07/01/21		199,703

	2,000,000		TOTAL, SA^ 0.500%, 12/02/22		1,928,320

					2,170,853

			Financials (5.1%)
	2,300,000	EUR	AURELIUS Equity Opportunities SE & Co., KGaA 1.000%, 12/01/20		2,317,708

	2,700,000	EUR	Corestate Capital Holding, SA 1.375%, 11/28/22		2,336,752

	1,200,000		JPMorgan Chase Bank, N.A. 0.000%, 08/07/22		1,361,112

	900,000	EUR	LEG Immobilien, AG 0.875%, 09/01/25		1,129,924

					7,145,496

			Health Care (9.0%)
	1,230,000		BioMarin Pharmaceutical, Inc. 1.500%, 10/15/20		1,336,567

	650,000		Coherus Biosciences, Inc.* 1.500%, 04/15/26		693,868

	651,000		DexCom, Inc. 0.750%, 12/01/23		1,363,972


108		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Global Convertible Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT				VALUE

	600,000	EUR	GN Store Nord, A/S 0.000%, 05/21/24	$	649,883

	252,000		Innoviva, Inc. 2.500%, 08/15/25		272,229

	970,000		Insulet Corp.*^ 0.375%, 09/01/26		1,089,000

	1,100,000		Luckin Coffee, Inc.* 0.750%, 01/15/25		374,000

	525,000		Neurocrine Biosciences, Inc. 2.250%, 05/15/24		738,932

	369,000		Nevro Corp. 2.750%, 04/01/25		496,713

			NuVasive, Inc.
	765,000		2.250%, 03/15/21		888,050
	710,000		0.375%, 03/15/25*		656,690

	595,000		Pacira BioSciences, Inc.^ 2.375%, 04/01/22		605,136

	130,000,000	JPY	Ship Healthcare Holdings, Inc. 0.000%, 12/13/23		1,330,115

	630,000		Tabula Rasa HealthCare, Inc.*^ 1.750%, 02/15/26		699,227

	1,200,000		WuXi AppTec Company, Ltd. 0.000%, 09/17/24		1,449,696

					12,644,078

			Industrials (4.4%)
	60,000,000	JPY	Kandenko Company, Ltd. 0.000%, 03/31/21		558,400

	60,000,000	JPY	Nippon Flour Mills Company, Ltd. 0.000%, 06/20/25		574,759

	2,618,000		Southwest Airlines Company 1.250%, 05/01/25		2,878,491

	400,000	EUR	Symrise, AG 0.238%, 06/20/24		524,884

	1,400,000		Vinci, SA 0.375%, 02/16/22		1,590,106

					6,126,640

			Information Technology (25.0%)
	1,205,000		8x8, Inc. 0.500%, 02/01/24		1,125,940

	1,310,000		Akamai Technologies, Inc. 0.125%, 05/01/25		1,553,732

			Alteryx, Inc.*
	664,000		0.500%, 08/01/24		634,601
	655,000		1.000%, 08/01/26		623,776

	670,000		Coupa Software, Inc.* 0.125%, 06/15/25		855,858

	673,000		CyberArk Software, Ltd.*^ 0.000%, 11/15/24		626,741

	660,000		DocuSign, Inc. 0.500%, 09/15/23		1,033,326

	673,000		Everbridge, Inc.* 0.125%, 12/15/24		795,526


PRINCIPAL AMOUNT				VALUE

			FireEye, Inc.

	330,000		1.625%, 06/01/35	$	307,246

	183,000		1.000%, 06/01/35		182,174

	455,000		II-VI, Inc. 0.250%, 09/01/22		449,456

	653,000		Inphi Corp.* 0.750%, 04/15/25		690,796

	1,346,000		Lumentum Holdings, Inc.* 0.500%, 12/15/26		1,430,610

	1,920,000		Microchip Technology, Inc. 1.625%, 02/15/27		2,420,515

	291,000		Micron Technology, Inc. 2.125%, 02/15/33		1,275,777

	904,000		New Relic, Inc. 0.500%, 05/01/23		820,638

	600,000	EUR	Nexi S.p.A 1.750%, 04/24/27		663,809

	1,325,000		Okta, Inc.* 0.125%, 09/01/25		1,402,440

	380,000		ON Semiconductor Corp. 1.000%, 12/01/20		397,997

	650,000		Palo Alto Networks, Inc. 0.750%, 07/01/23		665,879

	729,000		Pegasystems, Inc.*^ 0.750%, 03/01/25		700,208

	305,000		Pluralsight, Inc. 0.375%, 03/01/24		260,292

	660,000		Proofpoint, Inc.* 0.250%, 08/15/24		691,518

	670,000		Q2 Holdings, Inc.* 0.750%, 06/01/26		718,394

	960,000		Silicon Laboratories, Inc. 1.375%, 03/01/22		1,156,267

	1,200,000		Slack Technologies, Inc.* 0.500%, 04/15/25		1,332,678

	550,000	EUR	SOITEC 0.000%, 06/28/23		650,709

	1,430,000		Splunk, Inc. 1.125%, 09/15/25		1,683,432

	1,545,000		Square, Inc. 0.500%, 05/15/23		1,732,385

	1,000,000		STMicroelectronics, NV 0.000%, 07/03/22		1,310,055

	359,000		Twilio, Inc. 0.250%, 06/01/23		594,077

	650,000		Wix.com, Ltd. 0.000%, 07/01/23		747,942

	1,870,000		Workday, Inc. 0.250%, 10/01/22		2,283,476

	680,000		Workiva, Inc.* 1.125%, 08/15/26		546,676

	1,367,000		Xero Investments, Ltd. 2.375%, 10/04/23		1,787,592


See accompanying Notes to Schedule of Investments		www.calamos.com			109

Global Convertible Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT				VALUE

	610,000		Zendesk, Inc.^ 0.250%, 03/15/23	$	829,255

					34,981,793

			Materials (3.5%)
	4,000,000		BASF, SE 0.925%, 03/09/23		3,842,460

	50,000,000	JPY	Mitsubishi Chemical Holdings Corp. 0.000%, 03/29/24		445,334

	60,000,000	JPY	Teijin, Ltd. 0.000%, 12/10/21		584,736

					4,872,530

			Real Estate (3.6%)
	700,000	EUR	ANLLIAN Capital, Ltd. 0.000%, 02/05/25		689,668

	1,750,000	SGD	CapitaLand, Ltd. 1.950%, 10/17/23		1,180,653

	1,900,000	EUR	Grand City Properties, SA 0.250%, 03/02/22		2,105,705

	525,000		IH Merger Sub, LLC 3.500%, 01/15/22		607,876

	60,000,000	JPY	Relo Group, Inc. 0.000%, 03/22/21		546,701

					5,130,603


			TOTAL CONVERTIBLE BONDS (Cost $109,775,457)		111,397,160


	BANK LOAN (0.1%)¡
			Financials (0.1%)
	1,005,294	EUR	Steenbok Lux Finco 2 Sarl‡ 0.000%, 12/31/21 6 mo. EURIBOR + 10.00% (Cost $501,275)		170,756


	SYNTHETIC CONVERTIBLE SECURITIES (2.1%)¤
			U.S. Government and Agency Security (2.0%)
	2,693,000		United States Treasury Note 1.875%, 05/31/22		2,786,413

			TOTAL U.S. GOVERNMENT AND AGENCY SECURITY		2,786,413

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE

	Purchased Options (0.1%)#
			Consumer Discretionary (0.1%)
	122 2,472,574		Alibaba Group Holding, Ltd. Call, 06/19/20, Strike $210.00		92,720

	9 1,332,513		Booking Holdings, Inc. Call, 06/19/20, Strike $1,880.00		2,182

					94,902


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

		Health Care (0.0%)
	765 1,890,315	Elanco Animal Health, Inc. Call, 07/17/20, Strike $33.00	$	9,563

		TOTAL PURCHASED OPTIONS		104,465


		TOTAL SYNTHETIC CONVERTIBLE SECURITIES (Cost $3,252,676)		2,890,878


NUMBER OF SHARES			VALUE

	CONVERTIBLE PREFERRED STOCKS (10.8%)
		Financials (5.4%)
	6,030	Assurant, Inc. 6.500%, 03/15/21		645,813

	2,487	Bank of America Corp.‡‡ 7.250%		3,438,029

	2,530	Wells Fargo & Company‡‡ 7.500%		3,539,065

				7,622,907

		Health Care (1.1%)

	1,295	Danaher Corp. 4.750%, 04/15/22		1,539,910

		Information Technology (1.5%)

	1,995	Broadcom, Inc. 8.000%, 09/30/22		2,029,793

		Real Estate (0.4%)

	425	Crown Castle International Corp. 6.875%, 08/01/20		592,025

		Utilities (2.4%)

	12,955	American Electric Power Company, Inc. 6.125%, 03/15/22		658,114

	13,250	DTE Energy Company 6.250%, 11/01/22		553,850

	13,215	Essential Utilities, Inc. 6.000%, 04/30/22		754,576

		Sempra Energy
	6,535	6.750%, 07/15/21		662,061
	6,415	6.000%, 01/15/21		656,319


				3,284,920


		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $13,820,089)		15,069,555


110		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Global Convertible Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES				VALUE

	COMMON STOCKS (0.6%)
			Consumer Discretionary (0.2%)
	922	EUR	LVMH Moet Hennessy Louis Vuitton, SE	$	356,438

			Industrials (0.4%)
	8,853	EUR	Airbus, SE#		560,559


			TOTAL COMMON STOCKS (Cost $969,589)		916,997



	SHORT TERM INVESTMENTS (4.9%)
	3,414,040		Fidelity Prime Money Market Fund - Institutional Class, 0.490%***		3,417,113

	3,413,609		Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.150%***		3,413,609


			TOTAL SHORT TERM INVESTMENTS (Cost $6,829,727)		6,830,722


NUMBER OF SHARES/ PRINCIPAL AMOUNT				VALUE

	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (3.1%)
	4,308,065		State Street Navigator Securities Lending Government Money Market Portfolio† (Cost $4,308,065)		4,308,065


			TOTAL INVESTMENTS (101.1%) (Cost $139,456,878)		141,584,133


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.1%)				(4,308,065	)


	OTHER ASSETS, LESS LIABILITIES (2.0%)				2,800,456


	NET ASSETS (100.0%)			$	140,076,524

NOTES TO SCHEDULE OF INVESTMENTS

§	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.

‡	Variable rate security. The rate shown is the rate in effect at April 30, 2020.

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

#	Non-income producing security.

‡‡	Perpetual maturity.

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

***

The rate disclosed is the 7 day net yield as of April 30, 2020.

†	Represents investment of cash collateral received from securities on loan as of April 30, 2020.

FOREIGN CURRENCY ABBREVIATIONS



EUR		European Monetary Unit

HKD		Hong Kong Dollar

JPY		Japanese Yen

SGD		Singapore Dollar

CURRENCY EXPOSURE

APRIL 30, 2020


	Value		% of Total Investments

US Dollar	$	119,933,124		84.7%
European Monetary Unit		14,672,052		10.4%

Japanese Yen		5,030,126		3.6%
Singapore Dollar		1,180,653		0.8%

Hong Kong Dollar		768,178		0.5%
Total Investments	$	141,584,133		100.0%

Currency exposure may vary over time.


See accompanying Notes to Financial Statements		www.calamos.com			111

Timpani Small Cap Growth Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES			VALUE

	COMMON STOCKS (99.2%)
		Communication Services (3.9%)
	12,003	Bandwidth, Inc. - Class A#	$	978,965

	15,209	Cardlytics, Inc.#		683,644

	24,375	EverQuote, Inc. - Class A#		949,894

	34,840	IMAX Corp.#		400,660

				3,013,163

		Consumer Discretionary (12.3%)
	17,597	Chegg, Inc.#		752,272

	6,296	Deckers Outdoor Corp.#		936,593

	18,573	DraftKings, Inc. - Class A#		361,431

	5,582	Five Below, Inc.#		503,273

	7,347	LGI Homes, Inc.#		445,081

	15,374	Lithia Motors, Inc. - Class A		1,699,749

	67,846	Noodles & Company#		424,038

	11,278	Planet Fitness, Inc. - Class A#		680,402

	78,478	Rubicon Project, Inc.#		562,687

	14,301	Texas Roadhouse, Inc.#		673,434

	16,775	TopBuild Corp.#		1,563,262

	23,761	Wendy’s Company		471,894

	20,794	YETI Holdings, Inc.#		574,122

				9,648,238

		Consumer Staples (2.0%)
	2,467	Boston Beer Company, Inc. - Class A#		1,150,880

	12,933	Grocery Outlet Holding Corp.#		430,281

				1,581,161

		Financials (7.4%)
	34,120	Assetmark Financial Holdings, Inc.#		818,539

	18,811	eHealth, Inc.#		2,007,133

	23,427	LPL Financial Holdings, Inc.		1,410,774

	26,302	Palomar Holdings, Inc.#		1,538,667

				5,775,113

		Health Care (27.3%)
	26,915	ACADIA Pharmaceuticals, Inc.#		1,300,264

	5,420	Addus HomeCare Corp.#		439,128

	11,957	Amedisys, Inc.#		2,202,001

	12,833	Apellis Pharmaceuticals, Inc.#		439,787

	21,287	Axonics Modulation Technologies, Inc.#		685,654

	18,878	Castle Biosciences, Inc.#		583,896

	4,128	Emergent Biosolutions, Inc.#		305,266

	5,705	Ensign Group, Inc.		213,424

	40,471	Exagen, Inc.#		631,348

	12,049	Global Blood Therapeutics, Inc.#		921,989

	27,178	Icad, Inc.#		310,373

	27,072	Immunomedics, Inc.#		822,447

	21,221	Inspire Medical Systems, Inc.#		1,520,697

	2,354	Insulet Corp.#		470,141


NUMBER OF SHARES			VALUE
	63,367	Itamar Medical, Ltd.#	$	934,663

	9,636	LHC Group, Inc.#		1,252,584

	9,844	MyoKardia, Inc.#		618,400

	3,208	Penumbra, Inc.#		568,842

	14,067	Pfenex, Inc.#		80,885

	33,310	Phreesia, Inc.#		845,741

	4,479	Repligen Corp.#		520,236

	7,654	Schrodinger, Inc.#		355,146

	12,725	Simulations Plus, Inc.		484,186

	17,224	Staar Surgical Company#		660,024

	14,782	Tactile Systems Technology, Inc.#		763,047

	10,479	Tandem Diabetes Care, Inc.#		836,015

	5,672	Teladoc Health, Inc.#		933,554

	18,932	Vericel Corp.#		274,514

	77,854	Zynex, Inc.#		1,374,902

				21,349,154

		Industrials (15.0%)
	33,091	Advanced Drainage Systems, Inc.		1,341,509

	11,607	Air Transport Services Group, Inc.#		234,926

	10,578	Axon Enterprise, Inc.#		769,126

	19,020	Casella Waste Systems, Inc. - Class A#		882,148

	15,242	Federal Signal Corp.		410,467

	12,242	FTI Consulting, Inc.#		1,559,141

	10,621	Generac Holdings, Inc.#		1,034,910

	27,484	Knight-Swift Transportation Holdings, Inc.		1,021,855

	4,960	Landstar System, Inc.		512,418

	18,286	Mercury Systems, Inc.#		1,630,380

	6,187	Saia, Inc.#		572,421

	50,326	Spartan Motors, Inc.		709,093

	10,610	Trex Company, Inc.#		1,010,284

				11,688,678

		Information Technology (30.7%)
	26,422	ACM Research, Inc. - Class A#		1,055,030

	19,984	Advanced Energy Industries, Inc.#		1,111,110

	50,556	AudioCodes, Ltd.		1,547,519

	26,586	Diodes, Inc.#		1,352,962

	18,401	Dynatrace, Inc.#		549,270

	10,479	Enphase Energy, Inc.#		490,732

	8,169	Everbridge, Inc.#		909,863

	19,611	Fastly, Inc. - Class A#		424,578

	14,470	Five9, Inc.#		1,340,935

	12,833	GDS Holdings, Ltd.#		735,588

	4,610	Globant, SA#		533,239

	7,961	Inphi Corp.#		768,555

	56,041	Lattice Semiconductor Corp.#		1,261,483

	214,213	Limelight Networks, Inc.#		1,086,060

	83,964	Luna Innovations, Inc.#		640,645


112		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Timpani Small Cap Growth Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES			VALUE

	5,311	Nice, Ltd.#	$	872,597

	6,088	Nova Measuring Instruments, Ltd.#		233,231

	6,958	Pegasystems, Inc.		581,828

	17,816	Ping Identity Holding Corp.#		443,975

	9,483	RingCentral, Inc. - Class A#		2,167,150

	20,264	Sapiens International Corp., NV		501,331

	31,733	ShotSpotter, Inc.#		1,090,663

	16,914	Silicon Motion Technology Corp.		743,201

	19,414	SiTime Corp.#		420,507

	4,982	SolarEdge Technologies, Inc.#		555,941

	51,169	Sprout Social, Inc. - Class A#		860,663

	9,811	Varonis Systems, Inc.#		657,828

	21,096	WNS Holdings, Ltd.#		1,030,540

				23,967,024

		Real Estate (0.6%)
	21,352	Redfin Corp.#		451,168


		TOTAL COMMON STOCKS (Cost $61,960,972)		77,473,699



	SHORT TERM INVESTMENTS (0.8%)
	295,733	Fidelity Prime Money Market Fund - Institutional Class, 0.490%***		295,999

	294,951	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.150%***		294,951


		TOTAL SHORT TERM INVESTMENTS (Cost $590,809)		590,950


	TOTAL INVESTMENTS (100.0%) (Cost $62,551,781)			78,064,649


	OTHER ASSETS, LESS LIABILITIES (0.0%)			26,614


	NET ASSETS (100.0%)		$	78,091,263

NOTES TO SCHEDULE OF INVESTMENTS

#	Non-income producing security.

***	The rate disclosed is the 7 day net yield as of April 30, 2020.


See accompanying Notes to Financial Statements		www.calamos.com			113

Timpani SMID Growth Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES			VALUE

	COMMON STOCKS (99.3%)
		Communication Services (4.1%)
	1,730	Bandwidth, Inc. - Class A#	$	141,099

	1,473	Cardlytics, Inc.#		66,211

	1,804	EverQuote, Inc. - Class A#		70,302

	5,436	IMAX Corp.#		62,514

	699	Roku, Inc.#		84,740

	564	Take-Two Interactive Software, Inc.#		68,272

				493,138

		Consumer Discretionary (12.3%)
	2,295	Chegg, Inc.#		98,111

	1,963	Chewy, Inc. - Class A#		84,880

	822	Deckers Outdoor Corp.#		122,281

	160	Domino’s Pizza, Inc.		57,909

	2,638	DraftKings, Inc. - Class A#		51,336

	1,135	Five Below, Inc.#		102,332

	859	LGI Homes, Inc.#		52,038

	2,319	Lithia Motors, Inc. - Class A		256,389

	2,098	Planet Fitness, Inc. - Class A#		126,572

	430	Pool Corp.		91,014

	1,792	Texas Roadhouse, Inc.#		84,385

	2,332	TopBuild Corp.#		217,319

	4,344	Wendy’s Company		86,272

	2,786	YETI Holdings, Inc.#		76,921

				1,507,759

		Consumer Staples (1.6%)
	319	Boston Beer Company, Inc. - Class A#		148,817

	1,463	Grocery Outlet Holding Corp.#		48,674

				197,491

		Financials (7.0%)
	4,590	Assetmark Financial Holdings, Inc.#		110,114

	2,718	eHealth, Inc.#		290,011

	4,455	LPL Financial Holdings, Inc.		268,280

	3,264	Palomar Holdings, Inc.#		190,944

				859,349

		Health Care (25.1%)
	3,448	ACADIA Pharmaceuticals, Inc.#		166,573

	356	Addus HomeCare Corp.#		28,843

	2,025	Alnylam Pharmaceuticals, Inc.#		266,692

	1,681	Amedisys, Inc.#		309,573

	1,092	Apellis Pharmaceuticals, Inc.#		37,423

	2,933	Axonics Modulation Technologies, Inc.#		94,472

	994	DexCom, Inc.#		333,189

	405	Emergent Biosolutions, Inc.#		29,950

	1,338	Encompass Health Corp.		88,642

	871	Ensign Group, Inc.		32,584


NUMBER OF SHARES			VALUE
	1,718	Global Blood Therapeutics, Inc.#	$	131,461

	3,718	Icad, Inc.#		42,460

	3,387	Immunomedics, Inc.#		102,897

	2,663	Inspire Medical Systems, Inc.#		190,831

	724	Insulet Corp.#		144,597

	1,350	LHC Group, Inc.#		175,486

	221	Masimo Corp.#		47,274

	1,129	MyoKardia, Inc.#		70,924

	761	Penumbra, Inc.#		134,941

	762	Pfenex, Inc.#		4,381

	4,209	Phreesia, Inc.#		106,866

	552	Repligen Corp.#		64,115

	957	Schrodinger, Inc.#		44,405

	2,197	Staar Surgical Company#		84,189

	1,595	Tactile Systems Technology, Inc.#		82,334

	1,374	Tandem Diabetes Care, Inc.#		109,618

	344	Teladoc Health, Inc.#		56,619

	5,326	Zynex, Inc.#		94,057

				3,075,396

		Industrials (12.6%)
	4,479	Advanced Drainage Systems, Inc.		181,579

	1,546	Air Transport Services Group, Inc.#		31,291

	1,289	Axon Enterprise, Inc.#		93,723

	1,841	Casella Waste Systems, Inc. - Class A#		85,386

	1,988	Federal Signal Corp.		53,537

	1,927	FTI Consulting, Inc.#		245,423

	1,301	Generac Holdings, Inc.#		126,769

	4,320	Knight-Swift Transportation Holdings, Inc.		160,618

	663	Landstar System, Inc.		68,494

	2,258	Mercury Systems, Inc.#		201,323

	920	Old Dominion Freight Line, Inc.		133,667

	2,160	Spartan Motors, Inc.		30,434

	1,387	Trex Company, Inc.#		132,070

				1,544,314

		Information Technology (36.1%)
	2,908	Advanced Energy Industries, Inc.#		161,685

	1,338	Akamai Technologies, Inc.#		130,736

	626	Alteryx, Inc. - Class A#		70,851

	5,964	AudioCodes, Ltd.		182,558

	2,712	Diodes, Inc.#		138,014

	5,945	Dynatrace, Inc.#		177,458

	1,374	Enphase Energy, Inc.#		64,344

	847	EPAM Systems, Inc.#		187,094

	908	Everbridge, Inc.#		101,133

	515	Fair Isaac Corp.#		181,764

	2,528	Fastly, Inc. - Class A#		54,731

	1,855	Five9, Inc.#		171,903


114		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Timpani SMID Growth Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES			VALUE
	2,405	GDS Holdings, Ltd.#	$	137,855

	2,651	Genpact, Ltd.		91,274

	969	Globant, SA#		112,084

	834	Inphi Corp.#		80,514

	6,259	Lattice Semiconductor Corp.#		140,890

	27,893	Limelight Networks, Inc.#		141,417

	442	Lumentum Holdings, Inc.#		35,762

	994	Monolithic Power Systems, Inc.		198,710

	2,025	Nice, Ltd.#		332,707

	945	Nova Measuring Instruments, Ltd.#		36,203

	1,706	Pegasystems, Inc.		142,656

	2,172	Ping Identity Holding Corp.#		54,126

	1,988	RingCentral, Inc. - Class A#		454,318

	1,951	Sapiens International Corp., NV		48,268

	1,767	ShotSpotter, Inc.#		60,732

	2,221	Silicon Motion Technology Corp.		97,591

	1,154	SolarEdge Technologies, Inc.#		128,775

	6,418	Sprout Social, Inc. - Class A#		107,951

	1,264	Teradyne, Inc.		79,051

	356	Trade Desk, Inc. - Class A#		104,158

	1,338	Varonis Systems, Inc.#		89,713

	2,626	WNS Holdings, Ltd.#		128,280

				4,425,306

		Real Estate (0.5%)
	2,687	Redfin Corp.#		56,776


		TOTAL COMMON STOCKS (Cost $11,161,564)		12,159,529



	SHORT TERM INVESTMENTS (1.7%)
	106,436	Fidelity Prime Money Market Fund - Institutional Class, 0.490%***		106,532

	106,331	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.150%***		106,331


		TOTAL SHORT TERM INVESTMENTS (Cost $212,851)		212,863


	TOTAL INVESTMENTS (101.0%) (Cost $11,374,415)			12,372,392


	LIABILITIES, LESS OTHER ASSETS (-1.0%)			(121,454	)


	NET ASSETS (100.0%)		$	12,250,938

NOTES TO SCHEDULE OF INVESTMENTS

#	Non-income producing security.

***	The rate disclosed is the 7 day net yield as of April 30, 2020.


See accompanying Notes to Financial Statements		www.calamos.com			115

Growth Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES			VALUE

	COMMON STOCKS (98.9%)
		Communication Services (12.9%)
	14,800	Activision Blizzard, Inc.	$	943,204

	45,166	Alphabet, Inc. - Class A#~		60,825,052

	7,518	Bandwidth, Inc. - Class A#		613,168

	6,404	Cardlytics, Inc.#^		287,860

	7,845	EverQuote, Inc. - Class A#		305,720

	289,939	Facebook, Inc. - Class A#~		59,353,413

	23,596	IMAX Corp.#		271,354

	220,728	Live Nation Entertainment, Inc.#		9,904,065

	2,250	Netflix, Inc.#		944,663

	6,992	Roku, Inc.#^		847,640

	2,442	Take-Two Interactive Software, Inc.#		295,604

	18,750	Tencent Holdings, Ltd.		986,625

	77,972	Verizon Communications, Inc.		4,479,491

	218,651	Walt Disney Company		23,647,106

				163,704,965

		Consumer Discretionary (17.0%)
	4,750	Alibaba Group Holding, Ltd.#		962,682

	40,865	Amazon.com, Inc.#~		101,100,010

	8,520	Aptiv, PLC		592,566

	9,979	Chegg, Inc.#		426,602

	8,539	Chewy, Inc. - Class A#^		369,226

	12,180	Chipotle Mexican Grill, Inc.#		10,700,739

	3,576	Deckers Outdoor Corp.#		531,966

	689	Domino’s Pizza, Inc.		249,370

	11,449	DraftKings, Inc. - Class A#^		222,798

	4,931	Five Below, Inc.#		444,579

	3,736	LGI Homes, Inc.#		226,327

	10,071	Lithia Motors, Inc. - Class A		1,113,450

	57,127	Lululemon Athletica, Inc.#~		12,766,742

	71,445	McDonald’s Corp.~		13,400,224

	1,271,412	MGM Resorts International~		21,397,864

	228,160	Nike, Inc. - Class B~		19,890,989

	9,126	Planet Fitness, Inc. - Class A#		550,572

	1,868	Pool Corp.		395,381

	320,051	Royal Caribbean Cruises, Ltd.^		14,968,785

	18,108	Tesla, Inc.#		14,158,283

	7,791	Texas Roadhouse, Inc.		366,878

	10,140	TopBuild Corp.#		944,947

	18,863	Wendy’s Company		374,619

	12,114	YETI Holdings, Inc.#^		334,467

				216,490,066

		Consumer Staples (4.4%)
	1,390	Boston Beer Company, Inc. - Class A#		648,449

	234,541	Coca-Cola Company		10,763,086

	110,929	Constellation Brands, Inc. - Class A		18,268,897


NUMBER OF SHARES			VALUE

	28,244	Estee Lauder Companies, Inc. - Class A	$	4,982,242

	6,358	Grocery Outlet Holding Corp.#		211,531

	57,838	Procter & Gamble Company		6,817,365

	112,081	Walmart, Inc.		13,623,445

				55,315,015

		Energy (0.5%)
	132,130	Hess Corp.		6,426,803

		Financials (4.9%)
	19,959	Assetmark Financial Holdings, Inc.#		478,816

	112,067	Cboe Global Markets, Inc.~		11,137,218

	251,300	Charles Schwab Corp.		9,479,036

	11,810	eHealth, Inc.#		1,260,127

	43,787	Goldman Sachs Group, Inc.		8,031,412

	124,882	JPMorgan Chase & Company		11,958,700

	19,358	LPL Financial Holdings, Inc.		1,165,739

	79,338	Marsh & McLennan Companies, Inc.		7,721,968

	14,195	Palomar Holdings, Inc.#		830,408

	1,205,973	SLM Corp.^		10,057,815

				62,121,239

		Health Care (10.3%)
	14,972	ACADIA Pharmaceuticals, Inc.#^		723,297

	1,548	Addus HomeCare Corp.#		125,419

	8,805	Alnylam Pharmaceuticals, Inc.#^		1,159,619

	7,311	Amedisys, Inc.#		1,346,394

	4,750	Apellis Pharmaceuticals, Inc.#		162,783

	12,754	Axonics Modulation Technologies, Inc.#^		410,806

	107,204	Baxter International, Inc.		9,517,571

	90,109	BioMarin Pharmaceutical, Inc.#		8,291,830

	530,839	Boston Scientific Corp.#		19,895,846

	146,571	Bristol-Myers Squibb Company		8,912,983

	4,323	DexCom, Inc.#		1,449,070

	93,059	Eli Lilly and Company		14,390,644

	1,755	Emergent Biosolutions, Inc.#		129,782

	5,817	Encompass Health Corp.		385,376

	3,789	Ensign Group, Inc.		141,746

	7,456	Global Blood Therapeutics, Inc.#^		570,533

	16,163	Icad, Inc.#		184,581

	14,702	Immunomedics, Inc.#		446,647

	11,580	Inspire Medical Systems, Inc.#		829,823

	3,149	Insulet Corp.#		628,918

	990	Intuitive Surgical, Inc.#		505,771

	5,870	LHC Group, Inc.#		763,041

	986	Masimo Corp.#		210,915

	4,910	MyoKardia, Inc.#^		308,446

	3,309	Penumbra, Inc.#^		586,752


116		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Growth Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES			VALUE

	18,304	Phreesia, Inc.#	$	464,739

	2,409	Repligen Corp.#		279,805

	4,172	Schrodinger, Inc.#		193,581

	9,552	Staar Surgical Company#		366,033

	6,938	Tactile Systems Technology, Inc.#^		358,140

	5,977	Tandem Diabetes Care, Inc.#		476,845

	7,394	Teladoc Health, Inc.#		1,216,978

	56,891	UnitedHealth Group, Inc.~		16,638,911

	104,651	Vertex Pharmaceuticals, Inc.#		26,288,331

	98,759	Zoetis, Inc.		12,770,526

	23,156	Zynex, Inc.#^		408,935

				131,541,417

		Industrials (11.5%)
	19,479	Advanced Drainage Systems, Inc.		789,679

	757,000	Air Lease Corp.		19,795,550

	6,724	Air Transport Services Group, Inc.#		136,094

	5,603	Axon Enterprise, Inc.#		407,394

	175,435	Boeing Company		24,739,844

	8,005	Casella Waste Systems, Inc. - Class A#		371,272

	163,167	CSX Corp.		10,806,550

	8,645	Federal Signal Corp.		232,810

	8,370	FTI Consulting, Inc.#		1,066,003

	5,657	Generac Holdings, Inc.#		551,218

	18,785	Knight-Swift Transportation Holdings, Inc.		698,426

	140,386	L3Harris Technologies, Inc.		27,192,768

	2,882	Landstar System, Inc.		297,739

	666,584	Lyft, Inc. - Class A#^		21,883,953

	452,880	Masco Corp.		18,586,195

	9,819	Mercury Systems, Inc.#		875,462

	16,020	Northrop Grumman Corp.		5,297,333

	3,988	Old Dominion Freight Line, Inc.		579,417

	9,392	Spartan Motors, Inc.		132,333

	6,030	Trex Company, Inc.#		574,177

	18,300	Uber Technologies, Inc.#		553,941

	102,085	Waste Management, Inc.		10,210,542

				145,778,700

		Information Technology (34.7%)
	12,620	Advanced Energy Industries, Inc.#		701,672

	17,400	Advanced Micro Devices, Inc.#		911,586

	5,817	Akamai Technologies, Inc.#		568,379

	2,722	Alteryx, Inc. - Class A#^		308,076

	56,623	Apple, Inc.		16,635,837

	234,000	Applied Materials, Inc.		11,625,120

	3,440	ASML Holding, NV		992,199

	25,905	AudioCodes, Ltd.^		792,952


NUMBER OF SHARES			VALUE

	47,000	Broadcom, Inc.	$	12,766,140

	4,800	CDW Corp.		531,840

	52,499	Coupa Software, Inc.#		9,244,549

	11,794	Diodes, Inc.#		600,197

	25,834	Dynatrace, Inc.#		771,145

	5,977	Enphase Energy, Inc.#		279,903

	3,653	EPAM Systems, Inc.#		806,911

	3,949	Everbridge, Inc.#^		439,840

	2,225	Fair Isaac Corp.#		785,292

	10,993	Fastly, Inc. - Class A#		237,998

	181,143	Fidelity National Information Services, Inc.		23,890,950

	8,060	Five9, Inc.#^		746,920

	10,460	GDS Holdings, Ltd.#		599,567

	11,527	Genpact, Ltd.		396,875

	99,289	Global Payments, Inc.		16,483,960

	4,216	Globant, SA#^		487,665

	3,629	Inphi Corp.#		350,344

	27,196	Lattice Semiconductor Corp.#		612,182

	121,301	Limelight Networks, Inc.#		614,996

	1,921	Lumentum Holdings, Inc.#		155,428

	507,500	Marvell Technology Group, Ltd.		13,570,550

	286,414	Micron Technology, Inc.#		13,716,366

	649,095	Microsoft Corp.~		116,324,315

	3,200	MongoDB, Inc.#^		518,816

	4,323	Monolithic Power Systems, Inc.		864,211

	8,805	Nice, Ltd.#^		1,446,662

	4,109	Nova Measuring Instruments, Ltd.#		157,416

	125,714	NVIDIA Corp.		36,743,688

	2,260	Paycom Software, Inc.#		589,905

	111,000	PayPal Holdings, Inc.#		13,653,000

	7,409	Pegasystems, Inc.		619,541

	9,446	Ping Identity Holding Corp.#^		235,394

	10,745	RingCentral, Inc. - Class A#		2,455,555

	194,942	Salesforce.com, Inc.#~		31,570,857

	8,473	Sapiens International Corp., NV		209,622

	3,370	ServiceNow, Inc.#		1,184,690

	7,692	ShotSpotter, Inc.#^		264,374

	9,625	Silicon Motion Technology Corp.		422,923

	166,921	Slack Technologies, Inc. - Class A#^		4,455,121

	5,016	SolarEdge Technologies, Inc.#		559,735

	3,740	Splunk, Inc.#		524,946

	27,887	Sprout Social, Inc. - Class A#^		469,059

	8,550	Square, Inc. - Class A#		556,947

	5,497	Teradyne, Inc.		343,782

	3,748	Trade Desk, Inc. - Class A#^		1,096,590

	281,538	Twilio, Inc. - Class A#^		31,616,717

	5,817	Varonis Systems, Inc.#		390,030


See accompanying Notes to Schedule of Investments		www.calamos.com			117

Growth Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES			VALUE

	210,537	Visa, Inc. - Class A~	$	37,627,173

	11,400	WNS Holdings, Ltd.#		556,890

	79,500	Workday, Inc. - Class A#		12,235,050

	165,489	Zendesk, Inc.#		12,722,794

	6,900	Zscaler, Inc.#^		462,852

				441,504,094

		Materials (1.5%)
	101,619	Linde, PLC		18,696,880

		Real Estate (1.2%)
	47,181	Crown Castle International Corp.		7,522,067

	11,326	Equinix, Inc.		7,647,315

	11,700	Redfin Corp.#^		247,221

				15,416,603


		TOTAL COMMON STOCKS (Cost $1,052,991,335)		1,256,995,782



	INVESTMENT IN AFFILIATED FUND (0.4%)
		Other (0.4%)
	555,115	Calamos Short-Term Bond Fund - Class I (Cost $5,540,119)		5,573,357



	SHORT TERM INVESTMENTS (1.4%)
	9,027,895	Fidelity Prime Money Market Fund - Institutional Class, 0.490%***		9,036,020

	9,029,034	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.150%***		9,029,034


		TOTAL SHORT TERM INVESTMENTS (Cost $18,063,433)		18,065,054


NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE

	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.6%)
	3,636,257	Fidelity Prime Money Market Fund - Institutional Class, 0.490%***†		3,636,257
	16,080,085	State Street Navigator Securities Lending Government Money Market Portfolio†		16,080,085


		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $19,716,342)		19,716,342


	TOTAL INVESTMENTS (102.3%) (Cost $1,096,311,229)			1,300,350,535


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.6%)			(19,716,342	)


	LIABILITIES, LESS OTHER ASSETS (-0.7%)			(9,436,757	)


	NET ASSETS (100.0%)		$	1,271,197,436


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

	WRITTEN OPTION (-0.6%) #
		Industrials (-0.6%)
	3,740 9,690,340	Delta Air Lines, Inc. Put, 06/19/20, Strike $45.00 (Premium $220,510)	$	(7,208,850	)

NOTES TO SCHEDULE OF INVESTMENTS

#	Non-income producing security.

~	Security, or portion of security, is segregated as collateral (or potential collateral for future transactions) for written options. The aggregate value of such securities is $126,434,079.

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

***	The rate disclosed is the 7 day net yield as of April 30, 2020.

†	Represents investment of cash collateral received from securities on loan as of April 30, 2020.

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.


118		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Growth and Income Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

	CORPORATE BONDS (0.9%)
		Consumer Discretionary (0.7%)
	5,153,000	Dana, Inc. 5.500%, 12/15/24	$	4,869,378

	6,716,000	L Brands, Inc. 5.625%, 02/15/22		5,920,624

	2,429,000	Lowe’s Companies, Inc.^ 3.875%, 09/15/23		2,610,969

				13,400,971

		Health Care (0.2%)
	3,000,000	Universal Health Services, Inc.* 4.750%, 08/01/22		3,015,165


		TOTAL CORPORATE BONDS (Cost $17,443,349)		16,416,136



	CONVERTIBLE BONDS (15.9%)
		Communication Services (3.4%)
	6,600,000	GCI Liberty, Inc.* 1.750%, 09/30/46		9,130,506

	3,000,000	IAC FinanceCo 2, Inc.^* 0.875%, 06/15/26		3,052,680

	2,500,000	IAC FinanceCo 3, Inc.* 2.000%, 01/15/30		2,612,900

		Liberty Media Corp.
	9,685,000	2.250%, 09/30/46		4,705,603
	6,963,000	1.375%, 10/15/23		7,265,194
	4,530,000	2.750%, 12/01/49*		4,230,386

	5,125,000	Liberty Media Corp. (Sirius XM Holdings, Inc.)*§ 2.125%, 03/31/48		4,975,452

	8,050,000	Liberty Media Corp. / Liberty Formula One 1.000%, 01/30/23		8,483,774

	2,090,000	Live Nation Entertainment, Inc. 2.500%, 03/15/23		2,006,693

	4,060,000	Sea, Ltd.* 1.000%, 12/01/24		5,225,667

	3,937,000	Snap, Inc.* 0.750%, 08/01/26		4,080,267

	1,870,000	Twitter, Inc.^ 0.250%, 06/15/24		1,762,587

	5,000,000	Zynga, Inc.* 0.250%, 06/01/24		5,568,350

				63,100,059

		Consumer Discretionary (2.7%)
	13,861,000	Booking Holdings, Inc.^* 0.750%, 05/01/25		15,675,959

	7,115,000	Burlington Stores, Inc.* 2.250%, 04/15/25		7,592,381

	818,000	Callaway Golf Company* 2.750%, 05/01/26		850,270


PRINCIPAL AMOUNT			VALUE

	5,050,000	Carnival Corp.* 5.750%, 04/01/23	$	8,553,538

	1,856,000	Chegg, Inc. 0.125%, 03/15/25		1,960,521

	3,605,000	Dick’s Sporting Goods, Inc.* 3.250%, 04/15/25		3,849,473

	2,150,000	DISH Network Corp. 3.375%, 08/15/26		1,764,430

	5,815,000	Etsy, Inc.* 0.125%, 10/01/26		5,904,260

	1,143,000	Guess, Inc.* 2.000%, 04/15/24		715,901

	4,010,000	Winnebago Industries, Inc.* 1.500%, 04/01/25		3,854,713

				50,721,446

		Financials (1.6%)
	3,950,000	Ares Capital Corp. 4.625%, 03/01/24		3,800,058

		JPMorgan Chase Bank, N.A.
	10,300,000	0.000%, 12/30/20		10,812,991
	5,230,000	0.125%, 01/01/23^*		5,595,525

	9,720,000	JPMorgan Chase Financial Company, LLC (Voya Financial, Inc.)*§ 0.250%, 05/01/23		9,414,306

				29,622,880

		Health Care (1.6%)
	1,750,000	BioMarin Pharmaceutical, Inc. 1.500%, 10/15/20		1,901,620

	2,325,000	CONMED Corp.^ 2.625%, 02/01/24		2,496,573

	4,750,000	Exact Sciences Corp.^ 0.375%, 03/15/27		4,642,650

	4,920,000	Insulet Corp.* 0.375%, 09/01/26		5,523,586

	2,856,000	NanoString Technologies, Inc.* 2.625%, 03/01/25		2,774,818

	2,130,000	Natera, Inc.^* 2.250%, 05/01/27		2,516,851

	1,600,000	Neurocrine Biosciences, Inc. 2.250%, 05/15/24		2,251,984

	1,480,000	Nevro Corp. 2.750%, 04/01/25		1,992,236

	1,940,000	NuVasive, Inc.* 0.375%, 03/15/25		1,794,335

	2,699,000	Repligen Corp. 0.375%, 07/15/24		3,199,988

				29,094,641

		Industrials (1.7%)
	3,950,000	Air Transport Services Group, Inc. 1.125%, 10/15/24		3,541,432

	2,600,000	Chart Industries, Inc.^* 1.000%, 11/15/24		2,357,199


See accompanying Notes to Schedule of Investments		www.calamos.com			119

Growth and Income Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

	23,010,000	Southwest Airlines Company 1.250%, 05/01/25	$	25,299,495

				31,198,126

		Information Technology (4.1%)
	4,605,000	Akamai Technologies, Inc.* 0.375%, 09/01/27		4,840,523

	3,120,000	Alteryx, Inc.* 1.000%, 08/01/26		2,971,270

	5,950,000	Coupa Software, Inc.* 0.125%, 06/15/25		7,600,530

	2,340,000	DocuSign, Inc.^ 0.500%, 09/15/23		3,663,609

	1,760,000	II-VI, Inc. 0.250%, 09/01/22		1,738,554

	3,535,000	Inphi Corp.* 0.750%, 04/15/25		3,739,606

	4,085,000	Lumentum Holdings, Inc.* 0.500%, 12/15/26		4,341,783

	6,200,000	Microchip Technology, Inc. 1.625%, 02/15/27		7,816,247

	3,875,000	MongoDB, Inc.^* 0.250%, 01/15/26		4,057,280

	4,920,000	Okta, Inc.^* 0.125%, 09/01/25		5,207,549

	2,480,000	ON Semiconductor Corp. 1.000%, 12/01/20		2,597,453

	1,990,000	Proofpoint, Inc.* 0.250%, 08/15/24		2,085,032

	1,935,000	Q2 Holdings, Inc.^* 0.750%, 06/01/26		2,074,765

	2,995,000	RingCentral, Inc.* 0.000%, 03/01/25		2,892,885

	4,375,000	Silicon Laboratories, Inc.^ 1.375%, 03/01/22		5,269,447

	3,395,000	Slack Technologies, Inc.* 0.500%, 04/15/25		3,770,368

	2,655,000	Splunk, Inc.^ 0.500%, 09/15/23		3,044,077

	1,710,000	Wix.com, Ltd.^ 0.000%, 07/01/23		1,967,663

	3,470,000	Workday, Inc.^ 0.250%, 10/01/22		4,237,252

	2,335,000	Zendesk, Inc. 0.250%, 03/15/23		3,174,281

				77,090,174

		Real Estate (0.3%)
	5,340,000	IH Merger Sub, LLC 3.500%, 01/15/22		6,182,973

		Utilities (0.5%)
	9,205,000	NRG Energy, Inc.^ 2.750%, 06/01/48		9,319,418


		TOTAL CONVERTIBLE BONDS (Cost $279,954,175)		296,329,717


PRINCIPAL AMOUNT			VALUE

	CONVERTIBLE PREFERRED STOCKS (8.2%)
		Consumer Staples (0.1%)
	31,130	Energizer Holdings, Inc.^ 7.500%, 01/15/22	$	2,653,833

		Financials (0.4%)
	80,250	AMG Capital Trust II^ 5.150%, 10/15/37		3,262,965

	46,665	Assurant, Inc. 6.500%, 03/15/21		4,997,821

				8,260,786

		Health Care (1.0%)
	104,250	Becton Dickinson and Company 6.125%, 05/01/20		6,175,770

	9,890	Danaher Corp. 4.750%, 04/15/22		11,760,397

				17,936,167

		Industrials (1.4%)
	12,770	Fortive Corp. 5.000%, 07/01/21		10,596,291

		Stanley Black & Decker, Inc.
	96,816	5.250%, 11/15/22		7,697,840
	85,560	5.375%, 05/15/20^		6,849,078

				25,143,209

		Information Technology (0.7%)
	12,805	Broadcom, Inc.^ 8.000%, 09/30/22		13,028,319

		Real Estate (1.1%)
	14,350	Crown Castle International Corp. 6.875%, 08/01/20		19,989,550

		Utilities (3.5%)
	302,205	American Electric Power Company, Inc. 6.125%, 03/15/22		15,352,014

	80,675	CenterPoint Energy, Inc. (Warner Media, LLC, Charter Communications Time, Inc.)§** 4.566%, 09/15/29		4,320,187

	139,385	Dominion Energy, Inc. 7.250%, 06/01/22		13,691,789

	157,250	DTE Energy Company 6.250%, 11/01/22		6,573,050

	33,665	Essential Utilities, Inc. 6.000%, 04/30/22		1,922,271

	326,000	NextEra Energy, Inc. 4.872%, 09/01/22		15,628,440

		Sempra Energy
	41,640	6.750%, 07/15/21		4,218,548
	30,200	6.000%, 01/15/21		3,089,762

				64,796,061


		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $154,246,089)		151,807,925


120		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Growth and Income Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

	COMMON STOCKS (73.3%)
		Communication Services (8.0%)

	40,455	Alphabet, Inc. - Class A#~	$	54,480,748

	271,175	AT&T, Inc.		8,262,702

	321,635	Comcast Corp. - Class A		12,103,125

	170,250	Facebook, Inc. - Class A#		34,851,878

	27,710	Netflix, Inc.#		11,634,044

	269,540	Verizon Communications, Inc.		15,485,073

	108,500	Walt Disney Company		11,734,275

				148,551,845

		Consumer Discretionary (9.0%)
	19,120	Alibaba Group Holding, Ltd.#		3,875,050

	32,625	Amazon.com, Inc.#		80,714,250

	54,435	Aptiv, PLC		3,785,954

	47,325	Dollar Tree, Inc.#		3,770,383

	110,420	General Motors Company		2,461,262

	102,610	Home Depot, Inc.		22,556,756

	91,730	Lowe’s Companies, Inc.		9,608,718

	47,685	McDonald’s Corp.		8,943,799

	100,640	Nike, Inc. - Class B		8,773,795

	38,060	Royal Caribbean Cruises, Ltd.		1,780,066

	66,830	Starbucks Corp.		5,127,866

	105,330	Target Corp.		11,558,914

	100,120	TJX Companies, Inc.		4,910,886

				167,867,699

		Consumer Staples (5.5%)
	347,765	Coca-Cola Company		15,958,936

	35,575	Costco Wholesale Corp.		10,779,225

	215,050	Mondelez International, Inc. - Class A		11,062,172

	125,755	PepsiCo, Inc.		16,636,129

	159,000	Philip Morris International, Inc.		11,861,400

	192,475	Procter & Gamble Company		22,687,028

	117,332	Walmart, Inc.		14,261,705

				103,246,595

		Energy (2.4%)
	216,685	Chevron Corp.		19,935,020

	114,035	ConocoPhillips		4,800,874

	141,960	Hess Corp.		6,904,934

	195,995	Kinder Morgan, Inc.		2,985,004

	111,565	Marathon Petroleum Corp.		3,579,005

	61,540	Pioneer Natural Resources Company		5,496,137

				43,700,974

		Financials (7.8%)
	299,650	American International Group, Inc.		7,620,100

	727,315	Bank of America Corp.~		17,491,926

	81,815	Bank of New York Mellon Corp.		3,071,335


PRINCIPAL AMOUNT			VALUE

	44,530	Berkshire Hathaway, Inc. - Class B#	$	8,343,141

	101,675	Capital One Financial Corp.		6,584,473

	42,480	Cboe Global Markets, Inc.		4,221,662

	148,010	Charles Schwab Corp.		5,582,937

	39,835	Chubb, Ltd.		4,302,578

	214,655	Citigroup, Inc.		10,423,647

	44,000	Discover Financial Services		1,890,680

	43,170	Goldman Sachs Group, Inc.		7,918,241

	111,325	Intercontinental Exchange, Inc.		9,958,021

	232,540	JPMorgan Chase & Company~		22,268,031

	299,725	KeyCorp		3,491,796

	122,180	Marsh & McLennan Companies, Inc.		11,891,779

	157,145	Morgan Stanley		6,196,227

	37,360	Northern Trust Corp.		2,957,418

	183,130	Starwood Property Trust, Inc.		2,369,702

	127,650	US Bancorp		4,659,225

	119,275	Zions Bancorporation, N.A.		3,770,283

				145,013,202

		Health Care (11.2%)
	26,795	Abbott Laboratories		2,467,552

	119,860	Agilent Technologies, Inc.		9,188,468

	38,070	Amgen, Inc.		9,107,105

	15,820	Anthem, Inc.		4,441,149

	181,725	Baxter International, Inc.		16,133,546

	128,820	Bristol-Myers Squibb Company		7,833,544

	24,100	Edwards Lifesciences Corp.#		5,241,750

	56,825	Gilead Sciences, Inc.		4,773,300

	26,750	Humana, Inc.		10,213,685

	10,955	Intuitive Surgical, Inc.#		5,596,690

	129,370	Johnson & Johnson~		19,410,675

	61,020	Laboratory Corp. of America Holdings#		10,034,739

	156,780	Medtronic, PLC		15,306,431

	222,685	Merck & Company, Inc.		17,667,828

	366,640	Pfizer, Inc.		14,064,310

	17,665	Stryker Corp.		3,293,286

	7,500	Teleflex, Inc.		2,515,500

	36,935	Thermo Fisher Scientific, Inc.		12,361,406

	111,850	UnitedHealth Group, Inc.		32,712,769

	22,415	Vertex Pharmaceuticals, Inc.#		5,630,648

				207,994,381

		Industrials (7.1%)
	61,740	Boeing Company		8,706,575

	299,015	CSX Corp.		19,803,764

	472,245	General Electric Company		3,211,266

	120,840	Honeywell International, Inc.		17,147,196

	60,105	Lockheed Martin Corp.		23,384,451


See accompanying Notes to Schedule of Investments		www.calamos.com			121

Growth and Income Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

	453,435	Masco Corp.	$	18,608,972

	58,345	Northrop Grumman Corp.		19,292,941

	124,561	Raytheon Technologies Corp.		8,072,798

	92,435	Union Pacific Corp.		14,770,189

				132,998,152

		Information Technology (20.3%)
	67,175	Accenture, PLC - Class A		12,440,138

	26,280	Adobe, Inc.#		9,293,659

	295,345	Apple, Inc.~		86,772,361

	10,020	Broadcom, Inc.		2,721,632

	266,660	Cisco Systems, Inc.		11,301,051

	100,905	Fidelity National Information Services, Inc.		13,308,360

	37,285	Global Payments, Inc.		6,190,056

	143,100	Intel Corp.		8,583,138

	47,891	Lam Research Corp.		12,225,615

	100,500	Marvell Technology Group, Ltd.		2,687,370

	77,215	MasterCard, Inc. - Class A		21,231,809

	133,330	Micron Technology, Inc.#		6,385,174

	573,465	Microsoft Corp.~		102,770,663

	45,985	NVIDIA Corp.		13,440,496

	113,400	Oracle Corp.		6,006,798

	57,205	QUALCOMM, Inc.		4,500,317

	72,820	Salesforce.com, Inc.#		11,793,199

	18,370	ServiceNow, Inc.#		6,457,790

	37,550	Skyworks Solutions, Inc.		3,900,694

	73,010	Taiwan Semiconductor Manufacturing Company, Ltd.		3,879,021

	179,460	Visa, Inc. - Class A		32,073,091

				377,962,432

		Materials (1.0%)
	67,185	Corteva, Inc.#		1,759,575

	72,650	Linde, PLC		13,366,874

	34,135	PPG Industries, Inc.		3,100,482

				18,226,931

		Real Estate (1.0%)
	69,530	American Tower Corp.		16,548,140

	49,000	Welltower, Inc.		2,510,270

				19,058,410


		TOTAL COMMON STOCKS (Cost $915,938,087)		1,364,620,621


	EXCHANGE-TRADED FUND (0.5%)
		Other (0.5%)

	162,640	iShares MSCI EAFE ETF (Cost $11,098,065)		9,200,545


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

	PURCHASED OPTIONS (0.7%)#
		Consumer Discretionary (0.0%)
	46 11,380,400	Amazon.com, Inc. Put, 05/08/20, Strike $2,390.00	$	265,880

		Financials (0.0%)
	1,320 4,955,280	Bank of New York Mellon Corp. Call, 06/19/20, Strike $50.00		1,980

		Information Technology (0.0%)
	650 11,648,650	Microsoft Corp. Put, 05/08/20, Strike $170.00		55,250

		Other (0.7%)
	2,125 46,518,375	Invesco QQQ Trust Series Put, 05/08/20, Strike $217.00		787,312

	11,900 45,922,100	iShares China Large-Cap ETF Call, 09/18/20, Strike $43.00		755,650
		iShares MSCI EAFE ETF
	15,000 84,855,000	Call, 06/19/20, Strike $60.00		870,000
	9,700 54,872,900	Call, 06/30/20, Strike $57.00		1,847,850

	1,170 4,286,880	iShares MSCI Emerging Markets Call, 05/15/20, Strike $46.00		4,680

	2,600 33,880,600	iShares Russell 2000 ETF Call, 07/17/20, Strike $142.00		894,400

	1,550 8,041,400	Materials Select Sector SPDR Fund Call, 05/15/20, Strike $55.00		54,250
		S&P 500 Index
	155 45,142,665	Put, 05/08/20, Strike $2,980.00		1,428,325
	149 43,395,207	Put, 05/29/20, Strike $3,310.00		6,126,135

				12,768,602


		TOTAL PURCHASED OPTIONS (Cost $11,469,874)		13,091,712

NUMBER OF SHARES			VALUE

	SHORT TERM INVESTMENTS (1.3%)
	12,316,439	Fidelity Prime Money Market Fund - Institutional Class, 0.490%***		12,327,524

	12,309,081	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.150%***		12,309,081


		TOTAL SHORT TERM INVESTMENTS (Cost $24,634,300)		24,636,605


122		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Growth and Income Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE

	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.5%)
	17,481,005	Fidelity Prime Money Market Fund - Institutional Class, 0.490%***†	$	17,481,005

	10,893,788	State Street Navigator Securities Lending Government Money Market Portfolio†		10,893,788


		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $28,374,793)		28,374,793


	TOTAL INVESTMENTS (102.3%) (Cost $1,443,158,732)			1,904,478,054


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.5%)			(28,374,793	)


	LIABILITIES, LESS OTHER ASSETS (-0.8%)			(14,474,472	)


	NET ASSETS (100.0%)		$	1,861,628,789


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

	WRITTEN OPTIONS (-0.1%)#
		Consumer Discretionary (0.0%)
		Amazon.com, Inc.
	46 11,380,400	Call, 05/08/20, Strike $2,620.00		(178,135	)
	46 11,380,400	Put, 05/08/20, Strike $2,275.00		(99,590	)

				(277,725	)

		Other (-0.1%)
	9,700 54,872,900	iShares MSCI EAFE ETF Call, 06/30/20, Strike $59.00		(1,008,800	)


		TOTAL WRITTEN OPTIONS (Premium $1,186,996)	$	(1,286,525	)

FORWARD FOREIGN CURRENCY CONTRACTS


COUNTERPARTY	SHORT CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS

State Street Bank and Trust	New Taiwanese Dollar	07/29/20		7,900,000	$	266,272	$	3,444

State Street Bank and Trust	Hong Kong Dollar	07/29/20		3,702,000		477,033		18

State Street Bank and Trust	Hong Kong Dollar	07/29/20		5,134,000		661,557		94

State Street Bank and Trust	Hong Kong Dollar	07/29/20		25,343,000		3,265,650		527

State Street Bank and Trust	New Taiwanese Dollar	07/29/20		105,061,000		3,541,119		4,262

							$	8,345

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.

NOTES TO SCHEDULE OF INVESTMENTS

^	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.

**	Step coupon security. Coupon changes periodically based upon a predetermined schedule. The rate shown is the rate in effect at April 30, 2020.

~	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 $2,461,660.

***	The rate disclosed is the 7 day net yield as of April 30, 2020.

†	Represents investment of cash collateral received from securities on loan as of April 30, 2020.


See accompanying Notes to Financial Statements		www.calamos.com			123

Dividend Growth Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES			VALUE

	COMMON STOCKS (98.2%)
		Communication Services (11.2%)
	335	Alphabet, Inc. - Class C#	$	451,801

	4,476	AT&T, Inc.		136,384

	100	Charter Communications, Inc. - Class A#		49,523

	3,410	Comcast Corp. - Class A		128,318

	190	Electronic Arts, Inc.#		21,709

	1,350	Facebook, Inc. - Class A#		276,358

	235	Netflix, Inc.#		98,665

	1,435	Verizon Communications, Inc.		82,441

	1,485	Walt Disney Company		160,603

				1,405,802

		Consumer Discretionary (11.6%)
	260	Amazon.com, Inc.#		643,240

	485	Aptiv, PLC		33,732

	25	Booking Holdings, Inc.#		37,014

	235	Dollar Tree, Inc.#		18,722

	1,160	General Motors Company		25,856

	765	Home Depot, Inc.		168,170

	865	Lowe’s Companies, Inc.		90,609

	430	McDonald’s Corp.		80,651

	1,360	Nike, Inc. - Class B		118,565

	595	Royal Caribbean Cruises, Ltd.^		27,828

	680	Starbucks Corp.		52,176

	855	Target Corp.		93,828

	1,235	TJX Companies, Inc.		60,577

				1,450,968

		Consumer Staples (6.2%)
	2,355	Coca-Cola Company		108,071

	245	Costco Wholesale Corp.		74,235

	1,455	Mondelez International, Inc. - Class A		74,845

	985	PepsiCo, Inc.		130,306

	1,105	Philip Morris International, Inc.		82,433

	1,345	Procter & Gamble Company		158,535

	1,160	Walmart, Inc.		140,998

				769,423

		Energy (3.0%)
	1,625	Chevron Corp.		149,500

	1,485	ConocoPhillips		62,518

	900	Hess Corp.		43,776

	1,785	Kinder Morgan, Inc.		27,186

	1,125	Marathon Petroleum Corp.		36,090

	390	Pioneer Natural Resources Company		34,831

	885	Schlumberger, Ltd.		14,886

				368,787


NUMBER OF SHARES			VALUE

		Financials (10.5%)
	299	American Express Company	$	27,284

	1,830	American International Group, Inc.		46,537

	350	Assurant, Inc.		37,184

	6,185	Bank of America Corp.		148,749

	755	Bank of New York Mellon Corp.		28,343

	265	Berkshire Hathaway, Inc. - Class B#		49,650

	755	Capital One Financial Corp.		48,894

	355	Cboe Global Markets, Inc.		35,280

	1,665	Charles Schwab Corp.		62,804

	290	Chubb, Ltd.		31,323

	2,065	Citigroup, Inc.		100,276

	550	Discover Financial Services		23,634

	475	Goldman Sachs Group, Inc.		87,124

	780	Intercontinental Exchange, Inc.		69,771

	1,900	JPMorgan Chase & Company		181,944

	3,145	KeyCorp		36,639

	820	Marsh & McLennan Companies, Inc.		79,811

	2,195	Morgan Stanley		86,549

	400	Northern Trust Corp.		31,664

	1,885	US Bancorp		68,802

	985	Zions Bancorporation, N.A.		31,136

				1,313,398

		Health Care (14.6%)
	810	Abbott Laboratories		74,593

	865	Agilent Technologies, Inc.		66,311

	315	Amgen, Inc.		75,354

	110	Anthem, Inc.		30,880

	1,110	Baxter International, Inc.		98,546

	1,610	Bristol-Myers Squibb Company		97,904

	305	Danaher Corp.		49,855

	185	Edwards Lifesciences Corp.#		40,237

	280	Eli Lilly and Company		43,299

	590	Gilead Sciences, Inc.		49,560

	158	Humana, Inc.		60,328

	75	Illumina, Inc.#		23,927

	95	Intuitive Surgical, Inc.#		48,534

	1,120	Johnson & Johnson		168,045

	475	Laboratory Corp. of America Holdings#		78,114

	1,340	Medtronic, PLC		130,824

	1,940	Merck & Company, Inc.		153,920

	3,045	Pfizer, Inc.		116,806

	225	Stryker Corp.		41,947

	70	Teleflex, Inc.		23,478

	270	Thermo Fisher Scientific, Inc.		90,364

	790	UnitedHealth Group, Inc.		231,051

	155	Vertex Pharmaceuticals, Inc.#		38,936

				1,832,813


124		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Dividend Growth Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES			VALUE

		Industrials (8.6%)
	470	Boeing Company	$	66,279

	1,950	CSX Corp.		129,148

	1,155	Fortive Corp.		73,920

	3,115	General Electric Company		21,182

	905	Honeywell International, Inc.		128,419

	325	Lockheed Martin Corp.		126,445

	2,995	Masco Corp.		122,915

	290	Northrop Grumman Corp.		95,894

	837	Raytheon Technologies Corp.		54,246

	3,330	Southwest Airlines Company#		104,063

	520	Stanley Black & Decker, Inc.		57,304

	625	Union Pacific Corp.		99,869

				1,079,684

		Information Technology (26.4%)
	545	Accenture, PLC - Class A		100,928

	265	Adobe, Inc.#		93,715

	2,430	Apple, Inc.		713,934

	715	Applied Materials, Inc.		35,521

	350	Broadcom, Inc.		95,067

	2,110	Cisco Systems, Inc.		89,422

	765	Fidelity National Information Services, Inc.		100,896

	485	Global Payments, Inc.		80,520

	1,825	Intel Corp.		109,463

	295	International Business Machines Corp.		37,040

	260	Intuit, Inc.		70,151

	255	Lam Research Corp.		65,096

	870	Marvell Technology Group, Ltd.		23,264

	540	MasterCard, Inc. - Class A		148,484

	510	Microchip Technology, Inc.		44,742

	930	Micron Technology, Inc.#		44,538

	4,070	Microsoft Corp.		729,385

	425	NVIDIA Corp.		124,219

	1,075	Oracle Corp.		56,943

	465	QUALCOMM, Inc.		36,581

	800	Salesforce.com, Inc.#		129,560

	135	ServiceNow, Inc.#		47,458

	280	Skyworks Solutions, Inc.		29,086

	500	Texas Instruments, Inc.		58,035

	1,380	Visa, Inc. - Class A		246,634

				3,310,682

		Materials (1.6%)
	750	Corteva, Inc.#		19,643

	530	Linde, PLC		97,515

	410	LyondellBasell Industries, NV - Class A		23,759

	245	PPG Industries, Inc.		22,253

	70	Sherwin-Williams Company		37,546

				200,716


NUMBER OF SHARES			VALUE

		Real Estate (1.8%)
	435	American Tower Corp.	$	103,530

	620	Crown Castle International Corp.		98,847

	440	Welltower, Inc.		22,541

				224,918

		Utilities (2.7%)
	785	American Electric Power Company, Inc.		65,241

	865	Dominion Energy, Inc.		66,717

	365	DTE Energy Company		37,865

	610	NextEra Energy, Inc.		140,983

	190	Sempra Energy		23,532

				334,338


		TOTAL COMMON STOCKS (Cost $9,127,906)		12,291,529



	EXCHANGE-TRADED FUND (0.5%)
		Other (0.5%)
	490	iShares NASDAQ Biotechnology ETF^ (Cost $54,500)		60,760



	SHORT TERM INVESTMENTS (2.1%)
	134,429	Fidelity Prime Money Market Fund - Institutional Class, 0.490%***		134,550

	134,530	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.150%***		134,530


		TOTAL SHORT TERM INVESTMENTS (Cost $269,070)		269,080

NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE

	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (0.7%)
	92,269	State Street Navigator Securities Lending Government Money Market Portfolio† (Cost $92,269)		92,269


	TOTAL INVESTMENTS (101.5%) (Cost $9,543,745)			12,713,638


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.7%)			(92,269	)


	LIABILITIES, LESS OTHER ASSETS (-0.8%)			(100,655	)


	NET ASSETS (100.0%)		$	12,520,714

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 April 30, 2020.

†	Represents investment of cash collateral received from securities on loan as of April 30, 2020.


See accompanying Notes to Financial Statements		www.calamos.com			125

Select Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES			VALUE

	COMMON STOCKS (97.1%)
		Communication Services (9.8%)
	1,290	Alphabet, Inc. - Class A#	$	1,737,243

	7,245	Facebook, Inc. - Class A#		1,483,124

	10,710	Verizon Communications, Inc.		615,290

	6,350	Walt Disney Company		686,752

				4,522,409

		Consumer Discretionary (11.4%)
	980	Amazon.com, Inc.#		2,424,520

	3,385	Lululemon Athletica, Inc.#		756,480

	4,615	McDonald’s Corp.		865,589

	8,035	Nike, Inc. - Class B		700,491

	4,405	Target Corp.		483,405

				5,230,485

		Consumer Staples (5.9%)
	27,490	Coca-Cola Company		1,261,516

	2,710	Constellation Brands, Inc. - Class A		446,310

	8,315	Walmart, Inc.		1,010,688

				2,718,514

		Energy (1.4%)
	6,890	Chevron Corp.		633,880

		Financials (9.8%)
	7,355	American Express Company		671,144

	16,045	American International Group, Inc.		408,024

	30,870	Bank of America Corp.		742,423

	9,065	Cboe Global Markets, Inc.		900,880

	2,800	Goldman Sachs Group, Inc.		513,576

	9,690	JPMorgan Chase & Company		927,914

	26,925	Starwood Property Trust, Inc.		348,410

				4,512,371

		Health Care (16.4%)
	11,995	Baxter International, Inc.		1,064,916

	16,530	Boston Scientific Corp.#		619,544

	7,590	Bristol-Myers Squibb Company		461,548

	2,045	Edwards Lifesciences Corp.#		444,788

	5,255	Laboratory Corp. of America Holdings#		864,185

	4,405	Medtronic, PLC		430,060

	5,380	Merck & Company, Inc.		426,849

	1,955	Thermo Fisher Scientific, Inc.		654,299

	4,110	UnitedHealth Group, Inc.		1,202,052

	2,570	Vertex Pharmaceuticals, Inc.#		645,584

	5,425	Zoetis, Inc.		701,507

				7,515,332

		Industrials (9.4%)
	10,980	CSX Corp.		727,206

	4,360	Honeywell International, Inc.		618,684

	16,170	Lyft, Inc. - Class A#		530,861

	14,660	Masco Corp.		601,646

	2,090	Northrop Grumman Corp.		691,100


NUMBER OF SHARES			VALUE

	2,840	Union Pacific Corp.	$	453,804

	6,890	Waste Management, Inc.		689,138

				4,312,439

		Information Technology (25.6%)
	7,770	Apple, Inc.		2,282,826

	11,600	Applied Materials, Inc.		576,288

	12,220	Cisco Systems, Inc.		517,884

	6,045	Fidelity National Information Services, Inc.		797,275

	2,000	MasterCard, Inc. - Class A		549,940

	8,840	Micron Technology, Inc.#		423,348

	15,070	Microsoft Corp.		2,700,695

	5,200	NVIDIA Corp.		1,519,856

	3,420	Salesforce.com, Inc.#		553,869

	5,425	Twilio, Inc. - Class A#^		609,227

	4,750	Visa, Inc. - Class A		848,920

	5,105	Zendesk, Inc.#		392,472

				11,772,600

		Materials (2.8%)
	2,050	Air Products & Chemicals, Inc.		462,439

	4,400	Linde, PLC		809,556

				1,271,995

		Real Estate (1.5%)
	1,020	Equinix, Inc.		688,704

		Utilities (3.1%)
	9,430	Dominion Energy, Inc.		727,336

	3,105	NextEra Energy, Inc.		717,628

				1,444,964


		TOTAL COMMON STOCKS (Cost $44,535,115)		44,623,693



	SHORT TERM INVESTMENTS (2.7%)
	614,120	Fidelity Prime Money Market Fund - Institutional Class, 0.490%***		614,672

	613,954	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.150%***		613,954


		TOTAL SHORT TERM INVESTMENTS (Cost $1,228,516)		1,228,626


	TOTAL INVESTMENTS (99.8%) (Cost $45,763,631)			45,852,319


	OTHER ASSETS, LESS LIABILITIES (0.2%)			70,372


	NET ASSETS (100.0%)		$	45,922,691

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 April 30, 2020.


126		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

International Growth Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES				VALUE

	COMMON STOCKS (98.0%)
			Communication Services (6.7%)
	50,700		Sea, Ltd.#	$	2,817,906

	167,500	HKD	Tencent Holdings, Ltd.		8,805,380

	25,500		Yandex, NV - Class A#		963,390

					12,586,676

			Consumer Discretionary (16.1%)
	36,362		Alibaba Group Holding, Ltd.#~		7,369,487

	36,700		Aptiv, PLC		2,552,485

	16,000	EUR	Delivery Hero, SE#*		1,357,042

	44,500	SEK	Evolution Gaming Group, AB#*		2,037,947

	21,000		JD.com, Inc.#		905,100

	25,140		Lululemon Athletica, Inc.#		5,618,287

	8,900	EUR	LVMH Moet Hennessy Louis Vuitton, SE		3,440,674

	59,000		Melco Resorts & Entertainment, Ltd.		933,380

	3,965		MercadoLibre, Inc.#		2,313,617

	10,300	JPY	Oriental Land Company, Ltd.		1,302,385

	15,000		Royal Caribbean Cruises, Ltd.		701,550

	21,900		Sony Corp.		1,407,075

					29,939,029

			Consumer Staples (4.4%)
	50,000	SEK	Essity, AB - Class B#		1,619,668

	16,100	EUR	Kerry Group, PLC - Class A		1,843,703

	32,550		Nestlé, SA~		3,421,005

	18,000	JPY	Welcia Holdings Company, Ltd.		1,306,770

					8,191,146

			Energy (3.1%)
	58,500		BP, PLC^		1,392,300

	56,000	EUR	Neste Oyj		1,977,669

	125,000	INR	Reliance Industries, Ltd.		2,427,061

					5,797,030

			Financials (11.3%)
	21,800	EUR	Amundi, SA#*		1,446,955

	113,900	BRL	B3, SA - Brasil Bolsa Balcao		804,729

	711,000	IDR	Bank Central Asia, Tbk PT		1,231,587

	15,850	EUR	Deutsche Böerse, AG		2,457,359

	361,100	INR	HDFC Bank, Ltd.		4,733,351

	54,400	HKD	Hong Kong Exchanges & Clearing, Ltd.		1,744,180

	21,200	EUR	KBC Group, NV		1,149,908

	2,828,000	GBP	Lloyds Banking Group, PLC		1,144,231

	30,000	GBP	London Stock Exchange Group, PLC		2,807,904

	250,000	HKD	Ping An Insurance Group Company of China, Ltd. - Class H		2,544,065

	86,000		UBS Group, AG#		925,360

					20,989,629

			Health Care (15.5%)
	104,600		Alcon, Inc.#^		5,523,926


NUMBER OF SHARES				VALUE

	30,700	AUD	CSL, Ltd.	$	6,119,347

	4,400	EUR	Galapagos, NV#		971,580

	19,300	JPY	Hoya Corp.		1,760,031

	5,400	JPY	JCR Pharmaceuticals Company, Ltd.		517,237

	9,000	CHF	Lonza Group, AG		3,929,990

	3,700	EUR	MorphoSys, AG#		388,173

	83,100		Novo Nordisk, A/S		5,262,723

	175,700	HKD	Ping An Healthcare and Technology Company, Ltd.#*		2,420,441

	12,400	KRW	Seegene, Inc.		933,941

	60,000	SEK	Vitrolife, AB		1,088,733

					28,916,122

			Industrials (14.9%)
	27,100	EUR	Airbus, SE#		1,715,931

	54,000	TWD	Airtac International Group		1,034,816

	58,700	EUR	Alstom, SA		2,407,814

	67,000	SEK	Atlas Copco, AB - Class A		2,309,119

	9,200	CAD	Canadian Pacific Railway, Ltd.		2,090,960

	47,000	CNY	Contemporary Amperex Technology Company, Ltd. - Class A		932,776

	10,300		Copa Holdings, SA - Class A		455,363

	21,400	DKK	DSV, A/S		2,223,464

	60,000	GBP	Experian, PLC		1,801,822

	45,800	JPY	Harmonic Drive Systems, Inc.^		2,115,909

	23,800	EUR	Kingspan Group, PLC		1,212,777

	25,000	JPY	Nidec Corp.		1,455,351

	44,500	JPY	Recruit Holdings Company, Ltd.		1,298,118

	122,700	SEK	Sandvik, AB#		1,887,545

	957,914	CNY	Sany Heavy Industry Company, Ltd. - Class A		2,629,838

	23,800	EUR	Schneider Electric, SE		2,199,413

					27,771,016

			Information Technology (19.7%)
	10,500		Accenture, PLC - Class A		1,944,495

	2,625	EUR	Adyen, NV#*		2,592,397

	10,000	EUR	Amadeus IT Group, SA		477,325

	18,450	EUR	ASML Holding, NV		5,388,973

	9,200		Atlassian Corp., PLC - Class A#		1,430,508

	11,800	EUR	Dassault Systèmes SE		1,728,349

	10,300	JPY	Keyence Corp.		3,677,224

	910,000	HKD	Kingdee International Software Group Company, Ltd.#		1,301,459

	11,000	TWD	Largan Precision Company, Ltd.		1,499,449

	20,600	JPY	Lasertec Corp.		1,384,019

	41,000	KRW	Samsung Electronics Company, Ltd.		1,685,819

	22,400	EUR	SAP, SE		2,668,000

	3,800		Shopify, Inc., Class A#		2,402,702

	27,700	KRW	SK Hynix, Inc.		1,906,246


See accompanying Notes to Schedule of Investments		www.calamos.com			127

International Growth Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES				VALUE

	473,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.	$	4,771,527

	34,550		Taiwan Semiconductor Manufacturing Company, Ltd.		1,835,641

					36,694,133

			Materials (5.6%)
	115,500	HKD	Anhui Conch Cement Company, Ltd. - Class H		910,761

	267,000	CAD	First Quantum Minerals, Ltd.		1,630,447

	147,950	AUD	James Hardie Industries, PLC		2,123,910

	7,300		Linde, PLC		1,343,127

	3,000	KRW	POSCO		453,316

	12,400	CHF	Sika, AG		2,051,074

	421,000	CAD	Yamana Gold, Inc.		1,984,094

					10,496,729

			Utilities (0.7%)
	82,500	GBP	SSE, PLC		1,294,043


			TOTAL COMMON STOCKS (Cost $154,488,831)		182,675,553


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE

	PURCHASED OPTIONS (0.0%)#
			Consumer Discretionary (0.0%)
	1,445 773,075		Grupo Televisa, SAB Call, 07/17/20, Strike $12.00		14,450

			Financials (0.0%)
	2,185 6,021,860	EUR	Estx Banks Call, 06/19/20, Strike 100.00		2,993


			TOTAL PURCHASED OPTIONS (Cost $397,390)		17,443


NUMBER OF SHARES				VALUE

	SHORT TERM INVESTMENTS (0.3%)

	243,281		Fidelity Prime Money Market Fund - Institutional Class, 0.490%***		243,500

	242,646		Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.150%***		242,646


			TOTAL SHORT TERM INVESTMENTS (Cost $486,074)		486,146


NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE

	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (2.1%)
	3,872,960	State Street Navigator Securities Lending Government Money Market Portfolio† (Cost $3,872,960)	$	3,872,960


	TOTAL INVESTMENTS (100.4%) (Cost $159,245,255)			187,052,102


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-2.1%)			(3,872,960	)


	OTHER ASSETS, LESS LIABILITIES (1.7%)			3,165,462


	NET ASSETS (100.0%)		$	186,344,604

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 $74,880.

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

***	The rate disclosed is the 7 day net yield as of April 30, 2020.

†	Represents investment of cash collateral received from securities on loan as of April 30, 2020.

FORWARD FOREIGN CURRENCY CONTRACTS


COUNTERPARTY	LONG CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS

State Street Bank and Trust	British Pound Sterling	06/30/20		4,697,000	$	5,917,300	$	343,125

Goldman Sachs & Co.	European Monetary Unit	06/30/20		2,959,000		3,246,308		33,994

							$	377,119


128		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

International Growth Fund Schedule of Investments April 30, 2020 (Unaudited)

FOREIGN CURRENCY ABBREVIATIONS



AUD		Australian Dollar

BRL		Brazilian Real

CAD		Canadian Dollar

CHF		Swiss Franc

CNY		Chinese Yuan Renminbi

DKK		Danish Krone

EUR		European Monetary Unit

GBP		British Pound Sterling

HKD		Hong Kong Dollar

IDR		Indonesian Rupiah

INR		Indian Rupee

JPY		Japanese Yen

KRW		South Korean Won

SEK		Swedish Krona

TWD		New Taiwan Dollar

CURRENCY EXPOSURE

APRIL 30, 2020


	Value		% of Total Investments

US Dollar	$	55,892,983		29.9%
European Monetary Unit		35,427,035		18.9%

Hong Kong Dollar		17,726,286		9.5%
Japanese Yen		14,817,044		7.9%

Swedish Krona		8,943,012		4.8%
Australian Dollar		8,243,257		4.4%

New Taiwan Dollar		7,305,792		3.9%
Indian Rupee		7,160,412		3.8%

British Pound Sterling		7,048,000		3.8%
Swiss Franc		5,981,064		3.2%

Canadian Dollar		5,705,501		3.0%
South Korean Won		4,979,322		2.7%

Chinese Yuan Renminbi		3,562,614		1.9%
Danish Krone		2,223,464		1.2%

Indonesian Rupiah		1,231,587		0.7%
Brazilian Real		804,729		0.4%

Total Investments	$	187,052,102		100.0%

Currency exposure may vary over time.


See accompanying Notes to Financial Statements		www.calamos.com			129

Evolving World Growth Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT				VALUE

	CONVERTIBLE BONDS (12.9%)
			Communication Services (5.2%)
	4,756,000		Sea, Ltd.* 1.000%, 12/01/24	$	6,121,495

	1,200,000		Yandex, NV 0.750%, 03/03/25		1,146,810

					7,268,305

			Consumer Discretionary (3.0%)
	19,000,000	HKD	China Conch Venture Holdings International, Ltd. 0.000%, 09/05/23		2,760,864

	9,000,000	HKD	Zhongsheng Group Holdings, Ltd. 0.000%, 05/23/23		1,346,639

					4,107,503

			Industrials (1.0%)
	1,355,000		Copa Holdings, SA* 4.500%, 04/15/25		1,381,368

			Information Technology (1.4%)
	1,250,000		Semiconductor Manufacturing International Corp. 0.000%, 07/07/22		2,011,031

			Materials (2.3%)
	1,200,000	CHF	Sika, AG 3.750%, 01/30/22		1,508,010

	1,300,000		Taiwan Cement Corp. 0.000%, 12/10/23		1,633,333

					3,141,343


			TOTAL CONVERTIBLE BONDS (Cost $15,604,708)		17,909,550


NUMBER OF SHARES				VALUE

	COMMON STOCKS (83.6%)
			Communication Services (10.1%)
	10,500	KRW	Kakao Corp.		1,586,747

	8,500	KRW	NAVER Corp.		1,378,110

	189,600	HKD	Tencent Holdings, Ltd.		9,967,164

	30,300		Yandex, NV - Class A#		1,144,734

					14,076,755

			Consumer Discretionary (18.0%)

	49,415		Alibaba Group Holding, Ltd.#		10,014,938

	18,600		Aptiv, PLC		1,293,630

	14,100		Arco Platform, Ltd. - Class A#^		708,102

	266,063	CNY	Hangzhou Robam Appliances Company, Ltd. - Class A		1,187,082

	16,900		JD.com, Inc.#		728,390

	388,600	HKD	Li Ning Company, Ltd.		1,226,994

	73,580	BRL	Lojas Renner, SA		519,454

	4,250	EUR	LVMH Moet Hennessy Louis Vuitton, SE		1,643,018

	86,400	BRL	Magazine Luiza, SA		789,658


NUMBER OF SHARES				VALUE

	79,600	HKD	Meituan Dianping - Class B#	$	1,065,771

	66,500		Melco Resorts & Entertainment, Ltd.		1,052,030

	6,280.		MercadoLibre, Inc.#		3,664,443

	146,200	CNY	Midea Group Company, Ltd. - Class A		1,095,538

					24,989,048

			Consumer Staples (3.3%)
	377,000	HKD	China Feihe, Ltd.*#		784,626

	26,500	PLN	Dino Polska, SA*#		1,120,679

	9,719	CNY	Kweichow Moutai Company, Ltd. - Class A		1,731,380

	421,600	MXN	Wal-Mart de Mexico, SAB de CV		1,017,571

					4,654,256

			Energy (3.7%)
	17,050		Chevron Corp.		1,568,600

	6,350		CNOOC, Ltd.		713,549

	151,560	INR	Reliance Industries, Ltd.		2,942,763

					5,224,912

			Financials (13.6%)
	239,700	BRL	B3, SA - Brasil Bolsa Balcao		1,693,535

	1,026,400	IDR	Bank Central Asia, Tbk PT		1,777,920

	437,200	INR	HDFC Bank, Ltd.		5,730,880

	61,200	HKD	Hong Kong Exchanges & Clearing, Ltd.		1,962,203

	59,100	INR	Housing Development Finance Corp., Ltd.		1,495,039

	193,000	INR	ICICI Bank, Ltd.		962,009

	151,500		Itau Unibanco Holding, SA		637,815

	312,500	HKD	Ping An Insurance Group Company of China, Ltd. - Class H		3,180,081

	55,327		Shinhan Financial Group Company, Ltd.^		1,411,945


					18,851,427

			Health Care (6.3%)
	167,108	CNY	Aier Eye Hospital Group Company, Ltd. - Class A		1,035,770

	25,287		Alcon, Inc.#^		1,335,406

	91,811	CNY	Hangzhou Tigermed Consulting Company, Ltd. - Class A		984,158

	189,000	HKD	Ping An Healthcare and Technology Company, Ltd.*#		2,603,662

	14,000	KRW	Seegene, Inc.		1,054,449

	110,500	HKD	Wuxi Biologics Cayman, Inc.*#		1,720,089

					8,733,534

			Industrials (4.5%)
	86,961	TWD	Airtac International Group		1,666,456

	3,830		Boeing Company		540,107

	57,300	CNY	Contemporary Amperex Technology Company, Ltd. - Class A		1,137,193

	726,924	CNY	Sany Heavy Industry Company, Ltd. - Class A		1,995,682

	130,100	BRL	WEG, SA		955,552

					6,294,990


130		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Evolving World Growth Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES				VALUE

			Information Technology (19.0%)
	19,400		ACM Research, Inc. - Class A#^	$	774,642

	15,800		Advanced Micro Devices, Inc.#		827,762

	5,670	EUR	ASML Holding, NV		1,656,124

	50,900	CNY	Glodon Company, Ltd. - Class A		373,866

	687,000	HKD	Kingdee International Software Group Company, Ltd.#		982,530

	10,000	TWD	Largan Precision Company, Ltd.		1,363,135

	108,000	TWD	MediaTek, Inc.		1,491,310

	108,900	KRW	Samsung Electronics Company, Ltd.		4,477,699

	14,000	CNY	Sangfor Technologies, Inc. - Class A		377,519

	29,600	CNY	Shanghai Weaver Network Company, Ltd. - Class A		339,352

	39,800	KRW	SK Hynix, Inc.		2,738,938

	66,800	HKD	Sunny Optical Technology Group Company, Ltd.		930,224

	811,649	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		8,187,749

	36,200		Taiwan Semiconductor Manufacturing Company, Ltd.		1,923,306

					26,444,156

			Materials (3.7%)
	175,000	HKD	Anhui Conch Cement Company, Ltd. - Class H		1,379,941

	200,700	CAD	First Quantum Minerals, Ltd.		1,225,583

	6,700	KRW	POSCO		1,012,406

	316,400	CAD	Yamana Gold, Inc.		1,491,134

					5,109,064

			Real Estate (1.4%)
	191,100	HKD	China Evergrande Group		339,725

	394,000	HKD	China Overseas Land & Investment, Ltd.		1,455,415

	25,000	HKD	Longfor Group Holdings, Ltd.*		127,101

					1,922,241

			TOTAL COMMON STOCKS (Cost $91,209,312)		116,300,383


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE

	PURCHASED OPTIONS (1.8%)#
			Communication Services (0.1%)
	563 2,127,014		Yandex, NV Call, 01/15/21, Strike $47.00		123,860

			Consumer Discretionary (0.0%)
	1,079 577,265		Grupo Televisa, SAB Call, 07/17/20, Strike $12.00		10,790

			Energy (0.2%)
	2,635 1,820,785		Petroleo Brasileiro, SA Call, 10/16/20, Strike $7.00		310,930


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

		Financials (0.1%)
	2,250 2,259,000	Sberbank of Russia, PJSC Call, 03/19/21, Strike $12.00	$	110,250

		Information Technology (0.2%)
	1,310 6,960,030	Taiwan Semiconductor Manufacturing Company, Ltd. Put, 07/17/20, Strike $50.00		275,100

		Other (1.2%)
	5,497 20,141,008	iShares MSCI Emerging Markets Put, 05/15/20, Strike $35.00		258,359

	1,200 3,512,400	iShares MSCI Mexico Capped ETF Call, 09/18/20, Strike $30.00		274,800

	1,350 4,229,550	iShares MSCI South Africa ETF Call, 10/16/20, Strike $34.00		357,750

	1,900 3,602,400	VanEck Vectors Russia ETF Call, 11/20/20, Strike $18.00		494,000

	205 2,741,465	VanEck Vectors Semiconductor ETF Put, 08/21/20, Strike $120.00		143,500

	1,200 3,230,400	Xtrackers Harvest CSI 300 China A ETF Call, 01/15/21, Strike $29.71		112,200


				1,640,609


		TOTAL PURCHASED OPTIONS (Cost $3,439,597)		2,471,539

NUMBER OF SHARES			VALUE

	SHORT TERM INVESTMENTS (0.4%)
	261,786	Fidelity Prime Money Market Fund - Institutional Class, 0.490%***		262,021


	261,326	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.150%***		261,326


		TOTAL SHORT TERM INVESTMENTS (Cost $523,347)		523,347

NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE

	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.6%)
	2,235,691	State Street Navigator Securities Lending Government Money Market Portfolio† (Cost $2,235,691)		2,235,691



	TOTAL INVESTMENTS (100.3%) (Cost $113,012,655)			139,440,510


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.6%)			(2,235,691	)


	OTHER ASSETS, LESS LIABILITIES (1.3%)			1,829,078


	NET ASSETS (100.0%)		$	139,033,897


See accompanying Notes to Schedule of Investments		www.calamos.com			131

Evolving World Growth Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

	WRITTEN OPTIONS (-0.2%)#
		Information Technology (-0.1%)

	1,310 6,960,030	Taiwan Semiconductor Manufacturing Company, Ltd. Put, 07/17/20, Strike $45.00	$	(117,900	)

		Other (-0.1%)

	5,497 20,141,008	iShares MSCI Emerging Markets Put, 05/15/20, Strike $32.00		(82,455	)

	205 2,741,465	VanEck Vectors Semiconductor ETF Put, 08/21/20, Strike $105.00		(71,750	)


				(154,205	)


		TOTAL WRITTEN OPTIONS (Premium $681,635)	$	(272,105	)

NOTES TO SCHEDULE OF INVESTMENTS

#	Non-income producing security.

^	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.

***	The rate disclosed is the 7 day net yield as of April 30, 2020.

†	Represents investment of cash collateral received from securities on loan as of April 30, 2020.

FOREIGN CURRENCY ABBREVIATIONS



BRL		Brazilian Real

CAD		Canadian Dollar

CHF		Swiss Franc

CNY		Chinese Yuan Renminbi

EUR		European Monetary Unit

HKD		Hong Kong Dollar

IDR		Indonesian Rupiah

INR		Indian Rupee

KRW		South Korean Won

MXN		Mexican Peso

PLN		Polish Zloty

TWD		New Taiwan Dollar

CURRENCY EXPOSURE

APRIL 30, 2020


	Value		% of Total Investments

US Dollar	$	45,591,908		32.8%
Hong Kong Dollar		31,833,029		22.9%

New Taiwan Dollar		12,708,650		9.1%
South Korean Won		12,248,349		8.8%

Indian Rupee		11,130,691		8.0%
Chinese Yuan Renminbi		10,257,540		7.4%

Brazilian Real		3,958,199		2.8%
European Monetary Unit		3,299,142		2.4%

Canadian Dollar		2,716,717		1.9%
Indonesian Rupiah		1,777,920		1.3%

Swiss Franc		1,508,010		1.1%
Polish Zloty		1,120,679		0.8%

Mexican Peso		1,017,571		0.7%
Total Investments Net of Written Options	$	139,168,405		100.0%

Currency exposure may vary over time.


132		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Global Equity Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES				VALUE

	COMMON STOCKS (99.4%)
			Communication Services (13.7%)
	5,500		Activision Blizzard, Inc.	$	350,515

	1,720		Alphabet, Inc. - Class A#		2,316,324

	4,085		Facebook, Inc. - Class A#		836,240

	20,675		Sea, Ltd.#		1,149,116

	55,000	HKD	Tencent Holdings, Ltd.		2,891,319

	24,179		Walt Disney Company~		2,614,959

					10,158,473

			Consumer Discretionary (16.9%)
	11,285		Alibaba Group Holding, Ltd.#		2,287,131

	1,800		Amazon.com, Inc.#~		4,453,200

	15,455		Aptiv, PLC		1,074,895

	8,500		Lowe’s Companies, Inc.		890,375

	10,450		Lululemon Athletica, Inc.#~		2,335,366

	1,230		MercadoLibre, Inc.#		717,718

	9,100		Royal Caribbean Cruises, Ltd.		425,607

	3,700		Tractor Supply Company		375,291

					12,559,583

			Consumer Staples (1.8%)
	3,000		Estee Lauder Companies, Inc. - Class A		529,200

	6,750	EUR	Kerry Group, PLC - Class A		772,981

					1,302,181

			Energy (2.1%)
	22,600	EUR	Neste Oyj		798,131

	40,400	INR	Reliance Industries, Ltd.		784,426

					1,582,557

			Financials (7.8%)
	38,825		Bank of America Corp.		933,741

	97,690	INR	HDFC Bank, Ltd.		1,280,535

	8,000		JPMorgan Chase & Company		766,080

	726,100	GBP	Lloyds Banking Group, PLC		293,786

	10,500	GBP	London Stock Exchange Group, PLC		982,766

	96,500	HKD	Ping An Insurance Group Company of China, Ltd. - Class H		982,009

	19,300		Wells Fargo & Company		560,665

	.				5,799,582

			Health Care (13.9%)
	5,800		Abbott Laboratories		534,122

	41,175		Alcon, Inc.#^		2,174,452

	10,525	AUD	CSL, Ltd.		2,097,919

	900	EUR	Galapagos, NV#		198,732

	7,700	JPY	Hoya Corp.		702,189

	5,600		Inspire Medical Systems, Inc.#		401,296

	1,735		Intuitive Surgical, Inc.#		886,377

	1,600	JPY	JCR Pharmaceuticals Company, Ltd.		153,256


NUMBER OF SHARES				VALUE

	2,860	CHF	Lonza Group, AG	$	1,248,863

	1,500	EUR	MorphoSys, AG#		157,367

	17,600		Novo Nordisk, A/S		1,114,608

	48,200	HKD	Ping An Healthcare and Technology Company, Ltd.#*		664,003

					10,333,184

			Industrials (10.1%)
	12,400	EUR	Alstom, SA		508,635

	15,700	SEK	Atlas Copco, AB - Class A		541,092

	3,950		Boeing Company		557,029

	9,390		CSX Corp.		621,900

	18,500	GBP	Experian, PLC		555,562

	18,500	JPY	Harmonic Drive Systems, Inc.^		854,680

	3,900		L3Harris Technologies, Inc.		755,430

	10,800	JPY	Nidec Corp.		628,712

	35,500	SEK	Sandvik, AB#		546,111

	293,758	CNY	Sany Heavy Industry Company, Ltd. - Class A#		806,477

	7,550	EUR	Schneider Electric, SE		697,713

	13,000		Southwest Airlines Company#		406,250

					7,479,591

			Information Technology (29.3%)
	5,320		Accenture, PLC - Class A		985,211

	2,140		Adobe, Inc.#		756,790

	13,400		Advanced Micro Devices, Inc.#		702,026

	1,075	EUR	Adyen, NV#*		1,061,648

	3,900		Apple, Inc.		1,145,820

	5,480	EUR	ASML Holding, NV		1,600,627

	4,300		Atlassian Corp., PLC - Class A#		668,607

	6,625		Coupa Software, Inc.#		1,166,596

	4,100	JPY	Keyence Corp.		1,463,749

	246,000	HKD	Kingdee International Software Group Company, Ltd.#		351,823

	1,550		Lam Research Corp.		395,684

	6,195		MasterCard, Inc. - Class A		1,703,439

	8,300		Micron Technology, Inc.#		397,487

	13,350		Microsoft Corp.		2,392,454

	2,760		NVIDIA Corp.		806,693

	8,850		PayPal Holdings, Inc.#		1,088,550

	3,700		Salesforce.com, Inc.#		599,215

	8,350	KRW	Samsung Electronics Company, Ltd.		343,331

	2,500		ServiceNow, Inc.#		878,850

	1,570		Shopify, Inc., Class A#		992,695

	95,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		958,341

	24,700		Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		1,312,311

					21,771,947


See accompanying Notes to Schedule of Investments		www.calamos.com			133

Global Equity Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES				VALUE

			Materials (3.8%)
	44,700	AUD	James Hardie Industries, PLC	$	641,695

	3,100		Linde, PLC		570,369

	5,000	CHF	Sika, AG		827,046

	172,900	CAD	Yamana Gold, Inc.		814,845


					2,853,955


			TOTAL COMMON STOCKS (Cost $58,357,003)		73,841,053


	SHORT TERM INVESTMENTS (1.2%)

	421,233		Fidelity Prime Money Market Fund - Institutional Class, 0.490%***		421,612

	421,031		Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.150%***		421,031

			TOTAL SHORT TERM INVESTMENTS (Cost $842,610)		842,643

NUMBER OF SHARES/ PRINCIPAL AMOUNT				VALUE

	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (0.8%)
	616,410		State Street Navigator Securities Lending Government Money Market Portfolio† (Cost $616,410)		616,410

			TOTAL INVESTMENTS (101.4%) (Cost $59,816,023)		75,300,106


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.8%)				(616,410	)


	LIABILITIES, LESS OTHER ASSETS (-0.6%)				(396,407	)


	NET ASSETS (100.0%)			$	74,287,289

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 $46,435.

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

***	The rate disclosed is the 7 day net yield as of April 30, 2020.

†	Represents investment of cash collateral received from securities on loan as of April 30, 2020.

FOREIGN CURRENCY ABBREVIATIONS



AUD		Australian Dollar

CAD		Canadian Dollar

CHF		Swiss Franc

CNY		Chinese Yuan Renminbi

EUR		European Monetary Unit

GBP		British Pound Sterling

HKD		Hong Kong Dollar

INR		Indian Rupee

JPY		Japanese Yen

KRW		South Korean Won

SEK		Swedish Krona

TWD		New Taiwan Dollar

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars.

CURRENCY EXPOSURE

APRIL 30, 2020


	Value		% of Total Investments

US Dollar	$	48,089,737		63.9%
European Monetary Unit		5,795,834		7.7%

Hong Kong Dollar		4,889,154		6.5%
Japanese Yen		3,802,586		5.0%

Australian Dollar		2,739,614		3.6%
Swiss Franc		2,075,909		2.8%

Indian Rupee		2,064,961		2.7%
British Pound Sterling		1,832,114		2.4%

Swedish Krona		1,087,203		1.4%
New Taiwan Dollar		958,341		1.3%

Canadian Dollar		814,845		1.1%
Chinese Yuan Renminbi		806,477		1.1%

South Korean Won		343,331		0.5%
Total Investments	$	75,300,106		100.0%

Currency exposure may vary over time.


134		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Global Growth and Income Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT				VALUE

	CONVERTIBLE BONDS (19.3%)
			Communication Services (3.3%)
	463,000		GCI Liberty, Inc.* 1.750%, 09/30/46	$	640,519

	642,000		Liberty Media Corp. / Liberty Formula One 1.000%, 01/30/23		676,594

	635,000		Live Nation Entertainment, Inc. 2.500%, 03/15/23		609,689

	1,672,000		Sea, Ltd.* 1.000%, 12/01/24		2,152,048

					4,078,850

			Consumer Discretionary (5.6%)
	970,000		Booking Holdings, Inc.* 0.750%, 05/01/25		1,097,012

	1,163,000		Burlington Stores, Inc.* 2.250%, 04/15/25		1,241,032

	206,000		Callaway Golf Company* 2.750%, 05/01/26		214,127

	464,000		Carnival Corp.* 5.750%, 04/01/23		785,909

	4,000,000	HKD	China Conch Venture Holdings International, Ltd.		581,234

	615,000		Dick’s Sporting Goods, Inc.* 3.250%, 04/15/25		656,706

	615,000		Farfetch, Ltd.* 3.750%, 05/01/27		653,604

	463,000		Tesla, Inc. 2.375%, 03/15/22		1,155,923

	689,000		Winnebago Industries, Inc.* 1.500%, 04/01/25		662,318

					7,047,865

			Consumer Staples (0.9%)
			Premium Brands Holdings Corp.
	732,000	CAD	4.650%, 04/30/21		554,226
	780,000	CAD	4.600%, 12/31/23		552,027

					1,106,253

			Energy (0.2%)
	315,000		Scorpio Tankers, Inc. 3.000%, 05/15/22		300,967

			Health Care (2.1%)
	779,000		Insulet Corp.* 0.375%, 09/01/26		874,568

	341,000		NanoString Technologies, Inc.* 2.625%, 03/01/25		331,307

	491,000		Natera, Inc.* 2.250%, 05/01/27		580,175

	756,000		Repligen Corp. 0.375%, 07/15/24		896,329

					2,682,379


PRINCIPAL AMOUNT				VALUE

			Industrials (0.9%)
	1,039,000		Southwest Airlines Company 1.250%, 05/01/25	$	1,142,380

			Information Technology (4.9%)
	475,000		DocuSign, Inc. 0.500%, 09/15/23		743,681

	600,000	EUR	Nexi S.p.A 1.750%, 04/24/27		663,809

	1,174,000		Slack Technologies, Inc.* 0.500%, 04/15/25		1,303,803

	1,206,000		Square, Inc. 0.500%, 05/15/23		1,352,270

	1,595,000		Xero Investments, Ltd. 2.375%, 10/04/23		2,085,742

					6,149,305

			Materials (1.4%)
	1,400,000	CHF	Sika, AG 3.750%, 01/30/22		1,759,344


			TOTAL CONVERTIBLE BONDS (Cost $22,107,325)		24,267,343


	CORPORATE BONDS (3.2%)
			Communication Services (0.7%)
			Netflix, Inc.
	585,000		5.375%, 02/01/21		598,069
	292,000		3.625%, 06/15/25*		295,643

					893,712

			Consumer Discretionary (0.2%)
	310,000		Ford Motor Company 8.500%, 04/21/23		307,470

			Energy (0.6%)
	250,000		Reliance Holding USA, Inc.* 5.400%, 02/14/22		260,099

	465,000		Reliance Industries, Ltd.* 4.125%, 01/28/25		482,440

					742,539

			Health Care (0.5%)
	580,000		Centene Corp.* 4.750%, 01/15/25		598,313

			Information Technology (1.0%)
	620,000		CDW, LLC / CDW Finance Corp. 4.125%, 05/01/25		626,634

	585,000		Dell International, LLC / EMC Corp.* 5.450%, 06/15/23		618,857

					1,245,491

			Materials (0.2%)
	200,000		Fresnillo, PLC^ 5.500%, 11/13/23		209,962

			TOTAL CORPORATE BONDS (Cost $3,995,315)		3,997,487


See accompanying Notes to Schedule of Investments		www.calamos.com			135

Global Growth and Income Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES				VALUE

	CONVERTIBLE PREFERRED STOCKS (10.9%)
			Financials (2.5%)
	5,600		Assurant, Inc. 6.500%, 03/15/21	$	599,760

	1,840		Bank of America Corp.‡‡ 7.250%		2,543,616

					3,143,376

			Health Care (2.1%)
	2,255		Danaher Corp. 4.750%, 04/15/22		2,681,465

			Industrials (1.0%)
	15,837		Stanley Black & Decker, Inc. 5.250%, 11/15/22		1,259,200

			Information Technology (2.0%)
	2,470		Broadcom, Inc. 8.000%, 09/30/22		2,513,077

			Real Estate (1.3%)
	1,151		Crown Castle International Corp. 6.875%, 08/01/20		1,603,343

			Utilities (2.0%)
	14,200		American Electric Power Company, Inc. 6.125%, 03/15/22		721,360

	38,289		NextEra Energy, Inc. 4.872%, 09/01/22		1,835,575

					2,556,935


			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $12,939,586)		13,757,396


	COMMON STOCKS (61.5%)
			Communication Services (8.5%)
	1,500		Alphabet, Inc. - Class A#		2,020,050

	57,700	HKD	Tencent Holdings, Ltd.		3,033,256

	20,800		Verizon Communications, Inc.		1,194,960

	40,430		Walt Disney Company~		4,372,505

					10,620,771

			Consumer Discretionary (5.7%)
	29,010		Aptiv, PLC		2,017,645

	9,600		Lowe’s Companies, Inc.		1,005,600

	11,585		Lululemon Athletica, Inc.#		2,589,016

	6,900		McDonald’s Corp.		1,294,164

	5,100		Royal Caribbean Cruises, Ltd.		238,527

					7,144,952

			Consumer Staples (2.9%)
	51,000		Coca-Cola Company		2,340,390

	12,200	CHF	Nestlé, SA		1,292,102

					3,632,492


NUMBER OF SHARES				VALUE

			Energy (4.4%)
	22,200		Chevron Corp.	$	2,042,400

	36,100	EUR	Neste Oyj		1,274,890

	78,100	INR	Reliance Industries, Ltd.		1,516,428

	41,500	EUR	Royal Dutch Shell, PLC - Class A		693,649

					5,527,367

			Financials (7.8%)
	84,410		Bank of America Corp.		2,030,060

	366,000	HKD	China Construction Bank Corp. - Class H		293,775

	5,000		Goldman Sachs Group, Inc.		917,100

	90,700	INR	HDFC Bank, Ltd.		1,188,909

	18,575		JPMorgan Chase & Company		1,778,742

	245,000	HKD	Ping An Insurance Group Company of China, Ltd. - Class H		2,493,183

	39,600		Wells Fargo & Company		1,150,380

					9,852,149

			Health Care (7.1%)
	6,600		Abbott Laboratories		607,794

	41,086		Alcon, Inc.^#		2,169,752

	17,750	AUD	CSL, Ltd.		3,538,059

	40,600		Novo Nordisk, A/S		2,571,198

					8,886,803

			Industrials (6.9%)
	21,600	SEK	Atlas Copco, AB - Class A		744,432

	5,150		Boeing Company		726,253

	13,500	JPY	FANUC Corp.^		2,203,379

	17,300	JPY	Harmonic Drive Systems, Inc.		799,241

	1,800		Lockheed Martin Corp.		700,308

	20,200	EUR	Schneider Electric, SE		1,866,729

	4,400		Union Pacific Corp.		703,076

	11,100	EUR	Vinci, SA		909,334

					8,652,752

			Information Technology (14.4%)
	14,700		Advanced Micro Devices, Inc.#		770,133

	1,670	EUR	Adyen, NV*#		1,649,258

	6,100		Apple, Inc.		1,792,180

	6,825	EUR	ASML Holding, NV		1,993,482

	5,900		Coupa Software, Inc.#		1,038,931

	6,000	JPY	Keyence Corp.		2,142,072

	15,050		Micron Technology, Inc.#		720,744

	13,080		Microsoft Corp.~		2,344,067

	1,900		NVIDIA Corp.		555,332

	1,435		RingCentral, Inc. - Class A^#		327,941

	21,700	KRW	Samsung Electronics Company, Ltd.		892,250

	299,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		3,016,251


136		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Global Growth and Income Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES				VALUE

	17,100		Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)	$	908,523

					18,151,164

			Materials (2.2%)
	34,200	EUR	CRH, PLC		1,037,580

	5,700		Linde, PLC		1,048,743

	435,000	TWD	Taiwan Cement Corp.#		627,607

					2,713,930

			Real Estate (0.5%)
	178,000	HKD	China Overseas Land & Investment, Ltd.		657,522

			Utilities (1.1%)
	92,000	GBP	SSE, PLC		1,443,054

			TOTAL COMMON STOCKS (Cost $68,687,459)		77,282,956

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE

	PURCHASED OPTIONS (3.5%) #
			Communication Services (0.3%)
	100 2,047,100		Facebook, Inc. Call, 06/18/21, Strike $200.00		326,500

			Consumer Discretionary (2.0%)
	170 3,445,390		Alibaba Group Holding, Ltd. Call, 06/18/21, Strike $205.00		509,575
			Amazon.com, Inc.
	21 5,195,400		Call, 01/21/22, Strike $2,500.00		925,575
	22 5,442,800		Call, 06/18/21, Strike $2,200.00		1,140,700

					2,575,850

			Information Technology (0.8%)
	75 1,214,625		Salesforce.com, Inc. Call, 01/21/22, Strike $175.00		193,125

	31 1,089,774		ServiceNow, Inc. Call, 01/21/22, Strike $350.00		248,000

	225 4,021,200		Visa, Inc. Call, 01/21/22, Strike $195.00		505,687

					946,812

			Other (0.4%)
			SPDR S&P 500 ETF Trust
	220 6,390,560		Put, 05/22/20, Strike $290.00		183,370
	355 10,312,040		Call, 05/15/20, Strike $325.00		2,308
	1,005 29,193,240		Put, 05/22/20, Strike $270.00		347,730

					533,408


			TOTAL PURCHASED OPTIONS (Cost $3,895,825)		4,382,570


NUMBER OF SHARES			VALUE

	SHORT TERM INVESTMENTS (1.7%)
	1,071,971	Fidelity Prime Money Market Fund - Institutional Class, 0.490%***	$	1,072,936

	1,073,595	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.150%***		1,073,595


		TOTAL SHORT TERM INVESTMENTS (Cost $2,146,335)		2,146,531

NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE

	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (0.8%)
	983,202	State Street Navigator Securities Lending Government Money Market Portfolio† (Cost $983,202)		983,202


	TOTAL INVESTMENTS (100.9%) (Cost $114,755,047)			126,817,485


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.8%)			(983,202	)


	LIABILITIES, LESS OTHER ASSETS (-0.1%)			(160,980	)


	NET ASSETS (100.0%)		$	125,673,303

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

	WRITTEN OPTION (-0.1%)
		Other (-0.1%)
	1,005 29,193,240	SPDR S&P 500 ETF Trust Put, 05/22/20, Strike $245.00 (Premium $503,299)		(108,038	)

NOTES TO SCHEDULE OF INVESTMENTS

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

‡‡	Perpetual maturity.

#	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 $880,625.

***	The rate disclosed is the 7 day net yield as of April 30, 2020.

†	Represents investment of cash collateral received from securities on loan as of April 30, 2020.


See accompanying Notes to Financial Statements		www.calamos.com			137

Global Growth and Income Fund Schedule of Investments April 30, 2020 (Unaudited)

FOREIGN CURRENCY ABBREVIATIONS



AUD		Australian Dollar

CAD		Canadian Dollar

CHF		Swiss Franc

EUR		European Monetary Unit

GBP		British Pound Sterling

HKD		Hong Kong Dollar

INR		Indian Rupee

JPY		Japanese Yen

KRW		South Korean Won

SEK		Swedish Krona

TWD		New Taiwan Dollar

CURRENCY EXPOSURE

APRIL 30, 2020


	VALUE		% OF TOTAL INVESTMENTS

US Dollar	$	87,292,365		68.9%
European Monetary Unit		10,088,731		8.0%

Hong Kong Dollar		7,058,970		5.6%
Japanese Yen		5,144,692		4.0%

New Taiwan Dollar		3,643,858		2.9%
Australian Dollar		3,538,059		2.8%

Swiss Franc		3,051,446		2.4%
Indian Rupee		2,705,337		2.1%

British Pound Sterling		1,443,054		1.1%
Canadian Dollar		1,106,253		0.9%

South Korean Won		892,250		0.7%
Swedish Krona		744,432		0.6%

Total Investments	$	126,709,447		100.0%

Currency exposure may vary over time.


138		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Total Return Bond Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

	CORPORATE BONDS (48.9%)
		Airlines (0.4%)
	124,684	Air Canada Pass Through Trust Series 2015-2, Class AA* 3.750%, 06/15/29	$	114,817

	150,000	British Airways Pass Through Trust Series 2019-1, Class A* 3.350%, 12/15/30		108,232

	97,240	UAL Pass Through Trust Series 2007-1 6.636%, 01/02/24		84,120

				307,169

		Communication Services (3.4%)
	150,000	Activision Blizzard, Inc. 2.600%, 06/15/22		153,928

	125,000	AT&T, Inc. 3.600%, 07/15/25		134,073

	150,000	CenturyLink, Inc.* 4.000%, 02/15/27		147,069

	7,000	Charter Communications Operating, LLC / Charter Communications Operating Capital 4.464%, 07/23/22		7,390

	250,000	Comcast Corp. 3.900%, 03/01/38		292,339

	110,000	Crown Castle Towers, LLC* 3.720%, 07/15/43		114,095

	200,000	CSC Holdings, LLC* 5.500%, 05/15/26		208,150

	175,000	Electronic Arts, Inc. 4.800%, 03/01/26		202,859

	75,000	Embarq Corp. 7.995%, 06/01/36		78,483

	150,000	Fox Corp. 3.666%, 01/25/22		155,770

	110,000	Hughes Satellite Systems Corp. 5.250%, 08/01/26		116,171

	125,000	Sirius XM Radio, Inc.* 3.875%, 08/01/22		125,888

		T-Mobile USA, Inc.
	250,000	3.500%, 04/15/25*		264,504
	125,000	4.000%, 04/15/22		127,968

	200,000	United States Cellular Corp. 6.700%, 12/15/33		211,323

	255,000	Verizon Communications, Inc. 4.016%, 12/03/29		299,450

				2,639,460

		Consumer Discretionary (7.3%)
	200,000	Allergan Funding SCS 3.800%, 03/15/25		213,354

	150,000	American Honda Finance Corp.^ 2.350%, 01/08/27		146,202

	250,000	BMW US Capital, LLC* 3.100%, 04/12/21		251,535

	275,000	Cargill, Inc.*^ 3.250%, 03/01/23		290,349


PRINCIPAL AMOUNT			VALUE

	240,000	CCO Holdings, LLC / CCO Holdings Capital Corp.* 5.750%, 02/15/26	$	250,618

	250,000	D.R. Horton, Inc. 4.750%, 02/15/23		263,780

	130,000	Delta Air Lines Pass Through Trust Series 2019-1, Class AA 3.204%, 10/25/25		118,672

	128,000	DISH DBS Corp.^ 7.750%, 07/01/26		126,287

	125,000	Expedia Group, Inc.* 7.000%, 05/01/25		127,914

	250,000	Ford Motor Credit Company, LLC 5.875%, 08/02/21		246,372

	250,000	General Motors Financial Company, Inc. 3.700%, 05/09/23		239,910

	200,000	Hanesbrands, Inc.* 5.375%, 05/15/25		200,000

	250,000	Harley-Davidson Financial Services, Inc.* 4.050%, 02/04/22		251,094

	250,000	Hasbro, Inc. 3.150%, 05/15/21		252,684

		Home Depot, Inc.
	250,000	3.300%, 04/15/40		272,757
	250,000	2.800%, 09/14/27		271,159

	125,000	International Game Technology, PLC* 6.250%, 02/15/22		122,413

	150,000	JetBlue Pass Through Trust Series 2019-1, Class AA 2.750%, 11/15/33		130,263

		Lennar Corp.
	150,000	4.750%, 11/15/22		153,817
	100,000	8.375%, 01/15/21		103,412

	200,000	Lowe’s Companies, Inc. 4.000%, 04/15/25		222,208

	100,000	Mattel, Inc.* 6.750%, 12/31/25		101,743

	125,000	MGM Resorts International 6.000%, 03/15/23		121,624

	125,000	Newell Brands, Inc. 4.350%, 04/01/23		127,827

	100,000	NIKE, Inc. 2.850%, 03/27/30		108,691

	12,000	Nordstrom, Inc.* 8.750%, 05/15/25		12,863

	125,000	Penske Automotive Group, Inc. 3.750%, 08/15/20		123,966

	250,000	Target Corp. 2.650%, 09/15/30		268,444

	350,000	Toyota Motor Credit Corp. 2.900%, 03/30/23		366,261

	163,153	US Airways Pass Through Trust Series 2012-2, Class B 6.750%, 12/03/22		131,067

				5,617,286


See accompanying Notes to Schedule of Investments		www.calamos.com			139

Total Return Bond Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

		Consumer Staples (4.4%)

	250,000	Anheuser-Busch InBev Finance, Inc. 3.300%, 02/01/23	$	263,749

	250,000	Anheuser-Busch InBev Worldwide, Inc.^ 3.500%, 06/01/30		267,485

		Archer-Daniels-Midland Company
	250,000	3.250%, 03/27/30^		275,690
	250,000	2.750%, 03/27/25		265,943

	250,000	Coca-Cola Company 2.950%, 03/25/25		272,231

	250,000	Costco Wholesale Corp. 1.600%, 04/20/30		248,271

	250,000	General Mills, Inc. 2.600%, 10/12/22		258,794

	175,000	JBS USA LUX, SA / JBS USA Finance, Inc.* 5.875%, 07/15/24		179,031

	200,000	Kimberly-Clark Corp.^ 3.100%, 03/26/30		223,001

	150,000	Land O’Lakes, Inc.* 6.000%, 11/15/22		155,138

	150,000	PepsiCo, Inc. 2.250%, 03/19/25		158,913

	250,000	Sysco Corp. 5.650%, 04/01/25		280,314

	250,000	Walmart, Inc. 3.050%, 07/08/26		277,107

	250,000	WM Wrigley Jr. Company* 3.375%, 10/21/20		252,140

				3,377,807

		Energy (0.3%)
	150,000	Continental Resources, Inc. 4.500%, 04/15/23		133,130

	175,000	Energy Transfer Operating, LP‡ 4.781%, 11/01/66 3 mo. USD LIBOR + 3.02%		98,817

				231,947

		Financials (14.0%)
		Ally Financial, Inc.
	150,000	4.125%, 02/13/22		152,404
	100,000	8.000%, 11/01/31		122,469

	250,000	American Express Company 3.000%, 10/30/24		263,264

	150,000	Ares Capital Corp. 3.250%, 07/15/25		133,547

	250,000	Axis Specialty Finance, PLC^ 4.000%, 12/06/27		267,152

		Bank of America Corp.‡
	300,000	3.366%, 01/23/26 3 mo. USD LIBOR + 0.81%		319,968

	25,000	6.250%, 09/05/24 3 mo. USD LIBOR + 3.71%		26,041

	250,000	Bank of Montreal 3.300%, 02/05/24		264,514


PRINCIPAL AMOUNT			VALUE

	75,000	Bank of Montreal‡ 4.800%, 08/25/24 5 year CMT + 2.98%	$	68,831

	11,000	Bank of New York Mellon Corp.‡ 4.625%, 09/20/26 3 mo. USD LIBOR + 3.13%		10,895

	125,000	Bank of Nova Scotia^ 2.450%, 09/19/22		129,115

	150,000	Berkshire Hathaway Finance Corp.^ 4.250%, 01/15/49		191,039

	200,000	Capital One Financial Corp. 3.200%, 01/30/23		203,951

	150,000	Caterpillar Financial Services Corp. 2.150%, 11/08/24		155,651

	250,000	CIT Bank, N.A.‡ 2.969%, 09/27/25 SOFR + 1.72%		228,284

		Citigroup, Inc.‡
	250,000	3.106%, 04/08/26 SOFR + 2.75%		261,906
	150,000	4.412%, 03/31/31 SOFR + 3.91%		172,685

	142,000	Credit Acceptance Corp.*^ 5.125%, 12/31/24		125,027

	250,000	Credit Suisse AG 2.100%, 11/12/21		252,817

	250,000	CyrusOne, LP / CyrusOne Finance Corp. 2.900%, 11/15/24		249,394

	200,000	Danske Bank, A/S*‡ 3.001%, 09/20/22 3 mo. USD LIBOR + 1.25%		200,810

	350,000	Discover Bank 3.450%, 07/27/26		348,780

	150,000	Duke Realty, LP 2.875%, 11/15/29		156,210

	200,000	Federation des Caisses Desjardins du Quebec* 2.050%, 02/10/25		200,481

		Fifth Third Bancorp
	200,000	3.650%, 01/25/24		211,645
	200,000	2.550%, 05/05/27		199,606

	125,000	Franklin Resources, Inc. 2.850%, 03/30/25		132,443

		Goldman Sachs Group, Inc.
	250,000	3.500%, 04/01/25		266,302
	125,000	3.814%, 04/23/29‡ 3 mo. USD LIBOR + 1.16%		135,180

	150,000	Huntington Bancshares, Inc. 2.550%, 02/04/30		145,429

	250,000	ILFC E-Capital Trust II*‡ 3.570%, 12/21/65 3 mo. USD LIBOR + 1.80%		125,029

		Iron Mountain, Inc.
	125,000	4.375%, 06/01/21*		125,290
	75,000	6.000%, 08/15/23		76,074


140		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Total Return Bond Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

	300,000	JPMorgan Chase & Company‡ 3.220%, 03/01/25 3 mo. USD LIBOR + 1.16%	$	315,949

	125,000	Life Storage, LP 4.000%, 06/15/29		129,803

	200,000	Lloyds Banking Group, PLC‡ 2.858%, 03/17/23 3 mo. USD LIBOR + 1.25%		202,402

	200,000	Macquarie Group, Ltd.*‡ 4.150%, 03/27/24 3 mo. USD LIBOR + 1.33%		211,176

	250,000	Markel Corp. 3.500%, 11/01/27		259,479

	200,000	MetLife, Inc. 6.400%, 12/15/66		222,032

	200,000	Morgan Stanley‡ 2.720%, 07/22/25 SOFR + 1.15%		206,289

	250,000	National Securities Clearing Corp.* 1.500%, 04/23/25		251,357

		PNC Financial Services Group, Inc.

	150,000	2.200%, 11/01/24		155,539

	75,000	6.750%, 08/01/21^‡ 3 mo. USD LIBOR + 3.68%		76,040

	75,000	Principal Financial Group, Inc.‡ 4.700%, 05/15/55 3 mo. USD LIBOR + 3.04%		67,788

	250,000	Prologis, LP 2.250%, 04/15/30		251,964

	125,000	Reinsurance Group of America, Inc. 3.900%, 05/15/29		131,896

	250,000	RenaissanceRe Finance, Inc.^ 3.450%, 07/01/27		260,929

	125,000	Sabra Health Care, LP 4.800%, 06/01/24		121,678

	96,000	SBA Tower Trust* 2.877%, 07/15/46		96,207

	150,000	Shell International Finance, BV^ 2.000%, 11/07/24		151,628

	125,000	Starwood Property Trust, Inc. 3.625%, 02/01/21		119,871

	150,000	State Street Corp.^‡ 2.354%, 11/01/25 SOFR + 0.94%		155,867

	125,000	Torchmark Corp. 4.550%, 09/15/28		135,441

	170,000	Toronto-Dominion Bank 3.250%, 03/11/24		180,939

	250,000	Travelers Companies, Inc. 2.550%, 04/27/50		247,911

	150,000	US Bancorp 3.600%, 09/11/24		161,546

	200,000	USAA Capital Corp.* 2.125%, 05/01/30		206,591


PRINCIPAL AMOUNT			VALUE

	125,000	Ventas Realty, LP 4.000%, 03/01/28	$	124,498

		VICI Properties, LP / VICI Note Company, Inc.*
	150,000	3.500%, 02/15/25		142,403
	66,000	4.625%, 12/01/29^		61,052

		Wells Fargo & Company
	125,000	4.400%, 06/14/46		141,488
	125,000	3.196%, 06/17/27‡ 3 mo. USD LIBOR + 1.17%		132,180

				10,844,176

		Health Care (4.1%)
	125,000	Acadia Healthcare Company, Inc. 5.625%, 02/15/23		119,863

	250,000	Baxter International, Inc.*^ 3.750%, 10/01/25		279,001

	400,000	Bristol-Myers Squibb Company* 3.200%, 06/15/26		441,228

	150,000	CVS Health Corp. 4.780%, 03/25/38		177,212

	125,000	DaVita, Inc. 5.125%, 07/15/24		127,045

	200,000	Elanco Animal Health, Inc. 4.662%, 08/27/21		205,083

	200,000	Humana, Inc. 3.850%, 10/01/24		215,611

	250,000	Johnson & Johnson 3.400%, 01/15/38		292,477

	400,000	Pfizer, Inc. 2.625%, 04/01/30		433,030

		Tenet Healthcare Corp.
	125,000	4.625%, 09/01/24*^		123,209
	115,000	4.625%, 07/15/24		113,807

		Teva Pharmaceutical Finance Netherlands III, BV
	250,000	2.200%, 07/21/21		244,109
	150,000	2.800%, 07/21/23		138,139

	120,000	Thermo Fisher Scientific, Inc. 4.133%, 03/25/25		135,342

	125,000	UnitedHealth Group, Inc. 2.375%, 08/15/24		131,616

				3,176,772

		Industrials (4.0%)
		3M Company
	250,000	3.700%, 04/15/50		297,832
	250,000	3.050%, 04/15/30		273,169

	205,000	Aircastle, Ltd. 5.000%, 04/01/23		194,240

	100,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertson’s, LLC 5.750%, 03/15/25		102,750

	150,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 3.500%, 02/15/23		148,762


See accompanying Notes to Schedule of Investments		www.calamos.com			141

Total Return Bond Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

	50,000	American Airlines Group, Inc.*^ 5.000%, 06/01/22	$	28,447

	200,000	Delta Air Lines, Inc. 3.625%, 03/15/22		179,041

	150,000	Equifax, Inc. 2.600%, 12/01/24		152,604

	84,852	Hawaiian Airlines Pass Through Certificates Series 2013-1, Class B 4.950%, 07/15/23		75,547

	35,000	Hertz Corp.* 7.625%, 06/01/22		13,376

	250,000	Huntington Ingalls Industries, Inc.* 3.844%, 05/01/25		263,149

	125,000	John Deere Capital Corp. 1.750%, 03/09/27		126,008

	250,000	Park Aerospace Holdings, Ltd.* 5.250%, 08/15/22		229,774

	200,000	Rockwell Collins, Inc. 2.800%, 03/15/22		205,074

	125,000	Ryder System, Inc.^ 2.500%, 09/01/24		122,511

	125,000	TransDigm, Inc.* 6.250%, 03/15/26		123,101

	174,231	United Airlines Pass Through Trust Series 2018-1, Class B 4.600%, 09/01/27		122,946

	250,000	Verisk Analytics, Inc. 4.125%, 09/12/22		266,565

	200,000	Volkswagen Group of America Finance, LLC* 2.500%, 09/24/21		198,919

				3,123,815

		Information Technology (4.8%)
	125,000	Anixter, Inc. 5.125%, 10/01/21		127,416

	250,000	Apple, Inc. 4.375%, 05/13/45		326,565

	23,000	Automatic Data Processing, Inc. 3.375%, 09/15/25		25,543

	250,000	Broadcom, Inc.*^ 4.700%, 04/15/25		275,566

		Dell International, LLC / EMC Corp.*
	250,000	5.850%, 07/15/25		273,159
	23,000	5.875%, 06/15/21		23,058

	250,000	Fiserv, Inc. 3.500%, 10/01/22		262,850

	125,000	Hewlett Packard Enterprise Company 4.900%, 10/15/25		136,031

	250,000	Mastercard, Inc. 3.350%, 03/26/30		284,352

	250,000	Microsoft Corp. 4.100%, 02/06/37		311,975

	250,000	NVIDIA Corp. 3.500%, 04/01/40		280,835


PRINCIPAL AMOUNT			VALUE

	250,000	NXP, BV / NXP Funding, LLC* 4.125%, 06/01/21	$	255,502

	500,000	Oracle Corp. 2.650%, 07/15/26		531,420

	250,000	PayPal Holdings, Inc. 2.200%, 09/26/22		254,838

	125,000	PTC, Inc.*^ 3.625%, 02/15/25		123,414

	250,000	Visa, Inc. 2.050%, 04/15/30		256,591

				3,749,115

		Information Technology (0.3%)
	200,000	CDW, LLC / CDW Finance Corp. 4.125%, 05/01/25		202,140

		Materials (1.1%)
	200,000	Alcoa Nederland Holding, BV* 6.750%, 09/30/24		202,062

	75,000	ArcelorMittal, SA 7.000%, 10/15/39		78,693

	150,000	Cascades, Inc.* 5.750%, 07/15/23		150,524

	250,000	Georgia-Pacific, LLC* 3.600%, 03/01/25		269,656

	150,000	Sealed Air Corp.* 4.875%, 12/01/22		155,369

				856,304

		Real Estate (0.9%)
	150,000	EPR Properties 4.950%, 04/15/28		127,941

	190,000	Healthpeak Properties, Inc. 3.250%, 07/15/26		190,970

	125,000	Hospitality Properties Trust 3.950%, 01/15/28		96,622

	150,000	SL Green Operating Partnership, LP 3.250%, 10/15/22		149,065

	125,000	Tanger Properties, LP^ 3.875%, 07/15/27		114,011

				678,609

		Utilities (3.9%)
	250,000	AES Corp. 4.000%, 03/15/21		249,656

	250,000	Alabama Power Company 2.450%, 03/30/22		257,149

	150,000	Berkshire Hathaway Energy Company 3.800%, 07/15/48		178,487

	250,000	CenterPoint Energy, Inc. 3.850%, 02/01/24		267,011

	200,000	Consolidated Edison Company of New York, Inc. 3.350%, 04/01/30		221,886

	10,000	Dominion Energy, Inc.‡ 4.650%, 12/15/24 5 year CMT + 2.99%		9,764


142		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Total Return Bond Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

	150,000	DTE Energy Company 2.250%, 11/01/22	$	152,883

	150,000	Duke Energy Carolinas, LLC 3.700%, 12/01/47		179,106

	250,000	Exelon Corp. 2.450%, 04/15/21		251,917

	250,000	Florida Power & Light Company 2.850%, 04/01/25		270,879

	150,000	Northern States Power Co. 3.750%, 12/01/47		167,816

	250,000	PPL Capital Funding, Inc. 4.125%, 04/15/30		279,361

	150,000	Public Service Electric & Gas Company 3.600%, 12/01/47		179,898

	250,000	Southern California Edison Company 3.400%, 06/01/23		262,971

	125,000	WEC Energy Group, Inc. 3.100%, 03/08/22		129,144

				3,057,928


		TOTAL CORPORATE BONDS (Cost $36,611,734)		37,862,528


	CONVERTIBLE BOND (0.3%)
		Communication Services (0.3%)
	250,000	Twitter, Inc. 1.000%, 09/15/21 (Cost $244,513)		242,861


	BANK LOANS (1.3%)‡¡
		Financials (0.4%)
	190,485	GLP Financing, LLC 2.516%, 04/28/21 1 mo. LIBOR + 1.50%		186,675

	168,664	Level 3 Financing, Inc. 2.154%, 03/01/27 1 mo. LIBOR + 1.75%		162,093

				348,768

		Health Care (0.6%)
	279,145	Mallinckrodt International Finance, SA 4.200%, 09/24/24 3 mo. LIBOR + 2.75%		198,193

	270,124	Amneal Pharmaceuticals, LLC 3.938%, 05/04/25 1 mo. LIBOR + 3.50%		243,815

				442,008

		Industrials (0.3%)
	123,734	Navistar International Corp. 4.220%, 11/06/24 1 mo. LIBOR + 3.50%		113,004

	125,000	Berry Global, Inc. 2.829%, 10/01/22 1 mo. LIBOR + 2.00%		122,335

				235,339


		TOTAL BANK LOANS (Cost $1,157,236)		1,026,115


PRINCIPAL AMOUNT			VALUE

	CONVERTIBLE PREFERRED STOCKS (0.2%)
		Financials (0.2%)
	1,200	Allstate Corp. 5.100%, 10/15/24	$	30,720

	1,325	Wells Fargo & Company 4.750%, 03/15/25		31,641

	1,425	WR Berkley Corp. 5.100%, 12/30/59		34,799


		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $70,732)		97,160


	U.S. GOVERNMENT AND AGENCY SECURITIES (37.9%)
		Federal Home Loan Mortgage Corp.
	614,665	4.000%, 05/01/49		654,759
	292,999	2.500%, 02/01/35		306,494

		Federal National Mortgage Association
	2,493,760	3.500%, 04/01/50		2,649,216
	2,493,375	2.500%, 04/01/50		2,597,749
	2,491,821	3.000%, 04/01/50		2,632,615
	870,417	3.000%, 07/01/46		923,737
	790,133	3.500%, 02/01/49		834,584
	701,217	3.500%, 08/01/47		744,671
	700,613	3.500%, 11/01/49		739,814
	620,090	4.000%, 06/01/48		659,751
	435,420	3.000%, 03/01/47		462,093
	364,739	4.500%, 04/01/48		392,967
	361,711	3.000%, 07/01/49		381,806
	346,505	3.000%, 02/01/33		366,272
	314,621	4.000%, 03/01/47		336,766
	285,902	2.500%, 09/01/31		301,079
	216,663	3.000%, 01/01/35		228,982

		Government National Mortgage Association II Pool
	599,798	3.500%, 10/20/47		641,134
	430,017	3.000%, 10/20/47		458,550

		United States Treasury Bond
	1,500,000	2.000%, 02/15/50^		1,762,852
	1,400,000	2.250%, 08/15/49		1,724,953
	1,000,000	3.500%, 02/15/39		1,430,937
	750,000	2.875%, 11/15/46^		1,018,125
	500,000	3.000%, 05/15/47^		696,055
	300,000	3.000%, 02/15/49		423,258
	125,000	2.375%, 11/15/49		158,125

		United States Treasury Inflation Indexed Note
	1,048,600	0.500%, 01/15/28		1,118,577
	545,355	0.375%, 07/15/25		566,694

		United States Treasury Note
	1,250,000	1.125%, 02/28/25^		1,296,680
	1,000,000	1.125%, 02/28/27^		1,040,234
	630,000	1.500%, 02/15/30^		681,237
	500,000	2.875%, 11/30/25		567,148
	500,000	2.500%, 02/28/26		558,652


		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $27,248,981)		29,356,566


See accompanying Notes to Schedule of Investments		www.calamos.com			143

Total Return Bond Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

	ASSET BACKED SECURITIES (6.4%)
	570,000	BA Credit Card Trust Series 2017-A2, Class A2 1.840%, 01/17/23	$	571,470

	500,000	Credit Acceptance Auto Loan Trust Series 2018-3A, Class A* 3.550%, 08/15/27		502,020

	235,000	Dell Equipment Finance Trust Series 2017-2, Class B* 2.470%, 10/24/22		234,740

	250,000	DT Auto Owner Trust Series 2020-1A, Class B* 2.160%, 05/15/24		246,114

	81,035	Enterprise Fleet Financing, LLC Series 2018-1, Class A2* 2.870%, 10/20/23		81,263

	500,000	Ford Credit Floorplan Master Owner Trust Series 2018-1, Class A1 2.950%, 05/15/23		497,024

	232,557	Hertz Fleet Lease Funding, LP Series 2018-1, Class A2* 3.230%, 05/10/32		224,421

	416,441	MVW Owner Trust Series 2019-1A, Class A* 2.890%, 11/20/36		397,165

	610,000	OSCAR US Funding Trust IX, LLC Series 2018-2A, Class A3* 3.390%, 09/12/22		613,083

	388,474	SoFi Consumer Loan Program Trust Series 2018-4, Class A* 3.540%, 11/26/27		388,325

	199,626	SoFi Professional Loan Program LLC Series 2016-C, Class A2B* 2.360%, 12/27/32		198,859

	500,000	SoFi Professional Loan Program LLC Series 2017-F, Class A2FX* 2.840%, 01/25/41		505,703

	500,000	Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A* 2.560%, 11/25/31		515,247


		TOTAL ASSET BACKED SECURITIES (Cost $4,965,676)		4,975,434


	RESIDENTIAL MORTGAGE BACKED SECURITIES (1.0%)
	250,000	BX Trust Series 2019-OC11, Class A* 3.202%, 12/09/41		249,290

	460,000	Freddie Mac Multifamily Structured Pass Through Certificates Class A2 3.350%, 01/25/28		521,287


		TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $716,765)		770,577


NUMBER OF SHARES			VALUE

	SHORT TERM INVESTMENTS (0.0%)
	225	Fidelity Prime Money Market Fund - Institutional Class, 0.490%***	$	226

	73	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.150%***		73


		TOTAL SHORT TERM INVESTMENTS (Cost $299)		299

NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE

	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (6.4%)
	4,953,745	State Street Navigator Securities Lending Government Money Market Portfolio† (Cost $4,953,745)		4,953,745


	TOTAL INVESTMENTS (102.4%) (Cost $75,969,681)			79,285,285


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-6.4%)			(4,953,745	)


	OTHER ASSETS, LESS LIABILITIES (4.0%)			3,102,106


	NET ASSETS (100.0%)		$	77,433,646

NOTES TO SCHEDULE OF INVESTMENTS

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

‡	Variable rate security. The rate shown is the rate in effect at April 30, 2020.

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

***	The rate disclosed is the 7 day net yield as of April 30, 2020.

†	Represents investment of cash collateral received from securities on loan as of April 30, 2020.

FUTURES CONTRACTS

NUMBER OF
CONTRACTS

DESCRIPTION

EXPIRATION
DATE

NOTIONAL
VALUE

MARKET VALUE/
UNREALIZED
APPRECIATION
(DEPRECIATION)

Buys 10

U.S. Treasury Note 5-Year

Jun 2020

1,254,844

8,530


144		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

High Income Opportunities Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

	CORPORATE BONDS (78.1%)
		Communication Services (12.6%)
	200,000	Altice France, SA* 7.375%, 05/01/26	$	209,418

	125,000	Arrow Bidco, LLC* 9.500%, 03/15/24		69,232

		CenturyLink, Inc.*
	110,000	4.000%, 02/15/27		107,850
	45,000	5.125%, 12/15/26		43,147

	170,000	Cincinnati Bell, Inc.* 8.000%, 10/15/25		172,349

	115,000	CommScope, Inc.* 5.500%, 03/01/24		115,226

	80,000	Consolidated Communications, Inc.^ 6.500%, 10/01/22		72,709

		CSC Holdings, LLC*
	315,000	5.750%, 01/15/30		328,186
	200,000	5.500%, 05/15/26		208,150
	200,000	5.500%, 04/15/27		208,474

	125,000	Cumulus Media New Holdings, Inc.* 6.750%, 07/01/26		102,125

	75,000	Diamond Sports Group, LLC / Diamond Sports Finance Company* 5.375%, 08/15/26		57,217

	562,000	Embarq Corp. 7.995%, 06/01/36		588,102

		Entercom Media Corp.*^
	138,000	6.500%, 05/01/27		101,642
	84,000	7.250%, 11/01/24		53,073

		Frontier Communications Corp.@
	610,000	7.125%, 01/15/23		165,966
	80,000	8.500%, 04/01/26*		74,054
	50,000	8.000%, 04/01/27*		51,105

	25,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 5.250%, 12/01/27		25,717

	80,000	Gray Television, Inc.*^ 7.000%, 05/15/27		80,701

		Hughes Satellite Systems Corp.

	67,000	6.625%, 08/01/26		71,793
	30,000	5.250%, 08/01/26		31,683

	55,000	iHeartCommunications, Inc. 8.375%, 05/01/27		46,002

		Intelsat Jackson Holdings, SA
	195,000	9.750%, 07/15/25*		113,241
	50,000	5.500%, 08/01/23		27,312

		Netflix, Inc.
	80,000	4.875%, 06/15/30*		85,887
	45,000	4.875%, 04/15/28		47,982

	175,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		149,383

		Sirius XM Radio, Inc.*

	125,000	5.500%, 07/01/29		132,137

	125,000	4.625%, 07/15/24		127,777


PRINCIPAL AMOUNT			VALUE

		Sprint Corp.
	310,000	7.125%, 06/15/24	$	348,403
	145,000	7.625%, 03/01/26		171,812

	80,000	Telecom Italia Capital, SA 6.000%, 09/30/34		83,312

		Telesat Canada / Telesat, LLC*
	81,000	4.875%, 06/01/27^		79,076
	45,000	6.500%, 10/15/27		42,675

	216,000	United States Cellular Corp. 6.700%, 12/15/33		228,229

		Windstream Services, LLC / Windstream Finance Corp.@
	42,000	7.750%, 10/01/21		1,427
	24,000	10.500%, 06/30/24*		1,384

				4,623,958

		Consumer Discretionary (11.9%)

	83,000	Asbury Automotive Group, Inc.* 4.500%, 03/01/28		69,720

		Ashton Woods USA, LLC / Ashton Woods Finance Company*
	72,000	6.625%, 01/15/28		59,275
	54,000	9.875%, 04/01/27		52,155

	115,000	Beverages & More, Inc.* 11.500%, 06/15/22		63,767

	140,000	Boyd Gaming Corp. 6.000%, 08/15/26		126,820

	180,000	Caesars Resort Collection, LLC / CRC Finco, Inc.* 5.250%, 10/15/25		141,789

		CCO Holdings, LLC / CCO Holdings Capital Corp.*
	200,000	5.125%, 05/01/27		209,000
	120,000	5.750%, 02/15/26		125,309
	55,000	5.000%, 02/01/28		56,788

	75,000	Cedar Fair, LP*^ 5.250%, 07/15/29		64,567

		Century Communities, Inc.
	125,000	6.750%, 06/01/27		109,795
	85,000	5.875%, 07/15/25		78,635

	128,000	DISH DBS Corp.^ 7.750%, 07/01/26		126,287

		ESH Hospitality, Inc.*
	85,000	5.250%, 05/01/25		80,013
	50,000	4.625%, 10/01/27		45,321

		Expedia Group, Inc.*
	55,000	7.000%, 05/01/25		56,282
	33,000	6.250%, 05/01/25		33,659

		Ford Motor Company
	55,000	8.500%, 04/21/23		54,551
	25,000	9.000%, 04/22/25		24,371
	23,000	9.625%, 04/22/30^		22,644

		Ford Motor Credit Company, LLC
	200,000	4.134%, 08/04/25		173,106
	200,000	3.664%, 09/08/24		173,625


See accompanying Notes to Schedule of Investments		www.calamos.com			145

High Income Opportunities Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

	23,000	Gap, Inc.* 8.375%, 05/15/23	$	24,100

	200,000	goeasy, Ltd.* 5.375%, 12/01/24		179,214

	175,000	Guitar Center, Inc.* 9.500%, 10/15/21		122,683

	25,000	Installed Building Products, Inc.* 5.750%, 02/01/28		24,050

	200,000	International Game Technology, PLC*^ 6.250%, 01/15/27		194,500

	137,000	L Brands, Inc. 6.875%, 11/01/35		101,792

	135,000	Lennar Corp. 5.250%, 06/01/26		140,299

		M/I Homes, Inc.
	170,000	5.625%, 08/01/25		156,862
	70,000	4.950%, 02/01/28*		61,666

	108,000	Macy’s, Inc. 3.875%, 01/15/22		89,994

		Mattel, Inc.*
	125,000	5.875%, 12/15/27^		122,348
	115,000	6.750%, 12/31/25		117,004

	200,000	Mclaren Finance, PLC*^ 5.750%, 08/01/22		133,238

	21,000	MGM Resorts International 6.750%, 05/01/25		20,532

	24,000	Michaels Stores, Inc.*^ 8.000%, 07/15/27		16,769

	92,000	Newell Brands, Inc. 4.700%, 04/01/26		93,272

	11,000	Nordstrom, Inc.* 8.750%, 05/15/25		11,791

	328,000	Rite Aid Corp.* 6.125%, 04/01/23		300,433

	75,000	Salem Media Group, Inc.* 6.750%, 06/01/24		60,445

	125,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		110,614

	75,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		68,072

	125,000	Twin River Worldwide Holdings, Inc.* 6.750%, 06/01/27		99,719

	45,845	US Airways Pass Through Trust Series 2012-2, Class B 6.750%, 12/03/22		36,829

	23,000	Vail Resorts, Inc.* 6.250%, 05/15/25		23,759

	105,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		82,723

				4,340,187

		Consumer Staples (4.0%)
	75,000	Dean Foods Company*@ 6.500%, 03/15/23		2,364


PRINCIPAL AMOUNT			VALUE

	85,000	Energizer Holdings, Inc.* 6.375%, 07/15/26	$	87,585

	120,000	Fresh Market, Inc.* 9.750%, 05/01/23		76,594

		JBS USA LUX, SA / JBS USA Finance, Inc.*
	270,000	5.875%, 07/15/24		276,219
	205,000	6.750%, 02/15/28		219,978

	42,000	JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.* 6.500%, 04/15/29		44,733

		New Albertson’s, Inc.
	63,000	7.750%, 06/15/26		64,416
	27,000	8.000%, 05/01/31		27,640

		Pilgrim’s Pride Corp.*
	145,000	5.875%, 09/30/27		147,883
	60,000	5.750%, 03/15/25		60,691

		Post Holdings, Inc.*
	110,000	5.750%, 03/01/27		113,060
	35,000	5.500%, 12/15/29		35,365
	30,000	5.625%, 01/15/28		30,564

	104,000	Simmons Foods, Inc.*^ 7.750%, 01/15/24		109,405

		Vector Group, Ltd.*
	131,000	6.125%, 02/01/25		127,234
	50,000	10.500%, 11/01/26		46,929

				1,470,660

		Energy (5.9%)

	85,000	Apergy Corp. 6.375%, 05/01/26		69,804

	82,000	Bruin E&P Partners, LLC* 8.875%, 08/01/23		2,115

		Buckeye Partners, LP
	75,000	3.950%, 12/01/26^		68,455
	50,000	5.850%, 11/15/43		36,210

		Calfrac Holdings, LP*
	52,000	8.500%, 06/15/26		3,290
	26,950	10.875%, 03/15/26		14,224

	215,000	California Resources Corp.* 8.000%, 12/15/22		7,655

	145,000	Chaparral Energy, Inc.* 8.750%, 07/15/23		3,354

	110,000	Cheniere Energy Partners, LP 5.625%, 10/01/26		106,032

	74,000	Chesapeake Energy Corp.* 11.500%, 01/01/25		2,149

	45,000	Continental Resources, Inc. 3.800%, 06/01/24		37,561

	125,000	DCP Midstream Operating, LP*‡ 5.850%, 05/21/43 3 mo. USD LIBOR + 3.85%		59,511

		Denbury Resources, Inc.
	129,000	7.750%, 02/15/24*		22,965
	45,000	9.250%, 03/31/22*		8,247
	33,000	5.500%, 05/01/22		794


146		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

High Income Opportunities Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

	75,000	Diamond Offshore Drilling, Inc.@ 7.875%, 08/15/25	$	8,025

	220,000	Energy Transfer Operating, LP‡ 4.781%, 11/01/66 3 mo. USD LIBOR + 3.02%		124,227

		EnLink Midstream Partners, LP
	120,000	6.000%, 12/15/22‡ 3 mo. USD LIBOR + 4.11%		30,798
	120,000	4.850%, 07/15/26		74,639

		EP Energy, LLC / Everest Acquisition Finance, Inc.*@
	100,000	9.375%, 05/01/24		1,858
	60,000	7.750%, 05/15/26		7,423

		EQT Corp.
	75,000	7.000%, 02/01/30		70,773
	40,000	6.125%, 02/01/25		38,424

	117,000	Genesis Energy, LP / Genesis Energy Finance Corp. 6.250%, 05/15/26		97,967

		Gulfport Energy Corp.
	130,000	6.375%, 05/15/25		61,740
	100,000	6.000%, 10/15/24		49,989

	24,000	Hess Midstream Operations, LP* 5.125%, 06/15/28		21,151

	24,000	Holly Energy Partners, LP / Holly Energy Finance Corp.* 5.000%, 02/01/28		21,810

	45,000	Laredo Petroleum, Inc. 10.125%, 01/15/28		18,393

	183,000	Lonestar Resources America, Inc.* 11.250%, 01/01/23		25,897

	135,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		109,232

	205,000	McDermott Technology Americas, Inc. / McDermott Technology U.S., Inc.*@ 10.625%, 05/01/24		10,470

		Moss Creek Resources Holdings, Inc.*
	50,000	7.500%, 01/15/26		16,930
	45,000	10.500%, 05/15/27		16,844

	50,000	Murphy Oil Corp. 5.875%, 12/01/27		34,127

	45,000	Nine Energy Service, Inc.* 8.750%, 11/01/23		8,826

	145,000	NuStar Logistics, LP^ 4.750%, 02/01/22		134,141

	65,000	Oasis Petroleum, Inc.* 6.250%, 05/01/26		8,550

		Occidental Petroleum Corp.
	150,000	2.700%, 08/15/22		130,707
	70,000	4.300%, 08/15/39		44,363

	150,000	Par Petroleum, LLC / Par Petroleum Finance Corp.* 7.750%, 12/15/25		107,095

	75,000	Parkland Fuel Corp.* 5.875%, 07/15/27		72,443


PRINCIPAL AMOUNT			VALUE

	100,000	Plains All American Pipeline, LP‡ 6.125%, 11/15/22 3 mo. USD LIBOR + 4.11%	$	69,538

	100,000	SESI, LLC 7.750%, 09/15/24		20,794

	60,000	SM Energy Company 6.750%, 09/15/26		16,407

		Transocean, Inc.*
	70,000	7.500%, 01/15/26		26,641
	45,000	8.000%, 02/01/27		17,569

	150,000	Vine Oil & Gas, LP / Vine Oil & Gas Finance Corp.* 8.750%, 04/15/23		79,613

	50,000	Viper Energy Partners, LP* 5.375%, 11/01/27		44,541

	140,000	W&T Offshore, Inc.* 9.750%, 11/01/23		46,221

	47,000	Weatherford International, Ltd.* 11.000%, 12/01/24		34,868

	95,000	Whiting Petroleum Corp.@ 6.625%, 01/15/26		9,723

				2,155,123

		Financials (14.5%)
	337,000	Acrisure, LLC / Acrisure Finance, Inc.* 7.000%, 11/15/25		302,948

	48,000	AG Issuer, LLC* 6.250%, 03/01/28		42,292

	205,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		204,762

		Ally Financial, Inc.
	160,000	8.000%, 11/01/31		195,950
	45,000	5.800%, 05/01/25		47,974

	205,000	Amwins Group, Inc.* 7.750%, 07/01/26		211,984

	310,000	Ardonagh Midco 3, PLC*^ 8.625%, 07/15/23		286,361

	215,000	AssuredPartners, Inc.* 7.000%, 08/15/25		200,764

	70,000	Bank of America Corp.‡ 4.300%, 01/28/25 3 mo. USD LIBOR + 2.66%		63,002

	230,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC* 5.750%, 05/15/26		185,812

		Credit Acceptance Corp.
	130,000	6.625%, 03/15/26		117,173
	89,000	5.125%, 12/31/24*		78,362

	125,000	Donnelley Financial Solutions, Inc. 8.250%, 10/15/24		116,537

	82,000	Global Aircraft Leasing Company, Ltd.* 6.500%, 09/15/24 7.250% PIK rate		49,701


See accompanying Notes to Schedule of Investments		www.calamos.com			147

High Income Opportunities Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

	156,000	Greystar Real Estate Partners, LLC* 5.750%, 12/01/25	$	143,314

		HAT Holdings I, LLC / HAT Holdings II, LLC*
	75,000	5.250%, 07/15/24		74,847
	18,000	6.000%, 04/15/25		18,027

	420,000	HUB International, Ltd.* 7.000%, 05/01/26		418,925

		Icahn Enterprises, LP / Icahn Enterprises Finance Corp.
	115,000	5.250%, 05/15/27		109,441
	12,000	4.750%, 09/15/24		11,400

	160,000	ILFC E-Capital Trust II*‡ 3.570%, 12/21/65 3 mo. USD LIBOR + 1.80%		80,018

	230,000	Iron Mountain, Inc.* 5.250%, 03/15/28		225,656

		Jefferies Finance, LLC / JFIN Co-Issuer Corp.*
	275,000	7.250%, 08/15/24		247,466
	200,000	6.250%, 06/03/26		181,758

		Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.*
	140,000	5.250%, 10/01/25		102,026
	25,000	4.250%, 02/01/27		17,908

	230,000	LPL Holdings, Inc.* 5.750%, 09/15/25		228,196

	260,000	MetLife, Inc. 6.400%, 12/15/66		288,642

		Navient Corp.
	217,000	5.000%, 03/15/27		183,419
	100,000	6.750%, 06/25/25^		92,785

	125,000	Radian Group, Inc. 4.875%, 03/15/27		111,518

		Springleaf Finance Corp.
	185,000	6.875%, 03/15/25		175,117
	140,000	7.125%, 03/15/26		130,977
	25,000	6.625%, 01/15/28		22,105

	150,000	Starwood Property Trust, Inc. 4.750%, 03/15/25		128,802

	45,000	Tronox Finance, PLC* 5.750%, 10/01/25		41,180

		VICI Properties, LP / VICI Note Company, Inc.*
	96,000	3.750%, 02/15/27		89,360
	56,000	4.625%, 12/01/29^		51,802
	48,000	4.125%, 08/15/30		43,857

				5,322,168

		Health Care (8.2%)
	180,000	Acadia Healthcare Company, Inc. 6.500%, 03/01/24		172,498

	295,000	Bausch Health Americas, Inc.* 8.500%, 01/31/27		325,422

	100,000	Centene Corp.* 4.250%, 12/15/27		104,795


PRINCIPAL AMOUNT			VALUE

		CHS/Community Health Systems, Inc.
	388,000	8.125%, 06/30/24*^	$	260,080
	110,000	8.000%, 03/15/26*		105,652
	75,000	6.250%, 03/31/23		70,596

	200,000	Endo DAC / Endo Finance, LLC / Endo Finco, Inc.* 6.000%, 07/15/23		150,387

	130,000	HCA, Inc. 7.500%, 11/06/33		148,125

	78,000	Hill-Rom Holdings, Inc.* 4.375%, 09/15/27		79,681

	80,000	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC* 5.625%, 10/15/23		23,026

	107,000	Team Health Holdings, Inc.* 6.375%, 02/01/25		59,118

		Tenet Healthcare Corp.
	220,000	6.250%, 02/01/27*		217,123
	140,000	4.625%, 07/15/24		138,548
	130,000	6.875%, 11/15/31		112,408
	125,000	4.875%, 01/01/26*		124,093

	145,000	Teva Pharmaceutical Finance Company, BV 2.950%, 12/18/22		138,083

		Teva Pharmaceutical Finance Netherlands III, BV
	325,000	2.800%, 07/21/23		299,301
	200,000	6.000%, 04/15/24^		199,493
	30,000	2.200%, 07/21/21		29,293

	240,000	West Street Merger Sub, Inc.* 6.375%, 09/01/25		226,171

				2,983,893

		Industrials (13.0%)
	200,000	ACCO Brands Corp.*^ 5.250%, 12/15/24		198,874

		Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC
	125,000	5.750%, 03/15/25		128,437
	120,000	4.625%, 01/15/27*		120,802
	73,000	4.875%, 02/15/30*		74,106

		Allison Transmission, Inc.*
	175,000	4.750%, 10/01/27		164,069
	25,000	5.875%, 06/01/29^		24,308

		American Airlines Group, Inc.*
	100,000	5.000%, 06/01/22^		56,895
	75,000	3.750%, 03/01/25		35,212

	225,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		210,918

	40,000	Avolon Holdings Funding, Ltd.* 2.875%, 02/15/25		33,110

	150,000	Beacon Roofing Supply, Inc.* 4.875%, 11/01/25		132,607

		Cascades, Inc. /Cascades USA, Inc.*
	75,000	5.125%, 01/15/26		75,560
	50,000	5.375%, 01/15/28		50,765


148		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

High Income Opportunities Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

		Covanta Holding Corp.
	160,000	5.875%, 03/01/24	$	158,697
	45,000	5.875%, 07/01/25		43,580

	155,000	Delphi Technologies, PLC* 5.000%, 10/01/25		145,123

	23,000	Delta Air Lines, Inc.*^ 7.000%, 05/01/25		23,621

	45,000	EnerSys* 4.375%, 12/15/27		43,659

	200,000	Fly Leasing, Ltd. 5.250%, 10/15/24		163,982

		Golden Nugget, Inc.*
	155,000	8.750%, 10/01/25		89,688
	135,000	6.750%, 10/15/24		106,634

	50,000	Granite US Holdings Corp.* 11.000%, 10/01/27		42,634

	60,000	Graphic Packaging International, LLC* 4.750%, 07/15/27		62,125

	155,000	Great Lakes Dredge & Dock Corp. 8.000%, 05/15/22		158,425

	165,000	H&E Equipment Services, Inc.^ 5.625%, 09/01/25		157,380

	125,000	Herc Holdings, Inc.* 5.500%, 07/15/27		118,654

		Hertz Corp.*
	97,000	6.000%, 01/15/28		17,727
	62,000	7.625%, 06/01/22		23,695

		Howmet Aerospace, Inc.
	115,000	5.125%, 10/01/24		111,317
	40,000	6.875%, 05/01/25		40,992

	150,000	Jeld-Wen, Inc.* 4.625%, 12/15/25		135,316

	47,000	KeHE Distributors, LLC / KeHE Finance Corp.* 8.625%, 10/15/26		49,882

	205,000	Meritor, Inc. 6.250%, 02/15/24		201,798

	60,000	Moog, Inc.* 4.250%, 12/15/27		56,600

	120,000	Nationstar Mortgage Holdings, Inc.* 6.000%, 01/15/27		103,351

		Navistar International Corp.*
	80,000	6.625%, 11/01/25		68,639
	45,000	9.500%, 05/01/25		47,228

	95,000	Novelis Corp.* 4.750%, 01/30/30		84,376

	175,000	Park-Ohio Industries, Inc.^ 6.625%, 04/15/27		135,009

	50,000	Patrick Industries, Inc.* 7.500%, 10/15/27		47,063

	80,000	Scientific Games International, Inc.* 5.000%, 10/15/25		69,949

		Station Casinos, LLC*
	145,000	4.500%, 02/15/28		116,195
	124,000	5.000%, 10/01/25		103,486


PRINCIPAL AMOUNT			VALUE

	105,000	Tennant Company 5.625%, 05/01/25	$	105,171

		TransDigm, Inc.
	195,000	7.500%, 03/15/27		177,996
	125,000	6.250%, 03/15/26*		123,101

		United Rentals North America, Inc.
	75,000	5.875%, 09/15/26		77,250
	55,000	6.500%, 12/15/26		57,747

	75,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		74,915

	115,000	XPO Logistics, Inc.* 6.750%, 08/15/24		118,695

				4,767,363

		Information Technology (1.8%)
	50,000	CDK Global, Inc.* 5.250%, 05/15/29		51,003

	130,000	CommScope Technologies, LLC* 6.000%, 06/15/25		116,022

		Dell International, LLC / EMC Corp.*
	70,000	6.100%, 07/15/27^		76,878
	40,000	5.850%, 07/15/25		43,705

	48,000	Fair Isaac Corp.* 4.000%, 06/15/28		47,740

	75,000	MTS Systems Corp.* 5.750%, 08/15/27		71,004

	72,000	Open Text Corp.* 3.875%, 02/15/28		70,440

	66,000	PTC, Inc.* 4.000%, 02/15/28		64,692

	150,000	Vericast Corp.* 8.375%, 08/15/22		109,264

				650,748

		Materials (4.0%)
	47,000	Allegheny Technologies, Inc.^ 5.875%, 12/01/27		39,455

	75,000	ArcelorMittal, SA 7.000%, 10/15/39		78,693

	200,000	Ardagh Packaging Finance, PLC / Ardagh Holdings USA, Inc.* 6.000%, 02/15/25		200,704

	55,000	Baffinland Iron Mines Corp. / Baffinland Iron Mines, LP* 8.750%, 07/15/26		48,445

	25,000	Compass Minerals International, Inc.* 6.750%, 12/01/27		24,781

		Freeport-McMoRan, Inc.
	65,000	5.000%, 09/01/27		63,156
	48,000	5.450%, 03/15/43		44,257
	45,000	5.400%, 11/14/34		41,979

	200,000	INEOS Group Holdings, SA*^ 5.625%, 08/01/24		194,297

	85,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		87,422


See accompanying Notes to Schedule of Investments		www.calamos.com			149

High Income Opportunities Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

		Kaiser Aluminum Corp.*
	75,000	4.625%, 03/01/28	$	70,085
	40,000	6.500%, 05/01/25		40,798

	25,000	Mineral Resources, Ltd.* 8.125%, 05/01/27		25,676

	140,000	New Gold, Inc.* 6.375%, 05/15/25		135,084

	25,000	Norbord, Inc.* 5.750%, 07/15/27		22,911

	205,000	PBF Holding Company, LLC / PBF Finance Corp. 7.250%, 06/15/25		157,579

	23,000	Polyone Corp.* 5.750%, 05/15/25		23,304

	110,000	Silgan Holdings, Inc.* 4.125%, 02/01/28		108,376

	75,000	Univar Solutions USA, Inc.* 5.125%, 12/01/27		74,648

				1,481,650

		Real Estate (0.9%)
	130,000	CBL & Associates, LP 5.250%, 12/01/23		35,485

		Forestar Group, Inc.*
	125,000	8.000%, 04/15/24		123,354
	67,000	5.000%, 03/01/28		58,638

	125,000	Service Properties Trust 4.350%, 10/01/24		105,135

				322,612

		Utilities (1.3%)
	72,000	Calpine Corp.* 4.500%, 02/15/28		70,009

	25,000	NextEra Energy Operating Partners, LP* 4.250%, 07/15/24		25,296

	179,000	PPL Capital Funding, Inc.‡ 4.040%, 03/30/67 3 mo. USD LIBOR + 2.67%		135,840

		Talen Energy Supply, LLC*
	55,000	10.500%, 01/15/26		45,463
	25,000	7.250%, 05/15/27		24,801

	150,000	TerraForm Power Operating, LLC* 5.000%, 01/31/28		157,747

				459,156


		TOTAL CORPORATE BONDS (Cost $33,670,017)		28,577,518



	CONVERTIBLE BONDS (1.5%)
		Communication Services (0.0%)
	47,000	Intelsat, SA 4.500%, 06/15/25		8,898


		Consumer Discretionary (1.0%)
	244,000	DISH Network Corp. 2.375%, 03/15/24		205,865


PRINCIPAL AMOUNT			VALUE

		Liberty Interactive, LLC
	125,000	3.750%, 02/15/30	$	82,771
	120,000	4.000%, 11/15/29		80,949

				369,585

		Energy (0.1%)
	47,000	Denbury Resources, Inc.* 6.375%, 12/31/24		20,810

		Financials (0.3%)
	125,000	Prospect Capital Corp.^ 4.950%, 07/15/22		119,751

		Industrials (0.1%)
	45,000	Patrick Industries, Inc. 1.000%, 02/01/23		37,170


		TOTAL CONVERTIBLE BONDS (Cost $653,343)		556,214



	BANK LOANS (12.2%)¡
		Communication Services (2.3%)

	124,375	Clear Channel Outdoor Holdings, Inc.‡ 4.260%, 08/21/26 3 mo. LIBOR + 3.50%		108,673

	124,043	Frontier Communications Corp.‡ 5.350%, 06/15/24 3 mo. LIBOR + 3.75%		121,263

	94,763	iHeartCommunications, Inc.‡ 3.404%, 05/01/26 1 mo. LIBOR + 3.00%		85,523

	233,900	Intelsat Jackson Holdings, SA 6.625%, 01/02/24		234,229

	125,000	Intelsat Jackson Holdings, SA‡ 6.750%, 01/02/24 3 mo. PRIME + 3.50%		124,167

	70,000	Parexel International Corp.‡ 3.154%, 09/27/24 1 mo. LIBOR + 2.75%		64,500

	109,725	Terrier Media Buyer, Inc.‡ 5.700%, 12/17/26 3 mo. LIBOR + 4.25%		102,579

				840,934

		Consumer Discretionary (2.2%)
	99,433	Michaels Stores, Inc.‡ 3.534%, 01/30/23 3 mo. LIBOR + 2.50%		82,616

	329,099	PetSmart, Inc.‡ 5.000%, 03/11/22 6 mo. LIBOR + 4.00%		320,323

	174,123	Staples, Inc.‡ 6.016%, 04/16/26 1 mo. LIBOR + 5.00%		140,023

	246,769	Weight Watchers International, Inc.‡ 5.500%, 11/29/24 1 mo. LIBOR + 4.75%		241,526

				784,488


150		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

High Income Opportunities Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

		Energy (0.7%)
	100,000	Epic Crude Services, LP‡ 6.620%, 03/02/26 3 mo. LIBOR + 5.00%	$	61,800

	147,748	McDermott Technology Americas, Inc.‡ 7.250%, 05/09/25 3 mo. LIBOR + 4.00%		51,096

	30,404	McDermott Technology Americas, Inc.‡ 10.647%, 10/21/20 3 mo. LIBOR + 9.00%		29,066

	13,598	McDermott Technology Americas, Inc.‡ 10.370%, 10/21/20 3 mo. LIBOR + 9.00%		13,000

	123,355	Par Pacific Holdings, Inc.‡ 7.969%, 01/12/26 3 mo. LIBOR + 6.75%		94,983

				249,945

		Financials (0.5%)

	130,000	Connect Finco Sarl‡ 5.500%, 12/11/26 3 mo. LIBOR + 3.75%		120,684

	76,194	GLP Financing, LLC‡ 2.516%, 04/28/21 1 mo. LIBOR + 1.50%		74,670

				195,354

		Health Care (3.2%)
	270,124	Amneal Pharmaceuticals, LLC‡ 3.938%, 05/04/25 1 mo. LIBOR + 3.50%		243,815

	164,577	Endo International, PLC‡ 5.000%, 04/29/24 1 mo. LIBOR + 4.25%		150,948

	167,794	Gentiva Health Services, Inc.‡ 3.688%, 07/02/25 1 mo. LIBOR + 3.25%		158,985

	255,882	Mallinckrodt International Finance, SA‡ 4.200%, 09/24/24 3 mo. LIBOR + 2.75%		181,677

	263,656	Ortho Clinical Diagnostics, SA‡ 4.266%, 06/30/25 1 mo. LIBOR + 3.25%		235,972

	268,766	Team Health Holdings, Inc.‡ 3.750%, 02/06/24 1 mo. LIBOR + 2.75%		199,615

				1,171,012

		Industrials (1.9%)

	198,500	Berry Global, Inc.‡ 2.829%, 07/01/26 1 mo. LIBOR + 2.00%		190,264

	98,750	BW Gas & Convenience Holdings, LLC‡ 6.880%, 11/18/24 1 mo. LIBOR + 6.25%		89,986


PRINCIPAL AMOUNT			VALUE

	95,000	Dun & Bradstreet Corp.‡ 4.487%, 02/06/26 1 mo. LIBOR + 4.00%	$	89,348

	99,500	Granite US Holdings Corp.‡ 6.322%, 09/30/26 6 mo. LIBOR + 5.25%		81,590

	123,734	Navistar International Corp.‡ 4.220%, 11/06/24 1 mo. LIBOR + 3.50%		113,005

	154,606	Scientific Games International, Inc.‡ 3.522%, 08/14/24 6 mo. LIBOR + 2.75%		128,688

				692,881

		Information Technology (1.2%)
	246,875	BMC Software Finance, Inc.‡ 4.654%, 10/02/25 1 mo. LIBOR + 4.25%		214,473

	124,688	Camelot U.S. Acquisition 1 Company‡ 3.654%, 10/31/26 1 mo. LIBOR + 3.25%		120,012

	121,835	VFH Parent, LLC‡ 3.864%, 03/01/26 1 mo. LIBOR + 3.00%		118,515

				453,000

		Materials (0.2%)

	80,000	Innophos, Inc.‡ 4.614%, 02/04/27 1 mo. LIBOR + 3.75%		76,400


		TOTAL BANK LOANS (Cost $5,055,186)		4,464,014


NUMBER OF SHARES			VALUE

	CONVERTIBLE PREFERRED STOCKS (0.7%)
		Energy (0.7%)
		NuStar Energy, LP‡
	6,130	7.625%, 06/15/22 3 mo. USD LIBOR + 5.64%		98,693
	3,692	8.500%, 12/15/21 3 mo. USD LIBOR + 6.77%		63,871
	4,185	NuStar Logistics, LP‡ 7.953%, 01/15/43 3 mo. USD LIBOR + 6.73%		79,850

		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $362,419)		242,414



	COMMON STOCKS (1.0%)
		Communication Services (0.1%)
	1,527	Cumulus Media, Inc. - Class A#		6,764

	1,140	Loral Space & Communications, Inc.#		25,080

				31,844


See accompanying Notes to Schedule of Investments		www.calamos.com			151

High Income Opportunities Fund Schedule of Investments April 30, 2020 (Unaudited)


NUMBER OF SHARES			VALUE

		Energy (0.9%)

	215	Chevron Corp.	$	19,780

	6,100	Energy Transfer, LP		51,240

	4,645	Enterprise Products Partners, LP		81,566

	1,525	GasLog, Ltd.		7,046

	1,840	Magellan Midstream Partners, LP		75,679

	790	Schlumberger, Ltd.		13,288

	2,675	Targa Resources Corp.		34,668

	4,769	Tidewater, Inc.#		27,469

	5,504	Transocean, Ltd.^#		7,045

	1,565	Weatherford International, PLC#		7,043

	965	Williams Companies, Inc.		18,692

				343,516


		TOTAL COMMON STOCKS (Cost $808,305)		375,360


	SHORT TERM INVESTMENTS (5.1%)

	924,310	Fidelity Prime Money Market Fund - Institutional Class, 0.490%***		925,142

	924,745	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.150%***		924,745


		TOTAL SHORT TERM INVESTMENTS (Cost $1,849,611)		1,849,887

NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE

	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (8.0%)
	2,937,720	State Street Navigator Securities Lending Government Money Market Portfolio† (Cost $2,937,720)		2,937,720


	TOTAL INVESTMENTS (106.6%) (Cost $45,336,601)			39,003,127


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-8.0%)			(2,937,720	)


	OTHER ASSETS, LESS LIABILITIES (1.4%)			521,708


	NET ASSETS (100.0%)		$	36,587,115

NOTES TO SCHEDULE OF INVESTMENTS

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

@	In default status and considered non-income producing.

‡	Variable rate security. The rate shown is the rate in effect at April 30, 2020.

#	Non-income producing security.

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

***	The rate disclosed is the 7 day net yield as of April 30, 2020.

†	Represents investment of cash collateral received from securities on loan as of April 30, 2020.


152		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Short-Term Bond Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

	CORPORATE BONDS (74.4%)
		Airlines (1.1%)
	463,581	Air Canada Pass Through Trust Series 2013-1, Class B* 5.375%, 11/15/22	$	415,677

	198,776	Air Canada Pass Through Trust Series 2015-1, Class B* 3.875%, 09/15/24		171,658

	336,666	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25		320,780

	178,474	American Airlines Pass Through Trust Series 2013-2, Class B* 5.600%, 01/15/22		175,445

	315,689	British Airways Pass Through Trust Series 2013-1, Class A* 4.625%, 12/20/25		303,169

	322,398	Southwest Airlines Company Pass Through Trust Series 2007-1 6.650%, 08/01/22		317,497

	457,029	UAL Pass Through Trust Series 2007-1 6.636%, 01/02/24		395,367

				2,099,593

		Communication Services (3.7%)
	500,000	Activision Blizzard, Inc. 2.300%, 09/15/21		507,570

		AT&T, Inc.
	250,000	2.800%, 02/17/21		253,223
	225,000	2.450%, 06/30/20		225,209

	223,000	Charter Communications Operating, LLC / Charter Communications Operating Capital 4.464%, 07/23/22		235,438

		Crown Castle Towers, LLC*
	690,000	3.222%, 05/15/42		700,498
	300,000	3.720%, 07/15/43		311,168

		CSC Holdings, LLC*
	250,000	6.625%, 10/15/25		261,986
	245,000	10.875%, 10/15/25		265,345

	500,000	Electronic Arts, Inc. 3.700%, 03/01/21		510,182

	500,000	Fox Corp. 3.666%, 01/25/22		519,235

	500,000	Hughes Satellite Systems Corp. 7.625%, 06/15/21		519,785

		Netflix, Inc.
	250,000	5.500%, 02/15/22		260,508
	250,000	5.375%, 02/01/21		255,585

	250,000	Qwest Corp. 6.750%, 12/01/21		261,550

	220,000	SBA Communications Corp. 4.000%, 10/01/22		221,641

	875,000	Sirius XM Radio, Inc.* 3.875%, 08/01/22		881,212


PRINCIPAL AMOUNT			VALUE

	187,500	Sprint Spectrum Company, LLC / Sprint Spectrum Company II, LLC / Sprint Spectrum Company III, LLC* 3.360%, 03/20/23	$	188,338

	250,000	T-Mobile USA, Inc. 4.000%, 04/15/22		255,935

	500,000	Verizon Communications, Inc. 3.125%, 03/16/22		522,030

				7,156,438

		Consumer Discretionary (9.6%)
		American Honda Finance Corp.
	500,000	2.200%, 06/27/22		502,527
	250,000	3.150%, 01/08/21		252,283
	250,000	1.950%, 05/10/23		248,460

		BMW US Capital, LLC*
	250,000	3.100%, 04/12/21		251,535
	250,000	2.950%, 04/14/22^		253,420
	250,000	2.000%, 04/11/21		248,888

		Cargill, Inc.*
	500,000	3.250%, 11/15/21		517,332
	250,000	3.050%, 04/19/21		255,155

	500,000	CCO Holdings, LLC / CCO Holdings Capital Corp.* 5.875%, 04/01/24		515,752

	130,778	Continental Airlines Pass Through Trust Series 2012-2, Class B 5.500%, 04/29/22		132,869

	250,000	D.R. Horton, Inc. 2.550%, 12/01/20		250,270

		Daimler Finance North America, LLC*
	500,000	3.000%, 02/22/21		500,337
	250,000	3.400%, 02/22/22		250,863

	505,482	Delta Air Lines Pass Through Trust Series 2007-1, Class A 6.821%, 02/10/24		484,654

	222,251	Delta Air Lines Pass Through Trust Series 2007-1, Class B 8.021%, 02/10/24		206,825

	259,769	Delta Air Lines Pass Through Trust Series 2012-1, Class A 4.750%, 11/07/21		259,582

		Expedia Group, Inc.
	752,000	5.950%, 08/15/20		757,084
	250,000	7.000%, 05/01/25*		255,828

		Ford Motor Credit Company, LLC
	750,000	3.339%, 03/28/22		694,140
	250,000	3.350%, 11/01/22		228,464

		General Motors Financial Company, Inc.
	400,000	3.200%, 07/06/21		393,022
	250,000	3.200%, 07/13/20		249,245

	300,000	Hanesbrands, Inc.* 5.375%, 05/15/25		300,000

	500,000	Harley-Davidson Financial Services, Inc.* 3.550%, 05/21/21		500,310


See accompanying Notes to Schedule of Investments		www.calamos.com			153

Short-Term Bond Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

		Hasbro, Inc.
	750,000	3.150%, 05/15/21^	$	758,051
	500,000	2.600%, 11/19/22		505,260

	250,000	International Game Technology, PLC* 6.250%, 02/15/22		244,826

		Lennar Corp.
	500,000	4.750%, 11/15/22		512,722
	250,000	6.250%, 12/15/21		257,096
	150,000	8.375%, 01/15/21		155,118

		Marriott International, Inc.‡
	500,000	1.649%, 03/08/21 3 mo. USD LIBOR + 0.65%		483,462

	250,000	2.180%, 12/01/20 3 mo. USD LIBOR + 0.60%		245,800

	250,000	MGM Resorts International 6.000%, 03/15/23		243,249

	500,000	Newell Brands, Inc. 4.350%, 04/01/23		511,310

	750,000	Nissan Motor Acceptance Corp.* 2.150%, 07/13/20		746,996

	500,000	Panasonic Corp.* 2.536%, 07/19/22		505,085

	500,000	Penske Automotive Group, Inc. 3.750%, 08/15/20		495,865

	500,000	Penske Truck Leasing Company, LP / PTL Finance Corp.* 3.650%, 07/29/21		506,522

	525,000	PulteGroup, Inc. 4.250%, 03/01/21		532,240

	500,000	Service Corp. International 8.000%, 11/15/21		528,550

	250,000	Target Corp. 2.250%, 04/15/25		263,205

	605,000	Taylor Morrison Communities, Inc.* 5.875%, 04/15/23		586,257

	355,000	Toll Brothers Finance Corp. 5.875%, 02/15/22		365,945

	500,000	Toyota Motor Corp. 2.157%, 07/02/22		508,500

		Toyota Motor Credit Corp.

	250,000	2.900%, 03/30/23		261,615

	250,000	2.650%, 04/12/22^		256,828

	534,629	US Airways Pass Through Trust Series 2012-2, Class B 6.750%, 12/03/22		429,489

				18,412,836

		Consumer Staples (3.0%)
	500,000	Altria Group, Inc. 3.490%, 02/14/22		516,580

	133,000	Anheuser-Busch InBev Worldwide, Inc. 2.500%, 07/15/22		137,036

	250,000	Archer-Daniels-Midland Company 3.375%, 03/15/22		260,410


PRINCIPAL AMOUNT			VALUE

	100,000	Conagra Brands, Inc.‡ 1.820%, 10/09/20 3 mo. USD LIBOR + 0.50%	$	99,726

	250,000	Constellation Brands, Inc. 2.250%, 11/06/20		252,355

	516,000	General Mills, Inc. 3.200%, 04/16/21		523,895

	750,000	JBS USA LUX, SA / JBS USA Finance, Inc.* 5.875%, 07/15/24		767,276

	653,000	Land O’Lakes, Inc.* 6.000%, 11/15/22		675,369

	350,000	McCormick & Company, Inc. 2.700%, 08/15/22		359,375

		Mondelez International Holdings Netherlands, BV*
	500,000	2.000%, 10/28/21		505,137
	250,000	2.125%, 09/19/22		254,186

	250,000	PepsiCo, Inc. 2.250%, 03/19/25		264,855

	350,000	Unilever Capital Corp. 4.250%, 02/10/21		359,585

	685,000	WM Wrigley Jr. Company* 3.375%, 10/21/20		690,864

				5,666,649

		Energy (3.3%)
	750,000	Baltimore Gas & Electric Company 2.800%, 08/15/22		782,741

	300,000	CenterPoint Energy Houston Electric, LLC 1.850%, 06/01/21		302,298

	313,000	Continental Resources, Inc. 5.000%, 09/15/22		294,395

	500,000	DCP Midstream Operating, LP* 4.750%, 09/30/21		475,870

		Enterprise Products Operating, LLC
	250,000	3.500%, 02/01/22		256,724
	125,000	2.850%, 04/15/21		125,179

	500,000	Halliburton Company 3.250%, 11/15/21		498,783

	225,000	Magellan Midstream Partners, LP 4.250%, 02/01/21		226,970

	750,000	Midwest Connector Capital Company, LLC* 3.625%, 04/01/22		732,289

	1,000,000	Occidental Petroleum Corp. 2.700%, 08/15/22		871,380

	250,000	ONEOK, Inc. 2.750%, 09/01/24		226,756

	500,000	Phillips 66 4.300%, 04/01/22		521,580

	500,000	Saudi Arabian Oil Company* 2.750%, 04/16/22		505,570


154		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Short-Term Bond Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

	500,000	TransCanada PipeLines, Ltd. 3.800%, 10/01/20	$	503,632

				6,324,167

		Financials (29.7%)
		AerCap Ireland Capital DAC / AerCap Global Aviation Trust
	500,000	2.875%, 08/14/24		422,375
	150,000	4.450%, 12/16/21		142,603

	355,000	AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 4.625%, 10/30/20		351,276

	250,000	AIG Global Funding* 2.300%, 07/01/22		254,518

		Ally Financial, Inc.
	500,000	4.125%, 02/13/22		508,012
	250,000	4.250%, 04/15/21		252,069

		American Express Company
	250,000	3.700%, 11/05/21		257,550
	250,000	3.000%, 02/22/21		253,030
	250,000	2.750%, 05/20/22		256,314

		American International Group, Inc.
	500,000	3.300%, 03/01/21		507,512
	250,000	4.875%, 06/01/22		266,824

	1,051,000	Ameriprise Financial, Inc. 3.000%, 03/22/22		1,085,294

		Aon Corp.
	500,000	2.200%, 11/15/22		510,345
	350,000	5.000%, 09/30/20		354,851

	680,000	Ares Capital Corp. 3.500%, 02/10/23		649,363

	1,000,000	Asian Development Bank 1.625%, 03/16/21		1,010,990

	750,000	Aviation Capital Group, LLC* 2.875%, 01/20/22		649,639

	608,000	Axis Specialty Finance, LLC 5.875%, 06/01/20		610,195

		Bank of America Corp.‡
	500,000	2.369%, 07/21/21 3 mo. USD LIBOR + 0.66%		500,475

	250,000	2.456%, 10/22/25 3 mo. USD LIBOR + 0.87%		256,456

		Bank of Montreal
	500,000	2.900%, 03/26/22		515,000
	500,000	2.050%, 11/01/22		508,982
	250,000	2.100%, 06/15/20		250,443

		Bank of New York Mellon Corp.
	500,000	1.950%, 08/23/22		508,667
	250,000	2.450%, 11/27/20		251,781

		Bank of Nova Scotia
	500,000	2.500%, 01/08/21		505,790
	500,000	2.375%, 01/18/23		514,020
	250,000	1.950%, 02/01/23		252,996

	400,000	BP Capital Markets, PLC 3.561%, 11/01/21		410,872


PRINCIPAL AMOUNT			VALUE

		Buffalo State College Foundation Housing Corp.
	450,000	2.100%, 11/01/22	$	456,576
	400,000	2.000%, 11/01/21		404,970

	500,000	Capital One Financial Corp. 3.450%, 04/30/21		507,635

	500,000	Capital One N.A. 2.150%, 09/06/22		499,077

		Caterpillar Financial Services Corp.
	400,000	3.350%, 12/07/20^		405,220
	250,000	2.950%, 02/26/22		258,388
	250,000	2.650%, 05/17/21		254,224

	500,000	Citibank, N.A.‡ 3.165%, 02/19/22 3 mo. USD LIBOR + 0.53%		506,325

	250,000	Citigroup, Inc.‡ 2.312%, 11/04/22 SOFR Plus + 0.87%		252,071

	250,000	Citizens Bank, N.A. 3.250%, 02/14/22		256,485

	500,000	Comerica Bank 2.500%, 06/02/20		500,525

	475,000	Credit Acceptance Corp.* 5.125%, 12/31/24		418,223

	625,000	Credit Suisse AG 2.100%, 11/12/21		632,044

	750,000	Danske Bank, A/S*‡ 3.001%, 09/20/22 3 mo. USD LIBOR + 1.25%		753,037

		Discover Bank
	500,000	3.100%, 06/04/20		500,042
	250,000	2.450%, 09/12/24		245,271

	500,000	ERP Operating, LP 4.625%, 12/15/21		523,527

	500,000	Essex Portfolio, LP 3.625%, 08/15/22		514,315

	500,000	Fifth Third Bancorp 4.300%, 01/16/24		535,470

	500,000	Fifth Third Bank 2.875%, 10/01/21		510,297

	500,000	FNB Corp. 2.200%, 02/24/23		499,210

	1,000,000	Franklin Resources, Inc. 2.800%, 09/15/22		1,039,175

		Goldman Sachs Group, Inc.
	500,000	3.000%, 04/26/22		506,827
	225,000	2.625%, 04/25/21		227,516
	150,000	5.750%, 01/24/22		160,614

	250,000	HAT Holdings I, LLC / HAT Holdings II, LLC* 5.250%, 07/15/24		249,491

	500,000	Huntington National Bank 1.800%, 02/03/23		504,635

		Hyundai Capital America*
	250,000	3.950%, 02/01/22		251,668


See accompanying Notes to Schedule of Investments		www.calamos.com			155

Short-Term Bond Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

	250,000	3.000%, 06/20/22	$	246,943
	250,000	2.375%, 02/10/23		240,913

		Inter-American Development Bank
	1,000,000	1.750%, 04/14/22		1,026,705
	1,000,000	1.750%, 03/14/25		1,056,470

	1,000,000	0.771%, 03/15/22‡ 3 mo. USD LIBOR + 0.03%		999,955

		International Bank for Reconstruction & Development
	1,000,000	1.625%, 02/10/22		1,022,150
	1,000,000	1.625%, 01/15/25		1,049,995

	100,000	International Lease Finance Corp. 4.625%, 04/15/21		98,845

		Iron Mountain, Inc.
	175,000	4.375%, 06/01/21*		175,406
	150,000	6.000%, 08/15/23		152,149

	500,000	KeyCorp 2.900%, 09/15/20		501,897

	2,000,000	Kreditanstalt fuer Wiederaufbau 2.500%, 02/15/22		2,076,140

	500,000	Lloyds Banking Group, PLC‡ 2.858%, 03/17/23 3 mo. USD LIBOR + 1.25%		506,005

	250,000	Macquarie Bank, Ltd.* 2.100%, 10/17/22		252,663

	650,000	Macquarie Group, Ltd.*‡ 4.150%, 03/27/24 3 mo. USD LIBOR + 1.33%		686,322

	250,000	Marsh & McLennan Companies, Inc. 4.800%, 07/15/21		259,018

	500,000	Metropolitan Life Global Funding I* 3.375%, 01/11/22		519,940

	750,000	Mitsubishi UFJ Financial Group, Inc. 3.218%, 03/07/22		771,154

	750,000	Mizuho Financial Group, Inc.‡ 2.721%, 07/16/23 3 mo. USD LIBOR + 0.84%		762,675

		National Bank of Canada
	500,000	2.150%, 10/07/22*		506,840
	500,000	2.100%, 02/01/23		505,327

	500,000	National Securities Clearing Corp.* 1.200%, 04/23/23		500,282

	500,000	NatWest Markets, PLC* 3.625%, 09/29/22		517,217

	500,000	Navient Corp. 5.875%, 03/25/21		492,682

	1,000,000	Oesterreichische Kontrollbank, AG 1.500%, 02/12/25		1,039,100

		PACCAR Financial Corp.
	500,000	2.850%, 03/01/22		515,415
	500,000	2.000%, 09/26/22		508,527

		PNC Bank, N.A.
	500,000	2.500%, 01/22/21		505,467

	250,000	2.232%, 07/22/22‡ 3 mo. USD LIBOR + 0.44%		253,158


PRINCIPAL AMOUNT			VALUE

	250,000	PNC Financial Services Group, Inc. 2.200%, 11/01/24	$	259,231

	250,000	Prudential Financial, Inc. 4.500%, 11/16/21		262,057

	1,000,000	Reliance Standard Life Global Funding II* 3.850%, 09/19/23		1,048,195

		Royal Bank of Canada
	500,000	2.500%, 01/19/21		505,942
	250,000	2.800%, 04/29/22		257,460
	250,000	1.950%, 01/17/23		253,720

	750,000	Santander Holdings USA, Inc. 3.700%, 03/28/22		761,389

		SBA Tower Trust*
	500,000	3.168%, 04/09/47		508,355
	260,000	3.156%, 10/10/45		260,360
	165,000	3.722%, 04/09/48		169,349

		Shell International Finance, BV
	500,000	1.875%, 05/10/21		502,535
	250,000	2.000%, 11/07/24		252,714

	750,000	Silversea Cruise Finance, Ltd.* 7.250%, 02/01/25		675,229

		Skandinaviska Enskilda Banken, AB*
	750,000	3.050%, 03/25/22		775,069
	250,000	2.200%, 12/12/22		253,773

	200,000	Springleaf Finance Corp. 6.125%, 05/15/22		197,726

	500,000	Starwood Property Trust, Inc. 3.625%, 02/01/21		479,485

		State Street Corp.‡
	500,000	2.354%, 11/01/25 SOFR plus + 0.94%		519,557

	250,000	2.825%, 03/30/23* SOFR plus + 2.69%		257,248

	1,000,000	Svensk Exportkredit, AB 2.375%, 03/09/22		1,033,975

		Toronto-Dominion Bank
	350,000	2.550%, 01/25/21		354,433
	150,000	3.150%, 09/17/20		151,390

	500,000	Travelers Companies, Inc. 3.900%, 11/01/20		507,832

	250,000	Truist Bank 2.800%, 05/17/22		258,323

	250,000	Truist Financial Corp. 3.050%, 06/20/22		258,548

		Truist Financial Corp.
	500,000	2.900%, 03/03/21		506,790
	250,000	2.200%, 03/16/23		255,744

		USAA Capital Corp.*
	500,000	1.500%, 05/01/23		504,305
	250,000	2.625%, 06/01/21		254,288

	500,000	Ventas Realty, LP 3.125%, 06/15/23		494,910

	500,000	VICI Properties, LP / VICI Note Company, Inc.* 3.500%, 02/15/25		474,677


156		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Short-Term Bond Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

	100,000	Weingarten Realty Investors^ 3.375%, 10/15/22	$	99,621

	500,000	Zions Bancorporation, N.A. 3.350%, 03/04/22		500,820

				56,795,510

		Health Care (5.3%)

		AbbVie, Inc.
	250,000	3.375%, 11/14/21		258,133
	250,000	2.500%, 05/14/20		250,098
	250,000	2.300%, 11/21/22*		256,268

	750,000	Acadia Healthcare Company, Inc. 5.625%, 02/15/23		719,175

	250,000	Amgen, Inc. 2.125%, 05/01/20		250,000

		AstraZeneca, PLC
	500,000	2.375%, 11/16/20		503,165
	250,000	2.375%, 06/12/22		256,639

	250,000	Baxter International, Inc.* 3.750%, 10/01/25		279,001

		Bristol-Myers Squibb Company*
	500,000	2.875%, 08/15/20^		502,683
	250,000	3.550%, 08/15/22		264,441

		Centene Corp.
	500,000	4.750%, 05/15/22		507,697
	250,000	4.750%, 01/15/25*		257,894

	500,000	DaVita, Inc.^ 5.125%, 07/15/24		508,180

	750,000	Elanco Animal Health, Inc. 4.662%, 08/27/21		769,061

		Gilead Sciences, Inc.
	500,000	3.250%, 09/01/22		524,227
	250,000	2.550%, 09/01/20		251,446

		GlaxoSmithKline Capital, PLC
	500,000	2.850%, 05/08/22		519,307
	100,000	2.054%, 05/14/21‡ 3 mo. USD LIBOR + 0.35%		99,801

	167,000	HCA, Inc. 4.750%, 05/01/23		178,256

	250,000	McKesson Corp. 3.650%, 11/30/20		253,204

		Tenet Healthcare Corp.
	500,000	4.625%, 09/01/24*^		492,838
	450,000	4.625%, 07/15/24		445,331

	1,125,000	Teva Pharmaceutical Finance Netherlands III, BV 2.200%, 07/21/21		1,098,489

	100,000	UnitedHealth Group, Inc.‡ 1.001%, 06/15/21 3 mo. USD LIBOR + 0.26%		99,360

		Zoetis, Inc.
	254,000	3.450%, 11/13/20		254,038
	250,000	3.250%, 08/20/21		256,194

				10,054,926


PRINCIPAL AMOUNT			VALUE

		Industrials (6.8%)

	200,000	3M Company 3.000%, 09/14/21	$	205,918

		Air Lease Corp.
	520,000	3.500%, 01/15/22		493,160
	250,000	2.250%, 01/15/23		233,530
	200,000	3.375%, 06/01/21		192,608

	500,000	Aircastle, Ltd. 5.500%, 02/15/22		481,148

	500,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 3.500%, 02/15/23		495,875

	500,000	Alimentation Couche-Tard, Inc.* 2.700%, 07/26/22		503,237

	250,000	American Airlines Group, Inc.*^ 5.000%, 06/01/22		142,236

	500,000	Avolon Holdings Funding, Ltd.* 3.625%, 05/01/22		458,498

	500,000	BMW Finance, NV* 2.250%, 08/12/22		500,140

	250,000	Boeing Company^ 2.300%, 08/01/21		245,816

	500,000	Equifax, Inc. 3.300%, 12/15/22		514,445

	250,000	FedEx Corp. 3.400%, 01/14/22		257,915

	400,000	Fly Leasing, Ltd. 5.250%, 10/15/24		327,964

	100,000	GATX Corp.‡ 2.461%, 11/05/21 3 mo. USD LIBOR + 0.72%		97,316

	100,000	General Dynamics Corp.‡ 2.111%, 05/11/21 3 mo. USD LIBOR + 0.38%		99,742

	500,000	Great Lakes Dredge & Dock Corp. 8.000%, 05/15/22		511,050

	135,084	Hawaiian Airlines Pass Through Certificates Series 2013-1, Class B 4.950%, 07/15/23		120,271

	140,000	Hertz Corp.* 7.625%, 06/01/22		53,505

	250,000	Huntington Ingalls Industries, Inc.* 3.844%, 05/01/25		263,149

		John Deere Capital Corp.
	500,000	3.200%, 01/10/22^		517,782
	250,000	2.950%, 04/01/22		258,999

	500,000	Meritor, Inc. 6.250%, 02/15/24		492,190

	500,000	Norfolk Southern Corp. 3.250%, 12/01/21		513,785

	500,000	Otis Worldwide Corp.*‡ 2.088%, 04/05/23 3 mo. USD LIBOR + .45%		486,367


See accompanying Notes to Schedule of Investments		www.calamos.com			157

Short-Term Bond Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

		Park Aerospace Holdings, Ltd.*
	250,000	5.250%, 08/15/22	$	229,774
	250,000	3.625%, 03/15/21		235,596

	250,000	QVC, Inc. 5.125%, 07/02/22		245,368

	500,000	Roper Technologies, Inc. 2.800%, 12/15/21		510,907

	500,000	Ryder System, Inc. 2.875%, 06/01/22		499,765

		Siemens Financieringsmaatschappij, NV*
	500,000	1.700%, 09/15/21		504,785
	250,000	2.150%, 05/27/20		250,258

	1,000,000	SMBC Aviation Capital Finance DAC* 4.125%, 07/15/23		1,031,785

	500,000	Southwest Airlines Company 2.650%, 11/05/20		498,402

	500,000	Union Pacific Corp. 2.950%, 03/01/22		518,457

				12,991,743

		Information Technology (3.5%)
	500,000	Anixter, Inc. 5.125%, 10/01/21		509,662

	434,000	Apple, Inc. 2.700%, 05/13/22		452,992

	500,000	Broadcom, Inc.* 3.125%, 04/15/21		503,647

	500,000	Broadridge Financial Solutions, Inc. 3.950%, 09/01/20		504,960

	250,000	Cisco Systems, Inc. 2.200%, 02/28/21		253,053

	77,000	Dell International, LLC / EMC Corp.* 5.875%, 06/15/21		77,195

		Hewlett Packard Enterprise Company
	500,000	3.600%, 10/15/20		503,588
	300,000	2.250%, 04/01/23		304,502
	225,000	3.500%, 10/05/21		230,207

	245,000	NetApp, Inc. 3.375%, 06/15/21		249,600

	120,000	NortonLifeLock, Inc.^ 4.200%, 09/15/20		120,423

	500,000	NVIDIA Corp. 2.200%, 09/16/21		509,767

	500,000	NXP, BV / NXP Funding, LLC* 4.125%, 06/01/21		511,005

	500,000	Oracle Corp. 2.400%, 09/15/23		523,147

	750,000	PayPal Holdings, Inc. 2.200%, 09/26/22		764,512

	375,000	PTC, Inc.*^ 3.625%, 02/15/25		370,241

	250,000	QUALCOMM, Inc. 2.250%, 05/20/20		250,159

				6,638,660


PRINCIPAL AMOUNT			VALUE

		Information Technology (0.4%)
	300,000	CDW, LLC / CDW Finance Corp. 4.125%, 05/01/25	$	303,210

	500,000	Dell International, LLC / EMC Corp.* 5.450%, 06/15/23		528,937

				832,147

		Materials (1.6%)
	485,000	Alcoa Nederland Holding, BV* 6.750%, 09/30/24		490,000

	645,000	Cascades, Inc.* 5.750%, 07/15/23		647,251

	601,000	DuPont de Nemours, Inc. 3.766%, 11/15/20		606,995

	750,000	Georgia-Pacific, LLC* 5.400%, 11/01/20		763,762

	500,000	Sealed Air Corp.* 4.875%, 12/01/22		517,898

	100,000	Vulcan Materials Company‡ 2.230%, 03/01/21 3 mo. USD LIBOR + 0.65%		99,806

				3,125,712

		Real Estate (1.6%)
		American Tower Corp.
	500,000	2.800%, 06/01/20		500,087
	159,000	3.450%, 09/15/21		163,651

	200,000	Federal Realty Investment Trust 2.550%, 01/15/21		201,944

		Kimco Realty Corp.
	500,000	3.125%, 06/01/23		502,207
	250,000	3.200%, 05/01/21		250,833

	500,000	Service Properties Trust 4.250%, 02/15/21		476,000

		Simon Property Group, LP
	250,000	2.500%, 09/01/20		250,338
	250,000	2.000%, 09/13/24		236,481

	500,000	Welltower, Inc. 3.625%, 03/15/24		507,385

				3,088,926

		Utilities (4.8%)
	250,000	AES Corp. 4.000%, 03/15/21		249,656

	510,000	American Electric Power Company, Inc. 3.650%, 12/01/21		531,555

	225,000	CenterPoint Energy, Inc. 3.600%, 11/01/21		231,762

	100,000	Consolidated Edison Company of New York, Inc.‡ 1.616%, 06/25/21 3 mo. USD LIBOR + 0.40%		98,881

	500,000	Consolidated Edison, Inc. 2.000%, 05/15/21		503,477


158		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Short-Term Bond Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

		Dominion Energy, Inc.
	500,000	2.715%, 08/15/21***	$	507,730
	250,000	2.579%, 07/01/20		250,094

		DTE Energy Company
	500,000	2.600%, 06/15/22		508,150
	250,000	2.250%, 11/01/22		254,805

	500,000	Duke Energy Carolinas, LLC 3.350%, 05/15/22		527,182

	760,000	Entergy Arkansas, LLC 3.750%, 02/15/21		771,237

	500,000	Exelon Corp. 2.850%, 06/15/20		500,295

	250,000	Florida Power & Light Company 2.850%, 04/01/25		270,879

	750,000	Georgia Power Company 2.100%, 07/30/23		773,741

		NextEra Energy Capital Holdings, Inc.
	500,000	2.900%, 04/01/22		516,880
	500,000	2.403%, 09/01/21		508,595

	500,000	NGPL PipeCo, LLC* 4.375%, 08/15/22		502,505

	100,000	PPL Capital Funding, Inc.‡ 4.040%, 03/30/67 3 mo. USD LIBOR + 2.67%		75,889

	100,000	Sempra Energy‡ 1.191%, 03/15/21 3 mo. USD LIBOR + 0.45%		98,334

		WEC Energy Group, Inc.
	250,000	3.375%, 06/15/21		256,701
	250,000	3.100%, 03/08/22		258,289

	250,000	Wisconsin Public Service Corp. 3.350%, 11/21/21		258,759

	733,000	Xcel Energy, Inc. 2.600%, 03/15/22		748,169

				9,203,565


		TOTAL CORPORATE BONDS (Cost $142,381,295)		142,390,872


	CONVERTIBLE BONDS (0.5%)
		Communication Services (0.3%)

	650,000	Twitter, Inc. 1.000%, 09/15/21		631,439

		Financials (0.2%)

	400,000	Prospect Capital Corp. 4.950%, 07/15/22		383,202


		TOTAL CONVERTIBLE BONDS (Cost $1,034,798)		1,014,641


	U.S. GOVERNMENT AND AGENCY SECURITIES (5.2%)

		United States Treasury Note
	4,500,000	1.375%, 06/30/23^		4,657,676
	2,000,000	2.000%, 05/31/24^		2,136,172
	2,000,000	1.750%, 07/31/24		2,119,531


PRINCIPAL AMOUNT			VALUE

	1,000,000	1.250%, 08/31/24	$	1,039,336


		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $9,405,662)		9,952,715


	BANK LOANS (1.8%)‡¡
		Communication Services (0.3%)

	497,503	CSC Holdings, LLC 3.314%, 04/15/27 1 mo. LIBOR + 2.50%		478,093

		Financials (0.3%)
	505,992	Level 3 Financing, Inc. 2.154%, 03/01/27 1 mo. LIBOR + 1.75%		486,278

		Health Care (0.2%)
	433,279	Bausch Health Companies, Inc. 3.468%, 11/27/25 1 mo. LIBOR + 2.75%		417,980

		Industrials (0.9%)
	875,000	Berry Global, Inc. 2.829%, 10/01/22 1 mo. LIBOR + 2.00%		856,345

	494,937	Navistar International Corp. 4.220%, 11/06/24 1 mo. LIBOR + 3.50%		452,018

	494,972	TransDigm, Inc. 2.654%, 12/09/25 1 mo. LIBOR + 2.25%		435,422

				1,743,785

		Information Technology (0.1%)
	249,375	Camelot U.S. Acquisition 1 Company 3.654%, 10/31/26 1 mo. LIBOR + 3.25%		240,024


		TOTAL BANK LOANS (Cost $3,545,619)		3,366,160


	ASSET BACKED SECURITIES (14.1%)
		Airlines (0.1%)
	262,752	American Airlines Pass Through Trust Series 2013-1, Class B* 5.625%, 07/15/22		268,094

		Communication Services (0.5%)
	24,880	Verizon Owner Trust Series 2017-1A, Class A* 2.060%, 09/20/21		24,885

	1,000,000	Verizon Owner Trust Series 2020-A, Class B 1.980%, 07/22/24		992,522

				1,017,407


See accompanying Notes to Schedule of Investments		www.calamos.com			159

Short-Term Bond Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

		Consumer Discretionary (0.9%)

	250,000	Avis Budget Rental Car Funding AESOP, LLC Series 2015-2A, Class A* 2.630%, 12/20/21	$	232,480

	1,500,000	Avis Budget Rental Car Funding AESOP, LLC Series 2017-1A, Class A* 3.070%, 09/20/23		1,454,788

				1,687,268

		Financials (11.4%)
	500,000	American Tower Trust #1 Series 2013-2A* 3.070%, 03/15/48		501,388

	14,460	CarMax Auto Owner Trust Series 2018-3, Class A2A 2.880%, 10/15/21		14,470

	450,889	Commonbond Student Loan Trust Series 2019-AGS, Class A1* 2.540%, 01/25/47		447,424

	107,145	Credit Acceptance Auto Loan Trust Series 2017-3A, Class A* 2.650%, 06/15/26		106,539

	8,860	Dell Equipment Finance Trust Series 2017-2, Class A3* 2.190%, 10/24/22		8,858

	655,000	Dell Equipment Finance Trust Series 2017-2, Class B* 2.470%, 10/24/22		654,275

	236,717	Dell Equipment Finance Trust Series 2018-1, Class A3* 3.180%, 06/22/23		237,430

	49,957	Dell Equipment Finance Trust Series 2018-2, Class A2* 3.160%, 02/22/21		50,006

	1,000,000	Dell Equipment Finance Trust Series 2018-2, Class A3* 3.370%, 10/22/23		1,005,365

	460,116	DT Auto Owner Trust Series 2019-3A, Class A* 2.550%, 08/15/22		460,429

	1,000,000	DT Auto Owner Trust Series 2020-1A, Class B* 2.160%, 05/15/24		984,458

	206,640	Enterprise Fleet Financing, LLC Series 2018-1, Class A2* 2.870%, 10/20/23		207,222

	1,000,000	Enterprise Fleet Financing, LLC Series 2019-3, Class A2* 2.060%, 05/20/25		990,054

	1,000,000	Ford Credit Floorplan Master Owner Trust Series 2019-1, Class A 2.840%, 03/15/24		989,005

	147,147	GM Financial Consumer Automobile Receivables Series 2018-3, Class A3 3.020%, 05/16/23		149,387


PRINCIPAL AMOUNT			VALUE

	664,449	Hertz Fleet Lease Funding, LP Series 2018-1, Class A2* 3.230%, 05/10/32	$	641,201

	500,000	Honda Auto Receivables Owner Trust Series 2018-4, Class A3 3.160%, 01/17/23		509,291

	1,000,000	Kubota Credit Owner Trust Series 2020-1A, Class A3* 1.960%, 03/15/24		1,001,501

	1,000,000	MMAF Equipment Finance, LLC Series 2019-B, Class A2* 2.070%, 10/12/22		996,715

	1,000,000	Navistar Financial Dealer Note Master Owner Trust II Series 2019-1, Class A*‡ 1.127%, 05/25/24 1 mo. USD LIBOR + 0.64%		975,816

	1,200,000	NextGear Floorplan Master Owner Trust Series 2019-1A, Class A2* 3.210%, 02/15/24		1,193,099

	1,350,375	OSCAR US Funding Trust VIII, LLC Series 2018-1A, Class A3* 3.230%, 05/10/22		1,353,684

	1,000,000	OSCAR US Funding Trust X, LLC Series 2019-1A, Class A3* 3.180%, 05/10/23		1,001,763

	1,723,836	Palmer Square Loan Funding, Ltd. Series 2019-3A, Class A1*‡ 2.545%, 08/20/27 3 mo. USD LIBOR + 0.85%		1,672,672

	310,779	SoFi Consumer Loan Program Trust Series 2018-4, Class A* 3.540%, 11/26/27		310,660

	1,010,753	SoFi Professional Loan Program LLC Series 2016-E, Class A2B* 2.490%, 01/25/36		1,010,088

	456,800	SoFi Professional Loan Program Trust Series 2020-A, Class A1FX* 2.060%, 05/15/46		454,066

	1,615,000	Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A* 2.560%, 11/25/31		1,664,248

	500,000	Volvo Financial Equipment, LLC Series 2018-1A, Class A4* 2.760%, 10/17/22		502,788

	1,525,000	Volvo Financial Equipment, LLC Series 2018-1A, Class B* 2.910%, 01/17/23		1,534,698

	30,000	World Financial Network Credit Card Master Trust Series 2015-B, Class A 2.550%, 06/17/24		29,996

	140,000	World Financial Network Credit Card Master Trust Series 2017-A, Class A 2.120%, 03/15/24		139,982

				21,798,578


160		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Short-Term Bond Fund Schedule of Investments April 30, 2020 (Unaudited)


PRINCIPAL AMOUNT			VALUE

		Other (1.0%)
	832,882	MVW Owner Trust Series 2019-1A, Class A* 2.890%, 11/20/36	$	794,330

	91,046	SCF Equipment Leasing, LLC Series 2018-1A, Class A2* 3.630%, 10/20/24		89,274

	582,992	SCF Equipment Leasing, LLC Series 2019-2A, Class A1* 2.220%, 06/20/24		563,374

	393,902	World Omni Auto Receivables Trust Series 2019- A, Class A2 3.020%, 04/15/22		395,308

				1,842,286

		Utilities (0.2%)
	400,000	Harley-Davidson Motorcycle Trust Series 2020-A, Class A3 1.870%, 10/15/24		405,648


		TOTAL ASSET BACKED SECURITIES (Cost $27,203,204)		27,019,281


	RESIDENTIAL MORTGAGE BACKED SECURITIES (2.3%)
	1,548,000	CSAIL Commercial Mortgage Trust Series 2017-CX9, Class A2 3.054%, 09/15/50		1,578,378

	662,455	Federal Home Loan Mortgage Corp. 3.000%, 01/25/26		666,263

	95,945	Federal National Mortgage Association‡ 2.606%, 04/01/21		96,257

	3,391	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A1 1.597%, 05/15/49		3,385

	110,324	Morgan Stanley Capital I Trust, Series 2018-H3, Class A1 3.176%, 07/15/51		112,374

	216,463	Wells Fargo Commercial Mortgage Trust Series 2015-LC20, Class A2 2.678%, 04/15/50		216,535

	675,000	Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class A2 3.118%, 01/15/60		685,002

	534,000	WFRBS Commercial Mortgage Trust Series 2011-C4, Class A4*‡ 4.902%, 06/15/44		548,592

	196,802	WFRBS Commercial Mortgage Trust Series 2012-C10, Class ASB 2.453%, 12/15/45		197,925

	230,056	WFRBS Commercial Mortgage Trust Series 2014-LC14, Class ASB 3.522%, 03/15/47		236,062


		TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $4,320,324)		4,340,773


PRINCIPAL AMOUNT			VALUE

	MUNICIPAL OBLIGATIONS (0.9%)
		Industrials (0.1%)
	100,000	Metropolitan Transportation Authority 5.269%, 11/15/20	$	101,116

		Other (0.2%)
	260,000	City of Miami, Florida* 3.558%, 01/01/21		262,164

	200,000	City of Ridgecrest, California 5.000%, 06/01/20		200,454

				462,618

		Utilities (0.6%)

	505,000	Augusta GA Water & Sewer Revenue 4.300%, 10/01/26		538,540

	500,000	Pennsylvania Turnpike Commission 1.812%, 12/01/20		498,944

				1,037,484


		TOTAL MUNICIPAL OBLIGATIONS (Cost $1,611,587)		1,601,218

NUMBER OF SHARES			VALUE

	SHORT TERM INVESTMENTS (0.8%)
	785,284	Fidelity Prime Money Market Fund - Institutional Class, 0.490%***		785,991

	785,669	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.150%***		785,669


		TOTAL SHORT TERM INVESTMENTS (Cost $1,571,457)		1,571,660

NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE

	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.3%)
	2,445,765	State Street Navigator Securities Lending Government Money Market Portfolio† (Cost $2,445,765)		2,445,765


	TOTAL INVESTMENTS (101.3%) (Cost $193,519,711)			193,703,085


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.3%)			(2,445,765	)


	OTHER ASSETS, LESS LIABILITIES (0.0%)			49,505


	NET ASSETS (100.0%)		$	191,306,825


See accompanying Notes to Schedule of Investments		www.calamos.com			161

Short-Term Bond Fund Schedule of Investments April 30, 2020 (Unaudited)

NOTES TO SCHEDULE OF INVESTMENTS

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

‡	Variable rate security. The rate shown is the rate in effect at April 30, 2020.

**	Step coupon security. Coupon changes periodically based upon a predetermined schedule. The rate shown is the rate in effect at April 30, 2020.

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

***

The rate disclosed is the 7 day net yield as of April 30, 2020.

†	Represents investment of cash collateral received from securities on loan as of April 30, 2020.

FUTURES CONTRACTS

NUMBER OF
CONTRACTS

DESCRIPTION

EXPIRATION
DATE

NOTIONAL
VALUE

MARKET VALUE/
UNREALIZED
APPRECIATION
(DEPRECIATION)

Buys 60

U.S. Treasury Note 5-Year

Jun 2020

7,529,063

198,447


162		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Statements of Assets and Liabilities April 30, 2020 (Unaudited)


	MARKET NEUTRAL INCOME FUND			HEDGED EQUITY FUND		PHINEUS LONG/SHORT FUND			CONVERTIBLE FUND			GLOBAL CONVERTIBLE FUND
ASSETS
Investments in securities, at cost	$	8,109,287,532		$	309,826,649	$	581,291,420		$	773,702,098		$	139,456,878
Investments in affiliated funds, at cost		150,000,000			—		11,147,154			—			—
Investment in securities, at value	$	9,123,735,162		$	319,216,262	$	535,038,257		$	824,793,448		$	141,584,133
Investments in affiliated funds, at value		149,977,536			—		11,224,716			—			—
Restricted cash		19,360,000			—		—			—			—
Restricted cash for short positions (interest bearing)		3,209,203,865			—		369,614,877			—			—
Restricted foreign currency for short positions (cost $122,554,864)		123,460,785			—		—			—			—
Unrealized appreciation on forward foreign currency contracts		15,912			—		—			391			—
Receivables:
Accrued interest and dividends		17,231,937			234,532		1,484,953			1,090,868			315,848
Investments sold		91,745,651			1,533,083		35,635,194			3,269,467			2,512,860
Upfront payments received on open swap contracts		5,526			—		—			—			—
Fund shares sold		41,993,794			3,705,568		592,192			4,339,562			3,298,025
Due from investment advisor		—			7,425		—			—			488
Prepaid expenses		347,737			52,102		68,177			57,246			42,976
Other assets		124,341			1,482		4,904			120,664			1,492
Total assets		12,777,202,246			324,750,454		953,663,270			833,671,646			147,755,822
LIABILITIES
Due to custodian bank		4,618,640			193,028		38,534,104			130			—
Collateral for securities loaned		122,678,794			9,893,179		13,880,868			67,840,330			4,308,065
Securities sold short, at value (proceeds $2,381,672,079 and $372,497,244)		3,310,125,598			—		366,540,888			—			—
Options written, at value (premium $317,461,453, $10,018,878, and $17,365,831)		390,492,775			16,539,651		10,991,600			—			—
Unrealized depreciation on total return swaps		1,671,413			—		—			—			—
Unrealized depreciation on forward foreign currency contracts		551,039			—		—			—			—
Payables:
Investments purchased		56,468,062			2,349,247		891,343			17,148,511			2,760,405
Open swap contracts		792,610			—		—			—			—
Fund shares redeemed		12,452,108			382,970		3,009,574			1,690,088			462,440
Affiliates:
Investment advisory fees		4,649,097			172,215		512,581			413,572			89,229
Distribution fees		23,772			316		2,175			5,911			318
Deferred compensation to trustees		121,817			1,482		1,972			120,664			1,492
Trustees’ fees and officer compensation		25,244			1,279		7,823			3,771			1,819
Other accounts payable and accrued liabilities		3,294,201			74,771		428,206			225,911			55,530
Total liabilities		3,907,965,170			29,608,138		434,801,134			87,448,888			7,679,298
NET ASSETS	$	8,869,237,076		$	295,142,316	$	518,862,136		$	746,222,758		$	140,076,524
COMPOSITION OF NET ASSETS
Paid in capital	$	8,742,240,707		$	288,965,708	$	634,633,446		$	651,865,434		$	128,888,809
Undistributed net investment income (loss)		33,700,613			514,359		(1,804,893	)		5,715,177			1,400,837
Accumulated net realized gain (loss) on investments, foreign currency transactions, written options, short positions, and total return swaps		81,676,790			2,793,409		(80,139,614	)		37,550,406			7,661,033
Unrealized appreciation (depreciation) of investments, foreign currency translations, written options, short positions, and total return swaps		11,618,966			2,868,840		(33,826,803	)		51,091,741			2,125,845
NET ASSETS	$	8,869,237,076		$	295,142,316	$	518,862,136		$	746,222,758		$	140,076,524
CLASS A SHARES^†
Net assets applicable to shares outstanding	$	736,036,486		$	11,339,619	$	51,831,812		$	242,374,494		$	9,414,195
Shares outstanding		55,226,650			960,461		4,630,109			13,402,507			830,830
Net asset value and redemption price per share	$	13.33		$	11.81	$	11.19		$	18.08		$	11.33
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	13.64	#	$	12.40	$	11.75		$	18.50	#	$	11.59	#
CLASS C SHARES^†**
Net assets applicable to shares outstanding	$	252,542,969		$	3,004,404	$	26,711,057		$	47,968,260		$	3,508,833
Shares outstanding		18,630,995			257,937		2,459,880			2,679,530			314,507
Net asset value and redemption price per share	$	13.55		$	11.65	$	10.86		$	17.90		$	11.16
CLASS I SHARES^†
Net assets applicable to shares outstanding	$	7,880,657,621		$	280,798,293	$	440,319,267		$	455,880,004		$	127,153,496
Shares outstanding		599,055,780			23,812,023		39,042,575			28,645,591			11,217,960
Net asset value and redemption price per share	$	13.16		$	11.79	$	11.28		$	15.91		$	11.33

†	No par value; unlimited number of shares authorized.

#	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.

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


See accompanying Notes to Financial Statements		www.calamos.com			163

Statements of Assets and Liabilities April 30, 2020 (Unaudited)


	TIMPANI SMALL CAP GROWTH FUND			TIMPANI SMID GROWTH FUND			GROWTH FUND			GROWTH AND INCOME FUND			DIVIDEND GROWTH FUND
ASSETS
Investments in securities, at cost	$	62,551,781		$	11,374,415		$	1,090,771,110		$	1,443,158,732		$	9,543,745
Investments in affiliated funds, at cost		—			—			5,540,119			—			—
Investment in securities, at value	$	78,064,649		$	12,372,392		$	1,294,777,178		$	1,904,478,054		$	12,713,638
Investments in affiliated funds, at value		—			—			5,573,357			—			—
Restricted cash for short positions (interest bearing)		—			—			1,630			—			—
Unrealized appreciation on forward foreign currency contracts		—			—			—			8,345			—
Receivables:
Accrued interest and dividends		585			3			256,407			2,245,959			9,523
Investments sold		2,314,344			276,410			1,164,621			13,393,972			118,110
Fund shares sold		126,556			32,203			342,571			1,497,454			11,829
Due from investment advisor		4,060			17,234			—			—			5,669
Prepaid expenses		68,960			12,572			73,107			93,677			20,893
Deferred offering costs		—			28,774			—			—			—
Other assets		—			—			574,232			250,063			1,974
Total assets		80,579,154			12,739,588			1,302,763,103			1,921,967,524			12,881,636
LIABILITIES
Due to custodian bank		—			—			3,348			—			—
Collateral for securities loaned		—			—			19,716,342			28,374,793			92,269
Options written, at value (premium $220,510 and $1,186,996)		—			—			7,208,850			1,286,525			—
Payables:
Investments purchased		2,365,688			441,688			1,508,194			27,176,988			220,060
Fund shares redeemed		13,792			—			1,101,441			1,587,356			4,354
Affiliates:
Investment advisory fees		52,892			7,868			896,923			1,002,827			10,408
Distribution fees		89			2			15,009			20,422			84
Deferred compensation to trustees		—			—			574,232			250,063			1,974
Trustees’ fees and officer compensation		154			37			8,287			10,267			1,347
Other accounts payable and accrued liabilities		55,276			39,055			533,041			629,494			30,426
Total liabilities		2,487,891			488,650			31,565,667			60,338,735			360,922
NET ASSETS	$	78,091,263		$	12,250,938		$	1,271,197,436		$	1,861,628,789		$	12,520,714
COMPOSITION OF NET ASSETS
Paid in capital	$	63,751,953		$	13,228,414		$	965,686,607		$	1,372,093,777		$	8,213,482
Undistributed net investment income (loss)		(366,903	)		(45,487	)		(1,442,698	)		(13,055,565	)		4,541
Accumulated net realized gain (loss) on investments, foreign currency transactions, and written options		(806,655	)		(1,929,966	)		109,904,832			41,362,439			1,132,798
Unrealized appreciation (depreciation) of investments, foreign currency translations, and written options		15,512,868			997,977			197,048,695			461,228,138			3,169,893
NET ASSETS	$	78,091,263		$	12,250,938		$	1,271,197,436		$	1,861,628,789		$	12,520,714
CLASS A SHARES†
Net assets applicable to shares outstanding	$	6,416,288		$	150,347		$	962,513,673		$	1,052,490,220		$	3,393,229
Shares outstanding		309,007			16,729			33,347,951			32,978,010			294,059
Net asset value and redemption price per share	$	20.76		$	8.99		$	28.86		$	31.91		$	11.54
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	21.80		$	9.44		$	30.30		$	33.50		$	12.12
CLASS C SHARES†**
Net assets applicable to shares outstanding	$	—		$	—		$	38,096,794		$	112,091,765		$	695,669
Shares outstanding		—			—			2,528,983			3,481,865			61,847
Net asset value and redemption price per share	$	—		$	—		$	15.06		$	32.19		$	11.25
CLASS I SHARES^†
Net assets applicable to shares outstanding	$	70,575,431		$	12,091,588		$	270,586,969		$	697,046,804		$	8,431,816
Shares outstanding		3,311,455			1,342,742			6,662,204			22,834,091			731,514
Net asset value and redemption price per share	$	21.31		$	9.01		$	40.62		$	30.53		$	11.53
CLASS R6 SHARES^†
Net assets applicable to shares outstanding	$	1,099,544		$	9,003		$	—		$	—		$	—
Shares Outstanding		51,555			1,000			—			—			—
Net asset value and redemption price per share	$	21.33		$	9.00		$	—		$	—		$	—

†	No par value; unlimited number of shares authorized.

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


164		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Statements of Assets and Liabilities April 30, 2020 (Unaudited)


	SELECT FUND		INTERNATIONAL GROWTH FUND			EVOLVING WORLD GROWTH FUND			GLOBAL EQUITY FUND			GLOBAL GROWTH AND INCOME FUND
ASSETS
Investments in securities, at cost	$	45,763,631	$	159,245,255		$	113,012,655		$	59,816,023		$	114,755,047
Investment in securities, at value	$	45,852,319	$	187,052,102		$	139,440,510		$	75,300,106		$	126,817,485
Foreign currency (cost $20,258, $4,747, and $18,790)		—		20,432			—			4,788			18,814
Unrealized appreciation on forward foreign currency contracts		—		377,119			—			—			—
Receivables:
Accrued interest and dividends		17,452		661,705			301,067			89,837			328,893
Investments sold		—		3,929,694			2,469,146			—			1,271,803
Fund shares sold		70,327		104,809			143,145			9,770			101,791
Due from investment advisor		16,612		64,040			6,885			34,451			4,103
Prepaid expenses		36,806		301,737			21,762			29,820			29,718
Other assets		62,253		41,376			14,072			22,203			94,595
Total assets		46,055,769		192,553,014			142,396,587			75,490,975			128,667,202
LIABILITIES
Collateral for securities loaned		—		3,872,960			2,235,691			616,410			983,202
Options written, at value (premium $681,635 and $503,299)		—		—			272,105			—			108,038
Payables:
Investments purchased		—		1,655,995			225,856			370,517			1,418,564
Open swap contracts		—		—			—			—			—
Fund shares redeemed		8,743		111,655			345,689			78,914			198,031
Affiliates:
Investment advisory fees		32,483		137,195			118,669			59,631			99,752
Distribution fees		379		1,034			885			595			1,585
Deferred compensation to trustees		62,253		41,376			14,072			22,203			94,595
Trustees’ fees and officer compensation		134		2,328			2,296			1,698			2,150
Other accounts payable and accrued liabilities		29,086		385,867			147,427			53,718			87,982
Total liabilities		133,078		6,208,410			3,362,690			1,203,686			2,993,899
NET ASSETS	$	45,922,691	$	186,344,604		$	139,033,897		$	74,287,289		$	125,673,303
COMPOSITION OF NET ASSETS
Paid in capital	$	42,794,775	$	159,093,893		$	128,785,245		$	56,856,201		$	110,072,554
Undistributed net investment income (loss)		127,578		33,376			(611,027	)		(232,990	)		234,500
Accumulated net realized gain (loss) on investments, foreign currency transactions, and written options		2,911,650		(967,026	)		(15,953,862	)		2,180,647			2,909,865
Unrealized appreciation (depreciation) of investments, foreign currency translations, and written options		88,688		28,184,361			26,813,541			15,483,431			12,456,384
NET ASSETS	$	45,922,691	$	186,344,604		$	139,033,897		$	74,287,289		$	125,673,303
CLASS A SHARES^†
Net assets applicable to shares outstanding	$	9,614,429	$	47,470,077		$	21,468,445		$	17,361,783		$	74,127,058
Shares outstanding		738,734		2,722,093			1,538,421			1,599,737			9,031,577
Net asset value and redemption price per share	$	13.01	$	17.44		$	13.95		$	10.85		$	8.21
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	13.66	$	18.31		$	14.65		$	11.39		$	8.62
CLASS C SHARES^†**
Net assets applicable to shares outstanding	$	4,572,368	$	7,014,101		$	10,829,514		$	6,616,573		$	10,565,969
Shares outstanding		403,080		456,126			829,711			709,466			1,477,691
Net asset value and redemption price per share	$	11.34	$	15.38		$	13.05		$	9.33		$	7.15
CLASS I SHARES^†
Net assets applicable to shares outstanding	$	31,735,894	$	125,426,622		$	106,735,938		$	50,308,933		$	40,980,276
Shares outstanding		2,372,453		6,968,941			7,588,493			4,470,177			4,828,316
Net asset value and redemption price per share	$	13.38	$	18.00		$	14.07		$	11.25		$	8.49
CLASS R6 SHARES^†
Net assets applicable to shares outstanding	$	—	$	6,433,804		$	—		$	—		$	—
Shares Outstanding		—		354,559			—			—			—
Net asset value and redemption price per share	$	—	$	18.15		$	—		$	—		$	—

†	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			165

Statements of Assets and Liabilities April 30, 2020 (Unaudited)


	TOTAL RETURN BOND FUND			HIGH INCOME OPPORTUNITIES FUND			SHORT-TERM BOND FUND
ASSETS
Investments in securities, at cost	$	75,969,681		$	45,336,601		$	193,519,711
Investment in securities, at value	$	79,285,285		$	39,003,127		$	193,703,085
Cash with custodian (interest bearing)		3,341,805			27,107			2,724
Restricted cash for futures (interest bearing)		19,956			—			—
Variation margin on open futures contracts		8,555			—			198,596
Receivables:
Accrued interest and dividends		400,833			613,781			1,328,119
Investments sold		201,066			259,669			805,104
Fund shares sold		22,876			41,088			17,233
Due from investment advisor		—			9,763			5,003
Prepaid expenses		19,881			28,334			23,742
Other assets		24,576			68,612			—
Total assets		83,324,833			40,051,481			196,083,606
LIABILITIES
Due to custodian bank for restricted cash for futures (interest bearing)		—			—			23,210
Due to Investment advisor		1,007			—			—
Collateral for securities loaned		4,953,745			2,937,720			2,445,765
Payables:
Investments purchased		725,461			253,357			1,851,582
Fund shares redeemed		112,133			130,751			4,156
Dividends payable		6,617			12,129			357,538
Affiliates:
Investment advisory fees		27,488			17,427			46,937
Distribution fees		476			473			35
Deferred compensation to trustees		24,576			68,612			—
Trustees’ fees and officer compensation		1,430			1,470			1,478
Other accounts payable and accrued liabilities		38,254			42,427			46,080
Total liabilities		5,891,187			3,464,366			4,776,781
NET ASSETS	$	77,433,646		$	36,587,115		$	191,306,825
COMPOSITION OF NET ASSETS
Paid in capital	$	74,274,276		$	53,297,195		$	190,703,733
Undistributed net investment income (loss)		(53,618	)		(446,686	)		(121,638	)
Accumulated net realized gain (loss) on investments, and futures		(111,146	)		(9,929,920	)		342,909
Unrealized appreciation (depreciation) of investments, and futures		3,324,134			(6,333,474	)		381,821
NET ASSETS	$	77,433,646		$	36,587,115		$	191,306,825
CLASS A SHARES^†
Net assets applicable to shares outstanding	$	23,791,665		$	28,928,577		$	2,569,598
Shares outstanding		2,218,377			3,950,632			256,009
Net asset value and redemption price per share	$	10.72		$	7.32		$	10.04
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	10.97	#	$	7.49	#	$	10.27	#
CLASS C SHARES^†**
Net assets applicable to shares outstanding	$	2,760,934		$	1,434,509		$	—
Shares outstanding		257,460			184,811			—
Net asset value and redemption price per share	$	10.72		$	7.76		$	—
CLASS I SHARES^†
Net assets applicable to shares outstanding	$	50,881,047		$	6,224,029		$	188,737,227
Shares outstanding		4,744,307			849,833			18,800,884
Net asset value and redemption price per share	$	10.72		$	7.32		$	10.04

†	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.


166		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Statements of Operations Six Months Ended April 30, 2020 (Unaudited)


	MARKET NEUTRAL INCOME FUND			HEDGED EQUITY FUND			PHINEUS LONG/SHORT FUND			CONVERTIBLE FUND			GLOBAL CONVERTIBLE FUND
INVESTMENT INCOME
Interest	$	60,881,167		$	299		$	2,229,053		$	10,669,407		$	1,944,550
Dividends		59,953,514			2,806,889			6,146,279			3,419,939			466,546
Dividends from affiliated funds		2,301,946			—			455,901			—			—
Dividend taxes withheld		—			—			(37,436	)		—			(1,574	)
Other income		12,735,780			—			—			—			—
Total investment income		135,872,407			2,807,188			8,793,797			14,089,346			2,409,522

EXPENSES
Investment advisory fees		29,399,542			1,001,419			4,112,628			2,751,136			569,853
Distribution fees
Class A		931,734			14,361			80,788			310,318			11,422
Class C		1,290,522			13,225			160,201			261,350			17,970
Dividend or interest expense on short positions		7,898,990			—			4,531,496			—			—
Transfer agent fees		4,175,248			93,175			398,162			379,653			52,643
Fund administration fees		360,798			9,880			33,049			31,082			5,530
Printing and mailing fees		310,524			10,916			47,185			31,881			8,243
Accounting fees		251,805			17,038			23,605			26,215			11,200
Trustees’ fees and officer compensation		202,215			12,111			22,100			23,360			9,285
Legal fees		196,249			8,916			28,833			24,949			7,534
Registration fees		136,778			26,010			29,379			31,898			21,319
Audit fees		133,800			7,899			14,528			15,303			6,073
Custodian fees		107,163			15,187			36,482			8,302			4,672
Other		524,648			11,811			98,286			38,128			11,858
Total expenses		45,920,016			1,241,948			9,616,722			3,933,575			737,602
Less expense reductions		(225,234	)		(7,425	)		(43,039	)		—			(488	)
Net expenses		45,694,782			1,234,523			9,573,683			3,933,575			737,114
NET INVESTMENT INCOME (LOSS)		90,177,625			1,572,665			(779,886	)		10,155,771			1,672,408

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		186,329,642			(2,438,781	)		33,359,147			17,221,350			4,974,829
Affiliated funds		—			—			491,925			—			—
Purchased options		124,785,036			11,055,633			(13,204,519	)		2,597,669			344,286
Foreign currency transactions		(73,910	)		—			(165,183	)		—			(10,074	)
Forward foreign currency contracts		2,568,754			—			—			(49,292	)		—
Written options		(223,742,377	)		334,996			(19,359,584	)		(612,361	)		—
Short positions		30,148,262			—			(55,711,081	)		—			—
Total return swaps		(766,629	)		—			—			—			—
Realized capital gain distribution from Affiliated fund		695,812			—			164,677			—			—
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options		17,893,605			(11,461,076	)		(74,568,619	)		(4,485,056	)		(1,599,261	)
Affiliated funds		(2,390,081	)		—			(732,368	)		—			—
Purchased options		(40,724,043	)		(1,173,871	)		4,351,196			(523,031	)		(313,568	)
Foreign currency translations		180,818			—			19,138			—			(847	)
Forward foreign currency contracts		(327,403	)		—			—			1,545			—
Written options		169,595,988			(115,092	)		5,910,862			(142,629	)		—
Short positions		(403,342,849	)		—			81,065,319			—			—
Total return swaps		(1,776,051	)		—			—			—			—
NET GAIN (LOSS)		(140,945,426	)		(3,798,191	)		(38,379,090	)		14,008,195			3,395,365
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(50,767,801	)	$	(2,225,526	)	$	(39,158,976	)	$	24,163,966		$	5,067,773


See accompanying Notes to Financial Statements		www.calamos.com			167

Statements of Operations Six Months Ended April 30, 2020 (Unaudited)


	TIMPANI SMALL CAP GROWTH FUND			TIMPANI SMID GROWTH FUND			GROWTH FUND			GROWTH AND INCOME FUND			DIVIDEND GROWTH FUND
INVESTMENT INCOME
Interest	$	—		$	—		$	—		$	2,560,131		$	394
Dividends		62,510			9,972			7,617,869			17,198,826			152,303
Dividends from affiliated funds		—			—			85,544			—			—
Dividend taxes withheld		(576	)		—			(3,367	)		(12,766	)		—
Other income		—			—			50,575			—			—
Total investment income		61,934			9,972			7,750,621			19,746,191			152,697

EXPENSES
Investment advisory fees		360,457			47,810			6,139,517			6,746,994			82,041
Distribution fees
Class A		8,629			101			1,287,176			1,383,921			4,509
Class C		—			—			221,294			631,221			3,375
Transfer agent fees		28,985			4,387			870,698			1,004,995			7,490
Fund administration fees		3,393			293			58,787			83,674			727
Printing and mailing fees		3,122			2,011			87,648			83,960			4,714
Accounting fees		8,360			6,984			41,260			56,884			7,711
Trustees’ fees and officer compensation		9,313			7,515			37,373			50,694			6,716
Legal fees		6,451			4,403			40,273			42,621			1,464
Audit fees		5,315			4,264			24,439			33,507			4,374
Custodian fees		3,276			2,730			21,890			20,139			3,424
Registration fees		9,163			2,927			35,020			46,466			16,599
Offering costs		—			58,058			—			—			—
Other		5,900			1,800			79,664			100,703			6,537
Total expenses		452,364			143,283			8,945,039			10,285,779			149,681
Less expense reductions		(23,527	)		(87,824	)		(8,370	)		—			(51,200	)
Net expenses		428,837			55,459			8,936,669			10,285,779			98,481
NET INVESTMENT INCOME (LOSS)		(366,903	)		(45,487	)		(1,186,048	)		9,460,412			54,216

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		(566,399	)		(1,038,213	)		116,641,735			44,878,967			1,131,196
Purchased options		—			—			2,468,376			(2,775,728	)		—
Foreign currency transactions		—			—			8,818			(5,066	)		—
Forward foreign currency contracts		—			—			—			(6,051	)		—
Written options		—			—			(7,033,964	)		440,917			—
Realized capital gain distribution from Affiliated fund		—			—			25,857			—			—
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options		(727,346	)		1,099,430			(125,560,115	)		(87,913,289	)		(1,955,729	)
Affiliated funds		—			—			(88,818	)		—			—
Purchased options		—			—			372,703			4,290,043			—
Foreign currency translations		—			—			(475	)		—			—
Forward foreign currency contracts		—			—			—			10,385			—
Written options		—			—			(6,882,682	)		(146,198	)		—
NET GAIN (LOSS)		(1,293,745	)		61,217			(20,048,565	)		(41,226,020	)		(824,533	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,660,648	)	$	15,730		$	(21,234,613	)	$	(31,765,608	)	$	(770,317	)


168		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Statements of Operations Six Months Ended April 30, 2020 (Unaudited)


	SELECT FUND			INTERNATIONAL GROWTH FUND			EVOLVING WORLD GROWTH FUND			GLOBAL EQUITY FUND			GLOBAL GROWTH AND INCOME FUND
INVESTMENT INCOME
Interest	$	441		$	34,173		$	111,497		$	3,965		$	574,626
Dividends		411,924			1,000,518			598,252			374,202			971,933
Securities lending income		—			—			—			—			5,218
Dividend taxes withheld		(64	)		(99,946	)		(76,197	)		(21,716	)		(36,327	)
Total investment income		412,301			934,745			633,552			356,451			1,515,450

EXPENSES
Investment advisory fees		220,229			957,439			837,190			394,265			712,736
Performance fees		—			—			—			10,639			—
Distribution fees
Class A		13,525			64,665			30,366			23,446			99,307
Class C		25,063			41,010			60,264			37,413			63,529
Transfer agent fees		17,840			111,626			95,089			39,319			93,360
Fund administration fees		1,888			8,532			6,748			3,423			6,330
Printing and mailing fees		5,594			11,583			13,417			6,507			11,944
Accounting fees		9,370			13,222			10,946			8,613			10,684
Trustees’ fees and officer compensation		13,028			10,798			9,776			8,130			9,585
Legal fees		6,055			7,935			8,244			9,791			12,080
Audit fees		4,788			7,099			6,398			5,303			6,269
Custodian fees		1,824			26,927			47,089			7,694			9,332
Registration fees		18,168			29,527			15,723			20,079			18,522
Other		5,567			40,041			38,351			36,632			31,907
Total expenses		342,939			1,330,404			1,179,601			611,254			1,085,585
Less expense reductions		(106,038	)		(384,355	)		(6,885	)		(96,991	)		(4,103	)
Net expenses		236,901			946,049			1,172,716			514,263			1,081,482
NET INVESTMENT INCOME (LOSS)		175,400			(11,304	)		(539,164	)		(157,812	)		433,968

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		2,747,978			2,754,475			4,513,997			2,448,489			1,627,448	^(a)
Purchased options		57,590			(1,925,702	)		(960,879	)		(325,624	)		387,169
Foreign currency transactions		—			(52,381	)		(124,421	)		18,779			35,213
Forward foreign currency contracts		—			(930,144	)		—			—			—
Written options		—			511,867			(1,038,460	)		80,837			(497,558	)
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options		(6,548,956	)		(7,335,910	)^(b)		(3,854,862	)^(b)		(1,769,624	)^(b)		(7,966,281	)^(b)
Purchased options		—			1,148,008			969,206			239,300			1,514,273
Foreign currency translations		—			5,361			(12,309	)		535			2,314
Forward foreign currency contracts		—			375,917			—			—			—
Written options		—			(500,496	)		409,530			(80,150	)		317,125
NET GAIN (LOSS)		(3,743,388	)		(5,949,005	)		(98,198	)		612,542			(4,580,297	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,567,988	)	$	(5,960,309	)	$	(637,362	)	$	454,730		$	(4,146,329	)

(a)	Net of foreign capital gains tax of $6,115.

(b)	Net of change of $109,190, $128,363, $30,824 and $45,922, respectively in deferred capital gains tax.


See accompanying Notes to Financial Statements		www.calamos.com			169

Statements of Operations Six Months Ended April 30, 2020 (Unaudited)


	TOTAL RETURN BOND FUND			HIGH INCOME OPPORTUNITIES FUND			SHORT-TERM BOND FUND
INVESTMENT INCOME
Interest	$	923,627		$	1,303,662		$	3,090,146
Dividends		12,199			42,720			16,834
Total investment income		935,826			1,346,382			3,106,980

EXPENSES
Investment advisory fees		138,766			122,860			313,054
Distribution fees
Class A		28,589			41,453			1,535
Class C		13,545			8,293			—
Transfer agent fees		30,130			26,243			16,745
Fund administration fees		2,471			1,821			8,960
Printing and mailing fees		6,267			7,129			6,401
Accounting fees		10,458			12,771			15,960
Trustees’ fees and officer compensation		7,638			7,283			11,394
Legal fees		2,072			4,072			8,832
Audit fees		5,005			4,737			7,204
Custodian fees		1,342			2,349			3,762
Registration fees		14,806			20,321			20,152
Other		10,871			14,154			18,510
Total expenses		271,960			273,486			432,509
Less expense reductions		(29,386	)		(70,114	)		(11,501	)
Net expenses		242,574			203,372			421,008
NET INVESTMENT INCOME (LOSS)		693,252			1,143,010			2,685,972

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		796,467			(309,858	)		663,494
Futures contracts		15,341			—			218,113
Change in net unrealized appreciation/(depreciation) on:
Investments		1,341,892			(4,587,593	)		(2,673,387	)
Futures contracts		8,530			—			203,810
NET GAIN (LOSS)		2,162,230			(4,897,451	)		(1,587,970	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,855,482		$	(3,754,441	)	$	1,098,002


170		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Statements of Changes in Net Assets


	MARKET NEUTRAL INCOME FUND						HEDGED EQUITY FUND						PHINEUS LONG/SHORT FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2020			YEAR ENDED OCTOBER 31, 2019			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2020			YEAR ENDED OCTOBER 31, 2019			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2020			YEAR ENDED OCTOBER 31, 2019
OPERATIONS
Net investment income (loss)	$	90,177,625		$	170,096,398		$	1,572,665		$	1,897,834		$	(779,886	)	$	4,723,997
Net realized gain (loss)		119,944,590			50,822,790			8,951,848			(3,199,865	)		(54,424,618	)		(7,413,880	)
Change in unrealized appreciation/(depreciation)		(260,890,016	)		124,044,043			(12,750,039	)		14,213,560			16,045,528			(3,054,093	)
Net increase (decrease) in net assets resulting from operations		(50,767,801	)		344,963,231			(2,225,526	)		12,911,529			(39,158,976	)		(5,743,976	)

DISTRIBUTIONS TO SHAREHOLDERS
Class A		(5,841,906	)		(34,356,827	)		(53,862	)		(150,877	)		(75,742	)		(3,642,160	)
Class C		(992,669	)		(11,097,627	)		(6,428	)		(18,780	)		—			(1,859,837	)
Class I		(73,189,095	)		(295,713,301	)		(1,557,138	)		(3,729,094	)		(2,809,068	)		(32,415,010	)
Class R6		—			—			—			—			—			—
Total distributions		(80,023,670	)		(341,167,755	)		(1,617,428	)		(3,898,751	)		(2,884,810	)		(37,917,007	)

CAPITAL SHARE TRANSACTIONS		284,874,718			2,005,517,149			62,188,243			130,427,738			(232,011,375	)		(327,777,704	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		154,083,247			2,009,312,625			58,345,289			139,440,516			(274,055,161	)		(371,438,687	)

NET ASSETS
Beginning of period	$	8,715,153,829		$	6,705,841,204		$	236,797,027		$	97,356,511		$	792,917,297		$	1,164,355,984
End of period	$	8,869,237,076		$	8,715,153,829		$	295,142,316		$	236,797,027		$	518,862,136		$	792,917,297


See accompanying Notes to Financial Statements		www.calamos.com			171

Statements of Changes in Net Assets


	CONVERTIBLE FUND						GLOBAL CONVERTIBLE FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2020			YEAR ENDED OCTOBER 31, 2019			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2020			YEAR ENDED OCTOBER 31, 2019
OPERATIONS
Net investment income (loss)	$	10,155,771		$	19,729,612		$	1,672,408		$	1,460,309
Net realized gain (loss)		19,157,366			(5,341,123	)		5,309,041			(31,968	)
Change in unrealized appreciation/(depreciation)		(5,149,171	)		48,663,588			(1,913,676	)		8,141,643
Net increase (decrease) in net assets resulting from operations		24,163,966			63,052,077			5,067,773			9,569,984

DISTRIBUTIONS TO SHAREHOLDERS
Class A		(1,635,214	)		(24,667,990	)		(149,379	)		(528,376	)
Class C		(129,160	)		(14,196,158	)		(54,369	)		(168,024	)
Class I		(4,024,478	)		(38,620,881	)		(2,172,413	)		(6,172,780	)
Class R6		—			—			—			—
Total distributions		(5,788,852	)		(77,485,029	)		(2,376,161	)		(6,869,180	)

CAPITAL SHARE TRANSACTIONS		(17,076,898	)		143,816,325			4,451,524			(6,005,413	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		1,298,216			129,383,373			7,143,136			(3,304,609	)

NET ASSETS
Beginning of period	$	744,924,542		$	615,541,169		$	132,933,388		$	136,237,997
End of period	$	746,222,758		$	744,924,542		$	140,076,524		$	132,933,388


172		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Statements of Changes in Net Assets


	TIMPANI SMALL CAP GROWTH FUND									TIMPANI SMID GROWTH FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2020			PERIOD ENDED OCTOBER 31, 2019			FOR THE ELEVEN MONTHS ENDED MAY 31, 2019^(a)			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2020			PERIOD ENDED OCTOBER 31, 2019^(c)
OPERATIONS
Net investment income (loss)	$	(366,903	)	$	(320,902	)	$	(651,771	)	$	(45,487	)	$	(20,531	)
Net realized gain (loss)		(566,399	)		2,606,534			2,119,354			(1,038,213	)		(891,753	)
Change in unrealized appreciation/(depreciation)		(727,346	)		(3,290,127	)		(4,315,675	)		1,099,430			(101,453	)
Net increase (decrease) in net assets resulting from operations		(1,660,648	)		(1,004,495	)		(2,848,092	)		15,730			(1,013,737	)

DISTRIBUTIONS TO SHAREHOLDERS
Class A		(355,909	)		—			(313,214	)(b)		—			—
Class I		(3,556,011	)		—			(3,947,336	)(b)		—			—
Class R6		(53,959	)		—			—			—			—
Total distributions		(3,965,879	)		—			(4,260,550	)		—			—

CAPITAL SHARE TRANSACTIONS		3,258,966			7,080,673			6,226,365			2,868,945			10,380,000
TOTAL INCREASE (DECREASE) IN NET ASSETS		(2,367,561	)		6,076,178			(882,277	)		2,884,675			9,366,263

NET ASSETS
Beginning of period	$	80,458,824		$	74,382,646	*	$	75,234,923		$	9,366,263		$	—
End of period	$	78,091,263		$	80,458,824		$	74,352,646		$	12,250,938		$	9,366,263

(a)	Prior to May 31, 2019, the figures shown are for the predecessor fund.

(b)	Prior to May 31, 2019, figures shown for Class A represent the precessor fund’s class Y, and figures shown for Class I represent precessor fund’s Service class and Institutional class. The Class I distributions include $15,669 from the Service class.

(c)	Timpani SMID Growth Fund commenced operations on July 31, 2019.

*	Beginning net assets for period ended October 31, 2019, include $30,000 in capital share transactions made to the Calamos Timpani Small Cap Growth Fund prior to the completion of the conversion.


See accompanying Notes to Financial Statements		www.calamos.com			173

Statements of Changes in Net Assets


	GROWTH FUND						GROWTH AND INCOME FUND						DIVIDEND GROWTH FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2020			YEAR ENDED OCTOBER 31, 2019			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2020			YEAR ENDED OCTOBER 31, 2019			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2020			YEAR ENDED OCTOBER 31, 2019
OPERATIONS
Net investment income (loss)	$	(1,186,048	)	$	(1,861,663	)	$	9,460,412		$	19,957,891		$	54,216		$	158,657
Net realized gain (loss)		112,110,822			156,324,648			42,533,039			56,092,610			1,131,196			2,559,388
Change in unrealized appreciation/(depreciation)		(132,159,387	)		29,477,114			(83,759,059	)		137,463,621			(1,955,729	)		(545,355	)
Net increase (decrease) in net assets resulting from operations		(21,234,613	)		183,940,099			(31,765,608	)		213,514,122			(770,317	)		2,172,690

DISTRIBUTIONS TO SHAREHOLDERS
Class A		(98,134,931	)		(110,345,634	)		(36,216,071	)		(63,407,471	)		(424,220	)		(103,054	)
Class C		(7,680,613	)		(66,517,149	)		(3,658,096	)		(31,205,466	)		(78,044	)		(38,283	)
Class I		(18,544,308	)		(27,706,322	)		(25,851,745	)		(52,024,069	)		(1,467,834	)		(892,276	)
Class R6		—			—			—			—			—			—
Total distributions		(124,359,852	)		(204,569,105	)		(65,725,912	)		(146,637,006	)		(1,970,098	)		(1,033,613	)

CAPITAL SHARE TRANSACTIONS		19,117,030			(45,231,198	)		(41,742,660	)		(44,462,882	)		(2,021,592	)		(7,816,392	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(126,477,435	)		(65,860,204	)		(139,234,180	)		22,414,234			(4,762,007	)		(6,677,315	)

NET ASSETS
Beginning of period	$	1,397,674,871		$	1,463,535,075		$	2,000,862,969		$	1,978,448,735		$	17,282,721		$	23,960,036
End of period	$	1,271,197,436		$	1,397,674,871		$	1,861,628,789		$	2,000,862,969		$	12,520,714		$	17,282,721


174		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Statements of Changes in Net Assets


	SELECT FUND						INTERNATIONAL GROWTH FUND						EVOLVING WORLD GROWTH FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2020			YEAR ENDED OCTOBER 31, 2019			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2020			YEAR ENDED OCTOBER 31, 2019			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2020			YEAR ENDED OCTOBER 31, 2019
OPERATIONS
Net investment income (loss)	$	175,400		$	448,973		$	(11,304	)	$	1,316,447		$	(539,164	)	$	1,410,485
Net realized gain (loss)		2,805,568			461,174			358,115			(1,661,553	)		2,390,237			2,537,859
Change in unrealized appreciation/(depreciation)		(6,548,956	)		3,268,273			(6,307,120	)		25,638,578			(2,488,435	)		18,719,546
Net increase (decrease) in net assets resulting from operations		(3,567,988	)		4,178,420			(5,960,309	)		25,293,472			(637,362	)		22,667,890

DISTRIBUTIONS TO SHAREHOLDERS
Class A		(70,752	)		(1,446,325	)		—			(6,172,737	)		(185,052	)		—
Class C		—			(1,259,904	)		—			(2,405,608	)		—			—
Class I		(242,385	)		(4,646,839	)		—			(15,226,176	)		(1,308,635	)		—
Class R6		—			—			—			(2,420	)		—			—
Total distributions		(313,137	)		(7,353,068	)		—			(23,806,941	)		(1,493,687	)		—

CAPITAL SHARE TRANSACTIONS		4,777,338			642,283			(12,692,359	)		(29,839,329	)		(20,799,281	)		(65,234,868	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		896,213			(2,532,365	)		(18,652,668	)		(28,352,798	)		(22,930,330	)		(42,566,978	)

NET ASSETS
Beginning of period	$	45,026,478		$	47,558,843		$	204,997,272		$	233,350,070		$	161,964,227		$	204,531,205
End of period	$	45,922,691		$	45,026,478		$	186,344,604		$	204,997,272		$	139,033,897		$	161,964,227


See accompanying Notes to Financial Statements		www.calamos.com			175

Statements of Changes in Net Assets


	GLOBAL EQUITY FUND						GLOBAL GROWTH AND INCOME FUND						TOTAL RETURN BOND FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2020			YEAR ENDED OCTOBER 31, 2019			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2020			YEAR ENDED OCTOBER 31, 2019			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2020			YEAR ENDED OCTOBER 31, 2019
OPERATIONS
Net investment income (loss)	$	(157,812	)	$	(26,751	)	$	433,968		$	1,902,079		$	693,252		$	1,447,122
Net realized gain (loss)		2,222,481			8,001,572			1,552,272			2,269,269			811,808			(52,743	)
Change in unrealized appreciation/(depreciation)		(1,609,939	)		764,987			(6,132,569	)		5,904,583			1,350,422			3,779,147
Net increase (decrease) in net assets resulting from operations		454,730			8,739,808			(4,146,329	)		10,075,931			2,855,482			5,173,526

DISTRIBUTIONS TO SHAREHOLDERS
Class A		(1,443,237	)		(5,307,306	)		(816,110	)		(6,498,883	)		(252,585	)		(537,649	)
Class C		(677,355	)		(2,645,190	)		(157,436	)		(5,796,232	)		(19,847	)		(85,932	)
Class I		(3,950,779	)		(10,702,340	)		(518,421	)		(6,363,175	)		(440,364	)		(819,442	)
Class R6		—			—			—			—			—			—
Total distributions		(6,071,371	)		(18,654,836	)		(1,491,967	)		(18,658,290	)		(712,796	)		(1,443,023	)

CAPITAL SHARE TRANSACTIONS		(961,553	)		(5,673,079	)		(20,094,197	)		(30,348,373	)		14,227,419			923,652
TOTAL INCREASE (DECREASE) IN NET ASSETS		(6,578,194	)		(15,588,107	)		(25,732,493	)		(38,930,732	)		16,370,105			4,654,155

NET ASSETS
Beginning of period	$	80,865,483		$	96,453,590		$	151,405,796		$	190,336,528		$	61,063,541		$	56,409,386
End of period	$	74,287,289		$	80,865,483		$	125,673,303		$	151,405,796		$	77,433,646		$	61,063,541


176		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Statements of Changes in Net Assets


	HIGH INCOME OPPORTUNITIES FUND						SHORT-TERM BOND FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2020			YEAR ENDED OCTOBER 31, 2019			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2020			YEAR ENDED OCTOBER 31, 2019
OPERATIONS
Net investment income (loss)	$	1,143,010		$	2,603,613		$	2,685,972		$	4,345,800
Net realized gain (loss)		(309,858	)		(791,826	)		881,607			887,418
Change in unrealized appreciation/(depreciation)		(4,587,593	)		644,222			(2,469,577	)		2,888,442
Net increase (decrease) in net assets resulting from operations		(3,754,441	)		2,456,009			1,098,002			8,121,660

DISTRIBUTIONS TO SHAREHOLDERS
Class A		(1,043,948	)		(2,025,174	)		(18,902	)		(7,328	)
Class C		(43,113	)		(244,119	)		—			—
Class I		(203,051	)		(442,113	)		(4,189,983	)		(4,362,670	)
Class R6		—			—			—			—
Total distributions		(1,290,112	)		(2,711,406	)		(4,208,885	)		(4,369,998	)

CAPITAL SHARE TRANSACTIONS		(2,382,900	)		(5,490,171	)		(23,735,319	)		199,258,390
TOTAL INCREASE (DECREASE) IN NET ASSETS		(7,427,453	)		(5,745,568	)		(26,846,202	)		203,010,052

NET ASSETS
Beginning of period	$	44,014,568		$	49,760,136		$	218,153,027		$	15,142,975
End of period	$	36,587,115		$	44,014,568		$	191,306,825		$	218,153,027


See accompanying Notes to Financial Statements		www.calamos.com			177

Notes to Financial Statements (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization. CALAMOS INVESTMENT TRUST, a Massachusetts business trust organized December 21, 1987 (the “Trust”), consists of eighteen series, Market Neutral Income Fund, Hedged Equity Fund, Phineus Long/Short Fund, Convertible Fund, Global Convertible Fund, Timpani Small Cap Growth Fund (formerly “Frontier Timpani Small Cap Growth Fund”), Timpani SMID Growth Fund (commenced operations on July 31, 2019), Growth Fund, Growth and Income Fund, Dividend Growth Fund, Select Fund (formerly Opportunistic Value Fund), International Growth Fund , Evolving World Growth 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 Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The Trust currently offers Class A, Class C (except Timpani Small Cap Growth Fund, Timpani SMID Growth Fund and Short-Term Bond Fund), and Class I shares of each of the Funds. Class R6 shares are offered in Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, and 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:

In March 2017, FASB issued ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The ASU shortens the amortization period for certain callable debt securities held at a premium. The Funds adopted this ASU as of November 1, 2019, with no material impact on the Funds’ financial statements.

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 approved by the board of trustees or based on a quotation provided by the counterparty to such option under the ultimate supervision of the board of trustees.

Fixed income securities, bank loans, certain convertible preferred securities, and non-exchange traded derivatives are normally valued by independent pricing services or by dealers or brokers who make markets in such securities. Valuations of such fixed income securities, bank loans, certain convertible preferred securities, and non-exchange traded derivatives consider yield or price of equivalent securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data and do not rely exclusively upon exchange or over-the-counter prices.

Trading on European and Far Eastern exchanges and over-the-counter markets is typically completed at various times before the close of business on each day on which the New York Stock Exchange (“NYSE”) is open. Each security trading on these 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


178		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)

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.

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. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund’s net asset value (“NAV”).

Investment Transactions. Investment transactions are recorded on a trade date basis as of April 30, 2020. Net realized gains and losses from investment transactions are reported on an identified cost basis. Interest income is recognized using the accrual method and includes accretion of original issue and market discount and amortization of premium. Dividend income is recognized on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date.

Foreign Currency Translation. Values of investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using a rate quoted by a major bank or dealer in the particular currency market, as reported by a recognized quotation dissemination service.

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

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

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


		www.calamos.com			179

Notes to Financial Statements (Unaudited)

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

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

The 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 2016—2019 remain subject to examination by the U.S. and the State of Illinois tax jurisdictions for those Funds that have been in existence during that time, and for all years since inception for those Funds created subsequent to October 31, 2014.

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, ANNUAL RATE		TOTAL RETURN BOND FUND ANNUAL RATE		SELECT 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	TIMPANI SMALL CAP GROWTH FUND ANNUAL RATE	TIMPANI SMID GROWTH 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%	0.90%	0.95%	0.75%	0.60%	1.25%


Next $500 million	0.80%	0.27%	0.80%	0.85%	0.70%	0.55%	1.20%


Over $1 billion	0.75%	0.25%	0.75%	0.80%	0.65%	0.50%	1.15%


180		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)

The average investment advisory fee as of the period ended April 30, 2020 was as follows:


FUND	PERCENTAGE
Market Neutral Income Fund		0.66	%

Hedged Equity Fund		0.75

Phineus Long/Short Fund		1.24

Convertible Fund		0.73

Global Convertible Fund		0.85

Timpani Small Cap Growth Fund		0.90

Timpani SMID Growth Fund		0.95

Growth Fund		0.91

Growth and Income Fund		0.69

Dividend Growth Fund		1.00

Select Fund		1.00

International Growth Fund		0.97

Evolving World Growth Fund		1.10

Global Equity Fund		1.00

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

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.

Each Fund may invest in shares of the Timpani Small Cap Growth Fund (“SCG”), Timpani SMID Growth Fund (“SMID”) or Short Term Bond Fund (“STBF”). Calamos Advisors has contractually agreed to waive a portion of its advisory fee charged to the Fund equal to the advisory fee paid by SCG, SMID or STBF, respectively, attributable to the Fund’s investment in SCG, SMID or STBF, respectively, based on daily net assets. For the period ended April 30, 2020, the total advisory fees waived pursuant to such agreement were $8,370, $225,234, and $43,039 for the Growth Fund, Market Neutral Income Fund, Phineus Long/Short Fund, respectively, and are included in the Statements of Operations under the caption “Expense reductions”.

As of April 30, 2020, Market Neutral Income Fund, Phineus Long/Short Fund, and Growth Fund had holdings of $150.0 million, $11.2 million, and $5.6 million respectively in STBF. During the period from November 1, 2019 through April 30, 2020, Market


		www.calamos.com			181

Notes to Financial Statements (Unaudited)

Neutral Income Fund, Phineus Long/Short Fund, and Growth Fund earned $2,997.8 thousand, $620.6 thousand, and $111.4 thousand, in dividends respectively. Phineus Long/Short Fund sold $24.6 million of its investment in STBF over the same period, with no change in investment from the other 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.

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 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%		—

Timpani Small Cap Growth Fund		1.30%		—		1.05%		1.05% less the annual sub-transfer agency ratio	*

Timpani SMID Growth Fund		1.35%		—		1.10%		1.10% less the annual sub-transfer agency ratio	*

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%		—

Select 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%		—

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%		—

†

For the period of January 22, 2020 through February 28, 2021, CALAMOS ADVISORS has contractually agreed to limit the annual operating expenses of the Hedged Equity Fund, as a percentage of the average net assets of the particular class of shares, to 1.15% for Class A shares, 1.90% for Class C shares, and 0.90% for Class I shares.

*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.


182		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)

For the period ended April 30, 2020, Calamos Advisors waived or absorbed the following expenses:


FUND	AMOUNT
Market Neutral Income Fund	$	225,234

Hedged Equity Fund		7,425

Phineus Long/Short Fund		43,039

Global Convertible Fund		488

Timpani Small Cap Growth Fund		23,527

Timpani SMID Growth Fund		87,824

Growth Fund		8,370

Dividend Growth Fund		51,200

Select Fund		106,038

International Growth Fund		384,355

Evolving World Growth Fund		6,885

Global Equity Fund		96,991

Global Growth and Income Fund		4,103

Total Return Bond Fund		29,386

High Income Opportunities Fund		70,114

Short-Term Bond Fund		11,501

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.

CFS also receives a sales commission and/or an underwriting fee on certain sales of each Fund’s Class A shares. During the period ended April 30, 2020, CFS received commissions and underwriting fees as follows:


FUND	AMOUNT

Market Neutral Income Fund	$	21,230

Hedged Equity Fund		6,721

Phineus Long/Short Fund		5,702

Convertible Fund		5,499

Global Convertible Fund		379

Timpani Small Cap Growth Fund		2,002

Timpani SMID Growth Fund		14

Growth Fund		23,815

Growth and Income Fund		48,274

Dividend Growth Fund		529

Select Fund		656

International Growth Fund		404

Evolving World Growth Fund		827

Global Equity Fund		363

Global Growth and Income Fund		1,216

Total Return Bond Fund		397

High Income Opportunities Fund		219

Short-Term Bond Fund		1


		www.calamos.com			183

Notes to Financial Statements (Unaudited)

A trustee and certain officers of the Trust are also officers and directors of CFS and Calamos Advisors. Such trustee and officers serve without direct compensation from the Trust. The Trust’s Statement of Additional Information contains additional information about the Trust’s Trustees and Officers and is available without charge, upon request, at www.calamos.com or by calling 800.582.6959.

As of April 30, 2020, certain affiliates of Calamos Advisors hold material investments in the Funds as follows:


FUND	PERCENTAGE

Timpani SMID Growth Fund		74	%

Select Fund		42

Global Equity Fund		28

High Income Opportunities Fund		31

As of April 30, 2020, the Growth Fund, Market Neutral Income Fund, and Phineus Long/Short Fund held 3.0%, 65.6%, and 19.4% of the outstanding shares respectively of Short Term Bond Fund.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, a trustee who is not an “interested person” (as defined in the 1940 Act) and has elected to participate in the Plan (a “participating trustee”) may defer receipt of all or a portion of his compensation from the Trust. The deferred compensation payable to the participating trustee is credited to the trustee’s deferral account as of the business day such compensation would have been paid to the participating trustee. The value of amounts deferred for a participating trustee is determined by reference to the change in value of Class I shares of one or more funds of the Trust designated by the participant. The value of the account increases with contributions to the account or with increases in the value of the measuring shares, and the value of the account decreases with withdrawals from the account or with declines in the value of the measuring shares.

At April 30, 2020, 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	$	121,817

Hedged Equity Fund		1,482

Phineus Long/Short Fund		1,972

Convertible Fund		120,664

Global Convertible Fund		1,492

Growth Fund		574,232

Growth and Income Fund		250,063

Dividend Growth Fund		1,974

Select Fund		62,253

International Growth Fund		41,376

Evolving World Growth Fund		14,072

Global Equity Fund		22,203

Global Growth and Income Fund		94,595

Total Return Bond Fund		24,576

High Income Opportunities Fund		68,612

Each Fund’s obligation to make payments under the Plan is a general obligation of the Fund and is included in “Payable for deferred compensation to trustees” on the Statements of Assets and Liabilities at April 30, 2020.

Interfund Lending Program

The Funds have adopted, effective April 23, 2020, an Interim InterFund Lending Program (the “InterFund Program”) in reliance upon the exemptive order issued by the Securities and Exchange Commission on March 23, 2020 (the “March 23, 2020 Order”). The InterFund Program allows the Funds to borrow money from and lend money to each other for temporary or emergency purposes, such as to satisfy redemption requests or to cover unanticipated cash shortfalls, subject to the requirements of the March 23, 2020


184		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)

Order. The Funds’ InterFund Program is limited in terms of duration and will only remain in place for the period from the adoption date up to and including June 30, 2020 (unless extended by the board of trustees upon any extension by the SEC). As of the end of the reporting period, no Fund has participated in the InterFund Program or has had to rely on the March 23, 2020 Order. Please see the supplement to the Prospectus and Statement of Additional Information dated April 30, 2020 for more information about the Interfund Program.

Note 3 – Investments

The cost of purchases and proceeds from sales of long-term investments for the period ended April 30, 2020 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	$	—	$	5,024,398,222	$	50,318,359	$	4,883,496,818

Hedged Equity Fund		—		154,990,080		—		97,648,122

Phineus Long/Short Fund		—		1,393,419,564		—		1,169,440,466

Convertible Fund		—		289,700,149		12,346,453		264,019,073

Global Convertible Fund		2,771,389		32,942,831		10,929,094		20,969,340

Timpani Small Cap Growth Fund		—		76,728,149		—		74,919,166

Timpani SMID Growth Fund		—		12,685,917		—		9,685,676

Growth Fund		—		973,992,409		—		930,389,543

Growth and Income Fund		—		281,456,499		34,620,246		306,208,990

Dividend Growth Fund		—		1,668,635		—		5,279,347

Select Fund		—		47,178,080		—		43,408,086

International Growth Fund		—		78,468,338		—		94,744,762

Evolving World Growth Fund		—		83,791,296		—		107,948,955

Global Equity Fund		—		26,405,151		—		34,565,542

Global Growth and Income Fund		671,455		79,310,181		14,557,442		86,166,110

Total Return Bond Fund		25,451,611		24,707,812		21,108,341		10,697,829

High Income Opportunities Fund		—		11,862,876		—		13,909,556

Short-Term Bond Fund		—		47,474,549		5,840,359		52,189,419

The following information is presented on a federal income tax basis as of April 30, 2020. Differences between the cost basis under U.S. generally accepted accounting principles and federal income tax purposes are primarily due to temporary differences.

The cost basis of investments for federal income tax purposes at April 30, 2020 was as follows*:


FUND	COST BASIS OF INVESTMENTS		GROSS UNREALIZED APPRECIATION		GROSS UNREALIZED DEPRECIATION			NET UNREALIZED APPRECIATION (DEPRECIATION)
Market Neutral Income Fund	$	5,560,159,526	$	1,907,797,488	$	(1,896,528,576	)	$	11,268,912

Hedged Equity Fund		299,807,771		34,623,836		(31,754,996	)		2,868,840

Phineus Long/Short Fund		202,575,499		64,499,449		(98,344,463	)		(33,845,014	)

Convertible Fund		773,702,098		90,340,515		(39,249,165	)		51,091,350

Global Convertible Fund		139,456,878		12,783,093		(10,655,838	)		2,127,255

Timpani Small Cap Growth Fund		62,551,781		16,861,370		(1,348,502	)		15,512,868

Timpani SMID Growth Fund		11,374,415		1,258,823		(260,846	)		997,977

Growth Fund		1,096,090,719		250,189,232		(53,138,266	)		197,050,966

Growth and Income Fund		1,441,971,736		564,886,513		(103,666,720	)		461,219,793

Dividend Growth Fund		9,543,745		3,915,047		(745,154	)		3,169,893

Select Fund		45,763,631		3,051,175		(2,962,487	)		88,688


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Notes to Financial Statements (Unaudited)


FUND	COST BASIS OF INVESTMENTS		GROSS UNREALIZED APPRECIATION		GROSS UNREALIZED DEPRECIATION			NET UNREALIZED APPRECIATION (DEPRECIATION)

International Growth Fund	$	159,245,255	$	36,454,220	$	(8,647,373	)	$	27,806,847

Evolving World Growth Fund		112,331,020		33,376,284		(6,538,899	)		26,837,385

Global Equity Fund		59,816,023		18,755,351		(3,271,268	)		15,484,083

Global Growth and Income Fund		114,251,748		18,579,935		(6,122,236	)		12,457,699

Total Return Bond Fund		75,969,681		4,211,550		(887,416	)		3,324,134

High Income Opportunities Fund		45,336,601		381,328		(6,714,802	)		(6,333,474	)

Short-Term Bond Fund		193,519,711		2,993,441		(2,611,620	)		381,821

*	Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Funds’ most recent annual report.

Note 4 – Income Taxes

The tax character of distributions for the period ended April 30, 2020 will be determined at the end of each Fund’s current fiscal year. Distributions during the fiscal period ended October 31, 2019 were characterized for federal income tax purposes as follows:


	YEAR OR PERIOD ENDED OCTOBER 31, 2019
FUND	ORDINARY INCOME		LONG-TERM CAPITAL GAIN		RETURN OF CAPITAL
Market Neutral Income Fund	$	217,846,961	$	123,320,794		—

Hedged Equity Fund		1,391,398		2,507,353		—

Phineus Long/Short Fund		39,979,878		8,774,837		—

Convertible Fund		25,865,067		52,484,924		—

Global Convertible Fund		4,182,325		2,821,821		—

Timpani SMID Growth Fund		—		—		—

Growth Fund		55,623,655		183,241,565		—

Growth and Income Fund		40,039,934		111,810,729		—

Dividend Growth Fund		159,783		1,542,903		—

Select Fund		1,915,605		5,732,033		—

International Growth Fund		824,415		23,806,913		—

Evolving World Growth Fund		233,278		—		—

Global Equity Fund		856,978		19,728,912		—

Global Growth and Income Fund		3,954,070		16,447,349		—

Total Return Bond Fund		1,448,909		—		—

High Income Opportunities Fund		2,714,610		—		—

Short-Term Bond Fund		4,371,556		—		—


FUND	YEAR OR PERIOD ENDED		ORDINARY INCOME		LONG-TERM CAPITAL GAIN		RETURN OF CAPITAL
Timpani Small Cap Growth Fund		June 30, 2018	$	—	$	—	$	—

		June 30, 2019		—		4,768,338		—

		October 31, 2019		—		90,869		—


186		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)

As of October 31, 2019, the components of accumulated earnings/(loss) on a tax basis were as follows:


	MARKET NEUTRAL INCOME FUND			HEDGED EQUITY FUND			PHINEUS LONG/SHORT FUND			CONVERTIBLE FUND			GLOBAL CONVERTIBLE FUND
Undistributed ordinary income	$	26,284,243		$	545,135		$	1,884,471		$	2,468,298		$	1,451,990

Undistributed capital gains		—			—			—			—			685,870

Total undistributed earnings		26,284,243			545,135			1,884,471			2,468,298			2,137,860

Accumulated capital and other losses		(294,470,932	)		(11,335,520	)		—			—			—

Net unrealized gains/(losses)		573,409,775			20,825,547			(74,012,650	)		73,624,966			6,374,327

Total accumulated earnings/(losses)		305,223,086			10,035,162			(72,128,179	)		76,093,264			8,512,187

Other		(47,435,246	)		(15,600	)		(1,599,345	)		(111,054	)		(16,084	)

Paid-in-capital		8,457,365,989			226,777,465			866,644,821			668,942,332			124,437,285

Net assets applicable to common shareholders	$	8,715,153,829		$	236,797,027		$	792,917,297		$	744,924,542		$	132,933,388


	TIMPANI SMALL CAP GROWTH FUND			TIMPANI SMID GROWTH FUND			GROWTH FUND			GROWTH AND INCOME FUND
Undistributed ordinary income	$	—		$	—		$	—		$	4,972,055

Undistributed capital gains		3,965,852			—			124,358,575			48,354,057

Total undistributed earnings		3,965,852			—			124,358,575			53,326,112

Accumulated capital and other losses		—			(849,029	)		—			—

Net unrealized gains/(losses)		15,999,985			(144,177	)		327,010,817			533,872,836

Total accumulated earnings/(losses)		19,965,837			(993,206	)		451,369,392			587,198,948

Other		—			—			(264,098	)		(172,416	)

Paid-in-capital		60,492,987			10,359,469			946,569,577			1,413,836,437

Net assets applicable to common shareholders	$	80,458,824		$	9,366,263		$	1,397,674,871		$	2,000,862,969


	DIVIDEND GROWTH FUND			SELECT FUND			INTERNATIONAL GROWTH FUND			EVOLVING WORLD GROWTH FUND			GLOBAL EQUITY FUND
Undistributed ordinary income	$	29,164		$	313,127		$	—		$	1,493,605		$	—

Undistributed capital gains		1,897,921			—			—			—			6,071,360

Total undistributed earnings		1,927,085			313,127			—			1,493,605			6,071,360

Accumulated capital and other losses		—			—			(1,687,258	)		(18,344,051	)		—

Net unrealized gains/(losses)		5,127,231			6,776,471			34,853,598			29,301,928			17,068,728

Total accumulated earnings/(losses)		7,054,316			7,089,598			33,166,340			12,451,482			23,140,088

Other		(6,669	)		(80,557	)		44,680			(71,781	)		(92,359	)

Paid-in-capital		10,235,074			38,017,437			171,786,252			149,584,526			57,817,754

Net assets applicable to common shareholders	$	17,282,721		$	45,026,478		$	204,997,272		$	161,964,227		$	80,865,483


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Notes to Financial Statements (Unaudited)



	GLOBAL GROWTH AND INCOME FUND			TOTAL RETURN BOND FUND			HIGH INCOME OPPORTUNITIES FUND			SHORT-TERM BOND FUND
Undistributed ordinary income	$	—		$	18,056		$	24,873		$	1,392,893

Undistributed capital gains		1,481,802			—			—			12,636

Total undistributed earnings		1,481,802			18,056			24,873			1,405,529

Accumulated capital and other losses		—			(843,473	)		(9,544,054	)		—

Net unrealized gains/(losses)		19,946,688			1,894,225			(2,029,684	)		2,310,490

Total accumulated earnings/(losses)		21,428,490			1,068,808			(11,548,865	)		3,716,019

Other		(189,445	)		(52,124	)		(116,662	)		(2,044	)

Paid-in-capital		130,166,751			60,046,857			55,680,095			214,439,052

Net assets applicable to common shareholders	$	151,405,796		$	61,063,541		$	44,014,568		$	218,153,027

The following Funds had capital loss carryforwards for the year ended October 31, 2019, with no expiration date, available to offset future realized capital gains:


FUND	SHORT-TERM			LONG-TERM

Market Neutral Income Fund	$	(177,336,915	)	$	(117,134,017	)

Hedged Equity Fund		(4,293,571	)		(7,041,949	)

Timpani SMID Growth Fund		(849,029	)		—

International Growth Fund		(1,687,258	)		—

Evolving World Growth Fund		(18,344,051	)		—

Total Return Bond Fund		(335,762	)		(507,711	)

High Income Opportunities Fund		(1,082,399	)		(8,461,655	)

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 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


188		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)

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. Generally before a default, neither a Fund nor the counterparty may resell, rehypothecate, or repledge any collateral that it receives.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. 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 April 30, 2020, 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 a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, a Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount received or paid on a closing purchase or sale transaction is also treated as a realized gain or loss. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid. Gain or loss on written options and purchased options is presented separately on the Statements of Operations as net realized gain or loss on written options and net realized gain or loss on purchased options, respectively.

Options written by each Fund do not typically give rise to counterparty credit risk since options written obligate each Fund and not the counterparty to perform. Exchange traded purchased options have minimal counterparty credit risk to each Fund since the exchange’s clearinghouse, as counterparty to such instruments, guarantees against a possible default.

As of April 30, 2020, Market Neutral Income Fund, Hedged Equity Fund, Phineus Long/Short Fund, Convertible Fund, Global Convertible Fund, Growth Fund, Growth and Income Fund, International Growth Fund, Evolving World Growth Fund, and Global Growth and Income Fund had outstanding purchased options and/or written options as listed on the Schedules of Investments.


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Notes to Financial Statements (Unaudited)

As of April 30, 2020, 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⁾	$	15,912	$	551,039

Purchased options⁽²⁾		55,528,557		—

Total Return Swaps⁽⁴⁾		—		1,671,413

Written options⁽³⁾		—		390,492,775

	$	55,544,469	$	392,715,227


	HEDGED EQUITY FUND
Gross amounts at fair value:

Purchased options⁽²⁾	$	3,801,943	$	—

Written options⁽³⁾		—		16,539,651

	$	3,801,943	$	16,539,651


	PHINEUS LONG/SHORT FUND
Gross amounts at fair value:

Purchased Options⁽²⁾	$	8,749,892	$	—

Written options⁽³⁾		—		10,991,600

	$	8,749,892	$	10,991,600


	CONVERTIBLE FUND
Gross amounts at fair value:

Forward foreign currency contracts⁽¹⁾	$	391	$	—

Purchased options⁽²⁾		4,548,138		—

	$	4,548,529	$	—


	GLOBAL CONVERTIBLE FUND
Gross amounts at fair value:

Purchased options⁽²⁾	$	104,465	$	—

	$	104,465	$	—


	GROWTH FUND
Gross amounts at fair value:

Written options⁽³⁾	$	—	$	7,208,850

		—		7,208,850


	GROWTH AND INCOME FUND
Gross amounts at fair value:

Forward foreign currency contracts⁽¹⁾	$	8,345	$	—

Purchased options⁽²⁾		13,091,712		—

Written options⁽³⁾		—		1,286,525

	$	13,100,057	$	1,286,525

For a listing of the footnotes used in these tables, please refer to page 192.


190		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)


	ASSET DERIVATIVES		LIABILITY DERIVATIVES

	INTERNATIONAL GROWTH FUND
Gross amounts at fair value:

Forward foreign currency contracts⁽¹⁾	$	377,119	$	—

Purchased options⁽²⁾		17,443		—

	$	394,562	$	—


	EVOLVING WORLD GROWTH FUND
Gross amounts at fair value:

Purchased options⁽²⁾	$	2,471,539	$	—

Written options⁽³⁾		—		272,105

	$	2,471,539	$	272,105


	GLOBAL GROWTH AND INCOME FUND
Gross amounts at fair value:

Purchased options⁽²⁾	$	4,382,570	$	—

Written options⁽³⁾		—		108,038

	$	4,382,570	$	108,038


	TOTAL RETURN BOND FUND
Gross amounts at fair value:

Futures contracts⁽⁵⁾	$	8,530	$	—

	$	8,530	$	—


	SHORT-TERM BOND FUND
Gross amounts at fair value:

Futures contracts⁽⁵⁾	$	203,810	$	—

	$	203,810	$	—

For a listing of the footnotes used in these tables, please refer to page 192.

The following table presents the outstanding derivative contracts, organized by counterparty, that are subject to enforceable master netting agreements as of April 30, 2020:


	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		COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT

State Street Bank and Trust		ISDA	$	—	$	546,441	$	—	$	—	$	546,441

Goldman Sachs & Co.		ISDA		15,912		685,481		—		—		669,569

Morgan Stanley & Co.		ISDA		—		990,530		—		—		990,530

			$	15,912	$	2,222,452	$	—	$	—	$	2,206,540


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		COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT

State Street Bank and Trust		ISDA	$	391	$	—	$	—	$	391	$	—

			$	391	$	—	$	—	$	391	$	—


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Notes to Financial Statements (Unaudited)



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		COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT

State Street Bank and Trust		ISDA	$	8,345	$	—	$	—	$	8,345	$	—

			$	8,345	$	—	$	—	$	8,345	$	—


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		COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT

Goldman Sachs & Co.		ISDA	$	33,994	$	—	$	—	$	33,994	$	—

State Street Bank and Trust		ISDA		343,125		—		—		343,125		—

			$	377,119	$	—	$	—	$	377,119	$	—

For the period ended April 30, 2020, the volume of derivative activity for the Fund is reflected below:*


FUND	FORWARD CONTRACTS⁽¹⁾		FUTURES CONTRACTS⁽⁵⁾		PURCHASED OPTIONS⁽²⁾		WRITTEN OPTIONS⁽³⁾		SWAPS⁽⁴⁾

Market Neutral Income Fund		234,702,320		—		110,790		100,179		6,610,294

Hedged Equity Fund		—		—		8,995		4,914		—

Phineus Long/Short Fund		—		—		305,564		377,514		—

Convertible Fund		12,372,980		—		5,777		325		—

Global Convertible Fund		—		—		1,120		—		—

Growth Fund		—		—		40,195		52,766		—

Growth and Income Fund		32,648,282		—		208,076		14,102		—

Select Fund		—		—		270		—		—

International Growth Fund		39,831,502		—		11,325		—		—

Evolving World Growth Fund		—		—		49,343		21,312		—

Global Equity Fund		—		—		1,250		—		—

Global Growth and Income Fund		517,582		—		7,770		3,363		—

Total Return Bond Fund		—		20		—		—		—

Short-Term Bond Fund		—		170		—		—		—

*	Activity during the period is measured by opened number of contracts for options purchased or written, opened foreign currency contracts (measured in notional), opened futures 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.

(5)	Generally, the Statement of Assets and Liabilities location for Futures contracts is Variation margin on open futures contracts for asset derivatives and Variation margin on open futures contracts for liability derivatives.

Note 7 – Securities Lending

The Funds may loan one or more of their securities to broker-dealers and banks. 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


192		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)

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 April 30, 2020.


	VALUE OF SECURITIES ON LOAN TO 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	VALUE OF SECURITIES ON LOAN TO BROKER-DEALERS AND BANKS		EQUITY		FIXED INCOME		TOTAL		EXCESS AMOUNT DUE TO/FROM COUNTERPARTY
Market Neutral Income Fund	$	122,678,794	$	60,466,584	$	127,603,161	$	188,069,745	$	65,390,951

Hedged Equity Fund		9,893,179		22,890,695		143,535		23,034,230		13,141,051

Phineus Long/Short Fund		13,880,868		20,023,928		—		20,023,928		6,143,060

Convertible Fund		67,840,330		19,561,133		54,119,205		73,680,338		5,840,008

Global Convertible Fund		4,308,065		—		4,230,483		4,230,483		(77,582	)

Growth Fund		19,716,342		57,808,925		—		57,808,925		38,092,583

Growth and Income Fund		28,374,793		2,341,101		28,538,093		30,879,194		2,504,401

Dividend Growth Fund		92,269		88,588		—		88,588		(3,681	)

Select Fund		—		531,179		—		531,179		531,179

International Growth Fund		3,872,960		4,530,970		—		4,530,970		658,010

Evolving World Growth Fund		2,235,691		3,118,798		—		3,118,798		883,107

Global Equity Fund		616,410		931,111		—		931,111		314,701

Global Growth and Income Fund		983,202		2,039,249		214,853		2,254,102		1,270,900

Total Return Bond Fund		4,953,745		—		7,656,926		7,656,926		2,703,181

High Income Opportunities Fund		2,937,720		643		3,201,324		3,201,967		264,247

Short-Term Bond Fund		2,445,765		—		9,445,648		9,445,648		6,999,883

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.


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Notes to Financial Statements (Unaudited)

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	$	—	$	4,208,846,342	$	—	$	4,208,846,342

Corporate Bonds		—		19,280,377		—		19,280,377

Convertible Preferred Stocks		388,969,004		43,587,600		—		432,556,604

Common Stocks U.S.		4,183,204,842		—		—		4,183,204,842

Investment in Affiliated Funds		149,977,536		—		—		149,977,536

Rights		92,266		—		—		92,266

Purchased options		40,292,562		15,235,995		—		55,528,557

Short Term Investments		101,547,380		—		—		101,547,380

Investment of Cash Collateral For Securities Loaned		71,873,286		50,805,508		—		122,678,794

Forward Foreign Currency Contracts		—		15,912		—		15,912

Total	$	4,935,956,876	$	4,337,771,734	$	—	$	9,273,728,610


Liabilities:

Common Stocks Sold Short U.S.	$	3,183,689,440	$	—	$	—	$	3,183,689,440

Common Stocks Sold Short Foreign		126,436,158		—		—		126,436,158

Written options		390,492,775		—		—		390,492,775

Forward Foreign Currency Contracts		—		551,039		—		551,039

Total Return Swaps		—		1,671,413		—		1,671,413

Total	$	3,700,618,373	$	2,222,452	$	—	$	3,702,840,825


	HEDGED EQUITY FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:

Convertible Bonds	$	—	$	143,970	$	—	$	143,970

Common Stocks U.S.		270,989,708		—		—		270,989,708

Exchange-Traded Funds		23,260,767		—		—		23,260,767

Purchased options		3,801,943		—		—		3,801,943

Short Term Investments		11,126,695		—		—		11,126,695

Investment of Cash Collateral For Securities Loaned		—		9,893,179		—		9,893,179

Total	$	309,179,113	$	10,037,149	$	—	$	319,216,262


Liabilities:

Written options	$	16,539,651	$	—	$	—	$	16,539,651

Total	$	16,539,651	$	—	$	—	$	16,539,651


194		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)



	PHINEUS LONG/SHORT FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:

Common Stocks U.S.	$	476,545,481	$	—	$	—	$	476,545,481

Common Stocks Foreign		—		35,861,174		—		35,861,174

Investments in Affiliated Funds		11,224,716		—		—		11,224,716

Purchased options		8,749,892		—		—		8,749,892

Short Term Investments		842		—		—		842

Investment of Cash Collateral For Securities Loaned		—		13,880,868		—		13,880,868

Total	$	496,520,931	$	49,742,042	$	—	$	546,262,973


Liabilities:

Common Stocks Sold Short U.S.	$	46,722,408	$	—	$	—	$	46,722,408

Exchange-Traded Funds Sold Short		319,818,480		—		—		319,818,480

Written options		10,991,600		—		—		10,991,600

Total	$	377,532,488	$	—	$	—	$	377,532,488


	CONVERTIBLE FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:

Convertible Bonds	$	—	$	580,767,249	$	—	$	580,767,249

Convertible Preferred Stocks		119,408,176		—		—		119,408,176

Common Stocks U.S.		25,600,314		—		—		25,600,314

Purchased options		4,548,138		—		—		4,548,138

Short Term Investments		26,629,241		—		—		26,629,241

Investment of Cash Collateral For Securities Loaned		17,957,012		49,883,318		—		67,840,330

Forward Foreign Currency Contracts		—		391		—		391

Total	$	194,142,881	$	630,650,958	$	—	$	824,793,839


	GLOBAL CONVERTIBLE FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:

Convertible Bonds	$	—	$	111,397,160	$	—	$	111,397,160

Bank Loan		—		170,756		—		170,756

Synthetic Convertible Securities (U.S. Government and Agency Security)		—		2,786,413		—		2,786,413

Synthetic Convertible Securities (Purchased Options)		104,465		—		—		104,465

Convertible Preferred Stocks		15,069,555		—		—		15,069,555

Common Stocks Foreign		—		916,997		—		916,997

Short Term Investments		6,830,722		—		—		6,830,722

Investment of Cash Collateral For Securities Loaned		—		4,308,065		—		4,308,065

Total	$	22,004,742	$	119,579,391	$	—	$	141,584,133


	TIMPANI SMALL CAP GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:

Common Stocks U.S.	$	77,473,699	$	—	$	—	$	77,473,699

Short Term Investments		590,950		—		—		590,950

Total	$	78,064,649	$	—	$	—	$	78,064,649


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Notes to Financial Statements (Unaudited)


	TIMPANI SMID GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:

Common Stocks U.S.	$	12,159,529	$	—	$	—	$	12,159,529

Short Term Investments		212,863		—		—		212,863

Total	$	12,372,392	$	—	$	—	$	12,372,392


	GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:

Common Stocks U.S.	$	1,256,995,782	$	—	$	—	$	1,256,995,782

Investment in Affiliated Funds		5,573,357		—		—		5,573,357

Short Term Investments		18,065,054		—		—		18,065,054

Investment of Cash Collateral For Securities Loaned		3,636,257		16,080,085		—		19,716,342

Total	$	1,284,270,450	$	16,080,085	$	—	$	1,300,350,535


Liabilities:

Written options	$	7,208,850	$	—	$	—	$	7,208,850

Total	$	7,208,850	$	—	$	—	$	7,208,850


	GROWTH AND INCOME FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:

Corporate Bonds	$	—	$	16,416,136	$	—	$	16,416,136

Convertible Bonds		—		296,329,717		—		296,329,717

Convertible Preferred Stocks		144,224,773		7,583,152		—		151,807,925

Common Stocks U.S.		1,364,620,621		—		—		1,364,620,621

Exchange-Traded Fund		9,200,545		—		—		9,200,545

Purchased options		13,091,712		—		—		13,091,712

Short Term Investments		24,636,605		—		—		24,636,605

Investment of Cash Collateral For Securities Loaned		17,481,005		10,893,788		—		28,374,793

Forward Foreign Currency Contracts		—		8,345		—		8,345

Total	$	1,573,255,261	$	331,231,138	$	—	$	1,904,486,399


Liabilities:

Written options	$	1,286,525	$	—	$	—	$	1,286,525

Total	$	1,286,525	$	—	$	—	$	1,286,525


	DIVIDEND GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:

Common Stocks U.S.	$	12,291,529	$	—	$	—	$	12,291,529

Exchange-Traded Fund		60,760		—		—		60,760

Short Term Investments		269,080		—		—		269,080

Investment of Cash Collateral For Securities Loaned		—		92,269		—		92,269

Total	$	12,621,369	$	92,269	$	—	$	12,713,638


196		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)


	SELECT FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:

Common Stocks U.S.	$	44,623,693	$	—	$	—	$	44,623,693

Short Term Investments		1,228,626		—		—		1,228,626

Total	$	45,852,319	$	—	$	—	$	45,852,319


	INTERNATIONAL GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:

Common Stocks U.S.	$	51,519,427	$	—	$	—	$	51,519,427

Common Stocks Foreign		14,028,045		117,128,081		—		131,156,126

Purchased options		17,443		—		—		17,443

Short Term Investments		486,146		—		—		486,146

Investment of Cash Collateral For Securities Loaned		—		3,872,960		—		3,872,960

Forward Foreign Currency Contracts		—		377,119		—		377,119

Total	$	66,051,061	$	121,378,160	$	—	$	187,429,221


	EVOLVING WORLD GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:

Convertible Bonds	$	—	$	17,909,550	$	—	$	17,909,550

Common Stocks Foreign		7,692,487		80,268,497		—		87,960,984

Common Stocks U.S.		28,339,399		—		—		28,339,399

Purchased options		2,471,539		—		—		2,471,539

Short Term Investments		523,347		—		—		523,347

Investment of Cash Collateral For Securities Loaned		—		2,235,691		—		2,235,691

Total	$	39,026,772	$	100,413,738	$	—	$	139,440,510


Liabilities:

Written options	$	272,105	$	—	$	—	$	272,105

Total	$	272,105	$	—	$	—	$	272,105


	GLOBAL EQUITY FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:

Common Stocks U.S.	$	46,630,684	$	—	$	—	$	46,630,684

Common Stocks Foreign		2,075,225		25,135,144		—		27,210,369

Short Term Investments		842,643		—		—		842,643

Investment of Cash Collateral For Securities Loaned		—		616,410		—		616,410

Total	$	49,548,552	$	25,751,554	$	—	$	75,300,106


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Notes to Financial Statements (Unaudited)


	GLOBAL GROWTH AND INCOME FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:

Convertible Bonds	$	—	$	24,267,343	$	—	$	24,267,343

Corporate Bonds		—		3,997,487		—		3,997,487

Convertible Preferred Stocks		13,757,396		—		—		13,757,396

Common Stocks U.S.		41,976,514		—		—		41,976,514

Common Stocks Foreign		1,649,258		33,657,184		—		35,306,442

Purchased options		4,382,570		—		—		4,382,570

Short Term Investments		2,146,531		—		—		2,146,531

Investment of Cash Collateral For Securities Loaned		—		983,202		—		983,202

Total	$	63,912,269	$	62,905,216	$	—	$	126,817,485


Liabilities:

Written options	$	108,038	$	—	$	—	$	108,038

Total	$	108,038	$	—	$	—	$	108,038


	TOTAL RETURN BOND FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:

Corporate Bonds	$	—	$	37,862,528	$	—	$	37,862,528

Convertible Bond		—		242,861		—		242,861

Bank Loans		—		1,026,115		—		1,026,115

Convertible Preferred Stocks		97,160		—		—		97,160

U.S. Government and Agency Securities		—		29,356,566		—		29,356,566

Asset Backed Securities		—		4,975,434		—		4,975,434

Residential Mortgage Backed Securities		—		770,577		—		770,577

Short Term Investments		299		—		—		299

Investment of Cash Collateral For Securities Loaned		—		4,953,745		—		4,953,745

Total	$	97,459	$	79,187,826	$	—	$	79,285,285


	HIGH INCOME OPPORTUNITIES FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:

Corporate Bonds	$	—	$	28,577,518	$	—	$	28,577,518

Convertible Bonds		—		556,214		—		556,214

Bank Loans		—		4,464,014		—		4,464,014

Convertible Preferred Stocks		242,414		—		—		242,414

Common Stocks U.S.		375,360		—		—		375,360

Short Term Investments		1,849,887		—		—		1,849,887

Investment of Cash Collateral For Securities Loaned		—		2,937,720		—		2,937,720

Total	$	2,467,661	$	36,535,466	$	—	$	39,003,127


198		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)


	SHORT-TERM BOND FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL

Assets:

Corporate Bonds	$	—	$	142,390,872	$	—	$	142,390,872

Convertible Bonds		—		1,014,641		—		1,014,641

U.S. Government and Agency Securities		—		9,952,715		—		9,952,715

Bank Loans		—		3,366,160		—		3,366,160

Asset Backed Securities		—		27,019,281		—		27,019,281

Residential Mortgage Backed Securities		—		4,340,773		—		4,340,773

Municipal Obligations		—		1,601,218		—		1,601,218

Short Term Investments		1,571,660		—		—		1,571,660

Investment of Cash Collateral For Securities Loaned		—		2,445,765		—		2,445,765

Total	$	1,571,660	$	192,131,425	$	—	$	193,703,085


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Notes to Financial Statements (Unaudited)

Note 9 – Capital Share Transactions

The following table summarizes the activity in capital shares of the Funds for the Six Months ended April 30, 2020:


	MARKET NEUTRAL INCOME FUND						HEDGED EQUITY FUND						PHINEUS LONG/SHORT FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		10,359,890		$	138,742,767			558,699		$	6,677,845			456,724		$	5,205,749

Shares issued as reinvestment of distributions		396,979			5,211,517			4,559			53,862			6,418			75,411

Less shares redeemed		(10,775,364	)		(142,648,218	)		(479,123	)		(5,401,718	)		(2,424,386	)		(26,699,443	)

Net increase (decrease)		(18,495	)	$	1,306,066			84,135		$	1,329,989			(1,961,244	)	$	(21,418,283	)


Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		2,467,547		$	33,696,948			119,105		$	1,398,954			131,595		$	1,459,744

Shares issued as reinvestment of distributions		59,006			793,598			538			6,428			—			—

Less shares redeemed		(2,974,220	)		(40,135,298	)		(45,222	)		(515,852	)		(1,035,340	)		(11,047,537	)

Net increase (decrease)		(447,667	)	$	(5,644,752	)		74,421		$	889,530			(903,745	)	$	(9,587,793	)


Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		143,196,428		$	1,887,299,315			9,665,374		$	114,226,215			8,984,912		$	98,491,391

Shares issued as reinvestment of distributions		4,683,077			60,611,440			131,617			1,528,441			235,680			2,785,741

Less shares redeemed		(128,389,599	)		(1,658,697,351	)		(4,877,470	)		(55,785,932	)		(27,908,691	)		(302,282,431	)

Net increase (decrease)		19,489,906		$	289,213,404			4,919,521		$	59,968,724			(18,688,099	)	$	(201,005,299	)


Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—			—		$	—

Shares issued as reinvestment of distributions		—			—			—			—			—			—

Less shares redeemed		—			—			—			—			—			—

Net increase (decrease)		—		$	—			—		$	—			—		$	—


200		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)


	CONVERTIBLE FUND						GLOBAL CONVERTIBLE FUND						TIMPANI SMALL CAP GROWTH FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,445,375		$	26,015,711			100,546		$	1,154,131			42,833		$	961,516

Shares issued as reinvestment of distributions		90,842			1,473,078			13,385			149,379			16,119			355,909

Less shares redeemed		(2,224,186	)		(37,923,717	)		(95,495	)		(1,043,283	)		(57,212	)		(1,195,133	)

Net increase (decrease)		(687,969	)	$	(10,434,928	)		18,436		$	260,227			1,740		$	122,292


Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		188,134		$	3,269,915			39,246		$	440,200			—		$	—

Shares issued as reinvestment of distributions		7,484			119,553			4,864			53,603			—			—

Less shares redeemed		(763,592	)		(13,125,808	)		(41,560	)		(452,033	)		—			—

Net increase (decrease)		(567,974	)	$	(9,736,340	)		2,550		$	41,770			—		$	—


Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		8,251,074		$	128,542,599			2,395,965		$	26,660,274			555,011		$	11,876,562

Shares issued as reinvestment of distributions		274,745			3,922,826			195,570			2,172,401			156,927			3,554,389

Less shares redeemed		(8,675,100	)		(129,371,055	)		(2,250,206	)		(24,683,148	)		(575,447	)		(12,414,780	)

Net increase (decrease)		(149,281	)	$	3,094,370			341,329		$	4,149,527			136,491		$	3,016,171


Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—			2,774		$	68,575

Shares issued as reinvestment of distributions		—			—			—			—			2,381			53,959

Less shares redeemed		—			—			—			—			(99	)		(2,031	)

Net increase (decrease)		—		$	—			—		$	—			5,056		$	120,503


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Notes to Financial Statements (Unaudited)


	TIMPANI SMID GROWTH FUND				GROWTH FUND						GROWTH AND INCOME FUND
Class A	Shares		Dollars		Shares			Dollars			Shares			Dollars
Shares sold		15,729	$	148,818		768,321		$	22,572,154			1,283,946		$	42,174,506

Shares issued as reinvestment of distributions		—		—		2,949,175			90,952,566			985,101			32,549,037

Less shares redeemed		—		—		(3,475,084	)		(103,691,909	)		(3,070,193	)		(98,615,621	)

Net increase (decrease)		15,729	$	148,818		242,412		$	9,832,811			(801,146	)	$	(23,892,078	)


Class C	Shares		Dollars		Shares			Dollars			Shares			Dollars
Shares sold		—	$	—		102,855		$	1,571,961			295,209		$	9,874,168

Shares issued as reinvestment of distributions		—		—		439,533			7,094,039			94,399			3,193,416

Less shares redeemed		—		—		(776,256	)		(12,629,843	)		(955,180	)		(31,167,352	)

Net increase (decrease)		—	$	—		(233,868	)	$	(3,963,843	)		(565,572	)	$	(18,099,768	)


Class I	Shares		Dollars		Shares			Dollars			Shares			Dollars
Shares sold		306,198	$	2,720,127		693,575		$	28,873,905			2,674,758		$	83,058,445

Shares issued as reinvestment of distributions		—		—		418,999			18,167,781			805,408			25,349,745

Less shares redeemed		—		—		(802,456	)		(33,793,624	)		(3,604,093	)		(108,159,004	)

Net increase (decrease)		306,198	$	2,720,127		310,118		$	13,248,062			(123,927	)	$	249,186


Class R6	Shares		Dollars		Shares			Dollars			Shares			Dollars
Shares sold		—	$	—		—		$	—			—		$	—

Shares issued as reinvestment of distributions		—		—		—			—			—			—

Less shares redeemed		—		—		—			—			—			—

Net increase (decrease)		—	$	—		—		$	—			—		$	—


202		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)


	DIVIDEND GROWTH FUND						SELECT FUND						INTERNATIONAL GROWTH FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		54,397		$	646,908			36,627		$	531,076			96,894		$	1,741,056

Shares issued as reinvestment of distributions		33,274			418,590			4,489			66,529			—			—

Less shares redeemed		(65,609	)		(710,963	)		(102,038	)		(1,403,570	)		(376,207	)		(6,728,257	)

Net increase (decrease)		22,062		$	354,535			(60,922	)	$	(805,965	)		(279,313	)	$	(4,987,201	)


Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		22,624		$	247,792			2,707		$	34,583			2,679		$	41,539

Shares issued as reinvestment of distributions		6,350			78,044			—			—			—			—

Less shares redeemed		(17,527	)		(178,610	)		(26,505	)		(332,340	)		(113,623	)		(1,805,400	)

Net increase (decrease)		11,447		$	147,226			(23,798	)	$	(297,757	)		(110,944	)	$	(1,763,861	)


Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		60,504		$	689,068			562,953		$	7,441,620			845,631		$	15,413,281

Shares issued as reinvestment of distributions		116,997			1,467,834			15,886			241,795			—			—

Less shares redeemed		(417,984	)		(4,680,255	)		(148,599	)		(1,802,355	)		(1,139,326	)		(20,434,101	)

Net increase (decrease)		(240,483	)	$	(2,523,353	)		430,240		$	5,881,060			(293,695	)	$	(5,020,820	)


Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—			62,268		$	1,156,839

Shares issued as reinvestment of distributions		—			—			—			—			—			—

Less shares redeemed		—			—			—			—			(107,434	)		(2,077,316	)

Net increase (decrease)		—		$	—			—		$	—			(45,166	)	$	(920,477	)


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Notes to Financial Statements (Unaudited)


	EVOLVING WORLD GROWTH FUND						GLOBAL EQUITY FUND						GLOBAL GROWTH AND INCOME FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		102,233		$	1,460,712			120,066		$	1,329,084			567,906		$	4,402,695

Shares issued as reinvestment of distributions		11,579			172,408			112,095			1,289,097			84,099			740,914

Less shares redeemed		(570,552	)		(8,135,719	)		(371,512	)		(4,168,702	)		(1,379,273	)		(11,409,923	)

Net increase (decrease)		(456,740	)	$	(6,502,599	)		(139,351	)	$	(1,550,521	)		(727,268	)	$	(6,266,314	)


Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		6,971		$	91,147			8,156		$	80,620			22,818		$	177,513

Shares issued as reinvestment of distributions		—			—			60,883			603,351			18,357			141,350

Less shares redeemed		(201,456	)		(2,649,891	)		(148,639	)		(1,403,567	)		(541,229	)		(3,928,657	)

Net increase (decrease)		(194,485	)	$	(2,558,744	)		(79,600	)	$	(719,596	)		(500,054	)	$	(3,609,794	)


Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		861,214		$	12,118,740			291,281		$	3,387,522			298,517		$	2,651,656

Shares issued as reinvestment of distributions		86,887			1,302,432			329,656			3,929,499			55,239			500,421

Less shares redeemed		(1,797,947	)		(25,159,110	)		(528,044	)		(6,008,457	)		(1,621,828	)		(13,370,166	)

Net increase (decrease)		(849,846	)	$	(11,737,938	)		92,893		$	1,308,564			(1,268,072	)	$	(10,218,089	)


Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—			—		$	—

Shares issued as reinvestment of distributions		—			—			—			—			—			—

Less shares redeemed		—			—			—			—			—			—

Net increase (decrease)		—		$	—			—		$	—			—		$	—


204		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)


	TOTAL RETURN BOND FUND						HIGH INCOME OPPORTUNITIES FUND
Class A	Shares			Dollars			Shares			Dollars

Shares sold		367,415		$	3,896,874			156,531		$	1,323,575

Shares issued as reinvestment of distributions		20,369			216,317			123,733			983,524

Less shares redeemed		(311,352	)		(3,282,934	)		(543,503	)		(4,435,324	)

Net increase (decrease)		76,432		$	830,257			(263,239	)	$	(2,128,225	)


Class C	Shares			Dollars			Shares			Dollars

Shares sold		85,262		$	916,694			9,063		$	73,758

Shares issued as reinvestment of distributions		1,723			18,282			5,024			42,281

Less shares redeemed		(107,598	)		(1,141,788	)		(43,231	)		(376,504	)

Net increase (decrease)		(20,613	)	$	(206,812	)		(29,144	)	$	(260,465	)


Class I	Shares			Dollars			Shares			Dollars

Shares sold		3,127,916		$	32,387,921			232,415		$	1,779,962

Shares issued as reinvestment of distributions		41,064			436,447			23,948			190,056

Less shares redeemed		(1,800,654	)		(19,220,394	)		(246,662	)		(1,964,228	)

Net increase (decrease)		1,368,326		$	13,603,974			9,701		$	5,790


Class R6	Shares			Dollars			Shares			Dollars

Shares sold		—		$	—			—		$	—

Shares issued as reinvestment of distributions		—			—			—			—

Less shares redeemed		—			—			—			—

Net increase (decrease)		—		$	—			—		$	—


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Notes to Financial Statements (Unaudited)


	SHORT-TERM BOND FUND
Class A	Shares			Dollars

Shares sold		219,233		$	2,204,986

Shares issued as reinvestment of distributions		1,860			18,737

Less shares redeemed		(24,046	)		(237,801	)

Net increase (decrease)		197,047		$	1,985,922


Class C	Shares			Dollars

Shares sold		—		$	—

Shares issued as reinvestment of distributions		—			—

Less shares redeemed		—			—

Net increase (decrease)		—		$	—


Class I	Shares			Dollars

Shares sold		133,429		$	1,340,535

Shares issued as reinvestment of distributions		45,227			457,458

Less shares redeemed		(2,709,105	)		(27,519,234	)

Net increase (decrease)		(2,530,449	)	$	(25,721,241	)


Class R6	Shares			Dollars

Shares sold		—		$	—

Shares issued as reinvestment of distributions		—			—

Less shares redeemed		—			—

Net increase (decrease)		—		$	—


206		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)

The following table summarizes the activity in capital shares of the Funds for the year ended October 31, 2019:


	MARKET NEUTRAL INCOME FUND						HEDGED EQUITY FUND						PHINEUS LONG/SHORT FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars

Shares sold		29,680,352		$	393,434,323			925,177		$	10,546,955			2,254,270		$	26,483,229

Shares issued as reinvestment of distributions		2,440,956			31,487,658			13,843			150,877			325,291			3,636,756

Less shares redeemed		(31,909,968	)		(423,741,284	)		(512,821	)		(5,874,811	)		(4,940,696	)		(57,831,780	)

Net increase (decrease)		211,340		$	1,180,697			426,199		$	4,823,021			(2,361,135	)	$	(27,711,795	)


Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars

Shares sold		5,630,014		$	75,990,349			210,465		$	2,373,495			566,072		$	6,503,222

Shares issued as reinvestment of distributions		747,645			9,756,404			1,761			18,780			170,003			1,859,837

Less shares redeemed		(9,405,506	)		(126,560,124	)		(83,016	)		(944,143	)		(1,750,780	)		(20,083,924	)

Net increase (decrease)		(3,027,847	)	$	(40,813,371	)		129,210		$	1,448,132			(1,014,705	)	$	(11,720,865	)


Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars

Shares sold		271,275,266		$	3,554,451,162			14,314,809		$	163,261,984			26,643,604		$	315,706,970

Shares issued as reinvestment of distributions		19,385,503			247,263,382			341,162			3,725,247			2,860,728			32,211,796

Less shares redeemed		(134,555,579	)		(1,756,564,721	)		(3,761,065	)		(42,830,646	)		(53,808,028	)		(636,263,810	)

Net increase (decrease)		156,105,190		$	2,045,149,823			10,894,906		$	124,156,585			(24,303,696	)	$	(288,345,044	)


Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars

Shares sold		—		$	—			—		$	—			—		$	—

Shares issued as reinvestment of distributions		—			—			—			—			—			—

Less shares redeemed		—			—			—			—			—			—

Net increase (decrease)		—		$	—			—		$	—			—		$	—


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Notes to Financial Statements (Unaudited)


	CONVERTIBLE FUND						GLOBAL CONVERTIBLE FUND						TIMPANI SMALL CAP GROWTH FUND MAY 31, 2019 THROUGH OCTOBER 31, 2019						TIMPANI SMALL CAP GROWTH FUND JULY 1, 2018 THROUGH MAY 31, 2019*
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars

Shares sold		6,464,165		$	109,061,464			224,720		$	2,390,163			69,544		$	1,650,315			44,877		$	1,083,466

Shares issued as reinvestment of distributions		1,415,747			21,910,099			52,472			528,310			—			—			14,580			286,931

Less shares redeemed		(5,432,904	)		(92,274,164	)		(499,335	)		(5,383,927	)		(9,348	)		(215,624	)		(48,199	)		(1,178,916	)

Net increase (decrease)		2,447,008		$	38,697,399			(222,143	)	$	(2,465,454	)		60,196		$	1,434,691			11,258		$	191,481


Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars

Shares sold		744,331		$	12,386,248			39,365		$	411,226			—		$	—			—		$	—

Shares issued as reinvestment of distributions		866,407			13,169,660			16,672			165,169			—			—			—			—

Less shares redeemed		(5,557,821	)		(92,761,975	)		(107,257	)		(1,138,486	)		—			—			—			—

Net increase (decrease)		(3,947,083	)	$	(67,206,067	)		(51,220	)	$	(562,091	)		—		$	—			—		$	—


Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars

Shares sold		19,705,724		$	294,220,340			4,110,369		$	43,882,156			447,370		$	10,684,843			612,221		$	14,843,109

Shares issued as reinvestment of distributions		2,759,584			37,785,812			610,630			6,166,716			—			—			179,215			3,600,415

Less shares redeemed		(10,664,606	)		(159,681,159	)		(5,045,984	)		(53,026,740	)		(261,577	)		(6,205,215	)		(525,834	)		(12,408,640	)

Net increase (decrease)		11,800,702		$	172,324,993			(324,985	)	$	(2,977,868	)		185,793		$	4,479,628			265,602		$	6,034,884


Class R6^(a)	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars

Shares sold		—		$	—			—		$	—			46,065		$	1,166,356			—		$	—

Shares issued as reinvestment of distributions		—			—			—			—			—			—			—			—

Less shares redeemed		—			—			—			—			—			—			—			—

Net increase (decrease)		—		$	—			—		$	—			46,065		$	1,166,356			—		$	—

*	Activity shown includes activity of the Predecessor Fund prior to May 31, 2019. The Class I activity prior to May 31, 2019 includes the Predecessor Fund’s Service and Institutional share classes that were reorganized into Class I.

(a)	Timpani Small Cap Growth Fund Class R6 shares commenced operations on June 1, 2019.


208		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)


	TIMPANI SMID GROWTH FUND^(a)				GROWTH FUND						GROWTH AND INCOME FUND
Class A	Shares		Dollars		Shares			Dollars			Shares			Dollars

Shares sold		1,000	$	10,000		9,587,177		$	284,967,966			12,497,710		$	391,728,042

Shares issued as reinvestment of distributions		—		—		3,896,550			99,712,712			1,925,650			55,053,122

Less shares redeemed		—		—		(6,077,197	)		(187,586,969	)		(6,230,340	)		(197,413,390	)

Net increase (decrease)		1,000	$	10,000		7,406,530		$	197,093,709			8,193,020		$	249,367,774


Class C	Shares		Dollars		Shares			Dollars			Shares			Dollars

Shares sold		—	$	—		323,807		$	5,218,792			636,780		$	19,754,168

Shares issued as reinvestment of distributions		—		—		4,480,634			65,327,650			1,054,355			29,744,060

Less shares redeemed		—		—		(17,750,289	)		(302,227,922	)		(13,016,220	)		(409,666,760	)

Net increase (decrease)		—	$	—		(12,945,848	)	$	(231,681,480	)		(11,325,085	)	$	(360,168,532	)


Class I	Shares		Dollars		Shares			Dollars			Shares			Dollars

Shares sold		1,036,544	$	10,360,000		838,179		$	35,111,918			6,855,294		$	204,430,740

Shares issued as reinvestment of distributions		—		—		776,327			27,140,373			1,861,051			50,896,933

Less shares redeemed		—		—		(1,749,854	)		(72,895,718	)		(6,328,452	)		(188,989,797	)

Net increase (decrease)		1,036,544	$	10,360,000		(135,348	)	$	(10,643,427	)		2,387,893		$	66,337,876


Class R6	Shares		Dollars		Shares			Dollars			Shares			Dollars

Shares sold		1,000	$	10,000		—		$	—			—		$	—

Shares issued as reinvestment of distributions		—		—		—			—			—			—

Less shares redeemed		—		—		—			—			—			—

Net increase (decrease)		1,000	$	10,000		—		$	—			—		$	—

(a)	Timpani SMID Growth Fund commenced operations on July 31, 2019.


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Notes to Financial Statements (Unaudited)


	DIVIDEND GROWTH FUND						OPPORTUNISTIC VALUE FUND						INTERNATIONAL GROWTH FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars

Shares sold		101,755		$	1,250,779			231,417		$	3,076,083			929,035		$	15,634,398

Shares issued as reinvestment of distributions		9,354			102,817			111,969			1,322,359			362,648			5,305,535

Less shares redeemed		(29,247	)		(358,368	)		(932,810	)		(14,108,734	)		(1,581,022	)		(26,727,598	)

Net increase (decrease)		81,862		$	995,228			(589,424	)	$	(9,710,292	)		(289,339	)	$	(5,787,665	)


Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars

Shares sold		32,760		$	358,846			270,582		$	3,672,986			45,648		$	628,378

Shares issued as reinvestment of distributions		3,605			38,283			119,355			1,232,939			171,935			2,240,319

Less shares redeemed		(71,003	)		(857,004	)		(276,544	)		(3,194,104	)		(898,962	)		(13,296,115	)

Net increase (decrease)		(34,638	)	$	(459,875	)		113,393		$	1,711,821			(681,379	)	$	(10,427,418	)


Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars

Shares sold		232,224		$	2,874,396			737,982		$	11,740,442			1,334,479		$	22,380,624

Shares issued as reinvestment of distributions		81,633			892,276			383,272			4,645,250			1,006,590			15,149,175

Less shares redeemed		(1,011,497	)		(12,118,417	)		(564,747	)		(7,744,938	)		(3,344,240	)		(57,605,298	)

Net increase (decrease)		(697,640	)	$	(8,351,745	)		556,507		$	8,640,754			(1,003,171	)	$	(20,075,499	)


Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars

Shares sold		—		$	—			—		$	—			455,301		$	7,480,147

Shares issued as reinvestment of distributions		—			—			—			—			160			2,420

Less shares redeemed		—			—			—			—			(56,933	)		(1,031,314	)

Net increase (decrease)		—		$	—			—		$	—			398,528		$	6,451,253


210		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)


	EVOLVING WORLD GROWTH FUND						GLOBAL EQUITY FUND						GLOBAL GROWTH AND INCOME FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars

Shares sold		384,571		$	5,201,193			577,546		$	6,138,141			4,520,918		$	37,428,463

Shares issued as reinvestment of distributions		—			—			421,580			4,009,226			741,067			5,601,253

Less shares redeemed		(1,154,814	)		(15,562,395	)		(1,280,011	)		(14,645,366	)		(2,518,918	)		(21,112,416	)

Net increase (decrease)		(770,243	)	$	(10,361,202	)		(280,885	)	$	(4,497,999	)		2,743,067		$	21,917,300


Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars

Shares sold		53,119		$	652,490			203,747		$	2,231,301			392,744		$	2,622,942

Shares issued as reinvestment of distributions		—			—			289,494			2,417,271			832,154			5,492,212

Less shares redeemed		(535,243	)		(6,774,470	)		(586,685	)		(5,706,218	)		(6,069,077	)		(44,055,702	)

Net increase (decrease)		(482,124	)	$	(6,121,980	)		(93,444	)	$	(1,057,646	)		(4,844,179	)	$	(35,940,548	)


Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars

Shares sold		1,175,634		$	15,961,982			402,501		$	4,628,884			1,273,631		$	10,798,427

Shares issued as reinvestment of distributions		—			—			1,073,542			10,520,717			782,448			6,100,697

Less shares redeemed		(4,778,472	)		(64,713,668	)		(1,267,362	)		(15,267,035	)		(3,833,527	)		(33,224,249	)

Net increase (decrease)		(3,602,838	)	$	(48,751,686	)		208,681		$	(117,434	)		(1,777,448	)	$	(16,325,125	)


Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars

Shares sold		—		$	—			—		$	—			—		$	—

Shares issued as reinvestment of distributions		—			—			—			—			—			—

Less shares redeemed		—			—			—			—			—			—

Net increase (decrease)		—		$	—			—		$	—			—		$	—


		www.calamos.com			211

Notes to Financial Statements (Unaudited)


	TOTAL RETURN BOND FUND						HIGH INCOME OPPORTUNITIES FUND						SHORT-TERM BOND FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars

Shares sold		997,327		$	10,048,728			921,595		$	7,738,365			62,838		$	634,792

Shares issued as reinvestment of distributions		43,240			442,703			228,497			1,902,920			721			7,319

Less shares redeemed		(643,180	)		(6,480,705	)		(791,789	)		(6,569,707	)		(7,105	)		(72,160	)

Net increase (decrease)		397,387		$	4,010,726			358,303		$	3,071,578			56,454		$	569,951


Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars

Shares sold		166,274		$	1,656,441			47,632		$	420,946			—		$	—

Shares issued as reinvestment of distributions		7,828			79,230			27,606			240,276			—			—

Less shares redeemed		(549,775	)		(5,533,304	)		(968,833	)		(8,562,524	)		—			—

Net increase (decrease)		(375,673	)	$	(3,797,633	)		(893,595	)	$	(7,901,302	)		—		$	—


Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars

Shares sold		1,774,798		$	18,474,632			206,491		$	1,734,024			19,799,992		$	198,535,221

Shares issued as reinvestment of distributions		79,328			810,296			50,266			418,310			86,089			866,912

Less shares redeemed		(1,831,206	)		(18,574,369	)		(336,941	)		(2,812,781	)		(70,159	)		(713,694	)

Net increase (decrease)		22,920		$	710,559			(80,184	)	$	(660,447	)		19,815,922		$	198,688,439


Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars

Shares sold		—		$	—			—		$	—			—		$	—

Shares issued as reinvestment of distributions		—			—			—			—			—			—

Less shares redeemed		—			—			—			—			—			—

Net increase (decrease)		—		$	—			—		$	—			—		$	—


212		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Market Neutral Income Fund Financial Highlights

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


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$13.47			$13.52			$13.41			$13.13			$13.08			$13.13

Income from investment operations:

Net investment income (loss)(a)		0.12			0.27			0.30			0.26			0.25			0.21

Net realized and unrealized gain (loss)		(0.16	)		0.28			0.19			0.35			0.16			—

Total from investment operations		(0.04	)		0.55			0.49			0.61			0.41			0.21

Distributions:

Dividends from net investment income		(0.10	)		(0.19	)		(0.16	)		(0.13	)		(0.16	)		(0.12	)

Dividends from net realized gains		—			(0.41	)		(0.22	)		(0.20	)		(0.20	)		(0.14	)

Total distributions*		(0.10	)		(0.60	)		(0.38	)		(0.33	)		(0.36	)		(0.26	)

Net asset value, end of period		$13.33			$13.47			$13.52			$13.41			$13.13			$13.08

Ratios and supplemental data:

Total return(b)		(0.25%	)		4.32%			3.79%			4.74%			3.16%			1.60%

Net assets, end of period (000)		$736,036			$744,356			$743,925			$682,451			$970,737			$1,051,576

Ratio of net expenses to average net assets		1.22%	(c)(h)		1.24%	(d)		1.25%	(e)		1.28%	(f)		1.22%	(g)		1.23%

Ratio of gross expenses to average net assets prior to expense reductions		1.23%	(h)		1.24%			1.25%			1.28%			1.22%			1.23%

Ratio of net investment income (loss) to average net assets		1.82%	(h)		2.04%			2.26%			1.96%			1.91%			1.58%

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Portfolio turnover rate		40.9%			73.8%			66.8%			81.1%			37.5%			37.6%

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

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

(b)

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

(c)	Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.04% for the period ended April 30, 2020.

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

(e)	Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.07% for the year ended October 31, 2018.

(f)	Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.08% for the year ended October 31, 2017.

(g)	Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.08% for the year ended October 31, 2016.

(h)	Annualized.


		www.calamos.com			213

Calamos Market Neutral Income Fund Financial Highlights

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


	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$13.70			$13.73			$13.62			$13.33			$13.27			$13.32

Income from investment operations:

Net investment income (loss)(a)		0.07			0.18			0.21			0.16			0.15			0.11

Net realized and unrealized gain (loss)		(0.17	)		0.28			0.19			0.36			0.17			0.01

Total from investment operations		(0.10	)		0.46			0.40			0.52			0.32			0.12

Distributions:

Dividends from net investment income		(0.05	)		(0.08	)		(0.07	)		(0.03	)		(0.06	)		(0.03	)

Dividends from net realized gains		—			(0.41	)		(0.22	)		(0.20	)		(0.20	)		(0.14	)

Total distributions*		(0.05	)		(0.49	)		(0.29	)		(0.23	)		(0.26	)		(0.17	)

Net asset value, end of period		$13.55			$13.70			$13.73			$13.62			$13.33			$13.27

Ratios and supplemental data:

Total return(b)		(0.64%	)		3.56%			3.03%			3.98%			2.41%			0.86%

Net assets, end of period (000)		$252,543			$261,352			$303,417			$282,115			$318,853			$339,054

Ratio of net expenses to average net assets		1.97%	(c)(h)		1.98%	(d)		2.00%	(e)		2.03%	(f)		1.97%	(g)		1.98%

Ratio of gross expenses to average net assets prior to expense reductions		1.98%	(h)		1.99%			2.00%			2.03%			1.97%			1.98%

Ratio of net investment income (loss) to average net assets		1.07%	(h)		1.31%			1.51%			1.22%			1.16%			0.83%

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

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

(b)

(c)	Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.80% for the period ended April 30, 2020.

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

(e)	Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.81% for the year ended October 31, 2018.

(f)	Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.83% for the year ended October 31, 2017.

(g)	Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.84% for the year ended October 31, 2016.

(h)	Annualized.


214		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Market Neutral Income Fund Financial Highlights

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


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$13.30			$13.36			$13.26			$12.98			$12.94			$12.99

Income from investment operations:

Net investment income (loss)(a)		0.14			0.30			0.33			0.29			0.27			0.24

Net realized and unrealized gain (loss)		(0.16	)		0.28			0.19			0.36			0.16			—

Total from investment operations		(0.02	)		0.58			0.52			0.65			0.43			0.24

Distributions:

Dividends from net investment income		(0.12	)		(0.23	)		(0.20	)		(0.17	)		(0.19	)		(0.15	)

Dividends from net realized gains		—			(0.41	)		(0.22	)		(0.20	)		(0.20	)		(0.14	)

Total distributions*		(0.12	)		(0.64	)		(0.42	)		(0.37	)		(0.39	)		(0.29	)

Net asset value, end of period		$13.16			$13.30			$13.36			$13.26			$12.98			$12.94

Ratios and supplemental data:

Total return(b)		(0.12%	)		4.62%			4.02%			5.07%			3.38%			1.89%

Net assets, end of period (000)		$7,880,658			$7,709,445			$5,658,499			$3,734,035			$2,587,922			$2,377,641

Ratio of net expenses to average net assets		0.97%	(c)(h)		0.99%	(d)		0.99%	(e)		1.02%	(f)		0.97%	(g)		0.98%

Ratio of gross expenses to average net assets prior to expense reductions		0.98%	(h)		0.99%			0.99%			1.02%			0.97%			0.98%

Ratio of net investment income (loss) to average net assets		2.07%	(h)		2.28%			2.49%			2.22%			2.15%			1.83%

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

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

(b)

(c)	Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.80% for the period ended April 30, 2020.

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

(e)	Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.81% for the year ended October 31, 2018.

(f)	Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.83% for the year ended October 31, 2017.

(g)	Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.84% for the year ended October 31, 2016.

(h)	Annualized.


		www.calamos.com			215

Calamos Hedged Equity Fund Financial Highlights

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


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,												December 31, 2014• through October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period	$	11.88		$	11.44		$	10.85		$	10.03		$	10.00		$	10.00

Income from investment operations:

Net investment income (loss)(a)		0.06			0.10			0.08			0.12			0.10			0.06

Net realized and unrealized gain (loss)		(0.07	)		0.64			0.57			0.76			0.17			0.01

Total from investment operations		(0.01	)		0.74			0.65			0.88			0.27			0.07

Distributions:

Dividends from net investment income		(0.06	)		(0.05	)		(0.06	)		(0.06	)		(0.15	)		(0.07	)

Dividends from net realized gains		—			(0.25	)		—			—			(0.09	)		—

Total distributions*		(0.06	)		(0.30	)		(0.06	)		(0.06	)		(0.24	)		(0.07	)

Net asset value, end of period	$	11.81		$	11.88		$	11.44		$	10.85		$	10.03		$	10.00

Ratios and supplemental data:

Total return(b)		(0.10	%)		6.65	%		6.08	%		8.77	%		2.79	%		0.67	%

Net assets, end of period (000)	$	11,340		$	10,412		$	5,151		$	1,007		$	10,275		$	5,661

Ratio of net expenses to average net assets		1.15	%(c)		1.21	%		1.25	%		1.25	%		1.22	%		1.25	%(c)

Ratio of gross expenses to average net assets prior to expense reductions		1.16	%(c)		1.21	%		1.47	%		2.14	%		2.03	%		3.05	%(c)

Ratio of net investment income (loss) to average net assets		0.96	%(c)		0.86	%		0.65	%		1.12	%		1.01	%		0.78	%(c)

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,												December 31, 2014• through October 31,
	2020			2019			2018			2017			2016			2015

Portfolio turnover rate		35.6	%		81.7	%		140.8	%		49.2	%		19.6	%		29.4	%

•	Commencement of operations.

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

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

(b)

(c)	Annualized.


216		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Hedged Equity Fund Financial Highlights

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


	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,												December 31, 2014• through October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$11.72			$11.35			$10.78			$10.00			$9.98			$10.00

Income from investment operations:

Net investment income (loss)(a)		0.01			0.01			(0.01	)		0.02			0.03			0.00	*

Net realized and unrealized gain (loss)		(0.05	)		0.63			0.58			0.79			0.16			0.01

Total from investment operations		(0.04	)		0.64			0.57			0.81			0.19			0.01

Distributions:

Dividends from net investment income		(0.03	)		(0.02	)		(0.00	)*		(0.03	)		(0.08	)		(0.03	)

Dividends from net realized gains		—			(0.25	)		—			—			(0.09	)		—

Total distributions**		(0.03	)		(0.27	)		(0.00	)*		(0.03	)		(0.17	)		(0.03	)

Net asset value, end of period		$11.65			$11.72			$11.35			$10.78			$10.00			$9.98

Ratios and supplemental data:

Total return(b)		(0.35%	)		5.88%			5.31%			8.09%			1.92%			0.09%

Net assets, end of period (000)		$3,004			$2,151			$616			$173			$156			$100

Ratio of net expenses to average net assets		1.90%	(c)		1.96%			2.00%			2.00%			1.97%			2.00%	(c)

Ratio of gross expenses to average net assets prior to expense reductions		1.91%	(c)		1.96%			2.30%			3.03%			2.79%			3.79%	(c)

Ratio of net investment income (loss) to average net assets		0.18%	(c)		0.11%			(0.07%	)		0.24%			0.26%			0.03%	(c)

•	Commencement of operations.

*	Amounts are less than $0.005.

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

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

(b)

(c)	Annualized.


		www.calamos.com			217

Calamos Hedged Equity Fund Financial Highlights

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


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,												December 31, 2014• through October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$11.87			$11.45			$10.84			$10.04			$10.01			$10.00

Income from investment operations:

Net investment income (loss)(a)		0.07			0.13			0.10			0.13			0.13			0.09

Net realized and unrealized gain (loss)		(0.08	)		0.64			0.59			0.78			0.17			—

Total from investment operations		(0.01	)		0.77			0.69			0.91			0.30			0.09

Distributions:

Dividends from net investment income		(0.07	)		(0.10	)		(0.08	)		(0.11	)		(0.18	)		(0.08	)

Dividends from net realized gains		—			(0.25	)		—			—			(0.09	)		—

Total distributions*		(0.07	)		(0.35	)		(0.08	)		(0.11	)		(0.27	)		(0.08	)

Net asset value, end of period		$11.79			$11.87			$11.45			$10.84			$10.04			$10.01

Ratios and supplemental data:

Total return(b)		(0.04%	)		7.01%			6.38%			9.12%			3.02%			0.89%

Net assets, end of period (000)		$280,798			$224,234			$91,589			$11,883			$8,035			$5,527

Ratio of net expenses to average net assets		0.90%	(c)		0.96%			1.00%			1.00%			0.97%			1.00%	(c)

Ratio of gross expenses to average net assets prior to expense reductions		0.91%	(c)		0.96%			1.26%			2.06%			1.81%			2.80%	(c)

Ratio of net investment income (loss) to average net assets		1.20%	(c)		1.12%			0.91%			1.22%			1.27%			1.03%	(c)

•	Commencement of operations.

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

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

(b)

(c)	Annualized.


218		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Phineus Long/Short Fund Financial Highlights

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


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,									April 5, 2016• through October 31,
	2020			2019			2018			2017			2016

Net asset value, beginning of period	$	11.63		$	12.15		$	12.33		$	10.77		$	10.00

Income from investment operations:

Net investment income (loss)(a)		(0.02	)		0.04			(0.03	)		(0.16	)		(0.10	)

Net realized and unrealized gain (loss)		(0.41	)		(0.12	)		—			1.82			0.87

Total from investment operations		(0.43	)		(0.08	)		(0.03	)		1.66			0.77

Distributions:

Dividends from net investment income		(0.01	)		—			—			—			—

Dividends from net realized gains		—			(0.44	)		(0.15	)		(0.10	)		—

Total distributions*		(0.01	)		(0.44	)		(0.15	)		(0.10	)		—

Net asset value, end of period	$	11.19		$	11.63		$	12.15		$	12.33		$	10.77

Ratios and supplemental data:

Total return(b)		(3.60	%)		(0.45	%)		(0.34	%)		15.46	%		7.70	%

Net assets, end of period (000)	$	51,832		$	76,689		$	108,730		$	66,854		$	14,708

Ratio of net expenses to average net assets		3.09	%(c)(d)		2.95	%(e)		2.28	%(f)		2.71	%(g)		2.99	%(c)(h)

Ratio of gross expenses to average net assets prior to expense reductions		3.11	%(c)		2.96	%		2.28	%		2.71	%		4.04	%(c)

Ratio of net investment income (loss) to average net assets		(0.43	%)(c)		0.33	%		(0.27	%)		(1.34	%)		(1.77	%)(c)

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,									April 5, 2016• through October 31,
	2020			2019			2018			2017			2016

Portfolio turnover rate		103.5	%		135.4	%		228.6	%		167.8	%		177.6	%

•	Commencement of operations.

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

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

(b)

(c)	Annualized.

(d)	Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.69% for the period ended April 30, 2020.

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

(f)	Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.64% for the year ended October 31, 2018.

(g)	Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.73% for the year ended October 31, 2017.

(h)	Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.01% for the period ended October 31, 2016.


		www.calamos.com			219

Calamos Phineus Long/Short Fund Financial Highlights

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


	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,									April 5, 2016• through October 31,
	2020			2019			2018			2017			2016

Net asset value, beginning of period		$11.32			$11.92			$12.19			$10.73			$10.00

Income from investment operations:

Net investment income (loss)(a)		(0.06	)		(0.05	)		(0.13	)		(0.25	)		(0.15	)

Net realized and unrealized gain (loss)		(0.40	)		(0.11	)		0.01			1.81			0.88

Total from investment operations		(0.46	)		(0.16	)		(0.12	)		1.56			0.73

Distributions:

Dividends from net investment income		—			—			—			—			—

Dividends from net realized gains		—			(0.44	)		(0.15	)		(0.10	)		—

Total distributions*		—			(0.44	)		(0.15	)		(0.10	)		—

Net asset value, end of period		$10.86			$11.32			$11.92			$12.19			$10.73

Ratios and supplemental data:

Total return(b)		(4.06%	)		(1.15%	)		(1.09%	)		14.58%			7.30%

Net assets, end of period (000)		$26,711			$38,072			$52,169			$28,933			$4,936

Ratio of net expenses to average net assets		3.83%	(c)(d)		3.69%	(e)		3.03%	(f)		3.46%	(g)		3.69%	(c)(h)

Ratio of gross expenses to average net assets prior to expense reductions		3.84%	(c)		3.70%			3.03%			3.46%			4.82%	(c)

Ratio of net investment income (loss) to average net assets		(1.16%	)(c)		(0.42%	)		(1.02%	)		(2.11%	)		(2.54%	)(c)

•	Commencement of operations.

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

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

(b)

(c)	Annualized.

(d)	Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.45% for the period ended April 30, 2020.

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

(f)	Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.39% for the year ended October 31, 2018.

(g)	Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.47% for the year ended October 31, 2017.

(h)	Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.67% for the period ended October 31, 2016.


220		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Phineus Long/Short Fund Financial Highlights

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


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,									April 5, 2016• through October 31,
	2020			2019			2018			2017			2016

Net asset value, beginning of period		$11.75			$12.23			$12.39			$10.80			$10.00

Income from investment operations:

Net investment income (loss)(a)		(0.01	)		0.07			0.01			(0.13	)		(0.08	)

Net realized and unrealized gain (loss)		(0.41	)		(0.11	)		(0.02	)		1.82			0.88

Total from investment operations		(0.42	)		(0.04	)		(0.01	)		1.69			0.80

Distributions:

Dividends from net investment income		(0.05	)		—			—			—			—

Dividends from net realized gains		—			(0.44	)		(0.15	)		(0.10	)		—

Total distributions*		(0.05	)		(0.44	)		(0.15	)		(0.10	)		—

Net asset value, end of period		$11.28			$11.75			$12.23			$12.39			$10.80

Ratios and supplemental data:

Total return(b)		(3.59%	)		(0.16%	)		(0.10%	)		15.70%			8.00%

Net assets, end of period (000)		$440,319			$678,157			$1,003,457			$348,840			$56,319

Ratio of net expenses to average net assets		2.80%	(c)(d)		2.68%	(e)		2.00%	(f)		2.45%	(g)		2.77%	(c)(h)

Ratio of gross expenses to average net assets prior to expense reductions		2.81%	(c)		2.69%			2.00%			2.45%			4.04%	(c)

Ratio of net investment income (loss) to average net assets		(0.16%	)(c)		0.57%			0.05%			(1.09%	)		(1.33%	)(c)

•	Commencement of operations.

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

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

(b)

(c)	Annualized.

(d)	Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.44% for the period ended April 30, 2020.

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

(f)	Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.39% for the year ended October 31, 2018.

(g)	Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.47% for the year ended October 31, 2017.

(h)	Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.76% for the period ended October 31, 2016.


		www.calamos.com			221

Calamos Convertible Fund Financial Highlights

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


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$17.45			$18.11			$18.27			$15.93			$16.56			$18.59

Income from investment operations:

Net investment income (loss)(a)		0.23			0.51			0.48			0.49			0.50			0.44

Net realized and unrealized gain (loss)		0.52			1.00			0.13			2.16			(0.30	)		(1.01	)

Total from investment operations		0.75			1.51			0.61			2.65			0.20			(0.57	)

Distributions:

Dividends from net investment income		(0.12	)		(0.35	)		(0.24	)		(0.31	)		(0.56	)		(0.58	)

Dividends from net realized gains		—			(1.82	)		(0.53	)		—			(0.27	)		(0.88	)

Total distributions*		(0.12	)		(2.17	)		(0.77	)		(0.31	)		(0.83	)		(1.46	)

Net asset value, end of period		$18.08			$17.45			$18.11			$18.27			$15.93			$16.56

Ratios and supplemental data:

Total return(b)		4.42%			10.02%			3.43%			16.88%			1.33%			(3.31%	)

Net assets, end of period (000)		$242,374			$245,948			$210,845			$222,017			$228,334			$385,844

Ratio of net expenses to average net assets		1.15%	(c)		1.16%			1.16%			1.18%			1.15%			1.13%

Ratio of gross expenses to average net assets prior to expense reductions		1.15%	(c)		1.16%			1.16%			1.18%			1.15%			1.13%

Ratio of net investment income (loss) to average net assets		2.61%	(c)		2.98%			2.58%			2.87%			3.17%			2.53%

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Portfolio turnover rate		38.2%			36.7%			73.2%			55.7%			43.8%			63.0%

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

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

(b)

(c)	Annualized.


222		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Convertible Fund Financial Highlights

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


	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$17.27			$17.92			$18.09			$15.79			$16.41			$18.43

Income from investment operations:

Net investment income (loss)(a)		0.16			0.39			0.34			0.36			0.37			0.31

Net realized and unrealized gain (loss)		0.51			0.99			0.12			2.14			(0.28	)		(1.00	)

Total from investment operations		0.67			1.38			0.46			2.50			0.09			(0.69	)

Distributions:

Dividends from net investment income		(0.04	)		(0.21	)		(0.10	)		(0.20	)		(0.44	)		(0.45	)

Dividends from net realized gains		—			(1.82	)		(0.53	)		—			(0.27	)		(0.88	)

Total distributions*		(0.04	)		(2.03	)		(0.63	)		(0.20	)		(0.71	)		(1.33	)

Net asset value, end of period		$17.90			$17.27			$17.92			$18.09			$15.79			$16.41

Ratios and supplemental data:

Total return(b)		4.00%			9.21%			2.65%			15.99%			0.62%			(4.01%	)

Net assets, end of period (000)		$47,968			$56,070			$128,920			$147,112			$193,339			$265,686

Ratio of net expenses to average net assets		1.90%	(c)		1.91%			1.91%			1.93%			1.90%			1.88%

Ratio of gross expenses to average net assets prior to expense reductions		1.90%	(c)		1.91%			1.91%			1.93%			1.90%			1.88%

Ratio of net investment income (loss) to average net assets		1.86%	(c)		2.34%			1.85%			2.14%			2.40%			1.78%

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

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

(b)

(c)	Annualized.


		www.calamos.com			223

Calamos Convertible Fund Financial Highlights

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


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$15.38			$16.23			$16.45			$14.38			$15.03			$17.02

Income from investment operations:

Net investment income (loss)(a)		0.22			0.49			0.47			0.48			0.49			0.44

Net realized and unrealized gain (loss)		0.45			0.88			0.13			1.95			(0.27	)		(0.93	)

Total from investment operations		0.67			1.37			0.60			2.43			0.22			(0.49	)

Distributions:

Dividends from net investment income		(0.14	)		(0.40	)		(0.29	)		(0.36	)		(0.60	)		(0.62	)

Dividends from net realized gains		—			(1.82	)		(0.53	)		—			(0.27	)		(0.88	)

Total distributions*		(0.14	)		(2.22	)		(0.82	)		(0.36	)		(0.87	)		(1.50	)

Net asset value, end of period		$15.91			$15.38			$16.23			$16.45			$14.38			$15.03

Ratios and supplemental data:

Total return(b)		4.54%			10.31%			3.73%			17.14%			1.64%			(3.11%	)

Net assets, end of period (000)		$455,880			$442,907			$275,776			$233,077			$238,309			$455,702

Ratio of net expenses to average net assets		0.90%	(c)		0.91%			0.91%			0.93%			0.90%			0.88%

Ratio of gross expenses to average net assets prior to expense reductions		0.90%	(c)		0.91%			0.91%			0.93%			0.90%			0.88%

Ratio of net investment income (loss) to average net assets		2.86%	(c)		3.21%			2.83%			3.12%			3.48%			2.77%

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

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

(b)

(c)	Annualized.


224		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Convertible Fund Financial Highlights

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


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,												December 31, 2014• through October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$11.08			$10.81			$11.24			$9.89			$9.93			$10.00

Income from investment operations:

Net investment income (loss)(a)		0.13			0.10			0.33			0.25			0.26			0.13

Net realized and unrealized gain (loss)		0.31			0.70			(0.34	)		1.21			(0.14	)		(0.13	)

Total from investment operations		0.44			0.80			(0.01	)		1.46			0.12			—

Distributions:

Dividends from net investment income		(0.04	)		(0.22	)		(0.08	)		(0.11	)		(0.16	)		(0.07	)

Dividends from net realized gains		(0.15	)		(0.31	)		(0.34	)		—			—			—

Total distributions*		(0.19	)		(0.53	)		(0.42	)		(0.11	)		(0.16	)		(0.07	)

Net asset value, end of period		$11.33			$11.08			$10.81			$11.24			$9.89			$9.93

Ratios and supplemental data:

Total return(b)		3.96%			7.90%			(0.09%	)		14.86%			1.27%			—%

Net assets, end of period (000)		$9,414			$8,998			$11,184			$12,713			$29,037			$20,550

Ratio of net expenses to average net assets		1.31%	(c)		1.32%			1.34%			1.35%			1.35%			1.35%	(c)

Ratio of gross expenses to average net assets prior to expense reductions		1.31%	(c)		1.32%			1.35%			1.45%			1.46%			2.30%	(c)

Ratio of net investment income (loss) to average net assets		2.29%	(c)		0.91%			2.98%			2.46%			2.64%			1.56%	(c)

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,												December 31, 2014• through October 31,
	2020			2019			2018			2017			2016			2015

Portfolio turnover rate		24.8%			45.4%			32.0%			52.2%			38.4%			28.2%

•	Commencement of operations.

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

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

(b)

(c)	Annualized.


		www.calamos.com			225

Calamos Global Convertible Fund Financial Highlights

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


	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,												December 31, 2014• through October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$10.93			$10.69			$11.14			$9.85			$9.90			$10.00

Income from investment operations:

Net investment income (loss)(a)		0.08			0.02			0.24			0.16			0.18			0.07

Net realized and unrealized gain (loss)		0.32			0.69			(0.33	)		1.21			(0.13	)		(0.12	)

Total from investment operations		0.40			0.71			(0.09	)		1.37			0.05			(0.05	)

Distributions:

Dividends from net investment income		(0.02	)		(0.16	)		(0.02	)		(0.08	)		(0.10	)		(0.05	)

Dividends from net realized gains		(0.15	)		(0.31	)		(0.34	)		—			—			—

Total distributions*		(0.17	)		(0.47	)		(0.36	)		(0.08	)		(0.10	)		(0.05	)

Net asset value, end of period		$11.16			$10.93			$10.69			$11.14			$9.85			$9.90

Ratios and supplemental data:

Total return(b)		3.55%			7.01%			(0.77%	)		13.95%			0.50%			(0.52%	)

Net assets, end of period (000)		$3,509			$3,409			$3,884			$2,887			$2,440			$1,259

Ratio of net expenses to average net assets		2.06%	(c)		2.07%			2.09%			2.10%			2.10%			2.10%	(c)

Ratio of gross expenses to average net assets prior to expense reductions		2.06%	(c)		2.07%			2.10%			2.19%			2.21%			2.88%	(c)

Ratio of net investment income (loss) to average net assets		1.53%	(c)		0.16%			2.21%			1.54%			1.89%			0.84%	(c)

•	Commencement of operations.

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

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

(b)

(c)	Annualized.


226		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Convertible Fund Financial Highlights

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


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31, 2019												December 31, 2014• through October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$11.08			$10.82			$11.24			$9.92			$9.95			$10.00

Income from investment operations:

Net investment income (loss)(a)		0.14			0.12			0.36			0.26			0.28			0.15

Net realized and unrealized gain (loss)		0.31			0.70			(0.33	)		1.21			(0.13	)		(0.12	)

Total from investment operations		0.45			0.82			0.03			1.47			0.15			0.03

Distributions:

Dividends from net investment income		(0.05	)		(0.25	)		(0.11	)		(0.15	)		(0.18	)		(0.08	)

Dividends from net realized gains		(0.15	)		(0.31	)		(0.34	)		—			—			—

Total distributions*		(0.20	)		(0.56	)		(0.45	)		(0.15	)		(0.18	)		(0.08	)

Net asset value, end of period		$11.33			$11.08			$10.82			$11.24			$9.92			$9.95

Ratios and supplemental data:

Total return(b)		4.10%			8.09%			0.24%			14.98%			1.60%			0.29%

Net assets, end of period (000)		$127,153			$120,526			$121,170			$91,086			$47,637			$23,054

Ratio of net expenses to average net assets		1.06%	(c)		1.07%			1.09%			1.10%			1.10%			1.10%	(c)

Ratio of gross expenses to average net assets prior to expense reductions		1.06%	(c)		1.07%			1.10%			1.18%			1.21%			1.80%	(c)

Ratio of net investment income (loss) to average net assets		2.54%	(c)		1.16%			3.22%			2.47%			2.88%			1.81%	(c)

•	Commencement of operations.

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

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

(b)

(c)	Annualized.


		www.calamos.com			227

Calamos Timpani Small Cap Growth Fund Financial Highlights

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


	CLASS A*
	(Unaudited) Six Months Ended April 30,			May 31, 2019 through October 31,			July 1, 2018 through May 31,			Year Ended June 30,
	2020			2019			2019†			2018			2017			2016			2015

Net asset value, beginning of period		$22.31			$22.51			$25.02			$18.54			$14.62			$18.48			$16.04

Income from investment operations:

Net investment income (loss)(a)		(0.12	)		(0.11	)		(0.29	)		(0.28	)		(0.18	)		(0.18	)		(0.23	)

Net realized and unrealized gain (loss)		(0.29	)		(0.09	)		(0.80	)		6.76			4.10			(3.68	)		2.67

Total from investment operations		(0.41	)		(0.20	)		(1.09	)		6.48			3.92			(3.86	)		2.44

Distributions:

Dividends from net investment income		—			—			—			—			—			—			—

Dividends from net realized gains		(1.14	)		—			(1.42	)		—			—			—			—

Total distributions**		(1.14	)		—			(1.42	)		—			—			—			—

Net asset value, end of period		$20.76			$22.31			$22.51			$25.02			$18.54			$14.62			$18.48

Ratios and supplemental data:

Total return(b)		(2.18%	)		(0.89%	)		(3.52%	)		34.95%			26.81%			(20.84%	)		15.15%

Net assets, end of period (000)		$6,416			$6,857			$5,551			$5,890			$3,954			$3,369			$2,262

Ratio of net expenses to average net assets		1.30%	(c)		1.30%	(c)		1.50%	(c)		1.50%			1.50%			1.50%			1.50%

Ratio of gross expenses to average net assets prior to expense reductions		1.36%	(c)		1.35%	(c)		1.71%	(c)		1.74%			1.75%			1.70%			1.95%

Ratio of net investment income (loss) to average net assets		(1.14%	)(c)		(1.18%	)(c)		(1.31%	)(c)		(1.33%	)		(1.10%	)		(1.16%	)		(1.37%	)

	(Unaudited) Six Months Ended April 30,			May 31, 2019 through October 31,			July 1, 2018 through May 31,			Year Ended June 30,
	2020			2019			2019†			2018			2017			2016			2015

Portfolio turnover rate		94.7%			141.7%			112.3%			126.0%			179.0%			156.0%			124.0%

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

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

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

(b)

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

(c)	Annualized.

†

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


228		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Timpani Small Cap Growth Fund Financial Highlights

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


	CLASS I*
	(Unaudited) Six Months Ended April 30,			May 31, 2019 through October 31,			July 1, 2018 through May 31,			Year Ended June 30,
	2020			2019			2019†			2018			2017			2016			2015

Net asset value, beginning of period		$22.85			$23.02			$25.47			$18.80			$14.77			$18.58			$16.06

Income from investment operations:

Net investment income (loss)(a)		(0.10	)		(0.09	)		(0.20	)		(0.20	)		(0.10	)		(0.12	)		(0.16	)

Net realized and unrealized gain (loss)		(0.30	)		(0.08	)		(0.83	)		6.87			4.13			(3.69	)		2.68

Total from investment operations		(0.40	)		(0.17	)		(1.03	)		6.67			4.03			(3.81	)		2.52

Distributions:

Dividends from net investment income		—			—			—			—			—			—			—

Dividends from net realized gains		(1.14	)		—			(1.42	)		—			—			—			—

Total distributions**		(1.14	)		—			(1.42	)		—			—			—			—

Net asset value, end of period		$21.31			$22.85			$23.02			$25.47			$18.80			$14.77			$18.58

Ratios and supplemental data:

Total return(b)		(2.04%	)		(0.74%	)		(3.21%	)		35.48%			27.29%			(20.51%	)		15.62%

Net assets, end of period (000)		$70,575			$72,539			$68,510			$69,095			$43,833			$52,595			$47,455

Ratio of net expenses to average net assets		1.05%	(c)		1.05%	(c)		1.10%	(c)		1.10%			1.10%			1.10%			1.10%

Ratio of gross expenses to average net assets prior to expense reductions		1.11%	(c)		1.11%	(c)		1.34%	(c)		1.36%			1.36%			1.32%			1.52%

Ratio of net investment income (loss) to average net assets		(0.90%	)(c)		(0.93%	)(c)		(0.92%	)(c)		(0.92%	)		(0.64%	)		(0.77%	)		(0.95%	)

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

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

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

(b)

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

(c)	Annualized.

†


		www.calamos.com			229

Calamos Timpani Small Cap Growth Fund Financial Highlights

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


	CLASS R6
	(Unaudited) Six Months Ended April 30,			May 31, 2019• through October 31,
	2020			2019

Net asset value, beginning of period		$22.86			$23.02

Income from investment operations:

Net investment income (loss)(a)		(0.09	)		(0.08	)

Net realized and unrealized gain (loss)		(0.30	)		(0.08	)

Total from investment operations		(0.39	)		(0.16	)

Distributions:

Dividends from net investment income		—			—

Dividends from net realized gains		(1.14	)		—

Total distributions**		(1.14	)		—

Net asset value, end of period		$21.33			$22.86

Ratios and supplemental data:

Total return(b)		(2.00%	)		(0.70%	)

Net assets, end of period (000)		$1,100			$1,063

Ratio of net expenses to average net assets		0.99%	(c)		1.00%	(c)

Ratio of gross expenses to average net assets prior to expense reductions		1.06%	(c)		0.96%	(c)

Ratio of net investment income (loss) to average net assets		(0.84%	)(c)		(0.84%	)(c)

•	Commencement of operations.

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

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

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

(c)	Annualized.


230		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Timpani SMID Growth Financial Highlights

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


	CLASS A
	(Unaudited) Six Months Ended April 30,			July 31, 2019• through October 31,
	2020			2019

Net asset value, beginning of period		$9.01			$10.00

Income from investment operations:

Net investment income (loss)(a)		(0.05	)		(0.03	)

Net realized and unrealized gain (loss)		0.03			(0.96	)

Total from investment operations		(0.02	)		(0.99	)

Distributions:

Dividends from net investment income		—			—

Dividends from net realized gains		—			—

Total distributions*		—			—

Net asset value, end of period		$8.99			$9.01

Ratios and supplemental data:

Total return(b)		(0.22%	)		(9.90%	)

Net assets, end of period (000)		$150			$9

Ratio of net expenses to average net assets		1.35%	(c)		1.37%	(c)

Ratio of gross expenses to average net assets prior to expense reductions		3.19%	(c)		3.42%	(c)

Ratio of net investment income (loss) to average net assets		(1.19%	)(c)		(1.11%	)(c)

	(Unaudited) Six Months Ended April 30,			July 31, 2019• through October 31,
	2020			2019

Portfolio turnover rate		95.7%			55.0%

•	Commencement of operations.

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

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

(b)

(c)	Annualized.


		www.calamos.com			231

Calamos Timpani SMID Growth Financial Highlights

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


	CLASS I
	(Unaudited) Six Months Ended April 30,			July 31, 2019• through October 31,
	2020			2019

Net asset value, beginning of period		$9.02			$10.00

Income from investment operations:

Net investment income (loss)(a)		(0.04	)		(0.02	)

Net realized and unrealized gain (loss)		0.03			(0.96	)

Total from investment operations		(0.01	)		(0.98	)

Distributions:

Dividends from net investment income		—			—

Dividends from net realized gains		—			—

Total distributions*		—			—

Net asset value, end of period		$9.01			$9.02

Ratios and supplemental data:

Total return(b)		(0.11%	)		(9.80%	)

Net assets, end of period (000)		$12,092			$9,348

Ratio of net expenses to average net assets		1.10%	(c)		1.10%	(c)

Ratio of gross expenses to average net assets prior to expense reductions		2.84%	(c)		3.17%	(c)

Ratio of net investment income (loss) to average net assets		(0.90%	)(c)		(0.85%	)(c)


	CLASS R6
	(Unaudited) Six Months Ended April 30,			July 31, 2019• through October 31,
	2020			2019

Net asset value, beginning of period		$9.02			$10.00

Income from investment operations:

Net investment income (loss)(a)		(0.04	)		(0.02	)

Net realized and unrealized gain (loss)		0.02			(0.96	)

Total from investment operations		(0.02	)		(0.98	)

Distributions:

Dividends from net investment income		—			—

Net asset value, end of period		$9.00			$9.02

Ratios and supplemental data:

Total return(b)		(0.22%	)		(9.80%	)

Net assets, end of period (000)		$9			$9

Ratio of net expenses to average net assets		1.10%	(c)		1.07%	(c)

Ratio of gross expenses to average net assets prior to expense reductions		2.80%	(c)		3.16%	(c)

Ratio of net investment income (loss) to average net assets		(0.90%	)(c)		(0.81%	)(c)

•	Commencement of operations.

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

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

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

(c)	Annualized.


232		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Growth Fund Financial Highlights

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


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$32.23			$33.14			$35.54			$30.12			$42.80			$50.16

Income from investment operations:

Net investment income (loss)(a)		(0.03	)		(0.04	)		(0.08	)		(0.17	)		(0.07	)		(0.07	)

Net realized and unrealized gain (loss)		(0.31	)		3.53			2.15			6.79			(1.67	)		2.84

Total from investment operations		(0.34	)		3.49			2.07			6.62			(1.74	)		2.77

Distributions:

Dividends from net investment income		—			—			—			—			—			—

Dividends from net realized gains		(3.03	)		(4.40	)		(4.47	)		(1.20	)		(10.94	)		(10.13	)

Total distributions*		(3.03	)		(4.40	)		(4.47	)		(1.20	)		(10.94	)		(10.13	)

Net asset value, end of period		$28.86			$32.23			$33.14			$35.54			$30.12			$42.80

Ratios and supplemental data:

Total return(b)		(1.67%	)		13.97%			6.12%			22.79%			(4.76%	)		6.55%

Net assets, end of period (000)		$962,514			$1,066,939			$851,590			$967,725			$1,017,541			$1,424,967

Ratio of net expenses to average net assets		1.35%	(c)		1.34%			1.29%			1.39%			1.34%			1.31%

Ratio of gross expenses to average net assets prior to expense reductions		1.35%	(c)		1.34%			1.29%			1.39%			1.34%			1.31%

Ratio of net investment income (loss) to average net assets		(0.20%	)(c)		(0.12%	)		(0.22%	)		(0.52%	)		(0.21%	)		(0.17%	)

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Portfolio turnover rate		71.5%			68.9%			71.7%			104.4%			90.0%			60.0%

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

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

(b)

(c)	Annualized.


		www.calamos.com			233

Calamos Growth Fund Financial Highlights

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


	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31, 2019
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$18.26			$21.00			$24.26			$21.08			$33.48			$41.66

Income from investment operations:

Net investment income (loss)(a)		(0.08	)		(0.13	)		(0.22	)		(0.28	)		(0.21	)		(0.32	)

Net realized and unrealized gain (loss)		(0.09	)		1.79			1.43			4.66			(1.25	)		2.27

Total from investment operations		(0.17	)		1.66			1.21			4.38			(1.46	)		1.95

Distributions:

Dividends from net investment income		—			—			—			—			—			—

Dividends from net realized gains		(3.03	)		(4.40	)		(4.47	)		(1.20	)		(10.94	)		(10.13	)

Total distributions*		(3.03	)		(4.40	)		(4.47	)		(1.20	)		(10.94	)		(10.13	)

Net asset value, end of period		$15.06			$18.26			$21.00			$24.26			$21.08			$33.48

Ratios and supplemental data:

Total return(b)		(2.06%	)		13.18%			5.34%			21.85%			(5.45%	)		5.75%

Net assets, end of period (000)		$38,097			$50,442			$329,883			$398,115			$540,422			$792,046

Ratio of net expenses to average net assets		2.10%	(c)		2.11%			2.04%			2.14%			2.09%			2.06%

Ratio of gross expenses to average net assets prior to expense reductions		2.10%	(c)		2.12%			2.04%			2.14%			2.09%			2.06%

Ratio of net investment income (loss) to average net assets		(0.94%	)(c)		(0.73%	)		(0.97%	)		(1.26%	)		(0.96%	)		(0.92%	)

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

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

(b)

(c)	Annualized.


234		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Growth Fund Financial Highlights

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


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$44.13			$43.48			$45.18			$37.88			$50.84			$57.59

Income from investment operations:

Net investment income (loss)(a)		0.01			0.06			0.02			(0.11	)		0.02			0.05

Net realized and unrealized gain (loss)		(0.49	)		4.99			2.75			8.61			(2.04	)		3.33

Total from investment operations		(0.48	)		5.05			2.77			8.50			(2.02	)		3.38

Distributions:

Dividends from net investment income		—			—			—			—			—			—

Dividends from net realized gains		(3.03	)		(4.40	)		(4.47	)		(1.20	)		(10.94	)		(10.13	)

Total distributions*		(3.03	)		(4.40	)		(4.47	)		(1.20	)		(10.94	)		(10.13	)

Net asset value, end of period		$40.62			$44.13			$43.48			$45.18			$37.88			$50.84

Ratios and supplemental data:

Total return(b)		(1.53%	)		14.24%			6.41%			23.09%			(4.51%	)		6.80%

Net assets, end of period (000)		$270,587			$280,294			$282,061			$301,237			$327,872			$480,028

Ratio of net expenses to average net assets		1.10%	(c)		1.09%			1.04%			1.14%			1.09%			1.06%

Ratio of gross expenses to average net assets prior to expense reductions		1.10%	(c)		1.09%			1.04%			1.14%			1.09%			1.06%

Ratio of net investment income (loss) to average net assets		0.05%	(c)		0.15%			0.03%			(0.27%	)		0.04%			0.09%

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

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

(b)

(c)	Annualized.


		www.calamos.com			235

Calamos Growth and Income Fund Financial Highlights

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


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$33.43			$32.53			$33.15			$30.17			$31.68			$35.22

Income from investment operations:

Net investment income (loss)(a)		0.15			0.32			0.25			0.49			0.48			0.60

Net realized and unrealized gain (loss)		(0.59	)		2.99			1.41			4.53			0.16			0.51

Total from investment operations		(0.44	)		3.31			1.66			5.02			0.64			1.11

Distributions:

Dividends from net investment income		(0.28	)		(0.50	)		(0.38	)		(0.84	)		(0.84	)		(0.89	)

Dividends from net realized gains		(0.80	)		(1.91	)		(1.90	)		(1.20	)		(1.31	)		(3.76	)

Total distributions*		(1.08	)		(2.41	)		(2.28	)		(2.04	)		(2.15	)		(4.65	)

Net asset value, end of period		$31.91			$33.43			$32.53			$33.15			$30.17			$31.68

Ratios and supplemental data:

Total return(b)		(1.40%	)		11.51%			5.20%			17.39%			2.26%			3.50%

Net assets, end of period (000)		$1,052,490			$1,129,201			$832,433			$918,695			$930,625			$1,105,102

Ratio of net expenses to average net assets		1.09%	(c)		1.09%			1.09%			1.11%			1.11%			1.10%

Ratio of gross expenses to average net assets prior to expense reductions		1.09%	(c)		1.09%			1.09%			1.11%			1.11%			1.10%

Ratio of net investment income (loss) to average net assets		0.92%	(c)		1.01%			0.77%			1.58%			1.59%			1.86%

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Portfolio turnover rate		14.7%			18.5%			25.3%			31.6%			23.5%			23.8%

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

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

(b)

(c)	Annualized.


236		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Growth and Income Fund Financial Highlights

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


	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$33.68			$32.69			$33.30			$30.28			$31.81			$35.34

Income from investment operations:

Net investment income (loss)(a)		0.03			0.12			0.01			0.27			0.25			0.36

Net realized and unrealized gain (loss)		(0.58	)		2.98			1.41			4.54			0.14			0.51

Total from investment operations		(0.55	)		3.10			1.42			4.81			0.39			0.87

Distributions:

Dividends from net investment income		(0.14	)		(0.20	)		(0.13	)		(0.59	)		(0.61	)		(0.64	)

Dividends from net realized gains		(0.80	)		(1.91	)		(1.90	)		(1.20	)		(1.31	)		(3.76	)

Total distributions*		(0.94	)		(2.11	)		(2.03	)		(1.79	)		(1.92	)		(4.40	)

Net asset value, end of period		$32.19			$33.68			$32.69			$33.30			$30.28			$31.81

Ratios and supplemental data:

Total return(b)		(1.75%	)		10.68%			4.42%			16.54%			1.39%			2.73%

Net assets, end of period (000)		$112,092			$136,333			$502,593			$574,455			$739,780			$889,516

Ratio of net expenses to average net assets		1.84%	(c)		1.85%			1.84%			1.86%			1.86%			1.85%

Ratio of gross expenses to average net assets prior to expense reductions		1.84%	(c)		1.85%			1.84%			1.86%			1.86%			1.85%

Ratio of net investment income (loss) to average net assets		0.17%	(c)		0.37%			0.02%			0.85%			0.84%			1.11%

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

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

(b)

(c)	Annualized.


		www.calamos.com			237

Calamos Growth and Income Fund Financial Highlights

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


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$32.03			$31.28			$31.96			$29.15			$30.71			$34.28

Income from investment operations:

Net investment income (loss)(a)		0.18			0.39			0.32			0.55			0.53			0.66

Net realized and unrealized gain (loss)		(0.56	)		2.85			1.37			4.38			0.14			0.50

Total from investment operations		(0.38	)		3.24			1.69			4.93			0.67			1.16

Distributions:

Dividends from net investment income		(0.32	)		(0.58	)		(0.47	)		(0.92	)		(0.92	)		(0.97	)

Dividends from net realized gains		(0.80	)		(1.91	)		(1.90	)		(1.20	)		(1.31	)		(3.76	)

Total distributions*		(1.12	)		(2.49	)		(2.37	)		(2.12	)		(2.23	)		(4.73	)

Net asset value, end of period		$30.53			$32.03			$31.28			$31.96			$29.15			$30.71

Ratios and supplemental data:

Total return(b)		(1.25%	)		11.81%			5.45%			17.71%			2.43%			3.79%

Net assets, end of period (000)		$697,047			$735,329			$643,422			$554,490			$513,604			$577,449

Ratio of net expenses to average net assets		0.84%	(c)		0.85%			0.84%			0.86%			0.86%			0.85%

Ratio of gross expenses to average net assets prior to expense reductions		0.84%	(c)		0.85%			0.84%			0.86%			0.86%			0.85%

Ratio of net investment income (loss) to average net assets		1.17%	(c)		1.27%			1.01%			1.83%			1.84%			2.11%

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

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

(b)

(c)	Annualized.


238		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Dividend Growth Fund Financial Highlights

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


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$13.37			$12.34			$12.73			$10.38			$10.52			$10.78

Income from investment operations:

Net investment income (loss)(a)		0.03			0.07			0.07			0.10			0.10			0.17

Net realized and unrealized gain (loss)		(0.36	)		1.50			0.57			2.30			0.11			(0.15	)

Total from investment operations		(0.33	)		1.57			0.64			2.40			0.21			0.02

Distributions:

Dividends from net investment income		(0.05	)		(0.08	)		(0.05	)		(0.05	)		(0.08	)		(0.15	)

Dividends from net realized gains		(1.45	)		(0.46	)		(0.98	)		—			(0.27	)		(0.13	)

Total distributions*		(1.50	)		(0.54	)		(1.03	)		(0.05	)		(0.35	)		(0.28	)

Net asset value, end of period		$11.54			$13.37			$12.34			$12.73			$10.38			$10.52

Ratios and supplemental data:

Total return(b)		(3.44%	)		13.63%			5.26%			23.17%			2.17%			0.21%

Net assets, end of period (000)		$3,393			$3,638			$2,347			$2,031			$23,157			$28,030

Ratio of net expenses to average net assets		1.35%	(c)		1.35%			1.35%			1.35%			1.33%			1.35%

Ratio of gross expenses to average net assets prior to expense reductions		1.97%	(c)		1.94%			1.83%			1.87%			1.73%			1.74%

Ratio of net investment income (loss) to average net assets		0.49%	(c)		0.60%			0.55%			0.93%			0.95%			1.66%

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Portfolio turnover rate		10.4%			15.4%			10.7%			15.3%			11.5%			107.6%

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

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

(b)

(c)	Annualized.


		www.calamos.com			239

Calamos Dividend Growth Fund Financial Highlights

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


	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$13.07			$12.09			$12.52			$10.26			$10.41			$10.74

Income from investment operations:

Net investment income (loss)(a)		(0.02	)		(0.01	)		(0.02	)		0.00	*		0.02			0.08

Net realized and unrealized gain (loss)		(0.35	)		1.45			0.57			2.28			0.12			(0.15	)

Total from investment operations		(0.37	)		1.44			0.55			2.28			0.14			(0.07	)

Distributions:

Dividends from net investment income		—			—			—			(0.02	)		(0.02	)		(0.13	)

Dividends from net realized gains		(1.45	)		(0.46	)		(0.98	)		—			(0.27	)		(0.13	)

Total distributions***		(1.45	)		(0.46	)		(0.98	)		(0.02	)		(0.29	)		(0.26	)

Net asset value, end of period		$11.25			$13.07			$12.09			$12.52			$10.26			$10.41

Ratios and supplemental data:

Total return(b)		(3.79%	)		12.74%			4.56%			22.26%			1.42%			(0.63%	)

Net assets, end of period (000)		$696			$659			$1,028			$1,039			$969			$702

Ratio of net expenses to average net assets		2.10%	(c)		2.10%			2.10%			2.10%			2.08%			2.10%

Ratio of gross expenses to average net assets prior to expense reductions		2.72%	(c)		2.65%			2.59%			2.73%			2.48%			2.51%

Ratio of net investment income (loss) to average net assets		(0.28%	)(c)		(0.06%	)		(0.19%	)		0.00%	**		0.17%			0.77%

*	Amounts are less than $0.005.

**	Amounts are less than 0.005%.

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

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

(b)

(c)	Annualized.


240		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Dividend Growth Fund Financial Highlights

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


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$13.36			$12.33			$12.71			$10.39			$10.55			$10.79

Income from investment operations:

Net investment income (loss)(a)		0.05			0.11			0.10			0.11			0.12			0.20

Net realized and unrealized gain (loss)		(0.37	)		1.49			0.58			2.32			0.12			(0.16	)

Total from investment operations		(0.32	)		1.60			0.68			2.43			0.24			0.04

Distributions:

Dividends from net investment income		(0.06	)		(0.11	)		(0.08	)		(0.11	)		(0.13	)		(0.15	)

Dividends from net realized gains		(1.45	)		(0.46	)		(0.98	)		—			(0.27	)		(0.13	)

Total distributions*		(1.51	)		(0.57	)		(1.06	)		(0.11	)		(0.40	)		(0.28	)

Net asset value, end of period		$11.53			$13.36			$12.33			$12.71			$10.39			$10.55

Ratios and supplemental data:

Total return(b)		(3.32%	)		13.93%			5.61%			23.46%			2.39%			0.47%

Net assets, end of period (000)		$8,432			$12,986			$20,585			$22,201			$7,989			$7,375

Ratio of net expenses to average net assets		1.10%	(c)		1.10%			1.10%			1.10%			1.08%			1.10%

Ratio of gross expenses to average net assets prior to expense reductions		1.73%	(c)		1.67%			1.60%			1.80%			1.48%			1.49%

Ratio of net investment income (loss) to average net assets		0.76%	(c)		0.92%			0.82%			0.89%			1.17%			1.91%

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

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

(b)

(c)	Annualized.


		www.calamos.com			241

Calamos Select Fund Financial Highlights

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


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$14.21			$15.37			$15.21			$12.60			$13.61			$15.07

Income from investment operations:

Net investment income (loss)(a)		0.05			0.15			0.10			0.15			0.21			0.19

Net realized and unrealized gain (loss)		(1.16	)		0.95			0.58			2.56			(0.15	)		(0.52	)

Total from investment operations		(1.11	)		1.10			0.68			2.71			0.06			(0.33	)

Distributions:

Dividends from net investment income		(0.09	)		(0.06	)		(0.05	)		(0.10	)		(0.16	)		(0.14	)

Dividends from net realized gains		—			(2.20	)		(0.47	)		—			(0.91	)		(0.99	)

Total distributions*		(0.09	)		(2.26	)		(0.52	)		(0.10	)		(1.07	)		(1.13	)

Net asset value, end of period		$13.01			$14.21			$15.37			$15.21			$12.60			$13.61

Ratios and supplemental data:

Total return(b)		(7.89%	)		10.14%			4.53%			21.56%			0.76%			(2.32%	)

Net assets, end of period (000)		$9,614			$11,363			$21,349			$21,894			$32,350			$44,792

Ratio of net expenses to average net assets		1.15%	(c)		1.15%			1.15%			1.15%			1.12%			1.15%

Ratio of gross expenses to average net assets prior to expense reductions		1.63%	(c)		1.62%			1.60%			1.67%			1.57%			1.61%

Ratio of net investment income (loss) to average net assets		0.74%	(c)		1.06%			0.64%			1.10%			1.67%			1.38%

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Portfolio turnover rate		99.7%			77.7%			119.3%			104.7%			40.7%			139.8%

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

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

(b)

(c)	Annualized.


242		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Select Fund Financial Highlights

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


	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$12.36			$13.77			$13.74			$11.39			$12.38			$13.79

Income from investment operations:

Net investment income (loss)(a)		(0.00	)*		0.02			(0.01	)		0.04			0.10			0.08

Net realized and unrealized gain (loss)		(1.02	)		0.83			0.51			2.32			(0.13	)		(0.47	)

Total from investment operations		(1.02	)		0.85			0.50			2.36			(0.03	)		(0.39	)

Distributions:

Dividends from net investment income		—			(0.06	)		—			(0.01	)		(0.05	)		(0.03	)

Dividends from net realized gains		—			(2.20	)		(0.47	)		—			(0.91	)		(0.99	)

Total distributions**		—			(2.26	)		(0.47	)		(0.01	)		(0.96	)		(1.02	)

Net asset value, end of period		$11.34			$12.36			$13.77			$13.74			$11.39			$12.38

Ratios and supplemental data:

Total return(b)		(8.25%	)		9.33%			3.77%			20.70%			(0.04%	)		(3.01%	)

Net assets, end of period (000)		$4,572			$5,274			$4,318			$4,728			$4,915			$5,738

Ratio of net expenses to average net assets		1.90%	(c)		1.90%			1.90%			1.90%			1.87%			1.90%

Ratio of gross expenses to average net assets prior to expense reductions		2.38%	(c)		2.35%			2.35%			2.42%			2.32%			2.35%

Ratio of net investment income (loss) to average net assets		(0.01%	)(c)		0.15%			(0.10%	)		0.31%			0.91%			0.64%

*	Amounts are less than $0.005.

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

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

(b)

(c)	Annualized.


		www.calamos.com			243

Calamos Select Fund Financial Highlights

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


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$14.62			$15.80			$15.63			$12.94			$13.96			$15.44

Income from investment operations:

Net investment income (loss)(a)		0.07			0.16			0.14			0.18			0.24			0.23

Net realized and unrealized gain (loss)		(1.19	)		1.01			0.59			2.64			(0.14	)		(0.53	)

Total from investment operations		(1.12	)		1.17			0.73			2.82			0.10			(0.30	)

Distributions:

Dividends from net investment income		(0.12	)		(0.15	)		(0.09	)		(0.13	)		(0.21	)		(0.19	)

Dividends from net realized gains		—			(2.20	)		(0.47	)		—			(0.91	)		(0.99	)

Total distributions*		(0.12	)		(2.35	)		(0.56	)		(0.13	)		(1.12	)		(1.18	)

Net asset value, end of period		$13.38			$14.62			$15.80			$15.63			$12.94			$13.96

Ratios and supplemental data:

Total return(b)		(7.73%	)		10.43%			4.78%			21.92%			0.98%			(2.08%	)

Net assets, end of period (000)		$31,736			$28,389			$21,892			$25,669			$16,672			$19,583

Ratio of net expenses to average net assets		0.90%	(c)		0.90%			0.90%			0.90%			0.87%			0.90%

Ratio of gross expenses to average net assets prior to expense reductions		1.38%	(c)		1.36%			1.36%			1.42%			1.32%			1.36%

Ratio of net investment income (loss) to average net assets		0.96%	(c)		1.13%			0.90%			1.28%			1.91%			1.63%

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

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

(b)

(c)	Annualized.


244		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos International Growth Fund Financial Highlights

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


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017		2016			2015

Net asset value, beginning of period		$17.97			$18.10			$21.55			$16.65		$17.27			$19.27

Income from investment operations:

Net investment income (loss)(a)		(0.01	)		0.09			0.15			0.07		0.05			0.09

Net realized and unrealized gain (loss)		(0.52	)		1.80			(2.78	)		4.83		(0.65	)		0.02

Total from investment operations		(0.53	)		1.89			(2.63	)		4.90		(0.60	)		0.11

Distributions:

Dividends from net investment income		—			—			—			—		—			—

Dividends from net realized gains		—			(2.02	)		(0.82	)		—		(0.02	)		(2.11	)

Return of capital		—			—			—			—		(0.00	)*		—

Total distributions**		—			(2.02	)		(0.82	)		—		(0.02	)		(2.11	)

Net asset value, end of period		$17.44			$17.97			$18.10			$21.55		$16.65			$17.27

Ratios and supplemental data:

Total return(b)		(3.06%	)		13.07%			(12.70%	)		29.43%		(3.46%	)		0.94%

Net assets, end of period (000)		$47,470			$53,950			$59,566			$72,491		$111,036			$209,548

Ratio of net expenses to average net assets		1.10%	(c)		1.10%			1.33%			1.40%		1.38%			1.31%

Ratio of gross expenses to average net assets prior to expense reductions		1.49%	(c)		1.48%			1.51%			1.46%		1.39%			1.31%

Ratio of net investment income (loss) to average net assets		(0.16%	)(c)		0.51%			0.71%			0.41%		0.32%			0.52%

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017		2016			2015

Portfolio turnover rate		40.6%			80.7%			111.8%			100.4%		69.0%			65.0%

*	Amounts are less than $0.005.

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

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

(b)

(c)	Annualized.


		www.calamos.com			245

Calamos International Growth Fund Financial Highlights

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


	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$15.91			$16.38			$19.72			$15.35			$16.04			$18.18

Income from investment operations:

Net investment income (loss)(a)		(0.07	)		(0.05	)		(0.03	)		(0.05	)		(0.07	)		(0.04	)

Net realized and unrealized gain (loss)		(0.46	)		1.60			(2.49	)		4.42			(0.60	)		0.01

Total from investment operations		(0.53	)		1.55			(2.52	)		4.37			(0.67	)		(0.03	)

Distributions:

Dividends from net investment income		—			—			—			—			—			—

Dividends from net realized gains		—			(2.02	)		(0.82	)		—			(0.02	)		(2.11	)

Return of capital		—			—			—			—			(0.00	)*		—

Total distributions**		—			(2.02	)		(0.82	)		—			(0.02	)		(2.11	)

Net asset value, end of period		$15.38			$15.91			$16.38			$19.72			$15.35			$16.04

Ratios and supplemental data:

Total return(b)		(3.39%	)		12.21%			(13.35%	)		28.47%			(4.16%	)		0.15%

Net assets, end of period (000)		$7,014			$9,022			$20,449			$27,840			$35,537			$47,996

Ratio of net expenses to average net assets		1.85%	(c)		1.85%			2.06%			2.15%			2.13%			2.06%

Ratio of gross expenses to average net assets prior to expense reductions		2.24%	(c)		2.26%			2.26%			2.21%			2.14%			2.06%

Ratio of net investment income (loss) to average net assets		(0.94%	)(c)		(0.35%	)		(0.17%	)		(0.33%	)		(0.46%	)		(0.23%	)

*	Amounts are less than $0.005.

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

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

(b)

(c)	Annualized.


246		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos International Growth Fund Financial Highlights

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


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017		2016			2015

Net asset value, beginning of period		$18.53			$18.55			$22.01			$16.96		$17.54			$19.50

Income from investment operations:

Net investment income (loss)(a)		0.01			0.13			0.18			0.12		0.09			0.14

Net realized and unrealized gain (loss)		(0.54	)		1.87			(2.82	)		4.93		(0.65	)		0.01

Total from investment operations		(0.53	)		2.00			(2.64	)		5.05		(0.56	)		0.15

Distributions:

Dividends from net investment income		—			—			—			—		—			—

Dividends from net realized gains		—			(2.02	)		(0.82	)		—		(0.02	)		(2.11	)

Return of capital		—			—			—			—		(0.00	)*		—

Total distributions**		—			(2.02	)		(0.82	)		—		(0.02	)		(2.11	)

Net asset value, end of period		$18.00			$18.53			$18.55			$22.01		$16.96			$17.54

Ratios and supplemental data:

Total return(b)		(2.91%	)		13.32%			(12.48%	)		29.78%		(3.18%	)		1.16%

Net assets, end of period (000)		$125,427			$134,562			$153,312			$175,070		$213,166			$339,909

Ratio of net expenses to average net assets		0.85%	(c)		0.85%			1.06%			1.15%		1.13%			1.06%

Ratio of gross expenses to average net assets prior to expense reductions		1.24%	(c)		1.23%			1.26%			1.21%		1.14%			1.06%

Ratio of net investment income (loss) to average net assets		0.10%	(c)		0.75%			0.85%			0.66%		0.53%			0.78%

*	Amounts are less than $0.005.

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

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

(b)

(c)	Annualized.


		www.calamos.com			247

Calamos International Growth Fund Financial Highlights

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


	CLASS R6
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,			September 17, 2018* through October 31,
	2020			2019			2018

Net asset value, beginning of period		$18.67			$18.66			$20.89

Income from investment operations:

Net investment income (loss)(a)		0.02			0.20			0.01

Net realized and unrealized gain (loss)		(0.54	)		1.83			(2.24	)

Total from investment operations		(0.52	)		2.03			(2.23	)

Distributions:

Dividends from net investment income		—			—			—

Dividends from net realized gains		—			(2.02	)		—

Total distributions*		—			(2.02	)		—

Net asset value, end of period		$18.15			$18.67			$18.66

Ratios and supplemental data:

Total return(b)		(2.84%	)		13.41%			(10.67%	)

Net assets, end of period (000)		$6,434			$7,463			$22

Ratio of net expenses to average net assets		0.76%	(c)		0.77%			0.76%	(c)

Ratio of gross expenses to average net assets prior to expense reductions		1.15%	(c)		1.15%			1.21%	(c)

Ratio of net investment income (loss) to average net assets		0.17%	(c)		1.13%			0.34%	(c)

•

Commencement of operations.

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

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

(b)

(c)	Annualized.


248		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Evolving World Growth Fund Financial Highlights

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


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019		2018			2017		2016			2015

Net asset value, beginning of period		$14.12			$12.54		$14.83			$12.11		$12.11			$13.73

Income from investment operations:

Net investment income (loss)(a)		(0.06	)		0.09		(0.01	)		0.05		0.03			0.02

Net realized and unrealized gain (loss)		—			1.49		(2.28	)		2.67		(0.02	)		(1.31	)

Total from investment operations		(0.06	)		1.58		(2.29	)		2.72		0.01			(1.29	)

Distributions:

Dividends from net investment income		(0.11	)		—		(0.00	)*		—		(0.01	)		(0.03	)

Dividends from net realized gains		—			—		—			—		—			(0.30	)

Return of capital		—			—		(0.00	)*		—		(0.00	)*		(0.00	)*

Total distributions**		(0.11	)		—		(0.00	)*		—		(0.01	)		(0.33	)

Net asset value, end of period		$13.95			$14.12		$12.54			$14.83		$12.11			$12.11

Ratios and supplemental data:

Total return(b)		(0.42%	)		12.60%		(15.43%	)		22.46%		0.08%			(9.56%	)

Net assets, end of period (000)		$21,468			$28,168		$34,678			$68,142		$102,545			$121,946

Ratio of net expenses to average net assets		1.67%	(c)		1.64%		1.63%			1.67%		1.64%			1.65%

Ratio of gross expenses to average net assets prior to expense reductions		1.68%	(c)		1.64%		1.63%			1.67%		1.64%			1.65%

Ratio of net investment income (loss) to average net assets		(0.84%	)(c)		0.63%		(0.08%	)		0.40%		0.23%			0.14%

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019		2018			2017		2016			2015

Portfolio turnover rate		57.1%			77.9%		97.3%			104.8%		87.4%			58.8%

*	Amounts are less than $0.005.

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

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

(b)

(c)	Annualized.


		www.calamos.com			249

Calamos Evolving World Growth Fund Financial Highlights

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


	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$13.16			$11.78			$14.03			$11.55			$11.62			$13.26

Income from investment operations:

Net investment income (loss)(a)		(0.11	)		(0.01	)		(0.12	)		(0.03	)		(0.06	)		(0.07	)

Net realized and unrealized gain (loss)		—			1.39			(2.13	)		2.51			(0.01	)		(1.27	)

Total from investment operations		(0.11	)		1.38			(2.25	)		2.48			(0.07	)		(1.34	)

Distributions:

Dividends from net investment income		—			—			—			—			—			—

Dividends from net realized gains		—			—			—			—			—			(0.30	)

Return of capital		—			—			—			—			(0.00	)*		(0.00	)*

Total distributions**		—			—			—			—			—			(0.30	)

Net asset value, end of period		$13.05			$13.16			$11.78			$14.03			$11.55			$11.62

Ratios and supplemental data:

Total return(b)		(0.84%	)		11.71%			(16.04%	)		21.47%			(0.60%	)		(10.25%	)

Net assets, end of period (000)		$10,830			$13,478			$17,739			$24,846			$31,231			$36,532

Ratio of net expenses to average net assets		2.42%	(c)		2.39%			2.38%			2.41%			2.39%			2.40%

Ratio of gross expenses to average net assets prior to expense reductions		2.43%	(c)		2.39%			2.38%			2.41%			2.39%			2.40%

Ratio of net investment income (loss) to average net assets		(1.59%	)(c)		(0.11%	)		(0.85%	)		(0.29%	)		(0.54%	)		(0.59%	)

*	Amounts are less than $0.005.

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

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

(b)

(c)	Annualized.


250		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Evolving World Growth Fund Financial Highlights

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


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019		2018			2017		2016			2015

Net asset value, beginning of period		$14.26			$12.63		$14.96			$12.19		$12.19			$13.83

Income from investment operations:

Net investment income (loss)(a)		(0.04	)		0.12		0.02			0.09		0.06			0.05

Net realized and unrealized gain (loss)		0.01			1.51		(2.29	)		2.68		(0.01	)		(1.32	)

Total from investment operations		(0.03	)		1.63		(2.27	)		2.77		0.05			(1.27	)

Distributions:

Dividends from net investment income		(0.16	)		—		(0.06	)		—		(0.05	)		(0.07	)

Dividends from net realized gains		—			—		—			—		—			(0.30	)

Return of capital		—			—		(0.00	)*		—		(0.00	)*		(0.00	)*

Total distributions**		(0.16	)		—		(0.06	)		—		(0.05	)		(0.37	)

Net asset value, end of period		$14.07			$14.26		$12.63			$14.96		$12.19			$12.19

Ratios and supplemental data:

Total return(b)		(0.30%	)		12.91%		(15.21%	)		22.72%		0.38%			(9.35%	)

Net assets, end of period (000)		$106,736			$120,318		$152,114			$225,339		$255,965			$351,571

Ratio of net expenses to average net assets		1.42%	(c)		1.39%		1.38%			1.41%		1.39%			1.40%

Ratio of gross expenses to average net assets prior to expense reductions		1.43%	(c)		1.39%		1.38%			1.41%		1.39%			1.40%

Ratio of net investment income (loss) to average net assets		(0.59%	)(c)		0.91%		0.14%			0.72%		0.50%			0.42%

*	Amounts are less than $0.005.

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

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

(b)

(c)	Annualized.


		www.calamos.com			251

Calamos Global Equity Fund Financial Highlights

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


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$11.64			$13.61			$15.63			$12.74			$13.19			$15.67

Income from investment operations:

Net investment income (loss)(a)		(0.03	)		(0.01	)		0.00	*		(0.00	)*		0.01			0.00	*

Net realized and unrealized gain (loss)		0.13			0.79			(0.63	)		3.45			(0.21	)		0.62

Total from investment operations		0.10			0.78			(0.63	)		3.45			(0.20	)		0.62

Distributions:

Dividends from net investment income		—			—			—			—			—			—

Dividends from net realized gains		(0.89	)		(2.75	)		(1.39	)		(0.56	)		(0.25	)		(3.10	)

Total distributions***		(0.89	)		(2.75	)		(1.39	)		(0.56	)		(0.25	)		(3.10	)

Net asset value, end of period		$10.85			$11.64			$13.61			$15.63			$12.74			$13.19

Ratios and supplemental data:

Total return(b)		0.44%			10.28%			(4.59%	)		28.42%			(1.47%	)		5.33%

Net assets, end of period (000)		$17,362			$20,236			$27,489			$26,957			$29,314			$67,141

Ratio of net expenses to average net assets		1.40%	(c)		1.40%			1.40%			1.40%			1.38%			1.34%

Ratio of gross expenses to average net assets prior to expense reductions		1.65%	(c)		1.51%			1.56%			1.53%			1.50%			1.34%

Ratio of net investment income (loss) to average net assets		(0.50%	)(c)		(0.08%	)		0.03%			(0.02%	)		0.06%			0.00%	**

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Portfolio turnover rate		33.8%			72.4%			81.3%			102.0%			64.6%			43.0%

*	Amounts are less than $0.005.

**	Amounts are less than 0.005%.

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

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

(b)

(c)	Annualized.


252		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Equity Fund Financial Highlights

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


	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$10.15			$12.34			$14.40			$11.86			$12.39			$15.00

Income from investment operations:

Net investment income (loss)(a)		(0.06	)		(0.09	)		(0.10	)		(0.09	)		(0.08	)		(0.09	)

Net realized and unrealized gain (loss)		0.13			0.65			(0.57	)		3.19			(0.20	)		0.58

Total from investment operations		0.07			0.56			(0.67	)		3.10			(0.28	)		0.49

Distributions:

Dividends from net investment income		—			—			—			—			—			—

Dividends from net realized gains		(0.89	)		(2.75	)		(1.39	)		(0.56	)		(0.25	)		(3.10	)

Total distributions*		(0.89	)		(2.75	)		(1.39	)		(0.56	)		(0.25	)		(3.10	)

Net asset value, end of period		$9.33			$10.15			$12.34			$14.40			$11.86			$12.39

Ratios and supplemental data:

Total return(b)		0.19%			9.36%			(5.31%	)		27.53%			(2.23%	)		4.55%

Net assets, end of period (000)		$6,617			$8,011			$10,887			$13,769			$16,375			$21,227

Ratio of net expenses to average net assets		2.15%	(c)		2.15%			2.15%			2.15%			2.13%			2.09%

Ratio of gross expenses to average net assets prior to expense reductions		2.39%	(c)		2.26%			2.32%			2.27%			2.25%			2.09%

Ratio of net investment income (loss) to average net assets		(1.25%	)(c)		(0.86%	)		(0.76%	)		(0.76%	)		(0.68%	)		(0.76%	)

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

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

(b)

(c)	Annualized.


		www.calamos.com			253

Calamos Global Equity Fund Financial Highlights

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


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$12.02			$13.93			$15.95			$12.95			$13.38			$15.81

Income from investment operations:

Net investment income (loss)(a)		(0.01	)		0.02			0.03			0.03			0.04			0.04

Net realized and unrealized gain (loss)		0.13			0.82			(0.64	)		3.53			(0.22	)		0.63

Total from investment operations		0.12			0.84			(0.61	)		3.56			(0.18	)		0.67

Distributions:

Dividends from net investment income		—			—			(0.02	)		—			—			—

Dividends from net realized gains		(0.89	)		(2.75	)		(1.39	)		(0.56	)		(0.25	)		(3.10	)

Total distributions*		(0.89	)		(2.75	)		(1.41	)		(0.56	)		(0.25	)		(3.10	)

Net asset value, end of period		$11.25			$12.02			$13.93			$15.95			$12.95			$13.38

Ratios and supplemental data:

Total return(b)		0.60%			10.52%			(4.38%	)		28.82%			(1.30%	)		5.64%

Net assets, end of period (000)		$50,309			$52,619			$58,078			$86,429			$87,605			$96,390

Ratio of net expenses to average net assets		1.15%	(c)		1.15%			1.15%			1.15%			1.13%			1.09%

Ratio of gross expenses to average net assets prior to expense reductions		1.40%	(c)		1.26%			1.31%			1.28%			1.25%			1.09%

Ratio of net investment income (loss) to average net assets		(0.24%	)(c)		0.14%			0.18%			0.23%			0.33%			0.26%

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

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

(b)

(c)	Annualized.


254		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Growth and Income Fund Financial Highlights

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


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$8.51			$8.99			$9.85			$8.47			$8.63			$10.22

Income from investment operations:

Net investment income (loss)(a)		0.02			0.10			0.09			0.10			0.09			0.10

Net realized and unrealized gain (loss)		(0.23	)		0.37			(0.35	)		1.35			(0.14	)		0.06

Total from investment operations		(0.21	)		0.47			(0.26	)		1.45			(0.05	)		0.16

Distributions:

Dividends from net investment income		—			(0.07	)		(0.03	)		(0.01	)		—			(0.04	)

Dividends from net realized gains		(0.09	)		(0.88	)		(0.57	)		(0.06	)		(0.11	)		(1.71	)

Total distributions*		(0.09	)		(0.95	)		(0.60	)		(0.07	)		(0.11	)		(1.75	)

Net asset value, end of period		$8.21			$8.51			$8.99			$9.85			$8.47			$8.63

Ratios and supplemental data:

Total return(b)		(2.59%	)		6.67%			(2.91%	)		17.16%			(0.59%	)		2.02%

Net assets, end of period (000)		$74,127			$83,069			$63,069			$78,196			$84,648			$111,615

Ratio of net expenses to average net assets		1.54%	(c)		1.49%			1.50%			1.54%			1.46%			1.49%

Ratio of gross expenses to average net assets prior to expense reductions		1.55%	(c)		1.49%			1.50%			1.54%			1.46%			1.49%

Ratio of net investment income (loss) to average net assets		0.59%	(c)		1.20%			0.93%			1.16%			1.09%			1.18%

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Portfolio turnover rate		57.9%			68.8%			75.0%			100.2%			58.0%			54.7%

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

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

(b)

(c)	Annualized.


		www.calamos.com			255

Calamos Global Growth and Income Fund Financial Highlights

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


	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$7.45			$7.98			$8.84			$7.65			$7.87			$9.50

Income from investment operations:

Net investment income (loss)(a)		(0.01	)		0.04			0.02			0.04			0.03			0.03

Net realized and unrealized gain (loss)		(0.20	)		0.31			(0.31	)		1.21			(0.14	)		0.05

Total from investment operations		(0.21	)		0.35			(0.29	)		1.25			(0.11	)		0.08

Distributions:

Dividends from net investment income		—			—			—			—			—			—

Dividends from net realized gains		(0.09	)		(0.88	)		(0.57	)		(0.06	)		(0.11	)		(1.71	)

Total distributions*		(0.09	)		(0.88	)		(0.57	)		(0.06	)		(0.11	)		(1.71	)

Net asset value, end of period		$7.15			$7.45			$7.98			$8.84			$7.65			$7.87

Ratios and supplemental data:

Total return(b)		(2.96%	)		5.87%			(3.61%	)		16.41%			(1.42%	)		1.19%

Net assets, end of period (000)		$10,566			$14,742			$54,425			$70,210			$90,640			$119,620

Ratio of net expenses to average net assets		2.29%	(c)		2.28%			2.25%			2.29%			2.21%			2.24%

Ratio of gross expenses to average net assets prior to expense reductions		2.29%	(c)		2.28%			2.25%			2.29%			2.21%			2.24%

Ratio of net investment income (loss) to average net assets		(0.17%	)(c)		0.50%			0.18%			0.44%			0.34%			0.43%

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

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

(b)

(c)	Annualized.


256		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Growth and Income Fund Financial Highlights

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


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$8.79			$9.25			$10.11			$8.70			$8.84			$10.43

Income from investment operations:

Net investment income (loss)(a)		0.04			0.13			0.12			0.13			0.11			0.13

Net realized and unrealized gain (loss)		(0.25	)		0.38			(0.36	)		1.38			(0.14	)		0.05

Total from investment operations		(0.21	)		0.51			(0.24	)		1.51			(0.03	)		0.18

Distributions:

Dividends from net investment income		(0.00	)*		(0.09	)		(0.05	)		(0.04	)		—			(0.06	)

Dividends from net realized gains		(0.09	)		(0.88	)		(0.57	)		(0.06	)		(0.11	)		(1.71	)

Total distributions**		(0.09	)		(0.97	)		(0.62	)		(0.10	)		(0.11	)		(1.77	)

Net asset value, end of period		$8.49			$8.79			$9.25			$10.11			$8.70			$8.84

Ratios and supplemental data:

Total return(b)		(2.48%	)		6.95%			(2.65%	)		17.51%			(0.35%	)		2.23%

Net assets, end of period (000)		$40,980			$53,594			$72,843			$73,361			$124,175			$146,241

Ratio of net expenses to average net assets		1.29%	(c)		1.25%			1.25%			1.29%			1.21%			1.24%

Ratio of gross expenses to average net assets prior to expense reductions		1.29%	(c)		1.25%			1.25%			1.29%			1.21%			1.24%

Ratio of net investment income (loss) to average net assets		0.84%	(c)		1.47%			1.18%			1.43%			1.34%			1.43%

*	Amounts are less than $0.005.

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

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

(b)

(c)	Annualized.


		www.calamos.com			257

Calamos Total Return Bond Fund Financial Highlights

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


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$10.53			$9.81			$10.39			$10.54			$10.51			$10.70

Income from investment operations:

Net investment income (loss)(a)		0.11			0.27			0.25			0.22			0.24			0.26

Net realized and unrealized gain (loss)		0.20			0.72			(0.49	)		(0.13	)		0.20			(0.05	)

Total from investment operations		0.31			0.99			(0.24	)		0.09			0.44			0.21

Distributions:

Dividends from net investment income		(0.12	)		(0.27	)		(0.26	)		(0.23	)		(0.28	)		(0.28	)

Dividends from net realized gains		—			—			(0.05	)		(0.01	)		(0.13	)		(0.12	)

Return of capital		—			—			(0.03	)		—			—			—

Total distributions*		(0.12	)		(0.27	)		(0.34	)		(0.24	)		(0.41	)		(0.40	)

Net asset value, end of period		$10.72			$10.53			$9.81			$10.39			$10.54			$10.51

Ratios and supplemental data:

Total return(b)		2.92%			10.24%			(2.30%	)		0.92%			4.35%			2.04%

Net assets, end of period (000)		$23,792			$22,565			$17,109			$21,707			$57,339			$51,462

Ratio of net expenses to average net assets		0.90%	(c)		0.90%			0.90%			0.90%			0.88%			0.90%

Ratio of gross expenses to average net assets prior to expense reductions		1.01%	(c)		1.09%			1.05%			1.14%			1.07%			1.13%

Ratio of net investment income (loss) to average net assets		2.15%	(c)		2.67%			2.44%			2.14%			2.25%			2.49%

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Portfolio turnover rate		52.4%			63.8%			64.3%			79.1%			54.0%			80.0%

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

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

(b)

(c)	Annualized.


258		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Total Return Bond Fund Financial Highlights

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


	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$10.53			$9.81			$10.39			$10.54			$10.51			$10.70

Income from investment operations:

Net investment income (loss)(a)		0.07			0.20			0.17			0.14			0.16			0.18

Net realized and unrealized gain (loss)		0.20			0.72			(0.48	)		(0.12	)		0.20			(0.05	)

Total from investment operations		0.27			0.92			(0.31	)		0.02			0.36			0.13

Distributions:

Dividends from net investment income		(0.08	)		(0.20	)		(0.20	)		(0.16	)		(0.20	)		(0.20	)

Dividends from net realized gains		—			—			(0.05	)		(0.01	)		(0.13	)		(0.12	)

Return of capital		—			—			(0.02	)		—			—			—

Total distributions*		(0.08	)		(0.20	)		(0.27	)		(0.17	)		(0.33	)		(0.32	)

Net asset value, end of period		$10.72			$10.53			$9.81			$10.39			$10.54			$10.51

Ratios and supplemental data:

Total return(b)		2.54%			9.42%			(3.03%	)		0.17%			3.57%			1.28%

Net assets, end of period (000)		$2,761			$2,929			$6,413			$9,334			$16,340			$15,898

Ratio of net expenses to average net assets		1.65%	(c)		1.65%			1.65%			1.65%			1.63%			1.65%

Ratio of gross expenses to average net assets prior to expense reductions		1.76%	(c)		1.84%			1.80%			1.89%			1.82%			1.88%

Ratio of net investment income (loss) to average net assets		1.40%	(c)		1.98%			1.69%			1.38%			1.51%			1.74%

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

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

(b)

(c)	Annualized.


		www.calamos.com			259

Calamos Total Return Bond Fund Financial Highlights

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


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$10.54			$9.81			$10.39			$10.54			$10.51			$10.70

Income from investment operations:

Net investment income (loss)(a)		0.12			0.30			0.27			0.24			0.26			0.29

Net realized and unrealized gain (loss)		0.19			0.73			(0.48	)		(0.12	)		0.21			(0.05	)

Total from investment operations		0.31			1.03			(0.21	)		0.12			0.47			0.24

Distributions:

Dividends from net investment income		(0.13	)		(0.30	)		(0.29	)		(0.26	)		(0.31	)		(0.31	)

Dividends from net realized gains		—			—			(0.05	)		(0.01	)		(0.13	)		(0.12	)

Return of capital		—			—			(0.03	)		—			—			—

Total distributions*		(0.13	)		(0.30	)		(0.37	)		(0.27	)		(0.44	)		(0.43	)

Net asset value, end of period		$10.72			$10.54			$9.81			$10.39			$10.54			$10.51

Ratios and supplemental data:

Total return(b)		2.95%			10.62%			(2.06%	)		1.18%			4.60%			2.30%

Net assets, end of period (000)		$50,881			$35,570			$32,888			$40,290			$22,067			$16,561

Ratio of net expenses to average net assets		0.65%	(c)		0.65%			0.65%			0.65%			0.63%			0.65%

Ratio of gross expenses to average net assets prior to expense reductions		0.74%	(c)		0.84%			0.80%			0.90%			0.82%			0.88%

Ratio of net investment income (loss) to average net assets		2.38%	(c)		2.92%			2.69%			2.32%			2.49%			2.73%

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

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

(b)

(c)	Annualized.


260		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos High Income Opportunities Fund Financial Highlights

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


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$8.34			$8.37			$8.87			$8.62			$8.63			$9.65

Income from investment operations:

Net investment income (loss)(a)		0.22			0.48			0.47			0.40			0.40			0.43

Net realized and unrealized gain (loss)		(0.98	)		(0.01	)		(0.45	)		0.26			0.03			(0.74	)

Total from investment operations		(0.76	)		0.47			0.02			0.66			0.43			(0.31	)

Distributions:

Dividends from net investment income		(0.26	)		(0.50	)		(0.52	)		(0.41	)		(0.44	)		(0.47	)

Dividends from net realized gains		—			—			—			—			—			(0.24	)

Return of capital		—			—			—			—			—			(0.00	)*

Total distributions**		(0.26	)		(0.50	)		(0.52	)		(0.41	)		(0.44	)		(0.71	)

Net asset value, end of period		$7.32			$8.34			$8.37			$8.87			$8.62			$8.63

Ratios and supplemental data:

Total return(b)		(9.35%	)		5.85%			0.25%			7.82%			5.26%			(3.25%	)

Net assets, end of period (000)		$28,929			$35,124			$32,282			$36,351			$41,046			$71,513

Ratio of net expenses to average net assets		1.00%	(c)		1.00%			1.00%			1.29%			1.33%			1.28%

Ratio of gross expenses to average net assets prior to expense reductions		1.34%	(c)		1.23%			1.46%			1.43%			1.33%			1.28%

Ratio of net investment income (loss) to average net assets		5.58%	(c)		5.71%			5.41%			4.57%			4.81%			4.73%

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Portfolio turnover rate		30.2%			45.6%			55.5%			93.1%			44.4%			65.3%

*	Amounts are less than $0.005.

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

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

(b)

(c)	Annualized.


		www.calamos.com			261

Calamos High Income Opportunities Fund Financial Highlights

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


	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$8.82			$8.82			$9.31			$9.03			$9.03			$10.06

Income from investment operations:

Net investment income (loss)(a)		0.21			0.45			0.42			0.35			0.36			0.38

Net realized and unrealized gain (loss)		(1.05	)		(0.02	)		(0.46	)		0.27			0.01			(0.78	)

Total from investment operations		(0.84	)		0.43			(0.04	)		0.62			0.37			(0.40	)

Distributions:

Dividends from net investment income		(0.22	)		(0.43	)		(0.45	)		(0.34	)		(0.37	)		(0.39	)

Dividends from net realized gains		—			—			—			—			—			(0.24	)

Return of capital		—			—			—			—			—			(0.00	)*

Total distributions**		(0.22	)		(0.43	)		(0.45	)		(0.34	)		(0.37	)		(0.63	)

Net asset value, end of period		$7.76			$8.82			$8.82			$9.31			$9.03			$9.03

Ratios and supplemental data:

Total return(b)		(9.64%	)		5.04%			(0.42%	)		6.97%			4.35%			(3.94%	)

Net assets, end of period (000)		$1,435			$1,887			$9,772			$13,286			$17,479			$21,149

Ratio of net expenses to average net assets		1.75%	(c)		1.75%			1.75%			2.05%			2.08%			2.04%

Ratio of gross expenses to average net assets prior to expense reductions		2.09%	(c)		2.08%			2.22%			2.18%			2.08%			2.04%

Ratio of net investment income (loss) to average net assets		4.83%	(c)		5.16%			4.66%			3.80%			4.07%			3.98%

*	Amounts are less than $0.005.

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

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

(b)

(c)	Annualized.


262		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos High Income Opportunities Fund Financial Highlights

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


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2020			2019			2018			2017			2016			2015

Net asset value, beginning of period		$8.34			$8.37			$8.86			$8.61			$8.63			$9.65

Income from investment operations:

Net investment income (loss)(a)		0.23			0.50			0.49			0.43			0.42			0.45

Net realized and unrealized gain (loss)		(0.98	)		(0.01	)		(0.44	)		0.25			0.02			(0.74	)

Total from investment operations		(0.75	)		0.49			0.05			0.68			0.44			(0.29	)

Distributions:

Dividends from net investment income		(0.27	)		(0.52	)		(0.54	)		(0.43	)		(0.46	)		(0.49	)

Dividends from net realized gains		—			—			—			—			—			(0.24	)

Return of capital		—			—			—			—			—			(0.00	)*

Total distributions**		(0.27	)		(0.52	)		(0.54	)		(0.43	)		(0.46	)		(0.73	)

Net asset value, end of period		$7.32			$8.34			$8.37			$8.86			$8.61			$8.63

Ratios and supplemental data:

Total return(b)		(9.24%	)		6.11%			0.62%			8.09%			5.41%			(3.00%	)

Net assets, end of period (000)		$6,224			$7,003			$7,706			$10,026			$15,183			$17,452

Ratio of net expenses to average net assets		0.75%	(c)		0.75%			0.75%			1.02%			1.08%			1.04%

Ratio of gross expenses to average net assets prior to expense reductions		1.09%	(c)		0.99%			1.21%			1.18%			1.08%			1.04%

Ratio of net investment income (loss) to average net assets		5.82%	(c)		5.97%			5.65%			4.84%			5.07%			4.98%

*	Amounts are less than $0.005.

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

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

(b)

(c)	Annualized.


		www.calamos.com			263

Calamos Short-Term Bond Fund Financial Highlights

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


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,			September 19, 2018• through October 31,
	2020			2019			2018

Net asset value, beginning of period		$10.20			$9.98			$10.00

Income from investment operations:

Net investment income (loss)(a)		0.12			0.25			0.03

Net realized and unrealized gain (loss)		(0.09	)		0.23			(0.02	)

Total from investment operations		0.03			0.48			0.01

Distributions:

Dividends from net investment income		(0.14	)		(0.26	)		(0.03	)

Dividends from net realized gains		(0.05	)		(0.00	)*		—

Total distributions**		(0.19	)		(0.26	)		(0.03	)

Net asset value, end of period		$10.04			$10.20			$9.98

Ratios and supplemental data:

Total return(b)		0.28%			4.84%			0.12%

Net assets, end of period (000)		$2,570			$601			$25

Ratio of net expenses to average net assets		0.65%	(c)		0.65%			0.66%	(c)

Ratio of gross expenses to average net assets prior to expense reductions		0.67%	(c)		0.74%			48.01%	(c)

Ratio of net investment income (loss) to average net assets		2.34%	(c)		2.47%			2.55%	(c)

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,			September 19, 2018• through October 31,
	2020			2019			2018

Portfolio turnover rate		23.2%			132.0%			3.3%

•

Commencement of operations.

*	Amounts are less than $0.005.

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

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

(b)

(c)	Annualized.


264		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Short-Term Bond Fund Financial Highlights

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


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,			September 19, 2018• through October 31,
	2020			2019			2018

Net asset value, beginning of period		$10.20			$9.98			$10.00

Income from investment operations:

Net investment income (loss)(a)		0.13			0.28			0.04

Net realized and unrealized gain (loss)		(0.09	)		0.22			(0.02	)

Total from investment operations		0.04			0.50			0.02

Distributions:

Dividends from net investment income		(0.15	)		(0.28	)		(0.04	)

Dividends from net realized gains		(0.05	)		(0.00	)*		—

Total distributions**		(0.20	)		(0.28	)		(0.04	)

Net asset value, end of period		$10.04			$10.20			$9.98

Ratios and supplemental data:

Total return(b)		0.40%			5.09%			0.16%

Net assets, end of period (000)		$188,737			$217,552			$15,118

Ratio of net expenses to average net assets		0.40%	(c)		0.40%			0.42%	(c)

Ratio of gross expenses to average net assets prior to expense reductions		0.41%	(c)		0.47%			2.13%	(c)

Ratio of net investment income (loss) to average net assets		2.58%	(c)		2.73%			3.22%	(c)

•

Commencement of operations.

*	Amounts are less than $0.005.

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

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

(b)

(c)	Annualized.


		www.calamos.com			265

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Calamos Investment Trust

Results of Review of Interim Financial Information

We have reviewed the accompanying statements of assets and liabilities, including the schedules of investments, of Calamos Investment Trust (the “Trust”), including Calamos Growth Fund, Calamos Select Fund (formerly Calamos Opportunistic Value Fund), Calamos Dividend Growth Fund, Calamos International Growth Fund, Calamos Evolving World Growth 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 Fund, Calamos Phineus Long/Short Fund, Calamos Short-Term Bond Fund, Calamos Timpani Small Cap Growth Fund (formerly Frontier Timpani Small Cap Growth Fund), and Calamos Timpani SMID Growth Fund (the “Funds”), as of April 30, 2020, and the related statements of operations and changes in net assets, and the financial highlights for the six month period then ended. Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements and financial highlights for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the statements of changes in net assets of the Funds and the financial highlights for each of the periods listed in the table below; and in our report dated December 18, 2019, we expressed an unqualified opinion on such statements of changes in net assets and financial highlights.


Individual Fund Comprising the Calamos Investment Trust	Statement of Changes in Net Assets	Financial Highlights

Calamos Growth Fund, Calamos Select Fund (formerly Calamos Opportunistic Value Fund), Calamos Dividend Growth Fund, Calamos International Growth Fund, Calamos Evolving World Growth Fund, Calamos Global Equity Fund, Calamos Growth and Income Fund, Calamos Global Growth and Income Fund, Calamos Convertible Fund, Calamos Total Return Bond Fund, Calamos High Income Opportunities Fund, Calamos Market Neutral Income Fund	For the years ended October 31, 2019 and 2018	For the years ended October 31, 2019, 2018, 2017, 2016, and 2015

Calamos Global Convertible Fund, Calamos Hedged Equity Fund	For the years ended October 31, 2019 and 2018	For the years ended October 31, 2019, 2018, 2017, 2016, and the period from December 31, 2014 (commencement of operations) through October 31, 2015

Calamos Phineus Long/Short Fund	For the years ended October 31, 2019 and 2018	For the years ended October 31, 2019, 2018, 2017, and the period from April 5, 2016 (commencement of operations) through October 31, 2016

Calamos Short-Term Bond Fund	For the year ended October 31, 2019 and the period from September 19, 2019 (commencement of operations) through October 31, 2019	For the year ended October 31,2019, and the period from September 19, 2019 (commencement of operations) through October 31, 2019

Calamos Timpani Small Cap Growth Fund	For the period from May 31, 2019 (commencement of operations) through October 31, 2019

Calamos Timpani SMID Growth Fund	For the period from July 31, 2019 (commencement of operations) through October 31, 2019

Frontier Timpani Small Cap Growth Fund	For the period from July 1, 2018 through May 31, 2019

The financial highlights for the year ended June 30, 2018, 2017, 2016, and 2015 of Frontier Timpani Small Cap Growth Fund were audited by other auditors whose report dated August 27, 2018, expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Review Results

This interim financial information is the responsibility of the Funds’ management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.


266		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Report of Independent Registered Public Accounting Firm

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements and financial highlights taken as a whole. Accordingly, we do not express such an opinion.

LOGO

June 19, 2020

Chicago, Illinois

We have served as the auditor of one or more Calamos investment companies since 2003.


		www.calamos.com			267

Liquidity Risk Management Program

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Calamos Investment Trust (the “Trust”), on behalf of each series (each a “Fund” and, collectively, the “Funds” ), has established a liquidity risk management program to govern each Fund’s approach to managing liquidity risk (the “Program”). The Program is overseen by the Liquidity Committee, a committee comprised of representatives of the Trust’s investment adviser, Calamos Advisors LLC. The Trust’s Board of Trustees (the “Board”) has approved the designation of the Liquidity Committee to oversee the Program.

The Program’s principal objectives include supporting the Funds’ compliance with limits on investments in illiquid assets and mitigating the risk that each Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence each Fund’s liquidity and the periodic classification and re-classification of each Fund’s investments into groupings that reflect the Liquidity Committee’s assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on December 17, 2019, the Trustees received a report from the Liquidity Committee regarding the design and operational effectiveness of the Program since its implementation on June 1, 2019. The Liquidity Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage each Fund’s liquidity risk and has operated adequately and effectively to manage each Fund’s liquidity risk since implementation. The Liquidity Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. Among other things, the Board noted that the Funds are not required to have a highly liquid investment minimum based on their liquidity classifications. The Board further noted that no material changes have been made to the Program since its implementation.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Funds’ prospectus for more information regarding the Funds’ exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.


268		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

MANAGING YOUR CALAMOS FUNDS INVESTMENTS

Calamos Investments offers several convenient means to monitor, manage and feel confident about your Calamos investment choice.

24-HOUR AUTOMATED SHAREHOLDER ASSISTANCE: 800.823.7386

Through a single toll-free number, Calamos 24-Hour Shareholder Assistance is fast and easy. Get fund prices and account balances, review recent transactions, order statements, literature and more.

PERSONAL ASSISTANCE: 800.582.6959

Dial this toll-free number to speak with a knowledgeable Client Services Representative who can help answer questions or address issues concerning your Calamos Fund.

ONLINE ACCOUNT MANAGEMENT: www.calamos.com

Manage your personal account of Calamos Funds online at www.calamos.com. On your account access page, you can view account history and download data.

YOUR FINANCIAL ADVISOR

We encourage you to talk to your financial advisor to determine how the Calamos Funds can benefit your investment portfolio based on your financial goals, risk tolerance, time horizon and income needs.

This report, including the audited financial statements contained herein, is submitted for general information for the shareholders of the Funds. The report is not authorized for distribution to prospective investors in the Funds unless accompanied by a currently effective prospectus of the Funds. The views expressed in this report reflect those of Calamos Advisors LLC only through April 30, 2020.

A description of the Calamos Proxy Voting Policies and Procedures and the Funds’ proxy voting record for the 12-month period ended June 30 are available free of charge upon request by calling 800.582.6959, by visiting the Calamos Web site at www.calamos.com, or by writing Calamos at: Calamos Investments, Attn: Client Services, 2020 Calamos Court, Naperville, IL 60563. The Funds’ proxy voting record is also available free of charge by visiting the SEC Web site at www.sec.gov.

The Funds file a complete list of their portfolio holdings with the SEC for the first and third quarters each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available free of charge, upon request, by calling or writing Calamos Investments at the phone number or address provided above or by visiting the SEC Web site at www.sec.gov. 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. Bank Global Fund Services

615 E. Michigan St., 3rd Floor

Milwaukee, WI 53202

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM:

Deloitte & Touche LLP

Chicago, IL

LEGAL COUNSEL:

Ropes & Gray LLP

Chicago, IL


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LOGO

2020 Calamos Court

Naperville, IL 60563-2787

800.582.6959

www.calamos.com

Calamos^® and Calamos Investments^® are registered

trademarks of Calamos Investments LLC.

MFSAN 1631 2020

ITEM 2. CODE OF ETHICS.

The information required by this Item 2 is only required in an annual report on this Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The information required by this Item 3 is only required in an annual report on this Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item 4 is only required in an annual report on this Form N-CSR.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS

(a) Included in the Report to Shareholders in Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

No material changes.

ITEM 11. CONTROLS AND PROCEDURES.

a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported within the time periods specified in the Commission’s rules and forms.

b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a)(1) Code of Ethics - Not applicable for this semiannual report.

(a)(2)(i) Certification of Principal Executive Officer.

(a)(2)(ii) Certification of Principal Financial Officer.

(b) Certifications pursuant to Section 906 of the Sarbanes Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Calamos Investment Trust



By:		/s/ John P. Calamos, Sr.
Name:		John P. Calamos, Sr.
Title:		Principal Executive Officer
Date:		June 29, 2020



By:		/s/ Thomas E. Herman
Name:		Thomas E. Herman
Title:		Principal Financial Officer
Date:		June 29, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:		/s/ John P. Calamos, Sr.
Name:		John P. Calamos, Sr.
Title:		Principal Executive Officer
Date:		June 29, 2020



By:		/s/ Thomas E. Herman
Name:		Thomas E. Herman
Title:		Principal Financial Officer
Date:		June 29, 2020