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        <classId>C000243949</classId>
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      <regLei>3MM2UW658H6KOU4WEW86</regLei>
      <regStreet1>2020 CALAMOS COURT</regStreet1>
      <regStreet2>C/O CALAMOS ADVISORS LLC</regStreet2>
      <regCity>NAPERVILLE</regCity>
      <regStateConditional regCountry="US" regState="US-IL"/>
      <regZipOrPostalCode>60563</regZipOrPostalCode>
      <regPhone>630-245-7200</regPhone>
      <seriesName>Calamos Merger Arbitrage Fund</seriesName>
      <seriesId>S000081268</seriesId>
      <seriesLei>5493000KIMK2YSAPJF63</seriesLei>
      <repPdEnd>2025-10-31</repPdEnd>
      <repPdDate>2025-01-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>888118.77</totLiabs>
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      <assetsInvested>0.00000000</assetsInvested>
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        <fairValLevel>2</fairValLevel>
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            <terminationDt>2024-10-25</terminationDt>
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        <name>RAPID7 INC</name>
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        <fairValLevel>2</fairValLevel>
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              <title>Rapid7 Inc</title>
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        <title>Alibaba Group Holding Ltd</title>
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        <isRestrictedSec>N</isRestrictedSec>

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          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
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              <title>Alibaba Group Holding Ltd.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Quetta Acquisition Corp</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SHIFT4 PAYMENTS INC</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>62292.49000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
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          <currencyInfos>
            <currencyInfo convRatio="8.15240000" curCd="USD"/>
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          <delta>XXXX</delta>
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      <invstOrSec>
        <name>Altair Engineering Inc</name>
        <lei>549300FJ89HZ6GU9S994</lei>
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          <isin value="US0213691035"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Schlumberger NV</name>
        <lei>213800ZUA17OK3QLGM62</lei>
        <title>Schlumberger NV</title>
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          <isin value="AN8068571086"/>
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        <balance>-2656.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-106983.68000000</valUSD>
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        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Black Hawk Acquisition Corp</name>
        <lei>N/A</lei>
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          <isin value="KYG1148A1195"/>
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        <balance>81.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>N/A</counterpartyName>
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            <descRefInstrmnt>
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                <issuerName>Black Hawk Acquisition Corp.</issuerName>
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            <terminationDt>2025-06-20</terminationDt>
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            <delta>XXXX</delta>
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        <securityLending>
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      <invstOrSec>
        <name>Silicon Motion Technology Corp</name>
        <lei>5299005RBVBZQJTYFC89</lei>
        <title>Silicon Motion Technology Corp</title>
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          <isin value="US82706C1080"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Intra-Cellular Therapies Inc</name>
        <lei>5299002U2KGF193IJA20</lei>
        <title>Intra-Cellular Therapies Inc</title>
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          <isin value="US46116X1019"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Juniper Networks Inc</name>
        <lei>AUHIXNGG7U2U7JEHM527</lei>
        <title>Juniper Networks Inc</title>
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          <isin value="US48203R1041"/>
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        <balance>5022.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Black Hawk Acquisition Corp</name>
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          <isin value="KYG1148A1013"/>
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        <balance>409.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Noble Corp PLC</name>
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        <title>Noble Corp PLC</title>
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        <balance>303.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9711.15000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Pfizer Inc</name>
        <lei>765LHXWGK1KXCLTFYQ30</lei>
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        <balance>2595.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
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        <title>UNITED STATES STEEL CORP</title>
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        <fairValLevel>1</fairValLevel>
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        <name>FIVE9 INC</name>
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        <name>ALTAIR ENGINEERING INC</name>
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        <name>Ai Transportation Acquisition Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Berry Global Group Inc</name>
        <lei>549300G6KKUMMXM8NH73</lei>
        <title>Berry Global Group Inc</title>
        <cusip>08579W103</cusip>
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        <valUSD>74712.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>WOLFSPEED INC</name>
        <lei>549300OGU88P3AW3TO93</lei>
        <title>Wolfspeed Inc</title>
        <cusip>977852AB8</cusip>
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        <balance>27000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12451.05000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <title>Wolfspeed, Inc.</title>
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          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="7.86020000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANSYS Inc</name>
        <lei>549300VJV8H15Z5FJ571</lei>
        <title>ANSYS Inc</title>
        <cusip>03662Q105</cusip>
        <identifiers>
          <isin value="US03662Q1058"/>
        </identifiers>
        <balance>310.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>108655.00000000</valUSD>
        <pctVal>5.117578864796</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Spark I Acquisition Corp</name>
        <lei>N/A</lei>
        <title>Spark I Acquisition Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG8316B1187"/>
        </identifiers>
        <balance>115.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13.81000000</valUSD>
        <pctVal>0.000650441895</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Spark I Acquisition Corp.</issuerName>
                <issueTitle>Spark I Acquisition Corp.</issueTitle>
                <identifiers>
                  <isin value="KYG8316B1005"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>11.50000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2028-11-27</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-2.44000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Boston Beer Co Inc/The</name>
        <lei>529900Q02MQ0DCQNRM58</lei>
        <title>Boston Beer Co Inc/The</title>
        <cusip>100557107</cusip>
        <identifiers>
          <isin value="US1005571070"/>
        </identifiers>
        <balance>167.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>41861.89000000</valUSD>
        <pctVal>1.971667419855</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INFINERA CORP</name>
        <lei>549300ZOF66WPV3H0H17</lei>
        <title>Infinera Corp</title>
        <cusip>45667GAG8</cusip>
        <identifiers>
          <isin value="US45667GAG82"/>
        </identifiers>
        <balance>24000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>28189.44000000</valUSD>
        <pctVal>1.327704038971</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Infinera Corp.</name>
              <title>Infinera Corp.</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="45667G103"/>
                <isin value="US45667G1031"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="147.11830000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Four Leaf Acquisition Corp</name>
        <lei>N/A</lei>
        <title>Four Leaf Acquisition Corp</title>
        <cusip>35088F107</cusip>
        <identifiers>
          <isin value="US35088F1075"/>
        </identifiers>
        <balance>4527.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>50385.51000000</valUSD>
        <pctVal>2.373124302314</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Blackbaud Inc</name>
        <lei>54930056X3HKFMNG3754</lei>
        <title>Blackbaud Inc</title>
        <cusip>09227Q100</cusip>
        <identifiers>
          <isin value="US09227Q1004"/>
        </identifiers>
        <balance>445.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34331.75000000</valUSD>
        <pctVal>1.617002790405</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>UNITED STATES STEEL CORP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01PLSK8F2"/>
        </identifiers>
        <balance>-16.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-10240.00000000</valUSD>
        <pctVal>-0.48229724886</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>U.S. Steel Corp.</issuerName>
                <issueTitle>U.S. Steel Corp.</issueTitle>
                <identifiers>
                  <cusip value="912909108"/>
                  <isin value="US9129091081"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>32.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-04-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-5301.29000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Spark I Acquisition Corp</name>
        <lei>N/A</lei>
        <title>Spark I Acquisition Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG8316B1005"/>
        </identifiers>
        <balance>231.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2469.39000000</valUSD>
        <pctVal>0.116306640954</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BLACKLINE INC</name>
        <lei>529900P9N7PK9LV5EK56</lei>
        <title>BlackLine Inc</title>
        <cusip>09239BAE9</cusip>
        <identifiers>
          <isin value="US09239BAE92"/>
        </identifiers>
        <balance>53000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>59724.64000000</valUSD>
        <pctVal>2.812991168115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>BlackLine, Inc.</name>
              <title>BlackLine, Inc.</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="09239B109"/>
                <isin value="US09239B1098"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="14.60470000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FutureTech II Acquisition Corp</name>
        <lei>N/A</lei>
        <title>FutureTech II Acquisition Corp</title>
        <cusip>36119D103</cusip>
        <identifiers>
          <isin value="US36119D1037"/>
        </identifiers>
        <balance>9619.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>106963.28000000</valUSD>
        <pctVal>5.037899968131</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Total returns reported in Item B.5(a) do not reflect the effect of sales loads or contingent deferred sales charges." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-03-06</ncom:dateSigned>
      <ncom:nameOfApplicant>CALAMOS INVESTMENT TRUST/IL</ncom:nameOfApplicant>
      <ncom:signature>Stephen Atkins</ncom:signature>
      <ncom:signerName>Stephen Atkins</ncom:signerName>
      <ncom:title>Treasuer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
