# EDGAR Filing Document

**Accession Number:** 0000826732
**File Stem:** 0001104659-25-063478
**Filing Date:** 2025-6
**Character Count:** 968003
**Document Hash:** 58b86cee22bcde4449ca67e9bfdebbe2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-063478.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001104659-25-063478

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**EFFECTIVENESS DATE**: 20250627

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CALAMOS INVESTMENT TRUST/IL
- **CENTRAL INDEX KEY:** 0000826732

**ORGANIZATION NAME:**
- **EIN:** 363316238
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05443
- **FILM NUMBER:** 251083953

**BUSINESS ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **STREET 2:** C/O CALAMOS ADVISORS LLC
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563
- **BUSINESS PHONE:** 6302451046

**MAIL ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **STREET 2:** C/O CALAMOS ADVISORS LLC
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563

## Series and Classes Contracts Data

### Calamos High Income Opportunities Fund (Series ID: S000004057)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011346 | Class A      | CHYDX           |
| C000011348 | Class C      | CCHYX           |
| C000011349 | Class I      | CIHYX           |

### Calamos Select Fund (Series ID: S000004058)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011350 | Class A      | CVAAX           |
| C000011352 | Class C      | CVACX           |
| C000011353 | Class I      | CVAIX           |

### Calamos Convertible Fund (Series ID: S000004060)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011358 | Class A      | CCVIX           |
| C000011360 | Class C      | CCVCX           |
| C000011361 | Class I      | CICVX           |

### Calamos Growth & Income Fund (Series ID: S000004061)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011362 | Class A      | CVTRX           |
| C000011364 | Class C      | CVTCX           |
| C000011365 | Class I      | CGIIX           |
| C000220407 | Class R6     | CGIOX           |

### Calamos Market Neutral Income Fund (Series ID: S000004062)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011366 | Class A      | CVSIX           |
| C000011368 | Class C      | CVSCX           |
| C000011369 | Class I      | CMNIX           |
| C000220408 | Class R6     | CVSOX           |

### Calamos Growth Fund (Series ID: S000004063)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011370 | Class A      | CVGRX           |
| C000011372 | Class C      | CVGCX           |
| C000011373 | Class I      | CGRIX           |

### Calamos Global Opportunities Fund (Series ID: S000004064)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011374 | Class A      | CVLOX           |
| C000011376 | Class C      | CVLCX           |
| C000011377 | Class I      | CGCIX           |

### Calamos International Growth Fund (Series ID: S000004065)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011378 | Class A      | CIGRX           |
| C000011380 | Class C      | CIGCX           |
| C000011381 | Class I      | CIGIX           |
| C000204888 | Class R6     | CIGOX           |

### CALAMOS GLOBAL EQUITY FUND (Series ID: S000015914)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000043702 | CLASS A      | CAGEX           |
| C000043704 | CLASS C      | CCGEX           |
| C000043705 | CLASS I      | CIGEX           |
| C000220409 | Class R6     | CGEOX           |

### CALAMOS TOTAL RETURN BOND FUND (Series ID: S000017871)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000049601 | CLASS A SHARES | CTRAX           |
| C000049603 | CLASS C SHARES | CTRCX           |
| C000049604 | CLASS I SHARES | CTRIX           |

### Calamos Evolving World Growth Fund (Series ID: S000022429)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000064541 | Class A      | CNWGX           |
| C000064543 | Class C      | CNWDX           |
| C000064544 | Class I      | CNWIX           |

### Calamos Dividend Growth Fund (Series ID: S000041744)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000129591 | Class A      | CADVX           |
| C000129592 | Class C      | CCDVX           |
| C000129593 | Class I      | CIDVX           |

### Calamos Global Convertible Fund (Series ID: S000047913)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000150496 | Class A      | CAGCX           |
| C000150497 | Class C      | CCGCX           |
| C000150498 | Class I      | CXGCX           |

### Calamos Hedged Equity Fund (Series ID: S000047914)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000150500 | Class A      | CAHEX           |
| C000150501 | Class C      | CCHEX           |
| C000150502 | Class I      | CIHEX           |

### Calamos Phineus Long/Short Fund (Series ID: S000052577)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000165048 | Class A      | CPLSX           |
| C000165049 | Class C      | CPCLX           |
| C000165050 | Class I      | CPLIX           |

### Calamos Short-Term Bond Fund (Series ID: S000062995)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000204432 | Class A      | CSTBX           |
| C000204433 | Class I      | CSTIX           |

### Calamos Timpani Small Cap Growth Fund (Series ID: S000065224)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000211096 | Class I      | CTSIX           |
| C000211097 | Class R6     | CTSOX           |
| C000211098 | Class A      | CTASX           |
| C000228743 | Class C      |  |

### Calamos Timpani SMID Growth Fund (Series ID: S000065991)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000213160 | Class R6     | CTOGX           |
| C000213161 | Class A      | CTAGX           |
| C000213162 | Class I      | CTIGX           |

### Calamos International Small Cap Growth Fund (Series ID: S000075668)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000234922 | Class C      |  |
| C000234923 | Class A      |  |
| C000234924 | Class I      |  |
| C000234925 | Class R6     |  |

### Calamos Merger Arbitrage Fund (Series ID: S000081268)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000243949 | Class I      |  |
| C000243950 | Class C      |  |
| C000243951 | Class A      |  |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**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 <br> Global Chief Investment Officer |
|  | Calamos Advisors LLC |
|  | 2020 Calamos Court, |
|  | Naperville, Illinois |
|  | 60563-2787 |

---

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (630) 245-7200

DATE OF FISCAL YEAR END: October 31, 2025

DATE OF REPORTING PERIOD: November 1, 2024 through April 30, 2025

ITEM 1. REPORT TO SHAREHOLDERS.

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Calamos Convertible Fund](#classnamec3e759a9-f9e6-4774-bb7a-633bc3cd32d6)<br> **[Class A - CCVIX](#classnamec3e759a9-f9e6-4774-bb7a-633bc3cd32d6)**  |
|  [Calamos Convertible Fund](#classnameeed45121-4af0-4661-94be-9dadc789ff29)<br> **[Class C - CCVCX](#classnameeed45121-4af0-4661-94be-9dadc789ff29)**  |
|  [Calamos Convertible Fund](#classname5271dea5-2e7a-47e0-8aac-18c60e19ddcf)<br> **[Class I - CICVX](#classname5271dea5-2e7a-47e0-8aac-18c60e19ddcf)**  |
|  [Calamos Dividend Growth Fund](#classnameca84f9df-e047-464e-8e4a-b975a0dfb7b9)<br> **[Class A - CADVX](#classnameca84f9df-e047-464e-8e4a-b975a0dfb7b9)**  |
|  [Calamos Dividend Growth Fund](#classnameb28293b9-ffd9-487e-8629-b23747eb7cb4)<br> **[Class C - CCDVX](#classnameb28293b9-ffd9-487e-8629-b23747eb7cb4)**  |
|  [Calamos Dividend Growth Fund](#classnameca86696e-5147-4b0e-ae81-977698910ec5)<br> **[Class I - CIDVX](#classnameca86696e-5147-4b0e-ae81-977698910ec5)**  |
|  [Calamos Evolving World Growth Fund](#classnamebb93f7ce-65c9-46bf-9cf2-2307d7f4dd22)<br> **[Class A - CNWGX](#classnamebb93f7ce-65c9-46bf-9cf2-2307d7f4dd22)**  |
|  [Calamos Evolving World Growth Fund](#classnamedc8454aa-01ec-4f62-bc7c-1754198a67c8)<br> **[Class C - CNWDX](#classnamedc8454aa-01ec-4f62-bc7c-1754198a67c8)**  |
|  [Calamos Evolving World Growth Fund](#classnamed2116ff1-067f-426e-8750-59628314cd5a)<br> **[Class I - CNWIX](#classnamed2116ff1-067f-426e-8750-59628314cd5a)**  |
|  [Calamos Global Convertible Fund](#classnamee06e6147-cc7e-4864-9bb2-2b8cfa812cb2)<br> **[Class A - CAGCX](#classnamee06e6147-cc7e-4864-9bb2-2b8cfa812cb2)**  |
|  [Calamos Global Convertible Fund](#classnamed0676541-4ccf-41dd-bbd4-38e1a063fe25)<br> **[Class C - CCGCX](#classnamed0676541-4ccf-41dd-bbd4-38e1a063fe25)**  |
|  [Calamos Global Convertible Fund](#classnameaec3d9f4-96d3-4f9b-9b14-dd567c437c1a)<br> **[Class I - CXGCX](#classnameaec3d9f4-96d3-4f9b-9b14-dd567c437c1a)**  |
|  [Calamos Global Equity Fund](#classname5e06f71e-c2a8-4200-9eee-1ded75f42706)<br> **[Class A - CAGEX](#classname5e06f71e-c2a8-4200-9eee-1ded75f42706)**  |
|  [Calamos Global Equity Fund](#classnamec23f3bc4-c7d9-4d50-937e-ba8c30c47663)<br> **[Class C - CCGEX](#classnamec23f3bc4-c7d9-4d50-937e-ba8c30c47663)**  |
|  [Calamos Global Equity Fund](#classname048a94e5-bace-4a42-8710-19dfd62e4fd3)<br> **[Class I - CIGEX](#classname048a94e5-bace-4a42-8710-19dfd62e4fd3)**  |
|  [Calamos Global Equity Fund](#classnameb5894da2-0542-4afd-a493-ce960c1a5d8b)<br> **[Class R6 - CGEOX](#classnameb5894da2-0542-4afd-a493-ce960c1a5d8b)**  |
|  [Calamos Global Opportunities Fund](#classname88cf9e94-afae-432c-b228-5956738fb52a)<br> **[Class A - CVLOX](#classname88cf9e94-afae-432c-b228-5956738fb52a)**  |
|  [Calamos Global Opportunities Fund](#classname0fd73692-c59e-466c-b511-57525fec45f9)<br> **[Class C - CVLCX](#classname0fd73692-c59e-466c-b511-57525fec45f9)**  |
|  [Calamos Global Opportunities Fund](#classnamefc762a46-9de2-468b-b923-36729e6c0e16)<br> **[Class I - CGCIX](#classnamefc762a46-9de2-468b-b923-36729e6c0e16)**  |
|  [Calamos Growth and Income Fund](#classname247300ac-3c2a-498d-ab0a-68070d09f923)<br> **[Class A - CVTRX](#classname247300ac-3c2a-498d-ab0a-68070d09f923)**  |
|  [Calamos Growth and Income Fund](#classname6039863e-e632-4ff2-828e-fb5570c9f583)<br> **[Class C - CVTCX](#classname6039863e-e632-4ff2-828e-fb5570c9f583)**  |
|  [Calamos Growth and Income Fund](#classname26af2a0e-2d45-4623-a840-60c6d4a65876)<br> **[Class I - CGIIX](#classname26af2a0e-2d45-4623-a840-60c6d4a65876)**  |
|  [Calamos Growth and Income Fund](#classnamef0bba5e0-a519-4a7d-9c9a-6f84bab984f8)<br> **[Class R6 - CGIOX](#classnamef0bba5e0-a519-4a7d-9c9a-6f84bab984f8)**  |
|  [Calamos Growth Fund](#classname509ece02-24e3-4cda-9e30-4b69c37d06e4)<br> **[Class A - CVGRX](#classname509ece02-24e3-4cda-9e30-4b69c37d06e4)**  |
|  [Calamos Growth Fund](#classname4fad38f1-070d-4a35-81d8-1a666ba0e8c1)<br> **[Class C - CVGCX](#classname4fad38f1-070d-4a35-81d8-1a666ba0e8c1)**  |
|  [Calamos Growth Fund](#classname7829a1bb-bd93-4350-9ed6-9ae0937033e6)<br> **[Class I - CGRIX](#classname7829a1bb-bd93-4350-9ed6-9ae0937033e6)**  |
|  [Calamos High Income Opportunities Fund](#classnameffa1a95f-5584-40a2-b661-d396e86bd170)<br> **[Class A - CHYDX](#classnameffa1a95f-5584-40a2-b661-d396e86bd170)**  |
|  [Calamos High Income Opportunities Fund](#classname63517c1d-f209-43cb-978a-212fa6b9cbae)<br> **[Class C - CCHYX](#classname63517c1d-f209-43cb-978a-212fa6b9cbae)**  |
|  [Calamos High Income Opportunities Fund](#classname7efe08ed-f572-4fc2-84f6-e9f011b83f47)<br> **[Class I - CIHYX](#classname7efe08ed-f572-4fc2-84f6-e9f011b83f47)**  |
|  [Calamos International Growth Fund](#classname58c59693-4d78-4ec2-9a37-dc29024b3497)<br> **[Class A - CIGRX](#classname58c59693-4d78-4ec2-9a37-dc29024b3497)**  |
|  [Calamos International Growth Fund](#classname2e10872e-cd11-462a-98ae-16057eea5e79)<br> **[Class C - CIGCX](#classname2e10872e-cd11-462a-98ae-16057eea5e79)**  |
|  [Calamos International Growth Fund](#classnamea500c0bd-791c-45da-8b63-041f8dfff9af)<br> **[Class I - CIGIX](#classnamea500c0bd-791c-45da-8b63-041f8dfff9af)**  |
|  [Calamos International Growth Fund](#classname3c25b151-3b6e-4b7d-b11d-540a26948d63)<br> **[Class R6 - CIGOX](#classname3c25b151-3b6e-4b7d-b11d-540a26948d63)**  |
|  [Calamos International Small Cap Growth Fund](#classnamede080688-2387-49c5-903b-44e12046f7c5)<br> **[Class A - CAISX](#classnamede080688-2387-49c5-903b-44e12046f7c5)**  |
|  [Calamos International Small Cap Growth Fund](#classname6370890c-3432-4878-8f76-10e97817127a)<br> **[Class C - CCISX](#classname6370890c-3432-4878-8f76-10e97817127a)**  |
|  [Calamos International Small Cap Growth Fund](#classname591b954c-a744-470a-857f-90fbf1b65b71)<br> **[Class I - CSGIX](#classname591b954c-a744-470a-857f-90fbf1b65b71)**  |
|  [Calamos International Small Cap Growth Fund](#classnamee2799101-6558-4ac5-840a-5d1058c03071)<br> **[Class R6 - CISOX](#classnamee2799101-6558-4ac5-840a-5d1058c03071)**  |
|  [Calamos Market Neutral Income Fund](#classname262018de-ab73-489b-8df2-84a4740cc6c1)<br> **[Class A - CVSIX](#classname262018de-ab73-489b-8df2-84a4740cc6c1)**  |
|  [Calamos Market Neutral Income Fund](#classname98a1a452-6245-4ef5-a02a-360cc831e815)<br> **[Class C - CVSCX](#classname98a1a452-6245-4ef5-a02a-360cc831e815)**  |
|  [Calamos Market Neutral Income Fund](#classnamed86c92b1-078e-4b16-a057-cc8bb9499a42)<br> **[Class I - CMNIX](#classnamed86c92b1-078e-4b16-a057-cc8bb9499a42)**  |
|  [Calamos Market Neutral Income Fund](#classname99ce61cd-1c94-4c82-ae04-b72160c45844)<br> **[Class R6 - CVSOX](#classname99ce61cd-1c94-4c82-ae04-b72160c45844)**  |
|  [Calamos Phineus Long/Short Fund](#classname841f0bdf-006a-4e28-83c0-5c454be99def)<br> **[Class A - CPLSX](#classname841f0bdf-006a-4e28-83c0-5c454be99def)**  |
|  [Calamos Phineus Long/Short Fund](#classnamed3a67930-bbe1-494a-ba8e-f70e6851bbc6)<br> **[Class C - CPCLX](#classnamed3a67930-bbe1-494a-ba8e-f70e6851bbc6)**  |
|  [Calamos Phineus Long/Short Fund](#classnamef43baad3-c73d-4eb4-9104-d20c1147aee2)<br> **[Class I - CPLIX](#classnamef43baad3-c73d-4eb4-9104-d20c1147aee2)**  |
|  [Calamos Select Fund](#classnamec4771a60-02e9-4107-8e20-766ced0a069b)<br> **[Class A - CVAAX](#classnamec4771a60-02e9-4107-8e20-766ced0a069b)**  |
|  [Calamos Select Fund](#classname49b824b4-3ab7-4026-bfdb-e25ca8e45aad)<br> **[Class C - CVACX](#classname49b824b4-3ab7-4026-bfdb-e25ca8e45aad)**  |
|  [Calamos Select Fund](#classname0f95a749-5de4-41d6-a762-cb96fdfdc570)<br> **[Class I - CVAIX](#classname0f95a749-5de4-41d6-a762-cb96fdfdc570)**  |
|  [Calamos Timpani Small Cap Growth Fund](#classname9764be98-1231-47b0-b0fb-c7194baface8)<br> **[Class A - CTASX](#classname9764be98-1231-47b0-b0fb-c7194baface8)**  |
|  [Calamos Timpani Small Cap Growth Fund](#classnamee9b13d7b-ccba-480f-b83e-b33c10071c52)<br> **[Class C - CTCSX](#classnamee9b13d7b-ccba-480f-b83e-b33c10071c52)**  |
|  [Calamos Timpani Small Cap Growth Fund](#classname08506e61-7e85-4e8a-8bdd-35a9007da34b)<br> **[Class I - CTSIX](#classname08506e61-7e85-4e8a-8bdd-35a9007da34b)**  |
|  [Calamos Timpani Small Cap Growth Fund](#classname3db5423e-5aaf-46ed-9015-600fa675aaff)<br> **[Class R6 - CTSOX](#classname3db5423e-5aaf-46ed-9015-600fa675aaff)**  |
|  [Calamos Timpani SMID Growth Fund](#classname3c0947d0-3a7d-41a1-9160-20e2be47c7c0)<br> **[Class A - CTAGX](#classname3c0947d0-3a7d-41a1-9160-20e2be47c7c0)**  |
|  [Calamos Timpani SMID Growth Fund](#classnameef9acf99-83df-4300-a2a2-d7de32f2036c)<br> **[Class I - CTIGX](#classnameef9acf99-83df-4300-a2a2-d7de32f2036c)**  |
|  [Calamos Timpani SMID Growth Fund](#classnameb1a1c431-c711-455c-baad-a66a80b53c9b)<br> **[Class R6 - CTOGX](#classnameb1a1c431-c711-455c-baad-a66a80b53c9b)**  |
|  [Calamos Hedged Equity Fund](#classname62d6478b-6767-4cac-91bc-f7c19b38f985)<br> **[Class A - CAHEX](#classname62d6478b-6767-4cac-91bc-f7c19b38f985)**  |
|  [Calamos Hedged Equity Fund](#classname689141cf-7b7a-4288-8f95-a15a60b1c33e)<br> **[Class C - CCHEX](#classname689141cf-7b7a-4288-8f95-a15a60b1c33e)**  |
|  [Calamos Hedged Equity Fund](#classname9c64ede7-8561-4805-b869-d2a508711e79)<br> **[Class I - CIHEX](#classname9c64ede7-8561-4805-b869-d2a508711e79)**  |
|  [Calamos Merger Arbitrage Fund](#classnamefefc3c1a-0b7b-4519-8627-857186ed7668)<br> **[Class A - CMRAX](#classnamefefc3c1a-0b7b-4519-8627-857186ed7668)**  |
|  [Calamos Merger Arbitrage Fund](#classname0015fd17-c144-456f-9d40-3f5f9ec30143)<br> **[Class C - CMRCX](#classname0015fd17-c144-456f-9d40-3f5f9ec30143)**  |
|  [Calamos Merger Arbitrage Fund](#classnamecbc0c0ff-88c7-4140-8bf8-ca304b53bfb3)<br> **[Class I - CMRGX](#classnamecbc0c0ff-88c7-4140-8bf8-ca304b53bfb3)**  |
|  [Calamos Short-Term Bond Fund](#classname8f8fc84a-128e-49fb-a0e8-984f089b9caa)<br> **[Class A - CSTBX](#classname8f8fc84a-128e-49fb-a0e8-984f089b9caa)**  |
|  [Calamos Short-Term Bond Fund](#classnameea3b1a8e-19ca-40a2-9c99-0f1d7ef31f7b)<br> **[Class I - CSTIX](#classnameea3b1a8e-19ca-40a2-9c99-0f1d7ef31f7b)**  |
|  [Calamos Total Return Bond Fund](#classname185df0d4-b752-4750-b7cd-63196e343774)<br> **[Class A - CTRAX](#classname185df0d4-b752-4750-b7cd-63196e343774)**  |
|  [Calamos Total Return Bond Fund](#classname77ee4a4f-a095-40a2-8217-281169f3aaac)<br> **[Class C - CTRCX](#classname77ee4a4f-a095-40a2-8217-281169f3aaac)**  |
|  [Calamos Total Return Bond Fund](#classnameecf53861-523b-4381-967f-c8cf2b2f2cb2)<br> **[Class I - CTRIX](#classnameecf53861-523b-4381-967f-c8cf2b2f2cb2)**  |

---

# Calamos Convertible Fund

#### Class A: CCVIX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $56 | 1.14%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $780154203 | 99 | 43% |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 38.9 |
| **Consumer Discretionary** | 10.8 |
| **Health Care** | 10.3 |
| **Utilities** | 9 |
| **Communication Services** | 8.9 |
| **Industrials** | 6.7 |
| **Financials** | 6.2 |
| **Real Estate** | 2.4 |
| **Materials** | 1.2 |
| **Consumer Staples** | 1 |
| **Energy** | 0.6 |
| **Other** | 0.5 |

---

---

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

---

www.calamos.com

# Calamos Convertible Fund

#### Class A: CCVIX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| CVTTSRS-A 25

# Calamos Convertible Fund

#### Class C: CCVCX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $93 | 1.89%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $780154203 | 99 | 43% |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 38.9 |
| **Consumer Discretionary** | 10.8 |
| **Health Care** | 10.3 |
| **Utilities** | 9 |
| **Communication Services** | 8.9 |
| **Industrials** | 6.7 |
| **Financials** | 6.2 |
| **Real Estate** | 2.4 |
| **Materials** | 1.2 |
| **Consumer Staples** | 1 |
| **Energy** | 0.6 |
| **Other** | 0.5 |

---

---

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

---

www.calamos.com

# Calamos Convertible Fund

#### Class C: CCVCX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| CVTTSRS-C 25

# Calamos Convertible Fund

#### Class I: CICVX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $44 | 0.89%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $780154203 | 99 | 43% |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 38.9 |
| **Consumer Discretionary** | 10.8 |
| **Health Care** | 10.3 |
| **Utilities** | 9 |
| **Communication Services** | 8.9 |
| **Industrials** | 6.7 |
| **Financials** | 6.2 |
| **Real Estate** | 2.4 |
| **Materials** | 1.2 |
| **Consumer Staples** | 1 |
| **Energy** | 0.6 |
| **Other** | 0.5 |

---

---

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

---

www.calamos.com

# Calamos Convertible Fund

#### Class I: CICVX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| CVTTSRS-I 25

# Calamos Dividend Growth Fund

#### Class A: CADVX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $66 | 1.35%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $20258594 | 110 | 9% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Dividend Growth Fund

#### Class A: CADVX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| DVGTSRS-A 25

# Calamos Dividend Growth Fund

#### Class C: CCDVX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $103 | 2.10%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $20258594 | 110 | 9% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Dividend Growth Fund

#### Class C: CCDVX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| DVGTSRS-C 25

# Calamos Dividend Growth Fund

#### Class I: CIDVX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $54 | 1.10%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $20258594 | 110 | 9% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Dividend Growth Fund

#### Class I: CIDVX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| DVGTSRS-I 25

# Calamos Evolving World Growth Fund

#### Class A: CNWGX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $63 | 1.30%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $363065491 | 79 | 77% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Evolving World Growth Fund

#### Class A: CNWGX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| EWGTSRS-A 25

# Calamos Evolving World Growth Fund

#### Class C: CNWDX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $99 | 2.05%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $363065491 | 79 | 77% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Evolving World Growth Fund

#### Class C: CNWDX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| EWGTSRS-C 25

# Calamos Evolving World Growth Fund

#### Class I: CNWIX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $51 | 1.05%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $363065491 | 79 | 77% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Evolving World Growth Fund

#### Class I: CNWIX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| EWGTSRS-I 25

# Calamos Global Convertible Fund

#### Class A: CAGCX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $67 | 1.33%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $133866305 | 109 | 19% |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund invests in global convertible securities, striving to balance risk-reward while providing growth and income. The active strategy provides broadly diversified exposure to the global convertible bond universe by blending global investment themes and fundamental research.

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

---

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

---

---

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

---

www.calamos.com

# Calamos Global Convertible Fund

#### Class A: CAGCX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| GCVTSRS-A 25

# Calamos Global Convertible Fund

#### Class C: CCGCX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $105 | 2.08%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $133866305 | 109 | 19% |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund invests in global convertible securities, striving to balance risk-reward while providing growth and income. The active strategy provides broadly diversified exposure to the global convertible bond universe by blending global investment themes and fundamental research.

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

---

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

---

---

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

---

www.calamos.com

# Calamos Global Convertible Fund

#### Class C: CCGCX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| GCVTSRS-C 25

# Calamos Global Convertible Fund

#### Class I: CXGCX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $55 | 1.08%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $133866305 | 109 | 19% |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund invests in global convertible securities, striving to balance risk-reward while providing growth and income. The active strategy provides broadly diversified exposure to the global convertible bond universe by blending global investment themes and fundamental research.

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

---

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

---

---

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

---

www.calamos.com

# Calamos Global Convertible Fund

#### Class I: CXGCX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| GCVTSRS-I 25

# Calamos Global Equity Fund

#### Class A: CAGEX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $69 | 1.40%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** |
| $128333042 | 68% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Global Equity Fund

#### Class A: CAGEX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| GEQTSRS-A 25

# Calamos Global Equity Fund

#### Class C: CCGEX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $106 | 2.15%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** |
| $128333042 | 68% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Global Equity Fund

#### Class C: CCGEX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| GEQTSRS-C 25

# Calamos Global Equity Fund

#### Class I: CIGEX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $57 | 1.15%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** |
| $128333042 | 68% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Global Equity Fund

#### Class I: CIGEX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| GEQTSRS-I 25

# Calamos Global Equity Fund

#### Class R6: CGEOX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class R6 | $53 | 1.08%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** |
| $128333042 | 68% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Global Equity Fund

#### Class R6: CGEOX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| GEQTSRS-R6 25

# Calamos Global Opportunities Fund

#### Class A: CVLOX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $60 | 1.22%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $260077116 | 88 | 62% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Global Opportunities Fund

#### Class A: CVLOX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| GLOTSRS-A 25

# Calamos Global Opportunities Fund

#### Class C: CVLCX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $97 | 1.97%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $260077116 | 88 | 62% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Global Opportunities Fund

#### Class C: CVLCX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| GLOTSRS-C 25

# Calamos Global Opportunities Fund

#### Class I: CGCIX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $48 | 0.97%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $260077116 | 88 | 62% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Global Opportunities Fund

#### Class I: CGCIX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| GLOTSRS-I 25

# Calamos Growth and Income Fund

#### Class A: CVTRX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $52 | 1.05%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $2709505694 | 140 | 15% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Growth and Income Fund

#### Class A: CVTRX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| GNITSRS-A 25

# Calamos Growth and Income Fund

#### Class C: CVTCX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $89 | 1.80%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $2709505694 | 140 | 15% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Growth and Income Fund

#### Class C: CVTCX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| GNITSRS-C 25

# Calamos Growth and Income Fund

#### Class I: CGIIX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $39 | 0.80%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $2709505694 | 140 | 15% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Growth and Income Fund

#### Class I: CGIIX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| GNITSRS-I 25

# Calamos Growth and Income Fund

#### Class R6: CGIOX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class R6 | $36 | 0.72%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $2709505694 | 140 | 15% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Growth and Income Fund

#### Class R6: CGIOX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| GNITSRS-R6 25

# Calamos Growth Fund

#### Class A: CVGRX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $63 | 1.28%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $1415736021 | 148 | 28% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Growth Fund

#### Class A: CVGRX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| GROTSRS-A 25

# Calamos Growth Fund

#### Class C: CVGCX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $99 | 2.03%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $1415736021 | 148 | 28% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Growth Fund

#### Class C: CVGCX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| GROTSRS-C 25

# Calamos Growth Fund

#### Class I: CGRIX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $50 | 1.03%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $1415736021 | 148 | 28% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Growth Fund

#### Class I: CGRIX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| GROTSRS-I 25

# Calamos High Income Opportunities Fund

#### Class A: CHYDX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $50 | 1.00%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $34764087 | 477 | 17% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos High Income Opportunities Fund

#### Class A: CHYDX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| HIOTSRS-A 25

# Calamos High Income Opportunities Fund

#### Class C: CCHYX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $87 | 1.75%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $34764087 | 477 | 17% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos High Income Opportunities Fund

#### Class C: CCHYX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| HIOTSRS-C 25

# Calamos High Income Opportunities Fund

#### Class I: CIHYX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $37 | 0.75%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $34764087 | 477 | 17% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos High Income Opportunities Fund

#### Class I: CIHYX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| HIOTSRS-I 25

# Calamos International Growth Fund

#### Class A: CIGRX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $60 | 1.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $238213221 | 86 | 82% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos International Growth Fund

#### Class A: CIGRX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| IGRTSRS-A 25

# Calamos International Growth Fund

#### Class C: CIGCX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $97 | 1.95%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $238213221 | 86 | 82% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos International Growth Fund

#### Class C: CIGCX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| IGRTSRS-C 25

# Calamos International Growth Fund

#### Class I: CIGIX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $47 | 0.95%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $238213221 | 86 | 82% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos International Growth Fund

#### Class I: CIGIX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| IGRTSRS-I 25

# Calamos International Growth Fund

#### Class R6: CIGOX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class R6 | $42 | 0.85%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $238213221 | 86 | 82% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos International Growth Fund

#### Class R6: CIGOX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| IGRTSRS-R6 25

# Calamos International Small Cap Growth Fund

#### Class A: CAISX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $67 | 1.35%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $5712111 | 66 | 92% |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund seeks long-term capital appreciation by investing in compelling international small-cap companies with exposure to our key secular themes, superior earnings growth potential, and financial flexibility.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Industrials** | 25.1 |
| **Information Technology** | 16.4 |
| **Consumer Discretionary** | 15.5 |
| **Financials** | 13.6 |
| **Materials** | 8 |
| **Communication Services** | 7.8 |
| **Consumer Staples** | 3.3 |
| **Health Care** | 3.2 |
| **Energy** | 2 |
| **Utilities** | 1 |
| **Other** | 0.1 |

---

---

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

---

www.calamos.com

# Calamos International Small Cap Growth Fund

#### Class A: CAISX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| ISGTSRS-A 25

# Calamos International Small Cap Growth Fund

#### Class C: CCISX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $104 | 2.10%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $5712111 | 66 | 92% |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund seeks long-term capital appreciation by investing in compelling international small-cap companies with exposure to our key secular themes, superior earnings growth potential, and financial flexibility.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Industrials** | 25.1 |
| **Information Technology** | 16.4 |
| **Consumer Discretionary** | 15.5 |
| **Financials** | 13.6 |
| **Materials** | 8 |
| **Communication Services** | 7.8 |
| **Consumer Staples** | 3.3 |
| **Health Care** | 3.2 |
| **Energy** | 2 |
| **Utilities** | 1 |
| **Other** | 0.1 |

---

---

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

---

www.calamos.com

# Calamos International Small Cap Growth Fund

#### Class C: CCISX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| ISGTSRS-C 25

# Calamos International Small Cap Growth Fund

#### Class I: CSGIX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $55 | 1.10%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $5712111 | 66 | 92% |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund seeks long-term capital appreciation by investing in compelling international small-cap companies with exposure to our key secular themes, superior earnings growth potential, and financial flexibility.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Industrials** | 25.1 |
| **Information Technology** | 16.4 |
| **Consumer Discretionary** | 15.5 |
| **Financials** | 13.6 |
| **Materials** | 8 |
| **Communication Services** | 7.8 |
| **Consumer Staples** | 3.3 |
| **Health Care** | 3.2 |
| **Energy** | 2 |
| **Utilities** | 1 |
| **Other** | 0.1 |

---

---

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

---

www.calamos.com

# Calamos International Small Cap Growth Fund

#### Class I: CSGIX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| ISGTSRS-I 25

# Calamos International Small Cap Growth Fund

#### Class R6: CISOX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class R6 | $50 | 1.00%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $5712111 | 66 | 92% |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund seeks long-term capital appreciation by investing in compelling international small-cap companies with exposure to our key secular themes, superior earnings growth potential, and financial flexibility.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Industrials** | 25.1 |
| **Information Technology** | 16.4 |
| **Consumer Discretionary** | 15.5 |
| **Financials** | 13.6 |
| **Materials** | 8 |
| **Communication Services** | 7.8 |
| **Consumer Staples** | 3.3 |
| **Health Care** | 3.2 |
| **Energy** | 2 |
| **Utilities** | 1 |
| **Other** | 0.1 |

---

---

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

---

www.calamos.com

# Calamos International Small Cap Growth Fund

#### Class R6: CISOX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| ISGTSRS-R6 25

# Calamos Market Neutral Income Fund

#### Class A: CVSIX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $60 | 1.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $15716089931 | 954 | 21% |

---

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

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

---

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

---

---

| | |
|:---|:---|
| **TOP 10 HOLDINGS** | % OF NET ASSETS |
| **Apple, Inc.** | 3.6 |
| **Microsoft Corp.** | 3.3 |
| **SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust** | 3.1 |
| **NVIDIA Corp.** | 3.1 |
| **Palo Alto Networks, Inc., 0.375%, 06/01/25** | 2.4 |
| **Calamos Short-Term Bond Fund - Class I** | 2.1 |
| **Amazon.com, Inc.** | 2 |
| **Alibaba Group Holding, Ltd., 0.500%, 06/01/31** | 1.5 |
| **Meta Platforms, Inc. - Class A** | 1.4 |
| **Broadcom, Inc.** | 1 |

---

www.calamos.com

# Calamos Market Neutral Income Fund

#### Class A: CVSIX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| MNITSRS-A 25

# Calamos Market Neutral Income Fund

#### Class C: CVSCX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $98 | 1.95%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $15716089931 | 954 | 21% |

---

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

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

---

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

---

---

| | |
|:---|:---|
| **TOP 10 HOLDINGS** | % OF NET ASSETS |
| **Apple, Inc.** | 3.6 |
| **Microsoft Corp.** | 3.3 |
| **SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust** | 3.1 |
| **NVIDIA Corp.** | 3.1 |
| **Palo Alto Networks, Inc., 0.375%, 06/01/25** | 2.4 |
| **Calamos Short-Term Bond Fund - Class I** | 2.1 |
| **Amazon.com, Inc.** | 2 |
| **Alibaba Group Holding, Ltd., 0.500%, 06/01/31** | 1.5 |
| **Meta Platforms, Inc. - Class A** | 1.4 |
| **Broadcom, Inc.** | 1 |

---

www.calamos.com

# Calamos Market Neutral Income Fund

#### Class C: CVSCX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| MNITSRS-C 25

# Calamos Market Neutral Income Fund

#### Class I: CMNIX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $48 | 0.95%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $15716089931 | 954 | 21% |

---

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

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

---

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

---

---

| | |
|:---|:---|
| **TOP 10 HOLDINGS** | % OF NET ASSETS |
| **Apple, Inc.** | 3.6 |
| **Microsoft Corp.** | 3.3 |
| **SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust** | 3.1 |
| **NVIDIA Corp.** | 3.1 |
| **Palo Alto Networks, Inc., 0.375%, 06/01/25** | 2.4 |
| **Calamos Short-Term Bond Fund - Class I** | 2.1 |
| **Amazon.com, Inc.** | 2 |
| **Alibaba Group Holding, Ltd., 0.500%, 06/01/31** | 1.5 |
| **Meta Platforms, Inc. - Class A** | 1.4 |
| **Broadcom, Inc.** | 1 |

---

www.calamos.com

# Calamos Market Neutral Income Fund

#### Class I: CMNIX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| MNITSRS-I 25

# Calamos Market Neutral Income Fund

#### Class R6: CVSOX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class R6 | $43 | 0.85%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $15716089931 | 954 | 21% |

---

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

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

---

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

---

---

| | |
|:---|:---|
| **TOP 10 HOLDINGS** | % OF NET ASSETS |
| **Apple, Inc.** | 3.6 |
| **Microsoft Corp.** | 3.3 |
| **SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust** | 3.1 |
| **NVIDIA Corp.** | 3.1 |
| **Palo Alto Networks, Inc., 0.375%, 06/01/25** | 2.4 |
| **Calamos Short-Term Bond Fund - Class I** | 2.1 |
| **Amazon.com, Inc.** | 2 |
| **Alibaba Group Holding, Ltd., 0.500%, 06/01/31** | 1.5 |
| **Meta Platforms, Inc. - Class A** | 1.4 |
| **Broadcom, Inc.** | 1 |

---

www.calamos.com

# Calamos Market Neutral Income Fund

#### Class R6: CVSOX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| MNITSRS-R6 25

# Calamos Phineus Long/Short Fund

#### Class A (With Predecessor): CPLSX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $125 | 2.50%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $1010673081 | 82 | 197% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Phineus Long/Short Fund

#### Class A (With Predecessor): CPLSX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| PLSTSRS-A 25

# Calamos Phineus Long/Short Fund

#### Class C (With Predecessor): CPCLX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $163 | 3.25%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $1010673081 | 82 | 197% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Phineus Long/Short Fund

#### Class C (With Predecessor): CPCLX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| PLSTSRS-C 25

# Calamos Phineus Long/Short Fund

#### Class I (With Predecessor): CPLIX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $113 | 2.25%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $1010673081 | 82 | 197% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Phineus Long/Short Fund

#### Class I (With Predecessor): CPLIX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| PLSTSRS-I 25

# Calamos Select Fund

#### Class A: CVAAX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $57 | 1.15%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $53728329 | 50 | 27% |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund owns a more focused portfolio of approximately 50 stocks at any given time, looking for quality growth companies, exemplified by superior balance sheets and steady, potentially improving free cash flows.

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

---

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

---

---

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

---

www.calamos.com

# Calamos Select Fund

#### Class A: CVAAX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| SELTSRS-A 25

# Calamos Select Fund

#### Class C: CVACX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $93 | 1.90%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $53728329 | 50 | 27% |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund owns a more focused portfolio of approximately 50 stocks at any given time, looking for quality growth companies, exemplified by superior balance sheets and steady, potentially improving free cash flows.

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

---

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

---

---

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

---

www.calamos.com

# Calamos Select Fund

#### Class C: CVACX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| SELTSRS-C 25

# Calamos Select Fund

#### Class I: CVAIX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $44 | 0.90%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $53728329 | 50 | 27% |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund owns a more focused portfolio of approximately 50 stocks at any given time, looking for quality growth companies, exemplified by superior balance sheets and steady, potentially improving free cash flows.

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

---

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

---

---

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

---

www.calamos.com

# Calamos Select Fund

#### Class I: CVAIX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| SELTSRS-I 25

# Calamos Timpani Small Cap Growth Fund

#### Class A: CTASX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $63 | 1.30%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $358948362 | 98 | 95% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Timpani Small Cap Growth Fund

#### Class A: CTASX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| SCGTSRS-A 25

# Calamos Timpani Small Cap Growth Fund

#### Class C: CTCSX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $100 | 2.05%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $358948362 | 98 | 95% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Timpani Small Cap Growth Fund

#### Class C: CTCSX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| SCGTSRS-C 25

# Calamos Timpani Small Cap Growth Fund

#### Class I: CTSIX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $51 | 1.05%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $358948362 | 98 | 95% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Timpani Small Cap Growth Fund

#### Class I: CTSIX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| SCGTSRS-I 25

# Calamos Timpani Small Cap Growth Fund

#### Class R6: CTSOX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class R6 | $46 | 0.95%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $358948362 | 98 | 95% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Timpani Small Cap Growth Fund

#### Class R6: CTSOX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| SCGTSRS-R6 25

# Calamos Timpani SMID Growth Fund

#### Class A: CTAGX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $66 | 1.35%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $31684608 | 96 | 90% |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Health Care** | 27.4 |
| **Information Technology** | 22.6 |
| **Consumer Discretionary** | 18.6 |
| **Industrials** | 11.7 |
| **Financials** | 9.1 |
| **Consumer Staples** | 4.4 |
| **Materials** | 1.9 |
| **Energy** | 1.6 |
| **Communication Services** | 1 |
| **Real Estate** | 0.8 |

---

---

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

---

www.calamos.com

# Calamos Timpani SMID Growth Fund

#### Class A: CTAGX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| SMIDTSRS-A 25

# Calamos Timpani SMID Growth Fund

#### Class I: CTIGX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $54 | 1.10%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $31684608 | 96 | 90% |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Health Care** | 27.4 |
| **Information Technology** | 22.6 |
| **Consumer Discretionary** | 18.6 |
| **Industrials** | 11.7 |
| **Financials** | 9.1 |
| **Consumer Staples** | 4.4 |
| **Materials** | 1.9 |
| **Energy** | 1.6 |
| **Communication Services** | 1 |
| **Real Estate** | 0.8 |

---

---

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

---

www.calamos.com

# Calamos Timpani SMID Growth Fund

#### Class I: CTIGX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| SMIDTSRS-I 25

# Calamos Timpani SMID Growth Fund

#### Class R6: CTOGX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class R6 | $52 | 1.06%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $31684608 | 96 | 90% |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Health Care** | 27.4 |
| **Information Technology** | 22.6 |
| **Consumer Discretionary** | 18.6 |
| **Industrials** | 11.7 |
| **Financials** | 9.1 |
| **Consumer Staples** | 4.4 |
| **Materials** | 1.9 |
| **Energy** | 1.6 |
| **Communication Services** | 1 |
| **Real Estate** | 0.8 |

---

---

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

---

www.calamos.com

# Calamos Timpani SMID Growth Fund

#### Class R6: CTOGX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| SMIDTSRS-R6 25

# Calamos Hedged Equity Fund

#### Class A: CAHEX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $56 | 1.14%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $697645116 | 263 | 3% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Hedged Equity Fund

#### Class A: CAHEX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| HEQTSRS-A 25

# Calamos Hedged Equity Fund

#### Class C: CCHEX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $93 | 1.89%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $697645116 | 263 | 3% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Hedged Equity Fund

#### Class C: CCHEX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| HEQTSRS-C 25

# Calamos Hedged Equity Fund

#### Class I: CIHEX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $44 | 0.89%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $697645116 | 263 | 3% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Hedged Equity Fund

#### Class I: CIHEX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| HEQTSRS-I 25

# Calamos Merger Arbitrage Fund

#### Class A: CMRAX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $111 | 2.23%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $2013135 | 37 | 73% |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund seeks to capture the completion risk premium—the difference between a company's stock price and the announced acquisition price. In addition to stocks, the Fund can hold convertible bonds and high-yield debt.

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

---

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

---

---

| | |
|:---|:---|
| **TOP 10 HOLDINGS** | % OF NET ASSETS |
| **Juniper Networks, Inc.** | 9.1 |
| **Amedisys, Inc.** | 8.8 |
| **FutureTech II Acquisition Corp. - Class A** | 8.6 |
| **Hess Corp.** | 7.6 |
| **Ansys, Inc.** | 5 |
| **Everest Consolidator Acquisition Corp.** | 4.6 |
| **Interpublic Group of Cos., Inc.** | 4.6 |
| **Redfin Corp., 0.500%, 04/01/27** | 4.5 |
| **Five9, Inc., 1.000%, 03/15/29** | 4.5 |
| **Amcor, PLC** | 3.6 |

---

www.calamos.com

# Calamos Merger Arbitrage Fund

#### Class A: CMRAX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| MARTSRS-A 25

# Calamos Merger Arbitrage Fund

#### Class C: CMRCX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $149 | 2.98%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $2013135 | 37 | 73% |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund seeks to capture the completion risk premium—the difference between a company's stock price and the announced acquisition price. In addition to stocks, the Fund can hold convertible bonds and high-yield debt.

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

---

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

---

---

| | |
|:---|:---|
| **TOP 10 HOLDINGS** | % OF NET ASSETS |
| **Juniper Networks, Inc.** | 9.1 |
| **Amedisys, Inc.** | 8.8 |
| **FutureTech II Acquisition Corp. - Class A** | 8.6 |
| **Hess Corp.** | 7.6 |
| **Ansys, Inc.** | 5 |
| **Everest Consolidator Acquisition Corp.** | 4.6 |
| **Interpublic Group of Cos., Inc.** | 4.6 |
| **Redfin Corp., 0.500%, 04/01/27** | 4.5 |
| **Five9, Inc., 1.000%, 03/15/29** | 4.5 |
| **Amcor, PLC** | 3.6 |

---

www.calamos.com

# Calamos Merger Arbitrage Fund

#### Class C: CMRCX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| MARTSRS-C 25

# Calamos Merger Arbitrage Fund

#### Class I: CMRGX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $99 | 1.98%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $2013135 | 37 | 73% |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund seeks to capture the completion risk premium—the difference between a company's stock price and the announced acquisition price. In addition to stocks, the Fund can hold convertible bonds and high-yield debt.

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

---

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

---

---

| | |
|:---|:---|
| **TOP 10 HOLDINGS** | % OF NET ASSETS |
| **Juniper Networks, Inc.** | 9.1 |
| **Amedisys, Inc.** | 8.8 |
| **FutureTech II Acquisition Corp. - Class A** | 8.6 |
| **Hess Corp.** | 7.6 |
| **Ansys, Inc.** | 5 |
| **Everest Consolidator Acquisition Corp.** | 4.6 |
| **Interpublic Group of Cos., Inc.** | 4.6 |
| **Redfin Corp., 0.500%, 04/01/27** | 4.5 |
| **Five9, Inc., 1.000%, 03/15/29** | 4.5 |
| **Amcor, PLC** | 3.6 |

---

www.calamos.com

# Calamos Merger Arbitrage Fund

#### Class I: CMRGX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| MARTSRS-I 25

# Calamos Short-Term Bond Fund

#### Class A: CSTBX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $32 | 0.63%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $386627718 | 480 | 19% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Short-Term Bond Fund

#### Class A: CSTBX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| STBTSRS-A 25

# Calamos Short-Term Bond Fund

#### Class I: CSTIX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $19 | 0.38%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $386627718 | 480 | 19% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Short-Term Bond Fund

#### Class I: CSTIX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| STBTSRS-I 25

# Calamos Total Return Bond Fund

#### Class A: CTRAX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $45 | 0.90%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $29706597 | 204 | 9% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Total Return Bond Fund

#### Class A: CTRAX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| TRBTSRS-A 25

# Calamos Total Return Bond Fund

#### Class C: CTRCX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $83 | 1.65%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $29706597 | 204 | 9% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Total Return Bond Fund

#### Class C: CTRCX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| TRBTSRS-C 25

# Calamos Total Return Bond Fund

#### Class I: CTRIX
![Image](tm2516043d1_tsrimg001.jpg)

Semi-Annual Shareholder Report - April 30, 2025

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

## **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $33 | 0.65%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** |
| $29706597 | 204 | 9% |

---

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

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

---

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

---

---

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

---

www.calamos.com

# Calamos Total Return Bond Fund

#### Class I: CTRIX
Semi-Annual Shareholder Report - April 30, 2025

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

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| TRBTSRS-I 25

Item 1(b). Not applicable.

ITEM 2. CODE OF ETHICS.

The information required by this Item 2 is only required in an annual report on this Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The information required by this Item 3 is only required in an annual report on this Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item 4 is only required in an annual report on this Form N-CSR.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

ITEM 6. INVESTMENTS.

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

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

![](j25160432_aa001.jpg)

**TIMELY INFORMATION INSIDE**

![](j25160432_aa002.jpg)

![](j25160432_aa003.jpg)

Family of Funds

**SEMIANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION APRIL 30, 2025**

**Alternative** 

Calamos Market Neutral Income Fund

Calamos Hedged Equity Fund

Calamos Phineus Long/Short Fund

Calamos Merger Arbitrage Fund

**Convertible** 

Calamos Convertible Fund

Calamos Global Convertible Fund

**US Equity**

Calamos Timpani Small Cap Growth Fund

Calamos Timpani SMID Growth Fund

Calamos Growth Fund

Calamos Growth and Income Fund

Calamos Dividend Growth Fund

Calamos Select Fund

**Global Equity** 

Calamos International Growth Fund

Calamos Evolving World Growth Fund

Calamos Global Equity Fund

Calamos Global Opportunities Fund

Calamos International Small Cap Growth Fund

**Fixed Income** 

Calamos Total Return Bond Fund

Calamos High Income Opportunities Fund

Calamos Short-Term Bond Fund

![](j25160432_aa004.jpg)

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

------

![](j25160432_aa005.jpg)

**TABLE OF CONTENTS**

---

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

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | MARKET NEUTRAL <br>INCOME FUND | HEDGED EQUITY <br>FUND | PHINEUS <br>LONG/SHORT <br>FUND | MERGER <br>ARBITRAGE<br>FUND | CONVERTIBLE <br>FUND |
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Investments in securities, at cost | $12397727743 | $494023306 | $926787448 | $1996184 | $779044503 |
| Investments in affiliated funds, at cost | 350000000 |  |  |  |  |
| Investment in securities, at value\* | $16262711325 | $740629113 | $944299404 | $1932211 | $827458463 |
| Investments in affiliated funds, at value | 336071124 |  |  |  |  |
| Cash with custodian | 325538737 | 1343932 | 126488053 | 52590 | 24131251 |
| Cash held at broker | 1626635035 | 30 | 254006 | 8001 | 75 |
| Restricted cash for short positions | 157354400 |  | 356404292 | 282131 |  |
| Cash collateral held | 17140000 |  |  |  |  |
| Collateral for short positions domestic | 891169481 |  |  |  |  |
| Collateral for short positions foreign (cost $227,904,207) | 238820631 |  |  |  |  |
| Restricted foreign currency for short positions (cost $103,144,436) | 108084970 |  |  |  |  |
| Foreign currencies held at broker (cost $22,954,034) | 24051832 |  |  |  |  |
| Unrealized appreciation on forward foreign currency contracts | 116509 |  |  |  | 8644 |
| Receivables: | Receivables: | Receivables: | Receivables: | Receivables: | Receivables: |
| Investments sold | 118295310 |  | 3281304 | 1590 | 9726270 |
| Accrued interest and dividends | 29191731 | 356553 | 801021 | 770 | 2718738 |
| Fund shares sold | 9885547 | 748634 | 443455 |  | 56766 |
| Due from investment advisor |  |  |  | 5495 |  |
| Prepaid expenses | 93798 | 43649 | 58616 | 23877 | 30166 |
| Other assets | 3884520 |  | 1540945 | 488 | 189446 |
| Total assets | 20149044950 | 743121911 | 1433571096 | 2307153 | 864319819 |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| Cash due to broker |  |  | 597004 |  |  |
| Restricted cash for short positions due to broker | 54209 |  |  |  |  |
| Collateral for securities loaned | 692816793 | 25890733 | 41639966 |  | 74749053 |
| Foreign currency due to broker (cost $150,013,358 and $2,918,117) | 157198875 |  | 2917416 |  |  |
| Securities sold short, at value (proceeds $2,603,428,313, $367,138,809, <br>$292,537) | 2997539190 |  | 358391070 | 256485 |  |
| Options written, at value (premium $651,359,831, $27,483,266, <br>$18,968,355) | 428342375 | 18694300 | 16844656 |  |  |
| Unrealized depreciation on total return swaps | 1448405 |  |  |  |  |
| Unrealized depreciation on forward foreign currency contracts | 15547257 |  |  |  | 53929 |
| Payables: | Payables: | Payables: | Payables: | Payables: | Payables: |
| Investments purchased | 115500004 |  | 864150 | 6439 | 7676545 |
| Fund shares redeemed | 11747346 | 357325 | 388152 |  | 831104 |
| Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: |
| Investment advisory fees | 8318044 | 415847 | 1008881 | 1626 | 463966 |
| Distribution fees | 23117 | 1032 | 2492 | 7 | 4411 |
| Deferred compensation to trustees | 184642 |  |  |  | 189446 |
| Trustees' fees and officer compensation | 46531 | 3471 | 4656 | 1335 | 4251 |
| Other accounts payable and accrued liabilities | 4188231 | 114087 | 239572 | 28126 | 192911 |
| Total liabilities | 4432955019 | 45476795 | 422898015 | 294018 | 84165616 |
| NET ASSETS | $15716089931 | $697645116 | $1010673081 | $2013135 | $780154203 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid in capital | $14041548744 | $522767322 | $924990074 | $2044190 | $695643064 |
| Accumulated distributable earnings (loss) | 1674541187 | 174877794 | 85683007 | (31055) | 84511139 |
| NET ASSETS | $15716089931 | $697645116 | $1010673081 | $2013135 | $780154203 |

---

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | MARKET NEUTRAL <br>INCOME FUND | MARKET NEUTRAL <br>INCOME FUND | HEDGED EQUITY <br>FUND | PHINEUS <br>LONG/SHORT <br>FUND | MERGER <br>ARBITRAGE<br>FUND | MERGER <br>ARBITRAGE<br>FUND | CONVERTIBLE <br>FUND | CONVERTIBLE <br>FUND |
| **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** |
| Net assets applicable to shares outstanding | $855797317 |  | $25983755 | $65663609 | $122946 |  | $223299536 |  |
| Shares outstanding | 55802541 |  | 1541796 | 4038762 | 12511 |  | 10565795 |  |
| Net asset value and redemption price per share | $15.34 |  | $16.85 | $16.26 | $9.83 |  | $21.13 |  |
| Maximum offering price per share (Net asset value, plus 4.75% of offering price) | $15.77 | # | $17.69 | $17.07 | $10.11 | # | $21.62 | # |
| **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** |
| Net assets applicable to shares outstanding | $207479543 |  | $12359015 | $28873346 | $100319 |  | $24763635 |  |
| Shares outstanding | 13473468 |  | 759381 | 1879479 | 10243 |  | 1212449 |  |
| Net asset value and redemption price per share | $15.40 |  | $16.28 | $15.36 | $9.79 |  | $20.42 |  |
| **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** |
| Net assets applicable to shares outstanding | $14248067302 |  | $659302346 | $916136126 | $1789870 |  | $532091032 |  |
| Shares outstanding | 941477734 |  | 39032644 | 55458122 | 182007 |  | 29608106 |  |
| Net asset value and redemption price per share | $15.13 |  | $16.89 | $16.52 | $9.83 |  | $17.97 |  |
| **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** |
| Net assets applicable to shares outstanding | $404745769 |  | $— | $— | $— |  | $— |  |
| Shares outstanding | 26741365 |  |  |  |  |  |  |  |
| Net asset value and redemption price per share | $15.14 |  | $— | $— | $— |  | $— |  |
| \* Includes securities on loan | $698059121 |  | $26588291 | $42294348 | $— |  | $74418056 |  |

---

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

† No par value; unlimited number of shares authorized.

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

See accompanying Notes to Financial Statements

www.calamos.com

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | GLOBAL<br>CONVERTIBLE<br>FUND | TIMPANI <br>SMALL CAP <br>GROWTH FUND | TIMPANI SMID <br>GROWTH FUND | GROWTH FUND | GROWTH AND <br>INCOME FUND |
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Investments in securities, at cost | $141014935 | $284389027 | $26349284 | $740453801 | $1424910622 |
| Investment in securities, at value\* | $147334725 | $357081004 | $31384184 | $1446545837 | $2626645681 |
| Cash with custodian | 2987753 | 834145 | 281161 | 5863324 | 145097956 |
| Cash held at broker | 279 |  |  |  |  |
| Collateral for short positions domestic |  |  |  | 6023 |  |
| Restricted cash for short positions |  |  |  |  | 8419 |
| Foreign currencies held by broker (cost $54) | 57 |  |  |  |  |
| Receivables: | Receivables: | Receivables: | Receivables: | Receivables: | Receivables: |
| Investments sold |  | 2112965 | 165358 | 671431 | 341064 |
| Accrued interest | 414053 | 4073 | 239 | 281924 | 3197913 |
| Fund shares sold | 87500 | 348850 | 148964 | 86017 | 642439 |
| Due from investment advisor |  | 24280 | 7790 |  |  |
| Prepaid expenses | 32052 | 44353 | 18752 | 27866 | 46889 |
| Other assets |  |  |  | 918278 | 396504 |
| Total assets | 150856419 | 360449670 | 32006448 | 1454400700 | 2776376865 |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| Collateral for securities loaned | 16793640 |  |  | 35080417 | 57515683 |
| Foreign currency overdraft (cost $55) |  |  |  |  | 57 |
| Options written, at value (premium $538,742 and $617,739) |  |  |  | 42900 | 351523 |
| Payables: | Payables: | Payables: | Payables: | Payables: | Payables: |
| Investments purchased |  | 1015171 | 281358 | 655554 | 5377458 |
| Fund shares redeemed | 63081 | 185231 |  | 674576 | 1319233 |
| Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: |
| Investment advisory fees | 90948 | 255813 | 22353 | 1013829 | 1464371 |
| Distribution fees | 222 | 634 | 5 | 15101 | 23553 |
| Deferred compensation to trustees |  |  |  | 918257 | 396504 |
| Trustees' fees and officer compensation | 1849 | 2046 | 1501 | 5797 | 9531 |
| Other accounts payable and accrued liabilities | 40374 | 42413 | 16623 | 258248 | 413258 |
| Total liabilities | 16990114 | 1501308 | 321840 | 38664679 | 66871171 |
| NET ASSETS | $133866305 | $358948362 | $31684608 | $1415736021 | $2709505694 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid in capital | $132108947 | $386410642 | $26959088 | $683288434 | $1426054936 |
| Accumulated distributable earnings (loss) | 1757358 | (27462280) | 4725520 | 732447587 | 1283450758 |
| NET ASSETS | $133866305 | $358948362 | $31684608 | $1415736021 | $2709505694 |
| **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** |
| Net assets applicable to shares outstanding | $7838426 | $24268376 | $353520 | $1068043336 | $1299428206 |
| Shares outstanding | 628462 | 744105 | 26532 | 26465626 | 27973709 |
| Net asset value and redemption price per share | $12.47 | $32.61 | $13.32 | $40.36 | $46.45 |
| Maximum offering price per share (Net asset value, plus 4.75% of offering price) | $12.76 | $34.24 | $13.98 | $42.37 | $48.77 |
| **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** |
| Net assets applicable to shares outstanding | $2098058 | $5256194 | $— | $9242909 | $106197670 |
| Shares outstanding | 177400 | 159985 |  | 728231 | 2287971 |
| Net asset value and redemption price per share | $11.83 | $32.85 | $— | $12.69 | $46.42 |
| **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** |
| Net assets applicable to shares outstanding | $123929821 | $302312266 | $30830518 | $338449776 | $1267597310 |
| Shares outstanding | 9867771 | 8919966 | 2280360 | 5273840 | 28819625 |
| Net asset value and redemption price per share | $12.56 | $33.89 | $13.52 | $64.18 | $43.98 |
| **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** |
| Net assets applicable to shares outstanding | $— | $27111526 | $500570 | $— | $36282508 |
| Shares outstanding |  | 795741 | 36998 |  | 824291 |
| Net asset value and redemption price per share | $— | $34.07 | $13.53 | $— | $44.02 |
| \* Includes securities on loan | $17700641 | $— | $— | $52887632 | $60074526 |

---

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

† No par value; unlimited number of shares authorized.

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

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | DIVIDEND<br>GROWTH FUND | SELECT FUND | INTERNATIONAL<br>GROWTH FUND | EVOLVING<br>WORLD GROWTH<br>FUND | GLOBAL EQUITY<br>FUND |
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Investments in securities, at cost | $10798883 | $32801775 | $203057748 | $303814276 | $94793872 |
| Investment in securities, at value\* | $20649776 | $53337022 | $252605741 | $376476567 | $131524581 |
| Cash with custodian | 327752 | 1159548 | 136079 |  | 2334908 |
| Cash held at broker | 2 |  | 1500 | 386 |  |
| Restricted cash for short positions |  |  |  |  |  |
| Foreign currency (cost $509) |  |  | 516 |  |  |
| Unrealized appreciation on forward foreign currency contracts |  |  | 996125 | 378788 |  |
| Receivables: | Receivables: | Receivables: | Receivables: | Receivables: | Receivables: |
| Investments sold |  |  |  | 2200302 | 672374 |
| Accrued dividends | 7788 | 15434 | 529598 | 412978 | 181021 |
| Fund shares sold |  | 121 | 194974 | 109230 | 36850 |
| Due from investment advisor | 9594 | 16560 | 52058 | 104833 | 7546 |
| Prepaid expenses | 18822 | 32227 | 47898 | 28776 | 45275 |
| Other assets |  | 98443 | 61963 | 18259 | 31782 |
| Total assets | 21013734 | 54659355 | 254626452 | 379730119 | 134834337 |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| Due to custodian bank |  |  |  | 580112 |  |
| Collateral for securities loaned | 716183 | 694946 | 15468354 | 14093979 | 3568861 |
| Unrealized depreciation on forward foreign currency contracts |  |  | 183704 | 221919 | 38808 |
| Payables: | Payables: | Payables: | Payables: | Payables: | Payables: |
| Investments purchased |  |  |  |  | 2698488 |
| Fund shares redeemed | 4669 | 73990 | 324778 | 127535 | 28045 |
| Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: |
| Investment advisory fees | 16015 | 42537 | 181835 | 319450 | 97123 |
| Distribution fees | 239 | 203 | 712 | 658 | 431 |
| Deferred compensation to trustees |  | 98443 | 61963 | 18259 | 31782 |
| Trustees' fees and officer compensation | 1525 | 1623 | 2220 | 2784 | 1832 |
| Other accounts payable and accrued liabilities | 16509 | 19284 | 189665 | 1299932 | 35925 |
| Total liabilities | 755140 | 931026 | 16413231 | 16664628 | 6501295 |
| NET ASSETS | $20258594 | $53728329 | $238213221 | $363065491 | $128333042 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid in capital | $10160354 | $31963248 | $182103234 | $374755142 | $78888449 |
| Accumulated distributable earnings (loss) | 10098240 | 21765081 | 56109987 | (11689651) | 49444593 |
| NET ASSETS | $20258594 | $53728329 | $238213221 | $363065491 | $128333042 |
| **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** |
| Net assets applicable to shares outstanding | $6860523 | $13485832 | $47236098 | $35714777 | $26603966 |
| Shares outstanding | 381481 | 667809 | 2246244 | 1897545 | 1666389 |
| Net asset value and redemption price per share | $17.98 | $20.19 | $21.03 | $18.82 | $15.97 |
| Maximum offering price per share (Net asset value, plus 4.75% of offering price) | $18.88 | $21.20 | $22.08 | $19.76 | $16.77 |
| **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** |
| Net assets applicable to shares outstanding | $2660451 | $355925 | $1288518 | $3166266 | $1246274 |
| Shares outstanding | 158391 | 22127 | 75636 | 184523 | 101304 |
| Net asset value and redemption price per share | $16.80 | $16.09 | $17.04 | $17.16 | $12.30 |
| **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** |
| Net assets applicable to shares outstanding | $10737620 | $39886572 | $181251152 | $324184448 | $100227836 |
| Shares outstanding | 593080 | 1884007 | 8208313 | 17018070 | 5905178 |
| Net asset value and redemption price per share | $18.10 | $21.17 | $22.08 | $19.05 | $16.97 |
| **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** |
| Net assets applicable to shares outstanding | $— | $— | $8437453 | $— | $254966 |
| Shares outstanding |  |  | 377198 |  | 15002 |
| Net asset value and redemption price per share | $— | $— | $22.37 | $— | $17.00 |
| \* Includes securities on loan | $801973 | $682885 | $14447878 | $18063097 | $3330295 |

---

† 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

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | GLOBAL<br>OPPORTUNITIES<br>FUND | INTERNATIONAL<br>SMALL CAP <br>GROWTH FUND | TOTAL RETURN<br>BOND FUND | HIGH INCOME <br>OPPORTUNITIES<br>FUND | SHORT-TERM <br>BOND FUND |
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Investments in securities, at cost | $213035727 | $4665319 | $32267346 | $37482835 | $384144072 |
| Investment in securities, at value\* | $267925783 | $5482446 | $29952262 | $35951459 | $385867387 |
| Cash with custodian | 6189089 | 144869 | 295052 | 837476 | 11029316 |
| Cash held at broker | 37 |  |  |  |  |
| Restricted cash for futures |  |  | 27500 |  | 275000 |
| Variation margin on open futures contracts |  |  | 57479 |  | 574925 |
| Unrealized appreciation on forward foreign currency contracts |  | 24939 |  |  |  |
| Receivables: | Receivables: | Receivables: | Receivables: | Receivables: | Receivables: |
| Investments sold | 973103 | 60735 | 81408 | 144668 | 1000209 |
| Accrued interest and dividends | 723934 | 8023 | 227441 | 500098 | 3133404 |
| Fund shares sold | 21619 |  | 2062 | 1615 | 323736 |
| Due from investment advisor | 56374 | 20657 | 7846 | 11142 | 3109 |
| Prepaid expenses | 27546 | 48457 | 16286 | 28430 | 15875 |
| Other assets | 149118 |  | 35763 | 108484 |  |
| Total assets | 276066603 | 5790126 | 30703099 | 37583372 | 402222961 |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| Collateral for securities loaned | 11248883 |  | 890533 | 2397333 | 9673985 |
| Unrealized depreciation on forward foreign currency contracts | 92080 | 2006 |  |  |  |
| Payables: | Payables: | Payables: | Payables: | Payables: | Payables: |
| Investments purchased | 4085751 | 47931 |  | 202306 | 4350838 |
| Fund shares redeemed | 142406 | 3 | 21858 | 57340 | 30504 |
| Dividends payable |  |  | 13134 | 7006 | 1404870 |
| Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: |
| Investment advisory fees | 209111 | 4217 | 10953 | 17060 | 94665 |
| Distribution fees | 1899 | 5 | 151 | 376 | 54 |
| Deferred compensation to trustees | 149118 |  | 35763 | 108484 |  |
| Trustees' fees and officer compensation | 2211 | 1478 | 1582 | 1592 | 2652 |
| Other accounts payable and accrued liabilities | 58028 | 22375 | 22528 | 27788 | 37675 |
| Total liabilities | 15989487 | 78015 | 996502 | 2819285 | 15595243 |
| NET ASSETS | $260077116 | $5712111 | $29706597 | $34764087 | $386627718 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid in capital | $193263326 | $5407687 | $35107835 | $49665258 | $401573261 |
| Accumulated distributable earnings (loss) | 66813790 | 304424 | (5401238 | (14901171 | (14945543 |
| NET ASSETS | $260077116 | $5712111 | $29706597 | $34764087 | $386627718 |
| **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** |
| Net assets applicable to shares outstanding | $90014795 | $275321 | $9768330 | $25902418 | $3929395 |
| Shares outstanding | 7546833 | 27472 | 1087110 | 3389785 | 410355 |
| Net asset value and redemption price per share | $11.93 | $10.02 | $8.99 | $7.64 | $9.58 |
| Maximum offering price per share (Net asset value, plus 4.75% of offering price) | $12.52 | $10.52 | $9.20 | $7.82 | $9.80 |
| **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** |
| Net assets applicable to shares outstanding | $12268848 | $9844 | $326150 | $368618 | $— |
| Shares outstanding | 1250476 | 1005 | 36314 | 44664 |  |
| Net asset value and redemption price per share | $9.81 | $9.80 | $8.98 | $8.25 | $— |
| **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** |
| Net assets applicable to shares outstanding | $157793473 | $5416781 | $19612117 | $8493051 | $382698323 |
| Shares outstanding | 12645682 | 536992 | 2181344 | 1110775 | 40003993 |
| Net asset value and redemption price per share | $12.48 | $10.09 | $8.99 | $7.65 | $9.57 |
| **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** |
| Net assets applicable to shares outstanding | $— | $10165 | $— | $— | $— |
| Shares outstanding |  | 1007 |  |  |  |
| Net asset value and redemption price per share | $— | $10.09 | $— | $— | $— |
| \* Includes securities on loan | $10855769 | $— | $1267244 | $2474251 | $20167180 |

---

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

† No par value; unlimited number of shares authorized.

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

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | MARKET NEUTRAL <br>INCOME FUND | HEDGED EQUITY <br>FUND | PHINEUS <br>LONG/SHORT<br>FUND | MERGER <br>ARBITRAGE <br>FUND | CONVERTIBLE<br>FUND |
| **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Interest | $47310791 | $145461 | $2621282 | $3937 | $5592342 |
| Interest on short sales | 60209670 |  | 13803909 | 7361 | 65 |
| (Amortization)/accretion of investment securities | (33449764) |  |  | (310) | (7696462) |
| Net interest | 74070697 | 145461 | 16425191 | 10988 | (2104055) |
| Dividends | 71945001 | 4734391 | 5429536 | 8775 | 2194650 |
| Dividends from affiliated funds | 7867315 |  |  |  |  |
| Dividend taxes withheld | (32811) | (1653) | (69591) |  |  |
| Securities lending income, net of rebates received or paid to borrowers | 223396 | 1863 | 15376 |  | 50533 |
| Total investment income | 154073598 | 4880062 | 21800512 | 19763 | 141128 |
| **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** |
| Investment advisory fees | 50324153 | 2577808 | 6238045 | 10308 | 3117928 |
| Distribution fees | Distribution fees | Distribution fees | Distribution fees | Distribution fees | Distribution fees |
| Class A | 1098427 | 34081 | 82103 | 153 | 299454 |
| Class C | 1045226 | 61249 | 153118 | 498 | 136902 |
| Dividend or interest expense on short positions | 12985590 |  | 4379036 | 7490 |  |
| Transfer agent fees | 7442409 | 348214 | 536461 | 3853 | 459588 |
| Fund administration fees | 517108 | 24809 | 36372 |  | 28778 |
| Accounting fees | 401285 | 25198 | 31325 | 1606 | 27052 |
| Printing and mailing fees | 334040 | 20961 | 30173 | 4416 | 26531 |
| Trustees' fees and officer compensation | 307793 | 19187 | 25637 | 5145 | 22612 |
| Tax fees | 246614 | 10927 | 17412 | 333 | 14639 |
| Legal fees | 236436 | 14638 | 19935 | 3586 | 16836 |
| Audit fees | 181493 | 12998 | 16755 | 4785 | 15154 |
| Custodian fees | 144679 | 7142 | 85418 | 802 | 7840 |
| Registration fees | 118997 | 31108 | 31143 | 21237 | 34771 |
| Other | 270005 | 19299 | 13546 | 8861 | 19571 |
| Total expenses | 75654255 | 3207619 | 11696479 | 73073 | 4227656 |
| Less expense reductions | (497239) |  |  | (52049) |  |
| Net expenses | 75157016 | 3207619 | 11696479 | 21024 | 4227656 |
| NET INVESTMENT INCOME (LOSS) | 78916582 | 1672443 | 10104033 | (1261) | (4086528) |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** |
| Investments, excluding purchased options | 137826640 | 3373878 | 116920944 | (28967) | 56673289 |
| Purchased options | 13892473 | (21204) | (57557134) | (213) | (1485518) |
| Foreign currency transactions | 2705086 |  | 25181 | (2) | (3467) |
| Forward foreign currency contracts | 423785 |  |  |  | (159600) |
| Written options | 59040244 | (192343) | 27795731 | (15026) | 1568252 |
| Short positions | (57858796) |  | 40317140 | 50220 |  |
| Total return swaps | 271628 |  |  |  |  |
| Futures contracts | 9444 |  |  |  |  |
| **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** |
| Investments, excluding purchased options | (57373546) | (22476910) | (104510541) | 9293 | (56556447) |
| Affiliated funds | 1755858 |  |  |  |  |
| Purchased options | (16494730) | 3592838 | (2372516) |  |  |
| Foreign currency translations | 11392165 |  | 7497 |  |  |
| Forward foreign currency contracts | (13974468) |  |  |  | 202145 |
| Written options | 302561193 | 9793048 | 1747436 | 189 |  |
| Short positions | (73064058) |  | (10145069) | 19764 |  |
| Total return swaps | (1548365) |  |  |  |  |
| NET GAIN (LOSS) | 309564553 | (5930693) | 12228669 | 35258 | 238654 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING <br>FROM OPERATIONS | $388481135 | $(4258250) | $22332702 | $33997 | $(3847874) |

---

See accompanying Notes to Financial Statements

www.calamos.com

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | GLOBAL<br>CONVERTIBLE<br>FUND | TIMPANI <br>SMALL CAP <br>GROWTH FUND | TIMPANI SMID <br>GROWTH FUND | GROWTH FUND | GROWTH AND <br>INCOME FUND |
| **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Interest | $777994 | $67344 | $8463 | $276949 | $7048897 |
| Interest on short sales |  |  |  | 31799 |  |
| (Amortization)/accretion of investment securities | (183894) |  |  |  | (6073933) |
| Net interest | 594100 | 67344 | 8463 | 308748 | 974964 |
| Dividends | 232041 | 408051 | 26232 | 3585995 | 13781572 |
| Non-cash dividends |  | 237922 |  |  |  |
| Dividend taxes withheld | (966) |  |  | (52080) | (5883) |
| Securities lending income, net of rebates received or paid to borrowers | 5559 |  |  | 22914 | 48261 |
| Other income |  |  |  |  | 1 |
| Total investment income | 830734 | 713317 | 34695 | 3865577 | 14798915 |
| **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** |
| Investment advisory fees | 561516 | 1793058 | 141422 | 6924092 | 9622791 |
| Distribution fees | Distribution fees | Distribution fees | Distribution fees | Distribution fees | Distribution fees |
| Class A | 9827 | 34190 | 491 | 1463654 | 1720093 |
| Class C | 10476 | 28008 |  | 50204 | 545148 |
| Transfer agent fees | 71458 | 190674 | 9931 | 687320 | 1168360 |
| Fund administration fees | 4327 | 10670 | 929 | 55990 | 101630 |
| Accounting fees | 11160 | 18464 | 6917 | 43777 | 74059 |
| Printing and mailing fees | 8186 | 12440 | 4650 | 44734 | 58213 |
| Trustees' fees and officer compensation | 7687 | 12940 | 5651 | 37057 | 63277 |
| Tax fees | 2435 | 5709 | 408 | 28949 | 45484 |
| Legal fees | 6213 | 6768 | 4791 | 25947 | 46914 |
| Audit fees | 6296 | 9413 | 5095 | 23643 | 38966 |
| Custodian fees | 2940 | 13678 | 4426 | 19970 | 23359 |
| Registration fees | 23468 | 27657 | 19986 | 27917 | 43723 |
| Other | 8139 | 11092 | 4711 | 34574 | 52357 |
| Total expenses | 734128 | 2174761 | 209408 | 9467828 | 13604374 |
| Less expense reductions |  | (42657) | (45271) |  |  |
| Net expenses | 734128 | 2132104 | 164137 | 9467828 | 13604374 |
| NET INVESTMENT INCOME (LOSS) | 96606 | (1418787) | (129442) | (5602251) | 1194541 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** |
| Investments, excluding purchased options | 3649072 | (1550509) | 405579 | 65043192 | 111324440 |
| Purchased options | (479703) |  |  | (10310230) | 29946840 |
| Foreign currency transactions | 4040 |  |  | 823 |  |
| Written options |  |  |  | 3282741 | (3404420) |
| **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** |
| Investments, excluding purchased options | 1613443 | (17025399) | (1762079) | (91775815) | (161276477) |
| Purchased options | 246128 |  |  | 636649 | (4010021) |
| Foreign currency translations | 5708 |  |  | 1094 | 146 |
| Written options |  |  |  | (702180) | (49600) |
| NET GAIN (LOSS) | 5038688 | (18575908) | (1356500) | (33823726) | (27469092) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING <br>FROM OPERATIONS | $5135294 | $(19994695) | $(1485942) | $(39425977) | $(26274551) |

---

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | DIVIDEND <br>GROWTH FUND | SELECT FUND | INTERNATIONAL <br>GROWTH FUND | EVOLVING <br>WORLD GROWTH <br>FUND | GLOBAL EQUITY<br>FUND |
| **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Interest | $9077 | $31851 | $43142 | $216579 | $44255 |
| (Amortization)/accretion of investment securities |  |  |  | (647326) |  |
| Net interest | 9077 | 31851 | 43142 | (430747) | 44255 |
| Dividends | 124685 | 276694 | 1473796 | 2271663 | 672477 |
| Dividend taxes withheld |  | (1463) | (130659) | (264637) | (28196) |
| Securities lending income, net of rebates received or paid to borrowers | 542 |  | 28676 | 4861 | 2519 |
| Total investment income | 134304 | 307082 | 1414955 | 1581140 | 691055 |
| **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** |
| Investment advisory fees | 104831 | 282426 | 1195536 | 2074736 | 666567 |
| Performance fees |  |  | (44374) |  | (12416) |
| Distribution fees | Distribution fees | Distribution fees | Distribution fees | Distribution fees | Distribution fees |
| Class A | 8930 | 17920 | 59601 | 48113 | 34537 |
| Class C | 13743 | 1749 | 6677 | 16508 | 6317 |
| Transfer agent fees | 12475 | 15435 | 128791 | 257433 | 54486 |
| Fund administration fees | 699 | 2043 | 9203 | 12593 | 4906 |
| Accounting fees | 8018 | 8038 | 13941 | 15657 | 11426 |
| Printing and mailing fees | 4998 | 5184 | 9684 | 19021 | 6703 |
| Trustees' fees and officer compensation | 5498 | 6229 | 9987 | 12867 | 7863 |
| Tax fees | 324 | 895 | 13939 | 22969 | 11454 |
| Legal fees | 4703 | 5190 | 10413 | 10313 | 6421 |
| Audit fees | 5010 | 5439 | 7633 | 9398 | 6380 |
| Custodian fees | 1103 | 718 | 49095 | 164465 | 11895 |
| Registration fees | 20483 | 20930 | 30265 | 27919 | 32299 |
| Other | 4418 | 5243 | 7353 | 7797 | 6865 |
| Total expenses | 195233 | 377439 | 1507744 | 2699789 | 855703 |
| Less expense reductions | (57246) | (103588) | (309135) | (654739) | (48374) |
| Net expenses | 137987 | 273851 | 1198609 | 2045050 | 807329 |
| NET INVESTMENT INCOME (LOSS) | (3683) | 33231 | 216346 | (463910) | (116274) |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** |
| Investments, excluding purchased options | 301682 | 1329196 | 7208779<br> <sup>(a)</sup> | 12519081<br> <sup>(a)</sup> | 11632576<br> <sup>(a)</sup> |
| Purchased options | (1489) |  | (535877) | (2304132) | 2564289 |
| Foreign currency transactions |  | 37 | (6803) | (466940) | 1717 |
| Forward foreign currency contracts |  |  | (1256895) | (1749256) |  |
| Written options |  |  |  |  | 135526 |
| **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** |
| Investments | (622028) | (1951699) | (6499975)<sup>(b)</sup> | (24490695)<sup>(b)</sup> | (14406247)<sup>(b)</sup> |
| Purchased options |  |  | (609137) | (419359) | (691080) |
| Foreign currency translations |  |  | 18848 | 3726 | (3422) |
| Forward foreign currency contracts |  |  | 1441426 | 1359436 | (38808) |
| NET GAIN (LOSS) | (321835) | (622466) | (239634) | (15548139) | (805449) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING <br>FROM OPERATIONS | $(325518) | $(589235) | $(23288) | $(16012049) | $(921723) |

---

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

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

See accompanying Notes to Financial Statements

www.calamos.com

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | GLOBAL <br>OPPORTUNITIES<br>FUND | INTERNATIONAL <br>SMALL CAP <br>GROWTH FUND | TOTAL RETURN <br>BOND FUND | HIGH INCOME <br>OPPORTUNITIES <br>FUND | SHORT-TERM <br>BOND FUND |
| **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Interest | $995965 | $4378 | $645201 | $1227136 | $8512200 |
| (Amortization)/accretion of investment securities | (683888) |  | 14152 | 61005 | 499058 |
| Net interest | 312077 | 4378 | 659353 | 1288141 | 9011258 |
| Dividends | 1278406 | 34749 |  | 11453 |  |
| Dividend taxes withheld | (49009) | (3683) |  |  |  |
| Securities lending income, net of rebates received or paid to borrowers | 2712 |  | 1193 | 5199 | 24398 |
| Total investment income | 1544186 | 35444 | 660546 | 1304793 | 9035656 |
| **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** |
| Investment advisory fees | 1384003 | 26440 | 66568 | 107667 | 558357 |
| Distribution fees | Distribution fees | Distribution fees | Distribution fees | Distribution fees | Distribution fees |
| Class A | 118840 | 413 | 12858 | 33625 | 4503 |
| Class C | 61995 | 48 | 1143 | 1853 |  |
| Transfer agent fees | 148236 | 6061 | 17079 | 20830 | 30908 |
| Fund administration fees | 9522 | 211 | 1448 | 1303 | 12782 |
| Accounting fees | 13767 | 4079 | 10408 | 16211 | 21955 |
| Printing and mailing fees | 12255 | 4514 | 5942 | 6135 | 6343 |
| Trustees' fees and officer compensation | 10769 | 5184 | 5673 | 5803 | 12420 |
| Tax fees | 13628 | 15632 | 862 | 601 | 6133 |
| Legal fees | 10517 | 5381 | 4830 | 4264 | 10654 |
| Audit fees | 8141 | 4827 | 5114 | 5192 | 9049 |
| Custodian fees | 14630 | 7476 | 1182 | 2312 | 4304 |
| Registration fees | 23690 | 27640 | 21160 | 21618 | 17017 |
| Other | 9119 | 4799 | 5626 | 8474 | 11593 |
| Total expenses | 1839112 | 112705 | 159893 | 235888 | 706018 |
| Less expense reductions | (315795) | (81634) | (49740) | (65826) | (3109) |
| Net expenses | 1523317 | 31071 | 110153 | 170062 | 702909 |
| NET INVESTMENT INCOME (LOSS) | 20869 | 4373 | 550393 | 1134731 | 8332747 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** |
| Investments, excluding purchased options | 12681755<br> <sup>(a)</sup> | (253110)<sup>(a)</sup> | (114184) | (473295) | 51757 |
| Purchased options | 2451038 | 26235 |  |  |  |
| Foreign currency transactions | 15042 | (521) |  |  |  |
| Forward foreign currency contracts |  | (2728) |  |  |  |
| Written options | 280490 |  |  |  |  |
| Futures contracts |  |  | (48800) |  | (558712) |
| **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** |
| Investments, excluding purchased options | (16115053)<sup>(b)</sup> | 265538<br> <sup>(b)</sup> | 185408 | (190055) | 1987430 |
| Purchased options | (1846963) | (16632) |  |  |  |
| Foreign currency translations | (15) | 356 |  |  |  |
| Forward foreign currency contracts | (92080) | 22933 |  |  |  |
| Futures contracts |  |  | 84567 |  | 910577 |
| NET GAIN (LOSS) | (2625786) | 42071 | 106991 | (663350) | 2391052 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING <br>FROM OPERATIONS | $(2604917) | $46444 | $657384 | $471381 | $10723799 |

---

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

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

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **MARKET NEUTRAL INCOME FUND** | **MARKET NEUTRAL INCOME FUND** | **HEDGED EQUITY FUND** | **HEDGED EQUITY FUND** | **PHINEUS LONG/SHORT FUND** | **PHINEUS LONG/SHORT FUND** |
| | (UNAUDITED)<br>SIX MONTHS <br>ENDED<br>APRIL 30, <br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30, <br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30,<br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $78916582 | $162757996 | $1672443 | $3606733 | $10104033 | $27269709 |
| Net realized gain (loss) | 156310504 | (1043943908) | 3160331 | (32786839) | 127501862 | 12952498 |
| Change in unrealized appreciation/(depreciation) | 153254049 | 2098000251 | (9091024) | 152662554 | (115273193) | 105496807 |
| Net increase (decrease) in net assets resulting <br>from operations | 388481135 | 1216814339 | (4258250) | 123482448 | 22332702 | 145719014 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Class A | (10355374) | (51746743) | (59492) | (101872) | (4130897) | (1127444) |
| Class C | (1798445) | (11368494) | (4955) | (16785) | (1856238) | (317398) |
| Class I | (181666103) | (722761391) | (2024076) | (3460430) | (60334647) | (16078836) |
| Class R6 | (2272506) | (5223949) |  |  |  |  |
| Total distributions | (196092428) | (791100577) | (2088523) | (3579087) | (66321782) | (17523678) |
| **CAPITAL SHARE TRANSACTIONS** | 448464975 | 715035765 | 6795509 | 16412446 | 10832478 | (20261932) |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 640853682 | 1140749527 | 448736 | 136315807 | (33156602) | 107933404 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of period | $15075236249 | $13934486722 | $697196380 | $560880573 | $1043829683 | $935896279 |
| End of period | $15716089931 | $15075236249 | $697645116 | $697196380 | $1010673081 | $1043829683 |

---

See accompanying Notes to Financial Statements

www.calamos.com

------

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **MERGER ARBITRAGE FUND** | **MERGER ARBITRAGE FUND** | **CONVERTIBLE FUND** | **CONVERTIBLE FUND** | **GLOBAL CONVERTIBLE FUND** | **GLOBAL CONVERTIBLE FUND** |
| | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30, <br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30, <br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30,<br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $(1261) | $26451 | $(4086528) | $(2797322) | $96606 | $(375332) |
| Net realized gain (loss) | 6012 | 34551 | 56592956 | 23053384 | 3173409 | 3753281 |
| Change in unrealized appreciation/(depreciation) | 29246 | (941) | (56354302) | 140477969 | 1865279 | 19279768 |
| Net increase (decrease) in net assets resulting <br>from operations | 33997 | 60061 | (3847874) | 160734031 | 5135294 | 22657717 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Class A | (3252) | (864) | (2525833) | (4991529) |  |  |
| Class C | (1945) | (440) | (209531) | (457686) |  |  |
| Class I | (55048) | (11740) | (8212090) | (14883387) |  |  |
| Class R6 |  |  |  |  |  |  |
| Total distributions | (60245) | (13044) | (10947454) | (20332602) |  |  |
| **CAPITAL SHARE TRANSACTIONS** | (57596) | (8682) | (76259361) | (104387833) | 925298 | (15240434) |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | (83844) | 38335 | (91054689) | 36013596 | 6060592 | 7417283 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of period | $2096979 | $2058644 | $871208892 | $835195296 | $127805713 | $120388430 |
| End of period | $2013135 | $2096979 | $780154203 | $871208892 | $133866305 | $127805713 |

---

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **TIMPANI SMALL CAP <br>GROWTH FUND** | **TIMPANI SMALL CAP <br>GROWTH FUND** | **TIMPANI SMID GROWTH FUND** | **TIMPANI SMID GROWTH FUND** | **GROWTH FUND** | **GROWTH FUND** |
| | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30, <br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30, <br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30,<br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $(1418787) | $(2539559) | $(129442) | $(202067) | $(5602251) | $(9322206) |
| Net realized gain (loss) | (1550509) | 59919290 | 405579 | 4075185 | 58016526 | 105006218 |
| Change in unrealized appreciation/(depreciation) | (17025399) | 64459005 | (1762079) | 5125958 | (91840252) | 395169533 |
| Net increase (decrease) in net assets resulting <br>from operations | (19994695) | 121838736 | (1485942) | 8999076 | (39425977) | 490853545 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Class A | (667937) |  | (10262) |  | (76755481) | (44789321) |
| Class C | (106506) |  |  |  | (1928971) | (1169236) |
| Class I | (9011089) |  | (751396) |  | (15327414) | (8400902) |
| Class R6 | (778825) |  | (15203) |  |  |  |
| Total distributions | (10564357) |  | (776861) |  | (94011866) | (54359459) |
| **CAPITAL SHARE TRANSACTIONS** | 42134778 | (12726825) | 7698016 | 1094630 | 14202053 | (99204528) |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 11575726 | 109111911 | 5435213 | 10093706 | (119235790) | 337289558 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of period | $347372636 | $238260725 | $26249395 | $16155689 | $1534971811 | $1197682253 |
| End of period | $358948362 | $347372636 | $31684608 | $26249395 | $1415736021 | $1534971811 |

---

See accompanying Notes to Financial Statements

www.calamos.com

------

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **GROWTH AND INCOME FUND** | **GROWTH AND INCOME FUND** | **DIVIDEND GROWTH FUND** | **DIVIDEND GROWTH FUND** | **SELECT FUND** | **SELECT FUND** |
| | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30, <br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30, <br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30,<br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $1194541 | $7226192 | $(3683) | $2133 | $33231 | $48906 |
| Net realized gain (loss) | 137866860 | 126447345 | 300193 | 623254 | 1329233 | 4194477 |
| Change in unrealized appreciation/(depreciation) | (165335952) | 533604579 | (622028) | 4726623 | (1951699) | 11344630 |
| Net increase (decrease) in net assets resulting <br>from operations | (26274551) | 667278116 | (325518) | 5352010 | (589235) | 15588013 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Class A | (62106860) | (51839834) | (179896) | (249190) | (1034032) | (520261) |
| Class C | (4657369) | (3121424) | (73454) | (109241) | (30129) | (6362) |
| Class I | (63490424) | (49754222) | (287860) | (358151) | (2934025) | (1384807) |
| Class R6 | (1822524) | (1424653) |  |  |  |  |
| Total distributions | (132077177) | (106140133) | (541210) | (716582) | (3998186) | (1911430) |
| **CAPITAL SHARE TRANSACTIONS** | 34892998 | 2715738 | 480625 | 777586 | 2218514 | (895481) |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | (123458730) | 563853721 | (386103) | 5413014 | (2368907) | 12781102 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of period | $2832964424 | $2269110703 | $20644697 | $15231683 | $56097236 | $43316134 |
| End of period | $2709505694 | $2832964424 | $20258594 | $20644697 | $53728329 | $56097236 |

---

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **INTERNATIONAL GROWTH FUND** | **INTERNATIONAL GROWTH FUND** | **EVOLVING WORLD <br>GROWTH FUND** | **EVOLVING WORLD <br>GROWTH FUND** | **GLOBAL EQUITY FUND** | **GLOBAL EQUITY FUND** |
| | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30, <br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30, <br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30,<br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $216346 | $(51869) | $(463910) | $(555291) | $(116274) | $(372701) |
| Net realized gain (loss) | 5409204 | 27624000 | 7998753 | 19297645 | 14334108 | 11641958 |
| Change in unrealized appreciation/(depreciation) | (5648838) | 38363615 | (23546892) | 86789607 | (15139557) | 28540310 |
| Net increase (decrease) in net assets resulting <br>from operations | (23288) | 65935746 | (16012049) | 105531961 | (921723) | 39809567 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Class A | (2178884) | (19035) |  | (117314) | (2386469) |  |
| Class C | (74590) |  |  |  | (143718) |  |
| Class I | (7822008) | (472228) |  | (1785077) | (8479430) | (71037) |
| Class R6 | (232875) | (21914) |  |  | (19318) | (193) |
| Total distributions | (10308357) | (513177) |  | (1902391) | (11028935) | (71230) |
| **CAPITAL SHARE TRANSACTIONS** | 6064341 | (12523357) | (17564607) | (68369607) | 6703419 | 6494691 |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | (4267304) | 52899212 | (33576656) | 35259963 | (5247239) | 46233028 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of period | $242480525 | $189581313 | $396642147 | $361382184 | $133580281 | $87347253 |
| End of period | $238213221 | $242480525 | $363065491 | $396642147 | $128333042 | $133580281 |

---

See accompanying Notes to Financial Statements

www.calamos.com

------

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **GLOBAL OPPORTUNITIES FUND** | **GLOBAL OPPORTUNITIES FUND** | **INTERNATIONAL <br>SMALL CAP GROWTH FUND** | **INTERNATIONAL <br>SMALL CAP GROWTH FUND** | **TOTAL RETURN BOND FUND** | **TOTAL RETURN BOND FUND** |
| | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30, <br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30, <br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30,<br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $20869 | $(140871) | $4373 | $(8332) | $550393 | $1354264 |
| Net realized gain (loss) | 15428325 | 34406923 | (230124) | 297057 | (162984) | (989701) |
| Change in unrealized appreciation/(depreciation) | (18054111) | 36711988 | 272195 | 454077 | 269975 | 2675899 |
| Net increase (decrease) in net assets resulting <br>from operations | (2604917) | 70978040 | 46444 | 742802 | 657384 | 3040462 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Class A | (7232735) | (436600) |  |  | (195412) | (443589) |
| Class C | (1084575) | (13157) |  |  | (3465) | (8203) |
| Class I | (12655507) | (921904) |  |  | (386867) | (1013778) |
| Class R6 |  |  |  |  |  |  |
| Total distributions | (20972817) | (1371661) |  |  | (585744) | (1465570) |
| **CAPITAL SHARE TRANSACTIONS** | 4253344 | 13459575 | (54312) | 2615155 | (595240) | (2668246) |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | (19324390) | 83065954 | (7868) | 3357957 | (523600) | (1093354) |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of period | $279401506 | $196335552 | $5719979 | $2362022 | $30230197 | $31323551 |
| End of period | $260077116 | $279401506 | $5712111 | $5719979 | $29706597 | $30230197 |

---

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **HIGH INCOME <br>OPPORTUNITIES FUND** | **HIGH INCOME <br>OPPORTUNITIES FUND** | **SHORT-TERM BOND FUND** | **SHORT-TERM BOND FUND** |
| | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30, <br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30, <br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $1134731 | $2269827 | $8332747 | $14960656 |
| Net realized gain (loss) | (473295) | (800021) | (506955) | (1106937) |
| Change in unrealized appreciation/(depreciation) | (190055) | 3570925 | 2898007 | 12533617 |
| Net increase (decrease) in net assets resulting <br>from operations | 471381 | 5040731 | 10723799 | 26387336 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Class A | (898810) | (1717866) | (80969) | (166086) |
| Class C | (10089) | (21770) |  |  |
| Class I | (298251) | (570665) | (8743926) | (17520565) |
| Class R6 |  |  |  |  |
| Total distributions | (1207150) | (2310301) | (8824895) | (17686651) |
| **CAPITAL SHARE TRANSACTIONS** | (1935734) | 1228142 | 17676958 | 718730 |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | (2671503) | 3958572 | 19575862 | 9419415 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of period | $37435590 | $33477018 | $367051856 | $357632441 |
| End of period | $34764087 | $37435590 | $386627718 | $367051856 |

---

See accompanying Notes to Financial Statements

www.calamos.com

------

Calamos Market Neutral Income Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $15.14 | $14.72 | $13.84 | $14.63 | $13.77 | $13.47 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.06 | 0.13 | 0.01 | (0.04) | (0.45) | 0.19 |
| Net realized and unrealized gain (loss) | 0.32 | 1.08 | 1.07 | (0.72) | 1.37 | 0.24 |
| Total from investment operations | 0.38 | 1.21 | 1.08 | (0.76) | 0.92 | 0.43 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.18) | (0.28) | (0.20) | (0.03) | (0.06) | (0.13) |
| Dividends from net realized gains |  | (0.51) |  |  |  |  |
| Total distributions\*\* | (0.18) | (0.79) | (0.20) | (0.03) | (0.06) | (0.13) |
| Net asset value, end of period | $15.34 | $15.14 | $14.72 | $13.84 | $14.63 | $13.77 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 2.43% | 8.61% | 7.76% | (5.22<br> %) | 6.67% | 3.27% |
| Net assets, end of period (000) | $855797 | $905712 | $1009976 | $1244117 | $1334984 | $817405 |
| Ratio of net expenses to average net assets | 1.20<br> %(c)(i) | 1.20<br> %(d) | 1.20<br> %(e) | 1.16<br> %(f) | 1.14<br> %(g) | 1.20<br> %(h) |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.21<br> %(i) | 1.21% | 1.21% | 1.17% | 1.14% | 1.21% |
| Ratio of net investment income (loss) to <br>average net assets | 0.80<br> %(i) | 0.91% | 0.06% | (1.12<br> %) | (3.15<br> %) | 1.43% |
| Portfolio turnover rate(j) | 21% | 35% | 28% | 41% | 49% | 77% |

---

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

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

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

(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.03% for the period ended April 30, 2025.

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

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

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

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

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

(i) Annualized.

(j) Not annualized.

CALAMOS 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 C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $15.22 | $14.79 | $13.92 | $14.80 | $13.98 | $13.70 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.00 | 0.02 | (0.10) | (0.27) | (0.57 | 0.10 |
| Net realized and unrealized gain (loss) | 0.31 | 1.10 | 1.07 | (0.61) | 1.39 | 0.24 |
| Total from investment operations | 0.31 | 1.12 | 0.97 | (0.88) | 0.82 | 0.34 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.13) | (0.18) | (0.10) |  | (0.00 | (0.06) |
| Dividends from net realized gains |  | (0.51) |  |  |  |  |
| Total distributions\*\* | (0.13) | (0.69) | (0.10) |  | (0.00 | (0.06) |
| Net asset value, end of period | $15.40 | $15.22 | $14.79 | $13.92 | $14.80 | $13.98 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 2.05% | 7.80% | 6.93% | (5.95<br> %) | 5.88 | 2.46% |
| Net assets, end of period (000) | $207480 | $215591 | $254478 | $306312 | $322432 | $252490 |
| Ratio of net expenses to average net assets | 1.95<br> %(c)(i) | 1.95<br> %(d) | 1.95<br> %(e) | 1.91<br> %(f) | 1.89 | 1.95<br> %(h) |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.96<br> %(i) | 1.96% | 1.96% | 1.92% | 1.89 | 1.96% |
| Ratio of net investment income (loss) to <br>average net assets | 0.05<br> %(i) | 0.16% | (0.69<br> %) | (1.87<br> %) | (3.92 | 0.70% |

---

\* Amounts are less than $0.005.

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

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

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

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

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

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

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

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

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

(i) Annualized.

www.calamos.com

------

Calamos Market Neutral Income Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $14.95 | $14.54 | $13.68 | $14.45 | $13.60 | $13.30 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.08 | 0.17 | 0.04 | (0.12) | (0.41) | 0.22 |
| Net realized and unrealized gain (loss) | 0.29 | 1.07 | 1.06 | (0.59) | 1.35 | 0.24 |
| Total from investment operations | 0.37 | 1.24 | 1.10 | (0.71) | 0.94 | 0.46 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.19) | (0.32) | (0.24) | (0.06) | (0.09) | (0.16) |
| Dividends from net realized gains |  | (0.51) |  |  |  |  |
| Total distributions\*\* | (0.19) | (0.83) | (0.24) | (0.06) | (0.09) | (0.16) |
| Net asset value, end of period | $15.13 | $14.95 | $14.54 | $13.68 | $14.45 | $13.60 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 2.59% | 8.86% | 8.07% | (5.01<br> %) | 6.92% | 3.51% |
| Net assets, end of period (000) | $14248067 | $13793265 | $12620874 | $14470090 | $14780637 | $9207961 |
| Ratio of net expenses to average net assets | 0.95<br> %(c)(i) | 0.95<br> %(d) | 0.95<br> %(e) | 0.91<br> %(f) | 0.89<br> %(g) | 0.95<br> %(h) |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 0.96<br> %(i) | 0.96% | 0.95% | 0.92% | 0.89% | 0.96% |
| Ratio of net investment income (loss) to <br>average net assets | 1.05<br> %(i) | 1.16% | 0.31% | (0.87<br> %) | (2.90<br> %) | 1.66% |

---

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

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

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

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

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

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

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

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

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

(i) Annualized.

CALAMOS 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 R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | June 23, 2020• through<br>October 31,<br>2020 |
| Net asset value, beginning of period | $14.95 | $14.54 | $13.68 | $14.46 | $13.61 | $13.35 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.08 | 0.18 | 0.06 | (0.11) | (0.38) | 0.05 |
| Net realized and unrealized gain (loss) | 0.31 | 1.07 | 1.05 | (0.60) | 1.33 | 0.21 |
| Total from investment operations | 0.39 | 1.25 | 1.11 | (0.71) | 0.95 | 0.26 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.20) | (0.33) | (0.25) | (0.07) | (0.10) |  |
| Dividends from net realized gains |  | (0.51) |  |  |  |  |
| Total distributions\*\* | (0.20) | (0.84) | (0.25) | (0.07) | (0.10) |  |
| Net asset value, end of period | $15.14 | $14.95 | $14.54 | $13.68 | $14.46 | $13.61 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 2.64% | 8.94% | 8.08% | (4.94<br> %) | 6.99% | 1.95% |
| Net assets, end of period (000) | $404746 | $160669 | $49159 | $43956 | $8846 | $10 |
| Ratio of net expenses to average net assets | 0.85<br> %(c)(i) | 0.86<br> %(d) | 0.86<br> %(e) | 0.86<br> %(f) | 0.82<br> %(g) | 0.77<br> %(h)(i) |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 0.85<br> %(i) | 0.86% | 0.87% | 0.87% | 0.83% | 0.77<br> %(i) |
| Ratio of net investment income (loss) to <br>average net assets | 1.10<br> %(i) | 1.24% | 0.40% | (0.82<br> %) | (2.64<br> %) | 1.06<br> %(i) |

---

• Commencement of operations.

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

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

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

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

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

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

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

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

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

(i) Annualized.

www.calamos.com

------

Calamos Hedged Equity Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $17.00 | $14.05 | $13.08 | $14.66 | $12.35 | $11.88 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.02 | 0.05 | 0.08 | 0.06 | 0.06 | 0.10 |
| Net realized and unrealized gain (loss) | (0.13) | 2.96 | 0.98 | (1.60) | 2.32 | 0.47 |
| Total from investment operations | (0.11) | 3.01 | 1.06 | (1.54) | 2.38 | 0.57 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.04) | (0.06) | (0.09) | (0.04) | (0.07) | (0.10) |
| Dividends from net realized gains |  |  |  |  |  |  |
| Total distributions\*\* | (0.04) | (0.06) | (0.09) | (0.04) | (0.07) | (0.10) |
| Net asset value, end of period | $16.85 | $17.00 | $14.05 | $13.08 | $14.66 | $12.35 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (0.67<br> %) | 21.45% | 8.10% | (10.51%) | 19.20% | 4.92% |
| Net assets, end of period (000) | $25984 | $30130 | $24754 | $33814 | $34309 | $15782 |
| Ratio of net expenses to average net assets | 1.14<br> %(c) | 1.15% | 1.17% | 1.16% | 1.17% | 1.15% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.14<br> %(c) | 1.15% | 1.17% | 1.16% | 1.17% | 1.20% |
| Ratio of net investment income (loss) to <br>average net assets | 0.25<br> %(c) | 0.34% | 0.58% | 0.42% | 0.44% | 0.84% |
| Portfolio turnover rate(d) | 3% | 20% | 19% | 32% | 39% | 57% |

---

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

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

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

(c) Annualized.

(d) Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos Hedged Equity Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $16.45 | $13.67 | $12.78 | $14.39 | $12.18 | $11.72 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.04) | (0.07) | (0.03) | (0.04) | (0.04) | 0.01 |
| Net realized and unrealized gain (loss) | (0.12) | 2.88 | 0.96 | (1.57) | 2.28 | 0.48 |
| Total from investment operations | (0.16) | 2.81 | 0.93 | (1.61) | 2.24 | 0.49 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.01) | (0.03) | (0.04) |  | (0.03) | (0.03) |
| Dividends from net realized gains |  |  |  |  |  |  |
| Total distributions\*\* | (0.01) | (0.03) | (0.04) |  | (0.03) | (0.03) |
| Net asset value, end of period | $16.28 | $16.45 | $13.67 | $12.78 | $14.39 | $12.18 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (1.05<br> %) | 20.55% | 7.28% | (11.19%) | 18.43% | 4.19% |
| Net assets, end of period (000) | $12359 | $11877 | $8703 | $7884 | $6960 | $3429 |
| Ratio of net expenses to average net assets | 1.89<br> %(c) | 1.90% | 1.92% | 1.91% | 1.92% | 1.90% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.89<br> %(c) | 1.90% | 1.92% | 1.91% | 1.92% | 1.95% |
| Ratio of net investment income (loss) to <br>average net assets | (0.50<br> %)(c) | (0.42%) | (0.20%) | (0.31%) | (0.30%) | 0.08% |

---

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

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

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

(c) Annualized.

www.calamos.com

------

Calamos Hedged Equity Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $17.03 | $14.07 | $13.09 | $14.66 | $12.34 | $11.87 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.04 | 0.09 | 0.11 | 0.10 | 0.10 | 0.13 |
| Net realized and unrealized gain (loss) | (0.13) | 2.96 | 0.99 | (1.61) | 2.31 | 0.47 |
| Total from investment operations | (0.09) | 3.05 | 1.10 | (1.51) | 2.41 | 0.60 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.05) | (0.09) | (0.12) | (0.06) | (0.09) | (0.13) |
| Dividends from net realized gains |  |  |  |  |  |  |
| Total distributions\*\* | (0.05) | (0.09) | (0.12) | (0.06) | (0.09) | (0.13) |
| Net asset value, end of period | $16.89 | $17.03 | $14.07 | $13.09 | $14.66 | $12.34 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (0.52<br> %) | 21.75% | 8.41% | (10.33%) | 19.60% | 5.09% |
| Net assets, end of period (000) | $659302 | $655189 | $527423 | $547166 | $514903 | $342851 |
| Ratio of net expenses to average net assets | 0.89<br> %(c) | 0.90% | 0.92% | 0.91% | 0.92% | 0.90% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 0.89<br> %(c) | 0.90% | 0.92% | 0.91% | 0.92% | 0.95% |
| Ratio of net investment income (loss) to <br>average net assets | 0.50<br> %(c) | 0.58% | 0.81% | 0.69% | 0.73% | 1.09% |

---

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

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

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

(c) Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos Phineus Long/Short Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $16.99 | $14.93 | $14.60 | $15.46 | $11.18 | $11.63 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.14 | 0.41 | 0.19 | (0.06) | (0.13) | (0.08 |
| Net realized and unrealized gain (loss) | 0.20 | 1.91 | 0.14 | (0.80) | 4.41 | (0.36 |
| Total from investment operations | 0.34 | 2.32 | 0.33 | (0.86) | 4.28 | (0.44 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.61) | (0.26) |  |  |  | (0.01 |
| Dividends from net realized gains | (0.46) |  |  |  |  |  |
| Return of capital |  |  |  |  |  | (0.00 |
| Total distributions\*\* | (1.07) | (0.26) |  |  |  | (0.01 |
| Net asset value, end of period | $16.26 | $16.99 | $14.93 | $14.60 | $15.46 | $11.18 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 2.03% | 15.82% | 2.12% | (5.44<br> %) | 38.19% | (3.77 |
| Net assets, end of period (000) | $65664 | $67243 | $65214 | $55800 | $51971 | $40748 |
| Ratio of net expenses to average net assets | 2.50<br> %(c)(i) | 2.43<br> %(d) | 2.38<br> %(e) | 2.38<br> %(f) | 2.34<br> %(g) | 2.91 |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 2.50<br> %(i) | 2.43% | 2.38% | 2.38% | 2.34% | 2.92 |
| Ratio of net investment income (loss) to <br>average net assets | 1.78<br> %(i) | 2.49% | 1.21% | (0.43<br> %) | (0.88<br> %) | (0.68 |
| Portfolio turnover rate(j) | 197% | 342% | 194% | 214% | 211% | 206 |

---

\* Amounts are less than $0.005.

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

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

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

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

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

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

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

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

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

(i) Annualized.

(j) Not annualized.

www.calamos.com

------

Calamos Phineus Long/Short Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $16.05 | $14.11 | $13.90 | $14.83 | $10.80 | $11.32 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.08 | 0.28 | 0.07 | (0.17) | (0.24) | (0.16 |
| Net realized and unrealized gain (loss) | 0.17 | 1.80 | 0.14 | (0.76) | 4.27 | (0.36 |
| Total from investment operations | 0.25 | 2.08 | 0.21 | (0.93) | 4.03 | (0.52 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.48) | (0.14) |  |  |  |  |
| Dividends from net realized gains | (0.46) |  |  |  |  |  |
| Return of capital |  |  |  |  |  | (0.00 |
| Total distributions\*\* | (0.94) | (0.14) |  |  |  | (0.00 |
| Net asset value, end of period | $15.36 | $16.05 | $14.11 | $13.90 | $14.83 | $10.80 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 1.72% | 14.92% | 1.37% | (6.20<br> %) | 37.31% | (4.59 |
| Net assets, end of period (000) | $28873 | $32322 | $32461 | $31352 | $29980 | $22528 |
| Ratio of net expenses to average net assets | 3.25<br> %(c)(i) | 3.17<br> %(d) | 3.13<br> %(e) | 3.12<br> %(f) | 3.09<br> %(g) | 3.65 |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 3.25<br> %(i) | 3.17% | 3.13% | 3.12% | 3.09% | 3.65 |
| Ratio of net investment income (loss) to <br>average net assets | 1.03<br> %(i) | 1.74% | 0.46% | (1.19<br> %) | (1.63<br> %) | (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) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

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

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

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

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

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

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

(i) Annualized.

CALAMOS 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** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $17.27 | $15.17 | $14.81 |  | $15.64 | $11.28 | $11.75 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.17 | 0.46 | 0.23 |  | (0.02) | (0.10) | (0.05) |
| Net realized and unrealized gain (loss) | 0.19 | 1.94 | 0.13 |  | (0.81) | 4.46 | (0.37) |
| Total from investment operations | 0.36 | 2.40 | 0.36 |  | (0.83) | 4.36 | (0.42) |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.65) | (0.30) | (0.00 |)\* |  |  | (0.02) |
| Dividends from net realized gains | (0.46) |  |  |  |  |  |  |
| Return of capital |  |  |  |  |  |  | (0.03) |
| Total distributions\*\* | (1.11) | (0.30) | (0.00 |)\* |  |  | (0.05) |
| Net asset value, end of period | $16.52 | $17.27 | $15.17 |  | $14.81 | $15.64 | $11.28 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 2.22% | 16.10% | 2.40 | % | (5.25<br> %) | 38.69% | (3.67<br> %) |
| Net assets, end of period (000) | $916136 | $944265 | $838221 |  | $697472 | $476965 | $344843 |
| Ratio of net expenses to average net assets | 2.25<br> %(c)(i) | 2.18<br> %(d) | 2.13 | %(e) | 2.14<br> %(f) | 2.09<br> %(g) | 2.64<br> %(h) |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 2.25<br> %(i) | 2.18% | 2.13 | % | 2.14% | 2.09% | 2.65% |
| Ratio of net investment income (loss) to <br>average net assets | 2.03<br> %(i) | 2.75% | 1.48 | % | (0.12<br> %) | (0.63<br> %) | (0.42<br> %) |

---

\* Amounts are less than $0.005.

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

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

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

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

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

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

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

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

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

(i) Annualized.

www.calamos.com

------

Calamos Merger Arbitrage Fund Financial Highlights

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

---

| | | | |
|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | Year Ended<br>October 31,<br>2024 | September 29, 2023• through<br>October 31,<br>2023 |
| Net asset value, beginning of period | $9.95 | $9.73 | $10.00 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.01) | 0.11 | 0.00 |
| Net realized and unrealized gain (loss) | 0.15 | 0.16 | (0.27) |
| Total from investment operations | 0.14 | 0.27 | (0.27) |
| Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.11) | (0.04) |  |
| Dividends from net realized gains | (0.15) | (0.01) |  |
| Total distributions\*\* | (0.26) | (0.05) |  |
| Net asset value, end of period | $9.83 | $9.95 | $9.73 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 1.60% | 2.73% | (2.70<br> %) |
| Net assets, end of period (000) | $123 | $123 | $97 |
| Ratio of net expenses to average net assets | 2.23<br> %(c)(d) | 2.16<br> %(e) | 1.50<br> %(c) |
| Ratio of gross expenses to average net assets prior to expense reductions | 7.27<br> %(c) | 12.56% | 6.06<br> %(c) |
| Ratio of net investment income (loss) to average net assets | (0.31<br> %)(c) | 1.11% | 0.52<br> %(c) |
| Portfolio turnover rate(f) | 73% | 136% | 13% |

---

• Commencement of operations.

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

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

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

(c) Annualized.

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

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

(f) Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos Merger Arbitrage Fund Financial Highlights

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

---

| | | | |
|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | Year Ended<br>October 31,<br>2024 | September 29, 2023• through<br>October 31,<br>2023 |
| Net asset value, beginning of period | $9.88 | $9.72 | $10.00 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.05) | 0.03 | 0.00 |
| Net realized and unrealized gain (loss) | 0.15 | 0.17 | (0.28) |
| Total from investment operations | 0.10 | 0.20 | (0.28) |
| Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.04) | (0.03) |  |
| Dividends from net realized gains | (0.15) | (0.01) |  |
| Total distributions\*\* | (0.19) | (0.04) |  |
| Net asset value, end of period | $9.79 | $9.88 | $9.72 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 1.17% | 1.98% | (2.80<br> %) |
| Net assets, end of period (000) | $100 | $99 | $97 |
| Ratio of net expenses to average net assets | 2.98<br> %(c)(d) | 2.91<br> %(e) | 2.25<br> %(c) |
| Ratio of gross expenses to average net assets prior to expense reductions | 8.02<br> %(c) | 13.31% | 6.81<br> %(c) |
| Ratio of net investment income (loss) to average net assets | (1.05<br> %)(c) | 0.31% | (0.23<br> %)(c) |

---

• Commencement of operations.

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

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

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

(c) Annualized.

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

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

www.calamos.com

------

Calamos Merger Arbitrage Fund Financial Highlights

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

---

| | | | |
|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | Year Ended<br>October 31,<br>2024 | September 29, 2023• through<br>October 31,<br>2023 |
| Net asset value, beginning of period | $9.97 | $9.73 | $10.00 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.00 | 0.13 | 0.01 |
| Net realized and unrealized gain (loss) | 0.15 | 0.17 | (0.28) |
| Total from investment operations | 0.15 | 0.30 | (0.27) |
| Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.14) | (0.05) |  |
| Dividends from net realized gains | (0.15) | (0.01) |  |
| Total distributions\*\* | (0.29) | (0.06) |  |
| Net asset value, end of period | $9.83 | $9.97 | $9.73 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 1.58% | 3.07% | (2.70<br> %) |
| Net assets, end of period (000) | $1790 | $1875 | $1864 |
| Ratio of net expenses to average net assets | 1.98<br> %(c)(d) | 1.91<br> %(e) | 1.25<br> %(c) |
| Ratio of gross expenses to average net assets prior to expense reductions | 7.03<br> %(c) | 12.31% | 5.81<br> %(c) |
| Ratio of net investment income (loss) to average net assets | (0.06<br> %)(c) | 1.31% | 1.13<br> %(c) |

---

• Commencement of operations.

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

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

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

(c) Annualized.

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

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

CALAMOS 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 A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $21.45 | $18.18 | $18.57 | $27.25 | $22.78 | $17.45 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.12) | (0.09) | (0.08) | (0.27) | (0.61) | 0.47 |
| Net realized and unrealized gain (loss) | 0.03 | 3.75 | (0.15) | (5.20) | 6.68 | 4.99 |
| Total from investment operations | (0.09) | 3.66 | (0.23) | (5.47) | 6.07 | 5.46 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.12) | (0.17) | (0.16) | (0.02) | (0.06) | (0.13) |
| Dividends from net realized gains | (0.11) | (0.22) |  | (3.19) | (1.54) |  |
| Total distributions\*\* | (0.23) | (0.39) | (0.16) | (3.21) | (1.60) | (0.13) |
| Net asset value, end of period | $21.13 | $21.45 | $18.18 | $18.57 | $27.25 | $22.78 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (0.47<br> %) | 20.35% | (1.26%) | (22.29%) | 27.09% | 31.58% |
| Net assets, end of period (000) | $223300 | $248573 | $243516 | $294233 | $422476 | $333481 |
| Ratio of net expenses to average net assets | 1.14<br> %(c) | 1.13% | 1.13% | 1.10% | 1.08% | 1.13% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.14<br> %(c) | 1.13% | 1.13% | 1.10% | 1.08% | 1.13% |
| Ratio of net investment income (loss) to <br>average net assets | (1.10<br> %)(c) | (0.47%) | (0.44%) | (1.30%) | (2.35%) | 2.37% |
| Portfolio turnover rate(d) | 43% | 54% | 40% | 39% | 41% | 71% |

---

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

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

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

(c) Annualized.

(d) Not annualized.

www.calamos.com

------

Calamos Convertible Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $20.75 | $17.62 | $18.03 | $26.73 | $22.48 | $17.27 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.19) | (0.24) | (0.22) | (0.42) | (0.80) | 0.32 |
| Net realized and unrealized gain (loss) | 0.02 | 3.64 | (0.13) | (5.09) | 6.59 | 4.93 |
| Total from investment operations | (0.17) | 3.40 | (0.35) | (5.51) | 5.79 | 5.25 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.05) | (0.05) | (0.06) |  |  | (0.04) |
| Dividends from net realized gains | (0.11) | (0.22) |  | (3.19) | (1.54) |  |
| Total distributions\*\* | (0.16) | (0.27) | (0.06) | (3.19) | (1.54) | (0.04) |
| Net asset value, end of period | $20.42 | $20.75 | $17.62 | $18.03 | $26.73 | $22.48 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (0.86<br> %) | 19.46% | (2.01%) | (22.88%) | 26.16% | 30.53% |
| Net assets, end of period (000) | $24764 | $29466 | $31773 | $41804 | $71925 | $56935 |
| Ratio of net expenses to average net assets | 1.89<br> %(c) | 1.88% | 1.88% | 1.85% | 1.83% | 1.88% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.89<br> %(c) | 1.88% | 1.88% | 1.85% | 1.83% | 1.88% |
| Ratio of net investment income (loss) to <br>average net assets | (1.85<br> %)(c) | (1.22%) | (1.19%) | (2.04%) | (3.10%) | 1.65% |

---

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

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

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

(c) Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos Convertible Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $18.28 | $15.55 | $15.91 | $23.82 | $20.05 | $15.38 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.08) | (0.04) | (0.03) | (0.19) | (0.48) | 0.46 |
| Net realized and unrealized gain (loss) | 0.03 | 3.21 | (0.12) | (4.49) | 5.86 | 4.39 |
| Total from investment operations | (0.05) | 3.17 | (0.15) | (4.68) | 5.38 | 4.85 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.15) | (0.22) | (0.21) | (0.04) | (0.07) | (0.18) |
| Dividends from net realized gains | (0.11) | (0.22) |  | (3.19) | (1.54) |  |
| Total distributions\*\* | (0.26) | (0.44) | (0.21) | (3.23) | (1.61) | (0.18) |
| Net asset value, end of period | $17.97 | $18.28 | $15.55 | $15.91 | $23.82 | $20.05 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (0.35<br> %) | 20.67% | (1.04%) | (22.09%) | 27.40% | 31.91% |
| Net assets, end of period (000) | $532091 | $593170 | $559907 | $680441 | $1161030 | $773460 |
| Ratio of net expenses to average net assets | 0.89<br> %(c) | 0.88% | 0.88% | 0.85% | 0.83% | 0.88% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 0.89<br> %(c) | 0.88% | 0.88% | 0.85% | 0.83% | 0.88% |
| Ratio of net investment income (loss) to <br>average net assets | (0.85<br> %)(c) | (0.22%) | (0.19%) | (1.04%) | (2.09%) | 2.60% |

---

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

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

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

(c) Annualized.

www.calamos.com

------

Calamos Global Convertible Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $12.00 | $10.01 | $9.59 | $14.85 | $13.48 | $11.08 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.00 | (0.06) | (0.15) | (0.01) | (0.44) | 0.24 |
| Net realized and unrealized gain (loss) | 0.47 | 2.05 | 0.60 | (3.45) | 2.95 | 2.37 |
| Total from investment operations | 0.47 | 1.99 | 0.45 | (3.46) | 2.51 | 2.61 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  | (0.03) | (0.01) | (0.01) | (0.06) |
| Dividends from net realized gains |  |  |  | (1.79) | (1.13) | (0.15) |
| Total distributions\*\* |  |  | (0.03) | (1.80) | (1.14) | (0.21) |
| Net asset value, end of period | $12.47 | $12.00 | $10.01 | $9.59 | $14.85 | $13.48 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 3.92% | 19.88% | 4.78% | (26.01%) | 18.86% | 23.93% |
| Net assets, end of period (000) | $7838 | $8122 | $8455 | $10698 | $17865 | $11231 |
| Ratio of net expenses to average net assets | 1.33<br> %(c) | 1.35% | 1.34% | 1.28% | 1.25% | 1.33% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.33<br> %(c) | 1.35% | 1.34% | 1.28% | 1.25% | 1.34% |
| Ratio of net investment income (loss) to <br>average net assets | (0.07<br> %)(c) | (0.52%) | (1.48%) | (0.11%) | (2.96%) | 1.96% |
| Portfolio turnover rate(d) | 19% | 40% | 27% | 31% | 35% | 48% |

---

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

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

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

(c) Annualized.

(d) Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos Global Convertible Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $11.42 | $9.60 | $9.23 | $14.47 | $13.25 | $10.93 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.05) | (0.14) | (0.22) | (0.09) | (0.54) | 0.14 |
| Net realized and unrealized gain (loss) | 0.46 | 1.96 | 0.59 | (3.36) | 2.89 | 2.35 |
| Total from investment operations | 0.41 | 1.82 | 0.37 | (3.45) | 2.35 | 2.49 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  |  |  |  | (0.02) |
| Dividends from net realized gains |  |  |  | (1.79) | (1.13) | (0.15) |
| Total distributions\*\* |  |  |  | (1.79) | (1.13) | (0.17) |
| Net asset value, end of period | $11.83 | $11.42 | $9.60 | $9.23 | $14.47 | $13.25 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 3.59% | 18.96% | 4.01% | (26.58%) | 17.95% | 23.09% |
| Net assets, end of period (000) | $2098 | $2086 | $2615 | $3425 | $5448 | $4824 |
| Ratio of net expenses to average net assets | 2.08<br> %(c) | 2.10% | 2.09% | 2.03% | 2.00% | 2.08% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 2.08<br> %(c) | 2.10% | 2.09% | 2.03% | 2.00% | 2.09% |
| Ratio of net investment income (loss) to <br>average net assets | (0.82<br> %)(c) | (1.28%) | (2.23%) | (0.85%) | (3.72%) | 1.21% |

---

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

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

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

(c) Annualized.

www.calamos.com

------

Calamos Global Convertible Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $12.07 | $10.04 | $9.60 | $14.87 | $13.50 | $11.08 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.01 | (0.03) | (0.13) | 0.01 | (0.40) | 0.26 |
| Net realized and unrealized gain (loss) | 0.48 | 2.06 | 0.61 | (3.46) | 2.94 | 2.39 |
| Total from investment operations | 0.49 | 2.03 | 0.48 | (3.45) | 2.54 | 2.65 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  | (0.04) | (0.03) | (0.04) | (0.08) |
| Dividends from net realized gains |  |  |  | (1.79) | (1.13) | (0.15) |
| Total distributions\*\* |  |  | (0.04) | (1.82) | (1.17) | (0.23) |
| Net asset value, end of period | $12.56 | $12.07 | $10.04 | $9.60 | $14.87 | $13.50 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 4.06% | 20.22% | 5.00% | (25.82%) | 19.09% | 24.36% |
| Net assets, end of period (000) | $123930 | $117598 | $109319 | $117766 | $260688 | $192475 |
| Ratio of net expenses to average net assets | 1.08<br> %(c) | 1.10% | 1.09% | 1.03% | 1.00% | 1.08% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.08<br> %(c) | 1.10% | 1.09% | 1.03% | 1.00% | 1.09% |
| Ratio of net investment income (loss) to <br>average net assets | 0.18<br> %(c) | (0.27%) | (1.23%) | 0.13% | (2.71%) | 2.19% |

---

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

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

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

(c) Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos Timpani Small Cap Growth Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $34.52 | $22.20 | $26.35 | $42.31 | $29.18 | $22.31 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.17) | (0.33) | (0.26) | (0.24) | (0.45 | (0.28) |
| Net realized and unrealized gain (loss) | (0.85) | 12.65 | (3.89) | (15.72) | 14.95 | 8.29 |
| Total from investment operations | (1.02) | 12.32 | (4.15) | (15.96) | 14.50 | 8.01 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.89) |  |  |  |  |  |
| Dividends from net realized gains |  |  |  |  | (1.37 | (1.14) |
| Return of capital |  |  |  |  | (0.00 |  |
| Total distributions\*\* | (0.89) |  |  |  | (1.37 | (1.14) |
| Net asset value, end of period | $32.61 | $34.52 | $22.20 | $26.35 | $42.31 | $29.18 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (3.27<br> %) | 55.54% | (15.75%) | (37.71%) | 50.42 | 37.60% |
| Net assets, end of period (000) | $24268 | $27306 | $18283 | $23762 | $35274 | $9313 |
| Ratio of net expenses to average net assets | 1.30<br> %(c) | 1.30% | 1.30% | 1.30% | 1.30 | 1.30% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.32<br> %(c) | 1.35% | 1.37% | 1.37% | 1.37 | 1.40% |
| Ratio of net investment income (loss) to <br>average net assets | (0.95<br> %)(c) | (1.09%) | (1.03%) | (0.78%) | (1.15 | (1.16%) |
| Portfolio turnover rate(d) | 95% | 229% | 215% | 197% | 165 | 181% |

---

\* Amounts are less than $0.005.

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

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

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

(c) Annualized.

(d) Not annualized.

www.calamos.com

------

Calamos Timpani Small Cap Growth Fund Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | June 25,<br>2021• through<br>October 31,<br>2021 |
| Net asset value, beginning of period | $34.69 | $22.48 | $26.88 | $43.50 | $41.91 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.30) | (0.55) | (0.45) | (0.45) | (0.82) |
| Net realized and unrealized gain (loss) | (0.87) | 12.76 | (3.95) | (16.17) | 2.41 |
| Total from investment operations | (1.17) | 12.21 | (4.40) | (16.62) | 1.59 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.67) |  |  |  |  |
| Dividends from net realized gains |  |  |  |  |  |
| Total distributions\*\* | (0.67) |  |  |  |  |
| Net asset value, end of period | $32.85 | $34.69 | $22.48 | $26.88 | $43.50 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (3.64<br> %) | 54.40% | (16.37%) | (38.18%) | 3.75% |
| Net assets, end of period (000) | $5256 | $5035 | $3648 | $4425 | $3165 |
| Ratio of net expenses to average net assets | 2.05<br> %(c) | 2.05% | 2.05% | 2.05% | 2.05<br> %(c) |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 2.07<br> %(c) | 2.10% | 2.12% | 2.12% | 2.06<br> %(c) |
| Ratio of net investment income (loss) to <br>average net assets | (1.69<br> %)(c) | (1.84%) | (1.79%) | (1.50%) | (2.00<br> %)(c) |

---

• Commencement of operations.

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

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

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

(c) Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos Timpani Small Cap Growth Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $35.87 | $23.01 | $27.24 | $43.65 | $29.99 | $22.85 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.13) | (0.26) | (0.20) | (0.16) | (0.36 | (0.23) |
| Net realized and unrealized gain (loss) | (0.88) | 13.12 | (4.03) | (16.25) | 15.39 | 8.51 |
| Total from investment operations | (1.01) | 12.86 | (4.23) | (16.41) | 15.03 | 8.28 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.97) |  |  |  |  |  |
| Dividends from net realized gains |  |  |  |  | (1.37 | (1.14) |
| Return of capital |  |  |  |  | (0.00 |  |
| Total distributions\*\* | (0.97) |  |  |  | (1.37 | (1.14) |
| Net asset value, end of period | $33.89 | $35.87 | $23.01 | $27.24 | $43.65 | $29.99 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (3.13<br> %) | 55.93% | (15.53%) | (37.57%) | 50.80 | 37.90% |
| Net assets, end of period (000) | $302312 | $285866 | $191831 | $292187 | $387149 | $124867 |
| Ratio of net expenses to average net assets | 1.05<br> %(c) | 1.05% | 1.05% | 1.05% | 1.05 | 1.05% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.07<br> %(c) | 1.10% | 1.12% | 1.12% | 1.11 | 1.16% |
| Ratio of net investment income (loss) to <br>average net assets | (0.69<br> %)(c) | (0.84%) | (0.78%) | (0.52%) | (0.90 | (0.92%) |

---

\* Amounts are less than $0.005.

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

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

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

(c) Annualized.

www.calamos.com

------

Calamos Timpani Small Cap Growth Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $36.06 | $23.11 | $27.33 | $43.74 | $30.02 | $22.86 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.11) | (0.23) | (0.17) | (0.11) | (0.32) | (0.21) |
| Net realized and unrealized gain (loss) | (0.88) | 13.18 | (4.05) | (16.30) | 15.41 | 8.51 |
| Total from investment operations | (0.99) | 12.95 | (4.22) | (16.41) | 15.09 | 8.30 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (1.00) |  |  |  |  |  |
| Dividends from net realized gains |  |  |  |  | (1.37) | (1.14) |
| Total distributions\*\* | (1.00) |  |  |  | (1.37) | (1.14) |
| Net asset value, end of period | $34.07 | $36.06 | $23.11 | $27.33 | $43.74 | $30.02 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (3.10<br> %) | 56.08% | (15.41%) | (37.51%) | 50.96% | 37.98% |
| Net assets, end of period (000) | $27112 | $29165 | $24499 | $22181 | $29120 | $1562 |
| Ratio of net expenses to average net assets | 0.95<br> %(c) | 0.95% | 0.92% | 0.93% | 0.96% | 0.98% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 0.97<br> %(c) | 1.00% | 0.99% | 1.00% | 1.02% | 1.09% |
| Ratio of net investment income (loss) to <br>average net assets | (0.60<br> %)(c) | (0.74%) | (0.67%) | (0.37%) | (0.80%) | (0.84%) |

---

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

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

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

(c) Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos Timpani SMID Growth Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $14.06 | $9.09 | $10.14 | $18.17 | $12.34 | $9.01 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.08) | (0.14) | (0.10) | (0.08) | (0.20) | (0.13) |
| Net realized and unrealized gain (loss) | (0.26) | 5.11 | (0.95) | (6.23) | 6.03 | 3.46 |
| Total from investment operations | (0.34) | 4.97 | (1.05) | (6.31) | 5.83 | 3.33 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.37) |  |  |  |  |  |
| Dividends from net realized gains | (0.03) |  |  | (1.72) |  |  |
| Total distributions\*\* | (0.40) |  |  | (1.72) |  |  |
| Net asset value, end of period | $13.32 | $14.06 | $9.09 | $10.14 | $18.17 | $12.34 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (2.78<br> %) | 54.68% | (10.36%) | (37.07%) | 47.04% | 36.96% |
| Net assets, end of period (000) | $354 | $293 | $341 | $305 | $162 | $182 |
| Ratio of net expenses to average net assets | 1.35<br> %(c) | 1.35% | 1.35% | 1.35% | 1.35% | 1.35% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.65<br> %(c) | 1.83% | 1.98% | 1.93% | 1.79% | 2.45% |
| Ratio of net investment income (loss) to <br>average net assets | (1.12<br> %)(c) | (1.14%) | (1.06%) | (0.68%) | (1.22%) | (1.21%) |
| Portfolio turnover rate(d) | 90% | 220% | 231% | 205% | 188% | 201% |

---

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

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

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

(c) Annualized.

(d) Not annualized.

www.calamos.com

------

Calamos Timpani SMID Growth Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $14.27 | $9.20 | $10.23 | $18.28 | $12.38 | $9.02 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.06) | (0.11) | (0.08) | (0.06) | (0.16) | (0.10) |
| Net realized and unrealized gain (loss) | (0.27) | 5.18 | (0.95) | (6.27) | 6.06 | 3.46 |
| Total from investment operations | (0.33) | 5.07 | (1.03) | (6.33) | 5.90 | 3.36 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.39) |  |  |  |  |  |
| Dividends from net realized gains | (0.03) |  |  | (1.72) |  |  |
| Total distributions\*\* | (0.42) |  |  | (1.72) |  |  |
| Net asset value, end of period | $13.52 | $14.27 | $9.20 | $10.23 | $18.28 | $12.38 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (2.65<br> %) | 55.11% | (10.07%) | (36.95%) | 47.46% | 37.25% |
| Net assets, end of period (000) | $30831 | $25448 | $15495 | $16497 | $25793 | $16877 |
| Ratio of net expenses to average net assets | 1.10<br> %(c) | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.40<br> %(c) | 1.56% | 1.73% | 1.65% | 1.55% | 2.25% |
| Ratio of net investment income (loss) to <br>average net assets | (0.87<br> %)(c) | (0.90%) | (0.80%) | (0.48%) | (0.98%) | (0.94%) |

---

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

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

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

(c) Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos Timpani SMID Growth Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $14.28 | $9.21 | $10.23 | $18.28 | $12.38 | $9.02 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.06) | (0.11) | (0.08) | (0.05) | (0.18) | (0.09) |
| Net realized and unrealized gain (loss) | (0.26) | 5.18 | (0.94) | (6.28) | 6.08 | 3.45 |
| Total from investment operations | (0.32) | 5.07 | (1.02) | (6.33) | 5.90 | 3.36 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.40) |  |  |  |  |  |
| Dividends from net realized gains | (0.03) |  |  | (1.72) |  |  |
| Total distributions\*\* | (0.43) |  |  | (1.72) |  |  |
| Net asset value, end of period | $13.53 | $14.28 | $9.21 | $10.23 | $18.28 | $12.38 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (2.62<br> %) | 55.05% | (9.97%) | (36.95%) | 47.46% | 37.25% |
| Net assets, end of period (000) | $501 | $508 | $320 | $355 | $499 | $12 |
| Ratio of net expenses to average net assets | 1.06<br> %(c) | 1.07% | 1.07% | 1.07% | 1.08% | 1.06% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.37<br> %(c) | 1.53% | 1.70% | 1.63% | 1.48% | 2.25% |
| Ratio of net investment income (loss) to <br>average net assets | (0.83<br> %)(c) | (0.87%) | (0.77%) | (0.43%) | (1.04%) | (0.90%) |

---

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

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

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

(c) Annualized.

www.calamos.com

------

Calamos Growth Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $44.28 | $32.47 | $28.24 | $45.88 | $34.96 | $32.23 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.17) | (0.28) | (0.13) | (0.22) | (0.33) | (0.14) |
| Net realized and unrealized gain (loss) | (0.80) | 13.69 | 4.36 | (12.47) | 15.44 | 5.90 |
| Total from investment operations | (0.97) | 13.41 | 4.23 | (12.69) | 15.11 | 5.76 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  |  |  |  |  |
| Dividends from net realized gains | (2.95) | (1.60) |  | (4.95) | (4.19) | (3.03) |
| Total distributions\*\* | (2.95) | (1.60) |  | (4.95) | (4.19) | (3.03) |
| Net asset value, end of period | $40.36 | $44.28 | $32.47 | $28.24 | $45.88 | $34.96 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (2.93<br> %) | 42.45% | 14.98% | (30.58%) | 46.00% | 19.11% |
| Net assets, end of period (000) | $1068043 | $1168908 | $925437 | $900167 | $1436709 | $1093909 |
| Ratio of net expenses to average net assets | 1.28<br> %(c) | 1.29% | 1.32% | 1.30% | 1.28% | 1.34% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.28<br> %(c) | 1.29% | 1.32% | 1.30% | 1.28% | 1.34% |
| Ratio of net investment income (loss) to <br>average net assets | (0.78<br> %)(c) | (0.69%) | (0.43%) | (0.64%) | (0.80%) | (0.45%) |
| Portfolio turnover rate(d) | 28% | 42% | 57% | 42% | 45% | 115% |

---

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

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

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

(c) Annualized.

(d) Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos Growth Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $15.83 | $12.59 | $11.03 | $21.21 | $18.18 | $18.26 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.11) | (0.21) | (0.14) | (0.19) | (0.29) | (0.20) |
| Net realized and unrealized gain (loss) | (0.08) | 5.05 | 1.70 | (5.04) | 7.51 | 3.15 |
| Total from investment operations | (0.19) | 4.84 | 1.56 | (5.23) | 7.22 | 2.95 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  |  |  |  |  |
| Dividends from net realized gains | (2.95) | (1.60) |  | (4.95) | (4.19) | (3.03) |
| Total distributions\*\* | (2.95) | (1.60) |  | (4.95) | (4.19) | (3.03) |
| Net asset value, end of period | $12.69 | $15.83 | $12.59 | $11.03 | $21.21 | $18.18 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (3.30<br> %) | 41.38% | 14.14% | (31.12%) | 44.94% | 18.23% |
| Net assets, end of period (000) | $9243 | $10535 | $9493 | $12281 | $25965 | $35843 |
| Ratio of net expenses to average net assets | 2.03<br> %(c) | 2.04% | 2.08% | 2.05% | 2.04% | 2.09% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 2.03<br> %(c) | 2.04% | 2.08% | 2.05% | 2.04% | 2.10% |
| Ratio of net investment income (loss) to <br>average net assets | (1.53<br> %)(c) | (1.44%) | (1.16%) | (1.39%) | (1.53%) | (1.17%) |

---

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

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

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

(c) Annualized.

www.calamos.com

------

Calamos Growth Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $68.73 | $49.51 | $42.95 | $66.93 | $49.25 | $44.13 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.18) | (0.28) | (0.09) | (0.20) | (0.33) | (0.09) |
| Net realized and unrealized gain (loss) | (1.42) | 21.10 | 6.65 | (18.83) | 22.20 | 8.24 |
| Total from investment operations | (1.60) | 20.82 | 6.56 | (19.03) | 21.87 | 8.15 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  |  |  |  |  |
| Dividends from net realized gains | (2.95) | (1.60) |  | (4.95) | (4.19) | (3.03) |
| Total distributions\*\* | (2.95) | (1.60) |  | (4.95) | (4.19) | (3.03) |
| Net asset value, end of period | $64.18 | $68.73 | $49.51 | $42.95 | $66.93 | $49.25 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (2.81<br> %) | 42.83% | 15.27% | (30.43%) | 46.40% | 19.39% |
| Net assets, end of period (000) | $338450 | $355529 | $262752 | $246566 | $395431 | $291027 |
| Ratio of net expenses to average net assets | 1.03<br> %(c) | 1.04% | 1.07% | 1.05% | 1.03% | 1.09% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.03<br> %(c) | 1.04% | 1.07% | 1.05% | 1.03% | 1.09% |
| Ratio of net investment income (loss) to <br>average net assets | (0.53<br> %)(c) | (0.44%) | (0.18%) | (0.39%) | (0.56%) | (0.20%) |

---

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

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

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

(c) Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos Growth and Income Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $49.06 | $39.42 | $38.33 | $48.18 | $36.26 | $33.43 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.00 | 0.08 | 0.19 | 0.08 | 0.07 | 0.30 |
| Net realized and unrealized gain (loss) | (0.38) | 11.32 | 2.38 | (7.32) | 13.01 | 3.74 |
| Total from investment operations | (0.38) | 11.40 | 2.57 | (7.24) | 13.08 | 4.04 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.24) | (0.26) | (0.44) | (0.24) | (0.27) | (0.41) |
| Dividends from net realized gains | (1.99) | (1.50) | (1.04) | (2.37) | (0.89) | (0.80) |
| Total distributions\*\* | (2.23) | (1.76) | (1.48) | (2.61) | (1.16) | (1.21) |
| Net asset value, end of period | $46.45 | $49.06 | $39.42 | $38.33 | $48.18 | $36.26 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (1.02<br> %) | 29.65% | 6.86% | (15.77%) | 36.68% | 12.43% |
| Net assets, end of period (000) | $1299428 | $1387946 | $1182667 | $1199491 | $1531445 | $1163876 |
| Ratio of net expenses to average net assets | 1.05<br> %(c) | 1.05% | 1.06% | 1.05% | 1.06% | 1.08% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.05<br> %(c) | 1.05% | 1.06% | 1.05% | 1.06% | 1.08% |
| Ratio of net investment income (loss) to <br>average net assets | (0.01<br> %)(c) | 0.18% | 0.48% | 0.19% | 0.15% | 0.86% |
| Portfolio turnover rate(d) | 15% | 28% | 20% | 24% | 18% | 35% |

---

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

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

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

(c) Annualized.

(d) Not annualized.

www.calamos.com

------

Calamos Growth and Income Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $49.11 | $39.57 | $38.57 | $48.55 | $36.57 | $33.68 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.18) | (0.26) | (0.11) | (0.24) | (0.25) | 0.04 |
| Net realized and unrealized gain (loss) | (0.38) | 11.36 | 2.38 | (7.37) | 13.12 | 3.79 |
| Total from investment operations | (0.56) | 11.10 | 2.27 | (7.61) | 12.87 | 3.83 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.14) | (0.06) | (0.23) |  |  | (0.14) |
| Dividends from net realized gains | (1.99) | (1.50) | (1.04) | (2.37) | (0.89) | (0.80) |
| Total distributions\*\* | (2.13) | (1.56) | (1.27) | (2.37) | (0.89) | (0.94) |
| Net asset value, end of period | $46.42 | $49.11 | $39.57 | $38.57 | $48.55 | $36.57 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (1.40<br> %) | 28.70% | 6.08% | (16.41%) | 35.66% | 11.62% |
| Net assets, end of period (000) | $106198 | $106421 | $79895 | $84104 | $98647 | $101490 |
| Ratio of net expenses to average net assets | 1.80<br> %(c) | 1.80% | 1.81% | 1.80% | 1.81% | 1.84% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.80<br> %(c) | 1.80% | 1.81% | 1.80% | 1.81% | 1.84% |
| Ratio of net investment income (loss) to <br>average net assets | (0.76<br> %)(c) | (0.57%) | (0.27%) | (0.56%) | (0.57%) | 0.13% |

---

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

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

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

(c) Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos Growth and Income Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $46.54 | $37.47 | $36.50 | $46.02 | $34.68 | $32.03 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.06 | 0.19 | 0.27 | 0.17 | 0.17 | 0.36 |
| Net realized and unrealized gain (loss) | (0.36) | 10.75 | 2.25 | (6.97) | 12.44 | 3.58 |
| Total from investment operations | (0.30) | 10.94 | 2.52 | (6.80) | 12.61 | 3.94 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.27) | (0.37) | (0.51) | (0.35) | (0.38) | (0.49) |
| Dividends from net realized gains | (1.99) | (1.50) | (1.04) | (2.37) | (0.89) | (0.80) |
| Total distributions\*\* | (2.26) | (1.87) | (1.55) | (2.72) | (1.27) | (1.29) |
| Net asset value, end of period | $43.98 | $46.54 | $37.47 | $36.50 | $46.02 | $34.68 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (0.90<br> %) | 30.00% | 7.12% | (15.55%) | 37.02% | 12.72% |
| Net assets, end of period (000) | $1267597 | $1301172 | $978583 | $977765 | $1211985 | $818641 |
| Ratio of net expenses to average net assets | 0.80<br> %(c) | 0.80% | 0.81% | 0.80% | 0.81% | 0.83% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 0.80<br> %(c) | 0.80% | 0.81% | 0.80% | 0.81% | 0.83% |
| Ratio of net investment income (loss) to <br>average net assets | 0.24<br> %(c) | 0.43% | 0.73% | 0.44% | 0.40% | 1.11% |

---

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

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

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

(c) Annualized.

www.calamos.com

------

Calamos Growth and Income Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | June 23, 2020• through <br>October 31,<br>2020 |
| Net asset value, beginning of period | $46.57 | $37.49 | $36.51 | $46.04 | $34.69 | $33.24 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.07 | 0.22 | 0.30 | 0.21 | 0.16 | 0.12 |
| Net realized and unrealized gain (loss) | (0.35) | 10.76 | 2.26 | (6.99) | 12.49 | 1.42 |
| Total from investment operations | (0.28) | 10.98 | 2.56 | (6.78) | 12.65 | 1.54 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.28) | (0.40) | (0.54) | (0.38) | (0.41) | (0.09) |
| Dividends from net realized gains | (1.99) | (1.50) | (1.04) | (2.37) | (0.89) |  |
| Total distributions\*\* | (2.27) | (1.90) | (1.58) | (2.75) | (1.30) | (0.09) |
| Net asset value, end of period | $44.02 | $46.57 | $37.49 | $36.51 | $46.04 | $34.69 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (0.86<br> %) | 30.07% | 7.21% | (15.50%) | 37.14% | 4.63% |
| Net assets, end of period (000) | $36283 | $37425 | $27965 | $16688 | $5968 | $15 |
| Ratio of net expenses to average net assets | 0.72<br> %(c) | 0.73% | 0.71% | 0.73% | 0.73% | 0.71<br> %(c) |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 0.72<br> %(c) | 0.73% | 0.71% | 0.73% | 0.73% | 0.71<br> %(c) |
| Ratio of net investment income (loss) to <br>average net assets | 0.32<br> %(c) | 0.51% | 0.78% | 0.55% | 0.38% | 0.99<br> %(c) |

---

• Commencement of operations.

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

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

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

(c) Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos Dividend Growth Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $18.73 | $14.51 | $13.41 | $17.13 | $13.04 | $13.37 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.01) | 0.00<br> \* | 0.04 | 0.03 | 0.00<br> \* | 0.05 |
| Net realized and unrealized gain (loss) | (0.26) | 4.90 | 1.11 | (2.41) | 5.24 | 1.13 |
| Total from investment operations | (0.27) | 4.90 | 1.15 | (2.38) | 5.24 | 1.18 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | —<br> \* | (0.04) | (0.05) |  | (0.02) | (0.06) |
| Dividends from net realized gains | (0.48) | (0.64) |  | (1.34) | (1.13) | (1.45) |
| Total distributions\*\* | (0.48) | (0.68) | (0.05) | (1.34) | (1.15) | (1.51) |
| Net asset value, end of period | $17.98 | $18.73 | $14.51 | $13.41 | $17.13 | $13.04 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (1.61<br> %) | 34.70% | 8.61% | (15.01%) | 42.42% | 9.20% |
| Net assets, end of period (000) | $6861 | $7128 | $5250 | $5181 | $5139 | $3534 |
| Ratio of net expenses to average net assets | 1.35<br> %(c) | 1.35% | 1.35% | 1.35% | 1.35% | 1.35% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.90<br> %(c) | 1.99% | 2.09% | 2.03% | 2.04% | 2.15% |
| Ratio of net investment income (loss) to <br>average net assets | (0.07<br> %)(c) | (0.01<br> %) | 0.29% | 0.23% | 0.02% | 0.40% |
| Portfolio turnover rate(d) | 9% | 24% | 28% | 25% | 20% | 22% |

---

\* Amounts are less than $0.005.

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

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

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

(c) Annualized.

(d) Not annualized.

www.calamos.com

------

Calamos Dividend Growth Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $17.59 | $13.74 | $12.77 | $16.49 | $12.67 | $13.07 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.07) | (0.12) | (0.06)(b) | (0.07) | (0.11) | (0.04) |
| Net realized and unrealized gain (loss) | (0.24) | 4.62 | 1.06 | (2.31) | 5.07 | 1.09 |
| Total from investment operations | (0.31) | 4.50 | 1.00 | (2.38) | 4.96 | 1.05 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  | (0.01) | (0.03) |  | (0.01) |  |
| Dividends from net realized gains | (0.48) | (0.64) |  | (1.34) | (1.13) | (1.45) |
| Total distributions\*\* | (0.48) | (0.65) | (0.03) | (1.34) | (1.14) | (1.45) |
| Net asset value, end of period | $16.80 | $17.59 | $13.74 | $12.77 | $16.49 | $12.67 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(c) | (1.96<br> %) | 33.69% | 7.82% | (15.63%) | 41.37% | 8.35% |
| Net assets, end of period (000) | $2660 | $2696 | $2342 | $2202 | $2017 | $685 |
| Ratio of net expenses to average net assets | 2.10<br> %(d) | 2.10% | 2.10% | 2.10% | 2.10% | 2.11% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 2.65<br> %(d) | 2.74% | 2.85% | 2.78% | 2.78% | 2.91% |
| Ratio of net investment income (loss) to <br>average net assets | (0.82<br> %)(d) | (0.75%) | (0.46<br> %) | (0.51%) | (0.74%) | (0.36%) |

---

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

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

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

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

(d) Annualized.

CALAMOS 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** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $18.85 | $14.57 | $13.44 | $17.15 | $13.03 | $13.36 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.02 | 0.04 | 0.08 | 0.07 | 0.04 | 0.08 |
| Net realized and unrealized gain (loss) | (0.27) | 4.93 | 1.11 | (2.41) | 5.23 | 1.12 |
| Total from investment operations | (0.25) | 4.97 | 1.19 | (2.34) | 5.27 | 1.20 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.02) | (0.05) | (0.06) | (0.03) | (0.02) | (0.08) |
| Dividends from net realized gains | (0.48) | (0.64) |  | (1.34) | (1.13) | (1.45) |
| Total distributions\*\* | (0.50) | (0.69) | (0.06) | (1.37) | (1.15) | (1.53) |
| Net asset value, end of period | $18.10 | $18.85 | $14.57 | $13.44 | $17.15 | $13.03 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (1.53<br> %) | 35.06% | 8.88% | (14.76%) | 42.73% | 9.46% |
| Net assets, end of period (000) | $10738 | $10821 | $7639 | $10195 | $10373 | $8974 |
| Ratio of net expenses to average net assets | 1.10<br> %(c) | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.65<br> %(c) | 1.74% | 1.84% | 1.78% | 1.80% | 1.88% |
| Ratio of net investment income (loss) to <br>average net assets | 0.18<br> %(c) | 0.23% | 0.56% | 0.48% | 0.28% | 0.67% |

---

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

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

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

(c) Annualized.

www.calamos.com

------

Calamos Select Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $21.98 | $16.77 | $15.86 | $20.48 | $14.93 | $14.21 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.01)(b) | (0.02)(b) | 0.03 | 0.00<br> \* | (0.03) | 0.07 |
| Net realized and unrealized gain (loss) | (0.17) | 5.99 | 1.29 | (3.12) | 6.39 | 0.74 |
| Total from investment operations | (0.18) | 5.97 | 1.32 | (3.12) | 6.36 | 0.81 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  |  |  |  | (0.09) |
| Dividends from net realized gains | (1.61) | (0.76) | (0.41) | (1.50) | (0.81) |  |
| Total distributions\*\* | (1.61) | (0.76) | (0.41) | (1.50) | (0.81) | (0.09) |
| Net asset value, end of period | $20.19 | $21.98 | $16.77 | $15.86 | $20.48 | $14.93 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(c) | (1.31<br> %) | 36.52% | 8.60% | (16.22<br> %) | 43.93% | 5.71% |
| Net assets, end of period (000) | $13486 | $14301 | $11533 | $11628 | $14211 | $10595 |
| Ratio of net expenses to average net assets | 1.15<br> %(d) | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.52<br> %(d) | 1.54% | 1.62% | 1.57% | 1.57% | 1.64% |
| Ratio of net investment income (loss) to <br>average net assets | (0.06<br> %)(d) | (0.09<br> %) | 0.16% | 0.00% | (0.19%) | 0.49% |
| Portfolio turnover rate(e) | 27% | 33% | 55% | 34% | 25% | 136% |

---

\* Amounts are less than $0.005.

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

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

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

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

(d) Annualized.

(e) Not annualized.

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** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $17.88 | $13.86 | $13.28 | $17.52 | $12.97 | $12.36 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.07)(b) | (0.14)(b) | (0.08) | (0.12) | (0.14) | (0.01) |
| Net realized and unrealized gain (loss) | (0.11) | 4.92 | 1.07 | (2.62) | 5.50 | 0.62 |
| Total from investment operations | (0.18) | 4.78 | 0.99 | (2.74) | 5.36 | 0.61 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  |  |  |  |  |
| Dividends from net realized gains | (1.61) | (0.76) | (0.41) | (1.50) | (0.81) |  |
| Total distributions\*\* | (1.61) | (0.76) | (0.41) | (1.50) | (0.81) |  |
| Net asset value, end of period | $16.09 | $17.88 | $13.86 | $13.28 | $17.52 | $12.97 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(c) | (1.69<br> %) | 35.56% | 7.76% | (16.85%) | 42.92% | 4.85% |
| Net assets, end of period (000) | $356 | $347 | $120 | $170 | $887 | $1056 |
| Ratio of net expenses to average net assets | 1.90<br> %(d) | 1.90% | 1.90% | 1.91% | 1.90% | 1.90% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 2.27<br> %(d) | 2.29% | 2.36% | 2.33% | 2.33% | 2.40% |
| Ratio of net investment income (loss) to <br>average net assets | (0.82<br> %)(d) | (0.83<br> %) | (0.57%) | (0.77%) | (0.92%) | (0.11%) |

---

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

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

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

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

(d) Annualized.

www.calamos.com

------

Calamos Select Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $22.97 | $17.45 | $16.45 | $21.15 | $15.36 | $14.62 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.02 | 0.03 | 0.07 | 0.05 | 0.01 | 0.10 |
| Net realized and unrealized gain (loss) | (0.18) | 6.25 | 1.34 | (3.23) | 6.59 | 0.76 |
| Total from investment operations | (0.16) | 6.28 | 1.41 | (3.18) | 6.60 | 0.86 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.03) | (0.00 |  | (0.02) |  | (0.12) |
| Dividends from net realized gains | (1.61) | (0.76 | (0.41) | (1.50) | (0.81) |  |
| Total distributions\*\* | (1.64) | (0.76 | (0.41) | (1.52) | (0.81) | (0.12) |
| Net asset value, end of period | $21.17 | $22.97 | $17.45 | $16.45 | $21.15 | $15.36 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (1.17<br> %) | 36.92 | 8.84% | (16.00%) | 44.28% | 5.92% |
| Net assets, end of period (000) | $39887 | $41449 | $31663 | $30660 | $38585 | $36075 |
| Ratio of net expenses to average net assets | 0.90<br> %(c) | 0.90 | 0.90% | 0.90% | 0.90% | 0.90% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.27<br> %(c) | 1.29 | 1.37% | 1.32% | 1.32% | 1.39% |
| Ratio of net investment income (loss) to<br>average net assets | 0.19<br> %(c) | 0.16 | 0.41% | 0.25% | 0.07% | 0.69% |

---

\* Amounts are less than $0.005.

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

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

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

(c) Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos International Growth Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $21.94 | $16.25 | $15.43 | $28.83 | $22.96 | $17.97 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.00 | (0.04) | 0.05 | 0.21 | 0.05 | (0.04) |
| Net realized and unrealized gain (loss) | 0.05 | 5.74 | 0.77 | (9.48 | 7.29 | 5.03 |
| Total from investment operations | 0.05 | 5.70 | 0.82 | (9.27 | 7.34 | 4.99 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  | (0.01) |  | (0.00 |  |  |
| Dividends from net realized gains | (0.96 |  |  | (4.13 | (1.47) |  |
| Total distributions\*\* | (0.96 | (0.01) |  | (4.13 | (1.47) |  |
| Net asset value, end of period | $21.03 | $21.94 | $16.25 | $15.43 | $28.83 | $22.96 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(c) | 0.35 | 35.07% | 5.31% | (36.67 | 32.76% | 27.82% |
| Net assets, end of period (000) | $47236 | $50314 | $41631 | $46993 | $79503 | $60527 |
| Ratio of net expenses to average net assets | 1.20 | 1.20% | 1.16% | 1.10 | 1.10% | 1.10% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.46 | 1.40% | 1.49% | 1.64 | 1.56% | 1.52% |
| Ratio of net investment income (loss) to <br>average net assets | (0.02 | (0.21%) | 0.27% | 1.04 | 0.19% | (0.20%) |
| Portfolio turnover rate(e) | 82 | 127% | 131% | 129 | 99% | 85% |

---

\* Amounts are less than $0.005.

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

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

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

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

(d) Annualized.

(e) Not annualized.

www.calamos.com

------

Calamos International Growth Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $18.02 | $13.44 | $12.86 | $24.94 | $20.17 | $15.91 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.07)(b) | (0.17) | (0.07) | 0.05 | (0.16) | (0.16) |
| Net realized and unrealized gain (loss) | 0.05 | 4.75 | 0.65 | (8.00) | 6.40 | 4.42 |
| Total from investment operations | (0.02) | 4.58 | 0.58 | (7.95) | 6.24 | 4.26 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  |  |  |  |  |
| Dividends from net realized gains | (0.96) |  |  | (4.13) | (1.47) |  |
| Total distributions\*\* | (0.96) |  |  | (4.13) | (1.47) |  |
| Net asset value, end of period | $17.04 | $18.02 | $13.44 | $12.86 | $24.94 | $20.17 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(c) | (0.09<br> %) | 34.15% | 4.51% | (37.18%) | 31.79% | 26.84% |
| Net assets, end of period (000) | $1289 | $1452 | $1339 | $1989 | $3953 | $6344 |
| Ratio of net expenses to average net assets | 1.95<br> %(d) | 1.95% | 1.91% | 1.85% | 1.85% | 1.85% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 2.21<br> %(d) | 2.15% | 2.24% | 2.39% | 2.31% | 2.27% |
| Ratio of net investment income (loss) to <br>average net assets | (0.79<br> %)(d) | (0.97%) | (0.48%) | 0.27% | (0.69%) | (0.95%) |

---

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

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

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

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

(d) Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos International Growth Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $22.96 | $17.00 | $16.10 | $29.92 | $23.73 | $18.53 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.03 | 0.01<br> (b) | 0.09 | 0.27 | 0.12 | 0.01 |
| Net realized and unrealized gain (loss) | 0.05 | 6.00 | 0.81 | (9.88) | 7.54 | 5.19 |
| Total from investment operations | 0.08 | 6.01 | 0.90 | (9.61) | 7.66 | 5.20 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  | (0.05) |  | (0.08) | (0.00 |  |
| Dividends from net realized gains | (0.96) |  |  | (4.13) | (1.47 |  |
| Total distributions\*\* | (0.96) | (0.05) |  | (4.21) | (1.47 |  |
| Net asset value, end of period | $22.08 | $22.96 | $17.00 | $16.10 | $29.92 | $23.73 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(c) | 0.47% | 35.44% | 5.59% | (36.54%) | 33.13 | 28.06% |
| Net assets, end of period (000) | $181251 | $184336 | $141782 | $120520 | $216723 | $156321 |
| Ratio of net expenses to average net assets | 0.95<br> %(d) | 0.95% | 0.91% | 0.85% | 0.85 | 0.85% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.21<br> %(d) | 1.15% | 1.24% | 1.39% | 1.31 | 1.28% |
| Ratio of net investment income (loss) to <br>average net assets | 0.23<br> %(d) | 0.03% | 0.52% | 1.28% | 0.43 | 0.05% |

---

\* Amounts are less than $0.005.

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

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

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

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

(d) Annualized.

www.calamos.com

------

Calamos International Growth Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited)<br>Six Months<br>Ended<br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $23.24 | $17.21 | $16.28 | $30.20 | $23.93 | $18.67 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.05 | 0.03<br> (b) | 0.11 | 0.31 | 0.15 | 0.05 |
| Net realized and unrealized gain (loss) | 0.04 | 6.07 | 0.82 | (10.00) | 7.61 | 5.21 |
| Total from investment operations | 0.09 | 6.10 | 0.93 | (9.69) | 7.76 | 5.26 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  | (0.07) |  | (0.10) | (0.02) |  |
| Dividends from net realized gains | (0.96) |  |  | (4.13) | (1.47) |  |
| Total distributions\*\* | (0.96) | (0.07) |  | (4.23) | (1.49) |  |
| Net asset value, end of period | $22.37 | $23.24 | $17.21 | $16.28 | $30.20 | $23.93 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(c) | 0.51% | 35.55% | 5.71% | (36.47%) | 33.24% | 28.23% |
| Net assets, end of period (000) | $8437 | $6378 | $4829 | $4332 | $1921 | $1012 |
| Ratio of net expenses to average net assets | 0.85<br> %(d) | 0.86% | 0.81% | 0.75% | 0.77% | 0.76% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.11<br> %(d) | 1.06% | 1.13% | 1.28% | 1.22% | 1.17% |
| Ratio of net investment income (loss) to <br>average net assets | 0.43<br> %(d) | 0.14% | 0.61% | 1.59% | 0.51% | 0.24% |

---

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

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

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

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

(d) Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos Evolving World Growth Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited) <br>Six Months <br>Ended <br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $19.61 | $14.87 | $14.51 | $22.25 | $19.60 | $14.12 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.05) | (0.06) | 0.01 | 0.12 | (0.05) | (0.07) |
| Net realized and unrealized gain (loss) | (0.74) | 4.85 | 0.46 | (7.79) | 3.15 | 5.66 |
| Total from investment operations | (0.79) | 4.79 | 0.47 | (7.67) | 3.10 | 5.59 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  | (0.05) | (0.11) | (0.07) |  | (0.11) |
| Dividends from net realized gains |  |  |  |  | (0.45) |  |
| Total distributions\*\* |  | (0.05) | (0.11) | (0.07) | (0.45) | (0.11) |
| Net asset value, end of period | $18.82 | $19.61 | $14.87 | $14.51 | $22.25 | $19.60 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (4.03<br> %) | 32.27% | 3.19% | (34.55%) | 15.87% | 39.81% |
| Net assets, end of period (000) | $35715 | $42336 | $36830 | $36890 | $54731 | $31015 |
| Ratio of net expenses to average net assets | 1.30<br> %(c) | 1.30% | 1.29% | 1.30% | 1.30% | 1.56% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.65<br> %(c) | 1.65% | 1.63% | 1.63% | 1.60% | 1.64% |
| Ratio of net investment income (loss) to <br>average net assets | (0.48<br> %)(c) | (0.36%) | 0.09% | 0.67% | (0.21%) | (0.47%) |
| Portfolio turnover rate(d) | 77% | 140% | 137% | 132% | 140% | 125% |

---

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

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

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

(c) Annualized.

(d) Not annualized.

www.calamos.com

------

Calamos Evolving World Growth Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited) <br>Six Months <br>Ended <br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $17.94 | $13.67 | $13.34 | $20.55 | $18.26 | $13.16 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.11) | (0.18) | (0.09) | (0.03) | (0.22) | (0.18) |
| Net realized and unrealized gain (loss) | (0.67) | 4.45 | 0.42 | (7.18) | 2.96 | 5.28 |
| Total from investment operations | (0.78) | 4.27 | 0.33 | (7.21) | 2.74 | 5.10 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  |  |  |  |  |
| Dividends from net realized gains |  |  |  |  | (0.45) |  |
| Total distributions\*\* |  |  |  |  | (0.45) |  |
| Net asset value, end of period | $17.16 | $17.94 | $13.67 | $13.34 | $20.55 | $18.26 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (4.35<br> %) | 31.24% | 2.40% | (35.04%) | 15.05% | 38.75% |
| Net assets, end of period (000) | $3166 | $3709 | $3930 | $6153 | $16050 | $13183 |
| Ratio of net expenses to average net assets | 2.05<br> %(c) | 2.05% | 2.04% | 2.05% | 2.05% | 2.32% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 2.40<br> %(c) | 2.40% | 2.38% | 2.39% | 2.34% | 2.39% |
| Ratio of net investment income (loss) to <br>average net assets | (1.22<br> %)(c) | (1.11%) | (0.63%) | (0.16%) | (1.04%) | (1.23%) |

---

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

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

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

(c) Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos Evolving World Growth Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited) <br>Six Months <br>Ended <br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $19.82 | $15.03 | $14.67 | $22.51 | $19.78 | $14.26 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.02) | (0.02) | 0.06 | 0.17 | 0.01 | (0.03) |
| Net realized and unrealized gain (loss) | (0.75) | 4.90 | 0.45 | (7.87) | 3.18 | 5.71 |
| Total from investment operations | (0.77) | 4.88 | 0.51 | (7.70) | 3.19 | 5.68 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  | (0.09) | (0.15) | (0.14) | (0.01) | (0.16) |
| Dividends from net realized gains |  |  |  |  | (0.45) |  |
| Total distributions\*\* |  | (0.09) | (0.15) | (0.14) | (0.46) | (0.16) |
| Net asset value, end of period | $19.05 | $19.82 | $15.03 | $14.67 | $22.51 | $19.78 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (3.88<br> %) | 32.59% | 3.44% | (34.39%) | 16.17% | 40.16% |
| Net assets, end of period (000) | $324184 | $350597 | $320622 | $315858 | $509216 | $193243 |
| Ratio of net expenses to average net assets | 1.05<br> %(c) | 1.05% | 1.04% | 1.05% | 1.05% | 1.30% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.40<br> %(c) | 1.40% | 1.38% | 1.38% | 1.35% | 1.39% |
| Ratio of net investment income (loss) to <br>average net assets | (0.21<br> %)(c) | (0.11%) | 0.35% | 0.90% | 0.04% | (0.22%) |

---

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

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

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

(c) Annualized.

www.calamos.com

------

Calamos Global Equity Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited) <br>Six Months <br>Ended <br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $17.58 | $12.08 | $11.50 | $18.40 | $14.05 | $11.64 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.03) | (0.08) | 0.01 | 0.02 | (0.08) | (0.07) |
| Net realized and unrealized gain (loss) | (0.06) | 5.58 | 1.07 | (4.94) | 5.49 | 3.37 |
| Total from investment operations | (0.09) | 5.50 | 1.08 | (4.92) | 5.41 | 3.30 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  |  |  |  |  |
| Dividends from net realized gains | (1.52) |  | (0.50) | (1.98) | (1.06) | (0.89) |
| Total distributions\*\* | (1.52) |  | (0.50) | (1.98) | (1.06) | (0.89) |
| Net asset value, end of period | $15.97 | $17.58 | $12.08 | $11.50 | $18.40 | $14.05 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (0.96<br> %) | 45.53% | 9.68% | (29.36%) | 39.89% | 30.07% |
| Net assets, end of period (000) | $26604 | $28482 | $20462 | $21143 | $32511 | $21814 |
| Ratio of net expenses to average net assets | 1.40<br> %(c) | 1.39% | 1.41% | 1.40% | 1.40% | 1.40% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.47<br> %(c) | 1.42% | 1.52% | 1.61% | 1.58% | 1.65% |
| Ratio of net investment income (loss) to <br>average net assets | (0.36<br> %)(c) | (0.49%) | 0.04% | 0.17% | (0.48%) | (0.59%) |
| Portfolio turnover rate(d) | 68% | 78% | 90% | 77% | 72% | 71% |

---

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

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

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

(c) Annualized.

(d) Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos Global Equity Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited) <br>Six Months <br>Ended <br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $13.93 | $9.64 | $9.35 | $15.45 | $12.03 | $10.15 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.07) | (0.16) | (0.07) | (0.07) | (0.18) | (0.14) |
| Net realized and unrealized gain (loss) | (0.04) | 4.45 | 0.86 | (4.05) | 4.66 | 2.91 |
| Total from investment operations | (0.11) | 4.29 | 0.79 | (4.12) | 4.48 | 2.77 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  |  |  |  |  |
| Dividends from net realized gains | (1.52) |  | (0.50) | (1.98) | (1.06) | (0.89) |
| Total distributions\*\* | (1.52) |  | (0.50) | (1.98) | (1.06) | (0.89) |
| Net asset value, end of period | $12.30 | $13.93 | $9.64 | $9.35 | $15.45 | $12.03 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (1.31<br> %) | 44.35% | 8.99% | (29.96%) | 38.88% | 29.19% |
| Net assets, end of period (000) | $1246 | $1268 | $611 | $726 | $1492 | $4635 |
| Ratio of net expenses to average net assets | 2.15<br> %(c) | 2.14% | 2.16% | 2.15% | 2.15% | 2.15% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 2.22<br> %(c) | 2.18% | 2.28% | 2.37% | 2.33% | 2.40% |
| Ratio of net investment income (loss) to <br>average net assets | (1.11<br> %)(c) | (1.25%) | (0.71%) | (0.59%) | (1.32%) | (1.31%) |

---

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

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

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

(c) Annualized.

www.calamos.com

------

Calamos Global Equity Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited) <br>Six Months <br>Ended <br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $18.57 | $12.75 | $12.10 | $19.20 | $14.59 | $12.02 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.01) | (0.04) | 0.04 | 0.05 | (0.04) | (0.04) |
| Net realized and unrealized gain (loss) | (0.07) | 5.87 | 1.13 | (5.17) | 5.71 | 3.50 |
| Total from investment operations | (0.08) | 5.83 | 1.17 | (5.12) | 5.67 | 3.46 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  | (0.01) | (0.02) |  |  |  |
| Dividends from net realized gains | (1.52) |  | (0.50) | (1.98) | (1.06) | (0.89) |
| Total distributions\*\* | (1.52) | (0.01) | (0.52) | (1.98) | (1.06) | (0.89) |
| Net asset value, end of period | $16.97 | $18.57 | $12.75 | $12.10 | $19.20 | $14.59 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (0.79<br> %) | 45.79% | 9.98% | (29.20%) | 40.29% | 30.46% |
| Net assets, end of period (000) | $100228 | $103751 | $66181 | $51538 | $103256 | $65062 |
| Ratio of net expenses to average net assets | 1.15<br> %(c) | 1.14% | 1.15% | 1.15% | 1.15% | 1.15% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.22<br> %(c) | 1.17% | 1.25% | 1.36% | 1.33% | 1.40% |
| Ratio of net investment income (loss) to <br>average net assets | (0.11<br> %)(c) | (0.25%) | 0.28% | 0.37% | (0.23%) | (0.34%) |

---

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

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

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

(c) Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos Global Equity Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | |
| | (Unaudited) <br>Six Months <br>Ended <br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | June 23, 2020• through<br>October 31,<br>2020 |
| Net asset value, beginning of period | $18.59 | $12.76 | $12.11 | $19.21 | $14.59 | $13.19 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) |  | (0.03) | 0.05 | (0.02) | (0.03) | (0.02) |
| Net realized and unrealized gain (loss) | (0.07) | 5.88 | 1.13 | (5.10) | 5.71 | 1.42 |
| Total from investment operations | (0.07) | 5.85 | 1.18 | (5.12) | 5.68 | 1.40 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  | (0.02) | (0.03) |  |  |  |
| Dividends from net realized gains | (1.52) |  | (0.50) | (1.98) | (1.06) |  |
| Total distributions\*\* | (1.52) | (0.02) | (0.53) | (1.98) | (1.06) |  |
| Net asset value, end of period | $17.00 | $18.59 | $12.76 | $12.11 | $19.21 | $14.59 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (0.79<br> %) | 45.88% | 10.04% | (29.18%) | 40.36% | 10.61% |
| Net assets, end of period (000) | $255 | $79 | $93 | $11 | $168 | $120 |
| Ratio of net expenses to average net assets | 1.08<br> %(c) | 1.07% | 1.06% | 1.12% | 1.09% | 1.09<br> %(c) |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.16<br> %(c) | 1.11% | 1.14% | 1.35% | 1.27% | 1.36<br> %(c) |
| Ratio of net investment income (loss) to <br>average net assets | (0.01<br> %)(c) | (0.16%) | 0.35% | (0.12%) | (0.18%) | (0.45<br> %)(c) |

---

• Commencement of operations.

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

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

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

(c) Annualized.

www.calamos.com

------

Calamos Global Opportunities Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited) <br>Six Months <br>Ended <br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $13.00 | $9.57 | $9.15 | $12.72 | $10.02 | $8.51 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.01) | (0.02) | 0.00 | (0.03) | (0.04) | 0.07 |
| Net realized and unrealized gain (loss) | (0.10) | 3.50 | 0.46 | (2.88) | 3.42 | 1.55 |
| Total from investment operations | (0.11) | 3.48 | 0.46 | (2.91) | 3.38 | 1.62 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.05) | (0.05) | (0.04) |  | (0.05) | (0.02) |
| Dividends from net realized gains | (0.91) |  |  | (0.66) | (0.63) | (0.09) |
| Total distributions\*\* | (0.96) | (0.05) | (0.04) | (0.66) | (0.68) | (0.11) |
| Net asset value, end of period | $11.93 | $13.00 | $9.57 | $9.15 | $12.72 | $10.02 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (0.97<br> %) | 36.38% | 4.97% | (23.93%) | 34.84% | 19.09% |
| Net assets, end of period (000) | $90015 | $98640 | $81821 | $86403 | $119261 | $88618 |
| Ratio of net expenses to average net assets | 1.22<br> %(c) | 1.22% | 1.22% | 1.22% | 1.31% | 1.53% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.45<br> %(c) | 1.45% | 1.49% | 1.46% | 1.45% | 1.53% |
| Ratio of net investment income (loss) to <br>average net assets | (0.11<br> %)(c) | (0.17%) | (0.05%) | (0.28%) | (0.33%) | 0.78% |
| Portfolio turnover rate(d) | 62% | 87% | 81% | 92% | 82% | 119% |

---

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

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

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

(c) Annualized.

(d) Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos Global Opportunities Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | (Unaudited) <br>Six Months <br>Ended <br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $10.87 | $8.05 | $7.73 | $10.92 | $8.71 | $7.45 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.04) | (0.09) | (0.07) | (0.09) | (0.11) | 0.00 |
| Net realized and unrealized gain (loss) | (0.08) | 2.92 | 0.40 | (2.44) | 2.95 | 1.35 |
| Total from investment operations | (0.12) | 2.83 | 0.33 | (2.53) | 2.84 | 1.35 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.03) | (0.01) | (0.01) |  |  |  |
| Dividends from net realized gains | (0.91) |  |  | (0.66) | (0.63) | (0.09) |
| Total distributions\*\* | (0.94) | (0.01) | (0.01) | (0.66) | (0.63) | (0.09) |
| Net asset value, end of period | $9.81 | $10.87 | $8.05 | $7.73 | $10.92 | $8.71 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | (1.27<br> %) | 35.25% | 4.22% | (24.43%) | 33.77% | 18.22% |
| Net assets, end of period (000) | $12269 | $12173 | $7317 | $7528 | $10032 | $8946 |
| Ratio of net expenses to average net assets | 1.97<br> %(c) | 1.97% | 1.97% | 1.97% | 2.07% | 2.28% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 2.20<br> %(c) | 2.20% | 2.24% | 2.21% | 2.20% | 2.28% |
| Ratio of net investment income (loss) to <br>average net assets | (0.85<br> %)(c) | (0.92%) | (0.80%) | (1.03%) | (1.09%) | 0.01% |

---

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

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

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

(c) Annualized.

www.calamos.com

------

Calamos Global Opportunities Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  |
| | (Unaudited) <br>Six Months <br>Ended <br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $13.55 | $9.98 | $9.53 | $13.18 | $10.36 | $8.79 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.01 | 0.01<br> (b) | 0.02 | (0.02) | (0.01) | 0.09 |
| Net realized and unrealized gain (loss) | (0.10) | 3.64 | 0.48 | (2.96) | 3.54 | 1.60 |
| Total from investment operations | (0.09) | 3.65 | 0.50 | (2.98) | 3.53 | 1.69 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.07) | (0.08) | (0.05) | (0.01) | (0.08) | (0.03) |
| Dividends from net realized gains | (0.91) |  |  | (0.66) | (0.63) | (0.09) |
| Total distributions\*\* | (0.98) | (0.08) | (0.05) | (0.67) | (0.71) | (0.12) |
| Net asset value, end of period | $12.48 | $13.55 | $9.98 | $9.53 | $13.18 | $10.36 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(c) | (0.88<br> %) | 36.70% | 5.21% | (23.66%) | 35.16% | 19.33% |
| Net assets, end of period (000) | $157793 | $168589 | $107198 | $117790 | $152596 | $65909 |
| Ratio of net expenses to average net assets | 0.97<br> %(d) | 0.97% | 0.97% | 0.97% | 1.04% | 1.28% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.20<br> %(d) | 1.20% | 1.24% | 1.21% | 1.20% | 1.28% |
| Ratio of net investment income (loss) to <br>average net assets | 0.15<br> %(d) | 0.08% | 0.20% | (0.14%) | (0.09%) | 1.01% |

---

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

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

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

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

(d) Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos International Small Cap Growth Fund Financial Highlights

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | | Year Ended October 31,  | Year Ended October 31,  | |
| | (Unaudited) <br>Six Months <br>Ended <br>April 30,<br>2025 | 2024 | 2023 | March 31, 2022• through <br>October 31,<br>2022 |
| Net asset value, beginning of period | $9.95 | $7.54 | $7.65 | $10.00 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.01) | (0.05) | 0.00<br> \* | 0.05 |
| Net realized and unrealized gain (loss) | 0.08 | 2.46 | (0.06) | (2.40) |
| Total from investment operations | 0.07 | 2.41 | (0.06) | (2.35) |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  | (0.05) |  |
| Dividends from net realized gains |  |  |  |  |
| Total distributions\*\* |  |  | (0.05) |  |
| Net asset value, end of period | $10.02 | $9.95 | $7.54 | $7.65 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 0.70% | 31.96% | (0.87<br> %) | (23.50<br> %) |
| Net assets, end of period (000) | $275 | $433 | $20 | $13 |
| Ratio of net expenses to average net assets | 1.35<br> %(c) | 1.35% | 1.35% | 2.66<br> %(c) |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 4.28<br> %(c) | 4.96% | 9.06% | 11.03<br> %(c) |
| Ratio of net investment income (loss) to <br>average net assets | (0.18<br> %)(c) | (0.46%) | (0.04<br> %) | (9.66<br> %)(c) |
| Portfolio turnover rate(d) | 92% | 117% | 126% | 64<br> %(d) |

---

• Commencement of operations.

\* Amounts are less than $0.005.

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

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

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

(c) Annualized.

(d) Not annualized.

www.calamos.com

------

Calamos International Small Cap Growth Fund Financial Highlights

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | | Year Ended October 31,  | Year Ended October 31,  | |
| | (Unaudited) <br>Six Months <br>Ended <br>April 30,<br>2025 | 2024 | 2023 | March 31, 2022• through <br>October 31,<br>2022 |
| Net asset value, beginning of period | $9.76 | $7.46 | $7.62 | $10.00 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.04) | (0.12) | (0.07) | 0.01 |
| Net realized and unrealized gain (loss) | 0.08 | 2.42 | (0.05) | (2.39) |
| Total from investment operations | 0.04 | 2.30 | (0.12) | (2.38) |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  | (0.04) |  |
| Dividends from net realized gains |  |  |  |  |
| Total distributions\*\* |  |  | (0.04) |  |
| Net asset value, end of period | $9.80 | $9.76 | $7.46 | $7.62 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 0.31% | 30.83% | (1.62%) | (23.80<br> %) |
| Net assets, end of period (000) | $10 | $10 | $7 | $8 |
| Ratio of net expenses to average net assets | 2.10<br> %(c) | 2.10% | 2.09% | 2.67<br> %(c) |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 5.03<br> %(c) | 5.71% | 9.79% | 11.03<br> %(c) |
| Ratio of net investment income (loss) to <br>average net assets | (0.80<br> %)(c) | (1.22%) | (0.92%) | (9.66<br> %)(c) |

---

• Commencement of operations.

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

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

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

(c) Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos International Small Cap Growth Fund Financial Highlights

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | | Year Ended October 31,  | Year Ended October 31,  | |
| | (Unaudited) <br>Six Months <br>Ended <br>April 30,<br>2025 | 2024 | 2023 | March 31, 2022• through <br>October 31,<br>2022 |
| Net asset value, beginning of period | $10.01 | $7.56 | $7.66 | $10.00 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.01 | (0.02) | 0.01 | 0.06 |
| Net realized and unrealized gain (loss) | 0.07 | 2.47 | (0.05) | (2.40) |
| Total from investment operations | 0.08 | 2.45 | (0.04) | (2.34) |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  | (0.06) |  |
| Dividends from net realized gains |  |  |  |  |
| Total distributions\*\* |  |  | (0.06) |  |
| Net asset value, end of period | $10.09 | $10.01 | $7.56 | $7.66 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 0.80% | 32.10% | (0.48%) | (23.40<br> %) |
| Net assets, end of period (000) | $5417 | $5267 | $2327 | $1740 |
| Ratio of net expenses to average net assets | 1.10<br> %(c) | 1.10% | 1.10% | 2.67<br> %(c) |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 4.03<br> %(c) | 4.71% | 8.80% | 11.03<br> %(c) |
| Ratio of net investment income (loss) to <br>average net assets | 0.18<br> %(c) | (0.20%) | 0.17% | (9.66<br> %)(c) |

---

• Commencement of operations.

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

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

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

(c) Annualized.

www.calamos.com

------

Calamos International Small Cap Growth Fund Financial Highlights

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
| | | Year Ended October 31,  | Year Ended October 31,  | |
| | (Unaudited) <br>Six Months <br>Ended <br>April 30,<br>2025 | 2024 | 2023 | March 31, 2022• through <br>October 31,<br>2022 |
| Net asset value, beginning of period | $10.01 | $7.56 | $7.66 | $10.00 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.01 | (0.02) | 0.01 | 0.06 |
| Net realized and unrealized gain (loss) | 0.07 | 2.47 | (0.05) | (2.40) |
| Total from investment operations | 0.08 | 2.45 | (0.04) | (2.34) |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  | (0.06) |  |
| Dividends from net realized gains |  |  |  |  |
| Total distributions\*\* |  |  | (0.06) |  |
| Net asset value, end of period | $10.09 | $10.01 | $7.56 | $7.66 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 0.90% | 32.10% | (0.48%) | (23.40<br> %) |
| Net assets, end of period (000) | $10 | $10 | $8 | $8 |
| Ratio of net expenses to average net assets | 1.00<br> %(c) | 1.08% | 1.07% | 2.67<br> %(c) |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 4.02<br> %(c) | 4.71% | 8.78% | 11.03<br> %(c) |
| Ratio of net investment income (loss) to <br>average net assets | 0.26<br> %(c) | (0.19%) | 0.19% | (9.66<br> %)(c) |

---

• Commencement of operations.

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

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

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

(c) Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos Total Return Bond Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  |
| | (Unaudited) <br>Six Months <br>Ended <br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $8.96 | $8.38 | $8.67 | $10.61 | $10.85 | $10.53 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.16 | 0.32 | 0.30 | 0.24 | 0.19 | 0.21 |
| Net realized and unrealized gain (loss) | 0.04 | 0.60 | (0.27) | (1.81) | (0.19) | 0.33 |
| Total from investment operations | 0.20 | 0.92 | 0.03 | (1.57) |  | 0.54 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.17) | (0.34) | (0.32) | (0.24) | (0.23) | (0.22) |
| Dividends from net realized gains |  |  |  | (0.13) | (0.01) |  |
| Total distributions\*\* | (0.17) | (0.34) | (0.32) | (0.37) | (0.24) | (0.22) |
| Net asset value, end of period | $8.99 | $8.96 | $8.38 | $8.67 | $10.61 | $10.85 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 2.24% | 11.03% | 0.18% | (15.13%) | 0.01% | 5.18% |
| Net assets, end of period (000) | $9768 | $11500 | $11764 | $14662 | $22394 | $24376 |
| Ratio of net expenses to average net assets | 0.90<br> %(c) | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.24<br> %(c) | 1.21% | 1.24% | 1.15% | 1.01% | 1.03% |
| Ratio of net investment income (loss) to <br>average net assets | 3.56<br> %(c) | 3.54% | 3.36% | 2.48% | 1.77% | 2.00% |
| Portfolio turnover rate(d) | 9% | 66% | 41% | 28% | 51% | 61% |

---

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

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

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

(c) Annualized.

(d) Not annualized.

www.calamos.com

------

Calamos Total Return Bond Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  |
| | (Unaudited) <br>Six Months <br>Ended <br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $8.96 | $8.38 | $8.67 | $10.61 | $10.85 | $10.53 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.12 | 0.25 | 0.23 | 0.17 | 0.11 | 0.14 |
| Net realized and unrealized gain (loss) | 0.04 | 0.60 | (0.27) | (1.81) | (0.19) | 0.32 |
| Total from investment operations | 0.16 | 0.85 | (0.04) | (1.64) | (0.08) | 0.46 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.14) | (0.27) | (0.25) | (0.17) | (0.15) | (0.14) |
| Dividends from net realized gains |  |  |  | (0.13) | (0.01) |  |
| Total distributions\*\* | (0.14) | (0.27) | (0.25) | (0.30) | (0.16) | (0.14) |
| Net asset value, end of period | $8.98 | $8.96 | $8.38 | $8.67 | $10.61 | $10.85 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 1.75% | 10.21% | (0.57%) | (15.76%) | (0.74%) | 4.40% |
| Net assets, end of period (000) | $326 | $200 | $323 | $549 | $800 | $1777 |
| Ratio of net expenses to average net assets | 1.65<br> %(c) | 1.65% | 1.65% | 1.65% | 1.65% | 1.65% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.99<br> %(c) | 1.95% | 1.99% | 1.90% | 1.76% | 1.77% |
| Ratio of net investment income (loss) to <br>average net assets | 2.83<br> %(c) | 2.80% | 2.60% | 1.72% | 1.02% | 1.28% |

---

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

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

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

(c) Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos Total Return Bond Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  |
| | (Unaudited) <br>Six Months <br>Ended <br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $8.97 | $8.39 | $8.68 | $10.61 | $10.85 | $10.54 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.17 | 0.33 | 0.32 | 0.26 | 0.22 | 0.24 |
| Net realized and unrealized gain (loss) | 0.03 | 0.61 | (0.27) | (1.79) | (0.20) | 0.32 |
| Total from investment operations | 0.20 | 0.94 | 0.05 | (1.53) | 0.02 | 0.56 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.18) | (0.36) | (0.34) | (0.27) | (0.25) | (0.25) |
| Dividends from net realized gains |  |  |  | (0.13) | (0.01) |  |
| Total distributions\*\* | (0.18) | (0.36) | (0.34) | (0.40) | (0.26) | (0.25) |
| Net asset value, end of period | $8.99 | $8.97 | $8.39 | $8.68 | $10.61 | $10.85 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 2.36% | 11.17% | 0.55% | (14.92%) | 0.17% | 5.34% |
| Net assets, end of period (000) | $19612 | $18530 | $19236 | $18622 | $43979 | $60602 |
| Ratio of net expenses to average net assets | 0.65<br> %(c) | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 0.99<br> %(c) | 0.92% | 0.99% | 0.88% | 0.76% | 0.77% |
| Ratio of net investment income (loss) to <br>average net assets | 3.82<br> %(c) | 3.76% | 3.61% | 2.65% | 2.02% | 2.21% |

---

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

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

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

(c) Annualized.

www.calamos.com

------

Calamos High Income Opportunities Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  |
| | (Unaudited) <br>Six Months <br>Ended <br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $7.80 | $7.22 | $7.30 | $8.58 | $7.96 | $8.34 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.24 | 0.48 | 0.45 | 0.37 | 0.35 | 0.43 |
| Net realized and unrealized gain (loss) | (0.14) | 0.59 | (0.07) | (1.27) | 0.66 | (0.35) |
| Total from investment operations | 0.10 | 1.07 | 0.38 | (0.90) | 1.01 | 0.08 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.26) | (0.49) | (0.46) | (0.38) | (0.27) | (0.46) |
| Dividends from net realized gains |  |  |  |  |  |  |
| Return of capital |  |  |  |  | (0.12) |  |
| Total distributions\*\* | (0.26) | (0.49) | (0.46) | (0.38) | (0.39) | (0.46) |
| Net asset value, end of period | $7.64 | $7.80 | $7.22 | $7.30 | $8.58 | $7.96 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 1.26% | 15.18% | 5.22% | (10.67%) | 12.88% | 1.13% |
| Net assets, end of period (000) | $25902 | $27554 | $25252 | $26775 | $34550 | $30580 |
| Ratio of net expenses to average net assets | 1.00<br> %(c) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.37<br> %(c) | 1.37% | 1.43% | 1.40% | 1.33% | 1.37% |
| Ratio of net investment income (loss) to <br>average net assets | 6.27<br> %(c) | 6.27% | 6.12% | 4.71% | 4.10% | 5.34% |
| Portfolio turnover rate(d) | 17% | 42% | 25% | 30% | 49% | 52% |

---

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

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

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

(c) Annualized.

(d) Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos High Income Opportunities Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  |
| | (Unaudited) <br>Six Months <br>Ended <br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $8.41 | $7.74 | $7.80 | $9.14 | $8.45 | $8.82 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.23 | 0.45 | 0.43 | 0.33 | 0.31 | 0.40 |
| Net realized and unrealized gain (loss) | (0.16) | 0.65 | (0.09) | (1.35) | 0.71 | (0.38) |
| Total from investment operations | 0.07 | 1.10 | 0.34 | (1.02) | 1.02 | 0.02 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.23) | (0.43) | (0.40) | (0.32) | (0.21) | (0.39) |
| Dividends from net realized gains |  |  |  |  |  |  |
| Return of capital |  |  |  |  | (0.12) |  |
| Total distributions\*\* | (0.23) | (0.43) | (0.40) | (0.32) | (0.33) | (0.39) |
| Net asset value, end of period | $8.25 | $8.41 | $7.74 | $7.80 | $9.14 | $8.45 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 0.92% | 14.32% | 4.35% | (11.35%) | 12.11% | 0.38% |
| Net assets, end of period (000) | $369 | $379 | $438 | $471 | $677 | $981 |
| Ratio of net expenses to average net assets | 1.75<br> %(c) | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 2.12<br> %(c) | 2.12% | 2.18% | 2.15% | 2.08% | 2.11% |
| Ratio of net investment income (loss) to <br>average net assets | 5.52<br> %(c) | 5.52% | 5.37% | 3.95% | 3.38% | 4.67% |

---

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

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

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

(c) Annualized.

www.calamos.com

------

Calamos High Income Opportunities Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  |
| | (Unaudited) <br>Six Months <br>Ended <br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $7.81 | $7.22 | $7.30 | $8.58 | $7.96 | $8.34 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.25 | 0.50 | 0.47 | 0.39 | 0.37 | 0.44 |
| Net realized and unrealized gain (loss) | (0.14) | 0.60 | (0.07) | (1.27) | 0.67 | (0.34) |
| Total from investment operations | 0.11 | 1.10 | 0.40 | (0.88) | 1.04 | 0.10 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.27) | (0.51) | (0.48) | (0.40) | (0.30) | (0.48) |
| Dividends from net realized gains |  |  |  |  |  |  |
| Return of capital |  |  |  |  | (0.12) |  |
| Total distributions\*\* | (0.27) | (0.51) | (0.48) | (0.40) | (0.42) | (0.48) |
| Net asset value, end of period | $7.65 | $7.81 | $7.22 | $7.30 | $8.58 | $7.96 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 1.51% | 15.46% | 5.48% | (10.45%) | 13.16% | 1.38% |
| Net assets, end of period (000) | $8493 | $9503 | $7786 | $9150 | $9267 | $6716 |
| Ratio of net expenses to average net assets | 0.75<br> %(c) | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 1.12<br> %(c) | 1.12% | 1.18% | 1.15% | 1.08% | 1.12% |
| Ratio of net investment income (loss) to <br>average net assets | 6.52<br> %(c) | 6.52% | 6.36% | 4.98% | 4.34% | 5.56% |

---

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

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

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

(c) Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos Short-Term Bond Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  |
| | (Unaudited) <br>Six Months <br>Ended <br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $9.53 | $9.30 | $9.28 | $9.91 | $10.23 | $10.20 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.20 | 0.37 | 0.28 | 0.13 | 0.15 | 0.21 |
| Net realized and unrealized gain (loss) | 0.06 | 0.30 | 0.07 | (0.62) | (0.07) | 0.12 |
| Total from investment operations | 0.26 | 0.67 | 0.35 | (0.49) | 0.08 | 0.33 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.21) | (0.44) | (0.33) | (0.14) | (0.31) | (0.25) |
| Dividends from net realized gains |  |  |  |  | (0.09) | (0.05) |
| Total distributions\*\* | (0.21) | (0.44) | (0.33) | (0.14) | (0.40) | (0.30) |
| Net asset value, end of period | $9.58 | $9.53 | $9.30 | $9.28 | $9.91 | $10.23 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 2.67% | 7.28% | 3.79% | (4.99%) | 0.85% | 3.24% |
| Net assets, end of period (000) | $3929 | $3825 | $3523 | $2128 | $2661 | $3225 |
| Ratio of net expenses to average net assets | 0.63<br> %(c) | 0.63% | 0.63% | 0.63% | 0.65% | 0.65% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 0.63<br> %(c) | 0.63% | 0.63% | 0.63% | 0.65% | 0.68% |
| Ratio of net investment income (loss) to <br>average net assets | 4.23<br> %(c) | 3.86% | 2.94% | 1.36% | 1.51% | 2.12% |
| Portfolio turnover rate(d) | 19% | 41% | 41% | 48% | 44% | 41% |

---

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

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

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

(c) Annualized.

(d) Not annualized.

www.calamos.com

------

Calamos Short-Term Bond Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  |
| | (Unaudited) <br>Six Months <br>Ended <br>April 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value, beginning of period | $9.52 | $9.29 | $9.28 | $9.91 | $10.23 | $10.20 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.21 | 0.39 | 0.30 | 0.15 | 0.17 | 0.25 |
| Net realized and unrealized gain (loss) | 0.06 | 0.30 | 0.06 | (0.62) | (0.06) | 0.10 |
| Total from investment operations | 0.27 | 0.69 | 0.36 | (0.47) | 0.11 | 0.35 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.22) | (0.46) | (0.35) | (0.16) | (0.34) | (0.27) |
| Dividends from net realized gains |  |  |  |  | (0.09) | (0.05) |
| Total distributions\*\* | (0.22) | (0.46) | (0.35) | (0.16) | (0.43) | (0.32) |
| Net asset value, end of period | $9.57 | $9.52 | $9.29 | $9.28 | $9.91 | $10.23 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 2.91% | 7.56% | 3.93% | (4.77%) | 1.11% | 3.49% |
| Net assets, end of period (000) | $382698 | $363227 | $354109 | $356908 | $306398 | $176439 |
| Ratio of net expenses to average net assets | 0.38<br> %(c) | 0.38% | 0.39% | 0.38% | 0.40% | 0.40% |
| Ratio of gross expenses to average net assets <br>prior to expense reductions | 0.38<br> %(c) | 0.38% | 0.39% | 0.38% | 0.40% | 0.42% |
| Ratio of net investment income (loss) to <br>average net assets | 4.48<br> %(c) | 4.10% | 3.17% | 1.58% | 1.73% | 2.44% |

---

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

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

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

(c) Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT | PRINCIPAL <br>AMOUNT |  | VALUE |
| **CONVERTIBLE BONDS (35.3%)** | **CONVERTIBLE BONDS (35.3%)** |  |  |
|  |  | Communication Services (2.2%) | Communication Services (2.2%) |
| 8000000 |  | AST SpaceMobile, Inc.\*~<br>4.250%, 03/01/32 | $9460720 |
| 7500000 |  | Bandwidth, Inc.~<br>0.500%, 04/01/28 | 6056475 |
| 15000000 |  | Live Nation Entertainment,<br>Inc.^<br>3.125%, 01/15/29~ | 21140100 |
| 5996000 |  | 2.875%, 01/15/30\* | 6196386 |
| 8000000 |  | Lyft, Inc.<br>1.500%, 05/15/25 | 7987680 |
| 6000000 |  | 0.625%, 03/01/29^ | 5878980 |
| 15000000 |  | Match Group Financeco 2, <br>Inc.\*~<br>0.875%, 06/15/26 | 14393700 |
| 15000000 |  | Match Group Financeco 3, <br>Inc.\*~<br>2.000%, 01/15/30 | 13142100 |
| 80040000 |  | Sea, Ltd.~^<br>0.250%, 09/15/26 | 74935849 |
| 40000000 |  | Snap, Inc.<br>0.125%, 03/01/28~ | 33966800 |
| 35897000 |  | 0.000%, 05/01/27~ | 32200686 |
| 8952000 |  | 0.500%, 05/01/30\*^ | 7327660 |
| 4000000 |  | 0.250%, 05/01/25 | 3992520 |
| 7500000 |  | Sphere Entertainment <br>Company<br>3.500%, 12/01/28 | 8348175 |
| 15000000 |  | TripAdvisor, Inc.~<br>0.250%, 04/01/26 | 14374950 |
| 27000000 |  | Uber Technologies, Inc.~^<br>0.875%, 12/01/28 | 35441550 |
| 4000000 |  | Weibo Corp.<br>1.375%, 12/01/30 | 4173880 |
| 15000000 |  | Xiaomi Best Time International, <br>Ltd.<br>0.000%, 12/17/27 | 21403200 |
| 20000000 |  | Ziff Davis, Inc.<br>1.750%, 11/01/26 | 18863200 |
|  |  |  | 339284611 |
|  |  | Consumer Discretionary (7.1%) | Consumer Discretionary (7.1%) |
| 116893000 |  | Airbnb, Inc.~<br>0.000%, 03/15/26 | 112029082 |
| 175000000 |  | Alibaba Group Holding, Ltd.\*~<br>0.500%, 06/01/31 | 230214250 |
| 12800000 |  | Booking Holdings, Inc.<br>0.750%, 05/01/25 | 31372800 |
| 20000000 |  | Carnival Corp.~<br>5.750%, 12/01/27 | 31928600 |
| 8000000 |  | Cheesecake Factory, Inc.\*<br>2.000%, 03/15/30 | 7846800 |
| 15000000  | EUR | Delivery Hero, SE<br>1.500%, 01/15/28 | 15307586 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT | PRINCIPAL <br>AMOUNT |  | VALUE |
| 50000000 |  | DraftKings Holdings, Inc.~<br>0.000%, 03/15/28 | $43967000 |
| 50000000 |  | Etsy, Inc.~<br>0.250%, 06/15/28 | 42735000 |
| 30000000 |  | 0.125%, 10/01/26 | 28897800 |
| 18500000 |  | Farfetch, Ltd.@<br>3.750%, 05/01/27 | 387020 |
| 30000000 |  | Fiverr International, Ltd.~<br>0.000%, 11/01/25 | 29140500 |
| 12500000 |  | Ford Motor Company~^<br>0.000%, 03/15/26 | 12290250 |
| 6500000 |  | Groupon, Inc.\*<br>6.250%, 03/15/27 | 6834685 |
| 15000000 |  | Guess?, Inc.~<br>3.750%, 04/15/28 | 14064750 |
| 20000000 |  | JD.com, Inc.\*^<br>0.250%, 06/01/29 | 21007600 |
| 1310000000  | JPY | Kyoritsu Maintenance <br>Company, Ltd.<br>0.000%, 01/29/26 | 11904252 |
| 15000000 |  | Li Auto, Inc.~<br>0.250%, 05/01/28 | 17197800 |
| 10000000 |  | Liberty Broadband Corp.\*~<br>3.125%, 03/31/53 | 10133800 |
| 45000000 |  | Lucid Group, Inc.\*<br>5.000%, 04/01/30 | 45992700 |
| 13000000 |  | Luminar Technologies, Inc.\*<br>1.250%, 12/15/26 | 7742280 |
| 10000000 |  | Marriott Vacations Worldwide <br>Corp.~<br>3.250%, 12/15/27 | 9138700 |
| 7000000 |  | 0.000%, 01/15/26 | 6697250 |
| 25000000 |  | NIO, Inc.<br>3.875%, 10/15/29~ | 18944250 |
| 15000000 |  | 4.625%, 10/15/30 | 10606350 |
| 10000000  | GBP | Ocado Group, PLC<br>0.750%, 01/18/27 | 12021627 |
| 15000000 |  | PDD Holdings, Inc.<br>0.000%, 12/01/25 | 14563500 |
| 12500000 |  | Peloton Interactive, Inc.\*<br>5.500%, 12/01/29 | 22458250 |
| 5000000 |  | Porch Group, Inc.\*<br>0.750%, 09/15/26 | 4246850 |
| 55000000 |  | Rivian Automotive, Inc.~<br>3.625%, 10/15/30^ | 49750250 |
| 30500000 |  | 4.625%, 03/15/29 | 31064860 |
| 10245000 |  | Shake Shack, Inc.~<br>0.000%, 03/01/28 | 9490558 |
| 25833000 |  | Stride, Inc.~^<br>1.125%, 09/01/27 | 71019309 |
| 25000000 |  | Trip.com Group, Ltd.\*~<br>0.750%, 06/15/29 | 28281500 |
| 4642000 |  | Vail Resorts, Inc.<br>0.000%, 01/01/26 | 4466950 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 57500000 | Wayfair, Inc.<br>3.500%, 11/15/28~ | $| 57263100 |
| 25555000 | 3.250%, 09/15/27~ |  | 23916158 |
| 12500000 | 1.000%, 08/15/26 |  | 11588375 |
| 7029000 | Wynn Macau, Ltd.\*<br>4.500%, 03/07/29 |  | 6876611 |
|  |  |  | 1113389003 |
|  | Consumer Staples (0.2%) | Consumer Staples (0.2%) | Consumer Staples (0.2%) |
| 36755000 | Beyond Meat, Inc.~<br>0.000%, 03/15/27 |  | 3174529 |
| 8000000 | Freshpet, Inc.~<br>3.000%, 04/01/28 |  | 10546880 |
| 15000000 | Post Holdings, Inc.~^<br>2.500%, 08/15/27 |  | 17653200 |
| 7000000 | Spectrum Brands, Inc.\*<br>3.375%, 06/01/29 |  | 6530510 |
|  |  |  | 37905119 |
|  | Energy (0.1%) | Energy (0.1%) | Energy (0.1%) |
| 15000000 | Chesapeake Energy Corp.<br>0.000%, 09/15/26 |  | 60000 |
| 5000000 | Northern Oil & Gas, Inc.~<br>3.625%, 04/15/29 |  | 4801600 |
| 6000000 | World Kinect Corp.<br>3.250%, 07/01/28 |  | 6537900 |
|  |  |  | 11399500 |
|  | Financials (1.2%) | Financials (1.2%) | Financials (1.2%) |
| 37500000 | BofA Finance, LLC~<br>0.600%, 05/25/27 |  | 37172625 |
| 45468000 | Coinbase Global, Inc.^<br>0.250%, 04/01/30 |  | 45276125 |
| 27500000 | 0.500%, 06/01/26~ |  | 27578650 |
| 11000000 | Federal Realty OP, LP\*~<br>3.250%, 01/15/29 |  | 10998680 |
| 75000000 <br> HKD | Link CB, Ltd.<br>4.500%, 12/12/27 |  | 9698379 |
| 10000000 | Ping An Insurance Group <br>Company of China, Ltd.<br>0.875%, 07/22/29 |  | 12129200 |
| 7500000 | Rexford Industrial Realty, LP\*^<br>4.375%, 03/15/27~ |  | 7455825 |
| 7500000 | 4.125%, 03/15/29 |  | 7323975 |
| 5000000 | Starwood Property Trust, Inc.~<br>6.750%, 07/15/27 |  | 5231550 |
| 15000000 | Ventas Realty, LP~<br>3.750%, 06/01/26 |  | 19757850 |
| 4000000 | WisdomTree, Inc.\*<br>3.250%, 08/15/29 |  | 3991120 |
|  |  |  | 186613979 |
|  | Health Care (2.3%) | Health Care (2.3%) | Health Care (2.3%) |
| 20000000 | Alnylam Pharmaceuticals, Inc.~^<br>1.000%, 09/15/27 |  | 22929600 |
| 1500000 | Alphatec Holdings, Inc.\*<br>0.750%, 03/15/30 |  | 1490550 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 10000000 | Amphastar Pharmaceuticals, Inc.<br>2.000%, 03/15/29 | $| 8659000 |
| 10000000 | Bridgebio Pharma, Inc.~<br>2.500%, 03/15/27^ |  | 11975100 |
| 10000000 | 2.250%, 02/01/29 |  | 9160700 |
| 27500000 | CONMED Corp.~<br>2.250%, 06/15/27 |  | 25492500 |
| 30000000 | Dexcom, Inc.~<br>0.375%, 05/15/28 |  | 27176100 |
| 9000000 | Envista Holdings Corp.<br>1.750%, 08/15/28 |  | 8178570 |
| 10000000 | Haemonetics Corp.\*~^<br>2.500%, 06/01/29 |  | 9585300 |
| 37000000 | Halozyme Therapeutics, Inc.~<br>1.000%, 08/15/28 |  | 46338430 |
| 10000000 | Innoviva, Inc.~<br>2.125%, 03/15/28 |  | 9723000 |
| 9000000 | Insmed, Inc.~<br>0.750%, 06/01/28 |  | 20269710 |
| 13276000 | Integer Holdings Corp.\*<br>1.875%, 03/15/30 |  | 14059151 |
| 12366000 | Ionis Pharmaceuticals, Inc.~<br>1.750%, 06/15/28 |  | 12073791 |
| 5000000 | iRhythm Technologies, Inc.<br>1.500%, 09/01/29 |  | 5260550 |
| 15000000 | Jazz Investments I, Ltd.<br>2.000%, 06/15/26~ |  | 15474600 |
| 12500000 | 3.125%, 09/15/30\*^ |  | 13588375 |
| 5000000 | Lantheus Holdings, Inc.~<br>2.625%, 12/15/27 |  | 7433750 |
| 7250000 | Livongo Health, Inc.~<br>0.875%, 06/01/25 |  | 7201063 |
| 10000000 | Merit Medical Systems, Inc.\*~<br>3.000%, 02/01/29 |  | 12754500 |
| 5000000 | Mesa Laboratories, Inc.<br>1.375%, 08/15/25 |  | 4934050 |
| 6500000 | Pacira BioSciences, Inc.\*<br>2.125%, 05/15/29 |  | 6606340 |
| 45000000 | Sarepta Therapeutics, Inc.~<br>1.250%, 09/15/27 |  | 42737850 |
| 12500000 | SmileDirectClub, Inc.\*@!!<br>0.000%, 02/01/26 |  | 58125 |
| 10000000 | Tandem Diabetes Care, Inc.<br>1.500%, 03/15/29 |  | 9155400 |
| 16250000 | Teladoc Health, Inc.~^<br>1.250%, 06/01/27 |  | 14801150 |
|  |  |  | 367117255 |
|  | Industrials (2.8%) | Industrials (2.8%) | Industrials (2.8%) |
| 5000000 | Air Transport Services Group, Inc.<br>3.875%, 08/15/29 |  | 4995150 |
| 17500000 | American Airlines Group, Inc.~<br>6.500%, 07/01/25 |  | 17504375 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT | PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 25000000 |  | Axon Enterprise, Inc.~<br>0.500%, 12/15/27 | $| 67881000 |
| 11000000 |  | Bloom Energy Corp.~<br>3.000%, 06/01/28 |  | 13929300 |
| 12500000 |  | Fluor Corp.^<br>1.125%, 08/15/29 |  | 13195625 |
| 7000000 |  | Granite Construction, Inc.~<br>3.750%, 05/15/28 |  | 12881610 |
| 6600000 |  | Greenbrier Companies, Inc.~<br>2.875%, 04/15/28 |  | 6808164 |
| 20000000 |  | JBT Marel Corp.~<br>0.250%, 05/15/26 |  | 19697000 |
| 16467000 |  | Middleby Corp.~<br>1.000%, 09/01/25 |  | 18171664 |
| 20000000  | EUR | Rheinmetall, AG Series A<br>1.875%, 02/07/28 |  | 108960961 |
| 20000000  | EUR | Rheinmetall, AG Series B<br>2.250%, 02/07/30 |  | 109583575 |
| 20000000  | SGD | Singapore Airlines, Ltd.<br>1.625%, 12/03/25 |  | 21023046 |
| 4000000 |  | Stem, Inc.\*~<br>0.500%, 12/01/28 |  | 1012720 |
| 20000000 |  | Upwork, Inc.~<br>0.250%, 08/15/26 |  | 18718800 |
| 15000000 |  | Virgin Galactic Holdings, Inc.\*~<br>2.500%, 02/01/27 |  | 4617000 |
|  |  |  |  | 438979990 |
|  |  | Information Technology (14.5%) | Information Technology (14.5%) | Information Technology (14.5%) |
| 5000000 |  | Advanced Energy Industries, <br>Inc.~<br>2.500%, 09/15/28 |  | 5244900 |
| 48500000 |  | Akamai Technologies, Inc.<br>0.375%, 09/01/27~^ |  | 48002390 |
| 45000000 |  | 1.125%, 02/15/29~ |  | 43595100 |
| 40000000 |  | 0.125%, 05/01/25 |  | 39972800 |
| 20000000 |  | Alarm.com Holdings, Inc.\*~<br>2.250%, 06/01/29 |  | 19197000 |
| 6000000 |  | Alkami Technology, Inc.\*<br>1.500%, 03/15/30 |  | 6544380 |
| 16398000 |  | Bentley Systems, Inc.~<br>0.125%, 01/15/26 |  | 16032161 |
| 17500000 |  | BILL Holdings, Inc.\*<br>0.000%, 04/01/30 |  | 14825825 |
| 29947000 |  | BlackLine, Inc.\*~^<br>1.000%, 06/01/29 |  | 29574160 |
| 20000000 |  | Block, Inc.~^<br>0.250%, 11/01/27 |  | 17756000 |
| 17000000 |  | 0.000%, 05/01/26 |  | 16196580 |
| 12000000 |  | Box, Inc.<br>0.000%, 01/15/26~ |  | 15056040 |
| 11951000 |  | 1.500%, 09/15/29\*^ |  | 11748669 |
| 50000000 |  | Cloudflare, Inc.~<br>0.000%, 08/15/26 |  | 50982500 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| 55000000 | Confluent, Inc.~^<br>0.000%, 01/15/27 | $50614850 |
| 24963000 | CSG Systems International, Inc.~<br>3.875%, 09/15/28 | 27199435 |
| 15000000 | Datadog, Inc.\*^<br>0.000%, 12/01/29 | 13522500 |
| 50000000 | DigitalOcean Holdings, Inc.~^<br>0.000%, 12/01/26 | 46589500 |
| 27750000 | Dropbox, Inc.~<br>0.000%, 03/01/28 | 28324425 |
| 23000000 | 0.000%, 03/01/26 | 23011500 |
| 20000000 | Enphase Energy, Inc.~<br>0.000%, 03/01/26 | 19041000 |
| 16000000 | 0.000%, 03/01/28^ | 13431520 |
| 10000000 | Evolent Health, Inc.<br>3.500%, 12/01/29 | 8192000 |
| 41995000 | Five9, Inc.<br>1.000%, 03/15/29 | 35796538 |
| 15000000 | 0.500%, 06/01/25~ | 14927100 |
| 15000000 | Guidewire Software, Inc.\*~^<br>1.250%, 11/01/29 | 16590600 |
| 10000000 | InterDigital, Inc.~<br>3.500%, 06/01/27 | 26271700 |
| 25000000 | Itron, Inc.<br>1.375%, 07/15/30\*^ | 27303750 |
| 10800000 | 0.000%, 03/15/26~ | 11384604 |
| 15000000 | Jamf Holding Corp.~<br>0.125%, 09/01/26 | 14082300 |
| 8000000 | Lenovo Group, Ltd.<br>2.500%, 08/26/29 | 9944080 |
| 17500000 | LivePerson, Inc.<br>0.000%, 12/15/26 | 6931925 |
| 12500000 | Lumentum Holdings, Inc.<br>0.500%, 06/15/28~ | 11504750 |
| 12000000 | 0.500%, 12/15/26~ | 12384480 |
| 10000000 | 1.500%, 12/15/29 | 11429200 |
| 17000000 | MARA Holdings, Inc.\*<br>0.000%, 03/01/30 | 13393450 |
| 7000000 | 2.125%, 09/01/31 | 6331710 |
| 20000000 | Microchip Technology, Inc.\*~<br>0.750%, 06/01/30 | 18849800 |
| 82000000 | MicroStrategy, Inc.<br>0.000%, 12/01/29\* | 74926680 |
| 48000000 | 0.625%, 03/15/30 | 125723040 |
| 40000000 | 2.250%, 06/15/32\*~ | 80342800 |
| 30000000 | 0.875%, 03/15/31 | 53014500 |
| 15000000 | MKS Instruments, Inc.\*<br>1.250%, 06/01/30 | 12940350 |
| 40000000 | NCL Corp., Ltd.~<br>1.125%, 02/15/27 | 37767600 |
| 10000000 | Nova, Ltd.~<br>0.000%, 10/15/25 | 26268600 |
| 10000000 | Nutanix, Inc.<br>0.500%, 12/15/29\*^ | 10794800 |
| 8960000 | 0.250%, 10/01/27~ | 11916442 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| 22500000 | Okta, Inc.~<br>0.125%, 09/01/25 | $22101075 |
| 50000000 | ON Semiconductor Corp.~<br>0.500%, 03/01/29 | 43286500 |
| 25000000 | 0.000%, 05/01/27 | 26712500 |
| 10000000 | PagerDuty, Inc.<br>1.500%, 10/15/28 | 9415200 |
| 100000000 | Palo Alto Networks, Inc.~<br>0.375%, 06/01/25 | 373700000 |
| 11000000 | Parsons Corp.^<br>2.625%, 03/01/29 | 11662750 |
| 12500000 | Progress Software Corp.<br>1.000%, 04/15/26~ | 14448625 |
| 10000000 | 3.500%, 03/01/30^ | 11343000 |
| 30625000 | Q2 Holdings, Inc.~<br>0.125%, 11/15/25 | 29927669 |
| 10000000 | Rapid7, Inc.<br>1.250%, 03/15/29 | 8553000 |
| 9500000 | 0.250%, 03/15/27 | 8711025 |
| 41100000 | RingCentral, Inc.~<br>0.000%, 03/15/26 | 39176109 |
| 6818000 | Riot Platforms, Inc.\*<br>0.750%, 01/15/30 | 5220065 |
| 20000000 | Seagate HDD Cayman~^<br>3.500%, 06/01/28 | 25318000 |
| 13967000 | Shift4 Payments, Inc.<br>0.500%, 08/01/27 | 14278324 |
| 7500000 | 0.000%, 12/15/25~ | 8544750 |
| 15000000 | Shopify, Inc.~<br>0.125%, 11/01/25 | 15034050 |
| 40000000 | Snowflake, Inc.\*~<br>0.000%, 10/01/27 | 48997600 |
| 27500000 | 0.000%, 10/01/29 | 34182500 |
| 75000000 | Spotify USA, Inc.~<br>0.000%, 03/15/26 | 96510750 |
| 25000000 | Super Micro Computer, Inc.<br>3.500%, 03/01/29 | 23030750 |
| 7000000 | Synaptics, Inc.\*<br>0.750%, 12/01/31 | 6174420 |
| 35336000 | Unity Software, Inc.<br>0.000%, 11/15/26~ | 32751878 |
| 2373000 | 0.000%, 03/15/30\*^ | 2240231 |
| 5000000 | Varonis Systems, Inc.<br>1.000%, 09/15/29\* | 4718450 |
| 3000000 | 1.250%, 08/15/25 | 4218390 |
| 5000000 | Veritone, Inc.<br>1.750%, 11/15/26 | 2231350 |
| 5000000 | Vertex, Inc.\*^<br>0.750%, 05/01/29 | 6540650 |
| 10000000 | Vishay Intertechnology, Inc.<br>2.250%, 09/15/30 | 8338500 |
| 45000000 | Western Digital Corp.~<br>3.000%, 11/15/28 | 61124400 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT | PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 22473000 |  | Wolfspeed, Inc.<br>0.250%, 02/15/28 | $| 6709089 |
| 20000000 |  | 1.875%, 12/01/29 |  | 5811000 |
| 17862000 |  | Workiva, Inc.<br>1.250%, 08/15/28^ |  | 16889593 |
| 7516000 |  | 1.125%, 08/15/26 |  | 8404692 |
| 15000000 |  | Xerox Holdings Corp.<br>3.750%, 03/15/30 |  | 7217700 |
|  |  |  |  | 2279000619 |
|  |  | Materials (0.2%) | Materials (0.2%) | Materials (0.2%) |
| 15000000 |  | Amyris, Inc.@<br>0.000%, 11/15/26 |  | 79650 |
| 3124000 |  | Lithium Argentina AG<br>1.750%, 01/15/27 |  | 2549372 |
| 10000000 |  | MP Materials Corp.\*~<br>3.000%, 03/01/30 |  | 13971400 |
| 10000000  | EUR | POSCO Holdings, Inc.<br>0.000%, 09/01/26 |  | 10681534 |
|  |  |  |  | 27281956 |
|  |  | Other (0.4%) | Other (0.4%) | Other (0.4%) |
| 50000000 |  | GameStop Corp.\*<br>0.000%, 04/01/30 |  | 59260500 |
|  |  | Real Estate (0.6%) | Real Estate (0.6%) | Real Estate (0.6%) |
| 11254000 |  | Digital Realty Trust, LP\*^<br>1.875%, 11/15/29 |  | 11718678 |
| 42800000 |  | Redfin Corp.<br>0.500%, 04/01/27 |  | 37650732 |
| 20000000 |  | Welltower OP, LLC\*<br>2.750%, 05/15/28~ |  | 32639000 |
| 9082000 |  | 3.125%, 07/15/29^ |  | 12148900 |
|  |  |  |  | 94157310 |
|  |  | Utilities (3.7%) | Utilities (3.7%) | Utilities (3.7%) |
| 25000000 |  | Alliant Energy Corp.~<br>3.875%, 03/15/26 |  | 26296750 |
| 50000000 |  | American Water Capital <br>Corp.~^<br>3.625%, 06/15/26 |  | 51489500 |
| 25000000 |  | CenterPoint Energy, Inc.~^<br>4.250%, 08/15/26 |  | 28242750 |
| 10040000 |  | CMS Energy Corp.~^<br>3.375%, 05/01/28 |  | 11123919 |
| 30000000 |  | Duke Energy Corp.~<br>4.125%, 04/15/26 |  | 32746200 |
| 40000000 |  | Evergy, Inc.<br>4.500%, 12/15/27 |  | 47340000 |
| 30000000 |  | FirstEnergy Corp.~<br>4.000%, 05/01/26 |  | 31103400 |
| 40000000 |  | NextEra Energy Capital<br>Holdings, Inc.<br>3.000%, 03/01/27 |  | 44814400 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 12752000 | PG&E Corp.<br>4.250%, 12/01/27 | $| 13286564 |
| 10000000 | Pinnacle West Capital Corp.\*^<br>4.750%, 06/15/27 |  | 11321500 |
| 31922000 | PPL Capital Funding, Inc.~<br>2.875%, 03/15/28 |  | 36438005 |
| 70000000 | Southern Company~<br>4.500%, 06/15/27\*^ |  | 77823200 |
| 60000000 | 3.875%, 12/15/25 |  | 67420800 |
| 8000000 | Sunnova Energy International, <br>Inc.~<br>2.625%, 02/15/28 |  | 362800 |
| 20000000 | UGI Corp.\*<br>5.000%, 06/01/28 |  | 25566200 |
| 40000000 | WEC Energy Group, Inc.\*~<br>4.375%, 06/01/29^ |  | 48052400 |
| 30000000 | 4.375%, 06/01/27 |  | 35332200 |
|  |  |  | 588760588 |
|  | **TOTAL CONVERTIBLE <br>BONDS**<br> (Cost $4,870,564,464) |  | 5543150430 |
| **CORPORATE BONDS (1.0%)** |  |  |  |
|  | Airlines (0.0%) | Airlines (0.0%) | Airlines (0.0%) |
| 1350000 | Mileage Plus Holdings, LLC / <br>Mileage Plus Intellectual <br>Property Assets, Ltd.\*<br>6.500%, 06/20/27 |  | 1355710 |
|  | Communication Services (0.0%) | Communication Services (0.0%) | Communication Services (0.0%) |
| 3257000 | Comcast Corp.~^<br>3.375%, 08/15/25 |  | 3245764 |
| 3214000 | Netflix, Inc.\*~<br>3.625%, 06/15/25 |  | 3208536 |
|  |  |  | 6454300 |
|  | Consumer Discretionary (0.1%) | Consumer Discretionary (0.1%) | Consumer Discretionary (0.1%) |
| 5000000 | American Honda Finance <br>Corp.~^<br>4.750%, 01/12/26 |  | 5007200 |
| 5000000 | AutoZone, Inc.~<br>5.050%, 07/15/26 |  | 5032000 |
| 5000000 | Cargill, Inc.\*~<br>4.875%, 10/10/25 |  | 5008250 |
| 5000000 | General Motors Financial <br>Company, Inc.~<br>1.250%, 01/08/26 |  | 4876900 |
| 5000000 | Lowe's Companies, Inc.~<br>4.400%, 09/08/25 |  | 4996950 |
|  |  |  | 24921300 |
|  | Energy (0.1%) | Energy (0.1%) | Energy (0.1%) |
| 5000000 | Enterprise Products Operating,<br>LLC~<br>5.050%, 01/10/26 |  | 5023500 |
| 3000000 | Williams Companies, Inc.~<br>5.400%, 03/02/26 |  | 3018030 |
|  |  |  | 8041530 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
|  | Financials (0.3%) | Financials (0.3%) |
| 5000000 | Bank of NY Mellon Corp.~‡<br>4.414%, 07/24/26<br>SOFR + 1.35% | $4996600 |
| 2000000 | Intercontinental Exchange, Inc.~<br>3.650%, 05/23/25 | 1998640 |
| 5000000 | Mondelez International <br>Holdings Netherlands, BV\*~<br>4.250%, 09/15/25 | 4990000 |
| 166000 | Nasdaq, Inc.<br>5.650%, 06/28/25 | 166234 |
| 5000000 | PayPal Holdings, Inc.~^<br>2.650%, 10/01/26 | 4908550 |
| 5000000 | State Street Corp.~^‡<br>5.751%, 11/04/26<br>SOFR + 1.35% | 5026550 |
| 5000000 | Toronto-Dominion Bank~<br>3.766%, 06/06/25 | 4996550 |
| 5000000 | Toyota Motor Credit Corp.~<br>3.950%, 06/30/25 | 4995800 |
| 5000000 | Truist Financial Corp.~‡<br>5.900%, 10/28/26<br>SOFR + 1.63% | 5028650 |
| 5000000 | US Bancorp~^‡<br>5.727%, 10/21/26<br>SOFR + 1.43% | 5024400 |
|  |  | 42131974 |
|  | Health Care (0.1%) | Health Care (0.1%) |
| 5000000 | CVS Health Corp.~<br>5.000%, 02/20/26 | 5012150 |
| 5000000 | Elevance Health, Inc.~<br>5.350%, 10/15/25 | 5013950 |
| 5000000 | UnitedHealth Group, Inc.~^<br>5.150%, 10/15/25 | 5017900 |
| 5000000 | Zoetis, Inc.~^<br>5.400%, 11/14/25 | 5017850 |
|  |  | 20061850 |
|  | Industrials (0.1%) | Industrials (0.1%) |
| 2500000 | Lockheed Martin Corp.~^<br>4.950%, 10/15/25 | 2506875 |
| 3830000 | RTX Corp.~<br>3.950%, 08/16/25 | 3820808 |
| 5000000 | Siemens <br>Financieringsmaatschappij, NV\*<br>3.250%, 05/27/25 | 4997050 |
|  |  | 11324733 |
|  | Information Technology (0.1%) | Information Technology (0.1%) |
| 3500000 | Broadridge Financial Solutions, <br>Inc.~<br>3.400%, 06/27/26 | 3453660 |
| 3000000 | Mercedes-Benz Finance <br>North America, LLC\*~<br>5.375%, 11/26/25 | 3011460 |
| 5000000 | Take-Two Interactive <br>Software, Inc.~^<br>5.000%, 03/28/26 | 5016400 |
|  |  | 11481520 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
|  | Materials (0.1%) | Materials (0.1%) |
| 15600000 | OCI, NV\*<br>6.700%, 03/16/33 | $17041128 |
|  | Other (0.0%) | Other (0.0%) |
| 5000000 | Diageo Capital, PLC~^<br>5.200%, 10/24/25 | 5020100 |
|  | Utilities (0.1%) | Utilities (0.1%) |
| 5000000 | National Rural Utilities <br>Cooperative Finance Corp.~<br>5.450%, 10/30/25 | 5023400 |
| 5000000 | Southern Company~^<br>5.150%, 10/06/25 | 5010250 |
| 5000000 | WEC Energy Group, Inc.~^<br>5.000%, 09/27/25 | 5005700 |
|  |  | 15039350 |
|  | **TOTAL CORPORATE BONDS**<br> (Cost $161,330,833) | 162873495 |
| NUMBER OF<br>SHARES |  | VALUE |
| **CONVERTIBLE PREFERRED STOCKS (2.9%)** |  |  |
|  | Financials (1.0%) | Financials (1.0%) |
| 849428 | Apollo Global Management, <br>Inc.~<br>6.750%, 07/31/26 | 61260747 |
| 975000 | Ares Management Corp.~<br>6.750%, 10/01/27 | 48135750 |
| 1000000 | KKR & Company, Inc.#<br>6.250%, 03/01/28 | 47930000 |
|  |  | 157326497 |
|  | Health Care (0.1%) | Health Care (0.1%) |
| 300000 | Brightspring Health Services, <br>Inc.~<br>, 02/01/27 | 18810000 |
|  | Industrials (0.6%) | Industrials (0.6%) |
| 1000000 | Boeing Company~^<br>6.000%, 10/15/27 | 61380000 |
| 396461 | Chart Industries, Inc.~<br>6.750%, 12/15/25 | 20980716 |
|  |  | 82360716 |
|  | Information Technology (0.6%) | Information Technology (0.6%) |
| 850000 | Hewlett Packard Enterprise <br>Company~<br>7.625%, 09/01/27 | 42670000 |
| 1000000 | Microchip Technology, Inc.^#<br>7.500%, 03/15/28 | 47460000 |
|  |  | 90130000 |
|  | Materials (0.1%) | Materials (0.1%) |
| 600000 | Albemarle Corp.~<br>7.250%, 03/01/27 | 18378000 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
|  | Utilities (0.5%) | Utilities (0.5%) |
| 500000 | NextEra Energy, Inc.<br>7.299%, 06/01/27~ | $23195000 |
| 500000 | 7.234%, 11/01/27^ | 21210000 |
| 300000 | 6.926%, 09/01/25~^ | 11550000 |
| 571201 | PG&E Corp.<br>6.000%, 12/01/27 | 24841532 |
|  |  | 80796532 |
|  | **TOTAL CONVERTIBLE <br>PREFERRED STOCKS**<br> (Cost $448,672,954) | 447801745 |
| **COMMON STOCKS (55.9%)** |  |  |
|  | Communication Services (5.5%) | Communication Services (5.5%) |
| 925796 | Alphabet, Inc. - Class A~ | 147016405 |
| 961458 | Alphabet, Inc. - Class C~ | 154688978 |
| 1006546 | AT&T, Inc. | 27881324 |
| 825193 | Comcast Corp. - Class A~ | 28221600 |
| 149159 | Fox Corp. - Class A | 7426627 |
| 1705240 | Interpublic Group of <br>Companies, Inc. | 42835629 |
| 185843 | Match Group, Inc. | 5512103 |
| 386714 | Meta Platforms, Inc. - Class A~ | 212305986 |
| 83031 | Netflix, Inc.~# | 93967843 |
| 132919 | T-Mobile U.S., Inc. | 32824347 |
| 473025 | Uber Technologies, Inc.# | 38319755 |
| 768112 | Verizon Communications, Inc.~ | 33843015 |
| 372562 | Walt Disney Company~ | 33884514 |
|  |  | 858728126 |
|  | Consumer Discretionary (5.6%) | Consumer Discretionary (5.6%) |
| 1673608 | Amazon.com, Inc.~# | 308646787 |
| 825000 | Andretti Acquisition Corp. II - <br>Class A# | 8448000 |
| 142161 | Aptiv, PLC# | 8111707 |
| 6916 | Booking Holdings, Inc.~ | 35266620 |
| 188200 | Caesars Entertainment, Inc.^# | 5092692 |
| 596053 | Carnival Corp.# | 10931612 |
| 439185 | Chipotle Mexican Grill, Inc.# | 22187626 |
| 52730 | Darden Restaurants, Inc.~ | 10579747 |
| 160188 | DR Horton, Inc.~ | 20238152 |
| 150215 | eBay, Inc. | 10238654 |
| 766913 | Ford Motor Company~ | 7676799 |
| 287928 | General Motors Company | 13025863 |
| 199420 | Home Depot, Inc.~ | 71888916 |
| 171353 | Las Vegas Sands Corp. | 6283515 |
| 161330 | Lowe's Companies, Inc.~ | 36066935 |
| 36643 | Lululemon Athletica, Inc.# | 9921825 |
| 127397 | McDonald's Corp. | 40722451 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 23333 | MKDWELL Tech, Inc.# | $| 6533 |
| 26250 | Next.e.GO, NV# |  | 3 |
| 270288 | NIKE, Inc. - Class B~ |  | 15244243 |
| 409787 | Norwegian Cruise Line <br>Holdings, Ltd.^# |  | 6568886 |
| 16103 | O'Reilly Automotive, Inc.# |  | 22788966 |
| 91054 | Ross Stores, Inc.~ |  | 12656506 |
| 221143 | Starbucks Corp.~ |  | 17702497 |
| 492218 | Tesla, Inc.~# |  | 138884231 |
| 250238 | TJX Companies, Inc.~ |  | 32200626 |
| 925000 | Vine Hill Capital Investment <br>Corp. - Class A# |  | 9481250 |
|  |  |  | 880861642 |
|  | Consumer Staples (3.4%) | Consumer Staples (3.4%) | Consumer Staples (3.4%) |
| 150779 | Archer-Daniels-Midland <br>Company~ |  | 7199697 |
| 54349 | Boston Beer Company, <br>Inc. - Class A# |  | 13358984 |
| 96899 | Church & Dwight Company, Inc. |  | 9625947 |
| 642928 | Coca-Cola Company |  | 46644426 |
| 149405 | Colgate-Palmolive Company~ |  | 13773647 |
| 74890 | Constellation Brands, Inc. - <br>Class A |  | 14044871 |
| 59336 | Costco Wholesale Corp.~ |  | 59009652 |
| 45738 | Dollar General Corp.~ |  | 4285193 |
| 82620 | Dollar Tree, Inc.^# |  | 6755837 |
| 56848 | Estee Lauder Companies, <br>Inc. - Class A |  | 3408606 |
| 163418 | General Mills, Inc. |  | 9272337 |
| 120449 | Kellanova |  | 9969564 |
| 89771 | Kimberly-Clark Corp. |  | 11830022 |
| 215181 | Kroger Company |  | 15538220 |
| 423794 | Mondelez International, <br>Inc. - Class A |  | 28873085 |
| 186564 | Monster Beverage Corp.# |  | 11216228 |
| 197694 | PepsiCo, Inc.~ |  | 26803353 |
| 354141 | Philip Morris International, Inc.~ |  | 60685602 |
| 347814 | Procter & Gamble Company~ |  | 56544122 |
| 161669 | Sysco Corp. |  | 11543167 |
| 100041 | Target Corp.~ |  | 9673965 |
| 986901 | Walmart, Inc.~ |  | 95976122 |
|  |  |  | 526032647 |
|  | Energy (2.2%) | Energy (2.2%) | Energy (2.2%) |
| 710103 | ChampionX Corp. |  | 17134785 |
| 384617 | Chevron Corp. |  | 52330989 |
| 246857 | ConocoPhillips~ |  | 21999896 |
| 95744 | Core Natural Resources, Inc. |  | 6913674 |
| 73884 | EOG Resources, Inc.~ |  | 8151622 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 782667 | Exxon Mobil Corp.~ | $| 82673115 |
| 529497 | Hess Corp. |  | 68331588 |
| 511337 | Kinder Morgan, Inc. |  | 13448163 |
| 154548 | Marathon Petroleum Corp. |  | 21236441 |
| 86428 | Noble Corp., PLC |  | 1878945 |
| 158700 | Occidental Petroleum Corp.^ |  | 6254367 |
| 102503 | ONEOK, Inc. |  | 8421646 |
| 71944 | Phillips 66~ |  | 7486493 |
| 228072 | Schlumberger, NV |  | 7583394 |
| 69603 | Valero Energy Corp.~ |  | 8080212 |
| 258002 | Williams Companies, Inc. |  | 15111177 |
|  |  |  | 347036507 |
|  | Financials (7.7%) | Financials (7.7%) | Financials (7.7%) |
| 127095 | Aflac, Inc.~ |  | 13812685 |
| 99155 | Allstate Corp.~ |  | 19671360 |
| 113483 | American Express Company~ |  | 30233006 |
| 49684 | Ameriprise Financial, Inc. |  | 23402158 |
| 88636 | Arthur J Gallagher & Company |  | 28424679 |
| 74523 | Assurant, Inc.~ |  | 14363563 |
| 2015048 | Bank of America Corp.~ |  | 80360114 |
| 185037 | Bank of New York Mellon Corp. |  | 14878825 |
| 267494 | Berkshire Hathaway, Inc. - <br>Class B~# |  | 142641175 |
| 19198 | Blackrock, Inc. |  | 17551963 |
| 97486 | Blackstone, Inc. |  | 12839881 |
| 88105 | Cboe Global Markets, Inc. |  | 19541689 |
| 347744 | Charles Schwab Corp.~ |  | 28306362 |
| 114239 | Chubb, Ltd.~ |  | 32681493 |
| 280417 | Citigroup, Inc.~ |  | 19174914 |
| 39928 | CME Group, Inc. |  | 11063250 |
| 112300 | Discover Financial Services |  | 20513841 |
| 117797 | Fiserv, Inc.# |  | 21741792 |
| 66770 | Global Payments, Inc. |  | 5095219 |
| 107630 | Goldman Sachs Group, Inc.~ |  | 58932807 |
| 500000 | HCM II Acquisition Corp. - <br>Class A# |  | 5450000 |
| 420818 | Huntington Bancshares, Inc. |  | 6114486 |
| 44512 | Jack Henry & Associates, Inc. |  | 7719716 |
| 486840 | JPMorgan Chase & Company~ |  | 119090801 |
| 49389 | M&T Bank Corp. |  | 8384277 |
| 137018 | Marsh & McLennan <br>Companies, Inc. |  | 30893448 |
| 168581 | Mastercard, Inc. - Class A~ |  | 92392503 |
| 149289 | MetLife, Inc.~ |  | 11251912 |
| 252032 | Morgan Stanley~ |  | 29089533 |
| 159696 | Mr. Cooper Group, Inc.# |  | 19005421 |
| 79109 | Northern Trust Corp. |  | 7434664 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 134861 | PayPal Holdings, Inc.# | $| 8879248 |
| 59451 | Prudential Financial, Inc.~ |  | 6106212 |
| 51605 | S&P Global, Inc. |  | 25805080 |
| 74715 | State Street Corp.~ |  | 6582392 |
| 66267 | Travelers Companies, Inc.~ |  | 17503103 |
| 151091 | US Bancorp |  | 6095011 |
| 361954 | Visa, Inc. - Class A~ |  | 125055107 |
| 939679 | Wells Fargo & Company~ |  | 66726606 |
|  |  |  | 1214810296 |
|  | Health Care (6.3%) | Health Care (6.3%) | Health Care (6.3%) |
| 257089 | Abbott Laboratories |  | 33614387 |
| 322491 | AbbVie, Inc.~ |  | 62917994 |
| 170212 | Agilent Technologies, Inc. |  | 18314811 |
| 492439 | Amedisys, Inc.# |  | 46732461 |
| 72290 | Amgen, Inc.~ |  | 21030607 |
| 190254 | Baxter International, Inc.^ |  | 5930217 |
| 61787 | Becton Dickinson & Company |  | 12795470 |
| 36970 | Biogen, Inc.~# |  | 4476328 |
| 579412 | Boston Scientific Corp.# |  | 59604112 |
| 117062 | Centene Corp.# |  | 7006161 |
| 49815 | Cigna Group |  | 16939093 |
| 220049 | CVS Health Corp.~ |  | 14679469 |
| 149332 | Danaher Corp.~ |  | 29766348 |
| 100959 | Dexcom, Inc.# |  | 7206453 |
| 168965 | Edwards Lifesciences Corp.~# |  | 12755168 |
| 152291 | Eli Lilly & Company~ |  | 136901994 |
| 63814 | GE HealthCare Technologies, Inc. |  | 4488039 |
| 233726 | Gilead Sciences, Inc. |  | 24901168 |
| 50337 | HCA Healthcare, Inc. |  | 17370292 |
| 30532 | Humana, Inc. |  | 8006712 |
| 84165 | Intuitive Surgical, Inc.# |  | 43412307 |
| 51266 | IQVIA Holdings, Inc.# |  | 7949819 |
| 404926 | Johnson & Johnson~ |  | 63293983 |
| 45282 | Labcorp Holdings, Inc. |  | 10913415 |
| 31722 | McKesson Corp. |  | 22611124 |
| 269078 | Medtronic, PLC |  | 22807051 |
| 509229 | Merck & Company, Inc.~ |  | 43386311 |
| 1860332 | Pfizer, Inc.~ |  | 45410704 |
| 12272 | Regeneron Pharmaceuticals, <br>Inc.~ |  | 7347983 |
| 18620 | Solventum Corp.# |  | 1231154 |
| 43766 | Stryker Corp.~ |  | 16364983 |
| 87699 | Thermo Fisher Scientific, Inc.~ |  | 37622871 |
| 187467 | UnitedHealth Group, Inc.~ |  | 77131422 |
| 45721 | Vertex Pharmaceuticals, Inc.# |  | 23294849 |
| 47324 | Zimmer Biomet Holdings, Inc.~ |  | 4876738 |
| 121123 | Zoetis, Inc. |  | 18943637 |
|  |  |  | 992035635 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
|  | Industrials (4.5%) | Industrials (4.5%) |
| 74485 | 3M Company | $10346711 |
| 52290 | Allegion, PLC | 7278768 |
| 99717 | Automatic Data Processing, Inc. | 29974930 |
| 353123 | AZEK Company, Inc.# | 17500776 |
| 133126 | Boeing Company~# | 24394008 |
| 286902 | Carrier Global Corp. | 17942851 |
| 143229 | Caterpillar, Inc.~ | 44296433 |
| 751995 | CSX Corp.~ | 21108500 |
| 51666 | Deere & Company | 23950291 |
| 76079 | Eaton Corp., PLC | 22395375 |
| 201647 | Emerson Electric Company~ | 21195116 |
| 47860 | GE Vernova, Inc. | 17747445 |
| 54997 | Generac Holdings, Inc.# | 6290557 |
| 44319 | General Dynamics Corp. | 12060086 |
| 191440 | General Electric Company | 38582818 |
| 167773 | Honeywell International, Inc. | 35316216 |
| 8617 | Hubbell, Inc. | 3129522 |
| 63229 | Illinois Tool Works, Inc.~ | 15169269 |
| 173607 | Johnson Controls <br>International, PLC | 14565627 |
| 66751 | L3Harris Technologies, Inc. | 14686555 |
| 36234 | Lockheed Martin Corp. | 17310794 |
| 149323 | Masco Corp. | 9050467 |
| 39774 | Norfolk Southern Corp. | 8911365 |
| 36015 | Northrop Grumman Corp. | 17521298 |
| 66731 | Otis Worldwide Corp. | 6424193 |
| 157481 | PACCAR, Inc. | 14206361 |
| 93588 | Paychex, Inc. | 13768667 |
| 37347 | Paycom Software, Inc.^ | 8454987 |
| 169686 | Pentair, PLC | 15395611 |
| 61639 | Quanta Services, Inc. | 18041119 |
| 358196 | RTX Corp.~ | 45179261 |
| 330947 | Southwest Airlines Company~^ | 9253278 |
| 145355 | Union Pacific Corp.~ | 31347259 |
| 182033 | United Airlines Holdings, Inc.# | 12527511 |
| 120372 | United Parcel Service, <br>Inc. - Class B | 11471452 |
| 22869 | United Rentals, Inc. | 14440630 |
| 49775 | Veralto Corp. | 4773423 |
| 58864 | Verisk Analytics, Inc. | 17449056 |
| 112469 | Waste Management, Inc. | 26245766 |
| 82811 | Xylem, Inc. | 9984522 |
|  |  | 709688874 |
|  | Information Technology (16.7%) | Information Technology (16.7%) |
| 99208 | Accenture, PLC - Class A~ | 29678073 |
| 77614 | Adobe, Inc.# | 29103698 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| 354168 | Advanced Micro Devices, <br>Inc.~# | $34478255 |
| 306608 | Amphenol Corp. - Class A~ | 23593486 |
| 125649 | Analog Devices, Inc. | 24491503 |
| 125000 | Ansys, Inc.~# | 40235000 |
| 2644678 | Apple, Inc.~ | 561994075 |
| 160656 | Applied Materials, Inc.~ | 24212466 |
| 172169 | Arista Networks, Inc.# | 14164344 |
| 45021 | Autodesk, Inc.# | 12347009 |
| 163049 | Blackbaud, Inc.# | 9870986 |
| 834754 | Broadcom, Inc.~ | 160665102 |
| 897294 | Cisco Systems, Inc.~ | 51800783 |
| 129673 | Cognizant Technology <br>Solutions Corp. - Class A~ | 9540043 |
| 57736 | Crowdstrike Holdings, <br>Inc. - Class A# | 24761238 |
| 27096 | Enphase Energy, Inc.# | 1208211 |
| 43790 | Gartner, Inc.# | 18439093 |
| 252343 | HP, Inc. | 6452410 |
| 733646 | Intel Corp.~ | 14746285 |
| 119870 | International Business <br>Machines Corp. | 28986963 |
| 65477 | Intuit, Inc. | 41084853 |
| 1478989 | Juniper Networks, Inc. | 53716880 |
| 186730 | Lam Research Corp. | 13382939 |
| 302881 | Micron Technology, Inc.~ | 23306693 |
| 1330030 | Microsoft Corp.~ | 525707658 |
| 71995 | NetApp, Inc. | 6461551 |
| 4423834 | NVIDIA Corp.~ | 481843999 |
| 71027 | NXP Semiconductors, NV | 13090986 |
| 111063 | ON Semiconductor Corp.# | 4409201 |
| 329547 | Oracle Corp. | 46373854 |
| 400619 | Palantir Technologies, <br>Inc. - Class A# | 47449314 |
| 160797 | Palo Alto Networks, Inc.# | 30057783 |
| 64913 | PTC, Inc.# | 10059568 |
| 215873 | QUALCOMM, Inc. | 32048506 |
| 205028 | Salesforce, Inc.~ | 55093074 |
| 45606 | ServiceNow, Inc.# | 43554186 |
| 101234 | Skyworks Solutions, Inc.^ | 6507322 |
| 79222 | Super Micro Computer, Inc.^# | 2524013 |
| 64983 | TE Connectivity, PLC | 9512212 |
| 102062 | Teradyne, Inc. | 7574021 |
| 116774 | Texas Instruments, Inc.~ | 18689679 |
| 62021 | Twilio, Inc. - Class A# | 5998051 |
| 29431 | Tyler Technologies, Inc.# | 15989862 |
| 37930 | Workday, Inc. - Class A# | 9292850 |
|  |  | 2624498078 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
|  | Materials (1.2%) | Materials (1.2%) |
| 59455 | Air Products & Chemicals, <br>Inc.~ | $16117656 |
| 3987500 | Amcor, PLC | 36685000 |
| 48473 | Avery Dennison Corp. | 8294215 |
| 168968 | Corteva, Inc. | 10474326 |
| 168968 | Dow, Inc. | 5168731 |
| 152155 | DuPont de Nemours, Inc. | 10040708 |
| 462999 | Freeport-McMoRan, Inc. | 16681854 |
| 129887 | Linde, PLC | 58868685 |
| 73008 | PPG Industries, Inc. | 7947651 |
| 43730 | Sherwin-Williams Company | 15433192 |
|  |  | 185712018 |
|  | Other (0.1%) | Other (0.1%) |
| 500000 | Jackson Acquisition Company II# | 5165000 |
| 600000 | Live Oak Acquisition Corp. V# | 6108000 |
| 300000 | NewHold Investment Corp. III# | 3024000 |
| 600000 | Stellar V Capital Corp.# | 6204000 |
|  |  | 20501000 |
|  | Real Estate (1.1%) | Real Estate (1.1%) |
| 50637 | Alexandria Real Estate <br>Equities, Inc. | 3679284 |
| 69869 | American Tower Corp.~ | 15749171 |
| 97616 | Camden Property Trust | 11108701 |
| 134454 | Crown Castle, Inc. | 14219855 |
| 75949 | Digital Realty Trust, Inc. | 12192852 |
| 13386 | Equinix, Inc. | 11522000 |
| 511755 | Healthpeak Properties, Inc. | 9129709 |
| 60366 | Mid-America Apartment <br>Communities, Inc. | 9637432 |
| 199690 | Prologis, Inc.~ | 20408318 |
| 33243 | Public Storage~ | 9987195 |
| 288117 | Realty Income Corp. | 16670450 |
| 145080 | Redfin Corp.# | 1379711 |
| 94000 | Regency Centers Corp. | 6784920 |
| 146244 | UDR, Inc. | 6124699 |
| 118271 | Welltower, Inc. | 18046972 |
| 225885 | Weyerhaeuser Company | 5852680 |
|  |  | 172493949 |
|  | Special Purpose Acquisition Companies (0.4%) | Special Purpose Acquisition Companies (0.4%) |
| 9673 | Ai Transportation Acquisition <br>Corp.# | 106403 |
| 50000 | Alchemy Investments <br>Acquisition Corp. 1# | 587500 |
| 24591 | Black Hawk Acquisition Corp. - <br>Class A# | 260296 |
| 1250000 | Everest Consolidator <br>Acquisition Corp.‡‡‡ | 14462500 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 500000 | Evergreen Corp. - Class A# | $| 6102500 |
| 231000 | Four Leaf Acquisition Corp. - <br>Class A |  | 2662275 |
| 496419 | FutureTech II Acquisition <br>Corp. - Class A |  | 5535072 |
| 925000 | GigCapital7 Corp. - Class A# |  | 9472000 |
| 100000 | Haymaker Acquisition Corp. 4# |  | 1106000 |
| 30000 | Israel Acquisitions Corp. - <br>Class A# |  | 362100 |
| 100000 | Keen Vision Acquisition Corp.# |  | 1127000 |
| 850000 | Mercer Park Opportunities <br>Corp.# |  | 8606250 |
| 100000 | Nabors Energy Transition <br>Corp. II - Class A# |  | 1101000 |
| 55000 | Oak Woods Acquisition <br>Corp. - Class A# |  | 649825 |
| 14770 | Quetta Acquisition Corp.# |  | 158630 |
| 750000 | Siddhi Acquisition Corp.# |  | 7573275 |
| 500000 | Silverbox Corp. IV - Class A# |  | 5285000 |
| 24769 | Spark I Acquisition Corp.# |  | 268248 |
| 375000 | Translational Development <br>Acquisition Corp.# |  | 3825000 |
|  |  |  | 69250874 |
|  | Utilities (1.2%) | Utilities (1.2%) | Utilities (1.2%) |
| 359808 | AES Corp.~^ |  | 3598080 |
| 140708 | American Electric Power <br>Company, Inc. |  | 15244305 |
| 109381 | Consolidated Edison, Inc. |  | 12332708 |
| 294453 | Dominion Energy, Inc.~ |  | 16012354 |
| 178657 | Duke Energy Corp.~ |  | 21799727 |
| 85873 | Edison International |  | 4595064 |
| 159964 | Entergy Corp. |  | 13304206 |
| 339785 | Exelon Corp. |  | 15935917 |
| 181057 | FirstEnergy Corp.~ |  | 7763724 |
| 295252 | NextEra Energy, Inc. |  | 19746454 |
| 221603 | NiSource, Inc. |  | 8666893 |
| 139111 | Public Service Enterprise <br>Group, Inc.~ |  | 11119142 |
| 198852 | Southern Company |  | 18272510 |
| 159163 | Xcel Energy, Inc. |  | 11252824 |
|  |  |  | 179643908 |
|  | **TOTAL COMMON STOCKS**<br> (Cost $5,565,181,344) |  | 8781293554 |
| **EXCHANGE-TRADED FUND (3.1%)** |  |  |  |
|  | Other (3.1%) | Other (3.1%) | Other (3.1%) |
| 876224 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust^<br>(Cost $482,565,995) |  | 485901257 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| **INVESTMENT IN AFFILIATED FUND (2.1%)** |  |  |
|  | Other (2.1%) | Other (2.1%) |
| 35117150 | Calamos Short-Term Bond Fund<br>(Cost $350,000,000) | $336071124 |
| **WARRANTS (0.0%)#** |  |  |
|  | Communication Services (0.0%) | Communication Services (0.0%) |
| 200000 | PSQ Holdings, Inc.<br>07/19/28, Strike $11.50 | 39280 |
|  | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) |
| 22968 | Allurion Technologies, Inc.<br>08/01/30, Strike $8.10 | 744 |
| 412500 | Andretti Acquisition Corp. II<br>10/24/29, Strike $11.50 | 74250 |
| 83333 | Carbon Revolution, PLC<br>11/03/28, Strike $11.50 | 2342 |
| 750000 | Classover Holdings, Inc.<br>04/07/30, Strike $11.50 | 35625 |
| 25000 | ECARX Holdings, Inc.<br>12/21/27, Strike $11.50 | 1253 |
| 75000 | flyExclusive, Inc.<br>05/28/28, Strike $11.50 | 6187 |
| 20000 | Grove Collaborative Holdings<br>06/16/27, Strike $11.50 | 265 |
| 35000 | Lanvin Group Holdings, Ltd.<br>12/14/27, Strike $11.50 | 789 |
| 33333 | Lotus Technology, Inc.<br>02/23/29, Strike $11.50 | 3800 |
| 140000 | MKDWELL Tech, Inc.<br>07/31/29, Strike $11.50 | 1673 |
| 200000 | Nogin, Inc.<br>08/26/27, Strike $11.50 | 20 |
| 25000 | United Homes Group, Inc.<br>01/28/28, Strike $11.50 | 8250 |
| 462500 | Vine Hill Capital Investment <br>Corp.<br>10/25/29, Strike $11.50 | 77561 |
|  |  | 212759 |
|  | Consumer Staples (0.0%) | Consumer Staples (0.0%) |
| 83333 | African Agriculture Holdings, Inc.<br>12/31/27, Strike $11.50 | 8 |
| 500000 | Psyence Biomedical, Ltd.<br>01/25/29, Strike $11.50 | 5050 |
|  |  | 5058 |
|  | Energy (0.0%) | Energy (0.0%) |
| 250000 | AleAnna, Inc.<br>12/13/29, Strike $11.50 | 75275 |
| 25000 | Crown Lng Holdings, Ltd.<br>10/18/28, Strike $11.50 | 1075 |
| 250000 | New Era Helium, Inc.<br>12/06/29, Strike $11.50 | 18425 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 200000 | Vast Renewables, Ltd.<br>07/01/28, Strike $11.50 | $| 6850 |
| 87500 | Zeo Energy Corp.<br>03/14/29, Strike $11.50 |  | 4856 |
|  |  |  | 106481 |
|  | Financials (0.0%) | Financials (0.0%) | Financials (0.0%) |
| 187500 | Beneficient<br>03/14/28, Strike $11.50 |  | 825 |
| 100000 | Content Checked Holdings, Inc.<br>12/11/29, Strike $11.50 |  | 127000 |
| 250000 | DigiAsia Corp.<br>04/02/29, Strike $11.50 |  | 6325 |
| 250000 | HCM II Acquisition Corp.<br>10/10/29, Strike $11.50 |  | 232475 |
| 412500 | Innventure, Inc.<br>10/01/29, Strike $11.50 |  | 350625 |
|  |  |  | 717250 |
|  | Health Care (0.0%) | Health Care (0.0%) | Health Care (0.0%) |
| 625000 | Abpro Holdings, Inc.<br>11/12/29, Strike $11.50 |  | 11937 |
| 156250 | American Oncology <br>Network, Inc.<br>09/20/28, Strike $11.50 |  | 32266 |
| 500000 | Baird Medical Investment <br>Holdings, Ltd.<br>10/02/29, Strike $11.50 |  | 42500 |
| 150000 | Engene Holdings, Inc.<br>08/28/28, Strike $11.50 |  | 115500 |
| 100000 | Envoy Medical, Inc.<br>09/29/28, Strike $11.50 |  | 4140 |
| 750000 | Holdco Nuvo Group DG, Ltd.<br>05/01/29, Strike $11.50 |  | 375 |
| 146040 | LakeShore Biopharma <br>Company, Ltd.<br>03/15/28, Strike $11.50 |  | 4958 |
| 62500 | Ocean Biomedical, Inc.<br>07/19/26, Strike $11.50 |  | 163 |
| 200000 | Omniab, Inc.<br>11/01/27, Strike $11.50 |  | 59120 |
| 200000 | Prenetics Global, Ltd.<br>05/17/27, Strike $8.91 |  | 1850 |
| 425000 | QT Imaging Holdings, Inc.<br>12/31/28, Strike $11.50 |  | 4930 |
| 81526 | Spectral AI, Inc.<br>12/31/27, Strike $11.50 |  | 29186 |
| 1000000 | Tevogen Bio Holdings, Inc.<br>11/04/26, Strike $11.50 |  | 56900 |
|  |  |  | 363825 |
|  | Industrials (0.0%) | Industrials (0.0%) | Industrials (0.0%) |
| 289507 | Aeries Technology, Inc.<br>10/20/26, Strike $11.50 |  | 5790 |
| 285000 | AERWINS Technology, Inc.<br>06/16/26, Strike $11.50 |  | 29 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 50000 | AirJoule Technologies Corp.<br>03/15/29, Strike $11.50 | $| 32245 |
| 1000000 | Bitcoin Depot, Inc.<br>07/03/28, Strike $11.50 |  | 49100 |
| 25000 | Bridger Aerospace Group <br>Holdings, Inc.<br>01/25/28, Strike $11.50 |  | 1408 |
| 42500 | Complete Solaria, Inc.<br>12/31/27, Strike $11.50 |  | 7225 |
| 200000 | Electriq Power Holdings, Inc.<br>07/31/28, Strike $11.50 |  | 600 |
| 10000 | Falcon's Beyond Global, Inc.<br>09/01/27, Strike $11.50 |  | 10500 |
| 250000 | Heramba Electric, PLC<br>10/10/28, Strike $11.50 |  | 250 |
| 300000 | LanzaTech Global, Inc.<br>12/31/28, Strike $11.50 |  | 9300 |
| 75000 | MultiSensor AI Holdings, Inc.<br>12/19/28, Strike $11.50 |  | 4103 |
| 625000 | Murano Global Investments, PLC<br>03/30/29, Strike $11.50 |  | 107062 |
| 166666 | Rain Enhancement Technologies <br>Holdco, Inc.<br>01/02/30, Strike $11.50 |  | 28383 |
| 350000 | Semilux International, Ltd.<br>02/06/29, Strike $1.00 |  | 35 |
| 250000 | Solidion Technology, Inc.<br>03/15/27, Strike $1.00 |  | 22500 |
| 750000 | Southland Holdings, Inc.<br>09/01/26, Strike $11.50 |  | 77100 |
| 750000 | Volato Group, Inc.<br>12/03/28, Strike $11.50 |  | 18000 |
| 250000 | Zooz Power, Ltd.<br>04/04/29, Strike $11.50 |  | 18750 |
|  |  |  | 392380 |
|  | Information Technology (0.0%) | Information Technology (0.0%) | Information Technology (0.0%) |
| 250000 | Airship AI Holdings, Inc.<br>12/26/28, Strike $11.50 |  | 247500 |
| 350000 | Alpha Modus Holdings, Inc.<br>12/16/29, Strike $11.50 |  | 28000 |
| 1000000 | Blaize Holdings, Inc.<br>01/08/30, Strike $11.50 |  | 250000 |
| 166666 | Brand Engagement Network, Inc.<br>03/14/29, Strike $11.50 |  | 3958 |
| 450000 | Helport AI, Ltd.<br>08/05/29, Strike $11.50 |  | 112500 |
| 50000 | iLearningEngines Holdings, Inc.<br>04/16/29, Strike $11.50 |  | 5 |
| 125000 | Nvni Group, Ltd.<br>11/01/28, Strike $11.50 |  | 7500 |
| 625000 | Roadzen, Inc.<br>11/30/28, Strike $11.50 |  | 36750 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 350000 | Rubicon Technologies, Inc.<br>08/15/27, Strike $11.50 | $| 376 |
| 459150 | SCHMID Group, NV<br>08/25/28, Strike $11.50 |  | 169886 |
| 100000 | Smx Security Matters, PLC<br>03/07/28, Strike $11.50 |  | 2860 |
| 192245 | Spectaire Holdings, Inc.<br>10/17/28, Strike $11.50 |  | 827 |
| 250000 | SpringBig Holdings, Inc.<br>06/14/27, Strike $11.50 |  | 225 |
| 250000 | Syntec Optics Holdings, Inc.<br>11/08/28, Strike $11.50 |  | 11250 |
| 20000 | Veea, Inc.<br>09/17/29, Strike $11.50 |  | 1694 |
| 500000 | Zapata Computing Holdings, Inc.<br>03/23/28, Strike $11.50 |  | 1100 |
|  |  |  | 874431 |
|  | Materials (0.0%) | Materials (0.0%) | Materials (0.0%) |
| 126666 | Bolt Projects Holdings, Inc.<br>08/12/29, Strike $11.50 |  | 5092 |
| 500000 | Lifezone Metals, Ltd.<br>07/05/28, Strike $11.50 |  | 106500 |
| 177835 | Niocorp Developments, Ltd.<br>03/17/28, Strike $0.89 |  | 81804 |
|  |  |  | 193396 |
|  | Other (0.0%) | Other (0.0%) | Other (0.0%) |
| 500000 | Critical Metals Corp.<br>02/23/29, Strike $11.50 |  | 115000 |
| 525800 | Devvstream Corp.<br>10/28/26, Strike $1.00 |  | 53 |
| 250000 | FST Corp.<br>10/15/29, Strike $11.50 |  | 25 |
| 625000 | TNL Mediagene<br>12/05/29, Strike $11.50 |  | 6250 |
| 200000 | Zoomcar Holdings, Inc.<br>07/01/28, Strike $11.50 |  | 2240 |
|  |  |  | 123568 |
|  | Special Purpose Acquisition Companies (0.0%) | Special Purpose Acquisition Companies (0.0%) | Special Purpose Acquisition Companies (0.0%) |
| 500000 | Aetherium Acquisition Corp.<br>01/03/29, Strike $11.50 |  | 50 |
| 25000 | Alchemy Investments <br>Acquisition Corp. 1<br>06/26/28, Strike $11.50 |  | 4470 |
| 750000 | Altenergy Acquisition Corp.<br>11/02/28, Strike $11.50 |  | 825 |
| 500000 | APx Acquisition Corp. I<br>08/19/28, Strike $11.50 |  | 500 |
| 250000 | Athena Technology <br>Acquisition Corp. II |  |  |
|  | 10/17/28, Strike $11.50 |  | 17500 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| 500000 | Aura FAT Projects Acquisition <br>Corp. <br>06/02/27, Strike $11.50 | $14400 |
| 33333 | BlueRiver Acquisition Corp.<br>01/04/26, Strike $11.50 | 3 |
| 250000 | byNordic Acquisition Corp.<br>02/09/27, Strike $11.50 | 3200 |
| 375000 | Cactus Acquisition Corp. 1, Ltd.<br>10/29/26, Strike $11.50 | 7500 |
| 500000 | CARTESIAN GROWTH Corp. II<br>07/12/28, Strike $11.50 | 46100 |
| 134701 | Cartica Acquisition Corp.<br>04/30/28, Strike $11.50 | 33002 |
| 12500 | CERo Therapeutics Holdings, Inc.<br>02/14/29, Strike $11.50 | 213 |
| 750000 | Chain Bridge I<br>12/31/28, Strike $11.50 | 1125 |
| 300286 | Clean Energy Special Situations <br>Corp.<br>01/12/27, Strike $11.50 | 30 |
| 166666 | Compass Digital Acquisition <br>Corp.<br>10/15/28, Strike $11.50 | 17 |
| 92316 | Concord Acquisition Corp. II<br>12/31/28, Strike $11.50 | 13847 |
| 6666 | Constellation Acquisition Corp. I<br>12/31/27, Strike $11.50 | 109 |
| 41666 | Corner Growth Acquisition <br>Corp. 2<br>06/17/26, Strike $11.50 | 1317 |
| 133333 | Crown PropTech Acquisitions<br>12/31/27, Strike $11.50 | 13 |
| 375000 | CSLM Acquisition Corp.<br>06/01/27, Strike $11.50 | 28500 |
| 350000 | Denali Capital Acquisition Corp.<br>04/07/27, Strike $11.50 | 11200 |
| 750000 | DP Cap Acquisition Corp. I<br>11/09/26, Strike $11.50 | 18750 |
| 125000 | Energem Corp.<br>03/10/23, Strike $11.50 | 13 |
| 500000 | EVe Mobility Acquisition Corp.<br>12/31/28, Strike $11.50 | 22500 |
| 625000 | Everest Consolidator <br>Acquisition Corp.<br>07/19/28, Strike $11.50 | 12563 |
| 500000 | Evergreen Corp.<br>02/15/27, Strike $11.50 | 15050 |
| 183737 | Finnovate Acquisition Corp.<br>09/30/26, Strike $11.50 | 8810 |
| 8600 | Fold Holdings, Inc.<br>02/14/30, Strike $11.50 | 4412 |
| 60000 | Four Leaf Acquisition Corp.<br>05/12/28, Strike $11.50 | 2589 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| 500000 | FutureTech II Acquisition Corp.<br>02/16/27, Strike $11.50 | $15000 |
| 225000 | GCT Semiconductor Holding, Inc.<br>12/31/28, Strike $11.50 | 14647 |
| 500000 | Genesis Growth Tech <br>Acquisition Corp.<br>05/19/28, Strike $11.50 | 90000 |
| 925000 | GigCapital7 Corp.<br>09/11/29, Strike $11.50 | 64334 |
| 50000 | Haymaker Acquisition Corp. 4<br>09/12/28, Strike $11.50 | 10133 |
| 500000 | Healthcare AI Acquisition Corp.<br>12/14/26, Strike $11.50 | 5600 |
| 438223 | InFinT Acquisition Corp.<br>05/19/27, Strike $11.50 | 3550 |
| 125000 | Integral Acquisition Corp.1<br>12/14/28, Strike $11.50 | 8750 |
| 154135 | Integrated Wellness Acquisition <br>Corp.<br>10/31/28, Strike $11.50 | 3522 |
| 750000 | Investcorp Europe Acquisition <br>Corp. I<br>11/23/28, Strike $11.50 | 15900 |
| 6250 | Iris Acquisition Corp.<br>03/05/26, Strike $11.50 | 625 |
| 30000 | Israel Acquisitions Corp.<br>02/28/28, Strike $11.50 | 3900 |
| 250000 | IX Acquisition Corp.<br>11/24/26, Strike $11.50 | 10000 |
| 43750 | Jaws Mustang Acquisition Corp.<br>01/30/26, Strike $11.50 | 1313 |
| 100000 | Keen Vision Acquisition Corp.<br>09/15/28, Strike $11.50 | 5510 |
| 228160 | Marblegate Capital Corp.<br>04/07/30, Strike $11.50 | 11864 |
| 850000 | Mercer Park Opportunities Corp.<br>08/29/29, Strike $11.50 | 85000 |
| 675350 | Mountain & Company I <br>Acquisition Corp.<br>08/24/23, Strike $11.50 | 675 |
| 50000 | Nabors Energy Transition <br>Corp. II<br>09/05/28, Strike $11.50 | 23000 |
| 55000 | Oak Woods Acquisition Corp.<br>05/17/28, Strike $11.50 | 1757 |
| 625000 | Papaya Growth Opportunity <br>Corp. I<br>12/31/28, Strike $11.50 | 25000 |
| 150000 | Patria Latin American <br>Opportunity Acquisition Corp.<br>03/10/27, Strike $11.50 | 5655 |
| 500000 | Pearl Holdings Acquisition Corp.<br>12/15/26, Strike $11.50 | 10050 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 686522 | Perception Capital Corp IV<br>11/10/26, Strike $11.50 | $| 13730 |
| 144093 | Perception Capital Corp. III<br>06/18/23, Strike $11.50 |  | 14 |
| 500000 | Pinstripes Holdings, Inc.<br>09/30/28, Strike $11.50 |  | 4925 |
| 250000 | Plum Acquisition Corp III<br>03/31/28, Strike $11.50 |  | 27800 |
| 50000 | Pyrophyte Acquisition Corp.<br>05/03/28, Strike $11.50 |  | 11750 |
| 1000000 | Rigel Resource Acquisition Corp.<br>11/05/26, Strike $11.50 |  | 1000 |
| 40000 | RMG Acquisition Corp. III<br>02/08/26, Strike $11.50 |  | 100 |
| 133333 | Ross Acquisition Corp. II<br>02/12/26, Strike $11.50 |  | 12027 |
| 150000 | Roth CH Acquisition Company<br>10/29/28, Strike $11.50 |  | 6045 |
| 1000000 | ShoulderUp Technology <br>Acquisition Corp.<br>07/26/23, Strike $11.50 |  | 25000 |
| 166666 | Silverbox Corp. IV<br>09/24/29, Strike $11.50 |  | 61666 |
| 7500 | Slam Corp.<br>02/23/26, Strike $11.50 |  | 870 |
| 500000 | Southport Acquisition Corp.<br>05/24/28, Strike $11.50 |  | 99950 |
| 12384 | Spark I Acquisition Corp.<br>11/27/28, Strike $11.50 |  | 1611 |
| 250000 | Spree Acquisition Corp. 1, Ltd.<br>12/22/28, Strike $11.50 |  | 7175 |
| 333333 | Target Global Acquisition I Corp.<br>12/31/27, Strike $11.50 |  | 7100 |
| 328694 | Tlgy Acquisition Corp.<br>01/14/28, Strike $11.50 |  | 57521 |
| 266666 | Zalatoris II Acquisition Corp.<br>05/13/27, Strike $11.50 |  | 10613 |
|  |  |  | 1033290 |
|  | **TOTAL WARRANTS**<br> (Cost $4,452,038) |  | 4061718 |
| **RIGHTS (0.0%)#** |  |  |  |
|  | Consumer Staples (0.0%) | Consumer Staples (0.0%) | Consumer Staples (0.0%) |
| 277808 | Mirati Therapeutics, Inc.,<br>(Expires 12/31/99)‡‡‡ |  | 277808 |
|  | Special Purpose Acquisition Companies (0.0%) | Special Purpose Acquisition Companies (0.0%) | Special Purpose Acquisition Companies (0.0%) |
| 9673 | AI Transportation Acquisition <br>Corp.,<br>(Expires 10/25/24) |  | 1451 |
| 4918 | Black Hawk Acquisition Corp.,<br>(Expires 6/20/25) |  | 7869 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 750000 |  | CSLM Acquisition Corp.,<br>(Expires 7/1/23) | $| 90075 |
| 850000 |  | Mercer Park Opportunities Corp.,<br>(Expires 1/22/27) |  | 4250 |
| 55000 |  | Oak Woods Acquisition Corp.,<br>(Expires 12/31/49) |  | 11555 |
| 1477 |  | Quetta Acquisition Corp.,<br>(Expires 11/30/24) |  | 2378 |
|  |  |  |  | 117578 |
|  |  | **TOTAL RIGHTS**<br> (Cost $332,529) |  | 395386 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT | NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE | VALUE |
| **OVER THE COUNTER PURCHASED OPTIONS (0.2%)#** | **OVER THE COUNTER PURCHASED OPTIONS (0.2%)#** |  |  |  |
|  |  | Consumer Discretionary (0.1%) | Consumer Discretionary (0.1%) | Consumer Discretionary (0.1%) |
| 50  | JPY | EDION Corp. |  |  |
| 9530000000  |  | Call, 06/19/25, Strike 94.30 |  | 2823490 |
| 60  | JPY | EDION Corp. |  |  |
| 1143600000000 |  | Call, 06/19/25, Strike 99.51 |  | 3205204 |
| 50  | JPY | EDION Corp. |  |  |
| 953000000000 |  | Call, 06/19/25, Strike 95.45 |  | 2783274 |
| 100  | JPY | Kyoritsu Maintenance <br>Company, Ltd. |  |  |
| 3019000000000 |  | Call, 01/29/26, Strike 94.89 |  | 2176482 |
| 20  | JPY | Kyoritsu Maintenance <br>Company, Ltd. |  |  |
| 603800000000 |  | Call, 01/29/26, Strike 96.66 |  | 410561 |
| 5  | JPY | Kyoritsu Maintenance <br>Company, Ltd. |  |  |
| 150950000000 |  | Call, 01/29/26, Strike 95.73 |  | 105873 |
| 50  | JPY | Park24 Company, Ltd. |  |  |
| 10117500000 |  | Call, 02/24/28, Strike 92.03 |  | 647182 |
| 200  | JPY | Takashimaya Company, Ltd. |  |  |
| 21980000000 |  | Call, 12/06/28, Strike 94.40 |  | 3798362 |
|  |  |  |  | 15950428 |
|  |  | Consumer Staples (0.0%) | Consumer Staples (0.0%) | Consumer Staples (0.0%) |
| 50  | JPY | Nippn Corp. |  |  |
| 1125000000000 |  | Call, 06/20/25, Strike 98.27 |  | 311279 |
|  |  |  |  | 311279 |
|  |  | Industrials (0.1%) | Industrials (0.1%) | Industrials (0.1%) |
| 100  | JPY | ANA Holdings, Inc. |  |  |
| 2736000000000 |  | Call, 12/08/28, Strike 86.09 |  | 2215131 |
| 100 |  | Asashi Refining US, Inc. |  |  |
| 144300000 |  | Call, 03/16/26, Strike $88.78 |  | 10 |
| 300  | JPY | INFRONEER Holdings, Inc. |  |  |
| 3663000000000 |  | Call, 03/30/29, Strike 92.59 |  | 3134813 |
| 160  | JPY | Seino Holdings Company, Ltd. |  |  |
| 25344000000 |  | Call, 03/31/26, Strike 97.31 |  | 2158911 |
|  |  |  |  | 7508865 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT | NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
|  |  | Real Estate (0.0%) | Real Estate (0.0%) |
| 150  | JPY | Daiwa House Industry <br>Company, Ltd. |  |
| 53940000000 |  | Call, 03/30/29, Strike 93.88 | $1873494 |
| 50  | JPY | Daiwa House Industry <br>Company, Ltd. |  |
| 17980000000 |  | Call, 03/30/29, Strike 94.87 | 652864 |
| 100  | JPY | Relo Group, Inc. |  |
| 1881000000000 |  | Call, 12/17/27, Strike 92.68 | 596042 |
|  |  |  | 3122400 |
|  |  | Communication Services (0.0%) | Communication Services (0.0%) |
| 90  | JPY | Cyberagent, Inc. |  |
| 3330000000 |  | Call, 11/16/29, Strike 88.81 | 1288596 |
| 50  | JPY | Cyberagent, Inc. |  |
| 1850000000 |  | Call, 11/16/29, Strike 89.46 | 691272 |
|  |  |  | 1979868 |
|  |  | Materials (0.0%) | Materials (0.0%) |
| 130  | JPY | JFE Holdings, Inc. |  |
| 16978000000 |  | Call, 09/08/28, Strike 94.99 | 909908 |
| 130  | JPY | Kansai Paint Company, Ltd. |  |
| 2795000000000 |  | Call, 03/08/29, Strike 94.43 | 1215934 |
| 100  | JPY | Kobe Steel, Ltd. |  |
| 1669000000000 |  | Call, 12/14/28, Strike 92.11 | 540635 |
|  |  |  | 2666477 |
|  |  | Information Technology (0.0%) | Information Technology (0.0%) |
| 100  | JPY | Ibiden Company, Ltd. |  |
| 24750000000 |  | Call, 03/14/31, Strike 91.31 | 741930 |
|  |  |  | 741930 |
|  |  | **TOTAL OVER THE <br>COUNTER PURCHASED <br>OPTIONS**<br> (Cost $14,273,919) | 32281247 |
| **EXCHANGE-TRADED PURCHASED OPTIONS (0.7%)#** | **EXCHANGE-TRADED PURCHASED OPTIONS (0.7%)#** |  |  |
|  |  | Other (0.7%) | Other (0.7%) |
| 9000 |  | S&P 500 Index |  |
| 5012154000 |  | Put, 06/30/25, Strike $5,200.00 | 71955000 |
| 7000 |  | S&P 500 Index |  |
| 3898342000 |  | Put, 05/30/25, Strike $5,200.00 | 28840000 |
| 2500 |  | S&P 500 Index |  |
| 1392265000 |  | Put, 05/30/25, Strike $5,000.00 | 5475000 |
| 1000 |  | S&P 500 Index |  |
| 556906000 |  | Put, 07/31/25, Strike $4,800.00 | 5425000 |
|  |  |  | 111695000 |
|  |  | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) |
| 780 |  | PDD Holdings, Inc. |  |
| 8234460 |  | Call, 10/17/25, Strike $130.00 | 440700 |
|  |  |  | 440700 |
|  |  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $157,536,874) | 112135700 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES/<br>PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (4.4%)** |  |  |  |
| 692816793 | State Street Navigator <br>Securities Lending Government <br>Money Market Portfolio, <br>4.339%†\*\*\*<br>(Cost $692,816,793) | $ | 692816793 |
|  | **TOTAL INVESTMENTS (105.6%)**<br> (Cost $12,747,727,743) |  | 16598782449 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-4.4%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-4.4%) |  | (692816793) |
| LIABILITIES, LESS OTHER ASSETS (-1.2%) | LIABILITIES, LESS OTHER ASSETS (-1.2%) |  | (189875725) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $ | 15716089931 |
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| **COMMON STOCKS SOLD SHORT (-19.1%)#** |  |  |  |
|  | Communication Services (-1.0%) | Communication Services (-1.0%) | Communication Services (-1.0%) |
| (40000 | AST SpaceMobile, Inc. |  | (928400) |
| (3500 | Charter Communications, <br>Inc. - Class A |  | (1371510) |
| (472000 | CyberAgent, Inc. |  | (4042272) |
| (133413 | Live Nation Entertainment, Inc. |  | (17670552) |
| (165406 | Lyft, Inc. - Class A |  | (2051035) |
| (69347 | Match Group, Inc. |  | (2056832) |
| (386002 | Omnicom Group, Inc. |  | (29397912) |
| (146846 | Snap, Inc. - Class A |  | (1168894) |
| (106200 | Sphere Entertainment Company |  | (2893950) |
| (101000 | Spotify Technology, SA |  | (62011980) |
| (291400 | Uber Technologies, Inc. |  | (23606314) |
| (206448 | Weibo Corp. (ADR) |  | (1672229) |
| (24929 | Ziff Davis, Inc. |  | (736153) |
|  |  |  | (149608033) |
|  | Consumer Discretionary (-3.2%) | Consumer Discretionary (-3.2%) | Consumer Discretionary (-3.2%) |
| (1342000 | Alibaba Group Holding, <br>Ltd. (ADR) |  | (160275060) |
| (1271000 | Carnival Corp. |  | (23310140) |
| (65100 | Cheesecake Factory, Inc. |  | (3279087) |
| (157300 | DraftKings, Inc. - Class A |  | (5236517) |
| (1440100 | EDION Corp. |  | (19197305) |
| (143759 | Etsy, Inc. |  | (6250641) |
| (240800 | Ford Motor Company |  | (2410408) |
| (1200000 | GameStop Corp. - Class A |  | (33432000) |
| (20000 | Groupon, Inc. |  | (364200) |
| (170736 | Guess?, Inc. |  | (1920780) |
| (235000 | JD.com, Inc. (ADR) |  | (7665700) |
| (977400 | Kyoritsu Maintenance <br>Company, Ltd. |  | (20637646) |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| (381900 | Li Auto, Inc. (ADR) | $| (9314541) |
| (2066400 | NIO, Inc. (ADR) |  | (8368920) |
| (552200 | Norwegian Cruise Line <br>Holdings, Ltd. |  | (8851766) |
| (78700 | Park24 Company, Ltd. |  | (1113788) |
| (2411000 | Peloton Interactive, Inc. - Class A |  | (16611790) |
| (2883200 | Rivian Automotive, Inc. - Class A |  | (39384512) |
| (23700 | Shake Shack, Inc. - Class A |  | (2079438) |
| (482355 | Stride, Inc. |  | (68614999) |
| (1091600 | Takashimaya Company, Ltd. |  | (8390463) |
| (261600 | Trip.com Group, Ltd. (ADR) |  | (15431784) |
| (1075902 | Wayfair, Inc. - Class A |  | (32449204) |
| (1580000 | Wynn Macau, Ltd. |  | (1057326) |
|  |  |  | (495648015) |
|  | Consumer Staples (-0.1%) | Consumer Staples (-0.1%) | Consumer Staples (-0.1%) |
| (96089 | Freshpet, Inc. |  | (7066385) |
| (123900 | Nippn Corp. |  | (1949748) |
| (107400 | Post Holdings, Inc. |  | (12154458) |
| (15000 | Spectrum Brands Holdings, Inc. |  | (946500) |
|  |  |  | (22117091) |
|  | Energy (-0.3%) | Energy (-0.3%) | Energy (-0.3%) |
| (273211 | Chevron Corp. |  | (37173089) |
| (74468 | Northern Oil & Gas, Inc. |  | (1809572) |
| (141200 | World Kinect Corp. |  | (3542708) |
|  |  |  | (42525369) |
|  | Financials (-1.0%) | Financials (-1.0%) | Financials (-1.0%) |
| (429130 | Apollo Global Management, Inc. |  | (58567662) |
| (245200 | Ares Management Corp. - <br>Class A |  | (37400356) |
| (104633 | Coinbase Global, Inc. - Class A |  | (21228989) |
| (310000 | KKR & Company, Inc. |  | (35423700) |
| (1196000 | Ping An Insurance Group <br>Company of China, Ltd. - <br>Class H |  | (7186240) |
| (45000 | Starwood Property Trust, Inc. |  | (863550) |
| (188024 | WisdomTree, Inc. |  | (1635809) |
|  |  |  | (162306306) |
|  | Health Care (-1.0%) | Health Care (-1.0%) | Health Care (-1.0%) |
| (43700 | Alnylam Pharmaceuticals, Inc. |  | (11503588) |
| (62600 | Alphatec Holdings, Inc. |  | (687348) |
| (60580 | Amphastar Pharmaceuticals, Inc. |  | (1478758) |
| (195466 | Bridgebio Pharma, Inc. |  | (7498076) |
| (981990 | BrightSpring Health Services, Inc. |  | (17214285) |
| (22956 | CONMED Corp. |  | (1127369) |
| (55257 | Dexcom, Inc. |  | (3944245) |
| (49406 | Envista Holdings Corp. |  | (794449) |
| (92000 | Evolent Health, Inc. - Class A |  | (907120) |
| (36400 | Haemonetics Corp. |  | (2293928) |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| (460224 | Halozyme Therapeutics, Inc. | $| (28266958) |
| (220900 | Innoviva, Inc. |  | (4128621) |
| (281574 | Insmed, Inc. |  | (20273328) |
| (52733 | Integer Holdings Corp. |  | (6660705) |
| (107580 | Ionis Pharmaceuticals, Inc. |  | (3303782) |
| (22800 | iRhythm Technologies, Inc. |  | (2437092) |
| (67692 | Jazz Pharmaceuticals, PLC |  | (7917256) |
| (49580 | Lantheus Holdings, Inc. |  | (5173177) |
| (68400 | Merck & Company, Inc. |  | (5827680) |
| (88500 | Merit Medical Systems, Inc. |  | (8358825) |
| (107198 | Pacira BioSciences, Inc. |  | (2883626) |
| (102663 | Sarepta Therapeutics, Inc. |  | (6406171) |
| (188298 | Tandem Diabetes Care, Inc. |  | (3172821) |
|  |  |  | (152259208) |
|  | Industrials (-2.8%) | Industrials (-2.8%) | Industrials (-2.8%) |
| (198100 | ANA Holdings, Inc. |  | (3790751) |
| (106878 | Axon Enterprise, Inc. |  | (65548277) |
| (442400 | Bloom Energy Corp. - Class A |  | (8104768) |
| (291400 | Boeing Company |  | (53396136) |
| (132797 | Chart Industries, Inc. |  | (17924939) |
| (181333 | Fluor Corp. |  | (6326708) |
| (133056 | Granite Construction, Inc. |  | (10816122) |
| (66880 | Greenbrier Companies, Inc. |  | (2837050) |
| (544500 | INFRONEER Holdings, Inc. |  | (4649843) |
| (34800 | JBT Marel Corp. |  | (3663048) |
| (95700 | Middleby Corp. |  | (12761595) |
| (129298 | Rheinmetall, AG |  | (219566483) |
| (624300 | Seino Holdings Company, Ltd. |  | (9815544) |
| (4086000 | Singapore Airlines, Ltd. |  | (20991547) |
|  |  |  | (440192811) |
|  | Information Technology (-6.8%) | Information Technology (-6.8%) | Information Technology (-6.8%) |
| (21800 | Advanced Energy Industries, Inc. |  | (2123538) |
| (296322 | Akamai Technologies, Inc. |  | (23877627) |
| (101700 | Alarm.com Holdings, Inc. |  | (5451120) |
| (111500 | Alkami Technology, Inc. |  | (2975935) |
| (60700 | BILL Holdings, Inc. |  | (2766099) |
| (131669 | Blackline, Inc. |  | (6218727) |
| (512321 | Box, Inc. - Class A |  | (15994662) |
| (77994 | Cloudflare, Inc. - Class A |  | (9420115) |
| (57312 | Confluent, Inc. - Class A |  | (1364599) |
| (78439 | CSG Systems International, Inc. |  | (4716537) |
| (27800 | Datadog, Inc. - Class A |  | (2840048) |
| (662200 | Dropbox, Inc. - Class A |  | (18905810) |
| (4734 | Enphase Energy, Inc. |  | (211089) |
| (33000 | Five9, Inc. |  | (829620) |
| (38864 | Guidewire Software, Inc. |  | (7958181) |
| (1988789 | Hewlett Packard Enterprise <br>Company |  | (32258158) |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| (25800 | Ibiden Company, Ltd. | $| (713118) |
| (129041 | InterDigital, Inc. |  | (25937241) |
| (178565 | Itron, Inc. |  | (19872499) |
| (4183000 | Lenovo Group, Ltd. |  | (4848776) |
| (175153 | Lumentum Holdings, Inc. |  | (10341033) |
| (665000 | MARA Holdings, Inc. |  | (8891050) |
| (766000 | Microchip Technology, Inc. |  | (35297280) |
| (638710 | MicroStrategy, Inc. - Class A |  | (242780058) |
| (48100 | MKS Instruments, Inc. |  | (3373734) |
| (134048 | Nova, Ltd. |  | (26301558) |
| (188321 | Nutanix, Inc. - Class A |  | (12937653) |
| (380700 | ON Semiconductor Corp. |  | (15113790) |
| (227709 | PagerDuty, Inc. |  | (3531767) |
| (1823646 | Palo Alto Networks, Inc. |  | (340894147) |
| (49992 | Parsons Corp. |  | (3342465) |
| (219700 | Progress Software Corp. |  | (13173212) |
| (86800 | Rapid7, Inc. |  | (2050216) |
| (294000 | Riot Platforms, Inc. |  | (2128560) |
| (164400 | Seagate Technology <br>Holdings, PLC |  | (14965332) |
| (161645 | Shift4 Payments, Inc. - Class A |  | (13222561) |
| (15000 | Shopify, Inc. - Class A |  | (1425000) |
| (295060 | Snowflake, Inc. - Class A |  | (47059119) |
| (106500 | Super Micro Computer, Inc. |  | (3393090) |
| (37600 | Synaptics, Inc. |  | (2092816) |
| (18800 | Synopsys, Inc. |  | (8629388) |
| (36000 | Unity Software, Inc. |  | (758520) |
| (138700 | Varonis Systems, Inc. |  | (5941908) |
| (105900 | Vertex, Inc. - Class A |  | (4239177) |
| (156646 | Vishay Intertechnology, Inc. |  | (2034831) |
| (888113 | Western Digital Corp. |  | (38952636) |
| (103100 | Workiva, Inc. |  | (7760337) |
| (137000 | Xerox Holdings Corp. |  | (604170) |
| (2225000 | Xiaomi Corp. - Class B\* |  | (14330129) |
|  |  |  | (1074849036) |
|  | Materials (-0.4%) | Materials (-0.4%) | Materials (-0.4%) |
| (206550 | Albemarle Corp. |  | (12093503) |
| (3200000 | Amcor, PLC |  | (29440000) |
| (25000 | ARE Holdings, Inc. |  | (310358) |
| (59100 | JFE Holdings, Inc. |  | (686152) |
| (183000 | Kansai Paint Company, Ltd. |  | (2751783) |
| (149000 | Kobe Steel, Ltd. |  | (1739271) |
| (367743 | MP Materials Corp. |  | (8994994) |
|  |  |  | (56016061) |
|  | Real Estate (-0.4%) | Real Estate (-0.4%) | Real Estate (-0.4%) |
| (179500 | Daiwa House Industry <br>Company, Ltd. |  | (6471692) |
| (24500 | Digital Realty Trust, Inc. |  | (3933230) |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| (28300 | Federal Realty Investment Trust | $| (2660766) |
| (79000 | Relo Group, Inc. |  | (1039299) |
| (19500 | Rexford Industrial Realty, Inc. |  | (645450) |
| (220000 | Ventas, Inc. |  | (15417600) |
| (252400 | Welltower, Inc. |  | (38513716) |
|  |  |  | (68681753) |
|  | Utilities (-2.1%) | Utilities (-2.1%) | Utilities (-2.1%) |
| (152700 | Alliant Energy Corp. |  | (9320808) |
| (84260 | American Water Works <br>Company, Inc. |  | (12387063) |
| (223000 | CenterPoint Energy, Inc.  |  | (8647940) |
| (52000) | CMS Energy Corp. |  | (3829800) |
| (133500 | Duke Energy Corp. |  | (16289670) |
| (414000 | Evergy, Inc. |  | (28607400) |
| (160000 | FirstEnergy Corp. |  | (6860800) |
| (944800 | NextEra Energy, Inc. |  | (63188224) |
| (1223500 | PG&E Corp. |  | (20212220) |
| (48500 | Pinnacle West Capital Corp. |  | (4616230) |
| (490000 | PPL Corp. |  | (17885000) |
| (808147 | Southern Company |  | (74260628) |
| (501200 | UGI Corp. |  | (16434348) |
| (463800 | WEC Energy Group, Inc. |  | (50795376) |
|  |  |  | (333335507) |
|  | **TOTAL COMMON STOCKS <br>SOLD SHORT**<br> (Proceeds $2,603,428,313) |  | (2997539190) |
|  | **TOTAL SECURITIES SOLD SHORT**<br> (Proceeds $2,603,428,313) |  | (2997539190) |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE | VALUE |
| **EXCHANGE-TRADED WRITTEN OPTIONS (-2.7%)#** |  |  |  |
|  | Communication Services (0.0%) | Communication Services (0.0%) | Communication Services (0.0%) |
| (2400 | AST SpaceMobile, Inc. |  |  |
| (5570400 | Call, 01/15/27, Strike $30.00 |  | (2298000) |
| (955 | Sphere Entertainment Company |  |  |
| (2602375 | Call, 01/16/26, Strike $35.00 |  | (334250) |
|  |  |  | (2632250) |
|  | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) |
| (1560 | PDD Holdings, Inc. |  |  |
| (16468920 | Call, 10/17/25, Strike $160.00 |  | (234000) |
|  |  |  | (234000) |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
|  | Information Technology (0.0%) | Information Technology (0.0%) |
| (350) | MicroStrategy, Inc. |  |
| (13303850) | Call, 01/15/27, Strike $690.00 | $(3843875) |
| (500) | Super Micro Computer, Inc. |  |
| (1593000) | Call, 06/20/25, Strike $50.00 | (27250) |
|  |  | (3871125) |
|  | Other (-2.7%) | Other (-2.7%) |
| (1000) | S&P 500 Index |  |
| (556906000) | Put, 07/31/25, Strike $4,000.00 | (1585000) |
| (1250) | S&P 500 Index |  |
| (696132500) | Call, 06/30/25, Strike $5,200.00 | (60850000) |
| (2500) | S&P 500 Index |  |
| (1392265000) | Put, 05/30/25, Strike $4,500.00 | (1650000) |
| (3000) | S&P 500 Index |  |
| (1670718000) | Put, 05/30/25, Strike $4,800.00 | (3675000) |
| (5000) | S&P 500 Index |  |
| (2784530000) | Put, 06/30/25, Strike $4,800.00 | (16000000) |
| (5250) | S&P 500 Index |  |
| (2923756500) | Call, 05/30/25, Strike $5,500.00 | (103845000) |
| (9000) | S&P 500 Index |  |
| (5012154000) | Call, 06/30/25, Strike $5,500.00 | (234000000) |
|  |  | (421605000) |
|  | **TOTAL EXCHANGE-TRADED <br>WRITTEN OPTIONS**<br> (Premium $651,359,831) | $(428342375) |

---

**FORWARD FOREIGN CURRENCY CONTRACTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | LONG<br>CONTRACTS | SETTLEMENT<br>DATE | LOCAL<br>CURRENCY | CURRENT<br>VALUE | UNREALIZED<br>GAIN/LOSS |
| Northern Trust European <br>Company | Monetary Unit | 05/23/25 | 15521000 | $17602087 | $(84263) |
| State Street Bank <br>and Trust | Singapore Dollar | 05/23/25 | 2856000 | 2188866 | 41837 |
|  |  |  |  |  | $(42426) |
| COUNTERPARTY | SHORT<br>CONTRACTS | SETTLEMENT<br>DATE | LOCAL<br>CURRENCY | CURRENT<br>VALUE | UNREALIZED<br>GAIN/LOSS |
| Northern Trust <br>Company | Singapore Dollar | 05/23/25 | 1378000 | $1056113 | $(3409) |
| State Street Bank <br>and Trust | Singapore Dollar | 05/23/25 | 2279000 | 1746648 | (47995) |
| State Street Bank British Pound <br>and Trust | Sterling | 05/23/25 | 8099000 | 10794193 | (581774) |
| State Street Bank European <br>and Trust | Monetary Unit | 05/23/25 | 9857000 | 11178647 | (864676) |
| Bank of New York | European <br>Monetary Unit | 05/23/25 | 11521000 | 13065759 | (471981) |
| State Street Bank <br>and Trust | Singapore Dollar | 05/23/25 | 23905000 | 18321026 | (363058) |
| Northern Trust European <br>Company | Monetary Unit | 05/23/25 | 19640000 | 22273371 | (1611070) |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | SHORT<br>CONTRACTS | SETTLEMENT<br>DATE | LOCAL<br>CURRENCY | CURRENT<br>VALUE | UNREALIZED<br>GAIN/LOSS |
| State Street Bank <br>and Trust | Japanese Yen | 05/23/25 | 3355741000 | $23525473 | $(902322) |
| Northern Trust European <br>Company | Monetary Unit | 05/23/25 | 21196000 | 24038003 | 74672 |
| State Street Bank European <br>and Trust | Monetary Unit | 05/23/25 | 28440000 | 32253293 | (1343160) |
| State Street Bank European <br>and Trust | Monetary Unit | 05/23/25 | 109347000 | 124008470 | (9273549) |
|  |  |  |  |  | $(15388322) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

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

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options, swaps, or securities sold short. The aggregate value of such securities is $4,735,006,975.

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

@ In default status and considered non-income producing.

!! Restricted security—The Fund may own investment securities that have other legal or contractual limitations.

---

| | | |
|:---|:---|:---|
| RESTRICTED SECURITY | ACQUISITION DATE | ACQUISITION COST |
| SmileDirectClub, Inc. | 02/05/2021 | $12518360 |
|  | **TOTAL** | $12518360 |

---

‡ Variable rate security. The rate shown is the rate in effect at April 30, 2025.

# Non-income producing security.

‡‡‡ Security fair valued using significant unobservable inputs and classified as a Level 3 security.

† Represents investment of cash collateral received from securities on loan as of April 30, 2025.

\*\*\* The rate disclosed is the 7 day net yield as of April 30, 2025.

**FOREIGN CURRENCY ABBREVIATION**

EUR European Monetary Unit

GBP British Pound Sterling

HKD Hong Kong Dollar

JPY Japanese Yen

SGD Singapore Dollar

**ABBREVIATION**

ADR American Depositary Receipt

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

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

**TOTAL RETURN SWAPS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | UNDERLYING<br>REFERENCE<br>INSTRUMENT | FIXED RATE<br>(FUND PAYS) | FLOATING RATE<br>(FUND RECEIVES) | TERMINATION<br>DATE | PERIODIC<br>PAYMENT<br>FREQUENCY | NOTIONAL<br>AMOUNT | UPFRONT<br>PAYMENTS<br>(PAID)/<br>RECEIVED | MARKET <br>VALUE | UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) |
| Bank of America NA | Lucid Group, Inc. | Equity returns on 436,825 shares <br>of Lucid Group, Inc. | 1 mo. SOFR Plus 1.000% | 07/03/25 | Monthly | $1013434 | $— | $(82997) | $(82997) |
| Bank of America NA | Lucid Group, Inc. | Equity returns on 2,082,125 shares <br>of Lucid Group, Inc. | 1 mo. SOFR Plus 1.000% | 04/01/30 | Monthly | 4830530 |  | (395604) | (395604) |
| Citibank NA | Lucid Group, Inc. | Equity returns on 1,528,900 shares <br>of Lucid Group, Inc. | 1 mo. SOFR Plus 1.000% | 07/03/25 | Monthly | 3669360 |  | (168179) | (168179) |
| Citibank NA | Lucid Group, Inc. | Equity returns on 7,287,500 shares <br>of Lucid Group, Inc. | 1 mo. SOFR Plus 1.000% | 04/01/30 | Monthly | 17490000 |  | (801625) | (801625) |
|  |  |  |  |  |  |  | $— | $(1448405) | $(1448405) |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Hedged Equity Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| **COMMON STOCKS (95.2%)** |  |  |
|  | Communication Services (9.3%) | Communication Services (9.3%) |
| 76837 | Alphabet, Inc. - Class A~ | $12201716 |
| 76657 | Alphabet, Inc. - Class C | 12333345 |
| 77047 | AT&T, Inc. | 2134202 |
| 66505 | Comcast Corp. - Class A | 2274471 |
| 12298 | Fox Corp. - Class A | 612317 |
| 14221 | Match Group, Inc. | 421795 |
| 30837 | Meta Platforms, Inc. - Class A | 16929513 |
| 6356 | Netflix, Inc.# | 7193212 |
| 10172 | T-Mobile U.S., Inc. | 2511975 |
| 36528 | Uber Technologies, Inc.# | 2959133 |
| 63476 | Verizon Communications, Inc. | 2796753 |
| 30838 | Walt Disney Company | 2804716 |
|  |  | 65173148 |
|  | Consumer Discretionary (9.9%) | Consumer Discretionary (9.9%) |
| 133375 | Amazon.com, Inc.~# | 24597017 |
| 10881 | Aptiv, PLC# | 620870 |
| 549 | Booking Holdings, Inc. | 2799505 |
| 14406 | Caesars Entertainment, Inc.#^ | 389826 |
| 49066 | Carnival Corp.# | 899870 |
| 32923 | Chipotle Mexican Grill, Inc.# | 1663270 |
| 4254 | Darden Restaurants, Inc. | 853522 |
| 13219 | DR Horton, Inc. | 1670088 |
| 11532 | eBay, Inc.^ | 786021 |
| 58697 | Ford Motor Company | 587557 |
| 22036 | General Motors Company | 996908 |
| 16183 | Home Depot, Inc. | 5833810 |
| 13676 | Las Vegas Sands Corp. | 501499 |
| 13212 | Lowe's Companies, Inc. | 2953675 |
| 2975 | Lululemon Athletica, Inc.# | 805541 |
| 10241 | McDonald's Corp. | 3273536 |
| 20687 | NIKE, Inc. - Class B~ | 1166747 |
| 31362 | Norwegian Cruise Line Holdings, Ltd.#^ | 502733 |
| 1276 | O'Reilly Automotive, Inc.# | 1805795 |
| 7332 | Ross Stores, Inc. | 1019148 |
| 17775 | Starbucks Corp.~ | 1422889 |
| 39073 | Tesla, Inc.# | 11024838 |
| 20491 | TJX Companies, Inc. | 2636782 |
|  |  | 68811447 |
|  | Consumer Staples (5.9%) | Consumer Staples (5.9%) |
| 12455 | Archer-Daniels-Midland Company | 594726 |
| 7987 | Church & Dwight Company, Inc. | 793428 |
| 51658 | Coca-Cola Company~ | 3747788 |
| 12030 | Colgate-Palmolive Company | 1109046 |
| 5676 | Constellation Brands, Inc. - Class A | 1064477 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 4912 | Costco Wholesale Corp. | $| 4884984 |
| 3844 | Dollar General Corp. |  | 360144 |
| 6623 | Dollar Tree, Inc.# |  | 541563 |
| 4351 | Estee Lauder Companies, Inc. - Class A |  | 260886 |
| 13140 | General Mills, Inc. |  | 745564 |
| 9967 | Kellanova |  | 824969 |
| 7429 | Kimberly-Clark Corp. |  | 978994 |
| 17293 | Kroger Company |  | 1248727 |
| 34707 | Mondelez International, Inc. - Class A |  | 2364588 |
| 15006 | Monster Beverage Corp.# |  | 902161 |
| 15844 | PepsiCo, Inc.~ |  | 2148129 |
| 29002 | Philip Morris International, Inc.~ |  | 4969783 |
| 28483 | Procter & Gamble Company |  | 4630481 |
| 12943 | Sysco Corp. |  | 924130 |
| 8192 | Target Corp. |  | 792166 |
| 73299 | Walmart, Inc.~ |  | 7128328 |
|  |  |  | 41015062 |
|  | Energy (3.2%) | Energy (3.2%) | Energy (3.2%) |
| 31988 | Chevron Corp. |  | 4352287 |
| 21706 | ConocoPhillips |  | 1934439 |
| 6121 | EOG Resources, Inc. |  | 675330 |
| 62303 | Exxon Mobil Corp. |  | 6581066 |
| 14090 | Hess Corp. |  | 1818314 |
| 41177 | Kinder Morgan, Inc. |  | 1082955 |
| 12437 | Marathon Petroleum Corp. |  | 1708968 |
| 12227 | Occidental Petroleum Corp.^ |  | 481866 |
| 8254 | ONEOK, Inc. |  | 678149 |
| 5781 | Phillips 66 |  | 601571 |
| 17420 | Schlumberger, NV |  | 579215 |
| 5754 | Valero Energy Corp. |  | 667982 |
| 20780 | Williams Companies, Inc. |  | 1217085 |
|  |  |  | 22379227 |
|  | Financials (13.7%) | Financials (13.7%) | Financials (13.7%) |
| 8535 | Aflac, Inc. |  | 927584 |
| 6556 | Allstate Corp. |  | 1300645 |
| 9130 | American Express Company |  | 2432323 |
| 4016 | Ameriprise Financial, Inc. |  | 1891616 |
| 7311 | Arthur J Gallagher & Company |  | 2344565 |
| 6029 | Assurant, Inc. |  | 1162030 |
| 162108 | Bank of America Corp.~ |  | 6464867 |
| 14878 | Bank of New York Mellon Corp. |  | 1196340 |
| 22096 | Berkshire Hathaway, Inc. - Class B# |  | 11782692 |
| 1544 | Blackrock, Inc. |  | 1411617 |
| 7623 | Blackstone, Inc. |  | 1004025 |
| 6793 | Cboe Global Markets, Inc. |  | 1506687 |
| 28496 | Charles Schwab Corp. |  | 2319574 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Hedged Equity Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 9078 | Chubb, Ltd. | $| 2597034 |
| 21464 | Citigroup, Inc. |  | 1467708 |
| 3212 | CME Group, Inc. |  | 889981 |
| 8719 | Discover Financial Services |  | 1592700 |
| 9743 | Fiserv, Inc.# |  | 1798266 |
| 5396 | Global Payments, Inc. |  | 411769 |
| 8662 | Goldman Sachs Group, Inc.~ |  | 4742878 |
| 32205 | Huntington Bancshares, Inc. |  | 467939 |
| 3683 | Jack Henry & Associates, Inc. |  | 638743 |
| 39213 | JPMorgan Chase & Company |  | 9592284 |
| 3989 | M&T Bank Corp. |  | 677173 |
| 11338 | Marsh & McLennan Companies, Inc. |  | 2556379 |
| 12904 | Mastercard, Inc. - Class A~ |  | 7072166 |
| 12363 | MetLife, Inc. |  | 931799 |
| 20097 | Morgan Stanley |  | 2319596 |
| 6393 | Northern Trust Corp. |  | 600814 |
| 10321 | PayPal Holdings, Inc.# |  | 679535 |
| 4789 | Prudential Financial, Inc. |  | 491878 |
| 4153 | S&P Global, Inc. |  | 2076708 |
| 5633 | State Street Corp. |  | 496267 |
| 5334 | Travelers Companies, Inc. |  | 1408869 |
| 14757 | US Bancorp~ |  | 595297 |
| 29276 | Visa, Inc. - Class A |  | 10114858 |
| 75872 | Wells Fargo & Company~ |  | 5387671 |
|  |  |  | 95352877 |
|  | Health Care (10.6%) | Health Care (10.6%) | Health Care (10.6%) |
| 21184 | Abbott Laboratories |  | 2769808 |
| 26316 | AbbVie, Inc. |  | 5134252 |
| 13582 | Agilent Technologies, Inc. |  | 1461423 |
| 5960 | Amgen, Inc. |  | 1733883 |
| 14872 | Baxter International, Inc. |  | 463560 |
| 4975 | Becton Dickinson & Company |  | 1030273 |
| 3099 | Biogen, Inc.# |  | 375227 |
| 43880 | Boston Scientific Corp.# |  | 4513936 |
| 9676 | Centene Corp.# |  | 579109 |
| 4111 | Cigna Group |  | 1397904 |
| 18180 | CVS Health Corp. |  | 1212788 |
| 11872 | Danaher Corp. |  | 2366446 |
| 7726 | Dexcom, Inc.# |  | 551482 |
| 13846 | Edwards Lifesciences Corp.# |  | 1045234 |
| 12186 | Eli Lilly & Company~ |  | 10954605 |
| 5097 | GE HealthCare Technologies, Inc. |  | 358472 |
| 19367 | Gilead Sciences, Inc. |  | 2063360 |
| 4055 | HCA Healthcare, Inc. |  | 1399299 |
| 2619 | Humana, Inc. |  | 686807 |
| 6938 | Intuitive Surgical, Inc.# |  | 3578620 |
| 3926 | IQVIA Holdings, Inc.# |  | 608805 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 33502 | Johnson & Johnson | $| 5236698 |
| 3839 | Labcorp Holdings, Inc. |  | 925237 |
| 2530 | McKesson Corp. |  | 1803359 |
| 20540 | Medtronic, PLC |  | 1740970 |
| 40055 | Merck & Company, Inc. |  | 3412686 |
| 81222 | Pfizer, Inc. |  | 1982629 |
| 988 | Regeneron Pharmaceuticals, Inc. |  | 591575 |
| 1425 | Solventum Corp.# |  | 94221 |
| 3618 | Stryker Corp. |  | 1352843 |
| 7092 | Thermo Fisher Scientific, Inc.~ |  | 3042468 |
| 14629 | UnitedHealth Group, Inc. |  | 6018956 |
| 3775 | Vertex Pharmaceuticals, Inc.# |  | 1923362 |
| 3598 | Zimmer Biomet Holdings, Inc. |  | 370774 |
| 9631 | Zoetis, Inc. |  | 1506288 |
|  |  |  | 74287359 |
|  | Industrials (8.0%) | Industrials (8.0%) | Industrials (8.0%) |
| 5701 | 3M Company |  | 791926 |
| 4314 | Allegion, PLC |  | 600509 |
| 8220 | Automatic Data Processing, Inc. |  | 2470932 |
| 10491 | Boeing Company# |  | 1922371 |
| 22488 | Carrier Global Corp. |  | 1406400 |
| 11455 | Caterpillar, Inc.~ |  | 3542688 |
| 60819 | CSX Corp.~ |  | 1707189 |
| 4136 | Deere & Company |  | 1917284 |
| 5674 | Eaton Corp., PLC |  | 1670255 |
| 16231 | Emerson Electric Company |  | 1706040 |
| 3823 | GE Vernova, Inc. |  | 1417645 |
| 4209 | Generac Holdings, Inc.# |  | 481425 |
| 3589 | General Dynamics Corp. |  | 976639 |
| 15296 | General Electric Company |  | 3082756 |
| 13749 | Honeywell International, Inc. |  | 2894165 |
| 711 | Hubbell, Inc. |  | 258221 |
| 5114 | Illinois Tool Works, Inc. |  | 1226900 |
| 13191 | Johnson Controls International, PLC |  | 1106725 |
| 5713 | L3Harris Technologies, Inc. |  | 1256974 |
| 2881 | Lockheed Martin Corp. |  | 1376398 |
| 12068 | Masco Corp. |  | 731442 |
| 3281 | Norfolk Southern Corp. |  | 735108 |
| 2950 | Northrop Grumman Corp.~ |  | 1435175 |
| 5402 | Otis Worldwide Corp. |  | 520051 |
| 12662 | PACCAR, Inc. |  | 1142239 |
| 7726 | Paychex, Inc. |  | 1136649 |
| 2773 | Paycom Software, Inc. |  | 627779 |
| 12986 | Pentair, PLC |  | 1178220 |
| 4848 | Quanta Services, Inc. |  | 1418961 |
| 29334 | RTX Corp. |  | 3699897 |
| 25923 | Southwest Airlines Company^ |  | 724807 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Hedged Equity Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 11457 | Union Pacific Corp. | $| 2470817 |
| 14973 | United Airlines Holdings, Inc.# |  | 1030442 |
| 9677 | United Parcel Service, Inc. - Class B |  | 922218 |
| 1801 | United Rentals, Inc. |  | 1137241 |
| 3956 | Veralto Corp. |  | 379380 |
| 4856 | Verisk Analytics, Inc. |  | 1439464 |
| 9295 | Waste Management, Inc. |  | 2169081 |
| 6677 | Xylem, Inc. |  | 805046 |
|  |  |  | 55517459 |
|  | Information Technology (28.9%) | Information Technology (28.9%) | Information Technology (28.9%) |
| 8124 | Accenture, PLC - Class A |  | 2430295 |
| 5941 | Adobe, Inc.# |  | 2227756 |
| 27112 | Advanced Micro Devices, Inc.# |  | 2639353 |
| 25233 | Amphenol Corp. - Class A |  | 1941679 |
| 10074 | Analog Devices, Inc. |  | 1963624 |
| 212174 | Apple, Inc.~ |  | 45086975 |
| 12298 | Applied Materials, Inc. |  | 1853432 |
| 14156 | Arista Networks, Inc.# |  | 1164614 |
| 3512 | Autodesk, Inc.# |  | 963166 |
| 66774 | Broadcom, Inc. |  | 12851992 |
| 74197 | Cisco Systems, Inc. |  | 4283393 |
| 9850 | Cognizant Technology Solutions <br>Corp. - Class A |  | 724664 |
| 4597 | Crowdstrike Holdings, Inc. - Class A# |  | 1971515 |
| 2074 | Enphase Energy, Inc.# |  | 92480 |
| 3631 | Gartner, Inc.# |  | 1528941 |
| 20249 | HP, Inc. |  | 517767 |
| 62656 | Intel Corp. |  | 1259386 |
| 9908 | International Business Machines Corp. |  | 2395953 |
| 5196 | Intuit, Inc.~ |  | 3260334 |
| 15500 | Lam Research Corp. |  | 1110885 |
| 24004 | Micron Technology, Inc.~ |  | 1847108 |
| 106720 | Microsoft Corp.~ |  | 42182147 |
| 5455 | NetApp, Inc. |  | 489586 |
| 354252 | NVIDIA Corp. |  | 38585128 |
| 5433 | NXP Semiconductors, NV |  | 1001356 |
| 8500 | ON Semiconductor Corp.# |  | 337450 |
| 26394 | Oracle Corp.~ |  | 3714164 |
| 31352 | Palantir Technologies, Inc. - Class A# |  | 3713331 |
| 12860 | Palo Alto Networks, Inc.# |  | 2403920 |
| 5206 | PTC, Inc.# |  | 806774 |
| 17346 | QUALCOMM, Inc. |  | 2575187 |
| 16418 | Salesforce, Inc. |  | 4411681 |
| 3489 | ServiceNow, Inc.# |  | 3332030 |
| 7747 | Skyworks Solutions, Inc. |  | 497977 |
| 6920 | Super Micro Computer, Inc.#^ |  | 220471 |
| 5267 | TE Connectivity, PLC |  | 770983 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 7812 | Teradyne, Inc. | $| 579729 |
| 9659 | Texas Instruments, Inc. |  | 1545923 |
| 2371 | Tyler Technologies, Inc.# |  | 1288164 |
| 3091 | Workday, Inc. - Class A# |  | 757295 |
|  |  |  | 201328608 |
|  | Materials (1.7%) | Materials (1.7%) | Materials (1.7%) |
| 4767 | Air Products & Chemicals, Inc. |  | 1292286 |
| 3897 | Avery Dennison Corp. |  | 666816 |
| 13588 | Corteva, Inc. |  | 842320 |
| 13585 | Dow, Inc. |  | 415565 |
| 12214 | DuPont de Nemours, Inc. |  | 806002 |
| 38304 | Freeport-McMoRan, Inc. |  | 1380093 |
| 10654 | Linde, PLC |  | 4828713 |
| 6040 | PPG Industries, Inc. |  | 657514 |
| 3698 | Sherwin-Williams Company |  | 1305098 |
|  |  |  | 12194407 |
|  | Real Estate (1.9%) | Real Estate (1.9%) | Real Estate (1.9%) |
| 4152 | Alexandria Real Estate Equities, Inc. |  | 301684 |
| 5219 | American Tower Corp. |  | 1176415 |
| 7360 | Camden Property Trust |  | 837568 |
| 10348 | Crown Castle, Inc. |  | 1094404 |
| 5814 | Digital Realty Trust, Inc. |  | 933380 |
| 954 | Equinix, Inc. |  | 821155 |
| 38809 | Healthpeak Properties, Inc. |  | 692353 |
| 4967 | Mid-America Apartment Communities, Inc. |  | 792982 |
| 15283 | Prologis, Inc. |  | 1561923 |
| 2736 | Public Storage |  | 821976 |
| 22815 | Realty Income Corp. |  | 1320076 |
| 7747 | Regency Centers Corp. |  | 559178 |
| 12028 | UDR, Inc. |  | 503733 |
| 9731 | Welltower, Inc. |  | 1484853 |
| 18110 | Weyerhaeuser Company |  | 469230 |
|  |  |  | 13370910 |
|  | Utilities (2.1%) | Utilities (2.1%) | Utilities (2.1%) |
| 29640 | AES Corp.^ |  | 296400 |
| 11605 | American Electric Power Company, Inc. |  | 1257286 |
| 9039 | Consolidated Edison, Inc. |  | 1019147 |
| 23357 | Dominion Energy, Inc. |  | 1270154 |
| 14781 | Duke Energy Corp. |  | 1803578 |
| 6539 | Edison International |  | 349902 |
| 13234 | Entergy Corp. |  | 1100672 |
| 25704 | Exelon Corp. |  | 1205517 |
| 14970 | FirstEnergy Corp. |  | 641913 |
| 23776 | NextEra Energy, Inc. |  | 1590139 |
| 18291 | NiSource, Inc. |  | 715361 |
| 11495 | Public Service Enterprise Group, Inc. |  | 918795 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Hedged Equity Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| 16408 | Southern Company | $1507731 |
| 13174 | Xcel Energy, Inc. | 931402 |
|  |  | 14607997 |
|  | **TOTAL COMMON STOCKS**<br> (Cost $420,142,566) | 664038501 |
| **EXCHANGE-TRADED FUND (3.4%)** |  |  |
|  | Other (3.4%) | Other (3.4%) |
| 42633 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust^<br>(Cost $24,359,483) | 23641704 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTION (3.9%)#** |  |  |
|  | Other (3.9%) | Other (3.9%) |
| 835 | S&P 500 Index |  |
| 465016510 | Put, 12/19/25, Strike $5,600.00<br>(Cost $23,630,524) | 27058175 |
| NUMBER OF<br>SHARES/<br>PRINCIPAL<br>AMOUNT |  | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (3.7%)** |  |  |
| 25890733 | State Street Navigator Securities <br>Lending Government Money Market <br>Portfolio, 4.339%†\*\*\*<br>(Cost $25,890,733) | 25890733 |
|  | **TOTAL INVESTMENTS (106.2%)**<br> (Cost $494,023,306) | 740629113 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.7%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.7%) | (25890733) |
| LIABILITIES, LESS OTHER ASSETS (-2.5%) | LIABILITIES, LESS OTHER ASSETS (-2.5%) | (17093264) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $697645116 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED WRITTEN OPTIONS (-2.7%)#** |  |  |
|  | Other (-2.7%) | Other (-2.7%) |
|  | S&P 500 Index |  |
| (200) |  |  |
| (111381200) | Put, 12/19/25, Strike $4,500.00 | (1790000) |
| (410) |  |  |
| (228331460) | Call, 12/19/25, Strike $5,600.00 | (16904300) |
|  |  | (18694300) |
|  | **TOTAL EXCHANGE-TRADED <br>WRITTEN OPTIONS**<br> (Premium $27,483,266) | $(18694300) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

~ 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 $101,970,346.

# Non-income producing security.

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

† Represents investment of cash collateral received from securities on loan as of April 30, 2025.

\*\*\* The rate disclosed is the 7 day net yield as of April 30, 2025.

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 Schedule of Investments

www.calamos.com

------

Phineus Long/Short Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF <br>SHARES | NUMBER OF <br>SHARES |  | VALUE |
| **COMMON STOCKS (80.2%)** | **COMMON STOCKS (80.2%)** |  |  |
|  |  | Communication Services (8.3%) | Communication Services (8.3%) |
| 271000 |  | Alphabet, Inc. - Class A~ | $43034800 |
| 774000 |  | Pinterest, Inc. - Class A~# | 19597680 |
| 178000 |  | Reddit, Inc. - Class A# | 20749460 |
|  |  |  | 83381940 |
|  |  | Consumer Discretionary (5.2%) | Consumer Discretionary (5.2%) |
| 153000 |  | Amazon.com, Inc.~# | 28216260 |
| 102500 |  | Marriott International, Inc. - Class A~ | 24454450 |
|  |  |  | 52670710 |
|  |  | Consumer Staples (2.0%) | Consumer Staples (2.0%) |
| 109500 |  | Constellation Brands, Inc. - Class A~ | 20535630 |
|  |  | Financials (4.6%) | Financials (4.6%) |
| 223000 |  | Morgan Stanley | 25738660 |
| 293800 |  | Wells Fargo & Company~ | 20862738 |
|  |  |  | 46601398 |
|  |  | Health Care (8.0%) | Health Care (8.0%) |
| 110000 |  | IQVIA Holdings, Inc.~# | 17057700 |
| 66500 |  | UnitedHealth Group, Inc.~ | 27360760 |
| 353000 |  | Zimmer Biomet Holdings, Inc.~ | 36376650 |
|  |  |  | 80795110 |
|  |  | Industrials (28.3%) | Industrials (28.3%) |
| 238000 |  | 3M Company~ | 33060580 |
| 1013000  | GBP | BAE Systems, PLC | 23484012 |
| 316000 |  | Boeing Company~# | 57903840 |
| 216000 |  | Booz Allen Hamilton Holding Corp.~ | 25924320 |
| 55000 |  | CACI International, Inc. - Class A#^ | 25182850 |
| 400000 |  | Canadian Pacific Kansas City, Ltd.~^ | 28988000 |
| 689000  | EUR | Deutsche Lufthansa, AG | 4950908 |
| 185000 |  | L3Harris Technologies, Inc.~ | 40703700 |
| 104500 |  | Union Pacific Corp.~ | 22536470 |
| 343450 |  | United Airlines Holdings, Inc.~# | 23636229 |
|  |  |  | 286370909 |
|  |  | Information Technology (23.8%) | Information Technology (23.8%) |
| 338000 |  | BILL Holdings, Inc.#^ | 15402660 |
| 116000 |  | Celestica, Inc.#^ | 9900600 |
| 90000 |  | Datadog, Inc. - Class A# | 9194400 |
| 126500 |  | Fabrinet~# | 25940090 |
| 607000 |  | Flex, Ltd.# | 20844380 |
| 116500 |  | Microsoft Corp.~ | 46047790 |
| 95500 |  | MKS Instruments, Inc.~ | 6698370 |
| 312000 |  | NVIDIA Corp.~ | 33983040 |
| 197500 |  | Oracle Corp.~ | 27792200 |
| 12500 |  | ServiceNow, Inc.# | 11937625 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF <br>SHARES | NUMBER OF <br>SHARES |  | VALUE | VALUE |
| 197500 |  | Taiwan Semiconductor Manufacturing <br>Company, Ltd. (ADR)~ | $ | 32921275 |
|  |  |  |  | 240662430 |
|  |  | **TOTAL COMMON STOCKS**<br> (Cost $791,667,376) |  | 811018127 |
| **EXCHANGE-TRADED FUNDS (6.7%)** | **EXCHANGE-TRADED FUNDS (6.7%)** |  |  |  |
|  |  | Other (6.7%) | Other (6.7%) | Other (6.7%) |
| 907000 |  | SPDR S&P Regional Banking ETF^ |  | 49095910 |
| 940000 |  | US Global Jets ETF^ |  | 18630800 |
|  |  |  |  | 67726710 |
|  |  | **TOTAL EXCHANGE-TRADED FUNDS**<br> (Cost $69,564,300) |  | 67726710 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT | NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (2.4%)#** | **EXCHANGE-TRADED PURCHASED OPTIONS (2.4%)#** |  |  |  |
|  |  | Communication Services (0.1%) | Communication Services (0.1%) | Communication Services (0.1%) |
| 2710 |  | Alphabet, Inc. |  |  |
| 43034800 |  | Put, 05/02/25, Strike $150.00 |  | 55555 |
| 7740 |  | Pinterest, Inc. |  |  |
| 19597680 |  | Put, 05/16/25, Strike $24.00 |  | 1130040 |
| 1780 |  | Reddit, Inc. |  |  |
| 20749460 |  | Put, 05/02/25, Strike $100.00 |  | 333750 |
|  |  |  |  | 1519345 |
|  |  | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) |
| 1040 |  | Amazon.com, Inc. |  |  |
| 19179680 |  | Call, 05/02/25, Strike $195.00 |  | 204360 |
|  |  | Consumer Staples (0.0%) | Consumer Staples (0.0%) | Consumer Staples (0.0%) |
| 2600 |  | Sysco Corp. |  |  |
| 18564000 |  | Call, 05/16/25, Strike $75.00 |  | 71500 |
|  |  | Financials (0.1%) | Financials (0.1%) | Financials (0.1%) |
| 1500 |  | Wells Fargo & Company |  |  |
| 10651500 |  | Call, 05/02/25, Strike $66.00 |  | 746250 |
|  |  | Industrials (0.4%) | Industrials (0.4%) | Industrials (0.4%) |
| 2380 |  | 3M Company |  |  |
| 33060580 |  | Put, 05/16/25, Strike $130.00 |  | 205870 |
| 1200 |  | Boeing Company |  |  |
| 21988800 |  | Put, 05/02/25, Strike $170.00 |  | 13200 |
| 4000 |  | Canadian Pacific Kansas City, Ltd. |  |  |
| 28988000 |  | Put, 05/16/25, Strike $70.00 |  | 430000 |
| 29500  | EUR | Deutsche Lufthansa, AG |  |  |
| 18711776 |  | Call, 03/20/26, Strike 6.00 |  | 2656818 |
| 12000  | EUR | Deutsche Lufthansa, AG |  |  |
| 7611570 |  | Call, 06/20/25, Strike 7.00 |  | 67971 |
| 1850 |  | L3Harris Technologies, Inc. |  |  |
| 40703700 |  | Put, 05/16/25, Strike $210.00 |  | 272875 |
|  |  |  |  | 3646734 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Phineus Long/Short Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
|  | Information Technology (0.3%) | Information Technology (0.3%) |
| 1690 | Bill Holdings, Inc. |  |
| 7701330 | Put, 05/09/25, Strike $43.00 | $477425 |
| 2500 | Celestica, Inc. |  |
| 21337500 | Call, 05/16/25, Strike $100.00 | 206250 |
| 780 | Microsoft Corp. |  |
| 30830280 | Put, 05/09/25, Strike $372.50 | 282750 |
| 400 | SAP, SE |  |
| 11687600 | Put, 05/16/25, Strike $250.00 | 13000 |
| 1975 | Taiwan Semiconductor Manufacturing <br>Company, Ltd. |  |
| 32921275 | Call, 05/16/25, Strike $160.00 | 1930562 |
|  |  | 2909987 |
|  | Other (1.5%) | Other (1.5%) |
| 4950 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust |  |
| 274497300 | Call, 05/16/25, Strike $540.00 | 11026125 |
| 2800 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust |  |
| 155271200 | Put, 05/02/25, Strike $540.00 | 198800 |
| 5500 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust |  |
| 304997000 | Put, 05/02/25, Strike $560.00 | 3591500 |
|  |  | 14816425 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Premium $23,915,806) | 23914601 |
| NUMBER OF<br>SHARES/<br>PRINCIPAL <br>AMOUNT |  | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (4.1%)** |  |  |
| 41639966 | State Street Navigator Securities <br>Lending Government Money Market <br>Portfolio, 4.339%†\*\*\*<br>(Cost $41,639,966) | 41639966 |
|  | **TOTAL INVESTMENTS (93.4%)**<br> (Cost $926,787,448) | 944299404 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-4.1%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-4.1%) | (41639966) |
| OTHER ASSETS, LESS LIABILITIES (10.7%) | OTHER ASSETS, LESS LIABILITIES (10.7%) | 108013643 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $1010673081 |
| NUMBER OF <br>SHARES |  | VALUE |
| **COMMON STOCKS SOLD SHORT (-4.2%)#** |  |  |
|  | Industrials (-1.2%) | Industrials (-1.2%) |
| (95000) | RTX Corp. | (11982350) |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF <br>SHARES |  | VALUE |
|  | Information Technology (-3.0%) | Information Technology (-3.0%) |
| (93000) | Apple, Inc. | $(19762500) |
| (55000) | Palo Alto Networks, Inc. | (10281150) |
|  |  | (30043650) |
|  | **TOTAL COMMON STOCKS <br>SOLD SHORT**<br> (Proceeds $40,622,710) | (42026000) |
| **EXCHANGE-TRADED FUND SOLD SHORT (-31.3%)#** |  |  |
|  | Other (-31.3%) | Other (-31.3%) |
| (570500) | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>(Proceeds $326,516,099) | (316365070) |
|  | **TOTAL SECURITIES SOLD SHORT**<br> (Proceeds $367,138,809) | (358391070) |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED WRITTEN OPTIONS (-1.7%)#** |  |  |
|  | Communication Services (-0.1%) | Communication Services (-0.1%) |
| (2710) | Alphabet, Inc. |  |
| (43034800) | Call, 06/20/25, Strike $180.00 | (296745) |
| (3560) | Reddit, Inc. |  |
| (41498920) | Put, 07/18/25, Strike $60.00 | (352440) |
|  |  | (649185) |
|  | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) |
| (1040) | Amazon.com, Inc. |  |
| (19179680) | Put, 06/20/25, Strike $160.00 | (309400) |
|  | Consumer Staples (0.0%) | Consumer Staples (0.0%) |
| (1010) | Walmart, Inc. |  |
| (9822250) | Call, 05/09/25, Strike $99.00 | (79790) |
|  | Financials (-0.1%) | Financials (-0.1%) |
| (2938) | Wells Fargo & Company |  |
| (20862738) | Call, 06/20/25, Strike $75.00 | (465673) |
| (3916) | Wells Fargo & Company |  |
| (27807516) | Put, 06/20/25, Strike $62.50 | (362230) |
|  |  | (827903) |
|  | Health Care (0.0%) | Health Care (0.0%) |
| (515) | UnitedHealth Group, Inc. |  |
| (21189160) | Put, 05/16/25, Strike $390.00 | (217587) |
|  | Industrials (-0.3%) | Industrials (-0.3%) |
| (2380) | 3M Company |  |
| (33060580) | Call, 06/20/25, Strike $155.00 | (216580) |
| (2380) | 3M Company |  |
| (33060580) | Put, 06/20/25, Strike $115.00 | (153510) |
| (1200) | Boeing Company |  |
| (21988800) | Call, 05/02/25, Strike $170.00 | (1602000) |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Phineus Long/Short Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| (4000 | Canadian Pacific Kansas City, Ltd. |  |
| (28988000 | Put, 06/20/25, Strike $62.50 | $(200000) |
| (12000 | Deutsche Lufthansa, AG |  |
| (7611570 | Put, 06/20/25, Strike 6.20 | (509783) |
| (1850 | L3Harris Technologies, Inc. |  |
| (40703700 | Put, 06/20/25, Strike $190.00 | (212750) |
|  |  | (2894623) |
|  | Information Technology (-0.3%) | Information Technology (-0.3%) |
| (1130 | Bill Holdings, Inc. |  |
| (5149410 | Call, 05/02/25, Strike $46.50 | (121475) |
| (1250 | Celestica, Inc. |  |
| (10668750 | Call, 06/20/25, Strike $120.00 | (87500) |
| (1165 | Microsoft Corp. |  |
| (46047790 | Call, 07/18/25, Strike $430.00 | (774725) |
| (600 | SAP, SE |  |
| (17531400 | Call, 06/20/25, Strike $290.00 | (735000) |
| (3295 | Taiwan Semiconductor Manufacturing <br>Company, Ltd. |  |
| (54924355 | Call, 06/20/25, Strike $180.00 | (1408613) |
|  |  | (3127313) |
|  | Other (-0.9%) | Other (-0.9%) |
| (9070 | SPDR S&P Regional Banking ETF |  |
| (49095910 | Call, 05/02/25, Strike $54.50 | (784555) |
| (2800 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust |  |
| (155271200 | Call, 05/02/25, Strike $565.00 | (396200) |
| (2800 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust |  |
| (155271200 | Put, 05/02/25, Strike $520.00 | (16800) |
| (5500 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust |  |
| (304997000 | Call, 07/18/25, Strike $590.00 | (3899500) |
| (6550 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust |  |
| (363223700 | Put, 08/15/25, Strike $470.00 | (3641800) |
|  |  | (8738855) |
|  | **TOTAL EXCHANGE-TRADED <br>WRITTEN OPTIONS**<br> (Premium $18,968,355) | $(16844656) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options, swaps, or securities sold short. The aggregate value of such securities is $435,374,861.

# Non-income producing security.

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

† Represents investment of cash collateral received from securities on loan as of April 30, 2025.

\*\*\* The rate disclosed is the 7 day net yield as of April 30, 2025.

**FOREIGN CURRENCY ABBREVIATIONS**

EUR European Monetary Unit

GBP British Pound Sterling

**ABBREVIATION**

ADR American Depositary Receipt

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

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Merger Arbitrage Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| **CONVERTIBLE BONDS (22.0%)** |  |  |
|  | Consumer Discretionary (2.7%) | Consumer Discretionary (2.7%) |
| 42000 | Alibaba Group Holding, Ltd.~\*<br>0.500%, 06/01/31 | $55251 |
|  | Information Technology (14.7%) | Information Technology (14.7%) |
| 107000 | Five9, Inc.<br>1.000%, 03/15/29 | 91207 |
| 55000 | Rapid7, Inc.~<br>0.250%, 03/15/27 | 50432 |
| 53000 | Shift4 Payments, Inc.~<br>0.500%, 08/01/27 | 54181 |
| 27000 | Wolfspeed, Inc.<br>0.250%, 02/15/28 | 8061 |
| 53000 | BlackLine, Inc.\*<br>1.000%, 06/01/29 | 52340 |
| 37000 | CSG Systems International, Inc.<br>3.875%, 09/15/28 | 40315 |
|  |  | 296536 |
|  | Real Estate (4.6%) | Real Estate (4.6%) |
| 104000 | Redfin Corp.<br>0.500%, 04/01/27 | 91488 |
|  | **TOTAL CONVERTIBLE BONDS**<br> (Cost $443,764) | 443275 |
| NUMBER OF<br>SHARES |  | VALUE |
| **COMMON STOCKS (73.9%)** |  |  |
|  | Communication Services (4.6%) | Communication Services (4.6%) |
| 3660 | Interpublic Group of Companies, Inc. | 91939 |
|  | Consumer Discretionary (0.5%) | Consumer Discretionary (0.5%) |
| 1660 | Soho House & Company, Inc.# | 9977 |
|  | Consumer Staples (2.0%) | Consumer Staples (2.0%) |
| 167 | Boston Beer Company, Inc. - Class A~# | 41049 |
|  | Energy (12.4%) | Energy (12.4%) |
| 1185 | Hess Corp. | 152924 |
| 2696 | ChampionX Corp.~ | 65055 |
| 303 | Noble Corp., PLC | 6587 |
| 364 | Core Natural Resources, Inc. | 26284 |
|  |  | 250850 |
|  | Financials (2.7%) | Financials (2.7%) |
| 452 | Mr. Cooper Group, Inc.# | 53793 |
|  | Health Care (12.3%) | Health Care (12.3%) |
| 1872 | Amedisys, Inc.~# | 177653 |
| 2840 | Pfizer, Inc. | 69324 |
|  |  | 246977 |
|  | Industrials (3.0%) | Industrials (3.0%) |
| 1207 | AZEK Company, Inc.# | 59819 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
|  | Information Technology (16.8%) | Information Technology (16.8%) |
| 598 | Blackbaud, Inc.# | $36203 |
| 5022 | Juniper Networks, Inc.~ | 182399 |
| 212 | Twilio, Inc. - Class A# | 20502 |
| 310 | Ansys, Inc.~# | 99783 |
|  |  | 338887 |
|  | Materials (3.6%) | Materials (3.6%) |
| 7975 | Amcor, PLC | 73370 |
|  | Real Estate (0.2%) | Real Estate (0.2%) |
| 410 | Redfin Corp.# | 3899 |
|  | Special Purpose Acquisition Companies (15.8%)# | Special Purpose Acquisition Companies (15.8%)# |
| 4527 | Four Leaf Acquisition Corp. - Class A | 52174 |
| 7970 | Everest Consolidator Acquisition Corp.‡‡‡ | 92213 |
| 15516 | FutureTech II Acquisition Corp. - Class A | 173003 |
|  |  | 317390 |
|  | **TOTAL COMMON STOCKS**<br> (Cost $1,551,699) | 1487950 |
| **RIGHTS (0.1%)#** |  |  |
|  | Consumer Staples (0.1%) | Consumer Staples (0.1%) |
| 755 | Mirati Therapeutics, Inc.,<br>(Expires 12/31/99)‡‡‡ | 755 |
|  | Special Purpose Acquisition Companies (0.0%) | Special Purpose Acquisition Companies (0.0%) |
| 23 | Quetta Acquisition Corp.,<br>(Expires 11/30/24) | 37 |
| 327 | AI Transportation Acquisition Corp.,<br>(Expires 10/25/24) | 49 |
| 81 | Black Hawk Acquisition Corp.,<br>(Expires 6/20/25) | 130 |
|  |  | 216 |
|  | **TOTAL RIGHTS**<br> (Cost $705) | 971 |
| **WARRANT (0.0%)#** |  |  |
|  | Special Purpose Acquisition Company (0.0%) | Special Purpose Acquisition Company (0.0%) |
| 115 | Spark I Acquisition Corp.<br>11/27/28, Strike $11.50<br>(Cost $16) | 15 |
|  | **TOTAL INVESTMENTS (96.0%)**<br> (Cost $1,996,184) | 1932211 |
| OTHER ASSETS, LESS LIABILITIES (4.0%) | OTHER ASSETS, LESS LIABILITIES (4.0%) | 80924 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $2013135 |
| **COMMON STOCKS SOLD SHORT (-12.7%)#** |  |  |
|  | Communication Services (-3.0%) | Communication Services (-3.0%) |
| (796) | Omnicom Group, Inc. | (60624) |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Merger Arbitrage Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
|  | Energy (-6.5%) | Energy (-6.5%) |
| (967) | Chevron Corp. | $(131570) |
|  | Information Technology (-0.4%) | Information Technology (-0.4%) |
| (17) | Synopsys, Inc. | (7803) |
|  | Materials (-2.8%) | Materials (-2.8%) |
| (6140) | Amcor, PLC | (56488) |
|  | **TOTAL COMMON STOCKS SOLD SHORT**<br> (Proceeds $292,537) | $(256485) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

~ 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 $482,825.

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

# Non-income producing security.

‡‡‡ Security fair valued using significant unobservable inputs and classified as a Level 3 security.

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Convertible Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| **CONVERTIBLE BONDS (86.2%)** |  |  |
|  | Communication Services (8.9%) | Communication Services (8.9%) |
| 3000000 | AST SpaceMobile, Inc.\*<br>4.250%, 03/01/32 | $3547770 |
| 11250000 | Liberty Media Corp.-Liberty <br>Formula One<br>2.250%, 08/15/27 | 13721512 |
| 16250000 | Live Nation Entertainment, Inc.\*^<br>2.875%, 01/15/30 | 16793075 |
| 16750000 | Snap, Inc.\*^<br>0.500%, 05/01/30 | 13710713 |
| 10532000 | Uber Technologies, Inc.<br>0.875%, 12/01/28 | 13824830 |
| 6750000 | 0.000%, 12/15/25^ | 7561215 |
|  |  | 69159115 |
|  | Consumer Discretionary (10.8%) | Consumer Discretionary (10.8%) |
| 11750000 | Alibaba Group Holding, Ltd.\*<br>0.500%, 06/01/31 | 15457242 |
| 5750000 | Booking Holdings, Inc.<br>0.750%, 05/01/25 | 14093250 |
| 5750000 | Carnival Corp.<br>5.750%, 12/01/27 | 9179473 |
| 4125000 | Meritage Homes Corp.\*^<br>1.750%, 05/15/28 | 4027691 |
| 14000000 | Rivian Automotive, Inc.<br>3.625%, 10/15/30 | 12663700 |
| 1500000 | Royal Caribbean Cruises, Ltd.<br>6.000%, 08/15/25 | 6477375 |
| 7750000 | Shake Shack, Inc.<br>0.000%, 03/01/28 | 7179290 |
| 6750000 | Trip.com Group, Ltd.\*^<br>0.750%, 06/15/29 | 7636005 |
| 7500000 | Wayfair, Inc.<br>3.500%, 11/15/28 | 7469100 |
|  |  | 84183126 |
|  | Consumer Staples (1.0%) | Consumer Staples (1.0%) |
| 8000000 | Enovis Corp.<br>3.875%, 10/15/28 | 8001360 |
|  | Energy (0.6%) | Energy (0.6%) |
| 5000000 | Northern Oil & Gas, Inc.<br>3.625%, 04/15/29 | 4801600 |
|  | Financials (1.8%) | Financials (1.8%) |
| 4500000 | Affirm Holdings, Inc.\*^<br>0.750%, 12/15/29 | 4084065 |
| 6375000 | Coinbase Global, Inc.<br>0.250%, 04/01/30 | 6348097 |
| 4500000 | Upstart Holdings, Inc.\*<br>1.000%, 11/15/30 | 3781530 |
|  |  | 14213692 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
|  | Health Care (10.3%) | Health Care (10.3%) |
| 5500000 | Alnylam Pharmaceuticals, Inc.<br>1.000%, 09/15/27 | $6305640 |
| 8500000 | Alphatec Holdings, Inc.\*<br>0.750%, 03/15/30 | 8446450 |
| 3750000 | Bridgebio Pharma, Inc.^<br>2.500%, 03/15/27 | 4490663 |
| 8375000 | Dexcom, Inc.<br>0.375%, 05/15/28 | 7586661 |
| 6250000 | Exact Sciences Corp.\*~<br>2.000%, 03/01/30 | 5942625 |
| 8250000 | Halozyme Therapeutics, Inc.<br>0.250%, 03/01/27 | 8651363 |
| 1875000 | Insmed, Inc.<br>0.750%, 06/01/28 | 4222856 |
| 8250000 | Integer Holdings Corp.\*<br>1.875%, 03/15/30 | 8736667 |
| 4500000 | Ionis Pharmaceuticals, Inc.^<br>1.750%, 06/15/28 | 4393665 |
| 8000000 | Jazz Investments I, Ltd.\*^<br>3.125%, 09/15/30 | 8696560 |
| 2859000 | Lantheus Holdings, Inc.<br>2.625%, 12/15/27 | 4250618 |
| 3500000 | Merit Medical Systems, Inc.\*^<br>3.000%, 02/01/29 | 4464075 |
| 4250000 | Sarepta Therapeutics, Inc.<br>1.250%, 09/15/27 | 4036353 |
|  |  | 80224196 |
|  | Industrials (2.9%) | Industrials (2.9%) |
| 4250000 | Axon Enterprise, Inc.<br>0.500%, 12/15/27 | 11539770 |
| 4500000 | Bloom Energy Corp.<br>3.000%, 06/01/28 | 5698350 |
| 1875000 | Middleby Corp.<br>1.000%, 09/01/25 | 2069100 |
| 3500000 | Tetra Tech, Inc.<br>2.250%, 08/15/28 | 3724630 |
|  |  | 23031850 |
|  | Information Technology (37.4%) | Information Technology (37.4%) |
| 4750000 | Advanced Energy Industries, Inc.<br>2.500%, 09/15/28 | 4982655 |
| 11000000 | Akamai Technologies, Inc.<br>1.125%, 02/15/29 | 10656580 |
| 2000000 | Applied Digital Corp.\*<br>2.750%, 06/01/30 | 1366140 |
| 9250000 | BILL Holdings, Inc.\*<br>0.000%, 04/01/30 | 7836507 |
| 9250000 | Core Scientific, Inc.\*<br>0.000%, 06/15/31 | 7882202 |
| 2625000 | 3.000%, 09/01/29 | 2860279 |
| 18500000 | Datadog, Inc.\*^<br>0.000%, 12/01/29 | 16677750 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Convertible Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| 8750000 | Guidewire Software, Inc.\*<br>1.250%, 11/01/29 | $9677850 |
| 4000000 | Itron, Inc.\*<br>1.375%, 07/15/30 | 4368600 |
| 7750000 | Lumentum Holdings, Inc.<br>1.500%, 12/15/29 | 8857630 |
| 8500000 | MACOM Technology Solutions <br>Holdings, Inc.\*<br>0.000%, 12/15/29 | 7954810 |
| 20500000 | MicroStrategy, Inc.<br>0.000%, 03/01/30\* | 22978450 |
| 6750000 | 0.875%, 03/15/31 | 11928262 |
| 750000 | 0.625%, 09/15/28\* | 1646393 |
| 16250000 | MKS Instruments, Inc.\*^<br>1.250%, 06/01/30 | 14018712 |
| 7000000 | NCL Corp., Ltd.<br>5.375%, 08/01/25 | 7334950 |
| 11500000 | Nutanix, Inc.\*^<br>0.500%, 12/15/29 | 12414020 |
| 7250000 | ON Semiconductor Corp.^<br>0.000%, 05/01/27 | 7746625 |
| 3875000 | Palo Alto Networks, Inc.<br>0.375%, 06/01/25 | 14480875 |
| 2750000 | PAR Technology Corp.<br>1.500%, 10/15/27 | 2896658 |
| 2200000 | 1.000%, 01/15/30\* | 2034032 |
| 4750000 | Parsons Corp.<br>2.625%, 03/01/29 | 5036188 |
| 4000000 | Q2 Holdings, Inc.<br>0.750%, 06/01/26 | 4433160 |
| 8000000 | Rapid7, Inc.<br>1.250%, 03/15/29 | 6842400 |
| 2625000 | Riot Platforms, Inc.\*<br>0.750%, 01/15/30 | 2009779 |
| 10000000 | Seagate HDD Cayman<br>3.500%, 06/01/28 | 12659000 |
| 7750000 | Shift4 Payments, Inc.<br>0.500%, 08/01/27^ | 7922747 |
| 6750000 | 0.000%, 12/15/25 | 7690275 |
| 14750000 | Snowflake, Inc.\*<br>0.000%, 10/01/29 | 18334250 |
| 7000000 | Spotify USA, Inc.<br>0.000%, 03/15/26 | 9007670 |
| 7500000 | Tyler Technologies, Inc.<br>0.250%, 03/15/26 | 8848725 |
| 4250000 | Unity Software, Inc.\*<br>0.000%, 03/15/30 | 4012213 |
| 4500000 | Varonis Systems, Inc.\*<br>1.000%, 09/15/29 | 4246605 |
| 6250000 | Western Digital Corp.<br>3.000%, 11/15/28 | 8489500 |
| 10000000 | Wolfspeed, Inc.<br>1.875%, 12/01/29 | 2905500 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 4000000 | Workiva, Inc.<br>1.250%, 08/15/28 | $| 3782240 |
| 3250000 | Zscaler, Inc.<br>0.125%, 07/01/25 |  | 4879420 |
|  |  |  | 291699652 |
|  | Materials (0.6%) | Materials (0.6%) | Materials (0.6%) |
| 3250000 | MP Materials Corp.\*<br>3.000%, 03/01/30 |  | 4540705 |
|  | Other (0.5%) | Other (0.5%) | Other (0.5%) |
| 4000000 | Repligen Corp.<br>1.000%, 12/15/28 |  | 4127240 |
|  | Real Estate (2.4%) | Real Estate (2.4%) | Real Estate (2.4%) |
| 8750000 | Digital Realty Trust, LP\*^<br>1.875%, 11/15/29 |  | 9111288 |
| 7250000 | Welltower OP, LLC\*<br>3.125%, 07/15/29 |  | 9698252 |
|  |  |  | 18809540 |
|  | Utilities (9.0%) | Utilities (9.0%) | Utilities (9.0%) |
| 11000000 | CMS Energy Corp.<br>3.375%, 05/01/28 |  | 12187560 |
| 8000000 | Duke Energy Corp.<br>4.125%, 04/15/26 |  | 8732320 |
| 17750000 | NextEra Energy Capital Holdings, Inc.<br>3.000%, 03/01/27 |  | 19886390 |
| 11500000 | PPL Capital Funding, Inc.<br>2.875%, 03/15/28 |  | 13126905 |
| 14250000 | Southern Company<br>3.875%, 12/15/25 |  | 16012440 |
|  |  |  | 69945615 |
|  | **TOTAL CONVERTIBLE BONDS**<br> (Cost $626,891,397) |  | 672737691 |
| NUMBER OF <br>SHARES |  | VALUE | VALUE |
| **CONVERTIBLE PREFERRED STOCKS (10.3%)** |  |  |  |
|  | Financials (4.4%) | Financials (4.4%) | Financials (4.4%) |
| 127810 | Apollo Global Management, Inc.~<br>6.750%, 07/31/26 |  | 9217657 |
| 173440 | Ares Management Corp.<br>6.750%, 10/01/27 |  | 8562733 |
| 10300 | Bank of America Corp.~‡‡<br>7.250% |  | 12051824 |
| 85310 | KKR & Company, Inc.^#<br>6.250%, 03/01/28 |  | 4088908 |
|  |  |  | 33921122 |
|  | Industrials (3.8%) | Industrials (3.8%) | Industrials (3.8%) |
| 487460 | Boeing Company~<br>6.000%, 10/15/27 |  | 29920295 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Convertible Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| NUMBER OF <br>SHARES |  | VALUE |
|  | Information Technology (1.5%) | Information Technology (1.5%) |
| 157080 | Hewlett Packard Enterprise Company<br>7.625%, 09/01/27 | $7885416 |
| 82475 | Microchip Technology, Inc.#<br>7.500%, 03/15/28 | 3914263 |
|  |  | 11799679 |
|  | Materials (0.6%) | Materials (0.6%) |
| 141385 | Albemarle Corp.<br>7.250%, 03/01/27 | 4330623 |
|  | **TOTAL CONVERTIBLE PREFERRED <br>STOCKS**<br> (Cost $77,404,053) | 79971719 |
| NUMBER OF<br>SHARES/<br>PRINCIPAL <br>AMOUNT |  | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (9.6%)** |  |  |
| 74749053 | State Street Navigator Securities <br>Lending Government Money <br>Market Portfolio, 4.339%†\*\*\*<br>(Cost $74,749,053) | 74749053 |
|  | **TOTAL INVESTMENTS (106.1%)**<br> (Cost $779,044,503) | 827458463 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-9.6%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-9.6%) | (74749053) |
| OTHER ASSETS, LESS LIABILITIES (3.5%) | OTHER ASSETS, LESS LIABILITIES (3.5%) | 27444793 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $780154203 |

---

**FORWARD FOREIGN CURRENCY CONTRACTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | LONG<br>CONTRACTS | SETTLEMENT<br>DATE | LOCAL<br>CURRENCY | CURRENT<br>VALUE | UNREALIZED<br>GAIN/LOSS |
| State Street Bank and <br>Trust | Hong Kong Dollar | 05/23/25 | 69778000 | $8999109 | $(1800) |
| State Street Bank and <br>Trust | Hong Kong Dollar | 05/23/25 | 27484000 | 3544549 | 3818 |
| Bank of New York | Hong Kong Dollar | 05/23/25 | 20657000 | 2664086 | 4826 |
|  |  |  |  |  | $6844 |
| COUNTERPARTY | SHORT<br>CONTRACTS | SETTLEMENT<br>DATE | LOCAL<br>CURRENCY | CURRENT<br>VALUE | UNREALIZED<br>GAIN/LOSS |
| State Street Bank and <br>Trust | Hong Kong Dollar | 05/23/25 | 9254000 | $1193467 | $(242) |
| Northern Trust Company | Hong Kong Dollar | 05/23/25 | 15102000 | 1947670 | (2720) |
| State Street Bank and <br>Trust | Hong Kong Dollar | 05/23/25 | 19418000 | 2504295 | (2416) |
| State Street Bank and <br>Trust | Hong Kong Dollar | 05/23/25 | 234995000 | 30306767 | (46751) |
|  |  |  |  |  | $(52129) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

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

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

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $29,635,439.

‡‡ Perpetual maturity.

# Non-income producing security.

† Represents investment of cash collateral received from securities on loan as of April 30, 2025.

\*\*\* The rate disclosed is the 7 day net yield as of April 30, 2025.

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Global Convertible Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT | PRINCIPAL<br>AMOUNT |  | VALUE |
| **CONVERTIBLE BONDS (88.8%)** | **CONVERTIBLE BONDS (88.8%)** |  |  |
|  |  | Communication Services (2.8%) | Communication Services (2.8%) |
| 1003000 |  | AST SpaceMobile, Inc.\*<br>4.250%, 03/01/32 | $1186138 |
| 1257000 |  | Snap, Inc.\*^<br>0.500%, 05/01/30 | 1028917 |
| 1196000 |  | Uber Technologies, Inc.<br>0.875%, 12/01/28 | 1569930 |
|  |  |  | 3784985 |
|  |  | Consumer Discretionary (25.7%) | Consumer Discretionary (25.7%) |
| 2363200  | EUR | Accor, SA<br>0.700%, 12/07/27 | 1459691 |
| 5092000 |  | Alibaba Group Holding, Ltd.\*<br>0.500%, 06/01/31 | 6698577 |
| 1557000 |  | DraftKings Holdings, Inc.^<br>0.000%, 03/15/28 | 1369132 |
| 772000 |  | Etsy, Inc.<br>0.125%, 10/01/26 | 743637 |
| 1329000 |  | Farfetch, Ltd.@<br>0.000%, 05/01/27 | 27803 |
| 1400000  | AUD | Flight Centre Travel Group, Ltd.<br>1.625%, 11/01/28 | 866235 |
| 3835000 |  | JD.com, Inc.\*^<br>0.250%, 06/01/29 | 4028207 |
| 160000000  | JPY | Kyoritsu Maintenance Company, Ltd.<br>0.000%, 01/29/26 | 1453954 |
| 970000 |  | Lucid Group, Inc.\*<br>5.000%, 04/01/30 | 991398 |
| 858000 |  | MakeMyTrip, Ltd.<br>0.000%, 02/15/28 | 2348895 |
| 1752000 |  | Meritage Homes Corp.\*^<br>1.750%, 05/15/28 | 1710670 |
| 646000 |  | NIO, Inc.<br>4.625%, 10/15/30 | 456780 |
| 900000  | GBP | Ocado Group, PLC<br>0.750%, 01/18/27 | 1081946 |
| 2569000 |  | Rivian Automotive, Inc.^<br>4.625%, 03/15/29 | 2616578 |
| 132000 |  | Royal Caribbean Cruises, Ltd.<br>6.000%, 08/15/25 | 570009 |
| 160000000  | JPY | Sanrio Company, Ltd.<br>0.000%, 12/14/28 | 2504250 |
| 2522000 |  | Trip.com Group, Ltd.\*<br>0.750%, 06/15/29 | 2853038 |
| 1398000 |  | Wayfair, Inc.<br>3.500%, 11/15/28 | 1392240 |
| 1283000 |  | Wynn Macau, Ltd.\*<br>4.500%, 03/07/29 | 1255185 |
|  |  |  | 34428225 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT | PRINCIPAL<br>AMOUNT |  | VALUE |
|  |  | Consumer Staples (2.2%) | Consumer Staples (2.2%) |
| 600000  | EUR | Davide Campari-Milano, NV<br>2.375%, 01/17/29 | $652570 |
| 1208000 |  | Enovis Corp.<br>3.875%, 10/15/28 | 1208205 |
| 1000000  | EUR | Fomento Economico Mexicano  |  |
|  |  | SAB de CV |  |
|  |  | 2.625%, 02/24/26 | 1130358 |
|  |  |  | 2991133 |
|  |  | Energy (4.2%) | Energy (4.2%) |
| 2300000  | EUR | Eni S.p.A<br>2.950%, 09/14/30 | 2661575 |
| 670000 |  | Nabors Industries, Inc.<br>1.750%, 06/15/29 | 380835 |
| 1341000 |  | Northern Oil & Gas, Inc.<br>3.625%, 04/15/29 | 1287789 |
| 613000 |  | Peabody Energy Corp.<br>3.250%, 03/01/28 | 614263 |
| 500000  | EUR | Saipem S.p.A<br>2.875%, 09/11/29 | 718046 |
|  |  |  | 5662508 |
|  |  | Financials (3.8%) | Financials (3.8%) |
| 1273000 |  | Coinbase Global, Inc.^<br>0.250%, 04/01/30 | 1267628 |
| 622000 |  | Global Payments, Inc.^<br>1.500%, 03/01/31 | 553667 |
| 778000 |  | Morgan Stanley Finance, LLC, Series B<br>1.000%, 11/23/27 | 1238965 |
| 2037000 |  | Rexford Industrial Realty, LP\*<br>4.125%, 03/15/29 | 1989192 |
|  |  |  | 5049452 |
|  |  | Health Care (7.8%) | Health Care (7.8%) |
| 761000 |  | Alnylam Pharmaceuticals, Inc.^<br>1.000%, 09/15/27 | 872471 |
| 841000 |  | CONMED Corp.<br>2.250%, 06/15/27 | 779607 |
| 623000 |  | Dexcom, Inc.<br>0.375%, 05/15/28 | 564357 |
| 785000 |  | Halozyme Therapeutics, Inc.<br>1.000%, 08/15/28 | 983126 |
| 622000 |  | 0.250%, 03/01/27 | 652260 |
| 502000 |  | Innoviva, Inc.<br>2.500%, 08/15/25 | 558159 |
| 788000 |  | Integra LifeSciences Holdings Corp.<br>0.500%, 08/15/25 | 775904 |
| 753000 |  | Ionis Pharmaceuticals, Inc.<br>0.000%, 04/01/26 | 742029 |
| 1295000 |  | Jazz Investments I, Ltd.^<br>2.000%, 06/15/26 | 1335974 |
| 415000 |  | Lantheus Holdings, Inc.<br>2.625%, 12/15/27 | 617001 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Global Convertible Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT | PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 941000 |  | NeoGenomics, Inc.<br>0.250%, 01/15/28 | $| 794966 |
| 255000 |  | Pacira BioSciences, Inc.<br>0.750%, 08/01/25 |  | 251805 |
| 759000 |  | Sarepta Therapeutics, Inc.^<br>1.250%, 09/15/27 |  | 720845 |
| 618000 |  | TransMedics Group, Inc.^<br>1.500%, 06/01/28 |  | 780040 |
|  |  |  |  | 10428544 |
|  |  | Industrials (4.1%) | Industrials (4.1%) | Industrials (4.1%) |
| 180000000  | JPY | Daifuku Company, Ltd.<br>0.000%, 09/13/30 |  | 1605900 |
| 600000  | EUR | Duerr, AG<br>0.750%, 01/15/26 |  | 675537 |
| 700000 |  | L&F Company, Ltd.<br>2.500%, 04/26/30 |  | 438144 |
| 652000 |  | Middleby Corp.^<br>1.000%, 09/01/25 |  | 719495 |
| 200000  | EUR | Rheinmetall, AG Series B<br>2.250%, 02/07/30 |  | 1095836 |
| 600000  | EUR | SPIE, SA<br>2.000%, 01/17/28 |  | 951465 |
|  |  |  |  | 5486377 |
|  |  | Information Technology (26.6%) | Information Technology (26.6%) | Information Technology (26.6%) |
| 978000 |  | Akamai Technologies, Inc.<br>1.125%, 02/15/29^ |  | 947467 |
| 610000 |  | 0.125%, 05/01/25 |  | 609585 |
| 1352000 |  | BILL Holdings, Inc.\*<br>0.000%, 04/01/30 |  | 1145401 |
| 1358000 |  | Datadog, Inc.\*^<br>0.000%, 12/01/29 |  | 1224237 |
| 2203000 |  | DigitalOcean Holdings, Inc.^<br>0.000%, 12/01/26 |  | 2052733 |
| 1374000 |  | Dropbox, Inc.<br>0.000%, 03/01/28 |  | 1402442 |
| 637000 |  | Five9, Inc.<br>1.000%, 03/15/29 |  | 542979 |
| 600000 |  | Gigabyte Technology Company, Ltd.<br>0.000%, 07/27/28 |  | 601002 |
| 649000 |  | Guidewire Software, Inc.\*<br>1.250%, 11/01/29 |  | 717820 |
| 663000 |  | LivePerson, Inc.<br>0.000%, 12/15/26 |  | 262621 |
| 1166000 |  | Lumentum Holdings, Inc.^<br>1.500%, 12/15/29 |  | 1332645 |
| 1429000 |  | MicroStrategy, Inc.\*<br>0.000%, 03/01/30^ |  | 1601766 |
| 1428000 |  | 0.000%, 12/01/29 |  | 1304821 |
| 633000 |  | MKS Instruments, Inc.\*<br>1.250%, 06/01/30 |  | 546083 |
| 2783000 |  | NCL Corp., Ltd.<br>1.125%, 02/15/27 |  | 2627681 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT | PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 569000 |  | Nice, Ltd.<br>0.000%, 09/15/25 | $| 556948 |
| 1356000 |  | Nutanix, Inc.\*^<br>0.500%, 12/15/29 |  | 1463775 |
| 1301000 |  | ON Semiconductor Corp.<br>0.500%, 03/01/29 |  | 1126315 |
| 824000 |  | 0.000%, 05/01/27 |  | 880444 |
| 621000 |  | Parsons Corp.^<br>2.625%, 03/01/29 |  | 658415 |
| 1291000 |  | Seagate HDD Cayman<br>3.500%, 06/01/28 |  | 1634277 |
| 329000 |  | Shift4 Payments, Inc.^<br>0.000%, 12/15/25 |  | 374830 |
| 1383000 |  | Shopify, Inc.<br>0.125%, 11/01/25 |  | 1386139 |
| 600000 |  | SK Hynix, Inc.<br>1.750%, 04/11/30 |  | 988356 |
| 1285000 |  | Snowflake, Inc.\*<br>0.000%, 10/01/29 |  | 1597255 |
| 708200  | EUR | SOITEC<br>0.000%, 10/01/25 |  | 1373206 |
| 796000 |  | Tyler Technologies, Inc.<br>0.250%, 03/15/26 |  | 939145 |
| 1354000 |  | Unity Software, Inc.\*^<br>0.000%, 03/15/30 |  | 1278244 |
| 1253000 |  | Varonis Systems, Inc.\*<br>1.000%, 09/15/29 |  | 1182443 |
| 977000 |  | Workiva, Inc.<br>1.250%, 08/15/28 |  | 923812 |
| 120000 |  | 1.125%, 08/15/26 |  | 134189 |
| 1243000 |  | Xero Investments, Ltd.<br>1.625%, 06/12/31 |  | 1458238 |
| 490000 |  | Zscaler, Inc.^<br>0.125%, 07/01/25 |  | 735666 |
|  |  |  |  | 35610980 |
|  |  | Materials (5.5%) | Materials (5.5%) | Materials (5.5%) |
| 1448000 |  | Amyris, Inc.@<br>0.000%, 11/15/26 |  | 7689 |
| 1200000 |  | Gold Pole Capital Company, Ltd.<br>1.000%, 06/25/29 |  | 1293996 |
| 200000000  | JPY | Kansai Paint Company, Ltd.<br>0.000%, 03/08/29 |  | 1442425 |
| 200000000  | JPY | 0.000%, 03/07/31 |  | 1438523 |
| 1300000 |  | LG Chem, Ltd.<br>1.250%, 07/18/28 |  | 1290900 |
| 844000 |  | Lithium Argentina AG<br>1.750%, 01/15/27 |  | 688755 |
| 1100000  | EUR | POSCO Holdings, Inc.<br>0.000%, 09/01/26 |  | 1174969 |
|  |  |  |  | 7337257 |
|  |  | Other (1.0%) | Other (1.0%) | Other (1.0%) |
| 180000000  | JPY | SBI Holdings, Inc.<br>0.000%, 07/25/31 |  | 1363747 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Global Convertible Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Real Estate (1.9%) | Real Estate (1.9%) |
| 1290000 | Digital Realty Trust, LP\*^<br>1.875%, 11/15/29 | $1343264 |
| 1235000 | Redfin Corp.<br>0.000%, 10/15/25 | 1191849 |
|  |  | 2535113 |
|  | Utilities (3.2%) | Utilities (3.2%) |
| 1282000 | American Water Capital Corp.<br>3.625%, 06/15/26 | 1320191 |
| 624000 | CMS Energy Corp.^<br>3.375%, 05/01/28 | 691367 |
| 1307000 | PPL Capital Funding, Inc.^<br>2.875%, 03/15/28 | 1491901 |
| 651000 | Southern Company^<br>3.875%, 12/15/25 | 731516 |
|  |  | 4234975 |
|  | **TOTAL CONVERTIBLE BONDS**<br> (Cost $113,778,989) | 118913296 |
| NUMBER OF<br>SHARES |  | VALUE |
| **CONVERTIBLE PREFERRED STOCKS (7.8%)** |  |  |
|  | Financials (2.9%) | Financials (2.9%) |
| 32723 | Apollo Global Management, Inc.<br>6.750%, 07/31/26 | 2359983 |
| 31427 | KKR & Company, Inc.#<br>6.250%, 03/01/28 | 1506296 |
|  |  | 3866279 |
|  | Industrials (3.5%) | Industrials (3.5%) |
| 76944 | Boeing Company<br>6.000%, 10/15/27 | 4722823 |
|  | Information Technology (0.9%) | Information Technology (0.9%) |
| 24968 | Hewlett Packard Enterprise Company<br>7.625%, 09/01/27 | 1253393 |
|  | Utilities (0.5%) | Utilities (0.5%) |
| 15361 | NextEra Energy, Inc.^<br>6.926%, 09/01/25 | 591398 |
|  | **TOTAL CONVERTIBLE PREFERRED <br>STOCKS**<br> (Cost $9,187,683) | 10433893 |
| PRINCIPAL<br>AMOUNT |  | VALUE |
| **U.S. GOVERNMENT AND AGENCY SECURITY (0.8%)** |  |  |
|  | Other (0.8%) | Other (0.8%) |
| 1071000 | U.S. Treasury Note<br>3.875%, 03/31/27<br>(Cost $1,072,015) | 1076188 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTION (0.1%)#** | **EXCHANGE-TRADED PURCHASED OPTION (0.1%)#** |  |  |
|  |  | Consumer Discretionary (0.1%) | Consumer Discretionary (0.1%) |
| 34  | EUR | LVMH Moet Hennessy Louis  |  |
| 1662496 |  | Vuitton, SE<br>Call, 03/20/26, Strike 550.00<br>(Cost $182,608) | $117708 |
| NUMBER OF<br>SHARES/<br>PRINCIPAL <br>AMOUNT | NUMBER OF<br>SHARES/<br>PRINCIPAL <br>AMOUNT |  | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (12.5%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (12.5%)** |  |  |
| 16793640 |  | State Street Navigator Securities <br>Lending Government Money <br>Market Portfolio, 4.339%†\*\*\*<br>(Cost $16,793,640) | 16793640 |
|  |  | **TOTAL INVESTMENTS (110.0%)**<br> (Cost $141,014,935) | 147334725 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-12.5%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-12.5%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-12.5%) | (16793640) |
| OTHER ASSETS, LESS LIABILITIES (2.5%) | OTHER ASSETS, LESS LIABILITIES (2.5%) | OTHER ASSETS, LESS LIABILITIES (2.5%) | 3325220 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $133866305 |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

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

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

@ In default status and considered non-income producing.

# Non-income producing security.

† Represents investment of cash collateral received from securities on loan as of April 30, 2025.

\*\*\* The rate disclosed is the 7 day net yield as of April 30, 2025.

**FOREIGN CURRENCY ABBREVIATIONS**

AUD Australian Dollar

EUR European Monetary Unit

GBP British Pound Sterling

JPY Japanese Yen

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Global Convertible Fund Schedule of Investments April 30, 2025 (Unaudited)

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

**CURRENCY EXPOSURE APRIL 30, 2025**

---

| | | |
|:---|:---|:---|
| | VALUE | % OF TOTAL <br>INVESTMENTS |
| US Dollar | $123566784 | 83.9% |
| European Monetary Unit | 12010961 | 8.1% |
| Japanese Yen | 9808799 | 6.7% |
| British Pound Sterling | 1081946 | 0.7% |
| Australian Dollar | 866235 | 0.6% |
| Total Investments | $147334725 | 100.0% |

---

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Timpani Small Cap Growth Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| NUMBER OF <br>SHARES |  | VALUE |
| **COMMON STOCKS (99.5%)** |  |  |
|  | Communication Services (1.2%) | Communication Services (1.2%) |
| 137176 | EverQuote, Inc. - Class A# | $3256558 |
| 102536 | Magnite, Inc.# | 1219153 |
|  |  | 4475711 |
|  | Consumer Discretionary (17.6%) | Consumer Discretionary (17.6%) |
| 55760 | Adtalem Global Education, Inc.# | 5921712 |
| 9126 | Boot Barn Holdings, Inc.# | 952207 |
| 915986 | Genius Sports, Ltd.# | 9883489 |
| 8283 | Grand Canyon Education, Inc.# | 1477439 |
| 353529 | Latham Group, Inc.# | 1932036 |
| 92902 | Life Time Group Holdings, Inc.# | 2848375 |
| 506394 | Lincoln Educational Services Corp.# | 8558059 |
| 177046 | Mister Car Wash, Inc.# | 1214535 |
| 1059253 | Rush Street Interactive, Inc.# | 12848739 |
| 77291 | Sportradar Holding, AG - Class A# | 1786195 |
| 67674 | Stride, Inc.# | 9626626 |
| 218783 | Universal Technical Institute, Inc.# | 6139051 |
|  |  | 63188463 |
|  | Consumer Staples (4.1%) | Consumer Staples (4.1%) |
| 75455 | Guardian Pharmacy Services, <br>Inc. - Class A# | 1889393 |
| 106653 | Lifevantage Corp. | 1319298 |
| 841750 | Mama's Creations, Inc.# | 5555550 |
| 40494 | Oddity Tech, Ltd. - Class A# | 2487951 |
| 18435 | Sprouts Farmers Market, Inc.# | 3152385 |
| 193794 | Zevia PBC - Class A# | 437975 |
|  |  | 14842552 |
|  | Energy (1.5%) | Energy (1.5%) |
| 67079 | Natural Gas Services Group, Inc.# | 1205409 |
| 196392 | NPK International, Inc.# | 1135146 |
| 86018 | Range Resources Corp. | 2918591 |
|  |  | 5259146 |
|  | Financials (10.1%) | Financials (10.1%) |
| 52469 | Dave, Inc.# | 4975110 |
| 198126 | Marex Group, PLC | 8786888 |
| 36885 | Palomar Holdings, Inc.# | 5349063 |
| 97576 | Paymentus Holdings, Inc. - Class A# | 3167317 |
| 10832 | Piper Sandler Companies | 2611812 |
| 53285 | Sezzle, Inc.# | 2768156 |
| 84200 | Skyward Specialty Insurance Group, Inc.# | 4470178 |
| 36689 | Wintrust Financial Corp. | 4078716 |
|  |  | 36207240 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF <br>SHARES |  | VALUE |
|  | Health Care (33.1%) | Health Care (33.1%) |
| 460731 | Adaptive Biotechnologies Corp.# | $3390980 |
| 900095 | ADMA Biologics, Inc.# | 21422261 |
| 139019 | Alignment Healthcare, Inc.# | 2463417 |
| 82070 | Artivion, Inc.# | 1944238 |
| 172583 | AtriCure, Inc.# | 5161957 |
| 171406 | Axogen, Inc.# | 2788776 |
| 110569 | BioLife Solutions, Inc.# | 2665819 |
| 10114 | Blueprint Medicines Corp.# | 905203 |
| 708366 | Butterfly Network, Inc.# | 1657576 |
| 220221 | CareDx, Inc.# | 3717330 |
| 126412 | Corcept Therapeutics, Inc.# | 9086495 |
| 124743 | GeneDx Holdings Corp.# | 8339070 |
| 37197 | Guardant Health, Inc.# | 1756814 |
| 85093 | Insmed, Inc.# | 6126696 |
| 33517 | iRadimed Corp. | 1756626 |
| 233198 | KORU Medical Systems, Inc.# | 641294 |
| 53281 | Ligand Pharmaceuticals, Inc.# | 5853451 |
| 37033 | Masimo Corp.# | 5960832 |
| 69232 | Mirum Pharmaceuticals, Inc.# | 3008130 |
| 196555 | Myomo, Inc.# | 923808 |
| 34775 | Natera, Inc.# | 5248591 |
| 82954 | NeuroPace, Inc.# | 969732 |
| 148662 | OptimizeRx Corp.# | 1355797 |
| 20359 | Penumbra, Inc.# | 5961930 |
| 125626 | Phreesia, Inc.# | 3135625 |
| 31010 | PROCEPT BioRobotics Corp.# | 1673920 |
| 77412 | RadNet, Inc.# | 4054841 |
| 291323 | SI-BONE, Inc.# | 3976559 |
| 68172 | Summit Therapeutics, Inc.# | 1644309 |
| 5838 | UFP Technologies, Inc.# | 1217456 |
|  |  | 118809533 |
|  | Industrials (12.6%) | Industrials (12.6%) |
| 40889 | Argan, Inc. | 6261333 |
| 11642 | Axon Enterprise, Inc.# | 7140039 |
| 51319 | Bloom Energy Corp. - Class A# | 940164 |
| 48219 | CECO Environmental Corp.# | 1147130 |
| 24450 | Construction Partners, Inc. - Class A# | 2008323 |
| 71120 | Embraer, SA (ADR)# | 3267253 |
| 22661 | ESCO Technologies, Inc. | 3545313 |
| 27876 | FTAI Aviation, Ltd. | 2985798 |
| 91508 | Graham Corp.# | 2789164 |
| 86528 | Limbach Holdings, Inc.# | 8284191 |
| 88132 | Mercury Systems, Inc.# | 4406600 |
| 15261 | Sterling Infrastructure, Inc.# | 2280451 |
|  |  | 45055759 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Timpani Small Cap Growth Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| NUMBER OF <br>SHARES |  | VALUE |
|  | Information Technology (16.2%) | Information Technology (16.2%) |
| 472816 | AvePoint, Inc.# | $7730542 |
| 209849 | Blend Labs, Inc. - Class A# | 702994 |
| 21194 | Celestica, Inc.# | 1808908 |
| 81043 | Cellebrite DI, Ltd.# | 1603841 |
| 45737 | Ciena Corp.# | 3071697 |
| 10188 | Commvault Systems, Inc.# | 1702720 |
| 37943 | Credo Technology Group Holding, Ltd.# | 1633446 |
| 14604 | CyberArk Software, Ltd.# | 5142945 |
| 107264 | Extreme Networks, Inc.# | 1411594 |
| 52789 | Lumentum Holdings, Inc.# | 3116663 |
| 23937 | Okta, Inc.# | 2684774 |
| 71800 | PAR Technology Corp.# | 4193120 |
| 39766 | Pegasystems, Inc. | 3661653 |
| 120186 | Porch Group, Inc.# | 697079 |
| 697957 | Powerfleet, Inc. NJ# | 3517703 |
| 172774 | Red Violet, Inc. | 6748552 |
| 12223 | Silicon Laboratories, Inc.# | 1243813 |
| 153119 | SimilarWeb, Ltd.# | 1154517 |
| 17321 | SiTime Corp.# | 2543762 |
| 6607 | Wix.com, Ltd.# | 1120481 |
| 23884 | Workiva, Inc.# | 1797749 |
| 75908 | Zeta Global Holdings Corp. - Class A# | 991358 |
|  |  | 58279911 |
|  | Materials (3.1%) | Materials (3.1%) |
| 22572 | Carpenter Technology Corp. | 4415309 |
| 41964 | Knife River Corp.# | 3918598 |
| 818935 | United States Antimony Corp.# | 2628782 |
|  |  | 10962689 |
|  | **TOTAL COMMON STOCKS**<br> (Cost $284,389,027) | 357081004 |
|  | **TOTAL INVESTMENTS (99.5%)**<br> (Cost $284,389,027) | 357081004 |
| OTHER ASSETS, LESS LIABILITIES (0.5%) | OTHER ASSETS, LESS LIABILITIES (0.5%) | 1867358 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $358948362 |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

**ABBREVIATION**

ADR American Depositary Receipt

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Timpani SMID Growth Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| **COMMON STOCKS (99.1%)** |  |  |
|  | Communication Services (1.0%) | Communication Services (1.0%) |
| 9312 | EverQuote, Inc. - Class A# | $221067 |
| 7098 | Magnite, Inc.# | 84395 |
|  |  | 305462 |
|  | Consumer Discretionary (18.6%) | Consumer Discretionary (18.6%) |
| 4982 | Adtalem Global Education, Inc.# | 529088 |
| 1253 | Carvana Company# | 306171 |
| 2888 | Cava Group, Inc.# | 266938 |
| 1242 | Deckers Outdoor Corp.# | 137651 |
| 18599 | DraftKings, Inc. - Class A# | 619161 |
| 1700 | Dutch Bros, Inc. - Class A# | 101558 |
| 720 | Grand Canyon Education, Inc.# | 128426 |
| 7675 | Life Time Group Holdings, Inc.# | 235316 |
| 25432 | Lincoln Educational Services Corp.# | 429801 |
| 10329 | On Holding, AG - Class A# | 496928 |
| 87248 | Rush Street Interactive, Inc.# | 1058318 |
| 1554 | Skechers USA, Inc. - Class A# | 74623 |
| 6779 | Sportradar Holding, AG - Class A# | 156663 |
| 5456 | Stride, Inc.# | 776116 |
| 20590 | Universal Technical Institute, Inc.# | 577755 |
|  |  | 5894513 |
|  | Consumer Staples (4.4%) | Consumer Staples (4.4%) |
| 524 | Casey's General Stores, Inc. | 242397 |
| 6645 | Guardian Pharmacy Services, <br>Inc. - Class A# | 166391 |
| 36821 | Mama's Creations, Inc.# | 243019 |
| 2931 | Maplebear, Inc.# | 116917 |
| 4463 | Oddity Tech, Ltd. - Class A# | 274207 |
| 2012 | Sprouts Farmers Market, Inc.# | 344052 |
|  |  | 1386983 |
|  | Energy (1.6%) | Energy (1.6%) |
| 7173 | Antero Resources Corp.# | 249836 |
| 7492 | Range Resources Corp. | 254203 |
|  |  | 504039 |
|  | Financials (9.1%) | Financials (9.1%) |
| 4207 | Dave, Inc.# | 398908 |
| 14185 | Marex Group, PLC | 629105 |
| 2973 | Palomar Holdings, Inc.# | 431144 |
| 8021 | Paymentus Holdings, Inc. - Class A# | 260362 |
| 2493 | Sezzle, Inc.# | 129511 |
| 6807 | Skyward Specialty Insurance Group, Inc.# | 361384 |
| 3635 | Stifel Financial Corp. | 311483 |
| 3208 | Wintrust Financial Corp. | 356633 |
|  |  | 2878530 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
|  | Health Care (27.4%) | Health Care (27.4%) |
| 27467 | Adaptive Biotechnologies Corp.# | $202157 |
| 78494 | ADMA Biologics, Inc.# | 1868157 |
| 11397 | Alignment Healthcare, Inc.# | 201955 |
| 5559 | Artivion, Inc.# | 131693 |
| 13346 | AtriCure, Inc.# | 399179 |
| 500 | Blueprint Medicines Corp.# | 44750 |
| 16615 | CareDx, Inc.# | 280461 |
| 10323 | Corcept Therapeutics, Inc.# | 742017 |
| 7259 | GeneDx Holdings Corp.# | 485264 |
| 1957 | Guardant Health, Inc.# | 92429 |
| 5837 | Insmed, Inc.# | 420264 |
| 2291 | Ligand Pharmaceuticals, Inc.# | 251689 |
| 4374 | Masimo Corp.# | 704039 |
| 4341 | Mirum Pharmaceuticals, Inc.# | 188617 |
| 6309 | Natera, Inc.# | 952217 |
| 2405 | Penumbra, Inc.# | 704280 |
| 9901 | Phreesia, Inc.# | 247129 |
| 2165 | PROCEPT BioRobotics Corp.# | 116867 |
| 6191 | RadNet, Inc.# | 324285 |
| 5134 | Summit Therapeutics, Inc.# | 123832 |
| 1963 | Tempus AI, Inc.# | 101428 |
| 440 | UFP Technologies, Inc.# | 91758 |
|  |  | 8674467 |
|  | Industrials (11.7%) | Industrials (11.7%) |
| 3289 | Argan, Inc. | 503645 |
| 1718 | Axon Enterprise, Inc.# | 1053649 |
| 3784 | Bloom Energy Corp. - Class A# | 69323 |
| 3621 | CECO Environmental Corp.# | 86144 |
| 1713 | Construction Partners, Inc. - Class A# | 140706 |
| 9651 | Embraer, SA (ADR)# | 443367 |
| 1994 | ESCO Technologies, Inc. | 311961 |
| 1531 | FTAI Aviation, Ltd. | 163985 |
| 7737 | Mercury Systems, Inc.# | 386850 |
| 460 | RBC Bearings, Inc.# | 151142 |
| 1095 | Sterling Infrastructure, Inc.# | 163626 |
| 6904 | Toast, Inc. - Class A# | 245644 |
|  |  | 3720042 |
|  | Information Technology (22.6%) | Information Technology (22.6%) |
| 2273 | AppLovin Corp. - Class A# | 612142 |
| 10401 | AvePoint, Inc.# | 170056 |
| 2588 | Celestica, Inc.# | 220886 |
| 5324 | Cellebrite DI, Ltd.# | 105362 |
| 3996 | Ciena Corp.# | 268371 |
| 494 | Commvault Systems, Inc.# | 82562 |
| 2235 | Credo Technology Group Holding, Ltd.# | 96217 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Timpani SMID Growth Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| 1854 | CyberArk Software, Ltd.# | $652905 |
| 2344 | Descartes Systems Group, Inc.# | 247034 |
| 2182 | Dynatrace, Inc.# | 102488 |
| 1359 | Elastic, NV# | 117146 |
| 7829 | Extreme Networks, Inc.# | 103030 |
| 332 | Fair Isaac Corp.# | 660574 |
| 3960 | GoDaddy, Inc. - Class A# | 745787 |
| 1892 | Guidewire Software, Inc.# | 387425 |
| 4698 | Lumentum Holdings, Inc.# | 277370 |
| 880 | Manhattan Associates, Inc.# | 156103 |
| 5136 | Nutanix, Inc. - Class A# | 352843 |
| 2753 | Okta, Inc.# | 308776 |
| 4359 | Pegasystems, Inc. | 401377 |
| 2472 | Samsara, Inc. - Class A# | 98039 |
| 805 | Silicon Laboratories, Inc.# | 81917 |
| 779 | SiTime Corp.# | 114404 |
| 3700 | Wix.com, Ltd.# | 627483 |
| 1534 | Workiva, Inc.# | 115464 |
| 4428 | Zeta Global Holdings Corp. - Class A# | 57830 |
|  |  | 7163591 |
|  | Materials (1.9%) | Materials (1.9%) |
| 1478 | Carpenter Technology Corp. | 289112 |
| 3337 | Knife River Corp.# | 311609 |
|  |  | 600721 |
|  | Real Estate (0.8%) | Real Estate (0.8%) |
| 1125 | Jones Lang LaSalle, Inc.# | 255836 |
|  | **TOTAL COMMON STOCKS**<br> (Cost $26,349,284) | 31384184 |
|  | **TOTAL INVESTMENTS (99.1%)**<br> (Cost $26,349,284) | 31384184 |
| OTHER ASSETS, LESS LIABILITIES (0.9%) | OTHER ASSETS, LESS LIABILITIES (0.9%) | 300424 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $31684608 |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

**ABBREVIATION**

ADR American Depositary Receipt

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Growth Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| NUMBER OF SHARES |  | VALUE |
| **COMMON STOCKS (99.7%)** | **COMMON STOCKS (99.7%)** | **COMMON STOCKS (99.7%)** |
|  | Communication Services (18.0%) | Communication Services (18.0%) |
| 661000 | Alphabet, Inc. - Class A~ | $104966800 |
| 32188 | EverQuote, Inc. - Class A# | 764143 |
| 25988 | Magnite, Inc.#^ | 308997 |
| 105016 | Meta Platforms, Inc. - Class A | 57653784 |
| 41947 | Netflix, Inc.~# | 47472259 |
| 20750 | Spotify Technology, SA# | 12740085 |
| 30200 | T-Mobile U.S., Inc. | 7457890 |
| 61700 | Trade Desk, Inc. - Class A# | 3308971 |
| 240132 | Uber Technologies, Inc.# | 19453094 |
|  |  | 254126023 |
|  | Consumer Discretionary (17.4%) | Consumer Discretionary (17.4%) |
| 17180 | Adtalem Global Education, Inc.# | 1824516 |
| 602440 | Amazon.com, Inc.~# | 111101985 |
| 2495 | Booking Holdings, Inc.~ | 12722703 |
| 4328 | Carvana Company#^ | 1057547 |
| 9975 | Cava Group, Inc.#^ | 921989 |
| 352000 | Chipotle Mexican Grill, Inc.# | 17783040 |
| 4542 | Deckers Outdoor Corp.# | 503390 |
| 159649 | DoorDash, Inc. - Class A# | 30794696 |
| 344204 | DraftKings, Inc. - Class A#^ | 11458551 |
| 5866 | Dutch Bros, Inc. - Class A# | 350435 |
| 2501 | Grand Canyon Education, Inc.# | 446103 |
| 26556 | Life Time Group Holdings, Inc.# | 814207 |
| 88288 | Lincoln Educational Services Corp.# | 1492067 |
| 58000 | Lowe's Companies, Inc. | 12966480 |
| 35715 | On Holding, AG - Class A#^ | 1718249 |
| 298267 | Rush Street Interactive, Inc.#^ | 3617979 |
| 5342 | Skechers USA, Inc. - Class A# | 256523 |
| 23438 | Sportradar Holding, AG - Class A#^ | 541652 |
| 18870 | Stride, Inc.#^ | 2684257 |
| 79200 | Tesla, Inc.# | 22347072 |
| 71000 | TJX Companies, Inc. | 9136280 |
| 70998 | Universal Technical Institute, Inc.# | 1992204 |
|  |  | 246531925 |
|  | Consumer Staples (1.8%) | Consumer Staples (1.8%) |
| 1810 | Casey's General Stores, Inc.^ | 837288 |
| 22901 | Guardian Pharmacy Services, <br>Inc. - Class A#^ | 573441 |
| 127240 | Mama's Creations, Inc.#^ | 839784 |
| 10119 | Maplebear, Inc.# | 403647 |
| 15446 | Oddity Tech, Ltd. - Class A#^ | 949002 |
| 6964 | Sprouts Farmers Market, Inc.# | 1190844 |
| 217000 | Walmart, Inc. | 21103250 |
|  |  | 25897256 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF SHARES |  | VALUE |
|  | Energy (0.1%) | Energy (0.1%) |
| 24776 | Antero Resources Corp.# | $862948 |
| 25915 | Range Resources Corp. | 879296 |
|  |  | 1742244 |
|  | Financials (8.2%) | Financials (8.2%) |
| 23600 | American Express Company | 6287276 |
| 14566 | Dave, Inc.#^ | 1381148 |
| 48981 | Marex Group, PLC^ | 2172307 |
| 49300 | Marsh & McLennan Companies, Inc. | 11115671 |
| 24100 | Mastercard, Inc. - Class A | 13208246 |
| 10293 | Palomar Holdings, Inc.# | 1492691 |
| 27741 | Paymentus Holdings, Inc. - Class A#^ | 900473 |
| 27750 | S&P Global, Inc. | 13876387 |
| 8610 | Sezzle, Inc.#^ | 447290 |
| 23547 | Skyward Specialty Insurance Group, Inc.# | 1250110 |
| 12553 | Stifel Financial Corp. | 1075667 |
| 155000 | Visa, Inc. - Class A | 53552500 |
| 112000 | Wells Fargo & Company | 7953120 |
| 11083 | Wintrust Financial Corp. | 1232097 |
|  |  | 115944983 |
|  | Health Care (8.8%) | Health Care (8.8%) |
| 95371 | Adaptive Biotechnologies Corp.#^ | 701931 |
| 271954 | ADMA Biologics, Inc.# | 6472505 |
| 39408 | Alignment Healthcare, Inc.# | 698310 |
| 20347 | Artivion, Inc.#^ | 482020 |
| 48805 | AtriCure, Inc.#^ | 1459758 |
| 1827 | Blueprint Medicines Corp.# | 163517 |
| 133500 | Boston Scientific Corp.# | 13733145 |
| 60757 | CareDx, Inc.# | 1025578 |
| 35695 | Corcept Therapeutics, Inc.#^ | 2565757 |
| 33000 | Danaher Corp. | 6577890 |
| 35600 | Eli Lilly & Company | 32002620 |
| 25224 | GeneDx Holdings Corp.#^ | 1686224 |
| 6764 | Guardant Health, Inc.# | 319464 |
| 20207 | Insmed, Inc.# | 1454904 |
| 38500 | Intuitive Surgical, Inc.# | 19858300 |
| 7941 | Ligand Pharmaceuticals, Inc.#^ | 872398 |
| 15119 | Masimo Corp.#^ | 2433554 |
| 15784 | Mirum Pharmaceuticals, Inc.#^ | 685815 |
| 21799 | Natera, Inc.# | 3290123 |
| 8310 | Penumbra, Inc.# | 2433500 |
| 34188 | Phreesia, Inc.# | 853332 |
| 7501 | PROCEPT BioRobotics Corp.#^ | 404904 |
| 21406 | RadNet, Inc.#^ | 1121246 |
| 30750 | Stryker Corp. | 11498040 |
| 17768 | Summit Therapeutics, Inc.#^ | 428564 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Growth Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF SHARES |  | VALUE | VALUE |
| 6782 | Tempus AI, Inc.#^ | $| 350426 |
| 1520 | UFP Technologies, Inc.#^ |  | 316981 |
| 27000 | UnitedHealth Group, Inc. |  | 11108880 |
|  |  |  | 124999686 |
|  | Industrials (4.8%) | Industrials (4.8%) | Industrials (4.8%) |
| 11372 | Argan, Inc. |  | 1741394 |
| 5929 | Axon Enterprise, Inc.# |  | 3636256 |
| 13086 | Bloom Energy Corp. - Class A#^ |  | 239735 |
| 85500 | Boeing Company# |  | 15667020 |
| 203000 | Canadian Pacific Kansas City, Ltd.^ |  | 14711410 |
| 12474 | CECO Environmental Corp.#^ |  | 296756 |
| 5912 | Construction Partners, Inc. - Class A#^ |  | 485612 |
| 33351 | Embraer, SA (ADR)#^ |  | 1532145 |
| 88000 | Emerson Electric Company |  | 9249680 |
| 6888 | ESCO Technologies, Inc. |  | 1077628 |
| 5292 | FTAI Aviation, Ltd.^ |  | 566826 |
| 26768 | Mercury Systems, Inc.#^ |  | 1338400 |
| 1590 | RBC Bearings, Inc.# |  | 522426 |
| 3785 | Sterling Infrastructure, Inc.#^ |  | 565593 |
| 23865 | Toast, Inc. - Class A# |  | 849117 |
| 69000 | Waste Management, Inc. |  | 16101840 |
|  |  |  | 68581838 |
|  | Information Technology (38.9%) | Information Technology (38.9%) | Information Technology (38.9%) |
| 17700 | Adobe, Inc.# |  | 6637146 |
| 516300 | Apple, Inc. |  | 109713750 |
| 7853 | AppLovin Corp. - Class A# |  | 2114892 |
| 9540 | ASML Holding, NV |  | 6373483 |
| 35971 | AvePoint, Inc.# |  | 588126 |
| 229100 | Broadcom, Inc. |  | 44094877 |
| 8941 | Celestica, Inc.#^ |  | 763114 |
| 18450 | Cellebrite DI, Ltd.# |  | 365126 |
| 13796 | Ciena Corp.# |  | 926539 |
| 1707 | Commvault Systems, Inc.#^ |  | 285291 |
| 7723 | Credo Technology Group Holding, Ltd.# |  | 332475 |
| 6408 | CyberArk Software, Ltd.# |  | 2256641 |
| 8084 | Descartes Systems Group, Inc.#^ |  | 851973 |
| 7537 | Dynatrace, Inc.# |  | 354013 |
| 4696 | Elastic, NV# |  | 404795 |
| 28739 | Extreme Networks, Inc.# |  | 378205 |
| 1140 | Fair Isaac Corp.# |  | 2268235 |
| 13679 | GoDaddy, Inc. - Class A# |  | 2576166 |
| 6531 | Guidewire Software, Inc.# |  | 1337353 |
| 10400 | Intuit, Inc. |  | 6525688 |
| 68000 | Keysight Technologies, Inc.# |  | 9887200 |
| 16233 | Lumentum Holdings, Inc.#^ |  | 958396 |
| 3043 | Manhattan Associates, Inc.# |  | 539798 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF SHARES |  | VALUE | VALUE |
| 357190 | Microsoft Corp. | $| 141182919 |
| 42600 | MongoDB, Inc.# |  | 7334442 |
| 17730 | Nutanix, Inc. - Class A# |  | 1218051 |
| 1071100 | NVIDIA Corp. |  | 116664212 |
| 9520 | Okta, Inc.# |  | 1067763 |
| 85922 | Oracle Corp. |  | 12090944 |
| 41400 | Palo Alto Networks, Inc.# |  | 7738902 |
| 15058 | Pegasystems, Inc. |  | 1386541 |
| 8542 | Samsara, Inc. - Class A# |  | 338776 |
| 28300 | ServiceNow, Inc.# |  | 27026783 |
| 2783 | Silicon Laboratories, Inc.#^ |  | 283198 |
| 2690 | SiTime Corp.#^ |  | 395053 |
| 90860 | Snowflake, Inc. - Class A# |  | 14491261 |
| 95500 | Taiwan Semiconductor Manufacturing <br>Company, Ltd. (ADR) |  | 15918895 |
| 12794 | Wix.com, Ltd.# |  | 2169735 |
| 5291 | Workiva, Inc.# |  | 398254 |
| 15326 | Zeta Global Holdings Corp. - Class A#^ |  | 200158 |
|  |  |  | 550439169 |
|  | Materials (1.6%) | Materials (1.6%) | Materials (1.6%) |
| 5101 | Carpenter Technology Corp.^ |  | 997806 |
| 11528 | Knife River Corp.#^ |  | 1076485 |
| 15000 | Linde, PLC |  | 6798450 |
| 37000 | Sherwin-Williams Company |  | 13058040 |
|  |  |  | 21930781 |
|  | Real Estate (0.1%) | Real Estate (0.1%) | Real Estate (0.1%) |
| 3886 | Jones Lang LaSalle, Inc.# |  | 883715 |
|  | **TOTAL COMMON STOCKS**<br> (Cost $703,548,143) |  | 1411077620 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (0.0%)#** | **EXCHANGE-TRADED PURCHASED OPTIONS (0.0%)#** | **EXCHANGE-TRADED PURCHASED OPTIONS (0.0%)#** | **EXCHANGE-TRADED PURCHASED OPTIONS (0.0%)#** |
|  | Information Technology (0.0%) | Information Technology (0.0%) | Information Technology (0.0%) |
| 540 | Microsoft Corp. |  |  |
| 21344040 | Put, 05/02/25, Strike $382.50 |  | 264600 |
|  | Other (0.0%) | Other (0.0%) | Other (0.0%) |
| 2200 | Invesco QQQ Trust Series 1 |  |  |
| 104603400 | Put, 05/02/25, Strike $460.00 |  | 123200 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $1,825,241) |  | 387800 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Growth Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES/<br>PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (2.5%)** |  |  |  |
| 35080417 | State Street Navigator Securities <br>Lending Government Money Market <br>Portfolio, 4.339%†\*\*\*<br>(Cost $35,080,417) | $ | 35080417 |
|  | **TOTAL INVESTMENTS (102.2%)**<br> (Cost $740,453,801) |  | 1446545837 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-2.5%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-2.5%) |  | (35080417) |
| OTHER ASSETS, LESS LIABILITIES (0.3%) | OTHER ASSETS, LESS LIABILITIES (0.3%) |  | 4270601 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $ | 1415736021 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE | VALUE |
| **EXCHANGE-TRADED WRITTEN OPTIONS (0.0%)#** |  |  |  |
|  | Information Technology (0.0%) | Information Technology (0.0%) | Information Technology (0.0%) |
| (540) | Microsoft Corp. |  |  |
| (21344040) | Put, 05/02/25, Strike $362.5 |  | (29700) |
|  | Other (0.0%) | Other (0.0%) | Other (0.0%) |
| (2200) | Invesco QQQ Trust Series 1 |  |  |
| (104603400) | Put, 05/02/25, Strike $440.0 |  | (13200) |
|  | **TOTAL EXCHANGE-TRADED <br>WRITTEN OPTIONS**<br> (Premium $538,742) |  | (42900) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

~ 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 $42,885,319.

# Non-income producing security.

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

† Represents investment of cash collateral received from securities on loan as of April 30, 2025.

\*\*\* The rate disclosed is the 7 day net yield as of April 30, 2025.

**ABBREVIATION**

ADR American Depositary Receipt

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 Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Growth and Income Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| **CONVERTIBLE BONDS (14.6%)** |  |  |
|  | Communication Services (1.8%) | Communication Services (1.8%) |
| 7315000 | Liberty Media Corp.-Liberty <br>Formula One<br>2.250%, 08/15/27 | $8922032 |
| 13790000 | Live Nation Entertainment, Inc.^\*<br>2.875%, 01/15/30 | 14250862 |
| 7990000 | Snap, Inc.^\*<br>0.500%, 05/01/30 | 6540215 |
| 13580000 | Uber Technologies, Inc.<br>0.875%, 12/01/28 | 17825787 |
|  |  | 47538896 |
|  | Consumer Discretionary (1.8%) | Consumer Discretionary (1.8%) |
| 10900000 | Alibaba Group Holding, Ltd.\*<br>0.500%, 06/01/31 | 14339059 |
| 3065000 | Royal Caribbean Cruises, Ltd.<br>6.000%, 08/15/25 | 13235436 |
| 18915000 | Trip.com Group, Ltd.\*<br>0.750%, 06/15/29 | 21397783 |
|  |  | 48972278 |
|  | Consumer Staples (0.3%) | Consumer Staples (0.3%) |
| 5855000 | Post Holdings, Inc.^<br>2.500%, 08/15/27 | 6890632 |
|  | Financials (0.5%) | Financials (0.5%) |
| 3725000 | Federal Realty OP, LP\*<br>3.250%, 01/15/29 | 3724553 |
| 5885000 | Morgan Stanley Finance, LLC, Series B<br>1.000%, 11/23/27 | 9371862 |
|  |  | 13096415 |
|  | Health Care (0.3%) | Health Care (0.3%) |
| 7226000 | Integer Holdings Corp.\*<br>1.875%, 03/15/30 | 7652262 |
|  | Industrials (0.6%) | Industrials (0.6%) |
| 2405000 | Axon Enterprise, Inc.<br>0.500%, 12/15/27 | 6530152 |
| 3650000 | Bloom Energy Corp.<br>3.000%, 06/01/28 | 4621995 |
| 5615000 | Tetra Tech, Inc.<br>2.250%, 08/15/28 | 5975371 |
|  |  | 17127518 |
|  | Information Technology (5.3%) | Information Technology (5.3%) |
| 4790000 | Advanced Energy Industries, Inc.<br>2.500%, 09/15/28 | 5024614 |
| 11980000 | Datadog, Inc.^\*<br>0.000%, 12/01/29 | 10799970 |
| 8690000 | Guidewire Software, Inc.^\*<br>1.250%, 11/01/29 | 9611488 |
| 5455000 | Lumentum Holdings, Inc.^<br>1.500%, 12/15/29 | 6234629 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 7260000 | MACOM Technology Solutions <br>Holdings, Inc.\*<br>0.000%, 12/15/29 | $6794344 |
| 18840000 | MKS Instruments, Inc.^\*<br>1.250%, 06/01/30 | 16253079 |
| 13895000 | Nutanix, Inc.^\*<br>0.500%, 12/15/29 | 14999375 |
| 6925000 | ON Semiconductor Corp.<br>0.500%, 03/01/29 | 5995180 |
| 6395000 | PAR Technology Corp.<br>1.500%, 10/15/27 | 6736045 |
| 7945000 | Parsons Corp.^<br>2.625%, 03/01/29 | 8423686 |
| 10700000 | Seagate HDD Cayman<br>3.500%, 06/01/28 | 13545130 |
| 12845000 | Snowflake, Inc.\*<br>0.000%, 10/01/29 | 15966335 |
| 9020000 | Spotify USA, Inc.<br>0.000%, 03/15/26 | 11607026 |
| 5885000 | Unity Software, Inc.^\*<br>0.000%, 03/15/30 | 5555734 |
| 5280000 | Western Digital Corp.<br>3.000%, 11/15/28 | 7171930 |
|  |  | 144718565 |
|  | Real Estate (1.1%) | Real Estate (1.1%) |
| 14130000 | Welltower OP, LLC\*<br>3.125%, 07/15/29^ | 18901560 |
| 7555000 | 2.750%, 05/15/28 | 12329382 |
|  |  | 31230942 |
|  | Utilities (2.9%) | Utilities (2.9%) |
| 15830000 | CMS Energy Corp.^<br>3.375%, 05/01/28 | 17539007 |
| 17800000 | Duke Energy Corp.<br>4.125%, 04/15/26 | 19429412 |
| 4940000 | NextEra Energy Capital Holdings, Inc.<br>3.000%, 03/01/27 | 5534578 |
| 16315000 | PPL Capital Funding, Inc.^<br>2.875%, 03/15/28 | 18623083 |
| 15555000 | Southern Company<br>3.875%, 12/15/25 | 17478843 |
|  |  | 78604923 |
|  | **TOTAL CONVERTIBLE BONDS**<br> (Cost $357,883,828) | 395832431 |
| NUMBER OF<br>SHARES |  | VALUE |
| **CONVERTIBLE PREFERRED STOCKS (3.3%)** |  |  |
|  | Financials (0.8%) | Financials (0.8%) |
| 80250 | AMG Capital Trust II<br>5.150%, 10/15/37 | 4077102 |
| 121125 | Apollo Global Management, Inc.<br>6.750%, 07/31/26 | 8735535 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Growth and Income Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| 114300 | Ares Management Corp.<br>6.750%, 10/01/27 | $5642991 |
| 82127 | KKR & Company, Inc.#<br>6.250%, 03/01/28 | 3936347 |
|  |  | 22391975 |
|  | Industrials (1.4%) | Industrials (1.4%) |
| 615535 | Boeing Company<br>6.000%, 10/15/27 | 37781538 |
|  | Information Technology (0.6%) | Information Technology (0.6%) |
| 191890 | Hewlett Packard Enterprise Company<br>7.625%, 09/01/27 | 9632878 |
| 111160 | Microchip Technology, Inc.^#<br>7.500%, 03/15/28 | 5275654 |
|  |  | 14908532 |
|  | Utilities (0.5%) | Utilities (0.5%) |
| 80675 | CenterPoint Energy, Inc. <br>(Warner Media, LLC, Charter <br>Communications, Time, Inc.)#§\*\*<br>3.369%, 09/15/29 | 3738802 |
| 126115 | NextEra Energy, Inc.<br>7.299%, 06/01/27 | 5850475 |
| 119225 | PG&E Corp.<br>6.000%, 12/01/27 | 5185095 |
|  |  | 14774372 |
|  | **TOTAL CONVERTIBLE PREFERRED <br>STOCKS**<br> (Cost $84,210,160) | 89856417 |
| **COMMON STOCKS (74.9%)** |  |  |
|  | Communication Services (8.5%) | Communication Services (8.5%) |
| 587815 | Alphabet, Inc. - Class A | 93345022 |
| 115790 | Meta Platforms, Inc. - Class A | 63568710 |
| 27710 | Netflix, Inc.# | 31359961 |
| 108795 | T-Mobile U.S., Inc. | 26866926 |
| 164375 | Walt Disney Company | 14949906 |
|  |  | 230090525 |
|  | Consumer Discretionary (8.9%) | Consumer Discretionary (8.9%) |
| 589450 | Amazon.com, Inc.# | 108706369 |
| 4050 | Booking Holdings, Inc.# | 20652084 |
| 210500 | Chipotle Mexican Grill, Inc.# | 10634460 |
| 50445 | Home Depot, Inc. | 18184918 |
| 44130 | Lowe's Companies, Inc. | 9865703 |
| 47685 | McDonald's Corp. | 15242510 |
| 135975 | Starbucks Corp. | 10884799 |
| 131090 | Tesla, Inc.# | 36988354 |
| 76340 | TJX Companies, Inc. | 9823431 |
|  |  | 240982628 |
|  | Consumer Staples (4.9%) | Consumer Staples (4.9%) |
| 267985 | Coca-Cola Company | 19442312 |
| 117730 | Colgate-Palmolive Company | 10853529 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 29260 | Costco Wholesale Corp. | $| 29099070 |
| 121795 | Philip Morris International, Inc. |  | 20870791 |
| 152560 | Procter & Gamble Company |  | 24801679 |
| 294690 | Walmart, Inc. |  | 28658602 |
|  |  |  | 133725983 |
|  | Energy (3.0%) | Energy (3.0%) | Energy (3.0%) |
| 220525 | EQT Corp. |  | 10902756 |
| 348130 | Exxon Mobil Corp. |  | 36772972 |
| 60150 | Hess Corp. |  | 7762358 |
| 92400 | Marathon Petroleum Corp. |  | 12696684 |
| 234895 | Williams Companies, Inc. |  | 13757800 |
|  |  |  | 81892570 |
|  | Financials (11.9%) | Financials (11.9%) | Financials (11.9%) |
| 39170 | American Express Company |  | 10435280 |
| 43888 | Assurant, Inc. |  | 8458973 |
| 541560 | Bank of America Corp. |  | 21597413 |
| 23090 | Berkshire Hathaway, Inc. - Class B# |  | 12312742 |
| 9110 | Blackrock, Inc. |  | 8328909 |
| 45675 | Capital One Financial Corp. |  | 8233376 |
| 76160 | Chubb, Ltd. |  | 21787853 |
| 171630 | Citigroup, Inc. |  | 11736059 |
| 71695 | Fiserv, Inc.# |  | 13232746 |
| 21995 | Goldman Sachs Group, Inc. |  | 12043362 |
| 173430 | JPMorgan Chase & Company |  | 42424447 |
| 97830 | Marsh & McLennan Companies, Inc. |  | 22057730 |
| 68530 | Mastercard, Inc. - Class A |  | 37558552 |
| 123375 | Morgan Stanley |  | 14239942 |
| 27865 | S&P Global, Inc. |  | 13933893 |
| 123325 | Visa, Inc. - Class A |  | 42608787 |
| 320775 | Wells Fargo & Company |  | 22778233 |
|  |  |  | 323768297 |
|  | Health Care (7.4%) | Health Care (7.4%) | Health Care (7.4%) |
| 166580 | Abbott Laboratories |  | 21780335 |
| 104205 | AbbVie, Inc. |  | 20330395 |
| 220975 | Boston Scientific Corp.# |  | 22731698 |
| 39400 | Danaher Corp. |  | 7853602 |
| 42600 | Eli Lilly & Company |  | 38295270 |
| 33055 | ICON, PLC# |  | 5005849 |
| 124145 | Johnson & Johnson |  | 19405105 |
| 115780 | Medtronic, PLC |  | 9813513 |
| 117020 | Merck & Company, Inc. |  | 9970104 |
| 17665 | Stryker Corp. |  | 6605297 |
| 26215 | Thermo Fisher Scientific, Inc. |  | 11246235 |
| 68100 | UnitedHealth Group, Inc. |  | 28019064 |
|  |  |  | 201056467 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Growth and Income Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE |
|  |  | Industrials (4.4%) | Industrials (4.4%) |
| 373860 |  | CSX Corp. | $10494250 |
| 153160 |  | Delta Air Lines, Inc. | 6376051 |
| 130880 |  | Emerson Electric Company | 13756797 |
| 42750 |  | GE Vernova, Inc. | 15852555 |
| 72590 |  | General Electric Company | 14629789 |
| 90425 |  | Norfolk Southern Corp. | 20259721 |
| 31405 |  | Parker-Hannifin Corp. | 19001909 |
| 148475 |  | RTX Corp. | 18727152 |
|  |  |  | 119098224 |
|  |  | Information Technology (22.7%) | Information Technology (22.7%) |
| 42920 |  | Advanced Micro Devices, Inc.#~ | 4178262 |
| 726405 |  | Apple, Inc. | 154361062 |
| 24245 |  | Atlassian Corp. - Class A# | 5535376 |
| 244270 |  | Broadcom, Inc. | 47014647 |
| 185485 |  | Cisco Systems, Inc. | 10708049 |
| 13715 |  | Intuit, Inc. | 8605751 |
| 113050 |  | Lam Research Corp. | 8102293 |
| 70330 |  | Micron Technology, Inc. | 5411894 |
| 370940 |  | Microsoft Corp. | 146617744 |
| 1190855 |  | NVIDIA Corp. | 129707927 |
| 19340 |  | NXP Semiconductors, NV | 3564555 |
| 131935 |  | Oracle Corp. | 18565893 |
| 81905 |  | Palantir Technologies, Inc. - Class A# | 9700828 |
| 45230 |  | Palo Alto Networks, Inc.# | 8454844 |
| 60500 |  | Salesforce, Inc. | 16256955 |
| 39710  | EUR | SAP, SE | 11618698 |
| 26555 |  | ServiceNow, Inc.# | 25360291 |
|  |  |  | 613765069 |
|  |  | Materials (2.2%) | Materials (2.2%) |
| 237540 |  | Freeport-McMoRan, Inc. | 8558566 |
| 52565 |  | Linde, PLC | 23824035 |
| 47675 |  | Sherwin-Williams Company | 16825461 |
| 40695 |  | Vulcan Materials Company~ | 10675520 |
|  |  |  | 59883582 |
|  |  | Real Estate (0.5%) | Real Estate (0.5%) |
| 60195 |  | American Tower Corp. | 13568555 |
|  |  | Utilities (0.5%) | Utilities (0.5%) |
| 100390 |  | Vistra Corp. | 13013556 |
|  |  | **TOTAL COMMON STOCKS**<br> (Cost $869,946,890) | 2030845456 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| **U.S. GOVERNMENT AND AGENCY SECURITIES (1.6%)** |  |  |
|  | U.S. Treasury Note  |  |
| 22420000 | 4.250%, 05/31/25 | $22415183 |
| 19655000 | 5.000%, 08/31/25 | 19696076 |
|  | **TOTAL U.S. GOVERNMENT <br>AND AGENCY SECURITIES**<br> (Cost $42,108,596) | 42111259 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (0.4%)#** |  |  |
|  | Communication Services (0.0%) | Communication Services (0.0%) |
| 240 | Meta Platforms, Inc. |  |
| 13176000 | Put, 06/20/25, Strike $555.00 | 891600 |
|  | Financials (0.1%) | Financials (0.1%) |
| 500 | Berkshire Hathaway, Inc. |  |
| 26662500 | Call, 06/20/25, Strike $510.00 | 1775000 |
|  | Information Technology (0.0%) | Information Technology (0.0%) |
| 810 | Microsoft Corp. |  |
| 32016060 | Put, 06/20/25, Strike $380.00 | 907200 |
|  | Other (0.3%) | Other (0.3%) |
| 1605 | Invesco QQQ Trust Series 1 |  |
| 76312935 | Put, 06/20/25, Strike $480.00 | 2836035 |
| 18000 | iShares MSCI EAFE ETF |  |
| 152550000 | Call, 06/20/25, Strike $85.00 | 3465000 |
| 80 | S&P 500 Index |  |
| 44552480 | Put, 05/30/25, Strike $5,400.00 | 609600 |
|  |  | 6910635 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $13,245,465) | 10484435 |
| NUMBER OF<br>SHARES/<br>PRINCIPAL <br>AMOUNT |  | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (2.1%)** |  |  |
| 57515683 | State Street Navigator Securities <br>Lending Government Money Market <br>Portfolio, 4.339%†\*\*\*<br>(Cost $57,515,683) | 57515683 |
|  | **TOTAL INVESTMENTS (96.9%)**<br> (Cost $1,424,910,622) | 2626645681 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-2.1%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-2.1%) | (57515683) |
| OTHER ASSETS, LESS LIABILITIES (5.2%) | OTHER ASSETS, LESS LIABILITIES (5.2%) | 140375696 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $2709505694 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Growth and Income Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED WRITTEN OPTIONS (0.0%)#** |  |  |
|  | Communication Services (0.0%) | Communication Services (0.0%) |
| (240) | Meta Platforms, Inc. |  |
| (13176000) | Put, 06/20/25, Strike $490.00 | $(309000) |
|  | Industrials (0.0%) | Industrials (0.0%) |
| (290) | Quanta Services, Inc. |  |
| (8488010) | Put, 05/16/25, Strike $230.00 | (26825) |
|  | Information Technology (0.0%) | Information Technology (0.0%) |
| (805) | Palantir Technologies, Inc. |  |
| (9534420) | Put, 05/16/25, Strike $60.00 | (15698) |
|  | **TOTAL EXCHANGE-TRADED <br>WRITTEN OPTIONS**<br> (Premium $617,739) | $(351523) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

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

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

# Non-income producing security.

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

\*\* Step coupon security. Coupon changes periodically based upon a predetermined schedule. The rate shown is the rate in effect at April 30, 2025.

~ 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 $7,284,891.

† Represents investment of cash collateral received from securities on loan as of April 30, 2025.

\*\*\* The rate disclosed is the 7 day net yield as of April 30, 2025.

**FOREIGN CURRENCY ABBREVIATION**

EUR European Monetary Unit

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

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Dividend Growth Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| NUMBER OF <br>SHARES |  | VALUE |
| **CONVERTIBLE PREFERRED STOCKS (2.2%)** |  |  |
|  | Financials (0.6%) | Financials (0.6%) |
| 620 | Apollo Global Management, Inc.<br>6.750%, 07/31/26 | $44714 |
| 1035 | Ares Management Corp.<br>6.750%, 10/01/27 | 51098 |
| 620 | KKR & Company, Inc.^#<br>6.250%, 03/01/28 | 29717 |
|  |  | 125529 |
|  | Industrials (1.4%) | Industrials (1.4%) |
| 4555 | Boeing Company^<br>6.000%, 10/15/27 | 279586 |
|  | Information Technology (0.2%) | Information Technology (0.2%) |
| 790 | Hewlett Packard Enterprise Company<br>7.625%, 09/01/27 | 39658 |
|  | **TOTAL CONVERTIBLE PREFERRED <br>STOCKS**<br> (Cost $398,103) | 444773 |
| **COMMON STOCKS (94.1%)** |  |  |
|  | Communication Services (9.3%) | Communication Services (9.3%) |
| 4385 | Alphabet, Inc. - Class C | 705502 |
| 155 | Live Nation Entertainment, Inc.# | 20530 |
| 970 | Meta Platforms, Inc. - Class A | 532530 |
| 265 | Netflix, Inc.# | 299906 |
| 525 | T-Mobile U.S., Inc. | 129649 |
| 1225 | Uber Technologies, Inc.# | 99237 |
| 1160 | Walt Disney Company | 105502 |
|  |  | 1892856 |
|  | Consumer Discretionary (11.2%) | Consumer Discretionary (11.2%) |
| 4080 | Amazon.com, Inc.# | 752434 |
| 44 | Booking Holdings, Inc. | 224368 |
| 1550 | Chipotle Mexican Grill, Inc.# | 78306 |
| 400 | Home Depot, Inc. | 144196 |
| 1225 | Las Vegas Sands Corp. | 44921 |
| 545 | Lowe's Companies, Inc. | 121840 |
| 625 | McDonald's Corp. | 199781 |
| 345 | Royal Caribbean Cruises, Ltd. | 74144 |
| 1165 | Starbucks Corp. | 93258 |
| 1170 | Tesla, Inc.# | 330127 |
| 1580 | TJX Companies, Inc. | 203315 |
|  |  | 2266690 |
|  | Consumer Staples (5.7%) | Consumer Staples (5.7%) |
| 2085 | Coca-Cola Company | 151267 |
| 870 | Colgate-Palmolive Company | 80205 |
| 305 | Costco Wholesale Corp. | 303322 |
| 895 | Philip Morris International, Inc. | 153367 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF <br>SHARES |  | VALUE | VALUE |
| 1070 | Procter & Gamble Company | $| 173950 |
| 2895 | Walmart, Inc. |  | 281539 |
|  |  |  | 1143650 |
|  | Energy (3.1%) | Energy (3.1%) | Energy (3.1%) |
| 1610 | EQT Corp. |  | 79598 |
| 2410 | Exxon Mobil Corp. |  | 254568 |
| 515 | Hess Corp. |  | 66461 |
| 880 | Marathon Petroleum Corp. |  | 120921 |
| 1895 | Williams Companies, Inc. |  | 110990 |
|  |  |  | 632538 |
|  | Financials (15.5%) | Financials (15.5%) | Financials (15.5%) |
| 620 | American Express Company |  | 165174 |
| 355 | Assurant, Inc. |  | 68423 |
| 5275 | Bank of America Corp. |  | 210367 |
| 810 | Berkshire Hathaway, Inc. - Class B# |  | 431933 |
| 60 | Blackrock, Inc. |  | 54856 |
| 340 | Capital One Financial Corp. |  | 61288 |
| 390 | Chubb, Ltd. |  | 111571 |
| 1260 | Citigroup, Inc. |  | 86159 |
| 620 | Fiserv, Inc.# |  | 114433 |
| 235 | Goldman Sachs Group, Inc. |  | 128674 |
| 1705 | JPMorgan Chase & Company |  | 417077 |
| 570 | Marsh & McLennan Companies, Inc. |  | 128518 |
| 680 | Mastercard, Inc. - Class A |  | 372681 |
| 915 | Morgan Stanley |  | 105609 |
| 255 | S&P Global, Inc. |  | 127513 |
| 905 | Visa, Inc. - Class A |  | 312678 |
| 3425 | Wells Fargo & Company |  | 243209 |
|  |  |  | 3140163 |
|  | Health Care (8.6%) | Health Care (8.6%) | Health Care (8.6%) |
| 1390 | Abbott Laboratories |  | 181742 |
| 950 | AbbVie, Inc. |  | 185345 |
| 1615 | Boston Scientific Corp.# |  | 166135 |
| 330 | Danaher Corp. |  | 65779 |
| 415 | Eli Lilly & Company |  | 373064 |
| 240 | ICON, PLC# |  | 36346 |
| 1040 | Johnson & Johnson |  | 162562 |
| 780 | Medtronic, PLC |  | 66113 |
| 1075 | Merck & Company, Inc. |  | 91590 |
| 215 | Stryker Corp. |  | 80393 |
| 215 | Thermo Fisher Scientific, Inc. |  | 92235 |
| 605 | UnitedHealth Group, Inc. |  | 248921 |
|  |  |  | 1750225 |
|  | Industrials (5.0%) | Industrials (5.0%) | Industrials (5.0%) |
| 2750 | CSX Corp. |  | 77193 |
| 1560 | Delta Air Lines, Inc. |  | 64943 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Dividend Growth Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF <br>SHARES | NUMBER OF <br>SHARES |  | VALUE | VALUE |
| 970 |  | Emerson Electric Company | $| 101957 |
| 315 |  | GE Vernova, Inc. |  | 116808 |
| 885 |  | General Electric Company |  | 178363 |
| 670 |  | Norfolk Southern Corp. |  | 150113 |
| 300 |  | Parker-Hannifin Corp. |  | 181518 |
| 1115 |  | RTX Corp. |  | 140635 |
|  |  |  |  | 1011530 |
|  |  | Information Technology (28.6%) | Information Technology (28.6%) | Information Technology (28.6%) |
| 357 |  | Advanced Micro Devices, Inc.# |  | 34754 |
| 6350 |  | Apple, Inc. |  | 1349375 |
| 460 |  | Applied Materials, Inc. |  | 69327 |
| 180 |  | Atlassian Corp. - Class A# |  | 41096 |
| 2390 |  | Broadcom, Inc. |  | 460003 |
| 1880 |  | Cisco Systems, Inc. |  | 108532 |
| 180 |  | Intuit, Inc. |  | 112945 |
| 1050 |  | Lam Research Corp. |  | 75254 |
| 1010 |  | Micron Technology, Inc. |  | 77719 |
| 3200 |  | Microsoft Corp. |  | 1264832 |
| 10650 |  | NVIDIA Corp. |  | 1159998 |
| 145 |  | NXP Semiconductors, NV |  | 26725 |
| 1245 |  | Oracle Corp. |  | 175196 |
| 1055 |  | Palantir Technologies, Inc. - Class A# |  | 124954 |
| 425 |  | Palo Alto Networks, Inc.# |  | 79445 |
| 540 |  | Salesforce, Inc. |  | 145103 |
| 375 |  | Sandisk Corp.# |  | 12041 |
| 385  | EUR | SAP, SE |  | 112647 |
| 800 |  | Seagate Technology Holdings, PLC^ |  | 72824 |
| 195 |  | ServiceNow, Inc.# |  | 186227 |
| 400 |  | Texas Instruments, Inc. |  | 64020 |
| 1125 |  | Western Digital Corp.# |  | 49343 |
|  |  |  |  | 5802360 |
|  |  | Materials (2.7%) | Materials (2.7%) | Materials (2.7%) |
| 1740 |  | Freeport-McMoRan, Inc. |  | 62692 |
| 430 |  | Linde, PLC |  | 194889 |
| 405 |  | Sherwin-Williams Company |  | 142933 |
| 515 |  | Vulcan Materials Company |  | 135100 |
|  |  |  |  | 535614 |
|  |  | Real Estate (1.3%) | Real Estate (1.3%) | Real Estate (1.3%) |
| 365 |  | American Tower Corp. |  | 82275 |
| 1215 |  | Welltower, Inc. |  | 185397 |
|  |  |  |  | 267672 |
|  |  | Utilities (3.1%) | Utilities (3.1%) | Utilities (3.1%) |
| 1360 |  | CMS Energy Corp. |  | 100164 |
| 725 |  | Duke Energy Corp. |  | 88465 |
| 1020 |  | NextEra Energy, Inc. |  | 68218 |
| 3970 |  | PPL Corp. |  | 144905 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF <br>SHARES |  | VALUE |
| 1005 | Southern Company | $92349 |
| 1015 | Vistra Corp. | 131574 |
|  |  | 625675 |
|  | **TOTAL COMMON STOCKS**<br> (Cost $9,254,948) | 19068973 |
| **EXCHANGE-TRADED FUNDS (2.1%)** |  |  |
|  | Other (2.1%) | Other (2.1%) |
| 2635 | iShares China Large-Cap ETF^ | 89221 |
| 1205 | iShares MSCI EAFE ETF^ | 102124 |
| 760 | iShares Russell 2000 ETF^ | 148094 |
| 145 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust^ | 80408 |
|  | **TOTAL EXCHANGE-TRADED FUNDS**<br> (Cost $429,649) | 419847 |
| NUMBER OF <br>SHARES/ <br>PRINCIPAL <br>AMOUNT |  | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (3.5%)** |  |  |
| 716183 | State Street Navigator Securities <br>Lending Government Money <br>Market Portfolio, 4.339%†\*\*\*<br>(Cost $716,183) | 716183 |
|  | **TOTAL INVESTMENTS (101.9%)**<br> (Cost $10,798,883) | 20649776 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.5%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.5%) | (716183) |
| OTHER ASSETS, LESS LIABILITIES (1.6%) | OTHER ASSETS, LESS LIABILITIES (1.6%) | 325001 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $20258594 |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

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

# Non-income producing security.

† Represents investment of cash collateral received from securities on loan as of April 30, 2025.

\*\*\* The rate disclosed is the 7 day net yield as of April 30, 2025.

**FOREIGN CURRENCY ABBREVIATION**

EUR European Monetary Unit

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars.

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Select Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| **COMMON STOCKS (98.0%)** |  |  |
|  | Communication Services (12.1%) | Communication Services (12.1%) |
| 17926 | Alphabet, Inc. - Class A | $2846649 |
| 1255 | Meta Platforms, Inc. - Class A | 688995 |
| 1109 | Netflix, Inc.# | 1255077 |
| 3546 | T-Mobile U.S., Inc. | 875685 |
| 9940 | Uber Technologies, Inc.# | 805239 |
|  |  | 6471645 |
|  | Consumer Discretionary (15.0%) | Consumer Discretionary (15.0%) |
| 6160 | Airbnb, Inc. - Class A# | 751027 |
| 16264 | Amazon.com, Inc.# | 2999407 |
| 16847 | Chipotle Mexican Grill, Inc.# | 851111 |
| 4130 | DoorDash, Inc. - Class A# | 796636 |
| 3325 | Home Depot, Inc. | 1198629 |
| 2740 | Royal Caribbean Cruises, Ltd. | 588853 |
| 6869 | TJX Companies, Inc. | 883903 |
|  |  | 8069566 |
|  | Consumer Staples (4.4%) | Consumer Staples (4.4%) |
| 6873 | PepsiCo, Inc. | 931841 |
| 14774 | Walmart, Inc. | 1436772 |
|  |  | 2368613 |
|  | Energy (1.5%) | Energy (1.5%) |
| 6161 | Hess Corp. | 795077 |
|  | Financials (12.8%) | Financials (12.8%) |
| 3369 | American Express Company | 897535 |
| 2482 | Chubb, Ltd. | 710051 |
| 3180 | JPMorgan Chase & Company | 777892 |
| 3237 | Marsh & McLennan Companies, Inc. | 729846 |
| 4882 | Morgan Stanley | 563480 |
| 1640 | S&P Global, Inc. | 820082 |
| 4213 | Visa, Inc. - Class A | 1455591 |
| 12954 | Wells Fargo & Company | 919864 |
|  |  | 6874341 |
|  | Health Care (10.6%) | Health Care (10.6%) |
| 5718 | Boston Scientific Corp.# | 588211 |
| 1508 | Eli Lilly & Company | 1355616 |
| 1065 | Intuitive Surgical, Inc.# | 549327 |
| 5762 | Johnson & Johnson | 900658 |
| 2165 | Stryker Corp. | 809537 |
| 1552 | UnitedHealth Group, Inc. | 638555 |
| 5365 | Zoetis, Inc. | 839086 |
|  |  | 5680990 |
|  | Industrials (7.3%) | Industrials (7.3%) |
| 4460 | Boeing Company# | 817251 |
| 9577 | Canadian Pacific Kansas City, Ltd.^ | 694045 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| 1729 | Deere & Company | $801495 |
| 6915 | Emerson Electric Company | 726836 |
| 3812 | Waste Management, Inc. | 889568 |
|  |  | 3929195 |
|  | Information Technology (27.6%) | Information Technology (27.6%) |
| 1460 | Adobe, Inc.# | 547471 |
| 4300 | Analog Devices, Inc. | 838156 |
| 16409 | Apple, Inc. | 3486912 |
| 8420 | Broadcom, Inc. | 1620597 |
| 4250 | Datadog, Inc. - Class A# | 434180 |
| 8247 | Microsoft Corp. | 3259709 |
| 25600 | NVIDIA Corp. | 2788352 |
| 4082 | Oracle Corp. | 574419 |
| 754 | ServiceNow, Inc.# | 720078 |
| 3650 | Snowflake, Inc. - Class A# | 582139 |
|  |  | 14852013 |
|  | Materials (3.1%) | Materials (3.1%) |
| 1862 | Linde, PLC | 843914 |
| 2395 | Sherwin-Williams Company | 845244 |
|  |  | 1689158 |
|  | Real Estate (1.3%) | Real Estate (1.3%) |
| 6870 | Prologis, Inc. | 702114 |
|  | Utilities (2.3%) | Utilities (2.3%) |
| 13161 | Southern Company | 1209364 |
|  | **TOTAL COMMON STOCKS**<br> (Cost $32,106,829) | 52642076 |
| NUMBER OF<br>SHARES/<br>PRINCIPAL <br>AMOUNT |  | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (1.3%)** |  |  |
| 694946 | State Street Navigator Securities <br>Lending Government Money <br>Market Portfolio, 4.339%†\*\*\*<br>(Cost $694,946) | 694946 |
|  | **TOTAL INVESTMENTS (99.3%)**<br> (Cost $32,801,775) | 53337022 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.3%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.3%) | (694946) |
| OTHER ASSETS, LESS LIABILITIES (2.0%) | OTHER ASSETS, LESS LIABILITIES (2.0%) | 1086253 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $53728329 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Select Fund Schedule of Investments April 30, 2025 (Unaudited)

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

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

† Represents investment of cash collateral received from securities on loan as of April 30, 2025.

\*\*\* The rate disclosed is the 7 day net yield as of April 30, 2025.

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

International Growth Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE |
| **COMMON STOCKS (97.0%)** | **COMMON STOCKS (97.0%)** |  |  |
|  |  | Communication Services (7.0%) | Communication Services (7.0%) |
| 111000  | INR | Bharti Airtel, Ltd. | $2435726 |
| 119820  | EUR | Deutsche Telekom, AG | 4303639 |
| 18510 |  | Sea, Ltd. (ADR)# | 2481265 |
| 11970 |  | Spotify Technology, SA# | 7349341 |
|  |  |  | 16569971 |
|  |  | Consumer Discretionary (10.7%) | Consumer Discretionary (10.7%) |
| 42430 |  | Alibaba Group Holding, Ltd. (ADR) | 5067415 |
| 44610  | INR | Amber Enterprises India, Ltd.# | 3210870 |
| 55000  | AUD | Aristocrat Leisure, Ltd. | 2348998 |
| 47500  | CNY | BYD Company, Ltd. - Class A | 2311756 |
| 13200  | CHF | Cie Financiere Richemont, SA - Class A^ | 2332509 |
| 14990 |  | Flutter Entertainment, PLC# | 3612440 |
| 880  | EUR | Hermes International, SCA | 2420158 |
| 1806 |  | MercadoLibre, Inc.# | 4209515 |
|  |  |  | 25513661 |
|  |  | Consumer Staples (3.6%) | Consumer Staples (3.6%) |
| 129150  | CNY | Eastroc Beverage Group <br>Company, Ltd. - Class A | 5085049 |
| 705000  | GBP | Haleon, PLC | 3547468 |
|  |  |  | 8632517 |
|  |  | Energy (1.9%) | Energy (1.9%) |
| 163720 |  | TechnipFMC, PLC | 4611992 |
|  |  | Financials (19.6%) | Financials (19.6%) |
| 1670  | EUR | Adyen, NV#\* | 2702415 |
| 6530  | EUR | Allianz, SE | 2700656 |
| 238900  | EUR | Banco Santander, SA^ | 1682062 |
| 650000  | GBP | Barclays, PLC | 2589367 |
| 12580  | EUR | Deutsche Böerse, AG | 4051941 |
| 80500  | HKD | Hong Kong Exchanges & Clearing, Ltd. | 3517020 |
| 68100 |  | ICICI Bank, Ltd. (ADR) | 2285436 |
| 56850  | EUR | ING Groep, NV | 1103988 |
| 33110  | GBP | London Stock Exchange Group, PLC | 5155607 |
| 35970  | KRW | Meritz Financial Group, Inc. | 3142362 |
| 52650  | EUR | Societe Generale, SA | 2745117 |
| 255230 |  | Sumitomo Mitsui Financial <br>Group, Inc. (ADR) | 3624266 |
| 5580  | CHF | Swissquote Group Holding, SA^ | 2880378 |
| 73900  | CHF | UBS Group, AG | 2243261 |
| 108230  | EUR | UniCredit, S.p.A.^ | 6296914 |
|  |  |  | 46720790 |
|  |  | Health Care (3.4%) | Health Care (3.4%) |
| 1890 |  | Argenx, SE (ADR)# | 1219315 |
| 28300  | JPY | Chugai Pharmaceutical Company, Ltd. | 1630349 |
| 10200  | EUR | EssilorLuxottica, SA | 2939161 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 6870  | CHF | Roche Holding, AG | $ | 2246396 |
|  |  |  |  | 8035221 |
|  |  | Industrials (24.3%) | Industrials (24.3%) | Industrials (24.3%) |
| 21355  | EUR | Airbus, SE |  | 3623741 |
| 41400  | JPY | BayCurrent, Inc. |  | 2230780 |
| 47040  | GBP | Experian, PLC |  | 2340289 |
| 6095  | KRW | Hanwha Aerospace Company, Ltd. |  | 3425412 |
| 26020  | INR | Hindustan Aeronautics, Ltd. |  | 1377373 |
| 276300  | JPY | Hitachi, Ltd. |  | 6828896 |
| 24580  | EUR | Knorr-Bremse, AG |  | 2437764 |
| 218930  | JPY | Mitsubishi Heavy Industries, Ltd.^ |  | 4315732 |
| 49400  | GBP | RELX, PLC |  | 2696012 |
| 2875  | EUR | Rheinmetall, AG |  | 4896275 |
| 712710  | GBP | Rolls-Royce Holdings, PLC |  | 7214386 |
| 20040  | EUR | Schneider Electric, SE |  | 4682261 |
| 21550  | EUR | Siemens, AG |  | 4962134 |
| 82900  | SEK | Volvo, AB - Class B |  | 2253514 |
| 23605 |  | Waste Connections, Inc. |  | 4665056 |
|  |  |  |  | 57949625 |
|  |  | Information Technology (20.5%) | Information Technology (20.5%) | Information Technology (20.5%) |
| 6725  | EUR | ASML Holding, NV |  | 4501997 |
| 1325  | CAD | Constellation Software, Inc. |  | 4775180 |
| 7430 |  | CyberArk Software, Ltd.# |  | 2616549 |
| 5100  | JPY | Keyence Corp. |  | 2132267 |
| 1484000  | HKD | Kingdee International Software Group <br>Company, Ltd.# |  | 2523962 |
| 24080  | EUR | Nemetschek, SE |  | 3199865 |
| 28150 |  | Palantir Technologies, Inc. - Class A# |  | 3334086 |
| 41835  | EUR | SAP, SE |  | 12240449 |
| 17230  | KRW | SK Hynix, Inc. |  | 2149840 |
| 256000  | TWD | Taiwan Semiconductor Manufacturing <br>Company, Ltd. |  | 7253645 |
| 626600  | HKD | Xiaomi Corp. - Class B#\* |  | 4011618 |
|  |  |  |  | 48739458 |
|  |  | Materials (6.0%) | Materials (6.0%) | Materials (6.0%) |
| 18800  | CAD | Agnico Eagle Mines, Ltd.^ |  | 2209607 |
| 158030  | CAD | Alamos Gold, Inc. - Class A^ |  | 4517599 |
| 27070  | EUR | Heidelberg Materials, AG |  | 5411658 |
| 4965 |  | Linde, PLC |  | 2250287 |
|  |  |  |  | 14389151 |
|  |  | **TOTAL COMMON STOCKS**<br> (Cost $181,223,410) |  | 231162386 |
| **WARRANTS (0.0%)#** | **WARRANTS (0.0%)#** |  |  |  |
|  |  | Information Technology (0.0%) | Information Technology (0.0%) | Information Technology (0.0%) |
| 1260 |  | Constellation Software, Inc.^<br>03/31/40, Strike 1.00<br>(Cost $—) |  |  |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

International Growth Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE |
| **CONVERTIBLE BOND (1.8%)** | **CONVERTIBLE BOND (1.8%)** |  |  |
|  |  | Financials (1.8%) | Financials (1.8%) |
| 3200000 |  | Goldman Sachs Finance Corp. <br>International, Ltd.<br>(Tencent Holdings, Ltd.)§<br>0.000%, 03/15/27<br>(Cost $4,150,494) | $4361728 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT | NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (0.7%)#** | **EXCHANGE-TRADED PURCHASED OPTIONS (0.7%)#** |  |  |
|  |  | Communication Services (0.2%) | Communication Services (0.2%) |
| 368 |  | Sea, Ltd. |  |
| 4933040 |  | Call, 06/20/25, Strike $130.00 | 498640 |
|  |  | Consumer Discretionary (0.2%) | Consumer Discretionary (0.2%) |
| 21 |  | MercadoLibre, Inc. |  |
| 4894785 |  | Call, 06/20/25, Strike $2,200.00 | 493185 |
|  |  | Financials (0.1%) | Financials (0.1%) |
| 559 |  | Marex Group, PLC |  |
| 2479165 |  | Call, 06/20/25, Strike $45.00 | 166302 |
|  |  | Information Technology (0.0%) | Information Technology (0.0%) |
| 361 |  | SAP, SE |  |
| 10548059 |  | Put, 05/16/25, Strike $240.00 | 7220 |
|  |  | Other (0.2%) | Other (0.2%) |
| 1124  | EUR | EURO STOXX Banks Index |  |
| 10388008 |  | Call, 09/19/25, Strike 195.00 | 417014 |
| 5152 |  | iShares China Large-Cap ETF |  |
| 17444672 |  | Put, 05/16/25, Strike $30.00 | 30912 |
|  |  |  | 447926 |
|  |  | **TOTAL EXCHANGE TRADED <br>PURCHASED OPTIONS**<br> (Cost $2,215,490) | 1613273 |
|  |  | NUMBER OF<br>SHARES/<br>PRINCIPAL <br>AMOUNT | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (6.5%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (6.5%)** |  |  |
| 15468354 |  | State Street Navigator Securities <br>Lending Government Money <br>Market Portfolio, 4.339%†\*\*\*<br>(Cost $15,468,354) | 15468354 |
|  |  | **TOTAL INVESTMENTS (106.0%)**<br> (Cost $203,057,748) | 252605741 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-6.5%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-6.5%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-6.5%) | (15468354) |
| OTHER ASSETS, LESS LIABILITIES (0.5%) | OTHER ASSETS, LESS LIABILITIES (0.5%) | OTHER ASSETS, LESS LIABILITIES (0.5%) | 1075834 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $238213221 |

---

**FORWARD FOREIGN CURRENCY CONTRACTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | LONG<br>CONTRACTS | SETTLEMENT<br>DATE | LOCAL<br>CURRENCY | CURRENT<br>VALUE | UNREALIZED<br>GAIN/LOSS |
| State Street Bank <br>and Trust | Japanese Yen | 06/26/25 | 1196653000 | $8421252 | $370603 |
| State Street Bank <br>and Trust | Japanese Yen | 06/26/25 | 683873000 | 4812646 | 211795 |
| Northern Trust <br>Company | Swiss Franc | 06/26/25 | 2763000 | 3368804 | (54903) |
| State Street Bank <br>and Trust | European<br>Monetary Unit | 06/26/25 | 2953000 | 3356052 | 150982 |
| Northern Trust <br>Company | British Pound <br>Sterling | 06/26/25 | 2470000 | 3292472 | 95487 |
| State Street Bank <br>and Trust | European<br>Monetary Unit | 06/26/25 | 1687000 | 1917257 | 86253 |
| Northern Trust <br>Company | British Pound <br>Sterling | 06/26/25 | 1412000 | 1882174 | 54586 |
| Northern Trust <br>Company | Swedish Krona | 06/26/25 | 16583000 | 1721113 | 14197 |
| Northern Trust <br>Company | Swiss Franc | 06/26/25 | 510000 | 621821 | (10134) |
| Northern Trust <br>Company | Swedish Krona | 06/26/25 | 3061000 | 317694 | 2621 |
|  |  |  |  |  | $921487 |
| COUNTERPARTY | SHORT<br>CONTRACTS | SETTLEMENT<br>DATE | LOCAL<br>CURRENCY | CURRENT<br>VALUE | UNREALIZED<br>GAIN/LOSS |
| Northern Trust British Pound <br>Company | Sterling | 06/26/25 | 1016000 | $1354313 | $(13662) |
| State Street Bank <br>and Trust | European<br>Monetary Unit | 06/26/25 | 2558000 | 2907139 | 9601 |
| State Street Bank <br>and Trust | Japanese Yen | 06/26/25 | 600000000 | 4222403 | (105005) |
|  |  |  |  |  | $(109066) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

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

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

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

† Represents investment of cash collateral received from securities on loan as of April 30, 2025.

\*\*\* The rate disclosed is the 7 day net yield as of April 30, 2025.

**FOREIGN CURRENCY ABBREVIATIONS**

AUD Australian Dollar

CAD Canadian Dollar

CHF Swiss Franc

CNY Chinese Yuan Renminbi

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

International Growth Fund Schedule of Investments April 30, 2025 (Unaudited)

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

**ABBREVIATION**

ADR American Depositary Receipt

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

**CURRENCY EXPOSURE APRIL 30, 2025**

---

| | | |
|:---|:---|:---|
| | VALUE | % OF TOTAL<br>INVESTMENTS |
| European Monetary Unit | $77319209 | 30.6% |
| US Dollar | 68353304 | 27.1% |
| British Pound Sterling | 23543129 | 9.3% |
| Japanese Yen | 17138024 | 6.8% |
| Canadian Dollar | 11502386 | 4.6% |
| Hong Kong Dollar | 10052600 | 4.0% |
| Swiss Franc | 9702544 | 3.8% |
| South Korean Won | 8717614 | 3.4% |
| Chinese Yuan Renminbi | 7396805 | 2.9% |
| New Taiwan Dollar | 7253645 | 2.9% |
| Indian Rupee | 7023969 | 2.8% |
| Australian Dollar | 2348998 | 0.9% |
| Swedish Krona | 2253514 | 0.9% |
| Total Investments | $252605741 | 100.0% |

---

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Evolving World Growth Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT | PRINCIPAL <br>AMOUNT |  | VALUE |
| **CONVERTIBLE BONDS (18.2%)** | **CONVERTIBLE BONDS (18.2%)** |  |  |
|  |  | Communication Services (4.8%) | Communication Services (4.8%) |
| 12200000 |  | Xiaomi Best Time International, Ltd.<br>0.000%, 12/17/27 | $17407936 |
|  |  | Consumer Discretionary (6.4%) | Consumer Discretionary (6.4%) |
| 15653000 |  | Alibaba Group Holding, Ltd.\*^<br>0.500%, 06/01/31 | 20591678 |
| 2426000 |  | Trip.com Group, Ltd.\*<br>0.750%, 06/15/29 | 2744437 |
|  |  |  | 23336115 |
|  |  | Financials (3.9%) | Financials (3.9%) |
| 10400000 |  | Goldman Sachs Finance Corp. <br>International, Ltd.<br>(Tencent Holdings, Ltd.)§<br>0.000%, 03/15/27 | 14175616 |
|  |  | Information Technology (2.1%) | Information Technology (2.1%) |
| 4600000 |  | SK Hynix, Inc.<br>1.750%, 04/11/30 | 7577396 |
|  |  | Other (1.0%) | Other (1.0%) |
| 3600000 |  | China Hongqiao Group, Ltd.<br>1.500%, 03/26/30 | 3579588 |
|  |  | **TOTAL CONVERTIBLE BONDS**<br> (Cost $57,115,392) | 66076651 |
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE |
| **COMMON STOCKS (79.7%)** | **COMMON STOCKS (79.7%)** |  |  |
|  |  | Communication Services (10.8%) | Communication Services (10.8%) |
| 533770  | INR | Bharti Airtel, Ltd. | 11712769 |
| 175735  | SAR | Etihad Etisalat Company | 2942230 |
| 108690 |  | Millicom International Cellular, SA | 3754153 |
| 456669  | ZAR | MTN Group, Ltd.^ | 3022379 |
| 13885  | KRW | NAVER Corp. | 1953697 |
| 61420 |  | Sea, Ltd. (ADR)# | 8233351 |
| 123400  | HKD | Tencent Holdings, Ltd. | 7558366 |
|  |  |  | 39176945 |
|  |  | Consumer Discretionary (12.0%) | Consumer Discretionary (12.0%) |
| 137160  | INR | Amber Enterprises India, Ltd.# | 9872291 |
| 149800  | CNY | BYD Company, Ltd. - Class A | 7290548 |
| 10100  | INR | Dixon Technologies India, Ltd. | 1962723 |
| 38245  | INR | Eicher Motors, Ltd. | 2521429 |
| 351800  | CNY | Fuyao Glass Industry Group <br>Company, Ltd. - Class A | 2814614 |
| 1284000  | HKD | Geely Automobile Holdings, Ltd. | 2695503 |
| 408705  | INR | Indian Hotels Company, Ltd. | 3799442 |
| 35370 |  | MakeMyTrip, Ltd.^# | 3707483 |
| 3788 |  | MercadoLibre, Inc.# | 8829260 |
|  |  |  | 43493293 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE |
|  |  | Consumer Staples (7.2%) | Consumer Staples (7.2%) |
| 22695  | PLN | Dino Polska, SA\*# | $3181552 |
| 317430  | CNY | Eastroc Beverage Group <br>Company, Ltd. - Class A | 12498235 |
| 388400  | HKD | Giant Biogene Holding Company, Ltd.\* | 4012874 |
| 9400  | KRW | Samyang Foods Company, Ltd. | 6415877 |
|  |  |  | 26108538 |
|  |  | Energy (1.5%) | Energy (1.5%) |
| 193263 |  | TechnipFMC, PLC | 5444219 |
|  |  | Financials (17.4%) | Financials (17.4%) |
| 5484300  | CNY | Agricultural Bank of China, Ltd. - <br>Class A | 4093367 |
| 23965  | INR | Bajaj Finance, Ltd. | 2439357 |
| 477800  | CNY | Bank of Hangzhou Company, Ltd. - <br>Class A | 967874 |
| 1353960  | PHP | Bank of the Philippine Islands | 3394817 |
| 4167600  | CNY | China Construction Bank Corp. - <br>Class A | 5196316 |
| 1846400  | CNY | China Galaxy Securities <br>Company, Ltd. - Class A | 3973697 |
| 1154150  | EUR | Eurobank Ergasias Services and <br>Holdings, SA | 3275507 |
| 48235 |  | HDFC Bank, Ltd. (ADR) | 3506202 |
| 128500  | HKD | Hong Kong Exchanges & Clearing, Ltd. | 5614124 |
| 315600 |  | ICICI Bank, Ltd. (ADR) | 10591536 |
| 4299500  | THB | Krung Thai Bank PCL | 2805669 |
| 113065  | KRW | Meritz Financial Group, Inc. | 9877431 |
| 479000  | HKD | Ping An Insurance Group <br>Company of China, Ltd. - Class H^ | 2866830 |
| 246970  | BRL | Porto Seguro, SA | 1914348 |
| 132790  | PLN | Powszechna Kasa Oszczednosci Bank <br>Polski, SA | 2553011 |
|  |  |  | 63070086 |
|  |  | Health Care (1.2%) | Health Care (1.2%) |
| 2169902  | MXN | Genomma Lab Internacional, <br>SAB de CV - Class B^ | 2536098 |
| 2380  | KRW | Samsung Biologics Company, Ltd.\*# | 1761363 |
|  |  |  | 4297461 |
|  |  | Industrials (11.3%) | Industrials (11.3%) |
| 109380  | CNY | Contemporary Amperex Technology <br>Company, Ltd. - Class A | 3497273 |
| 179900 |  | Embraer, SA (ADR)^# | 8264606 |
| 18682  | KRW | Hanwha Aerospace Company, Ltd. | 10499351 |
| 9550  | KRW | HD Hyundai Heavy Industries <br>Company, Ltd. | 2701019 |
| 85955  | INR | Hindustan Aeronautics, Ltd. | 4550041 |
| 12970000  | HKD | Lonking Holdings, Ltd. | 3265876 |
| 330060  | BRL | WEG, SA | 2596209 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Evolving World Growth Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 1609000  | HKD | Weichai Power Company, Ltd. - <br>Class H | $| 3138998 |
| 743859  | CNY | Yutong Bus Company, Ltd. - Class A |  | 2748908 |
|  |  |  |  | 41262281 |
|  |  | Information Technology (14.6%) | Information Technology (14.6%) | Information Technology (14.6%) |
| 55775  | INR | Kaynes Technology India, Ltd.# |  | 3788560 |
| 3391000  | HKD | Kingdee International Software Group <br>Company, Ltd.^# |  | 5767356 |
| 87000  | TWD | MediaTek, Inc. |  | 3696897 |
| 1213649  | TWD | Taiwan Semiconductor Manufacturing <br>Company, Ltd. |  | 34388200 |
| 412564  | BRL | TOTVS, SA |  | 2734845 |
| 141600  | CNY | Will Semiconductor Company, Ltd. <br>Shanghai - Class A |  | 2572032 |
|  |  |  |  | 52947890 |
|  |  | Materials (2.0%) | Materials (2.0%) | Materials (2.0%) |
| 262515  | CAD | Alamos Gold, Inc. - Class A^ |  | 7504509 |
|  |  | Real Estate (1.7%) | Real Estate (1.7%) | Real Estate (1.7%) |
| 1027138  | AED | Emaar Properties, PJSC |  | 3670223 |
| 560150  | HKD | Greentown China Holdings, Ltd. |  | 714798 |
| 56060  | INR | Macrotech Developers, Ltd.\* |  | 878997 |
| 56470  | INR | Prestige Estates Projects, Ltd. |  | 912836 |
|  |  |  |  | 6176854 |
|  |  | **TOTAL COMMON STOCKS**<br> (Cost $224,548,386) |  | 289482076 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT | NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (1.9%)#** | **EXCHANGE-TRADED PURCHASED OPTIONS (1.9%)#** |  |  |  |
|  |  | Communication Services (0.2%) | Communication Services (0.2%) | Communication Services (0.2%) |
| 564 |  | Sea, Ltd. |  |  |
| 7560420 |  | Call, 06/20/25, Strike $130.00 |  | 764220 |
|  |  | Consumer Discretionary (0.2%) | Consumer Discretionary (0.2%) | Consumer Discretionary (0.2%) |
| 33 |  | MercadoLibre, Inc. |  |  |
| 7691805 |  | Call, 06/20/25, Strike $2,200.00 |  | 775005 |
|  |  | Industrials (0.2%) | Industrials (0.2%) | Industrials (0.2%) |
| 3375 |  | Full Truck Alliance Company, Ltd. |  |  |
| 3834000 |  | Call, 06/20/25, Strike $10.00 |  | 582187 |
|  |  | Information Technology (0.5%) | Information Technology (0.5%) | Information Technology (0.5%) |
| 1300 |  | Taiwan Semiconductor  |  |  |
|  |  | Manufacturing Company, Ltd. |  |  |
| 21669700 |  | Call, 06/20/25, Strike $160.00 |  | 1771250 |
|  |  | Other (0.8%) | Other (0.8%) | Other (0.8%) |
| 1621 |  | Anglogold Ashanti, PLC |  |  |
| 6834136 |  | Call, 07/18/25, Strike $45.00 |  | 344463 |
| 15876 |  | iShares China Large-Cap ETF |  |  |
| 53756136 |  | Put, 05/16/25, Strike $30.00 |  | 95256 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| 3358 | iShares MSCI Brazil ETF |  |
| 9080032 | Call, 05/16/25, Strike $25.00 | $725328 |
| 12345 | iShares MSCI Emerging Markets ETF |  |
| 54021720 | Put, 05/16/25, Strike $39.00 | 351832 |
| 1992 | iShares MSCI Mexico ETF |  |
| 11348424 | Call, 05/16/25, Strike $50.00 | 1414320 |
|  |  | 2931199 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $8,056,519) | 6823861 |
| NUMBER OF<br>SHARES/<br>PRINCIPAL <br>AMOUNT |  | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (3.9%)** |  |  |
| 14093979 | State Street Navigator Securities <br>Lending Government Money <br>Market Portfolio, 4.339%†\*\*\*<br>(Cost $14,093,979) | 14093979 |
|  | **TOTAL INVESTMENTS (103.7%)**<br> (Cost $303,814,276) | 376476567 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.9%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.9%) | (14093979) |
| OTHER ASSETS, LESS LIABILITIES (0.2%) | OTHER ASSETS, LESS LIABILITIES (0.2%) | 682903 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $363065491 |

---

**FORWARD FOREIGN CURRENCY CONTRACTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | LONG<br>CONTRACTS | SETTLEMENT<br>DATE | LOCAL<br>CURRENCY | CURRENT<br>VALUE | UNREALIZED<br>GAIN/LOSS |
| Northern Trust <br>Company | Mexican Peso | 06/26/25 | 155399000 | $7869413 | $246317 |
| State Street Bank <br>and Trust | Brazilian Real | 06/26/25 | 44240000 | 7700249 | 131904 |
| State Street Bank <br>and Trust | Indonesian Rupiah | 06/26/25 | 127858946000 | 7686473 | 567 |
| JPMorgan Chase <br>Bank N.A. | South African Rand | 06/26/25 | 139821000 | 7486266 | (167712) |
|  |  |  |  |  | $211076 |
| COUNTERPARTY | SHORT<br>CONTRACTS | SETTLEMENT<br>DATE | LOCAL<br>CURRENCY | CURRENT<br>VALUE | UNREALIZED<br>GAIN/LOSS |
| State Street Bank <br>and Trust | Brazilian Real | 06/26/25 | 44240000 | $7700249 | $(54207) |
|  |  |  |  |  | $(54207) |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Evolving World Growth Fund Schedule of Investments April 30, 2025 (Unaudited)

**NOTES TO SCHEDULE OF INVESTMENTS**

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

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

# Non-income producing security.

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

† Represents investment of cash collateral received from securities on loan as of April 30, 2025.

\*\*\* The rate disclosed is the 7 day net yield as of April 30, 2025.

**FOREIGN CURRENCY ABBREVIATIONS**

AED UAE Dirham

BRL Brazilian Real

CAD Canadian Dollar

CNY Chinese Yuan Renminbi

EUR European Monetary Unit

HKD Hong Kong Dollar

INR Indian Rupee

KRW South Korean Won

MXN Mexican Peso

PHP Philippine Peso

PLN Polish Zloty

SAR Saudi Riyal

THB Thai Baht

TWD New Taiwan Dollar

ZAR South African Rand

**ABBREVIATION**

ADR American Depositary Receipt

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

**CURRENCY EXPOSURE APRIL 30, 2025**

---

| | | |
|:---|:---|:---|
| | VALUE | % OF TOTAL<br>INVESTMENTS |
| US Dollar | $139325301 | 37.0% |
| Chinese Yuan Renminbi | 45652864 | 12.1% |
| Indian Rupee | 42438445 | 11.3% |
| New Taiwan Dollar | 38085097 | 10.1% |
| Hong Kong Dollar | 35634725 | 9.5% |
| South Korean Won | 33208738 | 8.8% |
| Canadian Dollar | 7504509 | 2.0% |
| Brazilian Real | 7245402 | 1.9% |
| Polish Zloty | 5734563 | 1.5% |
| UAE Dirham | 3670223 | 1.0% |
| Philippine Peso | 3394817 | 0.9% |
| European Monetary Unit | 3275507 | 0.9% |
| South African Rand | 3022379 | 0.8% |
| Saudi Riyal | 2942230 | 0.8% |
| Thai Baht | 2805669 | 0.7% |
| Mexican Peso | 2536098 | 0.7% |
| Total Investments | $376476567 | 100.0% |

---

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Global Equity Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF <br>SHARES | NUMBER OF <br>SHARES |  | VALUE |
| **COMMON STOCKS (96.7%)** | **COMMON STOCKS (96.7%)** |  |  |
|  |  | Communication Services (13.1%) | Communication Services (13.1%) |
| 11810 |  | Alphabet, Inc. - Class A | $1875428 |
| 125600 |  | AT&T, Inc. | 3479120 |
| 60920  | EUR | Deutsche Telekom, AG | 2188096 |
| 5430 |  | Meta Platforms, Inc. - Class A | 2981070 |
| 3010 |  | Netflix, Inc.# | 3406477 |
| 4680 |  | Spotify Technology, SA# | 2873427 |
|  |  |  | 16803618 |
|  |  | Consumer Discretionary (13.5%) | Consumer Discretionary (13.5%) |
| 20770 |  | Alibaba Group Holding, Ltd. (ADR) | 2480561 |
| 21020 |  | Amazon.com, Inc.# | 3876508 |
| 22950  | INR | Amber Enterprises India, Ltd.# | 1651860 |
| 420 |  | AutoZone, Inc.# | 1580292 |
| 47790  | GBP | Compass Group, PLC | 1611231 |
| 9850 |  | Flutter Entertainment, PLC# | 2373752 |
| 800 |  | MercadoLibre, Inc.# | 1864680 |
| 5075 |  | Ralph Lauren Corp. | 1141621 |
| 2800 |  | Tesla, Inc.# | 790048 |
|  |  |  | 17370553 |
|  |  | Consumer Staples (4.0%) | Consumer Staples (4.0%) |
| 1690 |  | Costco Wholesale Corp. | 1680705 |
| 45265  | CNY | Eastroc Beverage Group <br>Company, Ltd. - Class A | 1782228 |
| 17500 |  | Walmart, Inc. | 1701875 |
|  |  |  | 5164808 |
|  |  | Energy (2.4%) | Energy (2.4%) |
| 31700 |  | EQT Corp. | 1567248 |
| 55810 |  | TechnipFMC, PLC | 1572168 |
|  |  |  | 3139416 |
|  |  | Financials (16.3%) | Financials (16.3%) |
| 16350 |  | Bank of New York Mellon Corp. | 1314704 |
| 8600  | EUR | BAWAG Group, AG\* | 942588 |
| 3540 |  | Goldman Sachs Group, Inc. | 1938327 |
| 28300 |  | ICICI Bank, Ltd. (ADR) | 949748 |
| 5560 |  | JPMorgan Chase & Company | 1360087 |
| 9700  | GBP | London Stock Exchange Group, PLC | 1510401 |
| 4320 |  | Progressive Corp. | 1217117 |
| 24900  | EUR | Societe Generale, SA | 1286284 |
| 106800  | JPY | Sumitomo Mitsui Financial Group, Inc. | 2547951 |
| 36970  | EUR | UniCredit, S.p.A.^ | 2150946 |
| 8040 |  | Visa, Inc. - Class A | 2777820 |
| 27300 |  | Wells Fargo & Company | 1938573 |
| 8620 |  | Wintrust Financial Corp. | 958285 |
|  |  |  | 20892831 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF <br>SHARES | NUMBER OF <br>SHARES |  | VALUE |
|  |  | Health Care (4.6%) | Health Care (4.6%) |
| 1040 |  | Argenx, SE (ADR)# | $670946 |
| 20290 |  | Boston Scientific Corp.# | 2087232 |
| 3550 |  | Eli Lilly & Company | 3191272 |
|  |  |  | 5949450 |
|  |  | Industrials (13.9%) | Industrials (13.9%) |
| 3390 |  | Deere & Company | 1571468 |
| 5550 |  | GE Vernova, Inc. | 2058051 |
| 139900  | JPY | Hitachi, Ltd.^ | 3457700 |
| 775  | EUR | Rheinmetall, AG | 1319866 |
| 261300  | GBP | Rolls-Royce Holdings, PLC | 2645002 |
| 10530  | EUR | Schneider Electric, SE | 2460290 |
| 9770  | EUR | Siemens, AG | 2249654 |
| 8620 |  | Waste Management, Inc. | 2011563 |
|  |  |  | 17773594 |
|  |  | Information Technology (25.3%) | Information Technology (25.3%) |
| 9400 |  | Apple, Inc. | 1997500 |
| 3420 |  | AppLovin Corp. - Class A# | 921040 |
| 2940  | EUR | ASML Holding, NV | 1968159 |
| 5030 |  | Broadcom, Inc. | 968124 |
| 9220 |  | Cloudflare, Inc. - Class A# | 1113592 |
| 468000  | HKD | Kingdee International Software <br>Group Company, Ltd.# | 795967 |
| 6600 |  | Microsoft Corp.~ | 2608716 |
| 64280 |  | NVIDIA Corp. | 7001378 |
| 7655 |  | Oracle Corp. | 1077212 |
| 32860 |  | Palantir Technologies, Inc. - Class A# | 3891938 |
| 7725  | EUR | SAP, SE | 2260248 |
| 1840 |  | ServiceNow, Inc.# | 1757218 |
| 9850 |  | Snowflake, Inc. - Class A# | 1570976 |
| 130000  | TWD | Taiwan Semiconductor Manufacturing <br>Company, Ltd. | 3683492 |
| 127800  | HKD | Xiaomi Corp. - Class B#\* | 818201 |
|  |  |  | 32433761 |
|  |  | Materials (3.6%) | Materials (3.6%) |
| 30300  | CAD | Alamos Gold, Inc. - Class A | 866185 |
| 11800  | EUR | Heidelberg Materials, AG | 2358979 |
| 3105 |  | Linde, PLC | 1407279 |
|  |  |  | 4632443 |
|  |  | **TOTAL COMMON STOCKS**<br> (Cost $87,191,640) | 124160474 |
| **CONVERTIBLE PREFERRED STOCK (1.1%)** | **CONVERTIBLE PREFERRED STOCK (1.1%)** |  |  |
|  |  | Industrials (1.1%) | Industrials (1.1%) |
| 22991 |  | Boeing Company^<br>6.000%, 10/15/27<br>(Cost $1,257,507) | 1411188 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Global Equity Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| NUMBER OF <br>SHARES |  | VALUE |
| **CONVERTIBLE BOND (1.5%)** | **CONVERTIBLE BOND (1.5%)** | **CONVERTIBLE BOND (1.5%)** |
|  | Financials (1.5%) | Financials (1.5%) |
| 1400000 | Goldman Sachs Finance Corp. <br>International, Ltd.<br>(Tencent Holdings, Ltd.)§<br>0.000%, 03/15/27<br>(Cost $1,816,224) | $1908256 |
| NUMBER OF <br>CONTRACTS/ <br>NOTIONAL <br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (0.4%)#** | **EXCHANGE-TRADED PURCHASED OPTIONS (0.4%)#** | **EXCHANGE-TRADED PURCHASED OPTIONS (0.4%)#** |
|  | Other (0.4%) | Other (0.4%) |
| 270 | Invesco QQQ Trust Series 1 |  |
| 12837690 | Put, 07/18/25, Strike $460.00 | 396090 |
| 212 | Invesco QQQ Trust Series 1 |  |
| 10079964 | Put, 06/30/25, Strike $410.00 | 79712 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $959,640) | 475802 |
| NUMBER OF SHARES/<br>PRINCIPAL <br>AMOUNT |  | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (2.8%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (2.8%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (2.8%)** |
| 3568861 | State Street Navigator Securities <br>Lending Government Money <br>Market Portfolio, 4.339%†\*\*\* <br>(Cost $3,568,861) | 3568861 |
|  | **TOTAL INVESTMENTS (102.5%)**<br> (Cost $94,793,872) | 131524581 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-2.8%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-2.8%) | (3568861) |
| OTHER ASSETS, LESS LIABILITIES (0.3%) | OTHER ASSETS, LESS LIABILITIES (0.3%) | 377322 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $128333042 |

---

**FORWARD FOREIGN CURRENCY CONTRACTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | LONG<br>CONTRACTS | SETTLEMENT<br>DATE | LOCAL<br>CURRENCY | CURRENT<br>VALUE | UNREALIZED<br>GAIN/LOSS |
| Northern Trust <br>Company | Swiss Franc | 06/26/25 | 1953000 | $2381207 | $(38808) |
|  |  |  |  |  | $(38808) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

\* Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933,

as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

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

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $553,364.

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

† Represents investment of cash collateral received from securities on loan as of April 30, 2025.

\*\*\* The rate disclosed is the 7 day net yield as of April 30, 2025.

**FOREIGN CURRENCY ABBREVIATIONS**

CAD Canadian Dollar

CNY Chinese Yuan Renminbi

EUR European Monetary Unit

GBP British Pound Sterling

HKD Hong Kong Dollar

INR Indian Rupee

JPY Japanese Yen

TWD New Taiwan Dollar

**ABBREVIATION**

ADR American Depositary Receipt

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

**CURRENCY EXPOSURE APRIL 30, 2025**

---

| | | |
|:---|:---|:---|
| | VALUE | % OF TOTAL <br>INVESTMENTS |
| US Dollar | $90969253 | 69.2% |
| European Monetary Unit | 19185110 | 14.6% |
| Japanese Yen | 6005651 | 4.6% |
| British Pound Sterling | 5766634 | 4.4% |
| New Taiwan Dollar | 3683492 | 2.8% |
| Chinese Yuan Renminbi | 1782228 | 1.3% |
| Indian Rupee | 1651860 | 1.2% |
| Hong Kong Dollar | 1614168 | 1.2% |
| Canadian Dollar | 866185 | 0.7% |
| Total Investments | $131524581 | 100.0% |

---

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Global Opportunities Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT | PRINCIPAL<br>AMOUNT |  | VALUE |
| **CONVERTIBLE BONDS (31.5%)** | **CONVERTIBLE BONDS (31.5%)** |  |  |
|  |  | Communication Services (3.5%) | Communication Services (3.5%) |
| 1576000 |  | Liberty Media Corp.-Liberty Formula One<br>2.250%, 08/15/27 | $1922231 |
| 2124000 |  | Uber Technologies, Inc.^<br>0.875%, 12/01/28 | 2788069 |
| 3100000 |  | Xiaomi Best Time International, Ltd.<br>0.000%, 12/17/27 | 4423328 |
|  |  |  | 9133628 |
|  |  | Consumer Discretionary (3.5%) | Consumer Discretionary (3.5%) |
| 6350000  | EUR | Accor, SA<br>0.700%, 12/07/27 | 3922239 |
| 3927000 |  | Alibaba Group Holding, Ltd.\*<br>0.500%, 06/01/31 | 5166008 |
|  |  |  | 9088247 |
|  |  | Consumer Staples (1.2%) | Consumer Staples (1.2%) |
| 2539000 |  | Post Holdings, Inc.^<br>2.500%, 08/15/27 | 2988098 |
|  |  | Energy (1.8%) | Energy (1.8%) |
| 1600000  | EUR | Eni S.p.A<br>2.950%, 09/14/30 | 1851531 |
| 2000000  | EUR | Saipem S.p.A<br>2.875%, 09/11/29 | 2872184 |
|  |  |  | 4723715 |
|  |  | Financials (3.1%) | Financials (3.1%) |
| 3900000 |  | Goldman Sachs Finance Corp. <br>International, Ltd.<br>(Tencent Holdings, Ltd.)§<br>0.000%, 03/15/27 | 5315856 |
| 1658000 |  | Morgan Stanley Finance, LLC, Series B<br>1.000%, 11/23/27 | 2640365 |
|  |  |  | 7956221 |
|  |  | Health Care (1.0%) | Health Care (1.0%) |
| 1220000 |  | Alnylam Pharmaceuticals, Inc.^<br>1.000%, 09/15/27 | 1398705 |
| 1252000 |  | Halozyme Therapeutics, Inc.<br>0.250%, 03/01/27 | 1312910 |
|  |  |  | 2711615 |
|  |  | Industrials (1.5%) | Industrials (1.5%) |
| 1800000  | EUR | Schneider Electric, SE<br>1.970%, 11/27/30 | 2490289 |
| 900000  | EUR | SPIE, SA<br>2.000%, 01/17/28 | 1427198 |
|  |  |  | 3917487 |
|  |  | Information Technology (8.3%) | Information Technology (8.3%) |
| 1218000 |  | Cloudflare, Inc.<br>0.000%, 08/15/26 | 1241934 |
| 2246000 |  | Guidewire Software, Inc.\*<br>1.250%, 11/01/29 | 2484166 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT | PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 1221000 |  | Nutanix, Inc.^\*<br>0.500%, 12/15/29 | $| 1318045 |
| 4160000 |  | Snowflake, Inc.\*<br>0.000%, 10/01/29 |  | 5170880 |
| 5591000 |  | Spotify USA, Inc.<br>0.000%, 03/15/26 |  | 7194555 |
| 3535000 |  | Xero Investments, Ltd.<br>1.625%, 06/12/31 |  | 4147120 |
|  |  |  |  | 21556700 |
|  |  | Materials (1.0%) | Materials (1.0%) | Materials (1.0%) |
| 2047000 |  | Fortuna Mining Corp.\*<br>3.750%, 06/30/29 |  | 2520185 |
|  |  | Utilities (6.6%) | Utilities (6.6%) | Utilities (6.6%) |
| 3344000 |  | Duke Energy Corp.<br>4.125%, 04/15/26 |  | 3650110 |
| 3281000 |  | NextEra Energy Capital Holdings, Inc.<br>3.000%, 03/01/27 |  | 3675901 |
| 2224000 |  | PPL Capital Funding, Inc.^<br>2.875%, 03/15/28 |  | 2538629 |
| 6583000 |  | Southern Company\*<br>4.500%, 06/15/27 |  | 7318716 |
|  |  |  |  | 17183356 |
|  |  | **TOTAL CONVERTIBLE BONDS**<br> (Cost $74,140,991) |  | 81779252 |
| **U.S. GOVERNMENT AND AGENCY SECURITIES (3.0%)** | **U.S. GOVERNMENT AND AGENCY SECURITIES (3.0%)** |  |  |  |
|  |  | Other (3.0%) | Other (3.0%) | Other (3.0%) |
|  |  | U.S. Treasury Note |  |  |
| 2860000 |  | 4.000%, 06/30/28 |  | 2895750 |
| 2835000 |  | 4.625%, 09/15/26 |  | 2868610 |
| 2120000 |  | 4.500%, 07/15/26 |  | 2137225 |
|  |  | **TOTAL U.S. GOVERNMENT AND <br>AGENCY SECURITIES**<br> (Cost $7,760,201) |  | 7901585 |
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE | VALUE |
| **CONVERTIBLE PREFERRED STOCK (2.6%)** | **CONVERTIBLE PREFERRED STOCK (2.6%)** |  |  |  |
|  |  | Industrials (2.6%) | Industrials (2.6%) | Industrials (2.6%) |
| 108493 |  | Boeing Company<br>6.000%, 10/15/27<br>(Cost $5,722,732) |  | 6659300 |
| **COMMON STOCKS (61.0%)** | **COMMON STOCKS (61.0%)** |  |  |  |
|  |  | Communication Services (8.1%) | Communication Services (8.1%) | Communication Services (8.1%) |
| 24815 |  | Alphabet, Inc. - Class A |  | 3940622 |
| 272905 |  | AT&T, Inc. |  | 7559469 |
| 54805  | EUR | Deutsche Telekom, AG |  | 1968460 |
| 7540 |  | Meta Platforms, Inc. - Class A |  | 4139460 |
| 3060 |  | Netflix, Inc.# |  | 3463063 |
|  |  |  |  | 21071074 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Global Opportunities Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE |
|  |  | Consumer Discretionary (6.2%) | Consumer Discretionary (6.2%) |
| 32590 |  | Amazon.com, Inc.# | $6010248 |
| 15750  | INR | Amber Enterprises India, Ltd.# | 1133629 |
| 700 |  | AutoZone, Inc.# | 2633820 |
| 79655  | GBP | Compass Group, PLC | 2685554 |
| 890 |  | MercadoLibre, Inc.# | 2074456 |
| 5860 |  | Tesla, Inc.# | 1653458 |
|  |  |  | 16191165 |
|  |  | Consumer Staples (4.0%) | Consumer Staples (4.0%) |
| 2885 |  | Costco Wholesale Corp. | 2869132 |
| 39000  | CNY | Eastroc Beverage Group <br>Company, Ltd. - Class A | 1535555 |
| 17340 |  | Philip Morris International, Inc. | 2971382 |
| 31435 |  | Walmart, Inc. | 3057054 |
|  |  |  | 10433123 |
|  |  | Energy (2.0%) | Energy (2.0%) |
| 52710 |  | EQT Corp. | 2605982 |
| 12050 |  | Exxon Mobil Corp. | 1272842 |
| 48300 |  | TechnipFMC, PLC | 1360611 |
|  |  |  | 5239435 |
|  |  | Financials (10.8%) | Financials (10.8%) |
| 25735 |  | Bank of New York Mellon Corp. | 2069351 |
| 11600  | EUR | BAWAG Group, AG\* | 1271398 |
| 4640 |  | Goldman Sachs Group, Inc. | 2540632 |
| 59530 |  | ICICI Bank, Ltd. (ADR) | 1997827 |
| 11555 |  | JPMorgan Chase & Company | 2826584 |
| 9149 |  | Progressive Corp. | 2577639 |
| 38200  | EUR | Societe Generale, SA | 1973335 |
| 137800  | JPY | Sumitomo Mitsui Financial Group, Inc. | 3287524 |
| 59975  | EUR | UniCredit, S.p.A.^ | 3489397 |
| 7875 |  | Visa, Inc. - Class A | 2720813 |
| 45760 |  | Wells Fargo & Company | 3249418 |
|  |  |  | 28003918 |
|  |  | Health Care (1.6%) | Health Care (1.6%) |
| 4700 |  | Eli Lilly & Company | 4225065 |
|  |  | Industrials (8.9%) | Industrials (8.9%) |
| 5660 |  | Deere & Company | 2623750 |
| 7825 |  | GE Vernova, Inc. | 2901666 |
| 176400  | JPY | Hitachi, Ltd. | 4359816 |
| 1270  | EUR | Rheinmetall, AG | 2162876 |
| 262091  | GBP | Rolls-Royce Holdings, PLC | 2653009 |
| 10845  | EUR | Schneider Electric, SE | 2533888 |
| 12855  | EUR | Siemens, AG | 2960011 |
| 12980 |  | Waste Management, Inc. | 3029013 |
|  |  |  | 23224029 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE |
|  |  | Information Technology (17.1%) | Information Technology (17.1%) |
| 16920 |  | Apple, Inc. | $3595500 |
| 4885  | EUR | ASML Holding, NV | 3270224 |
| 9935 |  | Broadcom, Inc. | 1912189 |
| 11050 |  | International Business Machines Corp. | 2672111 |
| 13865 |  | Microsoft Corp. | 5480280 |
| 95405 |  | NVIDIA Corp. | 10391513 |
| 17170 |  | Oracle Corp. | 2416162 |
| 23275 |  | Palantir Technologies, Inc. - Class A# | 2756691 |
| 9345  | EUR | SAP, SE | 2734242 |
| 2985 |  | ServiceNow, Inc.# | 2850705 |
| 222000  | TWD | Taiwan Semiconductor Manufacturing <br>Company, Ltd. | 6290270 |
|  |  |  | 44369887 |
|  |  | Materials (2.3%) | Materials (2.3%) |
| 42800  | CAD | Alamos Gold, Inc. - Class A | 1223523 |
| 14725  | EUR | Heidelberg Materials, AG | 2943726 |
| 4010 |  | Linde, PLC | 1817452 |
|  |  |  | 5984701 |
|  |  | **TOTAL COMMON STOCKS**<br> (Cost $110,905,413) | 158742397 |
| NUMBER OF <br>CONTRACTS/ <br>NOTIONAL <br>AMOUNT | NUMBER OF <br>CONTRACTS/ <br>NOTIONAL <br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (0.6%)#** | **EXCHANGE-TRADED PURCHASED OPTIONS (0.6%)#** |  |  |
|  |  | Consumer Discretionary (0.2%) | Consumer Discretionary (0.2%) |
| 302 |  | Flutter Entertainment, PLC |  |
| 7277898 |  | Call, 01/16/26, Strike $290.00 | 433370 |
|  |  | Health Care (0.1%) | Health Care (0.1%) |
| 398 |  | Boston Scientific Corp. |  |
| 4094226 |  | Call, 01/16/26, Strike $110.00 | 292530 |
|  |  | Other (0.3%) | Other (0.3%) |
|  |  | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust |  |
| 470 |  |  |  |
| 26063380 |  | Put, 07/18/25, Strike $540.00 | 723330 |
| 386 |  |  |  |
| 21405244 |  | Put, 06/30/25, Strike $485.00 | 145136 |
|  |  |  | 868466 |
|  |  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $3,257,507) | 1594366 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Global Opportunities Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES/<br>PRINCIPAL <br>AMOUNT |  | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (4.3%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (4.3%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (4.3%)** |
| 11248883 | State Street Navigator Securities <br>Lending Government Money <br>Market Portfolio, 4.339%†\*\*\*<br>(Cost $11,248,883) | $11248883 |
|  | **TOTAL INVESTMENTS (103.0%)**<br> (Cost $213,035,727) | 267925783 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-4.3%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-4.3%) | (11248883) |
| OTHER ASSETS, LESS LIABILITIES (1.3%) | OTHER ASSETS, LESS LIABILITIES (1.3%) | 3400216 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $260077116 |

---

**FORWARD FOREIGN CURRENCY CONTRACTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | LONG<br>CONTRACTS | SETTLEMENT<br>DATE | LOCAL<br>CURRENCY | CURRENT<br>VALUE | UNREALIZED<br>GAIN/LOSS |
| State Street Bank and <br>Trust | Japanese Yen | 06/26/25 | 724023000 | $5095195 | $(10212) |
| Northern Trust <br>Company | Swiss Franc | 06/26/25 | 4120000 | 5023334 | (81868) |
|  |  |  |  |  | $(92080) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

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

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

# Non-income producing security.

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

† Represents investment of cash collateral received from securities on loan as of April 30, 2025.

\*\*\* The rate disclosed is the 7 day net yield as of April 30, 2025.

**FOREIGN CURRENCY ABBREVIATIONS**

CAD Canadian Dollar

CNY Chinese Yuan Renminbi

EUR European Monetary Unit

GBP British Pound Sterling

INR Indian Rupee

JPY Japanese Yen

TWD New Taiwan Dollar

**ABBREVIATION**

ADR American Depositary Receipt

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

**CURRENCY EXPOSURE APRIL 30, 2025**

---

| | | |
|:---|:---|:---|
| | VALUE | % OF TOTAL <br>INVESTMENTS |
| US Dollar | $206885905 | 77.2% |
| European Monetary Unit | 37870998 | 14.1% |
| Japanese Yen | 7647340 | 2.9% |
| New Taiwan Dollar | 6290270 | 2.3% |
| British Pound Sterling | 5338563 | 2.0% |
| Chinese Yuan Renminbi | 1535555 | 0.6% |
| Canadian Dollar | 1223523 | 0.5% |
| Indian Rupee | 1133629 | 0.4% |
| Total Investments | $267925783 | 100.0% |

---

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

www.calamos.com

------

International Small Cap Growth Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE |
| **COMMON STOCKS (95.9%)** | **COMMON STOCKS (95.9%)** |  |  |
|  |  | Communication Services (7.8%) | Communication Services (7.8%) |
| 13300  | GBP | Baltic Classifieds Group, PLC | $60325 |
| 2560 |  | Millicom International Cellular, SA | 88422 |
| 1582  | EUR | Scout24, SE\* | 188538 |
| 35720  | GBP | Trustpilot Group, PLC\*# | 107113 |
|  |  |  | 444398 |
|  |  | Consumer Discretionary (15.5%) | Consumer Discretionary (15.5%) |
| 2535  | INR | Amber Enterprises India, Ltd.# | 182461 |
| 6620  | SEK | Betsson, AB - Class B | 115778 |
| 488  | EUR | Brunello Cucinelli S.p.A | 55095 |
| 300600  | PHP | DigiPlus Interactive Corp. | 214509 |
| 5600  | HKD | DPC Dash, Ltd.# | 71335 |
| 1200  | JPY | Food & Life Companies, Ltd. | 44406 |
| 6260  | EUR | Lottomatica Group S.p.A | 142689 |
| 1670  | EUR | Zalando, SE\*# | 60982 |
|  |  |  | 887255 |
|  |  | Consumer Staples (3.3%) | Consumer Staples (3.3%) |
| 1334  | GBP | Cranswick, PLC | 92327 |
| 145  | KRW | Samyang Foods Company, Ltd. | 98969 |
|  |  |  | 191296 |
|  |  | Energy (2.0%) | Energy (2.0%) |
| 15640  | CAD | CES Energy Solutions Corp. | 68977 |
| 20500  | EUR | Saipem S.p.A# | 47354 |
|  |  |  | 116331 |
|  |  | Financials (13.6%) | Financials (13.6%) |
| 27400  | EUR | Alpha Services and Holdings, SA | 66807 |
| 6820  | EUR | Bank of Ireland Group, PLC | 80077 |
| 1255  | EUR | BAWAG Group, AG\* | 137558 |
| 12900  | JPY | Concordia Financial Group, Ltd. | 83437 |
| 2600  | CAD | Definity Financial Corp. | 129774 |
| 1320 |  | Marex Group, PLC | 58542 |
| 1500  | JPY | Rakuten Bank, Ltd.# | 63086 |
| 300  | CHF | Swissquote Group Holding, SA | 154859 |
|  |  |  | 774140 |
|  |  | Health Care (3.2%) | Health Care (3.2%) |
| 10630  | SEK | Ambea, AB\* | 128416 |
| 1670  | SEK | BoneSupport Holding, AB\*# | 54633 |
|  |  |  | 183049 |
|  |  | Industrials (25.1%) | Industrials (25.1%) |
| 2800  | JPY | BayCurrent, Inc. | 150874 |
| 85  | CHF | Belimo Holding, AG | 72221 |
| 283  | EUR | DO & CO, AG# | 45206 |
| 3185 |  | Embraer, SA (ADR)# | 146319 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 2940  | EUR | Exosens SAS# | $| 114424 |
| 840  | KRW | Hyundai Rotem Company, Ltd. |  | 66208 |
| 1900  | JPY | IHI Corp. |  | 148831 |
| 2535  | SEK | INVISIO, AB |  | 101883 |
| 3130  | EUR | Iveco Group, NV |  | 50005 |
| 3800  | JPY | Japan Elevator Service Holdings Company, Ltd. |  | 82153 |
| 337000  | HKD | Lonking Holdings, Ltd. |  | 84857 |
| 2170  | EUR | Palfinger, AG |  | 70728 |
| 5450  | CHF | R&S Group Holding, AG |  | 131043 |
| 10980  | INR | Transformers & Rectifiers India, Ltd. |  | 64085 |
| 760  | EUR | Vossloh, AG |  | 60043 |
| 1710  | EUR | Wacker Neuson, SE |  | 45983 |
|  |  |  |  | 1434863 |
|  |  | Information Technology (16.4%) | Information Technology (16.4%) | Information Technology (16.4%) |
| 790  | TWD | Alchip Technologies, Ltd. |  | 52792 |
| 2570  |  | Cellebrite DI, Ltd.# |  | 50860 |
| 820  | INR | Kaynes Technology India, Ltd.# |  | 55699 |
| 70000  | HKD | Kingdee International Software Group <br>Company, Ltd.# |  | 119055 |
| 4410  | AUD | Life360, Inc.\*# |  | 62063 |
| 1750  | ILS | Nayax, Ltd.# |  | 73472 |
| 728  | EUR | Nemetschek, SE |  | 96740 |
| 3750  | NOK | NORBIT, ASA |  | 51501 |
| 76000  | HKD | Q Technology Group Company, Ltd.# |  | 63746 |
| 320  | EUR | Reply S.p.A |  | 57130 |
| 10600  | JPY | SHIFT, Inc.# |  | 96992 |
| 5860  | AUD | Technology One, Ltd. |  | 113111 |
| 6300  | BRL | TOTVS, SA |  | 41762 |
|  |  |  |  | 934923 |
|  |  | Materials (8.0%) | Materials (8.0%) | Materials (8.0%) |
| 3880  | CAD | Alamos Gold, Inc. - Class A |  | 110918 |
| 440  | EUR | AlzChem Group, AG |  | 56782 |
| 2233  | EUR | SOL S.p.A |  | 101951 |
| 1750  | EUR | Titan Cement International, SA |  | 81240 |
| 1720  | CAD | Torex Gold Resources, Inc.# |  | 55707 |
| 1460  | EUR | Wienerberger, AG |  | 51263 |
|  |  |  |  | 457861 |
|  |  | Utilities (1.0%) | Utilities (1.0%) | Utilities (1.0%) |
| 6750  | EUR | Italgas S.p.A |  | 55458 |
|  |  | **TOTAL COMMON STOCKS**<br> (Cost $4,645,815) |  | 5479574 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

International Small Cap Growth Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (0.1%)#** |  |  |
|  | Other (0.1%) | Other (0.1%) |
| 92 | iShares MSCI Emerging Markets ETF |  |
| 402592 | Put, 05/16/25, Strike $39.00 | $2622 |
| 50 | iShares MSCI Eurozone ETF |  |
| 278600 | Put, 05/16/25, Strike $48.00 | 250 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $19,504) | 2872 |
|  | **TOTAL INVESTMENTS (96.0%)**<br> (Cost $4,665,319) | 5482446 |
| OTHER ASSETS, LESS LIABILITIES (4.0%) | OTHER ASSETS, LESS LIABILITIES (4.0%) | 229665 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $5712111 |

---

**FORWARD FOREIGN CURRENCY CONTRACTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | LONG<br>CONTRACTS | SETTLEMENT<br>DATE | LOCAL<br>CURRENCY | CURRENT<br>VALUE | UNREALIZED<br>GAIN/LOSS |
| State Street Bank <br>and Trust | Japanese Yen | 06/26/25 | 76554000 | $539967 | $24939 |
|  |  |  |  |  | $24939 |
| COUNTERPARTY | SHORT<br>CONTRACTS | SETTLEMENT<br>DATE | LOCAL<br>CURRENCY | CURRENT<br>VALUE | UNREALIZED<br>GAIN/LOSS |
| State Street Bank <br>and Trust | Japanese Yen | 06/26/25 | 10500000 | $74061 | $(2006) |
|  |  |  |  |  | $(2006) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

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

# Non-income producing security.

**FOREIGN CURRENCY ABBREVIATIONS**

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

EUR European Monetary Unit

GBP British Pound Sterling

HKD Hong Kong Dollar

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

NOK Norwegian Krone

PHP Philippine Peso

SEK Swedish Krona

TWD New Taiwan Dollar

**ABBREVIATION**

ADR American Depositary Receipt

**CURRENCY EXPOSURE APRIL 30, 2025**

---

| | | |
|:---|:---|:---|
| | VALUE | % OF TOTAL<br>INVESTMENTS |
| European Monetary Unit | $1666053 | 30.4% |
| Japanese Yen | 669779 | 12.2% |
| Swedish Krona | 400710 | 7.3% |
| Canadian Dollar | 365376 | 6.7% |
| Swiss Franc | 358123 | 6.5% |
| US Dollar | 347015 | 6.3% |
| Hong Kong Dollar | 338993 | 6.2% |
| Indian Rupee | 302245 | 5.5% |
| British Pound Sterling | 259765 | 4.7% |
| Philippine Peso | 214509 | 3.9% |
| Australian Dollar | 175174 | 3.2% |
| South Korean Won | 165177 | 3.0% |
| Israeli Shekel | 73472 | 1.4% |
| New Taiwan Dollar | 52792 | 1.0% |
| Norwegian Krone | 51501 | 0.9% |
| Brazilian Real | 41762 | 0.8% |
| Total Investments | $5482446 | 100.0% |

---

Currency exposure may vary over time.

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

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Total Return Bond Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| **CORPORATE BONDS (46.0%)** |  |  |
|  | Airlines (1.1%) | Airlines (1.1%) |
| 88518 | Air Canada Pass Through Trust <br>Series 2015-2, Class AA\*<br>3.750%, 06/15/29 | $85442 |
| 80907 | Alaska Airlines Pass Through Trust <br>Series 2020-1, Class A\*<br>4.800%, 02/15/29 | 80308 |
| 71372 | British Airways Pass Through Trust <br>Series 2019-1, Class A\*<br>3.350%, 12/15/30 | 67920 |
| 115250 | JetBlue Pass Through Trust <br>Series 2019-1, Class AA<br>2.750%, 11/15/33 | 99007 |
|  |  | 332677 |
|  | Communication Services (2.9%) | Communication Services (2.9%) |
| 200000 | Alphabet, Inc.^<br>2.050%, 08/15/50 | 111942 |
| 200000 | Ashtead Capital, Inc.\*<br>4.375%, 08/15/27 | 198534 |
| 100000 | Charter Communications Operating, LLC / <br>Charter Communications Operating Capital<br>2.800%, 04/01/31 | 86828 |
| 150000 | Comcast Corp.<br>3.900%, 03/01/38 | 128700 |
| 75000 | Paramount Global<br>3.700%, 10/04/26 | 73383 |
| 100000 | United States Cellular Corp.<br>6.700%, 12/15/33 | 108328 |
| 150000 | Verizon Communications, Inc.<br>4.016%, 12/03/29 | 147348 |
|  |  | 855063 |
|  | Consumer Discretionary (3.4%) | Consumer Discretionary (3.4%) |
| 50000 | Bath & Body Works, Inc.\*<br>6.625%, 10/01/30 | 50982 |
| 25000 | Caesars Entertainment, Inc.\*<br>7.000%, 02/15/30 | 25629 |
| 150000 | Cargill, Inc.\*<br>3.125%, 05/25/51 | 98495 |
| 200000 | Ford Motor Credit Company, LLC<br>4.000%, 11/13/30 | 178118 |
| 50000 | goeasy, Ltd.\*<br>7.625%, 07/01/29 | 50448 |
| 125000 | Kohl's Corp.<br>5.550%, 07/17/45 | 59529 |
| 100000 | M/I Homes, Inc.<br>3.950%, 02/15/30 | 90872 |
| 100000 | Mattel, Inc.<br>6.200%, 10/01/40 | 95911 |
| 100000 | Meritage Homes Corp.\*^<br>3.875%, 04/15/29 | 95383 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 63000 | Newell Brands, Inc.<br>5.700%, 04/01/26 | $| 62253 |
| 100000 | NIKE, Inc.^<br>2.850%, 03/27/30 |  | 93587 |
| 100000 | Tractor Supply Company<br>5.250%, 05/15/33 |  | 100547 |
|  |  |  | 1001754 |
|  | Consumer Staples (2.9%) | Consumer Staples (2.9%) | Consumer Staples (2.9%) |
| 125000 | Anheuser-Busch InBev Worldwide, Inc.<br>3.500%, 06/01/30 |  | 120175 |
| 125000 | Archer-Daniels-Midland Company<br>3.250%, 03/27/30 |  | 118630 |
| 125000 | Costco Wholesale Corp.<br>1.600%, 04/20/30 |  | 110831 |
| 100000 | Edgewell Personal Care Company\*<br>4.125%, 04/01/29 |  | 93678 |
| 125000 | Hershey Company<br>1.700%, 06/01/30 |  | 110168 |
| 37000 | JBS USA Holding Lux Sarl/ JBS USA <br>Food Company/ JBS Lux Company Sarl<br>5.500%, 01/15/30 |  | 37621 |
| 100000 | Kimberly-Clark Corp.<br>3.100%, 03/26/30 |  | 94874 |
| 100000 | Novartis Capital Corp.<br>4.700%, 09/18/54 |  | 88932 |
| 25000 | Performance Food Group, Inc.\*<br>5.500%, 10/15/27 |  | 24885 |
| 50000 | Pilgrim's Pride Corp.<br>4.250%, 04/15/31 |  | 47398 |
|  |  |  | 847192 |
|  | Energy (1.0%) | Energy (1.0%) | Energy (1.0%) |
| 95000 | Energy Transfer, LP^‡<br>7.555%, 11/01/66<br>3 mo. SOFR + 3.28% |  | 92141 |
| 100000 | EQT Corp.\*<br>7.500%, 06/01/27 |  | 101682 |
| 100000 | 3.125%, 05/15/26 |  | 98032 |
|  |  |  | 291855 |
|  | Financials (16.2%) | Financials (16.2%) | Financials (16.2%) |
| 115000 | Ally Financial, Inc.‡<br>4.700%, 05/15/26<br>5 year CMT + 3.87% |  | 105965 |
| 100000 | Arthur J Gallagher & Company<br>5.000%, 02/15/32 |  | 100474 |
| 100000 | Aviation Capital Group, LLC\*<br>3.500%, 11/01/27 |  | 96563 |
| 100000 | Avolon Holdings Funding, Ltd.\*<br>5.500%, 01/15/26 |  | 100138 |
| 125000 | AXIS Specialty Finance, PLC<br>4.000%, 12/06/27 |  | 123237 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Total Return Bond Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| 100000 | Bank of America Corp.‡<br>2.087%, 06/14/29<br>SOFR + 1.06% | $93172 |
| 150000 | Bank of Montreal‡<br>3.088%, 01/10/37<br>5 year CMT + 1.40% | 127053 |
| 100000 | Bank of New York Mellon Corp.‡<br>5.834%, 10/25/33<br>SOFR + 2.07% | 105563 |
| 150000 | Berkshire Hathaway Finance Corp.<br>4.250%, 01/15/49 | 125535 |
| 100000 | BlackRock Funding, Inc.<br>5.250%, 03/14/54 | 94830 |
| 125000 | BP Capital Markets, PLC^‡<br>4.875%, 03/22/30<br>5 year CMT + 4.40% | 119004 |
| 175000 | Brookfield Finance, Inc.<br>2.724%, 04/15/31 | 155501 |
| 100000 | Brown & Brown, Inc.<br>5.650%, 06/11/34 | 101058 |
| 150000 | Capital One Financial Corp.‡<br>2.359%, 07/29/32<br>SOFR + 1.34% | 123561 |
| 100000 | Charles Schwab Corp.‡<br>4.000%, 06/01/26<br>5 year CMT + 3.17% | 96869 |
| 100000 | Chubb INA Holdings, LLC<br>4.150%, 03/13/43 | 84028 |
| 150000 | Citigroup, Inc.‡<br>3.875%, 02/18/26<br>5 year CMT + 3.42% | 146052 |
| 100000 | Citizens Financial Group, Inc.‡<br>5.718%, 07/23/32<br>SOFR + 1.91% | 101678 |
| 100000 | Essent Group, Ltd.<br>6.250%, 07/01/29 | 102653 |
| 100000 | Essential Properties, LP<br>2.950%, 07/15/31 | 86369 |
| 115000 | Essex Portfolio, LP^<br>2.650%, 03/15/32 | 98340 |
| 100000 | Fiserv, Inc.^<br>4.750%, 03/15/30 | 99967 |
| 100000 | FNB Corp.‡<br>5.722%, 12/11/30<br>SOFR + 1.93% | 99794 |
| 100000 | Global Net Lease, Inc. / <br>Global Net Lease Operating Partnership, LP\*<br>3.750%, 12/15/27 | 94301 |
| 125000 | Globe Life, Inc.<br>4.550%, 09/15/28 | 125529 |
| 100000 | GLP Capital, LP / GLP Financing II, Inc.<br>3.250%, 01/15/32 | 86315 |
| 150000 | Goldman Sachs Group, Inc.‡<br>3.800%, 05/10/26<br>5 year CMT + 2.97% | 144393 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 125000 | JPMorgan Chase & Company‡<br>3.650%, 06/01/26<br>5 year CMT + 2.85% | $| 121604 |
| 200000 | LSEGA Financing, PLC\*<br>2.000%, 04/06/28 |  | 187378 |
| 100000 | M&T Bank Corp.^‡<br>4.833%, 01/16/29<br>SOFR + 0.93% |  | 100163 |
| 125000 | Markel Group, Inc.<br>3.500%, 11/01/27 |  | 122719 |
| 100000 | MetLife, Inc.<br>6.400%, 12/15/66 |  | 99043 |
| 100000 | Morgan Stanley‡<br>5.042%, 07/19/30<br>SOFR + 1.22% |  | 101201 |
| 100000 | Necessity Retail REIT, Inc. / <br>American Finance Operating Partner, LP\*<br>4.500%, 09/30/28 |  | 94345 |
| 118000 | PartnerRe Finance B, LLC‡<br>4.500%, 10/01/50<br>5 year CMT + 3.82% |  | 108061 |
| 100000 | Primerica, Inc.<br>2.800%, 11/19/31 |  | 87047 |
| 100000 | Prologis, LP<br>2.875%, 11/15/29 |  | 93868 |
| 125000 | RenaissanceRe Finance, Inc.<br>3.450%, 07/01/27 |  | 122552 |
| 100000 | SLM Corp.<br>3.125%, 11/02/26 |  | 96914 |
| 100000 | Toronto-Dominion Bank<br>4.456%, 06/08/32 |  | 97262 |
| 125000 | Travelers Companies, Inc.<br>2.550%, 04/27/50 |  | 74289 |
| 100000 | US Bancorp‡<br>5.100%, 07/23/30<br>SOFR + 1.25% |  | 101648 |
| 200000 | USAA Capital Corp.\*^<br>2.125%, 05/01/30 |  | 181068 |
| 125000 | Wells Fargo & Company<br>4.400%, 06/14/46 |  | 99354 |
|  |  |  | 4826458 |
|  | Health Care (2.8%) | Health Care (2.8%) | Health Care (2.8%) |
| 150000 | CVS Health Corp.<br>4.780%, 03/25/38 |  | 135453 |
| 100000 | DaVita, Inc.\*<br>4.625%, 06/01/30 |  | 93073 |
| 100000 | Elanco Animal Health, Inc.<br>6.650%, 08/28/28 |  | 101602 |
| 100000 | Illumina, Inc.<br>5.750%, 12/13/27 |  | 102264 |
| 150000 | Johnson & Johnson<br>3.400%, 01/15/38 |  | 128472 |
| 100000 | Kaiser Foundation Hospitals<br>2.810%, 06/01/41 |  | 70385 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Total Return Bond Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 100000 | Royalty Pharma, PLC<br>2.200%, 09/02/30 | $| 86853 |
| 100000 | Zoetis, Inc.<br>5.600%, 11/16/32 |  | 104764 |
|  |  |  | 822866 |
|  | Industrials (5.4%) | Industrials (5.4%) | Industrials (5.4%) |
| 125000 | Air Lease Corp.‡<br>4.650%, 06/15/26<br>5 year CMT + 4.08% |  | 121235 |
| 100000 | Albertsons Companies, Inc. / <br>Safeway, Inc. / New Albertsons, <br>LP / Albertsons, LLC\*<br>4.625%, 01/15/27 |  | 99030 |
| 100000 | Burlington Northern Santa Fe, LLC<br>4.950%, 09/15/41 |  | 93298 |
| 100000 | Cascades, Inc. / Cascades USA, Inc.\*<br>5.125%, 01/15/26 |  | 99360 |
| 100000 | Cummins, Inc.<br>4.875%, 10/01/43 |  | 93036 |
| 100000 | EnerSys\*<br>4.375%, 12/15/27 |  | 97042 |
| 100000 | Graphic Packaging International, LLC\*<br>1.512%, 04/15/26 |  | 96644 |
| 80000 | GXO Logistics, Inc.<br>1.650%, 07/15/26 |  | 76731 |
| 100000 | Honeywell International, Inc.<br>1.950%, 06/01/30 |  | 88702 |
| 100000 | Illinois Tool Works, Inc.<br>4.875%, 09/15/41 |  | 93896 |
| 125000 | Infor, LLC\*<br>1.750%, 07/15/25 |  | 124148 |
| 100000 | Paychex, Inc.<br>5.100%, 04/15/30 |  | 101603 |
| 250000 | SMBC Aviation Capital Finance DAC\*<br>1.900%, 10/15/26 |  | 240432 |
| 100000 | TransDigm, Inc.\*<br>6.375%, 03/01/29 |  | 102019 |
| 78875 | United Airlines Pass Through Trust <br>Series 2018-1, Class B<br>4.600%, 09/01/27 |  | 76957 |
|  |  |  | 1604133 |
|  | Information Technology (5.5%) | Information Technology (5.5%) | Information Technology (5.5%) |
| 150000 | Apple, Inc.<br>4.375%, 05/13/45 |  | 132108 |
| 125000 | Applied Materials, Inc.<br>4.350%, 04/01/47 |  | 105286 |
| 100000 | Broadridge Financial Solutions, Inc.<br>3.400%, 06/27/26 |  | 98676 |
| 110000 | CGI, Inc.<br>2.300%, 09/14/31 |  | 94511 |
| 125000 | Fortinet, Inc.<br>2.200%, 03/15/31 |  | 109076 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 100000 | Intuit, Inc.^<br>5.200%, 09/15/33 | $| 102749 |
| 157000 | Microsoft Corp.<br>4.100%, 02/06/37 |  | 149045 |
| 125000 | NVIDIA Corp.<br>3.500%, 04/01/40 |  | 103750 |
| 100000 | Open Text Corp.\*<br>6.900%, 12/01/27 |  | 102862 |
| 100000 | Roper Technologies, Inc.<br>4.900%, 10/15/34 |  | 97139 |
| 100000 | Synopsys, Inc.<br>4.850%, 04/01/30 |  | 101125 |
| 100000 | Take-Two Interactive Software, Inc.<br>4.950%, 03/28/28 |  | 101750 |
| 100000 | TTM Technologies, Inc.\*<br>4.000%, 03/01/29 |  | 93216 |
| 100000 | Twilio, Inc.<br>3.625%, 03/15/29 |  | 93868 |
| 150000 | VMware, LLC^<br>1.800%, 08/15/28 |  | 137214 |
| 25000 | Zebra Technologies Corp.\*<br>6.500%, 06/01/32 |  | 25147 |
|  |  |  | 1647522 |
|  | Other (0.4%) | Other (0.4%) | Other (0.4%) |
| 125000 | Intact Financial Corp.\*<br>5.459%, 09/22/32 |  | 125891 |
|  | Real Estate (1.5%) | Real Estate (1.5%) | Real Estate (1.5%) |
| 100000 | Brixmor Operating Partnership, LP<br>4.125%, 06/15/26 |  | 99426 |
| 150000 | EPR Properties<br>4.950%, 04/15/28 |  | 148339 |
| 100000 | Public Storage Operating Company<br>2.300%, 05/01/31 |  | 88058 |
| 125000 | Tanger Properties, LP<br>3.875%, 07/15/27 |  | 123058 |
|  |  |  | 458881 |
|  | Utilities (2.9%) | Utilities (2.9%) | Utilities (2.9%) |
| 150000 | Berkshire Hathaway Energy Company<br>3.800%, 07/15/48 |  | 109257 |
| 100000 | Consolidated Edison Company of <br>New York, Inc.^<br>3.350%, 04/01/30 |  | 95628 |
| 150000 | Duke Energy Carolinas, LLC<br>3.700%, 12/01/47 |  | 110665 |
| 100000 | 4.850%, 03/15/30 |  | 102090 |
| 125000 | Entergy Texas, Inc.<br>1.750%, 03/15/31 |  | 106964 |
| 150000 | Northern States Power Company<br>3.750%, 12/01/47 |  | 107927 |
| 150000 | Public Service Electric & Gas Company<br>3.600%, 12/01/47 |  | 111301 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Total Return Bond Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 125000 | Southern Company‡<br>3.750%, 09/15/51<br>5 year CMT + 2.92% | $ | 121124 |
|  |  |  | 864956 |
|  | **TOTAL CORPORATE BONDS**<br> (Cost $14,578,509) |  | 13679248 |
| **BANK LOANS (4.3%)¡** |  |  |  |
|  | Airlines (0.4%) | Airlines (0.4%) | Airlines (0.4%) |
| 123750 | Air Canada‡<br>6.323%, 03/21/31<br>1 mo. SOFR + 2.00% |  | 122525 |
|  | Communication Services (1.1%) | Communication Services (1.1%) | Communication Services (1.1%) |
| 213941 | APi Group DE, Inc.‡<br>6.072%, 01/03/29<br>1 mo. SOFR + 1.75% |  | 213890 |
| 128370 | Nexstar Broadcasting, Inc.‡<br>6.936%, 09/18/26<br>1 mo. SOFR + 2.50% |  | 128550 |
|  |  |  | 342440 |
|  | Consumer Discretionary (1.3%) | Consumer Discretionary (1.3%) | Consumer Discretionary (1.3%) |
| 34407 | American Axle & Manufacturing, Inc.‡<br>7.053%, 12/13/29<br>6 mo. SOFR + 3.00% |  | 33763 |
| 31963 | American Axle & Manufacturing, Inc.‡<br>7.321%, 12/13/29<br>1 mo. SOFR + 3.00% |  | 31364 |
| 29630 | American Axle & Manufacturing, Inc.‡<br>7.230%, 12/13/29<br>3 mo. SOFR + 3.00% |  | 29074 |
| 67128 | Carnival Corp.‡<br>6.329%, 08/08/27<br>1 mo. SOFR + 2.00% |  | 67296 |
| 124064 | Light & Wonder International, Inc.‡<br>6.570%, 04/14/29<br>1 mo. SOFR + 2.25% |  | 124116 |
| 100000 | Murphy USA, Inc.‡<br>6.071%, 01/31/28<br>1 mo. SOFR + 1.75% |  | 100563 |
|  |  |  | 386176 |
|  | Financials (0.2%) | Financials (0.2%) | Financials (0.2%) |
| 54166 | Jazz Financing Lux Sarl‡<br>6.572%, 05/05/28<br>1 mo. SOFR + 2.25% |  | 54050 |
|  | Industrials (0.4%) | Industrials (0.4%) | Industrials (0.4%) |
| 120250 | American Airlines, Inc.‡<br>6.520%, 04/20/28<br>3 mo. SOFR + 2.25% |  | 117968 |
|  |  |  | 117968 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
|  | Information Technology (0.4%) | Information Technology (0.4%) |
| 123750 | KBR, Inc.‡<br>6.322%, 01/19/31<br>1 mo. SOFR + 2.00% | $123957 |
|  | Materials (0.5%) | Materials (0.5%) |
| 136016 | Axalta Coating Systems U.S. Holdings, Inc.‡<br>6.049%, 12/20/29<br>3 mo. SOFR + 1.75% | 136172 |
|  | **TOTAL BANK LOANS**<br> (Cost $1,287,597) | 1283288 |
| **U.S. GOVERNMENT AND AGENCY SECURITIES (42.9%)** |  |  |
|  | Other (42.9%) | Other (42.9%) |
| 100000 | Farm Credit Bank of Texas\*‡<br>5.700%, 09/15/25<br>5 year CMT + 5.42% | 99354 |
| 64911 | Federal Home Loan Mortgage Corp.<br>2.500%, 02/01/35 | 60801 |
| 119626 | 4.000%, 05/01/49 | 112877 |
| 82705 | Federal National Mortgage Association<br>2.500%, 09/01/31 | 79532 |
| 71045 | 3.000%, 02/01/33 | 68545 |
| 39876 | 3.000%, 01/01/35 | 38177 |
| 226267 | 3.000%, 07/01/46 | 201275 |
| 147767 | 3.000%, 03/01/47 | 131446 |
| 40515 | 4.000%, 03/01/47 | 38409 |
| 126571 | 3.500%, 08/01/47 | 116288 |
| 70296 | 4.500%, 04/01/48 | 68278 |
| 93119 | 4.000%, 06/01/48 | 88058 |
| 60992 | 3.500%, 02/01/49 | 55847 |
| 56071 | 3.000%, 07/01/49 | 49317 |
| 107578 | 3.500%, 11/01/49 | 98176 |
| 537308 | 2.500%, 04/01/50 | 451621 |
| 458158 | 3.000%, 04/01/50 | 402648 |
| 366362 | 3.500%, 04/01/50 | 334382 |
| 717285 | 2.500%, 07/01/51 | 599463 |
| 538600 | 2.000%, 01/01/52 | 428631 |
| 237068 | 4.500%, 06/01/52 | 227486 |
| 482459 | 4.000%, 11/01/52 | 450334 |
| 427490 | 4.500%, 11/01/52 | 409882 |
| 405909 | 5.500%, 12/01/52 | 407285 |
| 658724 | 4.500%, 02/01/53 | 631388 |
| 680111 | 5.500%, 08/01/53 | 680388 |
| 682273 | 6.000%, 09/01/53 | 693451 |
| 822403 | 6.000%, 03/01/54 | 835450 |
| 122748 | Government National Mortgage Association<br>3.500%, 10/20/47 | 112436 |
| 93385 | 3.000%, 10/20/47 | 83689 |
| 550000 | U.S. Treasury Bond<br>3.500%, 02/15/39 | 499254 |
| 300000 | 1.125%, 05/15/40 | 187922 |
| 200000 | 4.000%, 11/15/42 | 184516 |
| 500000 | 3.000%, 05/15/47 | 378906 |
| 500000 | 2.250%, 08/15/49 | 317109 |
| 500000 | 2.000%, 02/15/50 | 297227 |
| 200000 | 2.875%, 05/15/52 | 142578 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Total Return Bond Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
|  | U.S. Treasury Note  |  |  |
| 1150000 | 3.750%, 08/31/31 | $| 1141465 |
| 950000 | 3.875%, 08/15/34 |  | 931074 |
| 350000 | 3.000%, 08/15/52 |  | 256156 |
| 425000 | 3.625%, 02/15/53 |  | 351953 |
|  | **TOTAL U.S. GOVERNMENT AND <br>AGENCY SECURITIES**<br> (Cost $14,125,504) |  | 12743074 |
| **RESIDENTIAL MORTGAGE BACKED SECURITY (0.3%)** |  |  |  |
|  | Other (0.3%) | Other (0.3%) | Other (0.3%) |
| 100000 | BX Trust Series 2019-OC11, Class A\*<br>3.202%, 12/09/41<br>(Cost $101,539) |  | 92850 |
| **ASSET BACKED SECURITIES (4.3%)** |  |  |  |
|  | Financials (2.6%) | Financials (2.6%) | Financials (2.6%) |
| 71388 | ELFI Graduate Loan Program, LLC <br>Series 2022-A, Class A\*<br>4.510%, 08/26/47 |  | 69617 |
| 19275 | Enterprise Fleet Financing, LLC <br>Series 2022-4, Class A2\*<br>5.760%, 10/22/29 |  | 19361 |
| 150000 | Hertz Vehicle Financing III, LP <br>Series 2021-2A, Class A\*<br>1.680%, 12/27/27 |  | 143375 |
| 44613 | Oscar US Funding XII, LLC <br>Series 2021-1A, Class A4\*<br>1.000%, 04/10/28 |  | 43989 |
| 28047 | Pawneee Equipment Receivables, LLC <br>Series 2022-1, Class A3\*<br>5.170%, 02/15/28 |  | 28063 |
| 237000 | Progress Residential Trust <br>Series 2021-SFR5, Class B\*<br>1.658%, 07/17/38 |  | 230156 |
| 20152 | SoFi Professional Loan Program, LLC <br>Series 2017-F, Class A2FX\*<br>2.840%, 01/25/41 |  | 19968 |
| 200000 | Toyota Auto Loan Extended Note Trust <br>Series 2023-1A, Class A\*<br>4.930%, 06/25/36 |  | 203725 |
|  |  |  | 758254 |
|  | Other (1.7%) | Other (1.7%) | Other (1.7%) |
| 150000 | Aligned Data Centers Issuer, LLC <br>Series 2021-1A, Class A2\*<br>1.937%, 08/15/46 |  | 143469 |
| 27766 | Amur Equipment Finance Receivables XI, LLC <br>Series 2022-2A, Class A2\*<br>5.300%, 06/21/28 |  | 27807 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| 76000 | CLI Funding VI, LLC <br>Series 2020-3A, Class A\*<br>2.070%, 10/18/45 | $70384 |
| 13328 | Daimler Trucks Retail Trust <br>Series 2022-1, Class A3<br>5.230%, 02/17/26 | 13332 |
| 50716 | MVW Owner Trust <br>Series 2019-1A, Class A\*<br>2.890%, 11/20/36 | 50646 |
| 98917 | SVC ABS, LLC <br>Series 2023-1A, Class A\*<br>5.150%, 02/20/53 | 98350 |
| 100000 | USAA Auto Owner Trust <br>Series 2024-A, Class A3\*<br>5.030%, 03/15/29 | 101027 |
|  |  | 505015 |
|  | **TOTAL ASSET BACKED SECURITIES**<br> (Cost $1,283,664) | 1263269 |
| NUMBER OF<br>SHARES/<br>PRINCIPAL<br>AMOUNT |  | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (3.0%)** |  |  |
| 890533 | State Street Navigator Securities <br>Lending Government Money <br>Market Portfolio, 4.339%†\*\*\*<br>(Cost $890,533) | 890533 |
|  | **TOTAL INVESTMENTS (100.8%)**<br> (Cost $32,267,346) | 29952262 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.0%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.0%) | (890533) |
| OTHER ASSETS, LESS LIABILITIES (2.2%) | OTHER ASSETS, LESS LIABILITIES (2.2%) | 644868 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $29706597 |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

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

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

‡ Variable rate security. The rate shown is the rate in effect at April 30, 2025.

¡ 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.

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Total Return Bond Fund Schedule of Investments April 30, 2025 (Unaudited)

† Represents investment of cash collateral received from securities on loan as of April 30, 2025.

\*\*\* The rate disclosed is the 7 day net yield as of April 30, 2025.

**FUTURES CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF<br>CONTRACTS | DESCRIPTION | EXPIRATION<br>DATE | NOTIONAL<br>VALUE | MARKET VALUE/<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) |
| Buys<br>2,000,000 | U.S. Treasury Note 5-Year | Jun 2025 | $2183906 | $33111<br> \* |

---

\* This amount represents the cumulative appreciation/depreciation on futures contracts. Current day's variation margin is reported within the Statement of Assets and Liabilities for futures contracts.

See accompanying Notes to Schedule of Investments

www.calamos.com

------

High Income Opportunities Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| **ASSET BACKED SECURITY (0.3%)** |  |  |
|  | Other (0.3%) | Other (0.3%) |
| 100000 | SVC ABS, LLC Series 2023-1A, Class C\*<br>6.700%, 02/20/53<br>(Cost $94,753) | $96581 |
| **CORPORATE BONDS (79.0%)** |  |  |
|  | Airlines (1.0%) | Airlines (1.0%) |
| 74434 | Alaska Airlines Pass Through Trust <br>Series 2020-1, Class A\*<br>4.800%, 02/15/29 | 73883 |
| 17337 | Alaska Airlines Pass Through Trust <br>Series 2020-1, Class B\*<br>8.000%, 02/15/27 | 17464 |
| 93000 | American Airlines Pass Through Trust <br>Series 2021-1, Class B<br>3.950%, 01/11/32 | 87033 |
| 78290 | British Airways Pass Through Trust <br>Series 2021-1, Class B\*<br>3.900%, 03/15/33 | 73684 |
| 86814 | JetBlue Pass Through Trust <br>Series 2020-1, Class B<br>7.750%, 05/15/30 | 88020 |
|  |  | 340084 |
|  | Communication Services (7.3%) | Communication Services (7.3%) |
| 105000 | APi Group DE, Inc.\*<br>4.750%, 10/15/29 | 99084 |
| 87000 | Cincinnati Bell Telephone Company, LLC<br>6.300%, 12/01/28 | 81968 |
| 50000 | Clear Channel Outdoor Holdings, Inc.\*<br>7.875%, 04/01/30 | 50096 |
| 40000 | 9.000%, 09/15/28 | 41490 |
| 124000 | Consolidated Communications, Inc.\*<br>6.500%, 10/01/28 | 122191 |
| 220000 | CSC Holdings, LLC\*<br>4.500%, 11/15/31 | 149910 |
| 200000 | 4.625%, 12/01/30 | 92746 |
| 83000 | Directv Financing, LLC / Directv Financing <br>Co-Obligor, Inc.\*<br>5.875%, 08/15/27 | 80296 |
| 146000 | Frontier California, Inc.<br>6.750%, 05/15/27 | 145013 |
| 24000 | Frontier Communications Holdings, LLC\*<br>8.750%, 05/15/30 | 25136 |
| 151000 | Frontier Florida, LLC<br>6.860%, 02/01/28 | 154758 |
| 140000 | Frontier North, Inc.<br>6.730%, 02/15/28 | 142549 |
| 90000 | Go Daddy Operating Company, LLC / <br>GD Finance Company, Inc.\*<br>3.500%, 03/01/29 | 84079 |
| 45000 | Gray Media, Inc.\*<br>5.375%, 11/15/31 | 26909 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 95000 | Hughes Satellite Systems Corp.<br>5.250%, 08/01/26 | $| 88606 |
| 48000 | iHeartCommunications, Inc.\*<br>10.875%, 05/01/30 |  | 20239 |
| 31150 | 7.750%, 08/15/30 |  | 22524 |
| 68875 | Lumen Technologies, Inc.<br>10.000%, 10/15/32\* |  | 68806 |
| 65000 | 7.600%, 09/15/39 |  | 47789 |
| 48000 | Match Group Holdings II, LLC\*<br>3.625%, 10/01/31 |  | 41207 |
| 90000 | Paramount Global<br>4.900%, 08/15/44 |  | 67745 |
| 31000 | Qwest Corp.<br>7.250%, 09/15/25 |  | 30924 |
| 60000 | Rogers Communications, Inc.‡<br>7.125%, 04/15/55<br>5 year CMT + 2.62 |  | 59764 |
| 60000 | 7.000%, 04/15/55<br>5 year CMT + 2.65 |  | 60288 |
| 46000 | Scripps Escrow II, Inc.\*<br>3.875%, 01/15/29^ |  | 35434 |
| 23000 | 5.375%, 01/15/31 |  | 13117 |
| 40000 | Scripps Escrow, Inc.\*^<br>5.875%, 07/15/27 |  | 31694 |
| 45000 | Sinclair Television Group, Inc.\*<br>8.125%, 02/15/33 |  | 44623 |
| 124000 | Sirius XM Radio, LLC\*<br>3.875%, 09/01/31^ |  | 106442 |
| 70000 | 5.500%, 07/01/29 |  | 68270 |
| 50000 | 3.125%, 09/01/26 |  | 48712 |
| 77000 | Spanish Broadcasting System, Inc.\*<br>9.750%, 03/01/26 |  | 49295 |
| 55000 | Stagwell Global, LLC\*<br>5.625%, 08/15/29 |  | 51982 |
| 53000 | Telesat Canada / Telesat, LLC\*<br>4.875%, 06/01/27 |  | 29063 |
| 70000 | Time Warner Cable, LLC<br>6.550%, 05/01/37 |  | 69123 |
| 35000 | 7.300%, 07/01/38 |  | 36469 |
| 37000 | United States Cellular Corp.<br>6.700%, 12/15/33 |  | 40081 |
| 72000 | Univision Communications, Inc.\*<br>8.000%, 08/15/28 |  | 70096 |
| 45000 | 8.500%, 07/31/31 |  | 42582 |
|  |  |  | 2541100 |
|  | Consumer Discretionary (16.8%) | Consumer Discretionary (16.8%) | Consumer Discretionary (16.8%) |
| 135000 | Adams Homes, Inc.\*<br>9.250%, 10/15/28 |  | 135688 |
| 120000 | Adient Global Holdings, Ltd.\*^<br>8.250%, 04/15/31 |  | 118955 |
| 45000 | 7.500%, 02/15/33 |  | 42682 |
| 200000 | Aptiv Swiss Holdings, Ltd.‡<br>6.875%, 12/15/54<br>5 year CMT + 3.39% |  | 187266 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

High Income Opportunities Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| 84000 | Ashton Woods USA, LLC / <br>Ashton Woods Finance Company\*<br>4.625%, 08/01/29 | $78026 |
| 118000 | At Home Group, Inc.\*<br>4.875%, 07/15/28 | 31821 |
| 123000 | Bath & Body Works, Inc.<br>6.694%, 01/15/27 | 125435 |
| 70000 | 6.875%, 11/01/35 | 70461 |
| 20000 | 6.625%, 10/01/30\* | 20393 |
| 61000 | Caesars Entertainment, Inc.\*^<br>4.625%, 10/15/29 | 56513 |
| 55000 | 6.000%, 10/15/32 | 51890 |
| 45000 | Carnival Corp.\*<br>4.000%, 08/01/28 | 42999 |
| 34000 | 7.625%, 03/01/26 | 34048 |
| 6000 | 7.000%, 08/15/29 | 6266 |
| 20703 | Carvana Company\*<br>9.000%, 06/01/31 | 23361 |
| 15792 | 9.000%, 06/01/30 | 16749 |
| 8646 | 9.000%, 12/01/28 | 8892 |
| 200000 | CCO Holdings, LLC / CCO Holdings <br>Capital Corp.\*<br>4.750%, 03/01/30 | 189164 |
| 190000 | 4.250%, 02/01/31 | 171931 |
| 185000 | 5.125%, 05/01/27 | 182534 |
| 110000 | 6.375%, 09/01/29^ | 111120 |
| 55000 | 5.000%, 02/01/28 | 53710 |
| 50000 | 4.500%, 08/15/30 | 46497 |
| 48000 | 4.750%, 02/01/32 | 43557 |
| 50000 | Churchill Downs, Inc.\*<br>6.750%, 05/01/31^ | 50573 |
| 48000 | 5.750%, 04/01/30 | 46996 |
| 80000 | Dana, Inc.<br>4.250%, 09/01/30 | 73790 |
| 68000 | 4.500%, 02/15/32^ | 61159 |
| 47000 | DISH DBS Corp.<br>5.125%, 06/01/29 | 29438 |
| 36000 | 7.375%, 07/01/28 | 24376 |
| 88000 | DISH Network Corp.\*<br>11.750%, 11/15/27 | 92528 |
| 95000 | Everi Holdings, Inc.\*<br>5.000%, 07/15/29 | 95492 |
| 200000 | Ford Motor Credit Company, LLC<br>5.113%, 05/03/29 | 191822 |
| 200000 | 4.000%, 11/13/30 | 178118 |
| 200000 | 2.900%, 02/16/28 | 183262 |
| 36000 | Gap, Inc.\*<br>3.875%, 10/01/31 | 31198 |
| 45000 | General Motors Company<br>5.200%, 04/01/45 | 37030 |
| 165000 | goeasy, Ltd.\*<br>9.250%, 12/01/28 | 172933 |
| 83000 | 7.625%, 07/01/29 | 83744 |
| 140000 | Goodyear Tire & Rubber Company^<br>5.625%, 04/30/33 | 129518 |
| 50000 | 5.250%, 07/15/31 | 46756 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
|  | Group 1 Automotive, Inc.\* |  |
| 55000 | 6.375%, 01/15/30 | $55730 |
| 41000 | 4.000%, 08/15/28 | 39004 |
| 19463 | JetBlue Pass Through Trust <br>Series 2019-2, Class B<br>8.000%, 11/15/27 | 19464 |
| 122000 | Kohl's Corp.<br>5.550%, 07/17/45 | 58100 |
| 100000 | LCM Investments Holdings II, LLC\*<br>8.250%, 08/01/31 | 104797 |
| 95000 | Liberty Interactive, LLC<br>8.250%, 02/01/30 | 35571 |
| 90000 | Life Time, Inc.\*<br>6.000%, 11/15/31 | 89893 |
| 45000 | Light & Wonder International, Inc.\*<br>7.500%, 09/01/31 | 46270 |
| 35000 | Lindblad Expeditions Holdings, Inc.\*<br>9.000%, 05/15/28 | 36021 |
| 62000 | Lindblad Expeditions, LLC\*<br>6.750%, 02/15/27 | 61861 |
| 65000 | M/I Homes, Inc.<br>3.950%, 02/15/30 | 59067 |
| 114000 | Macy's Retail Holdings, LLC<br>6.700%, 07/15/34\* | 95724 |
| 70000 | 4.300%, 02/15/43 | 42048 |
| 180000 | MGM Resorts International^<br>6.500%, 04/15/32 | 177586 |
| 100000 | Midwest Gaming Borrower, LLC / <br>Midwest Gaming Finance Corp.\*<br>4.875%, 05/01/29 | 94751 |
| 95000 | Newell Brands, Inc.<br>6.875%, 04/01/36^ | 82811 |
| 46000 | 6.625%, 05/15/32^ | 41312 |
| 34000 | 5.700%, 04/01/26 | 33597 |
| 50000 | Nordstrom, Inc.<br>5.000%, 01/15/44 | 35100 |
| 80000 | Patrick Industries, Inc.\*<br>4.750%, 05/01/29 | 76263 |
| 45000 | 6.375%, 11/01/32 | 43790 |
| 100000 | PENN Entertainment, Inc.\*^<br>4.125%, 07/01/29 | 87869 |
| 120000 | Premier Entertainment Sub, LLC / <br>Premier Entertainment Finance Corp.\*<br>5.625%, 09/01/29 | 70409 |
| 45000 | QVC, Inc.<br>5.450%, 08/15/34 | 22129 |
| 45000 | Raising Cane's Restaurants, LLC\*<br>9.375%, 05/01/29 | 47820 |
| 6782 | Rite Aid Cmsr Note<br>12.000%, 12/31/25 | 7799 |
| 147000 | Rite Aid Corp.<br>0.000%, 11/15/26\*@!! |  |
| 49741 | 15.000%, 08/30/31 | 8771 |
| 26771 | 0.000%, 10/18/25\* |  |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

High Income Opportunities Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 9674 | 11.317%, 08/30/31\*‡<br>3 mo. SOFR + 7.00% | $| 6772 |
| 9116 | Rite Aid Note Holder Trust Bond<br>0.000%, 08/30/34 |  |  |
| 90000 | Rivers Enterprise Borrower, LLC / <br>Rivers Enterprise Finance Corp.\*<br>6.625%, 02/01/33 |  | 89018 |
| 13000 | Royal Caribbean Cruises, Ltd.\*<br>6.250%, 03/15/32 |  | 13207 |
| 11000 | 5.625%, 09/30/31 |  | 10929 |
| 75000 | Simmons Foods, Inc. / Simmons Prepared <br>Foods, Inc. / Simmons Pet Food, Inc. / <br>Simmons Feed\* <br>4.625%, 03/01/29 |  | 69790 |
| 135000 | Six Flags Entertainment Corp.\*<br>7.250%, 05/15/31 |  | 137022 |
| 75000 | Six Flags Entertainment Corp. / <br>Canada's Wonderland Company / <br>Magnum Management Corp.<br>5.250%, 07/15/29 |  | 71612 |
| 63000 | Sonic Automotive, Inc.\*<br>4.625%, 11/15/29 |  | 59139 |
| 70000 | Speedway Motorsports, LLC / <br>Speedway Funding II, Inc.\*<br>4.875%, 11/01/27 |  | 67358 |
| 95000 | Station Casinos, LLC\*<br>4.500%, 02/15/28 |  | 91817 |
| 100000 | STL Holding Company, LLC\*<br>8.750%, 02/15/29 |  | 101985 |
| 25000 | Viking Cruises, Ltd.\*<br>9.125%, 07/15/31 |  | 26758 |
| 175000 | ZF North America Capital, Inc.\*<br>7.125%, 04/14/30 |  | 161665 |
|  |  |  | 5859320 |
|  | Consumer Staples (3.7%) | Consumer Staples (3.7%) | Consumer Staples (3.7%) |
| 50000 | Brink's Company\*<br>6.750%, 06/15/32 |  | 51252 |
| 50000 | 6.500%, 06/15/29 |  | 51042 |
| 107000 | Central Garden & Pet Company\*<br>4.125%, 04/30/31 |  | 96448 |
| 110000 | Edgewell Personal Care Company\*<br>4.125%, 04/01/29 |  | 103046 |
| 115000 | Energizer Holdings, Inc.\*<br>4.375%, 03/31/29 |  | 107451 |
| 24000 | 6.500%, 12/31/27 |  | 24146 |
| 26000 | JBS USA Holding Lux Sarl/ <br>JBS USA Food Company/ <br>JBS Lux Company Sarl<br>5.750%, 04/01/33^ |  | 26545 |
| 14000 | 5.500%, 01/15/30 |  | 14235 |
| 77218 | MPH Acquisition Holdings, LLC\*<br>6.750%, 03/31/31 |  |  |
|  | 0.75% PIK Rate |  | 51879 |
| 40442 | 5.750%, 12/31/30 |  | 31521 |
| 34713 | 11.500%, 12/31/30 |  |  |
|  | 6.50% Cash & 5.00% PIK Rate |  | 32467 |
| 63000 | New Albertsons, LP<br>7.750%, 06/15/26 |  | 64634 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
|  | Performance Food Group, Inc.\* |  |  |
| 96000 | 4.250%, 08/01/29 | $| 90935 |
| 23000 | 6.125%, 09/15/32 |  | 23106 |
| 75000 | Pilgrim's Pride Corp.^<br>4.250%, 04/15/31 |  | 71097 |
| 100000 | Post Holdings, Inc.\*<br>6.250%, 02/15/32 |  | 100967 |
| 75000 | 6.375%, 03/01/33 |  | 74393 |
| 90000 | Prestige Brands, Inc.\*<br>3.750%, 04/01/31 |  | 81385 |
| 70000 | RR Donnelley & Sons Company\*<br>9.500%, 08/01/29 |  | 66879 |
| 75000 | United Natural Foods, Inc.\*<br>6.750%, 10/15/28 |  | 73709 |
| 47000 | Walgreens Boots Alliance, Inc.<br>4.650%, 06/01/46 |  | 42683 |
|  |  |  | 1279820 |
|  | Energy (10.9%) | Energy (10.9%) | Energy (10.9%) |
| 90000 | Ascent Resources Utica Holdings, <br>LLC / ARU Finance Corp.\*<br>6.625%, 10/15/32 |  | 89126 |
| 73000 | Buckeye Partners, LP<br>6.750%, 02/01/30\* |  | 74311 |
| 50000 | 5.850%, 11/15/43 |  | 42038 |
| 37000 | 6.875%, 07/01/29\* |  | 37726 |
| 108000 | Civitas Resources, Inc.\*<br>8.750%, 07/01/31 |  | 102678 |
| 70000 | Continental Resources, Inc.<br>4.900%, 06/01/44 |  | 54067 |
| 76000 | DT Midstream, Inc.\*<br>4.125%, 06/15/29 |  | 71386 |
| 68000 | Enbridge, Inc.‡<br>7.375%, 03/15/55<br>5 year CMT + 3.12% |  | 68717 |
| 45000 | 7.200%, 06/27/54<br>5 year CMT + 2.97% |  | 44942 |
| 123000 | Encino Acquisition Partners Holdings, LLC\*<br>8.750%, 05/01/31 |  | 125572 |
| 90000 | Energy Transfer, LP‡<br>7.555%, 11/01/66^<br>3 mo. SOFR + 3.28% |  | 87291 |
| 70000 | 6.500%, 11/15/26<br>5 year CMT + 5.69% |  | 69708 |
| 45000 | 7.125%, 10/01/54^<br>5 year CMT + 2.83% |  | 44549 |
| 145000 | EQT Corp.\*<br>7.500%, 06/01/27 |  | 147439 |
| 70000 | Genesis Energy, LP / Genesis Energy <br>Finance Corp.<br>8.875%, 04/15/30 |  | 71542 |
| 45000 | 8.000%, 05/15/33 |  | 43805 |
| 125000 | Gulfport Energy Operating Corp.\*<br>6.750%, 09/01/29 |  | 123523 |
| 100000 | Howard Midstream Energy Partners, LLC\*<br>7.375%, 07/15/32 |  | 102441 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

High Income Opportunities Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| 90000 | Magnolia Oil & Gas Operating, LLC / <br>Magnolia Oil & Gas Finance Corp.\*<br>6.875%, 12/01/32 | $87361 |
| 92000 | Matador Resources Company\*<br>6.500%, 04/15/32 | 88703 |
| 96000 | Nabors Industries, Inc.\*<br>9.125%, 01/31/30 | 87172 |
| 35000 | Nabors Industries, Ltd.\*^<br>7.500%, 01/15/28 | 27869 |
| 70000 | New Fortress Energy, Inc.\*^<br>6.500%, 09/30/26 | 57519 |
| 97000 | Oceaneering International, Inc.<br>6.000%, 02/01/28 | 92536 |
| 61000 | ONEOK, Inc.\*<br>6.500%, 09/01/30 | 64654 |
| 135000 | Parkland Corp.\*<br>6.625%, 08/15/32 | 134406 |
| 86000 | Permian Resources Operating, LLC\*<br>7.000%, 01/15/32 | 86711 |
| 23000 | 6.250%, 02/01/33 | 22523 |
| 100000 | Plains All American Pipeline, LP‡<br>8.695%, 05/31/25<br>3 mo. SOFR + 4.37% | 98864 |
| 100000 | South Bow Canadian Infrastructure <br>Holdings, Ltd.\*‡<br>7.625%, 03/01/55<br>5 year CMT + 3.95% | 99932 |
| 134000 | Summit Midstream Holdings, LLC\*<br>8.625%, 10/31/29 | 132074 |
| 45000 | Sunoco, LP\*<br>6.250%, 07/01/33 | 44981 |
| 135000 | TGNR Intermediate Holdings, LLC\*<br>5.500%, 10/15/29 | 124008 |
| 138400 | Transocean, Inc.\*<br>8.750%, 02/15/30 | 135354 |
| 95000 | 8.250%, 05/15/29 | 76854 |
| 25000 | Venture Global Calcasieu Pass, LLC\*<br>4.125%, 08/15/31 | 22503 |
| 25000 | 3.875%, 08/15/29 | 22950 |
| 213000 | Venture Global LNG, Inc.\*<br>9.000%, 09/30/29‡<br>5 year CMT + 5.44% | 183053 |
| 120000 | 8.375%, 06/01/31 | 115762 |
| 75000 | 8.125%, 06/01/28 | 74588 |
| 48000 | 7.000%, 01/15/30 | 45270 |
| 45000 | 9.875%, 02/01/32 | 45814 |
| 45000 | 9.500%, 02/01/29 | 46665 |
| 88000 | Vital Energy, Inc.\*^<br>7.875%, 04/15/32 | 68125 |
| 90000 | VOC Escrow, Ltd.\*<br>5.000%, 02/15/28 | 88291 |
| 141000 | Weatherford International, Ltd.\*<br>8.625%, 04/30/30 | 139907 |
| 79000 | Wildfire Intermediate Holdings, LLC\*<br>7.500%, 10/15/29 | 72336 |
|  |  | 3787646 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
|  | Financials (14.4%) | Financials (14.4%) |
| 140000 | Acrisure, LLC / Acrisure Finance, Inc.\*<br>8.250%, 02/01/29 | $143448 |
| 90000 | Alliant Holdings Intermediate, LLC / <br>Alliant Holdings Co-Issuer\*<br>7.375%, 10/01/32 | 91031 |
| 90000 | 6.500%, 10/01/31 | 89978 |
| 126000 | Ally Financial, Inc.‡<br>4.700%, 05/15/26<br>5 year CMT + 3.87% | 116101 |
| 45000 | 4.700%, 05/15/28<br>7 year CMT + 3.48% | 38493 |
| 95000 | AmWINS Group, Inc.\*<br>4.875%, 06/30/29 | 90604 |
| 95000 | AssuredPartners, Inc.\*<br>5.625%, 01/15/29 | 94924 |
| 100000 | Baldwin Insurance Group Holdings, LLC / <br>Baldwin Insurance Group Holdings Finance\*<br>7.125%, 05/15/31 | 102049 |
| 90000 | Blackstone Mortgage Trust, Inc.\*<br>7.750%, 12/01/29 | 93706 |
| 50000 | Brandywine Operating Partnership, LP<br>8.875%, 04/12/29 | 52580 |
| 67000 | Bread Financial Holdings, Inc.\*‡<br>8.375%, 06/15/35<br>5 year CMT + 4.30 | 62852 |
| 150000 | BroadStreet Partners, Inc.\*<br>5.875%, 04/15/29 | 145038 |
| 96000 | Brookfield Property REIT, Inc. / <br>BPR Cumulus, LLC / BPR Nimbus, LLC / <br>GGSI Sellco, LLC\*<br>4.500%, 04/01/27 | 93191 |
| 200000 | Burford Capital Global Financial, LLC\*<br>6.875%, 04/15/30 | 199894 |
| 90000 | Corebridge Financial, Inc.‡^<br>6.375%, 09/15/54<br>5 year CMT + 2.65% | 86749 |
| 70000 | Credit Acceptance Corp.\*<br>9.250%, 12/15/28 | 74153 |
| 40000 | 6.625%, 03/15/30 | 39416 |
| 90000 | Cushman & Wakefield <br>U.S. Borrower, LLC\*^<br>8.875%, 09/01/31 | 96358 |
| 45000 | Enstar Group, Ltd.\*‡<br>7.500%, 04/01/45<br>5 year CMT + 3.19 | 45223 |
| 110000 | GGAM Finance, Ltd.\*<br>8.000%, 02/15/27 | 112904 |
| 45000 | 5.875%, 03/15/30 | 44821 |
| 139000 | Global Net Lease, Inc. / <br>Global Net Lease Operating Partnership, LP\*<br>3.750%, 12/15/27 | 131078 |
| 55000 | HAT Holdings I, LLC / HAT Holdings II, LLC\*<br>8.000%, 06/15/27 | 56616 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

High Income Opportunities Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
|  | HUB International, Ltd.\* |  |
| 90000 | 5.625%, 12/01/29 | $88260 |
| 75000 | 7.375%, 01/31/32 | 77312 |
| 68000 | Icahn Enterprises, LP / Icahn Enterprises <br>Finance Corp.<br>4.375%, 02/01/29 | 56720 |
| 150000 | Iron Mountain, Inc.\*<br>5.250%, 03/15/28 | 147750 |
| 200000 | Jefferies Finance, LLC / JFIN Co-Issuer Corp.\*<br>6.625%, 10/15/31 | 196310 |
| 98000 | Ladder Capital Finance Holdings, LLLP / <br>Ladder Capital Finance Corp.\*<br>4.750%, 06/15/29 | 94010 |
| 94000 | 5.250%, 10/01/25 | 93694 |
| 63000 | 7.000%, 07/15/31 | 65137 |
| 80000 | LD Holdings Group, LLC\*<br>8.750%, 11/01/27 | 73089 |
| 67300 | Level 3 Financing, Inc.\*<br>10.000%, 10/15/32 | 67376 |
| 50000 | 3.875%, 10/15/30 | 39560 |
| 90000 | Macquarie Airfinance Holdings, Ltd.\*<br>8.125%, 03/30/29 | 94274 |
| 129000 | MetLife, Inc.<br>6.400%, 12/15/66 | 127765 |
| 65000 | Necessity Retail REIT, Inc. / <br>American Finance Operating Partner, LP\*<br>4.500%, 09/30/28 | 61324 |
| 50000 | Newmark Group, Inc.<br>7.500%, 01/12/29 | 52346 |
| 65000 | OneMain Finance Corp.<br>3.875%, 09/15/28 | 60206 |
| 50000 | 7.500%, 05/15/31^ | 50796 |
| 90000 | Park Intermediate Holdings, LLC / <br>PK Domestic Property, LLC / <br>PK Finance Co-Issuer\* <br>7.000%, 02/01/30 | 90047 |
| 113000 | Provident Funding Associates, LP / <br>PFG Finance Corp.\*<br>9.750%, 09/15/29 | 116243 |
| 95000 | RHP Hotel Properties, LP / <br>RHP Finance Corp.\*<br>6.500%, 04/01/32 | 94863 |
| 91000 | Rocket Mortgage, LLC / Rocket Mortgage <br>Co-Issuer, Inc.\*<br>3.875%, 03/01/31 | 82425 |
| 45000 | 3.625%, 03/01/29 | 41976 |
| 65000 | Saks Global Enterprises, LLC\*<br>11.000%, 12/15/29 | 39460 |
| 70000 | Service Properties Trust<br>8.375%, 06/15/29 | 68308 |
| 90000 | Starwood Property Trust, Inc.\*<br>6.000%, 04/15/30 | 89273 |
| 45000 | 6.500%, 07/01/30 | 45401 |
| 125000 | StoneX Group, Inc.\*<br>7.875%, 03/01/31 | 130365 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 90000 | TrueNoord Capital DAC\*<br>8.750%, 03/01/30 | $| 92038 |
| 100000 | United Wholesale Mortgage, LLC\*<br>5.500%, 04/15/29 |  | 97066 |
| 50000 | 5.750%, 06/15/27 |  | 49400 |
| 57000 | Uniti Group, LP / Uniti Group <br>Finance 2019, Inc. / CSL Capital, LLC\*<br>10.500%, 02/15/28 |  | 60568 |
| 50000 | 6.500%, 02/15/29 |  | 45769 |
| 50000 | VFH Parent, LLC / Valor Co-Issuer, Inc.\*<br>7.500%, 06/15/31 |  | 51415 |
| 200000 | VZ Secured Financing, BV\*<br>5.000%, 01/15/32 |  | 174626 |
| 90000 | XHR, LP\*<br>6.625%, 05/15/30 |  | 88838 |
|  |  |  | 5005217 |
|  | Health Care (4.5%) | Health Care (4.5%) | Health Care (4.5%) |
| 46000 | Acadia Healthcare Company, Inc.\*<br>7.375%, 03/15/33 |  | 46133 |
| 170000 | CHS/Community Health Systems, Inc.\*<br>6.125%, 04/01/30 |  | 115733 |
| 73000 | 10.875%, 01/15/32 |  | 75456 |
| 49000 | 6.875%, 04/15/29 |  | 35936 |
| 12000 | 5.250%, 05/15/30 |  | 10255 |
| 100000 | DaVita, Inc.\*<br>4.625%, 06/01/30 |  | 93073 |
| 100000 | 3.750%, 02/15/31 |  | 87963 |
| 90000 | 6.875%, 09/01/32 |  | 90994 |
| 72000 | Embecta Corp.\*<br>5.000%, 02/15/30 |  | 64867 |
| 24000 | 6.750%, 02/15/30 |  | 23298 |
| 45000 | Encompass Health Corp.<br>4.750%, 02/01/30 |  | 43849 |
| 45000 | 4.500%, 02/01/28 |  | 44366 |
| 100000 | HCA, Inc.^<br>7.500%, 11/06/33 |  | 112893 |
| 110000 | Medline Borrower, LP\*<br>5.250%, 10/01/29 |  | 104607 |
| 110000 | 3.875%, 04/01/29 |  | 102705 |
| 12000 | Medline Borrower, LP / <br>Medline Co-Issuer, Inc.\*<br>6.250%, 04/01/29 |  | 12112 |
| 200000 | Organon & Company / <br>Organon Foreign Debt Co-Issuer, BV\*^<br>5.125%, 04/30/31 |  | 167958 |
| 200000 | Tenet Healthcare Corp.<br>6.250%, 02/01/27 |  | 200058 |
| 120000 | 6.875%, 11/15/31 |  | 123320 |
|  |  |  | 1555576 |
|  | Industrials (9.3%) | Industrials (9.3%) | Industrials (9.3%) |
| 100000 | Aar Escrow Issuer, LLC\*<br>6.750%, 03/15/29 |  | 102446 |
| 100000 | ACCO Brands Corp.\*<br>4.250%, 03/15/29 |  | 86969 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

High Income Opportunities Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| 95000 | Air Lease Corp.‡<br>4.125%, 12/15/26<br>5 year CMT + 3.15% | $87451 |
| 155000 | Albertsons Companies, Inc. / <br>Safeway, Inc. / New Albertsons, LP / <br>Albertsons, LLC\*<br>4.625%, 01/15/27 | 153496 |
| 75000 | 5.875%, 02/15/28 | 75140 |
| 49000 | Arcosa, Inc.\*<br>4.375%, 04/15/29 | 46023 |
| 46000 | 6.875%, 08/15/32 | 46896 |
| 233156 | ARD Finance, SA\*<br>6.500%, 06/30/27<br>7.250% PIK rate | 6130 |
| 50000 | Bombardier, Inc.\*<br>8.750%, 11/15/30 | 53678 |
| 40000 | 7.000%, 06/01/32^ | 40499 |
| 31000 | 7.250%, 07/01/31^ | 31817 |
| 19000 | 7.875%, 04/15/27 | 19054 |
| 87000 | BWX Technologies, Inc.\*<br>4.125%, 04/15/29 | 82712 |
| 95000 | Cascades, Inc. / Cascades USA, Inc.\*<br>5.375%, 01/15/28 | 92721 |
| 23000 | Delta Air Lines, Inc. / SkyMiles IP, Ltd.\*<br>4.750%, 10/20/28 | 22825 |
| 125000 | Deluxe Corp.\*<br>8.000%, 06/01/29 | 115265 |
| 25000 | 8.125%, 09/15/29 | 25044 |
| 85000 | EMRLD Borrower, LP / Emerald Co-Issuer, Inc.\*<br>6.625%, 12/15/30 | 86368 |
| 45000 | EnerSys\*<br>6.625%, 01/15/32 | 45998 |
| 45000 | 4.375%, 12/15/27 | 43669 |
| 40000 | EquipmentShare.com, Inc.\*<br>8.625%, 05/15/32 | 40786 |
| 35000 | 8.000%, 03/15/33^ | 34582 |
| 57000 | Graham Packaging Company, Inc.\*<br>7.125%, 08/15/28 | 55757 |
| 60000 | Graphic Packaging International, LLC\*<br>4.750%, 07/15/27 | 58949 |
| 44000 | 3.500%, 03/01/29 | 40964 |
| 107000 | Great Lakes Dredge & Dock Corp.\*<br>5.250%, 06/01/29 | 97723 |
| 180000 | H&E Equipment Services, Inc.\*<br>3.875%, 12/15/28 | 179532 |
| 115000 | Herc Holdings, Inc.\*<br>5.500%, 07/15/27 | 113891 |
| 50000 | 6.625%, 06/15/29 | 49430 |
| 75000 | JELD-WEN, Inc.\*<br>7.000%, 09/01/32^ | 66008 |
| 25000 | 4.875%, 12/15/27 | 23096 |
| 145000 | Ken Garff Automotive, LLC\*<br>4.875%, 09/15/28 | 140038 |
| 60000 | Moog, Inc.\*<br>4.250%, 12/15/27 | 57991 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 95000 | Novelis Corp.\*<br>4.750%, 01/30/30 | $| 88415 |
| 90000 | Quikrete Holdings, Inc.\*<br>6.375%, 03/01/32 |  | 90677 |
| 25000 | Sealed Air Corp.\*<br>6.500%, 07/15/32^ |  | 25469 |
| 24000 | 5.000%, 04/15/29 |  | 23412 |
| 78000 | Sealed Air Corp./Sealed Air Corp. U.S.\*<br>6.125%, 02/01/28 |  | 78649 |
| 25000 | 7.250%, 02/15/31 |  | 26041 |
| 86000 | Sensata Technologies, Inc.\*<br>3.750%, 02/15/31 |  | 75227 |
| 25000 | Standard Building Solutions, Inc.\*<br>6.500%, 08/15/32 |  | 25345 |
| 42000 | Standard Industries, Inc.\*<br>5.000%, 02/15/27 |  | 41735 |
| 95000 | TransDigm, Inc.\*<br>6.875%, 12/15/30 |  | 98009 |
| 70000 | 6.750%, 08/15/28 |  | 71459 |
| 35000 | 7.125%, 12/01/31 |  | 36428 |
| 23000 | 6.625%, 03/01/32 |  | 23598 |
| 26566 | United Airlines Pass Through Trust <br>Series 2019-2, Class B<br>3.500%, 11/01/29 |  | 25384 |
| 45000 | Wabash National Corp.\*<br>4.500%, 10/15/28 |  | 37890 |
| 92000 | Waste Pro USA, Inc.\*<br>7.000%, 02/01/33 |  | 94209 |
| 56000 | Williams Scotsman, Inc.\*<br>4.625%, 08/15/28 |  | 53944 |
| 45000 | 7.375%, 10/01/31 |  | 46680 |
| 35000 | 6.625%, 06/15/29 |  | 35546 |
|  |  |  | 3221065 |
|  | Information Technology (3.1%) | Information Technology (3.1%) | Information Technology (3.1%) |
| 56000 | Coherent Corp.\*<br>5.000%, 12/15/29 |  | 53746 |
| 48000 | Dun & Bradstreet Corp.\*<br>5.000%, 12/15/29 |  | 47955 |
| 48000 | Fair Isaac Corp.\*<br>4.000%, 06/15/28 |  | 46162 |
| 100000 | KBR, Inc.\*<br>4.750%, 09/30/28 |  | 94943 |
| 46000 | NCL Corp., Ltd.\*<br>6.750%, 02/01/32 |  | 44948 |
| 45000 | 8.125%, 01/15/29 |  | 47109 |
| 68000 | ON Semiconductor Corp.\*<br>3.875%, 09/01/28 |  | 64403 |
| 45000 | Open Text Corp.\*<br>6.900%, 12/01/27 |  | 46288 |
| 36000 | Open Text Holdings, Inc.\*<br>4.125%, 12/01/31 |  | 32201 |
| 79000 | Playtika Holding Corp.\*<br>4.250%, 03/15/29 |  | 69895 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

High Income Opportunities Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 120000 | TTM Technologies, Inc.\*<br>4.000%, 03/01/29 | $| 111859 |
| 65000 | Twilio, Inc.<br>3.625%, 03/15/29 |  | 61014 |
| 23000 | 3.875%, 03/15/31 |  | 20930 |
| 38000 | UKG, Inc.\*<br>6.875%, 02/01/31 |  | 39167 |
| 125000 | Viavi Solutions, Inc.\*<br>3.750%, 10/01/29 |  | 114640 |
| 100000 | Zebra Technologies Corp.\*<br>6.500%, 06/01/32 |  | 100589 |
| 100000 | ZoomInfo Technologies, LLC / <br>ZoomInfo Finance Corp.\*<br>3.875%, 02/01/29 |  | 92018 |
|  |  |  | 1087867 |
|  | Materials (3.6%) | Materials (3.6%) | Materials (3.6%) |
| 47000 | ATI, Inc.<br>5.875%, 12/01/27 |  | 46981 |
| 90000 | Avient Corp.\*<br>6.250%, 11/01/31 |  | 89077 |
| 45000 | Celanese US Holdings, LLC^<br>6.629%, 07/15/32 |  | 44297 |
| 80000 | Chemours Company\*<br>8.000%, 01/15/33 |  | 72139 |
| 73000 | 4.625%, 11/15/29 |  | 61155 |
| 145000 | Clearwater Paper Corp.\*<br>4.750%, 08/15/28 |  | 135266 |
| 75000 | Cleveland-Cliffs, Inc.\*^<br>7.000%, 03/15/32 |  | 70705 |
| 68000 | JW Aluminum Continuous Cast Company\*<br>10.250%, 04/01/30 |  | 66870 |
| 100000 | Knife River Corp.\*<br>7.750%, 05/01/31 |  | 104756 |
| 92000 | Mercer International, Inc.<br>5.125%, 02/01/29 |  | 75656 |
| 47000 | 12.875%, 10/01/28\* |  | 48096 |
| 200000 | OCI, NV\*<br>6.700%, 03/16/33 |  | 218476 |
| 100000 | Silgan Holdings, Inc.<br>4.125%, 02/01/28 |  | 96124 |
| 90000 | Terex Corp.\*<br>6.250%, 10/15/32 |  | 86223 |
| 37400 | Trinseo Luxco Finance SPV Sarl / <br>Trinseo NA Finance SPV, LLC\*<br>7.625%, 05/03/29 |  | 22978 |
|  |  |  | 1238799 |
|  | Other (2.4%) | Other (2.4%) | Other (2.4%) |
| 38667 | Claritev Corp.\*<br>6.750%, 03/31/31<br>0.75% PIK Rate |  | 24557 |
| 137025 | EchoStar Corp.<br>10.750%, 11/30/29 |  | 144971 |
| 89565 | 6.750%, 11/30/30 |  |  |
|  | 6.75% PIK Rate |  | 83435 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 45000 | Gen Digital, Inc.\*<br>6.750%, 09/30/27 | $| 45792 |
| 50000 | Mohegan Tribal Gaming Authority / <br>MS Digital Entertainment Holdings, LLC\*<br>8.250%, 04/15/30 |  | 50077 |
| 90000 | New Gold, Inc.\*<br>6.875%, 04/01/32 |  | 92065 |
| 85000 | Nissan Motor Acceptance Company, LLC\*<br>7.050%, 09/15/28 |  | 86960 |
| 90000 | Olin Corp.\*<br>6.625%, 04/01/33 |  | 85495 |
| 45000 | Reinsurance Group of America, Inc.‡<br>6.650%, 09/15/55<br>5 year CMT + 2.39 |  | 43782 |
| 90000 | Rfna, LP\*<br>7.875%, 02/15/30 |  | 88504 |
| 90000 | Stonepeak Nile Parent, LLC\*<br>7.250%, 03/15/32 |  | 91442 |
|  |  |  | 837080 |
|  | Real Estate (0.1%) | Real Estate (0.1%) | Real Estate (0.1%) |
| 46000 | Forestar Group, Inc.\*<br>6.500%, 03/15/33 |  | 44777 |
|  | Special Purpose Acquisition Companies (0.4%) | Special Purpose Acquisition Companies (0.4%) | Special Purpose Acquisition Companies (0.4%) |
| 25000 | Clydesdale Acquisition Holdings, Inc.\*<br>6.750%, 04/15/32 |  | 25599 |
| 95000 | Fertitta Entertainment, LLC / <br>Fertitta Entertainment Finance <br>Company, Inc.\*<br>6.750%, 01/15/30^ |  | 83114 |
| 46000 | 4.625%, 01/15/29 |  | 42727 |
|  |  |  | 151440 |
|  | Utilities (1.5%) | Utilities (1.5%) | Utilities (1.5%) |
| 36000 | AES Corp.‡<br>7.600%, 01/15/55<br>5 year CMT + 3.20% |  | 35688 |
| 33000 | 6.950%, 07/15/55<br>5 year CMT + 2.89 |  | 30882 |
| 45000 | Dominion Energy, Inc.‡<br>6.625%, 05/15/55<br>5 year CMT + 2.21% |  | 44455 |
| 100000 | Duke Energy Corp.‡^<br>6.450%, 09/01/54<br>5 year CMT + 2.59% |  | 100408 |
| 75000 | Entergy Corp.‡<br>7.125%, 12/01/54<br>5 year CMT + 2.67% |  | 75607 |
| 70000 | Evergy, Inc.‡<br>6.650%, 06/01/55<br>5 year CMT + 2.56% |  | 68156 |
| 72000 | NiSource, Inc.‡<br>6.950%, 11/30/54<br>5 year CMT + 2.45% |  | 73281 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

High Income Opportunities Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 34000 | PPL Capital Funding, Inc.‡<br>7.226%, 03/30/67<br>3 mo. SOFR + 2.93% | $| 33265 |
| 45000 | Vistra Corp.\*‡<br>7.000%, 12/15/26<br>5 year CMT + 5.74% |  | 45505 |
| 25000 | 8.000%, 10/15/26<br>5 year CMT + 6.93% |  | 25560 |
|  |  |  | 532807 |
|  | **TOTAL CORPORATE BONDS**<br> (Cost $28,759,830) |  | 27482598 |
| **BANK LOANS (16.2%)¡** |  |  |  |
|  | Airlines (0.3%) | Airlines (0.3%) | Airlines (0.3%) |
| 59400 | Air Canada‡<br>6.323%, 03/21/31<br>1 mo. SOFR + 2.00% |  | 58812 |
| 54002 | United Airlines, Inc.‡<br>6.275%, 02/22/31<br>3 mo. SOFR + 2.00% |  | 53944 |
|  |  |  | 112756 |
|  | Communication Services (1.9%) | Communication Services (1.9%) | Communication Services (1.9%) |
| 38449 | Audacy Capital Corp.‡<br>10.436%, 10/01/29<br>1 mo. SOFR + 6.00% |  | 32489 |
| 4281 | Audacy Capital Corp.‡<br>11.436%, 10/02/28<br>1 mo. SOFR + 7.00% |  | 4292 |
| 49620 | Cincinnati Bell, Inc.‡<br>7.072%, 11/22/28<br>1 mo. SOFR + 2.75% |  | 49397 |
| 41983 | Clear Channel Outdoor Holdings, Inc.‡<br>8.436%, 08/23/28<br>1 mo. SOFR + 4.00% |  | 40839 |
| 78461 | CSC Holdings, LLC‡<br>9.000%, 04/15/27<br>3 mo. Prime + 1.50% |  | 75710 |
| 35000 | Directv Financing, LLC!<br>0.000%, 08/02/29 |  | 33963 |
| 19909 | Directv Financing, LLC‡<br>9.541%, 08/02/27<br>3 mo. SOFR + 5.00% |  | 19935 |
| 69475 | Gray Television, Inc.‡<br>9.574%, 06/04/29<br>1 mo. SOFR + 5.25% |  | 67313 |
| 25000 | Gray Television, Inc.!<br>0.000%, 06/04/29 |  | 24222 |
| 50000 | Sinclair Television Group, Inc.‡<br>7.736%, 12/31/29<br>1 mo. SOFR + 3.30% |  | 39516 |
| 100000 | Telesat Canada‡<br>7.325%, 12/07/26<br>3 mo. SOFR + 2.75% |  | 55469 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 119450 | TripAdvisor, Inc.‡<br>7.049%, 07/08/31<br>3 mo. SOFR + 2.75% | $| 116762 |
| 95000 | Virgin Media Bristol, LLC‡<br>6.936%, 01/31/28<br>1 mo. SOFR + 2.50% |  | 93847 |
|  |  |  | 653754 |
|  | Consumer Discretionary (3.0%) | Consumer Discretionary (3.0%) | Consumer Discretionary (3.0%) |
| 34407 | American Axle & Manufacturing, Inc.‡<br>7.053%, 12/13/29<br>6 mo. SOFR + 3.00% |  | 33763 |
| 31963 | American Axle & Manufacturing, Inc.‡<br>7.321%, 12/13/29<br>1 mo. SOFR + 3.00% |  | 31364 |
| 29630 | American Axle & Manufacturing, Inc.‡<br>7.230%, 12/13/29<br>3 mo. SOFR + 3.00% |  | 29074 |
| 54470 | Caesars Entertainment, Inc.‡<br>6.563%, 02/06/30<br>3 mo. SOFR + 2.25% |  | 53844 |
| 77365 | Carnival Corp.‡<br>6.329%, 10/18/28<br>1 mo. SOFR + 2.00% |  | 77292 |
| 53434 | Carnival Corp.‡<br>6.329%, 08/08/27<br>1 mo. SOFR + 2.00% |  | 53568 |
| 59850 | Chinos Intermediate Holdings A, Inc.‡<br>10.280%, 09/26/31<br>3 mo. SOFR + 6.00% |  | 56982 |
| 70000 | Clarios Global, LP‡<br>7.072%, 01/28/32<br>1 mo. SOFR + 2.75% |  | 68746 |
| 89775 | Life Time Fitness, Inc.‡<br>6.785%, 11/05/31<br>3 mo. SOFR + 2.50% |  | 89360 |
| 97762 | Light & Wonder International, Inc.‡<br>6.570%, 04/14/29<br>1 mo. SOFR + 2.25% |  | 97804 |
| 44663 | Peloton Interactive, Inc.‡<br>9.813%, 05/23/29<br>3 mo. SOFR + 5.50% |  | 44746 |
| 86608 | PetSmart, Inc.‡<br>8.172%, 02/11/28<br>1 mo. SOFR + 3.75% |  | 85616 |
| 74625 | Staples, Inc.‡<br>10.041%, 09/04/29<br>3 mo. SOFR + 5.75% |  | 64613 |
| 99000 | Station Casinos, LLC‡<br>6.322%, 03/14/31<br>1 mo. SOFR + 2.00% |  | 98426 |
| 60494 | TKC Holdings, Inc.‡<br>9.323%, 05/15/28<br>1 mo. SOFR + 5.00% |  | 59889 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

High Income Opportunities Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 98693 | Windsor Holdings III, LLC‡<br>7.073%, 08/01/30<br>1 mo. SOFR + 2.75% | $ | 97706 |
|  |  |  | 1042793 |
|  | Consumer Staples (2.9%) | Consumer Staples (2.9%) | Consumer Staples (2.9%) |
| 307224 | Amneal Pharmaceuticals, LLC‡<br>9.822%, 05/04/28<br>1 mo. SOFR + 5.50% |  | 308396 |
| 74625 | B&G Foods, Inc.‡<br>7.822%, 10/10/29<br>1 mo. SOFR + 3.50% |  | 71547 |
| 182000 | Bausch Health Companies, Inc.‡<br>10.542%, 09/25/30<br>1 mo. SOFR + 6.25% |  | 172142 |
| 99251 | Fiesta Purchaser, Inc.‡<br>7.572%, 02/12/31<br>1 mo. SOFR + 3.25% |  | 98558 |
| 8956 | MPH Acquisition Holdings, LLC‡<br>8.030%, 12/31/30<br>3 mo. SOFR + 3.75% |  | 8862 |
| 90000 | Opal Bidco SAS!<br>0.000%, 03/31/32 |  | 89382 |
| 113974 | Star Parent, Inc.‡<br>8.299%, 09/27/30<br>3 mo. SOFR + 4.00% |  | 110484 |
| 64350 | United Natural Foods, Inc.‡<br>9.072%, 05/01/31<br>1 mo. SOFR + 4.75% |  | 64672 |
| 90000 | Veritiv Corp.‡<br>8.299%, 11/30/30<br>3 mo. SOFR + 4.00% |  | 89417 |
|  |  |  | 1013460 |
|  | Energy (0.9%) | Energy (0.9%) | Energy (0.9%) |
| 97761 | ChampionX Corp.‡<br>7.172%, 06/07/29<br>1 mo. SOFR + 2.75% |  | 97969 |
| 124000 | New Fortress Energy, Inc.‡<br>9.795%, 10/30/28<br>3 mo. SOFR + 5.50% |  | 90132 |
| 137523 | Par Petroleum, LLC‡<br>8.009%, 02/28/30<br>3 mo. SOFR + 3.75% |  | 133182 |
|  |  |  | 321283 |
|  | Financials (2.5%) | Financials (2.5%) | Financials (2.5%) |
| 118891 | Advisor Group, Inc.‡<br>7.822%, 08/17/28<br>1 mo. SOFR + 3.50% |  | 118587 |
| 74067 | Amynta Agency Borrower, Inc.‡<br>7.322%, 12/29/31<br>1 mo. SOFR + 3.00% |  | 73503 |
| 123750 | AssuredPartners, Inc.‡<br>7.822%, 02/14/31<br>1 mo. SOFR + 3.50% |  | 123899 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 49501 | Broadstreet Partners, Inc.‡<br>7.322%, 06/13/31<br>1 mo. SOFR + 3.00% | $| 49330 |
| 119700 | Dragon Buyer, Inc.‡<br>7.299%, 09/30/31<br>3 mo. SOFR + 3.00% |  | 119161 |
| 99003 | HUB International, Ltd.‡<br>6.770%, 06/20/30<br>3 mo. SOFR + 2.50% |  | 98482 |
| 69125 | Iron Mountain, Inc.‡<br>6.322%, 01/31/31<br>1 mo. SOFR + 2.00% |  | 68918 |
| 100000 | Level 3 Financing, Inc.‡<br>8.572%, 03/27/32<br>1 mo. SOFR + 4.25% |  | 99938 |
| 100000 | VFH Parent, LLC‡<br>6.822%, 06/21/31<br>1 mo. SOFR + 2.50% |  | 99750 |
|  |  |  | 851568 |
|  | Health Care (0.3%) | Health Care (0.3%) | Health Care (0.3%) |
| 108235 | Padagis, LLC‡<br>9.271%, 07/06/28<br>3 mo. SOFR + 4.75% |  | 101403 |
|  | Industrials (1.7%) | Industrials (1.7%) | Industrials (1.7%) |
| 89685 | ACProducts, Inc.‡<br>8.811%, 05/17/28<br>3 mo. SOFR + 4.25% |  | 61011 |
| 61750 | American Airlines, Inc.‡<br>6.520%, 04/20/28<br>3 mo. SOFR + 2.25% |  | 60578 |
| 90000 | ECO Material Tech, Inc.‡<br>7.467%, 02/12/32<br>6 mo. SOFR + 3.25% |  | 89325 |
| 34825 | EMRLD Borrower, LP‡<br>6.799%, 08/04/31<br>3 mo. SOFR + 2.50% |  | 34470 |
| 89325 | MI Windows & Doors, LLC‡<br>7.322%, 03/28/31<br>1 mo. SOFR + 3.00% |  | 88112 |
| 90000 | Quikrete Holdings, Inc.‡<br>6.572%, 02/10/32<br>1 mo. SOFR + 2.25% |  | 88348 |
| 183364 | TransDigm, Inc.‡<br>6.799%, 02/28/31<br>3 mo. SOFR + 2.50% |  | 181768 |
|  |  |  | 603612 |
|  | Information Technology (1.4%) | Information Technology (1.4%) | Information Technology (1.4%) |
| 132346 | Boxer Parent Company, Inc.‡<br>7.322%, 07/30/31<br>1 mo. SOFR + 3.00% |  | 129932 |
| 100581 | Camelot U.S. Acquisition, LLC‡<br>7.072%, 01/31/31<br>1 mo. SOFR + 2.75% |  | 99450 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

High Income Opportunities Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 88054 | Dun & Bradstreet Corp.‡<br>6.570%, 01/18/29<br>1 mo. SOFR + 2.25% | $| 87889 |
| 76870 | II-VI, Inc.‡<br>6.322%, 07/02/29<br>1 mo. SOFR + 2.00% |  | 76165 |
| 10000 | Qxo, Inc.!<br>0.000%, 04/23/32 |  | 10002 |
| 45000 | Rocket Software, Inc.!<br>0.000%, 11/28/28 |  | 44756 |
| 49625 | UKG, Inc.‡<br>7.320%, 02/10/31<br>1 mo. SOFR + 3.00% |  | 49512 |
|  |  |  | 497706 |
|  | Materials (0.8%) | Materials (0.8%) | Materials (0.8%) |
| 143529 | Ineos U.S. Finance, LLC‡<br>7.572%, 02/18/30<br>1 mo. SOFR + 3.25% |  | 134702 |
| 63752 | Trinseo Materials Operating SCA‡<br>7.075%, 05/03/28<br>3 mo. SOFR + 2.50% |  | 27324 |
| 97727 | W.R. Grace & Company-Conn.‡<br>7.549%, 09/22/28<br>3 mo. SOFR + 3.25% |  | 96180 |
|  |  |  | 258206 |
|  | Other (0.1%) | Other (0.1%) | Other (0.1%) |
| 45000 | Windstream Services, LLC‡<br>9.172%, 10/01/31<br>1 mo. SOFR + 4.75% |  | 44831 |
|  | Special Purpose Acquisition Companies (0.4%) | Special Purpose Acquisition Companies (0.4%) | Special Purpose Acquisition Companies (0.4%) |
| 36600 | Clydesdale Acquisition Holdings, Inc.‡<br>7.497%, 04/13/29<br>1 mo. SOFR + 3.18% |  | 36392 |
| 24250 | Fertitta Entertainment, LLC‡<br>7.822%, 01/27/29<br>1 mo. SOFR + 3.50% |  | 23681 |
| 97500 | Patagonia Holdco, LLC‡<br>10.052%, 08/01/29<br>3 mo. SOFR + 5.75% |  | 83312 |
|  |  |  | 143385 |
|  | **TOTAL BANK LOANS**<br> (Cost $5,812,869) |  | 5644757 |
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| **COMMON STOCKS (0.7%)** |  |  |  |
|  | Communication Services (0.1%) | Communication Services (0.1%) | Communication Services (0.1%) |
| 2040 | Altice USA, Inc. - Class A# |  | 5059 |
| 1699 | Audacy, Inc.# |  | 31432 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF <br>SHARES |  | VALUE | VALUE |
| 1273 | Cumulus Media, Inc. - Class A# | $ | 297 |
|  |  |  | 36788 |
|  | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) |
| 134 | Rite Aid Corp.# |  | 134 |
|  | Energy (0.6%) | Energy (0.6%) | Energy (0.6%) |
| 385 | Cheniere Energy Partners, LP |  | 22630 |
| 5575 | Energy Transfer, LP |  | 92210 |
| 2570 | Enterprise Products Partners, LP |  | 76843 |
| 660 | EP Energy Corp.# |  | 908 |
|  |  |  | 192591 |
|  | **TOTAL COMMON STOCKS**<br> (Cost $263,625) |  | 229513 |
| **WARRANTS (0.0%)#** |  |  |  |
|  | Communication Services (0.0%) | Communication Services (0.0%) | Communication Services (0.0%) |
| 297 | Audacy Capital, LLC<br>09/30/28, Strike $1.00 |  |  |
| 49 | Audacy Capital, LLC<br>09/30/28, Strike $1.00 |  |  |
|  | Energy (0.0%) | Energy (0.0%) | Energy (0.0%) |
| 4950 | Mcdermott International, Ltd.<br>06/30/27, Strike $15.98 |  | 1 |
| 4455 | Mcdermott International, Ltd.<br>06/30/27, Strike $12.33 |  |  |
|  |  |  | 1 |
|  | **TOTAL WARRANTS**<br> (Cost $1,910) |  | 1 |
| **PREFERRED STOCKS (0.3%)** |  |  |  |
|  | Communication Services (0.3%) | Communication Services (0.3%) | Communication Services (0.3%) |
| 2509 | Qwest Corp.<br>6.500%, 09/01/56 |  | 43657 |
| 738 | Telephone and Data Systems, Inc.<br>6.625%, 03/31/26 |  | 15372 |
| 760 | United States Cellular Corp.<br>6.250%, 09/01/69 |  | 17936 |
| 606 | 5.500%, 03/01/70 |  | 13308 |
| 70 | 5.500%, 06/01/70 |  | 1553 |
|  |  |  | 91826 |
|  | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) |
| 590 | Guitar Center, Inc.# |  | 8850 |
|  | **TOTAL PREFERRED STOCKS**<br> (Cost $152,515) |  | 100676 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

High Income Opportunities Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES/<br>PRINCIPAL <br>AMOUNT |  | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (6.9%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (6.9%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (6.9%)** |
| 2397333 | State Street Navigator Securities <br>Lending Government Money <br>Market Portfolio, 4.339%†\*\*\*<br>(Cost $2,397,333) | $2397333 |
|  | **TOTAL INVESTMENTS (103.4%)**<br> (Cost $37,482,835) | 35951459 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-6.9%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-6.9%) | (2397333) |
| OTHER ASSETS, LESS LIABILITIES (3.5%) | OTHER ASSETS, LESS LIABILITIES (3.5%) | 1209961 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $34764087 |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

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

‡ Variable rate security. The rate shown is the rate in effect at April 30, 2025.

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

@ In default status and considered non-income producing.

!! Restricted security—The Fund may own investment securities that have other legal or contractual limitations.

---

| | | |
|:---|:---|:---|
| RESTRICTED SECURITY | ACQUISITION DATE | ACQUISITION COST |
| Rite Aid Corp. | 09/04/2024 | $— |
|  | **TOTAL** | $— |

---

¡ Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.

! This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.

# Non-income producing security.

† Represents investment of cash collateral received from securities on loan as of April 30, 2025.

\*\*\* The rate disclosed is the 7 day net yield as of April 30, 2025.

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Short-Term Bond Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| **CORPORATE BONDS (56.3%)** |  |  |
|  | Airlines (0.5%) | Airlines (0.5%) |
| 809066 | Alaska Airlines Pass Through Trust <br>Series 2020-1, Class A\*<br>4.800%, 02/15/29 | $803079 |
| 86686 | Alaska Airlines Pass Through Trust <br>Series 2020-1, Class B\*<br>8.000%, 02/15/27 | 87318 |
| 510071 | British Airways Pass Through Trust <br>Series 2019-1, Class A\*<br>3.350%, 12/15/30 | 485404 |
| 728307 | JetBlue Pass Through Trust <br>Series 2020-1, Class B<br>7.750%, 05/15/30 | 738423 |
|  |  | 2114224 |
|  | Communication Services (1.8%) | Communication Services (1.8%) |
| 1000000 | Ashtead Capital, Inc.\*<br>4.375%, 08/15/27 | 992670 |
| 1000000 | AT&T, Inc.<br>1.700%, 03/25/26 | 976040 |
| 750000 | Cogent Communications Group, LLC\*<br>3.500%, 05/01/26 | 736942 |
| 500000 | Frontier California, Inc.<br>6.750%, 05/15/27 | 496620 |
| 500000 | Match Group Holdings II, LLC\*<br>4.625%, 06/01/28 | 481880 |
| 822000 | Netflix, Inc.\*<br>3.625%, 06/15/25 | 820603 |
| 500000 | Paramount Global<br>3.700%, 10/04/26 | 489220 |
| 400000 | Qwest Corp.<br>7.250%, 09/15/25 | 399016 |
| 1000000 | Rogers Communications, Inc.^<br>3.625%, 12/15/25 | 994670 |
| 500000 | Sirius XM Radio, LLC\*<br>3.125%, 09/01/26 | 487115 |
|  |  | 6874776 |
|  | Consumer Discretionary (6.0%) | Consumer Discretionary (6.0%) |
| 1000000 | Aptiv Swiss Holdings, Ltd.^<br>4.650%, 09/13/29 | 986630 |
| 500000 | AutoZone, Inc.<br>5.050%, 07/15/26 | 503200 |
| 500000 | 4.500%, 02/01/28 | 503125 |
| 1000000 | Bath & Body Works, Inc.\*^<br>6.625%, 10/01/30 | 1019640 |
| 1000000 | BMW US Capital, LLC\*^<br>5.050%, 08/11/28 | 1015460 |
| 1000000 | BorgWarner, Inc.^<br>2.650%, 07/01/27 | 961830 |
| 1000000 | Caesars Entertainment, Inc.\*<br>7.000%, 02/15/30 | 1025160 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 500000 | Carnival Corp.\*<br>4.000%, 08/01/28 | $| 477765 |
| 1865000 | CCO Holdings, LLC / <br>CCO Holdings Capital Corp.\*<br>5.125%, 05/01/27 |  | 1840140 |
| 500000 | Daimler Truck Finance North America, LLC\*<br>5.125%, 09/25/27 |  | 505750 |
| 500000 | 5.000%, 01/15/27 |  | 503835 |
| 1000000 | DR Horton, Inc.<br>4.850%, 10/15/30 |  | 1005060 |
| 1000000 | Ford Motor Credit Company, LLC<br>6.950%, 03/06/26 |  | 1010960 |
| 1000000 | General Motors Financial Company, Inc.<br>6.000%, 01/09/28 |  | 1025230 |
| 200000 | 5.400%, 04/06/26 |  | 200544 |
| 750000 | goeasy, Ltd.\*<br>9.250%, 12/01/28 |  | 786060 |
| 500000 | Group 1 Automotive, Inc.\*<br>6.375%, 01/15/30 |  | 506640 |
| 500000 | International Game Technology, PLC\*<br>5.250%, 01/15/29 |  | 489110 |
| 500000 | 4.125%, 04/15/26 |  | 493710 |
| 276971 | JetBlue Pass Through Trust <br>Series 2019-2, Class B<br>8.000%, 11/15/27 |  | 276985 |
| 500000 | Kia Corp.\*<br>3.500%, 10/25/27 |  | 488525 |
| 1000000 | Lowe's Companies, Inc.<br>4.400%, 09/08/25 |  | 999390 |
| 750000 | Mattel, Inc.\*<br>3.375%, 04/01/26 |  | 736695 |
| 500000 | 5.875%, 12/15/27 |  | 498395 |
| 1000000 | Meritage Homes Corp.\*^<br>3.875%, 04/15/29 |  | 953830 |
| 500000 | MGM Resorts International<br>6.125%, 09/15/29 |  | 498405 |
| 500000 | 5.500%, 04/15/27 |  | 499245 |
| 313000 | Newell Brands, Inc.<br>5.700%, 04/01/26 |  | 309291 |
| 1000000 | O'Reilly Automotive, Inc.<br>5.750%, 11/20/26 |  | 1019230 |
| 500000 | Royal Caribbean Cruises, Ltd.\*<br>5.500%, 04/01/28 |  | 499750 |
| 1000000 | Taylor Morrison Communities, Inc.\*<br>5.750%, 01/15/28 |  | 1001650 |
| 500000 | ZF North America Capital, Inc.\*<br>6.875%, 04/14/28 |  | 477825 |
|  |  |  | 23119065 |
|  | Consumer Staples (1.7%) | Consumer Staples (1.7%) | Consumer Staples (1.7%) |
| 500000 | Brink's Company\*<br>6.500%, 06/15/29 |  | 510420 |
| 1000000 | Cintas Corp. No 2<br>4.200%, 05/01/28 |  | 1003750 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Short-Term Bond Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 1000000 | Dollar General Corp.^<br>4.625%, 11/01/27 | $| 1002550 |
| 300000 | McCormick & Company, Inc.<br>0.900%, 02/15/26 |  | 291216 |
| 1000000 | Mondelez International, Inc.<br>2.625%, 03/17/27 |  | 969630 |
| 1000000 | Performance Food Group, Inc.\*<br>5.500%, 10/15/27 |  | 995400 |
| 1000000 | Sysco Corp.<br>3.300%, 07/15/26 |  | 986490 |
| 1000000 | United Rentals North America, Inc.<br>3.875%, 11/15/27 |  | 966300 |
|  |  |  | 6725756 |
|  | Energy (3.5%) | Energy (3.5%) | Energy (3.5%) |
| 500000 | Buckeye Partners, LP\*<br>6.875%, 07/01/29 |  | 509815 |
| 1000000 | Enbridge, Inc.<br>5.250%, 04/05/27 |  | 1015270 |
| 500000 | Enterprise Products Operating, LLC<br>5.050%, 01/10/26 |  | 502350 |
| 500000 | EQT Corp.\*<br>7.500%, 06/01/27 |  | 508410 |
| 500000 | 6.375%, 04/01/29 |  | 511185 |
| 1000000 | Hess Midstream Operations, LP\*<br>6.500%, 06/01/29 |  | 1016190 |
| 1000000 | 5.875%, 03/01/28 |  | 1002320 |
| 1000000 | Kinder Morgan, Inc.<br>5.100%, 08/01/29 |  | 1016200 |
| 500000 | Oceaneering International, Inc.<br>6.000%, 02/01/28 |  | 476990 |
| 1000000 | ONEOK, Inc.<br>5.550%, 11/01/26 |  | 1012540 |
| 500000 | 4.850%, 07/15/26 |  | 500100 |
| 500000 | Parkland Corp.\*<br>5.875%, 07/15/27 |  | 496205 |
| 500000 | Patterson-UTI Energy, Inc.<br>3.950%, 02/01/28 |  | 480185 |
| 1000000 | Schlumberger Holdings Corp.\*^<br>5.000%, 05/29/27 |  | 1013990 |
| 1000000 | South Bow USA Infrastructure Holdings <br>LLC\*<br>4.911%, 09/01/27 |  | 1005190 |
| 500000 | VOC Escrow, Ltd.\*<br>5.000%, 02/15/28 |  | 490505 |
| 1000000 | Weatherford International, Ltd.\*<br>8.625%, 04/30/30 |  | 992250 |
| 1000000 | Williams Companies, Inc.<br>5.400%, 03/02/26 |  | 1006010 |
|  |  |  | 13555705 |
|  | Financials (19.1%) | Financials (19.1%) | Financials (19.1%) |
| 1000000 | AerCap Ireland Capital DAC / <br>AerCap Global Aviation Trust<br>4.875%, 04/01/28 |  | 1005350 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| 1000000 | African Development Bank<br>3.375%, 07/07/25 | $997970 |
| 1000000 | Allstate Corp.<br>5.050%, 06/24/29 | 1020720 |
| 1000000 | American Express Company‡<br>5.085%, 01/30/31<br>SOFR + 1.02% | 1018340 |
| 500000 | 5.389%, 07/28/27<br>SOFR + 0.97% | 505330 |
| 1000000 | Aon North America, Inc.<br>5.125%, 03/01/27 | 1014210 |
| 500000 | Arthur J Gallagher & Company<br>4.850%, 12/15/29^ | 506220 |
| 500000 | 4.600%, 12/15/27 | 503815 |
| 1000000 | Asian Infrastructure Investment Bank<br>4.000%, 01/18/28 | 1009290 |
| 750000 | Aviation Capital Group, LLC\*<br>1.950%, 09/20/26 | 722422 |
| 500000 | Avolon Holdings Funding, Ltd.\*<br>6.375%, 05/04/28 | 515590 |
| 250000 | 5.500%, 01/15/26 | 250345 |
| 1000000 | AXIS Specialty Finance, PLC<br>4.000%, 12/06/27 | 985900 |
| 1000000 | Bank of America Corp.‡<br>4.979%, 01/24/29<br>SOFR + 0.83% | 1013360 |
| 250000 | 1.658%, 03/11/27<br>SOFR + 0.91% | 243920 |
| 1000000 | Bank of Montreal<br>5.203%, 02/01/28 | 1022380 |
| 1000000 | Bank of Nova Scotia^<br>5.250%, 06/12/28 | 1028450 |
| 1000000 | Bank of NY Mellon Corp.‡<br>4.414%, 07/24/26<br>SOFR + 1.35% | 999320 |
| 500000 | Barclays, PLC‡<br>5.304%, 08/09/26<br>1 year CMT + 2.30% | 500300 |
| 250000 | BlackRock Funding, Inc.^<br>4.600%, 07/26/27 | 253390 |
| 500000 | Blackstone Private Credit Fund\*<br>4.950%, 09/26/27 | 495390 |
| 500000 | Capital One Financial Corp.‡<br>4.985%, 07/24/26<br>SOFR + 2.16% | 500060 |
| 500000 | CBRE Services, Inc.<br>4.800%, 06/15/30 | 497755 |
| 250000 | Charles Schwab Corp.<br>0.900%, 03/11/26 | 242738 |
| 1000000 | Chubb INA Holdings, LLC<br>4.650%, 08/15/29 | 1017430 |
| 1000000 | Citigroup, Inc.‡<br>3.887%, 01/10/28<br>3 mo. SOFR + 1.82% | 989890 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Short-Term Bond Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| 1000000 | CNO Global Funding\*<br>5.875%, 06/04/27 | $1029760 |
| 750000 | Comerica, Inc.‡<br>5.982%, 01/30/30<br>SOFR + 2.16% | 759382 |
| 1000000 | Cooperatieve Rabobank UA\*^‡<br>4.655%, 08/22/28<br>1 year CMT + 1.75% | 1002770 |
| 1000000 | Council Of Europe Development Bank<br>3.750%, 05/25/26 | 998900 |
| 330000 | Credit Acceptance Corp.\*<br>9.250%, 12/15/28 | 349579 |
| 222000 | 6.625%, 03/15/30 | 218757 |
| 1000000 | Danske Bank, A/S\*‡<br>4.298%, 04/01/28<br>1 year CMT + 1.75% | 994120 |
| 1250000 | Discover Financial Services<br>4.100%, 02/09/27 | 1239187 |
| 1000000 | Enact Holdings, Inc.<br>6.250%, 05/28/29 | 1024380 |
| 1000000 | Essent Group, Ltd.<br>6.250%, 07/01/29 | 1026530 |
| 1250000 | European Bank for Reconstruction & <br>Development<br>0.500%, 11/25/25 | 1224150 |
| 1000000 | 0.500%, 05/19/25 | 998060 |
| 1000000 | European Investment Bank<br>3.250%, 11/15/27 | 991180 |
| 500000 | Federal Realty OP, LP<br>1.250%, 02/15/26 | 486370 |
| 1000000 | Fifth Third Bank NA‡<br>4.967%, 01/28/28<br>SOFR + 0.81% | 1006100 |
| 1000000 | Fiserv, Inc.^<br>4.750%, 03/15/30 | 999670 |
| 1000000 | FNB Corp.‡<br>5.722%, 12/11/30<br>SOFR + 1.93% | 997940 |
| 500000 | GGAM Finance, Ltd.\*<br>8.000%, 06/15/28 | 524425 |
| 750000 | Global Net Lease, Inc. / Global Net Lease <br>Operating Partnership, LP\*<br>3.750%, 12/15/27 | 707257 |
| 1000000 | GLP Capital, LP / GLP Financing II, Inc.<br>5.750%, 06/01/28 | 1015600 |
| 500000 | Goldman Sachs BDC, Inc.<br>6.375%, 03/11/27 | 511765 |
| 735000 | HAT Holdings I, LLC / HAT Holdings II, LLC\*<br>8.000%, 06/15/27 | 756594 |
| 500000 | International Finance Corp.<br>3.625%, 09/15/25 | 498560 |
| 1000000 | JPMorgan Chase & Company‡<br>4.915%, 01/24/29<br>SOFR + 0.80% | 1014380 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| 250000 | 1.578%, 04/22/27<br>SOFR + 0.89% | $243080 |
| 500000 | KeyBank NA^<br>4.150%, 08/08/25 | 499230 |
| 500000 | KeyCorp‡<br>5.121%, 04/04/31<br>Update Replacements.xls: <br>SOFRINDX + 1.23 | 499500 |
| 1000000 | Kreditanstalt fuer Wiederaufbau<br>3.750%, 02/15/28 | 1003610 |
| 300000 | 1.000%, 10/01/26 | 288792 |
| 1000000 | Ladder Capital Finance Holdings, LLLP / <br>Ladder Capital Finance Corp.\*<br>5.250%, 10/01/25 | 996740 |
| 1000000 | LPL Holdings, Inc.\*<br>4.625%, 11/15/27 | 994730 |
| 1000000 | M&T Bank Corp.^‡<br>4.833%, 01/16/29<br>SOFR + 0.93% | 1001630 |
| 2000000 | Macquarie Airfinance Holdings, Ltd.\*<br>5.200%, 03/27/28 | 2000420 |
| 250000 | Manufacturers & Traders Trust Company^<br>4.650%, 01/27/26 | 249927 |
| 500000 | Metropolitan Life Global Funding I\*<br>5.000%, 01/06/26 | 501875 |
| 500000 | Morgan Stanley‡<br>5.042%, 07/19/30<br>SOFR + 1.22% | 506005 |
| 500000 | Morgan Stanley Bank NA‡<br>4.952%, 01/14/28<br>SOFR + 1.08% | 504165 |
| 1000000 | Mutual of Omaha Companies <br>Global Funding\*<br>5.350%, 04/09/27 | 1017270 |
| 750000 | Nasdaq, Inc.<br>5.350%, 06/28/28^ | 770655 |
| 34000 | 5.650%, 06/28/25 | 34048 |
| 500000 | National Bank of Canada<br>5.600%, 12/18/28 | 518565 |
| 1000000 | National Securities Clearing Corp.\*<br>5.150%, 05/30/25 | 1000720 |
| 500000 | NatWest Markets, PLC\*<br>1.600%, 09/29/26 | 480855 |
| 500000 | Nordea Bank Abp\*<br>4.750%, 09/22/25 | 500190 |
| 500000 | 1.500%, 09/30/26 | 481385 |
| 1000000 | Nordic Investment Bank<br>0.375%, 09/11/25 | 985500 |
| 1000000 | Nuveen, LLC\*<br>5.550%, 01/15/30 | 1037480 |
| 1000000 | Oesterreichische Kontrollbank, AG<br>3.625%, 09/09/27 | 999050 |
| 500000 | OneMain Finance Corp.<br>3.500%, 01/15/27 | 479030 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Short-Term Bond Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| 1000000 | PayPal Holdings, Inc.<br>2.650%, 10/01/26 | $981710 |
| 1000000 | PNC Bank NA‡<br>4.775%, 01/15/27<br>SOFR + 0.50% | 1000540 |
| 935000 | Pricoa Global Funding I\*<br>4.200%, 08/28/25 | 934009 |
| 500000 | 1.200%, 09/01/26 | 480150 |
| 1000000 | Principal Life Global Funding II\*<br>4.950%, 11/27/29 | 1015430 |
| 200000 | 5.000%, 01/16/27 | 202446 |
| 500000 | Prologis Targeted US Logistics Fund, LP\*^<br>5.250%, 04/01/29 | 513840 |
| 1000000 | Prologis, LP^<br>4.875%, 06/15/28 | 1018570 |
| 500000 | Radian Group, Inc.^<br>6.200%, 05/15/29 | 516845 |
| 500000 | RLJ Lodging Trust, LP\*<br>3.750%, 07/01/26 | 491185 |
| 500000 | Rocket Mortgage, LLC / Rocket <br>Mortgage Co-Issuer, Inc.\*<br>2.875%, 10/15/26 | 483345 |
| 750000 | Royal Bank Of Canada<br>6.000%, 11/01/27 | 780975 |
| 250000 | Royal Bank of Canada^<br>0.875%, 01/20/26 | 244173 |
| 500000 | SBA Tower Trust\*<br>1.631%, 05/15/51 | 476188 |
| 250000 | 1.840%, 04/15/27 | 237555 |
| 200000 | 1.884%, 07/15/50 | 195782 |
| 300000 | Skandinaviska Enskilda Banken, AB\*<br>1.200%, 09/09/26 | 288546 |
| 500000 | SLM Corp.<br>3.125%, 11/02/26 | 484570 |
| 500000 | State Street Corp.‡<br>5.751%, 11/04/26<br>SOFR + 1.35% | 502655 |
| 500000 | 4.530%, 02/20/29<br>SOFR + 1.02% | 502835 |
| 1000000 | Svenska Handelsbanken, AB\*<br>3.650%, 06/10/25 | 999040 |
| 500000 | Synovus Bank<br>5.625%, 02/15/28 | 502155 |
| 500000 | Toronto-Dominion Bank<br>3.766%, 06/06/25 | 499655 |
| 250000 | 1.200%, 06/03/26 | 241938 |
| 250000 | 0.750%, 01/06/26^ | 243915 |
| 1000000 | Toyota Motor Credit Corp.<br>4.625%, 01/12/28 | 1011650 |
| 1000000 | Truist Financial Corp.‡<br>5.900%, 10/28/26<br>SOFR + 1.63% | 1005730 |
| 1000000 | US Bancorp^‡<br>5.100%, 07/23/30<br>SOFR + 1.25% | 1016480 |
|  |  | 73701665 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
|  | Health Care (3.3%) | Health Care (3.3%) |
| 1000000 | Agilent Technologies, Inc.<br>2.750%, 09/15/29 | $927500 |
| 1000000 | Blue Cross & Blue Shield of Minnesota\*<br>3.790%, 05/01/25 | 1000000 |
| 250000 | Bristol-Myers Squibb Company^<br>4.900%, 02/22/27 | 254065 |
| 1000000 | Cardinal Health, Inc.<br>5.000%, 11/15/29 | 1016760 |
| 1000000 | CVS Health Corp.<br>5.000%, 02/20/26 | 1002430 |
| 1000000 | Elevance Health, Inc.<br>4.101%, 03/01/28 | 994320 |
| 1000000 | Gilead Sciences, Inc.^<br>1.200%, 10/01/27 | 934530 |
| 1000000 | Health Care Service Corp. A <br>Mutual Legal Reserve Company\*<br>1.500%, 06/01/25 | 996740 |
| 1000000 | Illumina, Inc.<br>5.800%, 12/12/25 | 1006390 |
| 1000000 | IQVIA, Inc.<br>5.700%, 05/15/28 | 1018180 |
| 500000 | Laboratory Corp. of America Holdings<br>2.950%, 12/01/29 | 465865 |
| 1000000 | McKesson Corp.<br>0.900%, 12/03/25 | 980060 |
| 750000 | Teva Pharmaceutical Finance <br>Netherlands III, BV<br>3.150%, 10/01/26 | 725445 |
| 1000000 | Thermo Fisher Scientific, Inc.^<br>5.000%, 01/31/29 | 1028570 |
| 500000 | UnitedHealth Group, Inc.<br>5.250%, 02/15/28 | 514975 |
|  |  | 12865830 |
|  | Industrials (7.6%) | Industrials (7.6%) |
| 500000 | Aar Escrow Issuer, LLC\*<br>6.750%, 03/15/29 | 512230 |
| 1000000 | AGCO Corp.<br>5.450%, 03/21/27 | 1009620 |
| 500000 | Air Lease Corp.<br>2.200%, 01/15/27 | 480765 |
| 1000000 | Amphenol Corp.<br>5.050%, 04/05/27 | 1018060 |
| 466000 | Berry Global, Inc.\*<br>4.875%, 07/15/26 | 465259 |
| 1000000 | Canadian Pacific Railway Company<br>4.000%, 06/01/28 | 993240 |
| 1000000 | Cascades, Inc. / Cascades USA, Inc.\*<br>5.125%, 01/15/26 | 993600 |
| 500000 | Clean Harbors, Inc.\*<br>4.875%, 07/15/27 | 493425 |
| 1000000 | CNH Industrial Capital, LLC<br>4.500%, 10/08/27 | 998810 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Short-Term Bond Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| 1100000 | CRH SMW Finance DAC<br>5.125%, 01/09/30 | $1121637 |
| 1015989 | Delta Air Lines Pass-Through Trust <br>Series 2020-1, Class AA<br>2.000%, 12/10/29 | 952733 |
| 166667 | Delta Air Lines, Inc. / SkyMiles IP, Ltd.\*<br>4.500%, 10/20/25 | 165950 |
| 250000 | GATX Corp.<br>5.400%, 03/15/27 | 253588 |
| 500000 | Graphic Packaging International, LLC\*<br>1.512%, 04/15/26 | 483220 |
| 500000 | GXO Logistics, Inc.<br>1.650%, 07/15/26 | 479570 |
| 500000 | Harley-Davidson Financial Services, Inc.\*^<br>6.500%, 03/10/28 | 510800 |
| 500000 | Herc Holdings, Inc.\*<br>6.625%, 06/15/29 | 494305 |
| 1000000 | Holcim Finance US, LLC\*<br>4.700%, 04/07/28 | 1007320 |
| 1000000 | Ingersoll Rand, Inc.<br>5.400%, 08/14/28 | 1028750 |
| 500000 | Johnson Controls International, PLC / <br>Tyco Fire and Security Finance SCA^<br>5.500%, 04/19/29 | 517345 |
| 1000000 | Leidos, Inc.<br>3.625%, 05/15/25 | 999410 |
| 1000000 | Lennox International, Inc.^<br>5.500%, 09/15/28 | 1026950 |
| 1000000 | Mohawk Industries, Inc.<br>5.850%, 09/18/28 | 1036660 |
| 1000000 | Nordson Corp<br>5.600%, 09/15/28 | 1031490 |
| 1000000 | Owens Corning<br>5.500%, 06/15/27 | 1019400 |
| 1000000 | Parker-Hannifin Corp.<br>4.250%, 09/15/27 | 1001290 |
| 1000000 | Paychex, Inc.<br>5.100%, 04/15/30 | 1016030 |
| 1000000 | Penske Truck Leasing Company, LP / <br>PTL Finance Corp.\*<br>5.250%, 02/01/30 | 1016300 |
| 1000000 | Ryder System, Inc.^<br>5.650%, 03/01/28 | 1030330 |
| 250000 | Sealed Air Corp.\*<br>4.000%, 12/01/27 | 241755 |
| 389000 | Sealed Air Corp./Sealed Air Corp. U.S.\*<br>6.125%, 02/01/28 | 392236 |
| 500000 | Sensata Technologies, BV\*^<br>4.000%, 04/15/29 | 460510 |
| 500000 | SMBC Aviation Capital Finance DAC\*<br>5.100%, 04/01/30 | 500975 |
| 500000 | 1.900%, 10/15/26 | 480865 |
| 500000 | TransDigm, Inc.\*<br>6.375%, 03/01/29 | 510095 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 1000000 | Tyco Electronics Group SA<br>4.500%, 02/13/26 | $| 1000340 |
| 357698 | United Airlines Pass Through Trust <br>Series 2018-1, Class B<br>4.600%, 09/01/27 |  | 348999 |
| 389327 | United Airlines Pass Through Trust<br>Series 2019-1 Class A |  |  |
|  | 4.550%, 02/25/33 |  | 359676 |
| 1000000 | Veralto Corp.<br>5.500%, 09/18/26 |  | 1014330 |
| 500000 | WESCO Distribution, Inc.\*<br>6.375%, 03/15/29 |  | 508190 |
| 500000 | Williams Scotsman, Inc.\*<br>6.625%, 06/15/29 |  | 507795 |
|  |  |  | 29483853 |
|  | Information Technology (5.1%) | Information Technology (5.1%) | Information Technology (5.1%) |
| 1000000 | Accenture Capital, Inc.<br>4.050%, 10/04/29 |  | 993750 |
| 1000000 | Applied Materials, Inc.<br>4.800%, 06/15/29 |  | 1024090 |
| 1000000 | Autodesk, Inc.<br>4.375%, 06/15/25 |  | 999160 |
| 1000000 | Booz Allen Hamilton, Inc.\*<br>3.875%, 09/01/28 |  | 961570 |
| 715000 | Broadridge Financial Solutions, Inc.<br>3.400%, 06/27/26 |  | 705533 |
| 1000000 | Cadence Design Systems, Inc.<br>4.200%, 09/10/27 |  | 1000130 |
| 500000 | CDW, LLC / CDW Finance Corp.<br>3.250%, 02/15/29 |  | 466625 |
| 500000 | CGI, Inc.<br>1.450%, 09/14/26 |  | 479780 |
| 500000 | Dell International, LLC / EMC Corp.<br>4.750%, 04/01/28 |  | 504185 |
| 500000 | Fortinet, Inc.<br>1.000%, 03/15/26 |  | 484915 |
| 1000000 | Hewlett Packard Enterprise Company<br>4.400%, 09/25/27 |  | 999450 |
| 500000 | HP, Inc.<br>1.450%, 06/17/26 |  | 482265 |
| 505000 | International Business Machines Corp.<br>4.500%, 02/06/26 |  | 505510 |
| 1000000 | Intuit, Inc.<br>5.250%, 09/15/26 |  | 1014640 |
| 1000000 | Keysight Technologies, Inc.<br>3.000%, 10/30/29 |  | 928930 |
| 1000000 | Mercedes-Benz Finance North America, LLC\*<br>5.375%, 11/26/25 |  | 1003820 |
| 1000000 | NetApp, Inc.^<br>1.875%, 06/22/25 |  | 995490 |
| 1000000 | NVIDIA Corp.<br>1.550%, 06/15/28 |  | 931370 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Short-Term Bond Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 500000 | Open Text Corp.\*<br>6.900%, 12/01/27 | $| 514310 |
| 1000000 | Oracle Corp.<br>2.650%, 07/15/26 |  | 979060 |
| 500000 | 4.800%, 08/03/28^ |  | 506655 |
| 500000 | Roper Technologies, Inc.<br>4.200%, 09/15/28 |  | 496350 |
| 1000000 | Synopsys, Inc.<br>4.850%, 04/01/30 |  | 1011250 |
| 500000 | Take-Two Interactive Software, Inc.<br>5.000%, 03/28/26 |  | 501640 |
| 500000 | Texas Instruments, Inc.<br>4.600%, 02/15/28 |  | 507665 |
| 250000 | 1.125%, 09/15/26 |  | 240705 |
| 500000 | Viavi Solutions, Inc.\*<br>3.750%, 10/01/29 |  | 458560 |
|  |  |  | 19697408 |
|  | Materials (0.5%) | Materials (0.5%) | Materials (0.5%) |
| 410000 | Ball Corp.<br>6.875%, 03/15/28 |  | 420590 |
| 637000 | Celanese US Holdings, LLC<br>6.415%, 07/15/27 |  | 642778 |
| 250000 | Genuine Parts Company<br>4.950%, 08/15/29 |  | 251667 |
| 500000 | Sherwin-Williams Company<br>3.450%, 06/01/27 |  | 491300 |
| 200000 | 4.250%, 08/08/25 |  | 199746 |
|  |  |  | 2006081 |
|  | Other (1.9%) | Other (1.9%) | Other (1.9%) |
| 500000 | Alumina Pty, Ltd.\*<br>6.125%, 03/15/30 |  | 495425 |
| 2000000 | Asian Development Bank<br>2.750%, 01/19/28 |  | 1954140 |
| 1000000 | Element Fleet Management Corp.\*<br>5.037%, 03/25/30 |  | 996800 |
| 1000000 | Federation des Caisses Desjardins <br>du Quebec\*<br>4.400%, 08/23/25 |  | 999310 |
| 1000000 | Flutter Treasury DAC\*^<br>6.375%, 04/29/29 |  | 1020830 |
| 500000 | Gen Digital, Inc.\*<br>6.750%, 09/30/27 |  | 508795 |
| 500000 | JB Hunt Transport Services, Inc.<br>4.900%, 03/15/30 |  | 504890 |
| 500000 | Nissan Motor Acceptance Company, LLC\*<br>7.050%, 09/15/28 |  | 511530 |
| 250000 | VICI Properties, LP<br>4.750%, 04/01/28 |  | 250418 |
|  |  |  | 7242138 |
|  | Real Estate (2.3%) | Real Estate (2.3%) | Real Estate (2.3%) |
| 1000000 | American Tower Corp.<br>1.600%, 04/15/26 |  | 971370 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 1000000 | Boston Properties, LP<br>6.750%, 12/01/27 | $| 1044100 |
| 1000000 | Brixmor Operating Partnership, LP<br>4.125%, 06/15/26 |  | 994260 |
| 1000000 | Camden Property Trust<br>5.850%, 11/03/26 |  | 1021590 |
| 1000000 | Crown Castle, Inc.<br>4.450%, 02/15/26 |  | 997260 |
| 500000 | Equinix, Inc.<br>1.000%, 09/15/25 |  | 492495 |
| 250000 | 1.250%, 07/15/25^ |  | 248170 |
| 1000000 | Public Storage Operating Company^<br>5.125%, 01/15/29 |  | 1031320 |
| 1000000 | Realty Income Corp.^<br>5.050%, 01/13/26 |  | 999640 |
| 500000 | Simon Property Group, LP^<br>1.375%, 01/15/27 |  | 476215 |
| 250000 | Welltower OP, LLC<br>4.000%, 06/01/25 |  | 249825 |
| 500000 | Weyerhaeuser Company<br>4.750%, 05/15/26 |  | 500460 |
|  |  |  | 9026705 |
|  | Special Purpose Acquisition Company (0.3%) | Special Purpose Acquisition Company (0.3%) | Special Purpose Acquisition Company (0.3%) |
| 1000000 | New York Life Global Funding\*<br>3.600%, 08/05/25 |  | 998370 |
|  | Utilities (2.7%) | Utilities (2.7%) | Utilities (2.7%) |
| 250000 | AES Corp.<br>1.375%, 01/15/26 |  | 243902 |
| 1000000 | Alliant Energy Finance, LLC\*<br>5.400%, 06/06/27 |  | 1015080 |
| 1000000 | CMS Energy Corp.<br>3.600%, 11/15/25 |  | 994740 |
| 300000 | DPL, Inc.<br>4.125%, 07/01/25 |  | 300000 |
| 1000000 | Duke Energy Carolinas, LLC<br>4.850%, 03/15/30 |  | 1020900 |
| 300000 | Entergy Corp.<br>0.900%, 09/15/25 |  | 295788 |
| 500000 | Entergy Texas, Inc.<br>1.500%, 09/01/26 |  | 478230 |
| 1000000 | National Rural Utilities <br>Cooperative Finance Corp.<br>5.450%, 10/30/25 |  | 1004680 |
| 500000 | 4.120%, 09/16/27 |  | 500065 |
| 1000000 | NextEra Energy Capital Holdings, Inc.<br>4.850%, 02/04/28 |  | 1015740 |
| 1000000 | NiSource, Inc.<br>5.200%, 07/01/29 |  | 1022880 |
| 1000000 | NSTAR Electric Company^<br>3.200%, 05/15/27 |  | 981470 |
| 25000 | PPL Capital Funding, Inc.‡<br>7.226%, 03/30/67<br>3 mo. SOFR + 2.93% |  | 24460 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Short-Term Bond Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 1000000 | Sempra<br>3.400%, 02/01/28 | $| 971590 |
| 500000 | WEC Energy Group, Inc.^<br>5.000%, 09/27/25 |  | 500570 |
|  |  |  | 10370095 |
|  | **TOTAL CORPORATE BONDS**<br> (Cost $216,321,101) |  | 217781671 |
| **U.S. GOVERNMENT AND AGENCY SECURITIES (5.6%)** |  |  |  |
| 1000000 | Farm Credit Bank of Texas\*‡<br>5.700%, 09/15/25 |  | 993541 |
| 12015000 | U.S. Treasury Note <br>4.250%, 02/28/29 |  | 12273135 |
| 5000000 | 4.250%, 01/31/30 |  | 5118750 |
| 3000000 | 3.500%, 09/30/29 |  | 2978203 |
| 450000 | 4.125%, 07/31/28 |  | 457155 |
|  | **TOTAL U.S. GOVERNMENT AND <br>AGENCY SECURITIES**<br> (Cost $21,335,308) |  | 21820784 |
| **SOVEREIGN BONDS (1.6%)** |  |  |  |
| 1000000 | Development Bank of Japan, Inc.\*<br>5.125%, 09/01/26 |  | 1014927 |
| 1000000 | Export Development Canada<br>3.375%, 08/26/25 |  | 996661 |
| 500000 | 3.875%, 02/14/28 |  | 502815 |
| 1000000 | Japan Bank for International Cooperation<br>4.250%, 04/27/26 |  | 1001516 |
| 500000 | Kommunalbanken, A/S\*<br>0.500%, 01/13/26 |  | 487389 |
| 200000 | 4.500%, 09/01/28 |  | 204869 |
| 1000000 | Kommuninvest I Sverige AB\*<br>4.250%, 12/10/25 |  | 999389 |
| 1000000 | Svensk ExportKredit AB<br>4.125%, 06/14/28 |  | 1011588 |
|  | **TOTAL SOVEREIGN BONDS**<br> (Cost $6,192,482) |  | 6219154 |
| **BANK LOANS (9.0%)¡** |  |  |  |
|  | Airlines (0.3%) | Airlines (0.3%) | Airlines (0.3%) |
| 990000 | Air Canada‡<br>6.323%, 03/21/31<br>1 mo. SOFR + 2.00% |  | 980204 |
|  | Communication Services (1.0%) | Communication Services (1.0%) | Communication Services (1.0%) |
| 855764 | APi Group DE, Inc.‡<br>6.072%, 01/03/29<br>1 mo. SOFR + 1.75% |  | 855558 |
| 498750 | Charter Communications Operating, LLC‡<br>6.548%, 12/15/31<br>3 mo. SOFR + 2.25% |  | 497598 |
| 173460 | Directv Financing, LLC‡<br>9.541%, 08/02/27<br>3 mo. SOFR + 5.00% |  | 173685 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 513479 | Nexstar Broadcasting, Inc.‡<br>6.936%, 09/18/26<br>1 mo. SOFR + 2.50% | $| 514201 |
| 996247 | TripAdvisor, Inc.‡<br>7.049%, 07/08/31<br>3 mo. SOFR + 2.75% |  | 973831 |
| 1000000 | Virgin Media Bristol, LLC‡<br>6.936%, 01/31/28<br>1 mo. SOFR + 2.50% |  | 987865 |
|  |  |  | 4002738 |
|  | Consumer Discretionary (2.2%) | Consumer Discretionary (2.2%) | Consumer Discretionary (2.2%) |
| 1034223 | Adient U.S., LLC‡<br>6.572%, 01/31/31<br>1 mo. SOFR + 2.25% |  | 1013756 |
| 344074 | American Axle & Manufacturing, Inc.‡<br>7.053%, 12/13/29<br>6 mo. SOFR + 3.00% |  | 337624 |
| 319630 | American Axle & Manufacturing, Inc.‡<br>7.320%, 12/13/29<br>1 mo. SOFR + 3.00% |  | 313638 |
| 296296 | American Axle & Manufacturing, Inc.‡<br>7.230%, 12/13/29<br>6 mo. SOFR + 3.0% |  | 290742 |
| 537026 | Carnival Corp.‡<br>6.329%, 08/08/27<br>1 mo. SOFR + 2.00% |  | 538371 |
| 997500 | Life Time Fitness, Inc.‡<br>6.785%, 11/05/31<br>3 mo. SOFR + 2.50% |  | 992887 |
| 992513 | Light & Wonder International, Inc.‡<br>6.570%, 04/14/29<br>1 mo. SOFR + 2.25% |  | 992929 |
| 1150000 | Murphy USA, Inc.‡<br>6.071%, 01/31/28<br>1 mo. SOFR + 1.75% |  | 1156469 |
| 483709 | PetSmart, Inc.‡<br>8.172%, 02/11/28<br>1 mo. SOFR + 3.75% |  | 478166 |
| 997494 | Raising Cane's Restaurants, LLC‡<br>6.322%, 09/18/31<br>1 mo. SOFR + 2.00% |  | 996875 |
| 992500 | Six Flags Entertainment Corp.‡<br>6.322%, 05/01/31<br>1 mo. SOFR + 2.00% |  | 986297 |
| 229969 | SkyMiles IP, Ltd.‡<br>8.022%, 10/20/27<br>3 mo. SOFR + 3.75% |  | 232461 |
|  |  |  | 8330215 |
|  | Consumer Staples (0.2%) | Consumer Staples (0.2%) | Consumer Staples (0.2%) |
| 995161 | Organon & Company‡<br>6.570%, 05/19/31<br>1 mo. SOFR + 2.25% |  | 955355 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Short-Term Bond Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
|  | Energy (0.8%) | Energy (0.8%) |
| 977613 | ChampionX Corp.‡<br>7.172%, 06/07/29<br>1 mo. SOFR + 2.75% | $979690 |
| 1000000 | Hilcorp Energy I, LP‡<br>6.321%, 02/11/30<br>1 mo. SOFR + 2.00% | 987500 |
| 984936 | Par Petroleum, LLC‡<br>8.009%, 02/28/30<br>3 mo. SOFR + 3.75% | 953847 |
|  |  | 2921037 |
|  | Financials (0.4%) | Financials (0.4%) |
| 989851 | Iron Mountain, Inc.‡<br>6.322%, 01/31/31<br>1 mo. SOFR + 2.00% | 986881 |
| 624572 | Jazz Financing Lux Sarl‡<br>6.572%, 05/05/28<br>1 mo. SOFR + 2.25% | 623232 |
|  |  | 1610113 |
|  | Health Care (0.7%) | Health Care (0.7%) |
| 20461 | Avantor Funding, Inc.‡<br>6.422%, 11/08/27<br>1 mo. SOFR + 2.00% | 20514 |
| 960138 | DaVita, Inc.‡<br>6.322%, 05/09/31<br>1 mo. SOFR + 2.00% | 956183 |
| 665289 | Elanco Animal Health, Inc.‡<br>6.174%, 08/01/27<br>1 mo. SOFR + 1.75% | 662378 |
| 992506 | Medline Borrower, LP‡<br>6.572%, 10/23/28<br>1 mo. SOFR + 2.25% | 986973 |
|  |  | 2626048 |
|  | Industrials (1.0%) | Industrials (1.0%) |
| 305500 | American Airlines, Inc.‡<br>6.520%, 04/20/28<br>3 mo. SOFR + 2.25% | 299703 |
| 693553 | JELD-WEN, Inc.‡<br>6.436%, 07/28/28<br>1 mo. SOFR + 2.00% | 677452 |
| 1000000 | Novelis Corp.‡<br>6.292%, 03/11/32<br>3 mo. SOFR + 2.00% | 999220 |
| 1000000 | Quikrete Holdings, Inc.‡<br>6.572%, 02/10/32<br>1 mo. SOFR + 2.25% | 981645 |
| 985075 | Vertiv Group Corp.‡<br>6.069%, 03/02/27<br>1 mo. SOFR + 1.75% | 982819 |
|  |  | 3940839 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
|  | Information Technology (1.3%) | Information Technology (1.3%) |
| 960874 | II-VI, Inc.‡<br>6.322%, 07/02/29<br>1 mo. SOFR + 2.00% | $952068 |
| 990000 | KBR, Inc.‡<br>6.322%, 01/19/31<br>1 mo. SOFR + 2.00% | 991653 |
| 493948 | Open Text Corp.‡<br>6.072%, 01/31/30<br>1 mo. SOFR + 1.75% | 493083 |
| 843710 | SS&C Technologies, Inc.‡<br>6.322%, 05/09/31<br>1 mo. SOFR + 2.00% | 843731 |
| 861532 | TTM Technologies, Inc.‡<br>6.574%, 05/30/30<br>1 mo. SOFR + 2.25% | 860455 |
| 977662 | ZoomInfo, LLC‡<br>6.072%, 02/28/30<br>1 mo. SOFR + 1.75% | 957298 |
|  |  | 5098288 |
|  | Materials (0.6%) | Materials (0.6%) |
| 1070961 | Axalta Coating Systems <br>U.S. Holdings, Inc.‡<br>6.049%, 12/20/29<br>3 mo. SOFR + 1.75% | 1072187 |
| 982099 | Chemours Company‡<br>7.322%, 08/18/28<br>1 mo. SOFR + 3.00% | 960409 |
| 335000 | Knife River HoldCo‡<br>6.292%, 03/08/32<br>3 mo. SOFR + 2.00% | 335419 |
|  |  | 2368015 |
|  | Other (0.5%) | Other (0.5%) |
| 1000000 | DK Crown Holdings, Inc.‡<br>6.069%, 03/04/32<br>1 mo. SOFR + 1.75% | 992710 |
| 1000000 | Stonepeak Nile Parent, LLC!<br>0.000%, 04/09/32 | 984585 |
|  |  | 1977295 |
|  | **TOTAL BANK LOANS**<br> (Cost $35,090,984) | 34810147 |
| **ASSET BACKED SECURITIES (20.4%)** |  |  |
|  | Communication Services (0.4%) | Communication Services (0.4%) |
| 395858 | T-Mobile U.S. Trust <br>Series 2022-1A, Class A\*<br>4.910%, 05/22/28 | 396042 |
| 1000000 | T-Mobile U.S. Trust <br>Series 2024-2A, Class A\*<br>4.250%, 05/21/29 | 999287 |
|  |  | 1395329 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Short-Term Bond Fund Schedule of Investments April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
|  | Consumer Discretionary (0.7%) | Consumer Discretionary (0.7%) |
| 1500000 | Avis Budget Rental Car Funding AESOP, <br>LLC <br>Series 2023-3A, Class A\*<br>5.440%, 02/22/28 | $1517950 |
| 1313518 | Octane Receivables Trust <br>Series 2024-2A, Class A2\*<br>5.800%, 07/20/32 | 1326780 |
|  |  | 2844730 |
|  | Financials (6.5%) | Financials (6.5%) |
| 2000000 | American Express Credit Account Master <br>Trust <br>Series 2024-2, Class A<br>5.240%, 04/15/31 | 2079855 |
| 358462 | Capital One Prime Auto Receivables Trust <br>Series 2022-1, Class A3<br>3.170%, 04/15/27 | 356147 |
| 238595 | Commonbond Student Loan Trust <br>Series 2017-B-GS, Class A1\*<br>2.680%, 09/25/42 | 223579 |
| 88755 | Commonbond Student Loan Trust <br>Series 2018-C-GS, Class A1\*<br>3.870%, 02/25/46 | 85333 |
| 308515 | Commonbond Student Loan Trust <br>Series 2019-A-GS, Class A1\*<br>2.540%, 01/25/47 | 283576 |
| 492222 | Commonbond Student Loan Trust <br>Series 2021-B-GS, Class A\*<br>1.170%, 09/25/51 | 432037 |
| 2000000 | Credit Acceptance Auto Loan Trust <br>Series 2024-1A, Class A\*<br>5.680%, 03/15/34 | 2026541 |
| 1000000 | Dell Equipment Finance <br>Trust 2024-2, Class B\*<br>4.820%, 08/22/30 | 1005396 |
| 1500000 | Discover Card Execution Note Trust <br>Series 2022-A2, Class A<br>3.320%, 05/15/27 | 1499290 |
| 638325 | ELFI Graduate Loan Program, LLC <br>Series 2021-A, Class A\*<br>1.530%, 12/26/46 | 574836 |
| 874505 | ELFI Graduate Loan Program, LLC <br>Series 2022-A, Class A\*<br>4.510%, 08/26/47 | 852812 |
| 180484 | Enterprise Fleet Financing, LLC <br>Series 2022-4, Class A2\*<br>5.760%, 10/22/29 | 181287 |
| 1500000 | Enterprise Fleet Financing, LLC <br>Series 2024-2, Class A3\*<br>5.610%, 04/20/28 | 1529266 |
| 1000000 | Kubota Credit Owner Trust <br>Series 2023-2A, Class A3\*<br>5.280%, 01/18/28 | 1008224 |
| 220108 | MMAF Equipment Finance LLC <br>Series 2017-B, Class A5\*<br>2.720%, 06/15/40 | 219125 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 2000000 | MMAF Equipment Finance LLC <br>Series 2023-A, Class A3\*<br>5.540%, 12/13/29 | $| 2036867 |
| 913515 | Navient Private Education Refi Loan Trust <br>Series 2020-BA, Class A2\*<br>2.120%, 01/15/69 |  | 864456 |
| 132451 | OneMain Direct Auto Receivables Trust <br>Series 2021-1A, Class A\*<br>0.870%, 07/14/28 |  | 131126 |
| 777000 | OneMain Direct Auto Receivables Trust <br>Series 2021-1A, Class B\*<br>1.260%, 07/14/28 |  | 759694 |
| 520485 | Oscar US Funding XII, LLC <br>Series 2021-1A, Class A4\*<br>1.000%, 04/10/28 |  | 513207 |
| 515052 | Pawneee Equipment Receivables, LLC <br>Series 2022-1, Class A3\*<br>5.170%, 02/15/28 |  | 515336 |
| 1108367 | PenFed Auto Receivables Owner Trust <br>Series 2022-A, Class A4\*<br>4.180%, 12/15/28 |  | 1106212 |
| 1783673 | Porsche Financial Auto Securitization Trust <br>Series 2023-2A, Class A3\*<br>5.790%, 01/22/29 |  | 1795506 |
| 792000 | Progress Residential Trust <br>Series 2021-SFR5, Class B\*<br>1.658%, 07/17/38 |  | 769130 |
| 793063 | SoFi Professional Loan Program Trust <br>Series 2020-C, Class AFX\*<br>1.950%, 02/15/46 |  | 743190 |
| 357781 | SoFi Professional Loan Program, LLC <br>Series 2018-D, Class A2FX\*<br>3.600%, 02/25/48 |  | 353040 |
| 2000000 | Toyota Auto Loan Extended Note Trust <br>Series 2023-1A, Class A\*<br>4.930%, 06/25/36 |  | 2037246 |
| 1000000 | Volvo Financial Equipment, LLC <br>Series 2024-1A, Class A3\*<br>4.290%, 10/16/28 |  | 998538 |
|  |  |  | 24980852 |
|  | Industrials (0.2%) | Industrials (0.2%) | Industrials (0.2%) |
| 947372 | John Deere Owner Trust <br>Series 2021-B, Class A4<br>0.740%, 05/15/28 |  | 947372 |
|  | Other (12.5%) | Other (12.5%) | Other (12.5%) |
| 2000000 | Aligned Data Centers Issuer, LLC <br>Series 2021-1A, Class A2\*<br>1.937%, 08/15/46 |  | 1912917 |
| 500000 | American Express Credit Account <br>Master Trust <br>Series 2023-2, Class A<br>4.800%, 05/15/30 |  | 509862 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

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Short-Term Bond Fund Schedule of Investments April 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| 166595 | Amur Equipment Finance Receivables XI, <br>LLC <br>Series 2022-2A, Class A2\*<br>5.300%, 06/21/28 | $166840 |
| 1778794 | Amur Equipment Finance Receivables XIII, <br>LLC - Class A2, <br>Series 2024-1A\*<br>5.380%, 01/21/31 | 1794521 |
| 1000000 | BA Credit Card Trust <br>Series 2022-A1, Class A1<br>3.530%, 11/15/27 | 998617 |
| 238976 | CCG Receivables Trust <br>Series 2021-2, Class B\*<br>1.270%, 03/14/29 | 238645 |
| 1000000 | CCG Receivables Trust <br>Series 2023-1, Class B\*<br>5.990%, 09/16/30 | 1017258 |
| 1000000 | CCG Receivables Trust <br>Series 2023-1, Class C\*<br>6.280%, 09/16/30 | 1017022 |
| 1013333 | CLI Funding VI, LLC <br>Series 2020-3A, Class A\*<br>2.070%, 10/18/45 | 938454 |
| 2400000 | CNH Equipment Trust <br>Series 2024-B, Class A3<br>5.190%, 09/17/29 | 2435285 |
| 2000000 | Compass Datacenters Issuer II, LLC <br>Series 2024-1A, Class A1\*<br>5.250%, 02/25/49 | 2017669 |
| 2000000 | CyrusOne Data Centers Issuer I, LLC <br>Series 2023-2A, Class A2\*<br>5.560%, 11/20/48 | 2014858 |
| 133282 | Daimler Trucks Retail Trust <br>Series 2022-1, Class A3<br>5.230%, 02/17/26 | 133319 |
| 2000000 | DLLAA, LLC <br>Series 2025-1A, Class A3\*<br>4.950%, 09/20/29 | 2029588 |
| 1964441 | DLLAD, LLC <br>Series 2023-1A, Class A3\*<br>4.790%, 01/20/28 | 1967211 |
| 1458750 | Domino's Pizza Master Issuer, LLC <br>Series 2021-1A, Class A21\*<br>2.662%, 04/25/51 | 1354849 |
| 2000000 | Ford Credit Auto Owner Trust <br>Series 2024-1, Class A\*\*\*<br>4.870%, 08/15/36 | 2030248 |
| 2000000 | GMF Floorplan Owner Revolving Trust <br>Series 2024-4A, Class A1\*<br>4.730%, 11/15/29 | 2019819 |
| 2000000 | GreatAmerica Leasing Receivables <br>Funding, LLC <br>Series 2025-1, Class A3\*<br>4.490%, 04/16/29 | 2010034 |
| 1000000 | HPEFS Equipment Trust <br>Series 2024-1A, Class B\*<br>5.180%, 05/20/31 | 1004501 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| 1000000 | HPEFS Equipment Trust <br>Series 2024-1A, Class D\*<br>5.820%, 11/20/31 | $1011578 |
| 919032 | Kubota Credit Owner Trust <br>Series 2023-1A, Class A3\*<br>5.020%, 06/15/27 | 920728 |
| 1167000 | MetroNet Infrastructure Issuer, LLC <br>Series 2022-1A, Class A2\*<br>6.350%, 10/20/52 | 1190617 |
| 400000 | MetroNet Infrastructure Issuer, LLC <br>Series 2024-1A, Class A2\*<br>6.230%, 04/20/54 | 411425 |
| 101432 | MVW Owner Trust <br>Series 2019-1A, Class A\*<br>2.890%, 11/20/36 | 101291 |
| 1500000 | NextGear Floorplan Master Owner Trust <br>Series 2023-1A, Class A2\*<br>5.740%, 03/15/28 | 1515765 |
| 854153 | NMEF Funding, LLC <br>Series 2024-A, Class A2\*<br>5.150%, 12/15/31 | 857170 |
| 164320 | OCCU Auto Receivables Trust <br>Series 2023-1A, Class A2\*<br>6.230%, 04/15/27 | 164568 |
| 2000000 | PEAC Solutions Receivables, LLC <br>Series 2025-1A, Class A2\*<br>4.940%, 10/20/28 | 2001891 |
| 1477370 | Post Road Equipment Finance, LLC <br>Series 2024-1A, Class A2\*<br>5.590%, 11/15/29 | 1486082 |
| 414980 | SCF Equipment Leasing, LLC <br>Series 2022-1A, Class A3\*<br>2.920%, 07/20/29 | 412530 |
| 1000000 | SCF Equipment Leasing, LLC <br>Series 2023-1A, Class A3\*<br>6.170%, 05/20/32 | 1013138 |
| 989167 | SVC ABS, LLC <br>Series 2023-1A, Class A\*<br>5.150%, 02/20/53 | 983504 |
| 96532 | USAA Auto Owner Trust <br>Series 2022-A, Class A3\*<br>4.860%, 11/16/26 | 96538 |
| 2000000 | USAA Auto Owner Trust <br>Series 2024-A, Class A3\*<br>5.030%, 03/15/29 | 2020539 |
| 1000000 | Vantage Data Centers Issuer, LLC <br>Series 2021-1A ,Class A2\*<br>2.165%, 10/15/46 | 957585 |
| 1000000 | Vantage Data Centers Issuer, LLC <br>Series 2024-1A,Class A2\*<br>5.100%, 09/15/54 | 988472 |
| 1720869 | Veridian Auto Receivables Trust <br>Series 2023-1A, Class A3\*<br>5.560%, 03/15/28 | 1725118 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

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Short-Term Bond Fund Schedule of Investments April 30, 2025 (Unaudited)

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| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 1000000 | Verizon Master Trust <br>Series 2023-1, Class A<br>4.490%, 01/22/29 | $| 998937 |
| 1000000 | Verizon Master Trust <br>Series 2023-6, Class A\*<br>5.350%, 09/22/31 |  | 1034134 |
| 707164 | World Omni Auto Receivables Trust <br>Series 2022-B, Class A3<br>3.250%, 07/15/27 |  | 703736 |
|  |  |  | 48206863 |
|  | Utilities (0.1%) | Utilities (0.1%) | Utilities (0.1%) |
| 291601 | Harley-Davidson Motorcycle Trust <br>Series 2022-A, Class A3<br>3.060%, 02/15/27 |  | 290699 |
|  | **TOTAL ASSET BACKED SECURITIES**<br> (Cost $78,572,780) |  | 78665845 |
| **MUNICIPAL OBLIGATIONS (3.2%)** |  |  |  |
|  | Consumer Discretionary (0.2%) | Consumer Discretionary (0.2%) | Consumer Discretionary (0.2%) |
| 300000 | Washington State Housing <br>Finance Commission<br>5.345%, 12/01/27 |  | 308701 |
| 200000 | Washington State Housing <br>Finance Commission<br>5.285%, 06/01/27 |  | 204579 |
|  |  |  | 513280 |
|  | Other (2.9%) | Other (2.9%) | Other (2.9%) |
| 100000 | Alaska Housing Finance Corp.<br>4.808%, 06/01/27 |  | 101417 |
| 250000 | Armada Area Schools<br>0.950%, 05/01/25 |  | 249976 |
| 155000 | City of Auburn CA<br>0.961%, 06/01/25 |  | 154541 |
| 250000 | City of Carmel IN Waterworks Revenue<br>4.966%, 05/01/28 |  | 254143 |
| 280000 | City of Mishawaka IN<br>4.680%, 02/15/26 |  | 280848 |
| 205000 | City of Mishawaka IN<br>4.700%, 08/15/26 |  | 206363 |
| 120000 | City of Omaha NE<br>0.983%, 04/15/26 |  | 116480 |
| 500000 | Colorado Housing & Finance Authority<br>5.452%, 11/01/27 |  | 515850 |
| 500000 | Colorado Housing & Finance Authority<br>5.402%, 05/01/27 |  | 512485 |
| 300000 | Colorado Housing & Finance Authority<br>1.650%, 11/01/25 |  | 295996 |
| 895000 | Connecticut Housing Finance Authority<br>0.974%, 11/15/25 |  | 880344 |
| 250000 | Corona-Norco Unified School District<br>1.000%, 09/01/25 |  | 247220 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| 135000 | East Montgomery County Improvement <br>District Sales Tax Revenue<br>1.550%, 08/15/26 | $130781 |
| 175000 | Encinitas Public Financing Authority<br>1.020%, 10/01/25 | 172589 |
| 440000 | Florida Housing Finance Corp.<br>5.077%, 07/01/26 | 440346 |
| 215000 | Florida Housing Finance Corp.<br>5.086%, 01/01/27 | 215469 |
| 195000 | Florida Housing Finance Corp.<br>5.136%, 07/01/27 | 195928 |
| 250000 | Indiana Housing & Community <br>Development Authority<br>5.065%, 01/01/27 | 254001 |
| 175000 | Indiana Housing & Community <br>Development Authority<br>5.095%, 07/01/26 | 176881 |
| 160000 | Indiana Housing & Community <br>Development Authority<br>5.095%, 01/01/26 | 160844 |
| 505000 | Iowa Finance Authority<br>5.502%, 07/01/28 | 526737 |
| 350000 | Iowa Finance Authority<br>5.412%, 07/01/27 | 360144 |
| 700000 | Metropolitan Washington Airports <br>Authority Dulles Toll Road Revenue<br>1.737%, 10/01/25 | 691622 |
| 280000 | Minnesota Housing Finance Agency<br>5.113%, 01/01/26 | 280750 |
| 450000 | Nevada Housing Division<br>5.268%, 04/01/27 | 460296 |
| 435000 | Nevada Housing Division<br>5.338%, 10/01/27 | 447935 |
| 250000 | Nevada Housing Division<br>5.251%, 10/01/26 | 254027 |
| 385000 | New York City Transitional <br>Finance Authority<br>1.250%, 05/01/26 | 374032 |
| 5000 | New York City Transitional <br>Finance Authority<br>1.250%, 05/01/26 | 4860 |
| 390000 | New York City Transitional Finance <br>Authority Future Tax Secured Revenue<br>3.430%, 08/01/26 | 386676 |
| 255000 | New York State Dormitory Authority<br>2.438%, 02/15/26 | 251458 |
| 400000 | Regional Transportation Authority<br>3.000%, 06/01/25 | 399529 |
| 155000 | State of Hawaii<br>1.033%, 08/01/25 | 153733 |
| 250000 | Thornapple Kellogg School District<br>0.930%, 05/01/25 | 249976 |
| 145000 | Victor Valley Community College District<br>2.878%, 08/01/26 | 142843 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Short-Term Bond Fund Schedule of Investments April 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| 170000 | Westminster Public Schools<br>0.906%, 12/01/26 | $162045 |
| 125000 | Wichita Falls 4B Sales Tax Corp.<br>1.049%, 09/01/25 | 123588 |
| 340000 | Williamston Community Schools <br>School District<br>1.050%, 05/01/25 | 339968 |
|  |  | 11172721 |
|  | Utilities (0.1%) | Utilities (0.1%) |
| 505000 | Augusta GA Water & Sewer Revenue<br>4.300%, 10/01/26 | 504174 |
|  | **TOTAL MUNICIPAL OBLIGATIONS**<br> (Cost $12,075,335) | 12190175 |
| **RESIDENTIAL MORTGAGE BACKED SECURITIES (1.2%)** |  |  |
| 478222 | BANK Series 2019-BN16, Class A2<br>3.933%, 02/15/52 | 473386 |
| 2652255 | GS Mortgage Securities Corp. Trust <br>Series 2023-SHIP, Class A\*‡<br>4.466%, 09/10/38 | 2637390 |
| 1285481 | GS Mortgage-Backed Securities Corp. Trust <br>Series 2021-PJ4, Class A8\*‡<br>2.500%, 09/25/51 | 1143625 |
| 510067 | GS Mortgage-Backed Securities Trust <br>Series 2021-PJ11, Class A8\*‡<br>2.500%, 04/25/52 | 451225 |
|  | **TOTAL RESIDENTIAL MORTGAGE <br>BACKED SECURITIES**<br> (Cost $4,882,097) | 4705626 |
| NUMBER OF<br>SHARES/<br>PRINCIPAL <br>AMOUNT |  | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (2.5%)** |  |  |
| 9673985 | State Street Navigator Securities <br>Lending Government Money <br>Market Portfolio, 4.339%†\*\*\*<br>(Cost $9,673,985) | 9673985 |
|  | **TOTAL INVESTMENTS (99.8%)**<br> (Cost $384,144,072) | 385867387 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-2.5%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-2.5%) | (9673985) |
| OTHER ASSETS, LESS LIABILITIES (2.7%) | OTHER ASSETS, LESS LIABILITIES (2.7%) | 10434316 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $386627718 |

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**NOTES TO SCHEDULE OF INVESTMENTS**

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

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

‡ Variable rate security. The rate shown is the rate in effect at April 30, 2025.

¡ Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.

! This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.

† Represents investment of cash collateral received from securities on loan as of April 30, 2025.

\*\*\* The rate disclosed is the 7 day net yield as of April 30, 2025.

**FUTURES CONTRACTS**

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| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF<br>CONTRACTS | DESCRIPTION | EXPIRATION<br>DATE | NOTIONAL<br>VALUE | MARKET VALUE/<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) |
| Buys |  |  |  |  |
| 20000000 | U.S. Treasury Note 5-Year | Jun 2025 | $21839063 | $331111<br> \* |

---

\* This amount represents the cumulative appreciation/depreciation on futures contracts. Current day's variation margin is reported within the Statement of Assets and Liabilities for futures contracts.

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Notes to Financial Statements (Unaudited)

**Note 1 – Organization and Significant Accounting Policies**

**Organization.** CALAMOS INVESTMENT TRUST, a Massachusetts business trust organized December 21, 1987 (the "Trust"), consists of twenty series, *Market Neutral Income Fund, Hedged Equity Fund, Phineus Long/Short Fund, Merger Arbitrage Fund, Convertible Fund, Global Convertible Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Growth Fund, Growth and Income Fund, Dividend Growth Fund, Select Fund, International Growth Fund, Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund, International Small Cap Growth Fund, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund* (each a "Fund" and collectively the "Funds"). The Trust is registered under the Investment Company Act of 1940 as amended (the "1940 Act") as an open-end management investment company. The Trust currently offers Class A, Class C (except Timpani SMID Growth Fund and Short-Term Bond Fund), and Class I shares of each of the Funds. Class R6 shares are offered in Market Neutral Income Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Growth and Income Fund, International Growth Fund, Global Equity Fund, and International Small Cap Growth Fund only.

On May 7, 2025, there was an in-kind redemption from an affiliated investor in the Calamos Timpani SMID Growth Fund representing approximately 13% of total net assets.

On April 11, 2025, the Board of Trustees of Calamos Investment Trust approved a proposal to reorganize Calamos Dividend Growth Fund (the "Disappearing Fund") with and into Calamos Growth and Income Fund (the "Reorganization"). The proposed Reorganization is subject to approval by the shareholders of the Disappearing Fund. A proxy statement/prospectus detailing the proposed Reorganization is expected to be mailed to the Disappearing Fund's shareholders on or about July 3, 2025, and a shareholder meeting is scheduled to be held on or about August 19, 2025. If shareholder approval of the proposed Reorganization is obtained, it is expected that the proposed Reorganization will take place at the close of business on or about August 29, 2025.

**Significant Accounting Policies.** The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), and the Funds are each considered an investment company under U.S. GAAP and follow the accounting and reporting guidance applicable to investment companies. Under U.S. GAAP, management is required to make certain estimates and assumptions at the date of the financial statements and actual results may differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds.

**Adoption of New Accounting Standards.** In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280). The ASU applies to all public entities that are required to report segment information in accordance with Accounting Standards Codification Topic 280 (ASC 280).

ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant operating segment expenses. An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expense, has operating results that are regularly reviewed by the chief operating decision maker, and for which discrete financial information is available. The Funds have adopted ASU 2023-07 as of April 30, 2025, with no material impact on the Funds' financial statements. As defined under ASU No. 2023-07 the chief operating decision maker ("CODM") consists of the members of Calamos Advisors' Investment Committee and Senior Executive Team. Each Fund operates as a single reportable segment, which reflects how the CODM monitors and manages the operating results of each Fund. The financial information used by the CODM to assess the segment's performance and to allocate resources, including total return, expense ratios, changes in net assets from operations and portfolio composition, is consistent with that presented within the Funds' financial statements and financial highlights.

**Fund Valuation.** The Trust's Board of Trustees ("Board" or "Trustees"), including a majority of the Trustees who are not "interested persons" of the Trust, have designated Calamos Advisors LLC ("Calamos Advisors", or the "Adviser") to perform fair valuation determinations related to all Fund investments under the oversight of the Board. As "valuation designee" Calamos Advisors has adopted procedures to guide the determination of the net asset value ("NAV") on any day on which the Fund's NAVs are determined. The valuation of the Funds' investments is in accordance with these procedures.

Fund securities that are traded on U.S. securities exchanges, except option securities, are valued at the official closing price, which is the last current reported sales price on its principal exchange at the time each Fund determines its NAV. Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time a Fund determines its NAV. When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations on its principal exchange in accordance with guidelines adopted by the Board. Each option security traded on a U.S. securities exchange is valued at the mid-point of the

www.calamos.com

------

Notes to Financial Statements (Unaudited)

consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the Board. Each over-the-counter option that is not traded through the Options Clearing Corporation is valued either by an independent pricing agent approved by the Board or based on a quotation provided by the counterparty to such option under the ultimate supervision of the Board.

Fixed income securities, bank loans, certain convertible preferred securities, and non-exchange traded derivatives are normally valued by independent pricing services or by dealers or brokers who make markets in such securities. Valuations of such fixed income securities, bank loans, certain convertible preferred securities, and non-exchange traded derivatives consider yield or price of equivalent securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data and do not rely exclusively upon exchange or over-the-counter prices.

Trading on European and Far Eastern exchanges and over-the-counter markets is typically completed at various times before the close of business on each day on which the New York Stock Exchange ("NYSE") is open. Each security trading on these exchanges or in over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the Board. The valuation of each security that meets certain criteria in relation to the valuation model is systematically adjusted to reflect the impact of movement in the U.S. market after the foreign markets close. Securities that do not meet the criteria, or that are principally traded in other foreign markets, are valued as of the last reported sale price at the time the respective Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the respective Fund's NAV is not calculated.

If the Adviser's pricing committee determines that the valuation of a security in accordance with the methods described above is not reflective of a fair value for such security, the security is valued at a fair value by the pricing committee.

Each Fund also may use fair value pricing, pursuant to guidelines adopted by Calamos Advisors, if trading in the security is halted or if the value of a security it holds is materially affected by events occurring before the Fund's pricing time but after the close of the primary market or exchange on which the security is listed. Those procedures may utilize valuations furnished by pricing services approved by the Calamos Advisors, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.

When fair value pricing of securities is employed, the prices of securities used by the Fund to calculate its NAV may differ from market quotations or official closing prices. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund's NAV.

**Investment Transactions.** Investment transactions are recorded on a trade date basis as of April 30, 2025. Net realized gains and losses from investment transactions are reported on an identified cost basis. Interest income is recognized using the accrual method and includes accretion of original issue and market discount and amortization of premium. Dividend income is recognized on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date.

**Foreign Currency Translation.** Values of investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using a rate quoted by a major bank or dealer in the particular currency market, as reported by a recognized quotation dissemination service.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign currency gains or losses arise from disposition of foreign currency, the difference in the foreign exchange rates between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the ex-date or accrual date and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes (due to the changes in the exchange rate) in the value of foreign currency and other assets and liabilities denominated in foreign currencies held at period end.

**Allocation of Expenses Among Funds and Classes.** Expenses directly attributable to a Fund are charged to that Fund; certain other common expenses of the Trust, *Calamos Advisors Trust, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Global Total Return Fund, Calamos Global Dynamic Income Fund, Calamos Dynamic Convertible and Income Fund, Calamos Long/Short Equity and Dynamic* 

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Notes to Financial Statements (Unaudited)

*Income Trust, Calamos Antetokounmpo Sustainable Equities Trust, and Calamos ETF Trust* are allocated proportionately among each fund to which the expenses relate in relation to the net assets of each fund or on another reasonable basis. Expenses directly attributable to a particular class of a fund in the Trust are charged directly to such class. In calculating the net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day plus current day fund share activity.

**Income Taxes.** No provision has been made for U.S. income taxes because the Trust's policy is to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended, and distribute to shareholders substantially all of the Funds' taxable income and net realized gains.

Dividends and distributions paid to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. To the extent these "book/tax" differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment. These differences are primarily due to differing treatments for foreign currency transactions, contingent payment debt instruments and methods of amortizing and accreting for fixed income securities. The financial statements are not adjusted for temporary differences.

The Funds recognized no liability for uncertain tax positions. A reconciliation is not provided as the beginning and ending amounts of unrecognized benefits are zero, with no interim additions, reductions or settlements. Tax years 2022—2024 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, 2022.

**Indemnifications.** Under the Trust's organizational documents, the Trust is obligated to indemnify its officers and trustees against certain liabilities incurred by them by reason of having been an officer or trustee of the Trust. In addition, in the normal course of business, the Trust may enter into contracts that provide general indemnifications to other parties. Each Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Funds' management expects the risk of material loss in connection to a potential claim to be remote.

**Note 2 – Investment Adviser and Transactions With Affiliates Or Certain Other Parties**

Pursuant to an investment advisory agreement with Calamos Advisors, each Fund pays a monthly investment advisory fee based on the average daily net assets of the Fund, as shown below:

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| | | | | |
|:---|:---|:---|:---|:---|
| AVERAGE DAILY NET ASSETS | GROWTH FUND<br>ANNUAL RATE | EVOLVING WORLD<br>GROWTH FUND<br>ANNUAL RATE | TOTAL RETURN<br>BOND FUND<br>ANNUAL RATE | SELECT FUND,<br>DIVIDEND GROWTH FUND,<br>INTERNATIONAL GROWTH FUND\*,<br>GLOBAL EQUITY FUND\*,<br>GLOBAL OPPORTUNITIES FUND<br>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<br>CONVERTIBLE<br>FUND<br>ANNUAL RATE | TIMPANI <br>SMALL CAP <br>GROWTH <br>FUND<br>ANNUAL RATE | TIMPANI <br>SMID <br>GROWTH <br>FUND<br>ANNUAL RATE | SHORT-TERM<br>BOND FUND<br>ANNUAL RATE | GROWTH AND <br>INCOME FUND,<br>CONVERTIBLE FUND, <br>MARKET NEUTRAL <br>INCOME FUND,<br>HEDGED EQUITY <br>FUND<br>ANNUAL RATE | HIGH INCOME<br>OPPORTUNITIES <br>FUND<br>ANNUAL RATE | PHINEUS<br>LONG/SHORT <br>FUND<br>ANNUAL RATE |
| First $500 million | 0.85% | 0.90% | 0.95% | 0.30% | 0.75% | 0.60% | 1.25% |
| Next $500 million | 0.80% | 0.80% | 0.85% | 0.27% | 0.70% | 0.55% | 1.20% |
| Over $1 billion | 0.75% | 0.75% | 0.80% | 0.25% | 0.65% | 0.50% | 1.15% |

---

www.calamos.com

------

Notes to Financial Statements (Unaudited)

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| | | |
|:---|:---|:---|
| AVERAGE DAILY NET ASSETS | MERGER<br>ARBITRAGE FUND<br>ANNUAL RATE | INTERNATIONAL<br>SMALL CAP <br>GROWTH FUND<br>ANNUAL RATE |
| First $500 million | 1.00% | 0.95% |
| Next $500 million | 0.95% | 0.90% |
| Over $1 billion | 0.90% | 0.85% |

---

The average investment advisory fee as of the period ended April 30, 2025 was as follows:

---

| | |
|:---|:---|
| FUND | PERCENTAGE |
| Market Neutral Income Fund | 0.65% |
| Hedged Equity Fund | 0.74 |
| Phineus Long/Short Fund | 1.22 |
| Merger Arbitrage Fund | 1.00 |
| Convertible Fund | 0.73 |
| Global Convertible Fund | 0.85 |
| Timpani Small Cap Growth Fund | 0.90 |
| Timpani SMID Growth Fund | 0.95 |
| Growth Fund | 0.90 |
| Growth and Income Fund | 0.68 |
| Dividend Growth Fund | 1.00 |
| Select Fund | 1.00 |
| International Growth Fund | 1.00 |
| Evolving World Growth Fund | 1.10 |
| Global Equity Fund | 1.00 |
| Global Opportunities Fund | 1.00 |
| International Small Cap Growth Fund | 0.95 |
| Total Return Bond Fund | 0.45 |
| High Income Opportunities Fund | 0.60 |
| Short-Term Bond Fund | 0.30 |

---

Each of the *International Growth* and *Global Equity Funds* pays a fee based on average daily net assets of the Fund that is accrued daily and paid on a monthly basis, subject to possible adjustment based on the Fund's investment performance (since March 2006 for *International Growth Fund* and since February 2008 for *Global Equity Fund*). The performance adjustment increases or decreases the management fee, on a monthly basis, by 1/12 of 0.03% of a Fund's average daily net assets over the performance period for each full 1% increment amount by which a Fund outperforms or underperforms the benchmark index ("Index"), on an annualized basis, over the performance measurement period. The benchmark indexes are the MSCI EAFE Growth Index and the MSCI World Index for the *International Growth Fund* and *Global Equity Fund*, respectively.

The base fee is shown in the table above. The performance adjustment rate is calculated by comparing over the performance measurement period the Fund's Class A share performance to that of the respective Index. The performance measurement period commenced at the beginning of each Fund's first full month of operation (April 2005 and March 2007 for the *International Growth Fund* and *Global Equity Fund*, respectively). The first performance adjustment was applied to the advisory fee at the end of the twelfth month. Each month subsequent to the twelfth month, a new month is added to the performance measurement period until the performance measurement period includes 36 months. Thereafter, the performance measurement period consists of the most recent month plus the previous 35 months.

The performance comparison is made at the end of each month. The maximum annualized performance adjustment rate is +/- 0.30% of the Fund's average daily net assets over the performance measurement period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average daily net assets over the performance measurement period, and the resulting dollar amount is then added to or subtracted from the base fee. Calamos Advisors may receive a positive

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Notes to Financial Statements (Unaudited)

performance adjustment even if the Fund has a negative return over a performance measurement period if it otherwise outperforms the Index during that period.

Each Fund may invest in shares of the *Timpani Small Cap Growth Fund ("SCG"), Timpani SMID Growth Fund ("SMID") or Short-Term Bond Fund* ("STBF"). Calamos Advisors has contractually agreed to waive a portion of its advisory fee charged to the Fund equal to the advisory fee paid by SCG, SMID or STBF, respectively, attributable to the Fund's investment in SCG, SMID or STBF, respectively, based on daily net assets. For the period ended April 30, 2025, the total advisory fees waived pursuant to such agreement were $497,239 for the *Market Neutral Income Fund* and are included in the Statements of Operations under the caption "Expense reductions".

As of April 30, 2025, the *Market Neutral Income Fund* had holdings of $336.1 million in *STBF*. During the period from November 1, 2024 through April 30, 2025, the *Market Neutral Income Fund* had no net subscriptions and earned $7.9 million in dividends.

When a fund in the Calamos Family of Funds (an "Acquiring Fund") invests in shares of another fund in the Calamos Family of Funds (an "Acquired Fund"), the portion of the Acquiring Fund's advisory fee equal to the advisory fee payable to the Acquired Fund (based on average daily net assets invested) is waived.

Each Fund reimburses Calamos Advisors for a portion of compensation paid to the Trust's Chief Compliance Officer. This compensation is reported as part of the "Trustees' fees and officer compensation" expense on the Statements of Operations.

Calamos Advisors has contractually agreed to limit the annual ordinary operating expenses of each Fund as a percentage of the average daily net assets through March 1, 2026 (except as noted) as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| FUND | CLASS A <br>SHARES | CLASS C <br>SHARES | CLASS I <br>SHARES | CLASS R6 <br>SHARES |
| Calamos Market Neutral Income Fund | 1.75% | 2.50% | 1.50% | 1.50% less<br>the annual<br>sub-transfer<br>agency <br>ratio\* |
| Calamos Hedged Equity Fund | 1.25% | 2.00% | 1.00% |  |
| Calamos Phineus Long/Short Fund | 2.00% | 2.75% | 1.75% |  |
| Calamos Merger Arbitrage Fund<sup>(1)</sup> | 1.50% | 2.25% | 1.25% |  |
| Calamos Convertible Fund | 1.75% | 2.50% | 1.50% |  |
| Calamos Global Convertible Fund | 1.35% | 2.10% | 1.10% | —  |
| Calamos Timpani Small Cap Growth Fund | 1.30% | 2.05% | 1.05% | 1.05% less <br>the annual <br>sub-transfer <br>agency <br>ratio\* |
| Calamos Timpani SMID Growth Fund | 1.35% |  | 1.10% | 1.10% less <br>the annual <br>sub-transfer <br>agency <br>ratio\* |
| Calamos Growth Fund | 1.75% | 2.50% | 1.50% |  |
| Calamos Growth and Income Fund | 1.75% | 2.50% | 1.50% | 1.50% less <br>the annual <br>sub-transfer <br>agency <br>ratio\* |
| Calamos Dividend Growth Fund | 1.35% | 2.10% | 1.10% |  |
| Calamos Select Fund | 1.15% | 1.90% | 0.90% |  |

---

www.calamos.com

------

Notes to Financial Statements (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| FUND | CLASS A <br>SHARES | CLASS C <br>SHARES | CLASS I <br>SHARES | CLASS R6 <br>SHARES |
| Calamos International Growth Fund | 1.20% | 1.95% | 0.95% | 0.95% less <br>the annual <br>sub-transfer <br>agency <br>ratio\* |
| Calamos Evolving World Growth Fund | 1.30% | 2.05% | 1.05% |  |
| Calamos Global Equity Fund | 1.40% | 2.15% | 1.15% | 1.15% less <br>the annual <br>sub-transfer <br>agency <br>ratio\* |
| Calamos Global Opportunities Fund | 1.22% | 1.97% | 0.97% |  |
| Calamos International Small Cap Growth Fund<sup>(2)</sup> | 1.35% | 2.10% | 1.10% | 1.10% less <br>the annual <br>sub-transfer <br>agency<br>ratio\* |
| Calamos Total Return Bond Fund | 0.90% | 1.65% | 0.65% |  |
| Calamos High Income Opportunities Fund | 1.00% | 1.75% | 0.75% |  |
| Calamos Short-Term Bond Fund | 0.65% |  | 0.40% |  |

---

\* The annual sub-transfer agency ratio is equal to the aggregate sub-transfer agency expenses common to the other share classes of the Fund divided by the aggregated average annual net assets of the Fund's other share classes.

(1) The Contractual limitation is through October 31, 2026 for the Calamos Merger Arbitrage Fund.

(2) The Contractual limitation is through March 31, 2026 for the Calamos International Small Cap Growth Fund.

For the period ended April 30, 2025, Calamos Advisors waived or absorbed the following expenses:

---

| | |
|:---|:---|
| FUND | AMOUNT |
| Market Neutral Income Fund | $497239 |
| Merger Arbitrage Fund | 52049 |
| Timpani Small Cap Growth Fund | 42657 |
| Timpani SMID Growth Fund | 45271 |
| Dividend Growth Fund | 57246 |
| Select Fund | 103588 |
| International Growth Fund | 309135 |
| Evolving World Growth Fund | 654739 |
| Global Equity Fund | 48374 |
| Global Opportunities Fund | 315795 |
| International Small Cap Growth Fund | 81634 |
| Total Return Bond Fund | 49740 |
| High Income Opportunities Fund | 65826 |
| Short-Term Bond Fund | 3109 |

---

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 C shares. No such fees are paid on each Fund's Class I or Class R6 shares.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Notes to Financial Statements (Unaudited)

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, 2025, CFS received commissions and underwriting fees as follows:

---

| | |
|:---|:---|
| FUND | AMOUNT |
| Market Neutral Income Fund | $8085 |
| Hedged Equity Fund | 1357 |
| Phineus Long/Short Fund | 4087 |
| Convertible Fund | 1907 |
| Global Convertible Fund | 42 |
| Timpani Small Cap Growth Fund | 9206 |
| Growth Fund | 29133 |
| Growth and Income Fund | 59724 |
| Dividend Growth Fund | 1456 |
| Select Fund | 2994 |
| International Growth Fund | 1511 |
| Evolving World Growth Fund | 107 |
| Global Equity Fund | 1684 |
| Global Opportunities Fund | 3818 |
| Total Return Bond Fund | 4 |
| High Income Opportunities Fund | 68 |
| Short-Term Bond Fund | 41 |

---

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, 2025, certain affiliates of Calamos Advisors hold material investments in the Funds as follows:

---

| | |
|:---|:---|
| FUND | PERCENTAGE |
| Merger Arbitrage Fund | 51% |
| Timpani SMID Growth Fund | 64 |
| Select Fund | 36 |
| International Small Cap Growth Fund | 34 |
| High Income Opportunities Fund | 36 |

---

As of April 30, 2025, the *Market Neutral Income Fund* held 86.9% of the outstanding shares of *Short-Term Bond Fund.*

The Trust has adopted a deferred compensation plan (the "Plan"). Under the Plan, a trustee who is not an "interested person" (as defined in the 1940 Act) and has elected to participate in the Plan (a "participating trustee") may defer receipt of all or a portion of his compensation from the Trust. The deferred compensation payable to the participating trustee is credited to the trustee's deferral account as of the business day such compensation would have been paid to the participating trustee. The value of amounts deferred for a participating trustee is determined by reference to the change in value of Class I shares of one or more funds of the Trust designated by the participant. The value of the account increases with contributions to the account or with increases in the value of the measuring shares, and the value of the account decreases with withdrawals from the account or with declines in the value of the measuring shares.

At April 30, 2025, 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 | $184642 |
| Convertible Fund | 189446 |
| Growth Fund | 918257 |

---

www.calamos.com

------

Notes to Financial Statements (Unaudited)

---

| | |
|:---|:---|
| FUND | AMOUNT |
| Growth and Income Fund | $396504 |
| Select Fund | 98443 |
| International Growth Fund | 61963 |
| Evolving World Growth Fund | 18259 |
| Global Equity Fund | 31782 |
| Global Opportunities Fund | 149118 |
| Total Return Bond Fund | 35763 |
| High Income Opportunities Fund | 108484 |

---

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, 2025.

**Interfund Lending Program and Joint Credit Agreement**

The SEC has granted an exemptive order to the Funds permitting the Funds to participate in an interfund lending facility whereby participating Funds may directly lend to and borrow money from each other (an "Interfund Loan") for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities "fails," resulting in an unanticipated cash shortfall) (the "InterFund Program"). The InterFund Program is subject to a number of conditions, which are discussed in detail in the Funds' statement of additional information. Any loan made through the InterFund Program is expected to be more beneficial to a borrowing Fund (i.e., at a lower interest rate) than borrowing from a bank and more beneficial to a lending Fund (i.e., at a higher rate of return) than an alternative short-term investment. The duration of an InterFund Loan will be limited to the time required to receive payment for securities sold, but in no event more than seven days. In addition, each InterFund Loan may be called on one business day's notice by a lending Fund and may be repaid on any day by a borrowing Fund. No Interfund Loans were made during the period.

On April 30, 2021, the Trust, on behalf of the Funds, entered into a $50,000,000 Demand Discretionary Credit Agreement with State Street Bank and Trust Company (the "Credit Agreement"). Effective May 10, 2022, International Small Cap Fund was added to the Credit Agreement. On November 30, 2022, the Credit Agreement was increased to $100,000,000. Each Fund may borrow under the Credit Agreement to meet shareholder redemptions and for other lawful temporary purposes. Borrowing results in interest expense and other fees and expenses, which may increase a Fund's net expenses and reduce a Fund's return. In addition, borrowing by a Fund may create leverage by increasing a Fund's investment exposure. This will result in changes in a Fund's net asset value, either positive or negative, being greater than it would have been if the Fund had not borrowed. Administration, legal, and arrangement fees, if applicable, under the Credit Agreement are allocated among Funds based upon factors deemed relevant by the Adviser and the Board of each Fund, while fees on any amounts drawn by a Fund under the Credit Agreement are borne by that Fund. At April 30, 2025, there were no borrowings under the Credit Agreement. Please see the supplement to the Prospectus and Statement of Additional Information for more information about the Credit Agreement.

**Note 3 – Investments**

The cost of purchases and proceeds from sales of long-term investments, excluding investments sold short, for the period ended April 30, 2025 are shown in the table below. Furthermore, the cost of purchases to cover short sales and the proceeds of short sales were $1,755,949,703 and $1,694,810,385 for Market Neutral income Fund, $2,535,721,094 and $2,110,433,079 for Phineus Long/Short Fund, and $489,663 and $526,888 for Merger Arbitrage Fund, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **COST OF PURCHASES** | **COST OF PURCHASES** | **PROCEEDS FROM SALES** | **PROCEEDS FROM SALES** |
| FUND | U.S. GOV'T <br>SECURITIES | OTHER | U.S. GOV'T <br>SECURITIES | OTHER |
| Market Neutral Income Fund | $— | $2667161562 | $— | $2218084378 |
| Hedged Equity Fund |  | 30361971 |  | 18748469 |
| Phineus Long/Short Fund |  | 1143378892 |  | 1138701310 |
| Merger Arbitrage Fund |  | 1250819 |  | 1206500 |
| Convertible Fund |  | 356699574 |  | 436655026 |
| Global Convertible Fund | 1072046 | 25761308 |  | 23562395 |

---

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Notes to Financial Statements (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **COST OF PURCHASES** | **COST OF PURCHASES** | **PROCEEDS FROM SALES** | **PROCEEDS FROM SALES** |
| FUND | U.S. GOV'T <br>SECURITIES | OTHER | U.S. GOV'T <br>SECURITIES | OTHER |
| Timpani Small Cap Growth Fund | $— | $401051164 | $— | $371972538 |
| Timpani SMID Growth Fund |  | 33043966 |  | 26457275 |
| Growth Fund |  | 421146627 |  | 508769868 |
| Growth and Income Fund |  | 404395536 |  | 545143669 |
| Dividend Growth Fund |  | 1945352 |  | 2279811 |
| Select Fund |  | 15096988 |  | 16667158 |
| International Growth Fund |  | 193976705 |  | 200838814 |
| Evolving World Growth Fund |  | 288531119 |  | 316771115 |
| Global Equity Fund |  | 89254878 |  | 89639861 |
| Global Opportunities Fund |  | 166477030 |  | 171665568 |
| International Small Cap Growth Fund |  | 4957801 |  | 4938847 |
| Total Return Bond Fund | 1236457 | 1329307 | 1406498 | 1819979 |
| High Income Opportunities Fund |  | 5787912 |  | 6625287 |
| Short-Term Bond Fund | 8941172 | 74594368 | 6298451 | 64858978 |

---

**Note 4 – Income Taxes**

The following information is presented on a federal income tax basis as of April 30, 2025. Differences between the cost basis under U.S. GAAP and federal income tax purposes are primarily due to temporary differences.

The cost basis of investments for federal income tax purposes at April 30, 2025 was as follows\*:

---

| | | | | |
|:---|:---|:---|:---|:---|
| FUND | COST BASIS OF<br>INVESTMENTS | GROSS UNREALIZED<br>APPRECIATION | GROSS UNREALIZED<br>DEPRECIATION | NET UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) |
| Market Neutral Income Fund | $9492939599 | $4896012615 | $(121749973) | $4774262642 |
| Hedged Equity Fund | 466540040 | 276201507 | (20806734) | 255394773 |
| Phineus Long/Short Fund | 540680284 | 88395514 | (60012120) | 28383394 |
| Merger Arbitrage Fund | 1703647 | 69714 | (97635) | (27921) |
| Convertible Fund | 779044503 | 81907149 | (33493189) | 48413960 |
| Global Convertible Fund | 141014935 | 14047120 | (7727330) | 6319790 |
| Timpani Small Cap Growth Fund | 284389027 | 85624676 | (12932699) | 72691977 |
| Timpani SMID Growth Fund | 26349284 | 5974619 | (939719) | 5034900 |
| Growth Fund | 739915059 | 717289997 | (10702119) | 706587878 |
| Growth and Income Fund | 1424292883 | 1235195291 | (33194016) | 1202001275 |
| Dividend Growth Fund | 10798883 | 10062453 | (211560) | 9850893 |
| Select Fund | 32801775 | 20869518 | (334271) | 20535247 |
| International Growth Fund | 203057748 | 52833024 | (3285031) | 49547993 |
| Evolving World Growth Fund | 303814276 | 79815853 | (7153562) | 72662291 |
| Global Equity Fund | 94793872 | 40241963 | (3511254) | 36730709 |
| Global Opportunities Fund | 213035727 | 59613108 | (4723052) | 54890056 |
| International Small Cap Growth Fund | 4665319 | 918265 | (101138) | 817127 |
| Total Return Bond Fund | 32267346 | 225477 | (2507450) | (2281973) |
| High Income Opportunities Fund | 37482835 | 406579 | (1937955) | (1531376) |
| Short-Term Bond Fund | 384144072 | 3957159 | (1902733) | 2054426 |

---

\* 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.

www.calamos.com

------

Notes to Financial Statements (Unaudited)

The tax character of distributions for the period ended April 30, 2025 will be determined at the end of each Fund's current fiscal year. Distributions during the fiscal year ended October 31, 2024 were characterized for federal income tax purposes as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **YEAR ENDED<br>OCTOBER 31, 2024** | **YEAR ENDED<br>OCTOBER 31, 2024** | **YEAR ENDED<br>OCTOBER 31, 2024** |
| FUND | ORDINARY<br>INCOME | LONG-TERM<br>CAPITAL GAIN | RETURN OF<br>CAPITAL |
| Market Neutral Income Fund | $525296319 | $265804258 | $— |
| Hedged Equity Fund | 3579087 |  |  |
| Phineus Long/Short Fund | 17523678 |  |  |
| Merger Arbitrage Fund | 13044 |  |  |
| Convertible Fund | 9594758 | 10737844 |  |
| Global Convertible Fund |  |  |  |
| Timpani Small Cap Growth Fund |  |  |  |
| Timpani SMID Growth Fund |  |  |  |
| Growth Fund |  | 54359459 |  |
| Growth and Income Fund | 18132723 | 88007410 |  |
| Dividend Growth Fund | 40388 | 676194 |  |
| Select Fund | 7508 | 1903922 |  |
| International Growth Fund | 513134 | 43 |  |
| Evolving World Growth Fund | 1902391 |  |  |
| Global Equity Fund | 71230 |  |  |
| Global Opportunities Fund | 1371661 |  |  |
| International Small Cap Growth Fund |  |  |  |
| Total Return Bond Fund | 1465570 |  |  |
| High Income Opportunities Fund | 2310301 |  |  |
| Short-Term Bond Fund | 17686651 |  |  |

---

As of October 31, 2024, the components of accumulated earnings/(loss) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | MARKET NEUTRAL <br>INCOME FUND | HEDGED EQUITY <br>FUND | PHINEUS <br>LONG/SHORT <br>FUND | MERGER <br>ARBITRAGE FUND | CONVERTIBLE<br>FUND |
| Undistributed ordinary income | $111134664 | $955367 | $44472280 | $58245 | $3803876 |
| Undistributed capital gains |  |  | 13857520 |  | 4809369 |
| Total undistributed earnings | 111134664 | 955367 | 58329800 | 58245 | 8613245 |
| Accumulated capital and other losses | (1509570044) | (85140085) |  |  |  |
| Net unrealized gains/(losses) | 3119397434 | 265591838 | 123203517 | (63052) | 91937334 |
| Total accumulated earnings/(losses) | 1720962054 | 181407120 | 181533317 | (4807) | 100550579 |
| Other | (238809574) | (182553) | (51861230) |  | (1244112) |
| Paid-in-capital | 13593083769 | 515971813 | 914157596 | 2101786 | 771902425 |
| Net assets applicable to common shareholders | $15075236249 | $697196380 | $1043829683 | $2096979 | $871208892 |

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CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Notes to Financial Statements (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | GLOBAL <br>CONVERTIBLE <br>FUND | TIMPANI SMALL <br>CAP GROWTH <br>FUND | TIMPANI SMID <br>GROWTH FUND | GROWTH FUND | GROWTH AND <br>INCOME FUND |
| Undistributed ordinary income | $— | $10564275 | $729029 | $40139092 | $8163259 |
| Undistributed capital gains |  |  | 47816 | 53872610 | 117487719 |
| Total undistributed earnings |  | 10564275 | 776845 | 94011702 | 125650978 |
| Accumulated capital and other losses | (6153761) | (87467547) |  |  |  |
| Net unrealized gains/(losses) | 2775825 | 80000044 | 6211478 | 795589797 | 1334115777 |
| Total accumulated earnings/(losses) | (3377936) | 3096772 | 6988323 | 889601499 | 1459766755 |
| Other |  |  |  | (23716069) | (17964269) |
| Paid-in-capital | 131183649 | 344275864 | 19261072 | 669086381 | 1391161938 |
| Net assets applicable to common shareholders | $127805713 | $347372636 | $26249395 | $1534971811 | $2832964424 |
|  | DIVIDEND <br>GROWTH FUND | SELECT FUND | INTERNATIONAL <br>GROWTH FUND | EVOLVING WORLD <br>GROWTH FUND | GLOBAL EQUITY <br>FUND |
| Undistributed ordinary income | $14611 | $384928 | $— | $— | $2781092 |
| Undistributed capital gains | 516523 | 3613232 | 10308332 |  | 8247737 |
| Total undistributed earnings | 531134 | 3998160 | 10308332 |  | 11028829 |
| Accumulated capital and other losses |  |  |  | (90573715) |  |
| Net unrealized gains/(losses) | 10443506 | 22471798 | 56208804 | 95330650 | 51827358 |
| Total accumulated earnings/(losses) | 10974640 | 26469958 | 66517136 | 4756935 | 62856187 |
| Other | (9672) | (117456) | (75504) | (434537) | (1460936) |
| Paid-in-capital | 9679729 | 29744734 | 176038893 | 392319749 | 72185030 |
| Net assets applicable to common shareholders | $20644697 | $56097236 | $242480525 | $396642147 | $133580281 |
|  | GLOBAL <br>OPPORTUNITIES <br>FUND | INTERNATIONAL <br>SMALL CAP <br>GROWTH FUND | TOTAL RETURN <br>BOND FUND | HIGH INCOME <br>OPPORTUNITIES <br>FUND | SHORT-TERM <br>BOND FUND |
| Undistributed ordinary income | $1124097 | $— | $34864 | $64972 | $184420 |
| Undistributed capital gains | 19698546 |  |  |  |  |
| Total undistributed earnings | 20822643 |  | 34864 | 64972 | 184420 |
| Accumulated capital and other losses |  | (278245) | (2646085) | (12720933) | (12335054) |
| Net unrealized gains/(losses) | 72545006 | 536225 | (2750042) | (1390990) | (4692514) |
| Total accumulated earnings/(losses) | 93367649 | 257980 | (5361263) | (14046951) | (16843148) |
| Other | (2976125) |  | (111615) | (118451) | (1299) |
| Paid-in-capital | 189009982 | 5461999 | 35703075 | 51600992 | 383896303 |
| Net assets applicable to common shareholders | $279401506 | $5719979 | $30230197 | $37435590 | $367051856 |

---

The following Funds had capital loss carryforwards for the year ended October 31, 2024, with no expiration date, available to offset future realized capital gains:

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| | | |
|:---|:---|:---|
| FUND | SHORT-TERM | LONG-TERM |
| Market Neutral Income Fund | $716054629 | $793515415 |
| Hedged Equity Fund | 35774811 | 49365274 |
| Global Convertible Fund | 3794009 | 2359751 |
| Timpani Small Cap Growth Fund | 87467547 |  |
| Evolving World Growth Fund | 90573715 |  |
| International Small Cap Growth Fund | 278245 |  |
| Total Return Bond Fund | 1207792 | 1438293 |
| High Income Opportunities Fund | 1165204 | 11555729 |
| Short-Term Bond Fund | 4144821 | 8190233 |

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www.calamos.com

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Notes to Financial Statements (Unaudited)

The following Funds had capital loss carryforwards utilized in the year ended October 31, 2024:

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| | |
|:---|:---|
| FUND | UTILIZED |
| Global Convertible Fund | $1781088 |
| Timpani Small Cap Growth Fund | 54051338 |
| Timpani SMID Growth Fund | 3584018 |
| International Growth Fund | 19729439 |
| Evolving World Growth Fund | 24883026 |
| Global Equity Fund | 87223 |
| Global Opportunities Fund | 14549671 |
| International Small Cap Growth Fund | 359630 |

---

**Note 5 – Short Sales**

Securities sold short represent obligations to deliver the securities at a future date. A Fund may sell a security it does not own in anticipation of a decline in the value of that security before the delivery date. When the Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. Accrued dividends on securities sold short are disclosed within other accounts payable and accrued liabilities on the Statements of Assets and Liabilities. Dividends paid on securities sold short are disclosed as an expense on the Statements of Operations. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be realized upon the termination of a short sale.

To secure its obligation to deliver to the broker-dealer the securities sold short, a Fund must segregate an amount of cash or liquid securities with its custodian equal to any excess of the current market value of the securities sold short over any cash or liquid securities deposited as collateral with the broker in connection with the short sale (not including the proceeds of the short sale). As a result of that requirement, a Fund will not gain any leverage merely by selling short, except to the extent that it earns interest or other income or gains on the segregated cash or liquid securities while also being subject to the possibility of gain or loss from the securities sold short.

**Note 6 – Derivative Instruments**

**Foreign Currency Risk.** Each Fund may engage in portfolio hedging with respect to changes in currency exchange rates by entering into forward foreign currency contracts to purchase or sell currencies. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Risks associated with such contracts include, among other things, movement in the value of the foreign currency relative to the U.S. dollar and the ability of the counterparty to perform.

To mitigate the counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs over-the-counter derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Generally, collateral is exchanged between a Fund and the counterparty and the amount of collateral due from a Fund or to a counterparty has to exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. When a Fund is required to post collateral under the terms of a derivatives transaction and master netting agreement, a Fund's custodian holds the collateral in a segregated account, subject to the terms of a tri-party agreement among a Fund, the custodian and the counterparty. The master netting agreement and tri-party agreement provide, in relevant part, that the counterparty may have rights to the amounts in the segregated account in the event that a Fund defaults in its obligation with respect to the derivative instrument that is subject to the collateral requirement. When a counterparty is required to post collateral under the terms of a derivatives transaction and master netting agreement, the counterparty delivers such amount to a Fund's custodian. The master netting agreement provides, in relevant part, that the Fund may have rights to such collateral in the event that the counterparty defaults in its obligation with respect to the

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Notes to Financial Statements (Unaudited)

derivative instrument that is subject to the collateral requirement. Generally before a default, neither a Fund nor the counterparty may resell, rehypothecate, or repledge any collateral that it receives.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. A Fund's net counterparty exposure is reflected in the counterparty table below. The net unrealized gain, if any, represents the credit risk to the respective Fund on a forward foreign currency contract. The contracts are valued daily at forward foreign exchange rates. The Funds realize a gain or loss when a position is closed or upon settlement of the contracts.

As of April 30, 2025, the Funds had outstanding forward foreign currency contracts listed on the Schedules of Investments.

**Equity Risk.** Each Fund may engage in option transactions and in doing so achieves similar objectives to what it would achieve through the sale or purchase of individual securities. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the seller of the option the obligation to sell, the underlying security, index or other instrument at the exercise price. A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the seller the obligation to buy, the underlying security, index, or other instrument at the exercise price.

To seek to offset some of the risk of a potential decline in value of certain long positions, each Fund may also purchase put options on individual securities, broad-based securities indexes or certain exchange-traded funds ("ETFs"). Each Fund may also seek to generate income from option premiums by writing (selling) options on a portion of the equity securities (including securities that are convertible into equity securities) in a Fund's portfolio, on broad-based securities indexes, or certain ETFs.

When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, a Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount received or paid on a closing purchase or sale transaction is also treated as a realized gain or loss. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid. Gain or loss on written options and purchased options is presented separately on the Statements of Operations as net realized gain or loss on written options and net realized gain or loss on purchased options, respectively.

Options written by each Fund do not typically give rise to counterparty credit risk since options written obligate each Fund and not the counterparty to perform. Exchange traded purchased options have minimal counterparty credit risk to each Fund since the exchange's clearinghouse, as counterparty to such instruments, guarantees against a possible default.

As of April 30, 2025, the Funds had outstanding purchased options and/or written options as listed on the Schedule of Investments.

As of April 30, 2025, the Funds had outstanding derivative contracts which are reflected on the Statements of Assets and Liabilities as follows:

---

| | | |
|:---|:---|:---|
| | ASSET<br>DERIVATIVES | LIABILITY<br>DERIVATIVES |
| | **MARKET NEUTRAL INCOME FUND** | **MARKET NEUTRAL INCOME FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-traded purchased options<sup>(2)</sup> | $112135700 | $— |
| Exchange-traded written options<sup>(3)</sup> |  | 428342375 |
| Forward foreign currency contracts<sup>(1)</sup> | 116509 | 15547257 |
| Over the counter purchased options<sup>(2)</sup> | 32281247 |  |
| Total return swaps<sup>(4)</sup> |  | 1448405 |
|  | $144533456 | $445338037 |

---

www.calamos.com

------

Notes to Financial Statements (Unaudited)

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| | | |
|:---|:---|:---|
| | ASSET<br>DERIVATIVES | LIABILITY<br>DERIVATIVES |
| | **HEDGED EQUITY FUND** | **HEDGED EQUITY FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-traded purchased options<sup>(2)</sup> | $27058175 | $— |
| Exchange-traded written options<sup>(3)</sup> |  | 18694300 |
|  | $27058175 | $18694300 |
|  | **PHINEUS LONG/SHORT FUND** | **PHINEUS LONG/SHORT FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-traded purchased options<sup>(2)</sup> | $23914601 | $— |
| Exchange-traded written options<sup>(3)</sup> |  | 16844656 |
|  | $23914601 | $16844656 |
|  | **CONVERTIBLE FUND** | **CONVERTIBLE FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Forward foreign currency contracts<sup>(1)</sup> | $8644 | $53929 |
|  | $8644 | $53929 |
|  | **GLOBAL CONVERTIBLE FUND** | **GLOBAL CONVERTIBLE FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-traded purchased options<sup>(2)</sup> | $117708 | $— |
|  | $117708 | $— |
|  | **GROWTH FUND** | **GROWTH FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-traded purchased options<sup>(2)</sup> | $387800 | $— |
| Exchange-traded written options<sup>(3)</sup> |  | 42900 |
|  | $387800 | $42900 |
|  | **GROWTH AND INCOME FUND** | **GROWTH AND INCOME FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-traded purchased options<sup>(2)</sup> | $10484435 | $— |
| Exchange-traded written options<sup>(3)</sup> |  | 351523 |
|  | $10484435 | $351523 |
|  | **INTERNATIONAL GROWTH FUND** | **INTERNATIONAL GROWTH FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-traded purchased options<sup>(2)</sup> | $1613273 | $— |
| Forward foreign currency contracts<sup>(1)</sup> | 996125 | 183704 |
|  | $2609398 | $183704 |
|  | **EVOLVING WORLD GROWTH FUND** | **EVOLVING WORLD GROWTH FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-traded purchased options<sup>(2)</sup> | $6823861 | $— |
| Forward foreign currency contracts<sup>(1)</sup> | 378788 | 221919 |
|  | $7202649 | $221919 |

---

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Notes to Financial Statements (Unaudited)

---

| | | |
|:---|:---|:---|
| | ASSET<br>DERIVATIVES | LIABILITY<br>DERIVATIVES |
| | **GLOBAL EQUITY FUND** | **GLOBAL EQUITY FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-traded purchased options<sup>(2)</sup> | $475802 | $— |
| Forward foreign currency contracts<sup>(1)</sup> |  | 38808 |
|  | $475802 | $38808 |
|  | **GLOBAL OPPORTUNITIES FUND** | **GLOBAL OPPORTUNITIES FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-traded purchased options<sup>(2)</sup> | $1594366 | $— |
| Forward foreign currency contracts<sup>(1)</sup> |  | 92080 |
|  | $1594366 | $92080 |
|  | **INTERNATIONAL SMALL CAP <br>GROWTH FUND** | **INTERNATIONAL SMALL CAP <br>GROWTH FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-traded purchased options<sup>(2)</sup> | $2872 | $— |
| Forward foreign currency contracts<sup>(1)</sup> | 24939 | 2006 |
|  | $27811 | $2006 |
|  | **TOTAL RETURN BOND FUND** | **TOTAL RETURN BOND FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Futures contracts<sup>(5)</sup> | $33111 | $— |
|  | $33111 | $— |
|  | **SHORT-TERM BOND FUND** | **SHORT-TERM BOND FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Futures contracts<sup>(5)</sup> | $— | $331111 |
|  | $— | $331111 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** |
| **MARKET NEUTRAL INCOME FUND** | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | COLLATERAL | NET AMOUNT <br>RECEIVABLE IN <br>THE EVENT | NET AMOUNT <br>PAYABLE IN <br>THE EVENT |
| Counterparty |  | ASSETS | LIABILITIES | PLEDGED<sup>(a)</sup> | OF DEFAULT | OF DEFAULT |
| Bank of New York | ISDA | $— | $471981 | $471981 | $— | $— |
| Northern Trust Company | ISDA | 74672 | 1698742 |  |  | 1624070 |
| State Street Bank and Trust | ISDA | 41837 | 13376534 | 13334697 |  |  |
| Bank of America NA | ISDA |  | 478601 | 478601 |  |  |
| Citibank NA | ISDA |  | 969804 | 969804 |  |  |
|  |  | $116509 | $16995662 | $15255083 | $— | $1624070 |

---

(a) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statements of Assets and Liabilities, for each respective counterparty

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CONVERTIBLE FUND** | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | COLLATERAL | NET AMOUNT <br>RECEIVABLE IN <br>THE EVENT | NET AMOUNT <br>PAYABLE IN <br>THE EVENT |
| Counterparty |  | ASSETS | LIABILITIES | PLEDGED | OF DEFAULT | OF DEFAULT |
| Bank of New York | ISDA | $4826 | $— | $— | $4826 | $— |
| Northern Trust Company | ISDA |  | 2720 |  |  | 2720 |
| State Street Bank and Trust | ISDA | 3818 | 51209 |  |  | 47391 |
|  |  | $8644 | $53929 | $— | $4826 | $50111 |

---

www.calamos.com

------

Notes to Financial Statements (Unaudited)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** |
| **INTERNATIONAL GROWTH FUND** | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | COLLATERAL | NET AMOUNT <br>RECEIVABLE IN <br>THE EVENT | NET AMOUNT <br>PAYABLE IN <br>THE EVENT |
| Counterparty |  | ASSETS | LIABILITIES | PLEDGED | OF DEFAULT | OF DEFAULT |
| Northern Trust Company | ISDA | $166891 | $78699 | $— | $88192 | $— |
| State Street Bank and Trust | ISDA | 829234 | 105005 |  | 724229 |  |
|  |  | $996125 | $183704 | $— | $812421 | $— |
| **EVOLVING WORLD GROWTH FUND** | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | COLLATERAL | NET AMOUNT <br>RECEIVABLE IN <br>THE EVENT | NET AMOUNT <br>PAYABLE IN <br>THE EVENT |
| Counterparty |  | ASSETS | LIABILITIES | PLEDGED | OF DEFAULT | OF DEFAULT |
| JPMorgan Chase Bank N.A. | ISDA | $— | $167712 | $— | $— | $167712 |
| Northern Trust Company | ISDA | 246317 |  |  | 246317 |  |
| State Street Bank and Trust | ISDA | 132471 | 54207 |  | 78264 |  |
|  |  | $378788 | $221919 | $— | $324581 | $167712 |
| **GLOBAL EQUITY FUND** | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | COLLATERAL | NET AMOUNT <br>RECEIVABLE IN <br>THE EVENT | NET AMOUNT <br>PAYABLE IN <br>THE EVENT |
| Counterparty |  | ASSETS | LIABILITIES | PLEDGED | OF DEFAULT | OF DEFAULT |
| Northern Trust Company | ISDA | $— | $38808 | $— | $— | $38808 |
|  |  | $— | $38808 | $— | $— | $38808 |
| **GLOBAL OPPORTUNITIES FUND** | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | COLLATERAL | NET AMOUNT <br>RECEIVABLE IN <br>THE EVENT | NET AMOUNT <br>PAYABLE IN <br>THE EVENT |
| Counterparty |  | ASSETS | LIABILITIES | PLEDGED | OF DEFAULT | OF DEFAULT |
| Northern Trust Company | ISDA | $— | $81868 | $— | $— | $81868 |
| State Street Bank and Trust | ISDA |  | 10212 |  |  | 10212 |
|  |  | $— | $92080 | $— | $— | $92080 |
| **INTERNATIONAL SMALL CAP<br>GROWTH FUND** | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | COLLATERAL | NET AMOUNT <br>RECEIVABLE IN <br>THE EVENT | NET AMOUNT <br>PAYABLE IN <br>THE EVENT |
| Counterparty |  | ASSETS | LIABILITIES | PLEDGED | OF DEFAULT | OF DEFAULT |
| State Street Bank and Trust | ISDA | $24939 | $2006 | $— | $22933 | $— |
|  |  | $24939 | $2006 | $— | $22933 | $— |

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For the period ended April 30, 2025, the volume of derivative activity for the Fund is reflected below:\*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| FUND | FORWARD FOREIGN <br>CURRENCY <br>CONTRACTS<sup>(1)</sup> | PURCHASED<br>OPTIONS<sup>(2)</sup> | WRITTEN<br>OPTIONS<sup>(3)</sup> | SWAPS<sup>(4)</sup> | FUTURES<br>CONTRACTS<sup>(5)</sup> |
| Market Neutral Income Fund | 37954008 | 54130 | 94911 | 32164832 | 1 |
| Hedged Equity Fund |  | 85 | 760 |  |  |
| Phineus Long/Short Fund |  | 543449 | 677541 |  |  |
| Merger Arbitrage Fund |  | 6 | 52 |  |  |
| Convertible Fund | 24371126 | 1050 | 300 |  |  |
| Global Convertible Fund |  | 207 |  |  |  |

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CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Notes to Financial Statements (Unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| FUND | FORWARD FOREIGN <br>CURRENCY <br>CONTRACTS<sup>(1)</sup> | PURCHASED<br>OPTIONS<sup>(2)</sup> | WRITTEN<br>OPTIONS<sup>(3)</sup> | SWAPS<sup>(4)</sup> | FUTURES<br>CONTRACTS<sup>(5)</sup> |
| Growth Fund |  | 20890 | 19490 |  |  |
| Growth and Income Fund |  | 71690 | 9865 |  |  |
| Dividend Growth Fund |  | 14 |  |  |  |
| International Growth Fund | 65131973 | 33890 |  |  |  |
| Evolving World Growth Fund | 73458776 | 169105 |  |  |  |
| Global Equity Fund |  | 1977 | 120 |  |  |
| Global Opportunities Fund | 10210609 | 15112 | 248 |  |  |
| International Small Cap Growth Fund | 1025308 | 260 |  |  |  |
| Total Return Bond Fund |  |  |  |  | 45 |
| Short-Term Bond Fund |  |  |  |  | 500 |

---

\* Activity during the period is measured by opened number of contracts for options purchased or written, opened foreign currency contracts (measured in notional), opened number of contracts for futures contracts, and opened total return swaps (measured in notional).

(1) Generally, the Statement of Assets and Liabilities location for Forward contracts is "Unrealized appreciation on forward foreign currency contracts" for asset derivatives and "Unrealized depreciation on forward foreign currency contracts" for liability derivatives.

(2) Generally, the Statement of Assets and Liabilities location for Purchased Options is "Investments in securities, at value".

(3) Generally, the Statement of Assets and Liabilities location for Written Options is "Options written, at value".

(4) Generally, the Statement of Assets and Liabilities location for Swap contracts is Unrealized appreciation on total return swaps for asset derivatives and Unrealized depreciation on total return swaps for liability derivatives.

(5) Generally, the Statement of Assets and Liabilities location for Futures contracts is Variation margin on open futures contracts for asset derivatives and Variation margin on open futures contracts for liability derivatives.

**Note 7 – Securities Lending**

The Funds may loan one or more of their securities to broker-dealers and banks through the Securities Loan Agreements. In Securities Loan Agreements, the "collateral" are the loaned securities themselves. Additionally, the set-off and netting provisions of a Securities Loan Agreement may not extend to the obligations of the counterparty's affiliates or across varying types of transactions. Any such loan must be secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the value of the securities loaned by the Funds. The Funds continue to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned and also receive an additional return that may be in the form of a fixed fee or a percentage of the collateral. The additional return is disclosed on a net basis as Securities lending income in the Statement of Operations. Upon receipt of cash or cash equivalent collateral, the Funds' securities lending agent invests any cash collateral into short-term investments following investment guidelines approved by Calamos Advisors. The Funds record the investment of collateral as an asset and the value of the collateral as a liability on the Statements of Assets and Liabilities and the Schedule of Investments. The contractual maturity of the collateral received under the securities lending agreement is classified as overnight and continuous. 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.

www.calamos.com

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Notes to Financial Statements (Unaudited)

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, 2025.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | AMOUNT OF <br>COLLATERAL<br>HELD IN <br>SHORT-TERM <br>INVESTMENTS<br>AND<br>RESTRICTED | AMOUNT OF<br>NON-CASH | TOTAL | VALUE OF SECURITIES ON<br>LOAN TO BROKER-DEALERS AND <br>BANKS BY ASSET CLASS ON LOAN | VALUE OF SECURITIES ON<br>LOAN TO BROKER-DEALERS AND <br>BANKS BY ASSET CLASS ON LOAN | VALUE OF SECURITIES ON<br>LOAN TO BROKER-DEALERS AND <br>BANKS BY ASSET CLASS ON LOAN | EXCESS<br>AMOUNT<br>DUE TO/(FROM) |
| FUND | CASH | COLLATERAL | COLLATERAL | EQUITY | FIXED INCOME | TOTAL | COUNTERPARTY |
| Market Neutral Income Fund | $692816793 | $20553275 | $713370068 | $533875320 | $164183801 | $698059121 | $15310947 |
| Hedged Equity Fund | 25890733 | 1308008 | 27198741 | 26588291 |  | 26588291 | 610450 |
| Phineus Long/Short Fund | 41639966 | 1726686 | 43366652 | 42294348 |  | 42294348 | 1072304 |
| Convertible Fund | 74749053 | 1324620 | 76073673 | 1977709 | 72440346 | 74418055 | 1655618 |
| Global Convertible Fund | 16793640 | 1380305 | 18173945 | 591399 | 17109242 | 17700641 | 473304 |
| Growth Fund | 35080417 | 20423343 | 55503760 | 52887632 |  | 52887632 | 2616128 |
| Growth and Income Fund | 57515683 | 4023338 | 61539021 | 5275654 | 54798872 | 60074526 | 1464495 |
| Dividend Growth Fund | 716183 | 104534 | 820717 | 801973 |  | 801973 | 18744 |
| Select Fund | 694946 |  | 694946 | 682885 |  | 682885 | 12061 |
| International Growth Fund | 15468354 | 58 | 15468412 | 14447878 |  | 14447878 | 1020534 |
| Evolving World Growth Fund | 14093979 | 4534312 | 18628291 | 16677276 | 1385821 | 18063097 | 565194 |
| Global Equity Fund | 3568861 |  | 3568861 | 3330295 |  | 3330295 | 238566 |
| Global Opportunities Fund | 11248883 |  | 11248883 | 3400040 | 7455729 | 10855769 | 393114 |
| Total Return Bond Fund | 890533 | 405343 | 1295876 |  | 1267244 | 1267244 | 28632 |
| High Income Opportunities Fund | 2397333 | 147855 | 2545188 |  | 2474251 | 2474251 | 70937 |
| Short-Term Bond Fund | 9673985 | 10904375 | 20578360 |  | 20167180 | 20167180 | 411180 |

---

**Note 8 – Fair Value Measurements**

Various inputs are used to determine the value of the Funds' investments. These inputs are categorized into three broad levels as follows:

• Level 1 – Prices are determined using inputs from unadjusted quoted prices from active markets (including securities actively traded on a securities exchange) for identical assets.

• Level 2 – Prices are determined using significant observable market inputs other than unadjusted quoted prices, including quoted prices of similar securities, fair value adjustments to quoted foreign securities, interest rates, credit risk, prepayment speeds, and other relevant data.

• Level 3 – Prices reflect unobservable market inputs (including the Funds' own judgments about assumptions market participants would use in determining fair value) when observable inputs are unavailable.

Debt securities are valued based upon evaluated prices received from an independent pricing service or from a dealer or broker who makes markets in such securities. Pricing services utilize various observable market data and as such, debt securities are generally categorized as Level 2. The levels are not necessarily an indication of the risk or liquidity of the Fund's investments.

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Notes to Financial Statements (Unaudited)

The following is a summary of the inputs used in valuing the Funds' holdings at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **MARKET NEUTRAL INCOME FUND** | **MARKET NEUTRAL INCOME FUND** | **MARKET NEUTRAL INCOME FUND** | **MARKET NEUTRAL INCOME FUND** |
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Convertible Bonds | $— | $5543150430 | $— | $5543150430 |
| Corporate Bonds |  | 162873495 |  | 162873495 |
| Convertible Preferred Stocks | 447801745 |  |  | 447801745 |
| Common Stocks | 8668162427 | 98668627 | 14462500 | 8781293554 |
| Exchange-Traded Fund | 485901257 |  |  | 485901257 |
| Investments in Affiliated Fund | 336071124 |  |  | 336071124 |
| Warrants | 1751449 | 2310269 |  | 4061718 |
| Rights | 4250 | 113328 | 277808 | 395386 |
| Over-the-counter Purchased Options |  | 32281247 |  | 32281247 |
| Exchange-Traded Purchased Options | 112135700 |  |  | 112135700 |
| Investment of Cash Collateral For Securities Loaned |  | 692816793 |  | 692816793 |
| Forward Foreign Currency Contracts |  | 116509 |  | 116509 |
| Total | $10051827952 | $6532330698 | $14740308 | $16598898958 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Common Stocks Sold Short | $2997539190 | $— | $— | $2997539190 |
| Forward Foreign Currency Contracts |  | 15547257 |  | 15547257 |
| Exchange-Traded Written Options | 428342375 |  |  | 428342375 |
| Total Return Swaps |  | 1448405 |  | 1448405 |
| Total | $3425881565 | $16995662 | $— | $3442877227 |
|  | **HEDGED EQUITY FUND** | **HEDGED EQUITY FUND** | **HEDGED EQUITY FUND** | **HEDGED EQUITY FUND** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $664038501 | $— | $— | $664038501 |
| Exchange-Traded Fund | 23641704 |  |  | 23641704 |
| Exchange-Traded Purchased Option | 27058175 |  |  | 27058175 |
| Investment of Cash Collateral For Securities Loaned |  | 25890733 |  | 25890733 |
| Total | $714738380 | $25890733 | $— | $740629113 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Options | $18694300 | $— | $— | $18694300 |
| Total | $18694300 | $— | $— | $18694300 |

---

www.calamos.com

------

Notes to Financial Statements (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PHINEUS LONG/SHORT FUND** | **PHINEUS LONG/SHORT FUND** | **PHINEUS LONG/SHORT FUND** | **PHINEUS LONG/SHORT FUND** |
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $782583207 | $28434920 | $— | $811018127 |
| Exchange-Traded Funds | 67726710 |  |  | 67726710 |
| Exchange-Traded Purchased Options | 23914601 |  |  | 23914601 |
| Investment of Cash Collateral For Securities Loaned |  | 41639966 |  | 41639966 |
| Total | $874224518 | $70074886 | $— | $944299404 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Common Stocks Sold Short | $42026000 | $— | $— | $42026000 |
| Exchange-Traded Funds Sold Short | 316365070 |  |  | 316365070 |
| Exchange-Traded Written Options | 16844656 |  |  | 16844656 |
| Total | $375235726 | $— | $— | $375235726 |
|  | **MERGER ARBITRAGE FUND** | **MERGER ARBITRAGE FUND** | **MERGER ARBITRAGE FUND** | **MERGER ARBITRAGE FUND** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Convertible Bonds | $— | $443275 | $— | $443275 |
| Common Stocks | 1170560 | 225177 | 92213 | 1487950 |
| Rights |  | 216 | 755 | 971 |
| Warrants |  | 15 |  | 15 |
| Total | $1170560 | $668683 | $92968 | $1932211 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Common Stocks Sold Short | $256485 | $— | $— | $256485 |
| Total | $256485 | $— | $— | $256485 |
|  | **CONVERTIBLE FUND** | **CONVERTIBLE FUND** | **CONVERTIBLE FUND** | **CONVERTIBLE FUND** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Convertible Bonds | $— | $672737691 | $— | $672737691 |
| Convertible Preferred Stocks | 79971719 |  |  | 79971719 |
| Investment of Cash Collateral For Securities Loaned |  | 74749053 |  | 74749053 |
| Forward Foreign Currency Contracts |  | 8644 |  | 8644 |
| Total | $79971719 | $747495388 | $— | $827467107 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward Foreign Currency Contracts | $— | $53929 | $— | $53929 |
| Total | $— | $53929 | $— | $53929 |

---

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Notes to Financial Statements (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **GLOBAL CONVERTIBLE FUND** | **GLOBAL CONVERTIBLE FUND** | **GLOBAL CONVERTIBLE FUND** | **GLOBAL CONVERTIBLE FUND** |
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Convertible Bonds | $— | $118913296 | $— | $118913296 |
| Convertible Preferred Stocks | 10433893 |  |  | 10433893 |
| U.S. Government and Agency Security |  | 1076188 |  | 1076188 |
| Exchange-Traded Purchased Option | 117708 |  |  | 117708 |
| Investment of Cash Collateral For Securities Loaned |  | 16793640 |  | 16793640 |
| Total | $10551601 | $136783124 | $— | $147334725 |
|  | **TIMPANI SMALL CAP GROWTH FUND** | **TIMPANI SMALL CAP GROWTH FUND** | **TIMPANI SMALL CAP GROWTH FUND** | **TIMPANI SMALL CAP GROWTH FUND** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $357081004 | $— | $— | $357081004 |
| Total | $357081004 | $— | $— | $357081004 |
|  | **TIMPANI SMID GROWTH FUND** | **TIMPANI SMID GROWTH FUND** | **TIMPANI SMID GROWTH FUND** | **TIMPANI SMID GROWTH FUND** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $31384184 | $— | $— | $31384184 |
| Total | $31384184 | $— | $— | $31384184 |
|  | **GROWTH FUND** | **GROWTH FUND** | **GROWTH FUND** | **GROWTH FUND** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $1411077620 | $— | $— | $1411077620 |
| Exchange-Traded Purchased Options | 387800 |  |  | 387800 |
| Investment of Cash Collateral For Securities Loaned |  | 35080417 |  | 35080417 |
| Total | $1411465420 | $35080417 | $— | $1446545837 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Options | $42900 | $— | $— | $42900 |
| Total | $42900 | $— | $— | $42900 |

---

www.calamos.com

------

Notes to Financial Statements (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GROWTH AND INCOME FUND** | **GROWTH AND INCOME FUND** | **GROWTH AND INCOME FUND** | **GROWTH AND INCOME FUND** |
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Convertible Bonds | $— | $395832431 | $— | $395832431 |
| Convertible Preferred Stocks | 82040513 | 7815904 |  | 89856417 |
| Common Stocks | 2019226758 | 11618698 |  | 2030845456 |
| U.S. Government and Agency Securities |  | 42111259 |  | 42111259 |
| Exchange-Traded Purchased Options | 10484435 |  |  | 10484435 |
| Investment of Cash Collateral For Securities Loaned |  | 57515683 |  | 57515683 |
| Total | $2111751706 | $514893975 | $— | $2626645681 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Options | $351523 | $— | $— | $351523 |
| Total | $351523 | $— | $— | $351523 |
|  | **DIVIDEND GROWTH FUND** | **DIVIDEND GROWTH FUND** | **DIVIDEND GROWTH FUND** | **DIVIDEND GROWTH FUND** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Convertible Preferred Stocks | $444773 | $— | $— | $444773 |
| Common Stocks | 18956326 | 112647 |  | 19068973 |
| Exchange-Traded Funds | 419847 |  |  | 419847 |
| Investment of Cash Collateral For Securities Loaned |  | 716183 |  | 716183 |
| Total | $19820946 | $828830 | $— | $20649776 |
|  | **SELECT FUND** | **SELECT FUND** | **SELECT FUND** | **SELECT FUND** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $52642076 | $— | $— | $52642076 |
| Investment of Cash Collateral For Securities Loaned |  | 694946 |  | 694946 |
| Total | $52642076 | $694946 | $— | $53337022 |
|  | **INTERNATIONAL GROWTH FUND** | **INTERNATIONAL GROWTH FUND** | **INTERNATIONAL GROWTH FUND** | **INTERNATIONAL GROWTH FUND** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $58829349 | $172333037 | $— | $231162386 |
| Warrant |  |  |  |  |
| Convertible Bond |  | 4361728 |  | 4361728 |
| Exchange-Traded Purchased Options | 1613273 |  |  | 1613273 |
| Investment of Cash Collateral For Securities Loaned |  | 15468354 |  | 15468354 |
| Forward Foreign Currency Contracts |  | 996125 |  | 996125 |
| Total | $60442622 | $193159244 | $— | $253601866 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward Foreign Currency Contracts | $— | $183704 | $— | $183704 |
| Total | $— | $183704 | $— | $183704 |

---

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Notes to Financial Statements (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **EVOLVING WORLD GROWTH FUND** | **EVOLVING WORLD GROWTH FUND** | **EVOLVING WORLD GROWTH FUND** | **EVOLVING WORLD GROWTH FUND** |
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Convertible Bonds | $— | $66076651 | $— | $66076651 |
| Common Stocks | 72559049 | 216923027 |  | 289482076 |
| Exchange-Traded Purchased Options | 6823861 |  |  | 6823861 |
| Investment of Cash Collateral For Securities Loaned |  | 14093979 |  | 14093979 |
| Forward Foreign Currency Contracts |  | 378788 |  | 378788 |
| Total | $79382910 | $297472445 | $— | $376855355 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward Foreign Currency Contracts | $— | $221919 | $— | $221919 |
| Total | $— | $221919 | $— | $221919 |
|  | **GLOBAL EQUITY FUND** | **GLOBAL EQUITY FUND** | **GLOBAL EQUITY FUND** | **GLOBAL EQUITY FUND** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $84471331 | $39689143 | $— | $124160474 |
| Convertible Preferred Stock | 1411188 |  |  | 1411188 |
| Convertible Bond |  | 1908256 |  | 1908256 |
| Exchange-Traded Purchased Options | 475802 |  |  | 475802 |
| Investment of Cash Collateral For Securities Loaned |  | 3568861 |  | 3568861 |
| Total | $86358321 | $45166260 | $— | $131524581 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward Foreign Currency Contracts | $— | $38808 | $— | $38808 |
| Total | $— | $38808 | $— | $38808 |
|  | **GLOBAL OPPORTUNITIES FUND** | **GLOBAL OPPORTUNITIES FUND** | **GLOBAL OPPORTUNITIES FUND** | **GLOBAL OPPORTUNITIES FUND** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Convertible Bonds | $— | $81779252 | $— | $81779252 |
| U.S. Government and Agency Securities |  | 7901585 |  | 7901585 |
| Convertible Preferred Stock | 6659300 |  |  | 6659300 |
| Common Stocks | 111489483 | 47252914 |  | 158742397 |
| Exchange-Traded Purchased Options | 1594366 |  |  | 1594366 |
| Investment of Cash Collateral For Securities Loaned |  | 11248883 |  | 11248883 |
| Total | $119743149 | $148182634 | $— | $267925783 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward Foreign Currency Contracts | $— | $92080 | $— | $92080 |
| Total | $— | $92080 | $— | $92080 |

---

www.calamos.com

------

Notes to Financial Statements (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **INTERNATIONAL SMALL CAP GROWTH FUND** | **INTERNATIONAL SMALL CAP GROWTH FUND** | **INTERNATIONAL SMALL CAP GROWTH FUND** | **INTERNATIONAL SMALL CAP GROWTH FUND** |
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $751281 | $4728293 | $— | $5479574 |
| Exchange-Traded Purchased Options | 2872 |  |  | 2872 |
| Forward Foreign Currency Contracts |  | 24939 |  | 24939 |
| Total | $754153 | $4753232 | $— | $5507385 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward Foreign Currency Contracts | $— | $2006 | $— | $2006 |
| Total | $— | $2006 | $— | $2006 |
|  | **TOTAL RETURN BOND FUND** | **TOTAL RETURN BOND FUND** | **TOTAL RETURN BOND FUND** | **TOTAL RETURN BOND FUND** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Corporate Bonds | $— | $13679248 | $— | $13679248 |
| Bank Loans |  | 1283288 |  | 1283288 |
| U.S. Government and Agency Securities |  | 12743074 |  | 12743074 |
| Residential Mortgage Backed Security |  | 92850 |  | 92850 |
| Asset Backed Securities |  | 1263269 |  | 1263269 |
| Investment of Cash Collateral For Securities Loaned |  | 890533 |  | 890533 |
| Futures Contracts | 33111 |  |  | 33111 |
| Total | $33111 | $29952262 | $— | $29985373 |
|  | **HIGH INCOME OPPORTUNITIES FUND** | **HIGH INCOME OPPORTUNITIES FUND** | **HIGH INCOME OPPORTUNITIES FUND** | **HIGH INCOME OPPORTUNITIES FUND** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Asset Backed Security | $— | $96581 | $— | $96581 |
| Corporate Bonds |  | 27482598 |  | 27482598 |
| Bank Loans |  | 5644757 |  | 5644757 |
| Common Stocks | 229513 |  |  | 229513 |
| Warrants | 1 |  |  | 1 |
| Preferred Stocks | 100676 |  |  | 100676 |
| Investment of Cash Collateral For Securities Loaned |  | 2397333 |  | 2397333 |
| Total | $330190 | $35621269 | $— | $35951459 |

---

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Notes to Financial Statements (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SHORT-TERM BOND FUND** | **SHORT-TERM BOND FUND** | **SHORT-TERM BOND FUND** | **SHORT-TERM BOND FUND** |
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Corporate Bonds | $— | $217781671 | $— | $217781671 |
| U.S. Government and Agency Securities |  | 21820784 |  | 21820784 |
| Sovereign Bonds |  | 6219154 |  | 6219154 |
| Bank Loans |  | 34810147 |  | 34810147 |
| Asset Backed Securities |  | 78665845 |  | 78665845 |
| Municipal Obligations |  | 12190175 |  | 12190175 |
| Residential Mortgage Backed Securities |  | 4705626 |  | 4705626 |
| Investment of Cash Collateral For Securities Loaned |  | 9673985 |  | 9673985 |
| Futures Contracts | 331111 |  |  | 331111 |
| Total | $331111 | $385867387 | $— | $386198498 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Market Neutral Income Fund's assets and liabilities during the period ended April 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <br>in <br>Securities | Balance <br>as of<br>October 31, <br>2024 | Accrued<br>Discounts/ <br>(Premiums) | Realized<br>Gain<br>(Loss) | Change in <br>Unrealized<br>Appreciation<br>(Depreciation) | Purchases | Sales<br>Proceeds | Transfers<br>into<br>Level 3 | Transfers<br>out of <br>Level 3 | Balance<br>as of <br>April 30, <br>2025 | Net change in <br>Unrealized<br>Appreciation<br>(Depreciation) from<br>investments still held <br>as of April 30, 2025 |
| Common <br>Stocks | $— | $— | $— | $— | $— | $— | $14462500 | $— | $14462500 | $— |
| Rights | 277808 |  |  |  |  |  |  |  | 277808 |  |
| Total | $277808 | $— | $— | $— | $— | $— | $14462500 | $— | $14740308 | $— |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Merger Arbitrage Fund's assets and liabilities during the period ended April 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <br>in <br>Securities | Balance <br>as of<br>October 31, <br>2024 | Accrued<br>Discounts/ <br>(Premiums) | Realized<br>Gain<br>(Loss) | Change in <br>Unrealized<br>Appreciation<br>(Depreciation) | Purchases | Sales<br>Proceeds | Transfers<br>into<br>Level 3 | Transfers<br>out of <br>Level 3 | Balance<br>as of <br>April 30, <br>2025 | Net change in <br>Unrealized<br>Appreciation<br>(Depreciation) from<br>investments still held <br>as of April 30, 2025 |
| Common <br>Stocks | $— | $— | $— | $— | $— | $— | $92213 | $— | $92213 | $— |
| Rights | 755 |  |  |  |  |  |  |  | 755 |  |
| Total | $755 | $— | $— | $— | $— | $— | $92213 | $— | $92968 | $— |

---

As of April 30, 2025, Level 3 investments were valued at corporate action indicated prices or unadjusted pricing quotes obtained from dealers.

www.calamos.com

------

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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | MARKET NEUTRAL <br>INCOME FUND | MARKET NEUTRAL <br>INCOME FUND | HEDGED EQUITY FUND | HEDGED EQUITY FUND | PHINEUS LONG/SHORT FUND | PHINEUS LONG/SHORT FUND |
| Class A | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 6532005 | $99395363 | 124161 | $2151780 | 554432 | $9079143 |
| Shares issued as reinvestment of distributions | 559420 | 8465842 | 3189 | 55544 | 259642 | 4130897 |
| Less shares redeemed | (11098605) | (168845455) | (358223) | (6166651) | (732962) | (12068055) |
| Net increase (decrease) | (4007180) | $(60984250) | (230873) | $(3959327) | 81112 | $1141985 |
| Class C | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 909467 | $13905030 | 66297 | $1110170 | 80728 | $1250943 |
| Shares issued as reinvestment of distributions | 101964 | 1550866 | 292 | 4927 | 123154 | 1855926 |
| Less shares redeemed | (1706615) | (26109783) | (29376) | (491373) | (338597) | (5203927) |
| Net increase (decrease) | (695184) | $(10653887) | 37213 | $623724 | (134715) | $(2097058) |
| Class I | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 137853065 | $2070480316 | 5371405 | $92643024 | 7119004 | $118453199 |
| Shares issued as reinvestment of distributions | 10165179 | 151864067 | 116184 | 2023440 | 3715602 | 60006976 |
| Less shares redeemed | (129396886) | (1943971537) | (4928500) | (84535352) | (10045394) | (166672624) |
| Net increase (decrease) | 18621358 | $278372846 | 559089 | $10131112 | 789212 | $11787551 |
| Class R6 | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 19468747 | $293910419 |  | $— |  | $— |
| Shares issued as reinvestment of distributions | 131024 | 1956936 |  |  |  |  |
| Less shares redeemed | (3604675) | (54137089) |  |  |  |  |
| Net increase (decrease) | 15995096 | $241730266 |  | $— |  | $— |

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CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Notes to Financial Statements (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | MERGER ARBITRAGE FUND | MERGER ARBITRAGE FUND | CONVERTIBLE FUND | CONVERTIBLE FUND | GLOBAL CONVERTIBLE FUND | GLOBAL CONVERTIBLE FUND |
| Class A | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 15 | $148 | 261604 | $5741024 | 19315 | $236665 |
| Shares issued as reinvestment of distributions | 336 | 3252 | 104118 | 2270861 |  |  |
| Less shares redeemed | (200) | (1996) | (1387083) | (30124952) | (67471) | (831306) |
| Net increase (decrease) | 151 | $1404 | (1021361) | $(22113067) | (48156) | $(594641) |
| Class C | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold |  | $— | 36053 | $768102 | 1653 | $19158 |
| Shares issued as reinvestment of distributions | 200 | 1945 | 9889 | 209449 |  |  |
| Less shares redeemed |  |  | (253583) | (5329737) | (6803) | (79622) |
| Net increase (decrease) | 200 | $1945 | (207641) | $(4352186) | (5150) | $(60464) |
| Class I | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 979 | $10003 | 3344239 | $62267083 | 920162 | $11428614 |
| Shares issued as reinvestment of distributions | 5681 | 55048 | 433345 | 8023882 |  |  |
| Less shares redeemed | (12698) | (125996) | (6618754) | (120085073) | (793544) | (9848211) |
| Net increase (decrease) | (6038) | $(60945) | (2841170) | $(49794108) | 126618 | $1580403 |
| 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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www.calamos.com

------

Notes to Financial Statements (Unaudited)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | TIMPANI SMALL CAP<br>GROWTH FUND | TIMPANI SMALL CAP<br>GROWTH FUND | TIMPANI SMID<br> GROWTH FUND | TIMPANI SMID<br> GROWTH FUND | GROWTH FUND | GROWTH FUND |
| Class A | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 130326 | $4847631 | 13065 | $199495 | 303408 | $13377904 |
| Shares issued as reinvestment of distributions | 18255 | 667937 | 681 | 10262 | 1573431 | 71386547 |
| Less shares redeemed | (195597) | (7279538) | (8061) | (109164) | (1812162) | (79205984) |
| Net increase (decrease) | (47016) | $(1763970) | 5685 | $100593 | 64677 | $5558467 |
| Class C | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 34900 | $1300871 |  | $— | 78353 | $1051489 |
| Shares issued as reinvestment of distributions | 2882 | 106506 |  |  | 134222 | 1920722 |
| Less shares redeemed | (22932) | (836428) |  |  | (149899) | (2159975) |
| Net increase (decrease) | 14850 | $570949 |  | $— | 62676 | $812236 |
| Class I | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 3372615 | $128841802 | 560206 | $8364676 | 157846 | $11219648 |
| Shares issued as reinvestment of distributions | 237113 | 9007924 | 49207 | 751396 | 208814 | 15053427 |
| Less shares redeemed | (2659148) | (93974010) | (112389) | (1540045) | (265739) | (18441725) |
| Net increase (decrease) | 950580 | $43875716 | 497024 | $7576027 | 100921 | $7831350 |
| Class R6 | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 16369 | $612873 | 405 | $6194 |  | $— |
| Shares issued as reinvestment of distributions | 20398 | 778825 | 995 | 15203 |  |  |
| Less shares redeemed | (49779) | (1939615) |  | (1) |  |  |
| Net increase (decrease) | (13012) | $(547917) | 1400 | $21396 |  | $— |

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CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Notes to Financial Statements (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | GROWTH AND INCOME FUND | GROWTH AND INCOME FUND | DIVIDEND GROWTH FUND | DIVIDEND GROWTH FUND | SELECT FUND | SELECT FUND |
| Class A | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 650981 | $31870623 | 19815 | $377439 | 24313 | $534200 |
| Shares issued as reinvestment of distributions | 1144947 | 56491680 | 9238 | 178113 | 46037 | 993472 |
| Less shares redeemed | (2113230) | (102923683) | (28059) | (532656) | (53148) | (1156047) |
| Net increase (decrease) | (317302) | $(14561380) | 994 | $22896 | 17202 | $371625 |
| Class C | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 247303 | $12046816 | 8626 | $152103 | 1674 | $26592 |
| Shares issued as reinvestment of distributions | 93535 | 4623442 | 4066 | 73439 | 1749 | 30129 |
| Less shares redeemed | (219858) | (10636801) | (7553) | (132682) | (725) | (13036) |
| Net increase (decrease) | 120980 | $6033457 | 5139 | $92860 | 2698 | $43685 |
| Class I | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 2194350 | $101967595 | 92815 | $1780258 | 16758 | $388685 |
| Shares issued as reinvestment of distributions | 1351327 | 63066449 | 14838 | 287860 | 129816 | 2933848 |
| Less shares redeemed | (2683833) | (122503987) | (88770) | (1703249) | (67082) | (1519329) |
| Net increase (decrease) | 861844 | $42530057 | 18883 | $364869 | 79492 | $1803204 |
| Class R6 | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 114068 | $5350057 |  | $— |  | $— |
| Shares issued as reinvestment of distributions | 39026 | 1822524 |  |  |  |  |
| Less shares redeemed | (132515) | (6281717) |  |  |  |  |
| Net increase (decrease) | 20579 | $890864 |  | $— |  | $— |

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www.calamos.com

------

Notes to Financial Statements (Unaudited)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | INTERNATIONAL <br>GROWTH FUND | INTERNATIONAL <br>GROWTH FUND | EVOLVING WORLD<br> GROWTH FUND | EVOLVING WORLD<br> GROWTH FUND | GLOBAL EQUITY FUND | GLOBAL EQUITY FUND |
| Class A | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 135365 | $2840559 | 99129 | $1873164 | 79006 | $1324552 |
| Shares issued as reinvestment of distributions | 98358 | 2015346 |  |  | 126694 | 2133527 |
| Less shares redeemed | (280853) | (5869639) | (360716) | (6885604) | (159807) | (2726461) |
| Net increase (decrease) | (47130) | $(1013734) | (261587) | $(5012440) | 45893 | $731618 |
| Class C | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 789 | $13602 | 5869 | $104840 | 11867 | $156199 |
| Shares issued as reinvestment of distributions | 4483 | 74590 |  |  | 11024 | 143418 |
| Less shares redeemed | (10168) | (175007) | (28051) | (492882) | (12662) | (165769) |
| Net increase (decrease) | (4896) | $(86815) | (22182) | $(388042) | 10229 | $133848 |
| Class I | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 1192444 | $26045317 | 1892941 | $36464212 | 1429032 | $25106044 |
| Shares issued as reinvestment of distributions | 362534 | 7794489 |  |  | 473675 | 8469313 |
| Less shares redeemed | (1375411) | (28899543) | (2563212) | (48628337) | (1583855) | (27942427) |
| Net increase (decrease) | 179567 | $4940263 | (670271) | $(12164125) | 318852 | $5632930 |
| Class R6 | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 170576 | $3763256 |  | $— | 9712 | $186255 |
| Shares issued as reinvestment of distributions | 10697 | 232875 |  |  | 1079 | 19318 |
| Less shares redeemed | (78583) | (1771504) |  |  | (33) | (550) |
| Net increase (decrease) | 102690 | $2224627 |  | $— | 10758 | $205023 |

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CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Notes to Financial Statements (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | GLOBAL <br>OPPORTUNITIES FUND | GLOBAL <br>OPPORTUNITIES FUND | INTERNATIONAL<br>SMALL CAP<br>GROWTH FUND | INTERNATIONAL<br>SMALL CAP<br>GROWTH FUND | TOTAL RETURN<br>BOND FUND | TOTAL RETURN<br>BOND FUND |
| Class A | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 286076 | $3466211 | 4968 | $49124 | 26981 | $241566 |
| Shares issued as reinvestment of distributions | 543951 | 6695446 |  |  | 20015 | 179211 |
| Less shares redeemed | (873646) | (10626620) | (21015) | (208313) | (243371) | (2167757) |
| Net increase (decrease) | (43619) | $(464963) | (16047) | $(159189) | (196375) | $(1746980) |
| Class C | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 142982 | $1475745 |  | $— | 13763 | $123772 |
| Shares issued as reinvestment of distributions | 106417 | 1080132 |  |  | 387 | 3465 |
| Less shares redeemed | (118249) | (1181056) |  |  | (190) | (1699) |
| Net increase (decrease) | 131150 | $1374821 |  | $— | 13960 | $125538 |
| Class I | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 2151092 | $28135798 | 14393 | $142310 | 265581 | $2371260 |
| Shares issued as reinvestment of distributions | 978109 | 12583741 |  |  | 42649 | 382151 |
| Less shares redeemed | (2923642) | (37376053) | (3811) | (37433) | (193705) | (1727209) |
| Net increase (decrease) | 205559 | $3343486 | 10582 | $104877 | 114525 | $1026202 |
| 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

------

Notes to Financial Statements (Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| | HIGH INCOME <br>OPPORTUNITIES FUND | HIGH INCOME <br>OPPORTUNITIES FUND | SHORT-TERM BOND FUND | SHORT-TERM BOND FUND |
| Class A | Shares | Dollars | Shares | Dollars |
| Shares sold | 101228 | $792247 | 66606 | $635226 |
| Shares issued as reinvestment of distributions | 111068 | 863185 | 8422 | 80381 |
| Less shares redeemed | (353584) | (2755574) | (66048) | (628712) |
| Net increase (decrease) | (141288) | $(1100142) | 8980 | $86895 |
| Class C | Shares | Dollars | Shares | Dollars |
| Shares sold | 2080 | $17487 |  | $— |
| Shares issued as reinvestment of distributions | 1203 | 10089 |  |  |
| Less shares redeemed | (3672) | (31026) |  |  |
| Net increase (decrease) | (389) | $(3450) |  | $— |
| Class I | Shares | Dollars | Shares | Dollars |
| Shares sold | 100126 | $786855 | 3258333 | $30970091 |
| Shares issued as reinvestment of distributions | 37343 | 290465 | 90286 | 861207 |
| Less shares redeemed | (244220) | (1909462) | (1496753) | (14241235) |
| Net increase (decrease) | (106751) | $(832142) | 1851866 | $17590063 |
| Class R6 | Shares | Dollars | Shares | Dollars |
| Shares sold |  | $— |  | $— |
| Shares issued as reinvestment of distributions |  |  |  |  |
| Less shares redeemed |  |  |  |  |
| Net increase (decrease) |  | $— |  | $— |

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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, 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | MARKET NEUTRAL <br>INCOME FUND | MARKET NEUTRAL <br>INCOME FUND | HEDGED EQUITY FUND | HEDGED EQUITY FUND | PHINEUS LONG/SHORT FUND | PHINEUS LONG/SHORT FUND |
| Class A | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 11368786 | $167482208 | 595280 | $9557857 | 856803 | $13905977 |
| Shares issued as reinvestment of distributions | 2941311 | 42399266 | 6331 | 96279 | 71750 | 1125719 |
| Less shares redeemed | (23129575) | (340654222) | (591133) | (9507009) | (1338392) | (22046219) |
| Net increase (decrease) | (8819478) | $(130772748) | 10478 | $147127 | (409839) | $(7014523) |
| Class C | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 1201706 | $17803540 | 155026 | $2398053 | 176657 | $2726879 |
| Shares issued as reinvestment of distributions | 647553 | 9368390 | 1138 | 16679 | 21268 | 317274 |
| Less shares redeemed | (4886185) | (72366089) | (70739) | (1118089) | (483837) | (7459169) |
| Net increase (decrease) | (3036926) | $(45194159) | 85425 | $1296643 | (285912) | $(4415016) |
| Class I | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 244219814 | $3549871204 | 11578134 | $183422589 | 13916154 | $231314374 |
| Shares issued as reinvestment of distributions | 42717952 | 608398454 | 222318 | 3455101 | 1005365 | 16004859 |
| Less shares redeemed | (232294639) | (3375835457) | (10815240) | (171909014) | (15494450) | (256151626) |
| Net increase (decrease) | 54643127 | $782434201 | 985212 | $14968676 | (572931) | $(8832393) |
| Class R6 | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 8856395 | $130102966 |  | $— |  | $— |
| Shares issued as reinvestment of distributions | 286413 | 4083684 |  |  |  |  |
| Less shares redeemed | (1776626) | (25618179) |  |  |  |  |
| Net increase (decrease) | 7366182 | $108568471 |  | $— |  | $— |

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www.calamos.com

------

Notes to Financial Statements (Unaudited)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | MERGER ARBITRAGE <br>FUND | MERGER ARBITRAGE <br>FUND | CONVERTIBLE FUND | CONVERTIBLE FUND | GLOBAL CONVERTIBLE FUND | GLOBAL CONVERTIBLE FUND |
| Class A | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 7178 | $72668 | 654702 | $13130529 | 76033 | $844618 |
| Shares issued as reinvestment of distributions | 83 | 864 | 225728 | 4521836 |  |  |
| Less shares redeemed | (4901) | (48271) | (2691213) | (54153118) | (243769) | (2750275) |
| Net increase (decrease) | 2360 | $25261 | (1810783) | $(36500753) | (167736) | $(1905657) |
| Class C | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold |  | $— | 85536 | $1652466 | 12942 | $134945 |
| Shares issued as reinvestment of distributions | 43 | 440 | 23655 | 457259 |  |  |
| Less shares redeemed |  |  | (492824) | (9555893) | (102783) | (1075359) |
| Net increase (decrease) | 43 | $440 | (383633) | $(7446168) | (89841) | $(940414) |
| Class I | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 8524 | $84198 | 8920798 | $153127130 | 1861460 | $21027856 |
| Shares issued as reinvestment of distributions | 1134 | 11740 | 849883 | 14538858 |  |  |
| Less shares redeemed | (13143) | (130321) | (13338030) | (228106900) | (3003491) | (33422219) |
| Net increase (decrease) | (3485) | $(34383) | (3567349) | $(60440912) | (1142031) | $(12394363) |
| 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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CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Notes to Financial Statements (Unaudited)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | TIMPANI SMALL CAP<br>GROWTH FUND | TIMPANI SMALL CAP<br>GROWTH FUND | TIMPANI SMID<br>GROWTH FUND | TIMPANI SMID<br>GROWTH FUND | GROWTH FUND | GROWTH FUND |
| Class A | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 226875 | $6601344 | 6754 | $76739 | 416659 | $16323128 |
| Shares issued as reinvestment of distributions |  |  |  |  | 1163676 | 41543231 |
| Less shares redeemed | (259377) | (7731742) | (23393) | (254642) | (3680199) | (147279733) |
| Net increase (decrease) | (32502) | $(1130398) | (16639) | $(177903) | (2099864) | $(89413374) |
| Class C | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 22458 | $685113 |  | $— | 55287 | $787442 |
| Shares issued as reinvestment of distributions |  |  |  |  | 90713 | 1165660 |
| Less shares redeemed | (39599) | (1170011) |  |  | (234543) | (3335751) |
| Net increase (decrease) | (17141) | $(484898) |  | $— | (88543) | $(1382649) |
| Class I | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 2665563 | $86190124 | 157573 | $2005298 | 222825 | $13846062 |
| Shares issued as reinvestment of distributions |  |  |  |  | 149020 | 8240800 |
| Less shares redeemed | (3032566) | (88415980) | (58189) | (742766) | (505487) | (30495367) |
| Net increase (decrease) | (367003) | $(2225856) | 99384 | $1262532 | (133642) | $(8408505) |
| Class R6 | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 50330 | $1436235 | 866 | $10001 |  | $— |
| Shares issued as reinvestment of distributions |  |  |  |  |  |  |
| Less shares redeemed | (301711) | (10321908) |  |  |  |  |
| Net increase (decrease) | (251381) | $(8885673) | 866 | $10001 |  | $— |

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www.calamos.com

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Notes to Financial Statements (Unaudited)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | GROWTH AND INCOME FUND | GROWTH AND INCOME FUND | DIVIDEND GROWTH FUND | DIVIDEND GROWTH FUND | SELECT FUND | SELECT FUND |
| Class A | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 1196840 | $53770975 | 31398 | $527087 | 12171 | $244172 |
| Shares issued as reinvestment of distributions | 1108920 | 47079608 | 15751 | 246667 | 26877 | 492652 |
| Less shares redeemed | (4019619) | (181990971) | (28402) | (491497) | (76256) | (1546475) |
| Net increase (decrease) | (1713859) | $(81140388) | 18747 | $282257 | (37208) | $(809651) |
| Class C | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 572048 | $25837177 | 4202 | $65764 | 11757 | $202573 |
| Shares issued as reinvestment of distributions | 73475 | 3110927 | 7386 | 109241 | 424 | 6362 |
| Less shares redeemed | (497390) | (22785411) | (28791) | (474497) | (1384) | (21691) |
| Net increase (decrease) | 148133 | $6162693 | (17203) | $(299492) | 10797 | $187244 |
| Class I | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 5209507 | $222844217 | 113210 | $1915917 | 80149 | $1618912 |
| Shares issued as reinvestment of distributions | 1220248 | 49386403 | 22783 | 358151 | 72425 | 1384771 |
| Less shares redeemed | (4584988) | (197057096) | (86107) | (1479247) | (162127) | (3276757) |
| Net increase (decrease) | 1844767 | $75173524 | 49886 | $794821 | (9553) | $(273074) |
| Class R6 | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 175394 | $7801153 |  | $— |  | $— |
| Shares issued as reinvestment of distributions | 35155 | 1424653 |  |  |  |  |
| Less shares redeemed | (152704) | (6705897) |  |  |  |  |
| Net increase (decrease) | 57845 | $2519909 |  | $— |  | $— |

---

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Notes to Financial Statements (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | INTERNATIONAL<br>GROWTH FUND | INTERNATIONAL<br>GROWTH FUND | EVOLVING WORLD<br>GROWTH FUND | EVOLVING WORLD<br>GROWTH FUND | GLOBAL EQUITY FUND | GLOBAL EQUITY FUND |
| Class A | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 168322 | $3510832 | 443105 | $8201986 | 203859 | $3488341 |
| Shares issued as reinvestment of distributions | 938 | 17518 | 6778 | 111021 |  |  |
| Less shares redeemed | (437964) | (9068919) | (767354) | (13892405) | (276914) | (4530450) |
| Net increase (decrease) | (268704) | $(5540569) | (317471) | $(5579398) | (73055) | $(1042109) |
| Class C | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 4866 | $80675 | 56428 | $973650 | 46185 | $619223 |
| Shares issued as reinvestment of distributions |  |  |  |  |  |  |
| Less shares redeemed | (23942) | (397299) | (137214) | (2202197) | (18495) | (232881) |
| Net increase (decrease) | (19076) | $(316624) | (80786) | $(1228547) | 27690 | $386342 |
| Class I | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 1803714 | $38296503 | 3930692 | $71293442 | 1853759 | $32503834 |
| Shares issued as reinvestment of distributions | 24080 | 469792 | 107538 | 1776534 | 4894 | 70910 |
| Less shares redeemed | (2137486) | (45196763) | (7680617) | (134631638) | (1464274) | (25382223) |
| Net increase (decrease) | (309692) | $(6430468) | (3642387) | $(61561662) | 394379 | $7192521 |
| Class R6 | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 128939 | $2800691 |  | $— | 3673 | $57025 |
| Shares issued as reinvestment of distributions | 1111 | 21914 |  |  | 13 | 193 |
| Less shares redeemed | (136127) | (3058301) |  |  | (6745) | (99281) |
| Net increase (decrease) | (6077) | $(235696) |  | $— | (3059) | $(42063) |

---

www.calamos.com

------

Notes to Financial Statements (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | GLOBAL<br>OPPORTUNITIES FUND | GLOBAL<br>OPPORTUNITIES FUND | INTERNATIONAL<br>SMALL CAP<br>GROWTH FUND | INTERNATIONAL<br>SMALL CAP<br>GROWTH FUND | TOTAL RETURN<br>BOND FUND | TOTAL RETURN<br>BOND FUND |
| Class A | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 369156 | $4443660 | 43751 | $449013 | 148915 | $1361852 |
| Shares issued as reinvestment of distributions | 35355 | 403190 |  |  | 45261 | 404288 |
| Less shares redeemed | (1359822) | (15966735) | (2933) | (29250) | (313951) | (2810577) |
| Net increase (decrease) | (955311) | $(11119885) | 40818 | $419763 | (119775) | $(1044437) |
| Class C | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 416328 | $4123652 |  | $— | 4236 | $37432 |
| Shares issued as reinvestment of distributions | 1484 | 13121 |  |  | 895 | 7985 |
| Less shares redeemed | (207710) | (1961991) |  |  | (21344) | (187072) |
| Net increase (decrease) | 210102 | $2174782 |  | $— | (16213) | $(141655) |
| Class I | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 3749569 | $47649747 | 227970 | $2290708 | 1920946 | $17339238 |
| Shares issued as reinvestment of distributions | 75066 | 914397 |  |  | 112618 | 1004378 |
| Less shares redeemed | (2124646) | (26159466) | (9140) | (95316) | (2260628) | (19825770) |
| Net increase (decrease) | 1699989 | $22404678 | 218830 | $2195392 | (227064) | $(1482154) |
| Class R6 | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold |  | $— |  | $— |  | $— |
| Shares issued as reinvestment of distributions |  |  |  |  |  |  |
| Less shares redeemed |  |  |  |  |  |  |
| Net increase (decrease) |  | $— |  | $— |  | $— |

---

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Notes to Financial Statements (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | HIGH INCOME<br>OPPORTUNITIES FUND | HIGH INCOME<br>OPPORTUNITIES FUND | SHORT-TERM BOND FUND | SHORT-TERM BOND FUND |
| Class A | Shares | Dollars | Shares | Dollars |
| Shares sold | 176799 | $1365012 | 67362 | $638645 |
| Shares issued as reinvestment of distributions | 214152 | 1641875 | 17501 | 166016 |
| Less shares redeemed | (359668) | (2762597) | (62207) | (588356) |
| Net increase (decrease) | 31283 | $244290 | 22656 | $216305 |
| Class C | Shares | Dollars | Shares | Dollars |
| Shares sold |  | $— |  | $— |
| Shares issued as reinvestment of distributions | 2644 | 21765 |  |  |
| Less shares redeemed | (14220) | (117863) |  |  |
| Net increase (decrease) | (11576) | $(96098) |  | $— |
| Class I | Shares | Dollars | Shares | Dollars |
| Shares sold | 632522 | $4769922 | 930072 | $8824824 |
| Shares issued as reinvestment of distributions | 72400 | 555457 | 143369 | 1358530 |
| Less shares redeemed | (566221) | (4262179) | (1019289) | (9680929) |
| Net increase (decrease) | 138701 | $1063200 | 54152 | $502425 |
| Class R6 | Shares | Dollars | Shares | Dollars |
| Shares sold |  | $— |  | $— |
| Shares issued as reinvestment of distributions |  |  |  |  |
| Less shares redeemed |  |  |  |  |
| Net increase (decrease) |  | $— |  | $— |

---

www.calamos.com

------

The Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Class I** | **Class R6** |
| Calamos Market Neutral Income Fund | CVSIX | CVSCX | CMNIX | CVSOX |
| Calamos Hedged Equity Fund | CAHEX | CCHEX | CIHEX |  |
| Calamos Phineus Long/Short Fund | CPLSX | CPCLX | CPLIX |  |
| Calamos Merger Arbitrage Fund | CMRAX | CMRCX | CMRGX |  |
| Calamos Convertible Fund | CCVIX | CCVCX | CICVX |  |
| Calamos Global Convertible Fund | CAGCX | CCGCX | CXGCX |  |
| Calamos Timpani Small Cap Growth Fund | CTASX | CTCSX | CTSIX | CTSOX |
| Calamos Timpani SMID Growth Fund | CTAGX |  | CTIGX  | CTOGX |
| Calamos Growth Fund | CVGRX | CVGCX | CGRIX |  |
| Calamos Growth and Income Fund | CVTRX | CVTCX | CGIIX | CGIOX |
| Calamos Dividend Growth Fund | CADVX | CCDVX | CIDVX |  |
| Calamos Select Fund | CVAAX | CVACX | CVAIX |  |
| Calamos International Growth Fund | CIGRX | CIGCX | CIGIX | CIGOX |
| Calamos Evolving World Growth Fund | CNWGX | CNWDX | CNWIX |  |
| Calamos Global Equity Fund | CAGEX | CCGEX | CIGEX | CGEOX |
| Calamos Global Opportunities Fund | CVLOX | CVLCX | CGCIX |  |
| Calamos International Small Cap Growth Fund | CAISX | CCISX | CSGIX | CISOX |
| Calamos Total Return Bond Fund | CTRAX | CTRCX | CTRIX |  |
| Calamos High Income Opportunities Fund | CHYDX | CCHYX | CIHYX |  |
| Calamos Short-Term Bond Fund | CSTBX |  | CSTIX |  |

---

www.calamos.com

------

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of Calamos Investment Trust

**Results of Review of Interim Financial Information**

We have reviewed the accompanying statements of assets and liabilities, including the schedules of investments, of Calamos Investment Trust comprising the Calamos Market Neutral Income Fund, Calamos Hedged Equity Fund, Calamos Phineus Long/Short Fund, Calamos Merger Arbitrage Fund, Calamos Convertible Fund, Calamos Global Convertible Fund, Calamos Timpani Small Cap Growth Fund, Calamos Timpani SMID Growth Fund, Calamos Growth Fund, Calamos Growth and Income Fund, Calamos Dividend Growth Fund, Calamos Select Fund, Calamos International Growth Fund, Calamos Evolving World Growth Fund, Calamos Global Equity Fund, Calamos Global Opportunities Fund, Calamos International Small Cap Growth Fund, Calamos Total Return Bond Fund, Calamos High Income Opportunities Fund, and Calamos Short-Term Bond Fund, (the "Funds") as of April 30, 2025, the related statements of operations, changes in net assets, and the financial highlights for the six month period then ended, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the statements of changes in net assets of the Funds and the financial highlights for each of the periods listed in the table below; and in our report dated December 18, 2024, we expressed an unqualified opinion on such statements of changes in net assets and financial highlights.

---

| | | |
|:---|:---|:---|
| **Individual Fund Comprising the <br>Calamos Investment Trust** | **Statement of Changes in Net Assets** | **Financial Highlights** |
| Calamos Market Neutral Income Fund, Calamos Hedged Equity Fund, Calamos Phineus Long/Short Fund, Calamos Convertible Fund, Calamos Global Convertible Fund, Calamos Timpani Small Cap Growth Fund, Calamos Timpani SMID Growth Fund, Calamos Growth Fund, Calamos Growth and Income Fund, Calamos Dividend Growth Fund, Calamos Select Fund, Calamos International Growth Fund, Calamos Evolving World Growth Fund, Calamos Global Equity Fund, Calamos Global Opportunities Fund, Calamos Total Return Bond Fund, Calamos High Income Opportunities Fund, and Calamos Short-Term Bond Fund | For the years ended October 31, 2024 and 2023 | For the years ended October 31, 2024, 2023, 2022, 2021, and 2020 |
| Calamos International Small Cap Growth Fund | For the years ended October 31, 2024 and 2023 | For the years ended October 31, 2024 and 2023, and the period from March 31, 2022 (commencement of operations) through October 31, 2022 |
| Calamos Merger Arbitrage Fund | For the year ended October 31, 2024 and the period from September 29, 2023 (commencement of operations) through October 31, 2023 | For the year ended October 31, 2024, and the period from September 29, 2023 (commencement of operations) through October 31, 2023 |

---

**Basis for Review Results**

This interim financial information is the responsibility of the Funds' management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of

CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Report of Independent Registered Public Accounting Firm

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.

![](j25160432_ia006.jpg)

June 23, 2025

Chicago, Illinois

We have served as the auditor of one or more Calamos investment companies since 2003.

www.calamos.com

------

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggregate remuneration paid to all trustees by Calamos Investment Trust for the period covered by the report is shown in the Statement of Operation included as part of the financial statements filed under item 7 of the N-CSR. Such remuneration only is paid to independent ("non-interested") trustees. John P. Calamos, Sr., the trustee who is an "interested person" of the Calamos Investment Trust, does not receive remuneration for services provided to the Calamos Investment Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mark J. Mickey, Chief Compliance Officer of the Calamos Investment Trust, is the only officer who receives compensation from the Calamos Investment Trust. Aggregate remuneration paid to Mr. Mickey by Calamos Investment Trust for the period covered by the report is shown in the Statement of Operation included as part of the financial statements filed under item 7 of the N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.**

Not applicable.

**Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13: Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14**: **Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15**: **Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's Board of Trustees.

**Item 16**: **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and timely reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 17**: **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18: Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19: Exhibits.**

(a)(1) Code of Ethics - Not applicable for semiannual reports.

(a)(2) Not applicable

[(a)(3)(i) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm2516043d1_ex99-cert.htm)

[(a)(3)(ii) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm2516043d1_ex99-906cert.htm)

(a)(4) Not applicable

(a)(5) Not applicable

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/&nbsp;&nbsp;&nbsp;&nbsp;John P. Calamos, Sr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Name: | John P. Calamos, Sr. |
| Title: | Principal Executive Officer |
| Date: | June 27, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;Thomas E. Herman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Name: | Thomas E. Herman |
| Title: | Principal Financial Officer |
| Date: | June 27, 2025 |

---

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/&nbsp;&nbsp;&nbsp;&nbsp;John P. Calamos, Sr. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Name: | John P. Calamos, Sr. |
| Title: | Principal Executive Officer |
| Date: | June 27, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/&nbsp;&nbsp;&nbsp;&nbsp; Thomas E. Herman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Name: | Thomas E. Herman |
| Title: | Principal Financial Officer |
| Date: | June 27, 2025 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, John P. Calamos, Sr., certify that:

1. I have reviewed this report on Form N-CSR of Calamos Investment Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 27, 2025

---

| |
|:---|
| /s/ John P. Calamos, Sr. |
| Principal Executive Officer |

---

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Thomas E. Herman, certify that:

1. I have reviewed this report on Form N-CSR of Calamos Investment Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 27, 2025

---

| |
|:---|
| /s/ Thomas E. Herman |
| Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. Section 1350, each of the undersigned officers of Calamos Investment Trust (the "Company"), hereby certifies, to his knowledge, that the Company's Report on Form N-CSR for the period ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: June 27, 2025

---

| |
|:---|
| /s/ John P. Calamos, Sr. |
| Name: John P. Calamos, Sr. |
| Title: Principal Executive Officer |

---

---

| |
|:---|
| /s/ Thomas E. Herman |
| Name: Thomas E. Herman |
| Title: Principal Financial Officer |

---

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act of 1934.

A signed original of this certificate required by Section 906 has been provided to Calamos Investment Trust and will be retained by Calamos Investment Trust and furnished to the Securities and Exchange Commission or staff upon request.