# EDGAR Filing Document

**Accession Number:** 0000826732
**File Stem:** 0001410368-25-012684
**Filing Date:** 2025-9
**Character Count:** 526943
**Document Hash:** a0f5b1b238b6c153e45a298b72e3919b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-012684.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0001410368-25-012684

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**PERIOD START**: 20251031

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05443
- **FILM NUMBER:** 251352722

**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 Dividend Growth Fund (Series ID: S000041744)

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

## Nport-Ex

**Calamos Market Neutral Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |  | <br>**VALUE** |
| **CONVERTIBLE BONDS (36.6%)** | **CONVERTIBLE BONDS (36.6%)** | **CONVERTIBLE BONDS (36.6%)** |  |
|  |  | **Communication Services (3.2%)** |  |
|  |  | &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.\* |  |
| 8000000 |  | &nbsp;&nbsp;&nbsp;4.250%, 03/01/32~ | $17948560 |
| 5000000 |  | &nbsp;&nbsp;&nbsp;2.375%, 10/15/32 | 5269500 |
| 7500000 |  | &nbsp;&nbsp;&nbsp;Bandwidth, Inc.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.500%, 04/01/28 | 6313050 |
| 75000000 |  | &nbsp;&nbsp;&nbsp;DoorDash, Inc.\*~ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 05/15/30 | 81543000 |
| 20000000 |  | &nbsp;&nbsp;&nbsp;JD.com, Inc.~^ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.250%, 06/01/29 | 20559000 |
|  |  | &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.^ |  |
| 15000000 |  | &nbsp;&nbsp;&nbsp;3.125%, 01/15/29~ | 22571400 |
| 5996000 |  | &nbsp;&nbsp;&nbsp;2.875%, 01/15/30\* | 6457392 |
| 6000000 |  | &nbsp;&nbsp;&nbsp;Lyft, Inc.^ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.625%, 03/01/29 | 6153180 |
| 21845000 |  | &nbsp;&nbsp;&nbsp;MakeMyTrip Ltd.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 07/01/30 | 22521321 |
| 15000000 |  | &nbsp;&nbsp;&nbsp;Match Group Financeco 2, Inc.\*~ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.875%, 06/15/26 | 14489100 |
| 30000000 |  | &nbsp;&nbsp;&nbsp;Match Group Financeco 3, Inc.\*~ |  |
|  |  | &nbsp;&nbsp;&nbsp;2.000%, 01/15/30 | 27126300 |
| 80040000 |  | &nbsp;&nbsp;&nbsp;Sea Ltd.~^ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.250%, 09/15/26 | 75798680 |
|  |  | &nbsp;&nbsp;&nbsp;Snap, Inc. |  |
| 40000000 |  | &nbsp;&nbsp;&nbsp;0.125%, 03/01/28~ | 35181200 |
| 35897000 |  | &nbsp;&nbsp;&nbsp;0.000%, 05/01/27~ | 32699654 |
| 8952000 |  | &nbsp;&nbsp;&nbsp;0.500%, 05/01/30 | 7855112 |
| 7500000 |  | &nbsp;&nbsp;&nbsp;Sphere Entertainment Co. |  |
|  |  | &nbsp;&nbsp;&nbsp;3.500%, 12/01/28 | 10763925 |
| 25000000 |  | &nbsp;&nbsp;&nbsp;Trip.com Group Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.750%, 06/15/29 | 28458000 |
| 15000000 |  | &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.250%, 04/01/26 | 14502750 |
| 27000000 |  | &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.875%, 12/01/28 | 36901440 |
| 4000000 |  | &nbsp;&nbsp;&nbsp;Weibo Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.375%, 12/01/30 | 4526920 |
| 15000000 |  | &nbsp;&nbsp;&nbsp;Xiaomi Best Time International Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 12/17/27 | 21873600 |
| 20000000 |  | &nbsp;&nbsp;&nbsp;Ziff Davis, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.750%, 11/01/26 | 19115200 |
|  |  |  | 518628284 |
|  |  | **Consumer Discretionary (7.3%)** |  |
| 116893000 |  | &nbsp;&nbsp;&nbsp;Airbnb, Inc.~^ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 03/15/26 | 113270486 |
| 175000000 |  | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.500%, 06/01/31 | 232650250 |
| 20000000 |  | &nbsp;&nbsp;&nbsp;Carnival Corp.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;5.750%, 12/01/27 | 46282600 |
| 8000000 |  | &nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;2.000%, 03/15/30 | 8928400 |
| 7000000 |  | &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;1.750%, 09/15/30 | 7583380 |
| 15000000 | EUR | &nbsp;&nbsp;&nbsp;Delivery Hero SE |  |
|  |  | &nbsp;&nbsp;&nbsp;1.500%, 01/15/28 | 15702163 |
| 55500000 |  | &nbsp;&nbsp;&nbsp;DraftKings Holdings, Inc.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 03/15/28 | 50577705 |
|  |  | &nbsp;&nbsp;&nbsp;Etsy, Inc. |  |
| 50000000 |  | &nbsp;&nbsp;&nbsp;0.250%, 06/15/28~ | 43472500 |
| 30000000 |  | &nbsp;&nbsp;&nbsp;0.125%, 10/01/26~ | 29699700 |
| 10000000 |  | &nbsp;&nbsp;&nbsp;1.000%, 06/15/30\* | 10088800 |
| 18500000 |  | &nbsp;&nbsp;&nbsp;Farfetch Ltd.@ |  |
|  |  | &nbsp;&nbsp;&nbsp;3.750%, 05/01/27 | 387020 |
| 30000000 |  | &nbsp;&nbsp;&nbsp;Fiverr International Ltd.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 11/01/25 | 29535900 |
| 12500000 |  | &nbsp;&nbsp;&nbsp;Ford Motor Co.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 03/15/26 | 12422375 |
|  |  | &nbsp;&nbsp;&nbsp;GameStop Corp.\* |  |
| 70000000 |  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/32 | 71162000 |
| 30000000 |  | &nbsp;&nbsp;&nbsp;0.000%, 04/01/30~ | 30733500 |
| 6500000 |  | &nbsp;&nbsp;&nbsp;Groupon, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;6.250%, 03/15/27 | 8681725 |
| 15000000 |  | &nbsp;&nbsp;&nbsp;Guess?, Inc.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;3.750%, 04/15/28 | 14559450 |
| 1310000000 | JPY | &nbsp;&nbsp;&nbsp;Kyoritsu Maintenance Co. Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 01/29/26 | 13604975 |
| 15000000 |  | &nbsp;&nbsp;&nbsp;Li Auto, Inc.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.250%, 05/01/28 | 17369400 |
| 10000000 |  | &nbsp;&nbsp;&nbsp;Liberty Broadband Corp.\*~ |  |
|  |  | &nbsp;&nbsp;&nbsp;3.125%, 03/31/53 | 9825600 |
| 45000000 |  | &nbsp;&nbsp;&nbsp;Lucid Group, Inc.\*~ |  |
|  |  | &nbsp;&nbsp;&nbsp;5.000%, 04/01/30 | 45399150 |
| 8000000 |  | &nbsp;&nbsp;&nbsp;Luminar Technologies, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;1.250%, 12/15/26 | 5461520 |
|  |  | &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp.~ |  |
| 10000000 |  | &nbsp;&nbsp;&nbsp;3.250%, 12/15/27 | 9514800 |
| 7000000 |  | &nbsp;&nbsp;&nbsp;0.000%, 01/15/26 | 6820450 |
|  |  | &nbsp;&nbsp;&nbsp;NIO, Inc. |  |
| 25000000 |  | &nbsp;&nbsp;&nbsp;3.875%, 10/15/29~^ | 20581250 |
| 15000000 |  | &nbsp;&nbsp;&nbsp;4.625%, 10/15/30 | 11210550 |
| 15000000 |  | &nbsp;&nbsp;&nbsp;PDD Holdings, Inc.^ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 12/01/25 | 14756250 |
| 12500000 |  | &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;5.500%, 12/01/29 | 23603250 |
|  |  | &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc.~ |  |
| 62000000 |  | &nbsp;&nbsp;&nbsp;3.625%, 10/15/30 | 54091280 |
| 30500000 |  | &nbsp;&nbsp;&nbsp;4.625%, 03/15/29 | 30106245 |
| 10245000 |  | &nbsp;&nbsp;&nbsp;Shake Shack, Inc.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 03/01/28 | 10346221 |
| 25833000 |  | &nbsp;&nbsp;&nbsp;Stride, Inc.~^ |  |
|  |  | &nbsp;&nbsp;&nbsp;1.125%, 09/01/27 | 63649412 |
| 4642000 |  | &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 01/01/26 | 4541454 |
|  |  | &nbsp;&nbsp;&nbsp;Wayfair, Inc.~ |  |
| 57500000 |  | &nbsp;&nbsp;&nbsp;3.500%, 11/15/28 | 92985550 |
| 25555000 |  | &nbsp;&nbsp;&nbsp;3.250%, 09/15/27 | 32936306 |
| 7029000 |  | &nbsp;&nbsp;&nbsp;Wynn Macau Ltd.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;4.500%, 03/07/29 | 7285137 |
|  |  |  | 1199826754 |
|  |  | **Consumer Staples (0.3%)** |  |
| 36755000 |  | &nbsp;&nbsp;&nbsp;Beyond Meat, Inc.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 03/15/27 | 4403249 |
| 8000000 |  | &nbsp;&nbsp;&nbsp;Freshpet, Inc.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;3.000%, 04/01/28 | 10021520 |
| 10000000 |  | &nbsp;&nbsp;&nbsp;Oddity Finance LLC\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 10555400 |
| 15000000 |  | &nbsp;&nbsp;&nbsp;Post Holdings, Inc.~^ |  |
|  |  | &nbsp;&nbsp;&nbsp;2.500%, 08/15/27 | 16896450 |
| 7000000 |  | &nbsp;&nbsp;&nbsp;Spectrum Brands, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;3.375%, 06/01/29 | 6381340 |
|  |  |  | 48257959 |

---

See accompanying Notes to Schedule of Investments

**Calamos Market Neutral Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |  | <br>**VALUE** |
|  |  | **Energy (0.1%)** |  |
| 15000000 |  | &nbsp;&nbsp;&nbsp;Chesapeake Energy Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 09/15/26 | $60000 |
| 5000000 |  | &nbsp;&nbsp;&nbsp;Golar LNG Ltd.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;2.750%, 12/15/30 | 5096050 |
|  |  | &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. |  |
| 5000000 |  | &nbsp;&nbsp;&nbsp;3.625%, 04/15/29~ | 5216950 |
| 4000000 |  | &nbsp;&nbsp;&nbsp;3.625%, 04/15/29\* | 4169440 |
| 6000000 |  | &nbsp;&nbsp;&nbsp;World Kinect Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;3.250%, 07/01/28 | 6825420 |
|  |  |  | 21367860 |
|  |  | **Financials (1.5%)** |  |
| 37500000 |  | &nbsp;&nbsp;&nbsp;BofA Finance LLC~ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.600%, 05/25/27 | 36441750 |
|  |  | &nbsp;&nbsp;&nbsp;Coinbase Global, Inc.~^ |  |
| 45468000 |  | &nbsp;&nbsp;&nbsp;0.250%, 04/01/30 | 62324352 |
| 27500000 |  | &nbsp;&nbsp;&nbsp;0.500%, 06/01/26 | 32931800 |
| 11000000 |  | &nbsp;&nbsp;&nbsp;Federal Realty OP LP\*~ |  |
|  |  | &nbsp;&nbsp;&nbsp;3.250%, 01/15/29 | 10849410 |
| 24916000 |  | &nbsp;&nbsp;&nbsp;Global Payments, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.500%, 03/01/31 | 22640671 |
| 100000000 | HKD | &nbsp;&nbsp;&nbsp;Happy Ever Holdings Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.500%, 07/16/30 | 12522548 |
| 4000000 |  | &nbsp;&nbsp;&nbsp;IREN Ltd.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;3.500%, 12/15/29 | 5703840 |
| 75000000 | HKD | &nbsp;&nbsp;&nbsp;Link CB Ltd.^ |  |
|  |  | &nbsp;&nbsp;&nbsp;4.500%, 12/12/27 | 9979681 |
| 10000000 |  | &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.875%, 07/22/29 | 13527200 |
|  |  | &nbsp;&nbsp;&nbsp;Rexford Industrial Realty LP\* |  |
| 7500000 |  | &nbsp;&nbsp;&nbsp;4.375%, 03/15/27~ | 7454925 |
| 7500000 |  | &nbsp;&nbsp;&nbsp;4.125%, 03/15/29^ | 7378725 |
| 5000000 |  | &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;6.750%, 07/15/27 | 5282450 |
| 15000000 |  | &nbsp;&nbsp;&nbsp;Ventas Realty LP~ |  |
|  |  | &nbsp;&nbsp;&nbsp;3.750%, 06/01/26 | 18686250 |
| 4000000 |  | &nbsp;&nbsp;&nbsp;WisdomTree, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;3.250%, 08/15/29 | 5035960 |
|  |  |  | 250759562 |
|  |  | **Health Care (2.2%)** |  |
| 20000000 |  | &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.~^ |  |
|  |  | &nbsp;&nbsp;&nbsp;1.000%, 09/15/27 | 29442800 |
| 1500000 |  | &nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.750%, 03/15/30 | 1482525 |
| 10000000 |  | &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;2.000%, 03/15/29 | 8614400 |
|  |  | &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.~ |  |
| 10000000 |  | &nbsp;&nbsp;&nbsp;2.250%, 02/01/29 | 9596100 |
| 5000000 |  | &nbsp;&nbsp;&nbsp;2.500%, 03/15/27 | 6592700 |
| 27500000 |  | &nbsp;&nbsp;&nbsp;CONMED Corp.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;2.250%, 06/15/27 | 26175325 |
| 30000000 |  | &nbsp;&nbsp;&nbsp;Dexcom, Inc.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.375%, 05/15/28 | 27765900 |
| 9000000 |  | &nbsp;&nbsp;&nbsp;Envista Holdings Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.750%, 08/15/28 | 8418870 |
| 10000000 |  | &nbsp;&nbsp;&nbsp;Haemonetics Corp.^ |  |
|  |  | &nbsp;&nbsp;&nbsp;2.500%, 06/01/29 | 9991000 |
| 37000000 |  | &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;1.000%, 08/15/28 | 45693520 |
| 14589000 |  | &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.\*^ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 05/15/30 | 18064392 |
| 10000000 |  | &nbsp;&nbsp;&nbsp;Innoviva, Inc.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;2.125%, 03/15/28 | 9690800 |
| 13276000 |  | &nbsp;&nbsp;&nbsp;Integer Holdings Corp.\*^ |  |
|  |  | &nbsp;&nbsp;&nbsp;1.875%, 03/15/30 | 13049644 |
| 12366000 |  | &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;1.750%, 06/15/28 | 13541636 |
| 5000000 |  | &nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.500%, 09/01/29 | 6058400 |
|  |  | &nbsp;&nbsp;&nbsp;Jazz Investments I Ltd. |  |
| 15000000 |  | &nbsp;&nbsp;&nbsp;2.000%, 06/15/26~ | 15404550 |
| 12500000 |  | &nbsp;&nbsp;&nbsp;3.125%, 09/15/30\*^ | 13806125 |
| 5000000 |  | &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;2.625%, 12/15/27 | 5913550 |
| 10000000 |  | &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc.\*~ |  |
|  |  | &nbsp;&nbsp;&nbsp;3.000%, 02/01/29 | 11798300 |
| 5000000 |  | &nbsp;&nbsp;&nbsp;Mesa Laboratories, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.375%, 08/15/25 | 4954350 |
| 6500000 |  | &nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;2.125%, 05/15/29 | 6153290 |
| 20000000 |  | &nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;1.250%, 09/15/27 | 16410600 |
| 12500000 |  | &nbsp;&nbsp;&nbsp;SmileDirectClub, Inc.\*@!! |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 02/01/26 | 2250 |
| 13550000 |  | &nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.500%, 03/15/29 | 12542286 |
| 16250000 |  | &nbsp;&nbsp;&nbsp;Teladoc Health, Inc.~^ |  |
|  |  | &nbsp;&nbsp;&nbsp;1.250%, 06/01/27 | 14982337 |
| 14219000 |  | &nbsp;&nbsp;&nbsp;Tempus AI, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.750%, 07/15/30 | 14246727 |
|  |  |  | 350392377 |
|  |  | **Industrials (2.3%)** |  |
| 6489000 |  | &nbsp;&nbsp;&nbsp;AeroVironment, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 07/15/30 | 7308691 |
| 25000000 |  | &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.500%, 12/15/27 | 82506000 |
| 11000000 |  | &nbsp;&nbsp;&nbsp;Bloom Energy Corp.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;3.000%, 06/01/28 | 23131020 |
| 12500000 |  | &nbsp;&nbsp;&nbsp;Fluor Corp.^ |  |
|  |  | &nbsp;&nbsp;&nbsp;1.125%, 08/15/29 | 17606875 |
| 7000000 |  | &nbsp;&nbsp;&nbsp;Granite Construction, Inc.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;3.750%, 05/15/28 | 14719670 |
| 6600000 |  | &nbsp;&nbsp;&nbsp;Greenbrier Cos., Inc.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;2.875%, 04/15/28 | 7041606 |
| 20000000 |  | &nbsp;&nbsp;&nbsp;JBT Marel Corp.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.250%, 05/15/26 | 20339200 |
| 16467000 |  | &nbsp;&nbsp;&nbsp;Middleby Corp.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;1.000%, 09/01/25 | 18703219 |
| 1000000000 | JPY | &nbsp;&nbsp;&nbsp;Nikkon Holdings Co. Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 12/12/31 | 11155570 |
| 20000000 | EUR | &nbsp;&nbsp;&nbsp;Rheinmetall AG |  |
|  |  | &nbsp;&nbsp;&nbsp;2.250%, 02/07/30 | 127510325 |
| 20000000 | SGD | &nbsp;&nbsp;&nbsp;Singapore Airlines Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.625%, 12/03/25 | 21414202 |
| 4000000 |  | &nbsp;&nbsp;&nbsp;Stem, Inc.\*~ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.500%, 12/01/28 | 1047320 |
| 20000000 |  | &nbsp;&nbsp;&nbsp;Upwork, Inc.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.250%, 08/15/26 | 18939000 |
| 15000000 |  | &nbsp;&nbsp;&nbsp;Virgin Galactic Holdings, Inc.\*~ |  |
|  |  | &nbsp;&nbsp;&nbsp;2.500%, 02/01/27 | 6217350 |
|  |  |  | 377640048 |
|  |  | **Information Technology (14.3%)** |  |
| 5000000 |  | &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc.~ |  |
|  |  | &nbsp;&nbsp;&nbsp;2.500%, 09/15/28 | 6143400 |

---

See accompanying Notes to Schedule of Investments

**Calamos Market Neutral Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.~ |  |
| 48500000 | &nbsp;&nbsp;&nbsp;0.375%, 09/01/27 | $46624990 |
| 45000000 | &nbsp;&nbsp;&nbsp;1.125%, 02/15/29^ | 42335100 |
| 23422000 | &nbsp;&nbsp;&nbsp;0.250%, 05/15/33\* | 23634203 |
|  | &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc. |  |
| 30000000 | &nbsp;&nbsp;&nbsp;0.000%, 01/15/26 | 29238300 |
| 20000000 | &nbsp;&nbsp;&nbsp;2.250%, 06/01/29 | 19345800 |
| 6000000 | &nbsp;&nbsp;&nbsp;Alkami Technology, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;1.500%, 03/15/30 | 6130860 |
| 16398000 | &nbsp;&nbsp;&nbsp;Bentley Systems, Inc.~ |  |
|  | &nbsp;&nbsp;&nbsp;0.125%, 01/15/26 | 16733503 |
| 17500000 | &nbsp;&nbsp;&nbsp;Bill Holdings, Inc.\*~^ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 04/01/30 | 14787500 |
| 39921000 | &nbsp;&nbsp;&nbsp;BlackLine, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 06/01/29 | 41601275 |
|  | &nbsp;&nbsp;&nbsp;Block, Inc.~^ |  |
| 41000000 | &nbsp;&nbsp;&nbsp;0.000%, 05/01/26 | 39385830 |
| 20000000 | &nbsp;&nbsp;&nbsp;0.250%, 11/01/27 | 18067200 |
|  | &nbsp;&nbsp;&nbsp;Box, Inc. |  |
| 12000000 | &nbsp;&nbsp;&nbsp;0.000%, 01/15/26~ | 15153720 |
| 11951000 | &nbsp;&nbsp;&nbsp;1.500%, 09/15/29\* | 12018284 |
|  | &nbsp;&nbsp;&nbsp;Cloudflare, Inc. |  |
| 50000000 | &nbsp;&nbsp;&nbsp;0.000%, 08/15/26~ | 61496500 |
| 25000000 | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30\* | 27835750 |
| 55000000 | &nbsp;&nbsp;&nbsp;Confluent, Inc.~ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 01/15/27 | 51379350 |
| 22913000 | &nbsp;&nbsp;&nbsp;Core Scientific, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/31 | 23147171 |
| 29963000 | &nbsp;&nbsp;&nbsp;CSG Systems International, Inc.~ |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 09/15/28 | 33155258 |
| 30000000 | &nbsp;&nbsp;&nbsp;CyberArk Software Ltd.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 30885300 |
| 15000000 | &nbsp;&nbsp;&nbsp;Datadog, Inc.\*~^ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 12/01/29 | 14589450 |
| 25000000 | &nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc.~^ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 12/01/26 | 23430750 |
|  | &nbsp;&nbsp;&nbsp;Dropbox, Inc.~ |  |
| 27750000 | &nbsp;&nbsp;&nbsp;0.000%, 03/01/28 | 27540210 |
| 23000000 | &nbsp;&nbsp;&nbsp;0.000%, 03/01/26 | 22588530 |
|  | &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.~ |  |
| 20000000 | &nbsp;&nbsp;&nbsp;0.000%, 03/01/26 | 19348600 |
| 16000000 | &nbsp;&nbsp;&nbsp;0.000%, 03/01/28^ | 13317280 |
| 10000000 | &nbsp;&nbsp;&nbsp;Evolent Health, Inc.~ |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 12/01/29 | 8305100 |
| 41995000 | &nbsp;&nbsp;&nbsp;Five9, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 03/15/29 | 36872030 |
| 15000000 | &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;1.250%, 11/01/29 | 17228550 |
| 10000000 | &nbsp;&nbsp;&nbsp;InterDigital, Inc.~ |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 06/01/27 | 33550100 |
|  | &nbsp;&nbsp;&nbsp;Itron, Inc. |  |
| 25000000 | &nbsp;&nbsp;&nbsp;1.375%, 07/15/30 | 28737500 |
| 10800000 | &nbsp;&nbsp;&nbsp;0.000%, 03/15/26~ | 11753316 |
| 15000000 | &nbsp;&nbsp;&nbsp;Jamf Holding Corp.~ |  |
|  | &nbsp;&nbsp;&nbsp;0.125%, 09/01/26 | 14304750 |
| 8000000 | &nbsp;&nbsp;&nbsp;Lenovo Group Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;2.500%, 08/26/29 | 10517440 |
| 17500000 | &nbsp;&nbsp;&nbsp;LivePerson, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 12/15/26 | 6887650 |
|  | &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. |  |
| 12500000 | &nbsp;&nbsp;&nbsp;0.500%, 06/15/28~^ | 13789875 |
| 12000000 | &nbsp;&nbsp;&nbsp;0.500%, 12/15/26~ | 15261480 |
| 10000000 | &nbsp;&nbsp;&nbsp;1.500%, 12/15/29 | 17191700 |
|  | &nbsp;&nbsp;&nbsp;MARA Holdings, Inc.\* |  |
| 20000000 | &nbsp;&nbsp;&nbsp;0.000%, 08/01/32^ | 19022200 |
| 17000000 | &nbsp;&nbsp;&nbsp;0.000%, 03/01/30 | 15547860 |
| 7000000 | &nbsp;&nbsp;&nbsp;2.125%, 09/01/31 | 7675570 |
| 20000000 | &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 06/01/30 | 19652000 |
|  | &nbsp;&nbsp;&nbsp;MicroStrategy, Inc. |  |
| 82000000 | &nbsp;&nbsp;&nbsp;0.000%, 12/01/29\* | 79216100 |
| 48000000 | &nbsp;&nbsp;&nbsp;0.625%, 03/15/30 | 131783040 |
| 35000000 | &nbsp;&nbsp;&nbsp;2.250%, 06/15/32 | 74881100 |
| 30000000 | &nbsp;&nbsp;&nbsp;0.875%, 03/15/31 | 56424300 |
| 4000000 | &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 06/01/30 | 4733360 |
| 15000000 | &nbsp;&nbsp;&nbsp;MKS, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.250%, 06/01/30 | 14654250 |
| 40000000 | &nbsp;&nbsp;&nbsp;NCL Corp. Ltd.~ |  |
|  | &nbsp;&nbsp;&nbsp;1.125%, 02/15/27 | 42123600 |
| 10000000 | &nbsp;&nbsp;&nbsp;Nova Ltd.~ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 10/15/25 | 35461300 |
|  | &nbsp;&nbsp;&nbsp;Nutanix, Inc. |  |
| 10000000 | &nbsp;&nbsp;&nbsp;0.500%, 12/15/29\*^ | 11301800 |
| 8960000 | &nbsp;&nbsp;&nbsp;0.250%, 10/01/27~ | 12456461 |
| 22500000 | &nbsp;&nbsp;&nbsp;Okta, Inc.~ |  |
|  | &nbsp;&nbsp;&nbsp;0.125%, 09/01/25 | 22402800 |
|  | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.~ |  |
| 50000000 | &nbsp;&nbsp;&nbsp;0.500%, 03/01/29 | 47540000 |
| 25000000 | &nbsp;&nbsp;&nbsp;0.000%, 05/01/27 | 30810250 |
| 14966000 | &nbsp;&nbsp;&nbsp;PagerDuty, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.500%, 10/15/28 | 14384721 |
| 11000000 | &nbsp;&nbsp;&nbsp;Parsons Corp.^ |  |
|  | &nbsp;&nbsp;&nbsp;2.625%, 03/01/29 | 12034330 |
|  | &nbsp;&nbsp;&nbsp;Progress Software Corp. |  |
| 12500000 | &nbsp;&nbsp;&nbsp;1.000%, 04/15/26~ | 12752000 |
| 10000000 | &nbsp;&nbsp;&nbsp;3.500%, 03/01/30^ | 10407800 |
| 30625000 | &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc.~ |  |
|  | &nbsp;&nbsp;&nbsp;0.125%, 11/15/25 | 30185837 |
|  | &nbsp;&nbsp;&nbsp;Rapid7, Inc. |  |
| 17465000 | &nbsp;&nbsp;&nbsp;1.250%, 03/15/29 | 15517653 |
| 9500000 | &nbsp;&nbsp;&nbsp;0.250%, 03/15/27 | 8826735 |
| 41100000 | &nbsp;&nbsp;&nbsp;RingCentral, Inc.~ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 03/15/26 | 39612591 |
| 6818000 | &nbsp;&nbsp;&nbsp;Riot Platforms, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 01/15/30 | 7908812 |
| 25404000 | &nbsp;&nbsp;&nbsp;Rubrik, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 27282372 |
| 20000000 | &nbsp;&nbsp;&nbsp;Seagate HDD Cayman~ |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 06/01/28 | 38800800 |
|  | &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. |  |
| 7500000 | &nbsp;&nbsp;&nbsp;0.000%, 12/15/25~^ | 9754950 |
| 6993000 | &nbsp;&nbsp;&nbsp;0.500%, 08/01/27 | 7624608 |
| 15000000 | &nbsp;&nbsp;&nbsp;Shopify, Inc.~^ |  |
|  | &nbsp;&nbsp;&nbsp;0.125%, 11/01/25 | 15398700 |
|  | &nbsp;&nbsp;&nbsp;Snowflake, Inc.\*~ |  |
| 40000000 | &nbsp;&nbsp;&nbsp;0.000%, 10/01/27^ | 60653600 |
| 27500000 | &nbsp;&nbsp;&nbsp;0.000%, 10/01/29 | 42787525 |
| 75000000 | &nbsp;&nbsp;&nbsp;Spotify USA, Inc.~ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 03/15/26 | 95143500 |
|  | &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc. |  |
| 55000000 | &nbsp;&nbsp;&nbsp;3.500%, 03/01/29 | 61513650 |
| 40000000 | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30\* | 51003600 |
| 7000000 | &nbsp;&nbsp;&nbsp;Synaptics, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 12/01/31 | 6627250 |
|  | &nbsp;&nbsp;&nbsp;Unity Software, Inc.^ |  |
| 44350000 | &nbsp;&nbsp;&nbsp;0.000%, 11/15/26~ | 41670816 |
| 2373000 | &nbsp;&nbsp;&nbsp;0.000%, 03/15/30\* | 2883741 |
|  | &nbsp;&nbsp;&nbsp;Varonis Systems, Inc. |  |
| 5000000 | &nbsp;&nbsp;&nbsp;1.000%, 09/15/29\* | 5332250 |
| 3000000 | &nbsp;&nbsp;&nbsp;1.250%, 08/15/25 | 5451420 |
| 5000000 | &nbsp;&nbsp;&nbsp;Veritone, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.750%, 11/15/26 | 2418650 |

---

See accompanying Notes to Schedule of Investments

**Calamos Market Neutral Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | **VALUE** | **VALUE** |
| 5000000 | &nbsp;&nbsp;&nbsp;Vertex, Inc.^ |  |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 05/01/29 | $| 5771750 |
| 10000000 | &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc.^ |  |  |
|  | &nbsp;&nbsp;&nbsp;2.250%, 09/15/30 |  | 9175000 |
| 55000000 | &nbsp;&nbsp;&nbsp;Western Digital Corp.~ |  |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 11/15/28 |  | 118006900 |
| 10000000 | &nbsp;&nbsp;&nbsp;Wix.com Ltd. |  |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 08/15/25 |  | 9977900 |
|  | &nbsp;&nbsp;&nbsp;Wolfspeed, Inc.@ |  |  |
| 22473000 | &nbsp;&nbsp;&nbsp;0.250%, 02/15/28 |  | 6743024 |
| 20000000 | &nbsp;&nbsp;&nbsp;1.875%, 12/01/29 |  | 6162600 |
|  | &nbsp;&nbsp;&nbsp;Workiva, Inc. |  |  |
| 17862000 | &nbsp;&nbsp;&nbsp;1.250%, 08/15/28^ |  | 16475730 |
| 7516000 | &nbsp;&nbsp;&nbsp;1.125%, 08/15/26 |  | 7883532 |
| 15000000 | &nbsp;&nbsp;&nbsp;Xerox Holdings Corp. |  |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 03/15/30 |  | 8588850 |
| 15000000 | &nbsp;&nbsp;&nbsp;Zscaler, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/15/28 |  | 14665350 |
|  |  |  | 2349428143 |
|  | **Materials (0.3%)** |  |  |
| 15000000 | &nbsp;&nbsp;&nbsp;Amyris, Inc.@ |  |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 11/15/26 |  | 119850 |
| 10000000 | &nbsp;&nbsp;&nbsp;MP Materials Corp.\*~ |  |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 03/01/30 |  | 29307900 |
| 10000000 | &nbsp;&nbsp;&nbsp;Stillwater Mining Co. |  |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 11/28/28 |  | 17150100 |
|  |  |  | 46577850 |
|  | **Real Estate (0.6%)** |  |  |
| 11254000 | &nbsp;&nbsp;&nbsp;Digital Realty Trust LP\* |  |  |
|  | &nbsp;&nbsp;&nbsp;1.875%, 11/15/29 |  | 11888613 |
| 47798000 | &nbsp;&nbsp;&nbsp;Redfin Corp.^ |  |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 04/01/27 |  | 44019568 |
|  | &nbsp;&nbsp;&nbsp;Welltower OP LLC\* |  |  |
| 20000000 | &nbsp;&nbsp;&nbsp;2.750%, 05/15/28~ |  | 34780800 |
| 9082000 | &nbsp;&nbsp;&nbsp;3.125%, 07/15/29^ |  | 12583384 |
|  |  |  | 103272365 |
|  | **Utilities (4.5%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Alliant Energy Corp. |  |  |
| 25000000 | &nbsp;&nbsp;&nbsp;3.875%, 03/15/26~ |  | 26596500 |
| 15000000 | &nbsp;&nbsp;&nbsp;3.250%, 05/30/28\* |  | 15314100 |
| 50000000 | &nbsp;&nbsp;&nbsp;American Water Capital Corp.~ |  |  |
|  | &nbsp;&nbsp;&nbsp;3.625%, 06/15/26 |  | 50297000 |
| 25000000 | &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 08/01/28 |  | 25263750 |
| 25000000 | &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. (Warner Media LLC, Charter Communications, Time, Inc.)~§ |  |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 08/15/26 |  | 27839250 |
| 10040000 | &nbsp;&nbsp;&nbsp;CMS Energy Corp.~ |  |  |
|  | &nbsp;&nbsp;&nbsp;3.375%, 05/01/28 |  | 11010768 |
| 30000000 | &nbsp;&nbsp;&nbsp;Duke Energy Corp.~ |  |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/15/26 |  | 32149500 |
| 45000000 | &nbsp;&nbsp;&nbsp;Evergy, Inc.~ |  |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 12/15/27 |  | 53622900 |
| 55000000 | &nbsp;&nbsp;&nbsp;FirstEnergy Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 01/15/31 |  | 57000350 |
| 40000000 | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc.~ |  |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 03/01/27 |  | 45646800 |
| 37752000 | &nbsp;&nbsp;&nbsp;PG&E Corp. |  |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 12/01/27 |  | 37701412 |
| 10000000 | &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. |  |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 06/15/27 |  | 10852000 |
| 31922000 | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc.~ |  |  |
|  | &nbsp;&nbsp;&nbsp;2.875%, 03/15/28 |  | 35655597 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. |  |  |
| 65932000 | &nbsp;&nbsp;&nbsp;3.250%, 06/15/28\* |  | 66828016 |
| 60000000 | &nbsp;&nbsp;&nbsp;4.500%, 06/15/27~ |  | 67191600 |
| 6670000 | &nbsp;&nbsp;&nbsp;3.875%, 12/15/25~^ |  | 7571917 |
| 8000000 | &nbsp;&nbsp;&nbsp;Sunnova Energy International, Inc.~@ |  |  |
|  | &nbsp;&nbsp;&nbsp;2.625%, 02/15/28 |  | 11280 |
| 14951000 | &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;5.750%, 06/01/54 |  | 19612124 |
| 20000000 | &nbsp;&nbsp;&nbsp;UGI Corp. |  |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 06/01/28 |  | 27465600 |
|  | &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. |  |  |
| 40000000 | &nbsp;&nbsp;&nbsp;4.375%, 06/01/29 |  | 47452000 |
| 35000000 | &nbsp;&nbsp;&nbsp;4.375%, 06/01/27 |  | 40476450 |
| 35000000 | &nbsp;&nbsp;&nbsp;3.375%, 06/01/28\* |  | 35460600 |
|  |  |  | 741019514 |
|  | **TOTAL CONVERTIBLE BONDS** |  |  |
|  | (Cost $5,316,808,589) |  | 6007170716 |
| **CORPORATE BONDS (0.8%)** | **CORPORATE BONDS (0.8%)** | **CORPORATE BONDS (0.8%)** | **CORPORATE BONDS (0.8%)** |
|  | **Consumer Discretionary (0.2%)** |  |  |
| 5000000 | &nbsp;&nbsp;&nbsp;American Honda Finance Corp.~ |  |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 01/12/26 |  | 5003750 |
| 5000000 | &nbsp;&nbsp;&nbsp;AutoZone, Inc.~ |  |  |
|  | &nbsp;&nbsp;&nbsp;5.050%, 07/15/26 |  | 5026700 |
| 5000000 | &nbsp;&nbsp;&nbsp;Cargill, Inc.\*~ |  |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 10/10/25 |  | 5001500 |
| 5000000 | &nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc.~ |  |  |
|  | &nbsp;&nbsp;&nbsp;1.250%, 01/08/26 |  | 4926450 |
| 5000000 | &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc.~ |  |  |
|  | &nbsp;&nbsp;&nbsp;4.400%, 09/08/25 |  | 4998950 |
|  |  |  | 24957350 |
|  | **Energy (0.0%)** |  |  |
| 5000000 | &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC~ |  |  |
|  | &nbsp;&nbsp;&nbsp;5.050%, 01/10/26 |  | 5011950 |
| 3000000 | &nbsp;&nbsp;&nbsp;Williams Cos., Inc.~ |  |  |
|  | &nbsp;&nbsp;&nbsp;5.400%, 03/02/26 |  | 3014130 |
|  |  |  | 8026080 |
|  | **Financials (0.2%)** |  |  |
| 5000000 | &nbsp;&nbsp;&nbsp;Mondelez International Holdings Netherlands BV\*~ |  |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 09/15/25 |  | 4997250 |
| 5000000 | &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.~ |  |  |
|  | &nbsp;&nbsp;&nbsp;2.650%, 10/01/26 |  | 4905750 |
| 5000000 | &nbsp;&nbsp;&nbsp;State Street Corp.~^‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;5.751%, 11/04/26 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR + 1.35% |  | 5013900 |
| 5000000 | &nbsp;&nbsp;&nbsp;Truist Financial Corp.~‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;5.900%, 10/28/26 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR + 1.63% |  | 5013550 |
| 5000000 | &nbsp;&nbsp;&nbsp;U.S. Bancorp~‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;5.727%, 10/21/26 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR + 1.43% |  | 5011150 |
|  |  |  | 24941600 |

---

See accompanying Notes to Schedule of Investments

**Calamos Market Neutral Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
|  | **Health Care (0.1%)** |  |
| 5000000 | &nbsp;&nbsp;&nbsp;CVS Health Corp.~ |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 02/20/26 | $5006850 |
| 5000000 | &nbsp;&nbsp;&nbsp;Elevance Health, Inc.~ |  |
|  | &nbsp;&nbsp;&nbsp;5.350%, 10/15/25 | 5003550 |
| 5000000 | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc.~ |  |
|  | &nbsp;&nbsp;&nbsp;5.150%, 10/15/25 | 5004150 |
| 5000000 | &nbsp;&nbsp;&nbsp;Zoetis, Inc.~ |  |
|  | &nbsp;&nbsp;&nbsp;5.400%, 11/14/25 | 5007700 |
|  |  | 20022250 |
|  | **Industrials (0.0%)** |  |
| 2500000 | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp.~ |  |
|  | &nbsp;&nbsp;&nbsp;4.950%, 10/15/25 | 2502275 |
| 3830000 | &nbsp;&nbsp;&nbsp;RTX Corp.~ |  |
|  | &nbsp;&nbsp;&nbsp;3.950%, 08/16/25 | 3829004 |
|  |  | 6331279 |
|  | **Information Technology (0.1%)** |  |
| 3500000 | &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc.~^ |  |
|  | &nbsp;&nbsp;&nbsp;3.400%, 06/27/26 | 3466365 |
| 3000000 | &nbsp;&nbsp;&nbsp;Mercedes-Benz Finance North America LLC\*~ |  |
|  | &nbsp;&nbsp;&nbsp;5.375%, 11/26/25 | 3005670 |
| 5000000 | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.~ |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 03/28/26 | 5011500 |
|  |  | 11483535 |
|  | **Materials (0.1%)** |  |
| 15600000 | &nbsp;&nbsp;&nbsp;OCI NV\* |  |
|  | &nbsp;&nbsp;&nbsp;6.700%, 03/16/33 | 17375904 |
|  | **Other (0.0%)** |  |
| 5000000 | &nbsp;&nbsp;&nbsp;Diageo Capital PLC~ |  |
|  | &nbsp;&nbsp;&nbsp;5.200%, 10/24/25 | 5007500 |
|  | **Utilities (0.1%)** |  |
| 5000000 | &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp.~ |  |
|  | &nbsp;&nbsp;&nbsp;5.450%, 10/30/25 | 5012100 |
| 5000000 | &nbsp;&nbsp;&nbsp;Southern Co.~ |  |
|  | &nbsp;&nbsp;&nbsp;5.150%, 10/06/25 | 5002950 |
| 5000000 | &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc.~^ |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 09/27/25 | 5002800 |
|  |  | 15017850 |
|  | **Total CORPORATE BONDS** |  |
|  | (Cost $131,560,359) | 133163348 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**SHARES** |  | <br>**VALUE** |
| **CONVERTIBLE PREFERRED STOCKS (3.8%)** | **CONVERTIBLE PREFERRED STOCKS (3.8%)** | **CONVERTIBLE PREFERRED STOCKS (3.8%)** |
|  | **Financials (1.2%)** |  |
| 849428 | &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc.~ |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 07/31/26 | $64709425 |
| 975000 | &nbsp;&nbsp;&nbsp;ARES Management Corp.~ |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 10/01/27 | 55185000 |
| 1300000 | &nbsp;&nbsp;&nbsp;KKR & Co., Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 03/01/28 | 74685000 |
|  |  | 194579425 |
|  | **Health Care (0.1%)** |  |
| 300000 | &nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc.~ |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 02/01/27 | 21711000 |
|  | **Industrials (0.8%)** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Boeing Co.~^ |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 10/15/27 | 70700000 |
| 396461 | &nbsp;&nbsp;&nbsp;Chart Industries, Inc.~ |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 12/15/25 | 28382643 |
| 500000 | &nbsp;&nbsp;&nbsp;QXO, Inc.# |  |
|  | &nbsp;&nbsp;&nbsp;5.500%, 05/15/28 | 28910000 |
|  |  | 127992643 |
|  | **Information Technology (1.1%)** |  |
| 1050000 | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co.~ |  |
|  | &nbsp;&nbsp;&nbsp;7.625%, 09/01/27 | 63000000 |
| 1000000 | &nbsp;&nbsp;&nbsp;Microchip Technology, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 03/15/28 | 62910000 |
| 450000 | &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 05/01/28 | 53077500 |
|  |  | 178987500 |
|  | **Materials (0.1%)** |  |
| 600000 | &nbsp;&nbsp;&nbsp;Albemarle Corp.~ |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 03/01/27 | 20376000 |
|  | **Utilities (0.5%)** |  |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp;7.299%, 06/01/27~ | 24020000 |
| 500000 | &nbsp;&nbsp;&nbsp;7.234%, 11/01/27 | 22120000 |
| 300000 | &nbsp;&nbsp;&nbsp;6.926%, 09/01/25~ | 12225000 |
| 571201 | &nbsp;&nbsp;&nbsp;PG&E Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 12/01/27 | 21711350 |
|  |  | 80076350 |
|  | **TOTAL CONVERTIBLE PREFERRED STOCKS** |  |
|  | (Cost $544,546,747) | 623722918 |
| **Common Stocks (60.2%)** | **Common Stocks (60.2%)** |  |
|  | **Communication Services (6.0%)** |  |
| 925796 | &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A~ | 177660252 |
| 961458 | &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C~ | 185426790 |
| 1006546 | &nbsp;&nbsp;&nbsp;AT&T, Inc. | 27589426 |
| 825193 | &nbsp;&nbsp;&nbsp;Comcast Corp. - Class A~ | 27421163 |
| 149159 | &nbsp;&nbsp;&nbsp;Fox Corp. - Class A^ | 8317106 |
| 298126 | &nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. | 7333900 |
| 185843 | &nbsp;&nbsp;&nbsp;Match Group, Inc. | 6368840 |
| 386714 | &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A~ | 299100076 |
| 83031 | &nbsp;&nbsp;&nbsp;Netflix, Inc.~# | 96266141 |
| 132919 | &nbsp;&nbsp;&nbsp;T-Mobile U.S., Inc. | 31689219 |
| 473025 | &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.# | 41507944 |
| 768112 | &nbsp;&nbsp;&nbsp;Verizon Communications, Inc.~ | 32844469 |
| 372562 | &nbsp;&nbsp;&nbsp;Walt Disney Co.~ | 44375860 |
|  |  | 985901186 |
|  | **Consumer Discretionary (6.4%)** |  |
| 1689757 | &nbsp;&nbsp;&nbsp;Amazon.com, Inc.~# | 395589011 |
| 825000 | &nbsp;&nbsp;&nbsp;Andretti Acquisition Corp. II - Class A# | 8613000 |
| 142161 | &nbsp;&nbsp;&nbsp;Aptiv PLC# | 9757931 |
| 6916 | &nbsp;&nbsp;&nbsp;Booking Holdings, Inc.~ | 38066079 |
| 188200 | &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.^# | 5021176 |

---

See accompanying Notes to Schedule of Investments

**Calamos Market Neutral Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  | **VALUE** |
| 596053 | &nbsp;&nbsp;&nbsp;Carnival Corp.# | $17744498 |
| 439185 | &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.# | 18832253 |
| 52730 | &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc.~ | 10634059 |
| 57246 | &nbsp;&nbsp;&nbsp;DoorDash, Inc. - Class A# | 14325811 |
| 160188 | &nbsp;&nbsp;&nbsp;DR Horton, Inc.~ | 22881254 |
| 150215 | &nbsp;&nbsp;&nbsp;eBay, Inc. | 13782226 |
| 766913 | &nbsp;&nbsp;&nbsp;Ford Motor Co.~ | 8489727 |
| 287928 | &nbsp;&nbsp;&nbsp;General Motors Co. | 15358079 |
| 199420 | &nbsp;&nbsp;&nbsp;Home Depot, Inc.~ | 73288844 |
| 171353 | &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp.^ | 8978897 |
| 161330 | &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc.~ | 36068548 |
| 36643 | &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.# | 7348021 |
| 127397 | &nbsp;&nbsp;&nbsp;McDonald's Corp. | 38228018 |
| 23333 | &nbsp;&nbsp;&nbsp;MKDWELL Tech, Inc.# | 4912 |
| 26250 | &nbsp;&nbsp;&nbsp;Next.e.GO NV# | 3 |
| 270288 | &nbsp;&nbsp;&nbsp;NIKE, Inc. - Class B~ | 20187811 |
| 409787 | &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd.# | 10474156 |
| 241545 | &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.# | 23748704 |
| 91054 | &nbsp;&nbsp;&nbsp;Ross Stores, Inc.~ | 12432513 |
| 43701 | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd.^ | 13891237 |
| 243951 | &nbsp;&nbsp;&nbsp;Skechers USA, Inc. - Class A# | 15429901 |
| 221143 | &nbsp;&nbsp;&nbsp;Starbucks Corp.~ | 19717110 |
| 492218 | &nbsp;&nbsp;&nbsp;Tesla, Inc.~# | 151736043 |
| 250238 | &nbsp;&nbsp;&nbsp;TJX Cos., Inc.~ | 31162138 |
| 925000 | &nbsp;&nbsp;&nbsp;Vine Hill Capital Investment Corp. - Class A# | 9633875 |
|  |  | 1051425835 |
|  | **Consumer Staples (3.3%)** |  |
| 150779 | &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co.~ | 8169206 |
| 65364 | &nbsp;&nbsp;&nbsp;Boston Beer Co., Inc. - Class A# | 13535577 |
| 96899 | &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 9086219 |
| 642928 | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 43648382 |
| 149405 | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co.~ | 12527609 |
| 74890 | &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. - Class A | 12509626 |
| 59336 | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp.~ | 55754479 |
| 45738 | &nbsp;&nbsp;&nbsp;Dollar General Corp.~ | 4797916 |
| 82620 | &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.# | 9381501 |
| 56848 | &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc. - Class A | 5306192 |
| 163418 | &nbsp;&nbsp;&nbsp;General Mills, Inc. | 8004214 |
| 475515 | &nbsp;&nbsp;&nbsp;Kellanova | 37960362 |
| 89771 | &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 11187262 |
| 215181 | &nbsp;&nbsp;&nbsp;Kroger Co. | 15084188 |
| 423794 | &nbsp;&nbsp;&nbsp;Mondelez International, Inc. - Class A | 27415234 |
| 186564 | &nbsp;&nbsp;&nbsp;Monster Beverage Corp.# | 10960635 |
| 197694 | &nbsp;&nbsp;&nbsp;PepsiCo, Inc.~ | 27265957 |
| 354141 | &nbsp;&nbsp;&nbsp;Philip Morris International, Inc.~ | 58096831 |
| 347814 | &nbsp;&nbsp;&nbsp;Procter & Gamble Co.~ | 52335573 |
| 161669 | &nbsp;&nbsp;&nbsp;Sysco Corp. | 12868852 |
| 100041 | &nbsp;&nbsp;&nbsp;Target Corp.~ | 10054121 |
| 986901 | &nbsp;&nbsp;&nbsp;Walmart, Inc.~ | 96696560 |
|  |  | 542646496 |
|  | **Energy (2.0%)** |  |
| 542662 | &nbsp;&nbsp;&nbsp;Chevron Corp. | 82289266 |
| 246857 | &nbsp;&nbsp;&nbsp;ConocoPhillips~ | 23535346 |
| 95744 | &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | 7066865 |
| 73884 | &nbsp;&nbsp;&nbsp;EOG Resources, Inc.~ | 8867558 |
| 782667 | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp.~ | 87376944 |
| 511337 | &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 14348116 |
| 154548 | &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 26302524 |
| 86428 | &nbsp;&nbsp;&nbsp;Noble Corp. PLC | 2317135 |
| 158700 | &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 6973278 |
| 102503 | &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 8416521 |
| 71944 | &nbsp;&nbsp;&nbsp;Phillips 66~ | 8890839 |
| 666260 | &nbsp;&nbsp;&nbsp;Schlumberger NV | 22519588 |
| 69603 | &nbsp;&nbsp;&nbsp;Valero Energy Corp.~ | 9557188 |
| 258002 | &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | 15467220 |
|  |  | 323928388 |
|  | **Financials (7.9%)** |  |
| 127095 | &nbsp;&nbsp;&nbsp;Aflac, Inc.~ | 12628159 |
| 99155 | &nbsp;&nbsp;&nbsp;Allstate Corp.~ | 20153254 |
| 113483 | &nbsp;&nbsp;&nbsp;American Express Co.~ | 33966597 |
| 49684 | &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 25745752 |
| 88636 | &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 25460691 |
| 74523 | &nbsp;&nbsp;&nbsp;Assurant, Inc.~ | 13958158 |
| 1000000 | &nbsp;&nbsp;&nbsp;AvidXchange Holdings, Inc.# | 9860000 |
| 1636551 | &nbsp;&nbsp;&nbsp;Bank of America Corp.~ | 77359766 |
| 185037 | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 18772004 |
| 267494 | &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B~# | 126225069 |
| 19198 | &nbsp;&nbsp;&nbsp;Blackrock, Inc. | 21233180 |
| 97486 | &nbsp;&nbsp;&nbsp;Blackstone, Inc. | 16861179 |
| 114456 | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 24608040 |
| 88105 | &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 21236829 |
| 347744 | &nbsp;&nbsp;&nbsp;Charles Schwab Corp.~ | 33985021 |
| 114239 | &nbsp;&nbsp;&nbsp;Chubb Ltd.~ | 30392143 |
| 280417 | &nbsp;&nbsp;&nbsp;Citigroup, Inc.~ | 26275073 |
| 39928 | &nbsp;&nbsp;&nbsp;CME Group, Inc. | 11111164 |
| 36084 | &nbsp;&nbsp;&nbsp;Coinbase Global, Inc. - Class A# | 13631092 |
| 117797 | &nbsp;&nbsp;&nbsp;Fiserv, Inc.# | 16366715 |
| 66770 | &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 5338261 |
| 107630 | &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc.~ | 77879992 |
| 500000 | &nbsp;&nbsp;&nbsp;HCM II Acquisition Corp. - Class A# | 5470000 |
| 420818 | &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 6914040 |
| 44512 | &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 7558805 |
| 486840 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co.~ | 144221482 |
| 49389 | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 9319704 |
| 137018 | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 27293986 |
| 168581 | &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A~ | 95496079 |
| 149289 | &nbsp;&nbsp;&nbsp;MetLife, Inc.~ | 11338499 |
| 252032 | &nbsp;&nbsp;&nbsp;Morgan Stanley~ | 35904479 |
| 79109 | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 10284170 |
| 134861 | &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.# | 9273042 |
| 59451 | &nbsp;&nbsp;&nbsp;Prudential Financial, Inc.~ | 6157935 |
| 51605 | &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 28439515 |
| 74715 | &nbsp;&nbsp;&nbsp;State Street Corp.~ | 8349401 |
| 66267 | &nbsp;&nbsp;&nbsp;Travelers Cos., Inc.~ | 17245324 |
| 151091 | &nbsp;&nbsp;&nbsp;U.S. Bancorp | 6793051 |
| 361954 | &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A~ | 125044248 |
| 939679 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co.~ | 75766318 |
|  |  | 1293918217 |
|  | **Health Care (5.6%)** |  |
| 257089 | &nbsp;&nbsp;&nbsp;Abbott Laboratories | 32442061 |
| 322491 | &nbsp;&nbsp;&nbsp;AbbVie, Inc.~ | 60957249 |
| 170212 | &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 19542040 |
| 325310 | &nbsp;&nbsp;&nbsp;Amedisys, Inc.# | 32075566 |
| 72290 | &nbsp;&nbsp;&nbsp;Amgen, Inc.~ | 21332779 |
| 190254 | &nbsp;&nbsp;&nbsp;Baxter International, Inc.^ | 4139927 |
| 61787 | &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 11013533 |
| 36970 | &nbsp;&nbsp;&nbsp;Biogen, Inc.~# | 4732160 |
| 579412 | &nbsp;&nbsp;&nbsp;Boston Scientific Corp.# | 60791907 |
| 117062 | &nbsp;&nbsp;&nbsp;Centene Corp.# | 3051806 |
| 49815 | &nbsp;&nbsp;&nbsp;Cigna Group | 13319535 |
| 220049 | &nbsp;&nbsp;&nbsp;CVS Health Corp.~ | 13665043 |
| 149332 | &nbsp;&nbsp;&nbsp;Danaher Corp.~ | 29442297 |

---

See accompanying Notes to Schedule of Investments

**Calamos Market Neutral Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  | **VALUE** |
| 100959 | &nbsp;&nbsp;&nbsp;Dexcom, Inc.# | $8154458 |
| 168965 | &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.~# | 13400614 |
| 152291 | &nbsp;&nbsp;&nbsp;Eli Lilly & Co.~ | 112706000 |
| 63814 | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 4551214 |
| 233726 | &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 26245093 |
| 50337 | &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 17818795 |
| 30532 | &nbsp;&nbsp;&nbsp;Humana, Inc. | 7629031 |
| 84165 | &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.# | 40490940 |
| 51266 | &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.# | 9528299 |
| 404926 | &nbsp;&nbsp;&nbsp;Johnson & Johnson~ | 66707509 |
| 45282 | &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 11776943 |
| 31722 | &nbsp;&nbsp;&nbsp;McKesson Corp. | 22000476 |
| 269078 | &nbsp;&nbsp;&nbsp;Medtronic PLC | 24281599 |
| 509229 | &nbsp;&nbsp;&nbsp;Merck & Co., Inc.~ | 39780969 |
| 1860332 | &nbsp;&nbsp;&nbsp;Pfizer, Inc.~ | 43327132 |
| 12272 | &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.~ | 6693885 |
| 18620 | &nbsp;&nbsp;&nbsp;Solventum Corp.# | 1328723 |
| 43766 | &nbsp;&nbsp;&nbsp;Stryker Corp.~ | 17188221 |
| 87699 | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc.~ | 41015068 |
| 187467 | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc.~ | 46784264 |
| 150818 | &nbsp;&nbsp;&nbsp;Verona Pharma PLC ADR# | 15849464 |
| 45721 | &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.# | 20888553 |
| 47324 | &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc.~^ | 4337245 |
| 121123 | &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 17658522 |
|  |  | 926648920 |
|  | **Industrials (5.2%)** |  |
| 74485 | &nbsp;&nbsp;&nbsp;3M Co. | 11114652 |
| 52290 | &nbsp;&nbsp;&nbsp;Allegion PLC | 8675957 |
| 99717 | &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 30862412 |
| 133126 | &nbsp;&nbsp;&nbsp;Boeing Co.~# | 29532672 |
| 286902 | &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 19687215 |
| 99383 | &nbsp;&nbsp;&nbsp;Caterpillar, Inc.~ | 43531742 |
| 751995 | &nbsp;&nbsp;&nbsp;CSX Corp.~ | 26725902 |
| 51666 | &nbsp;&nbsp;&nbsp;Deere & Co. | 27092100 |
| 76079 | &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | 29269113 |
| 201647 | &nbsp;&nbsp;&nbsp;Emerson Electric Co.~ | 29341655 |
| 47860 | &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 31601479 |
| 54997 | &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.^# | 10707366 |
| 44319 | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 13810244 |
| 191440 | &nbsp;&nbsp;&nbsp;General Electric Co. | 51895555 |
| 183296 | &nbsp;&nbsp;&nbsp;GMS, Inc.# | 20096573 |
| 167773 | &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 37304327 |
| 8617 | &nbsp;&nbsp;&nbsp;Hubbell, Inc. | 3769765 |
| 63229 | &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc.~ | 16184727 |
| 173607 | &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 18228735 |
| 66751 | &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 18344510 |
| 36234 | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 15253789 |
| 149323 | &nbsp;&nbsp;&nbsp;Masco Corp. | 10173376 |
| 122774 | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 34131172 |
| 36015 | &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 20766609 |
| 66731 | &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 5718179 |
| 157481 | &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 15552824 |
| 93588 | &nbsp;&nbsp;&nbsp;Paychex, Inc. | 13507556 |
| 37347 | &nbsp;&nbsp;&nbsp;Paycom Software, Inc.^ | 8647324 |
| 169686 | &nbsp;&nbsp;&nbsp;Pentair PLC | 17341909 |
| 61639 | &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 25033447 |
| 358196 | &nbsp;&nbsp;&nbsp;RTX Corp.~ | 56440944 |
| 330947 | &nbsp;&nbsp;&nbsp;Southwest Airlines Co.~^ | 10236191 |
| 145355 | &nbsp;&nbsp;&nbsp;Union Pacific Corp.~ | 32264449 |
| 182033 | &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.# | 16075334 |
| 120372 | &nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | 10371252 |
| 22869 | &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 20191955 |
| 49775 | &nbsp;&nbsp;&nbsp;Veralto Corp. | 5217913 |
| 58864 | &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 16405985 |
| 112469 | &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 25773396 |
| 82811 | &nbsp;&nbsp;&nbsp;Xylem, Inc. | 11976127 |
|  |  | 848856432 |
|  | **Information Technology (20.1%)** |  |
| 99208 | &nbsp;&nbsp;&nbsp;Accenture PLC - Class A~ | 26498457 |
| 77614 | &nbsp;&nbsp;&nbsp;Adobe, Inc.# | 27761752 |
| 354168 | &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.~# | 62443360 |
| 306608 | &nbsp;&nbsp;&nbsp;Amphenol Corp. - Class A~ | 32656818 |
| 125649 | &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 28224535 |
| 2644678 | &nbsp;&nbsp;&nbsp;Apple, Inc.~ | 548955812 |
| 160656 | &nbsp;&nbsp;&nbsp;Applied Materials, Inc.~ | 28927719 |
| 172169 | &nbsp;&nbsp;&nbsp;Arista Networks, Inc.# | 21214664 |
| 45021 | &nbsp;&nbsp;&nbsp;Autodesk, Inc.# | 13646315 |
| 136734 | &nbsp;&nbsp;&nbsp;Blackbaud, Inc.# | 9218606 |
| 834754 | &nbsp;&nbsp;&nbsp;Broadcom, Inc.~ | 245167250 |
| 897294 | &nbsp;&nbsp;&nbsp;Cisco Systems, Inc.~ | 61087776 |
| 129673 | &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. - Class A~ | 9305334 |
| 57736 | &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. - Class A# | 26245054 |
| 75261 | &nbsp;&nbsp;&nbsp;Datadog, Inc. - Class A# | 10535035 |
| 27096 | &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.^# | 876827 |
| 43790 | &nbsp;&nbsp;&nbsp;Gartner, Inc.# | 14829484 |
| 252343 | &nbsp;&nbsp;&nbsp;HP, Inc. | 6258106 |
| 253567 | &nbsp;&nbsp;&nbsp;Informatica, Inc. - Class A# | 6263105 |
| 733646 | &nbsp;&nbsp;&nbsp;Intel Corp.~ | 14526191 |
| 119870 | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 30345091 |
| 65477 | &nbsp;&nbsp;&nbsp;Intuit, Inc. | 51407957 |
| 57161 | &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.# | 9369260 |
| 186730 | &nbsp;&nbsp;&nbsp;Lam Research Corp. | 17709473 |
| 302881 | &nbsp;&nbsp;&nbsp;Micron Technology, Inc.~ | 33056432 |
| 1330030 | &nbsp;&nbsp;&nbsp;Microsoft Corp.~ | 709571005 |
| 71995 | &nbsp;&nbsp;&nbsp;NetApp, Inc. | 7496839 |
| 4423834 | &nbsp;&nbsp;&nbsp;NVIDIA Corp.~ | 786867354 |
| 71027 | &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | 15183442 |
| 111063 | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.# | 6259511 |
| 329547 | &nbsp;&nbsp;&nbsp;Oracle Corp.~ | 83629142 |
| 400619 | &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. - Class A# | 63438019 |
| 160797 | &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.# | 27914359 |
| 64913 | &nbsp;&nbsp;&nbsp;PTC, Inc.# | 13943962 |
| 215873 | &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 31681521 |
| 205028 | &nbsp;&nbsp;&nbsp;Salesforce, Inc.~ | 52964883 |
| 45606 | &nbsp;&nbsp;&nbsp;ServiceNow, Inc.# | 43011931 |
| 101234 | &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc.^ | 6938578 |
| 79222 | &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.^# | 4671721 |
| 34053 | &nbsp;&nbsp;&nbsp;Synopsys, Inc.# | 21571554 |
| 489976 | &nbsp;&nbsp;&nbsp;TaskUS, Inc. - Class A# | 8368790 |
| 64983 | &nbsp;&nbsp;&nbsp;TE Connectivity PLC | 13370252 |
| 102062 | &nbsp;&nbsp;&nbsp;Teradyne, Inc. | 10964521 |
| 116774 | &nbsp;&nbsp;&nbsp;Texas Instruments, Inc.~ | 21143100 |
| 29431 | &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.# | 17204185 |
| 37930 | &nbsp;&nbsp;&nbsp;Workday, Inc. - Class A# | 8700383 |
| 1500 | &nbsp;&nbsp;&nbsp;Zscaler, Inc.# | 428340 |
|  |  | 3291853805 |
|  | **Materials (0.9%)** |  |
| 59455 | &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc.~ | 17115905 |
| 48473 | &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 8132315 |
| 168968 | &nbsp;&nbsp;&nbsp;Corteva, Inc. | 12187662 |
| 152155 | &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 10939945 |
| 462999 | &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 18631080 |

---

See accompanying Notes to Schedule of Investments

**Calamos Market Neutral Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  | **VALUE** |
| 129887 | &nbsp;&nbsp;&nbsp;Linde PLC | $59781791 |
| 73008 | &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 7702344 |
| 43730 | &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 14469382 |
|  |  | 148960424 |
|  | **Other (0.1%)** |  |
| 197406 | &nbsp;&nbsp;&nbsp;D Boral ARC Acquisition I Corp.# | 1966164 |
| 500000 | &nbsp;&nbsp;&nbsp;Jackson Acquisition Co. II# | 5225000 |
| 600000 | &nbsp;&nbsp;&nbsp;Live Oak Acquisition Corp. V# | 6627000 |
| 300000 | &nbsp;&nbsp;&nbsp;NewHold Investment Corp. III# | 3084000 |
| 600000 | &nbsp;&nbsp;&nbsp;Stellar V Capital Corp.# | 6198000 |
|  |  | 23100164 |
|  | **Real Estate (1.0%)** |  |
| 50637 | &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 3870186 |
| 69869 | &nbsp;&nbsp;&nbsp;American Tower Corp.~ | 14560001 |
| 97616 | &nbsp;&nbsp;&nbsp;Camden Property Trust | 10659667 |
| 134454 | &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 14129771 |
| 75949 | &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 13400442 |
| 13386 | &nbsp;&nbsp;&nbsp;Equinix, Inc. | 10510286 |
| 511755 | &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | 8669130 |
| 60366 | &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 8597929 |
| 199690 | &nbsp;&nbsp;&nbsp;Prologis, Inc.~ | 21322898 |
| 33243 | &nbsp;&nbsp;&nbsp;Public Storage~ | 9040101 |
| 288117 | &nbsp;&nbsp;&nbsp;Realty Income Corp. | 16172007 |
| 94000 | &nbsp;&nbsp;&nbsp;Regency Centers Corp. | 6711600 |
| 146244 | &nbsp;&nbsp;&nbsp;UDR, Inc. | 5745927 |
| 118271 | &nbsp;&nbsp;&nbsp;Welltower, Inc. | 19522994 |
|  |  | 162912939 |
|  | **Special Purpose Acquisition Companies (0.6%)** |  |
| 9673 | &nbsp;&nbsp;&nbsp;Ai Transportation Acquisition Corp.# | 106403 |
| 50000 | &nbsp;&nbsp;&nbsp;Alchemy Investments Acquisition Corp. 1# | 574000 |
| 100000 | &nbsp;&nbsp;&nbsp;Axiom Intelligence Acquisition Corp. 1# | 1015000 |
| 24591 | &nbsp;&nbsp;&nbsp;Black Hawk Acquisition Corp. - Class A# | 267058 |
| 123189 | &nbsp;&nbsp;&nbsp;Blue Acquisition Corp.# | 1244209 |
| 73866 | &nbsp;&nbsp;&nbsp;ChampionsGate Acquisition Corp.# | 750479 |
| 100000 | &nbsp;&nbsp;&nbsp;Churchill Capital Corp. X# | 1033000 |
| 49232 | &nbsp;&nbsp;&nbsp;Cohen Circle Acquisition Corp. II | 506105 |
| 196912 | &nbsp;&nbsp;&nbsp;EQV Ventures Acquisition Corp. II# | 1986842 |
| 1250000 | &nbsp;&nbsp;&nbsp;Everest Consolidator Acquisition Corp.‡‡‡ | 14462500 |
| 500000 | &nbsp;&nbsp;&nbsp;Evergreen Corp. - Class A# | 6230000 |
| 24640 | &nbsp;&nbsp;&nbsp;FIGX Capital Acquisition Corp.# | 248125 |
| 231000 | &nbsp;&nbsp;&nbsp;Four Leaf Acquisition Corp. - Class A | 2674980 |
| 496419 | &nbsp;&nbsp;&nbsp;FutureTech II Acquisition Corp. - Class A | 5808102 |
| 925000 | &nbsp;&nbsp;&nbsp;GigCapital7 Corp. - Class A# | 9596875 |
| 49377 | &nbsp;&nbsp;&nbsp;Globa Terra Acquisition Corp.# | 501670 |
| 700000 | &nbsp;&nbsp;&nbsp;Gores Holdings X, Inc.# | 7427000 |
| 100000 | &nbsp;&nbsp;&nbsp;Haymaker Acquisition Corp. 4# | 1118000 |
| 250000 | &nbsp;&nbsp;&nbsp;Indigo Acquisition Corp# | 2525000 |
| 30000 | &nbsp;&nbsp;&nbsp;Israel Acquisitions Corp. - Class A# | 376500 |
| 100000 | &nbsp;&nbsp;&nbsp;Keen Vision Acquisition Corp.# | 1144500 |
| 123208 | &nbsp;&nbsp;&nbsp;Lightwave Acquisition Corp.# | 1249329 |
| 850000 | &nbsp;&nbsp;&nbsp;Mercer Park Opportunities Corp.# | 8831500 |
| 100000 | &nbsp;&nbsp;&nbsp;Nabors Energy Transition Corp. II - Class A# | 1128000 |
| 55000 | &nbsp;&nbsp;&nbsp;Oak Woods Acquisition Corp. - Class A# | 650650 |
| 24642 | &nbsp;&nbsp;&nbsp;Oxley Bridge Acquisition Ltd.# | 247899 |
| 123093 | &nbsp;&nbsp;&nbsp;Oyster Enterprises II Acquisition Corp.# | 1251856 |
| 9856 | &nbsp;&nbsp;&nbsp;Pioneer Acquisition I Corp. | 98954 |
| 14770 | &nbsp;&nbsp;&nbsp;Quetta Acquisition Corp.# | 161584 |
| 750000 | &nbsp;&nbsp;&nbsp;Siddhi Acquisition Corp.# | 7826250 |
| 500000 | &nbsp;&nbsp;&nbsp;Silverbox Corp. IV - Class A# | 5405000 |
| 197506 | &nbsp;&nbsp;&nbsp;Solarius Capital Acquisition Corp. | 1988885 |
| 375000 | &nbsp;&nbsp;&nbsp;Translational Development Acquisition Corp.# | 3991875 |
| 467706 | &nbsp;&nbsp;&nbsp;Vendome Acquisition Corp. I | 4686414 |
| 49244 | &nbsp;&nbsp;&nbsp;Wintergreen Acquisition Corp.# | 500319 |
|  |  | 97614863 |
|  | **Utilities (1.1%)** |  |
| 359808 | &nbsp;&nbsp;&nbsp;AES Corp.~^ | 4731475 |
| 140708 | &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 15919703 |
| 109381 | &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 11320934 |
| 294453 | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc.~ | 17210778 |
| 178657 | &nbsp;&nbsp;&nbsp;Duke Energy Corp.~ | 21731837 |
| 85873 | &nbsp;&nbsp;&nbsp;Edison International | 4475701 |
| 159964 | &nbsp;&nbsp;&nbsp;Entergy Corp. | 14465545 |
| 339785 | &nbsp;&nbsp;&nbsp;Exelon Corp. | 15269938 |
| 181057 | &nbsp;&nbsp;&nbsp;FirstEnergy Corp.~ | 7732944 |
| 295252 | &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 20980607 |
| 221603 | &nbsp;&nbsp;&nbsp;NiSource, Inc. | 9407047 |
| 139111 | &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc.~ | 12490777 |
| 198852 | &nbsp;&nbsp;&nbsp;Southern Co. | 18787537 |
| 159163 | &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 11688931 |
|  |  | 186213754 |
|  | **TOTAL COMMON STOCKS**<br> (Cost $5,479,990,621) | 9883981423 |
| **Exchange-Traded Fund (0.7%)** | **Exchange-Traded Fund (0.7%)** |  |
|  | **Other (0.7%)** |  |
| 186516 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $101,358,501) | 117893033 |
| **INVESTMENT IN AFFILIATED FUND (2.1%)** | **INVESTMENT IN AFFILIATED FUND (2.1%)** |  |
|  | **Other (2.1%)** |  |
| 35117150 | &nbsp;&nbsp;&nbsp;Calamos Short-Term Bond Fund |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $350,000,000) | 336071124 |
| **Warrants (0.0%) #** | **Warrants (0.0%) #** |  |
|  | **Communication Services (0.0%)** |  |
| 200000 | &nbsp;&nbsp;&nbsp;PSQ Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;07/19/28, Strike $11.50 | 43000 |
|  | **Consumer Discretionary (0.0%)** |  |
| 22968 | &nbsp;&nbsp;&nbsp;Allurion Technologies, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;08/01/30, Strike $8.10 | 958 |
| 412500 | &nbsp;&nbsp;&nbsp;Andretti Acquisition Corp. II |  |
|  | &nbsp;&nbsp;&nbsp;10/24/29, Strike $11.50 | 90750 |
| 83333 | &nbsp;&nbsp;&nbsp;Carbon Revolution PLC |  |
|  | &nbsp;&nbsp;&nbsp;11/03/28, Strike $11.50 | 2500 |
| 750000 | &nbsp;&nbsp;&nbsp;Classover Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;04/07/30, Strike $11.50 | 67875 |

---

See accompanying Notes to Schedule of Investments

**Calamos Market Neutral Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**SHARES** |  | <br>**VALUE** |
| 25000 | &nbsp;&nbsp;&nbsp;ECARX Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;12/21/27, Strike $11.50 | $1870 |
| 75000 | &nbsp;&nbsp;&nbsp;flyExclusive, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;05/28/28, Strike $11.50 | 5066 |
| 20000 | &nbsp;&nbsp;&nbsp;Grove Collaborative Holdings |  |
|  | &nbsp;&nbsp;&nbsp;06/16/27, Strike $11.50 | 400 |
| 35000 | &nbsp;&nbsp;&nbsp;Lanvin Group Holdings Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;12/14/27, Strike $11.50 | 700 |
| 33333 | &nbsp;&nbsp;&nbsp;Lotus Technology, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;02/23/29, Strike $11.50 | 3577 |
| 140000 | &nbsp;&nbsp;&nbsp;MKDWELL Tech, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;07/31/29, Strike $11.50 | 1764 |
| 200000 | &nbsp;&nbsp;&nbsp;Nogin, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;08/26/27, Strike $11.50 | 20 |
| 183737 | &nbsp;&nbsp;&nbsp;Scage Future |  |
|  | &nbsp;&nbsp;&nbsp;06/27/30, Strike $11.50 | 10106 |
| 25000 | &nbsp;&nbsp;&nbsp;United Homes Group, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;03/30/28, Strike $11.50 | 23902 |
| 462500 | &nbsp;&nbsp;&nbsp;Vine Hill Capital Investment Corp. |  |
|  | &nbsp;&nbsp;&nbsp;10/25/29, Strike $11.50 | 147537 |
|  |  | 357025 |
|  | **Consumer Staples (0.0%)** |  |
| 83333 | &nbsp;&nbsp;&nbsp;African Agriculture Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;12/31/27, Strike $11.50 | 8 |
| 500000 | &nbsp;&nbsp;&nbsp;Psyence Biomedical Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;01/25/29, Strike $11.50 | 12750 |
|  |  | 12758 |
|  | **Energy (0.0%)** |  |
| 250000 | &nbsp;&nbsp;&nbsp;AleAnna, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;12/13/29, Strike $11.50 | 40000 |
| 25000 | &nbsp;&nbsp;&nbsp;Crown Lng Holdings Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;10/18/28, Strike $11.50 | 45 |
| 250000 | &nbsp;&nbsp;&nbsp;New Era Helium, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;12/06/29, Strike $11.50 | 22275 |
| 200000 | &nbsp;&nbsp;&nbsp;Vast Renewables Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;07/01/28, Strike $11.50 | 1200 |
| 87500 | &nbsp;&nbsp;&nbsp;Zeo Energy Corp. |  |
|  | &nbsp;&nbsp;&nbsp;03/14/29, Strike $11.50 | 4100 |
|  |  | 67620 |
|  | **Financials (0.0%)** |  |
| 187500 | &nbsp;&nbsp;&nbsp;Beneficient |  |
|  | &nbsp;&nbsp;&nbsp;03/14/28, Strike $11.50 | 1341 |
| 100000 | &nbsp;&nbsp;&nbsp;Content Checked Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;12/11/29, Strike $11.50 | 91175 |
| 250000 | &nbsp;&nbsp;&nbsp;DigiAsia Corp. |  |
|  | &nbsp;&nbsp;&nbsp;04/02/29, Strike $11.50 | 9575 |
| 250000 | &nbsp;&nbsp;&nbsp;HCM II Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;10/10/29, Strike $11.50 | 535000 |
| 412500 | &nbsp;&nbsp;&nbsp;Innventure, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;10/02/29, Strike $11.50 | 439312 |
|  |  | 1076403 |
|  | **Health Care (0.0%)** |  |
| 625000 | &nbsp;&nbsp;&nbsp;Abpro Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;11/12/29, Strike $11.50 | 31938 |
| 156250 | &nbsp;&nbsp;&nbsp;American Oncology Network, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;09/20/28, Strike $11.50 | 140687 |
| 500000 | &nbsp;&nbsp;&nbsp;Baird Medical Investment Holdings Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;10/02/29, Strike $11.50 | 45000 |
| 150000 | &nbsp;&nbsp;&nbsp;Engene Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;08/28/28, Strike $11.50 | 106500 |
| 100000 | &nbsp;&nbsp;&nbsp;Envoy Medical, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;09/29/28, Strike $11.50 | 5050 |
| 750000 | &nbsp;&nbsp;&nbsp;Holdco Nuvo Group DG Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;05/01/29, Strike $11.50 | 375 |
| 146040 | &nbsp;&nbsp;&nbsp;LakeShore Biopharma Co. Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;03/15/28, Strike $11.50 | 5148 |
| 6250 | &nbsp;&nbsp;&nbsp;Liminatus Pharma LLC |  |
|  | &nbsp;&nbsp;&nbsp;04/30/30, Strike $11.50 | 1246 |
| 62500 | &nbsp;&nbsp;&nbsp;Ocean Biomedical, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;07/19/26, Strike $11.50 | 425 |
| 200000 | &nbsp;&nbsp;&nbsp;OmniAb, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;11/01/27, Strike $11.50 | 52000 |
| 200000 | &nbsp;&nbsp;&nbsp;Prenetics Global Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;05/17/27, Strike $8.91 | 6360 |
| 425000 | &nbsp;&nbsp;&nbsp;QT Imaging Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;12/31/28, Strike $11.50 | 24225 |
| 81526 | &nbsp;&nbsp;&nbsp;Spectral AI, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;12/31/27, Strike $11.50 | 65221 |
| 1000000 | &nbsp;&nbsp;&nbsp;Tevogen Bio Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;11/04/26, Strike $11.50 | 60000 |
|  |  | 544175 |
|  | **Industrials (0.0%)** |  |
| 289507 | &nbsp;&nbsp;&nbsp;Aeries Technology, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;10/20/26, Strike $11.50 | 7657 |
| 285000 | &nbsp;&nbsp;&nbsp;AERWINS Technologies, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;06/16/26, Strike $11.50 | 29 |
| 50000 | &nbsp;&nbsp;&nbsp;AirJoule Technologies Corp. |  |
|  | &nbsp;&nbsp;&nbsp;03/15/29, Strike $11.50 | 34225 |
| 1000000 | &nbsp;&nbsp;&nbsp;Bitcoin Depot, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;06/30/28, Strike $11.50 | 519900 |
| 25000 | &nbsp;&nbsp;&nbsp;Bridger Aerospace Group Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;01/25/28, Strike $11.50 | 1950 |
| 42500 | &nbsp;&nbsp;&nbsp;Complete Solaria, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;07/31/28, Strike $11.50 | 11904 |
| 200000 | &nbsp;&nbsp;&nbsp;Electriq Power Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;07/31/28, Strike $11.50 | 600 |
| 10000 | &nbsp;&nbsp;&nbsp;Falcon's Beyond Global, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;09/01/27, Strike $11.50 | 9100 |
| 250000 | &nbsp;&nbsp;&nbsp;Heramba Electric PLC |  |
|  | &nbsp;&nbsp;&nbsp;10/10/28, Strike $11.50 | 25 |
| 300000 | &nbsp;&nbsp;&nbsp;LanzaTech Global, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;12/31/28, Strike $11.50 | 9030 |
| 75000 | &nbsp;&nbsp;&nbsp;MultiSensor AI Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;12/19/28, Strike $11.50 | 2276 |
| 625000 | &nbsp;&nbsp;&nbsp;Murano Global Investments PLC |  |
|  | &nbsp;&nbsp;&nbsp;03/30/29, Strike $11.50 | 110688 |
| 166666 | &nbsp;&nbsp;&nbsp;Rain Enhancement Technologies Holdco, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;01/02/30, Strike $11.50 | 20400 |
| 350000 | &nbsp;&nbsp;&nbsp;Semilux International Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;02/06/29, Strike $1.00 | 35 |
| 250000 | &nbsp;&nbsp;&nbsp;Solidion Technology, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;03/15/27, Strike $1.00 | 22500 |
| 750000 | &nbsp;&nbsp;&nbsp;Southland Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;09/01/26, Strike $11.50 | 150000 |
| 750000 | &nbsp;&nbsp;&nbsp;Volato Group, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;12/03/28, Strike $11.50 | 12825 |
| 250000 | &nbsp;&nbsp;&nbsp;Zooz Power Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;04/04/29, Strike $11.50 | 25625 |
|  |  | 938769 |
|  | **Information Technology (0.0%)** |  |
| 250000 | &nbsp;&nbsp;&nbsp;Airship AI Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;12/26/28, Strike $11.50 | 437500 |

---

See accompanying Notes to Schedule of Investments

**Calamos Market Neutral Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**SHARES** |  | <br>**VALUE** |
| 350000 | &nbsp;&nbsp;&nbsp;Alpha Modus Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;12/16/29, Strike $11.50 | $42105 |
| 1000000 | &nbsp;&nbsp;&nbsp;Blaize Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;01/08/30, Strike $11.50 | 581300 |
| 166666 | &nbsp;&nbsp;&nbsp;Brand Engagement Network, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;03/14/29, Strike $11.50 | 5167 |
| 1000000 | &nbsp;&nbsp;&nbsp;CID Holdco, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;11/17/26, Strike $11.50 | 150000 |
| 450000 | &nbsp;&nbsp;&nbsp;Helport AI Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;08/05/29, Strike $11.50 | 81630 |
| 50000 | &nbsp;&nbsp;&nbsp;iLearningEngines Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;04/16/29, Strike $11.50 | 5 |
| 125000 | &nbsp;&nbsp;&nbsp;Nvni Group Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;11/01/28, Strike $11.50 | 10000 |
| 625000 | &nbsp;&nbsp;&nbsp;Roadzen, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;11/30/28, Strike $11.50 | 33437 |
| 350000 | &nbsp;&nbsp;&nbsp;Rubicon Technologies, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;04/01/27, Strike $11.50 | 210 |
| 459150 | &nbsp;&nbsp;&nbsp;SCHMID Group NV |  |
|  | &nbsp;&nbsp;&nbsp;08/25/28, Strike $11.50 | 114787 |
| 100000 | &nbsp;&nbsp;&nbsp;SMX Security Matters PLC |  |
|  | &nbsp;&nbsp;&nbsp;03/07/28, Strike $11.50 | 2060 |
| 192245 | &nbsp;&nbsp;&nbsp;Spectaire Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;10/17/28, Strike $11.50 | 827 |
| 250000 | &nbsp;&nbsp;&nbsp;SpringBig Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;06/14/27, Strike $11.50 | 275 |
| 250000 | &nbsp;&nbsp;&nbsp;Syntec Optics Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;11/08/28, Strike $11.50 | 26075 |
| 20000 | &nbsp;&nbsp;&nbsp;Veea, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;09/17/29, Strike $11.50 | 3373 |
| 500000 | &nbsp;&nbsp;&nbsp;Zapata Computing Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;03/23/28, Strike $11.50 | 1100 |
|  |  | 1489851 |
|  | **Materials (0.0%)** |  |
| 1179322 | &nbsp;&nbsp;&nbsp;Blue Gold Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;06/25/30, Strike $11.50 | 553692 |
| 126666 | &nbsp;&nbsp;&nbsp;Bolt Projects Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;08/12/29, Strike $11.50 | 3698 |
| 500000 | &nbsp;&nbsp;&nbsp;Lifezone Metals Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;07/05/28, Strike $11.50 | 183825 |
| 177835 | &nbsp;&nbsp;&nbsp;NioCorp Developments Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;03/17/28, Strike $0.89 | 131598 |
|  |  | 872813 |
|  | **Other (0.0%)** |  |
| 500000 | &nbsp;&nbsp;&nbsp;Critical Metals Corp. |  |
|  | &nbsp;&nbsp;&nbsp;02/23/29, Strike $11.50 | 695000 |
| 525800 | &nbsp;&nbsp;&nbsp;Devvstream Corp. |  |
|  | &nbsp;&nbsp;&nbsp;10/28/26, Strike $1.00 | 53 |
| 250000 | &nbsp;&nbsp;&nbsp;FST Corp. |  |
|  | &nbsp;&nbsp;&nbsp;10/15/29, Strike $11.50 | 25 |
| 625000 | &nbsp;&nbsp;&nbsp;TNL Mediagene |  |
|  | &nbsp;&nbsp;&nbsp;12/05/29, Strike $11.50 | 3812 |
| 200000 | &nbsp;&nbsp;&nbsp;Zoomcar Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;07/01/28, Strike $11.50 | 1800 |
|  |  | 700690 |
|  | **Special Purpose Acquisition Companies (0.0%)** |  |
| 500000 | &nbsp;&nbsp;&nbsp;Aetherium Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;01/03/29, Strike $11.50 | 50 |
| 25000 | &nbsp;&nbsp;&nbsp;Alchemy Investments Acquisition Corp. 1 |  |
|  | &nbsp;&nbsp;&nbsp;06/26/28, Strike $11.50 | 3624 |
| 750000 | &nbsp;&nbsp;&nbsp;AltEnergy Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;11/02/28, Strike $11.50 | 825 |
| 500000 | &nbsp;&nbsp;&nbsp;APX Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;08/19/28, Strike $11.50 | 500 |
| 250000 | &nbsp;&nbsp;&nbsp;Athena Technology Acquisition Corp. II |  |
|  | &nbsp;&nbsp;&nbsp;10/17/28, Strike $11.50 | 17500 |
| 500000 | &nbsp;&nbsp;&nbsp;Aura FAT Projects Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;06/02/27, Strike $11.50 | 14400 |
| 33333 | &nbsp;&nbsp;&nbsp;BlueRiver Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;01/04/26, Strike $11.50 | 3 |
| 250000 | &nbsp;&nbsp;&nbsp;byNordic Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;02/09/27, Strike $11.50 | 18000 |
| 375000 | &nbsp;&nbsp;&nbsp;Cactus Acquisition Corp. 1 Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;10/29/26, Strike $11.50 | 7500 |
| 500000 | &nbsp;&nbsp;&nbsp;Cartesian Growth Corp. II |  |
|  | &nbsp;&nbsp;&nbsp;07/12/28, Strike $11.50 | 79975 |
| 134701 | &nbsp;&nbsp;&nbsp;Cartica Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;04/30/28, Strike $11.50 | 30981 |
| 12500 | &nbsp;&nbsp;&nbsp;CERo Therapeutics Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;02/14/29, Strike $11.50 | 218 |
| 750000 | &nbsp;&nbsp;&nbsp;Chain Bridge I |  |
|  | &nbsp;&nbsp;&nbsp;12/31/28, Strike $11.50 | 1125 |
| 300286 | &nbsp;&nbsp;&nbsp;Clean Energy Special Situations Corp. |  |
|  | &nbsp;&nbsp;&nbsp;01/12/27, Strike $11.50 | 30 |
| 166666 | &nbsp;&nbsp;&nbsp;Compass Digital Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;10/15/28, Strike $11.50 | 17 |
| 92316 | &nbsp;&nbsp;&nbsp;Concord Acquisition Corp. II |  |
|  | &nbsp;&nbsp;&nbsp;12/31/28, Strike $11.50 | 6462 |
| 6666 | &nbsp;&nbsp;&nbsp;Constellation Acquisition Corp. I |  |
|  | &nbsp;&nbsp;&nbsp;12/31/27, Strike $11.50 | 200 |
| 41666 | &nbsp;&nbsp;&nbsp;Corner Growth Acquisition Corp. 2 |  |
|  | &nbsp;&nbsp;&nbsp;06/17/26, Strike $11.50 | 1317 |
| 133333 | &nbsp;&nbsp;&nbsp;Crown PropTech Acquisitions |  |
|  | &nbsp;&nbsp;&nbsp;12/31/27, Strike $11.50 | 13 |
| 375000 | &nbsp;&nbsp;&nbsp;CSLM Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;06/01/27, Strike $11.50 | 49162 |
| 350000 | &nbsp;&nbsp;&nbsp;Denali Capital Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;04/07/27, Strike $11.50 | 28000 |
| 750000 | &nbsp;&nbsp;&nbsp;DP Cap Acquisition Corp. I |  |
|  | &nbsp;&nbsp;&nbsp;11/09/26, Strike $11.50 | 18750 |
| 125000 | &nbsp;&nbsp;&nbsp;Energem Corp. |  |
|  | &nbsp;&nbsp;&nbsp;03/10/23, Strike $11.50 | 13 |
| 500000 | &nbsp;&nbsp;&nbsp;EVe Mobility Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;12/31/28, Strike $11.50 | 22500 |
| 625000 | &nbsp;&nbsp;&nbsp;Everest Consolidator Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;07/19/28, Strike $11.50 | 12562 |
| 500000 | &nbsp;&nbsp;&nbsp;Evergreen Corp. |  |
|  | &nbsp;&nbsp;&nbsp;02/15/27, Strike $11.50 | 1500 |
| 8600 | &nbsp;&nbsp;&nbsp;Fold Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;02/14/30, Strike $11.50 | 6278 |
| 60000 | &nbsp;&nbsp;&nbsp;Four Leaf Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;05/12/28, Strike $11.50 | 2253 |
| 500000 | &nbsp;&nbsp;&nbsp;FutureTech II Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;02/16/27, Strike $11.50 | 17500 |
| 225000 | &nbsp;&nbsp;&nbsp;GCT Semiconductor Holding, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;12/31/28, Strike $11.50 | 20295 |
| 500000 | &nbsp;&nbsp;&nbsp;Genesis Growth Tech Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;05/19/28, Strike $11.50 | 90000 |
| 925000 | &nbsp;&nbsp;&nbsp;GigCapital7 Corp. |  |
|  | &nbsp;&nbsp;&nbsp;09/11/29, Strike $11.50 | 111925 |
| 50000 | &nbsp;&nbsp;&nbsp;Haymaker Acquisition Corp. 4 |  |
|  | &nbsp;&nbsp;&nbsp;09/12/28, Strike $11.50 | 20000 |
| 500000 | &nbsp;&nbsp;&nbsp;Healthcare AI Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;12/14/26, Strike $11.50 | 5600 |

---

See accompanying Notes to Schedule of Investments

**Calamos Market Neutral Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**SHARES** |  | <br>**VALUE** |
| 438223 | &nbsp;&nbsp;&nbsp;InFinT Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;05/19/27, Strike $11.50 | $3550 |
| 125000 | &nbsp;&nbsp;&nbsp;Integral Acquisition Corp. 1 |  |
|  | &nbsp;&nbsp;&nbsp;12/14/28, Strike $11.50 | 2500 |
| 154135 | &nbsp;&nbsp;&nbsp;Integrated Wellness Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;10/31/28, Strike $11.50 | 3129 |
| 750000 | &nbsp;&nbsp;&nbsp;Investcorp Europe Acquisition Corp. I |  |
|  | &nbsp;&nbsp;&nbsp;11/23/28, Strike $11.50 | 15900 |
| 30000 | &nbsp;&nbsp;&nbsp;Israel Acquisitions Corp. |  |
|  | &nbsp;&nbsp;&nbsp;02/28/28, Strike $11.50 | 5130 |
| 250000 | &nbsp;&nbsp;&nbsp;IX Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;11/24/26, Strike $11.50 | 25012 |
| 43750 | &nbsp;&nbsp;&nbsp;Jaws Mustang Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;01/30/26, Strike $11.50 | 1914 |
| 100000 | &nbsp;&nbsp;&nbsp;Keen Vision Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;09/15/28, Strike $11.50 | 10000 |
| 228160 | &nbsp;&nbsp;&nbsp;Marblegate Capital Corp. |  |
|  | &nbsp;&nbsp;&nbsp;04/07/30, Strike $11.50 | 30391 |
| 850000 | &nbsp;&nbsp;&nbsp;Mercer Park Opportunities Corp. |  |
|  | &nbsp;&nbsp;&nbsp;08/29/29, Strike $11.50 | 85000 |
| 675350 | &nbsp;&nbsp;&nbsp;Mountain & Co. I Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;08/24/23, Strike $11.50 | 675 |
| 50000 | &nbsp;&nbsp;&nbsp;Nabors Energy Transition Corp. II |  |
|  | &nbsp;&nbsp;&nbsp;09/05/28, Strike $11.50 | 15000 |
| 55000 | &nbsp;&nbsp;&nbsp;Oak Woods Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;05/17/28, Strike $11.50 | 2747 |
| 625000 | &nbsp;&nbsp;&nbsp;Papaya Growth Opportunity Corp. I |  |
|  | &nbsp;&nbsp;&nbsp;12/31/28, Strike $11.50 | 35125 |
| 150000 | &nbsp;&nbsp;&nbsp;Patria Latin American Opportunity Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;03/10/27, Strike $11.50 | 5655 |
| 500000 | &nbsp;&nbsp;&nbsp;Pearl Holdings Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;12/15/26, Strike $11.50 | 10050 |
| 500000 | &nbsp;&nbsp;&nbsp;Pinstripes Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;09/30/28, Strike $11.50 | 4725 |
| 250000 | &nbsp;&nbsp;&nbsp;Plum Acquisition Corp. III |  |
|  | &nbsp;&nbsp;&nbsp;03/31/28, Strike $11.50 | 50000 |
| 50000 | &nbsp;&nbsp;&nbsp;Pyrophyte Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;05/03/28, Strike $11.50 | 22500 |
| 1000000 | &nbsp;&nbsp;&nbsp;Rigel Resource Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;11/05/26, Strike $11.50 | 1000 |
| 133333 | &nbsp;&nbsp;&nbsp;Ross Acquisition Corp. II |  |
|  | &nbsp;&nbsp;&nbsp;02/12/26, Strike $11.50 | 12027 |
| 150000 | &nbsp;&nbsp;&nbsp;Roth CH Acquisition Co. |  |
|  | &nbsp;&nbsp;&nbsp;10/29/28, Strike $11.50 | 5250 |
| 166666 | &nbsp;&nbsp;&nbsp;Silverbox Corp. IV |  |
|  | &nbsp;&nbsp;&nbsp;09/24/29, Strike $11.50 | 113400 |
| 7500 | &nbsp;&nbsp;&nbsp;Slam Corp. |  |
|  | &nbsp;&nbsp;&nbsp;02/23/26, Strike $11.50 | 94 |
| 500000 | &nbsp;&nbsp;&nbsp;Southport Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;05/24/28, Strike $11.50 | 175000 |
| 12384 | &nbsp;&nbsp;&nbsp;Spark I Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;11/27/28, Strike $11.50 | 2971 |
| 250000 | &nbsp;&nbsp;&nbsp;Spree Acquisition Corp. 1 Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;12/22/28, Strike $11.50 | 7175 |
| 333333 | &nbsp;&nbsp;&nbsp;Target Global Acquisition I Corp. |  |
|  | &nbsp;&nbsp;&nbsp;12/31/27, Strike $11.50 | 3933 |
| 328694 | &nbsp;&nbsp;&nbsp;TLGY Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;01/14/28, Strike $11.50 | 295825 |
| 266666 | &nbsp;&nbsp;&nbsp;Zalatoris II Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;05/13/27, Strike $11.50 | 10613 |
|  |  | 1545369 |
|  | **Total Warrants** |  |
|  | (Cost $4,596,579) | 7648473 |
| **Rights (0.0%) #** | **Rights (0.0%) #** |  |
|  | **Consumer Staples (0.0%)** |  |
| 277808 | &nbsp;&nbsp;&nbsp;Mirati Therapeutics, Inc., |  |
|  | &nbsp;&nbsp;&nbsp;(Expires 12/31/99)‡‡‡ | 277808 |
|  | **Special Purpose Acquisition Companies (0.0%)** |  |
| 9673 | &nbsp;&nbsp;&nbsp;Ai Transportation Acquisition Corp., |  |
|  | &nbsp;&nbsp;&nbsp;(Expires 10/25/24) | 1451 |
| 4918 | &nbsp;&nbsp;&nbsp;Black Hawk Acquisition Corp., |  |
|  | &nbsp;&nbsp;&nbsp;(Expires 6/20/25) | 7377 |
| 750000 | &nbsp;&nbsp;&nbsp;CSLM Acquisition Corp., |  |
|  | &nbsp;&nbsp;&nbsp;(Expires 7/1/23) | 172500 |
| 850000 | &nbsp;&nbsp;&nbsp;Mercer Park Opportunities Corp., |  |
|  | &nbsp;&nbsp;&nbsp;(Expires 1/22/27) | 42500 |
| 55000 | &nbsp;&nbsp;&nbsp;Oak Woods Acquisition Corp., |  |
|  | &nbsp;&nbsp;&nbsp;(Expires 12/31/49) | 14355 |
| 1477 | &nbsp;&nbsp;&nbsp;Quetta Acquisition Corp., |  |
|  | &nbsp;&nbsp;&nbsp;(Expires 11/30/24) | 2023 |
|  |  | 240206 |
|  | **Total Rights** |  |
|  | (Cost $332,530) | 518014 |

---

---

| | | | |
|:---|:---|:---|:---|
| **NUMBER OF**<br>**CONTRACTS/**<br>**NOTIONAL**<br>**AMOUNT** |  |  | <br>**VALUE** |
| **Over the Counter Purchased Options (0.2%) #** | **Over the Counter Purchased Options (0.2%) #** | **Over the Counter Purchased Options (0.2%) #** |  |
|  |  | **Consumer Discretionary (0.1%)** |  |
| 100 | JPY | &nbsp;&nbsp;&nbsp;Kyoritsu Maintenance Co. Ltd. |  |
| 156328000000 |  | &nbsp;&nbsp;&nbsp;Call, 01/29/26, Strike 94.89 | $3986805 |
| 20 | JPY | &nbsp;&nbsp;&nbsp;Kyoritsu Maintenance Co. Ltd. |  |
| 31265600000 |  | &nbsp;&nbsp;&nbsp;Call, 01/29/26, Strike 96.66 | 773909 |
| 5 | JPY | &nbsp;&nbsp;&nbsp;Kyoritsu Maintenance Co. Ltd. |  |
| 7816400000 |  | &nbsp;&nbsp;&nbsp;Call, 01/29/26, Strike 95.73 | 196542 |
| 50 | JPY | &nbsp;&nbsp;&nbsp;Park24 Co. Ltd. |  |
| 9575000000 |  | &nbsp;&nbsp;&nbsp;Call, 02/24/28, Strike 92.03 | 514815 |
| 200 | JPY | &nbsp;&nbsp;&nbsp;Takashimaya Co. Ltd. |  |
| 2386120000 |  | &nbsp;&nbsp;&nbsp;Call, 12/06/28, Strike 94.40 | 4161000 |
|  |  |  | 9633071 |
|  |  | **Industrials (0.1%)** |  |
| 100 | JPY | &nbsp;&nbsp;&nbsp;ANA Holdings, Inc. |  |
| 109501000000 |  | &nbsp;&nbsp;&nbsp;Call, 12/08/28, Strike 86.09 | 2154053 |
| 100 |  | &nbsp;&nbsp;&nbsp;Asashi Refining U.S., Inc. |  |
| 958020000 |  | &nbsp;&nbsp;&nbsp;Call, 03/16/26, Strike $88.78 | 10 |
| 300 | JPY | &nbsp;&nbsp;&nbsp;INFRONEER Holdings, Inc. |  |
| 299886000000 |  | &nbsp;&nbsp;&nbsp;Call, 03/30/29, Strike 92.59 | 3208850 |

---

See accompanying Notes to Schedule of Investments

**Calamos Market Neutral Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **NUMBER OF**<br>**CONTRACTS/**<br>**NOTIONAL**<br>**AMOUNT** |  |  | <br>**VALUE** |
| 160 | JPY | &nbsp;&nbsp;&nbsp;Seino Holdings Co. Ltd. |  |
| 188257600000 |  | &nbsp;&nbsp;&nbsp;Call, 03/31/26, Strike 97.31 | $2109669 |
|  |  |  | 7472582 |
|  |  | **Real Estate (0.0%)** |  |
| 150 | JPY | &nbsp;&nbsp;&nbsp;Daiwa House Industry Co. Ltd. |  |
| 157888500000 |  | &nbsp;&nbsp;&nbsp;Call, 03/30/29, Strike 93.88 | 1640692 |
| 50 | JPY | &nbsp;&nbsp;&nbsp;Daiwa House Industry Co. Ltd. |  |
| 52629500000 |  | &nbsp;&nbsp;&nbsp;Call, 03/30/29, Strike 94.87 | 569801 |
| 100 | JPY | &nbsp;&nbsp;&nbsp;Relo Group, Inc. |  |
| 95850000000 |  | &nbsp;&nbsp;&nbsp;Call, 12/17/27, Strike 92.68 | 548528 |
|  |  |  | 2759021 |
|  |  | **Communication Services (0.0%)** |  |
| 90 | JPY | &nbsp;&nbsp;&nbsp;Cyberagent, Inc. |  |
| 107341200000 |  | &nbsp;&nbsp;&nbsp;Call, 11/16/29, Strike 88.81 | 2107009 |
| 50 | JPY | &nbsp;&nbsp;&nbsp;Cyberagent, Inc. |  |
| 59634000000 |  | &nbsp;&nbsp;&nbsp;Call, 11/16/29, Strike 89.46 | 1147311 |
|  |  |  | 3254320 |
|  |  | **Materials (0.0%)** |  |
| 130 | JPY | &nbsp;&nbsp;&nbsp;JFE Holdings, Inc. |  |
| 128957400000 |  | &nbsp;&nbsp;&nbsp;Call, 09/08/28, Strike 94.99 | 913981 |
| 130 | JPY | &nbsp;&nbsp;&nbsp;Kansai Paint Co. Ltd. |  |
| 133757000000 |  | &nbsp;&nbsp;&nbsp;Call, 03/08/29, Strike 94.43 | 1210906 |
| 100 | JPY | &nbsp;&nbsp;&nbsp;Kobe Steel Ltd. |  |
| 101022000000 |  | &nbsp;&nbsp;&nbsp;Call, 12/14/28, Strike 92.11 | 430372 |
|  |  |  | 2555259 |
|  |  | **Information Technology (0.0%)** |  |
| 100 | JPY | &nbsp;&nbsp;&nbsp;Ibiden Co. Ltd. |  |
| 109008000000 |  | &nbsp;&nbsp;&nbsp;Call, 03/14/31, Strike 91.31 | 1598683 |
|  |  |  | 1598683 |
|  |  | **Total Over the Counter Purchased Options** |  |
|  |  | (Cost $13,191,199) | 27272936 |
| **Exchange-Traded Purchased Options (0.2%) #** | **Exchange-Traded Purchased Options (0.2%) #** | **Exchange-Traded Purchased Options (0.2%) #** |  |
|  |  | **Other (0.2%)** |  |
| 15000 |  | &nbsp;&nbsp;&nbsp;S&P 500 Index |  |
| 9509085000 |  | &nbsp;&nbsp;&nbsp;Put, 09/30/25, Strike $5,500.00 | 30075000 |
|  |  |  | 30075000 |
|  |  | **Consumer Discretionary (0.0%)** |  |
| 780 |  | &nbsp;&nbsp;&nbsp;PDD Holdings, Inc. |  |
| 8849100 |  | &nbsp;&nbsp;&nbsp;Call, 10/17/25, Strike $130.00 | 284700 |
|  |  |  | 284700 |
|  |  | **Energy (0.0%)** |  |
| 864 |  | &nbsp;&nbsp;&nbsp;Noble Corp. PLC |  |
| 2316384 |  | &nbsp;&nbsp;&nbsp;Call, 09/19/25, Strike $32.50 | 25920 |
|  |  | **Total Exchange-Traded Purchased Options**<br> (Cost $41,332,157) | $30385620 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**SHARES/**<br>**PRINCIPAL<br> AMOUNT** |  | <br>**VALUE** |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.0%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.0%)** |  |
| 157688637 | State Street Navigator Securities Lending Government Money Market Portfolio, 4.325%†\*\*\* |  |
|  | (Cost $157,688,637) | $157688637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(105.6%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(105.6%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $12,141,405,919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $12,141,405,919) | 17325516242 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.0%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.0%) | (157688637) |
| LIABILITIES, LESS OTHER ASSETS (-4.6%) | LIABILITIES, LESS OTHER ASSETS (-4.6%) | (748263974) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $16419563631 |

---

---

| | | | |
|:---|:---|:---|:---|
| **NUMBER OF**<br>**SHARES** |  |  | <br>**VALUE** |
| **Common Stocks Sold Short (-20.7%) #** | **Common Stocks Sold Short (-20.7%) #** | **Common Stocks Sold Short (-20.7%) #** | **Common Stocks Sold Short (-20.7%) #** |
|  |  | ***Communication Services (-1.0%)*** |  |
| (109800) |  | &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc. | $(5838066) |
| (634000) | JPY | &nbsp;&nbsp;&nbsp;CyberAgent, Inc. | (6440902) |
| (139413) |  | &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. | (20591300) |
| (180406) |  | &nbsp;&nbsp;&nbsp;Lyft, Inc. - Class A | (2536508) |
| (113000) |  | &nbsp;&nbsp;&nbsp;MakeMyTrip Ltd. | (10575670) |
| (79347) |  | &nbsp;&nbsp;&nbsp;Match Group, Inc. | (2719222) |
| (196846) |  | &nbsp;&nbsp;&nbsp;Snap, Inc. - Class A | (1856258) |
| (110200) |  | &nbsp;&nbsp;&nbsp;Sphere Entertainment Co. | (4744110) |
| (126000) |  | &nbsp;&nbsp;&nbsp;Spotify Technology SA | (78944040) |
| (291400) |  | &nbsp;&nbsp;&nbsp;Uber Technologies, Inc. | (25570350) |
| (206448) |  | &nbsp;&nbsp;&nbsp;Weibo Corp. ADR | (1990159) |
|  |  |  | (161806585) |
|  |  | ***Consumer Discretionary (-4.0%)*** |  |
| (1342000) |  | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. ADR | (161885460) |
| (1421000) |  | &nbsp;&nbsp;&nbsp;Carnival Corp. | (42303170) |
| (83100) |  | &nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc. | (5310921) |
| (64000) |  | &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | (3968000) |
| (177000) |  | &nbsp;&nbsp;&nbsp;DoorDash, Inc. - Class A | (44294250) |
| (196800) |  | &nbsp;&nbsp;&nbsp;DraftKings, Inc. - Class A | (8863872) |
| (192059) |  | &nbsp;&nbsp;&nbsp;Etsy, Inc. | (11191278) |
| (270800) |  | &nbsp;&nbsp;&nbsp;Ford Motor Co. | (2997756) |
| (2344000) |  | &nbsp;&nbsp;&nbsp;GameStop Corp. - Class A | (52622800) |
| (150000) |  | &nbsp;&nbsp;&nbsp;Groupon, Inc. | (4626000) |
| (170736) |  | &nbsp;&nbsp;&nbsp;Guess?, Inc. | (2219568) |
| (235000) |  | &nbsp;&nbsp;&nbsp;JD.com, Inc. ADR | (7400150) |
| (1056900) | JPY | &nbsp;&nbsp;&nbsp;Kyoritsu Maintenance Co. Ltd. | (25679586) |
| (394400) |  | &nbsp;&nbsp;&nbsp;Li Auto, Inc. ADR | (10293840) |
| (1200725) |  | &nbsp;&nbsp;&nbsp;Lucid Group, Inc. | (2953784) |
| (1916400) |  | &nbsp;&nbsp;&nbsp;NIO, Inc. ADR | (9332868) |
| (587200) |  | &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd. | (15008832) |
| (78700) | JPY | &nbsp;&nbsp;&nbsp;Park24 Co. Ltd. | (999406) |
| (2411000) |  | &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc. - Class A | (17214540) |

---

See accompanying Notes to Schedule of Investments

**Calamos Market Neutral Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **NUMBER OF**<br>**SHARES** |  |  | <br>**VALUE** |
| (3114500) |  | &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc. - Class A | $(40083615) |
| (28200) |  | &nbsp;&nbsp;&nbsp;Shake Shack, Inc. - Class A | (3393588) |
| (482355) |  | &nbsp;&nbsp;&nbsp;Stride, Inc. | (61852382) |
| (1091600) | JPY | &nbsp;&nbsp;&nbsp;Takashimaya Co. Ltd. | (8443975) |
| (271600) |  | &nbsp;&nbsp;&nbsp;Trip.com Group Ltd. ADR | (16825620) |
| (1400902) |  | &nbsp;&nbsp;&nbsp;Wayfair, Inc. - Class A | (91955207) |
| (1580000) | HKD | &nbsp;&nbsp;&nbsp;Wynn Macau Ltd. | (1310293) |
|  |  |  | (653030761) |
|  |  | ***Consumer Staples (-0.1%)*** |  |
| (96089) |  | &nbsp;&nbsp;&nbsp;Freshpet, Inc. | (6564800) |
| (78600) |  | &nbsp;&nbsp;&nbsp;Oddity Tech Ltd. - Class A | (5507502) |
| (107400) |  | &nbsp;&nbsp;&nbsp;Post Holdings, Inc. | (11363994) |
| (10000) |  | &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings, Inc. | (535100) |
|  |  |  | (23971396) |
|  |  | ***Energy (-0.1%)*** |  |
| (58000) |  | &nbsp;&nbsp;&nbsp;Golar LNG Ltd. | (2387280) |
| (142868) |  | &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | (4023163) |
| (146467) |  | &nbsp;&nbsp;&nbsp;World Kinect Corp. | (3994155) |
|  |  |  | (10404598) |
|  |  | ***Financials (-1.5%)*** |  |
| (429130) |  | &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | (62361172) |
| (264900) |  | &nbsp;&nbsp;&nbsp;ARES Management Corp. - Class A | (49146897) |
| (144633) |  | &nbsp;&nbsp;&nbsp;Coinbase Global, Inc. - Class A | (54636562) |
| (430560) |  | &nbsp;&nbsp;&nbsp;KKR & Co., Inc. | (63111485) |
| (1556000) | HKD | &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. - Class H | (10693783) |
| (45000) |  | &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc. | (875700) |
| (218024) |  | &nbsp;&nbsp;&nbsp;WisdomTree, Inc. | (2893178) |
|  |  |  | (243718777) |
|  |  | ***Health Care (-0.9%)*** |  |
| (58700) |  | &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. | (23024488) |
| (62600) |  | &nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc. | (662308) |
| (30580) |  | &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc. | (640651) |
| (138066) |  | &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc. | (6526380) |
| (981990) |  | &nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc. | (20278094) |
| (22956) |  | &nbsp;&nbsp;&nbsp;CONMED Corp. | (1174199) |
| (60257) |  | &nbsp;&nbsp;&nbsp;Dexcom, Inc. | (4866958) |
| (49406) |  | &nbsp;&nbsp;&nbsp;Envista Holdings Corp. | (933279) |
| (92000) |  | &nbsp;&nbsp;&nbsp;Evolent Health, Inc. - Class A | (924600) |
| (41400) |  | &nbsp;&nbsp;&nbsp;Haemonetics Corp. | (3065256) |
| (480224) |  | &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. | (28799033) |
| (166500) |  | &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc. | (11018970) |
| (220900) |  | &nbsp;&nbsp;&nbsp;Innoviva, Inc. | (4013753) |
| (52733) |  | &nbsp;&nbsp;&nbsp;Integer Holdings Corp. | (5722058) |
| (137580) |  | &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc. | (5913188) |
| (28404) |  | &nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc. | (3981673) |
| (62692) |  | &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC | (7186384) |
| (43580) |  | &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc. | (3102460) |
| (38400) |  | &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | (2999808) |
| (88500) |  | &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc. | (7510110) |
| (87198) |  | &nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc. | (1839006) |
| (155098) |  | &nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc. | (2416427) |
| (133000) |  | &nbsp;&nbsp;&nbsp;Tempus AI, Inc. | (7526470) |
|  |  |  | (154125553) |
|  |  | ***Industrials (-2.8%)*** |  |
| (15000) |  | &nbsp;&nbsp;&nbsp;AeroVironment, Inc. | (4014600) |
| (218100) | JPY | &nbsp;&nbsp;&nbsp;ANA Holdings, Inc. | (4061172) |
| (108878) |  | &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | (82256240) |
| (542400) |  | &nbsp;&nbsp;&nbsp;Bloom Energy Corp. - Class A | (20280336) |
| (291400) |  | &nbsp;&nbsp;&nbsp;Boeing Co. | (64644176) |
| (139792) |  | &nbsp;&nbsp;&nbsp;Chart Industries, Inc. | (27794843) |
| (221333) |  | &nbsp;&nbsp;&nbsp;Fluor Corp. | (12565074) |
| (139056) |  | &nbsp;&nbsp;&nbsp;Granite Construction, Inc. | (13136620) |
| (71880) |  | &nbsp;&nbsp;&nbsp;Greenbrier Cos., Inc. | (3270540) |
| (544500) | JPY | &nbsp;&nbsp;&nbsp;INFRONEER Holdings, Inc. | (4630778) |
| (39800) |  | &nbsp;&nbsp;&nbsp;JBT Marel Corp. | (5484440) |
| (71340) |  | &nbsp;&nbsp;&nbsp;Middleby Corp. | (10358568) |
| (435900) | JPY | &nbsp;&nbsp;&nbsp;Nikkon Holdings Co. Ltd. | (9862671) |
| (1203000) |  | &nbsp;&nbsp;&nbsp;QXO, Inc. | (24132180) |
| (64709) | EUR | &nbsp;&nbsp;&nbsp;Rheinmetall AG | (128159519) |
| (593100) | JPY | &nbsp;&nbsp;&nbsp;Seino Holdings Co. Ltd. | (9053821) |
| (4086000) | SGD | &nbsp;&nbsp;&nbsp;Singapore Airlines Ltd. | (21399261) |
| (83000) |  | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | (18423510) |
|  |  |  | (463528349) |
|  |  | ***Information Technology (-7.1%)*** |  |
| (26300) |  | &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | (3653596) |
| (454022) |  | &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc. | (34646419) |
| (101700) |  | &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc. | (5555871) |
| (112475) |  | &nbsp;&nbsp;&nbsp;Alkami Technology, Inc. | (2507068) |
| (15000) |  | &nbsp;&nbsp;&nbsp;Bentley Systems, Inc. - Class B | (869700) |
| (65700) |  | &nbsp;&nbsp;&nbsp;Bill Holdings, Inc. | (2815245) |
| (146669) |  | &nbsp;&nbsp;&nbsp;BlackLine, Inc. | (7887859) |
| (552321) |  | &nbsp;&nbsp;&nbsp;Box, Inc. - Class A | (17729504) |
| (247994) |  | &nbsp;&nbsp;&nbsp;Cloudflare, Inc. - Class A | (51503394) |
| (126939) |  | &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | (7928610) |
| (38100) |  | &nbsp;&nbsp;&nbsp;CyberArk Software Ltd. | (15677007) |
| (35300) |  | &nbsp;&nbsp;&nbsp;Datadog, Inc. - Class A | (4941294) |
| (622200) |  | &nbsp;&nbsp;&nbsp;Dropbox, Inc. - Class A | (16905174) |
| (39000) |  | &nbsp;&nbsp;&nbsp;Five9, Inc. | (1007370) |
| (42864) |  | &nbsp;&nbsp;&nbsp;Guidewire Software, Inc. | (9696694) |
| (2564789) |  | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | (53065484) |
| (52800) | JPY | &nbsp;&nbsp;&nbsp;Ibiden Co. Ltd. | (2261857) |
| (129041) |  | &nbsp;&nbsp;&nbsp;InterDigital, Inc. | (33318386) |
| (208565) |  | &nbsp;&nbsp;&nbsp;Itron, Inc. | (25974685) |
| (4783000) | HKD | &nbsp;&nbsp;&nbsp;Lenovo Group Ltd. | (6166110) |
| (275153) |  | &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. | (30288842) |
| (1430000) |  | &nbsp;&nbsp;&nbsp;MARA Holdings, Inc. | (22994400) |
| (841000) |  | &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | (56843190) |
| (621442) |  | &nbsp;&nbsp;&nbsp;MicroStrategy, Inc. - Class A | (249732682) |
| (124700) |  | &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc. | (2787045) |
| (55100) |  | &nbsp;&nbsp;&nbsp;MKS, Inc. | (5244418) |
| (134048) |  | &nbsp;&nbsp;&nbsp;Nova Ltd. | (35199664) |
| (198321) |  | &nbsp;&nbsp;&nbsp;Nutanix, Inc. - Class A | (14907790) |
| (555700) |  | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. | (31319252) |
| (54992) |  | &nbsp;&nbsp;&nbsp;Parsons Corp. | (4080406) |
| (212200) |  | &nbsp;&nbsp;&nbsp;Progress Software Corp. | (10202576) |
| (46800) |  | &nbsp;&nbsp;&nbsp;Rapid7, Inc. | (988416) |
| (354000) |  | &nbsp;&nbsp;&nbsp;Riot Platforms, Inc. | (4747140) |
| (141000) |  | &nbsp;&nbsp;&nbsp;Rubrik, Inc. - Class A | (13387950) |
| (229400) |  | &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | (36018094) |
| (489664) |  | &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. - Class A | (50435392) |
| (25000) |  | &nbsp;&nbsp;&nbsp;Shopify, Inc. - Class A | (3055250) |
| (365060) |  | &nbsp;&nbsp;&nbsp;Snowflake, Inc. - Class A | (81590910) |
| (892200) |  | &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc. | (52613034) |
| (46600) |  | &nbsp;&nbsp;&nbsp;Synaptics, Inc. | (2921820) |
| (48000) |  | &nbsp;&nbsp;&nbsp;Unity Software, Inc. | (1601280) |
| (148536) |  | &nbsp;&nbsp;&nbsp;Varonis Systems, Inc. | (8292765) |
| (105900) |  | &nbsp;&nbsp;&nbsp;Vertex, Inc. - Class A | (3512703) |
| (171646) |  | &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | (2813278) |
| (1361613) |  | &nbsp;&nbsp;&nbsp;Western Digital Corp. | (107145327) |
| (97100) |  | &nbsp;&nbsp;&nbsp;Workiva, Inc. | (6197893) |
| (107000) |  | &nbsp;&nbsp;&nbsp;Xerox Holdings Corp. | (433350) |

---

See accompanying Notes to Schedule of Investments

**Calamos Market Neutral Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **NUMBER OF**<br>**SHARES** |  |  | <br>**VALUE** |
| (2825000) | HKD | &nbsp;&nbsp;&nbsp;Xiaomi Corp. - Class B | $(19127229) |
|  |  |  | (1162593423) |
|  |  | ***Materials (-0.4%)*** |  |
| (206550) |  | &nbsp;&nbsp;&nbsp;Albemarle Corp. | (14014417) |
| (25000) | JPY | &nbsp;&nbsp;&nbsp;ARE Holdings, Inc. | (296751) |
| (82100) | JPY | &nbsp;&nbsp;&nbsp;JFE Holdings, Inc. | (952480) |
| (183000) | JPY | &nbsp;&nbsp;&nbsp;Kansai Paint Co. Ltd. | (2612119) |
| (149000) | JPY | &nbsp;&nbsp;&nbsp;Kobe Steel Ltd. | (1643644) |
| (450243) |  | &nbsp;&nbsp;&nbsp;MP Materials Corp. | (27689944) |
| (1690000) |  | &nbsp;&nbsp;&nbsp;Sibanye Stillwater Ltd. ADR | (14128400) |
|  |  |  | (61337755) |
|  |  | ***Real Estate (-0.5%)*** |  |
| (159500) | JPY | &nbsp;&nbsp;&nbsp;Daiwa House Industry Co. Ltd. | (5292692) |
| (29500) |  | &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | (5204980) |
| (28300) |  | &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | (2608128) |
| (1389000) | HKD | &nbsp;&nbsp;&nbsp;Henderson Land Development Co. Ltd. | (4865924) |
| (100000) | HKD | &nbsp;&nbsp;&nbsp;Link REIT | (559236) |
| (79000) | JPY | &nbsp;&nbsp;&nbsp;Relo Group, Inc. | (913110) |
| (19500) |  | &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | (712335) |
| (220000) |  | &nbsp;&nbsp;&nbsp;Ventas, Inc. | (14779600) |
| (262400) |  | &nbsp;&nbsp;&nbsp;Welltower, Inc. | (43314368) |
|  |  |  | (78250373) |
|  |  | ***Utilities (-2.3%)*** |  |
| (266700) |  | &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | (17338167) |
| (84260) |  | &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | (11816622) |
| (538000) |  | &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. (Warner Media LLC, Charter Communications Time, Inc.) | (20885160) |
| (52000) |  | &nbsp;&nbsp;&nbsp;CMS Energy Corp. | (3837600) |
| (133500) |  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | (16238940) |
| (517800) |  | &nbsp;&nbsp;&nbsp;Evergy, Inc. | (36660240) |
| (420000) |  | &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | (17938200) |
| (979800) |  | &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | (69624588) |
| (1549500) |  | &nbsp;&nbsp;&nbsp;PG&E Corp. | (21723990) |
| (48500) |  | &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | (4395070) |
| (490000) |  | &nbsp;&nbsp;&nbsp;PPL Corp. | (17488100) |
| (649453) |  | &nbsp;&nbsp;&nbsp;Southern Co. | (61360320) |
| (526200) |  | &nbsp;&nbsp;&nbsp;UGI Corp. | (19037916) |
| (589800) |  | &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | (64335384) |
|  |  |  | (382680297) |
|  |  | **Total Common Stocks Sold Short** |  |
|  |  | (Proceeds $2,813,973,158) | (3395447867) |
| **TOTAL SECURITIES SOLD SHORT** | **TOTAL SECURITIES SOLD SHORT** | **TOTAL SECURITIES SOLD SHORT** |  |
| (Proceeds $2,813,973,158) | (Proceeds $2,813,973,158) | (Proceeds $2,813,973,158) | (3395447867) |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**CONTRACTS/**<br>**NOTIONAL**<br>**AMOUNT** |  | <br>**VALUE** |
| **Exchange-Traded Written Options (-7.1%) #** | **Exchange-Traded Written Options (-7.1%) #** | **Exchange-Traded Written Options (-7.1%) #** |
|  | ***Communication Services (-0.1%)*** |  |
| (2398) | &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc. |  |
| (12750166) | &nbsp;&nbsp;&nbsp;Call, 01/15/27, Strike $30.00 | $(7361860) |
| (955) | &nbsp;&nbsp;&nbsp;Sphere Entertainment Co. |  |
| (4111275) | &nbsp;&nbsp;&nbsp;Call, 01/16/26, Strike $35.00 | (1002750) |
|  |  | (8364610) |
|  | ***Consumer Discretionary (0.0%)*** |  |
| (5000) | &nbsp;&nbsp;&nbsp;Lucid Group, Inc. |  |
| (1230000) | &nbsp;&nbsp;&nbsp;Call, 08/21/26, Strike $3.00 | (307500) |
| (1560) | &nbsp;&nbsp;&nbsp;PDD Holdings, Inc. |  |
| (17698200) | &nbsp;&nbsp;&nbsp;Call, 10/17/25, Strike $160.00 | (124020) |
|  |  | (431520) |
|  | ***Energy (0.0%)*** |  |
| (1728) | &nbsp;&nbsp;&nbsp;Noble Corp. PLC |  |
| (4632768) | &nbsp;&nbsp;&nbsp;Call, 09/19/25, Strike $35.00 | (21600) |
|  | ***Information Technology (0.0%)*** |  |
| (350) | &nbsp;&nbsp;&nbsp;MicroStrategy, Inc. |  |
| (14065100) | &nbsp;&nbsp;&nbsp;Call, 01/15/27, Strike $690.00 | (1888250) |
| (500) | &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc. |  |
| (2948500) | &nbsp;&nbsp;&nbsp;Call, 01/16/26, Strike $50.00 | (796250) |
|  |  | (2684500) |
|  | ***Other (-7.0%)*** |  |
| (2500) | &nbsp;&nbsp;&nbsp;S&P 500 Index |  |
| (1584847500) | &nbsp;&nbsp;&nbsp;Call, 09/30/25, Strike $5,200.00 | (294525000) |
| (3000) | &nbsp;&nbsp;&nbsp;S&P 500 Index |  |
| (1901817000) | &nbsp;&nbsp;&nbsp;Call, 09/30/25, Strike $6,300.00 | (55830000) |
| (9000) | &nbsp;&nbsp;&nbsp;S&P 500 Index |  |
| (5705451000) | &nbsp;&nbsp;&nbsp;Put, 09/30/25, Strike $5,000.00 | (8325000) |
| (9000) | &nbsp;&nbsp;&nbsp;S&P 500 Index |  |
| (5705451000) | &nbsp;&nbsp;&nbsp;Call, 09/30/25, Strike $5,500.00 | (797310000) |
|  |  | (1155990000) |
|  | **Total Exchange-Traded Written Options** |  |
|  | (Premium $1,185,707,081) | (1167492230) |

---

**FORWARD FOREIGN CURRENCY CONTRACTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **LONG<br> CONTRACTS** | **SETTLEMENT<br> DATE** | **LOCAL <br> CURRENCY** | **CURRENT <br> VALUE** | **UNREALIZED <br> GAIN/LOSS** |
| Bank of New York | European Monetary Unit | 08/22/25 | 114617000 | $130956780 | $(2424857) |
|  |  |  |  |  | $(2424857) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **SHORT<br> CONTRACTS** | **SETTLEMENT<br> DATE** | **LOCAL <br> CURRENCY** | **CURRENT<br> VALUE** | **UNREALIZED <br> GAIN/LOSS** |
| Northern Trust Company | Singapore Dollar | 08/22/25 | 1571000 | $1211624 | $14718 |
| Northern Trust Company | Japanese Yen | 08/22/25 | 292852000 | 1945859 | 62967 |
| Northern Trust Company | Japanese Yen | 08/22/25 | 1337120000 | 8884509 | 528839 |
| State Street Bank and Trust | British Pound Sterling | 08/22/25 | 8569000 | 11318549 | 145053 |
| State Street Bank and Trust | Singapore Dollar | 08/22/25 | 26085000 | 20117894 | 127990 |
| State Street Bank and Trust | Japanese Yen | 08/22/25 | 3355741000 | 22297260 | 1134878 |
| Northern Trust Company | European Monetary Unit | 08/22/25 | 19675000 | 22479865 | (134102) |
| State Street Bank and Trust | European Monetary Unit | 08/22/25 | 219436000 | 250718759 | (2081511) |
|  |  |  |  |  | $(201168) |

---

See accompanying Notes to Schedule of Investments

**Calamos Market Neutral Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **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 $5,519,150,175. |
| **^** | 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<br> Date** | **Acquisition<br> Cost** |
| SmileDirectClub, Inc. | 02/05/2021 | $12518360 |
| **Total** |  | $**12518360** |

---

---

| | |
|:---|:---|
| **§** | Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical. |
| **‡** | Variable rate security. The rate shown is the rate in effect at July 31, 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 July 31, 2025. |
| **\*\*\*** | The rate disclosed is the 7 day net yield as of July 31, 2025. |
| **FOREIGN CURRENCY ABBREVIATION** | **FOREIGN CURRENCY ABBREVIATION** |
| **CAD** | Canadian Dollar |
| **CHF** | Swiss Franc |
| **EUR** | European Monetary Unit |
| **GBP** | British Pound Sterling |
| **HKD** | Hong Kong Dollar |
| **JPY** | Japanese Yen |
| **SGD** | Singapore Dollar |
| **ABBREVIATION** | **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.

See accompanying Notes to Schedule of Investments

**Calamos Market Neutral Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 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 VALUE** | **UNREALIZED<br> APPRECIATION/<br> (DEPRECIATION)** |
| Bank of America NA | Lucid Group, Inc. | Equity returns on 5,122,028 shares of Lucid Group, Inc. | 1 mo. SOFR Plus 1.000% | 04/01/30 | Monthly | $4497390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(624638) | $(624638) |
| Citibank NA | Zscaler, Inc. | Equity returns on 19,500 shares of Zscaler, Inc. | 1 mo. SOFR Plus 1.000% | 08/04/25 | Monthly | 6121830 |  | 553410 | 553410 |
| Citibank NA | IREN Ltd. | Equity returns on 61,400 shares of IREN Ltd. | 1 mo. SOFR Plus 1.000% | 09/11/25 | Monthly | 996522 |  | 7368 | 7368 |
| Citibank NA | IREN Ltd. | Equity returns on 133,900 shares of IREN Ltd. | 1 mo. SOFR Plus 1.000% | 12/12/29 | Monthly | 2173197 |  | 16068 | 16068 |
| Citibank NA | Lucid Group, Inc. | Equity returns on 7,287,500 shares of Lucid Group, Inc. | 1 mo. SOFR Plus 1.000% | 04/01/30 | Monthly | 15741000 |  | (2186250) | (2186250) |
|  |  |  |  |  |  |  | $— | $(2234042) | $(2234042) |

---

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of July 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;Convertible Bonds | $— | $6007170716 | $— | $6007170716 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 133163348 |  | 133163348 |
| &nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | 623722918 |  |  | 623722918 |
| &nbsp;&nbsp;&nbsp;Common Stocks | 9750202783 | 119316140 | 14462500 | 9883981423 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Fund | 117893033 |  |  | 117893033 |
| &nbsp;&nbsp;&nbsp;Investments in Affiliated Fund | 336071124 |  |  | 336071124 |
| &nbsp;&nbsp;&nbsp;Warrants | 1942827 | 5705646 |  | 7648473 |
| &nbsp;&nbsp;&nbsp;Rights | 42500 | 197706 | 277808 | 518014 |
| &nbsp;&nbsp;&nbsp;Over the Counter Purchased Options |  | 27272936 |  | 27272936 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | 30385620 |  |  | 30385620 |
| &nbsp;&nbsp;&nbsp;Investment of Cash Collateral For Securities Loaned |  | 157688637 |  | 157688637 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts |  | 2014445 |  | 2014445 |
| &nbsp;&nbsp;&nbsp;Total Return Swaps |  | 576846 |  | 576846 |
| **Total** | $10860260805 | $6453106420 | $14740308 | $17328107533 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks Sold Short | $3395447867 | $— | $— | $3395447867 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts |  | 4640470 |  | 4640470 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Options | 1167492230 |  |  | 1167492230 |
| &nbsp;&nbsp;&nbsp;Total Return Swaps |  | 2810888 |  | 2810888 |
| **Total** | $4562940097 | $7451358 | $— | $4570391455 |

---

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 July 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments<br> in Securities | Balance<br> as of<br> October<br> 31, 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 Level 3 | Transfers<br> out of<br> Level 3 | Balance as<br> of July 31,<br> 2025 | Net change in<br> Unrealized<br> Appreciation<br> (Depreciation) from<br> investments still<br> held as of July 31,<br> 2025 |
| Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $14462500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $14462500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Rights | $277808 | $- | $- | $- | $- | $- | $- | $- | $277808 | $- |
| Total | $277808 | $- | $- | $- | $- | $- | $14462500 | $- | $14740308 | $- |

---

See accompanying Notes to Schedule of Investments

**Calamos Hedged Equity Fund<br> SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  | **VALUE** |
| **Common Stocks (101.6%)** | **Common Stocks (101.6%)** |  |
|  | ***Communication Services (10.4%)*** |  |
| 76837 | &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A~ | $14745020 |
| 76657 | &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 14784069 |
| 77047 | &nbsp;&nbsp;&nbsp;AT&T, Inc. | 2111858 |
| 66505 | &nbsp;&nbsp;&nbsp;Comcast Corp. - Class A | 2209961 |
| 12298 | &nbsp;&nbsp;&nbsp;Fox Corp. - Class A | 685737 |
| 14221 | &nbsp;&nbsp;&nbsp;Match Group, Inc. | 487354 |
| 30837 | &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 23850569 |
| 6356 | &nbsp;&nbsp;&nbsp;Netflix, Inc.# | 7369146 |
| 10172 | &nbsp;&nbsp;&nbsp;T-Mobile U.S., Inc. | 2425107 |
| 36528 | &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.# | 3205332 |
| 63476 | &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 2714234 |
| 30838 | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 3673114 |
|  |  | 78261501 |
|  | ***Consumer Discretionary (10.9%)*** |  |
| 134662 | &nbsp;&nbsp;&nbsp;Amazon.com, Inc.~# | 31525721 |
| 10881 | &nbsp;&nbsp;&nbsp;Aptiv PLC# | 746872 |
| 549 | &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 3021729 |
| 14406 | &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.# | 384352 |
| 49066 | &nbsp;&nbsp;&nbsp;Carnival Corp.# | 1460695 |
| 32923 | &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.# | 1411738 |
| 4254 | &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 857904 |
| 4969 | &nbsp;&nbsp;&nbsp;DoorDash, Inc. - Class A# | 1243492 |
| 13219 | &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 1888202 |
| 11532 | &nbsp;&nbsp;&nbsp;eBay, Inc. | 1058061 |
| 58697 | &nbsp;&nbsp;&nbsp;Ford Motor Co. | 649776 |
| 22036 | &nbsp;&nbsp;&nbsp;General Motors Co. | 1175400 |
| 16183 | &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 5947414 |
| 13676 | &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 716622 |
| 13212 | &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 2953807 |
| 2975 | &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.# | 596577 |
| 10241 | &nbsp;&nbsp;&nbsp;McDonald's Corp. | 3073017 |
| 20687 | &nbsp;&nbsp;&nbsp;NIKE, Inc. - Class B~ | 1545112 |
| 31362 | &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd.# | 801613 |
| 19140 | &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.# | 1881845 |
| 7332 | &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 1001111 |
| 3793 | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 1205681 |
| 17775 | &nbsp;&nbsp;&nbsp;Starbucks Corp.~ | 1584819 |
| 39073 | &nbsp;&nbsp;&nbsp;Tesla, Inc.# | 12045034 |
| 20491 | &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 2551744 |
|  |  | 81328338 |
|  | ***Consumer Staples (5.2%)*** |  |
| 12455 | &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 674812 |
| 7987 | &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 748941 |
| 51658 | &nbsp;&nbsp;&nbsp;Coca-Cola Co.~ | 3507062 |
| 12030 | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 1008715 |
| 5676 | &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. - Class A | 948119 |
| 4912 | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 4615512 |
| 3844 | &nbsp;&nbsp;&nbsp;Dollar General Corp. | 403236 |
| 6623 | &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.# | 752042 |
| 4351 | &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc. - Class A | 406122 |
| 13140 | &nbsp;&nbsp;&nbsp;General Mills, Inc. | 643597 |
| 7429 | &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 925802 |
| 17293 | &nbsp;&nbsp;&nbsp;Kroger Co. | 1212239 |
| 34707 | &nbsp;&nbsp;&nbsp;Mondelez International, Inc. - Class A | 2245196 |
| 15006 | &nbsp;&nbsp;&nbsp;Monster Beverage Corp.# | 881603 |
| 15844 | &nbsp;&nbsp;&nbsp;PepsiCo, Inc.~ | 2185204 |
| 29002 | &nbsp;&nbsp;&nbsp;Philip Morris International, Inc.~ | 4757778 |
| 28483 | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 4285837 |
| 12943 | &nbsp;&nbsp;&nbsp;Sysco Corp. | 1030263 |
| 8192 | &nbsp;&nbsp;&nbsp;Target Corp. | 823296 |
| 73299 | &nbsp;&nbsp;&nbsp;Walmart, Inc.~ | 7181836 |
|  |  | 39237212 |
|  | ***Energy (3.3%)*** |  |
| 45179 | &nbsp;&nbsp;&nbsp;Chevron Corp. | 6850944 |
| 21706 | &nbsp;&nbsp;&nbsp;ConocoPhillips | 2069450 |
| 6121 | &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 734642 |
| 62303 | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 6955507 |
| 41177 | &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 1155427 |
| 12437 | &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 2116653 |
| 12227 | &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 537254 |
| 8254 | &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 677736 |
| 5781 | &nbsp;&nbsp;&nbsp;Phillips 66 | 714416 |
| 17420 | &nbsp;&nbsp;&nbsp;Schlumberger NV | 588796 |
| 5754 | &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 790082 |
| 20780 | &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | 1245761 |
|  |  | 24436668 |
|  | ***Financials (13.7%)*** |  |
| 8535 | &nbsp;&nbsp;&nbsp;Aflac, Inc. | 848038 |
| 6556 | &nbsp;&nbsp;&nbsp;Allstate Corp. | 1332507 |
| 9130 | &nbsp;&nbsp;&nbsp;American Express Co. | 2732700 |
| 4016 | &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 2081051 |
| 7311 | &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 2100085 |
| 6029 | &nbsp;&nbsp;&nbsp;Assurant, Inc. | 1129232 |
| 131154 | &nbsp;&nbsp;&nbsp;Bank of America Corp.~ | 6199650 |
| 14878 | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 1509373 |
| 22096 | &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B# | 10426660 |
| 1544 | &nbsp;&nbsp;&nbsp;Blackrock, Inc. | 1707679 |
| 7623 | &nbsp;&nbsp;&nbsp;Blackstone, Inc. | 1318474 |
| 8886 | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 1910490 |
| 6793 | &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 1637385 |
| 28496 | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 2784914 |
| 9078 | &nbsp;&nbsp;&nbsp;Chubb Ltd. | 2415111 |
| 21464 | &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 2011177 |
| 3212 | &nbsp;&nbsp;&nbsp;CME Group, Inc. | 893835 |
| 3038 | &nbsp;&nbsp;&nbsp;Coinbase Global, Inc. - Class A# | 1147635 |
| 9743 | &nbsp;&nbsp;&nbsp;Fiserv, Inc.# | 1353692 |
| 5396 | &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 431410 |
| 8662 | &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc.~ | 6267736 |
| 32205 | &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 529128 |
| 3683 | &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 625429 |
| 39213 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co.~ | 11616459 |
| 3989 | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 752724 |
| 11338 | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 2258530 |
| 12904 | &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A~ | 7309729 |
| 12363 | &nbsp;&nbsp;&nbsp;MetLife, Inc. | 938970 |
| 20097 | &nbsp;&nbsp;&nbsp;Morgan Stanley | 2863019 |
| 6393 | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 831090 |
| 10321 | &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.# | 709672 |
| 4789 | &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 496045 |
| 4153 | &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 2288718 |
| 5633 | &nbsp;&nbsp;&nbsp;State Street Corp. | 629488 |
| 5334 | &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | 1388120 |
| 14757 | &nbsp;&nbsp;&nbsp;U.S. Bancorp~ | 663475 |
| 29276 | &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 10113980 |
| 75872 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co.~ | 6117559 |
|  |  | 102370969 |

---

See accompanying Notes to Schedule of Investments

**Calamos Hedged Equity Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  | **VALUE** |
|  | ***Health Care (9.2%)*** |  |
| 21184 | &nbsp;&nbsp;&nbsp;Abbott Laboratories | $2673209 |
| 26316 | &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 4974250 |
| 13582 | &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 1559349 |
| 5960 | &nbsp;&nbsp;&nbsp;Amgen, Inc. | 1758796 |
| 14872 | &nbsp;&nbsp;&nbsp;Baxter International, Inc.^ | 323615 |
| 4975 | &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 886794 |
| 3099 | &nbsp;&nbsp;&nbsp;Biogen, Inc.# | 396672 |
| 43880 | &nbsp;&nbsp;&nbsp;Boston Scientific Corp.# | 4603890 |
| 9676 | &nbsp;&nbsp;&nbsp;Centene Corp.# | 252253 |
| 4111 | &nbsp;&nbsp;&nbsp;Cigna Group | 1099199 |
| 18180 | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 1128978 |
| 11872 | &nbsp;&nbsp;&nbsp;Danaher Corp. | 2340684 |
| 7726 | &nbsp;&nbsp;&nbsp;Dexcom, Inc.# | 624029 |
| 13846 | &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.# | 1098126 |
| 12186 | &nbsp;&nbsp;&nbsp;Eli Lilly & Co.~ | 9018493 |
| 5097 | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 363518 |
| 19367 | &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 2174720 |
| 4055 | &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 1435429 |
| 2619 | &nbsp;&nbsp;&nbsp;Humana, Inc. | 654410 |
| 6938 | &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.# | 3337802 |
| 3926 | &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.# | 729686 |
| 33502 | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 5519120 |
| 3839 | &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 998447 |
| 2530 | &nbsp;&nbsp;&nbsp;McKesson Corp. | 1754656 |
| 20540 | &nbsp;&nbsp;&nbsp;Medtronic PLC | 1853530 |
| 40055 | &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 3129097 |
| 81222 | &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 1891660 |
| 988 | &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 538915 |
| 1425 | &nbsp;&nbsp;&nbsp;Solventum Corp.# | 101688 |
| 3618 | &nbsp;&nbsp;&nbsp;Stryker Corp. | 1420897 |
| 7092 | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc.~ | 3316787 |
| 14629 | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 3650813 |
| 3775 | &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.# | 1724684 |
| 3598 | &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc.^ | 329757 |
| 9631 | &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 1404104 |
|  |  | 69068057 |
|  | ***Industrials (8.6%)*** |  |
| 5701 | &nbsp;&nbsp;&nbsp;3M Co. | 850703 |
| 4314 | &nbsp;&nbsp;&nbsp;Allegion PLC | 715779 |
| 8220 | &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 2544090 |
| 10491 | &nbsp;&nbsp;&nbsp;Boeing Co.# | 2327324 |
| 22488 | &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 1543127 |
| 7922 | &nbsp;&nbsp;&nbsp;Caterpillar, Inc.~ | 3469995 |
| 60819 | &nbsp;&nbsp;&nbsp;CSX Corp.~ | 2161507 |
| 4136 | &nbsp;&nbsp;&nbsp;Deere & Co. | 2168794 |
| 5674 | &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | 2182901 |
| 16231 | &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 2361773 |
| 3823 | &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 2524289 |
| 4209 | &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.# | 819450 |
| 3589 | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 1118368 |
| 15296 | &nbsp;&nbsp;&nbsp;General Electric Co. | 4146440 |
| 13749 | &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 3057090 |
| 711 | &nbsp;&nbsp;&nbsp;Hubbell, Inc. | 311048 |
| 5114 | &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 1309031 |
| 13191 | &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 1385055 |
| 5713 | &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 1570047 |
| 2881 | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 1212843 |
| 12068 | &nbsp;&nbsp;&nbsp;Masco Corp. | 822193 |
| 3281 | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 912118 |
| 2950 | &nbsp;&nbsp;&nbsp;Northrop Grumman Corp.~ | 1701000 |
| 5402 | &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 462897 |
| 12662 | &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 1250499 |
| 7726 | &nbsp;&nbsp;&nbsp;Paychex, Inc. | 1115094 |
| 2773 | &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 642060 |
| 12986 | &nbsp;&nbsp;&nbsp;Pentair PLC | 1327169 |
| 4848 | &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 1968918 |
| 29334 | &nbsp;&nbsp;&nbsp;RTX Corp. | 4622158 |
| 25923 | &nbsp;&nbsp;&nbsp;Southwest Airlines Co.^ | 801798 |
| 11457 | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 2543110 |
| 14973 | &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.# | 1322266 |
| 9677 | &nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | 833770 |
| 1801 | &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 1590175 |
| 3956 | &nbsp;&nbsp;&nbsp;Veralto Corp. | 414708 |
| 4856 | &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 1353416 |
| 9295 | &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 2130042 |
| 6677 | &nbsp;&nbsp;&nbsp;Xylem, Inc. | 965628 |
|  |  | 64558673 |
|  | ***Information Technology (35.0%)*** |  |
| 8124 | &nbsp;&nbsp;&nbsp;Accenture PLC - Class A | 2169920 |
| 5941 | &nbsp;&nbsp;&nbsp;Adobe, Inc.# | 2125036 |
| 27112 | &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.# | 4780117 |
| 25233 | &nbsp;&nbsp;&nbsp;Amphenol Corp. - Class A | 2687567 |
| 10074 | &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 2262923 |
| 212174 | &nbsp;&nbsp;&nbsp;Apple, Inc.~ | 44040957 |
| 12298 | &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 2214378 |
| 14156 | &nbsp;&nbsp;&nbsp;Arista Networks, Inc.# | 1744302 |
| 3512 | &nbsp;&nbsp;&nbsp;Autodesk, Inc.# | 1064522 |
| 66774 | &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 19611524 |
| 74197 | &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 5051332 |
| 9850 | &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. - Class A | 706836 |
| 4597 | &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. - Class A# | 2089658 |
| 6533 | &nbsp;&nbsp;&nbsp;Datadog, Inc. - Class A# | 914489 |
| 2074 | &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.#^ | 67115 |
| 3631 | &nbsp;&nbsp;&nbsp;Gartner, Inc.# | 1229638 |
| 20249 | &nbsp;&nbsp;&nbsp;HP, Inc. | 502175 |
| 62656 | &nbsp;&nbsp;&nbsp;Intel Corp. | 1240589 |
| 9908 | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2508210 |
| 5196 | &nbsp;&nbsp;&nbsp;Intuit, Inc.~ | 4079536 |
| 4961 | &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.# | 813158 |
| 15500 | &nbsp;&nbsp;&nbsp;Lam Research Corp. | 1470020 |
| 24004 | &nbsp;&nbsp;&nbsp;Micron Technology, Inc.~ | 2619797 |
| 106720 | &nbsp;&nbsp;&nbsp;Microsoft Corp.~ | 56935120 |
| 5455 | &nbsp;&nbsp;&nbsp;NetApp, Inc. | 568029 |
| 354252 | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 63010803 |
| 5433 | &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | 1161412 |
| 8500 | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.# | 479060 |
| 26394 | &nbsp;&nbsp;&nbsp;Oracle Corp.~ | 6698005 |
| 31352 | &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. - Class A# | 4964589 |
| 12860 | &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.# | 2232496 |
| 5206 | &nbsp;&nbsp;&nbsp;PTC, Inc.# | 1118301 |
| 17346 | &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 2545699 |
| 16418 | &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 4241262 |
| 3489 | &nbsp;&nbsp;&nbsp;ServiceNow, Inc.# | 3290546 |
| 7747 | &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 530979 |
| 6920 | &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.#^ | 408072 |
| 2956 | &nbsp;&nbsp;&nbsp;Synopsys, Inc.# | 1872537 |
| 5267 | &nbsp;&nbsp;&nbsp;TE Connectivity PLC | 1083685 |
| 7812 | &nbsp;&nbsp;&nbsp;Teradyne, Inc. | 839243 |
| 9659 | &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 1748859 |
| 2371 | &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.# | 1385992 |
| 3091 | &nbsp;&nbsp;&nbsp;Workday, Inc. - Class A# | 709014 |
|  |  | 261817502 |

---

See accompanying Notes to Schedule of Investments

**Calamos Hedged Equity Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  | **VALUE** |
|  | ***Materials (1.6%)*** |  |
| 4767 | &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | $1372324 |
| 3897 | &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 653800 |
| 13588 | &nbsp;&nbsp;&nbsp;Corteva, Inc. | 980102 |
| 12214 | &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 878187 |
| 38304 | &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 1541353 |
| 10654 | &nbsp;&nbsp;&nbsp;Linde PLC | 4903610 |
| 6040 | &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 637220 |
| 3698 | &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 1223594 |
|  |  | 12190190 |
|  | ***Real Estate (1.7%)*** |  |
| 4152 | &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 317337 |
| 5219 | &nbsp;&nbsp;&nbsp;American Tower Corp. | 1087587 |
| 7360 | &nbsp;&nbsp;&nbsp;Camden Property Trust | 803712 |
| 10348 | &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 1087471 |
| 5814 | &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 1025822 |
| 954 | &nbsp;&nbsp;&nbsp;Equinix, Inc. | 749052 |
| 38809 | &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | 657425 |
| 4967 | &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 707450 |
| 15283 | &nbsp;&nbsp;&nbsp;Prologis, Inc. | 1631919 |
| 2736 | &nbsp;&nbsp;&nbsp;Public Storage | 744028 |
| 22815 | &nbsp;&nbsp;&nbsp;Realty Income Corp. | 1280606 |
| 7747 | &nbsp;&nbsp;&nbsp;Regency Centers Corp. | 553136 |
| 12028 | &nbsp;&nbsp;&nbsp;UDR, Inc. | 472580 |
| 9731 | &nbsp;&nbsp;&nbsp;Welltower, Inc. | 1606296 |
|  |  | 12724421 |
|  | ***Utilities (2.0%)*** |  |
| 29640 | &nbsp;&nbsp;&nbsp;AES Corp. | 389766 |
| 11605 | &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 1312990 |
| 9039 | &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 935536 |
| 23357 | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 1365217 |
| 14781 | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 1797961 |
| 6539 | &nbsp;&nbsp;&nbsp;Edison International | 340813 |
| 13234 | &nbsp;&nbsp;&nbsp;Entergy Corp. | 1196750 |
| 25704 | &nbsp;&nbsp;&nbsp;Exelon Corp. | 1155138 |
| 14970 | &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 639369 |
| 23776 | &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 1689522 |
| 18291 | &nbsp;&nbsp;&nbsp;NiSource, Inc. | 776453 |
| 11495 | &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 1032136 |
| 16408 | &nbsp;&nbsp;&nbsp;Southern Co. | 1550228 |
| 13174 | &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 967498 |
|  |  | 15149377 |
|  | **TOTAL COMMON STOCKS**<br> (Cost $423,768,222) | 761142908 |
| **Exchange-Traded Fund (0.4%)** | **Exchange-Traded Fund (0.4%)** |  |
|  | ***Other (0.4%)*** |  |
| 4568 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust <br> (Cost $2,573,008) | 2887341 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Option (2.4%) #** | **Exchange-Traded Purchased Option (2.4%) #** |  |
|  | ***Other (2.4%)*** |  |
| 800<br> 507151200 | S&P 500 Index<br> Put, 06/30/26, Strike $6,000.00<br> (Cost $24,450,584) | $17836000 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES/<br> PRINCIPAL<br> AMOUNT** |  | **VALUE** |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (0.0%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (0.0%)** |  |
| 366541 | State Street Navigator Securities Lending Government Money Market Portfolio, 4.325%†\*\*\*<br> (Cost $366,541) | $366541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (104.4%)**<br> (Cost $451,158,355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (104.4%)**<br> (Cost $451,158,355) | 782232790 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (0.0%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (0.0%) | (366541) |
| LIABILITIES, LESS OTHER ASSETS (-4.4%) | LIABILITIES, LESS OTHER ASSETS (-4.4%) | (33126108) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $748740141 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Written Options (-4.4%) #** | **Exchange-Traded Written Options (-4.4%) #** |  |
|  | ***Other (-4.4%)*** |  |
| (100)<br> (63393900) | &nbsp;&nbsp;&nbsp;S&P 500 Index <br>Put, 06/30/26, Strike $4,500.00 | $(538000) |
| (435)<br> (275763465) | &nbsp;&nbsp;&nbsp;S&P 500 Index <br>Call, 06/30/26, Strike $6,000.00 | (32431425) |
|  |  | (32969425) |
|  | **Total Exchange-Traded Written Options<br> (Premium $25,694,512)**  | $(32969425) |

---

See accompanying Notes to Schedule of Investments

**Calamos Hedged Equity Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **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 $124,940,888. |
| **#** | Non-income producing security. |
| **^** | Security, or portion of security, is on loan. |
| **†** | Represents investment of cash collateral received from securities on loan as of July 31, 2025. |
| **\*\*\*** | The rate disclosed is the 7 day net yield as of July 31, 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.* 

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of July 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $761142908 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $761142908 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Fund | 2887341 |  |  | 2887341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Option | 17836000 |  |  | 17836000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment of Cash Collateral For Securities Loaned |  | 366541 |  | 366541 |
| **Total** | $781866249 | $366541 | $— | $782232790 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Written Options | $32969425 | $— | $— | $32969425 |
| **Total** | $32969425 | $— | $— | $32969425 |

---

See accompanying Notes to Schedule of Investments

**Calamos Phineus Long/Short Fund<br> SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **NUMBER OF<br> SHARES** | | | **VALUE** |
| **Common Stocks (81.7%)** | **Common Stocks (81.7%)** | **Common Stocks (81.7%)** | **Common Stocks (81.7%)** |
|  |  | ***Communication Services (7.0%)*** |  |
| 236000 |  | &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | $45288400 |
| 559000 |  | &nbsp;&nbsp;&nbsp;Pinterest, Inc. - Class A~# | 21577400 |
| 17700 |  | &nbsp;&nbsp;&nbsp;Spotify Technology SA# | 11089758 |
|  |  |  | 77955558 |
|  |  | ***Consumer Discretionary (6.7%)*** |  |
| 204000 |  | &nbsp;&nbsp;&nbsp;Amazon.com, Inc.~# | 47758440 |
| 102500 |  | &nbsp;&nbsp;&nbsp;Marriott International, Inc. - Class A~ | 27042575 |
|  |  |  | 74801015 |
|  |  | ***Consumer Staples (1.6%)*** |  |
| 109500 |  | &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. - Class A~ | 18290880 |
|  |  | ***Financials (7.0%)*** |  |
| 53000 |  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 11395000 |
| 223000 |  | &nbsp;&nbsp;&nbsp;Morgan Stanley~ | 31768580 |
| 443800 |  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co.~ | 35783594 |
|  |  |  | 78947174 |
|  |  | ***Health Care (8.3%)*** |  |
| 55000 |  | &nbsp;&nbsp;&nbsp;Danaher Corp. | 10843800 |
| 140000 |  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 23063600 |
| 13300 |  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 6220144 |
| 133000 |  | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc.~ | 33191480 |
| 210000 |  | &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc.~ | 19246500 |
|  |  |  | 92565524 |
|  |  | ***Industrials (26.9%)*** |  |
| 262500 |  | &nbsp;&nbsp;&nbsp;3M Co.~ | 39170250 |
| 1006000 | GBP | &nbsp;&nbsp;&nbsp;BAE Systems PLC | 24003780 |
| 196000 |  | &nbsp;&nbsp;&nbsp;Boeing Co.~# | 43480640 |
| 260500 |  | &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp.~ | 27959465 |
| 57500 |  | &nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A#^ | 26482775 |
| 400000 |  | &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd.~ | 29420000 |
| 41500 |  | &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 5887605 |
| 185000 |  | &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc.~ | 50841700 |
| 53500 | EUR | &nbsp;&nbsp;&nbsp;Schneider Electric SE | 13845437 |
| 129500 |  | &nbsp;&nbsp;&nbsp;Union Pacific Corp.~ | 28745115 |
| 125000 |  | &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.# | 11038750 |
|  |  |  | 300875517 |
|  |  | ***Information Technology (21.1%)*** |  |
| 259000 |  | &nbsp;&nbsp;&nbsp;Coherent Corp.# | 27868400 |
| 73000 |  | &nbsp;&nbsp;&nbsp;Fabrinet~#^ | 23632290 |
| 292000 |  | &nbsp;&nbsp;&nbsp;Flex Ltd.~# | 14562040 |
| 116500 |  | &nbsp;&nbsp;&nbsp;Microsoft Corp.~ | 62152750 |
| 312000 |  | &nbsp;&nbsp;&nbsp;NVIDIA Corp.~ | 55495440 |
| 150000 |  | &nbsp;&nbsp;&nbsp;Oracle Corp.~ | 38065500 |
| 15800 |  | &nbsp;&nbsp;&nbsp;ServiceNow, Inc.# | 14901296 |
|  |  |  | 236677716 |
|  |  | ***Materials (3.1%)*** |  |
| 24000 |  | &nbsp;&nbsp;&nbsp;Linde PLC | 11046240 |
| 16500 |  | &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 5459520 |
| 574500 |  | &nbsp;&nbsp;&nbsp;Teck Resources Ltd. - Class B^ | 18648270 |
|  |  |  | 35154030 |
|  |  | **TOTAL COMMON STOCKS**<br> (Cost $787,665,573) | 915267414 |

---

---

| | | | |
|:---|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  |  | **VALUE** |
| **Exchange-Traded Purchased Options (1.4%) #** | **Exchange-Traded Purchased Options (1.4%) #** | **Exchange-Traded Purchased Options (1.4%) #** |  |
|  |  | ***Communication Services (0.1%)*** |  |
| 1240<br> 19913160 |  | &nbsp;&nbsp;&nbsp;Reddit, Inc.<br> Call, 08/01/25, Strike $160.00 | $1475600 |
|  |  | ***Consumer Discretionary (0.0%)*** |  |
| 1020<br> 23879220 |  | &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<br> Put, 08/01/25, Strike $212.50 | 59160 |
|  |  | ***Energy (0.1%)*** |  |
| 4100<br> 24579500 |  | &nbsp;&nbsp;&nbsp;Williams Cos., Inc.<br> Call, 08/08/25, Strike $60.00 | 533000 |
|  |  | ***Financials (0.0%)*** |  |
| 905<br> 19457500 |  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp.<br> Call, 08/01/25, Strike $222.50 | 6788 |
|  |  | ***Health Care (0.3%)*** |  |
| 1360<br> 10624320 |  | &nbsp;&nbsp;&nbsp;Merck & Co., Inc.<br> Call, 08/01/25, Strike $85.00 | 3400 |
| 1330<br> 33191480 |  | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc.<br> Put, 08/01/25, Strike $275.00 | 3374875 |
|  |  |  | 3378275 |
|  |  | ***Industrials (0.6%)*** |  |
| 29500<br> 22254800 | EUR | &nbsp;&nbsp;&nbsp;Deutsche Lufthansa AG<br> Call, 03/20/26, Strike 6.00 | 6076602 |
| 1850<br> 50841700 |  | &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc.<br> Put, 08/15/25, Strike $260.00 | 97125 |
| 1050<br> 24061800 |  | &nbsp;&nbsp;&nbsp;Waste Management, Inc.<br> Call, 08/15/25, Strike $230.00 | 367500 |
|  |  |  | 6541227 |
|  |  | ***Information Technology (0.2%)*** |  |
| 625<br> 11019375 |  | &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.<br> Call, 08/08/25, Strike $190.00 | 217187 |
| 930<br> 19304010 |  | &nbsp;&nbsp;&nbsp;Apple, Inc.<br> Call, 08/01/25, Strike $210.00 | 323175 |
| 5850<br> 25067250 |  | &nbsp;&nbsp;&nbsp;Bill Holdings, Inc.<br> Call, 09/19/25, Strike $55.00 | 599625 |
| 830<br> 11618340 |  | &nbsp;&nbsp;&nbsp;Datadog, Inc.<br> Put, 08/08/25, Strike $135.00 | 338225 |
| 830<br> 11618340 |  | &nbsp;&nbsp;&nbsp;Datadog, Inc.<br> Call, 08/08/25, Strike $150.00 | 236550 |
| 2160<br> 10771920 |  | &nbsp;&nbsp;&nbsp;Flex Ltd.<br> Call, 08/15/25, Strike $55.00 | 27000 |
| 1900<br> 33795300 |  | &nbsp;&nbsp;&nbsp;NVIDIA Corp.<br> Call, 08/01/25, Strike $182.50 | 49400 |
| 1500<br> 38065500 |  | &nbsp;&nbsp;&nbsp;Oracle Corp.<br> Put, 08/15/25, Strike $250.00 | 783750 |
|  |  |  | 2574912 |

---

See accompanying Notes to Schedule of Investments

**Calamos Phineus Long/Short Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
|  | ***Materials (0.0%)*** |  |
| 5920<br> 19216320 | &nbsp;&nbsp;&nbsp;Teck Resources Ltd.<br> Call, 08/15/25, Strike $43.00 | $133200 |
|  | ***Other (0.1%)*** |  |
| 2400<br> 6220800 | &nbsp;&nbsp;&nbsp;GEO Group, Inc.<br> Call, 12/19/25, Strike $28.00 | 774000 |
| 13000<br> 112996000 | &nbsp;&nbsp;&nbsp;iShares 20+ Year Treasury Bond ETF<br> Put, 08/15/25, Strike $84.00 | 240500 |
| 5400<br> 341323200 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust<br> Put, 08/01/25, Strike $625.00 | 359100 |
| 3530<br> 223124240 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust<br> Call, 08/04/25, Strike $640.00 | 165910 |
| 9650<br> 24539950 | &nbsp;&nbsp;&nbsp;STMicroelectronics NV<br> Call, 08/15/25, Strike $35.00 | 24125 |
|  |  | 1563635 |
|  | **Total Exchange-Traded Purchased Options<br> (Premium $19,279,084)**  | 16265797 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES/<br> PRINCIPAL<br> AMOUNT** |  | **VALUE** |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.9%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.9%)** |  |
| 21205115 | State Street Navigator Securities Lending Government Money Market Portfolio, 4.325%†\*\*\*<br> (Cost $21,205,115) | $21205115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(85.0%)**<br> (Cost $828,149,772)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(85.0%)**<br> (Cost $828,149,772)** | 952738326 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.9%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.9%) | (21205115) |
| OTHER ASSETS, LESS LIABILITIES (16.9%) | OTHER ASSETS, LESS LIABILITIES (16.9%) | 189059202 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $1120592413 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  | **VALUE** |
| **Common Stocks Sold Short (-2.8%) #** | **Common Stocks Sold Short (-2.8%) #** |  |
|  | ***Industrials (-1.1%)*** |  |
| (76500) | &nbsp;&nbsp;&nbsp;RTX Corp. | $(12054105) |
|  | ***Information Technology (-1.7%)*** |  |
| (93000) | &nbsp;&nbsp;&nbsp;Apple, Inc. | (19304010) |
|  | **TOTAL COMMON STOCKS SOLD SHORT**<br> (Proceeds $29,307,611) | (31358115) |
| **Exchange-Traded Fund Sold Short (-29.1%) #** | **Exchange-Traded Fund Sold Short (-29.1%) #** |  |
|  | ***Other (-29.1%)*** |  |
| (516500) | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust <br> (Proceeds $290,768,040) | (326469320) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SECURITIES SOLD SHORT**<br> (Proceeds $320,075,651) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SECURITIES SOLD SHORT**<br> (Proceeds $320,075,651) | (357827435) |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Written Options (-2.5%) #** | **Exchange-Traded Written Options (-2.5%) #** |  |
|  | ***Communication Services (-0.1%)*** |  |
| (1240)<br> (19913160) | &nbsp;&nbsp;&nbsp;Reddit, Inc.<br> Call, 09/19/25, Strike $200.00 | $(892800) |
|  | ***Energy (0.0%)*** |  |
| (4100)<br> (24579500) | &nbsp;&nbsp;&nbsp;Williams Cos., Inc.<br> Put, 08/15/25, Strike $55.00 | (112750) |
|  | ***Health Care (-0.1%)*** |  |
| (1330)<br> (33191480) | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc.<br> Put, 10/17/25, Strike $220.00 | (957600) |
| (1330)<br> (33191480) | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc.<br> Call, 09/19/25, Strike $450.00 | (23940) |
|  |  | (981540) |
|  | ***Industrials (0.0%)*** |  |
| (1850)<br> (50841700) | &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc.<br> Put, 09/19/25, Strike $240.00 | (106375) |
| (1850)<br> (50841700) | &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc.<br> Call, 09/19/25, Strike $300.00 | (240500) |
|  |  | (346875) |
|  | ***Information Technology (-0.8%)*** |  |
| (625)<br> (11019375) | &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.<br> Call, 08/01/25, Strike $180.00 | (46875) |
| (930)<br> (19304010) | &nbsp;&nbsp;&nbsp;Apple, Inc.<br> Call, 09/19/25, Strike $240.00 | (88350) |
| (5850)<br> (25067250) | &nbsp;&nbsp;&nbsp;Bill Holdings, Inc.<br> Put, 08/15/25, Strike $42.50 | (745875) |
| (1165)<br> (62152750) | &nbsp;&nbsp;&nbsp;Microsoft Corp.<br> Call, 08/15/25, Strike $490.00 | (5292013) |
| (3120)<br> (55495440) | &nbsp;&nbsp;&nbsp;NVIDIA Corp.<br> Call, 10/17/25, Strike $195.00 | (2051400) |
| (750)<br> (19032750) | &nbsp;&nbsp;&nbsp;Oracle Corp.<br> Call, 09/19/25, Strike $290.00 | (416250) |
| (1500)<br> (38065500) | &nbsp;&nbsp;&nbsp;Oracle Corp.<br> Put, 08/15/25, Strike $230.00 | (151500) |
| (625)<br> (10850000) | &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.<br> Call, 09/19/25, Strike $180.00 | (471875) |
| (158)<br> (14901296) | &nbsp;&nbsp;&nbsp;ServiceNow, Inc.<br> Put, 09/19/25, Strike $800.00 | (83740) |
|  |  | (9347878) |
|  | ***Other (-1.5%)*** |  |
| (2400)<br> (6220800) | &nbsp;&nbsp;&nbsp;GEO Group, Inc.<br> Put, 08/15/25, Strike $24.00 | (204000) |
| (6500)<br> (56498000) | &nbsp;&nbsp;&nbsp;iShares 20+ Year Treasury Bond ETF<br> Put, 08/15/25, Strike $81.00 | (29250) |

---

See accompanying Notes to Schedule of Investments

**Calamos Phineus Long/Short Fund<br> SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| (2750)<br> (173822000) | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust<br> Call, 08/15/25, Strike $600.00 | $(9328000) |
| (5400)<br> (341323200) | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust<br> Call, 09/19/25, Strike $645.00 | (3823200) |
| (8100)<br> (511984800) | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust<br> Put, 09/19/25, Strike $520.00 | (765450) |
| (9650)<br> (24539950) | &nbsp;&nbsp;&nbsp;STMicroelectronics NV<br> Call, 09/19/25, Strike $40.00 | (120625) |
| (9650)<br> (24539950) | &nbsp;&nbsp;&nbsp;STMicroelectronics NV<br> Put, 09/19/25, Strike $27.00 | (2147125) |
|  |  | (16417650) |
|  | **TOTAL EXCHANGE-TRADED WRITTEN OPTIONS**<br> (Premium $17,237,743) | (28099493) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **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 $531,606,370. |
| **#** | Non-income producing security. |
| **^** | Security, or portion of security, is on loan. |
| **†** | Represents investment of cash collateral received from securities on loan as of July 31, 2025. |
| **\*\*\*** | The rate disclosed is the 7 day net yield as of July 31, 2025. |
| **FOREIGN CURRENCY ABBREVIATIONS** | **FOREIGN CURRENCY ABBREVIATIONS** |
| **EUR** | European Monetary Unit |
| **GBP** | British Pound Sterling |
| *Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The date on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown.* | *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.* |

---

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of July 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $877418197 | $37849217 | $— | $915267414 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | 16265797 |  |  | 16265797 |
| &nbsp;&nbsp;&nbsp;Investment of Cash Collateral For Securities Loaned |  | 21205115 |  | 21205115 |
| **Total** | $893683994 | $59054332 | $— | $952738326 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks Sold Short | $31358115 | $— | $— | $31358115 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Fund Sold Short | 326469320 |  |  | 326469320 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Options | 28099493 |  |  | 28099493 |
| **Total** | $385926928 | $— | $— | $385926928 |

---

See accompanying Notes to Schedule of Investments

**Calamos Merger Arbitrage Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| **CONVERTIBLE BONDS (37.1%)** | **CONVERTIBLE BONDS (37.1%)** |  |
|  | ***Consumer Discretionary (2.6%)*** |  |
| 42000 | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 06/01/31 | $55836 |
|  | ***Financials (3.6%)*** |  |
| 84000 | &nbsp;&nbsp;&nbsp;Global Payments, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.500%, 03/01/31 | 76329 |
|  | ***Information Technology (23.3%)*** |  |
| 79000 | &nbsp;&nbsp;&nbsp;BlackLine, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 06/01/29 | 82325 |
| 55000 | &nbsp;&nbsp;&nbsp;Rapid7, Inc.~ |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 03/15/27 | 51102 |
| 27000 | &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 08/01/27 | 29439 |
| 27000 | &nbsp;&nbsp;&nbsp;Wolfspeed, Inc.@ |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 02/15/28 | 8101 |
| 37000 | &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 09/15/28 | 40942 |
| 126000 | &nbsp;&nbsp;&nbsp;Five9, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 03/15/29 | 110629 |
| 35000 | &nbsp;&nbsp;&nbsp;Rapid7, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.250%, 03/15/29 | 31098 |
| 112000 | &nbsp;&nbsp;&nbsp;Core Scientific, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/31 | 113145 |
| 34000 | &nbsp;&nbsp;&nbsp;PagerDuty, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.500%, 10/15/28 | 32679 |
|  |  | 499460 |
|  | ***Real Estate (4.6%)*** |  |
| 106000 | &nbsp;&nbsp;&nbsp;Redfin Corp. |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 04/01/27 | 97621 |
|  | ***Utilities (3.0%)*** |  |
| 49000 | &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.750%, 06/01/54 | 64276 |
|  | **Total Convertible Bonds** |  |
|  | (Cost $786,241) | 793522 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**SHARES** |  | <br>**VALUE** |
| **Common Stocks (50.3%)** | **Common Stocks (50.3%)** |  |
|  | ***Communication Services (1.7%)*** |  |
| 1510 | &nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc.~ | $37146 |
|  | ***Consumer Discretionary (0.0%)*** |  |
| 11 | &nbsp;&nbsp;&nbsp;Skechers USA, Inc. - Class A# | 696 |
|  | ***Consumer Staples (7.9%)*** |  |
| 221 | &nbsp;&nbsp;&nbsp;Boston Beer Co., Inc. - Class A~# | 45765 |
| 1548 | &nbsp;&nbsp;&nbsp;Kellanova~ | 123577 |
|  |  | 169342 |
|  | ***Energy (4.3%)*** |  |
| 303 | &nbsp;&nbsp;&nbsp;Noble Corp. PLC | 8123 |
| 364 | &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | 26867 |
| 1660 | &nbsp;&nbsp;&nbsp;Schlumberger NV | 56108 |
|  |  | 91098 |
|  | ***Health Care (9.8%)*** |  |
| 1272 | &nbsp;&nbsp;&nbsp;Amedisys, Inc.~# | 125419 |
| 2840 | &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 66144 |
| 180 | &nbsp;&nbsp;&nbsp;Verona Pharma PLC ADR# | 18916 |
|  |  | 210479 |
|  | ***Industrials (3.7%)*** |  |
| 282 | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 78396 |
|  | ***Information Technology (1.6%)*** |  |
| 517 | &nbsp;&nbsp;&nbsp;Blackbaud, Inc.~# | 34856 |
|  |  | 34856 |
|  | ***Other (1.2%)*** |  |
| 2594 | &nbsp;&nbsp;&nbsp;D Boral ARC Acquisition I Corp.# | 25836 |
|  | ***Special Purpose Acquisition Companies (20.1%)#*** |  |
| 144 | &nbsp;&nbsp;&nbsp;Pioneer Acquisition I Corp. | 1446 |
| 768 | &nbsp;&nbsp;&nbsp;Cohen Circle Acquisition Corp. II | 7895 |
| 2494 | &nbsp;&nbsp;&nbsp;Solarius Capital Acquisition Corp. | 25114 |
| 7294 | &nbsp;&nbsp;&nbsp;Vendome Acquisition Corp. I | 73086 |
| 4527 | &nbsp;&nbsp;&nbsp;Four Leaf Acquisition Corp. - Class A~ | 52423 |
| 7970 | &nbsp;&nbsp;&nbsp;Everest Consolidator Acquisition Corp.‡‡‡ | 92213 |
| 15116 | &nbsp;&nbsp;&nbsp;FutureTech II Acquisition Corp. - Class A~ | 176857 |
|  |  | 429034 |
|  | **Total Common Stocks** |  |
|  | (Cost $1,096,263) | 1076883 |
| **Rights (0.0%) #** | **Rights (0.0%) #** |  |
|  | ***Consumer Staples (0.0%)*** |  |
| 755 | &nbsp;&nbsp;&nbsp;Mirati Therapeutics, Inc., |  |
|  | &nbsp;&nbsp;&nbsp;(Expires 12/31/99)‡‡‡ | 755 |
|  | ***Special Purpose Acquisition Companies (0.0%)*** |  |
| 23 | &nbsp;&nbsp;&nbsp;Quetta Acquisition Corp., |  |
|  | &nbsp;&nbsp;&nbsp;(Expires 11/30/24) | 32 |
| 327 | &nbsp;&nbsp;&nbsp;Ai Transportation Acquisition Corp., |  |
|  | &nbsp;&nbsp;&nbsp;(Expires 10/25/24) | 49 |
| 81 | &nbsp;&nbsp;&nbsp;Black Hawk Acquisition Corp., |  |
|  | &nbsp;&nbsp;&nbsp;(Expires 6/20/25) | 121 |
|  |  | 202 |
|  | **Total Rights** |  |
|  | (Cost $706) | 957 |
| **Warrants (0.2%) #** | **Warrants (0.2%) #** |  |
|  | ***Materials (0.2%)*** |  |
| 7200 | &nbsp;&nbsp;&nbsp;Blue Gold Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;06/25/30, Strike $11.50 | 3380 |
|  | ***Special Purpose Acquisition Company (0.0%)*** |  |
| 115 | &nbsp;&nbsp;&nbsp;Spark I Acquisition Corp. |  |
|  | &nbsp;&nbsp;&nbsp;11/27/28, Strike $11.50 | 28 |
|  | **Total Warrants** |  |
|  | (Cost $2,196) | 3408 |

---

See accompanying Notes to Schedule of Investments

**Calamos Merger Arbitrage Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**CONTRACTS/**<br>**NOTIONAL**<br>**AMOUNT** |  | <br>**VALUE** |
| **Exchange-Traded Purchased Option # (0.0%)** | **Exchange-Traded Purchased Option # (0.0%)** |  |
|  | ***Energy (0.0%)*** |  |
| 3 | &nbsp;&nbsp;&nbsp;Noble Corp. PLC |  |
| 8043 | &nbsp;&nbsp;&nbsp;Expires 09/19/25, Strike $32.50 |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $399) | $90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(87.6%)**<br> (Cost $1,885,805) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(87.6%)**<br> (Cost $1,885,805) | 1874860 |
| OTHER ASSETS, LESS LIABILITIES (12.4%) | OTHER ASSETS, LESS LIABILITIES (12.4%) | 266438 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $2141298 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**SHARES** |  | <br>**VALUE** |
| **Common Stocks Sold Short (-3.4%) #** | **Common Stocks Sold Short (-3.4%) #** |  |
|  | ***Communication Services (-0.5%)*** |  |
| (136) | &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | $(9799) |
|  | ***Industrials (-2.9%)*** |  |
| (282) | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | (62595) |
|  | **Total Common Stocks Sold Short** |  |
|  | (Proceeds $73,867) | $(72394) |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**CONTRACTS/**<br>**NOTIONAL**<br>**AMOUNT** |  | <br>**VALUE** |
| **Exchange-Traded Written Option (0.0%) #** | **Exchange-Traded Written Option (0.0%) #** |  |
|  | ***Energy (0.0%)*** |  |
| (6) | &nbsp;&nbsp;&nbsp;Noble Corp. PLC |  |
| (16086) | &nbsp;&nbsp;&nbsp;Call, 09/19/25, Strike $35.00 |  |
|  | &nbsp;&nbsp;&nbsp;(Premium $432) | $(75) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **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 $351,387. |
| **@** | In default status and considered non-income producing. |
| **\*** | 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. |

---

**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.

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of July 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;Convertible Bonds | $— | $793522 | $— | $793522 |
| &nbsp;&nbsp;&nbsp;Common Stocks | 824706 | 159964 | 92213 | 1076883 |
| &nbsp;&nbsp;&nbsp;Rights |  | 202 | 755 | 957 |
| &nbsp;&nbsp;&nbsp;Warrants | 3380 | 28 |  | 3408 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Option | 90 |  |  | 90 |
| **Total** | $828176 | $953716 | $92968 | $1874860 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks Sold Short | $72394 | $— | $— | $72394 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Option | 75 |  |  | 75 |
| **Total** | $72469 | $— | $— | $72469 |

---

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 July 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments<br> in Securities | Balance as<br> of October<br> 31, 2024 | Accrued<br> Discounts/<br> (Premiums) | Realized<br> Gain (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 July<br> 31, 2025 | Net change in<br> Unrealized<br> Appreciation<br> (Depreciation) from<br> investments still<br> held as of July 31,<br> 2025 |
| Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $92213 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $92213 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Rights | 755 |  |  |  |  |  |  |  | 755 |  |
| Total | $755 | $— | $— | $— | $— | $— | $92213 | $— | $92968 | $— |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| **CONVERTIBLE BONDS (85.9%)** | **CONVERTIBLE BONDS (85.9%)** |  |
|  | **Communication Services (12.8%)** |  |
| 4250000 | &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;2.375%, 10/15/32 | $4479075 |
| 16000000 | &nbsp;&nbsp;&nbsp;DoorDash, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 05/15/30 | 17395840 |
| 11250000 | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One |  |
|  | &nbsp;&nbsp;&nbsp;2.250%, 08/15/27 | 14661788 |
| 16250000 | &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;2.875%, 01/15/30 | 17500437 |
| 4000000 | &nbsp;&nbsp;&nbsp;MakeMyTrip Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/01/30 | 4123840 |
| 16750000 | &nbsp;&nbsp;&nbsp;Snap, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 05/01/30 | 14697622 |
|  | &nbsp;&nbsp;&nbsp;Uber Technologies, Inc. |  |
| 13500000 | &nbsp;&nbsp;&nbsp;0.000%, 05/15/28\* | 15122835 |
| 10532000 | &nbsp;&nbsp;&nbsp;0.875%, 12/01/28 | 14394295 |
| 5250000 | &nbsp;&nbsp;&nbsp;0.000%, 12/15/25^ | 5974763 |
|  |  | 108350495 |
|  | **Consumer Discretionary (8.1%)** |  |
| 11750000 | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 06/01/31 | 15620802 |
| 5750000 | &nbsp;&nbsp;&nbsp;Carnival Corp. |  |
|  | &nbsp;&nbsp;&nbsp;5.750%, 12/01/27 | 13306248 |
| 4000000 | &nbsp;&nbsp;&nbsp;Etsy, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 06/15/30 | 4035520 |
| 3500000 | &nbsp;&nbsp;&nbsp;Lucid Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 04/01/30 | 3531045 |
| 14000000 | &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.625%, 10/15/30 | 12214160 |
| 1000000 | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 08/15/25 | 6411970 |
| 3875000 | &nbsp;&nbsp;&nbsp;Shake Shack, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 03/01/28 | 3913285 |
| 6000000 | &nbsp;&nbsp;&nbsp;Wayfair, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 11/15/28 | 9702840 |
|  |  | 68735870 |
|  | **Consumer Staples (1.0%)** |  |
| 4000000 | &nbsp;&nbsp;&nbsp;Enovis Corp. |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 10/15/28 | 3821200 |
| 4000000 | &nbsp;&nbsp;&nbsp;Oddity Finance LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 4222160 |
|  |  | 8043360 |
|  | **Energy (0.6%)** |  |
| 5000000 | &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.625%, 04/15/29 | 5216950 |
|  | **Financials (2.7%)** |  |
| 4500000 | &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 12/15/29 | 4758435 |
| 6375000 | &nbsp;&nbsp;&nbsp;Coinbase Global, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 04/01/30 | 8738404 |
| 2875000 | &nbsp;&nbsp;&nbsp;IREN Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 12/15/29 | 4099635 |
| 4500000 | &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 11/15/30 | 5384655 |
|  |  | 22981129 |
|  | **Health Care (7.3%)** |  |
| 5500000 | &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 09/15/27 | 8096770 |
| 8500000 | &nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 03/15/30 | 8400975 |
| 3750000 | &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;2.500%, 03/15/27 | 4944525 |
| 6250000 | &nbsp;&nbsp;&nbsp;Exact Sciences Corp.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;2.000%, 03/01/30 | 6025937 |
| 8250000 | &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 03/01/27 | 8540152 |
| 4250000 | &nbsp;&nbsp;&nbsp;Integer Holdings Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;1.875%, 03/15/30 | 4177538 |
| 4500000 | &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;1.750%, 06/15/28 | 4927815 |
| 8000000 | &nbsp;&nbsp;&nbsp;Jazz Investments I Ltd.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;3.125%, 09/15/30 | 8835920 |
| 2859000 | &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;2.625%, 12/15/27 | 3381368 |
| 3500000 | &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 02/01/29 | 4129405 |
|  |  | 61460405 |
|  | **Industrials (3.9%)** |  |
| 7500000 | &nbsp;&nbsp;&nbsp;AeroVironment, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/15/30 | 8447400 |
| 2000000 | &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 12/15/27 | 6600480 |
| 4500000 | &nbsp;&nbsp;&nbsp;Bloom Energy Corp. |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 06/01/28 | 9462690 |
| 3250000 | &nbsp;&nbsp;&nbsp;Fluor Corp. |  |
|  | &nbsp;&nbsp;&nbsp;1.125%, 08/15/29 | 4577788 |
| 3500000 | &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;2.250%, 08/15/28 | 3991995 |
|  |  | 33080353 |
|  | **Information Technology (38.1%)** |  |
| 4750000 | &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;2.500%, 09/15/28 | 5836230 |
| 8000000 | &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 05/15/33 | 8072480 |
| 3500000 | &nbsp;&nbsp;&nbsp;Alkami Technology, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;1.500%, 03/15/30 | 3576335 |
| 1250000 | &nbsp;&nbsp;&nbsp;Applied Digital Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;2.750%, 06/01/30 | 1959613 |
| 9250000 | &nbsp;&nbsp;&nbsp;Bill Holdings, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 04/01/30 | 7816250 |
| 10287000 | &nbsp;&nbsp;&nbsp;Cloudflare, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 11453854 |
|  | &nbsp;&nbsp;&nbsp;Core Scientific, Inc.\* |  |
| 9250000 | &nbsp;&nbsp;&nbsp;0.000%, 06/15/31^ | 9344535 |
| 2625000 | &nbsp;&nbsp;&nbsp;3.000%, 09/01/29 | 3833786 |
| 16200000 | &nbsp;&nbsp;&nbsp;CyberArk Software Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 16678062 |
| 18500000 | &nbsp;&nbsp;&nbsp;Datadog, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 12/01/29 | 17993655 |
| 8750000 | &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;1.250%, 11/01/29 | 10049988 |
| 4000000 | &nbsp;&nbsp;&nbsp;Itron, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.375%, 07/15/30 | 4598000 |
| 3986000 | &nbsp;&nbsp;&nbsp;Life360, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/01/30 | 4711970 |
| 7750000 | &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.500%, 12/15/29 | 13323567 |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 8500000 | &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 12/15/29 | $8888790 |
|  | &nbsp;&nbsp;&nbsp;MicroStrategy, Inc. |  |
| 20500000 | &nbsp;&nbsp;&nbsp;0.000%, 03/01/30\* | 24056545 |
| 6750000 | &nbsp;&nbsp;&nbsp;0.875%, 03/15/31 | 12695467 |
| 7500000 | &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 06/01/30 | 8875050 |
| 16250000 | &nbsp;&nbsp;&nbsp;MKS, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;1.250%, 06/01/30 | 15875437 |
| 11500000 | &nbsp;&nbsp;&nbsp;Nutanix, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 12/15/29 | 12997070 |
| 7250000 | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 05/01/27 | 8934973 |
|  | &nbsp;&nbsp;&nbsp;PAR Technology Corp. |  |
| 2750000 | &nbsp;&nbsp;&nbsp;1.500%, 10/15/27 | 2988288 |
| 2200000 | &nbsp;&nbsp;&nbsp;1.000%, 01/15/30\* | 2094598 |
| 4750000 | &nbsp;&nbsp;&nbsp;Parsons Corp. |  |
|  | &nbsp;&nbsp;&nbsp;2.625%, 03/01/29 | 5196643 |
| 4000000 | &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 06/01/26 | 4397880 |
| 4500000 | &nbsp;&nbsp;&nbsp;Rapid7, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.250%, 03/15/29 | 3998250 |
| 2625000 | &nbsp;&nbsp;&nbsp;Riot Platforms, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 01/15/30 | 3044974 |
| 4298000 | &nbsp;&nbsp;&nbsp;Rubrik, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 4615794 |
| 6250000 | &nbsp;&nbsp;&nbsp;Seagate HDD Cayman |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 06/01/28 | 12125250 |
|  | &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. |  |
| 7750000 | &nbsp;&nbsp;&nbsp;0.500%, 08/01/27^ | 8449980 |
| 6750000 | &nbsp;&nbsp;&nbsp;0.000%, 12/15/25 | 8779455 |
| 11250000 | &nbsp;&nbsp;&nbsp;Snowflake, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 10/01/29 | 17503987 |
| 7000000 | &nbsp;&nbsp;&nbsp;Spotify USA, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 03/15/26 | 8880060 |
| 3500000 | &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 4462815 |
| 3500000 | &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 03/15/26 | 4232970 |
| 4500000 | &nbsp;&nbsp;&nbsp;Varonis Systems, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 09/15/29 | 4799025 |
| 5000000 | &nbsp;&nbsp;&nbsp;Western Digital Corp. |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 11/15/28 | 10727900 |
| 10000000 | &nbsp;&nbsp;&nbsp;Wolfspeed, Inc.@ |  |
|  | &nbsp;&nbsp;&nbsp;1.875%, 12/01/29 | 3081300 |
|  |  | 320950826 |
|  | **Materials (1.2%)** |  |
| 298000 | &nbsp;&nbsp;&nbsp;Centrus Energy Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;2.250%, 11/01/30 | 710772 |
| 3250000 | &nbsp;&nbsp;&nbsp;MP Materials Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 03/01/30 | 9525067 |
|  |  | 10235839 |
|  | **Other (0.5%)** |  |
| 4000000 | &nbsp;&nbsp;&nbsp;Repligen Corp. |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 12/15/28 | 3898920 |
|  | **Real Estate (2.3%)** |  |
| 8750000 | &nbsp;&nbsp;&nbsp;Digital Realty Trust LP\* |  |
|  | &nbsp;&nbsp;&nbsp;1.875%, 11/15/29 | 9243413 |
| 7250000 | &nbsp;&nbsp;&nbsp;Welltower OP LLC\*^ |  |
|  | &nbsp;&nbsp;&nbsp;3.125%, 07/15/29 | 10045092 |
|  |  | 19288505 |
|  | **Utilities (7.4%)** |  |
| 11000000 | &nbsp;&nbsp;&nbsp;CMS Energy Corp. |  |
|  | &nbsp;&nbsp;&nbsp;3.375%, 05/01/28 | 12063590 |
| 8000000 | &nbsp;&nbsp;&nbsp;Duke Energy Corp. |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/15/26 | 8573200 |
| 17750000 | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 03/01/27 | 20255767 |
| 11500000 | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;2.875%, 03/15/28 | 12845040 |
| 7500000 | &nbsp;&nbsp;&nbsp;Southern Co. |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 06/15/27 | 8398950 |
|  |  | 62136547 |
|  | **TOTAL CONVERTIBLE BONDS** |  |
|  | (Cost $639,171,875) | 724379199 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**SHARES** |  | <br>**VALUE** |
| **CONVERTIBLE PREFERRED STOCKS (11.3%)** | **CONVERTIBLE PREFERRED STOCKS (11.3%)** |  |
|  | **Financials (4.8%)** |  |
| 127810 | &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc.~ |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 07/31/26 | $9736566 |
| 173440 | &nbsp;&nbsp;&nbsp;ARES Management Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 10/01/27 | 9816704 |
| 10300 | &nbsp;&nbsp;&nbsp;Bank of America Corp.~‡‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.250% | 12566000 |
| 153130 | &nbsp;&nbsp;&nbsp;KKR & Co., Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 03/01/28 | 8797318 |
|  |  | 40916588 |
|  | **Industrials (3.9%)** |  |
| 397810 | &nbsp;&nbsp;&nbsp;Boeing Co.~ |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 10/15/27 | 28125167 |
| 81910 | &nbsp;&nbsp;&nbsp;QXO, Inc.# |  |
|  | &nbsp;&nbsp;&nbsp;5.500%, 05/15/28 | 4736036 |
|  |  | 32861203 |
|  | **Information Technology (2.0%)** |  |
| 157080 | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. |  |
|  | &nbsp;&nbsp;&nbsp;7.625%, 09/01/27 | 9424800 |
| 120070 | &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 03/15/28 | 7553604 |
|  |  | 16978404 |
|  | **Materials (0.6%)** |  |
| 141385 | &nbsp;&nbsp;&nbsp;Albemarle Corp. |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 03/01/27 | 4801435 |
|  | **TOTAL CONVERTIBLE PREFERRED STOCKS** |  |
|  | (Cost $82,913,146) | 95557630 |
| **Common Stocks (0.7%)** | **Common Stocks (0.7%)** |  |
|  | **Communication Services (0.5%)** |  |
| 74133 | &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.^# | 3941652 |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  | **VALUE** |
|  | **Energy (0.2%)** | |
| 9285 | &nbsp;&nbsp;&nbsp;Centrus Energy Corp. - Class A^# | $1999989 |
|  | **Total Common Stocks**<br> (Cost $5,847,570) | $5941641 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Options (0.1%) #** | **Exchange-Traded Purchased Options (0.1%) #** |  |
|  | **Communication Services (0.0%)** |  |
| 500<br> 2658500 | &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.<br> Put, 09/19/25, Strike $45.00 | $163750 |
|  | **Other (0.1%)** |  |
| 800<br> 50566400 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust<br> Put, 08/15/25, Strike $575.00 | 35600 |
| 700<br> 44245600 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust<br> Put, 09/19/25, Strike $600.00 | 346850 |
|  |  | 382450 |
|  | **Total Exchange-Traded Purchased Options**<br> (Cost $1,888,933) | 546200 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES/<br> PRINCIPAL AMOUNT** |  | **VALUE** |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (6.1%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (6.1%)** |  |
| 51187763 | State Street Navigator Securities Lending Government Money Market Portfolio, 4.325%†\*\*\*<br> (Cost $51,187,763) | $51187763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (104.1%)**<br> (Cost $781,009,287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (104.1%)**<br> (Cost $781,009,287) | 877612433 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-6.1%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-6.1%) | (51187763) |
| OTHER ASSETS, LESS LIABILITIES (2.0%) | OTHER ASSETS, LESS LIABILITIES (2.0%) | 16910160 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $843334830 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** |
| **COUNTERPARTY** | **LONG <br> CONTRACTS** | **SETTLEMENT<br> DATE** | **LOCAL <br> CURRENCY** | **CURRENT <br> VALUE** | **UNREALIZED <br> GAIN/LOSS** |
| Goldman Sachs & Co. | Hong Kong Dollar | 08/22/25 | 46403000 | $5921580 | $(43281) |
| Bank of New York | Hong Kong Dollar | 08/22/25 | 13937000 | 1778529 | (15727) |
| State Street Bank and Trust | Hong Kong Dollar | 08/22/25 | 10099000 | 1288754 | (2245) |
| Northern Trust Company | Hong Kong Dollar | 08/22/25 | 6769000 | 863806 | (3249) |
|  |  |  |  |  | $(64502) |
| **COUNTERPARTY** | **SHORT <br> CONTRACTS** | **SETTLEMENT<br> DATE** | **LOCAL <br> CURRENCY** | **CURRENT<br> VALUE** | **UNREALIZED<br> GAIN/LOSS** |
| Northern Trust Company | Hong Kong Dollar | 08/22/25 | 5595000 | $713989 | $2928 |
| Northern Trust Company | Hong Kong Dollar | 08/22/25 | 13114000 | 1673504 | 2713 |
| State Street Bank and Trust | Hong Kong Dollar | 08/22/25 | 152879000 | 19509196 | 159506 |
|  |  |  |  |  | $165147 |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **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 $32,573,731. |
| **@** | In default status and considered non-income producing. |
| **‡‡** | Perpetual maturity. |
| **#** | Non-income producing security. |
| **†** | Represents investment of cash collateral received from securities on loan as of July 31, 2025. |
| **\*\*\*** | The rate disclosed is the 7 day net yield as of July 31, 2025. |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of July 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** | | | | |
| &nbsp;&nbsp;&nbsp;Convertible Bonds | $— | $724379199 | $— | $724379199 |
| &nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | 95557630 |  |  | 95557630 |
| &nbsp;&nbsp;&nbsp;Common Stocks | 5941641 |  |  | 5941641 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | 546200 |  |  | 546200 |
| &nbsp;&nbsp;&nbsp;Investment of Cash Collateral For Securities Loaned |  | 51187763 |  | 51187763 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts |  | 165147 |  | 165147 |
| **Total** | $102045471 | $775732109 | $— | $877777580 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts | $— | $64502 | $— | $64502 |
| **Total** | $— | $64502 | $— | $64502 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Convertible Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |  | <br>**VALUE** |
| **CONVERTIBLE BONDS (87.9%)** | **CONVERTIBLE BONDS (87.9%)** | **CONVERTIBLE BONDS (87.9%)** |  |
|  |  | **Communication Services (11.7%)** |  |
| 626000 |  | &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;2.375%, 10/15/32 | $659741 |
| 2775000 |  | &nbsp;&nbsp;&nbsp;DoorDash, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 05/15/30 | 3017091 |
| 3835000 |  | &nbsp;&nbsp;&nbsp;JD.com, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.250%, 06/01/29 | 3942188 |
| 2789000 |  | &nbsp;&nbsp;&nbsp;MakeMyTrip Ltd.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 07/01/30 | 2875348 |
| 1257000 |  | &nbsp;&nbsp;&nbsp;Snap, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.500%, 05/01/30 | 1102980 |
| 2522000 |  | &nbsp;&nbsp;&nbsp;Trip.com Group Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.750%, 06/15/29 | 2870843 |
|  |  | &nbsp;&nbsp;&nbsp;Uber Technologies, Inc. |  |
| 1196000 |  | &nbsp;&nbsp;&nbsp;0.875%, 12/01/28 | 1634597 |
| 614000 |  | &nbsp;&nbsp;&nbsp;0.000%, 05/15/28\* | 687809 |
|  |  |  | 16790597 |
|  |  | **Consumer Discretionary (17.8%)** |  |
| 2363200 | EUR | &nbsp;&nbsp;&nbsp;Accor SA |  |
|  |  | &nbsp;&nbsp;&nbsp;0.700%, 12/07/27 | 1514785 |
| 5092000 |  | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.500%, 06/01/31 | 6769458 |
| 1411000 |  | &nbsp;&nbsp;&nbsp;Etsy, Inc.\*^ |  |
|  |  | &nbsp;&nbsp;&nbsp;1.000%, 06/15/30 | 1423530 |
| 1329000 |  | &nbsp;&nbsp;&nbsp;Farfetch Ltd.@ |  |
|  |  | &nbsp;&nbsp;&nbsp;3.750%, 05/01/27 | 27803 |
| 1400000 | AUD | &nbsp;&nbsp;&nbsp;Flight Centre Travel Group Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.625%, 11/01/28 | 877064 |
| 160000000 | JPY | &nbsp;&nbsp;&nbsp;Kyoritsu Maintenance Co. Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 01/29/26 | 1661676 |
| 970000 |  | &nbsp;&nbsp;&nbsp;Lucid Group, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;5.000%, 04/01/30 | 978604 |
| 1752000 |  | &nbsp;&nbsp;&nbsp;Meritage Homes Corp.^ |  |
|  |  | &nbsp;&nbsp;&nbsp;1.750%, 05/15/28 | 1732518 |
| 646000 |  | &nbsp;&nbsp;&nbsp;NIO, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;4.625%, 10/15/30 | 482801 |
| 1200000 | EUR | &nbsp;&nbsp;&nbsp;Pirelli & C SpA |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 12/22/25 | 1445895 |
| 2569000 |  | &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;4.625%, 03/15/29 | 2535834 |
| 160000000 | JPY | &nbsp;&nbsp;&nbsp;Sanrio Co. Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 12/14/28 | 2600286 |
| 1398000 |  | &nbsp;&nbsp;&nbsp;Wayfair, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;3.500%, 11/15/28 | 2260762 |
| 1283000 |  | &nbsp;&nbsp;&nbsp;Wynn Macau Ltd.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;4.500%, 03/07/29 | 1329752 |
|  |  |  | 25640768 |
|  |  | **Consumer Staples (3.2%)** |  |
| 600000 | EUR | &nbsp;&nbsp;&nbsp;Davide Campari-Milano NV |  |
|  |  | &nbsp;&nbsp;&nbsp;2.375%, 01/17/29 | 671909 |
| 1208000 |  | &nbsp;&nbsp;&nbsp;Enovis Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;3.875%, 10/15/28 | 1154002 |
| 1000000 | EUR | &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano SAB de CV |  |
|  |  | &nbsp;&nbsp;&nbsp;2.625%, 02/24/26 | 1140309 |
| 1500000 |  | &nbsp;&nbsp;&nbsp;Oddity Finance LLC\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 1583310 |
|  |  |  | 4549530 |
|  |  | **Energy (4.2%)** |  |
| 2300000 | EUR | &nbsp;&nbsp;&nbsp;Eni SpA |  |
|  |  | &nbsp;&nbsp;&nbsp;2.950%, 09/14/30 | 2735235 |
| 670000 |  | &nbsp;&nbsp;&nbsp;Nabors Industries, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.750%, 06/15/29 | 403909 |
| 1341000 |  | &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;3.625%, 04/15/29 | 1399186 |
| 613000 |  | &nbsp;&nbsp;&nbsp;Peabody Energy Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;3.250%, 03/01/28 | 693377 |
| 500000 | EUR | &nbsp;&nbsp;&nbsp;Saipem SpA |  |
|  |  | &nbsp;&nbsp;&nbsp;2.875%, 09/11/29 | 831153 |
|  |  |  | 6062860 |
|  |  | **Financials (1.8%)** |  |
| 622000 |  | &nbsp;&nbsp;&nbsp;Global Payments, Inc.^ |  |
|  |  | &nbsp;&nbsp;&nbsp;1.500%, 03/01/31 | 565199 |
| 2037000 |  | &nbsp;&nbsp;&nbsp;Rexford Industrial Realty LP\* |  |
|  |  | &nbsp;&nbsp;&nbsp;4.125%, 03/15/29 | 2004062 |
|  |  |  | 2569261 |
|  |  | **Health Care (7.5%)** |  |
| 761000 |  | &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.000%, 09/15/27 | 1120299 |
| 841000 |  | &nbsp;&nbsp;&nbsp;CONMED Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;2.250%, 06/15/27 | 800489 |
| 623000 |  | &nbsp;&nbsp;&nbsp;Dexcom, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.375%, 05/15/28 | 576605 |
|  |  | &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.^ |  |
| 785000 |  | &nbsp;&nbsp;&nbsp;1.000%, 08/15/28 | 969444 |
| 622000 |  | &nbsp;&nbsp;&nbsp;0.250%, 03/01/27 | 643876 |
| 779000 |  | &nbsp;&nbsp;&nbsp;Integer Holdings Corp.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;1.875%, 03/15/30 | 765718 |
| 788000 |  | &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.500%, 08/15/25 | 784107 |
| 753000 |  | &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 04/01/26 | 783248 |
| 1295000 |  | &nbsp;&nbsp;&nbsp;Jazz Investments I Ltd.^ |  |
|  |  | &nbsp;&nbsp;&nbsp;2.000%, 06/15/26 | 1329926 |
| 415000 |  | &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;2.625%, 12/15/27 | 490825 |
| 941000 |  | &nbsp;&nbsp;&nbsp;NeoGenomics, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.250%, 01/15/28 | 794646 |
| 255000 |  | &nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.750%, 08/01/25 | 254347 |
| 759000 |  | &nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.250%, 09/15/27 | 622782 |
| 618000 |  | &nbsp;&nbsp;&nbsp;TransMedics Group, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.500%, 06/01/28 | 918280 |
|  |  |  | 10854592 |
|  |  | **Industrials (3.8%)** |  |
| 370000 |  | &nbsp;&nbsp;&nbsp;AeroVironment, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 07/15/30 | 416739 |
| 180000000 | JPY | &nbsp;&nbsp;&nbsp;Daifuku Co. Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 09/13/30 | 1548394 |
| 600000 | EUR | &nbsp;&nbsp;&nbsp;Duerr AG |  |
|  |  | &nbsp;&nbsp;&nbsp;0.750%, 01/15/26 | 681474 |
| 700000 |  | &nbsp;&nbsp;&nbsp;L&F Co. Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;2.500%, 04/26/30 | 414876 |
| 600000 | EUR | &nbsp;&nbsp;&nbsp;SPIE SA |  |
|  |  | &nbsp;&nbsp;&nbsp;2.000%, 01/17/28 | 1106589 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Convertible Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |  | <br>**VALUE** |
| 1100000 | EUR | &nbsp;&nbsp;&nbsp;Vinci SA |  |
|  |  | &nbsp;&nbsp;&nbsp;0.700%, 02/18/30 | $1325366 |
|  |  |  | 5493438 |
|  |  | **Information Technology (30.1%)** |  |
|  |  | &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc. |  |
| 978000 |  | &nbsp;&nbsp;&nbsp;1.125%, 02/15/29^ | 920083 |
| 695000 |  | &nbsp;&nbsp;&nbsp;0.250%, 05/15/33\* | 701297 |
| 1352000 |  | &nbsp;&nbsp;&nbsp;Bill Holdings, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 04/01/30 | 1142440 |
| 1400000 |  | &nbsp;&nbsp;&nbsp;CyberArk Software Ltd.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 1441314 |
| 1358000 |  | &nbsp;&nbsp;&nbsp;Datadog, Inc.\*^ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 12/01/29 | 1320832 |
| 2203000 |  | &nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc.^ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 12/01/26 | 2064718 |
| 1374000 |  | &nbsp;&nbsp;&nbsp;Dropbox, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 03/01/28 | 1363613 |
| 637000 |  | &nbsp;&nbsp;&nbsp;Five9, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.000%, 03/15/29 | 559292 |
| 600000 |  | &nbsp;&nbsp;&nbsp;Gigabyte Technology Co. Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 07/27/28 | 675330 |
| 649000 |  | &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;1.250%, 11/01/29 | 745422 |
| 663000 |  | &nbsp;&nbsp;&nbsp;LivePerson, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 12/15/26 | 260944 |
| 1166000 |  | &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.500%, 12/15/29 | 2004552 |
| 4539000 |  | &nbsp;&nbsp;&nbsp;MicroStrategy, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 12/01/29 | 4384901 |
| 633000 |  | &nbsp;&nbsp;&nbsp;MKS, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.250%, 06/01/30 | 618409 |
| 2783000 |  | &nbsp;&nbsp;&nbsp;NCL Corp. Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.125%, 02/15/27 | 2930749 |
| 569000 |  | &nbsp;&nbsp;&nbsp;Nice Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 09/15/25 | 565614 |
| 1356000 |  | &nbsp;&nbsp;&nbsp;Nutanix, Inc.\*^ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.500%, 12/15/29 | 1532524 |
|  |  | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. |  |
| 1301000 |  | &nbsp;&nbsp;&nbsp;0.500%, 03/01/29 | 1236991 |
| 824000 |  | &nbsp;&nbsp;&nbsp;0.000%, 05/01/27 | 1015506 |
| 621000 |  | &nbsp;&nbsp;&nbsp;Parsons Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;2.625%, 03/01/29 | 679393 |
| 1395000 |  | &nbsp;&nbsp;&nbsp;Rubrik, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 1498146 |
| 1291000 |  | &nbsp;&nbsp;&nbsp;Seagate HDD Cayman |  |
|  |  | &nbsp;&nbsp;&nbsp;3.500%, 06/01/28 | 2504592 |
| 329000 |  | &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 12/15/25 | 427917 |
| 1383000 |  | &nbsp;&nbsp;&nbsp;Shopify, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.125%, 11/01/25 | 1419760 |
| 600000 |  | &nbsp;&nbsp;&nbsp;SK Hynix, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.750%, 04/11/30 | 1460802 |
| 1285000 |  | &nbsp;&nbsp;&nbsp;Snowflake, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 10/01/29 | 1999344 |
| 708200 | EUR | &nbsp;&nbsp;&nbsp;SOITEC |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 10/01/25 | 1400687 |
| 796000 |  | &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.250%, 03/15/26 | 962698 |
| 1354000 |  | &nbsp;&nbsp;&nbsp;Unity Software, Inc.\*^ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 03/15/30 | 1645421 |
| 1253000 |  | &nbsp;&nbsp;&nbsp;Varonis Systems, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;1.000%, 09/15/29 | 1336262 |
|  |  | &nbsp;&nbsp;&nbsp;Workiva, Inc. |  |
| 977000 |  | &nbsp;&nbsp;&nbsp;1.250%, 08/15/28 | 901175 |
| 120000 |  | &nbsp;&nbsp;&nbsp;1.125%, 08/15/26 | 125868 |
| 1243000 |  | &nbsp;&nbsp;&nbsp;Xero Investments Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.625%, 06/12/31 | 1533638 |
|  |  |  | 43380234 |
|  |  | **Materials (2.9%)** |  |
| 1448000 |  | &nbsp;&nbsp;&nbsp;Amyris, Inc.@ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 11/15/26 | 11569 |
| 1200000 |  | &nbsp;&nbsp;&nbsp;Gold Pole Capital Co. Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.000%, 06/25/29 | 1456212 |
|  |  | &nbsp;&nbsp;&nbsp;Kansai Paint Co. Ltd. |  |
| 200000000 | JPY | &nbsp;&nbsp;&nbsp;0.000%, 03/08/29 | 1367056 |
| 200000000 | JPY | &nbsp;&nbsp;&nbsp;0.000%, 03/07/31 | 1343767 |
|  |  |  | 4178604 |
|  |  | **Other (1.1%)** |  |
| 180000000 | JPY | &nbsp;&nbsp;&nbsp;SBI Holdings, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 07/25/31 | 1577351 |
|  |  | **Real Estate (0.9%)** |  |
| 1290000 |  | &nbsp;&nbsp;&nbsp;Digital Realty Trust LP\* |  |
|  |  | &nbsp;&nbsp;&nbsp;1.875%, 11/15/29 | 1362743 |
|  |  | **Utilities (2.9%)** |  |
| 1282000 |  | &nbsp;&nbsp;&nbsp;American Water Capital Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;3.625%, 06/15/26 | 1289615 |
| 624000 |  | &nbsp;&nbsp;&nbsp;CMS Energy Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;3.375%, 05/01/28 | 684335 |
| 1307000 |  | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;2.875%, 03/15/28 | 1459867 |
| 724000 |  | &nbsp;&nbsp;&nbsp;Southern Co.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;3.250%, 06/15/28 | 733839 |
|  |  |  | 4167656 |
|  |  | **TOTAL CONVERTIBLE BONDS**<br> (Cost $118,105,250) | 126627634 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  | **VALUE** |
| **CONVERTIBLE PREFERRED STOCKS (8.8%)** | **CONVERTIBLE PREFERRED STOCKS (8.8%)** |  |
|  | **Financials (3.0%)** |  |
| 32723 | &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 07/31/26 | $2492838 |
| 31427 | &nbsp;&nbsp;&nbsp;KKR & Co., Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 03/01/28 | 1805481 |
|  |  | 4298319 |
|  | **Industrials (4.3%)** |  |
| 76944 | &nbsp;&nbsp;&nbsp;Boeing Co. |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 10/15/27 | 5439941 |
| 13927 | &nbsp;&nbsp;&nbsp;QXO, Inc.# |  |
|  | &nbsp;&nbsp;&nbsp;5.500%, 05/15/28 | 805259 |
|  |  | 6245200 |
|  | **Information Technology (1.1%)** |  |
| 24968 | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. |  |
|  | &nbsp;&nbsp;&nbsp;7.625%, 09/01/27 | 1498080 |
|  | **Utilities (0.4%)** |  |
| 15361 | &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.926%, 09/01/25 | 625961 |
|  | **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $9,884,174) | $12667560 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Convertible Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL<br> AMOUNT** |  | **VALUE** |
| **U.S. Government and Agency Security (0.7%)** | **U.S. Government and Agency Security (0.7%)** | **U.S. Government and Agency Security (0.7%)** |
|  | **Other (0.7%)** |  |
| 1071000 | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 03/31/27 |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $1,071,886) | $1068929 |

---

---

| | | | |
|:---|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  |  | **VALUE** |
| **Exchange-Traded Purchased Option (0.1%) #** | **Exchange-Traded Purchased Option (0.1%) #** | **Exchange-Traded Purchased Option (0.1%) #** |  |
|  |  | **Consumer Discretionary (0.1%)** |  |
| 34 | EUR | &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE |  |
| 1605990 |  | &nbsp;&nbsp;&nbsp;Call, 03/20/26, Strike 550.00 |  |
|  |  | &nbsp;&nbsp;&nbsp;(Cost $182,608) | $62663 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES/<br> PRINCIPAL AMOUNT** |  | **VALUE** |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (4.9%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (4.9%)** |  |
| 7087513 | &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.325%†\*\*\* <br> (Cost $7,087,513) | $7087513 |
|  | **TOTAL INVESTMENTS (102.4%)**<br> (Cost $136,331,431) | 147514299 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-4.9%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-4.9%) | (7087513) |
| OTHER ASSETS, LESS LIABILITIES (2.5%) | OTHER ASSETS, LESS LIABILITIES (2.5%) | 3655902 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $144082688 |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **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 July 31, 2025. |
| **\*\*\*** | The rate disclosed is the 7 day net yield as of July 31, 2025. |
| **FOREIGN CURRENCY ABBREVIATIONS** | **FOREIGN CURRENCY ABBREVIATIONS** |
| **AUD** | Australian Dollar |
| **EUR** | European Monetary Unit |
| **JPY** | Japanese Yen |

---

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

See accompanying Notes to Schedule of Investments

**Calamos Global Convertible Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)** 

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of July 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | $— | $126627634 | $— | $126627634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | 12667560 |  |  | 12667560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government and Agency Security |  | 1068929 |  | 1068929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Option | 62663 |  |  | 62663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment of Cash Collateral For Securities Loaned |  | 7087513 |  | 7087513 |
| **Total** | $12730223 | $134784076 | $— | $147514299 |

---

---

| | | |
|:---|:---|:---|
| **CURRENCY EXPOSURE JULY 31, 2025** | **CURRENCY EXPOSURE JULY 31, 2025** | **CURRENCY EXPOSURE JULY 31, 2025** |
|  | **Value** | **% of Total<br> Investments** |
| US Dollar | $123622640 | 83.8% |
| European Monetary Unit | 12916065 | 8.8% |
| Japanese Yen | 10098530 | 6.8% |
| Australian Dollar | 877064 | 0.6% |
| Total Investments | $147514299 | 100.0% |

---

*Currency exposure may vary over time.*

See accompanying Notes to Schedule of Investments

**Calamos Timpani Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  | **VALUE** |
| **Common Stocks (99.4%)** | **Common Stocks (99.4%)** |  |
|  | **Communication Services (0.9%)** |  |
| 72702 | &nbsp;&nbsp;&nbsp;EverQuote, Inc. - Class A# | $1787742 |
| 107773 | &nbsp;&nbsp;&nbsp;Magnite, Inc.# | 2479857 |
|  |  | 4267599 |
|  | **Consumer Discretionary (18.5%)** |  |
| 26506 | &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.# | 3028841 |
| 37393 | &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.# | 6427857 |
| 19144 | &nbsp;&nbsp;&nbsp;Dutch Bros, Inc. - Class A# | 1134665 |
| 57067 | &nbsp;&nbsp;&nbsp;Five Below, Inc.# | 7790787 |
| 936169 | &nbsp;&nbsp;&nbsp;Genius Sports Ltd.# | 10531901 |
| 384824 | &nbsp;&nbsp;&nbsp;Latham Group, Inc.# | 2609107 |
| 353927 | &nbsp;&nbsp;&nbsp;Lincoln Educational Services Corp.# | 8094310 |
| 1115474 | &nbsp;&nbsp;&nbsp;Rush Street Interactive, Inc.# | 22487956 |
| 81403 | &nbsp;&nbsp;&nbsp;Sportradar Group AG - Class A# | 2407087 |
| 39267 | &nbsp;&nbsp;&nbsp;Stride, Inc.# | 5035207 |
| 792694 | &nbsp;&nbsp;&nbsp;Super Group SGHC Ltd. | 8521460 |
| 210847 | &nbsp;&nbsp;&nbsp;Universal Technical Institute, Inc.# | 6793490 |
|  |  | 84862668 |
|  | **Consumer Staples (4.7%)** |  |
| 44420 | &nbsp;&nbsp;&nbsp;elf Beauty, Inc.# | 5383260 |
| 67043 | &nbsp;&nbsp;&nbsp;Guardian Pharmacy Services, Inc. - Class A# | 1401199 |
| 983868 | &nbsp;&nbsp;&nbsp;Mama's Creations, Inc.# | 8126750 |
| 22599 | &nbsp;&nbsp;&nbsp;Oddity Tech Ltd. - Class A# | 1583512 |
| 38595 | &nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | 3201069 |
| 635363 | &nbsp;&nbsp;&nbsp;Zevia PBC - Class A# | 1969625 |
|  |  | 21665415 |
|  | **Energy (0.4%)** |  |
| 70643 | &nbsp;&nbsp;&nbsp;Natural Gas Services Group, Inc.# | 1701790 |
|  | **Financials (10.4%)** |  |
| 32005 | &nbsp;&nbsp;&nbsp;Ategrity Specialty Holdings LLC# | 639460 |
| 61392 | &nbsp;&nbsp;&nbsp;Dave, Inc.# | 14476233 |
| 46573 | &nbsp;&nbsp;&nbsp;Marex Group PLC | 1796786 |
| 12767 | &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.# | 1691500 |
| 149068 | &nbsp;&nbsp;&nbsp;Paymentus Holdings, Inc. - Class A# | 4156016 |
| 30227 | &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | 9531178 |
| 58139 | &nbsp;&nbsp;&nbsp;Sezzle, Inc.# | 9002243 |
| 50839 | &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 6506375 |
|  |  | 47799791 |
|  | **Health Care (19.6%)** |  |
| 485029 | &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp.# | 4966697 |
| 707607 | &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.# | 13232251 |
| 40660 | &nbsp;&nbsp;&nbsp;Artivion, Inc.# | 1256801 |
| 18583 | &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.# | 1248220 |
| 65702 | &nbsp;&nbsp;&nbsp;Eton Pharmaceuticals, Inc.# | 930340 |
| 414181 | &nbsp;&nbsp;&nbsp;Exagen, Inc.# | 3479120 |
| 106230 | &nbsp;&nbsp;&nbsp;GeneDx Holdings Corp.# | 10830148 |
| 39953 | &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.# | 2644089 |
| 159771 | &nbsp;&nbsp;&nbsp;Indivior PLC# | 3227374 |
| 51852 | &nbsp;&nbsp;&nbsp;Insmed, Inc.# | 5562683 |
| 60626 | &nbsp;&nbsp;&nbsp;iRadimed Corp. | 3536921 |
| 241931 | &nbsp;&nbsp;&nbsp;KORU Medical Systems, Inc.# | 837081 |
| 107771 | &nbsp;&nbsp;&nbsp;LENZ Therapeutics, Inc.# | 3208343 |
| 201287 | &nbsp;&nbsp;&nbsp;LifeMD, Inc.# | 2095398 |
| 50478 | &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc.# | 6641895 |
| 81332 | &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals, Inc.# | 4203238 |
| 234998 | &nbsp;&nbsp;&nbsp;OptimizeRx Corp.# | 2965675 |
| 56115 | &nbsp;&nbsp;&nbsp;RadNet, Inc.# | 3071174 |
| 406033 | &nbsp;&nbsp;&nbsp;SI-BONE, Inc.# | 6914742 |
| 54873 | &nbsp;&nbsp;&nbsp;Summit Therapeutics, Inc.# | 1447001 |
| 23757 | &nbsp;&nbsp;&nbsp;UFP Technologies, Inc.# | 5378347 |
| 359366 | &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings, Inc.# | 1829173 |
|  |  | 89506711 |
|  | **Industrials (23.1%)** |  |
| 9847 | &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 2673461 |
| 183329 | &nbsp;&nbsp;&nbsp;Archer Aviation, Inc. - Class A# | 1838790 |
| 55418 | &nbsp;&nbsp;&nbsp;Argan, Inc. | 13576302 |
| 8603 | &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.# | 6499480 |
| 17953 | &nbsp;&nbsp;&nbsp;AZZ, Inc. | 1965854 |
| 196467 | &nbsp;&nbsp;&nbsp;CECO Environmental Corp.# | 8831192 |
| 23832 | &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 4616258 |
| 35476 | &nbsp;&nbsp;&nbsp;FTAI Aviation Ltd. | 4881852 |
| 180580 | &nbsp;&nbsp;&nbsp;Graham Corp.# | 10320147 |
| 46052 | &nbsp;&nbsp;&nbsp;Innodata, Inc.# | 2528255 |
| 68244 | &nbsp;&nbsp;&nbsp;Limbach Holdings, Inc.# | 9349428 |
| 105150 | &nbsp;&nbsp;&nbsp;Mercury Systems, Inc.# | 5529839 |
| 16778 | &nbsp;&nbsp;&nbsp;MYR Group, Inc.# | 3246543 |
| 771488 | &nbsp;&nbsp;&nbsp;NPK International, Inc.# | 6958822 |
| 54872 | &nbsp;&nbsp;&nbsp;Primoris Services Corp. | 5167296 |
| 22263 | &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 3403567 |
| 31939 | &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.# | 8546557 |
| 77089 | &nbsp;&nbsp;&nbsp;TAT Technologies Ltd.# | 2656872 |
| 328055 | &nbsp;&nbsp;&nbsp;Tecogen, Inc.# | 3175572 |
|  |  | 105766087 |
|  | **Information Technology (19.9%)** |  |
| 277070 | &nbsp;&nbsp;&nbsp;Allot Ltd.# | 2144522 |
| 417729 | &nbsp;&nbsp;&nbsp;AvePoint, Inc.# | 7970269 |
| 54059 | &nbsp;&nbsp;&nbsp;Calix, Inc.# | 3064605 |
| 8325 | &nbsp;&nbsp;&nbsp;Celestica, Inc.# | 1663835 |
| 27185 | &nbsp;&nbsp;&nbsp;Ciena Corp.# | 2523855 |
| 8890 | &nbsp;&nbsp;&nbsp;Commvault Systems, Inc.# | 1688655 |
| 93695 | &nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd.# | 10451677 |
| 664972 | &nbsp;&nbsp;&nbsp;Digital Turbine, Inc.# | 3624097 |
| 171387 | &nbsp;&nbsp;&nbsp;Evolv Technologies Holdings, Inc.# | 1123442 |
| 162113 | &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.# | 2862916 |
| 77366 | &nbsp;&nbsp;&nbsp;IonQ, Inc.# | 3084582 |
| 45379 | &nbsp;&nbsp;&nbsp;JFrog Ltd.# | 1969902 |
| 116497 | &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.# | 12823990 |
| 32959 | &nbsp;&nbsp;&nbsp;PAR Technology Corp.# | 2003248 |
| 83815 | &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | 4920779 |
| 470568 | &nbsp;&nbsp;&nbsp;Porch Group, Inc.# | 5938568 |
| 24609 | &nbsp;&nbsp;&nbsp;Rambus, Inc.# | 1819343 |
| 211245 | &nbsp;&nbsp;&nbsp;Red Violet, Inc. | 9364491 |
| 26384 | &nbsp;&nbsp;&nbsp;ServiceTitan, Inc. - Class A# | 3079277 |
| 43089 | &nbsp;&nbsp;&nbsp;SiTime Corp.# | 8740604 |
|  |  | 90862657 |
|  | **Materials (1.9%)** |  |
| 16006 | &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 3991737 |
| 42364 | &nbsp;&nbsp;&nbsp;MP Materials Corp.# | 2605386 |

---

See accompanying Notes to Schedule of Investments

**Calamos Timpani Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  | **VALUE** |
| 639786 | &nbsp;&nbsp;&nbsp;U.S. Antimony Corp.# | $1957745 |
|  |  | 8554868 |
|  | **TOTAL COMMON STOCKS**<br> (Cost $324,753,896) | 454987586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (99.4%)**<br> (Cost $324,753,896) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (99.4%)**<br> (Cost $324,753,896) | 454987586 |
| OTHER ASSETS, LESS LIABILITIES (0.6%) | OTHER ASSETS, LESS LIABILITIES (0.6%) | 2785685 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $457773271 |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **#** | Non-income producing security. |

---

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of July 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $454987586 | $— | $— | $454987586 |
| Total | $454987586 | $0 | $— | $454987586 |

---

See accompanying Notes to Schedule of Investments

**Calamos Timpani SMID Growth Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  | **VALUE** |
| **Common Stocks (99.2%)** | **Common Stocks (99.2%)** |  |
|  | **Communication Services (0.8%)** |  |
| 4039 | &nbsp;&nbsp;&nbsp;EverQuote, Inc. - Class A# | $99319 |
| 6705 | &nbsp;&nbsp;&nbsp;Magnite, Inc.# | 154282 |
|  |  | 253601 |
|  | **Consumer Discretionary (19.0%)** |  |
| 1827 | &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.# | 208771 |
| 1154 | &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.# | 198373 |
| 1675 | &nbsp;&nbsp;&nbsp;Carvana Co.# | 653535 |
| 11008 | &nbsp;&nbsp;&nbsp;DraftKings, Inc. - Class A# | 495800 |
| 2769 | &nbsp;&nbsp;&nbsp;Dutch Bros, Inc. - Class A# | 164119 |
| 4817 | &nbsp;&nbsp;&nbsp;Five Below, Inc.# | 657617 |
| 18865 | &nbsp;&nbsp;&nbsp;Lincoln Educational Services Corp.# | 431442 |
| 3177 | &nbsp;&nbsp;&nbsp;On Holding AG - Class A# | 154307 |
| 77506 | &nbsp;&nbsp;&nbsp;Rush Street Interactive, Inc.# | 1562521 |
| 3196 | &nbsp;&nbsp;&nbsp;Somnigroup International, Inc. | 231326 |
| 6073 | &nbsp;&nbsp;&nbsp;Sportradar Group AG - Class A# | 179579 |
| 2508 | &nbsp;&nbsp;&nbsp;Stride, Inc.# | 321601 |
| 32126 | &nbsp;&nbsp;&nbsp;Super Group SGHC Ltd. | 345354 |
| 546 | &nbsp;&nbsp;&nbsp;TopBuild Corp.# | 202255 |
| 14563 | &nbsp;&nbsp;&nbsp;Universal Technical Institute, Inc.# | 469220 |
|  |  | 6275820 |
|  | **Consumer Staples (6.5%)** |  |
| 549 | &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 285551 |
| 16993 | &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.# | 770463 |
| 3234 | &nbsp;&nbsp;&nbsp;elf Beauty, Inc.# | 391929 |
| 4776 | &nbsp;&nbsp;&nbsp;Guardian Pharmacy Services, Inc. - Class A# | 99818 |
| 44094 | &nbsp;&nbsp;&nbsp;Mama's Creations, Inc.# | 364217 |
| 2320 | &nbsp;&nbsp;&nbsp;Oddity Tech Ltd. - Class A# | 162562 |
| 521 | &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.# | 78952 |
|  |  | 2153492 |
|  | **Financials (10.2%)** |  |
| 2320 | &nbsp;&nbsp;&nbsp;Ategrity Specialty Holdings LLC# | 46354 |
| 4255 | &nbsp;&nbsp;&nbsp;Dave, Inc.# | 1003329 |
| 3397 | &nbsp;&nbsp;&nbsp;Marex Group PLC | 131056 |
| 737 | &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.# | 97645 |
| 9688 | &nbsp;&nbsp;&nbsp;Paymentus Holdings, Inc. - Class A# | 270102 |
| 3360 | &nbsp;&nbsp;&nbsp;Sezzle, Inc.# | 520262 |
| 7227 | &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 824745 |
| 3667 | &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 469303 |
|  |  | 3362796 |
|  | **Health Care (13.0%)** |  |
| 24681 | &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp.# | 252733 |
| 49964 | &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.# | 934327 |
| 2436 | &nbsp;&nbsp;&nbsp;Artivion, Inc.# | 75297 |
| 2721 | &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.# | 182770 |
| 4925 | &nbsp;&nbsp;&nbsp;GeneDx Holdings Corp.# | 502104 |
| 1442 | &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.# | 95432 |
| 4671 | &nbsp;&nbsp;&nbsp;Insmed, Inc.# | 501105 |
| 2408 | &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc.# | 316845 |
| 495 | &nbsp;&nbsp;&nbsp;Masimo Corp.# | 76126 |
| 4708 | &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals, Inc.# | 243309 |
| 693 | &nbsp;&nbsp;&nbsp;Natera, Inc.# | 92626 |
| 404 | &nbsp;&nbsp;&nbsp;Penumbra, Inc.# | 101917 |
| 3459 | &nbsp;&nbsp;&nbsp;RadNet, Inc.# | 189311 |
| 6515 | &nbsp;&nbsp;&nbsp;Summit Therapeutics, Inc.# | 171800 |
| 1654 | &nbsp;&nbsp;&nbsp;Tempus AI, Inc.# | 93600 |
| 1639 | &nbsp;&nbsp;&nbsp;UFP Technologies, Inc.# | 371053 |
| 14863 | &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings, Inc.# | 75653 |
|  |  | 4276008 |
|  | **Industrials (22.6%)** |  |
| 473 | &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 128419 |
| 8925 | &nbsp;&nbsp;&nbsp;Archer Aviation, Inc. - Class A# | 89518 |
| 3524 | &nbsp;&nbsp;&nbsp;Argan, Inc. | 863310 |
| 1651 | &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | 310669 |
| 1241 | &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.# | 937563 |
| 970 | &nbsp;&nbsp;&nbsp;AZZ, Inc. | 106215 |
| 11219 | &nbsp;&nbsp;&nbsp;CECO Environmental Corp.# | 504294 |
| 195 | &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 137143 |
| 1900 | &nbsp;&nbsp;&nbsp;Embraer SA ADR | 109402 |
| 132 | &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 82829 |
| 1786 | &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 345948 |
| 2047 | &nbsp;&nbsp;&nbsp;FTAI Aviation Ltd. | 281688 |
| 1552 | &nbsp;&nbsp;&nbsp;MasTec, Inc.# | 293654 |
| 7375 | &nbsp;&nbsp;&nbsp;Mercury Systems, Inc.# | 387851 |
| 3564 | &nbsp;&nbsp;&nbsp;Primoris Services Corp. | 335622 |
| 1644 | &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.# | 636787 |
| 2019 | &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 308665 |
| 5298 | &nbsp;&nbsp;&nbsp;Rocket Lab Corp.# | 243284 |
| 2033 | &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.# | 544010 |
| 8271 | &nbsp;&nbsp;&nbsp;Toast, Inc. - Class A# | 403956 |
| 3291 | &nbsp;&nbsp;&nbsp;XPO, Inc.# | 395874 |
|  |  | 7446701 |
|  | **Information Technology (25.5%)** |  |
| 2032 | &nbsp;&nbsp;&nbsp;AppLovin Corp. - Class A# | 793902 |
| 9222 | &nbsp;&nbsp;&nbsp;AvePoint, Inc.# | 175956 |
| 3007 | &nbsp;&nbsp;&nbsp;Calix, Inc.# | 170467 |
| 1793 | &nbsp;&nbsp;&nbsp;Celestica, Inc.# | 358349 |
| 2004 | &nbsp;&nbsp;&nbsp;Ciena Corp.# | 186051 |
| 281 | &nbsp;&nbsp;&nbsp;Commvault Systems, Inc.# | 53376 |
| 5628 | &nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd.# | 627803 |
| 635 | &nbsp;&nbsp;&nbsp;CyberArk Software Ltd.# | 261284 |
| 1567 | &nbsp;&nbsp;&nbsp;Descartes Systems Group, Inc.# | 165726 |
| 8761 | &nbsp;&nbsp;&nbsp;Dynatrace, Inc.# | 460916 |
| 9040 | &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.# | 159646 |
| 121 | &nbsp;&nbsp;&nbsp;Fair Isaac Corp.# | 173843 |
| 771 | &nbsp;&nbsp;&nbsp;GoDaddy, Inc. - Class A# | 124578 |
| 2092 | &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.# | 473252 |
| 4179 | &nbsp;&nbsp;&nbsp;IonQ, Inc.# | 166617 |
| 3270 | &nbsp;&nbsp;&nbsp;JFrog Ltd.# | 141951 |
| 9567 | &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.# | 1053135 |
| 491 | &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.# | 107853 |
| 594 | &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 422477 |
| 4585 | &nbsp;&nbsp;&nbsp;Nutanix, Inc. - Class A# | 344655 |
| 7814 | &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | 458760 |
| 7123 | &nbsp;&nbsp;&nbsp;Pure Storage, Inc. - Class A# | 423961 |
| 2077 | &nbsp;&nbsp;&nbsp;Samsara, Inc. - Class A# | 78988 |
| 2054 | &nbsp;&nbsp;&nbsp;ServiceTitan, Inc. - Class A# | 239722 |
| 2820 | &nbsp;&nbsp;&nbsp;SiTime Corp.# | 572037 |
| 1600 | &nbsp;&nbsp;&nbsp;Twilio, Inc. - Class A# | 206400 |
|  |  | 8401705 |
|  | **Materials (1.6%)** |  |
| 1346 | &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 335679 |

---

See accompanying Notes to Schedule of Investments

**Calamos Timpani SMID Growth Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  | **VALUE** |
| 3048 | &nbsp;&nbsp;&nbsp;MP Materials Corp.# | $187452 |
|  |  | 523131 |
|  | **TOTAL COMMON STOCKS**<br> (Cost $24,778,416) | 32693254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (99.2%)**<br> (Cost $24,778,416) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (99.2%)**<br> (Cost $24,778,416) | 32693254 |
| OTHER ASSETS, LESS LIABILITIES (0.8%) | OTHER ASSETS, LESS LIABILITIES (0.8%) | 253353 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $32946607 |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **#** | Non-income producing security. |
| **ABBREVIATION** | **ABBREVIATION** |
| **ADR** | American Depositary Receipt |

---

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of July 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $32693254 | $— | $— | $32693254 |
| **Total** | $32693254 | $— | $— | $32693254 |

---

See accompanying Notes to Schedule of Investments

**Calamos Growth Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  | **VALUE** |
| **Common Stocks (99.2%)** | **Common Stocks (99.2%)** |  |
|  | **Communication Services (16.9%)** |  |
| 516000 | &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A~ | $99020400 |
| 18177 | &nbsp;&nbsp;&nbsp;EverQuote, Inc. - Class A# | 446972 |
| 30398 | &nbsp;&nbsp;&nbsp;Magnite, Inc.#^ | 699458 |
| 105016 | &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 81223575 |
| 41947 | &nbsp;&nbsp;&nbsp;Netflix, Inc.~# | 48633352 |
| 25700 | &nbsp;&nbsp;&nbsp;Spotify Technology SA# | 16102078 |
| 30200 | &nbsp;&nbsp;&nbsp;T-Mobile U.S., Inc. | 7199982 |
| 93000 | &nbsp;&nbsp;&nbsp;Trade Desk, Inc. - Class A#^ | 8087280 |
| 240132 | &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.# | 21071583 |
|  |  | 282484680 |
|  | **Consumer Discretionary (17.2%)** |  |
| 8251 | &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.# | 942842 |
| 72500 | &nbsp;&nbsp;&nbsp;Airbnb, Inc. - Class A# | 9599725 |
| 584000 | &nbsp;&nbsp;&nbsp;Amazon.com, Inc.~# | 136720240 |
| 2495 | &nbsp;&nbsp;&nbsp;Booking Holdings, Inc.~ | 13732630 |
| 5215 | &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.# | 896458 |
| 7552 | &nbsp;&nbsp;&nbsp;Carvana Co.#^ | 2946564 |
| 245200 | &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.# | 10514176 |
| 126900 | &nbsp;&nbsp;&nbsp;DoorDash, Inc. - Class A# | 31756725 |
| 329602 | &nbsp;&nbsp;&nbsp;DraftKings, Inc. - Class A# | 14845274 |
| 12504 | &nbsp;&nbsp;&nbsp;Dutch Bros, Inc. - Class A# | 741112 |
| 21770 | &nbsp;&nbsp;&nbsp;Five Below, Inc.# | 2972040 |
| 85186 | &nbsp;&nbsp;&nbsp;Lincoln Educational Services Corp.#^ | 1948204 |
| 33200 | &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 7422524 |
| 14329 | &nbsp;&nbsp;&nbsp;On Holding AG - Class A#^ | 695960 |
| 36500 | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd.^ | 11602255 |
| 348395 | &nbsp;&nbsp;&nbsp;Rush Street Interactive, Inc.#^ | 7023643 |
| 14444 | &nbsp;&nbsp;&nbsp;Somnigroup International, Inc.^ | 1045457 |
| 27385 | &nbsp;&nbsp;&nbsp;Sportradar Group AG - Class A#^ | 809774 |
| 11320 | &nbsp;&nbsp;&nbsp;Stride, Inc.#^ | 1451564 |
| 144908 | &nbsp;&nbsp;&nbsp;Super Group SGHC Ltd. | 1557761 |
| 79200 | &nbsp;&nbsp;&nbsp;Tesla, Inc.# | 24414984 |
| 2467 | &nbsp;&nbsp;&nbsp;TopBuild Corp.#^ | 913851 |
| 65760 | &nbsp;&nbsp;&nbsp;Universal Technical Institute, Inc.# | 2118787 |
|  |  | 286672550 |
|  | **Consumer Staples (1.7%)** |  |
| 2478 | &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc.^ | 1288882 |
| 76731 | &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.# | 3478984 |
| 14648 | &nbsp;&nbsp;&nbsp;elf Beauty, Inc.#^ | 1775191 |
| 21809 | &nbsp;&nbsp;&nbsp;Guardian Pharmacy Services, Inc. - Class A# | 455808 |
| 199147 | &nbsp;&nbsp;&nbsp;Mama's Creations, Inc.#^ | 1644954 |
| 10474 | &nbsp;&nbsp;&nbsp;Oddity Tech Ltd. - Class A# | 733913 |
| 2355 | &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.# | 356877 |
| 188500 | &nbsp;&nbsp;&nbsp;Walmart, Inc. | 18469230 |
|  |  | 28203839 |
|  | **Financials (6.9%)** |  |
| 23600 | &nbsp;&nbsp;&nbsp;American Express Co. | 7063716 |
| 43500 | &nbsp;&nbsp;&nbsp;ARES Management Corp. - Class A | 8070555 |
| 10477 | &nbsp;&nbsp;&nbsp;Ategrity Specialty Holdings LLC# | 209330 |
| 19231 | &nbsp;&nbsp;&nbsp;Dave, Inc.# | 4534670 |
| 15341 | &nbsp;&nbsp;&nbsp;Marex Group PLC^ | 591856 |
| 40200 | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 8007840 |
| 3351 | &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.# | 443974 |
| 43752 | &nbsp;&nbsp;&nbsp;Paymentus Holdings, Inc. - Class A#^ | 1219806 |
| 27750 | &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 15293025 |
| 15185 | &nbsp;&nbsp;&nbsp;Sezzle, Inc.#^ | 2351245 |
| 32677 | &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 3729099 |
| 155000 | &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 53547850 |
| 112000 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 9030560 |
| 16560 | &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 2119349 |
|  |  | 116212875 |
|  | **Health Care (6.5%)** |  |
| 111056 | &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp.#^ | 1137213 |
| 225651 | &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.#^ | 4219674 |
| 11022 | &nbsp;&nbsp;&nbsp;Artivion, Inc.#^ | 340690 |
| 133500 | &nbsp;&nbsp;&nbsp;Boston Scientific Corp.# | 14006820 |
| 12288 | &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.#^ | 825385 |
| 77200 | &nbsp;&nbsp;&nbsp;Danaher Corp. | 15220752 |
| 39600 | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 29306772 |
| 22236 | &nbsp;&nbsp;&nbsp;GeneDx Holdings Corp.#^ | 2266960 |
| 6516 | &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.# | 431229 |
| 21097 | &nbsp;&nbsp;&nbsp;Insmed, Inc.# | 2263286 |
| 38500 | &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.# | 18521965 |
| 10870 | &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc.#^ | 1430275 |
| 2236 | &nbsp;&nbsp;&nbsp;Masimo Corp.#^ | 343874 |
| 21174 | &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals, Inc.# | 1094272 |
| 3127 | &nbsp;&nbsp;&nbsp;Natera, Inc.# | 417955 |
| 1825 | &nbsp;&nbsp;&nbsp;Penumbra, Inc.# | 460393 |
| 15622 | &nbsp;&nbsp;&nbsp;RadNet, Inc.#^ | 854992 |
| 30750 | &nbsp;&nbsp;&nbsp;Stryker Corp. | 12076448 |
| 29445 | &nbsp;&nbsp;&nbsp;Summit Therapeutics, Inc.#^ | 776465 |
| 7471 | &nbsp;&nbsp;&nbsp;Tempus AI, Inc.#^ | 422784 |
| 7401 | &nbsp;&nbsp;&nbsp;UFP Technologies, Inc.#^ | 1675512 |
| 67002 | &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings, Inc.# | 341040 |
|  |  | 108434756 |
|  | **Industrials (6.5%)** |  |
| 2136 | &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 579924 |
| 40316 | &nbsp;&nbsp;&nbsp;Archer Aviation, Inc. - Class A# | 404370 |
| 15922 | &nbsp;&nbsp;&nbsp;Argan, Inc. | 3900572 |
| 7455 | &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | 1402807 |
| 5600 | &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.# | 4230744 |
| 4383 | &nbsp;&nbsp;&nbsp;AZZ, Inc. | 479939 |
| 98100 | &nbsp;&nbsp;&nbsp;Boeing Co.# | 21762504 |
| 203000 | &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | 14930650 |
| 50669 | &nbsp;&nbsp;&nbsp;CECO Environmental Corp.#^ | 2277572 |
| 881 | &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 619607 |
| 8578 | &nbsp;&nbsp;&nbsp;Embraer SA ADR^ | 493921 |
| 596 | &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 373984 |
| 100500 | &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 14623755 |
| 8065 | &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 1562191 |
| 9252 | &nbsp;&nbsp;&nbsp;FTAI Aviation Ltd. | 1273168 |
| 7015 | &nbsp;&nbsp;&nbsp;MasTec, Inc.# | 1327308 |
| 33097 | &nbsp;&nbsp;&nbsp;Mercury Systems, Inc.#^ | 1740571 |
| 16081 | &nbsp;&nbsp;&nbsp;Primoris Services Corp. | 1514348 |
| 7417 | &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.# | 2872901 |
| 9122 | &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 1394571 |
| 23945 | &nbsp;&nbsp;&nbsp;Rocket Lab Corp.#^ | 1099554 |
| 9194 | &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.#^ | 2460222 |
| 37355 | &nbsp;&nbsp;&nbsp;Toast, Inc. - Class A# | 1824418 |
| 6800 | &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 10937528 |
| 59200 | &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 13566272 |
| 14845 | &nbsp;&nbsp;&nbsp;XPO, Inc.#^ | 1785705 |
|  |  | 109439106 |

---

See accompanying Notes to Schedule of Investments

**Calamos Growth Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  | **VALUE** |
|  | **Information Technology (42.4%)** |  |
| 460000 | &nbsp;&nbsp;&nbsp;Apple, Inc. | $95482200 |
| 9151 | &nbsp;&nbsp;&nbsp;AppLovin Corp. - Class A# | 3575296 |
| 139000 | &nbsp;&nbsp;&nbsp;Arista Networks, Inc.# | 17127580 |
| 41633 | &nbsp;&nbsp;&nbsp;AvePoint, Inc.# | 794358 |
| 181700 | &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 53365290 |
| 13572 | &nbsp;&nbsp;&nbsp;Calix, Inc.# | 769397 |
| 8097 | &nbsp;&nbsp;&nbsp;Celestica, Inc.#^ | 1618266 |
| 9039 | &nbsp;&nbsp;&nbsp;Ciena Corp.# | 839181 |
| 1268 | &nbsp;&nbsp;&nbsp;Commvault Systems, Inc.# | 240857 |
| 25378 | &nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd.# | 2830916 |
| 2870 | &nbsp;&nbsp;&nbsp;CyberArk Software Ltd.# | 1180919 |
| 73000 | &nbsp;&nbsp;&nbsp;Datadog, Inc. - Class A# | 10218540 |
| 7073 | &nbsp;&nbsp;&nbsp;Descartes Systems Group, Inc.#^ | 748040 |
| 39504 | &nbsp;&nbsp;&nbsp;Dynatrace, Inc.# | 2078305 |
| 40804 | &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.# | 720599 |
| 546 | &nbsp;&nbsp;&nbsp;Fair Isaac Corp.# | 784449 |
| 3480 | &nbsp;&nbsp;&nbsp;GoDaddy, Inc. - Class A# | 562298 |
| 9450 | &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.# | 2137779 |
| 15100 | &nbsp;&nbsp;&nbsp;Intuit, Inc. | 11855463 |
| 18872 | &nbsp;&nbsp;&nbsp;IonQ, Inc.#^ | 752427 |
| 14783 | &nbsp;&nbsp;&nbsp;JFrog Ltd.# | 641730 |
| 44200 | &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.# | 7244822 |
| 43159 | &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.#^ | 4750943 |
| 2234 | &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.# | 490720 |
| 288000 | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 153648000 |
| 42600 | &nbsp;&nbsp;&nbsp;MongoDB, Inc.# | 10134114 |
| 2683 | &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 1908257 |
| 20693 | &nbsp;&nbsp;&nbsp;Nutanix, Inc. - Class A# | 1555493 |
| 1071100 | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 190516557 |
| 78760 | &nbsp;&nbsp;&nbsp;Oracle Corp. | 19986925 |
| 41400 | &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.# | 7187040 |
| 35236 | &nbsp;&nbsp;&nbsp;Pegasystems, Inc.^ | 2068705 |
| 32213 | &nbsp;&nbsp;&nbsp;Pure Storage, Inc. - Class A# | 1917318 |
| 9379 | &nbsp;&nbsp;&nbsp;Samsara, Inc. - Class A# | 356683 |
| 28300 | &nbsp;&nbsp;&nbsp;ServiceNow, Inc.# | 26690296 |
| 9261 | &nbsp;&nbsp;&nbsp;ServiceTitan, Inc. - Class A# | 1080851 |
| 12721 | &nbsp;&nbsp;&nbsp;SiTime Corp.#^ | 2580455 |
| 90860 | &nbsp;&nbsp;&nbsp;Snowflake, Inc. - Class A# | 20307210 |
| 36000 | &nbsp;&nbsp;&nbsp;Synopsys, Inc.# | 22804920 |
| 95500 | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 23074710 |
| 7226 | &nbsp;&nbsp;&nbsp;Twilio, Inc. - Class A# | 932154 |
|  |  | 707560063 |
|  | **Materials (1.1%)** |  |
| 6085 | &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 1517538 |
| 15000 | &nbsp;&nbsp;&nbsp;Linde PLC | 6903900 |
| 13766 | &nbsp;&nbsp;&nbsp;MP Materials Corp.# | 846609 |
| 27000 | &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 8933760 |
|  |  | 18201807 |
|  | **TOTAL COMMON STOCKS**<br> (Cost $723,260,468) | 1657209676 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Option (0.1%) #** | **Exchange-Traded Purchased Option (0.1%) #** |  |
|  | **Other (0.1%)** |  |
| 3000 | &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 |  |
| 169503000 | &nbsp;&nbsp;&nbsp;Put, 08/08/25, Strike $560.00 |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $2,315,288) | $1117500 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES/<br> PRINCIPAL AMOUNT** |  | **VALUE** |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.6%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.6%)** |  |
| 26862885 | State Street Navigator Securities Lending Government Money Market Portfolio, 4.325%†\*\*\* <br> (Cost $26,862,885) | $26862885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (100.9%)**<br> (Cost $752,438,641) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (100.9%)**<br> (Cost $752,438,641) | 1685190061 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.6%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.6%) | (26862885) |
| OTHER ASSETS, LESS LIABILITIES (0.7%) | OTHER ASSETS, LESS LIABILITIES (0.7%) | 11324887 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $1669652063 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Written Option (0.0%) #** | **Exchange-Traded Written Option (0.0%) #** |  |
|  | **Other (0.0%)** |  |
| (3000) | &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 |  |
| (169503000) | &nbsp;&nbsp;&nbsp;Put, 08/08/25, Strike $535.00 |  |
|  | &nbsp;&nbsp;&nbsp;(Premium $686,466) | $(156000) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **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 $52,415,226. |
| **#** | Non-income producing security. |
| **^** | Security, or portion of security, is on loan. |
| **†** | Represents investment of cash collateral received from securities on loan as of July 31, 2025. |
| **\*\*\*** | The rate disclosed is the 7 day net yield as of July 31, 2025. |
| **ABBREVIATION** | **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 Growth Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of July 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $1657209676 | $— | $— | $1657209676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Option | 1117500 |  |  | 1117500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment of Cash Collateral For Securities Loaned |  | 26862885 |  | 26862885 |
| **Total** | $1658327176 | $26862885 | $— | $1685190061 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Written Option | $156000 | $— | $— | $156000 |
| **Total** | $156000 | $— | $— | $156000 |

---

See accompanying Notes to Schedule of Investments

**Calamos Growth and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| **PRINCIPAL<br> AMOUNT** |  | **VALUE** |
| **CONVERTIBLE BONDS (17.7%)** | **CONVERTIBLE BONDS (17.7%)** |  |
|  | **Communication Services (3.1%)** |  |
| 7645000 | &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.^\* |  |
|  | &nbsp;&nbsp;&nbsp;2.375%, 10/15/32 | $8057066 |
| 28475000 | &nbsp;&nbsp;&nbsp;DoorDash, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 05/15/30 | 30959159 |
| 7315000 | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One |  |
|  | &nbsp;&nbsp;&nbsp;2.250%, 08/15/27 | 9533420 |
| 13790000 | &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.^\* |  |
|  | &nbsp;&nbsp;&nbsp;2.875%, 01/15/30 | 14851140 |
|  | &nbsp;&nbsp;&nbsp;Uber Technologies, Inc. |  |
| 13580000 | &nbsp;&nbsp;&nbsp;0.875%, 12/01/28 | 18560058 |
| 11405000 | &nbsp;&nbsp;&nbsp;0.000%, 05/15/28\* | 12775995 |
|  |  | 94736838 |
|  | **Consumer Discretionary (1.2%)** |  |
| 7255000 | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 06/01/31 | 9645014 |
| 8644000 | &nbsp;&nbsp;&nbsp;Etsy, Inc.^\* |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 06/15/30 | 8720759 |
| 3065000 | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 08/15/25 | 19652688 |
|  |  | 38018461 |
|  | **Consumer Staples (0.4%)** |  |
| 11750000 | &nbsp;&nbsp;&nbsp;Oddity Finance LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 12402595 |
|  | **Financials (0.5%)** |  |
| 3725000 | &nbsp;&nbsp;&nbsp;Federal Realty OP LP\* |  |
|  | &nbsp;&nbsp;&nbsp;3.250%, 01/15/29 | 3674005 |
| 5885000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Finance LLC |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 11/23/27 | 11248000 |
|  |  | 14922005 |
|  | **Industrials (1.5%)** |  |
| 13410000 | &nbsp;&nbsp;&nbsp;AeroVironment, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/15/30 | 15103951 |
| 2405000 | &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 12/15/27 | 7937077 |
| 3650000 | &nbsp;&nbsp;&nbsp;Bloom Energy Corp. |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 06/01/28 | 7675293 |
| 7200000 | &nbsp;&nbsp;&nbsp;Fluor Corp. |  |
|  | &nbsp;&nbsp;&nbsp;1.125%, 08/15/29 | 10141560 |
| 5615000 | &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;2.250%, 08/15/28 | 6404301 |
|  |  | 47262182 |
|  | **Information Technology (7.4%)** |  |
| 4790000 | &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;2.500%, 09/15/28 | 5885377 |
| 14360000 | &nbsp;&nbsp;&nbsp;Cloudflare, Inc.^\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 15988855 |
| 21800000 | &nbsp;&nbsp;&nbsp;CyberArk Software Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 22443318 |
| 11980000 | &nbsp;&nbsp;&nbsp;Datadog, Inc.^\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 12/01/29 | 11652108 |
| 8690000 | &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.^\* |  |
|  | &nbsp;&nbsp;&nbsp;1.250%, 11/01/29 | 9981073 |
| 3563000 | &nbsp;&nbsp;&nbsp;Life360, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/01/30 | 4211929 |
| 11590000 | &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.500%, 12/15/29 | 19925180 |
| 7260000 | &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 12/15/29 | 7592072 |
| 7155000 | &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.^\* |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 06/01/30 | 8466798 |
| 18840000 | &nbsp;&nbsp;&nbsp;MKS, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;1.250%, 06/01/30 | 18405738 |
| 13895000 | &nbsp;&nbsp;&nbsp;Nutanix, Inc.^\* |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 12/15/29 | 15703851 |
| 6395000 | &nbsp;&nbsp;&nbsp;PAR Technology Corp. |  |
|  | &nbsp;&nbsp;&nbsp;1.500%, 10/15/27 | 6949127 |
| 7945000 | &nbsp;&nbsp;&nbsp;Parsons Corp.^ |  |
|  | &nbsp;&nbsp;&nbsp;2.625%, 03/01/29 | 8692068 |
| 4551000 | &nbsp;&nbsp;&nbsp;Rubrik, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 4887501 |
| 10700000 | &nbsp;&nbsp;&nbsp;Seagate HDD Cayman |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 06/01/28 | 20758428 |
| 12845000 | &nbsp;&nbsp;&nbsp;Snowflake, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 10/01/29 | 19985664 |
| 9020000 | &nbsp;&nbsp;&nbsp;Spotify USA, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 03/15/26 | 11442592 |
| 5280000 | &nbsp;&nbsp;&nbsp;Western Digital Corp. |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 11/15/28 | 11328662 |
|  |  | 224300341 |
|  | **Materials (0.1%)** |  |
| 668000 | &nbsp;&nbsp;&nbsp;Centrus Energy Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;2.250%, 11/01/30 | 1593274 |
|  | **Real Estate (0.8%)** |  |
|  | &nbsp;&nbsp;&nbsp;Welltower OP LLC\* |  |
| 14130000 | &nbsp;&nbsp;&nbsp;3.125%, 07/15/29^ | 19577539 |
| 3145000 | &nbsp;&nbsp;&nbsp;2.750%, 05/15/28 | 5469281 |
|  |  | 25046820 |
|  | **Utilities (2.7%)** |  |
| 15830000 | &nbsp;&nbsp;&nbsp;CMS Energy Corp. |  |
|  | &nbsp;&nbsp;&nbsp;3.375%, 05/01/28 | 17360603 |
| 17800000 | &nbsp;&nbsp;&nbsp;Duke Energy Corp. |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/15/26 | 19075370 |
| 4940000 | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 03/01/27 | 5637380 |
| 16315000 | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;2.875%, 03/15/28 | 18223202 |
| 19155000 | &nbsp;&nbsp;&nbsp;Southern Co. |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 06/15/27 | 21450918 |
|  |  | 81747473 |
|  | **TOTAL CONVERTIBLE BONDS**<br> (Cost $452,024,889) | 540029989 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  | **VALUE** |
| **CONVERTIBLE PREFERRED STOCKS (3.4%)** | **CONVERTIBLE PREFERRED STOCKS (3.4%)** |  |
|  | **Financials (1.0%)** |  |
| 80250 | &nbsp;&nbsp;&nbsp;AMG Capital Trust II |  |
|  | &nbsp;&nbsp;&nbsp;5.150%, 10/15/37 | $4503791 |
| 121125 | &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 07/31/26 | 9227302 |

---

See accompanying Notes to Schedule of Investments

**Calamos Growth and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  | **VALUE** |
| 114300 | &nbsp;&nbsp;&nbsp;ARES Management Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 10/01/27 | $6469380 |
| 163740 | &nbsp;&nbsp;&nbsp;KKR & Co., Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 03/01/28 | 9406863 |
|  |  | 29607336 |
|  | **Industrials (1.3%)** |  |
| 409620 | &nbsp;&nbsp;&nbsp;Boeing Co. |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 10/15/27 | 28960134 |
| 177800 | &nbsp;&nbsp;&nbsp;QXO, Inc.# |  |
|  | &nbsp;&nbsp;&nbsp;5.500%, 05/15/28 | 10280396 |
|  |  | 39240530 |
|  | **Information Technology (0.8%)** |  |
| 191890 | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. |  |
|  | &nbsp;&nbsp;&nbsp;7.625%, 09/01/27 | 11513400 |
| 223020 | &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 03/15/28 | 14030188 |
|  |  | 25543588 |
|  | **Utilities (0.3%)** |  |
| 80675 | &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. (Warner Media LLC, Charter Communications Time, Inc.)#§ |  |
|  | &nbsp;&nbsp;&nbsp;3.369%, 09/15/29 | 3198522 |
| 126115 | &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;7.299%, 06/01/27 | 6058564 |
|  |  | 9257086 |
|  | **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $86,566,484) | 103648540 |
| **Common Stocks (75.3%)** | **Common Stocks (75.3%)** |  |
|  | **Communication Services (8.2%)** |  |
| 486400 | &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 93340160 |
| 115790 | &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 89556618 |
| 27710 | &nbsp;&nbsp;&nbsp;Netflix, Inc.# | 32126974 |
| 65450 | &nbsp;&nbsp;&nbsp;T-Mobile U.S., Inc. | 15603934 |
| 164375 | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 19578706 |
|  |  | 250206392 |
|  | **Consumer Discretionary (9.1%)** |  |
| 582875 | &nbsp;&nbsp;&nbsp;Amazon.com, Inc.# | 136456866 |
| 4050 | &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 22291443 |
| 210500 | &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.# | 9026240 |
| 50445 | &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 18539042 |
| 44130 | &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 9866144 |
| 39390 | &nbsp;&nbsp;&nbsp;McDonald's Corp. | 11819757 |
| 99420 | &nbsp;&nbsp;&nbsp;NIKE, Inc. - Class B | 7425680 |
| 135975 | &nbsp;&nbsp;&nbsp;Starbucks Corp. | 12123531 |
| 131090 | &nbsp;&nbsp;&nbsp;Tesla, Inc.# | 40411115 |
| 76340 | &nbsp;&nbsp;&nbsp;TJX Cos., Inc.~ | 9506620 |
|  |  | 277466438 |
|  | **Consumer Staples (4.2%)** |  |
| 267985 | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 18193502 |
| 117730 | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 9871661 |
| 29260 | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 27493866 |
| 102515 | &nbsp;&nbsp;&nbsp;Dollar General Corp. | 10753824 |
| 109870 | &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 18024173 |
| 107290 | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 16143926 |
| 294690 | &nbsp;&nbsp;&nbsp;Walmart, Inc. | 28873726 |
|  |  | 129354678 |
|  | **Energy (3.4%)** |  |
| 22640 | &nbsp;&nbsp;&nbsp;Centrus Energy Corp. - Class A^# | 4876656 |
| 61653 | &nbsp;&nbsp;&nbsp;Chevron Corp. | 9349061 |
| 220525 | &nbsp;&nbsp;&nbsp;EQT Corp.^ | 11853219 |
| 348130 | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 38865233 |
| 136120 | &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 23166263 |
| 234895 | &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | 14081955 |
|  |  | 102192387 |
|  | **Financials (10.8%)** |  |
| 39170 | &nbsp;&nbsp;&nbsp;American Express Co. | 11723973 |
| 43888 | &nbsp;&nbsp;&nbsp;Assurant, Inc. | 8220222 |
| 541560 | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 25599541 |
| 9110 | &nbsp;&nbsp;&nbsp;Blackrock, Inc. | 10075751 |
| 45675 | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 9820125 |
| 76160 | &nbsp;&nbsp;&nbsp;Chubb Ltd. | 20261606 |
| 171630 | &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 16081731 |
| 21995 | &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 15915362 |
| 173430 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 51376903 |
| 97830 | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 19487736 |
| 68530 | &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 38820189 |
| 123375 | &nbsp;&nbsp;&nbsp;Morgan Stanley | 17576003 |
| 27865 | &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 15356402 |
| 123325 | &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 42605088 |
| 320775 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 25864088 |
|  |  | 328784720 |
|  | **Health Care (5.4%)** |  |
| 166580 | &nbsp;&nbsp;&nbsp;Abbott Laboratories | 21020730 |
| 104205 | &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 19696829 |
| 220975 | &nbsp;&nbsp;&nbsp;Boston Scientific Corp.# | 23184697 |
| 39400 | &nbsp;&nbsp;&nbsp;Danaher Corp. | 7768104 |
| 42600 | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 31526982 |
| 124145 | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 20451647 |
| 115780 | &nbsp;&nbsp;&nbsp;Medtronic PLC | 10447987 |
| 17665 | &nbsp;&nbsp;&nbsp;Stryker Corp. | 6937576 |
| 26215 | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 12260231 |
| 44315 | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 11059252 |
|  |  | 164354035 |
|  | **Industrials (5.1%)** |  |
| 373860 | &nbsp;&nbsp;&nbsp;CSX Corp. | 13286984 |
| 270305 | &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 14382929 |
| 67890 | &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 9878674 |
| 42750 | &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 28227397 |
| 60905 | &nbsp;&nbsp;&nbsp;General Electric Co. | 16510127 |
| 71570 | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 19896460 |
| 31405 | &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 22985320 |
| 20820 | &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 8455627 |
| 148475 | &nbsp;&nbsp;&nbsp;RTX Corp. | 23395206 |
|  |  | 157018724 |
|  | **Information Technology (25.7%)** |  |
| 705005 | &nbsp;&nbsp;&nbsp;Apple, Inc. | 146337888 |
| 244270 | &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 71742099 |
| 185485 | &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 12627819 |
| 25110 | &nbsp;&nbsp;&nbsp;Intuit, Inc. | 19714614 |
| 113050 | &nbsp;&nbsp;&nbsp;Lam Research Corp. | 10721662 |
| 70330 | &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 7675816 |
| 380445 | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 202967407 |
| 1217800 | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 216610086 |
| 19340 | &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | 4134312 |

---

See accompanying Notes to Schedule of Investments

**Calamos Growth and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  |  | **VALUE** |
| 131935 |  | &nbsp;&nbsp;&nbsp;Oracle Corp. | $33481145 |
| 81905 |  | &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. - Class A# | 12969657 |
| 45230 |  | &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.# | 7851928 |
| 39710 | EUR | &nbsp;&nbsp;&nbsp;SAP SE | 11355294 |
| 26555 |  | &nbsp;&nbsp;&nbsp;ServiceNow, Inc.# | 25044552 |
|  |  |  | 783234279 |
|  |  | **Materials (2.3%)** |  |
| 320505 |  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 12897121 |
| 52565 |  | &nbsp;&nbsp;&nbsp;Linde PLC | 24193567 |
| 86557 |  | &nbsp;&nbsp;&nbsp;MP Materials Corp.# | 5323255 |
| 47675 |  | &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 15774704 |
| 40695 |  | &nbsp;&nbsp;&nbsp;Vulcan Materials Co.~ | 11177696 |
|  |  |  | 69366343 |
|  |  | **Real Estate (0.4%)** |  |
| 60195 |  | &nbsp;&nbsp;&nbsp;American Tower Corp. | 12544036 |
|  |  | **Utilities (0.7%)** |  |
| 100390 |  | &nbsp;&nbsp;&nbsp;Vistra Corp. | 20935331 |
|  |  | **TOTAL COMMON STOCKS**<br> (Cost $826,581,078) | 2295457363 |

---

---

| | | |
|:---|:---|:---|
| **PRINCIPAL<br> AMOUNT** |  | **VALUE** |
| **U.S. Government And Agency Securities (1.5%)** | **U.S. Government And Agency Securities (1.5%)** |  |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes |  |
| 25475000 | &nbsp;&nbsp;&nbsp;3.750%, 04/15/26 | $25396883 |
| 19655000 | &nbsp;&nbsp;&nbsp;5.000%, 08/31/25 | 19662678 |
|  | **TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES**<br> (Cost $45,063,447) | 45059561 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/**<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Options (0.2%) #** | **Exchange-Traded Purchased Options (0.2%) #** |  |
|  | **Other (0.2%)** |  |
| 10280 | &nbsp;&nbsp;&nbsp;iShares MSCI EAFE ETF |  |
| 89970560 | &nbsp;&nbsp;&nbsp;Call, 12/19/25, Strike $91.00 | $2898960 |
| 192 | &nbsp;&nbsp;&nbsp;S&P 500 Index |  |
| 121716288 | &nbsp;&nbsp;&nbsp;Put, 11/21/25, Strike $6,200.00 | 2677440 |
|  |  | 5576400 |
|  | **TOTAL EXCHANGE-TRADED PURCHASED OPTIONS** <br> (Cost $6,836,578) | 5576400 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> shares/**<br> PRINCIPAL<br> AMOUNT** |  | **VALUE** |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.9%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.9%)** |  |
| 58833022 | &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.325%†\*\*\*<br> (Cost $58,833,022) | $58833022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (100.0%)**<br> (Cost $1,475,905,498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (100.0%)**<br> (Cost $1,475,905,498) | 3048604875 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.9%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.9%) | (58833022) |
| OTHER ASSETS, LESS LIABILITIES (1.9%) | OTHER ASSETS, LESS LIABILITIES (1.9%) | 57466061 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $3047237914 |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **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. |
| **~** | 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 $10,342,295. |
| **†** | Represents investment of cash collateral received from securities on loan as of July 31, 2025. |
| **\*\*\*** | The rate disclosed is the 7 day net yield as of July 31, 2025. |
| **FOREIGN CURRENCY ABBREVIATION** | **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.

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of July 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | $— | $540029989 | $— | $540029989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | 95946227 | 7702313 |  | 103648540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 2284102069 | 11355294 |  | 2295457363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government and Agency Securities |  | 45059561 |  | 45059561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | 5576400 |  |  | 5576400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment of Cash Collateral For Securities Loaned |  | 58833022 |  | 58833022 |
| **Total** | $2385624696 | $662980179 | $— | $3048604875 |

---

See accompanying Notes to Schedule of Investments

**Calamos Dividend Growth Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  | **VALUE** |
| **Convertible Preferred Stocks (2.4%)** | **Convertible Preferred Stocks (2.4%)** |  |
|  | **Financials (0.8%)** |  |
| 620 | &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 07/31/26 | $47232 |
| 1035 | &nbsp;&nbsp;&nbsp;ARES Management Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 10/01/27 | 58581 |
| 1185 | &nbsp;&nbsp;&nbsp;KKR & Co., Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 03/01/28 | 68078 |
|  |  | 173891 |
|  | **Industrials (1.2%)** |  |
| 2585 | &nbsp;&nbsp;&nbsp;Boeing Co.^ |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 10/15/27 | 182760 |
| 1300 | &nbsp;&nbsp;&nbsp;QXO, Inc.# |  |
|  | &nbsp;&nbsp;&nbsp;5.500%, 05/15/28 | 75166 |
|  |  | 257926 |
|  | **Information Technology (0.4%)** |  |
| 790 | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. |  |
|  | &nbsp;&nbsp;&nbsp;7.625%, 09/01/27 | 47400 |
| 840 | &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 03/15/28 | 52844 |
|  |  | 100244 |
|  | **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $436,369) | 532061 |
| **Common Stocks (96.2%)** | **Common Stocks (96.2%)** |  |
|  | **Communication Services (10.3%)** |  |
| 4385 | &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 845691 |
| 155 | &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.^# | 22893 |
| 970 | &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 750237 |
| 265 | &nbsp;&nbsp;&nbsp;Netflix, Inc.# | 307241 |
| 475 | &nbsp;&nbsp;&nbsp;T-Mobile U.S., Inc. | 113245 |
| 1225 | &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.# | 107494 |
| 1160 | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 138167 |
|  |  | 2284968 |
|  | **Consumer Discretionary (11.5%)** |  |
| 4040 | &nbsp;&nbsp;&nbsp;Amazon.com, Inc.# | 945805 |
| 44 | &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 242179 |
| 1550 | &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.#~ | 66464 |
| 305 | &nbsp;&nbsp;&nbsp;DoorDash, Inc. - Class A# | 76326 |
| 400 | &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 147004 |
| 545 | &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 121846 |
| 425 | &nbsp;&nbsp;&nbsp;McDonald's Corp. | 127530 |
| 725 | &nbsp;&nbsp;&nbsp;NIKE, Inc. - Class B | 54150 |
| 345 | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 109665 |
| 1165 | &nbsp;&nbsp;&nbsp;Starbucks Corp. | 103871 |
| 1170 | &nbsp;&nbsp;&nbsp;Tesla, Inc.# | 360676 |
| 1580 | &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 196757 |
|  |  | 2552273 |
|  | **Consumer Staples (5.2%)** |  |
| 2085 | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 141551 |
| 870 | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 72950 |
| 305 | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 286590 |
| 740 | &nbsp;&nbsp;&nbsp;Dollar General Corp. | 77626 |
| 895 | &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 146825 |
| 990 | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 148965 |
| 2895 | &nbsp;&nbsp;&nbsp;Walmart, Inc. | 283652 |
|  |  | 1158159 |
|  | **Energy (3.4%)** |  |
| 527 | &nbsp;&nbsp;&nbsp;Chevron Corp. | 79914 |
| 1610 | &nbsp;&nbsp;&nbsp;EQT Corp.^ | 86538 |
| 2410 | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 269052 |
| 1210 | &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 205930 |
| 1895 | &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | 113605 |
|  |  | 755039 |
|  | **Financials (13.2%)** |  |
| 620 | &nbsp;&nbsp;&nbsp;American Express Co. | 185572 |
| 355 | &nbsp;&nbsp;&nbsp;Assurant, Inc. | 66491 |
| 5275 | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 249349 |
| 140 | &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B# | 66063 |
| 60 | &nbsp;&nbsp;&nbsp;Blackrock, Inc. | 66361 |
| 340 | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 73100 |
| 390 | &nbsp;&nbsp;&nbsp;Chubb Ltd. | 103756 |
| 1260 | &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 118062 |
| 235 | &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 170044 |
| 1705 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 505089 |
| 570 | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 113544 |
| 625 | &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 354044 |
| 915 | &nbsp;&nbsp;&nbsp;Morgan Stanley | 130351 |
| 255 | &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 140530 |
| 905 | &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 312650 |
| 3425 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 276158 |
|  |  | 2931164 |
|  | **Health Care (6.5%)** |  |
| 1390 | &nbsp;&nbsp;&nbsp;Abbott Laboratories | 175404 |
| 950 | &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 179569 |
| 1615 | &nbsp;&nbsp;&nbsp;Boston Scientific Corp.# | 169446 |
| 330 | &nbsp;&nbsp;&nbsp;Danaher Corp. | 65063 |
| 415 | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 307129 |
| 1040 | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 171329 |
| 780 | &nbsp;&nbsp;&nbsp;Medtronic PLC | 70387 |
| 215 | &nbsp;&nbsp;&nbsp;Stryker Corp. | 84437 |
| 215 | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 100551 |
| 430 | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 107311 |
|  |  | 1430626 |
|  | **Industrials (5.8%)** |  |
| 2750 | &nbsp;&nbsp;&nbsp;CSX Corp. | 97735 |
| 2045 | &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 108814 |
| 485 | &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 70572 |
| 315 | &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 207991 |
| 750 | &nbsp;&nbsp;&nbsp;General Electric Co. | 203310 |
| 520 | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 144560 |
| 300 | &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 219570 |
| 160 | &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 64981 |
| 1115 | &nbsp;&nbsp;&nbsp;RTX Corp. | 175691 |
|  |  | 1293224 |
|  | **Information Technology (33.3%)** |  |
| 6145 | &nbsp;&nbsp;&nbsp;Apple, Inc. | 1275518 |
| 460 | &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 82828 |
| 2390 | &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 701943 |
| 1880 | &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 127990 |
| 235 | &nbsp;&nbsp;&nbsp;Intuit, Inc. | 184506 |
| 1050 | &nbsp;&nbsp;&nbsp;Lam Research Corp. | 99582 |
| 1010 | &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 110231 |

---

See accompanying Notes to Schedule of Investments

**Calamos Dividend Growth Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  |  | **VALUE** |
| 3250 |  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | $1733875 |
| 10775 |  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 1916549 |
| 1245 |  | &nbsp;&nbsp;&nbsp;Oracle Corp.~ | 315944 |
| 1055 |  | &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. - Class A# | 167059 |
| 425 |  | &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.# | 73780 |
| 385 | EUR | &nbsp;&nbsp;&nbsp;SAP SE | 110093 |
| 800 |  | &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | 125608 |
| 195 |  | &nbsp;&nbsp;&nbsp;ServiceNow, Inc.# | 183908 |
| 400 |  | &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 72424 |
| 1125 |  | &nbsp;&nbsp;&nbsp;Western Digital Corp. | 88526 |
|  |  |  | 7370364 |
|  |  | **Materials (2.7%)** |  |
| 2320 |  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 93357 |
| 430 |  | &nbsp;&nbsp;&nbsp;Linde PLC | 197912 |
| 629 |  | &nbsp;&nbsp;&nbsp;MP Materials Corp.# | 38684 |
| 405 |  | &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 134006 |
| 515 |  | &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 141455 |
|  |  |  | 605414 |
|  |  | **Real Estate (1.1%)** |  |
| 365 |  | &nbsp;&nbsp;&nbsp;American Tower Corp. | 76063 |
| 990 |  | &nbsp;&nbsp;&nbsp;Welltower, Inc. | 163419 |
|  |  |  | 239482 |
|  |  | **Utilities (3.2%)** |  |
| 1360 |  | &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 100368 |
| 725 |  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 88189 |
| 1020 |  | &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 72481 |
| 3970 |  | &nbsp;&nbsp;&nbsp;PPL Corp. | 141689 |
| 1005 |  | &nbsp;&nbsp;&nbsp;Southern Co. | 94953 |
| 1015 |  | &nbsp;&nbsp;&nbsp;Vistra Corp. | 211668 |
|  |  |  | 709348 |
|  |  | **TOTAL COMMON STOCKS**<br> (Cost $8,448,142) | 21330061 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES/<br> PRINCIPAL AMOUNT** |  | **VALUE** |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.4%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.4%)** |  |
| 302453 | &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.325%†\*\*\* <br> (Cost $302,453) | $302453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (100.0%)**<br> (Cost $9,186,964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (100.0%)**<br> (Cost $9,186,964) | 22164575 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.4%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.4%) | (302453) |
| OTHER ASSETS, LESS LIABILITIES (1.4%) | OTHER ASSETS, LESS LIABILITIES (1.4%) | 312702 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $22174824 |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **^** | Security, or portion of security, is on loan. |
| **#** | Non-income producing security. |
| **~** | Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options and securities sold short. The aggregate value of such securities is $20,372. |
| **†** | Represents investment of cash collateral received from securities on loan as of July 31, 2025. |
| **\*\*\*** | The rate disclosed is the 7 day net yield as of July 31, 2025. |
| **FOREIGN CURRENCY ABBREVIATION** | **FOREIGN CURRENCY ABBREVIATION** |
| **EUR** | European Monetary Unit |

---

*Note: Value for securities denominated in foreign currencies is shown in U.S. dollars.*

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of July 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | $532061 | $— | $— | $532061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 21219968 | 110093 |  | 21330061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment of Cash Collateral For Securities Loaned |  | 302453 |  | 302453 |
| **Total** | $21752029 | $412546 | $— | $22164575 |

---

See accompanying Notes to Schedule of Investments

**Calamos Select Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  | **VALUE** |
| **Common Stocks (98.0%)** | **Common Stocks (98.0%)** |  |
|  | **Communication Services (12.5%)** |  |
| 17600 | &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | $3377440 |
| 1620 | &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 1252973 |
| 1080 | &nbsp;&nbsp;&nbsp;Netflix, Inc.# | 1252152 |
| 3515 | &nbsp;&nbsp;&nbsp;T-Mobile U.S., Inc. | 838011 |
| 9820 | &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.# | 861705 |
|  |  | 7582281 |
|  | **Consumer Discretionary (13.9%)** |  |
| 6030 | &nbsp;&nbsp;&nbsp;Airbnb, Inc. - Class A# | 798432 |
| 16035 | &nbsp;&nbsp;&nbsp;Amazon.com, Inc.# | 3753954 |
| 4055 | &nbsp;&nbsp;&nbsp;DoorDash, Inc. - Class A# | 1014764 |
| 3285 | &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 1207270 |
| 2700 | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 858249 |
| 6800 | &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 846804 |
|  |  | 8479473 |
|  | **Consumer Staples (2.3%)** |  |
| 14590 | &nbsp;&nbsp;&nbsp;Walmart, Inc. | 1429528 |
|  | **Energy (2.0%)** |  |
| 7900 | &nbsp;&nbsp;&nbsp;Chevron Corp. | 1197956 |
|  | **Financials (12.3%)** |  |
| 3335 | &nbsp;&nbsp;&nbsp;American Express Co. | 998199 |
| 2430 | &nbsp;&nbsp;&nbsp;Chubb Ltd. | 646477 |
| 3150 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 933156 |
| 3200 | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 637440 |
| 4775 | &nbsp;&nbsp;&nbsp;Morgan Stanley | 680247 |
| 2010 | &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 1107711 |
| 4145 | &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 1431973 |
| 12800 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 1032064 |
|  |  | 7467267 |
|  | **Health Care (10.7%)** |  |
| 5680 | &nbsp;&nbsp;&nbsp;Boston Scientific Corp.# | 595946 |
| 5260 | &nbsp;&nbsp;&nbsp;Danaher Corp. | 1037062 |
| 1905 | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 1409833 |
| 1880 | &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.# | 904449 |
| 5675 | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 934899 |
| 2160 | &nbsp;&nbsp;&nbsp;Stryker Corp. | 848297 |
| 5310 | &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 774145 |
|  |  | 6504631 |
|  | **Industrials (7.3%)** |  |
| 4370 | &nbsp;&nbsp;&nbsp;Boeing Co.# | 969441 |
| 9410 | &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | 692105 |
| 1710 | &nbsp;&nbsp;&nbsp;Deere & Co. | 896673 |
| 6795 | &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 988740 |
| 3785 | &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 867371 |
|  |  | 4414330 |
|  | **Information Technology (31.1%)** |  |
| 4230 | &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 950185 |
| 16155 | &nbsp;&nbsp;&nbsp;Apple, Inc. | 3353293 |
| 8280 | &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2431836 |
| 5565 | &nbsp;&nbsp;&nbsp;Datadog, Inc. - Class A# | 778989 |
| 8150 | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 4348025 |
| 25250 | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 4491218 |
| 4055 | &nbsp;&nbsp;&nbsp;Oracle Corp. | 1029037 |
| 720 | &nbsp;&nbsp;&nbsp;ServiceNow, Inc.# | 679046 |
| 3600 | &nbsp;&nbsp;&nbsp;Snowflake, Inc. - Class A# | 804600 |
|  |  | 18866229 |
|  | **Materials (2.7%)** |  |
| 1845 | &nbsp;&nbsp;&nbsp;Linde PLC | 849180 |
| 2340 | &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 774259 |
|  |  | 1623439 |
|  | **Real Estate (1.2%)** |  |
| 6750 | &nbsp;&nbsp;&nbsp;Prologis, Inc. | 720765 |
|  | **Utilities (2.0%)** |  |
| 13010 | &nbsp;&nbsp;&nbsp;Southern Co. | 1229185 |
|  | **TOTAL COMMON STOCKS**<br> (Cost $31,466,503) | 59515084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (98.0%)**<br> (Cost $31,466,503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (98.0%)**<br> (Cost $31,466,503) | 59515084 |
| OTHER ASSETS, LESS LIABILITIES (2.0%) | OTHER ASSETS, LESS LIABILITIES (2.0%) | 1187411 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $60702495 |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **#** | Non-income producing security. |

---

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of July 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $59515084 | $— | $— | $59515084 |
| **Total** | $59515084 | $— | $— | $59515084 |

---

See accompanying Notes to Schedule of Investments

**Calamos International Growth Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  |  | **VALUE** |
| **Common Stocks (95.7%)** | **Common Stocks (95.7%)** | **Common Stocks (95.7%)** |  |
|  |  | **Communication Services (7.1%)** |  |
| 111000 | INR | &nbsp;&nbsp;&nbsp;Bharti Airtel Ltd. | $2413471 |
| 72400 |  | &nbsp;&nbsp;&nbsp;Millicom International Cellular SA | 2906860 |
| 20150 | EUR | &nbsp;&nbsp;&nbsp;Scout24 SE\* | 2692878 |
| 18510 |  | &nbsp;&nbsp;&nbsp;Sea Ltd. ADR# | 2899592 |
| 8170 |  | &nbsp;&nbsp;&nbsp;Spotify Technology SA# | 5118832 |
| 127800 |  | &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR | 2682522 |
|  |  |  | 18714155 |
|  |  | **Consumer Discretionary (7.5%)** |  |
| 35890 | INR | &nbsp;&nbsp;&nbsp;Amber Enterprises India Ltd.# | 3238705 |
| 95510 | EUR | &nbsp;&nbsp;&nbsp;Auto1 Group SE\*# | 2863189 |
| 9090 |  | &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC# | 2747543 |
| 58900 | JPY | &nbsp;&nbsp;&nbsp;Food & Life Cos. Ltd. | 2966581 |
| 138850 | EUR | &nbsp;&nbsp;&nbsp;Lottomatica Group SpA | 3742683 |
| 1806 |  | &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.# | 4287245 |
|  |  |  | 19845946 |
|  |  | **Consumer Staples (1.9%)** |  |
| 129150 | CNY | &nbsp;&nbsp;&nbsp;Eastroc Beverage Group Co. Ltd. - Class A | 5048234 |
|  |  | **Energy (0.8%)** |  |
| 56460 |  | &nbsp;&nbsp;&nbsp;TechnipFMC PLC | 2053450 |
|  |  | **Financials (18.5%)** |  |
| 6530 | EUR | &nbsp;&nbsp;&nbsp;Allianz SE | 2580510 |
| 387500 | EUR | &nbsp;&nbsp;&nbsp;Alpha Bank SA | 1450462 |
| 335900 | EUR | &nbsp;&nbsp;&nbsp;Banco Santander SA | 2885644 |
| 650000 | GBP | &nbsp;&nbsp;&nbsp;Barclays PLC | 3177212 |
| 26180 | EUR | &nbsp;&nbsp;&nbsp;BAWAG Group AG\* | 3304111 |
| 1480 | CAD | &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. | 2617729 |
| 147200 | MXN | &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV - Class O | 1310950 |
| 80500 | HKD | &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 4356563 |
| 75700 |  | &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. ADR | 2551090 |
| 116850 | EUR | &nbsp;&nbsp;&nbsp;ING Groep NV | 2723239 |
| 33170 | KRW | &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. | 2635295 |
| 56200 | JPY | &nbsp;&nbsp;&nbsp;Rakuten Bank Ltd.# | 2617894 |
| 90130 | EUR | &nbsp;&nbsp;&nbsp;Societe Generale SA | 5752863 |
| 4880 | CHF | &nbsp;&nbsp;&nbsp;Swissquote Group Holding SA | 3242494 |
| 108230 | EUR | &nbsp;&nbsp;&nbsp;UniCredit SpA | 7962889 |
|  |  |  | 49168945 |
|  |  | **Health Care (3.6%)** |  |
| 1890 |  | &nbsp;&nbsp;&nbsp;Argenx SE ADR# | 1266924 |
| 50300 | JPY | &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co. Ltd. | 2411227 |
| 50070 | EUR | &nbsp;&nbsp;&nbsp;Fresenius SE & Co. KGaA | 2389873 |
| 16470 | AUD | &nbsp;&nbsp;&nbsp;Pro Medicus Ltd. | 3382190 |
|  |  |  | 9450214 |
|  |  | **Industrials (29.2%)** |  |
| 21355 | EUR | &nbsp;&nbsp;&nbsp;Airbus SE | 4293531 |
| 136000 | JPY | &nbsp;&nbsp;&nbsp;BayCurrent, Inc. | 7809126 |
| 22900 | EUR | &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain SA | 2627021 |
| 56820 | KRW | &nbsp;&nbsp;&nbsp;Doosan Enerbility Co. Ltd.# | 2661938 |
| 156900 | EUR | &nbsp;&nbsp;&nbsp;Fincantieri SpA# | 3036386 |
| 6095 | KRW | &nbsp;&nbsp;&nbsp;Hanwha Aerospace Co. Ltd. | 4348491 |
| 45510 | INR | &nbsp;&nbsp;&nbsp;Hindustan Aeronautics Ltd. | 2341599 |
| 197200 | JPY | &nbsp;&nbsp;&nbsp;Hitachi Ltd. | 6034447 |
| 42290 | EUR | &nbsp;&nbsp;&nbsp;KION Group AG | 2599771 |
| 27160 | EUR | &nbsp;&nbsp;&nbsp;Knorr-Bremse AG | 2710716 |
| 47200 | CAD | &nbsp;&nbsp;&nbsp;MDA Space Ltd.#^ | 1321709 |
| 218930 | JPY | &nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries Ltd.^ | 5227260 |
| 37900 | GBP | &nbsp;&nbsp;&nbsp;RELX PLC | 1969325 |
| 34550 | EUR | &nbsp;&nbsp;&nbsp;RENK Group AG | 2682027 |
| 2875 | EUR | &nbsp;&nbsp;&nbsp;Rheinmetall AG | 5691051 |
| 602610 | GBP | &nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 8552826 |
| 10220 | KRW | &nbsp;&nbsp;&nbsp;Samsung C&T Corp. | 1232990 |
| 10320 | EUR | &nbsp;&nbsp;&nbsp;Schneider Electric SE | 2670746 |
| 15600 | EUR | &nbsp;&nbsp;&nbsp;Siemens AG | 3973369 |
| 49020 | EUR | &nbsp;&nbsp;&nbsp;Siemens Energy AG# | 5675470 |
|  |  |  | 77459799 |
|  |  | **Information Technology (20.7%)** |  |
| 45000 | JPY | &nbsp;&nbsp;&nbsp;Advantest Corp.^ | 2992459 |
| 8340 |  | &nbsp;&nbsp;&nbsp;ARM Holdings PLC ADR#^ | 1179068 |
| 3605 | EUR | &nbsp;&nbsp;&nbsp;ASML Holding NV | 2498528 |
| 915 | CAD | &nbsp;&nbsp;&nbsp;Constellation Software, Inc. | 3156724 |
| 78000 | TWD | &nbsp;&nbsp;&nbsp;Elite Material Co. Ltd. | 2859215 |
| 78890 | EUR | &nbsp;&nbsp;&nbsp;Indra Sistemas SA^ | 3267939 |
| 58600 | EUR | &nbsp;&nbsp;&nbsp;IONOS Group SE# | 2779193 |
| 17830 | EUR | &nbsp;&nbsp;&nbsp;Nemetschek SE | 2656546 |
| 21140 |  | &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. - Class A# | 3347519 |
| 26580 | KRW | &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 1354621 |
| 18715 | EUR | &nbsp;&nbsp;&nbsp;SAP SE | 5351658 |
| 23490 | KRW | &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 4552733 |
| 214000 | TWD | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 8238840 |
| 154900 | AUD | &nbsp;&nbsp;&nbsp;Technology One Ltd. | 4051956 |
| 51110 | AUD | &nbsp;&nbsp;&nbsp;WiseTech Global Ltd. | 3871079 |
| 391600 | HKD | &nbsp;&nbsp;&nbsp;Xiaomi Corp. - Class B\*# | 2634665 |
|  |  |  | 54792743 |
|  |  | **Materials (5.5%)** |  |
| 20950 | CAD | &nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd.^ | 2600757 |
| 100550 | CAD | &nbsp;&nbsp;&nbsp;Alamos Gold, Inc. - Class A^ | 2443359 |
| 27070 | EUR | &nbsp;&nbsp;&nbsp;Heidelberg Materials AG | 6244900 |
| 4165 |  | &nbsp;&nbsp;&nbsp;Linde PLC | 1916983 |
| 212000 | AUD | &nbsp;&nbsp;&nbsp;Lynas Rare Earths Ltd.#^ | 1424513 |
|  |  |  | 14630512 |
|  |  | **Utilities (0.9%)** |  |
| 141810 | EUR | &nbsp;&nbsp;&nbsp;Iberdrola SA | 2492498 |
|  |  | **TOTAL COMMON STOCKS**<br> (Cost $192,527,330) | 253656496 |
| **Warrants (0.0%) #** | **Warrants (0.0%) #** | **Warrants (0.0%) #** |  |
|  |  | **Information Technology (0.0%)** |  |
| 1260 |  | &nbsp;&nbsp;&nbsp;Constellation Software, Inc.^ |  |
|  |  | &nbsp;&nbsp;&nbsp;03/31/40, Strike 1.00 |  |
|  |  | &nbsp;&nbsp;&nbsp;(Cost $—) |  |
| **Convertible Bond (1.8%)** | **Convertible Bond (1.8%)** | **Convertible Bond (1.8%)** |  |
|  |  | **Financials (1.8%)** |  |
| 3200000 |  | &nbsp;&nbsp;&nbsp;Goldman Sachs Finance Corp. International Ltd. (Tencent Holdings, Ltd.)§ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 03/15/27 |  |
|  |  | &nbsp;&nbsp;&nbsp;(Cost $4,150,494) | 4813760 |

---

See accompanying Notes to Schedule of Investments

**Calamos International Growth Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Options (1.4%) #** | **Exchange-Traded Purchased Options (1.4%) #** |  |
|  | **Consumer Staples (0.2%)** |  |
| 548 | &nbsp;&nbsp;&nbsp;Oddity Tech Ltd. |  |
| 3839836 | &nbsp;&nbsp;&nbsp;Call, 10/17/25, Strike $70.00 | $419220 |
|  | **Information Technology (0.9%)** |  |
| 162 | &nbsp;&nbsp;&nbsp;Celestica, Inc. |  |
| 3237732 | &nbsp;&nbsp;&nbsp;Call, 08/15/25, Strike $120.00 | 1300050 |
| 453 | &nbsp;&nbsp;&nbsp;Shopify, Inc. |  |
| 5536113 | &nbsp;&nbsp;&nbsp;Call, 08/15/25, Strike $120.00 | 407700 |
| 243 | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. |  |
| 5871366 | &nbsp;&nbsp;&nbsp;Call, 10/17/25, Strike $220.00 | 741150 |
|  |  | 2448900 |
|  | **Materials (0.1%)** |  |
| 5210 | &nbsp;&nbsp;&nbsp;Vale SA |  |
| 4965130 | &nbsp;&nbsp;&nbsp;Call, 12/19/25, Strike $11.00 | 112015 |
|  | **Other (0.2%)** |  |
| 3028 | &nbsp;&nbsp;&nbsp;iShares MSCI EAFE ETF |  |
| 26501056 | &nbsp;&nbsp;&nbsp;Put, 08/15/25, Strike $87.00 | 269492 |
| 3694 | &nbsp;&nbsp;&nbsp;iShares MSCI Japan ETF |  |
| 27195228 | &nbsp;&nbsp;&nbsp;Put, 08/15/25, Strike $71.00 | 92350 |
| 1837 | &nbsp;&nbsp;&nbsp;iShares MSCI South Korea ETF |  |
| 13375197 | &nbsp;&nbsp;&nbsp;Put, 08/15/25, Strike $72.00 | 215848 |
|  |  | 577690 |
|  | **TOTAL EXCHANGE-TRADED PURCHASED OPTIONS**<br> (Cost $2,861,149) | 3557825 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES/<br> PRINCIPAL AMOUNT** |  | **VALUE** |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (3.9%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (3.9%)** |  |
| 10343784 | &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.325%†\*\*\* <br> (Cost $10,343,784) | $10343784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (102.8%)**<br> (Cost $209,882,757) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (102.8%)**<br> (Cost $209,882,757) | 272371865 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.9%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.9%) | (10343784) |
| OTHER ASSETS, LESS LIABILITIES (1.1%) | OTHER ASSETS, LESS LIABILITIES (1.1%) | 3044024 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $265072105 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** |
| **COUNTERPARTY** | **LONG <br> CONTRACTS** | **SETTLEMENT<br> DATE** | **LOCAL <br> CURRENCY** | **CURRENT<br> VALUE** | **UNREALIZED <br> GAIN/LOSS** |
| Northern Trust Company | Swiss Franc | 09/26/25 | 6209000 | $7694134 | $(977) |
| Northern Trust Company | Swiss Franc | 09/26/25 | 4344000 | 5383044 | (683) |
| State Street Bank and Trust | Japanese Yen | 09/26/25 | 683873000 | 4561809 | (137916) |
| Northern Trust Company | Swedish Krona | 09/26/25 | 31281000 | 3206372 | (44733) |
| Northern Trust Company | Swedish Krona | 09/26/25 | 18888000 | 1936062 | (27010) |
| State Street Bank and Trust | Japanese Yen | 09/26/25 | 266247000 | 1776014 | (53694) |
|  |  |  |  |  | $(265013) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **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. |
| **^** | Security, or portion of security, is on loan. |
| **§** | Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical. |
| **†** | Represents investment of cash collateral received from securities on loan as of July 31, 2025. |
| **\*\*\*** | The rate disclosed is the 7 day net yield as of July 31, 2025. |
| **FOREIGN CURRENCY ABBREVIATIONS** | **FOREIGN CURRENCY ABBREVIATIONS** |
| **AUD** | Australian Dollar |
| **CAD** | Canadian Dollar |
| **CHF** | Swiss Franc |
| **CNY** | Chinese Yuan Renminbi |
| **EUR** | European Monetary Unit |
| **GBP** | British Pound Sterling |
| **HKD** | Hong Kong Dollar |
| **INR** | Indian Rupee |
| **JPY** | Japanese Yen |
| **KRW** | South Korean Won |
| **MXN** | Mexican Peso |
| **TWD** | New Taiwan Dollar |
| **ABBREVIATION** | **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 International Growth Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)** 

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of July 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $46408856 | $207247640 | $— | $253656496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Bond |  | 4813760 |  | 4813760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | 3557825 |  |  | 3557825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment of Cash Collateral For Securities Loaned |  | 10343784 |  | 10343784 |
| **Total** | $49966681 | $222405184 | $— | $272371865 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts | $— | $265013 | $— | $265013 |
| **Total** | $— | $265013 | $— | $265013 |

---

---

| | | |
|:---|:---|:---|
| **CURRENCY EXPOSURE JULY 31, 2025** | **CURRENCY EXPOSURE JULY 31, 2025** | **CURRENCY EXPOSURE JULY 31, 2025** |
|  | **Value** | **% of Total<br> Investments** |
| European Monetary Unit | $99599691 | 36.6% |
| US Dollar | 51672997 | 19.0% |
| Japanese Yen | 30058994 | 11.0% |
| South Korean Won | 16786068 | 6.2% |
| British Pound Sterling | 13699363 | 5.0% |
| Australian Dollar | 12729738 | 4.7% |
| Canadian Dollar | 12140278 | 4.4% |
| New Taiwan Dollar | 11098055 | 4.1% |
| Indian Rupee | 7993775 | 2.9% |
| Hong Kong Dollar | 6991228 | 2.6% |
| Chinese Yuan Renminbi | 5048234 | 1.8% |
| Swiss Franc | 3242494 | 1.2% |
| Mexican Peso | 1310950 | 0.5% |
| Total Investments | $272371865 | 100.0% |
| Currency exposure may vary over time. |  |  |

---

See accompanying Notes to Schedule of Investments

**Calamos Evolving World Growth Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| **Convertible Bonds (13.0%)** | **Convertible Bonds (13.0%)** | **Convertible Bonds (13.0%)** |
|  | **Communication Services (3.3%)** |  |
| 5565000 | &nbsp;&nbsp;&nbsp;MakeMyTrip Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/01/30 | $5737292 |
| 5100000 | &nbsp;&nbsp;&nbsp;Xiaomi Best Time International Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 12/17/27 | 7437024 |
|  |  | 13174316 |
|  | **Consumer Discretionary (1.0%)** |  |
| 30000000 HKD | &nbsp;&nbsp;&nbsp;Chow Tai Fook Jewellery Group Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;0.375%, 06/30/30 | 3853337 |
|  | **Financials (3.9%)** |  |
| 10400000 | &nbsp;&nbsp;&nbsp;Goldman Sachs Finance Corp. International, Ltd. (Tencent Holdings, Ltd.)§ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 03/15/27 | 15644720 |
|  | **Information Technology (2.6%)** |  |
| 4200000 | &nbsp;&nbsp;&nbsp;SK Hynix, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.750%, 04/11/30 | 10225614 |
|  | **Materials (1.1%)** |  |
| 3900000 | &nbsp;&nbsp;&nbsp;KCC Corp. |  |
|  | &nbsp;&nbsp;&nbsp;1.750%, 07/10/30 | 4180839 |
|  | **Other (1.1%)** |  |
| 3400000 | &nbsp;&nbsp;&nbsp;China Hongqiao Group Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;1.500%, 03/26/30 | 4218958 |
|  | **Total Convertible Bonds**<br> (Cost $41,988,906) | 51297784 |

---

---

| | | | |
|:---|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  |  | **VALUE** |
| **Common Stocks (85.6%)** | **Common Stocks (85.6%)** | **Common Stocks (85.6%)** | **Common Stocks (85.6%)** |
|  |  | **Communication Services (12.7%)** |  |
| 533770 | INR | &nbsp;&nbsp;&nbsp;Bharti Airtel Ltd. | $11605751 |
| 248425 | SAR | &nbsp;&nbsp;&nbsp;Etihad Etisalat Co. | 4053107 |
| 3030500 | HKD | &nbsp;&nbsp;&nbsp;Meitu, Inc.\* | 4634367 |
| 151815 |  | &nbsp;&nbsp;&nbsp;Millicom International Cellular SA | 6095372 |
| 514729 | ZAR | &nbsp;&nbsp;&nbsp;MTN Group Ltd. | 4326310 |
| 10830 | KRW | &nbsp;&nbsp;&nbsp;NAVER Corp. | 1822636 |
| 61420 |  | &nbsp;&nbsp;&nbsp;Sea Ltd. ADR# | 9621443 |
| 87800 | HKD | &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 6147071 |
| 513900 | BRL | &nbsp;&nbsp;&nbsp;TIM SA | 1900665 |
|  |  |  | 50206722 |
|  |  | **Consumer Discretionary (9.6%)** |  |
| 659400 | MXN | &nbsp;&nbsp;&nbsp;Alsea SAB de CV# | 1976977 |
| 103890 | INR | &nbsp;&nbsp;&nbsp;Amber Enterprises India Ltd.# | 9375008 |
| 38245 | INR | &nbsp;&nbsp;&nbsp;Eicher Motors Ltd. | 2377530 |
| 1135500 | INR | &nbsp;&nbsp;&nbsp;Eternal Ltd.# | 3976541 |
| 511050 | HKD | &nbsp;&nbsp;&nbsp;JD Health International, Inc.\*# | 3267877 |
| 3788 |  | &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.# | 8992295 |
| 986000 | HKD | &nbsp;&nbsp;&nbsp;MGM China Holdings Ltd. | 2081688 |
| 88000 | HKD | &nbsp;&nbsp;&nbsp;Pop Mart International Group Ltd.\* | 2745060 |
| 1889189 | INR | &nbsp;&nbsp;&nbsp;Vishal Mega Mart Ltd.# | 2997233 |
|  |  |  | 37790209 |
|  |  | **Consumer Staples (7.1%)** |  |
| 26140 | KRW | &nbsp;&nbsp;&nbsp;APR Corp. | 3435508 |
| 203250 | PLN | &nbsp;&nbsp;&nbsp;Dino Polska SA\*# | 2680490 |
| 243430 | CNY | &nbsp;&nbsp;&nbsp;Eastroc Beverage Group Co. Ltd. - Class A | 9515226 |
| 222238 | CNY | &nbsp;&nbsp;&nbsp;Gambol Pet Group Co. Ltd. - Class A | 2791444 |
| 9400 | KRW | &nbsp;&nbsp;&nbsp;Samyang Foods Co. Ltd. | 9713342 |
|  |  |  | 28136010 |
|  |  | **Energy (1.1%)** |  |
| 362010 | BRL | &nbsp;&nbsp;&nbsp;PRIO SA# | 2727576 |
| 113745 | INR | &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | 1796058 |
|  |  |  | 4523634 |
|  |  | **Financials (18.9%)** |  |
| 5461000 | HKD | &nbsp;&nbsp;&nbsp;Agricultural Bank of China Ltd. - Class H | 3577589 |
| 910500 | EUR | &nbsp;&nbsp;&nbsp;Alpha Bank SA | 3408119 |
| 1269600 | CNY | &nbsp;&nbsp;&nbsp;Bank of Hangzhou Co. Ltd. - Class A | 2830133 |
| 4581000 | HKD | &nbsp;&nbsp;&nbsp;China Construction Bank Corp. - Class H | 4685461 |
| 3320000 | HKD | &nbsp;&nbsp;&nbsp;China Galaxy Securities Co. Ltd. - Class H | 4486683 |
| 1154150 | EUR | &nbsp;&nbsp;&nbsp;Eurobank Ergasias Services & Holdings SA | 4236146 |
| 539280 | MXN | &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV - Class O^ | 4802779 |
| 39065 |  | &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 2999020 |
| 146200 | HKD | &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 7912168 |
| 292985 |  | &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. ADR | 9873594 |
| 464650 |  | &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA ADR | 2913356 |
| 70355 | KRW | &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. | 5589575 |
| 85630 | INR | &nbsp;&nbsp;&nbsp;PB Fintech Ltd.# | 1753238 |
| 1960000 | HKD | &nbsp;&nbsp;&nbsp;PICC Property & Casualty Co. Ltd. - Class H | 4068140 |
| 589000 | HKD | &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. - Class H^ | 4043697 |
| 309400 | BRL | &nbsp;&nbsp;&nbsp;Porto Seguro SA | 2867153 |
| 21350 | KRW | &nbsp;&nbsp;&nbsp;Samsung Life Insurance Co. Ltd. | 1927146 |
| 57600 | KRW | &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co. Ltd. | 2804768 |
|  |  |  | 74778765 |
|  |  | **Health Care (1.4%)** |  |
| 277500 | HKD | &nbsp;&nbsp;&nbsp;Innovent Biologics, Inc.\*# | 3434923 |
| 134530 | INR | &nbsp;&nbsp;&nbsp;Max Healthcare Institute Ltd. | 1914782 |
|  |  |  | 5349705 |
|  |  | **Industrials (10.4%)** |  |
| 2245 | KRW | &nbsp;&nbsp;&nbsp;Doosan Co. Ltd. | 959304 |
| 109311 | KRW | &nbsp;&nbsp;&nbsp;Doosan Enerbility Co. Ltd.# | 5121068 |
| 17067 | KRW | &nbsp;&nbsp;&nbsp;Hanwha Aerospace Co. Ltd. | 12176488 |
| 13905 | KRW | &nbsp;&nbsp;&nbsp;Hanwha Corp. | 993109 |
| 9550 | KRW | &nbsp;&nbsp;&nbsp;HD Hyundai Heavy Industries Co. Ltd. | 3351661 |
| 127930 | INR | &nbsp;&nbsp;&nbsp;Hindustan Aeronautics Ltd. | 6582307 |
| 12970000 | HKD | &nbsp;&nbsp;&nbsp;Lonking Holdings Ltd. | 4377372 |
| 14680 | KRW | &nbsp;&nbsp;&nbsp;Samsung C&T Corp. | 1771066 |
| 21595 | KRW | &nbsp;&nbsp;&nbsp;SK Square Co. Ltd.# | 2326005 |
| 1609000 | HKD | &nbsp;&nbsp;&nbsp;Weichai Power Co. Ltd. - Class H | 3410864 |
|  |  |  | 41069244 |

---

See accompanying Notes to Schedule of Investments

**Calamos Evolving World Growth Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  |  | **VALUE** |
|  |  | **Information Technology (20.1%)** |  |
| 179800 | TWD | &nbsp;&nbsp;&nbsp;Accton Technology Corp. | $5310247 |
| 30600 | TWD | &nbsp;&nbsp;&nbsp;Alchip Technologies Ltd. | 3911811 |
| 24700 | TWD | &nbsp;&nbsp;&nbsp;ASPEED Technology, Inc. | 3740586 |
| 215000 | TWD | &nbsp;&nbsp;&nbsp;Elite Material Co. Ltd. | 7881170 |
| 2266000 | HKD | &nbsp;&nbsp;&nbsp;Kingdee International Software Group Co. Ltd.# | 5259411 |
| 117530 | KRW | &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 5989792 |
| 1147649 | TWD | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 44183629 |
| 393244 | BRL | &nbsp;&nbsp;&nbsp;TOTVS SA | 3062634 |
|  |  |  | 79339280 |
|  |  | **Materials (1.9%)** |  |
| 148540 | CAD | &nbsp;&nbsp;&nbsp;Alamos Gold, Inc. - Class A^ | 3609513 |
| 459740 |  | &nbsp;&nbsp;&nbsp;Cemex SAB de CV ADR | 3999738 |
|  |  |  | 7609251 |
|  |  | **Real Estate (2.4%)** |  |
| 1453458 | AED | &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 6019207 |
| 195595 | INR | &nbsp;&nbsp;&nbsp;Prestige Estates Projects Ltd. | 3610481 |
|  |  |  | 9629688 |
|  |  | **Total Common Stocks**<br> (Cost $248,132,299) | 338432508 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**CONTRACTS/**<br>**NOTIONAL**<br>**AMOUNT** |  | <br>**VALUE** |
| **Exchange-Traded Purchased Options (1.5%) #** | **Exchange-Traded Purchased Options (1.5%) #** | **Exchange-Traded Purchased Options (1.5%) #** |
|  | **Communication Services (0.4%)** |  |
| 4114 | &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group |  |
| 8635286 | &nbsp;&nbsp;&nbsp;Call, 10/17/25, Strike $17.00 | $1810160 |
|  | **Information Technology (0.5%)** |  |
| 271 | &nbsp;&nbsp;&nbsp;NVIDIA Corp. |  |
| 4820277 | &nbsp;&nbsp;&nbsp;Call, 09/19/25, Strike $150.00 | 834680 |
| 358 | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor |  |
| 8649996 | &nbsp;&nbsp;&nbsp;Manufacturing Company Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;Call, 10/17/25, Strike $220.00 | 1091900 |
|  |  | 1926580 |
|  | **Materials (0.1%)** |  |
| 709 | &nbsp;&nbsp;&nbsp;POSCO Holdings, Inc. |  |
| 3873976 | &nbsp;&nbsp;&nbsp;Call, 11/21/25, Strike $60.00 | 164843 |
| 7732 | &nbsp;&nbsp;&nbsp;Vale SA |  |
| 7368596 | &nbsp;&nbsp;&nbsp;Call, 12/19/25, Strike $11.00 | 166238 |
|  |  | 331081 |
|  | **Other (0.5%)** |  |
| 8022 | &nbsp;&nbsp;&nbsp;iShares MSCI Emerging Markets |  |
| 38954832 | &nbsp;&nbsp;&nbsp;ETF |  |
|  | &nbsp;&nbsp;&nbsp;Put, 08/15/25, Strike $48.50 | 437199 |
| 5402 | &nbsp;&nbsp;&nbsp;iShares MSCI South Korea ETF |  |
| 39331962 | &nbsp;&nbsp;&nbsp;Put, 08/15/25, Strike $72.00 | 634735 |
| 5464 | &nbsp;&nbsp;&nbsp;KraneShares CSI China Internet |  |
| 19364416 | &nbsp;&nbsp;&nbsp;ETF |  |
|  | &nbsp;&nbsp;&nbsp;Call, 08/15/25, Strike $36.00 | 292324 |
| 608 | &nbsp;&nbsp;&nbsp;NetEase, Inc. |  |
| 7922240 | &nbsp;&nbsp;&nbsp;Call, 09/19/25, Strike $130.00 | 486400 |
|  |  | 1850658 |
|  | **Total Exchange-Traded Purchased Options**<br> (Cost $5,223,997) | 5918479 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES/<br> PRINCIPAL AMOUNT** |  | **VALUE** |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (0.8%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (0.8%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (0.8%)** |
| 3342957 | &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.325%†\*\*\* <br> (Cost $3,342,957) | $3342957 |
|  | **TOTAL INVESTMENTS (100.9%)**<br> (Cost $298,688,159) | 398991728 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.8%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.8%) | (3342957) |
| LIABILITIES, LESS OTHER ASSETS (-0.1%) | LIABILITIES, LESS OTHER ASSETS (-0.1%) | (199234) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $395449537 |

---

**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 Trust | Indonesian Rupiah | 09/26/25 | 192800000000 | $11700971 | $(178998) |
| Northern Trust Company | Mexican Peso | 09/26/25 | 149790000 | 7895119 | 33264 |
| State Street Bank and Trust | New Taiwanese Dollar | 09/26/25 | 230900000 | 7768874 | (437402) |
| Northern Trust Company | Hungarian Forint | 09/26/25 | 1350000000 | 3841518 | (104824) |
|  |  |  |  |  | $(687960) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **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. |
| **§** | Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical. |
| **#** | Non-income producing security. |
| **^** | Security, or portion of security, is on loan. |
| **†** | Represents investment of cash collateral received from securities on loan as of July 31, 2025. |

---

See accompanying Notes to Schedule of Investments

**Calamos Evolving World Growth Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

**\*\*\*** The rate disclosed is the 7 day net yield as of July 31, 2025.

---

| | |
|:---|:---|
| **FOREIGN CURRENCY ABBREVIATIONS** | **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 |
| **PLN** | Polish Zloty |
| **SAR** | Saudi Riyal |
| **TWD** | New Taiwan Dollar |
| **ZAR** | South African Rand |
| **ABBREVIATION** | **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.* | *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.* |

---

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of July 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | $— | $51297784 | $— | $51297784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 69495222 | 268937286 |  | 338432508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | 5918479 |  |  | 5918479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment of Cash Collateral For Securities Loaned |  | 3342957 |  | 3342957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts |  | 33264 |  | 33264 |
| **Total** | $75413701 | $323611291 | $— | $399024992 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts | $— | $721224 | $— | $721224 |
| **Total** | $— | $721224 | $— | $721224 |

---

**CURRENCY EXPOSURE JULY 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Value** | **% of Total<br> Investments** |
| US Dollar | $101200701 | 25.4% |
| Hong Kong Dollar | 67985708 | 17.0% |
| New Taiwan Dollar | 65027443 | 16.3% |
| South Korean Won | 57981468 | 14.5% |
| Indian Rupee | 45988929 | 11.5% |
| Chinese Yuan Renminbi | 15136803 | 3.8% |
| Brazilian Real | 10558028 | 2.7% |
| European Monetary Unit | 7644265 | 1.9% |
| Mexican Peso | 6779756 | 1.7% |
| UAE Dirham | 6019207 | 1.5% |
| South African Rand | 4326310 | 1.1% |
| Saudi Riyal | 4053107 | 1.0% |
| Canadian Dollar | 3609513 | 0.9% |
| Polish Zloty | 2680490 | 0.7% |
| Total Investments | $398991728 | 100.0% |
| Currency exposure may vary over time. |  |  |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Equity Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  |  | **VALUE** |
| **Common Stocks (96.7%)** | **Common Stocks (96.7%)** | **Common Stocks (96.7%)** |  |
|  |  | **Communication Services (11.4%)** |  |
| 11810 |  | &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | $2266339 |
| 110000 |  | &nbsp;&nbsp;&nbsp;AT&T, Inc. | 3015100 |
| 5430 |  | &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 4199779 |
| 3010 |  | &nbsp;&nbsp;&nbsp;Netflix, Inc.# | 3489794 |
| 6450 |  | &nbsp;&nbsp;&nbsp;Sea Ltd. ADR# | 1010392 |
| 4140 |  | &nbsp;&nbsp;&nbsp;Spotify Technology SA# | 2593876 |
| 35300 |  | &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR | 740947 |
|  |  |  | 17316227 |
|  |  | **Consumer Discretionary (8.3%)** |  |
| 18770 |  | &nbsp;&nbsp;&nbsp;Amazon.com, Inc.# | 4394245 |
| 22950 | INR | &nbsp;&nbsp;&nbsp;Amber Enterprises India Ltd.# | 2071002 |
| 390 |  | &nbsp;&nbsp;&nbsp;AutoZone, Inc.# | 1469668 |
| 5410 |  | &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC# | 1635227 |
| 38300 | EUR | &nbsp;&nbsp;&nbsp;Lottomatica Group SpA | 1032371 |
| 800 |  | &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.# | 1899112 |
|  |  |  | 12501625 |
|  |  | **Consumer Staples (3.5%)** |  |
| 1690 |  | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 1587992 |
| 56721 | CNY | &nbsp;&nbsp;&nbsp;Eastroc Beverage Group Co. Ltd. - Class A | 2217118 |
| 20200 |  | &nbsp;&nbsp;&nbsp;Oddity Tech Ltd. - Class A# | 1415414 |
|  |  |  | 5220524 |
|  |  | **Energy (3.0%)** |  |
| 3800 |  | &nbsp;&nbsp;&nbsp;Centrus Energy Corp. - Class A#^ | 818520 |
| 31700 |  | &nbsp;&nbsp;&nbsp;EQT Corp.^ | 1703875 |
| 55810 |  | &nbsp;&nbsp;&nbsp;TechnipFMC PLC | 2029810 |
|  |  |  | 4552205 |
|  |  | **Financials (14.3%)** |  |
| 128800 | EUR | &nbsp;&nbsp;&nbsp;Banco Santander SA | 1106493 |
| 8600 | EUR | &nbsp;&nbsp;&nbsp;BAWAG Group AG\* | 1085384 |
| 820 | CAD | &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. | 1450363 |
| 3540 |  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 2561508 |
| 87900 |  | &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 1444197 |
| 28300 |  | &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. ADR | 953710 |
| 13700 | KRW | &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. | 1088440 |
| 4320 |  | &nbsp;&nbsp;&nbsp;Progressive Corp. | 1045613 |
| 20600 | JPY | &nbsp;&nbsp;&nbsp;Rakuten Bank Ltd.# | 959584 |
| 37600 | EUR | &nbsp;&nbsp;&nbsp;Societe Generale SA | 2399952 |
| 43670 | EUR | &nbsp;&nbsp;&nbsp;UniCredit SpA | 3212966 |
| 5070 |  | &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 1751533 |
| 18650 |  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 1503749 |
| 8620 |  | &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 1103188 |
|  |  |  | 21666680 |
|  |  | **Health Care (3.6%)** |  |
| 1040 |  | &nbsp;&nbsp;&nbsp;Argenx SE ADR# | 697143 |
| 20290 |  | &nbsp;&nbsp;&nbsp;Boston Scientific Corp.# | 2128827 |
| 3550 |  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 2627249 |
|  |  |  | 5453219 |
|  |  | **Industrials (16.3%)** |  |
| 5400 |  | &nbsp;&nbsp;&nbsp;AeroVironment, Inc.# | 1445256 |
| 24600 | JPY | &nbsp;&nbsp;&nbsp;BayCurrent, Inc. | 1412533 |
| 2920 |  | &nbsp;&nbsp;&nbsp;Deere & Co. | 1531160 |
| 5550 |  | &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 3664610 |
| 1580 | KRW | &nbsp;&nbsp;&nbsp;Hanwha Aerospace Co. Ltd. | 1127254 |
| 90300 | JPY | &nbsp;&nbsp;&nbsp;Hitachi Ltd. | 2763238 |
| 1415 | EUR | &nbsp;&nbsp;&nbsp;Rheinmetall AG | 2800987 |
| 250700 | GBP | &nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 3558178 |
| 8900 | KRW | &nbsp;&nbsp;&nbsp;Samsung C&T Corp. | 1073739 |
| 8770 | EUR | &nbsp;&nbsp;&nbsp;Siemens AG | 2233746 |
| 10150 | EUR | &nbsp;&nbsp;&nbsp;Siemens Energy AG# | 1175154 |
| 8170 |  | &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 1872237 |
|  |  |  | 24658092 |
|  |  | **Information Technology (30.5%)** |  |
| 3420 |  | &nbsp;&nbsp;&nbsp;AppLovin Corp. - Class A# | 1336194 |
| 2000 | EUR | &nbsp;&nbsp;&nbsp;ASML Holding NV | 1386146 |
| 5030 |  | &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 1477311 |
| 12020 |  | &nbsp;&nbsp;&nbsp;Cloudflare, Inc. - Class A# | 2496313 |
| 7900 |  | &nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd.# | 881245 |
| 27200 | EUR | &nbsp;&nbsp;&nbsp;Indra Sistemas SA^ | 1126733 |
| 6600 |  | &nbsp;&nbsp;&nbsp;Microsoft Corp.~ | 3521100 |
| 67500 |  | &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.#^ | 1508625 |
| 64280 |  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 11433483 |
| 14255 |  | &nbsp;&nbsp;&nbsp;Oracle Corp. | 3617491 |
| 32860 |  | &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. - Class A# | 5203381 |
| 15000 | KRW | &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 764459 |
| 3850 | EUR | &nbsp;&nbsp;&nbsp;SAP SE | 1100929 |
| 1840 |  | &nbsp;&nbsp;&nbsp;ServiceNow, Inc.# | 1735341 |
| 5170 | KRW | &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 1002028 |
| 9850 |  | &nbsp;&nbsp;&nbsp;Snowflake, Inc. - Class A# | 2201475 |
| 118000 | TWD | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 4542912 |
| 127800 | HKD | &nbsp;&nbsp;&nbsp;Xiaomi Corp. - Class B#\* | 859832 |
|  |  |  | 46194998 |
|  |  | **Materials (4.9%)** |  |
| 53800 | CAD | &nbsp;&nbsp;&nbsp;Alamos Gold, Inc. - Class A^ | 1307337 |
| 11800 | EUR | &nbsp;&nbsp;&nbsp;Heidelberg Materials AG | 2722195 |
| 3105 |  | &nbsp;&nbsp;&nbsp;Linde PLC | 1429107 |
| 31900 |  | &nbsp;&nbsp;&nbsp;MP Materials Corp.# | 1961850 |
|  |  |  | 7420489 |
|  |  | **Utilities (0.9%)** |  |
| 77500 | EUR | &nbsp;&nbsp;&nbsp;Iberdrola SA | 1362165 |
|  |  | **Total Common Stocks**<br> (Cost $93,998,787) | 146346224 |
| **Convertible Preferred Stock (1.1%)** | **Convertible Preferred Stock (1.1%)** | **Convertible Preferred Stock (1.1%)** |  |
|  |  | **Industrials (1.1%)** |  |
| 22991 |  | &nbsp;&nbsp;&nbsp;Boeing Co.^ |  |
|  |  | &nbsp;&nbsp;&nbsp;6.000%, 10/15/27 |  |
|  |  | &nbsp;&nbsp;&nbsp;(Cost $1,257,508) | 1625464 |
| **Convertible Bond (0.8%)** | **Convertible Bond (0.8%)** | **Convertible Bond (0.8%)** |  |
|  |  | **Financials (0.8%)** |  |
| 800000 |  | &nbsp;&nbsp;&nbsp;Goldman Sachs Finance Corp. International, Ltd. (Tencent Holdings, Ltd.)§ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 03/15/27 |  |
|  |  | &nbsp;&nbsp;&nbsp;(Cost $1,029,966) | 1203440 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Equity Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**CONTRACTS/**<br>**NOTIONAL**<br>**AMOUNT** |  | <br>**VALUE** |
| **Exchange-Traded Purchased Options (0.6%)** | **Exchange-Traded Purchased Options (0.6%)** | **Exchange-Traded Purchased Options (0.6%)** |
|  | **Information Technology (0.2%)** | **Information Technology (0.2%)** |
| 100 | &nbsp;&nbsp;&nbsp;NVIDIA Corp. |  |
| 1778700 | &nbsp;&nbsp;&nbsp;Call, 09/19/25, Strike $150.00 | $308000 |
|  | **Other (0.4%)** | **Other (0.4%)** |
| 133 | &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 |  |
| 7514633 | &nbsp;&nbsp;&nbsp;Put, 09/30/25, Strike $525.00 | 73549 |
| 132 | &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 |  |
| 7458132 | &nbsp;&nbsp;&nbsp;Put, 08/15/25, Strike $500.00 | 5544 |
| 850 | &nbsp;&nbsp;&nbsp;iShares Biotechnology ETF |  |
| 11284600 | &nbsp;&nbsp;&nbsp;Call, 11/21/25, Strike $135.00 | 501500 |
|  |  | 580593 |
|  | **Total Exchange-Traded Purchased Options** <br> (Cost $955,423) | 888593 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES/<br> PRINCIPAL<br> AMOUNT** |  | **VALUE** |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (3.4%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (3.4%)** |  |
| 5225829 | &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.325%†\*\*\* <br> (Cost $5,225,829) | $5225829 |
|  | **TOTAL INVESTMENTS (102.6%)**<br> (Cost $102,467,513) | 155289550 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.5%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.5%) | (5225829) |
| OTHER ASSETS, LESS LIABILITIES (0.9%) | OTHER ASSETS, LESS LIABILITIES (0.9%) | 1239496 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $151303217 |

---

**FORWARD FOREIGN CURRENCY CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **LONG<br> CONTRACTS** | **SETTLEMENT<br> DATE** | **LOCAL<br> CURRENCY** | **CURRENT<br> VALUE** | **UNREALIZED<br> GAIN/LOSS** |
| Northern Trust Company | Swiss Franc | 09/26/25 | 1953000 | $2420139 | $(307) |
|  |  |  |  |  | $(307) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **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. |
| **~** | 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 $746,900. |
| **§** | 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 July 31, 2025. |
| **\*\*\*** | The rate disclosed is the 7 day net yield as of July 31, 2025. |
| **FOREIGN CURRENCY ABBREVIATIONS** | **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 |
| **KRW** | South Korean Won |
| **TWD** | New Taiwan Dollar |
| **ABBREVIATION** | **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.* | *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 Global Equity Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of July 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $100160686 | $46185538 | $— | $146346224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stock | 1625464 |  |  | 1625464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds |  | 1203440 |  | 1203440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | 888593 |  |  | 888593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment of Cash Collateral For Securities Loaned |  | 5225829 |  | 5225829 |
| **Total** | $102674743 | $52614807 | $— | $155289550 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts | $— | $307 | $— | $307 |
| **Total** | $— | $307 | $— | $307 |

---

---

| | | |
|:---|:---|:---|
| **CURRENCY EXPOSURE JULY 31, 2025** | **CURRENCY EXPOSURE JULY 31, 2025** | **CURRENCY EXPOSURE JULY 31, 2025** |
|  | **Value** | **% of Total<br> Investments** |
| US Dollar | $106346312 | 68.5% |
| European Monetary Unit | 22745221 | 14.6% |
| Japanese Yen | 5135355 | 3.3% |
| South Korean Won | 5055920 | 3.3% |
| New Taiwan Dollar | 4542912 | 2.9% |
| British Pound Sterling | 3558178 | 2.3% |
| Canadian Dollar | 2757700 | 1.8% |
| Chinese Yuan Renminbi | 2217118 | 1.4% |
| Indian Rupee | 2071002 | 1.3% |
| Hong Kong Dollar | 859832 | 0.6% |
| Total Investments | $155289550 | 100.0% |
| *Currency exposure may vary over time.* |  |  |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Opportunities Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |  | <br>**VALUE** |
| **CONVERTIBLE BONDS (35.6%)** | **CONVERTIBLE BONDS (35.6%)** | **CONVERTIBLE BONDS (35.6%)** | **CONVERTIBLE BONDS (35.6%)** |
|  |  | **Communication Services (6.4%)** |  |
| 2238000 |  | &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;2.375%, 10/15/32 | $2358628 |
| 2752000 |  | &nbsp;&nbsp;&nbsp;DoorDash, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 05/15/30 | 2992085 |
| 1576000 |  | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One |  |
|  |  | &nbsp;&nbsp;&nbsp;2.250%, 08/15/27 | 2053954 |
| 2798000 |  | &nbsp;&nbsp;&nbsp;MakeMyTrip Ltd.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 07/01/30 | 2884626 |
|  |  | &nbsp;&nbsp;&nbsp;Uber Technologies, Inc. |  |
| 2606000 |  | &nbsp;&nbsp;&nbsp;0.000%, 05/15/28\* | 2919267 |
| 2124000 |  | &nbsp;&nbsp;&nbsp;0.875%, 12/01/28 | 2902913 |
| 1900000 |  | &nbsp;&nbsp;&nbsp;Xiaomi Best Time International Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 12/17/27 | 2770656 |
|  |  |  | 18882129 |
|  |  | **Consumer Discretionary (1.4%)** |  |
| 2194000 | EUR | &nbsp;&nbsp;&nbsp;Accor SA |  |
|  |  | &nbsp;&nbsp;&nbsp;0.700%, 12/07/27 | 1406330 |
| 22000000 | HKD | &nbsp;&nbsp;&nbsp;Chow Tai Fook Jewellery Group Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.375%, 06/30/30 | 2825781 |
|  |  |  | 4232111 |
|  |  | **Consumer Staples (2.5%)** |  |
| 358000 |  | &nbsp;&nbsp;&nbsp;Celcuity, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;2.750%, 08/01/31 | 396349 |
| 6817000 |  | &nbsp;&nbsp;&nbsp;Oddity Finance LLC\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 7195616 |
|  |  |  | 7591965 |
|  |  | **Energy (1.1%)** |  |
| 2000000 | EUR | &nbsp;&nbsp;&nbsp;Saipem SpA |  |
|  |  | &nbsp;&nbsp;&nbsp;2.875%, 09/11/29 | 3324611 |
|  |  | **Financials (1.3%)** |  |
| 1039000 |  | &nbsp;&nbsp;&nbsp;Coinbase Global, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.250%, 04/01/30 | 1424189 |
| 1600000 |  | &nbsp;&nbsp;&nbsp;Goldman Sachs Finance Corp. International, Ltd. (Tencent Holdings, Ltd.)§ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 03/15/27 | 2406880 |
|  |  |  | 3831069 |
|  |  | **Health Care (1.1%)** |  |
| 1220000 |  | &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.^ |  |
|  |  | &nbsp;&nbsp;&nbsp;1.000%, 09/15/27 | 1796011 |
| 1453000 |  | &nbsp;&nbsp;&nbsp;Tempus AI, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.750%, 07/15/30 | 1455833 |
|  |  |  | 3251844 |
|  |  | **Industrials (3.6%)** |  |
| 5259000 |  | &nbsp;&nbsp;&nbsp;AeroVironment, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 07/15/30 | 5923317 |
| 1148000 |  | &nbsp;&nbsp;&nbsp;Fluor Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.125%, 08/15/29 | 1617015 |
| 900000 | EUR | &nbsp;&nbsp;&nbsp;SPIE SA |  |
|  |  | &nbsp;&nbsp;&nbsp;2.000%, 01/17/28 | 1659884 |
| 1200000 | EUR | &nbsp;&nbsp;&nbsp;Vinci SA |  |
|  |  | &nbsp;&nbsp;&nbsp;0.700%, 02/18/30 | 1445854 |
|  |  |  | 10646070 |
|  |  | **Information Technology (11.9%)** |  |
|  |  | &nbsp;&nbsp;&nbsp;Cloudflare, Inc. |  |
| 1771000 |  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30\* | 1971885 |
| 1223000 |  | &nbsp;&nbsp;&nbsp;0.000%, 08/15/26^ | 1504204 |
| 2800000 |  | &nbsp;&nbsp;&nbsp;CyberArk Software Ltd.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 2882628 |
| 3671000 |  | &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;1.250%, 11/01/29 | 4216401 |
| 2417000 |  | &nbsp;&nbsp;&nbsp;Itron, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.375%, 07/15/30 | 2778342 |
| 2008000 |  | &nbsp;&nbsp;&nbsp;Life360, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 06/01/30 | 2373717 |
| 5089000 |  | &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.250%, 06/01/30 | 6022017 |
| 1221000 |  | &nbsp;&nbsp;&nbsp;Nutanix, Inc.\*^ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.500%, 12/15/29 | 1379950 |
| 1895000 |  | &nbsp;&nbsp;&nbsp;Snowflake, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 10/01/29 | 2948449 |
| 3319000 |  | &nbsp;&nbsp;&nbsp;Spotify USA, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 03/15/26 | 4210417 |
| 1698000 |  | &nbsp;&nbsp;&nbsp;Xero Investments Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.625%, 06/12/31 | 2095026 |
| 2905000 |  | &nbsp;&nbsp;&nbsp;Zscaler, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 07/15/28 | 2840189 |
|  |  |  | 35223225 |
|  |  | **Materials (1.8%)** |  |
| 2047000 |  | &nbsp;&nbsp;&nbsp;Fortuna Mining Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;3.750%, 06/30/29 | 2633772 |
| 883000 |  | &nbsp;&nbsp;&nbsp;MP Materials Corp.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;3.000%, 03/01/30 | 2587888 |
|  |  |  | 5221660 |
|  |  | **Utilities (4.5%)** |  |
| 3344000 |  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;4.125%, 04/15/26 | 3583598 |
| 2200000 | EUR | &nbsp;&nbsp;&nbsp;Iberdrola Finanzas SA |  |
|  |  | &nbsp;&nbsp;&nbsp;1.500%, 03/27/30 | 2597632 |
| 3246000 |  | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;2.875%, 03/15/28 | 3625652 |
| 3149000 |  | &nbsp;&nbsp;&nbsp;Southern Co. |  |
|  |  | &nbsp;&nbsp;&nbsp;4.500%, 06/15/27 | 3526439 |
|  |  |  | 13333321 |
|  |  | **TOTAL CONVERTIBLE BONDS**<br> (Cost $96,204,394) | 105538005 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**SHARES** |  | <br>**VALUE** |
| **CONVERTIBLE PREFERRED STOCK (2.6%)** | **CONVERTIBLE PREFERRED STOCK (2.6%)** | **CONVERTIBLE PREFERRED STOCK (2.6%)** |
|  | **Industrials (2.6%)** |  |
| 108493 | &nbsp;&nbsp;&nbsp;Boeing Co. |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 10/15/27 |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $5,722,732) | $7670455 |
| **Common Stocks (59.6%)** | **Common Stocks (59.6%)** | **Common Stocks (59.6%)** |
|  | **Communication Services (6.4%)** | **Communication Services (6.4%)** |
| 24815 | &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 4761998 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Opportunities Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  |  | **VALUE** | **VALUE** |
| 218195 |  | &nbsp;&nbsp;&nbsp;AT&T, Inc. | $| 5980725 |
| 6075 |  | &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A |  | 4698648 |
| 3060 |  | &nbsp;&nbsp;&nbsp;Netflix, Inc.# |  | 3547764 |
|  |  |  |  | 18989135 |
|  |  | **Consumer Discretionary (4.8%)** | **Consumer Discretionary (4.8%)** | **Consumer Discretionary (4.8%)** |
| 29680 |  | &nbsp;&nbsp;&nbsp;Amazon.com, Inc.# |  | 6948385 |
| 27310 | INR | &nbsp;&nbsp;&nbsp;Amber Enterprises India Ltd.# |  | 2464448 |
| 700 |  | &nbsp;&nbsp;&nbsp;AutoZone, Inc.# |  | 2637866 |
| 890 |  | &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.# |  | 2112762 |
|  |  |  |  | 14163461 |
|  |  | **Consumer Staples (2.4%)** | **Consumer Staples (2.4%)** | **Consumer Staples (2.4%)** |
| 2885 |  | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. |  | 2710861 |
| 39000 | CNY | &nbsp;&nbsp;&nbsp;Eastroc Beverage Group Co. Ltd. - Class A |  | 1524438 |
| 17340 |  | &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. |  | 2844627 |
|  |  |  |  | 7079926 |
|  |  | **Energy (2.3%)** | **Energy (2.3%)** | **Energy (2.3%)** |
| 3750 |  | &nbsp;&nbsp;&nbsp;Centrus Energy Corp. - Class A^# |  | 807750 |
| 52710 |  | &nbsp;&nbsp;&nbsp;EQT Corp.^ |  | 2833163 |
| 12050 |  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. |  | 1345262 |
| 48300 |  | &nbsp;&nbsp;&nbsp;TechnipFMC PLC |  | 1756671 |
|  |  |  |  | 6742846 |
|  |  | **Financials (11.7%)** | **Financials (11.7%)** | **Financials (11.7%)** |
| 253910 | EUR | &nbsp;&nbsp;&nbsp;Banco Santander SA |  | 2181285 |
| 11600 | EUR | &nbsp;&nbsp;&nbsp;BAWAG Group AG\* |  | 1464006 |
| 1200 | CAD | &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. |  | 2122483 |
| 4640 |  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. |  | 3357458 |
| 132800 |  | &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. |  | 2181904 |
| 59530 |  | &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. ADR |  | 2006161 |
| 11555 |  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  | 3423053 |
| 17930 | KRW | &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. |  | 1424505 |
| 9149 |  | &nbsp;&nbsp;&nbsp;Progressive Corp. |  | 2214424 |
| 26700 | JPY | &nbsp;&nbsp;&nbsp;Rakuten Bank Ltd.# |  | 1243733 |
| 49470 | EUR | &nbsp;&nbsp;&nbsp;Societe Generale SA |  | 3157596 |
| 64625 | EUR | &nbsp;&nbsp;&nbsp;UniCredit SpA |  | 4754705 |
| 6255 |  | &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A |  | 2160915 |
| 37270 |  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  | 3005080 |
|  |  |  |  | 34697308 |
|  |  | **Health Care (0.9%)** | **Health Care (0.9%)** | **Health Care (0.9%)** |
| 3710 |  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. |  | 2745660 |
|  |  | **Industrials (10.0%)** | **Industrials (10.0%)** | **Industrials (10.0%)** |
| 24700 | JPY | &nbsp;&nbsp;&nbsp;BayCurrent, Inc. |  | 1418275 |
| 5660 |  | &nbsp;&nbsp;&nbsp;Deere & Co. |  | 2967934 |
| 7825 |  | &nbsp;&nbsp;&nbsp;GE Vernova, Inc. |  | 5166769 |
| 130200 | JPY | &nbsp;&nbsp;&nbsp;Hitachi Ltd. |  | 3984204 |
| 1735 | EUR | &nbsp;&nbsp;&nbsp;Rheinmetall AG |  | 3434426 |
| 262091 | GBP | &nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC |  | 3719850 |
| 11660 | KRW | &nbsp;&nbsp;&nbsp;Samsung C&T Corp. |  | 1406718 |
| 11480 | EUR | &nbsp;&nbsp;&nbsp;Siemens AG |  | 2923992 |
| 13300 | EUR | &nbsp;&nbsp;&nbsp;Siemens Energy AG# |  | 1539856 |
| 12980 |  | &nbsp;&nbsp;&nbsp;Waste Management, Inc. |  | 2974497 |
|  |  |  |  | 29536521 |
|  |  | **Information Technology (18.1%)** | **Information Technology (18.1%)** | **Information Technology (18.1%)** |
| 3960 | EUR | &nbsp;&nbsp;&nbsp;ASML Holding NV |  | 2744569 |
| 9935 |  | &nbsp;&nbsp;&nbsp;Broadcom, Inc. |  | 2917910 |
| 13865 |  | &nbsp;&nbsp;&nbsp;Microsoft Corp. |  | 7396977 |
| 95405 |  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. |  | 16969687 |
| 17618 |  | &nbsp;&nbsp;&nbsp;Oracle Corp. |  | 4470920 |
| 23275 |  | &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. - Class A# |  | 3685596 |
| 29360 | KRW | &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | 1496301 |
| 5125 | EUR | &nbsp;&nbsp;&nbsp;SAP SE |  | 1465522 |
| 2985 |  | &nbsp;&nbsp;&nbsp;ServiceNow, Inc.# |  | 2815213 |
| 6745 | KRW | &nbsp;&nbsp;&nbsp;SK Hynix, Inc. |  | 1307288 |
| 222000 | TWD | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. |  | 8546834 |
|  |  |  |  | 53816817 |
|  |  | **Materials (3.0%)** | **Materials (3.0%)** | **Materials (3.0%)** |
| 107450 | CAD | &nbsp;&nbsp;&nbsp;Alamos Gold, Inc. - Class A |  | 2611029 |
| 14725 | EUR | &nbsp;&nbsp;&nbsp;Heidelberg Materials AG |  | 3396976 |
| 4010 |  | &nbsp;&nbsp;&nbsp;Linde PLC |  | 1845643 |
| 15950 |  | &nbsp;&nbsp;&nbsp;MP Materials Corp.^# |  | 980925 |
|  |  |  |  | 8834573 |
|  |  | **Total Common Stocks**<br> (Cost $107,619,688) |  | 176606247 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**CONTRACTS/**<br>**NOTIONAL**<br>**AMOUNT** |  | <br>**VALUE** |
| **Exchange-Traded Purchased Options (0.9%) #** | **Exchange-Traded Purchased Options (0.9%) #** | **Exchange-Traded Purchased Options (0.9%) #** |
|  | **Information Technology (0.2%)** | **Information Technology (0.2%)** |
| 195 | &nbsp;&nbsp;&nbsp;NVIDIA Corp. |  |
| 3468465 | &nbsp;&nbsp;&nbsp;Call, 09/19/25, Strike $150.00 | $600600 |
|  | **Materials (0.0%)** | **Materials (0.0%)** |
| 5602 | &nbsp;&nbsp;&nbsp;Vale SA |  |
| 5338706 | &nbsp;&nbsp;&nbsp;Call, 12/19/25, Strike $11.00 | 120443 |
|  | **Other (0.7%)** | **Other (0.7%)** |
| 523 | &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 |  |
| 29550023 | &nbsp;&nbsp;&nbsp;Put, 09/30/25, Strike $550.00 | 521169 |
| 261 | &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 |  |
| 14746761 | &nbsp;&nbsp;&nbsp;Put, 09/30/25, Strike $525.00 | 144333 |
| 2243 | &nbsp;&nbsp;&nbsp;iShares Biotechnology ETF |  |
| 29778068 | &nbsp;&nbsp;&nbsp;Call, 11/21/25, Strike $135.00 | 1323370 |
| 233 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 14727464 | &nbsp;&nbsp;&nbsp;Put, 09/30/25, Strike $590.00 | 112073 |
| 232 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 14664256 | &nbsp;&nbsp;&nbsp;Put, 08/15/25, Strike $570.00 | 9164 |
|  |  | 2110109 |
|  | **Total Exchange-Traded Purchased Options** <br> (Cost $3,178,837) | 2831152 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Opportunities Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES/<br> PRINCIPAL AMOUNT** |  | **VALUE** |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.1%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.1%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.1%)** |
| 3143068 | &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.325%†\*\*\* <br> (Cost $3,143,068) | $3143068 |
|  | **TOTAL INVESTMENTS (99.8%)**<br> (Cost $215,868,719) | $295788927 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.1%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.1%) | (3143068) |
| OTHER ASSETS, LESS LIABILITIES (1.3%) | OTHER ASSETS, LESS LIABILITIES (1.3%) | 3742106 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $296387965 |

---

**FORWARD FOREIGN CURRENCY CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **LONG<br> CONTRACTS** | **SETTLEMENT<br> DATE** | **LOCAL<br> CURRENCY** | **CURRENT<br> VALUE** | **UNREALIZED<br> GAIN/LOSS** |
| Northern Trust Company | Swiss Franc | 09/26/25 | 4120000 | $5105465 | $(648) |
| State Street Bank and Trust | Japanese Yen | 09/26/25 | 724023000 | 4829632 | (146013) |
|  |  |  |  |  | $(146661) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **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. |
| **§** | Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical. |
| **^** | Security, or portion of security, is on loan. |
| **#** | Non-income producing security. |
| **†** | Represents investment of cash collateral received from securities on loan as of July 31, 2025. |
| **\*\*\*** | The rate disclosed is the 7 day net yield as of July 31, 2025. |
| **FOREIGN CURRENCY ABBREVIATIONS** | **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 |
| **KRW** | South Korean Won |
| **TWD** | New Taiwan Dollar |
| **ABBREVIATION** | **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.* | *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.* |

---

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of January 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | $— | $105538005 | $— | $105538005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stock | 7670455 |  |  | 7670455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 121006720 | 55599527 |  | 176606247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | 2831152 |  |  | 2831152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment of Cash Collateral For Securities Loaned |  | 3143068 |  | 3143068 |
| **Total** | $131508327 | $164280600 | $— | $295788927 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts | $— | $146661 | $— | $146661 |
| **Total** | $— | $146661 | $— | $146661 |

---

---

| | | |
|:---|:---|:---|
| **CURRENCY EXPOSURE JULY 31, 2025** | **CURRENCY EXPOSURE JULY 31, 2025** | **CURRENCY EXPOSURE JULY 31, 2025** |
|  | **Value** | **% of Total<br> Investments** |
| US Dollar | $222195796 | 75.1% |
| European Monetary Unit | 37497244 | 12.7% |
| New Taiwan Dollar | 8546834 | 2.9% |
| Japanese Yen | 6646212 | 2.2% |
| South Korean Won | 5634812 | 1.9% |
| Canadian Dollar | 4733512 | 1.6% |
| British Pound Sterling | 3719850 | 1.3% |
| Hong Kong Dollar | 2825781 | 1.0% |
| Indian Rupee | 2464448 | 0.8% |
| Chinese Yuan Renminbi | 1524438 | 0.5% |
| Total Investments | $295788927 | 100.0% |
| Currency exposure may vary over time. |  |  |

---

See accompanying Notes to Schedule of Investments

**Calamos International Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  |  | **VALUE** |
| **Common Stocks (96.0%)** | **Common Stocks (96.0%)** | **Common Stocks (96.0%)** |  |
|  |  | **Communication Services (9.1%)** |  |
| 10900 | GBP | &nbsp;&nbsp;&nbsp;Baltic Classifieds Group PLC | $51534 |
| 1610 | KRW | &nbsp;&nbsp;&nbsp;Dear U Co. Ltd. | 56884 |
| 52000 | HKD | &nbsp;&nbsp;&nbsp;Meitu, Inc.\* | 79521 |
| 2560 |  | &nbsp;&nbsp;&nbsp;Millicom International Cellular SA | 102784 |
| 1582 | EUR | &nbsp;&nbsp;&nbsp;Scout24 SE\* | 211421 |
| 25600 | AUD | &nbsp;&nbsp;&nbsp;Superloop Ltd.# | 54854 |
| 21200 | GBP | &nbsp;&nbsp;&nbsp;Trustpilot Group PLC\*# | 69915 |
|  |  |  | 626913 |
|  |  | **Consumer Discretionary (11.1%)** |  |
| 1895 | INR | &nbsp;&nbsp;&nbsp;Amber Enterprises India Ltd.# | 171004 |
| 2250 | EUR | &nbsp;&nbsp;&nbsp;Auto1 Group SE\*# | 67450 |
| 4840 | SEK | &nbsp;&nbsp;&nbsp;Betsson AB - Class B | 81953 |
| 4100 | HKD | &nbsp;&nbsp;&nbsp;DPC Dash Ltd.# | 44252 |
| 2100 | JPY | &nbsp;&nbsp;&nbsp;Food & Life Cos. Ltd. | 105769 |
| 145 | GBP | &nbsp;&nbsp;&nbsp;Games Workshop Group PLC | 31068 |
| 7200 | EUR | &nbsp;&nbsp;&nbsp;Lottomatica Group SpA | 194075 |
| 42430 | INR | &nbsp;&nbsp;&nbsp;Vishal Mega Mart Ltd.# | 67316 |
|  |  |  | 762887 |
|  |  | **Consumer Staples (5.9%)** |  |
| 679 | GBP | &nbsp;&nbsp;&nbsp;Cranswick PLC | 47552 |
| 1580 | EUR | &nbsp;&nbsp;&nbsp;Distribuidora Internacional de Alimentacion SA# | 51749 |
| 2030 |  | &nbsp;&nbsp;&nbsp;Oddity Tech Ltd. - Class A# | 142242 |
| 157 | KRW | &nbsp;&nbsp;&nbsp;Samyang Foods Co. Ltd. | 162234 |
|  |  |  | 403777 |
|  |  | **Energy (0.8%)** |  |
| 20500 | EUR | &nbsp;&nbsp;&nbsp;Saipem SpA | 54797 |
|  |  | **Financials (9.0%)** |  |
| 31600 | EUR | &nbsp;&nbsp;&nbsp;Alpha Bank SA | 118283 |
| 1300 | EUR | &nbsp;&nbsp;&nbsp;BAWAG Group AG\* | 164070 |
| 1870 | CAD | &nbsp;&nbsp;&nbsp;Definity Financial Corp. | 100747 |
| 2500 | JPY | &nbsp;&nbsp;&nbsp;Rakuten Bank Ltd.# | 116454 |
| 180 | CHF | &nbsp;&nbsp;&nbsp;Swissquote Group Holding SA | 119600 |
|  |  |  | 619154 |
|  |  | **Health Care (3.2%)** |  |
| 10630 | SEK | &nbsp;&nbsp;&nbsp;Ambea AB\* | 133731 |
| 2300 | SEK | &nbsp;&nbsp;&nbsp;Sectra AB - Class B | 85275 |
|  |  |  | 219006 |
|  |  | **Industrials (28.3%)** |  |
| 4300 | JPY | &nbsp;&nbsp;&nbsp;BayCurrent, Inc. | 246906 |
| 115 | CHF | &nbsp;&nbsp;&nbsp;Belimo Holding AG | 133829 |
| 368 | EUR | &nbsp;&nbsp;&nbsp;DO & Co. AG | 83021 |
| 120 | KRW | &nbsp;&nbsp;&nbsp;Doosan Co. Ltd. | 51277 |
| 2940 | EUR | &nbsp;&nbsp;&nbsp;Exosens SAS | 137338 |
| 4290 | EUR | &nbsp;&nbsp;&nbsp;Fincantieri SpA# | 83022 |
| 765 | KRW | &nbsp;&nbsp;&nbsp;Hanwha Corp. | 54637 |
| 840 | KRW | &nbsp;&nbsp;&nbsp;Hyundai Rotem Co. Ltd. | 121429 |
| 1100 | JPY | &nbsp;&nbsp;&nbsp;IHI Corp. | 122492 |
| 4200 | JPY | &nbsp;&nbsp;&nbsp;Japan Elevator Service Holdings Co. Ltd. | 112121 |
| 337000 | HKD | &nbsp;&nbsp;&nbsp;Lonking Holdings Ltd. | 113737 |
| 1750 | CAD | &nbsp;&nbsp;&nbsp;MDA Space Ltd.# | 49004 |
| 3020 | EUR | &nbsp;&nbsp;&nbsp;Palfinger AG | 125604 |
| 5450 | CHF | &nbsp;&nbsp;&nbsp;R&S Group Holding AG | 248914 |
| 1280 | EUR | &nbsp;&nbsp;&nbsp;RENK Group AG | 99363 |
| 910 | EUR | &nbsp;&nbsp;&nbsp;Vossloh AG | 89251 |
| 2940 | EUR | &nbsp;&nbsp;&nbsp;Wacker Neuson SE | 76910 |
|  |  |  | 1948855 |
|  |  | **Information Technology (22.1%)** |  |
| 790 | TWD | &nbsp;&nbsp;&nbsp;Alchip Technologies Ltd. | 100991 |
| 2400 | TWD | &nbsp;&nbsp;&nbsp;Elite Material Co. Ltd. | 87976 |
| 3270 | EUR | &nbsp;&nbsp;&nbsp;Indra Sistemas SA | 135456 |
| 2200 | EUR | &nbsp;&nbsp;&nbsp;IONOS Group SE# | 104338 |
| 645 | CAD | &nbsp;&nbsp;&nbsp;Kinaxis, Inc.# | 95726 |
| 37000 | HKD | &nbsp;&nbsp;&nbsp;Kingdee International Software Group Co. Ltd.# | 85877 |
| 4410 | AUD | &nbsp;&nbsp;&nbsp;Life360, Inc.\*# | 112280 |
| 2590 | ILS | &nbsp;&nbsp;&nbsp;Nayax Ltd.# | 114204 |
| 348 | EUR | &nbsp;&nbsp;&nbsp;Nemetschek SE | 51850 |
| 4550 | NOK | &nbsp;&nbsp;&nbsp;Norbit ASA | 90419 |
| 385 | KRW | &nbsp;&nbsp;&nbsp;Park Systems Corp. | 76000 |
| 7750 | EUR | &nbsp;&nbsp;&nbsp;Profile Systems & Software SA | 67590 |
| 10600 | JPY | &nbsp;&nbsp;&nbsp;SHIFT, Inc.# | 111241 |
| 6430 | AUD | &nbsp;&nbsp;&nbsp;Technology One Ltd. | 168199 |
| 8900 | BRL | &nbsp;&nbsp;&nbsp;TOTVS SA | 69314 |
| 3700 | JPY | &nbsp;&nbsp;&nbsp;Towa Corp. | 45948 |
|  |  |  | 1517409 |
|  |  | **Materials (5.0%)** |  |
| 555 | EUR | &nbsp;&nbsp;&nbsp;AlzChem Group AG | 93946 |
| 4700 | CAD | &nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. | 43622 |
| 7900 | AUD | &nbsp;&nbsp;&nbsp;Lynas Rare Earths Ltd.# | 53083 |
| 1803 | EUR | &nbsp;&nbsp;&nbsp;SOL SpA | 96206 |
| 2140 | CAD | &nbsp;&nbsp;&nbsp;Torex Gold Resources, Inc.# | 60280 |
|  |  |  | 347137 |
|  |  | **Real Estate (0.6%)** |  |
| 9000 | INR | &nbsp;&nbsp;&nbsp;Kolte-Patil Developers Ltd. | 42222 |
|  |  | **Utilities (0.9%)** |  |
| 7820 | EUR | &nbsp;&nbsp;&nbsp;Italgas SpA | 64885 |
|  |  | **Total Common Stocks**<br> (Cost $5,064,491) | 6607042 |
|  |  | **TOTAL INVESTMENTS (96.0%)**<br> (Cost $5,064,491) | 6607042 |
| OTHER ASSETS, LESS LIABILITIES (4.0%) | OTHER ASSETS, LESS LIABILITIES (4.0%) | OTHER ASSETS, LESS LIABILITIES (4.0%) | 276526 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $6883568 |

---

**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 Trust | Japanese Yen | 09/26/25 | 66054000 | $441187 | $(12751) |
|  |  |  |  |  | $(12751) |

---

See accompanying Notes to Schedule of Investments

**Calamos International Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **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** | **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 |
| **SEK** | Swedish Krona |
| **TWD** | New Taiwan Dollar |
| *Note: Value for securities denominated in foreign currencies is shown in U.S. dollars.* | *Note: Value for securities denominated in foreign currencies is shown in U.S. dollars.* |

---

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of July 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $767002 | $5840040 | $— | $6607042 |
| **Total** | $767002 | $5840040 | $— | $6607042 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts | $— | $12751 | $— | $12751 |
| **Total** | $— | $12751 | $— | $12751 |

---

---

| | | |
|:---|:---|:---|
| **CURRENCY EXPOSURE JULY 31, 2025** | **CURRENCY EXPOSURE JULY 31, 2025** | **CURRENCY EXPOSURE JULY 31, 2025** |
|  | **Value** | **% of Total<br> Investments** |
| European Monetary Unit | $2170625 | 32.9% |
| Japanese Yen | 860931 | 13.0% |
| South Korean Won | 522461 | 7.9% |
| Swiss Franc | 502343 | 7.6% |
| Australian Dollar | 388416 | 5.9% |
| Canadian Dollar | 349379 | 5.3% |
| Hong Kong Dollar | 323387 | 4.9% |
| Swedish Krona | 300959 | 4.6% |
| Indian Rupee | 280542 | 4.2% |
| US Dollar | 245026 | 3.7% |
| British Pound Sterling | 200069 | 3.0% |
| New Taiwan Dollar | 188967 | 2.9% |
| Israeli Shekel | 114204 | 1.7% |
| Norwegian Krone | 90419 | 1.4% |
| Brazilian Real | 69314 | 1.0% |
| Total Investments | $6607042 | 100.0% |
| Currency exposure may vary over time. |  |  |

---

See accompanying Notes to Schedule of Investments

**Calamos Total Return Bond Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| **Corporate Bonds (46.7%)** | **Corporate Bonds (46.7%)** | **Corporate Bonds (46.7%)** |
|  | **Airlines (1.1%)** |  |
| 84901 | &nbsp;&nbsp;&nbsp;Air Canada Pass-Through Trust Series 2015-2, Class AA\* |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 06/15/29 | $82117 |
| 80907 | &nbsp;&nbsp;&nbsp;Alaska Airlines Pass-Through Trust Series 2020-1, Class A\* |  |
|  | &nbsp;&nbsp;&nbsp;4.800%, 02/15/29 | 80731 |
| 67174 | &nbsp;&nbsp;&nbsp;British Airways Pass-Through Trust Series 2019-1, Class A\* |  |
|  | &nbsp;&nbsp;&nbsp;3.350%, 12/15/30 | 64287 |
| 111593 | &nbsp;&nbsp;&nbsp;JetBlue Pass-Through Trust Series 2019-1, Class AA |  |
|  | &nbsp;&nbsp;&nbsp;2.750%, 11/15/33 | 97457 |
|  |  | 324592 |
|  | **Communication Services (2.8%)** |  |
| 200000 | &nbsp;&nbsp;&nbsp;Alphabet, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;2.050%, 08/15/50 | 110406 |
| 200000 | &nbsp;&nbsp;&nbsp;Ashtead Capital, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.375%, 08/15/27 | 198530 |
| 100000 | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC/Charter Communications Operating Capital |  |
|  | &nbsp;&nbsp;&nbsp;2.800%, 04/01/31 | 88679 |
| 150000 | &nbsp;&nbsp;&nbsp;Comcast Corp. |  |
|  | &nbsp;&nbsp;&nbsp;3.900%, 03/01/38 | 129234 |
| 75000 | &nbsp;&nbsp;&nbsp;Paramount Global |  |
|  | &nbsp;&nbsp;&nbsp;3.700%, 10/04/26 | 73496 |
| 100000 | &nbsp;&nbsp;&nbsp;U.S. Cellular Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.700%, 12/15/33 | 105750 |
| 100000 | &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.016%, 12/03/29 | 98302 |
|  |  | 804397 |
|  | **Consumer Discretionary (3.4%)** |  |
| 50000 | &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 10/01/30 | 51248 |
| 25000 | &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 02/15/30 | 25812 |
| 150000 | &nbsp;&nbsp;&nbsp;Cargill, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.125%, 05/25/51 | 98676 |
| 200000 | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC |  |
|  | &nbsp;&nbsp;&nbsp;4.000%, 11/13/30 | 183886 |
| 50000 | &nbsp;&nbsp;&nbsp;goeasy Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.625%, 07/01/29 | 51536 |
| 125000 | &nbsp;&nbsp;&nbsp;Kohl's Corp. |  |
|  | &nbsp;&nbsp;&nbsp;5.550%, 07/17/45 | 70399 |
| 100000 | &nbsp;&nbsp;&nbsp;M/I Homes, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.950%, 02/15/30 | 93291 |
| 100000 | &nbsp;&nbsp;&nbsp;Mattel, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.200%, 10/01/40 | 99995 |
| 100000 | &nbsp;&nbsp;&nbsp;Meritage Homes Corp.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 04/15/29 | 96643 |
| 100000 | &nbsp;&nbsp;&nbsp;NIKE, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;2.850%, 03/27/30 | 93938 |
| 100000 | &nbsp;&nbsp;&nbsp;Tractor Supply Co. |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 05/15/33 | 101659 |
|  |  | 967083 |
|  | **Consumer Staples (2.9%)** |  |
| 125000 | &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 06/01/30 | 120272 |
| 125000 | &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. |  |
|  | &nbsp;&nbsp;&nbsp;3.250%, 03/27/30 | 118881 |
| 125000 | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. |  |
|  | &nbsp;&nbsp;&nbsp;1.600%, 04/20/30 | 111164 |
| 100000 | &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/01/29 | 94715 |
| 125000 | &nbsp;&nbsp;&nbsp;Hershey Co. |  |
|  | &nbsp;&nbsp;&nbsp;1.700%, 06/01/30 | 110306 |
| 100000 | &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. |  |
|  | &nbsp;&nbsp;&nbsp;3.100%, 03/26/30 | 94851 |
| 100000 | &nbsp;&nbsp;&nbsp;Novartis Capital Corp. |  |
|  | &nbsp;&nbsp;&nbsp;4.700%, 09/18/54 | 88816 |
| 25000 | &nbsp;&nbsp;&nbsp;Performance Food Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.500%, 10/15/27 | 24994 |
| 50000 | &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 04/15/31 | 47811 |
|  |  | 811810 |
|  | **Energy (1.0%)** |  |
| 95000 | &nbsp;&nbsp;&nbsp;Energy Transfer LP‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.575%, 11/01/66 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.28% | 94808 |
|  | &nbsp;&nbsp;&nbsp;EQT Corp.\* |  |
| 100000 | &nbsp;&nbsp;&nbsp;7.500%, 06/01/27 | 101814 |
| 100000 | &nbsp;&nbsp;&nbsp;3.125%, 05/15/26 | 98679 |
|  |  | 295301 |
|  | **Financials (17.2%)** |  |
| 115000 | &nbsp;&nbsp;&nbsp;Ally Financial, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.700%, 05/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.87% | 112209 |
| 100000 | &nbsp;&nbsp;&nbsp;American Homes 4 Rent LP |  |
|  | &nbsp;&nbsp;&nbsp;4.950%, 06/15/30 | 100731 |
| 100000 | &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co.^ |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 02/15/32 | 100851 |
| 100000 | &nbsp;&nbsp;&nbsp;Aviation Capital Group LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 11/01/27 | 97334 |
| 100000 | &nbsp;&nbsp;&nbsp;Avolon Holdings Funding Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.500%, 01/15/26 | 100322 |
| 125000 | &nbsp;&nbsp;&nbsp;AXIS Specialty Finance PLC |  |
|  | &nbsp;&nbsp;&nbsp;4.000%, 12/06/27 | 123208 |
| 100000 | &nbsp;&nbsp;&nbsp;Bank of America Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;2.087%, 06/14/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR + 1.06% | 93628 |
| 150000 | &nbsp;&nbsp;&nbsp;Bank of Montreal‡ |  |
|  | &nbsp;&nbsp;&nbsp;3.088%, 01/10/37 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 1.40% | 131100 |
| 100000 | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;5.834%, 10/25/33 |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR Index + 2.07% | 105991 |
| 150000 | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Finance Corp. |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 01/15/49 | 125349 |
| 100000 | &nbsp;&nbsp;&nbsp;BlackRock Funding, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 03/14/54 | 95220 |
| 125000 | &nbsp;&nbsp;&nbsp;BP Capital Markets PLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 03/22/30 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.40% | 123438 |
| 175000 | &nbsp;&nbsp;&nbsp;Brookfield Finance, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;2.724%, 04/15/31 | 157948 |

---

See accompanying Notes to Schedule of Investments

**Calamos Total Return Bond Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | **VALUE** | **VALUE** |
| 100000 | &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;5.650%, 06/11/34 | $| 101894 |
| 150000 | &nbsp;&nbsp;&nbsp;Capital One Financial Corp.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;2.359%, 07/29/32 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR + 1.34% |  | 127797 |
| 100000 | &nbsp;&nbsp;&nbsp;Charles Schwab Corp.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;4.000%, 06/01/26 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.17% |  | 98599 |
| 100000 | &nbsp;&nbsp;&nbsp;Chubb INA Holdings LLC |  |  |
|  | &nbsp;&nbsp;&nbsp;4.150%, 03/13/43 |  | 84983 |
| 150000 | &nbsp;&nbsp;&nbsp;Citigroup, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 02/18/26 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.42% |  | 148324 |
| 100000 | &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;5.718%, 07/23/32 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR + 1.91% |  | 103271 |
| 100000 | &nbsp;&nbsp;&nbsp;Essent Group Ltd. |  |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 07/01/29 |  | 103698 |
| 100000 | &nbsp;&nbsp;&nbsp;Essential Properties LP |  |  |
|  | &nbsp;&nbsp;&nbsp;2.950%, 07/15/31 |  | 88938 |
| 115000 | &nbsp;&nbsp;&nbsp;Essex Portfolio LP |  |  |
|  | &nbsp;&nbsp;&nbsp;2.650%, 03/15/32 |  | 100563 |
| 100000 | &nbsp;&nbsp;&nbsp;Fiserv, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 03/15/30 |  | 100291 |
| 100000 | &nbsp;&nbsp;&nbsp;FNB Corp.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;5.722%, 12/11/30 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR Index + 1.93% |  | 100763 |
| 100000 | &nbsp;&nbsp;&nbsp;Global Net Lease, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 09/30/28 |  | 96454 |
| 125000 | &nbsp;&nbsp;&nbsp;Globe Life, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;4.550%, 09/15/28 |  | 125151 |
| 100000 | &nbsp;&nbsp;&nbsp;GLP Capital LP/GLP Financing II, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;3.250%, 01/15/32 |  | 88518 |
| 150000 | &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;3.800%, 05/10/26 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.97% |  | 147328 |
| 125000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co.^‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;3.650%, 06/01/26 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.85% |  | 123169 |
| 200000 | &nbsp;&nbsp;&nbsp;LSEGA Financing PLC\* |  |  |
|  | &nbsp;&nbsp;&nbsp;2.000%, 04/06/28 |  | 187708 |
| 100000 | &nbsp;&nbsp;&nbsp;M&T Bank Corp.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;4.833%, 01/16/29 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR + 0.93% |  | 100645 |
| 125000 | &nbsp;&nbsp;&nbsp;Markel Group, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 11/01/27 |  | 122191 |
| 100000 | &nbsp;&nbsp;&nbsp;MetLife, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;6.400%, 12/15/66 |  | 104209 |
| 100000 | &nbsp;&nbsp;&nbsp;Morgan Stanley‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;5.042%, 07/19/30 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR + 1.22% |  | 101729 |
| 118000 | &nbsp;&nbsp;&nbsp;PartnerRe Finance B LLC‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 10/01/50 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.82% |  | 110134 |
| 100000 | &nbsp;&nbsp;&nbsp;Primerica, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;2.800%, 11/19/31 |  | 89219 |
| 100000 | &nbsp;&nbsp;&nbsp;Prologis LP |  |  |
|  | &nbsp;&nbsp;&nbsp;2.875%, 11/15/29 |  | 93977 |
| 125000 | &nbsp;&nbsp;&nbsp;RenaissanceRe Finance, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;3.450%, 07/01/27 |  | 122820 |
| 100000 | &nbsp;&nbsp;&nbsp;SLM Corp. |  |  |
|  | &nbsp;&nbsp;&nbsp;3.125%, 11/02/26 |  | 97744 |
| 100000 | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank^ |  |  |
|  | &nbsp;&nbsp;&nbsp;4.456%, 06/08/32 |  | 98129 |
| 125000 | &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;2.550%, 04/27/50 |  | 74621 |
| 100000 | &nbsp;&nbsp;&nbsp;U.S. Bancorp‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;5.100%, 07/23/30 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR + 1.25% |  | 102084 |
| 200000 | &nbsp;&nbsp;&nbsp;USAA Capital Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;2.125%, 05/01/30 |  | 181024 |
| 125000 | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
|  | &nbsp;&nbsp;&nbsp;4.400%, 06/14/46 |  | 102680 |
|  |  |  | 4895984 |
|  | **Health Care (2.8%)** | **Health Care (2.8%)** | **Health Care (2.8%)** |
| 100000 | &nbsp;&nbsp;&nbsp;CVS Health Corp. |  |  |
|  | &nbsp;&nbsp;&nbsp;4.780%, 03/25/38 |  | 91608 |
| 100000 | &nbsp;&nbsp;&nbsp;DaVita, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.625%, 06/01/30 |  | 95519 |
| 100000 | &nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;6.650%, 08/28/28 |  | 103619 |
| 100000 | &nbsp;&nbsp;&nbsp;Illumina, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;5.750%, 12/13/27 |  | 102265 |
| 150000 | &nbsp;&nbsp;&nbsp;Johnson & Johnson |  |  |
|  | &nbsp;&nbsp;&nbsp;3.400%, 01/15/38 |  | 128190 |
| 100000 | &nbsp;&nbsp;&nbsp;Kaiser Foundation Hospitals |  |  |
|  | &nbsp;&nbsp;&nbsp;2.810%, 06/01/41 |  | 71464 |
| 100000 | &nbsp;&nbsp;&nbsp;Royalty Pharma PLC |  |  |
|  | &nbsp;&nbsp;&nbsp;2.200%, 09/02/30 |  | 88468 |
| 100000 | &nbsp;&nbsp;&nbsp;Zoetis, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;5.600%, 11/16/32 |  | 105208 |
|  |  |  | 786341 |
|  | **Industrials (4.9%)** | **Industrials (4.9%)** | **Industrials (4.9%)** |
| 125000 | &nbsp;&nbsp;&nbsp;Air Lease Corp.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;4.650%, 06/15/26 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.08% |  | 124037 |
| 100000 | &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.625%, 01/15/27 |  | 99336 |
| 100000 | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC |  |  |
|  | &nbsp;&nbsp;&nbsp;4.950%, 09/15/41 |  | 93917 |
| 100000 | &nbsp;&nbsp;&nbsp;Cummins, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 10/01/43 |  | 93956 |
| 100000 | &nbsp;&nbsp;&nbsp;EnerSys\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.375%, 12/15/27 |  | 98311 |
| 100000 | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC\* |  |  |
|  | &nbsp;&nbsp;&nbsp;1.512%, 04/15/26 |  | 97562 |
| 80000 | &nbsp;&nbsp;&nbsp;GXO Logistics, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;1.650%, 07/15/26 |  | 77765 |
| 100000 | &nbsp;&nbsp;&nbsp;Honeywell International, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;1.950%, 06/01/30 |  | 89314 |
| 100000 | &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 09/15/41 |  | 93663 |
| 100000 | &nbsp;&nbsp;&nbsp;Paychex, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;5.100%, 04/15/30 |  | 102204 |
| 250000 | &nbsp;&nbsp;&nbsp;SMBC Aviation Capital Finance DAC\* |  |  |
|  | &nbsp;&nbsp;&nbsp;1.900%, 10/15/26 |  | 241770 |
| 100000 | &nbsp;&nbsp;&nbsp;TransDigm, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 03/01/29 |  | 102422 |
| 78875 | &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust Series 2018-1, Class B |  |  |
|  | &nbsp;&nbsp;&nbsp;4.600%, 09/01/27 |  | 77719 |
|  |  |  | 1391976 |
|  | **Information Technology (5.7%)** | **Information Technology (5.7%)** | **Information Technology (5.7%)** |
| 150000 | &nbsp;&nbsp;&nbsp;Apple, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;4.375%, 05/13/45 |  | 131957 |

---

See accompanying Notes to Schedule of Investments

**Calamos Total Return Bond Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 125000 | &nbsp;&nbsp;&nbsp;Applied Materials, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.350%, 04/01/47 | 106846 |
| 100000 | &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.400%, 06/27/26 | 99039 |
| 110000 | &nbsp;&nbsp;&nbsp;CGI, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;2.300%, 09/14/31 | 95271 |
| 125000 | &nbsp;&nbsp;&nbsp;Fortinet, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;2.200%, 03/15/31 | 109920 |
| 100000 | &nbsp;&nbsp;&nbsp;Intuit, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.200%, 09/15/33 | 103108 |
| 157000 | &nbsp;&nbsp;&nbsp;Microsoft Corp. |  |
|  | &nbsp;&nbsp;&nbsp;4.100%, 02/06/37 | 149785 |
| 125000 | &nbsp;&nbsp;&nbsp;NVIDIA Corp. |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 04/01/40 | 105081 |
| 100000 | &nbsp;&nbsp;&nbsp;Open Text Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.900%, 12/01/27 | 103291 |
| 100000 | &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.900%, 10/15/34 | 98231 |
| 100000 | &nbsp;&nbsp;&nbsp;Synopsys, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.850%, 04/01/30 | 101170 |
| 100000 | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.950%, 03/28/28 | 101325 |
| 100000 | &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.000%, 03/01/29 | 95314 |
| 100000 | &nbsp;&nbsp;&nbsp;Twilio, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.625%, 03/15/29 | 94780 |
| 100000 | &nbsp;&nbsp;&nbsp;VMware LLC^ |  |
|  | &nbsp;&nbsp;&nbsp;1.800%, 08/15/28 | 92444 |
| 25000 | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 06/01/32 | 25639 |
|  |  | 1613201 |
|  | **Other (0.4%)** | **Other (0.4%)** |
| 125000 | &nbsp;&nbsp;&nbsp;Intact Financial Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.459%, 09/22/32 | 127315 |
|  | **Real Estate (1.8%)** | **Real Estate (1.8%)** |
| 100000 | &nbsp;&nbsp;&nbsp;Brixmor Operating Partnership LP |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 06/15/26 | 99665 |
| 100000 | &nbsp;&nbsp;&nbsp;EPR Properties |  |
|  | &nbsp;&nbsp;&nbsp;4.950%, 04/15/28 | 100044 |
| 100000 | &nbsp;&nbsp;&nbsp;Global Net Lease, Inc./Global Net Lease Operating Partnership LP\* |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 12/15/27 |  |
|  |  | 95577 |
| 100000 | &nbsp;&nbsp;&nbsp;Public Storage Operating Co. |  |
|  | &nbsp;&nbsp;&nbsp;2.300%, 05/01/31 | 88554 |
| 125000 | &nbsp;&nbsp;&nbsp;Tanger Properties LP |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 07/15/27 | 123069 |
|  |  | 506909 |
|  | **Utilities (2.7%)** | **Utilities (2.7%)** |
| 150000 | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Energy Co. |  |
|  | &nbsp;&nbsp;&nbsp;3.800%, 07/15/48 | 112237 |
| 100000 | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.350%, 04/01/30 | 95923 |
| 150000 | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC |  |
|  | &nbsp;&nbsp;&nbsp;3.700%, 12/01/47 | 112119 |
| 125000 | &nbsp;&nbsp;&nbsp;Entergy Texas, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.750%, 03/15/31 | 107468 |
| 150000 | &nbsp;&nbsp;&nbsp;Northern States Power Co. |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 12/01/47 | 110171 |
| 150000 | &nbsp;&nbsp;&nbsp;Public Service Electric & Gas Co. |  |
|  | &nbsp;&nbsp;&nbsp;3.600%, 12/01/47 | 111595 |
| 125000 | &nbsp;&nbsp;&nbsp;Southern Co.‡ |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 09/15/51 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.92% | 123309 |
|  |  | 772822 |
|  | **Total Corporate Bonds** <br> (Cost $14,051,338) | 13297731 |
| **Bank Loans (3.9%) ¡** | **Bank Loans (3.9%) ¡** | **Bank Loans (3.9%) ¡** |
|  | **Airlines (0.4%)** | **Airlines (0.4%)** |
| 123438 | &nbsp;&nbsp;&nbsp;Air Canada‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.353%, 03/21/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 123592 |
|  | **Communication Services (0.8%)** | **Communication Services (0.8%)** |
| 213941 | &nbsp;&nbsp;&nbsp;APi Group DE, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.106%, 01/03/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.75% | 214016 |
|  | **Consumer Discretionary (1.1%)** | **Consumer Discretionary (1.1%)** |
| 61593 | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.346%, 12/13/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.00% | 61631 |
| 34407 | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.053%, 12/13/29 |  |
|  | &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 3.00% | 34429 |
| 123752 | &nbsp;&nbsp;&nbsp;Light & Wonder International, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.593%, 04/14/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 124186 |
| 100000 | &nbsp;&nbsp;&nbsp;Murphy USA, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.079%, 04/07/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.75% | 101000 |
|  |  | 321246 |
|  | **Financials (0.2%)** | **Financials (0.2%)** |
| 53949 | &nbsp;&nbsp;&nbsp;Jazz Financing Lux SARL‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.606%, 05/05/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 54223 |
|  | **Industrials (0.4%)** | **Industrials (0.4%)** |
| 119949 | &nbsp;&nbsp;&nbsp;American Airlines, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.576%, 04/20/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.25% | 119620 |
|  |  | 119620 |
|  | **Information Technology (0.5%)** | **Information Technology (0.5%)** |
| 123438 | &nbsp;&nbsp;&nbsp;KBR, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 01/17/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 123746 |
|  | **Materials (0.5%)** | **Materials (0.5%)** |
| 135675 | &nbsp;&nbsp;&nbsp;Axalta Coating Systems U.S. Holdings, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.046%, 12/20/29 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.75% | 136275 |
|  | **Total Bank Loans** <br> (Cost $1,090,295) | 1092718 |

---

See accompanying Notes to Schedule of Investments

**Calamos Total Return Bond Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |<br>**VALUE** |
| **U.S. Government and Agency Securities (42.5%)** | **U.S. Government and Agency Securities (42.5%)** |  |
|  | **Other (42.5%)** |  |
| 100000 | &nbsp;&nbsp;&nbsp;Farm Credit Bank of Texas\*‡ |  |
|  | &nbsp;&nbsp;&nbsp;5.700%, 09/15/25 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.42% | $100075 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. |  |
| 62203 | &nbsp;&nbsp;&nbsp;2.500%, 02/01/35 | 58003 |
| 116714 | &nbsp;&nbsp;&nbsp;4.000%, 05/01/49 | 109323 |
|  | &nbsp;&nbsp;&nbsp;Federal National Mortgage Association |  |
| 77228 | &nbsp;&nbsp;&nbsp;2.500%, 09/01/31 | 74133 |
| 67416 | &nbsp;&nbsp;&nbsp;3.000%, 02/01/33 | 64882 |
| 38225 | &nbsp;&nbsp;&nbsp;3.000%, 01/01/35 | 36486 |
| 220487 | &nbsp;&nbsp;&nbsp;3.000%, 07/01/46 | 194392 |
| 144250 | &nbsp;&nbsp;&nbsp;3.000%, 03/01/47 | 127178 |
| 40217 | &nbsp;&nbsp;&nbsp;4.000%, 03/01/47 | 37770 |
| 123443 | &nbsp;&nbsp;&nbsp;3.500%, 08/01/47 | 112440 |
| 68657 | &nbsp;&nbsp;&nbsp;4.500%, 04/01/48 | 66380 |
| 90148 | &nbsp;&nbsp;&nbsp;4.000%, 06/01/48 | 84514 |
| 59678 | &nbsp;&nbsp;&nbsp;3.500%, 02/01/49 | 54283 |
| 54380 | &nbsp;&nbsp;&nbsp;3.000%, 07/01/49 | 47249 |
| 104704 | &nbsp;&nbsp;&nbsp;3.500%, 11/01/49 | 94680 |
| 526613 | &nbsp;&nbsp;&nbsp;2.500%, 04/01/50 | 437074 |
| 447052 | &nbsp;&nbsp;&nbsp;3.000%, 04/01/50 | 388341 |
| 356610 | &nbsp;&nbsp;&nbsp;3.500%, 04/01/50 | 322509 |
| 701770 | &nbsp;&nbsp;&nbsp;2.500%, 07/01/51 | 579062 |
| 230476 | &nbsp;&nbsp;&nbsp;4.500%, 06/01/52 | 219852 |
| 473211 | &nbsp;&nbsp;&nbsp;4.000%, 11/01/52 | 437613 |
| 417602 | &nbsp;&nbsp;&nbsp;4.500%, 11/01/52 | 398029 |
| 393098 | &nbsp;&nbsp;&nbsp;5.500%, 12/01/52 | 393576 |
| 639360 | &nbsp;&nbsp;&nbsp;4.500%, 02/01/53 | 609196 |
| 660356 | &nbsp;&nbsp;&nbsp;5.500%, 08/01/53 | 659064 |
| 656964 | &nbsp;&nbsp;&nbsp;6.000%, 09/01/53 | 668069 |
| 787152 | &nbsp;&nbsp;&nbsp;6.000%, 03/01/54 | 799459 |
|  | &nbsp;&nbsp;&nbsp;Government National Mortgage Association |  |
| 119547 | &nbsp;&nbsp;&nbsp;3.500%, 10/20/47 | 109478 |
| 91095 | &nbsp;&nbsp;&nbsp;3.000%, 10/20/47 | 80702 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Bonds |  |
| 550000 | &nbsp;&nbsp;&nbsp;3.500%, 02/15/39 | 491949 |
| 300000 | &nbsp;&nbsp;&nbsp;1.125%, 05/15/40 | 185297 |
| 200000 | &nbsp;&nbsp;&nbsp;4.000%, 11/15/42 | 180563 |
| 500000 | &nbsp;&nbsp;&nbsp;3.000%, 05/15/47 | 370273 |
| 500000 | &nbsp;&nbsp;&nbsp;2.250%, 08/15/49 | 309453 |
| 500000 | &nbsp;&nbsp;&nbsp;2.000%, 02/15/50 | 289805 |
| 200000 | &nbsp;&nbsp;&nbsp;2.875%, 05/15/52 | 138719 |
| 350000 | &nbsp;&nbsp;&nbsp;3.000%, 08/15/52 | 248856 |
| 425000 | &nbsp;&nbsp;&nbsp;3.625%, 02/15/53 | 342025 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes |  |
| 1150000 | &nbsp;&nbsp;&nbsp;3.750%, 08/31/31 | 1130639 |
| 950000 | &nbsp;&nbsp;&nbsp;3.875%, 08/15/34 | 919199 |
| 125000 | &nbsp;&nbsp;&nbsp;4.250%, 05/15/35 | 123916 |
|  | **TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES** <br> (Cost $13,572,109) | 12094506 |
| **RESIDENTIAL MORTGAGE BACKED SECURITY (0.3%)** | **RESIDENTIAL MORTGAGE BACKED SECURITY (0.3%)** |  |
|  | ***Other (0.3%)*** |  |
| 100000 | &nbsp;&nbsp;&nbsp;BX Trust Series 2019-OC11, Class A\* |  |
|  | &nbsp;&nbsp;&nbsp;3.202%, 12/09/41 |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $101,466) | 93224 |
| **Asset Backed Securities (4.0%)** | **Asset Backed Securities (4.0%)** |  |
|  | **Financials (2.5%)** |  |
| 68927 | &nbsp;&nbsp;&nbsp;ELFI Graduate Loan Program LLC Series 2022-A, Class A\* |  |
|  | &nbsp;&nbsp;&nbsp;4.510%, 08/26/47 | 67460 |
| 14405 | &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing LLC Series 2022-4, Class A2\* |  |
|  | &nbsp;&nbsp;&nbsp;5.760%, 10/22/29 | 14457 |
| 150000 | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LP Series 2021-2A, Class A\* |  |
|  | &nbsp;&nbsp;&nbsp;1.680%, 12/27/27 | 144610 |
| 27775 | &nbsp;&nbsp;&nbsp;Oscar U.S. Funding XII LLC Series 2021-1A, Class A4\* |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 04/10/28 | 27519 |
| 13103 | &nbsp;&nbsp;&nbsp;Pawnee Equipment Receivables LLC Series 2022-1, Class A3\* |  |
|  | &nbsp;&nbsp;&nbsp;5.170%, 02/15/28 | 13107 |
| 237000 | &nbsp;&nbsp;&nbsp;Progress Residential Trust Series 2021-SFR5, Class B\* |  |
|  | &nbsp;&nbsp;&nbsp;1.658%, 07/17/38 | 231439 |
| 11332 | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC Series 2017-F, Class A2FX\* |  |
|  | &nbsp;&nbsp;&nbsp;2.840%, 01/25/41 | 11276 |
| 200000 | &nbsp;&nbsp;&nbsp;Toyota Auto Loan Extended Note Trust Series 2023-1A, Class A\* |  |
|  | &nbsp;&nbsp;&nbsp;4.930%, 06/25/36 | 203340 |
|  |  | 713208 |
|  | **Other (1.5%)** |  |
| 150000 | &nbsp;&nbsp;&nbsp;Aligned Data Centers Issuer LLC Series 2021-1A, Class A2\* |  |
|  | &nbsp;&nbsp;&nbsp;1.937%, 08/15/46 | 145079 |
| 19719 | &nbsp;&nbsp;&nbsp;Amur Equipment Finance Receivables XI LLC Series 2022-2A, Class A2\* |  |
|  | &nbsp;&nbsp;&nbsp;5.300%, 06/21/28 | 19747 |
| 71250 | &nbsp;&nbsp;&nbsp;CLI Funding VI LLC Series 2020-3A, Class A\* |  |
|  | &nbsp;&nbsp;&nbsp;2.070%, 10/18/45 | 66215 |
| 98792 | &nbsp;&nbsp;&nbsp;SVC ABS LLC Series 2023-1A, Class A\* |  |
|  | &nbsp;&nbsp;&nbsp;5.150%, 02/20/53 | 97623 |
| 100000 | &nbsp;&nbsp;&nbsp;USAA Auto Owner Trust Series 2024-A, Class A3\* |  |
|  | &nbsp;&nbsp;&nbsp;5.030%, 03/15/29 | 100652 |
|  |  | 429316 |
|  | **Total Asset Backed Securities** <br> (Cost $1,159,047) | 1142524 |

---

See accompanying Notes to Schedule of Investments

**Calamos Total Return Bond Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**SHARES/**<br>**PRINCIPAL<br> AMOUNT** |  |<br>**VALUE** |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.7%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.7%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.7%)** |
| 491500 | &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.325%†\*\*\* |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $491,500) | $491500 |
|  | **TOTAL INVESTMENTS (99.1%)** <br> (Cost $30,465,755) | 28212203 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.7%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.7%) | (491500) |
| OTHER ASSETS, LESS LIABILITIES (2.6%) | OTHER ASSETS, LESS LIABILITIES (2.6%) | 747456 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $28468159 |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **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 July 31, 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. |
| **†** | Represents investment of cash collateral received from securities on loan as of July 31, 2025. |
| **\*\*\*** | The rate disclosed is the 7 day net yield as of July 31, 2025. |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number of<br> Contracts** | **Description** | **Expiration<br> Date** | **Notional<br> Value** | **Market Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Buys 2,000,000 | U.S. Treasury Note 5-Year | Sep 2025 | $2163438 | $6358 |

---

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of July 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $— | $13297731 | $— | $13297731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Loans |  | 1092718 |  | 1092718 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government and Agency Securities |  | 12094506 |  | 12094506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage Backed Security |  | 93224 |  | 93224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset Backed Securities |  | 1142524 |  | 1142524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment of Cash Collateral For Securities Loaned |  | 491500 |  | 491500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | 6358 |  |  | 6358 |
| **Total** | $6358 | $28212203 | $— | $28218561 |

---

See accompanying Notes to Schedule of Investments

**Calamos High Income Opportunities Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| **Asset Backed Security (0.3%)** | **Asset Backed Security (0.3%)** | **Asset Backed Security (0.3%)** |
|  | **Other (0.3%)** |  |
| 100000 | &nbsp;&nbsp;&nbsp;SVC ABS LLC Series 2023-1A, Class C\* |  |
|  | &nbsp;&nbsp;&nbsp;6.700%, 02/20/53 |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $95,250) | $96235 |
| **Corporate Bonds (78.0%)** | **Corporate Bonds (78.0%)** | **Corporate Bonds (78.0%)** |
|  | **Airlines (0.9%)** |  |
| 74434 | &nbsp;&nbsp;&nbsp;Alaska Airlines Pass-Through Trust Series 2020-1, Class A\* |  |
|  | &nbsp;&nbsp;&nbsp;4.800%, 02/15/29 | 74273 |
| 17337 | &nbsp;&nbsp;&nbsp;Alaska Airlines Pass-Through Trust Series 2020-1, Class B\* |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 02/15/27 | 17360 |
| 87600 | &nbsp;&nbsp;&nbsp;American Airlines Pass-Through Trust Series 2021-1, Class B |  |
|  | &nbsp;&nbsp;&nbsp;3.950%, 01/11/32 | 82771 |
| 75273 | &nbsp;&nbsp;&nbsp;British Airways Pass-Through Trust Series 2021-1, Class B\* |  |
|  | &nbsp;&nbsp;&nbsp;3.900%, 03/15/33 | 71741 |
| 79041 | &nbsp;&nbsp;&nbsp;JetBlue Pass-Through Trust Series 2020-1, Class B |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 05/15/30 | 79416 |
|  |  | 325561 |
|  | **Communication Services (7.5%)** |  |
| 105000 | &nbsp;&nbsp;&nbsp;APi Group DE, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 10/15/29 | 101691 |
| 35000 | &nbsp;&nbsp;&nbsp;Bell Telephone Co. of Canada or Bell Canada‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 09/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.36% | 35570 |
| 87000 | &nbsp;&nbsp;&nbsp;Cincinnati Bell Telephone Co. LLC |  |
|  | &nbsp;&nbsp;&nbsp;6.300%, 12/01/28 | 85339 |
|  | &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.\* |  |
| 50000 | &nbsp;&nbsp;&nbsp;7.875%, 04/01/30 | 51501 |
| 50000 | &nbsp;&nbsp;&nbsp;7.500%, 03/15/33 | 49891 |
| 40000 | &nbsp;&nbsp;&nbsp;9.000%, 09/15/28^ | 41924 |
| 124000 | &nbsp;&nbsp;&nbsp;Consolidated Communications, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 10/01/28 | 126052 |
|  | &nbsp;&nbsp;&nbsp;CSC Holdings LLC\* |  |
| 220000 | &nbsp;&nbsp;&nbsp;4.500%, 11/15/31 | 146907 |
| 200000 | &nbsp;&nbsp;&nbsp;4.625%, 12/01/30 | 93782 |
| 83000 | &nbsp;&nbsp;&nbsp;Directv Financing LLC/Directv Financing Co-Obligor, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 08/15/27 | 82570 |
| 146000 | &nbsp;&nbsp;&nbsp;Frontier California, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 05/15/27 | 148810 |
| 24000 | &nbsp;&nbsp;&nbsp;Frontier Communications Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 05/15/30 | 25179 |
| 151000 | &nbsp;&nbsp;&nbsp;Frontier Florida LLC |  |
|  | &nbsp;&nbsp;&nbsp;6.860%, 02/01/28 | 157659 |
| 140000 | &nbsp;&nbsp;&nbsp;Frontier North, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.730%, 02/15/28 | 144476 |
| 90000 | &nbsp;&nbsp;&nbsp;Go Daddy Operating Co. LLC/GD Finance Co., Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 03/01/29 | 84578 |
|  | &nbsp;&nbsp;&nbsp;Gray Media, Inc.\* |  |
| 45000 | &nbsp;&nbsp;&nbsp;7.250%, 08/15/33 | 44790 |
| 45000 | &nbsp;&nbsp;&nbsp;5.375%, 11/15/31^ | 33274 |
| 95000 | &nbsp;&nbsp;&nbsp;Hughes Satellite Systems Corp.^ |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 08/01/26 | 87957 |
|  | &nbsp;&nbsp;&nbsp;iHeartCommunications, Inc.\* |  |
| 48000 | &nbsp;&nbsp;&nbsp;10.875%, 05/01/30 | 24057 |
| 31150 | &nbsp;&nbsp;&nbsp;7.750%, 08/15/30 | 24414 |
|  | &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. |  |
| 68875 | &nbsp;&nbsp;&nbsp;10.000%, 10/15/32\* | 70079 |
| 65000 | &nbsp;&nbsp;&nbsp;7.600%, 09/15/39 | 55658 |
| 90000 | &nbsp;&nbsp;&nbsp;Paramount Global |  |
|  | &nbsp;&nbsp;&nbsp;4.900%, 08/15/44 | 70951 |
| 31000 | &nbsp;&nbsp;&nbsp;Qwest Corp. |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 09/15/25 | 31032 |
|  | &nbsp;&nbsp;&nbsp;Rogers Communications, Inc.‡ |  |
| 85000 | &nbsp;&nbsp;&nbsp;7.125%, 04/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.62% | 86773 |
| 60000 | &nbsp;&nbsp;&nbsp;7.000%, 04/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.65% | 61456 |
|  | &nbsp;&nbsp;&nbsp;Scripps Escrow II, Inc.\* |  |
| 46000 | &nbsp;&nbsp;&nbsp;3.875%, 01/15/29^ | 40889 |
| 23000 | &nbsp;&nbsp;&nbsp;5.375%, 01/15/31 | 16983 |
| 40000 | &nbsp;&nbsp;&nbsp;Scripps Escrow, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 07/15/27 | 40000 |
| 45000 | &nbsp;&nbsp;&nbsp;Sinclair Television Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.125%, 02/15/33 | 46042 |
|  | &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC\* |  |
| 124000 | &nbsp;&nbsp;&nbsp;3.875%, 09/01/31^ | 109460 |
| 70000 | &nbsp;&nbsp;&nbsp;5.500%, 07/01/29 | 69183 |
| 50000 | &nbsp;&nbsp;&nbsp;3.125%, 09/01/26 | 48924 |
| 53000 | &nbsp;&nbsp;&nbsp;Telesat Canada/Telesat LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 06/01/27 | 33009 |
| 45000 | &nbsp;&nbsp;&nbsp;TELUS Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 10/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.77% | 45600 |
|  | &nbsp;&nbsp;&nbsp;Time Warner Cable LLC |  |
| 70000 | &nbsp;&nbsp;&nbsp;6.550%, 05/01/37 | 72071 |
| 35000 | &nbsp;&nbsp;&nbsp;7.300%, 07/01/38 | 37820 |
| 37000 | &nbsp;&nbsp;&nbsp;U.S. Cellular Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.700%, 12/15/33 | 39128 |
|  | &nbsp;&nbsp;&nbsp;Univision Communications, Inc.\* |  |
| 47000 | &nbsp;&nbsp;&nbsp;8.000%, 08/15/28 | 48323 |
| 45000 | &nbsp;&nbsp;&nbsp;8.500%, 07/31/31 | 45762 |
|  |  | 2659564 |
|  | **Consumer Discretionary (16.1%)** |  |
| 135000 | &nbsp;&nbsp;&nbsp;Adams Homes, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.250%, 10/15/28 | 139869 |
|  | &nbsp;&nbsp;&nbsp;Adient Global Holdings Ltd.\* |  |
| 120000 | &nbsp;&nbsp;&nbsp;8.250%, 04/15/31^ | 125518 |
| 45000 | &nbsp;&nbsp;&nbsp;7.500%, 02/15/33 | 45924 |
|  | &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc.\* |  |
| 40000 | &nbsp;&nbsp;&nbsp;7.000%, 08/01/30 | 40231 |
| 23000 | &nbsp;&nbsp;&nbsp;7.375%, 08/01/33 | 23121 |
| 200000 | &nbsp;&nbsp;&nbsp;Aptiv Swiss Holdings Ltd.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 12/15/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.39% | 201728 |
|  | &nbsp;&nbsp;&nbsp;Ashton Woods USA LLC/Ashton Woods Finance Co.\* |  |
| 84000 | &nbsp;&nbsp;&nbsp;4.625%, 08/01/29 | 79958 |
| 46000 | &nbsp;&nbsp;&nbsp;6.875%, 08/01/33 | 45983 |
|  | &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. |  |
| 123000 | &nbsp;&nbsp;&nbsp;6.694%, 01/15/27 | 126191 |
| 70000 | &nbsp;&nbsp;&nbsp;6.875%, 11/01/35 | 72139 |
| 20000 | &nbsp;&nbsp;&nbsp;6.625%, 10/01/30\* | 20499 |

---

See accompanying Notes to Schedule of Investments

**Calamos High Income Opportunities Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.\*^ |  |
| 78000 | &nbsp;&nbsp;&nbsp;6.000%, 10/15/32 | $75364 |
| 61000 | &nbsp;&nbsp;&nbsp;4.625%, 10/15/29 | 57711 |
|  | &nbsp;&nbsp;&nbsp;Carnival Corp.\* |  |
| 45000 | &nbsp;&nbsp;&nbsp;4.000%, 08/01/28 | 43740 |
| 6000 | &nbsp;&nbsp;&nbsp;7.000%, 08/15/29^ | 6311 |
|  | &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp.\* |  |
| 200000 | &nbsp;&nbsp;&nbsp;4.750%, 03/01/30 | 190078 |
| 190000 | &nbsp;&nbsp;&nbsp;4.250%, 02/01/31 | 173500 |
| 185000 | &nbsp;&nbsp;&nbsp;5.125%, 05/01/27 | 183590 |
| 110000 | &nbsp;&nbsp;&nbsp;6.375%, 09/01/29 | 111068 |
| 55000 | &nbsp;&nbsp;&nbsp;5.000%, 02/01/28 | 54029 |
| 50000 | &nbsp;&nbsp;&nbsp;4.500%, 08/15/30 | 46830 |
| 48000 | &nbsp;&nbsp;&nbsp;4.750%, 02/01/32^ | 44365 |
|  | &nbsp;&nbsp;&nbsp;Churchill Downs, Inc.\* |  |
| 50000 | &nbsp;&nbsp;&nbsp;6.750%, 05/01/31 | 51126 |
| 48000 | &nbsp;&nbsp;&nbsp;5.750%, 04/01/30 | 47946 |
|  | &nbsp;&nbsp;&nbsp;Dana, Inc. |  |
| 91000 | &nbsp;&nbsp;&nbsp;4.500%, 02/15/32^ | 88848 |
| 80000 | &nbsp;&nbsp;&nbsp;4.250%, 09/01/30 | 78771 |
|  | &nbsp;&nbsp;&nbsp;DISH DBS Corp. |  |
| 47000 | &nbsp;&nbsp;&nbsp;5.125%, 06/01/29 | 34499 |
| 36000 | &nbsp;&nbsp;&nbsp;7.375%, 07/01/28 | 27680 |
| 88000 | &nbsp;&nbsp;&nbsp;DISH Network Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;11.750%, 11/15/27 | 91722 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC |  |
| 200000 | &nbsp;&nbsp;&nbsp;5.113%, 05/03/29 | 195658 |
| 200000 | &nbsp;&nbsp;&nbsp;4.000%, 11/13/30 | 183886 |
| 45000 | &nbsp;&nbsp;&nbsp;General Motors Co. |  |
|  | &nbsp;&nbsp;&nbsp;5.200%, 04/01/45 | 39133 |
|  | &nbsp;&nbsp;&nbsp;goeasy Ltd.\* |  |
| 165000 | &nbsp;&nbsp;&nbsp;9.250%, 12/01/28 | 174720 |
| 83000 | &nbsp;&nbsp;&nbsp;7.625%, 07/01/29 | 85550 |
|  | &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. |  |
| 140000 | &nbsp;&nbsp;&nbsp;5.625%, 04/30/33^ | 131513 |
| 50000 | &nbsp;&nbsp;&nbsp;5.250%, 07/15/31 | 47555 |
|  | &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc.\* |  |
| 55000 | &nbsp;&nbsp;&nbsp;6.375%, 01/15/30 | 56191 |
| 41000 | &nbsp;&nbsp;&nbsp;4.000%, 08/15/28 | 39568 |
| 17292 | &nbsp;&nbsp;&nbsp;JetBlue Pass-Through Trust Series 2019-1, Class B |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 05/15/29 | 17373 |
| 122000 | &nbsp;&nbsp;&nbsp;Kohl's Corp. |  |
|  | &nbsp;&nbsp;&nbsp;5.550%, 07/17/45 | 68709 |
| 95000 | &nbsp;&nbsp;&nbsp;Liberty Interactive LLC |  |
|  | &nbsp;&nbsp;&nbsp;8.250%, 02/01/30 | 13133 |
| 90000 | &nbsp;&nbsp;&nbsp;Life Time, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 11/15/31 | 90753 |
| 45000 | &nbsp;&nbsp;&nbsp;Light & Wonder International, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 09/01/31 | 46940 |
| 35000 | &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.000%, 05/15/28 | 36509 |
| 62000 | &nbsp;&nbsp;&nbsp;Lindblad Expeditions LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 02/15/27 | 62200 |
| 65000 | &nbsp;&nbsp;&nbsp;M/I Homes, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.950%, 02/15/30 | 60639 |
|  | &nbsp;&nbsp;&nbsp;Macy's Retail Holdings LLC |  |
| 115000 | &nbsp;&nbsp;&nbsp;4.300%, 02/15/43 | 76130 |
| 80000 | &nbsp;&nbsp;&nbsp;6.700%, 07/15/34\* | 68996 |
| 180000 | &nbsp;&nbsp;&nbsp;MGM Resorts International^ |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 04/15/32 | 183031 |
| 100000 | &nbsp;&nbsp;&nbsp;Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 05/01/29 | 96431 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands, Inc. |  |
| 46000 | &nbsp;&nbsp;&nbsp;8.500%, 06/01/28\* | 48301 |
| 46000 | &nbsp;&nbsp;&nbsp;6.625%, 05/15/32^ | 44052 |
| 50000 | &nbsp;&nbsp;&nbsp;Nordstrom, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 01/15/44 | 33935 |
|  | &nbsp;&nbsp;&nbsp;Patrick Industries, Inc.\* |  |
| 80000 | &nbsp;&nbsp;&nbsp;4.750%, 05/01/29 | 77654 |
| 45000 | &nbsp;&nbsp;&nbsp;6.375%, 11/01/32 | 45026 |
| 100000 | &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 07/01/29 | 92735 |
| 120000 | &nbsp;&nbsp;&nbsp;Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.625%, 09/01/29 | 72564 |
| 45000 | &nbsp;&nbsp;&nbsp;QVC, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.450%, 08/15/34 | 19784 |
| 45000 | &nbsp;&nbsp;&nbsp;Raising Cane's Restaurants LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;9.375%, 05/01/29 | 47569 |
|  | &nbsp;&nbsp;&nbsp;Rite Aid Corp. |  |
| 147000 | &nbsp;&nbsp;&nbsp;0.000%, 11/15/26\*@ |  |
| 28802 | &nbsp;&nbsp;&nbsp;15.000%, 08/30/31@ | 144 |
| 26771 | &nbsp;&nbsp;&nbsp;0.000%, 10/18/25\* |  |
| 20939 | &nbsp;&nbsp;&nbsp;15.000%, 08/30/31@!! | 105 |
| 9674 | &nbsp;&nbsp;&nbsp;0.000%, 08/30/31\*@!! | 726 |
| 9116 | &nbsp;&nbsp;&nbsp;0.000%, 08/30/34 |  |
| 90000 | &nbsp;&nbsp;&nbsp;Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 02/01/33 | 90962 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd.\* |  |
| 13000 | &nbsp;&nbsp;&nbsp;6.250%, 03/15/32 | 13342 |
| 11000 | &nbsp;&nbsp;&nbsp;5.625%, 09/30/31 | 11086 |
| 75000 | &nbsp;&nbsp;&nbsp;Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed\* |  |
|  | &nbsp;&nbsp;&nbsp;4.625%, 03/01/29 | 71053 |
| 135000 | &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 05/15/31 | 137615 |
| 75000 | &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp. |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 07/15/29 | 72979 |
| 63000 | &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;4.625%, 11/15/29 | 60661 |
| 70000 | &nbsp;&nbsp;&nbsp;Speedway Motorsports LLC/Speedway Funding II, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 11/01/27 | 69319 |
| 75000 | &nbsp;&nbsp;&nbsp;Staples, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;10.750%, 09/01/29 | 70339 |
| 95000 | &nbsp;&nbsp;&nbsp;Station Casinos LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 02/15/28 | 92900 |
| 100000 | &nbsp;&nbsp;&nbsp;STL Holding Co. LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 02/15/29 | 104102 |
| 45000 | &nbsp;&nbsp;&nbsp;Under Armour, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 07/15/30 | 46099 |
| 25000 | &nbsp;&nbsp;&nbsp;Viking Cruises Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.125%, 07/15/31 | 26910 |
| 46000 | &nbsp;&nbsp;&nbsp;Voyager Parent LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;9.250%, 07/01/32 | 48707 |
| 90000 | &nbsp;&nbsp;&nbsp;Whirlpool Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 06/15/33 | 88789 |
| 175000 | &nbsp;&nbsp;&nbsp;ZF North America Capital, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 04/14/30 | 169734 |
|  |  | 5760149 |

---

See accompanying Notes to Schedule of Investments

**Calamos High Income Opportunities Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
|  | **Consumer Staples (4.5%)** |  |
|  | &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC\* |  |
| 155000 | &nbsp;&nbsp;&nbsp;4.625%, 01/15/27 | $153971 |
| 75000 | &nbsp;&nbsp;&nbsp;5.875%, 02/15/28 | 75066 |
| 90000 | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 08/01/32 | 91396 |
| 50000 | &nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC/Avis Budget Finance, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.375%, 06/15/32 | 51598 |
|  | &nbsp;&nbsp;&nbsp;Brink's Co.\* |  |
| 50000 | &nbsp;&nbsp;&nbsp;6.750%, 06/15/32 | 51552 |
| 50000 | &nbsp;&nbsp;&nbsp;6.500%, 06/15/29 | 51239 |
| 107000 | &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/30/31 | 99226 |
| 110000 | &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/01/29 | 104186 |
|  | &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc.\* |  |
| 115000 | &nbsp;&nbsp;&nbsp;4.375%, 03/31/29 | 109157 |
| 24000 | &nbsp;&nbsp;&nbsp;6.500%, 12/31/27^ | 24360 |
| 26000 | &nbsp;&nbsp;&nbsp;JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |
|  | &nbsp;&nbsp;&nbsp;5.750%, 04/01/33 | 26671 |
|  | &nbsp;&nbsp;&nbsp;MPH Acquisition Holdings LLC\* |  |
| 77507 | &nbsp;&nbsp;&nbsp;6.750%, 03/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;0.750% PIK Rate | 60228 |
| 40442 | &nbsp;&nbsp;&nbsp;5.750%, 12/31/30 | 33317 |
| 63000 | &nbsp;&nbsp;&nbsp;New Albertsons LP |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 06/15/26 | 64300 |
|  | &nbsp;&nbsp;&nbsp;Performance Food Group, Inc.\* |  |
| 96000 | &nbsp;&nbsp;&nbsp;4.250%, 08/01/29 | 92398 |
| 23000 | &nbsp;&nbsp;&nbsp;6.125%, 09/15/32 | 23397 |
| 75000 | &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 04/15/31 | 71716 |
|  | &nbsp;&nbsp;&nbsp;Post Holdings, Inc.\* |  |
| 100000 | &nbsp;&nbsp;&nbsp;6.250%, 02/15/32 | 101975 |
| 75000 | &nbsp;&nbsp;&nbsp;6.375%, 03/01/33 | 75211 |
| 90000 | &nbsp;&nbsp;&nbsp;Prestige Brands, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 04/01/31 | 82444 |
| 70000 | &nbsp;&nbsp;&nbsp;RR Donnelley & Sons Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.500%, 08/01/29 | 71608 |
| 75000 | &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 10/15/28 | 74800 |
|  |  | 1589816 |
|  | **Energy (11.0%)** |  |
|  | &nbsp;&nbsp;&nbsp;Ascent Resources Utica Holdings LLC/ARU Finance Corp.\* |  |
| 90000 | &nbsp;&nbsp;&nbsp;6.625%, 10/15/32 | 91613 |
| 23000 | &nbsp;&nbsp;&nbsp;6.625%, 07/15/33 | 23345 |
|  | &nbsp;&nbsp;&nbsp;Buckeye Partners LP |  |
| 73000 | &nbsp;&nbsp;&nbsp;6.750%, 02/01/30\* | 75706 |
| 50000 | &nbsp;&nbsp;&nbsp;5.850%, 11/15/43 | 44575 |
| 37000 | &nbsp;&nbsp;&nbsp;6.875%, 07/01/29\* | 38104 |
|  | &nbsp;&nbsp;&nbsp;Civitas Resources, Inc.\* |  |
| 88000 | &nbsp;&nbsp;&nbsp;8.750%, 07/01/31 | 89128 |
| 46000 | &nbsp;&nbsp;&nbsp;9.625%, 06/15/33 | 47328 |
| 70000 | &nbsp;&nbsp;&nbsp;Continental Resources, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.900%, 06/01/44 | 55033 |
| 76000 | &nbsp;&nbsp;&nbsp;DT Midstream, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 06/15/29 | 73268 |
|  | &nbsp;&nbsp;&nbsp;Enbridge, Inc.‡ |  |
| 68000 | &nbsp;&nbsp;&nbsp;7.375%, 03/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.12% | 70955 |
| 45000 | &nbsp;&nbsp;&nbsp;7.200%, 06/27/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.97% | 46490 |
| 123000 | &nbsp;&nbsp;&nbsp;Encino Acquisition Partners Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 05/01/31 | 136061 |
|  | &nbsp;&nbsp;&nbsp;Energy Transfer LP‡ |  |
| 90000 | &nbsp;&nbsp;&nbsp;7.575%, 11/01/66 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.28% | 89818 |
| 70000 | &nbsp;&nbsp;&nbsp;6.500%, 11/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.69% | 70407 |
| 45000 | &nbsp;&nbsp;&nbsp;7.125%, 10/01/54^ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.83% | 46182 |
|  | &nbsp;&nbsp;&nbsp;Genesis Energy LP/Genesis Energy Finance Corp. |  |
| 70000 | &nbsp;&nbsp;&nbsp;8.875%, 04/15/30 | 74088 |
| 45000 | &nbsp;&nbsp;&nbsp;8.000%, 05/15/33 | 46691 |
| 125000 | &nbsp;&nbsp;&nbsp;Gulfport Energy Operating Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 09/01/29 | 127254 |
| 100000 | &nbsp;&nbsp;&nbsp;Howard Midstream Energy Partners LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.375%, 07/15/32 | 103489 |
| 90000 | &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 12/01/32 | 91016 |
| 92000 | &nbsp;&nbsp;&nbsp;Matador Resources Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 04/15/32 | 92289 |
| 35000 | &nbsp;&nbsp;&nbsp;Nabors Industries Ltd.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 01/15/28 | 32344 |
| 96000 | &nbsp;&nbsp;&nbsp;Nabors Industries, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.125%, 01/31/30 | 95166 |
| 70000 | &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 09/30/26 | 24530 |
| 97000 | &nbsp;&nbsp;&nbsp;Oceaneering International, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 02/01/28 | 97698 |
| 61000 | &nbsp;&nbsp;&nbsp;ONEOK, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 09/01/30 | 65127 |
| 135000 | &nbsp;&nbsp;&nbsp;Parkland Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 08/15/32 | 137908 |
|  | &nbsp;&nbsp;&nbsp;Permian Resources Operating LLC\* |  |
| 86000 | &nbsp;&nbsp;&nbsp;7.000%, 01/15/32 | 88946 |
| 23000 | &nbsp;&nbsp;&nbsp;6.250%, 02/01/33 | 23141 |
| 100000 | &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.698%, 08/30/25 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.37% | 100331 |
| 100000 | &nbsp;&nbsp;&nbsp;South Bow Canadian Infrastructure Holdings Ltd.\*‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.625%, 03/01/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.95% | 103366 |
| 134000 | &nbsp;&nbsp;&nbsp;Summit Midstream Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.625%, 10/31/29 | 136490 |
| 45000 | &nbsp;&nbsp;&nbsp;Sunoco LP\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 07/01/33 | 45611 |
| 160000 | &nbsp;&nbsp;&nbsp;TGNR Intermediate Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;5.500%, 10/15/29 | 156034 |
|  | &nbsp;&nbsp;&nbsp;Transocean, Inc.\* |  |
| 138400 | &nbsp;&nbsp;&nbsp;8.750%, 02/15/30 | 143587 |
| 95000 | &nbsp;&nbsp;&nbsp;8.250%, 05/15/29 | 89834 |
|  | &nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC\* |  |
| 25000 | &nbsp;&nbsp;&nbsp;4.125%, 08/15/31 | 23103 |
| 25000 | &nbsp;&nbsp;&nbsp;3.875%, 08/15/29 | 23612 |
|  | &nbsp;&nbsp;&nbsp;Venture Global LNG, Inc.\* |  |
| 213000 | &nbsp;&nbsp;&nbsp;9.000%, 09/30/29‡ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.44% | 213185 |

---

See accompanying Notes to Schedule of Investments

**Calamos High Income Opportunities Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 120000 | &nbsp;&nbsp;&nbsp;8.375%, 06/01/31 | $124108 |
| 75000 | &nbsp;&nbsp;&nbsp;8.125%, 06/01/28 | 77687 |
| 48000 | &nbsp;&nbsp;&nbsp;7.000%, 01/15/30^ | 48722 |
| 45000 | &nbsp;&nbsp;&nbsp;9.875%, 02/01/32 | 48587 |
| 45000 | &nbsp;&nbsp;&nbsp;9.500%, 02/01/29 | 49089 |
|  | &nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC\* |  |
| 90000 | &nbsp;&nbsp;&nbsp;6.500%, 01/15/34 | 92609 |
| 11000 | &nbsp;&nbsp;&nbsp;6.750%, 01/15/36 | 11319 |
| 90000 | &nbsp;&nbsp;&nbsp;Vital Energy, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;9.750%, 10/15/30 | 84626 |
| 90000 | &nbsp;&nbsp;&nbsp;VOC Escrow Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 02/15/28 | 89249 |
| 101000 | &nbsp;&nbsp;&nbsp;Weatherford International Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.625%, 04/30/30 | 103887 |
| 79000 | &nbsp;&nbsp;&nbsp;Wildfire Intermediate Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 10/15/29 | 78752 |
|  |  | 3941488 |
|  | **Financials (12.2%)** |  |
| 74000 | &nbsp;&nbsp;&nbsp;Acrisure LLC/Acrisure Finance, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.250%, 02/01/29 | 76552 |
|  | &nbsp;&nbsp;&nbsp;Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer\* |  |
| 90000 | &nbsp;&nbsp;&nbsp;7.375%, 10/01/32^ | 92592 |
| 90000 | &nbsp;&nbsp;&nbsp;6.500%, 10/01/31 | 91452 |
|  | &nbsp;&nbsp;&nbsp;Ally Financial, Inc.‡ |  |
| 126000 | &nbsp;&nbsp;&nbsp;4.700%, 05/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.87% | 122942 |
| 45000 | &nbsp;&nbsp;&nbsp;4.700%, 05/15/28 |  |
|  | &nbsp;&nbsp;&nbsp;7 yr. CMT + 3.48% | 41120 |
| 95000 | &nbsp;&nbsp;&nbsp;AmWINS Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 06/30/29 | 92341 |
| 45000 | &nbsp;&nbsp;&nbsp;Amynta Agency Borrower, Inc. & Amynta Warranty Borrower, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 07/15/33 | 45209 |
| 95000 | &nbsp;&nbsp;&nbsp;AssuredPartners, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.625%, 01/15/29 | 94854 |
| 90000 | &nbsp;&nbsp;&nbsp;Azorra Finance Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 01/15/31 | 91956 |
| 100000 | &nbsp;&nbsp;&nbsp;Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance\* |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 05/15/31 | 103295 |
| 90000 | &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 12/01/29 | 95345 |
| 50000 | &nbsp;&nbsp;&nbsp;Brandywine Operating Partnership LP |  |
|  | &nbsp;&nbsp;&nbsp;8.875%, 04/12/29 | 53767 |
| 67000 | &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc.\*‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.375%, 06/15/35 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.30% | 69308 |
| 150000 | &nbsp;&nbsp;&nbsp;BroadStreet Partners, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 04/15/29 | 149100 |
| 72000 | &nbsp;&nbsp;&nbsp;Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 04/01/27 | 70057 |
| 90000 | &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 09/15/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.65% | 90021 |
|  | &nbsp;&nbsp;&nbsp;Credit Acceptance Corp.\* |  |
| 70000 | &nbsp;&nbsp;&nbsp;9.250%, 12/15/28 | 74090 |
| 40000 | &nbsp;&nbsp;&nbsp;6.625%, 03/15/30 | 40521 |
| 90000 | &nbsp;&nbsp;&nbsp;Cushman & Wakefield U.S. Borrower LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.875%, 09/01/31 | 96599 |
| 45000 | &nbsp;&nbsp;&nbsp;Enstar Group Ltd.\*‡^ |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 04/01/45 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.19% | 46481 |
|  | &nbsp;&nbsp;&nbsp;GGAM Finance Ltd.\* |  |
| 110000 | &nbsp;&nbsp;&nbsp;8.000%, 02/15/27 | 113381 |
| 45000 | &nbsp;&nbsp;&nbsp;5.875%, 03/15/30 | 45236 |
| 55000 | &nbsp;&nbsp;&nbsp;HAT Holdings I LLC/HAT Holdings II LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 06/15/27 | 57065 |
|  | &nbsp;&nbsp;&nbsp;HUB International Ltd.\* |  |
| 90000 | &nbsp;&nbsp;&nbsp;5.625%, 12/01/29 | 89476 |
| 75000 | &nbsp;&nbsp;&nbsp;7.375%, 01/31/32 | 78146 |
| 150000 | &nbsp;&nbsp;&nbsp;Iron Mountain, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 03/15/28 | 149334 |
| 200000 | &nbsp;&nbsp;&nbsp;Jefferies Finance LLC/JFIN Co-Issuer Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 10/15/31 | 199330 |
|  | &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.\* |  |
| 63000 | &nbsp;&nbsp;&nbsp;7.000%, 07/15/31 | 66013 |
| 56000 | &nbsp;&nbsp;&nbsp;4.750%, 06/15/29 | 54426 |
|  | &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.\* |  |
| 67300 | &nbsp;&nbsp;&nbsp;10.000%, 10/15/32 | 67899 |
| 50000 | &nbsp;&nbsp;&nbsp;3.875%, 10/15/30 | 43367 |
| 90000 | &nbsp;&nbsp;&nbsp;Macquarie Airfinance Holdings Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.125%, 03/30/29 | 93976 |
| 129000 | &nbsp;&nbsp;&nbsp;MetLife, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.400%, 12/15/66 | 134430 |
| 50000 | &nbsp;&nbsp;&nbsp;Newmark Group, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 01/12/29 | 53128 |
|  | &nbsp;&nbsp;&nbsp;OneMain Finance Corp. |  |
| 65000 | &nbsp;&nbsp;&nbsp;3.875%, 09/15/28 | 62032 |
| 50000 | &nbsp;&nbsp;&nbsp;7.500%, 05/15/31 | 52154 |
| 90000 | &nbsp;&nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer\* |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 02/01/30 | 92285 |
| 113000 | &nbsp;&nbsp;&nbsp;Provident Funding Associates LP/PFG Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.750%, 09/15/29 | 118444 |
| 95000 | &nbsp;&nbsp;&nbsp;RHP Hotel Properties LP/RHP Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 04/01/32 | 97158 |
|  | &nbsp;&nbsp;&nbsp;Rocket Cos., Inc.\* |  |
| 68000 | &nbsp;&nbsp;&nbsp;6.375%, 08/01/33 | 69412 |
| 45000 | &nbsp;&nbsp;&nbsp;6.125%, 08/01/30 | 45684 |
| 91000 | &nbsp;&nbsp;&nbsp;Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 03/01/31 | 83990 |
| 65000 | &nbsp;&nbsp;&nbsp;Saks Global Enterprises LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;11.000%, 12/15/29 | 15397 |
| 70000 | &nbsp;&nbsp;&nbsp;Service Properties Trust |  |
|  | &nbsp;&nbsp;&nbsp;8.375%, 06/15/29 | 72762 |
|  | &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc.\* |  |
| 90000 | &nbsp;&nbsp;&nbsp;6.000%, 04/15/30 | 90956 |
| 45000 | &nbsp;&nbsp;&nbsp;6.500%, 07/01/30 | 46328 |
| 23000 | &nbsp;&nbsp;&nbsp;Stonex Escrow Issuer LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 07/15/32 | 23442 |
| 125000 | &nbsp;&nbsp;&nbsp;StoneX Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.875%, 03/01/31 | 131660 |
| 90000 | &nbsp;&nbsp;&nbsp;TrueNoord Capital DAC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 03/01/30 | 93340 |

---

See accompanying Notes to Schedule of Investments

**Calamos High Income Opportunities Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC\* |  |
| 100000 | &nbsp;&nbsp;&nbsp;5.500%, 04/15/29 | $97905 |
| 50000 | &nbsp;&nbsp;&nbsp;5.750%, 06/15/27 | 50054 |
|  | &nbsp;&nbsp;&nbsp;Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC\* |  |
| 50000 | &nbsp;&nbsp;&nbsp;6.500%, 02/15/29^ | 48685 |
| 47000 | &nbsp;&nbsp;&nbsp;10.500%, 02/15/28 | 49710 |
| 50000 | &nbsp;&nbsp;&nbsp;VFH Parent LLC/Valor Co-Issuer, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 06/15/31 | 52066 |
| 90000 | &nbsp;&nbsp;&nbsp;XHR LP\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 05/15/30 | 91552 |
|  |  | 4367825 |
|  | **Health Care (4.6%)** |  |
| 46000 | &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.375%, 03/15/33 | 47417 |
|  | &nbsp;&nbsp;&nbsp;CHS/Community Health Systems, Inc.\* |  |
| 170000 | &nbsp;&nbsp;&nbsp;6.125%, 04/01/30 | 120589 |
| 73000 | &nbsp;&nbsp;&nbsp;10.875%, 01/15/32 | 76619 |
| 49000 | &nbsp;&nbsp;&nbsp;6.875%, 04/15/29^ | 38467 |
| 12000 | &nbsp;&nbsp;&nbsp;5.250%, 05/15/30 | 10514 |
|  | &nbsp;&nbsp;&nbsp;DaVita, Inc.\* |  |
| 100000 | &nbsp;&nbsp;&nbsp;4.625%, 06/01/30 | 95519 |
| 100000 | &nbsp;&nbsp;&nbsp;3.750%, 02/15/31 | 90782 |
| 90000 | &nbsp;&nbsp;&nbsp;6.875%, 09/01/32 | 92640 |
|  | &nbsp;&nbsp;&nbsp;Embecta Corp.\* |  |
| 72000 | &nbsp;&nbsp;&nbsp;5.000%, 02/15/30 | 65334 |
| 24000 | &nbsp;&nbsp;&nbsp;6.750%, 02/15/30 | 23129 |
|  | &nbsp;&nbsp;&nbsp;Encompass Health Corp. |  |
| 45000 | &nbsp;&nbsp;&nbsp;4.750%, 02/01/30 | 44006 |
| 45000 | &nbsp;&nbsp;&nbsp;4.500%, 02/01/28 | 44356 |
| 100000 | &nbsp;&nbsp;&nbsp;HCA, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 11/06/33 | 113405 |
| 51000 | &nbsp;&nbsp;&nbsp;IQVIA, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 06/01/32 | 52336 |
|  | &nbsp;&nbsp;&nbsp;Medline Borrower LP\* |  |
| 110000 | &nbsp;&nbsp;&nbsp;5.250%, 10/01/29 | 107964 |
| 110000 | &nbsp;&nbsp;&nbsp;3.875%, 04/01/29 | 104949 |
| 12000 | &nbsp;&nbsp;&nbsp;Medline Borrower LP/Medline Co-Issuer, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 04/01/29 | 12266 |
| 200000 | &nbsp;&nbsp;&nbsp;Organon & Co./Organon Foreign Debt Co-Issuer BV\*^ |  |
|  | &nbsp;&nbsp;&nbsp;5.125%, 04/30/31 | 173116 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. |  |
| 200000 | &nbsp;&nbsp;&nbsp;6.250%, 02/01/27 | 200298 |
| 120000 | &nbsp;&nbsp;&nbsp;6.875%, 11/15/31 | 127948 |
|  |  | 1641654 |
|  | **Industrials (8.4%)** |  |
| 100000 | &nbsp;&nbsp;&nbsp;AAR Escrow Issuer LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 03/15/29 | 102706 |
| 100000 | &nbsp;&nbsp;&nbsp;ACCO Brands Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 03/15/29 | 88641 |
| 95000 | &nbsp;&nbsp;&nbsp;Air Lease Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 12/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.15% | 92994 |
|  | &nbsp;&nbsp;&nbsp;Arcosa, Inc.\* |  |
| 49000 | &nbsp;&nbsp;&nbsp;4.375%, 04/15/29 | 47288 |
| 46000 | &nbsp;&nbsp;&nbsp;6.875%, 08/15/32 | 47592 |
| 241607 | &nbsp;&nbsp;&nbsp;ARD Finance SA\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 06/30/27 |  |
|  | &nbsp;&nbsp;&nbsp;7.250% PIK rate | 18046 |
|  | &nbsp;&nbsp;&nbsp;Bombardier, Inc.\* |  |
| 50000 | &nbsp;&nbsp;&nbsp;8.750%, 11/15/30 | 53890 |
| 40000 | &nbsp;&nbsp;&nbsp;7.000%, 06/01/32^ | 41456 |
| 31000 | &nbsp;&nbsp;&nbsp;7.250%, 07/01/31^ | 32384 |
| 25000 | &nbsp;&nbsp;&nbsp;6.750%, 06/15/33 | 25834 |
| 5000 | &nbsp;&nbsp;&nbsp;7.875%, 04/15/27 | 5021 |
| 87000 | &nbsp;&nbsp;&nbsp;BWX Technologies, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/15/29 | 83618 |
| 140000 | &nbsp;&nbsp;&nbsp;Cascades, Inc./Cascades USA, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 07/15/30 | 139880 |
| 23000 | &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc./SkyMiles IP Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 10/20/28 | 23032 |
|  | &nbsp;&nbsp;&nbsp;Deluxe Corp.\* |  |
| 125000 | &nbsp;&nbsp;&nbsp;8.000%, 06/01/29 | 120110 |
| 25000 | &nbsp;&nbsp;&nbsp;8.125%, 09/15/29 | 25718 |
|  | &nbsp;&nbsp;&nbsp;EnerSys\* |  |
| 45000 | &nbsp;&nbsp;&nbsp;6.625%, 01/15/32 | 46276 |
| 45000 | &nbsp;&nbsp;&nbsp;4.375%, 12/15/27 | 44240 |
|  | &nbsp;&nbsp;&nbsp;EquipmentShare.com, Inc.\* |  |
| 40000 | &nbsp;&nbsp;&nbsp;8.625%, 05/15/32 | 42604 |
| 35000 | &nbsp;&nbsp;&nbsp;8.000%, 03/15/33 | 36592 |
| 92000 | &nbsp;&nbsp;&nbsp;Graham Packaging Co., Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 08/15/28 | 91856 |
|  | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC\* |  |
| 60000 | &nbsp;&nbsp;&nbsp;4.750%, 07/15/27 | 59135 |
| 44000 | &nbsp;&nbsp;&nbsp;3.500%, 03/01/29 | 41394 |
| 107000 | &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 06/01/29 | 101539 |
|  | &nbsp;&nbsp;&nbsp;Herc Holdings, Inc.\* |  |
| 115000 | &nbsp;&nbsp;&nbsp;5.500%, 07/15/27 | 114666 |
| 50000 | &nbsp;&nbsp;&nbsp;6.625%, 06/15/29^ | 51228 |
| 45000 | &nbsp;&nbsp;&nbsp;7.250%, 06/15/33 | 46653 |
| 45000 | &nbsp;&nbsp;&nbsp;7.000%, 06/15/30 | 46514 |
|  | &nbsp;&nbsp;&nbsp;JELD-WEN, Inc.\* |  |
| 75000 | &nbsp;&nbsp;&nbsp;7.000%, 09/01/32 | 56418 |
| 25000 | &nbsp;&nbsp;&nbsp;4.875%, 12/15/27^ | 23730 |
| 145000 | &nbsp;&nbsp;&nbsp;Ken Garff Automotive LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 09/15/28 | 141316 |
| 60000 | &nbsp;&nbsp;&nbsp;Moog, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 12/15/27 | 58709 |
| 95000 | &nbsp;&nbsp;&nbsp;Novelis Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 01/30/30 | 91114 |
| 90000 | &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 03/01/32 | 92410 |
|  | &nbsp;&nbsp;&nbsp;Sealed Air Corp.\* |  |
| 25000 | &nbsp;&nbsp;&nbsp;6.500%, 07/15/32^ | 25789 |
| 24000 | &nbsp;&nbsp;&nbsp;5.000%, 04/15/29 | 23669 |
|  | &nbsp;&nbsp;&nbsp;Sealed Air Corp./Sealed Air Corp. U.S.\* |  |
| 78000 | &nbsp;&nbsp;&nbsp;6.125%, 02/01/28 | 78801 |
| 25000 | &nbsp;&nbsp;&nbsp;7.250%, 02/15/31 | 26003 |
| 86000 | &nbsp;&nbsp;&nbsp;Sensata Technologies, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 02/15/31 | 78462 |
|  | &nbsp;&nbsp;&nbsp;Standard Building Solutions, Inc.\* |  |
| 46000 | &nbsp;&nbsp;&nbsp;6.250%, 08/01/33 | 46463 |
| 25000 | &nbsp;&nbsp;&nbsp;6.500%, 08/15/32 | 25547 |
| 42000 | &nbsp;&nbsp;&nbsp;Standard Industries, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 02/15/27 | 42016 |
|  | &nbsp;&nbsp;&nbsp;TransDigm, Inc.\* |  |
| 95000 | &nbsp;&nbsp;&nbsp;6.875%, 12/15/30 | 98542 |
| 70000 | &nbsp;&nbsp;&nbsp;6.750%, 08/15/28 | 71474 |
| 35000 | &nbsp;&nbsp;&nbsp;7.125%, 12/01/31 | 36478 |
| 23000 | &nbsp;&nbsp;&nbsp;6.625%, 03/01/32 | 23675 |

---

See accompanying Notes to Schedule of Investments

**Calamos High Income Opportunities Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 23194 | &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust Series 2019-2, Class B |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 11/01/29 | $22496 |
| 45000 | &nbsp;&nbsp;&nbsp;Wabash National Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 10/15/28 | 40346 |
| 92000 | &nbsp;&nbsp;&nbsp;Waste Pro USA, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 02/01/33 | 95563 |
|  | &nbsp;&nbsp;&nbsp;Williams Scotsman, Inc.\* |  |
| 56000 | &nbsp;&nbsp;&nbsp;4.625%, 08/15/28 | 55118 |
| 45000 | &nbsp;&nbsp;&nbsp;7.375%, 10/01/31 | 47006 |
| 35000 | &nbsp;&nbsp;&nbsp;6.625%, 06/15/29 | 35934 |
|  |  | 3007986 |
|  | **Information Technology (3.3%)** |  |
| 46000 | &nbsp;&nbsp;&nbsp;CACI International, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 06/15/33 | 47142 |
| 56000 | &nbsp;&nbsp;&nbsp;Coherent Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 12/15/29 | 54844 |
| 48000 | &nbsp;&nbsp;&nbsp;Dun & Bradstreet Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 12/15/29 | 49136 |
|  | &nbsp;&nbsp;&nbsp;Fair Isaac Corp.\* |  |
| 48000 | &nbsp;&nbsp;&nbsp;4.000%, 06/15/28 | 46412 |
| 34000 | &nbsp;&nbsp;&nbsp;6.000%, 05/15/33 | 34231 |
| 100000 | &nbsp;&nbsp;&nbsp;KBR, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 09/30/28 | 96548 |
|  | &nbsp;&nbsp;&nbsp;NCL Corp. Ltd.\* |  |
| 46000 | &nbsp;&nbsp;&nbsp;6.750%, 02/01/32 | 47280 |
| 45000 | &nbsp;&nbsp;&nbsp;8.125%, 01/15/29 | 47348 |
| 68000 | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 09/01/28 | 65681 |
| 45000 | &nbsp;&nbsp;&nbsp;Open Text Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.900%, 12/01/27 | 46481 |
| 36000 | &nbsp;&nbsp;&nbsp;Open Text Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 12/01/31 | 32812 |
| 79000 | &nbsp;&nbsp;&nbsp;Playtika Holding Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 03/15/29 | 72483 |
| 120000 | &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.000%, 03/01/29 | 114377 |
|  | &nbsp;&nbsp;&nbsp;Twilio, Inc. |  |
| 65000 | &nbsp;&nbsp;&nbsp;3.625%, 03/15/29 | 61607 |
| 23000 | &nbsp;&nbsp;&nbsp;3.875%, 03/15/31 | 21391 |
| 38000 | &nbsp;&nbsp;&nbsp;UKG, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 02/01/31 | 39080 |
| 125000 | &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 10/01/29 | 115942 |
| 100000 | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 06/01/32 | 102557 |
| 100000 | &nbsp;&nbsp;&nbsp;ZoomInfo Technologies LLC/ZoomInfo Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 02/01/29 | 94071 |
|  |  | 1189423 |
|  | **Materials (4.4%)** |  |
| 90000 | &nbsp;&nbsp;&nbsp;Avient Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 11/01/31 | 90403 |
| 90000 | &nbsp;&nbsp;&nbsp;Capstone Copper Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 03/31/33 | 91713 |
| 45000 | &nbsp;&nbsp;&nbsp;Celanese U.S. Holdings LLC |  |
|  | &nbsp;&nbsp;&nbsp;6.879%, 07/15/32 | 46610 |
| 90000 | &nbsp;&nbsp;&nbsp;Century Aluminum Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 08/01/32 | 90945 |
|  | &nbsp;&nbsp;&nbsp;Chemours Co.\* |  |
| 80000 | &nbsp;&nbsp;&nbsp;8.000%, 01/15/33 | 74486 |
| 73000 | &nbsp;&nbsp;&nbsp;4.625%, 11/15/29 | 61941 |
| 170000 | &nbsp;&nbsp;&nbsp;Clearwater Paper Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 08/15/28 | 160441 |
| 75000 | &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 03/15/32 | 73224 |
| 140000 | &nbsp;&nbsp;&nbsp;FMC Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.450%, 11/01/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.37% | 144907 |
| 90000 | &nbsp;&nbsp;&nbsp;JW Aluminum Continuous Cast Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;10.250%, 04/01/30 | 93295 |
| 100000 | &nbsp;&nbsp;&nbsp;Knife River Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 05/01/31 | 105042 |
|  | &nbsp;&nbsp;&nbsp;Mercer International, Inc. |  |
| 92000 | &nbsp;&nbsp;&nbsp;5.125%, 02/01/29 | 74197 |
| 47000 | &nbsp;&nbsp;&nbsp;12.875%, 10/01/28\* | 47443 |
| 200000 | &nbsp;&nbsp;&nbsp;OCI NV\* |  |
|  | &nbsp;&nbsp;&nbsp;6.700%, 03/16/33 | 222768 |
| 100000 | &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 02/01/28 | 97191 |
| 90000 | &nbsp;&nbsp;&nbsp;Terex Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 10/15/32 | 90202 |
| 37400 | &nbsp;&nbsp;&nbsp;Trinseo Luxco Finance SPV SARL/Trinseo NA Finance SPV LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.625%, 05/03/29 | 21828 |
|  |  | 1586636 |
|  | **Other (2.4%)** |  |
| 38812 | &nbsp;&nbsp;&nbsp;Claritev Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 03/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;0.750% PIK Rate | 28356 |
|  | &nbsp;&nbsp;&nbsp;EchoStar Corp. |  |
| 137025 | &nbsp;&nbsp;&nbsp;10.750%, 11/30/29 | 144579 |
| 92890 | &nbsp;&nbsp;&nbsp;6.750%, 11/30/30 |  |
|  | &nbsp;&nbsp;&nbsp;6.750% Cash or PIK | 88153 |
| 45000 | &nbsp;&nbsp;&nbsp;Gen Digital, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 09/30/27 | 45809 |
| 50000 | &nbsp;&nbsp;&nbsp;Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.250%, 04/15/30 | 51840 |
| 90000 | &nbsp;&nbsp;&nbsp;New Gold, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 04/01/32 | 92452 |
| 85000 | &nbsp;&nbsp;&nbsp;Nissan Motor Acceptance Co. LLC\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.050%, 09/15/28 | 87587 |
| 90000 | &nbsp;&nbsp;&nbsp;Olin Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 04/01/33 | 87692 |
| 45000 | &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.650%, 09/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.39% | 45059 |
| 90000 | &nbsp;&nbsp;&nbsp;Rfna LP\* |  |
|  | &nbsp;&nbsp;&nbsp;7.875%, 02/15/30 | 91782 |
| 90000 | &nbsp;&nbsp;&nbsp;Stonepeak Nile Parent LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 03/15/32 | 94589 |
|  |  | 857898 |
|  | **Real Estate (0.7%)** |  |
| 46000 | &nbsp;&nbsp;&nbsp;Forestar Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 03/15/33 | 46232 |
| 65000 | &nbsp;&nbsp;&nbsp;Global Net Lease, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 09/30/28 | 62695 |
| 139000 | &nbsp;&nbsp;&nbsp;Global Net Lease, Inc./Global Net Lease Operating Partnership LP\* |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 12/15/27 | 132852 |
|  |  | 241779 |

---

See accompanying Notes to Schedule of Investments

**Calamos High Income Opportunities Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | **VALUE** | **VALUE** |
|  | **Special Purpose Acquisition Companies (0.5%)** |  |  |
| 25000 | &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 04/15/32 | $| 25610 |
|  | &nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.\* |  |  |
| 95000 | &nbsp;&nbsp;&nbsp;6.750%, 01/15/30 |  | 89462 |
| 46000 | &nbsp;&nbsp;&nbsp;4.625%, 01/15/29 |  | 43753 |
|  |  |  | 158825 |
|  | **Utilities (1.5%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;AES Corp.‡ |  |  |
| 33000 | &nbsp;&nbsp;&nbsp;6.950%, 07/15/55 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.89% |  | 31881 |
| 16000 | &nbsp;&nbsp;&nbsp;7.600%, 01/15/55 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.20% |  | 16224 |
| 45000 | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 05/15/55 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.21% |  | 46174 |
| 100000 | &nbsp;&nbsp;&nbsp;Duke Energy Corp.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.450%, 09/01/54 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.59% |  | 102978 |
| 75000 | &nbsp;&nbsp;&nbsp;Entergy Corp.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 12/01/54 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.67% |  | 77838 |
| 70000 | &nbsp;&nbsp;&nbsp;Evergy, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.650%, 06/01/55 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.56% |  | 70785 |
| 72000 | &nbsp;&nbsp;&nbsp;NiSource, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.950%, 11/30/54 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.45% |  | 74901 |
| 34000 | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.222%, 03/30/67 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.93% |  | 33813 |
|  | &nbsp;&nbsp;&nbsp;Vistra Corp.\*‡ |  |  |
| 45000 | &nbsp;&nbsp;&nbsp;7.000%, 12/15/26 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.74% |  | 45480 |
| 25000 | &nbsp;&nbsp;&nbsp;8.000%, 10/15/26 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 6.93% |  | 25535 |
|  |  |  | 525609 |
|  | **Total Corporate Bonds** |  |  |
|  | (Cost $28,358,246) |  | 27854213 |
| **Bank Loans (16.6%) ¡** | **Bank Loans (16.6%) ¡** | **Bank Loans (16.6%) ¡** | **Bank Loans (16.6%) ¡** |
|  | **Airlines (0.3%)** |  |  |
| 59250 | &nbsp;&nbsp;&nbsp;Air Canada‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.353%, 03/21/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% |  | 59324 |
| 53866 | &nbsp;&nbsp;&nbsp;United Airlines, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.351%, 02/22/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% |  | 54142 |
|  |  |  | 113466 |
|  | **Communication Services (1.4%)** |  |  |
| 38352 | &nbsp;&nbsp;&nbsp;Audacy Capital Corp.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;10.471%, 10/01/29 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 6.00% |  | 31689 |
| 4281 | &nbsp;&nbsp;&nbsp;Audacy Capital Corp.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;11.471%, 10/02/28 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 7.00% |  | 4271 |
| 49496 | &nbsp;&nbsp;&nbsp;Cincinnati Bell, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 11/22/28 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% |  | 49641 |
| 41983 | &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;8.471%, 08/23/28 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.00% |  | 41979 |
| 78254 | &nbsp;&nbsp;&nbsp;CSC Holdings LLC‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;9.000%, 04/15/27 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. U.S. (Fed) Prime Rate + 1.50% |  | 77195 |
| 33269 | &nbsp;&nbsp;&nbsp;DirecTV Financing LLC‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;9.820%, 08/02/29 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.25% |  | 33056 |
| 19909 | &nbsp;&nbsp;&nbsp;DirecTV Financing LLC‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;9.570%, 08/02/27 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.00% |  | 19992 |
| 1903 | &nbsp;&nbsp;&nbsp;Gray Television, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;9.579%, 06/04/29 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 5.25% |  | 1908 |
| 49875 | &nbsp;&nbsp;&nbsp;Sinclair Television Group, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.870%, 12/31/29 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.30% |  | 46583 |
| 100000 | &nbsp;&nbsp;&nbsp;Telesat Canada‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.344%, 12/07/26 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.75% |  | 63821 |
| 119150 | &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 07/08/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% |  | 118256 |
|  |  |  | 488391 |
|  | **Consumer Discretionary (2.9%)** |  |  |
| 49875 | &nbsp;&nbsp;&nbsp;American Airlines, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.576%, 05/28/32 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.25% |  | 50280 |
| 61593 | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.346%, 12/13/29 |  |  |
|  | &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 3.00% |  | 61631 |
| 34407 | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.053%, 12/13/29 |  |  |
|  | &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 3.00% |  | 34429 |
| 30000 | &nbsp;&nbsp;&nbsp;Beach Acquisition Bidco LLC! |  |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/25/32 |  | 30225 |
| 45000 | &nbsp;&nbsp;&nbsp;Boots Group Bidco Ltd.! |  |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/16/32 |  | 45028 |
| 54304 | &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.606%, 02/06/30 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% |  | 54344 |
| 59700 | &nbsp;&nbsp;&nbsp;Chinos Intermediate Holdings A, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;10.308%, 09/26/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 6.00% |  | 50820 |
| 105000 | &nbsp;&nbsp;&nbsp;Clarios Global LP‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 01/28/32 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% |  | 105153 |
| 90000 | &nbsp;&nbsp;&nbsp;Flutter Financing BV‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.296%, 06/04/32 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.00% |  | 90150 |
| 89550 | &nbsp;&nbsp;&nbsp;Life Time Fitness, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.577%, 11/05/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% |  | 89850 |
| 97517 | &nbsp;&nbsp;&nbsp;Light & Wonder International, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.593%, 04/14/29 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% |  | 97858 |

---

See accompanying Notes to Schedule of Investments

**Calamos High Income Opportunities Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 44550 | &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.833%, 05/30/29 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.50% | $45369 |
| 86384 | &nbsp;&nbsp;&nbsp;PetSmart, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.206%, 02/11/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.75% | 86330 |
| 98750 | &nbsp;&nbsp;&nbsp;Station Casinos LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 03/14/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 98973 |
| 98446 | &nbsp;&nbsp;&nbsp;Windsor Holdings III LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.103%, 08/01/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 98646 |
|  |  | 1039086 |
|  | **Consumer Staples (3.1%)** |  |
| 305242 | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.856%, 05/04/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 5.50% | 311347 |
| 100000 | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/23/32 | 100229 |
| 74438 | &nbsp;&nbsp;&nbsp;B&G Foods, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.856%, 10/10/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.50% | 69056 |
| 15000 | &nbsp;&nbsp;&nbsp;Bausch & Lomb Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.606%, 01/15/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.25% | 15083 |
| 182000 | &nbsp;&nbsp;&nbsp;Bausch Health Cos., Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;10.606%, 10/08/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 6.25% | 178801 |
| 8934 | &nbsp;&nbsp;&nbsp;MPH Acquisition Holdings LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.058%, 12/31/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.75% | 8911 |
| 90000 | &nbsp;&nbsp;&nbsp;Opal Bidco SAS! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 04/28/32 | 90501 |
| 113687 | &nbsp;&nbsp;&nbsp;Star Parent, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.296%, 09/27/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.00% | 112574 |
| 90000 | &nbsp;&nbsp;&nbsp;Team Health Holdings, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/23/28 | 90113 |
| 49525 | &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.106%, 05/01/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.75% | 49984 |
| 89774 | &nbsp;&nbsp;&nbsp;Veritiv Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.296%, 11/30/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.00% | 90251 |
|  |  | 1116850 |
|  | **Energy (0.5%)** |  |
| 123690 | &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.808%, 10/30/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.50% | 57980 |
| 137173 | &nbsp;&nbsp;&nbsp;Par Petroleum LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.029%, 02/28/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.75% | 137244 |
|  |  | 195224 |
|  | **Financials (3.0%)** |  |
| 65000 | &nbsp;&nbsp;&nbsp;Acrisure LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.606%, 06/21/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.25% | 65244 |
| 150000 | &nbsp;&nbsp;&nbsp;Advisor Group, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/16/32 | 150235 |
| 118592 | &nbsp;&nbsp;&nbsp;Advisor Group, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.856%, 08/17/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.50% | 118857 |
| 73881 | &nbsp;&nbsp;&nbsp;Amynta Agency Borrower, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.082%, 12/29/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.75% | 74001 |
| 123438 | &nbsp;&nbsp;&nbsp;AssuredPartners, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.858%, 02/14/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.50% | 123829 |
| 49376 | &nbsp;&nbsp;&nbsp;Broadstreet Partners, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 06/13/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 49468 |
| 10000 | &nbsp;&nbsp;&nbsp;Broadstreet Partners, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/13/31 | 10019 |
| 100000 | &nbsp;&nbsp;&nbsp;CFC Bidco 2022 Ltd.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.041%, 05/30/32 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.75% | 100063 |
| 119400 | &nbsp;&nbsp;&nbsp;Dragon Buyer, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.296%, 09/30/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.00% | 119730 |
| 84506 | &nbsp;&nbsp;&nbsp;HUB International Ltd.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.826%, 06/20/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 84706 |
| 68950 | &nbsp;&nbsp;&nbsp;Iron Mountain, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 01/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 69051 |
| 100000 | &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.606%, 03/27/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.25% | 101039 |
|  |  | 1066242 |
|  | **Health Care (0.3%)** |  |
| 106988 | &nbsp;&nbsp;&nbsp;Padagis LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.290%, 07/06/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.75% | 97894 |
|  | **Industrials (2.2%)** |  |
| 89452 | &nbsp;&nbsp;&nbsp;ACProducts, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.807%, 05/17/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.25% | 67900 |
| 61596 | &nbsp;&nbsp;&nbsp;American Airlines, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.576%, 04/20/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.25% | 61426 |
| 70000 | &nbsp;&nbsp;&nbsp;Chamberlain Group, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/22/32 | 70058 |
| 90000 | &nbsp;&nbsp;&nbsp;ECO Material Tech, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.467%, 02/12/32 |  |
|  | &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 3.25% | 90450 |
| 90000 | &nbsp;&nbsp;&nbsp;EMRLD Borrower LP! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 08/04/31 | 90169 |
| 34738 | &nbsp;&nbsp;&nbsp;EMRLD Borrower LP‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.856%, 08/04/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.50% | 34802 |
| 89100 | &nbsp;&nbsp;&nbsp;MI Windows & Doors LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 03/28/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 89334 |
| 89775 | &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.606%, 02/10/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 89809 |
| 182902 | &nbsp;&nbsp;&nbsp;TransDigm, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.796%, 02/28/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 183650 |
|  |  | 777598 |
|  | **Information Technology (1.7%)** |  |
| 132015 | &nbsp;&nbsp;&nbsp;Boxer Parent Co., Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.333%, 07/30/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.00% | 132170 |

---

See accompanying Notes to Schedule of Investments

**Calamos High Income Opportunities Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 100581 | &nbsp;&nbsp;&nbsp;Camelot U.S. Acquisition LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 01/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | $100669 |
| 75084 | &nbsp;&nbsp;&nbsp;Coherent Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 07/02/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 75384 |
| 87831 | &nbsp;&nbsp;&nbsp;Dun & Bradstreet Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.603%, 01/18/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 87894 |
| 17000 | &nbsp;&nbsp;&nbsp;QXO, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.296%, 04/30/32 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.00% | 17167 |
| 135000 | &nbsp;&nbsp;&nbsp;Rocket Software, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 11/28/28 | 135496 |
| 49500 | &nbsp;&nbsp;&nbsp;UKG, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.810%, 02/10/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 49551 |
|  |  | 598331 |
|  | **Materials (0.7%)** |  |
| 143168 | &nbsp;&nbsp;&nbsp;Ineos U.S. Finance LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.606%, 02/18/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.25% | 133369 |
| 63586 | &nbsp;&nbsp;&nbsp;Trinseo Materials Operating SCA‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.090%, 05/03/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 27528 |
| 97475 | &nbsp;&nbsp;&nbsp;W.R. Grace & Co.-Conn.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.546%, 09/22/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.25% | 97688 |
|  |  | 258585 |
|  | **Other (0.1%)** |  |
| 45000 | &nbsp;&nbsp;&nbsp;Windstream Services LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.206%, 10/01/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.75% | 45281 |
|  | **Special Purpose Acquisition Companies (0.4%)** |  |
| 36600 | &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.531%, 04/13/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.18% | 36627 |
| 24188 | &nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.601%, 01/27/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.25% | 24235 |
| 97250 | &nbsp;&nbsp;&nbsp;Patagonia Holdco LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;10.048%, 08/01/29 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.75% | 81280 |
|  |  | 142142 |
|  | **Total Bank Loans** |  |
|  | (Cost $6,072,956) | 5939090 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**SHARES** |  | <br>**VALUE** |
| **Common Stocks (0.6%)** | **Common Stocks (0.6%)** | **Common Stocks (0.6%)** |
|  | **Communication Services (0.1%)** |  |
| 2040 | &nbsp;&nbsp;&nbsp;Altice USA, Inc. - Class A^# | $5304 |
| 1699 | &nbsp;&nbsp;&nbsp;Audacy, Inc.# | 23786 |
| 1273 | &nbsp;&nbsp;&nbsp;Cumulus Media, Inc. - Class A# | 176 |
|  |  | 29266 |
|  | **Consumer Discretionary (0.0%)** |  |
| 134 | &nbsp;&nbsp;&nbsp;Rite Aid Corp.# | 134 |
|  | **Energy (0.5%)** |  |
| 385 | &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP | 22203 |
| 5575 | &nbsp;&nbsp;&nbsp;Energy Transfer LP | 100573 |
| 2570 | &nbsp;&nbsp;&nbsp;Enterprise Products Partners LP | 79644 |
| 660 | &nbsp;&nbsp;&nbsp;EP Energy Corp.# | 990 |
|  |  | 203410 |
|  | **Total Common Stocks** |  |
|  | (Cost $263,625) | 232810 |
| **Warrants (0.0%) #** | **Warrants (0.0%) #** | **Warrants (0.0%) #** |
|  | **Communication Services (0.0%)** |  |
| 297 | &nbsp;&nbsp;&nbsp;Audacy Capital Corp. |  |
|  | &nbsp;&nbsp;&nbsp;09/30/28, Strike $1.00 |  |
| 49 | &nbsp;&nbsp;&nbsp;Audacy Capital Corp. |  |
|  | &nbsp;&nbsp;&nbsp;09/30/28, Strike $1.00 |  |
|  | **Energy (0.0%)** |  |
| 4950 | &nbsp;&nbsp;&nbsp;Mcdermott International Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;06/30/27, Strike $15.98 | 1 |
| 4455 | &nbsp;&nbsp;&nbsp;Mcdermott International Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;06/30/27, Strike $12.33 |  |
|  |  | 1 |
|  | **Total Warrants** |  |
|  | (Cost $1,910) | 1 |
| **Preferred Stocks (0.3%)** | **Preferred Stocks (0.3%)** | **Preferred Stocks (0.3%)** |
|  | **Communication Services (0.3%)** |  |
| 2509 | &nbsp;&nbsp;&nbsp;Qwest Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 09/01/56 | 49678 |
| 738 | &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 03/31/26 | 15646 |
|  | &nbsp;&nbsp;&nbsp;U.S. Cellular Corp. |  |
| 760 | &nbsp;&nbsp;&nbsp;6.250%, 09/01/69 | 19418 |
| 606 | &nbsp;&nbsp;&nbsp;5.500%, 03/01/70 | 13435 |
| 70 | &nbsp;&nbsp;&nbsp;5.500%, 06/01/70 | 1572 |
|  |  | 99749 |
|  | **Consumer Discretionary (0.0%)** |  |
| 590 | &nbsp;&nbsp;&nbsp;Guitar Center, Inc.# | 8850 |
|  | **Total Preferred Stocks** |  |
|  | (Cost $152,515) | 108599 |

---

See accompanying Notes to Schedule of Investments

**Calamos High Income Opportunities Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**SHARES/**<br>**PRINCIPAL<br> AMOUNT** | |<br>**VALUE** |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (5.4%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (5.4%)** |  |
| 1930252 | &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.325%†\*\*\* |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $1,930,252) | $1930252 |
|  | **TOTAL INVESTMENTS (101.2%)** |  |
|  | (Cost $36,874,754) | 36161200 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-5.4%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-5.4%) | (1930252) |
| OTHER ASSETS, LESS LIABILITIES (4.2%) | OTHER ASSETS, LESS LIABILITIES (4.2%) | 1489108 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $35720056 |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **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 July 31, 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<br> Date** | **Acquisition<br> Cost** |
| Rite Aid Corp. | 09/04/2024 | $9290 |
| Rite Aid Corp. | 09/04/2024 | 8426 |
| **Total** |  | $**17716** |

---

---

| | |
|:---|:---|
| **¡** | 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 July 31, 2025. |
| **\*\*\*** | The rate disclosed is the 7 day net yield as of July 31, 2025. |

---

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of July 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset Backed Security | $— | $96235 | $— | $96235 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 27854213 |  | 27854213 |
| &nbsp;&nbsp;&nbsp;Bank Loans |  | 5939090 |  | 5939090 |
| &nbsp;&nbsp;&nbsp;Common Stocks | 232810 |  |  | 232810 |
| &nbsp;&nbsp;&nbsp;Warrants | 1 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | 108599 |  |  | 108599 |
| &nbsp;&nbsp;&nbsp;Investment of Cash Collateral For Securities Loaned |  | 1930252 |  | 1930252 |
| **Total** | $341410 | $35819790 | $— | $36161200 |

---

See accompanying Notes to Schedule of Investments

**Calamos Short-Term Bond Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| **Corporate Bonds (56.0%)** | **Corporate Bonds (56.0%)** | **Corporate Bonds (56.0%)** |
|  | **Airlines (0.6%)** |  |
| 1161819 | &nbsp;&nbsp;&nbsp;Alaska Airlines Pass-Through Trust Series 2020-1, Class A\* |  |
|  | &nbsp;&nbsp;&nbsp;4.800%, 02/15/29 | $1159298 |
| 86686 | &nbsp;&nbsp;&nbsp;Alaska Airlines Pass-Through Trust Series 2020-1, Class B\* |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 02/15/27 | 86799 |
| 480067 | &nbsp;&nbsp;&nbsp;British Airways Pass-Through Trust Series 2019-1, Class A\* |  |
|  | &nbsp;&nbsp;&nbsp;3.350%, 12/15/30 | 459438 |
| 663095 | &nbsp;&nbsp;&nbsp;JetBlue Pass-Through Trust Series 2020-1, Class B |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 05/15/30 | 666245 |
|  |  | 2371780 |
|  | **Communication Services (1.6%)** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Ashtead Capital, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.375%, 08/15/27 | 992650 |
|  | &nbsp;&nbsp;&nbsp;AT&T, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.700%, 08/15/30^ | 1008010 |
| 1000000 | &nbsp;&nbsp;&nbsp;1.700%, 03/25/26 | 982010 |
| 500000 | &nbsp;&nbsp;&nbsp;Frontier California, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 05/15/27 | 509625 |
| 500000 | &nbsp;&nbsp;&nbsp;Match Group Holdings II LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.625%, 06/01/28 | 489015 |
| 500000 | &nbsp;&nbsp;&nbsp;Paramount Global |  |
|  | &nbsp;&nbsp;&nbsp;3.700%, 10/04/26 | 489970 |
| 400000 | &nbsp;&nbsp;&nbsp;Qwest Corp. |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 09/15/25 | 400416 |
| 1000000 | &nbsp;&nbsp;&nbsp;Rogers Communications, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;3.625%, 12/15/25 | 996230 |
| 500000 | &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;3.125%, 09/01/26 | 489240 |
|  |  | 6357166 |
|  | **Consumer Discretionary (6.8%)** |  |
| 222000 | &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 08/01/30 | 223283 |
| 1000000 | &nbsp;&nbsp;&nbsp;Aptiv Swiss Holdings Ltd.^ |  |
|  | &nbsp;&nbsp;&nbsp;4.650%, 09/13/29 | 994760 |
|  | &nbsp;&nbsp;&nbsp;AutoZone, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.050%, 07/15/26 | 502670 |
| 500000 | &nbsp;&nbsp;&nbsp;4.500%, 02/01/28 | 501825 |
| 1000000 | &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 10/01/30 | 1024970 |
| 1000000 | &nbsp;&nbsp;&nbsp;BMW U.S. Capital LLC\*^ |  |
|  | &nbsp;&nbsp;&nbsp;5.050%, 08/11/28 | 1016200 |
| 1000000 | &nbsp;&nbsp;&nbsp;BorgWarner, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;2.650%, 07/01/27 | 966880 |
| 500000 | &nbsp;&nbsp;&nbsp;Brightstar Lottery PLC\* |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 01/15/29 | 496420 |
| 270448 | &nbsp;&nbsp;&nbsp;British Airways Pass-Through Trust Series 2018-1, Class A\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 03/20/33 | 260084 |
| 444735 | &nbsp;&nbsp;&nbsp;British Airways Pass-Through Trust Series 2020-1, Class A\* |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 05/15/34 | 427506 |
| 1000000 | &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 02/15/30 | 1032480 |
| 500000 | &nbsp;&nbsp;&nbsp;Carnival Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.000%, 08/01/28 | 486005 |
| 500000 | &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.125%, 05/01/27 | 496190 |
|  | &nbsp;&nbsp;&nbsp;Daimler Truck Finance North America LLC\* |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.125%, 09/25/27 | 505395 |
| 500000 | &nbsp;&nbsp;&nbsp;5.000%, 01/15/27 | 503480 |
| 500000 | &nbsp;&nbsp;&nbsp;Dana, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 09/01/30 | 492320 |
| 1000000 | &nbsp;&nbsp;&nbsp;DR Horton, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.850%, 10/15/30 | 1006440 |
| 1000000 | &nbsp;&nbsp;&nbsp;Flutter Treasury DAC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 04/29/29 | 1029210 |
| 1000000 | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC |  |
|  | &nbsp;&nbsp;&nbsp;6.950%, 03/06/26 | 1007840 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;6.000%, 01/09/28 | 1030240 |
| 200000 | &nbsp;&nbsp;&nbsp;5.400%, 04/06/26 | 200994 |
| 750000 | &nbsp;&nbsp;&nbsp;goeasy Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.250%, 12/01/28 | 794183 |
| 500000 | &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 01/15/30 | 510825 |
| 1000000 | &nbsp;&nbsp;&nbsp;Honda Motor Co. Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;4.436%, 07/08/28 | 998960 |
| 246079 | &nbsp;&nbsp;&nbsp;JetBlue Pass-Through Trust Series 2019-1, Class B |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 05/15/29 | 247236 |
| 500000 | &nbsp;&nbsp;&nbsp;Kia Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 10/25/27 | 487935 |
| 1000000 | &nbsp;&nbsp;&nbsp;Lennar Corp.^ |  |
|  | &nbsp;&nbsp;&nbsp;5.200%, 07/30/30 | 1019070 |
| 1000000 | &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.400%, 09/08/25 | 999790 |
|  | &nbsp;&nbsp;&nbsp;Mattel, Inc.\* |  |
| 750000 | &nbsp;&nbsp;&nbsp;3.375%, 04/01/26 | 741900 |
| 500000 | &nbsp;&nbsp;&nbsp;5.875%, 12/15/27 | 501125 |
| 1000000 | &nbsp;&nbsp;&nbsp;Meritage Homes Corp.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 04/15/29 | 966430 |
|  | &nbsp;&nbsp;&nbsp;MGM Resorts International |  |
| 500000 | &nbsp;&nbsp;&nbsp;6.125%, 09/15/29^ | 507605 |
| 500000 | &nbsp;&nbsp;&nbsp;5.500%, 04/15/27 | 502145 |
| 1000000 | &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.750%, 11/20/26 | 1014990 |
| 500000 | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.500%, 04/01/28 | 505995 |
| 1000000 | &nbsp;&nbsp;&nbsp;Taylor Morrison Communities, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.750%, 01/15/28 | 1010680 |
| 1000000 | &nbsp;&nbsp;&nbsp;Whirlpool Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.125%, 06/15/30 | 998870 |
| 500000 | &nbsp;&nbsp;&nbsp;ZF North America Capital, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 04/14/28 | 499160 |
|  |  | 26512091 |
|  | **Consumer Staples (1.7%)** |  |
| 500000 | &nbsp;&nbsp;&nbsp;Brink's Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 06/15/29 | 512395 |
| 1000000 | &nbsp;&nbsp;&nbsp;Cintas Corp. No. 2 |  |
|  | &nbsp;&nbsp;&nbsp;4.200%, 05/01/28 | 999730 |
| 1000000 | &nbsp;&nbsp;&nbsp;Dollar General Corp. |  |
|  | &nbsp;&nbsp;&nbsp;4.625%, 11/01/27 | 1002880 |
| 300000 | &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.900%, 02/15/26 | 294048 |
| 1000000 | &nbsp;&nbsp;&nbsp;Mondelez International, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;2.625%, 03/17/27 | 972430 |

---

See accompanying Notes to Schedule of Investments

**Calamos Short-Term Bond Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 1000000 | &nbsp;&nbsp;&nbsp;Performance Food Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.500%, 10/15/27 | $999760 |
| 1000000 | &nbsp;&nbsp;&nbsp;Sysco Corp. |  |
|  | &nbsp;&nbsp;&nbsp;3.300%, 07/15/26 | 988880 |
| 1000000 | &nbsp;&nbsp;&nbsp;United Rentals North America, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 11/15/27 | 975360 |
|  |  | 6745483 |
|  | **Energy (3.4%)** |  |
| 500000 | &nbsp;&nbsp;&nbsp;Buckeye Partners LP\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 07/01/29 | 514925 |
| 1000000 | &nbsp;&nbsp;&nbsp;Enbridge, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 04/05/27 | 1012220 |
| 500000 | &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC |  |
|  | &nbsp;&nbsp;&nbsp;5.050%, 01/10/26 | 501195 |
|  | &nbsp;&nbsp;&nbsp;EQT Corp.\* |  |
| 500000 | &nbsp;&nbsp;&nbsp;7.500%, 06/01/27 | 509070 |
| 500000 | &nbsp;&nbsp;&nbsp;6.375%, 04/01/29 | 515355 |
| 1000000 | &nbsp;&nbsp;&nbsp;Hess Midstream Operations LP\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 06/01/29 | 1030900 |
| 1000000 | &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.100%, 08/01/29 | 1018650 |
| 500000 | &nbsp;&nbsp;&nbsp;Oceaneering International, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 02/01/28 | 503600 |
|  | &nbsp;&nbsp;&nbsp;ONEOK, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.550%, 11/01/26 | 1010720 |
| 500000 | &nbsp;&nbsp;&nbsp;4.850%, 07/15/26 | 500960 |
| 500000 | &nbsp;&nbsp;&nbsp;Parkland Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 07/15/27 | 500875 |
| 500000 | &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.950%, 02/01/28 | 484290 |
| 1000000 | &nbsp;&nbsp;&nbsp;Schlumberger Holdings Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 05/29/27 | 1011320 |
| 1000000 | &nbsp;&nbsp;&nbsp;South Bow USA Infrastructure Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.911%, 09/01/27 | 1003700 |
| 500000 | &nbsp;&nbsp;&nbsp;VOC Escrow Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 02/15/28 | 495830 |
| 810000 | &nbsp;&nbsp;&nbsp;Weatherford International Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.625%, 04/30/30 | 833150 |
|  | &nbsp;&nbsp;&nbsp;Williams Cos., Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.400%, 03/02/26 | 1004710 |
| 1000000 | &nbsp;&nbsp;&nbsp;4.625%, 06/30/30 | 996440 |
|  |  | 13447910 |
|  | **Financials (18.5%)** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 04/01/28 | 1008010 |
| 1000000 | &nbsp;&nbsp;&nbsp;African Development Bank |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 06/12/28 | 999050 |
| 1000000 | &nbsp;&nbsp;&nbsp;Allstate Corp. |  |
|  | &nbsp;&nbsp;&nbsp;5.050%, 06/24/29 | 1021970 |
| 250000 | &nbsp;&nbsp;&nbsp;Ally Financial, Inc.^‡ |  |
|  | &nbsp;&nbsp;&nbsp;5.737%, 05/15/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR Index + 1.96% | 254670 |
|  | &nbsp;&nbsp;&nbsp;American Express Co.‡ |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.085%, 01/30/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR Index + 1.02% | 1021200 |
| 500000 | &nbsp;&nbsp;&nbsp;5.389%, 07/28/27 |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR + 0.97% | 503985 |
| 1000000 | &nbsp;&nbsp;&nbsp;American Homes 4 Rent LP |  |
|  | &nbsp;&nbsp;&nbsp;4.950%, 06/15/30 | 1007310 |
| 1000000 | &nbsp;&nbsp;&nbsp;American International Group, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;4.850%, 05/07/30 | 1014170 |
| 1000000 | &nbsp;&nbsp;&nbsp;Aon North America, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.125%, 03/01/27 | 1010130 |
|  | &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.850%, 12/15/29 | 504855 |
| 500000 | &nbsp;&nbsp;&nbsp;4.600%, 12/15/27 | 501865 |
| 1000000 | &nbsp;&nbsp;&nbsp;Asian Infrastructure Investment Bank |  |
|  | &nbsp;&nbsp;&nbsp;4.000%, 01/18/28 | 1001940 |
| 750000 | &nbsp;&nbsp;&nbsp;Aviation Capital Group LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;1.950%, 09/20/26 | 726705 |
|  | &nbsp;&nbsp;&nbsp;Avolon Holdings Funding Ltd.\* |  |
| 500000 | &nbsp;&nbsp;&nbsp;6.375%, 05/04/28^ | 520205 |
| 250000 | &nbsp;&nbsp;&nbsp;5.500%, 01/15/26 | 250805 |
| 1000000 | &nbsp;&nbsp;&nbsp;AXIS Specialty Finance PLC |  |
|  | &nbsp;&nbsp;&nbsp;4.000%, 12/06/27 | 985660 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp.‡ |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.979%, 01/24/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR + 0.83% | 1012420 |
| 250000 | &nbsp;&nbsp;&nbsp;1.658%, 03/11/27 |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR + 0.91% | 245538 |
| 1000000 | &nbsp;&nbsp;&nbsp;Bank of Montreal^ |  |
|  | &nbsp;&nbsp;&nbsp;5.203%, 02/01/28 | 1020500 |
| 1000000 | &nbsp;&nbsp;&nbsp;Bank of New York Mellon‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.729%, 04/20/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR + 1.14% | 1010950 |
| 1000000 | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia^ |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 06/12/28 | 1026570 |
| 500000 | &nbsp;&nbsp;&nbsp;Barclays PLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;5.304%, 08/09/26 |  |
|  | &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.30% | 500010 |
| 250000 | &nbsp;&nbsp;&nbsp;BlackRock Funding, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;4.600%, 07/26/27 | 252005 |
| 500000 | &nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund |  |
|  | &nbsp;&nbsp;&nbsp;4.950%, 09/26/27 | 498355 |
| 1250000 | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. |  |
|  | &nbsp;&nbsp;&nbsp;4.100%, 02/09/27 | 1243612 |
| 1000000 | &nbsp;&nbsp;&nbsp;CBRE Services, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.800%, 06/15/30 | 1006320 |
| 250000 | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. |  |
|  | &nbsp;&nbsp;&nbsp;0.900%, 03/11/26 | 244613 |
| 1000000 | &nbsp;&nbsp;&nbsp;Chubb INA Holdings LLC |  |
|  | &nbsp;&nbsp;&nbsp;4.650%, 08/15/29 | 1012810 |
| 1000000 | &nbsp;&nbsp;&nbsp;Citigroup, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;3.887%, 01/10/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.82% | 989930 |
| 1000000 | &nbsp;&nbsp;&nbsp;CNO Global Funding\* |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 06/04/27 | 1023130 |
| 750000 | &nbsp;&nbsp;&nbsp;Comerica, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;5.982%, 01/30/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR + 2.16% | 771645 |
| 1000000 | &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA\*‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.655%, 08/22/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.75% | 1002650 |
| 1000000 | &nbsp;&nbsp;&nbsp;Council of Europe Development Bank |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 05/25/26 | 995660 |
|  | &nbsp;&nbsp;&nbsp;Credit Acceptance Corp.\* |  |
| 330000 | &nbsp;&nbsp;&nbsp;9.250%, 12/15/28 | 349282 |
| 222000 | &nbsp;&nbsp;&nbsp;6.625%, 03/15/30 | 224893 |
| 1000000 | &nbsp;&nbsp;&nbsp;Danske Bank AS\*‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.298%, 04/01/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.75% | 995210 |
| 1000000 | &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 05/28/29 | 1034290 |

---

See accompanying Notes to Schedule of Investments

**Calamos Short-Term Bond Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 1000000 | &nbsp;&nbsp;&nbsp;Essent Group Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 07/01/29 | $1036980 |
| 1250000 | &nbsp;&nbsp;&nbsp;European Bank for Reconstruction & Development |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 11/25/25 | 1234537 |
| 1000000 | &nbsp;&nbsp;&nbsp;European Investment Bank |  |
|  | &nbsp;&nbsp;&nbsp;3.250%, 11/15/27 | 984890 |
| 500000 | &nbsp;&nbsp;&nbsp;Federal Realty OP LP |  |
|  | &nbsp;&nbsp;&nbsp;1.250%, 02/15/26 | 490845 |
| 1000000 | &nbsp;&nbsp;&nbsp;Fifth Third Bank NA‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.967%, 01/28/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR + 0.81% | 1006550 |
| 1000000 | &nbsp;&nbsp;&nbsp;First Industrial LP |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 01/15/31 | 1007500 |
| 1000000 | &nbsp;&nbsp;&nbsp;Fiserv, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 03/15/30 | 1002910 |
| 1000000 | &nbsp;&nbsp;&nbsp;FNB Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;5.722%, 12/11/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR Index + 1.93% | 1007630 |
| 500000 | &nbsp;&nbsp;&nbsp;GGAM Finance Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 06/15/28 | 528780 |
| 1000000 | &nbsp;&nbsp;&nbsp;GLP Capital LP/GLP Financing II, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.750%, 06/01/28 | 1022120 |
| 500000 | &nbsp;&nbsp;&nbsp;Goldman Sachs BDC, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 03/11/27 | 510180 |
| 735000 | &nbsp;&nbsp;&nbsp;HAT Holdings I LLC/HAT Holdings II LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 06/15/27 | 762599 |
| 500000 | &nbsp;&nbsp;&nbsp;International Finance Corp. |  |
|  | &nbsp;&nbsp;&nbsp;3.625%, 09/15/25 | 499440 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co.‡ |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.915%, 01/24/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR + 0.80% | 1011010 |
| 250000 | &nbsp;&nbsp;&nbsp;1.578%, 04/22/27 |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR + 0.89% | 244655 |
| 500000 | &nbsp;&nbsp;&nbsp;KeyBank NA^ |  |
|  | &nbsp;&nbsp;&nbsp;4.150%, 08/08/25 | 499935 |
| 500000 | &nbsp;&nbsp;&nbsp;KeyCorp^‡ |  |
|  | &nbsp;&nbsp;&nbsp;5.121%, 04/04/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR Index + 1.23% | 505530 |
|  | &nbsp;&nbsp;&nbsp;Kreditanstalt fuer Wiederaufbau |  |
| 1000000 | &nbsp;&nbsp;&nbsp;3.750%, 02/15/28 | 996380 |
| 300000 | &nbsp;&nbsp;&nbsp;1.000%, 10/01/26^ | 289356 |
| 1000000 | &nbsp;&nbsp;&nbsp;LPL Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.625%, 11/15/27 | 995670 |
| 1000000 | &nbsp;&nbsp;&nbsp;M&T Bank Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.833%, 01/16/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR + 0.93% | 1006450 |
| 1000000 | &nbsp;&nbsp;&nbsp;Macquarie Airfinance Holdings Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.200%, 03/27/28 | 1010010 |
| 250000 | &nbsp;&nbsp;&nbsp;Manufacturers & Traders Trust Co. |  |
|  | &nbsp;&nbsp;&nbsp;4.650%, 01/27/26 | 249987 |
| 500000 | &nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 01/06/26 | 501125 |
| 500000 | &nbsp;&nbsp;&nbsp;Morgan Stanley‡ |  |
|  | &nbsp;&nbsp;&nbsp;5.042%, 07/19/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR + 1.22% | 508645 |
| 500000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.952%, 01/14/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR + 1.08% | 503030 |
| 1000000 | &nbsp;&nbsp;&nbsp;Mutual of Omaha Cos Global Funding\* |  |
|  | &nbsp;&nbsp;&nbsp;5.350%, 04/09/27 | 1012810 |
| 750000 | &nbsp;&nbsp;&nbsp;Nasdaq, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;5.350%, 06/28/28 | 770325 |
| 500000 | &nbsp;&nbsp;&nbsp;National Bank of Canada |  |
|  | &nbsp;&nbsp;&nbsp;5.600%, 12/18/28 | 516165 |
| 1000000 | &nbsp;&nbsp;&nbsp;National Securities Clearing Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.700%, 05/20/30 | 1011840 |
| 500000 | &nbsp;&nbsp;&nbsp;NatWest Markets PLC\*^ |  |
|  | &nbsp;&nbsp;&nbsp;1.600%, 09/29/26 | 483855 |
|  | &nbsp;&nbsp;&nbsp;Nordea Bank Abp\* |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.750%, 09/22/25 | 500035 |
| 500000 | &nbsp;&nbsp;&nbsp;1.500%, 09/30/26 | 483555 |
| 1000000 | &nbsp;&nbsp;&nbsp;Nordic Investment Bank |  |
|  | &nbsp;&nbsp;&nbsp;0.375%, 09/11/25 | 995410 |
| 1000000 | &nbsp;&nbsp;&nbsp;Nuveen LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;5.550%, 01/15/30 | 1039560 |
| 1000000 | &nbsp;&nbsp;&nbsp;Oesterreichische Kontrollbank AG |  |
|  | &nbsp;&nbsp;&nbsp;3.625%, 09/09/27 | 992390 |
| 500000 | &nbsp;&nbsp;&nbsp;OneMain Finance Corp. |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 01/15/27 | 488175 |
| 1000000 | &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;2.650%, 10/01/26 | 981150 |
| 1000000 | &nbsp;&nbsp;&nbsp;PNC Bank NA‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.775%, 01/15/27 |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR + 0.50% | 1000440 |
|  | &nbsp;&nbsp;&nbsp;Pricoa Global Funding I\* |  |
| 935000 | &nbsp;&nbsp;&nbsp;4.200%, 08/28/25 | 934776 |
| 500000 | &nbsp;&nbsp;&nbsp;1.200%, 09/01/26^ | 483250 |
|  | &nbsp;&nbsp;&nbsp;Principal Life Global Funding II\* |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.950%, 11/27/29 | 1012930 |
| 200000 | &nbsp;&nbsp;&nbsp;5.000%, 01/16/27 | 201598 |
| 1000000 | &nbsp;&nbsp;&nbsp;Prologis LP |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 01/15/31 | 1008090 |
| 500000 | &nbsp;&nbsp;&nbsp;Prologis Targeted U.S. Logistics Fund LP\* |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 04/01/29 | 512260 |
| 500000 | &nbsp;&nbsp;&nbsp;Radian Group, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;6.200%, 05/15/29 | 519425 |
| 500000 | &nbsp;&nbsp;&nbsp;RLJ Lodging Trust LP\* |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 07/01/26 | 492545 |
| 500000 | &nbsp;&nbsp;&nbsp;Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;2.875%, 10/15/26 | 487900 |
|  | &nbsp;&nbsp;&nbsp;Royal Bank of Canada |  |
| 750000 | &nbsp;&nbsp;&nbsp;6.000%, 11/01/27 | 775822 |
| 250000 | &nbsp;&nbsp;&nbsp;0.875%, 01/20/26 | 245783 |
|  | &nbsp;&nbsp;&nbsp;SBA Tower Trust\* |  |
| 500000 | &nbsp;&nbsp;&nbsp;1.631%, 05/15/51 | 481420 |
| 250000 | &nbsp;&nbsp;&nbsp;1.840%, 04/15/27 | 237792 |
| 200000 | &nbsp;&nbsp;&nbsp;1.884%, 07/15/50 | 197331 |
| 300000 | &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB\*^ |  |
|  | &nbsp;&nbsp;&nbsp;1.200%, 09/09/26 | 290010 |
| 500000 | &nbsp;&nbsp;&nbsp;SLM Corp. |  |
|  | &nbsp;&nbsp;&nbsp;3.125%, 11/02/26 | 488720 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp.‡ |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.751%, 11/04/26 |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR + 1.35% | 501390 |
| 500000 | &nbsp;&nbsp;&nbsp;4.530%, 02/20/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR + 1.02% | 502185 |
| 500000 | &nbsp;&nbsp;&nbsp;Synovus Bank |  |
|  | &nbsp;&nbsp;&nbsp;5.625%, 02/15/28 | 506370 |
| 1000000 | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank^ |  |
|  | &nbsp;&nbsp;&nbsp;4.808%, 06/03/30 | 1008810 |
| 1000000 | &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp.^ |  |
|  | &nbsp;&nbsp;&nbsp;4.625%, 01/12/28 | 1008810 |

---

See accompanying Notes to Schedule of Investments

**Calamos Short-Term Bond Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 1000000 | &nbsp;&nbsp;&nbsp;Truist Financial Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;5.900%, 10/28/26 |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR + 1.63% | $1002710 |
| 1000000 | &nbsp;&nbsp;&nbsp;U.S. Bancorp^‡ |  |
|  | &nbsp;&nbsp;&nbsp;5.100%, 07/23/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 day USD SOFR + 1.25% | 1020840 |
|  |  | 72406144 |
|  | **Health Care (2.9%)** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;2.750%, 09/15/29 | 934570 |
| 250000 | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. |  |
|  | &nbsp;&nbsp;&nbsp;4.900%, 02/22/27 | 252560 |
| 1000000 | &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 11/15/29 | 1015730 |
| 1000000 | &nbsp;&nbsp;&nbsp;CVS Health Corp. |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 02/20/26 | 1001370 |
| 1000000 | &nbsp;&nbsp;&nbsp;Elevance Health, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.101%, 03/01/28 | 992510 |
| 1000000 | &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.200%, 10/01/27 | 936620 |
| 1000000 | &nbsp;&nbsp;&nbsp;Illumina, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.800%, 12/12/25 | 1004170 |
| 1000000 | &nbsp;&nbsp;&nbsp;IQVIA, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.700%, 05/15/28 | 1024910 |
| 500000 | &nbsp;&nbsp;&nbsp;Laboratory Corp. of America Holdings |  |
|  | &nbsp;&nbsp;&nbsp;2.950%, 12/01/29 | 468540 |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.650%, 05/30/30^ | 1006040 |
| 1000000 | &nbsp;&nbsp;&nbsp;0.900%, 12/03/25 | 987580 |
| 295000 | &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III BV |  |
|  | &nbsp;&nbsp;&nbsp;3.150%, 10/01/26 | 289038 |
| 1000000 | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 01/31/29 | 1023590 |
| 500000 | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 02/15/28 | 511095 |
|  |  | 11448323 |
|  | **Industrials (7.6%)** |  |
| 500000 | &nbsp;&nbsp;&nbsp;AAR Escrow Issuer LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 03/15/29 | 513530 |
| 1000000 | &nbsp;&nbsp;&nbsp;AGCO Corp. |  |
|  | &nbsp;&nbsp;&nbsp;5.450%, 03/21/27 | 1010170 |
| 500000 | &nbsp;&nbsp;&nbsp;Air Lease Corp. |  |
|  | &nbsp;&nbsp;&nbsp;2.200%, 01/15/27 | 484030 |
| 1000000 | &nbsp;&nbsp;&nbsp;Amphenol Corp. |  |
|  | &nbsp;&nbsp;&nbsp;5.050%, 04/05/27 | 1011760 |
| 1000000 | &nbsp;&nbsp;&nbsp;Amrize Finance U.S. LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.700%, 04/07/28 | 1005660 |
| 466000 | &nbsp;&nbsp;&nbsp;Berry Global, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 07/15/26 | 465874 |
| 1000000 | &nbsp;&nbsp;&nbsp;Canadian Pacific Railway Co. |  |
|  | &nbsp;&nbsp;&nbsp;4.000%, 06/01/28 | 990680 |
| 500000 | &nbsp;&nbsp;&nbsp;Cascades, Inc./Cascades USA, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 07/15/30 | 499570 |
| 500000 | &nbsp;&nbsp;&nbsp;Clean Harbors, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 07/15/27 | 496345 |
| 1000000 | &nbsp;&nbsp;&nbsp;CNH Industrial Capital LLC |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 10/08/27 | 998810 |
| 1100000 | &nbsp;&nbsp;&nbsp;CRH SMW Finance DAC |  |
|  | &nbsp;&nbsp;&nbsp;5.125%, 01/09/30 | 1122704 |
| 974432 | &nbsp;&nbsp;&nbsp;Delta Air Lines Pass-Through Trust Series 2020-1, Class AA |  |
|  | &nbsp;&nbsp;&nbsp;2.000%, 12/10/29 | 923450 |
| 83333 | &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc./SkyMiles IP Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 10/20/25 | 83286 |
| 1100000 | &nbsp;&nbsp;&nbsp;Eaton Capital ULC |  |
|  | &nbsp;&nbsp;&nbsp;4.450%, 05/09/30 | 1100165 |
| 250000 | &nbsp;&nbsp;&nbsp;GATX Corp. |  |
|  | &nbsp;&nbsp;&nbsp;5.400%, 03/15/27 | 252905 |
| 500000 | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;1.512%, 04/15/26 | 487810 |
| 500000 | &nbsp;&nbsp;&nbsp;GXO Logistics, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.650%, 07/15/26 | 486030 |
| 500000 | &nbsp;&nbsp;&nbsp;Harley-Davidson Financial Services, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 03/10/28 | 517330 |
| 500000 | &nbsp;&nbsp;&nbsp;Herc Holdings, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 06/15/29 | 512280 |
| 1000000 | &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;5.400%, 08/14/28 | 1026010 |
| 500000 | &nbsp;&nbsp;&nbsp;Johnson Controls International PLC/Tyco Fire & Security Finance SCA |  |
|  | &nbsp;&nbsp;&nbsp;5.500%, 04/19/29 | 517725 |
| 1000000 | &nbsp;&nbsp;&nbsp;Lennox International, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.500%, 09/15/28 | 1027310 |
| 1000000 | &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.850%, 09/18/28 | 1037600 |
| 1000000 | &nbsp;&nbsp;&nbsp;Nordson Corp. |  |
|  | &nbsp;&nbsp;&nbsp;5.600%, 09/15/28 | 1029350 |
| 1000000 | &nbsp;&nbsp;&nbsp;Owens Corning |  |
|  | &nbsp;&nbsp;&nbsp;5.500%, 06/15/27 | 1017450 |
| 1000000 | &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp.^ |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 09/15/27 | 999070 |
| 1000000 | &nbsp;&nbsp;&nbsp;Paychex, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.100%, 04/15/30 | 1022040 |
| 1000000 | &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 02/01/30 | 1020760 |
| 1000000 | &nbsp;&nbsp;&nbsp;Ryder System, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.650%, 03/01/28 | 1030000 |
| 250000 | &nbsp;&nbsp;&nbsp;Sealed Air Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.000%, 12/01/27 | 242917 |
| 389000 | &nbsp;&nbsp;&nbsp;Sealed Air Corp./Sealed Air Corp. U.S.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.125%, 02/01/28 | 392995 |
| 500000 | &nbsp;&nbsp;&nbsp;Sensata Technologies BV\* |  |
|  | &nbsp;&nbsp;&nbsp;4.000%, 04/15/29 | 475820 |
|  | &nbsp;&nbsp;&nbsp;SMBC Aviation Capital Finance DAC\* |  |
| 500000 | &nbsp;&nbsp;&nbsp;5.100%, 04/01/30^ | 506200 |
| 500000 | &nbsp;&nbsp;&nbsp;1.900%, 10/15/26 | 483540 |
| 500000 | &nbsp;&nbsp;&nbsp;TransDigm, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 03/01/29 | 512110 |
| 1000000 | &nbsp;&nbsp;&nbsp;Tyco Electronics Group SA |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 02/13/26 | 999440 |
| 357698 | &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust Series 2018-1, Class B |  |
|  | &nbsp;&nbsp;&nbsp;4.600%, 09/01/27 | 352454 |
| 567851 | &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust Series 2019-1, Class A |  |
|  | &nbsp;&nbsp;&nbsp;4.550%, 02/25/33 | 532105 |
| 525618 | &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust Series 2019-2, Class A |  |
|  | &nbsp;&nbsp;&nbsp;2.900%, 11/01/29 | 492762 |

---

See accompanying Notes to Schedule of Investments

**Calamos Short-Term Bond Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 1000000 | &nbsp;&nbsp;&nbsp;Veralto Corp. |  |
|  | &nbsp;&nbsp;&nbsp;5.500%, 09/18/26 | $1009590 |
| 500000 | &nbsp;&nbsp;&nbsp;WESCO Distribution, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 03/15/29 | 513290 |
| 500000 | &nbsp;&nbsp;&nbsp;Williams Scotsman, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 06/15/29 | 513350 |
|  |  | 29716277 |
|  | **Information Technology (4.7%)** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Accenture Capital, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.050%, 10/04/29 | 989140 |
| 1000000 | &nbsp;&nbsp;&nbsp;Applied Materials, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.800%, 06/15/29 | 1019110 |
| 1000000 | &nbsp;&nbsp;&nbsp;Booz Allen Hamilton, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 09/01/28 | 970170 |
| 715000 | &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.400%, 06/27/26 | 708129 |
| 1000000 | &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.200%, 09/10/27 | 999400 |
| 500000 | &nbsp;&nbsp;&nbsp;CDW LLC/CDW Finance Corp. |  |
|  | &nbsp;&nbsp;&nbsp;3.250%, 02/15/29 | 474490 |
| 500000 | &nbsp;&nbsp;&nbsp;CGI, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.450%, 09/14/26 | 483160 |
| 1000000 | &nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp. |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 04/01/28 | 1008400 |
| 500000 | &nbsp;&nbsp;&nbsp;Fortinet, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 03/15/26 | 489130 |
| 1000000 | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co.^ |  |
|  | &nbsp;&nbsp;&nbsp;4.400%, 09/25/27 | 1000040 |
| 500000 | &nbsp;&nbsp;&nbsp;HP, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.450%, 06/17/26 | 486610 |
| 505000 | &nbsp;&nbsp;&nbsp;International Business Machines Corp.^ |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 02/06/26 | 505101 |
| 1000000 | &nbsp;&nbsp;&nbsp;Intuit, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 09/15/26 | 1009530 |
| 1000000 | &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 10/30/29 | 937730 |
| 1000000 | &nbsp;&nbsp;&nbsp;Mercedes-Benz Finance North America LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;5.375%, 11/26/25 | 1001890 |
| 1000000 | &nbsp;&nbsp;&nbsp;NVIDIA Corp. |  |
|  | &nbsp;&nbsp;&nbsp;1.550%, 06/15/28 | 933720 |
| 500000 | &nbsp;&nbsp;&nbsp;Open Text Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.900%, 12/01/27 | 516455 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;2.650%, 07/15/26 | 982320 |
| 500000 | &nbsp;&nbsp;&nbsp;4.800%, 08/03/28 | 505560 |
| 500000 | &nbsp;&nbsp;&nbsp;Roper Technologies, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;4.200%, 09/15/28 | 496455 |
| 1000000 | &nbsp;&nbsp;&nbsp;Synopsys, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;4.850%, 04/01/30 | 1011700 |
| 500000 | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 03/28/26 | 501150 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp;4.600%, 02/15/28 | 505765 |
| 250000 | &nbsp;&nbsp;&nbsp;1.125%, 09/15/26^ | 241735 |
| 500000 | &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 10/01/29 | 463770 |
|  |  | 18240660 |
|  | **Materials (0.7%)** |  |
| 500000 | &nbsp;&nbsp;&nbsp;Alcoa Nederland Holding BV\* |  |
|  | &nbsp;&nbsp;&nbsp;5.500%, 12/15/27 | 494990 |
| 410000 | &nbsp;&nbsp;&nbsp;Ball Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 03/15/28 | 418848 |
| 637000 | &nbsp;&nbsp;&nbsp;Celanese U.S. Holdings LLC |  |
|  | &nbsp;&nbsp;&nbsp;6.665%, 07/15/27 | 654002 |
| 250000 | &nbsp;&nbsp;&nbsp;Genuine Parts Co. |  |
|  | &nbsp;&nbsp;&nbsp;4.950%, 08/15/29 | 253107 |
|  | &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. |  |
| 500000 | &nbsp;&nbsp;&nbsp;3.450%, 06/01/27 | 491270 |
| 200000 | &nbsp;&nbsp;&nbsp;4.250%, 08/08/25 | 200064 |
|  |  | 2512281 |
|  | **Other (1.8%)** |  |
| 500000 | &nbsp;&nbsp;&nbsp;Alumina Pty. Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.125%, 03/15/30 | 506325 |
| 2000000 | &nbsp;&nbsp;&nbsp;Asian Development Bank |  |
|  | &nbsp;&nbsp;&nbsp;2.750%, 01/19/28 | 1945700 |
| 1000000 | &nbsp;&nbsp;&nbsp;Element Fleet Management Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.037%, 03/25/30 | 1009460 |
| 1000000 | &nbsp;&nbsp;&nbsp;Federation des Caisses Desjardins du Quebec\* |  |
|  | &nbsp;&nbsp;&nbsp;4.400%, 08/23/25 | 999820 |
| 500000 | &nbsp;&nbsp;&nbsp;Gen Digital, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 09/30/27 | 508990 |
| 500000 | &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.900%, 03/15/30 | 507045 |
| 500000 | &nbsp;&nbsp;&nbsp;Nissan Motor Acceptance Co. LLC\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.050%, 09/15/28 | 515220 |
| 1000000 | &nbsp;&nbsp;&nbsp;VICI Properties LP |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 04/01/28 | 1006490 |
|  |  | 6999050 |
|  | **Real Estate (2.4%)** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;American Tower Corp. |  |
|  | &nbsp;&nbsp;&nbsp;1.600%, 04/15/26 | 979200 |
| 1000000 | &nbsp;&nbsp;&nbsp;Boston Properties LP |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 12/01/27 | 1045840 |
| 1000000 | &nbsp;&nbsp;&nbsp;Brixmor Operating Partnership LP |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 06/15/26 | 996650 |
| 1000000 | &nbsp;&nbsp;&nbsp;Camden Property Trust |  |
|  | &nbsp;&nbsp;&nbsp;5.850%, 11/03/26 | 1015320 |
| 1000000 | &nbsp;&nbsp;&nbsp;Crown Castle, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.450%, 02/15/26 | 998440 |
| 500000 | &nbsp;&nbsp;&nbsp;Equinix, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 09/15/25 | 497765 |
| 750000 | &nbsp;&nbsp;&nbsp;Global Net Lease, Inc./Global Net Lease Operating Partnership LP\* |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 12/15/27 | 716827 |
| 1000000 | &nbsp;&nbsp;&nbsp;Public Storage Operating Co.^ |  |
|  | &nbsp;&nbsp;&nbsp;5.125%, 01/15/29 | 1025920 |
| 1000000 | &nbsp;&nbsp;&nbsp;Realty Income Corp. |  |
|  | &nbsp;&nbsp;&nbsp;5.050%, 01/13/26 | 999510 |
| 500000 | &nbsp;&nbsp;&nbsp;Simon Property Group LP |  |
|  | &nbsp;&nbsp;&nbsp;1.375%, 01/15/27 | 478785 |
| 500000 | &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 05/15/26 | 500600 |
|  |  | 9254857 |
|  | **Special Purpose Acquisition Companies (0.5%)** |  |
|  | &nbsp;&nbsp;&nbsp;New York Life Global Funding\* |  |
| 1000000 | &nbsp;&nbsp;&nbsp;4.150%, 07/25/28 | 997350 |
| 1000000 | &nbsp;&nbsp;&nbsp;3.600%, 08/05/25 | 1000000 |
|  |  | 1997350 |

---

See accompanying Notes to Schedule of Investments

**Calamos Short-Term Bond Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | **VALUE** | **VALUE** |
|  | **Utilities (2.8%)** |  |  |
| 250000 | &nbsp;&nbsp;&nbsp;AES Corp. |  |  |
|  | &nbsp;&nbsp;&nbsp;1.375%, 01/15/26 | $| 246085 |
| 1000000 | &nbsp;&nbsp;&nbsp;Alliant Energy Finance LLC\* |  |  |
|  | &nbsp;&nbsp;&nbsp;5.400%, 06/06/27 |  | 1008420 |
| 1000000 | &nbsp;&nbsp;&nbsp;CMS Energy Corp. |  |  |
|  | &nbsp;&nbsp;&nbsp;3.600%, 11/15/25 |  | 996680 |
| 1000000 | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC |  |  |
|  | &nbsp;&nbsp;&nbsp;4.850%, 03/15/30 |  | 1017920 |
| 300000 | &nbsp;&nbsp;&nbsp;Entergy Corp. |  |  |
|  | &nbsp;&nbsp;&nbsp;0.900%, 09/15/25 |  | 298626 |
| 500000 | &nbsp;&nbsp;&nbsp;Entergy Texas, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;1.500%, 09/01/26 |  | 480160 |
|  | &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp. |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;5.450%, 10/30/25 |  | 1002420 |
| 500000 | &nbsp;&nbsp;&nbsp;4.120%, 09/16/27 |  | 498390 |
| 1000000 | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;4.850%, 02/04/28 |  | 1010880 |
| 1000000 | &nbsp;&nbsp;&nbsp;Niagara Mohawk Power Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.647%, 10/03/30 |  | 993980 |
| 1000000 | &nbsp;&nbsp;&nbsp;NiSource, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;5.200%, 07/01/29 |  | 1023980 |
| 1000000 | &nbsp;&nbsp;&nbsp;NSTAR Electric Co. |  |  |
|  | &nbsp;&nbsp;&nbsp;3.200%, 05/15/27 |  | 981370 |
| 25000 | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.222%, 03/30/67 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.93% |  | 24863 |
| 1000000 | &nbsp;&nbsp;&nbsp;Sempra |  |  |
|  | &nbsp;&nbsp;&nbsp;3.400%, 02/01/28 |  | 973240 |
| 500000 | &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc.^ |  |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 09/27/25 |  | 500280 |
|  |  |  | 11057294 |
|  | **Total Corporate Bonds** |  |  |
|  | (Cost $217,084,377) |  | 219066666 |
| **U.S. Government and Agency Securities (5.5%)** | **U.S. Government and Agency Securities (5.5%)** | **U.S. Government and Agency Securities (5.5%)** | **U.S. Government and Agency Securities (5.5%)** |
| 1000000 | &nbsp;&nbsp;&nbsp;Farm Credit Bank of Texas\*‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;5.700%, 09/15/25 |  | 1000753 |
|  | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes |  |  |
| 12015000 | &nbsp;&nbsp;&nbsp;4.250%, 02/28/29 |  | 12154393 |
| 5000000 | &nbsp;&nbsp;&nbsp;4.250%, 01/31/30 |  | 5063476 |
| 3000000 | &nbsp;&nbsp;&nbsp;3.500%, 09/30/29 |  | 2951250 |
| 450000 | &nbsp;&nbsp;&nbsp;4.125%, 07/31/28 |  | 453094 |
|  | **TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES** |  |  |
|  | (Cost $21,341,666) |  | 21622966 |
| **Sovereign Bonds (1.6%)** | **Sovereign Bonds (1.6%)** | **Sovereign Bonds (1.6%)** | **Sovereign Bonds (1.6%)** |
| 1000000 | &nbsp;&nbsp;&nbsp;Development Bank of Japan, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;5.125%, 09/01/26 |  | 1008539 |
|  | &nbsp;&nbsp;&nbsp;Export Development Canada |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;3.375%, 08/26/25 |  | 999263 |
| 500000 | &nbsp;&nbsp;&nbsp;3.875%, 02/14/28 |  | 499246 |
| 1000000 | &nbsp;&nbsp;&nbsp;Japan Bank for International Cooperation |  |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 04/27/26 |  | 998541 |
|  | &nbsp;&nbsp;&nbsp;Kommunalbanken AS\* |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;0.500%, 01/13/26^ |  | 491249 |
| 200000 | &nbsp;&nbsp;&nbsp;4.500%, 09/01/28 |  | 202881 |
| 1000000 | &nbsp;&nbsp;&nbsp;Kommuninvest I Sverige AB\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 12/10/25 |  | 998979 |
| 1000000 | &nbsp;&nbsp;&nbsp;Svensk Exportkredit AB |  |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 06/14/28 |  | 1003027 |
|  | **Total Sovereign Bonds** |  |  |
|  | (Cost $6,193,801) |  | 6201725 |
| **Bank Loans (8.2%) ¡** | **Bank Loans (8.2%) ¡** | **Bank Loans (8.2%) ¡** | **Bank Loans (8.2%) ¡** |
|  | **Airlines (0.3%)** |  |  |
| 987500 | &nbsp;&nbsp;&nbsp;Air Canada‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.353%, 03/21/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% |  | 988734 |
|  | **Communication Services (0.6%)** |  |  |
| 855764 | &nbsp;&nbsp;&nbsp;APi Group DE, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.106%, 01/03/29 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.75% |  | 856063 |
| 497500 | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.541%, 12/15/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.25% |  | 498060 |
| 173460 | &nbsp;&nbsp;&nbsp;DirecTV Financing LLC‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;9.570%, 08/02/27 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.00% |  | 174175 |
| 993744 | &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 07/08/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% |  | 986291 |
|  |  |  | 2514589 |
|  | **Consumer Discretionary (2.0%)** |  |  |
| 1031612 | &nbsp;&nbsp;&nbsp;Adient U.S. LLC‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.606%, 01/31/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% |  | 1036527 |
| 615926 | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.346%, 12/13/29 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.00% |  | 616314 |
| 344074 | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.053%, 12/13/29 |  |  |
|  | &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 3.00% |  | 344291 |
| 995000 | &nbsp;&nbsp;&nbsp;Life Time Fitness, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.577%, 11/05/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% |  | 998338 |
| 990019 | &nbsp;&nbsp;&nbsp;Light & Wonder International, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.593%, 04/14/29 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% |  | 993484 |
| 1150000 | &nbsp;&nbsp;&nbsp;Murphy USA, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.079%, 04/07/32 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.75% |  | 1161500 |
| 482456 | &nbsp;&nbsp;&nbsp;PetSmart, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;8.206%, 02/11/28 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.75% |  | 482155 |
| 994987 | &nbsp;&nbsp;&nbsp;Raising Cane's Restaurants LLC‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 09/18/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% |  | 997166 |
| 990000 | &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 05/01/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% |  | 990827 |
| 206972 | &nbsp;&nbsp;&nbsp;SkyMiles IP Ltd.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;8.076%, 10/20/27 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.75% |  | 208279 |
|  |  |  | 7828881 |

---

See accompanying Notes to Schedule of Investments

**Calamos Short-Term Bond Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | **VALUE** | **VALUE** |
|  | **Consumer Staples (0.5%)** |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.856%, 07/16/32 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.50% | $| 996720 |
| 995161 | &nbsp;&nbsp;&nbsp;Organon & Co.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.599%, 05/19/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% |  | 962406 |
|  |  |  | 1959126 |
|  | **Energy (0.2%)** |  |  |
| 982430 | &nbsp;&nbsp;&nbsp;Par Petroleum LLC‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;8.029%, 02/28/30 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.75% |  | 982941 |
|  | **Financials (0.4%)** |  |  |
| 987345 | &nbsp;&nbsp;&nbsp;Iron Mountain, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 01/31/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% |  | 988786 |
| 622069 | &nbsp;&nbsp;&nbsp;Jazz Financing Lux SARL‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.606%, 05/05/28 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% |  | 625229 |
|  |  |  | 1614015 |
|  | **Health Care (0.7%)** |  |  |
| 19995 | &nbsp;&nbsp;&nbsp;Avantor Funding, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.456%, 11/08/27 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% |  | 20115 |
| 957726 | &nbsp;&nbsp;&nbsp;DaVita, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.106%, 05/09/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.75% |  | 960206 |
| 589572 | &nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.179%, 08/01/27 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.75% |  | 589699 |
| 990013 | &nbsp;&nbsp;&nbsp;Medline Borrower LP‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.606%, 10/23/28 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% |  | 992008 |
|  |  |  | 2562028 |
|  | **Industrials (1.1%)** |  |  |
| 304736 | &nbsp;&nbsp;&nbsp;American Airlines, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.576%, 04/20/28 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.25% |  | 303898 |
| 250000 | &nbsp;&nbsp;&nbsp;Herc Holdings, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.322%, 06/02/32 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% |  | 251355 |
| 691103 | &nbsp;&nbsp;&nbsp;JELD-WEN, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.471%, 07/28/28 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% |  | 656054 |
| 997500 | &nbsp;&nbsp;&nbsp;Novelis Corp.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.296%, 03/11/32 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.00% |  | 1002074 |
| 997500 | &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.606%, 02/10/32 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% |  | 997874 |
| 982600 | &nbsp;&nbsp;&nbsp;Vertiv Group Corp.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.072%, 03/02/27 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.75% |  | 983086 |
|  |  |  | 4194341 |
|  | **Information Technology (1.3%)** |  |  |
| 938553 | &nbsp;&nbsp;&nbsp;Coherent Corp.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 07/02/29 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% |  | 942307 |
| 987500 | &nbsp;&nbsp;&nbsp;KBR, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 01/17/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% |  | 989968 |
| 491930 | &nbsp;&nbsp;&nbsp;Open Text Corp.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.106%, 01/31/30 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.75% |  | 492668 |
| 824651 | &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 05/09/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% |  | 828390 |
| 859362 | &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.579%, 05/30/30 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% |  | 862585 |
| 975193 | &nbsp;&nbsp;&nbsp;ZoomInfo LLC‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.106%, 02/28/30 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.75% |  | 973521 |
|  |  |  | 5089439 |
|  | **Materials (0.6%)** |  |  |
| 1068277 | &nbsp;&nbsp;&nbsp;Axalta Coating Systems U.S. Holdings, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.046%, 12/20/29 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.75% |  | 1073004 |
| 979606 | &nbsp;&nbsp;&nbsp;Chemours Co.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.356%, 08/18/28 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.00% |  | 980831 |
| 334163 | &nbsp;&nbsp;&nbsp;Knife River HoldCo‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.310%, 03/08/32 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.00% |  | 335833 |
|  |  |  | 2389668 |
|  | **Other (0.5%)** |  |  |
| 997500 | &nbsp;&nbsp;&nbsp;DK Crown Holdings, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.078%, 03/04/32 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.75% |  | 997605 |
| 1000000 | &nbsp;&nbsp;&nbsp;Stonepeak Nile Parent LLC‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.079%, 04/09/32 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.75% |  | 1003500 |
|  |  |  | 2001105 |
|  | **Total Bank Loans** |  |  |
|  | (Cost $32,130,976) |  | 32124867 |
| **Asset Backed Securities (21.1%)** | **Asset Backed Securities (21.1%)** | **Asset Backed Securities (21.1%)** | **Asset Backed Securities (21.1%)** |
|  | **Communication Services (0.3%)** |  |  |
| 197395 | &nbsp;&nbsp;&nbsp;T-Mobile U.S. Trust Series 2022-1A, Class A\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.910%, 05/22/28 |  | 197503 |
| 1000000 | &nbsp;&nbsp;&nbsp;T-Mobile U.S. Trust Series 2024-2A, Class A\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 05/21/29 |  | 998159 |
|  |  |  | 1195662 |
|  | **Consumer Discretionary (0.7%)** |  |  |
| 1500000 | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class A\* |  |  |
|  | &nbsp;&nbsp;&nbsp;5.440%, 02/22/28 |  | 1515522 |
| 1071007 | &nbsp;&nbsp;&nbsp;Octane Receivables Trust Series 2024-2A, Class A2\* |  |  |
|  | &nbsp;&nbsp;&nbsp;5.800%, 07/20/32 |  | 1077610 |
|  |  |  | 2593132 |

---

See accompanying Notes to Schedule of Investments

**Calamos Short-Term Bond Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
|  | **Financials (7.9%)** |  |
| 2000000 | &nbsp;&nbsp;&nbsp;American Express Credit Account Master Trust Series 2024-2, Class A |  |
|  | &nbsp;&nbsp;&nbsp;5.240%, 04/15/31 | $2068026 |
| 1126000 | &nbsp;&nbsp;&nbsp;Bank of America Auto Trust Series 2023-2A, Class A4\* |  |
|  | &nbsp;&nbsp;&nbsp;5.660%, 11/15/29 | 1144477 |
| 237882 | &nbsp;&nbsp;&nbsp;Capital One Prime Auto Receivables Trust Series 2022-1, Class A3 |  |
|  | &nbsp;&nbsp;&nbsp;3.170%, 04/15/27 | 236889 |
| 227099 | &nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust Series 2017-BGS, Class A1\* |  |
|  | &nbsp;&nbsp;&nbsp;2.680%, 09/25/42 | 213194 |
| 82445 | &nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust Series 2018-CGS, Class A1\* |  |
|  | &nbsp;&nbsp;&nbsp;3.870%, 02/25/46 | 79511 |
| 295329 | &nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust Series 2019-AGS, Class A1\* |  |
|  | &nbsp;&nbsp;&nbsp;2.540%, 01/25/47 | 269891 |
| 467328 | &nbsp;&nbsp;&nbsp;Commonbond Student Loan Trust Series 2021-BGS, Class A\* |  |
|  | &nbsp;&nbsp;&nbsp;1.170%, 09/25/51 | 407234 |
| 2000000 | &nbsp;&nbsp;&nbsp;Credit Acceptance Auto Loan Trust Series 2024-1A, Class A\* |  |
|  | &nbsp;&nbsp;&nbsp;5.680%, 03/15/34 | 2018903 |
| 1000000 | &nbsp;&nbsp;&nbsp;Dell Equipment Finance Trust Series 2024-2, Class B\* |  |
|  | &nbsp;&nbsp;&nbsp;4.820%, 08/22/30 | 1001615 |
| 609217 | &nbsp;&nbsp;&nbsp;ELFI Graduate Loan Program LLC Series 2021-A, Class A\* |  |
|  | &nbsp;&nbsp;&nbsp;1.530%, 12/26/46 | 539450 |
| 844347 | &nbsp;&nbsp;&nbsp;ELFI Graduate Loan Program LLC Series 2022-A, Class A\* |  |
|  | &nbsp;&nbsp;&nbsp;4.510%, 08/26/47 | 826380 |
| 134886 | &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing LLC Series 2022-4, Class A2\* |  |
|  | &nbsp;&nbsp;&nbsp;5.760%, 10/22/29 | 135367 |
| 1500000 | &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing LLC Series 2024-2, Class A3\* |  |
|  | &nbsp;&nbsp;&nbsp;5.610%, 04/20/28 | 1523218 |
| 1000000 | &nbsp;&nbsp;&nbsp;Kubota Credit Owner Trust Series 2023-2A, Class A3\* |  |
|  | &nbsp;&nbsp;&nbsp;5.280%, 01/18/28 | 1006407 |
| 88932 | &nbsp;&nbsp;&nbsp;MMAF Equipment Finance LLC Series 2017-B, Class A5\* |  |
|  | &nbsp;&nbsp;&nbsp;2.720%, 06/15/40 | 88781 |
| 2000000 | &nbsp;&nbsp;&nbsp;MMAF Equipment Finance LLC Series 2023-A, Class A3\* |  |
|  | &nbsp;&nbsp;&nbsp;5.540%, 12/13/29 | 2026912 |
| 846903 | &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust Series 2020-BA, Class A2\* |  |
|  | &nbsp;&nbsp;&nbsp;2.120%, 01/15/69 | 803519 |
| 68270 | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust Series 2021-1A, Class A\* |  |
|  | &nbsp;&nbsp;&nbsp;0.870%, 07/14/28 | 67945 |
| 777000 | &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust Series 2021-1A, Class B\* |  |
|  | &nbsp;&nbsp;&nbsp;1.260%, 07/14/28 | 760766 |
| 324048 | &nbsp;&nbsp;&nbsp;Oscar U.S. Funding XII LLC Series 2021-1A, Class A4\* |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 04/10/28 | 321054 |
| 1000000 | &nbsp;&nbsp;&nbsp;Oscar U.S. Funding XVII LLC Series 2024-2A, Class A3\* |  |
|  | &nbsp;&nbsp;&nbsp;4.470%, 03/12/29 | 996578 |
| 240624 | &nbsp;&nbsp;&nbsp;Pawnee Equipment Receivables LLC Series 2022-1, Class A3\* |  |
|  | &nbsp;&nbsp;&nbsp;5.170%, 02/15/28 | 240698 |
| 611217 | &nbsp;&nbsp;&nbsp;PenFed Auto Receivables Owner Trust Series 2022-A, Class A4\* |  |
|  | &nbsp;&nbsp;&nbsp;4.180%, 12/15/28 | 610835 |
| 1394095 | &nbsp;&nbsp;&nbsp;Porsche Financial Auto Securitization Trust Series 2023-2A, Class A3\* |  |
|  | &nbsp;&nbsp;&nbsp;5.790%, 01/22/29 | 1403435 |
| 792000 | &nbsp;&nbsp;&nbsp;Progress Residential Trust Series 2021-SFR5, Class B\* |  |
|  | &nbsp;&nbsp;&nbsp;1.658%, 07/17/38 | 773416 |
| 2000000 | &nbsp;&nbsp;&nbsp;SCCU Auto Receivables Trust Series 2023-1A, Class B\* |  |
|  | &nbsp;&nbsp;&nbsp;6.080%, 11/15/29 | 2050355 |
| 2160000 | &nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program Trust Series 2025-1, Class B\* |  |
|  | &nbsp;&nbsp;&nbsp;5.120%, 02/27/34 | 2170547 |
| 305749 | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC Series 2018-D, Class A2FX\* |  |
|  | &nbsp;&nbsp;&nbsp;3.600%, 02/25/48 | 302619 |
| 745130 | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC Series 2020-C, Class AFX\* |  |
|  | &nbsp;&nbsp;&nbsp;1.950%, 02/15/46 | 700083 |
| 2000000 | &nbsp;&nbsp;&nbsp;Tesla Auto Lease Trust Series 2024-B, Class A3\* |  |
|  | &nbsp;&nbsp;&nbsp;4.820%, 10/20/27 | 2005034 |
| 2000000 | &nbsp;&nbsp;&nbsp;Toyota Auto Loan Extended Note Trust Series 2023-1A, Class A\* |  |
|  | &nbsp;&nbsp;&nbsp;4.930%, 06/25/36 | 2033399 |
| 1000000 | &nbsp;&nbsp;&nbsp;Volvo Financial Equipment LLC Series 2024-1A, Class A3\* |  |
|  | &nbsp;&nbsp;&nbsp;4.290%, 10/16/28 | 998416 |
| 1090000 | &nbsp;&nbsp;&nbsp;Volvo Financial Equipment LLC Series 2024-1A, Class A4\* |  |
|  | &nbsp;&nbsp;&nbsp;4.290%, 07/15/31 | 1086639 |
|  |  | 30911593 |
|  | **Other (12.2%)** |  |
| 2000000 | &nbsp;&nbsp;&nbsp;Aligned Data Centers Issuer LLC Series 2021-1A, Class A2\* |  |
|  | &nbsp;&nbsp;&nbsp;1.937%, 08/15/46 | 1934392 |
| 2000000 | &nbsp;&nbsp;&nbsp;Alloya Auto Receivables Trust Series 2025-1A, Class A3\* |  |
|  | &nbsp;&nbsp;&nbsp;4.690%, 12/26/28 | 2003380 |
| 500000 | &nbsp;&nbsp;&nbsp;American Express Credit Account Master Trust Series 2023-2, Class A |  |
|  | &nbsp;&nbsp;&nbsp;4.800%, 05/15/30 | 507895 |
| 118313 | &nbsp;&nbsp;&nbsp;Amur Equipment Finance Receivables XI LLC Series 2022-2A, Class A2\* |  |
|  | &nbsp;&nbsp;&nbsp;5.300%, 06/21/28 | 118483 |
| 1562321 | &nbsp;&nbsp;&nbsp;Amur Equipment Finance Receivables XIII LLC Series 2024-1A, Class A2\* |  |
|  | &nbsp;&nbsp;&nbsp;5.380%, 01/21/31 | 1574280 |
| 1000000 | &nbsp;&nbsp;&nbsp;CCG Receivables Trust Series 2023-1, Class B\* |  |
|  | &nbsp;&nbsp;&nbsp;5.990%, 09/16/30 | 1012032 |

---

See accompanying Notes to Schedule of Investments

**Calamos Short-Term Bond Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | **VALUE** | **VALUE** |
| 1000000 | &nbsp;&nbsp;&nbsp;CCG Receivables Trust Series 2023-1, Class C\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.280%, 09/16/30 | $| 1013242 |
| 950000 | &nbsp;&nbsp;&nbsp;CLI Funding VI LLC Series 2020-3A, Class A\* |  |  |
|  | &nbsp;&nbsp;&nbsp;2.070%, 10/18/45 |  | 882859 |
| 2400000 | &nbsp;&nbsp;&nbsp;CNH Equipment Trust Series 2024-B, Class A3 |  |  |
|  | &nbsp;&nbsp;&nbsp;5.190%, 09/17/29 |  | 2429318 |
| 2000000 | &nbsp;&nbsp;&nbsp;Compass Datacenters Issuer II LLC Series 2024-1A, Class A1\* |  |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 02/25/49 |  | 2009533 |
| 2000000 | &nbsp;&nbsp;&nbsp;CyrusOne Data Centers Issuer I LLC Series 2023-2A, Class A2\* |  |  |
|  | &nbsp;&nbsp;&nbsp;5.560%, 11/20/48 |  | 2011470 |
| 2000000 | &nbsp;&nbsp;&nbsp;DLLAA LLC Series 2025-1A, Class A3\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.950%, 09/20/29 |  | 2023429 |
| 1643938 | &nbsp;&nbsp;&nbsp;DLLAD LLC Series 2023-1A, Class A3\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.790%, 01/20/28 |  | 1647094 |
| 1458750 | &nbsp;&nbsp;&nbsp;Domino's Pizza Master Issuer LLC Series 2021-1A, Class A2I\* |  |  |
|  | &nbsp;&nbsp;&nbsp;2.662%, 04/25/51 |  | 1353552 |
| 2000000 | &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Series 2024-1, Class A\*\*\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.870%, 08/15/36 |  | 2031294 |
| 1000000 | &nbsp;&nbsp;&nbsp;Ford Credit Floorplan Master Owner Trust A Series 2025-1, Class B |  |  |
|  | &nbsp;&nbsp;&nbsp;4.840%, 04/15/30 |  | 1004195 |
| 2000000 | &nbsp;&nbsp;&nbsp;GMF Floorplan Owner Revolving Trust Series 2024-4A, Class A1\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.730%, 11/15/29 |  | 2014624 |
| 2000000 | &nbsp;&nbsp;&nbsp;GreatAmerica Leasing Receivables Funding LLC Series 2025-1, Class A3\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.490%, 04/16/29 |  | 2005048 |
| 1000000 | &nbsp;&nbsp;&nbsp;HPEFS Equipment Trust Series 2024-1A, Class B\* |  |  |
|  | &nbsp;&nbsp;&nbsp;5.180%, 05/20/31 |  | 1003978 |
| 1000000 | &nbsp;&nbsp;&nbsp;HPEFS Equipment Trust Series 2024-1A, Class D\* |  |  |
|  | &nbsp;&nbsp;&nbsp;5.820%, 11/20/31 |  | 1011595 |
| 736908 | &nbsp;&nbsp;&nbsp;Kubota Credit Owner Trust Series 2023-1A, Class A3\* |  |  |
|  | &nbsp;&nbsp;&nbsp;5.020%, 06/15/27 |  | 738503 |
| 1500000 | &nbsp;&nbsp;&nbsp;NextGear Floorplan Master Owner Trust Series 2023-1A, Class A2\* |  |  |
|  | &nbsp;&nbsp;&nbsp;5.740%, 03/15/28 |  | 1509665 |
| 728912 | &nbsp;&nbsp;&nbsp;NMEF Funding LLC Series 2024-A, Class A2\* |  |  |
|  | &nbsp;&nbsp;&nbsp;5.150%, 12/15/31 |  | 731977 |
| 4100 | &nbsp;&nbsp;&nbsp;OCCU Auto Receivables Trust Series 2023-1A, Class A2\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.230%, 04/15/27 |  | 4100 |
| 2000000 | &nbsp;&nbsp;&nbsp;PEAC Solutions Receivables LLC Series 2025-1A, Class A2\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.940%, 10/20/28 |  | 2008303 |
| 1228906 | &nbsp;&nbsp;&nbsp;Post Road Equipment Finance LLC Series 2024-1A, Class A2\* |  |  |
|  | &nbsp;&nbsp;&nbsp;5.590%, 11/15/29 |  | 1234572 |
| 198223 | &nbsp;&nbsp;&nbsp;SCF Equipment Leasing LLC Series 2022-1A, Class A3\* |  |  |
|  | &nbsp;&nbsp;&nbsp;2.920%, 07/20/29 |  | 197795 |
| 967165 | &nbsp;&nbsp;&nbsp;SCF Equipment Leasing LLC Series 2023-1A, Class A3\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.170%, 05/20/32 |  | 975454 |
| 987917 | &nbsp;&nbsp;&nbsp;SVC ABS LLC Series 2023-1A, Class A\* |  |  |
|  | &nbsp;&nbsp;&nbsp;5.150%, 02/20/53 |  | 976229 |
| 2000000 | &nbsp;&nbsp;&nbsp;USAA Auto Owner Trust Series 2024-A, Class A3\* |  |  |
|  | &nbsp;&nbsp;&nbsp;5.030%, 03/15/29 |  | 2013039 |
| 1000000 | &nbsp;&nbsp;&nbsp;Vantage Data Centers Issuer LLC Series 2021-1A, Class A2\* |  |  |
|  | &nbsp;&nbsp;&nbsp;2.165%, 10/15/46 |  | 963445 |
| 1000000 | &nbsp;&nbsp;&nbsp;Vantage Data Centers Issuer LLC Series 2024-1A, Class A2\* |  |  |
|  | &nbsp;&nbsp;&nbsp;5.100%, 09/15/54 |  | 989471 |
| 1290627 | &nbsp;&nbsp;&nbsp;Veridian Auto Receivables Trust Series 2023-1A, Class A3\* |  |  |
|  | &nbsp;&nbsp;&nbsp;5.560%, 03/15/28 |  | 1295276 |
| 1000000 | &nbsp;&nbsp;&nbsp;Verizon Master Trust Series 2023-1, Class A |  |  |
|  | &nbsp;&nbsp;&nbsp;4.490%, 01/22/29 |  | 1000014 |
| 1000000 | &nbsp;&nbsp;&nbsp;Verizon Master Trust Series 2023-6, Class A\* |  |  |
|  | &nbsp;&nbsp;&nbsp;5.350%, 09/22/31 |  | 1029752 |
| 2000000 | &nbsp;&nbsp;&nbsp;Wheels Fleet Lease Funding 1 LLC Series 2025-2A, Class A1\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.410%, 05/18/40 |  | 1995613 |
| 450026 | &nbsp;&nbsp;&nbsp;World Omni Auto Receivables Trust Series 2022-B, Class A3 |  |  |
|  | &nbsp;&nbsp;&nbsp;3.250%, 07/15/27 |  | 448719 |
|  |  |  | 47703620 |
|  | **Utilities (0.0%)** |  |  |
| 73988 | &nbsp;&nbsp;&nbsp;Harley-Davidson Motorcycle Trust Series 2022-A, Class A3 |  |  |
|  | &nbsp;&nbsp;&nbsp;3.060%, 02/15/27 |  | 73932 |
|  | **Total Asset Backed Securities** |  |  |
|  | (Cost $82,502,305) |  | 82477939 |
| **Municipal Obligations (3.5%)** | **Municipal Obligations (3.5%)** | **Municipal Obligations (3.5%)** | **Municipal Obligations (3.5%)** |
|  | **Consumer Discretionary (0.2%)** |  |  |
| 300000 | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission |  |  |
|  | &nbsp;&nbsp;&nbsp;5.345%, 12/01/27 |  | 306140 |
| 200000 | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission |  |  |
|  | &nbsp;&nbsp;&nbsp;5.285%, 06/01/27 |  | 203065 |
|  |  |  | 509205 |
|  | **Other (3.2%)** |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;Alaska Housing Finance Corp. |  |  |
|  | &nbsp;&nbsp;&nbsp;4.808%, 06/01/27 |  | 100930 |
| 250000 | &nbsp;&nbsp;&nbsp;City of Carmel IN Waterworks Revenue |  |  |
|  | &nbsp;&nbsp;&nbsp;4.966%, 05/01/28 |  | 253953 |
| 280000 | &nbsp;&nbsp;&nbsp;City of Mishawaka IN |  |  |
|  | &nbsp;&nbsp;&nbsp;4.680%, 02/15/26 |  | 280407 |
| 205000 | &nbsp;&nbsp;&nbsp;City of Mishawaka IN |  |  |
|  | &nbsp;&nbsp;&nbsp;4.700%, 08/15/26 |  | 205814 |
| 120000 | &nbsp;&nbsp;&nbsp;City of Omaha NE |  |  |
|  | &nbsp;&nbsp;&nbsp;0.983%, 04/15/26 |  | 117231 |

---

See accompanying Notes to Schedule of Investments

**Calamos Short-Term Bond Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | **VALUE** | **VALUE** |
| 465000 | &nbsp;&nbsp;&nbsp;Colorado Housing & Finance Authority |  |  |
|  | &nbsp;&nbsp;&nbsp;5.402%, 05/01/27 | $| 470398 |
| 460000 | &nbsp;&nbsp;&nbsp;Colorado Housing & Finance Authority |  |  |
|  | &nbsp;&nbsp;&nbsp;5.452%, 11/01/27 |  | 467182 |
| 400000 | &nbsp;&nbsp;&nbsp;Colorado Housing & Finance Authority |  |  |
|  | &nbsp;&nbsp;&nbsp;4.390%, 11/01/29 |  | 401030 |
| 300000 | &nbsp;&nbsp;&nbsp;Colorado Housing & Finance Authority |  |  |
|  | &nbsp;&nbsp;&nbsp;1.650%, 11/01/25 |  | 297877 |
| 1000000 | &nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority |  |  |
|  | &nbsp;&nbsp;&nbsp;4.771%, 05/15/30 |  | 1004158 |
| 895000 | &nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority |  |  |
|  | &nbsp;&nbsp;&nbsp;0.974%, 11/15/25 |  | 885193 |
| 250000 | &nbsp;&nbsp;&nbsp;Corona-Norco Unified School District |  |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 09/01/25 |  | 249249 |
| 135000 | &nbsp;&nbsp;&nbsp;East Montgomery County Improvement District Sales Tax Revenue |  |  |
|  | &nbsp;&nbsp;&nbsp;1.550%, 08/15/26 |  | 131196 |
| 175000 | &nbsp;&nbsp;&nbsp;Encinitas Public Financing Authority |  |  |
|  | &nbsp;&nbsp;&nbsp;1.020%, 10/01/25 |  | 173991 |
| 415000 | &nbsp;&nbsp;&nbsp;Florida Housing Finance Corp. |  |  |
|  | &nbsp;&nbsp;&nbsp;5.077%, 07/01/26 |  | 415390 |
| 205000 | &nbsp;&nbsp;&nbsp;Florida Housing Finance Corp. |  |  |
|  | &nbsp;&nbsp;&nbsp;5.086%, 01/01/27 |  | 205386 |
| 185000 | &nbsp;&nbsp;&nbsp;Florida Housing Finance Corp. |  |  |
|  | &nbsp;&nbsp;&nbsp;5.136%, 07/01/27 |  | 185631 |
| 235000 | &nbsp;&nbsp;&nbsp;Idaho Housing & Finance Association |  |  |
|  | &nbsp;&nbsp;&nbsp;4.418%, 01/01/30 |  | 234608 |
| 200000 | &nbsp;&nbsp;&nbsp;Idaho Housing & Finance Association |  |  |
|  | &nbsp;&nbsp;&nbsp;4.398%, 07/01/29 |  | 199658 |
| 115000 | &nbsp;&nbsp;&nbsp;Idaho Housing & Finance Association |  |  |
|  | &nbsp;&nbsp;&nbsp;4.478%, 07/01/30 |  | 114818 |
| 250000 | &nbsp;&nbsp;&nbsp;Indiana Housing & Community Development Authority |  |  |
|  | &nbsp;&nbsp;&nbsp;5.065%, 01/01/27 |  | 252065 |
| 175000 | &nbsp;&nbsp;&nbsp;Indiana Housing & Community Development Authority |  |  |
|  | &nbsp;&nbsp;&nbsp;5.095%, 07/01/26 |  | 175956 |
| 160000 | &nbsp;&nbsp;&nbsp;Indiana Housing & Community Development Authority |  |  |
|  | &nbsp;&nbsp;&nbsp;5.095%, 01/01/26 |  | 160326 |
| 505000 | &nbsp;&nbsp;&nbsp;Iowa Finance Authority |  |  |
|  | &nbsp;&nbsp;&nbsp;5.502%, 07/01/28 |  | 518781 |
| 350000 | &nbsp;&nbsp;&nbsp;Iowa Finance Authority |  |  |
|  | &nbsp;&nbsp;&nbsp;5.412%, 07/01/27 |  | 355953 |
| 700000 | &nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority Dulles Toll Road Revenue |  |  |
|  | &nbsp;&nbsp;&nbsp;1.737%, 10/01/25 |  | 696899 |
| 280000 | &nbsp;&nbsp;&nbsp;Minnesota Housing Finance Agency |  |  |
|  | &nbsp;&nbsp;&nbsp;5.113%, 01/01/26 |  | 280308 |
| 450000 | &nbsp;&nbsp;&nbsp;Nevada Housing Division |  |  |
|  | &nbsp;&nbsp;&nbsp;5.268%, 04/01/27 |  | 456808 |
| 435000 | &nbsp;&nbsp;&nbsp;Nevada Housing Division |  |  |
|  | &nbsp;&nbsp;&nbsp;5.338%, 10/01/27 |  | 444084 |
| 250000 | &nbsp;&nbsp;&nbsp;Nevada Housing Division |  |  |
|  | &nbsp;&nbsp;&nbsp;5.251%, 10/01/26 |  | 252604 |
| 385000 | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority |  |  |
|  | &nbsp;&nbsp;&nbsp;1.250%, 05/01/26 |  | 376640 |
| 5000 | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority |  |  |
|  | &nbsp;&nbsp;&nbsp;1.250%, 05/01/26 |  | 4883 |
| 390000 | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Revenue |  |  |
|  | &nbsp;&nbsp;&nbsp;3.430%, 08/01/26 |  | 386766 |
| 255000 | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority |  |  |
|  | &nbsp;&nbsp;&nbsp;2.438%, 02/15/26 |  | 252333 |
| 155000 | &nbsp;&nbsp;&nbsp;State of Hawaii |  |  |
|  | &nbsp;&nbsp;&nbsp;1.033%, 08/01/25 |  | 155000 |
| 125000 | &nbsp;&nbsp;&nbsp;Utah Housing Corp. |  |  |
|  | &nbsp;&nbsp;&nbsp;4.627%, 07/01/29 |  | 125105 |
| 145000 | &nbsp;&nbsp;&nbsp;Victor Valley Community College District |  |  |
|  | &nbsp;&nbsp;&nbsp;2.878%, 08/01/26 |  | 142854 |
| 300000 | &nbsp;&nbsp;&nbsp;West Virginia Housing Development Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;4.510%, 05/01/30 |  | 300303 |
| 200000 | &nbsp;&nbsp;&nbsp;West Virginia Housing Development Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;4.560%, 11/01/30 |  | 200232 |
| 170000 | &nbsp;&nbsp;&nbsp;Westminster Public Schools |  |  |
|  | &nbsp;&nbsp;&nbsp;0.906%, 12/01/26 |  | 162761 |
| 125000 | &nbsp;&nbsp;&nbsp;Wichita Falls 4B Sales Tax Corp. |  |  |
|  | &nbsp;&nbsp;&nbsp;1.049%, 09/01/25 |  | 124644 |
| 115000 | &nbsp;&nbsp;&nbsp;Wisconsin Housing & Economic Development Authority Home Ownership Revenue |  |  |
|  | &nbsp;&nbsp;&nbsp;4.518%, 03/01/29 |  | 115185 |
| 100000 | &nbsp;&nbsp;&nbsp;Wisconsin Housing & Economic Development Authority Home Ownership Revenue |  |  |
|  | &nbsp;&nbsp;&nbsp;4.568%, 09/01/29 |  | 100212 |
|  |  |  | 12434802 |
|  | **Utilities (0.1%)** |  |  |
| 505000 | &nbsp;&nbsp;&nbsp;Augusta GA Water & Sewer Revenue |  |  |
|  | &nbsp;&nbsp;&nbsp;4.300%, 10/01/26 |  | 504025 |
|  | **Total Municipal Obligations** |  |  |
|  | (Cost $13,374,796) |  | 13448032 |
| **Residential Mortgage Backed Securities (1.2%)** | **Residential Mortgage Backed Securities (1.2%)** | **Residential Mortgage Backed Securities (1.2%)** | **Residential Mortgage Backed Securities (1.2%)** |
| 478222 | &nbsp;&nbsp;&nbsp;Bank Series 2019-BN16, Class A2 |  |  |
|  | &nbsp;&nbsp;&nbsp;3.933%, 02/15/52 |  | 473941 |
| 2652255 | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. Trust Series 2023-SHIP, Class A\*‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;4.322%, 09/10/38 |  | 2636829 |
| 1252016 | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust Series 2021-PJ4, Class A8\*‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;2.500%, 09/25/51 |  | 1110840 |

---

See accompanying Notes to Schedule of Investments

**Calamos Short-Term Bond Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |<br>**VALUE** |
| 495497 | &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust Series 2021-PJ11, Class A8\*‡ |  |
|  | &nbsp;&nbsp;&nbsp;2.500%, 04/25/52 | $437191 |
|  | **Total Residential Mortgage Backed Securities** |  |
|  | (Cost $4,842,819) | 4658801 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**SHARES/**<br>**PRINCIPAL<br> AMOUNT** |  |<br>**VALUE** |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (2.8%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (2.8%)** |  |
| 10838615 | &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.325%†\*\*\* |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $10,838,615) | $10838615 |
|  | **TOTAL INVESTMENTS** **(99.9%)** |  |
|  | (Cost $388,309,355) | 390439611 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-2.8%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-2.8%) | (10838615) |
| OTHER ASSETS, LESS LIABILITIES (2.9%) | OTHER ASSETS, LESS LIABILITIES (2.9%) | 11368659 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $390969655 |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **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 July 31, 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. |
| **†** | Represents investment of cash collateral received from securities on loan as of July 31, 2025. |
| **\*\*\*** | The rate disclosed is the 7 day net yield as of July 31, 2025. |

---

**FUTURES CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number of<br> Contracts** | **Description** | **Expiration<br> Date** | **Notional<br> Value** | **Market Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Buys 200 | U.S. Treasury Note 5-Year | Sep 2025 | $21634375 | $63579 |

---

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of July 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | $— | $219066666 | $— | $219066666 |
| &nbsp;&nbsp;&nbsp;U.S. Government and Agency Securities |  | 21622966 |  | 21622966 |
| &nbsp;&nbsp;&nbsp;Sovereign Bonds |  | 6201725 |  | 6201725 |
| &nbsp;&nbsp;&nbsp;Bank Loans |  | 32124867 |  | 32124867 |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities |  | 82477939 |  | 82477939 |
| &nbsp;&nbsp;&nbsp;Municipal Obligations |  | 13448032 |  | 13448032 |
| &nbsp;&nbsp;&nbsp;Residential Mortgage Backed Securities |  | 4658801 |  | 4658801 |
| &nbsp;&nbsp;&nbsp;Investment of Cash Collateral For Securities Loaned |  | 10838615 |  | 10838615 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 63579 |  |  | 63579 |
| **Total** | $63579 | $390439611 | $— | $390503190 |

---

See accompanying Notes to Schedule of Investments

Notes to Schedule of Investments (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.

**Significant Accounting Policies.** The Schedules of Investments have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) and the Funds are each considered an investment company under U.S. GAAP and follow the accounting and reporting guidance applicable to investment companies. The following summarizes the significant accounting policies of the Funds:

**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 "Advisor") to perform fair valuation determinations related to all Fund investments under the oversight of the Board. As "valuation designee" the Calamos Advisors has adopted procedures to guide the determination of the net asset value ("NAV") on any day on which a 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 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 Advisor'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.

**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.

**Option Transactions.** For hedging and investment purposes, each Fund may purchase or write (sell) put and call options. One of the risks associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of premium and change in value should the counterparty not perform under the contract. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

**Forward Foreign Currency Contracts.** 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. The net unrealized gain, if any, represents the credit risk to the Fund on a forward foreign currency contract. The contracts are valued daily at forward foreign exchange rates.

As of July 31, 2025, the Fund had outstanding forward foreign currency contracts as listed on the Schedule of Investments.

**Note 2 – 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.

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 3 – Fair Value Measurements**

Various inputs are used to determine the value of each Fund's 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 each Fund's 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 each Fund's investments. The summary of the inputs used in valuing each Fund's holdings are available after each Fund's Portfolio.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** CALAMOS INVESTMENT TRUST/IL

- **b. Investment Company Act file number:** 811-05443

- **c. CIK number of Registrant:** 0000826732

- **d. LEI of Registrant:** 3MM2UW658H6KOU4WEW86

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 2020 CALAMOS COURT

  - **City:** NAPERVILLE

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60563

  - **Telephone number:** 630-245-7200

**Item A.2. Information about the Series.**

- **a. Name of Series:** Calamos Dividend Growth Fund

- **b. EDGAR series identifier (if any):** S000041744

- **c. LEI of Series:** 549300UG56HDSD4DFC22

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $22512313.07

**Total Liabilities:** $342615.94

**Net Assets:** $22169697.13

**Cash Not Reported:** $197908.98

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000129592 | 6.79%                | 5.74%                | 2.37%                |
| Class ID C000129591 | 6.90%                | 5.83%                | 2.41%                |
| Class ID C000129593 | 6.91%                | 5.89%                | 2.39%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-91994.34               | $1464866.97                                |
| Month 2  | $40136.74                | $1162224.69                                |
| Month 3  | $17935.48                | $511654.57                                 |

### Schedule of Portfolio Investments

| Name                            | Title                                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| EQT Corp                        | EQT Corp                                                                    | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |      1610 | NS      | $86537.50     | 0.39%             |  |  |  | No            |                  1 | On Loan: —       |
| Cisco Systems Inc               | Cisco Systems Inc                                                           | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      1880 | NS      | $127990.40    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc                    | Assurant Inc                                                                | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |       355 | NS      | $66491.50     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                      | Intuit Inc                                                                  | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |       235 | NS      | $184505.55    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp             | Dollar General Corp                                                         | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |       740 | NS      | $77626.00     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc                   | Blackrock Inc                                                               | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |        60 | NS      | $66360.60     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp            | Western Digital Corp                                                        | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |      1125 | NS      | $88526.25     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                     | Vistra Corp                                                                 | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      1015 | NS      | $211668.10    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                   | Welltower Inc                                                               | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               |  | US        |       990 | NS      | $163419.30    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| QXO INC                         | QXO Inc                                                                     | CUSIP: 82846H504<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      1300 | NS      | $75166.00     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc      | Chipotle Mexican Grill Inc                                                  | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1550 | NS      | $66464.00     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| HP ENTERPRISE CO                | Hewlett Packard Enterprise Co                                               | CUSIP: 42824C208<br>LEI: 549300BX44RGX6ANDV88 | Long             | EP               | CORP              | US        |       790 | NS      | $47400.00     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson               | Johnson & Johnson                                                           | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      1040 | NS      | $171329.60    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                 | McDonald's Corp                                                             | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |       425 | NS      | $127529.75    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc          | UnitedHealth Group Inc                                                      | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       430 | NS      | $107310.80    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc | Philip Morris International Inc                                             | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |       895 | NS      | $146824.75    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                | Wells Fargo & Co                                                            | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      3425 | NS      | $276157.75    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp         | Marathon Petroleum Corp                                                     | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      1210 | NS      | $205929.90    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc              | NextEra Energy Inc                                                          | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      1020 | NS      | $72481.20     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                      | AbbVie Inc                                                                  | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |       950 | NS      | $179569.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PLC | Seagate Technology Holdings PLC                                             | CUSIP: 000000000<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |       800 | NS      | $125608.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & CO INC                    | KKR & Co Inc                                                                | CUSIP: 48251W500<br>LEI: 54930013V5I303TF9571 | Long             | EP               | CORP              | US        |      1185 | NS      | $68078.25     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                          | SAP SE                                                                      | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |       385 | NS      | $110092.87    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc    | Thermo Fisher Scientific Inc                                                | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |       215 | NS      | $100551.20    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp           | Costco Wholesale Corp                                                       | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       305 | NS      | $286590.20    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc           | Uber Technologies Inc                                                       | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      1225 | NS      | $107493.75    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                        | NIKE Inc                                                                    | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |       725 | NS      | $54150.25     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors    | State Street Navigator Securities Lending Government Money Market Portfolio | CUSIP: 857509301<br>LEI: 5493008BJIBKQ5KTIF74 | Long             | STIV             | RF                | US        |    302452 | NS      | $302452.50    | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Micron Technology Inc           | Micron Technology Inc                                                       | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      1010 | NS      | $110231.40    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The            | Williams Cos Inc/The                                                        | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |      1895 | NS      | $113605.25    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                   | Citigroup Inc                                                               | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      1260 | NS      | $118062.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                       | Chubb Ltd                                                                   | CUSIP: 000000000<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |       390 | NS      | $103755.60    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp                        | PPL Corp                                                                    | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |      3970 | NS      | $141689.30    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                   | Medtronic PLC                                                               | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |       780 | NS      | $70387.20     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc           | Texas Instruments Inc                                                       | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |       400 | NS      | $72424.00     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co             | Vulcan Materials Co                                                         | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |       515 | NS      | $141455.05    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                        | Visa Inc                                                                    | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |       905 | NS      | $312650.35    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co/The                 | Southern Co/The                                                             | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |      1005 | NS      | $94952.40     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp          | Boston Scientific Corp                                                      | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      1615 | NS      | $169445.80    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp               | Lam Research Corp                                                           | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      1050 | NS      | $99582.00     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The         | Procter & Gamble Co/The                                                     | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |       990 | NS      | $148965.30    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                  | Lowe's Cos Inc                                                              | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |       545 | NS      | $121845.65    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd     | Royal Caribbean Cruises Ltd                                                 | CUSIP: 000000000<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | LR        |       345 | NS      | $109665.15    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corp           | Norfolk Southern Corp                                                       | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |       860 | NS      | $239080.00    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                  | Microsoft Corp                                                              | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      3250 | NS      | $1733875.00   | 7.82%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp             | American Tower Corp                                                         | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |       365 | NS      | $76062.35     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc           | Applied Materials Inc                                                       | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |       460 | NS      | $82827.60     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                    | Stryker Corp                                                                | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |       215 | NS      | $84436.95     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                     | NVIDIA Corp                                                                 | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     10775 | NS      | $1916549.25   | 8.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                    | Chevron Corp                                                                | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       527 | NS      | $79914.28     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                    | Alphabet Inc                                                                | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      4385 | NS      | $845691.10    | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The              | Walt Disney Co/The                                                          | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      1160 | NS      | $138167.60    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                       | Linde PLC                                                                   | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |       430 | NS      | $197911.80    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services Inc             | Quanta Services Inc                                                         | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |       160 | NS      | $64980.80     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc        | Marsh & McLennan Cos Inc                                                    | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |       570 | NS      | $113544.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                     | Walmart Inc                                                                 | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      2895 | NS      | $283652.10    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The                | Coca-Cola Co/The                                                            | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |      2085 | NS      | $141550.65    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ARES MANAGEMENT CORP            | Ares Management Corp                                                        | CUSIP: 03990B309<br>LEI: 529900JUV61FH7B8VW38 | Long             | EP               | CORP              | US        |      1035 | NS      | $58581.00     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT        | Apollo Global Management Inc                                                | CUSIP: 03769M304<br>LEI: 254900LMFT1CY9IYB476 | Long             | EP               | CORP              | US        |       620 | NS      | $47231.60     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                | Exxon Mobil Corp                                                            | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      2410 | NS      | $269052.40    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp                 | CMS Energy Corp                                                             | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |      1360 | NS      | $100368.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BOEING CO/THE                   | Boeing Co/The                                                               | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |      2585 | NS      | $182759.50    | 0.82%             |  |  |  | No            |                  1 | On Loan: —       |
| Palantir Technologies Inc       | Palantir Technologies Inc                                                   | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      1055 | NS      | $167059.25    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                 | TJX Cos Inc/The                                                             | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      1580 | NS      | $196757.40    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc          | Berkshire Hathaway Inc                                                      | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |       140 | NS      | $66063.20     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                    | DoorDash Inc                                                                | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |       305 | NS      | $76326.25     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                     | Netflix Inc                                                                 | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       265 | NS      | $307241.00    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                  | Mastercard Inc                                                              | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       625 | NS      | $354043.75    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                    | Broadcom Inc                                                                | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      2390 | NS      | $701943.00    | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp            | Bank of America Corp                                                        | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |      5275 | NS      | $249349.25    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                       | Tesla Inc                                                                   | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      1170 | NS      | $360675.90    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The              | Home Depot Inc/The                                                          | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |       400 | NS      | $147004.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories             | Abbott Laboratories                                                         | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      1390 | NS      | $175404.10    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| MP Materials Corp               | MP Materials Corp                                                           | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |       629 | NS      | $38683.50     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp            | Parker-Hannifin Corp                                                        | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |       300 | NS      | $219570.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                        | CSX Corp                                                                    | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |      2750 | NS      | $97735.00     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The     | Goldman Sachs Group Inc/The                                                 | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       235 | NS      | $170043.65    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc            | Freeport-McMoRan Inc                                                        | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |      2320 | NS      | $93356.80     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                  | ServiceNow Inc                                                              | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       195 | NS      | $183908.40    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The         | Sherwin-Williams Co/The                                                     | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |       405 | NS      | $134006.40    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co             | General Electric Co                                                         | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |       750 | NS      | $203310.00    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                | Duke Energy Corp                                                            | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |       725 | NS      | $88189.00     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc              | Meta Platforms Inc                                                          | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |       970 | NS      | $750236.80    | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                     | Oracle Corp                                                                 | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      1245 | NS      | $315943.65    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                        | RTX Corp                                                                    | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |      1115 | NS      | $175690.55    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                  | GE Vernova Inc                                                              | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |       315 | NS      | $207991.35    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc          | Palo Alto Networks Inc                                                      | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |       425 | NS      | $73780.00     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp                  | Starbucks Corp                                                              | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      1165 | NS      | $103871.40    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co             | Emerson Electric Co                                                         | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |       485 | NS      | $70572.35     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc   | Live Nation Entertainment Inc                                               | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |       155 | NS      | $22893.50     | 0.10%             |  |  |  | No            |                  1 | On Loan: —       |
| Morgan Stanley                  | Morgan Stanley                                                              | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |       915 | NS      | $130350.90    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROCHIP TECHNOLOGY INC        | Microchip Technology Inc                                                    | CUSIP: 595017302<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EP               | CORP              | US        |       840 | NS      | $52844.40     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                       | Apple Inc                                                                   | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      6145 | NS      | $1275517.65   | 5.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                    | Danaher Corp                                                                | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |       330 | NS      | $65062.80     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                 | T-Mobile US Inc                                                             | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |       475 | NS      | $113244.75    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc             | Delta Air Lines Inc                                                         | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |      2045 | NS      | $108814.45    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc            | Booking Holdings Inc                                                        | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |        44 | NS      | $242178.64    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co            | Colgate-Palmolive Co                                                        | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |       870 | NS      | $72949.50     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                  | S&P Global Inc                                                              | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |       255 | NS      | $140530.50    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                  | Eli Lilly & Co                                                              | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       415 | NS      | $307129.05    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co             | JPMorgan Chase & Co                                                         | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      1705 | NS      | $505089.20    | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                  | Amazon.com Inc                                                              | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      4040 | NS      | $945804.40    | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co             | American Express Co                                                         | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |       620 | NS      | $185572.20    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp      | Capital One Financial Corp                                                  | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |       340 | NS      | $73100.00     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-25

**Name of Applicant:** CALAMOS INVESTMENT TRUST/IL

**Signature:** Stephen Atkins

**Name of Signer:** Stephen Atkins

**Title:** Treasurer