# EDGAR Filing Document

**Accession Number:** 0000826732
**File Stem:** 0001104659-25-124654
**Filing Date:** 2025-12
**Character Count:** 1343113
**Document Hash:** 21e47709099619e604db71c01ae578aa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-124654.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001104659-25-124654

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 86

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**EFFECTIVENESS DATE**: 20251229

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05443
- **FILM NUMBER:** 251606805

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

| | |
|:---|:---|
| INVESTMENT COMPANY ACT FILE NUMBER: | 811-05443 |
| EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER: | Calamos Investment Trust |
| ADDRESS OF PRINCIPAL EXECUTIVE OFFICES: | 2020 Calamos Court, Naperville |
|  | Illinois 60563-2787 |
| NAME AND ADDRESS OF AGENT FOR SERVICE: | John P Calamos, Sr., Founder, Chairman and <br> Global Chief Investment Officer |
|  | Calamos Advisors LLC |
|  | 2020 Calamos Court, |
|  | Naperville, Illinois |
|  | 60563-2787 |

---

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

DATE OF FISCAL YEAR END: October 31, 2025

DATE OF REPORTING PERIOD: November 1, 2024 through October 31, 2025

ITEM 1. REPORT TO SHAREHOLDERS.

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Calamos Convertible Fund](#classname67889e10-97ac-4a21-a66a-bda924817a4b)<br> **[Class A - CCVIX](#classname67889e10-97ac-4a21-a66a-bda924817a4b)**  |
|  [Calamos Convertible Fund](#classname45cc75cc-3cb7-43b3-bf3c-bc0a0c3751f6)<br> **[Class C - CCVCX](#classname45cc75cc-3cb7-43b3-bf3c-bc0a0c3751f6)**  |
|  [Calamos Convertible Fund](#classnameaf40e604-44bd-4555-be63-e938aafcdafa)<br> **[Class I - CICVX](#classnameaf40e604-44bd-4555-be63-e938aafcdafa)**  |
|  [Calamos Evolving World Growth Fund](#classnameb218d230-7a1e-4bd2-9a2f-1f0cfafbd09a)<br> **[Class A - CNWGX](#classnameb218d230-7a1e-4bd2-9a2f-1f0cfafbd09a)**  |
|  [Calamos Evolving World Growth Fund](#classname89bdb7c8-f338-4dca-bba7-68ce7da9b578)<br> **[Class C - CNWDX](#classname89bdb7c8-f338-4dca-bba7-68ce7da9b578)**  |
|  [Calamos Evolving World Growth Fund](#classname30f69edb-01fe-43d3-9bc9-fafd84ade63f)<br> **[Class I - CNWIX](#classname30f69edb-01fe-43d3-9bc9-fafd84ade63f)**  |
|  [Calamos Global Convertible Fund](#classnamecad999e8-5a08-4f9e-ac8a-53073d079353)<br> **[Class A - CAGCX](#classnamecad999e8-5a08-4f9e-ac8a-53073d079353)**  |
|  [Calamos Global Convertible Fund](#classname825fbbdf-98a1-416d-b54b-49ec4ee06c36)<br> **[Class C - CCGCX](#classname825fbbdf-98a1-416d-b54b-49ec4ee06c36)**  |
|  [Calamos Global Convertible Fund](#classname38975183-e4e2-495c-84cc-1bfe30884a4c)<br> **[Class I - CXGCX](#classname38975183-e4e2-495c-84cc-1bfe30884a4c)**  |
|  [Calamos Global Equity Fund](#classname22cb8acf-fc12-4a8b-8b21-199a9f974c91)<br> **[Class A - CAGEX](#classname22cb8acf-fc12-4a8b-8b21-199a9f974c91)**  |
|  [Calamos Global Equity Fund](#classname643756ed-ed39-4b00-90fa-2336011fb5bb)<br> **[Class C - CCGEX](#classname643756ed-ed39-4b00-90fa-2336011fb5bb)**  |
|  [Calamos Global Equity Fund](#classname612d821a-20fd-439d-8e18-b3c24126247b)<br> **[Class I - CIGEX](#classname612d821a-20fd-439d-8e18-b3c24126247b)**  |
|  [Calamos Global Equity Fund](#classname8b6d3be3-7479-41fe-8a33-0a4f9fe6e84f)<br> **[Class R6 - CGEOX](#classname8b6d3be3-7479-41fe-8a33-0a4f9fe6e84f)**  |
|  [Calamos Global Opportunities Fund](#classname960231fe-1184-40db-aabd-91e30e336cb6)<br> **[Class A - CVLOX](#classname960231fe-1184-40db-aabd-91e30e336cb6)**  |
|  [Calamos Global Opportunities Fund](#classnameb4ae0798-ca56-4964-b4d1-89e5b88ef528)<br> **[Class C - CVLCX](#classnameb4ae0798-ca56-4964-b4d1-89e5b88ef528)**  |
|  [Calamos Global Opportunities Fund](#classname7267e548-5eb9-4121-8c8d-f5984d09e26f)<br> **[Class I - CGCIX](#classname7267e548-5eb9-4121-8c8d-f5984d09e26f)**  |
|  [Calamos Growth and Income Fund](#classname0b21d129-0805-4bea-9540-a0affb960110)<br> **[Class A - CVTRX](#classname0b21d129-0805-4bea-9540-a0affb960110)**  |
|  [Calamos Growth and Income Fund](#classnamef0f9f4df-bcc0-4d49-9c0a-d6e25230736d)<br> **[Class C - CVTCX](#classnamef0f9f4df-bcc0-4d49-9c0a-d6e25230736d)**  |
|  [Calamos Growth and Income Fund](#classnamedffa6c96-2795-4c52-abe0-ed763b1cbdc7)<br> **[Class I - CGIIX](#classnamedffa6c96-2795-4c52-abe0-ed763b1cbdc7)**  |
|  [Calamos Growth and Income Fund](#classnamec314709d-b54c-4c99-8da7-2a35af7c9ab1)<br> **[Class R6 - CGIOX](#classnamec314709d-b54c-4c99-8da7-2a35af7c9ab1)**  |
|  [Calamos Growth Fund](#classname06974692-d451-4b56-a167-b395c94a35b1)<br> **[Class A - CVGRX](#classname06974692-d451-4b56-a167-b395c94a35b1)**  |
|  [Calamos Growth Fund](#classnamea215b442-cce5-425d-aa19-2dacfba67e42)<br> **[Class C - CVGCX](#classnamea215b442-cce5-425d-aa19-2dacfba67e42)**  |
|  [Calamos Growth Fund](#classname22768991-d75c-4ff9-8d5c-4d534c5bd71f)<br> **[Class I - CGRIX](#classname22768991-d75c-4ff9-8d5c-4d534c5bd71f)**  |
|  [Calamos High Income Opportunities Fund](#classname4611a266-a40b-4c62-8f20-5467a3ffd306)<br> **[Class A - CHYDX](#classname4611a266-a40b-4c62-8f20-5467a3ffd306)**  |
|  [Calamos High Income Opportunities Fund](#classnamec66668fe-5c47-4caa-a7a1-ba4afd4c9548)<br> **[Class C - CCHYX](#classnamec66668fe-5c47-4caa-a7a1-ba4afd4c9548)**  |
|  [Calamos High Income Opportunities Fund](#classname760c87a7-4125-4724-a0df-ced83c339ae2)<br> **[Class I - CIHYX](#classname760c87a7-4125-4724-a0df-ced83c339ae2)**  |
|  [Calamos International Growth Fund](#classnamedbb76ca8-ea9a-433f-86d9-daea72860fd3)<br> **[Class A - CIGRX](#classnamedbb76ca8-ea9a-433f-86d9-daea72860fd3)**  |
|  [Calamos International Growth Fund](#classnamea0465dbe-7212-420c-920d-826312a0dd39)<br> **[Class C - CIGCX](#classnamea0465dbe-7212-420c-920d-826312a0dd39)**  |
|  [Calamos International Growth Fund](#classnameb6e025f7-b7eb-423f-ad77-5eaed2694335)<br> **[Class I - CIGIX](#classnameb6e025f7-b7eb-423f-ad77-5eaed2694335)**  |
|  [Calamos International Growth Fund](#classname7b18bc37-edbe-4449-aa0a-d879a2e405a5)<br> **[Class R6 - CIGOX](#classname7b18bc37-edbe-4449-aa0a-d879a2e405a5)**  |
|  [Calamos International Small Cap Growth Fund](#classname1df33eca-ead1-48a1-af9f-996190080370)<br> **[Class A - CAISX](#classname1df33eca-ead1-48a1-af9f-996190080370)**  |
|  [Calamos International Small Cap Growth Fund](#classnameb19e46f3-376d-4354-ac0e-c6e87dc7f3cd)<br> **[Class C - CCISX](#classnameb19e46f3-376d-4354-ac0e-c6e87dc7f3cd)**  |
|  [Calamos International Small Cap Growth Fund](#classname44507a11-576e-47b8-81db-1c4765af8610)<br> **[Class I - CSGIX](#classname44507a11-576e-47b8-81db-1c4765af8610)**  |
|  [Calamos International Small Cap Growth Fund](#classname7fc8ed26-cc76-4ea2-94d3-77500160d4b9)<br> **[Class R6 - CISOX](#classname7fc8ed26-cc76-4ea2-94d3-77500160d4b9)**  |
|  [Calamos Market Neutral Income Fund](#classnamea75ff1c1-7841-41a0-bcb0-723bc10af758)<br> **[Class A - CVSIX](#classnamea75ff1c1-7841-41a0-bcb0-723bc10af758)**  |
|  [Calamos Market Neutral Income Fund](#classnamec72601a3-16c4-4161-b377-0a140d348592)<br> **[Class C - CVSCX](#classnamec72601a3-16c4-4161-b377-0a140d348592)**  |
|  [Calamos Market Neutral Income Fund](#classnamec4249ab4-aaf0-4d3f-ac82-45f5afc40ded)<br> **[Class I - CMNIX](#classnamec4249ab4-aaf0-4d3f-ac82-45f5afc40ded)**  |
|  [Calamos Market Neutral Income Fund](#classname44c95f43-c21e-472d-a5d6-e763d7039b1b)<br> **[Class R6 - CVSOX](#classname44c95f43-c21e-472d-a5d6-e763d7039b1b)**  |
|  [Calamos Phineus Long/Short Fund](#classname9522edab-345a-458e-93c5-08056862e432)<br> **[Class A - CPLSX](#classname9522edab-345a-458e-93c5-08056862e432)**  |
|  [Calamos Phineus Long/Short Fund](#classname8036adef-9875-4da8-9257-cb2cbe7dfc38)<br> **[Class C - CPCLX](#classname8036adef-9875-4da8-9257-cb2cbe7dfc38)**  |
|  [Calamos Phineus Long/Short Fund](#classname3f158068-f611-400d-95fa-c260c002bff5)<br> **[Class I - CPLIX](#classname3f158068-f611-400d-95fa-c260c002bff5)**  |
|  [Calamos Select Fund](#classname2f74ba94-c0ec-47bc-beae-1fd1d574c34a)<br> **[Class A - CVAAX](#classname2f74ba94-c0ec-47bc-beae-1fd1d574c34a)**  |
|  [Calamos Select Fund](#classname33939fb3-25f9-4860-bcee-ddbfed8e31ff)<br> **[Class C - CVACX](#classname33939fb3-25f9-4860-bcee-ddbfed8e31ff)**  |
|  [Calamos Select Fund](#classnamee0cfaf69-0b4e-46d4-ba4a-f87ecd8b2987)<br> **[Class I - CVAIX](#classnamee0cfaf69-0b4e-46d4-ba4a-f87ecd8b2987)**  |
|  [Calamos Timpani Small Cap Growth Fund](#classname43abe727-144b-4263-a6e7-7392197ee491)<br> **[Class A - CTASX](#classname43abe727-144b-4263-a6e7-7392197ee491)**  |
|  [Calamos Timpani Small Cap Growth Fund](#classnameca8e53e3-0d94-4a6a-9802-b261f5b5f84e)<br> **[Class C - CTCSX](#classnameca8e53e3-0d94-4a6a-9802-b261f5b5f84e)**  |
|  [Calamos Timpani Small Cap Growth Fund](#classnamea4cfe275-f96d-499a-9a73-8f31bb0c21c5)<br> **[Class I - CTSIX](#classnamea4cfe275-f96d-499a-9a73-8f31bb0c21c5)**  |
|  [Calamos Timpani Small Cap Growth Fund](#classname72e7cfc0-0b01-4816-8734-f9ddff654d2b)<br> **[Class R6 - CTSOX](#classname72e7cfc0-0b01-4816-8734-f9ddff654d2b)**  |
|  [Calamos Timpani SMID Growth Fund](#classnameb308b87d-7570-4dda-8bdf-63ba57904ffa)<br> **[Class A - CTAGX](#classnameb308b87d-7570-4dda-8bdf-63ba57904ffa)**  |
|  [Calamos Timpani SMID Growth Fund](#classnamec189dfed-907c-4905-8014-98bd85ff9831)<br> **[Class I - CTIGX](#classnamec189dfed-907c-4905-8014-98bd85ff9831)**  |
|  [Calamos Timpani SMID Growth Fund](#classnamee614f310-6ce1-4b60-b1ab-47e654945f73)<br> **[Class R6 - CTOGX](#classnamee614f310-6ce1-4b60-b1ab-47e654945f73)**  |
|  [Calamos Hedged Equity Fund](#classname1f526297-5539-42c3-bcfa-c6d1d0dd135b)<br> **[Class A - CAHEX](#classname1f526297-5539-42c3-bcfa-c6d1d0dd135b)**  |
|  [Calamos Hedged Equity Fund](#classname286ec5e5-ef19-45b7-b886-5d1261217aab)<br> **[Class C - CCHEX](#classname286ec5e5-ef19-45b7-b886-5d1261217aab)**  |
|  [Calamos Hedged Equity Fund](#classname3ba4e525-a4e8-4079-a795-ea3eec8f51ef)<br> **[Class I - CIHEX](#classname3ba4e525-a4e8-4079-a795-ea3eec8f51ef)**  |
|  [Calamos Merger Arbitrage Fund](#classnameb21273e9-de1f-4125-9c69-312dd2e8b512)<br> **[Class A - CMRAX](#classnameb21273e9-de1f-4125-9c69-312dd2e8b512)**  |
|  [Calamos Merger Arbitrage Fund](#classname3c5c3556-754c-45b0-8533-46a4196b1380)<br> **[Class C - CMRCX](#classname3c5c3556-754c-45b0-8533-46a4196b1380)**  |
|  [Calamos Merger Arbitrage Fund](#classnamef7d7b4f9-2753-42c3-abd1-d0a7d3819235)<br> **[Class I - CMRGX](#classnamef7d7b4f9-2753-42c3-abd1-d0a7d3819235)**  |
|  [Calamos Short-Term Bond Fund](#classname6388f48a-57cc-45ea-ad2e-7689d0ed7c91)<br> **[Class A - CSTBX](#classname6388f48a-57cc-45ea-ad2e-7689d0ed7c91)**  |
|  [Calamos Short-Term Bond Fund](#classname9af2a7ff-844a-444f-a8c8-0587c75f3fda)<br> **[Class I - CSTIX](#classname9af2a7ff-844a-444f-a8c8-0587c75f3fda)**  |
|  [Calamos Total Return Bond Fund](#classname4147270c-df9f-4a46-8ac2-e2c1031750d9)<br> **[Class A - CTRAX](#classname4147270c-df9f-4a46-8ac2-e2c1031750d9)**  |
|  [Calamos Total Return Bond Fund](#classname36759399-2a05-49bf-9f33-a869b6d201b2)<br> **[Class C - CTRCX](#classname36759399-2a05-49bf-9f33-a869b6d201b2)**  |
|  [Calamos Total Return Bond Fund](#classname35b69313-7179-43db-badf-944cb2e28924)<br> **[Class I - CTRIX](#classname35b69313-7179-43db-badf-944cb2e28924)**  |

---

# Calamos Convertible Fund

#### Class A: CCVIX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Convertible Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $128 | 1.14% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund outperformed the ICE BofA All US Convertibles Index. Markets experienced elevated volatility early in the period driven by policy uncertainties before stabilizing through mid-year. The Federal Reserve initiated its first rate cut of 2025 in the third quarter, supporting a favorable environment for convertibles and their underlying equities. The Fund's emphasis on convertibles with attractive structural risk-reward characteristics helped it navigate these market dynamics effectively. Global issuance is tracking toward $165 billion (US $92.4 billion), potentially the strongest year since 1998, energizing the market with expanded opportunities. Security selection and an average overweight allocation in information technology and consumer discretionary promoted relative performance. However, security selection within industrials and real estate detracted.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg004.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with sales charge** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/31/15** | $9523 | $9999 |
| **11/30/15** | $9540 | $9973 |
| **12/31/15** | $9433 | $9941 |
| **01/31/16** | $8785 | $10078 |
| **02/29/16** | $8720 | $10149 |
| **03/31/16** | $9117 | $10242 |
| **04/30/16** | $9200 | $10282 |
| **05/31/16** | $9403 | $10284 |
| **06/30/16** | $9318 | $10469 |
| **07/31/16** | $9726 | $10535 |
| **08/31/16** | $9744 | $10523 |
| **09/30/16** | $9874 | $10517 |
| **10/31/16** | $9650 | $10436 |
| **11/30/16** | $9801 | $10190 |
| **12/31/16** | $9848 | $10204 |
| **01/31/17** | $10117 | $10224 |
| **02/28/17** | $10264 | $10293 |
| **03/31/17** | $10377 | $10287 |
| **04/30/17** | $10506 | $10367 |
| **05/31/17** | $10635 | $10447 |
| **06/30/17** | $10727 | $10436 |
| **07/31/17** | $10869 | $10481 |
| **08/31/17** | $10919 | $10575 |
| **09/30/17** | $11031 | $10525 |
| **10/31/17** | $11278 | $10531 |
| **11/30/17** | $11284 | $10517 |
| **12/31/17** | $11259 | $10565 |
| **01/31/18** | $11590 | $10444 |
| **02/28/18** | $11527 | $10345 |
| **03/31/18** | $11559 | $10411 |
| **04/30/18** | $11565 | $10334 |
| **05/31/18** | $11891 | $10407 |
| **06/30/18** | $11962 | $10395 |
| **07/31/18** | $11962 | $10397 |
| **08/31/18** | $12398 | $10464 |
| **09/30/18** | $12316 | $10397 |
| **10/31/18** | $11666 | $10314 |
| **11/30/18** | $11801 | $10376 |
| **12/31/18** | $11316 | $10567 |
| **01/31/19** | $12009 | $10679 |
| **02/28/19** | $12352 | $10673 |
| **03/31/19** | $12292 | $10878 |
| **04/30/19** | $12622 | $10880 |
| **05/31/19** | $12204 | $11073 |
| **06/30/19** | $12701 | $11213 |
| **07/31/19** | $12965 | $11237 |
| **08/31/19** | $12774 | $11528 |
| **09/30/19** | $12672 | $11467 |
| **10/31/19** | $12834 | $11502 |
| **11/30/19** | $13217 | $11496 |
| **12/31/19** | $13486 | $11488 |
| **01/31/20** | $13811 | $11709 |
| **02/29/20** | $13324 | $11920 |
| **03/31/20** | $11831 | $11849 |
| **04/30/20** | $13402 | $12060 |
| **05/31/20** | $14639 | $12116 |
| **06/30/20** | $15412 | $12192 |
| **07/31/20** | $16405 | $12375 |
| **08/31/20** | $17398 | $12275 |
| **09/30/20** | $17035 | $12268 |
| **10/31/20** | $16887 | $12213 |
| **11/30/20** | $18970 | $12333 |
| **12/31/20** | $20019 | $12350 |
| **01/31/21** | $20200 | $12261 |
| **02/28/21** | $21027 | $12084 |
| **03/31/21** | $20311 | $11934 |
| **04/30/21** | $20838 | $12028 |
| **05/31/21** | $20452 | $12067 |
| **06/30/21** | $20838 | $12152 |
| **07/31/21** | $20760 | $12288 |
| **08/31/21** | $21122 | $12264 |
| **09/30/21** | $20862 | $12158 |
| **10/31/21** | $21460 | $12155 |
| **11/30/21** | $20893 | $12191 |
| **12/31/21** | $21064 | $12160 |
| **01/31/22** | $19510 | $11898 |
| **02/28/22** | $19411 | $11765 |
| **03/31/22** | $19537 | $11438 |
| **04/30/22** | $18128 | $11004 |
| **05/31/22** | $17499 | $11075 |
| **06/30/22** | $16329 | $10901 |
| **07/31/22** | $17326 | $11168 |
| **08/31/22** | $17308 | $10852 |
| **09/30/22** | $16165 | $10383 |
| **10/31/22** | $16677 | $10249 |
| **11/30/22** | $17118 | $10626 |
| **12/31/22** | $16591 | $10578 |
| **01/31/23** | $17368 | $10903 |
| **02/28/23** | $17034 | $10621 |
| **03/31/23** | $17113 | $10891 |
| **04/30/23** | $16815 | $10957 |
| **05/31/23** | $16896 | $10838 |
| **06/30/23** | $17772 | $10799 |
| **07/31/23** | $18270 | $10791 |
| **08/31/23** | $17691 | $10723 |
| **09/30/23** | $17283 | $10450 |
| **10/31/23** | $16468 | $10285 |
| **11/30/23** | $17447 | $10751 |
| **12/31/23** | $18349 | $11162 |
| **01/31/24** | $18183 | $11132 |
| **02/29/24** | $18413 | $10974 |
| **03/31/24** | $18811 | $11076 |
| **04/30/24** | $18277 | $10796 |
| **05/31/24** | $18535 | $10979 |
| **06/30/24** | $18955 | $11083 |
| **07/31/24** | $19047 | $11342 |
| **08/31/24** | $19241 | $11505 |
| **09/30/24** | $19680 | $11659 |
| **10/31/24** | $19818 | $11370 |
| **11/30/24** | $21066 | $11490 |
| **12/31/24** | $20130 | $11302 |
| **01/31/25** | $20848 | $11362 |
| **02/28/25** | $20186 | $11612 |
| **03/31/25** | $19398 | $11616 |
| **04/30/25** | $19725 | $11662 |
| **05/31/25** | $20472 | $11578 |
| **06/30/25** | $21659 | $11756 |
| **07/31/25** | $22071 | $11725 |
| **08/31/25** | $22389 | $11866 |
| **09/30/25** | $23612 | $11995 |
| **10/31/25** | $24586 | $12070 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class A without sales charge** | 24.06 | 7.8 | 9.95 |
| **Class A with sales charge** | 21.29 | 7.32 | 9.41 |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16 | -0.24 | 1.9 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Convertible Fund

#### Class A: CCVIX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $928521306 | 113 | 85% | $6237406 |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 38.1 |
| **Communication Services** | 9.6 |
| **Financials** | 9.5 |
| **Industrials** | 9.1 |
| **Utilities** | 8.9 |
| **Consumer Discretionary** | 7.8 |
| **Health Care** | 5.7 |
| **Materials** | 3.5 |
| **Real Estate** | 2.2 |
| **Consumer Staples** | 2.0 |
| **Other** | 0.6 |
| **Energy** | 0.5 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Boeing Co., 6.000%, 10/15/27** | 2.8 |
| **NextEra Energy Capital Holdings, Inc., 3.000%, 03/01/27** | 2.4 |
| **Alibaba Group Holding Ltd., 0.500%, 06/01/31** | 2.2 |
| **Strategy, Inc., 0.000%, 03/01/30** | 2.2 |
| **Western Digital Corp., 3.000%, 11/15/28** | 2.2 |
| **MKS, Inc., 1.250%, 06/01/30** | 2.1 |
| **Bloom Energy Corp., 3.000%, 06/01/28** | 2.1 |
| **CyberArk Software Ltd., 0.000%, 06/15/30** | 2.0 |
| **DoorDash, Inc., 0.000%, 05/15/30** | 1.9 |
| **Seagate HDD Cayman, 3.500%, 06/01/28** | 1.9 |

---

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

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

# Calamos Convertible Fund

#### Class C: CCVCX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Convertible Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $211 | 1.89% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund outperformed the ICE BofA All US Convertibles Index. Markets experienced elevated volatility early in the period driven by policy uncertainties before stabilizing through mid-year. The Federal Reserve initiated its first rate cut of 2025 in the third quarter, supporting a favorable environment for convertibles and their underlying equities. The Fund's emphasis on convertibles with attractive structural risk-reward characteristics helped it navigate these market dynamics effectively. Global issuance is tracking toward $165 billion (US $92.4 billion), potentially the strongest year since 1998, energizing the market with expanded opportunities. Security selection and an average overweight allocation in information technology and consumer discretionary promoted relative performance. However, security selection within industrials and real estate detracted.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg048.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with sales charge** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/31/15** | $10000 | $9999 |
| **11/30/15** | $10012 | $9973 |
| **12/31/15** | $9892 | $9941 |
| **01/31/16** | $9212 | $10078 |
| **02/29/16** | $9137 | $10149 |
| **03/31/16** | $9545 | $10242 |
| **04/30/16** | $9627 | $10282 |
| **05/31/16** | $9835 | $10284 |
| **06/30/16** | $9740 | $10469 |
| **07/31/16** | $10157 | $10535 |
| **08/31/16** | $10169 | $10523 |
| **09/30/16** | $10298 | $10517 |
| **10/31/16** | $10062 | $10436 |
| **11/30/16** | $10215 | $10190 |
| **12/31/16** | $10257 | $10204 |
| **01/31/17** | $10526 | $10224 |
| **02/28/17** | $10674 | $10293 |
| **03/31/17** | $10786 | $10287 |
| **04/30/17** | $10908 | $10367 |
| **05/31/17** | $11043 | $10447 |
| **06/30/17** | $11123 | $10436 |
| **07/31/17** | $11271 | $10481 |
| **08/31/17** | $11310 | $10575 |
| **09/30/17** | $11419 | $10525 |
| **10/31/17** | $11671 | $10531 |
| **11/30/17** | $11671 | $10517 |
| **12/31/17** | $11635 | $10565 |
| **01/31/18** | $11974 | $10444 |
| **02/28/18** | $11894 | $10345 |
| **03/31/18** | $11926 | $10411 |
| **04/30/18** | $11919 | $10334 |
| **05/31/18** | $12246 | $10407 |
| **06/30/18** | $12317 | $10395 |
| **07/31/18** | $12311 | $10397 |
| **08/31/18** | $12751 | $10464 |
| **09/30/18** | $12655 | $10397 |
| **10/31/18** | $11980 | $10314 |
| **11/30/18** | $12113 | $10376 |
| **12/31/18** | $11604 | $10567 |
| **01/31/19** | $12308 | $10679 |
| **02/28/19** | $12656 | $10673 |
| **03/31/19** | $12588 | $10878 |
| **04/30/19** | $12914 | $10880 |
| **05/31/19** | $12482 | $11073 |
| **06/30/19** | $12974 | $11213 |
| **07/31/19** | $13239 | $11237 |
| **08/31/19** | $13042 | $11528 |
| **09/30/19** | $12924 | $11467 |
| **10/31/19** | $13083 | $11502 |
| **11/30/19** | $13462 | $11496 |
| **12/31/19** | $13735 | $11488 |
| **01/31/20** | $14053 | $11709 |
| **02/29/20** | $13545 | $11920 |
| **03/31/20** | $12025 | $11849 |
| **04/30/20** | $13606 | $12060 |
| **05/31/20** | $14860 | $12116 |
| **06/30/20** | $15636 | $12192 |
| **07/31/20** | $16632 | $12375 |
| **08/31/20** | $17627 | $12275 |
| **09/30/20** | $17247 | $12268 |
| **10/31/20** | $17088 | $12213 |
| **11/30/20** | $19186 | $12333 |
| **12/31/20** | $20227 | $12350 |
| **01/31/21** | $20404 | $12261 |
| **02/28/21** | $21227 | $12084 |
| **03/31/21** | $20485 | $11934 |
| **04/30/21** | $21009 | $12028 |
| **05/31/21** | $20606 | $12067 |
| **06/30/21** | $20977 | $12152 |
| **07/31/21** | $20888 | $12288 |
| **08/31/21** | $21235 | $12264 |
| **09/30/21** | $20961 | $12158 |
| **10/31/21** | $21558 | $12155 |
| **11/30/21** | $20969 | $12191 |
| **12/31/21** | $21125 | $12160 |
| **01/31/22** | $19558 | $11898 |
| **02/28/22** | $19447 | $11765 |
| **03/31/22** | $19558 | $11438 |
| **04/30/22** | $18138 | $11004 |
| **05/31/22** | $17501 | $11075 |
| **06/30/22** | $16312 | $10901 |
| **07/31/22** | $17308 | $11168 |
| **08/31/22** | $17280 | $10852 |
| **09/30/22** | $16127 | $10383 |
| **10/31/22** | $16625 | $10249 |
| **11/30/22** | $17050 | $10626 |
| **12/31/22** | $16514 | $10578 |
| **01/31/23** | $17282 | $10903 |
| **02/28/23** | $16930 | $10621 |
| **03/31/23** | $17004 | $10891 |
| **04/30/23** | $16699 | $10957 |
| **05/31/23** | $16773 | $10838 |
| **06/30/23** | $17624 | $10799 |
| **07/31/23** | $18105 | $10791 |
| **08/31/23** | $17522 | $10723 |
| **09/30/23** | $17115 | $10450 |
| **10/31/23** | $16292 | $10285 |
| **11/30/23** | $17254 | $10751 |
| **12/31/23** | $18131 | $11162 |
| **01/31/24** | $17953 | $11132 |
| **02/29/24** | $18168 | $10974 |
| **03/31/24** | $18553 | $11076 |
| **04/30/24** | $18018 | $10796 |
| **05/31/24** | $18253 | $10979 |
| **06/30/24** | $18656 | $11083 |
| **07/31/24** | $18741 | $11342 |
| **08/31/24** | $18919 | $11505 |
| **09/30/24** | $19332 | $11659 |
| **10/31/24** | $19463 | $11370 |
| **11/30/24** | $20673 | $11490 |
| **12/31/24** | $19740 | $11302 |
| **01/31/25** | $20440 | $11362 |
| **02/28/25** | $19769 | $11612 |
| **03/31/25** | $18994 | $11616 |
| **04/30/25** | $19296 | $11662 |
| **05/31/25** | $20014 | $11578 |
| **06/30/25** | $21167 | $11756 |
| **07/31/25** | $21555 | $11725 |
| **08/31/25** | $21848 | $11866 |
| **09/30/25** | $23029 | $11995 |
| **10/31/25** | $23964 | $12070 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class C without sales charge** | 23.13 | 7.0 | 9.13 |
| **Class C with sales charge** | 22.13 | 7.0 | 9.13 |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16 | -0.24 | 1.9 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Convertible Fund

#### Class C: CCVCX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $928521306 | 113 | 85% | $6237406 |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 38.1 |
| **Communication Services** | 9.6 |
| **Financials** | 9.5 |
| **Industrials** | 9.1 |
| **Utilities** | 8.9 |
| **Consumer Discretionary** | 7.8 |
| **Health Care** | 5.7 |
| **Materials** | 3.5 |
| **Real Estate** | 2.2 |
| **Consumer Staples** | 2.0 |
| **Other** | 0.6 |
| **Energy** | 0.5 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Boeing Co., 6.000%, 10/15/27** | 2.8 |
| **NextEra Energy Capital Holdings, Inc., 3.000%, 03/01/27** | 2.4 |
| **Alibaba Group Holding Ltd., 0.500%, 06/01/31** | 2.2 |
| **Strategy, Inc., 0.000%, 03/01/30** | 2.2 |
| **Western Digital Corp., 3.000%, 11/15/28** | 2.2 |
| **MKS, Inc., 1.250%, 06/01/30** | 2.1 |
| **Bloom Energy Corp., 3.000%, 06/01/28** | 2.1 |
| **CyberArk Software Ltd., 0.000%, 06/15/30** | 2.0 |
| **DoorDash, Inc., 0.000%, 05/15/30** | 1.9 |
| **Seagate HDD Cayman, 3.500%, 06/01/28** | 1.9 |

---

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

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

# Calamos Convertible Fund

#### Class I: CICVX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Convertible Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $100 | 0.89% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund outperformed the ICE BofA All US Convertibles Index. Markets experienced elevated volatility early in the period driven by policy uncertainties before stabilizing through mid-year. The Federal Reserve initiated its first rate cut of 2025 in the third quarter, supporting a favorable environment for convertibles and their underlying equities. The Fund's emphasis on convertibles with attractive structural risk-reward characteristics helped it navigate these market dynamics effectively. Global issuance is tracking toward $165 billion (US $92.4 billion), potentially the strongest year since 1998, energizing the market with expanded opportunities. Security selection and an average overweight allocation in information technology and consumer discretionary promoted relative performance. However, security selection within industrials and real estate detracted.

## **GROWTH OF $1,000,000**![Growth of 10K Chart](tm2532080d1_tsrimg008.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/31/15** | $1000000 | $1000000 |
| **11/30/15** | $1001996 | $997356 |
| **12/31/15** | $991062 | $994134 |
| **01/31/16** | $924070 | $1007812 |
| **02/29/16** | $917164 | $1014963 |
| **03/31/16** | $959184 | $1024272 |
| **04/30/16** | $968194 | $1028206 |
| **05/31/16** | $989679 | $1028470 |
| **06/30/16** | $980555 | $1046949 |
| **07/31/16** | $1023856 | $1053568 |
| **08/31/16** | $1025951 | $1052365 |
| **09/30/16** | $1039739 | $1051746 |
| **10/31/16** | $1016414 | $1043701 |
| **11/30/16** | $1032671 | $1019016 |
| **12/31/16** | $1038140 | $1020451 |
| **01/31/17** | $1066023 | $1022455 |
| **02/28/17** | $1081753 | $1029327 |
| **03/31/17** | $1094329 | $1028785 |
| **04/30/17** | $1107999 | $1036726 |
| **05/31/17** | $1122389 | $1044703 |
| **06/30/17** | $1131716 | $1043655 |
| **07/31/17** | $1146892 | $1048147 |
| **08/31/17** | $1152674 | $1057544 |
| **09/30/17** | $1164566 | $1052510 |
| **10/31/17** | $1190622 | $1053119 |
| **11/30/17** | $1192070 | $1051766 |
| **12/31/17** | $1189916 | $1056594 |
| **01/31/18** | $1225200 | $1044424 |
| **02/28/18** | $1217693 | $1034526 |
| **03/31/18** | $1222280 | $1041161 |
| **04/30/18** | $1222280 | $1033416 |
| **05/31/18** | $1256965 | $1040789 |
| **06/30/18** | $1265366 | $1039509 |
| **07/31/18** | $1266123 | $1039757 |
| **08/31/18** | $1312315 | $1046448 |
| **09/30/18** | $1303556 | $1039710 |
| **10/31/18** | $1235068 | $1031495 |
| **11/30/18** | $1249527 | $1037650 |
| **12/31/18** | $1198486 | $1056713 |
| **01/31/19** | $1272131 | $1067938 |
| **02/28/19** | $1308954 | $1067318 |
| **03/31/19** | $1302419 | $1087811 |
| **04/30/19** | $1337620 | $1088090 |
| **05/31/19** | $1294499 | $1107406 |
| **06/30/19** | $1346362 | $1121310 |
| **07/31/19** | $1374577 | $1123778 |
| **08/31/19** | $1355179 | $1152899 |
| **09/30/19** | $1344735 | $1146760 |
| **10/31/19** | $1362452 | $1150214 |
| **11/30/19** | $1403201 | $1149626 |
| **12/31/19** | $1432245 | $1148825 |
| **01/31/20** | $1466939 | $1170934 |
| **02/29/20** | $1415342 | $1192011 |
| **03/31/20** | $1257002 | $1184994 |
| **04/30/20** | $1424304 | $1206060 |
| **05/31/20** | $1555819 | $1211673 |
| **06/30/20** | $1638504 | $1219309 |
| **07/31/20** | $1744156 | $1237520 |
| **08/31/20** | $1850703 | $1227529 |
| **09/30/20** | $1812477 | $1226858 |
| **10/31/20** | $1797239 | $1221379 |
| **11/30/20** | $2018644 | $1233363 |
| **12/31/20** | $2130749 | $1235062 |
| **01/31/21** | $2150932 | $1226207 |
| **02/28/21** | $2239353 | $1208502 |
| **03/31/21** | $2163427 | $1193410 |
| **04/30/21** | $2220131 | $1202838 |
| **05/31/21** | $2179765 | $1206767 |
| **06/30/21** | $2220131 | $1215246 |
| **07/31/21** | $2212442 | $1228835 |
| **08/31/21** | $2251847 | $1226496 |
| **09/30/21** | $2224275 | $1215875 |
| **10/31/21** | $2289639 | $1215540 |
| **11/30/21** | $2229081 | $1219139 |
| **12/31/21** | $2247002 | $1216020 |
| **01/31/22** | $2082588 | $1189822 |
| **02/28/22** | $2072521 | $1176547 |
| **03/31/22** | $2085943 | $1143858 |
| **04/30/22** | $1936068 | $1100451 |
| **05/31/22** | $1870079 | $1107545 |
| **06/30/22** | $1744804 | $1090171 |
| **07/31/22** | $1851194 | $1116808 |
| **08/31/22** | $1850075 | $1085255 |
| **09/30/22** | $1727835 | $1038363 |
| **10/31/22** | $1783897 | $1024912 |
| **11/30/22** | $1830989 | $1062604 |
| **12/31/22** | $1774562 | $1057813 |
| **01/31/23** | $1859226 | $1090357 |
| **02/28/23** | $1823103 | $1062165 |
| **03/31/23** | $1832161 | $1089143 |
| **04/30/23** | $1800513 | $1095747 |
| **05/31/23** | $1809556 | $1083815 |
| **06/30/23** | $1903541 | $1079947 |
| **07/31/23** | $1956795 | $1079199 |
| **08/31/23** | $1895609 | $1072306 |
| **09/30/23** | $1852796 | $1045054 |
| **10/31/23** | $1765325 | $1028563 |
| **11/30/23** | $1870972 | $1075140 |
| **12/31/23** | $1968396 | $1116297 |
| **01/31/24** | $1949881 | $1113230 |
| **02/29/24** | $1975340 | $1097503 |
| **03/31/24** | $2018809 | $1107638 |
| **04/30/24** | $1962023 | $1079658 |
| **05/31/24** | $1989837 | $1097962 |
| **06/30/24** | $2034893 | $1108361 |
| **07/31/24** | $2045352 | $1134249 |
| **08/31/24** | $2067433 | $1150545 |
| **09/30/24** | $2113883 | $1165952 |
| **10/31/24** | $2130197 | $1137038 |
| **11/30/24** | $2264209 | $1149058 |
| **12/31/24** | $2164217 | $1130253 |
| **01/31/25** | $2242016 | $1136248 |
| **02/28/25** | $2171290 | $1161248 |
| **03/31/25** | $2087373 | $1161687 |
| **04/30/25** | $2122812 | $1166251 |
| **05/31/25** | $2203141 | $1157902 |
| **06/30/25** | $2331458 | $1175705 |
| **07/31/25** | $2376476 | $1172602 |
| **08/31/25** | $2410831 | $1186631 |
| **09/30/25** | $2543915 | $1199575 |
| **10/31/25** | $2648378 | $1207067 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class I** | 24.33 | 8.06 | 10.23 |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16 | -0.24 | 1.9 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Convertible Fund

#### Class I: CICVX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $928521306 | 113 | 85% | $6237406 |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 38.1 |
| **Communication Services** | 9.6 |
| **Financials** | 9.5 |
| **Industrials** | 9.1 |
| **Utilities** | 8.9 |
| **Consumer Discretionary** | 7.8 |
| **Health Care** | 5.7 |
| **Materials** | 3.5 |
| **Real Estate** | 2.2 |
| **Consumer Staples** | 2.0 |
| **Other** | 0.6 |
| **Energy** | 0.5 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Boeing Co., 6.000%, 10/15/27** | 2.8 |
| **NextEra Energy Capital Holdings, Inc., 3.000%, 03/01/27** | 2.4 |
| **Alibaba Group Holding Ltd., 0.500%, 06/01/31** | 2.2 |
| **Strategy, Inc., 0.000%, 03/01/30** | 2.2 |
| **Western Digital Corp., 3.000%, 11/15/28** | 2.2 |
| **MKS, Inc., 1.250%, 06/01/30** | 2.1 |
| **Bloom Energy Corp., 3.000%, 06/01/28** | 2.1 |
| **CyberArk Software Ltd., 0.000%, 06/15/30** | 2.0 |
| **DoorDash, Inc., 0.000%, 05/15/30** | 1.9 |
| **Seagate HDD Cayman, 3.500%, 06/01/28** | 1.9 |

---

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

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

# Calamos Evolving World Growth Fund

#### Class A: CNWGX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Evolving World Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $142 | 1.30% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund trailed the MSCI Emerging Markets Index but participated in most of the benchmark's gains. The Fund's ability to draw from a wide geographic and market-cap universe to identify companies rapidly compounding intrinsic value supported returns during a year marked by significant rotation and volatility. The Fund's active risk management proved essential during April 2025's tariff-driven market disruption, helping to provide resilience while positioning for the subsequent recovery in equities. Strong security selection in consumer staples and industrials—particularly in packaged foods, soft drinks, aerospace & defense, and construction machinery—drove relative performance. Conversely, holdings in financials and consumer discretionary detracted from returns. Geographically, favorable selection and an overweight stance in Korea and Singapore boosted returns, while relative security selection within China and India lagged.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg010.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with sales charge** | **MSCI Emerging Markets Gross Total Return Index** |
| **10/31/15** | $9528 | $10000 |
| **11/30/15** | $9473 | $9611 |
| **12/31/15** | $9229 | $9402 |
| **01/31/16** | $8670 | $8793 |
| **02/29/16** | $8481 | $8779 |
| **03/31/16** | $9166 | $9943 |
| **04/30/16** | $9205 | $9999 |
| **05/31/16** | $9158 | $9628 |
| **06/30/16** | $9276 | $10023 |
| **07/31/16** | $9575 | $10533 |
| **08/31/16** | $9638 | $10798 |
| **09/30/16** | $9756 | $10940 |
| **10/31/16** | $9536 | $10967 |
| **11/30/16** | $8906 | $10463 |
| **12/31/16** | $8796 | $10493 |
| **01/31/17** | $9284 | $11068 |
| **02/28/17** | $9441 | $11408 |
| **03/31/17** | $9748 | $11698 |
| **04/30/17** | $10024 | $11957 |
| **05/31/17** | $10221 | $12313 |
| **06/30/17** | $10347 | $12445 |
| **07/31/17** | $11032 | $13197 |
| **08/31/17** | $11378 | $13496 |
| **09/30/17** | $11402 | $13446 |
| **10/31/17** | $11678 | $13918 |
| **11/30/17** | $11756 | $13947 |
| **12/31/17** | $12010 | $14455 |
| **01/31/18** | $12892 | $15660 |
| **02/28/18** | $12381 | $14940 |
| **03/31/18** | $12357 | $14666 |
| **04/30/18** | $11995 | $14604 |
| **05/31/18** | $11640 | $14090 |
| **06/30/18** | $11199 | $13514 |
| **07/31/18** | $11231 | $13823 |
| **08/31/18** | $10900 | $13453 |
| **09/30/18** | $10837 | $13386 |
| **10/31/18** | $9876 | $12222 |
| **11/30/18** | $10160 | $12726 |
| **12/31/18** | $9852 | $12397 |
| **01/31/19** | $10601 | $13483 |
| **02/28/19** | $10703 | $13515 |
| **03/31/19** | $10908 | $13631 |
| **04/30/19** | $11105 | $13920 |
| **05/31/19** | $10538 | $12915 |
| **06/30/19** | $11223 | $13731 |
| **07/31/19** | $11097 | $13575 |
| **08/31/19** | $10813 | $12917 |
| **09/30/19** | $10750 | $13168 |
| **10/31/19** | $11120 | $13724 |
| **11/30/19** | $11183 | $13706 |
| **12/31/19** | $11867 | $14738 |
| **01/31/20** | $11605 | $14051 |
| **02/29/20** | $11352 | $13311 |
| **03/31/20** | $9908 | $11264 |
| **04/30/20** | $11074 | $12298 |
| **05/31/20** | $11701 | $12395 |
| **06/30/20** | $12938 | $13313 |
| **07/31/20** | $14572 | $14514 |
| **08/31/20** | $15294 | $14839 |
| **09/30/20** | $15104 | $14604 |
| **10/31/20** | $15548 | $14907 |
| **11/30/20** | $16769 | $16287 |
| **12/31/20** | $18267 | $17492 |
| **01/31/21** | $19020 | $18033 |
| **02/28/21** | $19141 | $18172 |
| **03/31/21** | $18210 | $17902 |
| **04/30/21** | $18582 | $18350 |
| **05/31/21** | $18825 | $18780 |
| **06/30/21** | $18963 | $18818 |
| **07/31/21** | $17846 | $17563 |
| **08/31/21** | $18558 | $18028 |
| **09/30/21** | $17773 | $17318 |
| **10/31/21** | $18016 | $17491 |
| **11/30/21** | $17028 | $16780 |
| **12/31/21** | $16991 | $17103 |
| **01/31/22** | $16626 | $16780 |
| **02/28/22** | $16098 | $16281 |
| **03/31/22** | $15919 | $15919 |
| **04/30/22** | $14814 | $15036 |
| **05/31/22** | $14602 | $15106 |
| **06/30/22** | $13611 | $14114 |
| **07/31/22** | $13237 | $14092 |
| **08/31/22** | $13205 | $14156 |
| **09/30/22** | $12140 | $12503 |
| **10/31/22** | $11791 | $12117 |
| **11/30/22** | $13221 | $13916 |
| **12/31/22** | $12814 | $13728 |
| **01/31/23** | $14008 | $14813 |
| **02/28/23** | $12953 | $13853 |
| **03/31/23** | $13444 | $14279 |
| **04/30/23** | $12986 | $14120 |
| **05/31/23** | $12568 | $13887 |
| **06/30/23** | $13100 | $14427 |
| **07/31/23** | $13853 | $15335 |
| **08/31/23** | $13264 | $14395 |
| **09/30/23** | $12691 | $14024 |
| **10/31/23** | $12167 | $13481 |
| **11/30/23** | $13223 | $14562 |
| **12/31/23** | $13631 | $15137 |
| **01/31/24** | $13500 | $14435 |
| **02/29/24** | $14263 | $15125 |
| **03/31/24** | $14526 | $15506 |
| **04/30/24** | $14468 | $15578 |
| **05/31/24** | $15232 | $15671 |
| **06/30/24** | $16233 | $16299 |
| **07/31/24** | $15716 | $16359 |
| **08/31/24** | $15527 | $16629 |
| **09/30/24** | $16438 | $17746 |
| **10/31/24** | $16093 | $16979 |
| **11/30/24** | $15781 | $16370 |
| **12/31/24** | $15625 | $16355 |
| **01/31/25** | $15461 | $16651 |
| **02/28/25** | $15420 | $16735 |
| **03/31/25** | $15297 | $16847 |
| **04/30/25** | $15445 | $17073 |
| **05/31/25** | $16134 | $17809 |
| **06/30/25** | $17332 | $18902 |
| **07/31/25** | $17390 | $19283 |
| **08/31/25** | $17833 | $19566 |
| **09/30/25** | $18785 | $20971 |
| **10/31/25** | $19072 | $21849 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class A without sales charge** | 18.51 | 4.17 | 7.19 |
| **Class A with sales charge** | 12.87 | 3.16 | 6.67 |
| **MSCI Emerging Markets Gross Total Return Index** | 28.69 | 7.95 | 8.13 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Evolving World Growth Fund

#### Class A: CNWGX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $397885417 | 102 | 171% | $4269508 |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 35.9 |
| **Financials** | 15.1 |
| **Communication Services** | 14.3 |
| **Consumer Discretionary** | 12.5 |
| **Industrials** | 10.8 |
| **Materials** | 6.3 |
| **Consumer Staples** | 1.3 |
| **Energy** | 1.2 |
| **Health Care** | 1.2 |
| **Real Estate** | 0.8 |
| **Other** | 0.6 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Taiwan Semiconductor Manufacturing Co. Ltd.** | 13.9 |
| **Goldman Sachs Finance Corp. International Ltd.(Tencent Holdings Ltd.), 0.000%, 03/15/27** | 4.5 |
| **Samsung Electronics Co. Ltd.** | 4.3 |
| **Alibaba Group Holding Ltd., 0.000%, 09/15/32** | 3.9 |
| **SK Hynix, Inc., 1.750%, 04/11/30** | 3.1 |
| **Alibaba Group Holding Ltd.** | 2.0 |
| **Tencent Holdings Ltd.** | 2.0 |
| **Amber Enterprises India Ltd.** | 1.9 |
| **Hanwha Aerospace Co. Ltd.** | 1.6 |
| **Eternal Ltd.** | 1.5 |

---

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

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

# Calamos Evolving World Growth Fund

#### Class C: CNWDX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Evolving World Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $223 | 2.05% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund trailed the MSCI Emerging Markets Index but participated in most of the benchmark's gains. The Fund's ability to draw from a wide geographic and market-cap universe to identify companies rapidly compounding intrinsic value supported returns during a year marked by significant rotation and volatility. The Fund's active risk management proved essential during April 2025's tariff-driven market disruption, helping to provide resilience while positioning for the subsequent recovery in equities. Strong security selection in consumer staples and industrials—particularly in packaged foods, soft drinks, aerospace & defense, and construction machinery—drove relative performance. Conversely, holdings in financials and consumer discretionary detracted from returns. Geographically, favorable selection and an overweight stance in Korea and Singapore boosted returns, while relative security selection within China and India lagged.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg040.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with sales charge** | **MSCI Emerging Markets Gross Total Return Index** |
| **10/31/15** | $10000 | $10000 |
| **11/30/15** | $9931 | $9611 |
| **12/31/15** | $9673 | $9402 |
| **01/31/16** | $9079 | $8793 |
| **02/29/16** | $8881 | $8779 |
| **03/31/16** | $9587 | $9943 |
| **04/30/16** | $9621 | $9999 |
| **05/31/16** | $9570 | $9628 |
| **06/30/16** | $9682 | $10023 |
| **07/31/16** | $9991 | $10533 |
| **08/31/16** | $10052 | $10798 |
| **09/30/16** | $10172 | $10940 |
| **10/31/16** | $9940 | $10967 |
| **11/30/16** | $9269 | $10463 |
| **12/31/16** | $9148 | $10493 |
| **01/31/17** | $9656 | $11068 |
| **02/28/17** | $9811 | $11408 |
| **03/31/17** | $10129 | $11698 |
| **04/30/17** | $10404 | $11957 |
| **05/31/17** | $10602 | $12313 |
| **06/30/17** | $10723 | $12445 |
| **07/31/17** | $11420 | $13197 |
| **08/31/17** | $11781 | $13496 |
| **09/30/17** | $11790 | $13446 |
| **10/31/17** | $12074 | $13918 |
| **11/30/17** | $12151 | $13947 |
| **12/31/17** | $12401 | $14455 |
| **01/31/18** | $13305 | $15660 |
| **02/28/18** | $12762 | $14940 |
| **03/31/18** | $12737 | $14666 |
| **04/30/18** | $12358 | $14604 |
| **05/31/18** | $11988 | $14090 |
| **06/30/18** | $11523 | $13514 |
| **07/31/18** | $11540 | $13823 |
| **08/31/18** | $11205 | $13453 |
| **09/30/18** | $11136 | $13386 |
| **10/31/18** | $10138 | $12222 |
| **11/30/18** | $10422 | $12726 |
| **12/31/18** | $10095 | $12397 |
| **01/31/19** | $10861 | $13483 |
| **02/28/19** | $10955 | $13515 |
| **03/31/19** | $11162 | $13631 |
| **04/30/19** | $11351 | $13920 |
| **05/31/19** | $10766 | $12915 |
| **06/30/19** | $11463 | $13731 |
| **07/31/19** | $11325 | $13575 |
| **08/31/19** | $11033 | $12917 |
| **09/30/19** | $10955 | $13168 |
| **10/31/19** | $11325 | $13724 |
| **11/30/19** | $11386 | $13706 |
| **12/31/19** | $12074 | $14738 |
| **01/31/20** | $11799 | $14051 |
| **02/29/20** | $11532 | $13311 |
| **03/31/20** | $10060 | $11264 |
| **04/30/20** | $11231 | $12298 |
| **05/31/20** | $11867 | $12395 |
| **06/30/20** | $13115 | $13313 |
| **07/31/20** | $14759 | $14514 |
| **08/31/20** | $15482 | $14839 |
| **09/30/20** | $15275 | $14604 |
| **10/31/20** | $15714 | $14907 |
| **11/30/20** | $16936 | $16287 |
| **12/31/20** | $18440 | $17492 |
| **01/31/21** | $19188 | $18033 |
| **02/28/21** | $19302 | $18172 |
| **03/31/21** | $18352 | $17902 |
| **04/30/21** | $18713 | $18350 |
| **05/31/21** | $18950 | $18780 |
| **06/30/21** | $19073 | $18818 |
| **07/31/21** | $17939 | $17563 |
| **08/31/21** | $18642 | $18028 |
| **09/30/21** | $17842 | $17318 |
| **10/31/21** | $18079 | $17491 |
| **11/30/21** | $17076 | $16780 |
| **12/31/21** | $17024 | $17103 |
| **01/31/22** | $16654 | $16780 |
| **02/28/22** | $16109 | $16281 |
| **03/31/22** | $15924 | $15919 |
| **04/30/22** | $14815 | $15036 |
| **05/31/22** | $14587 | $15106 |
| **06/30/22** | $13592 | $14114 |
| **07/31/22** | $13205 | $14092 |
| **08/31/22** | $13161 | $14156 |
| **09/30/22** | $12097 | $12503 |
| **10/31/22** | $11745 | $12117 |
| **11/30/22** | $13161 | $13916 |
| **12/31/22** | $12748 | $13728 |
| **01/31/23** | $13927 | $14813 |
| **02/28/23** | $12862 | $13853 |
| **03/31/23** | $13346 | $14279 |
| **04/30/23** | $12889 | $14120 |
| **05/31/23** | $12458 | $13887 |
| **06/30/23** | $12977 | $14427 |
| **07/31/23** | $13724 | $15335 |
| **08/31/23** | $13126 | $14395 |
| **09/30/23** | $12554 | $14024 |
| **10/31/23** | $12026 | $13481 |
| **11/30/23** | $13065 | $14562 |
| **12/31/23** | $13461 | $15137 |
| **01/31/24** | $13320 | $14435 |
| **02/29/24** | $14059 | $15125 |
| **03/31/24** | $14314 | $15506 |
| **04/30/24** | $14244 | $15578 |
| **05/31/24** | $14983 | $15671 |
| **06/30/24** | $15968 | $16299 |
| **07/31/24** | $15449 | $16359 |
| **08/31/24** | $15255 | $16629 |
| **09/30/24** | $16135 | $17746 |
| **10/31/24** | $15783 | $16979 |
| **11/30/24** | $15466 | $16370 |
| **12/31/24** | $15308 | $16355 |
| **01/31/25** | $15132 | $16651 |
| **02/28/25** | $15097 | $16735 |
| **03/31/25** | $14956 | $16847 |
| **04/30/25** | $15097 | $17073 |
| **05/31/25** | $15757 | $17809 |
| **06/30/25** | $16918 | $18902 |
| **07/31/25** | $16962 | $19283 |
| **08/31/25** | $17384 | $19566 |
| **09/30/25** | $18299 | $20971 |
| **10/31/25** | $18563 | $21849 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class C without sales charge** | 17.61 | 3.39 | 6.38 |
| **Class C with sales charge** | 16.61 | 3.39 | 6.38 |
| **MSCI Emerging Markets Gross Total Return Index** | 28.69 | 7.95 | 8.13 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Evolving World Growth Fund

#### Class C: CNWDX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $397885417 | 102 | 171% | $4269508 |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 35.9 |
| **Financials** | 15.1 |
| **Communication Services** | 14.3 |
| **Consumer Discretionary** | 12.5 |
| **Industrials** | 10.8 |
| **Materials** | 6.3 |
| **Consumer Staples** | 1.3 |
| **Energy** | 1.2 |
| **Health Care** | 1.2 |
| **Real Estate** | 0.8 |
| **Other** | 0.6 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Taiwan Semiconductor Manufacturing Co. Ltd.** | 13.9 |
| **Goldman Sachs Finance Corp. International Ltd.(Tencent Holdings Ltd.), 0.000%, 03/15/27** | 4.5 |
| **Samsung Electronics Co. Ltd.** | 4.3 |
| **Alibaba Group Holding Ltd., 0.000%, 09/15/32** | 3.9 |
| **SK Hynix, Inc., 1.750%, 04/11/30** | 3.1 |
| **Alibaba Group Holding Ltd.** | 2.0 |
| **Tencent Holdings Ltd.** | 2.0 |
| **Amber Enterprises India Ltd.** | 1.9 |
| **Hanwha Aerospace Co. Ltd.** | 1.6 |
| **Eternal Ltd.** | 1.5 |

---

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

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

# Calamos Evolving World Growth Fund

#### Class I: CNWIX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Evolving World Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $115 | 1.05% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund trailed the MSCI Emerging Markets Index but participated in most of the benchmark's gains. The Fund's ability to draw from a wide geographic and market-cap universe to identify companies rapidly compounding intrinsic value supported returns during a year marked by significant rotation and volatility. The Fund's active risk management proved essential during April 2025's tariff-driven market disruption, helping to provide resilience while positioning for the subsequent recovery in equities. Strong security selection in consumer staples and industrials—particularly in packaged foods, soft drinks, aerospace & defense, and construction machinery—drove relative performance. Conversely, holdings in financials and consumer discretionary detracted from returns. Geographically, favorable selection and an overweight stance in Korea and Singapore boosted returns, while relative security selection within China and India lagged.

## **GROWTH OF $1,000,000**![Growth of 10K Chart](tm2532080d1_tsrimg013.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI Emerging Markets Gross Total Return Index** |
| **10/31/15** | $1000000 | $1000001 |
| **11/30/15** | $994258 | $961059 |
| **12/31/15** | $969222 | $940184 |
| **01/31/16** | $910756 | $879244 |
| **02/29/16** | $890993 | $877897 |
| **03/31/16** | $962634 | $994286 |
| **04/30/16** | $967575 | $999892 |
| **05/31/16** | $962634 | $962790 |
| **06/30/16** | $974986 | $1002213 |
| **07/31/16** | $1007102 | $1053226 |
| **08/31/16** | $1013689 | $1079753 |
| **09/30/16** | $1026865 | $1093956 |
| **10/31/16** | $1003808 | $1096661 |
| **11/30/16** | $937107 | $1046245 |
| **12/31/16** | $925578 | $1049283 |
| **01/31/17** | $978280 | $1106755 |
| **02/28/17** | $994750 | $1140716 |
| **03/31/17** | $1027688 | $1169799 |
| **04/30/17** | $1055686 | $1195655 |
| **05/31/17** | $1077096 | $1231249 |
| **06/30/17** | $1090272 | $1244478 |
| **07/31/17** | $1162737 | $1319662 |
| **08/31/17** | $1200617 | $1349593 |
| **09/30/17** | $1202264 | $1344532 |
| **10/31/17** | $1231908 | $1391751 |
| **11/30/17** | $1240967 | $1394622 |
| **12/31/17** | $1267789 | $1445406 |
| **01/31/18** | $1361240 | $1565985 |
| **02/28/18** | $1307485 | $1493983 |
| **03/31/18** | $1305004 | $1466591 |
| **04/30/18** | $1266962 | $1460377 |
| **05/31/18** | $1230574 | $1408975 |
| **06/30/18** | $1184262 | $1351376 |
| **07/31/18** | $1186743 | $1382253 |
| **08/31/18** | $1152836 | $1345283 |
| **09/30/18** | $1146220 | $1338588 |
| **10/31/18** | $1044499 | $1222130 |
| **11/30/18** | $1075098 | $1272587 |
| **12/31/18** | $1042845 | $1239641 |
| **01/31/19** | $1122237 | $1348275 |
| **02/28/19** | $1132988 | $1351428 |
| **03/31/19** | $1155317 | $1363034 |
| **04/30/19** | $1175992 | $1391986 |
| **05/31/19** | $1116448 | $1291422 |
| **06/30/19** | $1189224 | $1373071 |
| **07/31/19** | $1175992 | $1357417 |
| **08/31/19** | $1146220 | $1291622 |
| **09/30/19** | $1139604 | $1316705 |
| **10/31/19** | $1179300 | $1372366 |
| **11/30/19** | $1186743 | $1370566 |
| **12/31/19** | $1259311 | $1473721 |
| **01/31/20** | $1231735 | $1405083 |
| **02/29/20** | $1204994 | $1331068 |
| **03/31/20** | $1052072 | $1126386 |
| **04/30/20** | $1175747 | $1229753 |
| **05/31/20** | $1243434 | $1239463 |
| **06/30/20** | $1374629 | $1331212 |
| **07/31/20** | $1548443 | $1451361 |
| **08/31/20** | $1625322 | $1483803 |
| **09/30/20** | $1605266 | $1460349 |
| **10/31/20** | $1652898 | $1490664 |
| **11/30/20** | $1782422 | $1628622 |
| **12/31/20** | $1942423 | $1749121 |
| **01/31/21** | $2022611 | $1803201 |
| **02/28/21** | $2037113 | $1817095 |
| **03/31/21** | $1938158 | $1790098 |
| **04/30/21** | $1977399 | $1834909 |
| **05/31/21** | $2004697 | $1877886 |
| **06/30/21** | $2019199 | $1881755 |
| **07/31/21** | $1901476 | $1756217 |
| **08/31/21** | $1976546 | $1802742 |
| **09/30/21** | $1893799 | $1731731 |
| **10/31/21** | $1920244 | $1749070 |
| **11/30/21** | $1815317 | $1677933 |
| **12/31/21** | $1811297 | $1710231 |
| **01/31/22** | $1773507 | $1677984 |
| **02/28/22** | $1716824 | $1628032 |
| **03/31/22** | $1697929 | $1591824 |
| **04/30/22** | $1581127 | $1503520 |
| **05/31/22** | $1558797 | $1510513 |
| **06/30/22** | $1453160 | $1411388 |
| **07/31/22** | $1412794 | $1409101 |
| **08/31/22** | $1410218 | $1415509 |
| **09/30/22** | $1296851 | $1250273 |
| **10/31/22** | $1259920 | $1211618 |
| **11/30/22** | $1412794 | $1391510 |
| **12/31/22** | $1370045 | $1372704 |
| **01/31/23** | $1497511 | $1481224 |
| **02/28/23** | $1384786 | $1385291 |
| **03/31/23** | $1437680 | $1427844 |
| **04/30/23** | $1389122 | $1411932 |
| **05/31/23** | $1344899 | $1388627 |
| **06/30/23** | $1401261 | $1442666 |
| **07/31/23** | $1482770 | $1533457 |
| **08/31/23** | $1420338 | $1439439 |
| **09/30/23** | $1358773 | $1402377 |
| **10/31/23** | $1303277 | $1348040 |
| **11/30/23** | $1416869 | $1456153 |
| **12/31/23** | $1460336 | $1513614 |
| **01/31/24** | $1447258 | $1443469 |
| **02/29/24** | $1528339 | $1512393 |
| **03/31/24** | $1557110 | $1550521 |
| **04/30/24** | $1551879 | $1557789 |
| **05/31/24** | $1633832 | $1567046 |
| **06/30/24** | $1741941 | $1629849 |
| **07/31/24** | $1687015 | $1635839 |
| **08/31/24** | $1666962 | $1662795 |
| **09/30/24** | $1764609 | $1774530 |
| **10/31/24** | $1727991 | $1697811 |
| **11/30/24** | $1694861 | $1636968 |
| **12/31/24** | $1679168 | $1635466 |
| **01/31/25** | $1660859 | $1665025 |
| **02/28/25** | $1657372 | $1673399 |
| **03/31/25** | $1644294 | $1684627 |
| **04/30/25** | $1660859 | $1707274 |
| **05/31/25** | $1734966 | $1780795 |
| **06/30/25** | $1864870 | $1890112 |
| **07/31/25** | $1870973 | $1928211 |
| **08/31/25** | $1918925 | $1956492 |
| **09/30/25** | $2021802 | $2097018 |
| **10/31/25** | $2053188 | $2184851 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class I** | 18.82 | 4.43 | 7.46 |
| **MSCI Emerging Markets Gross Total Return Index** | 28.69 | 7.95 | 8.13 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Evolving World Growth Fund

#### Class I: CNWIX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $397885417 | 102 | 171% | $4269508 |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 35.9 |
| **Financials** | 15.1 |
| **Communication Services** | 14.3 |
| **Consumer Discretionary** | 12.5 |
| **Industrials** | 10.8 |
| **Materials** | 6.3 |
| **Consumer Staples** | 1.3 |
| **Energy** | 1.2 |
| **Health Care** | 1.2 |
| **Real Estate** | 0.8 |
| **Other** | 0.6 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Taiwan Semiconductor Manufacturing Co. Ltd.** | 13.9 |
| **Goldman Sachs Finance Corp. International Ltd.(Tencent Holdings Ltd.), 0.000%, 03/15/27** | 4.5 |
| **Samsung Electronics Co. Ltd.** | 4.3 |
| **Alibaba Group Holding Ltd., 0.000%, 09/15/32** | 3.9 |
| **SK Hynix, Inc., 1.750%, 04/11/30** | 3.1 |
| **Alibaba Group Holding Ltd.** | 2.0 |
| **Tencent Holdings Ltd.** | 2.0 |
| **Amber Enterprises India Ltd.** | 1.9 |
| **Hanwha Aerospace Co. Ltd.** | 1.6 |
| **Eternal Ltd.** | 1.5 |

---

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

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

# Calamos Global Convertible Fund

#### Class A: CAGCX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Global Convertible Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $147 | 1.33% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025, the Fund trailed the FTSE Global Convertible Index but captured most of the benchmark's strong gains during a year of extraordinary volatility. Dramatic market swings—from April's tariff-driven turmoil to subsequent rallies as trade tensions eased and the Federal Reserve cut rates—tested positioning. The Fund's emphasis on total-return convertibles managed downside risk during April's sell-off while positioning for upside as equity leadership broadened beyond mega-caps. An underweight to convertibles with high equity sensitivity (those with a delta exceeding 80%) held back performance as these securities returned over 70%. The Fund benefited from favorable selection in financials, consumer discretionary, and Japan, while an underweight in industrials and lagging selection in Europe, Emerging Asia, and the United States detracted. Global convertible issuance is tracking toward $165 billion, the strongest year since 1998.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg006.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with sales charge** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/31/15** | $9521 | $9999 |
| **11/30/15** | $9454 | $9973 |
| **12/31/15** | $9380 | $9941 |
| **01/31/16** | $8898 | $10078 |
| **02/29/16** | $8850 | $10149 |
| **03/31/16** | $9302 | $10242 |
| **04/30/16** | $9389 | $10282 |
| **05/31/16** | $9466 | $10284 |
| **06/30/16** | $9351 | $10469 |
| **07/31/16** | $9700 | $10535 |
| **08/31/16** | $9758 | $10523 |
| **09/30/16** | $9846 | $10517 |
| **10/31/16** | $9641 | $10436 |
| **11/30/16** | $9651 | $10190 |
| **12/31/16** | $9715 | $10204 |
| **01/31/17** | $9932 | $10224 |
| **02/28/17** | $10000 | $10293 |
| **03/31/17** | $10120 | $10287 |
| **04/30/17** | $10336 | $10367 |
| **05/31/17** | $10571 | $10447 |
| **06/30/17** | $10590 | $10436 |
| **07/31/17** | $10757 | $10481 |
| **08/31/17** | $10796 | $10575 |
| **09/30/17** | $10927 | $10525 |
| **10/31/17** | $11074 | $10531 |
| **11/30/17** | $11133 | $10517 |
| **12/31/17** | $11086 | $10565 |
| **01/31/18** | $11421 | $10444 |
| **02/28/18** | $11310 | $10345 |
| **03/31/18** | $11280 | $10411 |
| **04/30/18** | $11311 | $10334 |
| **05/31/18** | $11392 | $10407 |
| **06/30/18** | $11367 | $10395 |
| **07/31/18** | $11367 | $10397 |
| **08/31/18** | $11551 | $10464 |
| **09/30/18** | $11494 | $10397 |
| **10/31/18** | $11064 | $10314 |
| **11/30/18** | $11105 | $10376 |
| **12/31/18** | $10755 | $10567 |
| **01/31/19** | $11270 | $10679 |
| **02/28/19** | $11517 | $10673 |
| **03/31/19** | $11450 | $10878 |
| **04/30/19** | $11707 | $10880 |
| **05/31/19** | $11353 | $11073 |
| **06/30/19** | $11728 | $11213 |
| **07/31/19** | $11836 | $11237 |
| **08/31/19** | $11804 | $11528 |
| **09/30/19** | $11745 | $11467 |
| **10/31/19** | $11939 | $11502 |
| **11/30/19** | $12111 | $11496 |
| **12/31/19** | $12357 | $11488 |
| **01/31/20** | $12652 | $11709 |
| **02/29/20** | $12455 | $11920 |
| **03/31/20** | $11371 | $11849 |
| **04/30/20** | $12411 | $12060 |
| **05/31/20** | $13014 | $12116 |
| **06/30/20** | $13588 | $12192 |
| **07/31/20** | $14192 | $12375 |
| **08/31/20** | $14993 | $12275 |
| **09/30/20** | $14751 | $12268 |
| **10/31/20** | $14795 | $12213 |
| **11/30/20** | $16211 | $12333 |
| **12/31/20** | $17069 | $12350 |
| **01/31/21** | $17152 | $12261 |
| **02/28/21** | $17768 | $12084 |
| **03/31/21** | $17147 | $11934 |
| **04/30/21** | $17443 | $12028 |
| **05/31/21** | $17254 | $12067 |
| **06/30/21** | $17574 | $12152 |
| **07/31/21** | $17420 | $12288 |
| **08/31/21** | $17692 | $12264 |
| **09/30/21** | $17313 | $12158 |
| **10/31/21** | $17586 | $12155 |
| **11/30/21** | $17076 | $12191 |
| **12/31/21** | $16991 | $12160 |
| **01/31/22** | $16027 | $11898 |
| **02/28/22** | $15768 | $11765 |
| **03/31/22** | $15687 | $11438 |
| **04/30/22** | $14614 | $11004 |
| **05/31/22** | $14111 | $11075 |
| **06/30/22** | $13188 | $10901 |
| **07/31/22** | $13690 | $11168 |
| **08/31/22** | $13609 | $10852 |
| **09/30/22** | $12835 | $10383 |
| **10/31/22** | $13011 | $10249 |
| **11/30/22** | $13419 | $10626 |
| **12/31/22** | $13215 | $10578 |
| **01/31/23** | $14044 | $10903 |
| **02/28/23** | $13731 | $10621 |
| **03/31/23** | $13881 | $10891 |
| **04/30/23** | $13772 | $10957 |
| **05/31/23** | $13799 | $10838 |
| **06/30/23** | $14390 | $10799 |
| **07/31/23** | $14811 | $10791 |
| **08/31/23** | $14458 | $10723 |
| **09/30/23** | $14205 | $10450 |
| **10/31/23** | $13633 | $10285 |
| **11/30/23** | $14342 | $10751 |
| **12/31/23** | $14955 | $11162 |
| **01/31/24** | $14914 | $11132 |
| **02/29/24** | $15241 | $10974 |
| **03/31/24** | $15622 | $11076 |
| **04/30/24** | $15159 | $10796 |
| **05/31/24** | $15404 | $10979 |
| **06/30/24** | $15486 | $11083 |
| **07/31/24** | $15813 | $11342 |
| **08/31/24** | $15976 | $11505 |
| **09/30/24** | $16521 | $11659 |
| **10/31/24** | $16344 | $11370 |
| **11/30/24** | $16916 | $11490 |
| **12/31/24** | $16562 | $11302 |
| **01/31/25** | $17066 | $11362 |
| **02/28/25** | $17011 | $11612 |
| **03/31/25** | $16848 | $11616 |
| **04/30/25** | $16984 | $11662 |
| **05/31/25** | $17474 | $11578 |
| **06/30/25** | $18046 | $11756 |
| **07/31/25** | $18250 | $11725 |
| **08/31/25** | $18795 | $11866 |
| **09/30/25** | $19641 | $11995 |
| **10/31/25** | $19804 | $12070 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class A without sales charge** | 21.17 | 6.01 | 7.6 |
| **Class A with sales charge** | 18.41 | 5.52 | 7.07 |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16 | -0.24 | 1.9 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Global Convertible Fund

#### Class A: CAGCX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $159071871 | 106 | 52% | $1188784 |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 27.3 |
| **Consumer Discretionary** | 16.2 |
| **Communication Services** | 13.8 |
| **Industrials** | 9.0 |
| **Utilities** | 5.7 |
| **Financials** | 5.0 |
| **Health Care** | 4.9 |
| **Materials** | 4.7 |
| **Consumer Staples** | 3.7 |
| **Energy** | 3.4 |
| **Real Estate** | 0.8 |
| **Other** | 0.7 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Alibaba Group Holding Ltd., 0.500%, 06/01/31** | 3.8 |
| **JD.com, Inc., 0.250%, 06/01/29** | 3.5 |
| **Boeing Co., 6.000%, 10/15/27** | 3.1 |
| **Strategy, Inc., 0.000%, 12/01/29** | 2.5 |
| **Lumentum Holdings, Inc., 1.500%, 12/15/29** | 2.2 |
| **Duke Energy Corp., 4.125%, 04/15/26** | 2.0 |
| **Trip.com Group Ltd., 0.750%, 06/15/29** | 1.9 |
| **DoorDash, Inc., 0.000%, 05/15/30** | 1.9 |
| **Sanrio Co. Ltd., 0.000%, 12/14/28** | 1.8 |
| **SK Hynix, Inc., 1.750%, 04/11/30** | 1.8 |

---

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

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

# Calamos Global Convertible Fund

#### Class C: CCGCX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Global Convertible Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $229 | 2.08% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025, the Fund trailed the FTSE Global Convertible Index but captured most of the benchmark's strong gains during a year of extraordinary volatility. Dramatic market swings—from April's tariff-driven turmoil to subsequent rallies as trade tensions eased and the Federal Reserve cut rates—tested positioning. The Fund's emphasis on total-return convertibles managed downside risk during April's sell-off while positioning for upside as equity leadership broadened beyond mega-caps. An underweight to convertibles with high equity sensitivity (those with a delta exceeding 80%) held back performance as these securities returned over 70%. The Fund benefited from favorable selection in financials, consumer discretionary, and Japan, while an underweight in industrials and lagging selection in Europe, Emerging Asia, and the United States detracted. Global convertible issuance is tracking toward $165 billion, the strongest year since 1998.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg030.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with sales charge** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/31/15** | $10000 | $9999 |
| **11/30/15** | $9919 | $9973 |
| **12/31/15** | $9832 | $9941 |
| **01/31/16** | $9325 | $10078 |
| **02/29/16** | $9264 | $10149 |
| **03/31/16** | $9732 | $10242 |
| **04/30/16** | $9813 | $10282 |
| **05/31/16** | $9894 | $10284 |
| **06/30/16** | $9776 | $10469 |
| **07/31/16** | $10131 | $10535 |
| **08/31/16** | $10172 | $10523 |
| **09/30/16** | $10264 | $10517 |
| **10/31/16** | $10050 | $10436 |
| **11/30/16** | $10050 | $10190 |
| **12/31/16** | $10108 | $10204 |
| **01/31/17** | $10333 | $10224 |
| **02/28/17** | $10395 | $10293 |
| **03/31/17** | $10508 | $10287 |
| **04/30/17** | $10723 | $10367 |
| **05/31/17** | $10969 | $10447 |
| **06/30/17** | $10978 | $10436 |
| **07/31/17** | $11143 | $10481 |
| **08/31/17** | $11174 | $10575 |
| **09/30/17** | $11307 | $10525 |
| **10/31/17** | $11451 | $10531 |
| **11/30/17** | $11503 | $10517 |
| **12/31/17** | $11452 | $10565 |
| **01/31/18** | $11791 | $10444 |
| **02/28/18** | $11664 | $10345 |
| **03/31/18** | $11625 | $10411 |
| **04/30/18** | $11657 | $10334 |
| **05/31/18** | $11731 | $10407 |
| **06/30/18** | $11700 | $10395 |
| **07/31/18** | $11689 | $10397 |
| **08/31/18** | $11869 | $10464 |
| **09/30/18** | $11799 | $10397 |
| **10/31/18** | $11363 | $10314 |
| **11/30/18** | $11395 | $10376 |
| **12/31/18** | $11021 | $10567 |
| **01/31/19** | $11554 | $10679 |
| **02/28/19** | $11787 | $10673 |
| **03/31/19** | $11720 | $10878 |
| **04/30/19** | $11976 | $10880 |
| **05/31/19** | $11598 | $11073 |
| **06/30/19** | $11976 | $11213 |
| **07/31/19** | $12076 | $11237 |
| **08/31/19** | $12043 | $11528 |
| **09/30/19** | $11971 | $11467 |
| **10/31/19** | $12160 | $11502 |
| **11/30/19** | $12327 | $11496 |
| **12/31/19** | $12569 | $11488 |
| **01/31/20** | $12862 | $11709 |
| **02/29/20** | $12659 | $11920 |
| **03/31/20** | $11552 | $11849 |
| **04/30/20** | $12591 | $12060 |
| **05/31/20** | $13201 | $12116 |
| **06/30/20** | $13770 | $12192 |
| **07/31/20** | $14380 | $12375 |
| **08/31/20** | $15182 | $12275 |
| **09/30/20** | $14922 | $12268 |
| **10/31/20** | $14968 | $12213 |
| **11/30/20** | $16380 | $12333 |
| **12/31/20** | $17239 | $12350 |
| **01/31/21** | $17312 | $12261 |
| **02/28/21** | $17922 | $12084 |
| **03/31/21** | $17288 | $11934 |
| **04/30/21** | $17581 | $12028 |
| **05/31/21** | $17373 | $12067 |
| **06/30/21** | $17690 | $12152 |
| **07/31/21** | $17520 | $12288 |
| **08/31/21** | $17776 | $12264 |
| **09/30/21** | $17385 | $12158 |
| **10/31/21** | $17654 | $12155 |
| **11/30/21** | $17129 | $12191 |
| **12/31/21** | $17034 | $12160 |
| **01/31/22** | $16051 | $11898 |
| **02/28/22** | $15798 | $11765 |
| **03/31/22** | $15700 | $11438 |
| **04/30/22** | $14618 | $11004 |
| **05/31/22** | $14113 | $11075 |
| **06/30/22** | $13172 | $10901 |
| **07/31/22** | $13663 | $11168 |
| **08/31/22** | $13565 | $10852 |
| **09/30/22** | $12793 | $10383 |
| **10/31/22** | $12961 | $10249 |
| **11/30/22** | $13354 | $10626 |
| **12/31/22** | $13144 | $10578 |
| **01/31/23** | $13958 | $10903 |
| **02/28/23** | $13649 | $10621 |
| **03/31/23** | $13790 | $10891 |
| **04/30/23** | $13677 | $10957 |
| **05/31/23** | $13677 | $10838 |
| **06/30/23** | $14267 | $10799 |
| **07/31/23** | $14674 | $10791 |
| **08/31/23** | $14309 | $10723 |
| **09/30/23** | $14043 | $10450 |
| **10/31/23** | $13481 | $10285 |
| **11/30/23** | $14183 | $10751 |
| **12/31/23** | $14759 | $11162 |
| **01/31/24** | $14717 | $11132 |
| **02/29/24** | $15040 | $10974 |
| **03/31/24** | $15391 | $11076 |
| **04/30/24** | $14927 | $10796 |
| **05/31/24** | $15166 | $10979 |
| **06/30/24** | $15236 | $11083 |
| **07/31/24** | $15545 | $11342 |
| **08/31/24** | $15700 | $11505 |
| **09/30/24** | $16219 | $11659 |
| **10/31/24** | $16037 | $11370 |
| **11/30/24** | $16598 | $11490 |
| **12/31/24** | $16219 | $11302 |
| **01/31/25** | $16725 | $11362 |
| **02/28/25** | $16654 | $11612 |
| **03/31/25** | $16472 | $11616 |
| **04/30/25** | $16612 | $11662 |
| **05/31/25** | $17076 | $11578 |
| **06/30/25** | $17609 | $11756 |
| **07/31/25** | $17806 | $11725 |
| **08/31/25** | $18340 | $11866 |
| **09/30/25** | $19140 | $11995 |
| **10/31/25** | $19294 | $12070 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class C without sales charge** | 20.32 | 5.21 | 6.79 |
| **Class C with sales charge** | 19.32 | 5.21 | 6.79 |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16 | -0.24 | 1.9 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Global Convertible Fund

#### Class C: CCGCX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $159071871 | 106 | 52% | $1188784 |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 27.3 |
| **Consumer Discretionary** | 16.2 |
| **Communication Services** | 13.8 |
| **Industrials** | 9.0 |
| **Utilities** | 5.7 |
| **Financials** | 5.0 |
| **Health Care** | 4.9 |
| **Materials** | 4.7 |
| **Consumer Staples** | 3.7 |
| **Energy** | 3.4 |
| **Real Estate** | 0.8 |
| **Other** | 0.7 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Alibaba Group Holding Ltd., 0.500%, 06/01/31** | 3.8 |
| **JD.com, Inc., 0.250%, 06/01/29** | 3.5 |
| **Boeing Co., 6.000%, 10/15/27** | 3.1 |
| **Strategy, Inc., 0.000%, 12/01/29** | 2.5 |
| **Lumentum Holdings, Inc., 1.500%, 12/15/29** | 2.2 |
| **Duke Energy Corp., 4.125%, 04/15/26** | 2.0 |
| **Trip.com Group Ltd., 0.750%, 06/15/29** | 1.9 |
| **DoorDash, Inc., 0.000%, 05/15/30** | 1.9 |
| **Sanrio Co. Ltd., 0.000%, 12/14/28** | 1.8 |
| **SK Hynix, Inc., 1.750%, 04/11/30** | 1.8 |

---

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

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

# Calamos Global Convertible Fund

#### Class I: CXGCX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Global Convertible Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $120 | 1.08% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025, the Fund trailed the FTSE Global Convertible Index but captured most of the benchmark's strong gains during a year of extraordinary volatility. Dramatic market swings—from April's tariff-driven turmoil to subsequent rallies as trade tensions eased and the Federal Reserve cut rates—tested positioning. The Fund's emphasis on total-return convertibles managed downside risk during April's sell-off while positioning for upside as equity leadership broadened beyond mega-caps. An underweight to convertibles with high equity sensitivity (those with a delta exceeding 80%) held back performance as these securities returned over 70%. The Fund benefited from favorable selection in financials, consumer discretionary, and Japan, while an underweight in industrials and lagging selection in Europe, Emerging Asia, and the United States detracted. Global convertible issuance is tracking toward $165 billion, the strongest year since 1998.

## **GROWTH OF $1,000,000**![Growth of 10K Chart](tm2532080d1_tsrimg038.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/31/15** | $1000000 | $1000000 |
| **11/30/15** | $992965 | $997356 |
| **12/31/15** | $985660 | $994134 |
| **01/31/16** | $935166 | $1007812 |
| **02/29/16** | $930116 | $1014963 |
| **03/31/16** | $977005 | $1024272 |
| **04/30/16** | $987151 | $1028206 |
| **05/31/16** | $995267 | $1028470 |
| **06/30/16** | $983812 | $1046949 |
| **07/31/16** | $1020438 | $1053568 |
| **08/31/16** | $1026543 | $1052365 |
| **09/30/16** | $1036449 | $1051746 |
| **10/31/16** | $1015966 | $1043701 |
| **11/30/16** | $1015966 | $1019016 |
| **12/31/16** | $1022327 | $1020451 |
| **01/31/17** | $1046079 | $1022455 |
| **02/28/17** | $1054340 | $1029327 |
| **03/31/17** | $1066428 | $1028785 |
| **04/30/17** | $1089162 | $1036726 |
| **05/31/17** | $1113963 | $1044703 |
| **06/30/17** | $1116414 | $1043655 |
| **07/31/17** | $1135090 | $1048147 |
| **08/31/17** | $1138203 | $1057544 |
| **09/30/17** | $1152547 | $1052510 |
| **10/31/17** | $1168136 | $1053119 |
| **11/30/17** | $1175411 | $1051766 |
| **12/31/17** | $1170041 | $1056594 |
| **01/31/18** | $1205464 | $1044424 |
| **02/28/18** | $1194730 | $1034526 |
| **03/31/18** | $1191228 | $1041161 |
| **04/30/18** | $1195532 | $1033416 |
| **05/31/18** | $1204141 | $1040789 |
| **06/30/18** | $1201117 | $1039509 |
| **07/31/18** | $1201117 | $1039757 |
| **08/31/18** | $1221603 | $1046448 |
| **09/30/18** | $1215350 | $1039710 |
| **10/31/18** | $1170978 | $1031495 |
| **11/30/18** | $1175307 | $1037650 |
| **12/31/18** | $1138113 | $1056713 |
| **01/31/19** | $1193713 | $1067938 |
| **02/28/19** | $1219812 | $1067318 |
| **03/31/19** | $1212241 | $1087811 |
| **04/30/19** | $1240644 | $1088090 |
| **05/31/19** | $1203152 | $1107406 |
| **06/30/19** | $1242599 | $1121310 |
| **07/31/19** | $1253978 | $1123778 |
| **08/31/19** | $1251703 | $1152899 |
| **09/30/19** | $1245119 | $1146760 |
| **10/31/19** | $1265681 | $1150214 |
| **11/30/19** | $1283958 | $1149626 |
| **12/31/19** | $1310884 | $1148825 |
| **01/31/20** | $1342261 | $1170934 |
| **02/29/20** | $1322505 | $1192011 |
| **03/31/20** | $1207136 | $1184994 |
| **04/30/20** | $1317616 | $1206060 |
| **05/31/20** | $1382741 | $1211673 |
| **06/30/20** | $1443298 | $1219309 |
| **07/31/20** | $1508584 | $1237520 |
| **08/31/20** | $1593690 | $1227529 |
| **09/30/20** | $1568212 | $1226858 |
| **10/31/20** | $1574042 | $1221379 |
| **11/30/20** | $1724450 | $1233363 |
| **12/31/20** | $1816192 | $1235062 |
| **01/31/21** | $1825003 | $1226207 |
| **02/28/21** | $1890451 | $1208502 |
| **03/31/21** | $1825514 | $1193410 |
| **04/30/21** | $1857010 | $1202838 |
| **05/31/21** | $1838113 | $1206767 |
| **06/30/21** | $1872128 | $1215246 |
| **07/31/21** | $1855750 | $1228835 |
| **08/31/21** | $1884727 | $1226496 |
| **09/30/21** | $1844237 | $1215875 |
| **10/31/21** | $1874491 | $1215540 |
| **11/30/21** | $1820286 | $1219139 |
| **12/31/21** | $1812069 | $1216020 |
| **01/31/22** | $1709226 | $1189822 |
| **02/28/22** | $1683153 | $1176547 |
| **03/31/22** | $1674462 | $1143858 |
| **04/30/22** | $1560031 | $1100451 |
| **05/31/22** | $1507885 | $1107545 |
| **06/30/22** | $1407939 | $1090171 |
| **07/31/22** | $1461533 | $1116808 |
| **08/31/22** | $1452842 | $1085255 |
| **09/30/22** | $1370278 | $1038363 |
| **10/31/22** | $1390557 | $1024912 |
| **11/30/22** | $1434012 | $1062604 |
| **12/31/22** | $1412284 | $1057813 |
| **01/31/23** | $1500642 | $1090357 |
| **02/28/23** | $1468776 | $1062165 |
| **03/31/23** | $1484709 | $1089143 |
| **04/30/23** | $1474570 | $1095747 |
| **05/31/23** | $1476018 | $1083815 |
| **06/30/23** | $1539943 | $1079947 |
| **07/31/23** | $1586388 | $1079199 |
| **08/31/23** | $1548652 | $1072306 |
| **09/30/23** | $1521236 | $1045054 |
| **10/31/23** | $1460153 | $1028563 |
| **11/30/23** | $1537233 | $1075140 |
| **12/31/23** | $1602678 | $1116297 |
| **01/31/24** | $1598315 | $1113230 |
| **02/29/24** | $1634674 | $1097503 |
| **03/31/24** | $1673941 | $1107638 |
| **04/30/24** | $1624493 | $1079658 |
| **05/31/24** | $1653580 | $1097962 |
| **06/30/24** | $1662306 | $1108361 |
| **07/31/24** | $1697210 | $1134249 |
| **08/31/24** | $1714662 | $1150545 |
| **09/30/24** | $1774290 | $1165952 |
| **10/31/24** | $1755384 | $1137038 |
| **11/30/24** | $1817920 | $1149058 |
| **12/31/24** | $1778653 | $1130253 |
| **01/31/25** | $1833918 | $1136248 |
| **02/28/25** | $1829555 | $1161248 |
| **03/31/25** | $1810648 | $1161687 |
| **04/30/25** | $1826646 | $1166251 |
| **05/31/25** | $1880457 | $1157902 |
| **06/30/25** | $1940834 | $1175705 |
| **07/31/25** | $1962657 | $1172602 |
| **08/31/25** | $2023763 | $1186631 |
| **09/30/25** | $2113933 | $1199575 |
| **10/31/25** | $2132873 | $1207067 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class I** | 21.5 | 6.26 | 7.87 |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16 | -0.24 | 1.9 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Global Convertible Fund

#### Class I: CXGCX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $159071871 | 106 | 52% | $1188784 |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 27.3 |
| **Consumer Discretionary** | 16.2 |
| **Communication Services** | 13.8 |
| **Industrials** | 9.0 |
| **Utilities** | 5.7 |
| **Financials** | 5.0 |
| **Health Care** | 4.9 |
| **Materials** | 4.7 |
| **Consumer Staples** | 3.7 |
| **Energy** | 3.4 |
| **Real Estate** | 0.8 |
| **Other** | 0.7 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Alibaba Group Holding Ltd., 0.500%, 06/01/31** | 3.8 |
| **JD.com, Inc., 0.250%, 06/01/29** | 3.5 |
| **Boeing Co., 6.000%, 10/15/27** | 3.1 |
| **Strategy, Inc., 0.000%, 12/01/29** | 2.5 |
| **Lumentum Holdings, Inc., 1.500%, 12/15/29** | 2.2 |
| **Duke Energy Corp., 4.125%, 04/15/26** | 2.0 |
| **Trip.com Group Ltd., 0.750%, 06/15/29** | 1.9 |
| **DoorDash, Inc., 0.000%, 05/15/30** | 1.9 |
| **Sanrio Co. Ltd., 0.000%, 12/14/28** | 1.8 |
| **SK Hynix, Inc., 1.750%, 04/11/30** | 1.8 |

---

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

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

# Calamos Global Equity Fund

#### Class A: CAGEX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Global Equity Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $158 | 1.40% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund outperformed the MSCI World Index as markets rewarded companies demonstrating resilience amid shifting policy dynamics and evolving international opportunities. The Fund's ability to draw from a diverse geographic and market-cap universe enabled it to capitalize on both established growth leaders and emerging regional opportunities catalyzed by fiscal stimulus and monetary easing. The Fund navigated April's tariff-driven volatility through disciplined portfolio management and benefited from exposure to secular themes, including artificial intelligence, defense modernization, and evolving supply chains. Selection in information technology and industrials, particularly application software, IT consulting services, and aerospace & defense, bolstered relative performance. Geographically, strong selection in the United States and Europe drove outperformance, while positions in Canada and Emerging Asia detracted from results.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg007.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with sales charge** | **MSCI ACWI Gross Total Return Index** |
| **10/31/15** | $9523 | $10000 |
| **11/30/15** | $9560 | $9922 |
| **12/31/15** | $9347 | $9747 |
| **01/31/16** | $8684 | $9161 |
| **02/29/16** | $8345 | $9103 |
| **03/31/16** | $8956 | $9784 |
| **04/30/16** | $8897 | $9934 |
| **05/31/16** | $9126 | $9955 |
| **06/30/16** | $8941 | $9900 |
| **07/31/16** | $9494 | $10330 |
| **08/31/16** | $9450 | $10370 |
| **09/30/16** | $9685 | $10438 |
| **10/31/16** | $9383 | $10263 |
| **11/30/16** | $9221 | $10346 |
| **12/31/16** | $9251 | $10574 |
| **01/31/17** | $9621 | $10865 |
| **02/28/17** | $9860 | $11175 |
| **03/31/17** | $10068 | $11319 |
| **04/30/17** | $10354 | $11501 |
| **05/31/17** | $10631 | $11765 |
| **06/30/17** | $10724 | $11823 |
| **07/31/17** | $11186 | $12158 |
| **08/31/17** | $11394 | $12210 |
| **09/30/17** | $11633 | $12451 |
| **10/31/17** | $12050 | $12712 |
| **11/30/17** | $12250 | $12964 |
| **12/31/17** | $12435 | $13178 |
| **01/31/18** | $13305 | $13924 |
| **02/28/18** | $12773 | $13344 |
| **03/31/18** | $12570 | $13067 |
| **04/30/18** | $12460 | $13199 |
| **05/31/18** | $12680 | $13227 |
| **06/30/18** | $12418 | $13160 |
| **07/31/18** | $12578 | $13561 |
| **08/31/18** | $12950 | $13674 |
| **09/30/18** | $12882 | $13739 |
| **10/31/18** | $11497 | $12713 |
| **11/30/18** | $11438 | $12905 |
| **12/31/18** | $10511 | $12001 |
| **01/31/19** | $11524 | $12952 |
| **02/28/19** | $11807 | $13304 |
| **03/31/19** | $12156 | $13480 |
| **04/30/19** | $12668 | $13942 |
| **05/31/19** | $12003 | $13127 |
| **06/30/19** | $12744 | $13993 |
| **07/31/19** | $12766 | $14038 |
| **08/31/19** | $12591 | $13712 |
| **09/30/19** | $12384 | $14007 |
| **10/31/19** | $12678 | $14394 |
| **11/30/19** | $13201 | $14751 |
| **12/31/19** | $13568 | $15277 |
| **01/31/20** | $13580 | $15112 |
| **02/29/20** | $12887 | $13897 |
| **03/31/20** | $11220 | $12029 |
| **04/30/20** | $12734 | $13324 |
| **05/31/20** | $13932 | $13912 |
| **06/30/20** | $14753 | $14362 |
| **07/31/20** | $15974 | $15127 |
| **08/31/20** | $17042 | $16059 |
| **09/30/20** | $16725 | $15547 |
| **10/31/20** | $16490 | $15173 |
| **11/30/20** | $18427 | $17049 |
| **12/31/20** | $19531 | $17847 |
| **01/31/21** | $19632 | $17770 |
| **02/28/21** | $20510 | $18187 |
| **03/31/21** | $20271 | $18682 |
| **04/30/21** | $21200 | $19507 |
| **05/31/21** | $21375 | $19821 |
| **06/30/21** | $21639 | $20089 |
| **07/31/21** | $21789 | $20233 |
| **08/31/21** | $22717 | $20746 |
| **09/30/21** | $21777 | $19898 |
| **10/31/21** | $23069 | $20918 |
| **11/30/21** | $22454 | $20421 |
| **12/31/21** | $22744 | $21244 |
| **01/31/22** | $20647 | $20205 |
| **02/28/22** | $20023 | $19689 |
| **03/31/22** | $20335 | $20127 |
| **04/30/22** | $18223 | $18524 |
| **05/31/22** | $18195 | $18558 |
| **06/30/22** | $16608 | $17002 |
| **07/31/22** | $17756 | $18195 |
| **08/31/22** | $16863 | $17532 |
| **09/30/22** | $15333 | $15861 |
| **10/31/22** | $16296 | $16822 |
| **11/30/22** | $17444 | $18135 |
| **12/31/22** | $16453 | $17429 |
| **01/31/23** | $17696 | $18682 |
| **02/28/23** | $17104 | $18153 |
| **03/31/23** | $17829 | $18726 |
| **04/30/23** | $18096 | $19004 |
| **05/31/23** | $18214 | $18814 |
| **06/30/23** | $19176 | $19914 |
| **07/31/23** | $19708 | $20649 |
| **08/31/23** | $19398 | $20081 |
| **09/30/23** | $18288 | $19257 |
| **10/31/23** | $17874 | $18683 |
| **11/30/23** | $19708 | $20416 |
| **12/31/23** | $20448 | $21404 |
| **01/31/24** | $21380 | $21534 |
| **02/29/24** | $23230 | $22466 |
| **03/31/24** | $24340 | $23171 |
| **04/30/24** | $23615 | $22429 |
| **05/31/24** | $25375 | $23354 |
| **06/30/24** | $26322 | $23882 |
| **07/31/24** | $25745 | $24274 |
| **08/31/24** | $26456 | $24899 |
| **09/30/24** | $26589 | $25486 |
| **10/31/24** | $26012 | $24923 |
| **11/30/24** | $27506 | $25863 |
| **12/31/24** | $26616 | $25259 |
| **01/31/25** | $26939 | $26113 |
| **02/28/25** | $26536 | $25963 |
| **03/31/25** | $24858 | $24951 |
| **04/30/25** | $25761 | $25195 |
| **05/31/25** | $27875 | $26660 |
| **06/30/25** | $29552 | $27868 |
| **07/31/25** | $30181 | $28254 |
| **08/31/25** | $30278 | $28964 |
| **09/30/25** | $31924 | $30024 |
| **10/31/25** | $32569 | $30701 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class A without sales charge** | 25.21 | 14.58 | 13.08 |
| **Class A with sales charge** | 19.24 | 13.47 | 12.53 |
| **MSCI ACWI Gross Total Return Index** | 23.19 | 15.14 | 11.87 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Global Equity Fund

#### Class A: CAGEX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $166289640 | 81 | 114% | $1420405 |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund seeks long-term capital appreciation by investing in global companies demonstrating compelling growth and quality characteristics, including attractive earnings growth and cash flow generation, strong balance sheets, and high returns on invested capital.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 33.4 |
| **Industrials** | 13.6 |
| **Communication Services** | 12.7 |
| **Financials** | 11.7 |
| **Consumer Discretionary** | 8.4 |
| **Health Care** | 6.1 |
| **Materials** | 5.0 |
| **Consumer Staples** | 3.8 |
| **Energy** | 3.1 |
| **Utilities** | 0.9 |
| **Other** | 0.4 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **NVIDIA Corp.** | 7.8 |
| **Taiwan Semiconductor Manufacturing Co. Ltd.** | 3.4 |
| **Alphabet, Inc. - Class A** | 3.2 |
| **Palantir Technologies, Inc. - Class A** | 2.9 |
| **Amazon.com, Inc.** | 2.5 |
| **Broadcom, Inc.** | 2.4 |
| **Rolls-Royce Holdings PLC** | 2.3 |
| **Microsoft Corp.** | 2.1 |
| **Samsung Electronics Co. Ltd.** | 2.0 |
| **Celsius Holdings, Inc.** | 2.0 |

---

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

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

# Calamos Global Equity Fund

#### Class C: CCGEX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Global Equity Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $241 | 2.15% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund outperformed the MSCI World Index as markets rewarded companies demonstrating resilience amid shifting policy dynamics and evolving international opportunities. The Fund's ability to draw from a diverse geographic and market-cap universe enabled it to capitalize on both established growth leaders and emerging regional opportunities catalyzed by fiscal stimulus and monetary easing. The Fund navigated April's tariff-driven volatility through disciplined portfolio management and benefited from exposure to secular themes, including artificial intelligence, defense modernization, and evolving supply chains. Selection in information technology and industrials, particularly application software, IT consulting services, and aerospace & defense, bolstered relative performance. Geographically, strong selection in the United States and Europe drove outperformance, while positions in Canada and Emerging Asia detracted from results.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg049.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with sales charge** | **MSCI ACWI Gross Total Return Index** |
| **10/31/15** | $10000 | $10000 |
| **11/30/15** | $10032 | $9922 |
| **12/31/15** | $9802 | $9747 |
| **01/31/16** | $9101 | $9161 |
| **02/29/16** | $8739 | $9103 |
| **03/31/16** | $9373 | $9784 |
| **04/30/16** | $9307 | $9934 |
| **05/31/16** | $9538 | $9955 |
| **06/30/16** | $9340 | $9900 |
| **07/31/16** | $9909 | $10330 |
| **08/31/16** | $9860 | $10370 |
| **09/30/16** | $10099 | $10438 |
| **10/31/16** | $9777 | $10263 |
| **11/30/16** | $9604 | $10346 |
| **12/31/16** | $9629 | $10574 |
| **01/31/17** | $10010 | $10865 |
| **02/28/17** | $10244 | $11175 |
| **03/31/17** | $10460 | $11319 |
| **04/30/17** | $10755 | $11501 |
| **05/31/17** | $11032 | $11765 |
| **06/30/17** | $11119 | $11823 |
| **07/31/17** | $11595 | $12158 |
| **08/31/17** | $11803 | $12210 |
| **09/30/17** | $12036 | $12451 |
| **10/31/17** | $12469 | $12712 |
| **11/30/17** | $12669 | $12964 |
| **12/31/17** | $12840 | $13178 |
| **01/31/18** | $13740 | $13924 |
| **02/28/18** | $13185 | $13344 |
| **03/31/18** | $12955 | $13067 |
| **04/30/18** | $12850 | $13199 |
| **05/31/18** | $13060 | $13227 |
| **06/30/18** | $12783 | $13160 |
| **07/31/18** | $12946 | $13561 |
| **08/31/18** | $13309 | $13674 |
| **09/30/18** | $13233 | $13739 |
| **10/31/18** | $11807 | $12713 |
| **11/30/18** | $11740 | $12905 |
| **12/31/18** | $10775 | $12001 |
| **01/31/19** | $11819 | $12952 |
| **02/28/19** | $12086 | $13304 |
| **03/31/19** | $12442 | $13480 |
| **04/30/19** | $12964 | $13942 |
| **05/31/19** | $12264 | $13127 |
| **06/30/19** | $13027 | $13993 |
| **07/31/19** | $13027 | $14038 |
| **08/31/19** | $12849 | $13712 |
| **09/30/19** | $12633 | $14007 |
| **10/31/19** | $12913 | $14394 |
| **11/30/19** | $13447 | $14751 |
| **12/31/19** | $13811 | $15277 |
| **01/31/20** | $13811 | $15112 |
| **02/29/20** | $13104 | $13897 |
| **03/31/20** | $11398 | $12029 |
| **04/30/20** | $12938 | $13324 |
| **05/31/20** | $14130 | $13912 |
| **06/30/20** | $14962 | $14362 |
| **07/31/20** | $16196 | $15127 |
| **08/31/20** | $17250 | $16059 |
| **09/30/20** | $16931 | $15547 |
| **10/31/20** | $16682 | $15173 |
| **11/30/20** | $18623 | $17049 |
| **12/31/20** | $19733 | $17847 |
| **01/31/21** | $19823 | $17770 |
| **02/28/21** | $20708 | $18187 |
| **03/31/21** | $20423 | $18682 |
| **04/30/21** | $21353 | $19507 |
| **05/31/21** | $21517 | $19821 |
| **06/30/21** | $21772 | $20089 |
| **07/31/21** | $21907 | $20233 |
| **08/31/21** | $22837 | $20746 |
| **09/30/21** | $21877 | $19898 |
| **10/31/21** | $23167 | $20918 |
| **11/30/21** | $22522 | $20421 |
| **12/31/21** | $22809 | $21244 |
| **01/31/22** | $20672 | $20205 |
| **02/28/22** | $20047 | $19689 |
| **03/31/22** | $20360 | $20127 |
| **04/30/22** | $18223 | $18524 |
| **05/31/22** | $18188 | $18558 |
| **06/30/22** | $16590 | $17002 |
| **07/31/22** | $17719 | $18195 |
| **08/31/22** | $16816 | $17532 |
| **09/30/22** | $15287 | $15861 |
| **10/31/22** | $16225 | $16822 |
| **11/30/22** | $17372 | $18135 |
| **12/31/22** | $16365 | $17429 |
| **01/31/23** | $17593 | $18682 |
| **02/28/23** | $17006 | $18153 |
| **03/31/23** | $17703 | $18726 |
| **04/30/23** | $17959 | $19004 |
| **05/31/23** | $18069 | $18814 |
| **06/30/23** | $19004 | $19914 |
| **07/31/23** | $19517 | $20649 |
| **08/31/23** | $19205 | $20081 |
| **09/30/23** | $18088 | $19257 |
| **10/31/23** | $17684 | $18683 |
| **11/30/23** | $19480 | $20416 |
| **12/31/23** | $20177 | $21404 |
| **01/31/24** | $21093 | $21534 |
| **02/29/24** | $22907 | $22466 |
| **03/31/24** | $23988 | $23171 |
| **04/30/24** | $23255 | $22429 |
| **05/31/24** | $24978 | $23354 |
| **06/30/24** | $25894 | $23882 |
| **07/31/24** | $25308 | $24274 |
| **08/31/24** | $26004 | $24899 |
| **09/30/24** | $26114 | $25486 |
| **10/31/24** | $25528 | $24923 |
| **11/30/24** | $26976 | $25863 |
| **12/31/24** | $26094 | $25259 |
| **01/31/25** | $26381 | $26113 |
| **02/28/25** | $25971 | $25963 |
| **03/31/25** | $24314 | $24951 |
| **04/30/25** | $25194 | $25195 |
| **05/31/25** | $27240 | $26660 |
| **06/30/25** | $28857 | $27868 |
| **07/31/25** | $29451 | $28254 |
| **08/31/25** | $29532 | $28964 |
| **09/30/25** | $31108 | $30024 |
| **10/31/25** | $31722 | $30701 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class C without sales charge** | 24.27 | 13.72 | 12.24 |
| **Class C with sales charge** | 23.27 | 13.72 | 12.24 |
| **MSCI ACWI Gross Total Return Index** | 23.19 | 15.14 | 11.87 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Global Equity Fund

#### Class C: CCGEX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $166289640 | 81 | 114% | $1420405 |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund seeks long-term capital appreciation by investing in global companies demonstrating compelling growth and quality characteristics, including attractive earnings growth and cash flow generation, strong balance sheets, and high returns on invested capital.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 33.4 |
| **Industrials** | 13.6 |
| **Communication Services** | 12.7 |
| **Financials** | 11.7 |
| **Consumer Discretionary** | 8.4 |
| **Health Care** | 6.1 |
| **Materials** | 5.0 |
| **Consumer Staples** | 3.8 |
| **Energy** | 3.1 |
| **Utilities** | 0.9 |
| **Other** | 0.4 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **NVIDIA Corp.** | 7.8 |
| **Taiwan Semiconductor Manufacturing Co. Ltd.** | 3.4 |
| **Alphabet, Inc. - Class A** | 3.2 |
| **Palantir Technologies, Inc. - Class A** | 2.9 |
| **Amazon.com, Inc.** | 2.5 |
| **Broadcom, Inc.** | 2.4 |
| **Rolls-Royce Holdings PLC** | 2.3 |
| **Microsoft Corp.** | 2.1 |
| **Samsung Electronics Co. Ltd.** | 2.0 |
| **Celsius Holdings, Inc.** | 2.0 |

---

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

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

# Calamos Global Equity Fund

#### Class I: CIGEX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Global Equity Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $130 | 1.15% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund outperformed the MSCI World Index as markets rewarded companies demonstrating resilience amid shifting policy dynamics and evolving international opportunities. The Fund's ability to draw from a diverse geographic and market-cap universe enabled it to capitalize on both established growth leaders and emerging regional opportunities catalyzed by fiscal stimulus and monetary easing. The Fund navigated April's tariff-driven volatility through disciplined portfolio management and benefited from exposure to secular themes, including artificial intelligence, defense modernization, and evolving supply chains. Selection in information technology and industrials, particularly application software, IT consulting services, and aerospace & defense, bolstered relative performance. Geographically, strong selection in the United States and Europe drove outperformance, while positions in Canada and Emerging Asia detracted from results.

## **GROWTH OF $1,000,000**![Growth of 10K Chart](tm2532080d1_tsrimg033.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI ACWI Gross Total Return Index** |
| **10/31/15** | $1000000 | $1000000 |
| **11/30/15** | $1003737 | $992187 |
| **12/31/15** | $981686 | $974711 |
| **01/31/16** | $912328 | $916153 |
| **02/29/16** | $876505 | $910370 |
| **03/31/16** | $941291 | $978463 |
| **04/30/16** | $935193 | $993481 |
| **05/31/16** | $959583 | $995576 |
| **06/30/16** | $939766 | $990066 |
| **07/31/16** | $998454 | $1033037 |
| **08/31/16** | $994643 | $1037008 |
| **09/30/16** | $1019033 | $1043825 |
| **10/31/16** | $987021 | $1026350 |
| **11/30/16** | $971016 | $1034654 |
| **12/31/16** | $974112 | $1057420 |
| **01/31/17** | $1013172 | $1086551 |
| **02/28/17** | $1038680 | $1117519 |
| **03/31/17** | $1061000 | $1131942 |
| **04/30/17** | $1091292 | $1150103 |
| **05/31/17** | $1120786 | $1176517 |
| **06/30/17** | $1130352 | $1182351 |
| **07/31/17** | $1179775 | $1215828 |
| **08/31/17** | $1202095 | $1221080 |
| **09/30/17** | $1226807 | $1245127 |
| **10/31/17** | $1271447 | $1271269 |
| **11/30/17** | $1292970 | $1296454 |
| **12/31/17** | $1312673 | $1317798 |
| **01/31/18** | $1404316 | $1392423 |
| **02/28/18** | $1348457 | $1334472 |
| **03/31/18** | $1327510 | $1306712 |
| **04/30/18** | $1317037 | $1319932 |
| **05/31/18** | $1340602 | $1322713 |
| **06/30/18** | $1311800 | $1316078 |
| **07/31/18** | $1330129 | $1356190 |
| **08/31/18** | $1369404 | $1367457 |
| **09/30/18** | $1362422 | $1373964 |
| **10/31/18** | $1215793 | $1271308 |
| **11/30/18** | $1210557 | $1290504 |
| **12/31/18** | $1112308 | $1200124 |
| **01/31/19** | $1219626 | $1295264 |
| **02/28/19** | $1249810 | $1330488 |
| **03/31/19** | $1286700 | $1348054 |
| **04/30/19** | $1341477 | $1394285 |
| **05/31/19** | $1271050 | $1312740 |
| **06/30/19** | $1350421 | $1399304 |
| **07/31/19** | $1352656 | $1403896 |
| **08/31/19** | $1334770 | $1371221 |
| **09/30/19** | $1312412 | $1400714 |
| **10/31/19** | $1343713 | $1439404 |
| **11/30/19** | $1399608 | $1475158 |
| **12/31/19** | $1439449 | $1527727 |
| **01/31/20** | $1440650 | $1511235 |
| **02/29/20** | $1367356 | $1389758 |
| **03/31/20** | $1191931 | $1202970 |
| **04/30/20** | $1351736 | $1332454 |
| **05/31/20** | $1479100 | $1391207 |
| **06/30/20** | $1566812 | $1436261 |
| **07/31/20** | $1696579 | $1512800 |
| **08/31/20** | $1810726 | $1605961 |
| **09/30/20** | $1778284 | $1554775 |
| **10/31/20** | $1753052 | $1517366 |
| **11/30/20** | $1958515 | $1704956 |
| **12/31/20** | $2076311 | $1784741 |
| **01/31/21** | $2087839 | $1777058 |
| **02/28/21** | $2182624 | $1818749 |
| **03/31/21** | $2157006 | $1868291 |
| **04/30/21** | $2255634 | $1950755 |
| **05/31/21** | $2274848 | $1982162 |
| **06/30/21** | $2303027 | $2008926 |
| **07/31/21** | $2320959 | $2023362 |
| **08/31/21** | $2419587 | $2074625 |
| **09/30/21** | $2320959 | $1989820 |
| **10/31/21** | $2459295 | $2091893 |
| **11/30/21** | $2392689 | $2042157 |
| **12/31/21** | $2424863 | $2124491 |
| **01/31/22** | $2200366 | $2020555 |
| **02/28/22** | $2135607 | $1968981 |
| **03/31/22** | $2170145 | $2012780 |
| **04/30/22** | $1944208 | $1852433 |
| **05/31/22** | $1941330 | $1855912 |
| **06/30/22** | $1772956 | $1700234 |
| **07/31/22** | $1895279 | $1819564 |
| **08/31/22** | $1800299 | $1753282 |
| **09/30/22** | $1637682 | $1586182 |
| **10/31/22** | $1741296 | $1682306 |
| **11/30/22** | $1863619 | $1813562 |
| **12/31/22** | $1758808 | $1742921 |
| **01/31/23** | $1892484 | $1868291 |
| **02/28/23** | $1829401 | $1815398 |
| **03/31/23** | $1907503 | $1872625 |
| **04/30/23** | $1936041 | $1900436 |
| **05/31/23** | $1948056 | $1881434 |
| **06/30/23** | $2051692 | $1991502 |
| **07/31/23** | $2108767 | $2065001 |
| **08/31/23** | $2077226 | $2008124 |
| **09/30/23** | $1958570 | $1925790 |
| **10/31/23** | $1915013 | $1868317 |
| **11/30/23** | $2111771 | $2041652 |
| **12/31/23** | $2190444 | $2140440 |
| **01/31/24** | $2291171 | $2153440 |
| **02/29/24** | $2489619 | $2246653 |
| **03/31/24** | $2609891 | $2317203 |
| **04/30/24** | $2531714 | $2242928 |
| **05/31/24** | $2721142 | $2335442 |
| **06/30/24** | $2823372 | $2388296 |
| **07/31/24** | $2761733 | $2427478 |
| **08/31/24** | $2839910 | $2489956 |
| **09/30/24** | $2853440 | $2548734 |
| **10/31/24** | $2791801 | $2492375 |
| **11/30/24** | $2952664 | $2586402 |
| **12/31/24** | $2859399 | $2526033 |
| **01/31/25** | $2893654 | $2611394 |
| **02/28/25** | $2851244 | $2596389 |
| **03/31/25** | $2671818 | $2495221 |
| **04/30/25** | $2769686 | $2519617 |
| **05/31/25** | $2998047 | $2666085 |
| **06/30/25** | $3179104 | $2786941 |
| **07/31/25** | $3247612 | $2825449 |
| **08/31/25** | $3257399 | $2896491 |
| **09/30/25** | $3435194 | $3002523 |
| **10/31/25** | $3506965 | $3070253 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class I** | 25.62 | 14.88 | 13.37 |
| **MSCI ACWI Gross Total Return Index** | 23.19 | 15.14 | 11.87 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Global Equity Fund

#### Class I: CIGEX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $166289640 | 81 | 114% | $1420405 |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund seeks long-term capital appreciation by investing in global companies demonstrating compelling growth and quality characteristics, including attractive earnings growth and cash flow generation, strong balance sheets, and high returns on invested capital.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 33.4 |
| **Industrials** | 13.6 |
| **Communication Services** | 12.7 |
| **Financials** | 11.7 |
| **Consumer Discretionary** | 8.4 |
| **Health Care** | 6.1 |
| **Materials** | 5.0 |
| **Consumer Staples** | 3.8 |
| **Energy** | 3.1 |
| **Utilities** | 0.9 |
| **Other** | 0.4 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **NVIDIA Corp.** | 7.8 |
| **Taiwan Semiconductor Manufacturing Co. Ltd.** | 3.4 |
| **Alphabet, Inc. - Class A** | 3.2 |
| **Palantir Technologies, Inc. - Class A** | 2.9 |
| **Amazon.com, Inc.** | 2.5 |
| **Broadcom, Inc.** | 2.4 |
| **Rolls-Royce Holdings PLC** | 2.3 |
| **Microsoft Corp.** | 2.1 |
| **Samsung Electronics Co. Ltd.** | 2.0 |
| **Celsius Holdings, Inc.** | 2.0 |

---

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

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

# Calamos Global Equity Fund

#### Class R6: CGEOX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Global Equity Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class R6 | $124 | 1.10% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund outperformed the MSCI World Index as markets rewarded companies demonstrating resilience amid shifting policy dynamics and evolving international opportunities. The Fund's ability to draw from a diverse geographic and market-cap universe enabled it to capitalize on both established growth leaders and emerging regional opportunities catalyzed by fiscal stimulus and monetary easing. The Fund navigated April's tariff-driven volatility through disciplined portfolio management and benefited from exposure to secular themes, including artificial intelligence, defense modernization, and evolving supply chains. Selection in information technology and industrials, particularly application software, IT consulting services, and aerospace & defense, bolstered relative performance. Geographically, strong selection in the United States and Europe drove outperformance, while positions in Canada and Emerging Asia detracted from results.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg055.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI ACWI Gross Total Return Index** |
| **06/23/20** | $10000 | $10000 |
| **06/30/20** | $9886 | $9848 |
| **07/31/20** | $10705 | $10372 |
| **08/31/20** | $11425 | $11011 |
| **09/30/20** | $11221 | $10660 |
| **10/31/20** | $11061 | $10404 |
| **11/30/20** | $12365 | $11690 |
| **12/31/20** | $13109 | $12237 |
| **01/31/21** | $13174 | $12184 |
| **02/28/21** | $13772 | $12470 |
| **03/31/21** | $13610 | $12810 |
| **04/30/21** | $14241 | $13375 |
| **05/31/21** | $14362 | $13590 |
| **06/30/21** | $14540 | $13774 |
| **07/31/21** | $14645 | $13873 |
| **08/31/21** | $15275 | $14224 |
| **09/30/21** | $14653 | $13643 |
| **10/31/21** | $15526 | $14343 |
| **11/30/21** | $15114 | $14002 |
| **12/31/21** | $15318 | $14566 |
| **01/31/22** | $13901 | $13854 |
| **02/28/22** | $13492 | $13500 |
| **03/31/22** | $13701 | $13800 |
| **04/30/22** | $12285 | $12701 |
| **05/31/22** | $12267 | $12725 |
| **06/30/22** | $11204 | $11657 |
| **07/31/22** | $11967 | $12476 |
| **08/31/22** | $11368 | $12021 |
| **09/30/22** | $10342 | $10875 |
| **10/31/22** | $10996 | $11534 |
| **11/30/22** | $11776 | $12434 |
| **12/31/22** | $11104 | $11950 |
| **01/31/23** | $11948 | $12810 |
| **02/28/23** | $11549 | $12447 |
| **03/31/23** | $12052 | $12839 |
| **04/30/23** | $12232 | $13030 |
| **05/31/23** | $12308 | $12900 |
| **06/30/23** | $12962 | $13654 |
| **07/31/23** | $13323 | $14158 |
| **08/31/23** | $13124 | $13768 |
| **09/30/23** | $12374 | $13204 |
| **10/31/23** | $12099 | $12810 |
| **11/30/23** | $13342 | $13998 |
| **12/31/23** | $13844 | $14676 |
| **01/31/24** | $14470 | $14765 |
| **02/29/24** | $15733 | $15404 |
| **03/31/24** | $16493 | $15888 |
| **04/30/24** | $16008 | $15378 |
| **05/31/24** | $17205 | $16013 |
| **06/30/24** | $17841 | $16375 |
| **07/31/24** | $17461 | $16644 |
| **08/31/24** | $17955 | $17072 |
| **09/30/24** | $18040 | $17475 |
| **10/31/24** | $17651 | $17089 |
| **11/30/24** | $18667 | $17733 |
| **12/31/24** | $18078 | $17319 |
| **01/31/25** | $18294 | $17905 |
| **02/28/25** | $18027 | $17802 |
| **03/31/25** | $16893 | $17108 |
| **04/30/25** | $17512 | $17275 |
| **05/31/25** | $18954 | $18280 |
| **06/30/25** | $20097 | $19108 |
| **07/31/25** | $20540 | $19372 |
| **08/31/25** | $20602 | $19859 |
| **09/30/25** | $21725 | $20586 |
| **10/31/25** | $22178 | $21051 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **SINCE INCEPTION 6/23/20** |
| **Class R6** | 25.65 | 14.93 | 16.03 |
| **MSCI ACWI Gross Total Return Index** | 23.19 | 15.14 | 14.91 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Global Equity Fund

#### Class R6: CGEOX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $166289640 | 81 | 114% | $1420405 |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund seeks long-term capital appreciation by investing in global companies demonstrating compelling growth and quality characteristics, including attractive earnings growth and cash flow generation, strong balance sheets, and high returns on invested capital.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 33.4 |
| **Industrials** | 13.6 |
| **Communication Services** | 12.7 |
| **Financials** | 11.7 |
| **Consumer Discretionary** | 8.4 |
| **Health Care** | 6.1 |
| **Materials** | 5.0 |
| **Consumer Staples** | 3.8 |
| **Energy** | 3.1 |
| **Utilities** | 0.9 |
| **Other** | 0.4 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **NVIDIA Corp.** | 7.8 |
| **Taiwan Semiconductor Manufacturing Co. Ltd.** | 3.4 |
| **Alphabet, Inc. - Class A** | 3.2 |
| **Palantir Technologies, Inc. - Class A** | 2.9 |
| **Amazon.com, Inc.** | 2.5 |
| **Broadcom, Inc.** | 2.4 |
| **Rolls-Royce Holdings PLC** | 2.3 |
| **Microsoft Corp.** | 2.1 |
| **Samsung Electronics Co. Ltd.** | 2.0 |
| **Celsius Holdings, Inc.** | 2.0 |

---

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

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

# Calamos Global Opportunities Fund

#### Class A: CVLOX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Global Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $134 | 1.22% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund generated strong gains and captured most of the MSCI ACWI Index's return. The period was marked by elevated policy uncertainty and tariff concerns, including April's significant volatility, but also experienced a powerful recovery as many economies pursued fiscal stimulus and pro-growth initiatives. By investing in growth opportunities across the capital structure, the Fund sought to capture asymmetric risk-reward in global markets. The Fund benefited as companies aligning with our key secular themes—including AI infrastructure and evolving supply chains—performed well. An average underweight stance and leading security selection in health care contributed to relative returns. An average overweight in consumer discretionary detracted, as positions in hotels, resorts & cruise lines lagged. Geographically, positioning in the United States and Australia contributed significantly, while relative selection in Europe and Canada curbed returns.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg016.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with sales charge** | **MSCI ACWI Gross Total Return Index** |
| **10/31/15** | $9525 | $10000 |
| **11/30/15** | $9503 | $9922 |
| **12/31/15** | $9357 | $9747 |
| **01/31/16** | $8854 | $9161 |
| **02/29/16** | $8686 | $9103 |
| **03/31/16** | $9167 | $9784 |
| **04/30/16** | $9223 | $9934 |
| **05/31/16** | $9312 | $9955 |
| **06/30/16** | $9257 | $9900 |
| **07/31/16** | $9592 | $10330 |
| **08/31/16** | $9558 | $10370 |
| **09/30/16** | $9670 | $10438 |
| **10/31/16** | $9469 | $10263 |
| **11/30/16** | $9335 | $10346 |
| **12/31/16** | $9420 | $10574 |
| **01/31/17** | $9634 | $10865 |
| **02/28/17** | $9792 | $11175 |
| **03/31/17** | $9904 | $11319 |
| **04/30/17** | $10129 | $11501 |
| **05/31/17** | $10264 | $11765 |
| **06/30/17** | $10328 | $11823 |
| **07/31/17** | $10621 | $12158 |
| **08/31/17** | $10666 | $12210 |
| **09/30/17** | $10790 | $12451 |
| **10/31/17** | $11094 | $12712 |
| **11/30/17** | $11252 | $12964 |
| **12/31/17** | $11309 | $13178 |
| **01/31/18** | $11978 | $13924 |
| **02/28/18** | $11560 | $13344 |
| **03/31/18** | $11380 | $13067 |
| **04/30/18** | $11356 | $13199 |
| **05/31/18** | $11452 | $13227 |
| **06/30/18** | $11335 | $13160 |
| **07/31/18** | $11443 | $13561 |
| **08/31/18** | $11622 | $13674 |
| **09/30/18** | $11562 | $13739 |
| **10/31/18** | $10772 | $12713 |
| **11/30/18** | $10843 | $12905 |
| **12/31/18** | $10200 | $12001 |
| **01/31/19** | $10860 | $12952 |
| **02/28/19** | $11048 | $13304 |
| **03/31/19** | $11174 | $13480 |
| **04/30/19** | $11551 | $13942 |
| **05/31/19** | $11093 | $13127 |
| **06/30/19** | $11584 | $13993 |
| **07/31/19** | $11597 | $14038 |
| **08/31/19** | $11449 | $13712 |
| **09/30/19** | $11328 | $14007 |
| **10/31/19** | $11490 | $14394 |
| **11/30/19** | $11800 | $14751 |
| **12/31/19** | $12065 | $15277 |
| **01/31/20** | $12052 | $15112 |
| **02/29/20** | $11397 | $13897 |
| **03/31/20** | $10047 | $12029 |
| **04/30/20** | $11193 | $13324 |
| **05/31/20** | $11874 | $13912 |
| **06/30/20** | $12509 | $14362 |
| **07/31/20** | $13300 | $15127 |
| **08/31/20** | $14296 | $16059 |
| **09/30/20** | $14011 | $15547 |
| **10/31/20** | $13683 | $15173 |
| **11/30/20** | $15144 | $17049 |
| **12/31/20** | $15897 | $17847 |
| **01/31/21** | $16027 | $17770 |
| **02/28/21** | $16621 | $18187 |
| **03/31/21** | $16489 | $18682 |
| **04/30/21** | $17142 | $19507 |
| **05/31/21** | $17243 | $19821 |
| **06/30/21** | $17260 | $20089 |
| **07/31/21** | $17434 | $20233 |
| **08/31/21** | $18028 | $20746 |
| **09/30/21** | $17348 | $19898 |
| **10/31/21** | $18450 | $20918 |
| **11/30/21** | $18088 | $20421 |
| **12/31/21** | $18406 | $21244 |
| **01/31/22** | $17210 | $20205 |
| **02/28/22** | $16826 | $19689 |
| **03/31/22** | $17010 | $20127 |
| **04/30/22** | $15538 | $18524 |
| **05/31/22** | $15492 | $18558 |
| **06/30/22** | $14280 | $17002 |
| **07/31/22** | $15108 | $18195 |
| **08/31/22** | $14449 | $17532 |
| **09/30/22** | $13360 | $15861 |
| **10/31/22** | $14035 | $16822 |
| **11/30/22** | $14940 | $18135 |
| **12/31/22** | $14326 | $17429 |
| **01/31/23** | $15170 | $18682 |
| **02/28/23** | $14694 | $18153 |
| **03/31/23** | $15200 | $18726 |
| **04/30/23** | $15246 | $19004 |
| **05/31/23** | $15139 | $18814 |
| **06/30/23** | $15737 | $19914 |
| **07/31/23** | $16045 | $20649 |
| **08/31/23** | $15799 | $20081 |
| **09/30/23** | $15055 | $19257 |
| **10/31/23** | $14732 | $18683 |
| **11/30/23** | $15794 | $20416 |
| **12/31/23** | $16315 | $21404 |
| **01/31/24** | $16840 | $21534 |
| **02/29/24** | $17936 | $22466 |
| **03/31/24** | $18637 | $23171 |
| **04/30/24** | $18189 | $22429 |
| **05/31/24** | $19162 | $23354 |
| **06/30/24** | $19796 | $23882 |
| **07/31/24** | $19611 | $24274 |
| **08/31/24** | $20167 | $24899 |
| **09/30/24** | $20323 | $25486 |
| **10/31/24** | $20091 | $24923 |
| **11/30/24** | $20772 | $25863 |
| **12/31/24** | $20192 | $25259 |
| **01/31/25** | $20675 | $26113 |
| **02/28/25** | $20342 | $25963 |
| **03/31/25** | $19362 | $24951 |
| **04/30/25** | $19896 | $25195 |
| **05/31/25** | $21080 | $26660 |
| **06/30/25** | $22206 | $27868 |
| **07/31/25** | $22457 | $28254 |
| **08/31/25** | $22557 | $28964 |
| **09/30/25** | $23600 | $30024 |
| **10/31/25** | $24050 | $30701 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class A without sales charge** | 19.71 | 11.94 | 9.7 |
| **Class A with sales charge** | 14.0 | 10.86 | 9.17 |
| **MSCI ACWI Gross Total Return Index** | 23.19 | 15.14 | 11.87 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Global Opportunities Fund

#### Class A: CVLOX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $325929398 | 99 | 123% | $2871008 |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund employs an active, risk-managed strategy to invest in global opportunities. The Fund primarily invests in global common stocks and convertible securities to actively manage the risk-reward profile. The Fund seeks long-term capital appreciation by investing in companies that demonstrate compelling growth and quality characteristics, including attractive earnings growth, cash flow generation, and high returns on invested capital.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 30.5 |
| **Communication Services** | 15.5 |
| **Financials** | 13.1 |
| **Industrials** | 12.0 |
| **Utilities** | 6.3 |
| **Consumer Discretionary** | 5.5 |
| **Materials** | 5.3 |
| **Consumer Staples** | 4.7 |
| **Health Care** | 2.8 |
| **Energy** | 2.6 |
| **Other** | 1.3 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **NVIDIA Corp.** | 5.9 |
| **Taiwan Semiconductor Manufacturing Co. Ltd.** | 3.3 |
| **Alphabet, Inc. - Class A** | 2.9 |
| **AeroVironment, Inc., 0.000%, 07/15/30** | 2.3 |
| **Mirion Technologies, Inc., 0.250%, 06/01/30** | 2.3 |
| **Microsoft Corp.** | 2.2 |
| **Boeing Co., 6.000%, 10/15/27** | 2.1 |
| **Iberdrola Finanzas SA, 1.500%, 03/27/30** | 2.0 |
| **Amazon.com, Inc.** | 2.0 |
| **Alibaba Group Holding Ltd., 0.000%, 09/15/32** | 1.9 |

---

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

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

# Calamos Global Opportunities Fund

#### Class C: CVLCX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Global Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $216 | 1.97% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund generated strong gains and captured most of the MSCI ACWI Index's return. The period was marked by elevated policy uncertainty and tariff concerns, including April's significant volatility, but also experienced a powerful recovery as many economies pursued fiscal stimulus and pro-growth initiatives. By investing in growth opportunities across the capital structure, the Fund sought to capture asymmetric risk-reward in global markets. The Fund benefited as companies aligning with our key secular themes—including AI infrastructure and evolving supply chains—performed well. An average underweight stance and leading security selection in health care contributed to relative returns. An average overweight in consumer discretionary detracted, as positions in hotels, resorts & cruise lines lagged. Geographically, positioning in the United States and Australia contributed significantly, while relative selection in Europe and Canada curbed returns.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg028.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with sales charge** | **MSCI ACWI Gross Total Return Index** |
| **10/31/15** | $10000 | $10000 |
| **11/30/15** | $9975 | $9922 |
| **12/31/15** | $9819 | $9747 |
| **01/31/16** | $9278 | $9161 |
| **02/29/16** | $9097 | $9103 |
| **03/31/16** | $9600 | $9784 |
| **04/30/16** | $9652 | $9934 |
| **05/31/16** | $9729 | $9955 |
| **06/30/16** | $9677 | $9900 |
| **07/31/16** | $10025 | $10330 |
| **08/31/16** | $9974 | $10370 |
| **09/30/16** | $10077 | $10438 |
| **10/31/16** | $9858 | $10263 |
| **11/30/16** | $9729 | $10346 |
| **12/31/16** | $9814 | $10574 |
| **01/31/17** | $10021 | $10865 |
| **02/28/17** | $10177 | $11175 |
| **03/31/17** | $10294 | $11319 |
| **04/30/17** | $10515 | $11501 |
| **05/31/17** | $10657 | $11765 |
| **06/30/17** | $10709 | $11823 |
| **07/31/17** | $11008 | $12158 |
| **08/31/17** | $11047 | $12210 |
| **09/30/17** | $11164 | $12451 |
| **10/31/17** | $11475 | $12712 |
| **11/30/17** | $11631 | $12964 |
| **12/31/17** | $11684 | $13178 |
| **01/31/18** | $12363 | $13924 |
| **02/28/18** | $11920 | $13344 |
| **03/31/18** | $11740 | $13067 |
| **04/30/18** | $11698 | $13199 |
| **05/31/18** | $11795 | $13227 |
| **06/30/18** | $11670 | $13160 |
| **07/31/18** | $11767 | $13561 |
| **08/31/18** | $11948 | $13674 |
| **09/30/18** | $11878 | $13739 |
| **10/31/18** | $11061 | $12713 |
| **11/30/18** | $11130 | $12905 |
| **12/31/18** | $10468 | $12001 |
| **01/31/19** | $11128 | $12952 |
| **02/28/19** | $11316 | $13304 |
| **03/31/19** | $11442 | $13480 |
| **04/30/19** | $11819 | $13942 |
| **05/31/19** | $11332 | $13127 |
| **06/30/19** | $11835 | $13993 |
| **07/31/19** | $11835 | $14038 |
| **08/31/19** | $11678 | $13712 |
| **09/30/19** | $11552 | $14007 |
| **10/31/19** | $11709 | $14394 |
| **11/30/19** | $12024 | $14751 |
| **12/31/19** | $12285 | $15277 |
| **01/31/20** | $12253 | $15112 |
| **02/29/20** | $11602 | $13897 |
| **03/31/20** | $10203 | $12029 |
| **04/30/20** | $11363 | $13324 |
| **05/31/20** | $12062 | $13912 |
| **06/30/20** | $12682 | $14362 |
| **07/31/20** | $13493 | $15127 |
| **08/31/20** | $14478 | $16059 |
| **09/30/20** | $14176 | $15547 |
| **10/31/20** | $13842 | $15173 |
| **11/30/20** | $15320 | $17049 |
| **12/31/20** | $16058 | $17847 |
| **01/31/21** | $16193 | $17770 |
| **02/28/21** | $16787 | $18187 |
| **03/31/21** | $16634 | $18682 |
| **04/30/21** | $17279 | $19507 |
| **05/31/21** | $17363 | $19821 |
| **06/30/21** | $17380 | $20089 |
| **07/31/21** | $17533 | $20233 |
| **08/31/21** | $18126 | $20746 |
| **09/30/21** | $17431 | $19898 |
| **10/31/21** | $18516 | $20918 |
| **11/30/21** | $18143 | $20421 |
| **12/31/21** | $18446 | $21244 |
| **01/31/22** | $17252 | $20205 |
| **02/28/22** | $16853 | $19689 |
| **03/31/22** | $17016 | $20127 |
| **04/30/22** | $15550 | $18524 |
| **05/31/22** | $15496 | $18558 |
| **06/30/22** | $14265 | $17002 |
| **07/31/22** | $15079 | $18195 |
| **08/31/22** | $14428 | $17532 |
| **09/30/22** | $13323 | $15861 |
| **10/31/22** | $13993 | $16822 |
| **11/30/22** | $14880 | $18135 |
| **12/31/22** | $14265 | $17429 |
| **01/31/23** | $15079 | $18682 |
| **02/28/23** | $14609 | $18153 |
| **03/31/23** | $15115 | $18726 |
| **04/30/23** | $15134 | $19004 |
| **05/31/23** | $15025 | $18814 |
| **06/30/23** | $15615 | $19914 |
| **07/31/23** | $15905 | $20649 |
| **08/31/23** | $15652 | $20081 |
| **09/30/23** | $14910 | $19257 |
| **10/31/23** | $14584 | $18683 |
| **11/30/23** | $15617 | $20416 |
| **12/31/23** | $16114 | $21404 |
| **01/31/24** | $16622 | $21534 |
| **02/29/24** | $17692 | $22466 |
| **03/31/24** | $18382 | $23171 |
| **04/30/24** | $17928 | $22429 |
| **05/31/24** | $18872 | $23354 |
| **06/30/24** | $19489 | $23882 |
| **07/31/24** | $19289 | $24274 |
| **08/31/24** | $19833 | $24899 |
| **09/30/24** | $19961 | $25486 |
| **10/31/24** | $19725 | $24923 |
| **11/30/24** | $20396 | $25863 |
| **12/31/24** | $19811 | $25259 |
| **01/31/25** | $20248 | $26113 |
| **02/28/25** | $19930 | $25963 |
| **03/31/25** | $18959 | $24951 |
| **04/30/25** | $19474 | $25195 |
| **05/31/25** | $20605 | $26660 |
| **06/30/25** | $21695 | $27868 |
| **07/31/25** | $21913 | $28254 |
| **08/31/25** | $22013 | $28964 |
| **09/30/25** | $23024 | $30024 |
| **10/31/25** | $23440 | $30701 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class C without sales charge** | 18.84 | 11.11 | 8.89 |
| **Class C with sales charge** | 17.84 | 11.11 | 8.89 |
| **MSCI ACWI Gross Total Return Index** | 23.19 | 15.14 | 11.87 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Global Opportunities Fund

#### Class C: CVLCX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $325929398 | 99 | 123% | $2871008 |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund employs an active, risk-managed strategy to invest in global opportunities. The Fund primarily invests in global common stocks and convertible securities to actively manage the risk-reward profile. The Fund seeks long-term capital appreciation by investing in companies that demonstrate compelling growth and quality characteristics, including attractive earnings growth, cash flow generation, and high returns on invested capital.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 30.5 |
| **Communication Services** | 15.5 |
| **Financials** | 13.1 |
| **Industrials** | 12.0 |
| **Utilities** | 6.3 |
| **Consumer Discretionary** | 5.5 |
| **Materials** | 5.3 |
| **Consumer Staples** | 4.7 |
| **Health Care** | 2.8 |
| **Energy** | 2.6 |
| **Other** | 1.3 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **NVIDIA Corp.** | 5.9 |
| **Taiwan Semiconductor Manufacturing Co. Ltd.** | 3.3 |
| **Alphabet, Inc. - Class A** | 2.9 |
| **AeroVironment, Inc., 0.000%, 07/15/30** | 2.3 |
| **Mirion Technologies, Inc., 0.250%, 06/01/30** | 2.3 |
| **Microsoft Corp.** | 2.2 |
| **Boeing Co., 6.000%, 10/15/27** | 2.1 |
| **Iberdrola Finanzas SA, 1.500%, 03/27/30** | 2.0 |
| **Amazon.com, Inc.** | 2.0 |
| **Alibaba Group Holding Ltd., 0.000%, 09/15/32** | 1.9 |

---

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

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

# Calamos Global Opportunities Fund

#### Class I: CGCIX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Global Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $107 | 0.97% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund generated strong gains and captured most of the MSCI ACWI Index's return. The period was marked by elevated policy uncertainty and tariff concerns, including April's significant volatility, but also experienced a powerful recovery as many economies pursued fiscal stimulus and pro-growth initiatives. By investing in growth opportunities across the capital structure, the Fund sought to capture asymmetric risk-reward in global markets. The Fund benefited as companies aligning with our key secular themes—including AI infrastructure and evolving supply chains—performed well. An average underweight stance and leading security selection in health care contributed to relative returns. An average overweight in consumer discretionary detracted, as positions in hotels, resorts & cruise lines lagged. Geographically, positioning in the United States and Australia contributed significantly, while relative selection in Europe and Canada curbed returns.

## **GROWTH OF $1,000,000**![Growth of 10K Chart](tm2532080d1_tsrimg026.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI ACWI Gross Total Return Index** |
| **10/31/15** | $1000000 | $1000000 |
| **11/30/15** | $998869 | $992187 |
| **12/31/15** | $983890 | $974711 |
| **01/31/16** | $931202 | $916153 |
| **02/29/16** | $912876 | $910370 |
| **03/31/16** | $964418 | $978463 |
| **04/30/16** | $970145 | $993481 |
| **05/31/16** | $979308 | $995576 |
| **06/30/16** | $974727 | $990066 |
| **07/31/16** | $1010234 | $1033037 |
| **08/31/16** | $1005652 | $1037008 |
| **09/30/16** | $1017106 | $1043825 |
| **10/31/16** | $996489 | $1026350 |
| **11/30/16** | $983890 | $1034654 |
| **12/31/16** | $992443 | $1057420 |
| **01/31/17** | $1015577 | $1086551 |
| **02/28/17** | $1031771 | $1117519 |
| **03/31/17** | $1044494 | $1131942 |
| **04/30/17** | $1068785 | $1150103 |
| **05/31/17** | $1082665 | $1176517 |
| **06/30/17** | $1088700 | $1182351 |
| **07/31/17** | $1121129 | $1215828 |
| **08/31/17** | $1125762 | $1221080 |
| **09/30/17** | $1138502 | $1245127 |
| **10/31/17** | $1170932 | $1271269 |
| **11/30/17** | $1188305 | $1296454 |
| **12/31/17** | $1194269 | $1317798 |
| **01/31/18** | $1265386 | $1392423 |
| **02/28/18** | $1221244 | $1334472 |
| **03/31/18** | $1203509 | $1306712 |
| **04/30/18** | $1199825 | $1319932 |
| **05/31/18** | $1210877 | $1322713 |
| **06/30/18** | $1198367 | $1316078 |
| **07/31/18** | $1210671 | $1356190 |
| **08/31/18** | $1230356 | $1367457 |
| **09/30/18** | $1222496 | $1373964 |
| **10/31/18** | $1139928 | $1271308 |
| **11/30/18** | $1148555 | $1290504 |
| **12/31/18** | $1080879 | $1200124 |
| **01/31/19** | $1149901 | $1295264 |
| **02/28/19** | $1170607 | $1330488 |
| **03/31/19** | $1183931 | $1348054 |
| **04/30/19** | $1223994 | $1394285 |
| **05/31/19** | $1175642 | $1312740 |
| **06/30/19** | $1228122 | $1399304 |
| **07/31/19** | $1229507 | $1403896 |
| **08/31/19** | $1214276 | $1371221 |
| **09/30/19** | $1202564 | $1400714 |
| **10/31/19** | $1219209 | $1439404 |
| **11/30/19** | $1252498 | $1475158 |
| **12/31/19** | $1279696 | $1527727 |
| **01/31/20** | $1279696 | $1511235 |
| **02/29/20** | $1211091 | $1389758 |
| **03/31/20** | $1067145 | $1202970 |
| **04/30/20** | $1188984 | $1332454 |
| **05/31/20** | $1261808 | $1391207 |
| **06/30/20** | $1329115 | $1436261 |
| **07/31/20** | $1414638 | $1512800 |
| **08/31/20** | $1519789 | $1605961 |
| **09/30/20** | $1489930 | $1554775 |
| **10/31/20** | $1454823 | $1517366 |
| **11/30/20** | $1610697 | $1704956 |
| **12/31/20** | $1691834 | $1784741 |
| **01/31/21** | $1705214 | $1777058 |
| **02/28/21** | $1769141 | $1818749 |
| **03/31/21** | $1756607 | $1868291 |
| **04/30/21** | $1826573 | $1950755 |
| **05/31/21** | $1836994 | $1982162 |
| **06/30/21** | $1839812 | $2008926 |
| **07/31/21** | $1857703 | $2023362 |
| **08/31/21** | $1921813 | $2074625 |
| **09/30/21** | $1849980 | $1989820 |
| **10/31/21** | $1966350 | $2091893 |
| **11/30/21** | $1929052 | $2042157 |
| **12/31/21** | $1962598 | $2124491 |
| **01/31/22** | $1836589 | $2020555 |
| **02/28/22** | $1795635 | $1968981 |
| **03/31/22** | $1814537 | $2012780 |
| **04/30/22** | $1658600 | $1852433 |
| **05/31/22** | $1653875 | $1855912 |
| **06/30/22** | $1524715 | $1700234 |
| **07/31/22** | $1614497 | $1819564 |
| **08/31/22** | $1545192 | $1753282 |
| **09/30/22** | $1427058 | $1586182 |
| **10/31/22** | $1501088 | $1682306 |
| **11/30/22** | $1597170 | $1813562 |
| **12/31/22** | $1532591 | $1742921 |
| **01/31/23** | $1622372 | $1868291 |
| **02/28/23** | $1571969 | $1815398 |
| **03/31/23** | $1627098 | $1872625 |
| **04/30/23** | $1631823 | $1900436 |
| **05/31/23** | $1620797 | $1881434 |
| **06/30/23** | $1686391 | $1991502 |
| **07/31/23** | $1717971 | $2065001 |
| **08/31/23** | $1692707 | $2008124 |
| **09/30/23** | $1612566 | $1925790 |
| **10/31/23** | $1579334 | $1868317 |
| **11/30/23** | $1693273 | $2041652 |
| **12/31/23** | $1747860 | $2140440 |
| **01/31/24** | $1805010 | $2153440 |
| **02/29/24** | $1922487 | $2246653 |
| **03/31/24** | $1998888 | $2317203 |
| **04/30/24** | $1952809 | $2242928 |
| **05/31/24** | $2056090 | $2335442 |
| **06/30/24** | $2125805 | $2388296 |
| **07/31/24** | $2106711 | $2427478 |
| **08/31/24** | $2165584 | $2489956 |
| **09/30/24** | $2182924 | $2548734 |
| **10/31/24** | $2159024 | $2492375 |
| **11/30/24** | $2232319 | $2586402 |
| **12/31/24** | $2170845 | $2526033 |
| **01/31/25** | $2222246 | $2611394 |
| **02/28/25** | $2187978 | $2596389 |
| **03/31/25** | $2083429 | $2495221 |
| **04/30/25** | $2140016 | $2519617 |
| **05/31/25** | $2266908 | $2666085 |
| **06/30/25** | $2389245 | $2786941 |
| **07/31/25** | $2416727 | $2825449 |
| **08/31/25** | $2428751 | $2896491 |
| **09/30/25** | $2542613 | $3002523 |
| **10/31/25** | $2590749 | $3070253 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class I** | 20.0 | 12.23 | 9.99 |
| **MSCI ACWI Gross Total Return Index** | 23.19 | 15.14 | 11.87 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Global Opportunities Fund

#### Class I: CGCIX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $325929398 | 99 | 123% | $2871008 |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund employs an active, risk-managed strategy to invest in global opportunities. The Fund primarily invests in global common stocks and convertible securities to actively manage the risk-reward profile. The Fund seeks long-term capital appreciation by investing in companies that demonstrate compelling growth and quality characteristics, including attractive earnings growth, cash flow generation, and high returns on invested capital.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 30.5 |
| **Communication Services** | 15.5 |
| **Financials** | 13.1 |
| **Industrials** | 12.0 |
| **Utilities** | 6.3 |
| **Consumer Discretionary** | 5.5 |
| **Materials** | 5.3 |
| **Consumer Staples** | 4.7 |
| **Health Care** | 2.8 |
| **Energy** | 2.6 |
| **Other** | 1.3 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **NVIDIA Corp.** | 5.9 |
| **Taiwan Semiconductor Manufacturing Co. Ltd.** | 3.3 |
| **Alphabet, Inc. - Class A** | 2.9 |
| **AeroVironment, Inc., 0.000%, 07/15/30** | 2.3 |
| **Mirion Technologies, Inc., 0.250%, 06/01/30** | 2.3 |
| **Microsoft Corp.** | 2.2 |
| **Boeing Co., 6.000%, 10/15/27** | 2.1 |
| **Iberdrola Finanzas SA, 1.500%, 03/27/30** | 2.0 |
| **Amazon.com, Inc.** | 2.0 |
| **Alibaba Group Holding Ltd., 0.000%, 09/15/32** | 1.9 |

---

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

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

# Calamos Growth and Income Fund

#### Class A: CVTRX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Growth and Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $117 | 1.05% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund performed in line with its benchmark, as AI innovation and the critical infrastructure buildout drove strength in the US equity market. The Fund's positive results were broad-based but certainly benefited from the strength of large-cap technology stalwarts associated with AI, which continued to deliver impressive results throughout the year. While we continue to favor these businesses, we remain vigilant to downside risks, including changes in demand trends as the AI buildout evolves. We believe the combination of common stocks and convertible securities allows us to manage risk-reward across security selections, sector positioning, and overall portfolio metrics. Not surprisingly, the Fund's multi-asset structure provided advantages in navigating the sharp policy-driven volatility of early spring. On August 22, 2025, Calamos Dividend Growth Fund transferred all of its assets into Calamos Growth and Income Fund. This transaction is expected to be a tax-free reorganization for US federal income tax purposes.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg003.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with sales charge** | **S&P 500 Total Return Index** |
| **10/31/15** | $9525 | $10000 |
| **11/30/15** | $9516 | $10029 |
| **12/31/15** | $9410 | $9871 |
| **01/31/16** | $8960 | $9381 |
| **02/29/16** | $8887 | $9369 |
| **03/31/16** | $9356 | $10004 |
| **04/30/16** | $9417 | $10043 |
| **05/31/16** | $9563 | $10223 |
| **06/30/16** | $9509 | $10250 |
| **07/31/16** | $9784 | $10628 |
| **08/31/16** | $9822 | $10643 |
| **09/30/16** | $9856 | $10645 |
| **10/31/16** | $9740 | $10451 |
| **11/30/16** | $9943 | $10838 |
| **12/31/16** | $10089 | $11052 |
| **01/31/17** | $10225 | $11261 |
| **02/28/17** | $10552 | $11709 |
| **03/31/17** | $10562 | $11722 |
| **04/30/17** | $10692 | $11843 |
| **05/31/17** | $10839 | $12009 |
| **06/30/17** | $10855 | $12084 |
| **07/31/17** | $11075 | $12333 |
| **08/31/17** | $11096 | $12370 |
| **09/30/17** | $11216 | $12626 |
| **10/31/17** | $11433 | $12920 |
| **11/30/17** | $11654 | $13317 |
| **12/31/17** | $11741 | $13465 |
| **01/31/18** | $12423 | $14235 |
| **02/28/18** | $12056 | $13711 |
| **03/31/18** | $11815 | $13362 |
| **04/30/18** | $11826 | $13414 |
| **05/31/18** | $12076 | $13737 |
| **06/30/18** | $12081 | $13821 |
| **07/31/18** | $12450 | $14336 |
| **08/31/18** | $12781 | $14803 |
| **09/30/18** | $12805 | $14887 |
| **10/31/18** | $12028 | $13869 |
| **11/30/18** | $12235 | $14152 |
| **12/31/18** | $11287 | $12874 |
| **01/31/19** | $12083 | $13906 |
| **02/28/19** | $12397 | $14352 |
| **03/31/19** | $12581 | $14631 |
| **04/30/19** | $13052 | $15224 |
| **05/31/19** | $12393 | $14256 |
| **06/30/19** | $13084 | $15261 |
| **07/31/19** | $13248 | $15480 |
| **08/31/19** | $13064 | $15235 |
| **09/30/19** | $13168 | $15520 |
| **10/31/19** | $13413 | $15856 |
| **11/30/19** | $13802 | $16432 |
| **12/31/19** | $14218 | $16928 |
| **01/31/20** | $14206 | $16921 |
| **02/29/20** | $13249 | $15528 |
| **03/31/20** | $11903 | $13610 |
| **04/30/20** | $13225 | $15355 |
| **05/31/20** | $13921 | $16086 |
| **06/30/20** | $14283 | $16406 |
| **07/31/20** | $14993 | $17331 |
| **08/31/20** | $15981 | $18577 |
| **09/30/20** | $15409 | $17871 |
| **10/31/20** | $15081 | $17396 |
| **11/30/20** | $16674 | $19300 |
| **12/31/20** | $17407 | $20042 |
| **01/31/21** | $17181 | $19840 |
| **02/28/21** | $17821 | $20387 |
| **03/31/21** | $18174 | $21280 |
| **04/30/21** | $19100 | $22416 |
| **05/31/21** | $19126 | $22572 |
| **06/30/21** | $19459 | $23099 |
| **07/31/21** | $19758 | $23648 |
| **08/31/21** | $20190 | $24367 |
| **09/30/21** | $19392 | $23234 |
| **10/31/21** | $20612 | $24861 |
| **11/30/21** | $20364 | $24689 |
| **12/31/21** | $21082 | $25796 |
| **01/31/22** | $20017 | $24461 |
| **02/28/22** | $19516 | $23728 |
| **03/31/22** | $20013 | $24609 |
| **04/30/22** | $18414 | $22463 |
| **05/31/22** | $18401 | $22505 |
| **06/30/22** | $17029 | $20647 |
| **07/31/22** | $18287 | $22551 |
| **08/31/22** | $17699 | $21631 |
| **09/30/22** | $16289 | $19639 |
| **10/31/22** | $17362 | $21229 |
| **11/30/22** | $18132 | $22415 |
| **12/31/22** | $17185 | $21124 |
| **01/31/23** | $18138 | $22451 |
| **02/28/23** | $17668 | $21903 |
| **03/31/23** | $18208 | $22707 |
| **04/30/23** | $18494 | $23062 |
| **05/31/23** | $18527 | $23162 |
| **06/30/23** | $19517 | $24693 |
| **07/31/23** | $19992 | $25486 |
| **08/31/23** | $19663 | $25080 |
| **09/30/23** | $18898 | $23884 |
| **10/31/23** | $18554 | $23382 |
| **11/30/23** | $19924 | $25518 |
| **12/31/23** | $20677 | $26677 |
| **01/31/24** | $20941 | $27125 |
| **02/29/24** | $21821 | $28573 |
| **03/31/24** | $22385 | $29493 |
| **04/30/24** | $21588 | $28288 |
| **05/31/24** | $22439 | $29691 |
| **06/30/24** | $23162 | $30756 |
| **07/31/24** | $23216 | $31131 |
| **08/31/24** | $23657 | $31886 |
| **09/30/24** | $24187 | $32567 |
| **10/31/24** | $24055 | $32271 |
| **11/30/24** | $25345 | $34166 |
| **12/31/24** | $24941 | $33351 |
| **01/31/25** | $25633 | $34280 |
| **02/28/25** | $25080 | $33833 |
| **03/31/25** | $23773 | $31926 |
| **04/30/25** | $23809 | $31710 |
| **05/31/25** | $25228 | $33706 |
| **06/30/25** | $26591 | $35420 |
| **07/31/25** | $27155 | $36215 |
| **08/31/25** | $27571 | $36949 |
| **09/30/25** | $28696 | $38298 |
| **10/31/25** | $29343 | $39194 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class A without sales charge** | 21.98 | 14.24 | 11.91 |
| **Class A with sales charge** | 16.18 | 13.13 | 11.37 |
| **S&P 500 Total Return Index** | 21.39 | 17.64 | 14.64 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Growth and Income Fund

#### Class A: CVTRX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $3286129299 | 147 | 36% | $19944374 |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 34.6 |
| **Financials** | 11.6 |
| **Communication Services** | 11.6 |
| **Consumer Discretionary** | 10.0 |
| **Industrials** | 7.9 |
| **Health Care** | 6.9 |
| **Consumer Staples** | 4.0 |
| **Utilities** | 3.4 |
| **Energy** | 2.9 |
| **Other** | 2.5 |
| **Materials** | 2.3 |
| **Real Estate** | 0.8 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **NVIDIA Corp.** | 7.1 |
| **Microsoft Corp.** | 6.0 |
| **Apple, Inc.** | 5.9 |
| **Alphabet, Inc. - Class A** | 4.2 |
| **Amazon.com, Inc.** | 4.1 |
| **Broadcom, Inc.** | 2.8 |
| **Meta Platforms, Inc. - Class A** | 2.3 |
| **Tesla, Inc.** | 1.8 |
| **JPMorgan Chase & Co.** | 1.7 |
| **Visa, Inc. - Class A** | 1.3 |

---

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

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

# Calamos Growth and Income Fund

#### Class C: CVTCX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Growth and Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $199 | 1.80% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund performed in line with its benchmark, as AI innovation and the critical infrastructure buildout drove strength in the US equity market. The Fund's positive results were broad-based but certainly benefited from the strength of large-cap technology stalwarts associated with AI, which continued to deliver impressive results throughout the year. While we continue to favor these businesses, we remain vigilant to downside risks, including changes in demand trends as the AI buildout evolves. We believe the combination of common stocks and convertible securities allows us to manage risk-reward across security selections, sector positioning, and overall portfolio metrics. Not surprisingly, the Fund's multi-asset structure provided advantages in navigating the sharp policy-driven volatility of early spring. On August 22, 2025, Calamos Dividend Growth Fund transferred all of its assets into Calamos Growth and Income Fund. This transaction is expected to be a tax-free reorganization for US federal income tax purposes.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg042.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with sales charge** | **S&P 500 Total Return Index** |
| **10/31/15** | $10000 | $10000 |
| **11/30/15** | $9984 | $10029 |
| **12/31/15** | $9868 | $9871 |
| **01/31/16** | $9381 | $9381 |
| **02/29/16** | $9299 | $9369 |
| **03/31/16** | $9786 | $10004 |
| **04/30/16** | $9843 | $10043 |
| **05/31/16** | $9988 | $10223 |
| **06/30/16** | $9926 | $10250 |
| **07/31/16** | $10206 | $10628 |
| **08/31/16** | $10242 | $10643 |
| **09/30/16** | $10267 | $10645 |
| **10/31/16** | $10139 | $10451 |
| **11/30/16** | $10347 | $10838 |
| **12/31/16** | $10492 | $11052 |
| **01/31/17** | $10625 | $11261 |
| **02/28/17** | $10960 | $11709 |
| **03/31/17** | $10964 | $11722 |
| **04/30/17** | $11092 | $11843 |
| **05/31/17** | $11236 | $12009 |
| **06/30/17** | $11249 | $12084 |
| **07/31/17** | $11469 | $12333 |
| **08/31/17** | $11483 | $12370 |
| **09/30/17** | $11600 | $12626 |
| **10/31/17** | $11816 | $12920 |
| **11/30/17** | $12036 | $13317 |
| **12/31/17** | $12117 | $13465 |
| **01/31/18** | $12813 | $14235 |
| **02/28/18** | $12429 | $13711 |
| **03/31/18** | $12174 | $13362 |
| **04/30/18** | $12177 | $13414 |
| **05/31/18** | $12426 | $13737 |
| **06/30/18** | $12424 | $13821 |
| **07/31/18** | $12797 | $14336 |
| **08/31/18** | $13124 | $14803 |
| **09/30/18** | $13142 | $14887 |
| **10/31/18** | $12339 | $13869 |
| **11/30/18** | $12543 | $14152 |
| **12/31/18** | $11563 | $12874 |
| **01/31/19** | $12373 | $13906 |
| **02/28/19** | $12685 | $14352 |
| **03/31/19** | $12868 | $14631 |
| **04/30/19** | $13341 | $15224 |
| **05/31/19** | $12657 | $14256 |
| **06/30/19** | $13358 | $15261 |
| **07/31/19** | $13520 | $15480 |
| **08/31/19** | $13317 | $15235 |
| **09/30/19** | $13417 | $15520 |
| **10/31/19** | $13656 | $15856 |
| **11/30/19** | $14050 | $16432 |
| **12/31/19** | $14461 | $16928 |
| **01/31/20** | $14436 | $16921 |
| **02/29/20** | $13454 | $15528 |
| **03/31/20** | $12079 | $13610 |
| **04/30/20** | $13417 | $15355 |
| **05/31/20** | $14113 | $16086 |
| **06/30/20** | $14472 | $16406 |
| **07/31/20** | $15185 | $17331 |
| **08/31/20** | $16173 | $18577 |
| **09/30/20** | $15585 | $17871 |
| **10/31/20** | $15243 | $17396 |
| **11/30/20** | $16840 | $19300 |
| **12/31/20** | $17569 | $20042 |
| **01/31/21** | $17331 | $19840 |
| **02/28/21** | $17970 | $20387 |
| **03/31/21** | $18310 | $21280 |
| **04/30/21** | $19235 | $22416 |
| **05/31/21** | $19247 | $22572 |
| **06/30/21** | $19571 | $23099 |
| **07/31/21** | $19857 | $23648 |
| **08/31/21** | $20282 | $24367 |
| **09/30/21** | $19465 | $23234 |
| **10/31/21** | $20679 | $24861 |
| **11/30/21** | $20414 | $24689 |
| **12/31/21** | $21122 | $25796 |
| **01/31/22** | $20041 | $24461 |
| **02/28/22** | $19526 | $23728 |
| **03/31/22** | $20014 | $24609 |
| **04/30/22** | $18405 | $22463 |
| **05/31/22** | $18378 | $22505 |
| **06/30/22** | $16998 | $20647 |
| **07/31/22** | $18239 | $22551 |
| **08/31/22** | $17643 | $21631 |
| **09/30/22** | $16227 | $19639 |
| **10/31/22** | $17285 | $21229 |
| **11/30/22** | $18042 | $22415 |
| **12/31/22** | $17089 | $21124 |
| **01/31/23** | $18025 | $22451 |
| **02/28/23** | $17548 | $21903 |
| **03/31/23** | $18072 | $22707 |
| **04/30/23** | $18345 | $23062 |
| **05/31/23** | $18368 | $23162 |
| **06/30/23** | $19337 | $24693 |
| **07/31/23** | $19796 | $25486 |
| **08/31/23** | $19453 | $25080 |
| **09/30/23** | $18683 | $23884 |
| **10/31/23** | $18336 | $23382 |
| **11/30/23** | $19680 | $25518 |
| **12/31/23** | $20408 | $26677 |
| **01/31/24** | $20653 | $27125 |
| **02/29/24** | $21508 | $28573 |
| **03/31/24** | $22051 | $29493 |
| **04/30/24** | $21258 | $28288 |
| **05/31/24** | $22075 | $29691 |
| **06/30/24** | $22777 | $30756 |
| **07/31/24** | $22815 | $31131 |
| **08/31/24** | $23233 | $31886 |
| **09/30/24** | $23738 | $32567 |
| **10/31/24** | $23599 | $32271 |
| **11/30/24** | $24843 | $34166 |
| **12/31/24** | $24432 | $33351 |
| **01/31/25** | $25098 | $34280 |
| **02/28/25** | $24542 | $33833 |
| **03/31/25** | $23244 | $31926 |
| **04/30/25** | $23269 | $31710 |
| **05/31/25** | $24637 | $33706 |
| **06/30/25** | $25950 | $35420 |
| **07/31/25** | $26487 | $36215 |
| **08/31/25** | $26873 | $36949 |
| **09/30/25** | $27956 | $38298 |
| **10/31/25** | $28567 | $39194 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class C without sales charge** | 21.05 | 13.39 | 11.07 |
| **Class C with sales charge** | 20.05 | 13.39 | 11.07 |
| **S&P 500 Total Return Index** | 21.39 | 17.64 | 14.64 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Growth and Income Fund

#### Class C: CVTCX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $3286129299 | 147 | 36% | $19944374 |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 34.6 |
| **Financials** | 11.6 |
| **Communication Services** | 11.6 |
| **Consumer Discretionary** | 10.0 |
| **Industrials** | 7.9 |
| **Health Care** | 6.9 |
| **Consumer Staples** | 4.0 |
| **Utilities** | 3.4 |
| **Energy** | 2.9 |
| **Other** | 2.5 |
| **Materials** | 2.3 |
| **Real Estate** | 0.8 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **NVIDIA Corp.** | 7.1 |
| **Microsoft Corp.** | 6.0 |
| **Apple, Inc.** | 5.9 |
| **Alphabet, Inc. - Class A** | 4.2 |
| **Amazon.com, Inc.** | 4.1 |
| **Broadcom, Inc.** | 2.8 |
| **Meta Platforms, Inc. - Class A** | 2.3 |
| **Tesla, Inc.** | 1.8 |
| **JPMorgan Chase & Co.** | 1.7 |
| **Visa, Inc. - Class A** | 1.3 |

---

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

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

# Calamos Growth and Income Fund

#### Class I: CGIIX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Growth and Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $89 | 0.80% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund performed in line with its benchmark, as AI innovation and the critical infrastructure buildout drove strength in the US equity market. The Fund's positive results were broad-based but certainly benefited from the strength of large-cap technology stalwarts associated with AI, which continued to deliver impressive results throughout the year. While we continue to favor these businesses, we remain vigilant to downside risks, including changes in demand trends as the AI buildout evolves. We believe the combination of common stocks and convertible securities allows us to manage risk-reward across security selections, sector positioning, and overall portfolio metrics. Not surprisingly, the Fund's multi-asset structure provided advantages in navigating the sharp policy-driven volatility of early spring. On August 22, 2025, Calamos Dividend Growth Fund transferred all of its assets into Calamos Growth and Income Fund. This transaction is expected to be a tax-free reorganization for US federal income tax purposes.

## **GROWTH OF $1,000,000**![Growth of 10K Chart](tm2532080d1_tsrimg046.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **S&P 500 Total Return Index** |
| **10/31/15** | $1000000 | $999999 |
| **11/30/15** | $999023 | $1002973 |
| **12/31/15** | $988228 | $987154 |
| **01/31/16** | $940727 | $938168 |
| **02/29/16** | $933154 | $936902 |
| **03/31/16** | $982975 | $1000459 |
| **04/30/16** | $989539 | $1004339 |
| **05/31/16** | $1005087 | $1022374 |
| **06/30/16** | $999523 | $1025024 |
| **07/31/16** | $1028388 | $1062815 |
| **08/31/16** | $1032910 | $1064308 |
| **09/30/16** | $1036617 | $1064507 |
| **10/31/16** | $1024318 | $1045090 |
| **11/30/16** | $1046105 | $1083795 |
| **12/31/16** | $1062002 | $1105216 |
| **01/31/17** | $1076489 | $1126178 |
| **02/28/17** | $1111035 | $1170897 |
| **03/31/17** | $1112076 | $1172260 |
| **04/30/17** | $1126276 | $1184300 |
| **05/31/17** | $1141971 | $1200966 |
| **06/30/17** | $1144001 | $1208462 |
| **07/31/17** | $1167310 | $1233312 |
| **08/31/17** | $1169565 | $1237088 |
| **09/30/17** | $1182744 | $1262607 |
| **10/31/17** | $1205758 | $1292069 |
| **11/30/17** | $1229148 | $1331697 |
| **12/31/17** | $1238739 | $1346503 |
| **01/31/18** | $1310684 | $1423595 |
| **02/28/18** | $1272501 | $1371127 |
| **03/31/18** | $1247260 | $1336282 |
| **04/30/18** | $1248872 | $1341409 |
| **05/31/18** | $1275478 | $1373713 |
| **06/30/18** | $1276444 | $1382168 |
| **07/31/18** | $1315295 | $1433605 |
| **08/31/18** | $1350505 | $1480317 |
| **09/30/18** | $1353182 | $1488743 |
| **10/31/18** | $1271478 | $1386988 |
| **11/30/18** | $1293835 | $1415252 |
| **12/31/18** | $1193760 | $1287469 |
| **01/31/19** | $1278088 | $1390640 |
| **02/28/19** | $1311467 | $1435291 |
| **03/31/19** | $1331423 | $1463181 |
| **04/30/19** | $1381682 | $1522424 |
| **05/31/19** | $1312024 | $1425677 |
| **06/30/19** | $1385747 | $1526154 |
| **07/31/19** | $1403428 | $1548090 |
| **08/31/19** | $1383979 | $1523566 |
| **09/30/19** | $1395035 | $1552073 |
| **10/31/19** | $1421666 | $1585689 |
| **11/30/19** | $1463388 | $1643248 |
| **12/31/19** | $1507712 | $1692846 |
| **01/31/20** | $1506340 | $1692182 |
| **02/29/20** | $1405308 | $1552884 |
| **03/31/20** | $1262670 | $1361082 |
| **04/30/20** | $1403835 | $1535564 |
| **05/31/20** | $1477866 | $1608699 |
| **06/30/20** | $1516173 | $1640694 |
| **07/31/20** | $1592236 | $1733204 |
| **08/31/20** | $1697340 | $1857787 |
| **09/30/20** | $1637179 | $1787196 |
| **10/31/20** | $1602523 | $1739670 |
| **11/30/20** | $1772109 | $1930100 |
| **12/31/20** | $1850134 | $2004310 |
| **01/31/21** | $1826378 | $1984074 |
| **02/28/21** | $1895271 | $2038784 |
| **03/31/21** | $1932863 | $2128074 |
| **04/30/21** | $2032241 | $2241647 |
| **05/31/21** | $2035569 | $2257303 |
| **06/30/21** | $2071145 | $2310001 |
| **07/31/21** | $2103053 | $2364873 |
| **08/31/21** | $2149724 | $2436779 |
| **09/30/21** | $2065524 | $2323446 |
| **10/31/21** | $2195782 | $2486229 |
| **11/30/21** | $2169540 | $2469003 |
| **12/31/21** | $2246451 | $2579654 |
| **01/31/22** | $2133295 | $2446166 |
| **02/28/22** | $2080253 | $2372922 |
| **03/31/22** | $2133830 | $2461029 |
| **04/30/22** | $1963892 | $2246423 |
| **05/31/22** | $1962881 | $2250543 |
| **06/30/22** | $1817270 | $2064775 |
| **07/31/22** | $1951601 | $2255156 |
| **08/31/22** | $1889251 | $2163188 |
| **09/30/22** | $1738960 | $1963959 |
| **10/31/22** | $1854281 | $2122964 |
| **11/30/22** | $1936581 | $2241606 |
| **12/31/22** | $1835603 | $2112456 |
| **01/31/23** | $1937992 | $2245191 |
| **02/28/23** | $1888381 | $2190409 |
| **03/31/23** | $1946436 | $2270828 |
| **04/30/23** | $1977047 | $2306273 |
| **05/31/23** | $1981269 | $2316298 |
| **06/30/23** | $2087518 | $2469349 |
| **07/31/23** | $2138820 | $2548675 |
| **08/31/23** | $2103914 | $2508098 |
| **09/30/23** | $2022378 | $2388516 |
| **10/31/23** | $1986321 | $2338293 |
| **11/30/23** | $2133731 | $2551840 |
| **12/31/23** | $2214532 | $2667771 |
| **01/31/24** | $2243250 | $2712601 |
| **02/29/24** | $2337685 | $2857443 |
| **03/31/24** | $2399005 | $2949380 |
| **04/30/24** | $2314432 | $2828912 |
| **05/31/24** | $2405638 | $2969184 |
| **06/30/24** | $2483386 | $3075724 |
| **07/31/24** | $2490029 | $3113163 |
| **08/31/24** | $2538191 | $3188677 |
| **09/30/24** | $2595453 | $3256778 |
| **10/31/24** | $2582138 | $3227245 |
| **11/30/24** | $2720843 | $3416687 |
| **12/31/24** | $2678110 | $3335239 |
| **01/31/25** | $2753148 | $3428117 |
| **02/28/25** | $2693816 | $3383388 |
| **03/31/25** | $2554210 | $3192753 |
| **04/30/25** | $2558863 | $3171102 |
| **05/31/25** | $2711267 | $3370708 |
| **06/30/25** | $2858369 | $3542116 |
| **07/31/25** | $2919532 | $3621611 |
| **08/31/25** | $2965550 | $3695028 |
| **09/30/25** | $3087111 | $3829896 |
| **10/31/25** | $3157127 | $3919568 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class I** | 22.27 | 14.52 | 12.18 |
| **S&P 500 Total Return Index** | 21.39 | 17.64 | 14.64 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Growth and Income Fund

#### Class I: CGIIX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $3286129299 | 147 | 36% | $19944374 |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 34.6 |
| **Financials** | 11.6 |
| **Communication Services** | 11.6 |
| **Consumer Discretionary** | 10.0 |
| **Industrials** | 7.9 |
| **Health Care** | 6.9 |
| **Consumer Staples** | 4.0 |
| **Utilities** | 3.4 |
| **Energy** | 2.9 |
| **Other** | 2.5 |
| **Materials** | 2.3 |
| **Real Estate** | 0.8 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **NVIDIA Corp.** | 7.1 |
| **Microsoft Corp.** | 6.0 |
| **Apple, Inc.** | 5.9 |
| **Alphabet, Inc. - Class A** | 4.2 |
| **Amazon.com, Inc.** | 4.1 |
| **Broadcom, Inc.** | 2.8 |
| **Meta Platforms, Inc. - Class A** | 2.3 |
| **Tesla, Inc.** | 1.8 |
| **JPMorgan Chase & Co.** | 1.7 |
| **Visa, Inc. - Class A** | 1.3 |

---

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

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

# Calamos Growth and Income Fund

#### Class R6: CGIOX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Growth and Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class R6 | $81 | 0.73% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund performed in line with its benchmark, as AI innovation and the critical infrastructure buildout drove strength in the US equity market. The Fund's positive results were broad-based but certainly benefited from the strength of large-cap technology stalwarts associated with AI, which continued to deliver impressive results throughout the year. While we continue to favor these businesses, we remain vigilant to downside risks, including changes in demand trends as the AI buildout evolves. We believe the combination of common stocks and convertible securities allows us to manage risk-reward across security selections, sector positioning, and overall portfolio metrics. Not surprisingly, the Fund's multi-asset structure provided advantages in navigating the sharp policy-driven volatility of early spring. On August 22, 2025, Calamos Dividend Growth Fund transferred all of its assets into Calamos Growth and Income Fund. This transaction is expected to be a tax-free reorganization for US federal income tax purposes.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg029.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **S&P 500 Total Return Index** |
| **06/23/20** | $10000 | $9999 |
| **06/30/20** | $9898 | $9902 |
| **07/31/20** | $10394 | $10461 |
| **08/31/20** | $11080 | $11212 |
| **09/30/20** | $10689 | $10786 |
| **10/31/20** | $10463 | $10500 |
| **11/30/20** | $11570 | $11649 |
| **12/31/20** | $12082 | $12097 |
| **01/31/21** | $11930 | $11975 |
| **02/28/21** | $12379 | $12305 |
| **03/31/21** | $12624 | $12844 |
| **04/30/21** | $13273 | $13529 |
| **05/31/21** | $13295 | $13624 |
| **06/30/21** | $13529 | $13942 |
| **07/31/21** | $13741 | $14273 |
| **08/31/21** | $14046 | $14707 |
| **09/30/21** | $13495 | $14023 |
| **10/31/21** | $14349 | $15005 |
| **11/30/21** | $14178 | $14901 |
| **12/31/21** | $14683 | $15569 |
| **01/31/22** | $13944 | $14764 |
| **02/28/22** | $13597 | $14322 |
| **03/31/22** | $13947 | $14853 |
| **04/30/22** | $12836 | $13558 |
| **05/31/22** | $12833 | $13583 |
| **06/30/22** | $11881 | $12462 |
| **07/31/22** | $12759 | $13611 |
| **08/31/22** | $12351 | $13056 |
| **09/30/22** | $11372 | $11853 |
| **10/31/22** | $12125 | $12813 |
| **11/30/22** | $12664 | $13529 |
| **12/31/22** | $12006 | $12750 |
| **01/31/23** | $12679 | $13551 |
| **02/28/23** | $12351 | $13220 |
| **03/31/23** | $12734 | $13705 |
| **04/30/23** | $12934 | $13919 |
| **05/31/23** | $12965 | $13980 |
| **06/30/23** | $13659 | $14904 |
| **07/31/23** | $13995 | $15382 |
| **08/31/23** | $13766 | $15137 |
| **09/30/23** | $13235 | $14416 |
| **10/31/23** | $13000 | $14113 |
| **11/30/23** | $13964 | $15401 |
| **12/31/23** | $14495 | $16101 |
| **01/31/24** | $14683 | $16372 |
| **02/29/24** | $15304 | $17246 |
| **03/31/24** | $15705 | $17801 |
| **04/30/24** | $15151 | $17074 |
| **05/31/24** | $15748 | $17920 |
| **06/30/24** | $16263 | $18563 |
| **07/31/24** | $16307 | $18789 |
| **08/31/24** | $16618 | $19245 |
| **09/30/24** | $16996 | $19656 |
| **10/31/24** | $16909 | $19478 |
| **11/30/24** | $17821 | $20621 |
| **12/31/24** | $17541 | $20130 |
| **01/31/25** | $18032 | $20690 |
| **02/28/25** | $17647 | $20420 |
| **03/31/25** | $16733 | $19270 |
| **04/30/25** | $16764 | $19139 |
| **05/31/25** | $17765 | $20344 |
| **06/30/25** | $18732 | $21378 |
| **07/31/25** | $19132 | $21858 |
| **08/31/25** | $19434 | $22301 |
| **09/30/25** | $20229 | $23115 |
| **10/31/25** | $20692 | $23656 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **SINCE INCEPTION 6/23/20** |
| **Class R6** | 22.37 | 14.61 | 14.54 |
| **S&P 500 Total Return Index** | 21.39 | 17.64 | 17.44 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Growth and Income Fund

#### Class R6: CGIOX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $3286129299 | 147 | 36% | $19944374 |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 34.6 |
| **Financials** | 11.6 |
| **Communication Services** | 11.6 |
| **Consumer Discretionary** | 10.0 |
| **Industrials** | 7.9 |
| **Health Care** | 6.9 |
| **Consumer Staples** | 4.0 |
| **Utilities** | 3.4 |
| **Energy** | 2.9 |
| **Other** | 2.5 |
| **Materials** | 2.3 |
| **Real Estate** | 0.8 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **NVIDIA Corp.** | 7.1 |
| **Microsoft Corp.** | 6.0 |
| **Apple, Inc.** | 5.9 |
| **Alphabet, Inc. - Class A** | 4.2 |
| **Amazon.com, Inc.** | 4.1 |
| **Broadcom, Inc.** | 2.8 |
| **Meta Platforms, Inc. - Class A** | 2.3 |
| **Tesla, Inc.** | 1.8 |
| **JPMorgan Chase & Co.** | 1.7 |
| **Visa, Inc. - Class A** | 1.3 |

---

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

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

# Calamos Growth Fund

#### Class A: CVGRX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $145 | 1.28% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund delivered strong gains during a year that tested investors' convictions with sharp volatility before rewarding disciplined strategies. The market navigated significant turbulence in April as tariff uncertainties sparked intense selling pressure but demonstrated remarkable resilience by staging a robust V-shaped recovery supported by accommodative Fed policy, pro-growth tax legislation, and sustained corporate earnings momentum. The Fund's performance benefited from its positioning in AI and technology stalwarts that continued to deliver impressive results throughout the year, but it also saw strong performance from consistent growth businesses in consumer staples and financials. In contrast, the energy and the materials sectors each finished in negative territory for the reporting period, and were drags on the Fund's performance.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg050.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with sales charge** | **S&P 500 Total Return Index** |
| **10/31/15** | $9526 | $10000 |
| **11/30/15** | $9524 | $10029 |
| **12/31/15** | $9353 | $9871 |
| **01/31/16** | $8663 | $9381 |
| **02/29/16** | $8476 | $9369 |
| **03/31/16** | $8991 | $10004 |
| **04/30/16** | $8919 | $10043 |
| **05/31/16** | $9136 | $10223 |
| **06/30/16** | $8910 | $10250 |
| **07/31/16** | $9332 | $10628 |
| **08/31/16** | $9190 | $10643 |
| **09/30/16** | $9256 | $10645 |
| **10/31/16** | $9073 | $10451 |
| **11/30/16** | $9154 | $10838 |
| **12/31/16** | $9153 | $11052 |
| **01/31/17** | $9558 | $11261 |
| **02/28/17** | $9852 | $11709 |
| **03/31/17** | $9978 | $11722 |
| **04/30/17** | $10181 | $11843 |
| **05/31/17** | $10376 | $12009 |
| **06/30/17** | $10442 | $12084 |
| **07/31/17** | $10645 | $12333 |
| **08/31/17** | $10714 | $12370 |
| **09/30/17** | $10871 | $12626 |
| **10/31/17** | $11141 | $12920 |
| **11/30/17** | $11438 | $13317 |
| **12/31/17** | $11587 | $13465 |
| **01/31/18** | $12436 | $14235 |
| **02/28/18** | $12108 | $13711 |
| **03/31/18** | $11834 | $13362 |
| **04/30/18** | $11916 | $13414 |
| **05/31/18** | $12283 | $13737 |
| **06/30/18** | $12276 | $13821 |
| **07/31/18** | $12611 | $14336 |
| **08/31/18** | $13057 | $14803 |
| **09/30/18** | $12936 | $14887 |
| **10/31/18** | $11823 | $13869 |
| **11/30/18** | $11951 | $14152 |
| **12/31/18** | $10907 | $12874 |
| **01/31/19** | $11944 | $13906 |
| **02/28/19** | $12346 | $14352 |
| **03/31/19** | $12621 | $14631 |
| **04/30/19** | $13198 | $15224 |
| **05/31/19** | $12613 | $14256 |
| **06/30/19** | $13349 | $15261 |
| **07/31/19** | $13608 | $15480 |
| **08/31/19** | $13378 | $15235 |
| **09/30/19** | $13295 | $15520 |
| **10/31/19** | $13474 | $15856 |
| **11/30/19** | $14110 | $16432 |
| **12/31/19** | $14300 | $16928 |
| **01/31/20** | $14617 | $16921 |
| **02/29/20** | $13570 | $15528 |
| **03/31/20** | $11638 | $13610 |
| **04/30/20** | $13249 | $15355 |
| **05/31/20** | $14397 | $16086 |
| **06/30/20** | $15049 | $16406 |
| **07/31/20** | $15806 | $17331 |
| **08/31/20** | $17289 | $18577 |
| **09/30/20** | $16522 | $17871 |
| **10/31/20** | $16050 | $17396 |
| **11/30/20** | $18083 | $19300 |
| **12/31/20** | $19009 | $20042 |
| **01/31/21** | $18973 | $19840 |
| **02/28/21** | $19586 | $20387 |
| **03/31/21** | $19581 | $21280 |
| **04/30/21** | $20741 | $22416 |
| **05/31/21** | $20347 | $22572 |
| **06/30/21** | $21497 | $23099 |
| **07/31/21** | $21880 | $23648 |
| **08/31/21** | $22697 | $24367 |
| **09/30/21** | $21568 | $23234 |
| **10/31/21** | $23433 | $24861 |
| **11/30/21** | $23264 | $24689 |
| **12/31/21** | $23432 | $25796 |
| **01/31/22** | $21088 | $24461 |
| **02/28/22** | $20287 | $23728 |
| **03/31/22** | $21025 | $24609 |
| **04/30/22** | $18248 | $22463 |
| **05/31/22** | $17586 | $22505 |
| **06/30/22** | $16180 | $20647 |
| **07/31/22** | $17931 | $22551 |
| **08/31/22** | $17125 | $21631 |
| **09/30/22** | $15477 | $19639 |
| **10/31/22** | $16267 | $21229 |
| **11/30/22** | $16941 | $22415 |
| **12/31/22** | $15621 | $21124 |
| **01/31/23** | $16854 | $22451 |
| **02/28/23** | $16566 | $21903 |
| **03/31/23** | $17574 | $22707 |
| **04/30/23** | $17816 | $23062 |
| **05/31/23** | $18646 | $23162 |
| **06/30/23** | $19896 | $24693 |
| **07/31/23** | $20408 | $25486 |
| **08/31/23** | $20166 | $25080 |
| **09/30/23** | $18997 | $23884 |
| **10/31/23** | $18703 | $23382 |
| **11/30/23** | $20667 | $25518 |
| **12/31/23** | $21491 | $26677 |
| **01/31/24** | $22129 | $27125 |
| **02/29/24** | $23663 | $28573 |
| **03/31/24** | $24169 | $29493 |
| **04/30/24** | $23242 | $28288 |
| **05/31/24** | $24512 | $29691 |
| **06/30/24** | $26029 | $30756 |
| **07/31/24** | $25409 | $31131 |
| **08/31/24** | $26017 | $31886 |
| **09/30/24** | $26672 | $32567 |
| **10/31/24** | $26642 | $32271 |
| **11/30/24** | $28478 | $34166 |
| **12/31/24** | $28420 | $33351 |
| **01/31/25** | $29196 | $34280 |
| **02/28/25** | $28010 | $33833 |
| **03/31/25** | $25408 | $31926 |
| **04/30/25** | $25863 | $31710 |
| **05/31/25** | $28305 | $33706 |
| **06/30/25** | $30305 | $35420 |
| **07/31/25** | $31138 | $36215 |
| **08/31/25** | $31497 | $36949 |
| **09/30/25** | $32458 | $38298 |
| **10/31/25** | $33612 | $39194 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class A without sales charge** | 26.16 | 15.93 | 13.44 |
| **Class A with sales charge** | 20.16 | 14.81 | 12.89 |
| **S&P 500 Total Return Index** | 21.39 | 17.64 | 14.64 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Growth Fund

#### Class A: CVGRX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $1761866172 | 137 | 54% | $14276064 |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund favored high-quality growth stocks, particularly those well-positioned to capitalize on the ongoing AI revolution as it transitions from its nascent stage to having broader societal and economic impacts. The Fund also diversified its holdings among growth names by owning emerging, disruptive growth businesses as well as cyclical growth names. Over the course of the reporting period, information technology, consumer discretionary, and communications services were the sectors most heavily represented in the portfolio.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 46.6 |
| **Communication Services** | 18.3 |
| **Consumer Discretionary** | 15.1 |
| **Health Care** | 7.8 |
| **Financials** | 5 |
| **Industrials** | 4.4 |
| **Consumer Staples** | 1.4 |
| **Materials** | 1 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **NVIDIA Corp.** | 12.3 |
| **Microsoft Corp.** | 8.5 |
| **Alphabet, Inc. - Class A** | 8.2 |
| **Amazon.com, Inc.** | 8.1 |
| **Apple, Inc.** | 7.1 |
| **Meta Platforms, Inc. - Class A** | 3.9 |
| **Broadcom, Inc.** | 3.8 |
| **Visa, Inc. - Class A** | 3.0 |
| **Netflix, Inc.** | 2.7 |
| **Eli Lilly & Co.** | 2.1 |

---

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

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

# Calamos Growth Fund

#### Class C: CVGCX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $229 | 2.03% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund delivered strong gains during a year that tested investors' convictions with sharp volatility before rewarding disciplined strategies. The market navigated significant turbulence in April as tariff uncertainties sparked intense selling pressure but demonstrated remarkable resilience by staging a robust V-shaped recovery supported by accommodative Fed policy, pro-growth tax legislation, and sustained corporate earnings momentum. The Fund's performance benefited from its positioning in AI and technology stalwarts that continued to deliver impressive results throughout the year, but it also saw strong performance from consistent growth businesses in consumer staples and financials. In contrast, the energy and the materials sectors each finished in negative territory for the reporting period, and were drags on the Fund's performance.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg024.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with sales charge** | **S&P 500 Total Return Index** |
| **10/31/15** | $10000 | $10000 |
| **11/30/15** | $9994 | $10029 |
| **12/31/15** | $9809 | $9871 |
| **01/31/16** | $9078 | $9381 |
| **02/29/16** | $8876 | $9369 |
| **03/31/16** | $9410 | $10004 |
| **04/30/16** | $9329 | $10043 |
| **05/31/16** | $9549 | $10223 |
| **06/30/16** | $9307 | $10250 |
| **07/31/16** | $9742 | $10628 |
| **08/31/16** | $9589 | $10643 |
| **09/30/16** | $9652 | $10645 |
| **10/31/16** | $9455 | $10451 |
| **11/30/16** | $9535 | $10838 |
| **12/31/16** | $9525 | $11052 |
| **01/31/17** | $9938 | $11261 |
| **02/28/17** | $10242 | $11709 |
| **03/31/17** | $10366 | $11722 |
| **04/30/17** | $10570 | $11843 |
| **05/31/17** | $10765 | $12009 |
| **06/30/17** | $10827 | $12084 |
| **07/31/17** | $11031 | $12333 |
| **08/31/17** | $11098 | $12370 |
| **09/30/17** | $11250 | $12626 |
| **10/31/17** | $11520 | $12920 |
| **11/30/17** | $11824 | $13317 |
| **12/31/17** | $11968 | $13465 |
| **01/31/18** | $12841 | $14235 |
| **02/28/18** | $12494 | $13711 |
| **03/31/18** | $12205 | $13362 |
| **04/30/18** | $12280 | $13414 |
| **05/31/18** | $12650 | $13737 |
| **06/30/18** | $12633 | $13821 |
| **07/31/18** | $12968 | $14336 |
| **08/31/18** | $13425 | $14803 |
| **09/30/18** | $13292 | $14887 |
| **10/31/18** | $12136 | $13869 |
| **11/30/18** | $12263 | $14152 |
| **12/31/18** | $11178 | $12874 |
| **01/31/19** | $12239 | $13906 |
| **02/28/19** | $12645 | $14352 |
| **03/31/19** | $12916 | $14631 |
| **04/30/19** | $13503 | $15224 |
| **05/31/19** | $12893 | $14256 |
| **06/30/19** | $13645 | $15261 |
| **07/31/19** | $13894 | $15480 |
| **08/31/19** | $13653 | $15235 |
| **09/30/19** | $13555 | $15520 |
| **10/31/19** | $13736 | $15856 |
| **11/30/19** | $14375 | $16432 |
| **12/31/19** | $14560 | $16928 |
| **01/31/20** | $14872 | $16921 |
| **02/29/20** | $13792 | $15528 |
| **03/31/20** | $11827 | $13610 |
| **04/30/20** | $13452 | $15355 |
| **05/31/20** | $14613 | $16086 |
| **06/30/20** | $15266 | $16406 |
| **07/31/20** | $16025 | $17331 |
| **08/31/20** | $17516 | $18577 |
| **09/30/20** | $16721 | $17871 |
| **10/31/20** | $16239 | $17396 |
| **11/30/20** | $18285 | $19300 |
| **12/31/20** | $19209 | $20042 |
| **01/31/21** | $19164 | $19840 |
| **02/28/21** | $19763 | $20387 |
| **03/31/21** | $19752 | $21280 |
| **04/30/21** | $20906 | $22416 |
| **05/31/21** | $20496 | $22572 |
| **06/30/21** | $21639 | $23099 |
| **07/31/21** | $22016 | $23648 |
| **08/31/21** | $22815 | $24367 |
| **09/30/21** | $21672 | $23234 |
| **10/31/21** | $23536 | $24861 |
| **11/30/21** | $23348 | $24689 |
| **12/31/21** | $23502 | $25796 |
| **01/31/22** | $21136 | $24461 |
| **02/28/22** | $20327 | $23728 |
| **03/31/22** | $21048 | $24609 |
| **04/30/22** | $18255 | $22463 |
| **05/31/22** | $17579 | $22505 |
| **06/30/22** | $16168 | $20647 |
| **07/31/22** | $17902 | $22551 |
| **08/31/22** | $17094 | $21631 |
| **09/30/22** | $15433 | $19639 |
| **10/31/22** | $16212 | $21229 |
| **11/30/22** | $16873 | $22415 |
| **12/31/22** | $15550 | $21124 |
| **01/31/23** | $16770 | $22451 |
| **02/28/23** | $16462 | $21903 |
| **03/31/23** | $17461 | $22707 |
| **04/30/23** | $17696 | $23062 |
| **05/31/23** | $18505 | $23162 |
| **06/30/23** | $19725 | $24693 |
| **07/31/23** | $20224 | $25486 |
| **08/31/23** | $19975 | $25080 |
| **09/30/23** | $18799 | $23884 |
| **10/31/23** | $18505 | $23382 |
| **11/30/23** | $20430 | $25518 |
| **12/31/23** | $21237 | $26677 |
| **01/31/24** | $21849 | $27125 |
| **02/29/24** | $23353 | $28573 |
| **03/31/24** | $23832 | $29493 |
| **04/30/24** | $22907 | $28288 |
| **05/31/24** | $24146 | $29691 |
| **06/30/24** | $25617 | $30756 |
| **07/31/24** | $24989 | $31131 |
| **08/31/24** | $25584 | $31886 |
| **09/30/24** | $26196 | $32567 |
| **10/31/24** | $26162 | $32271 |
| **11/30/24** | $27947 | $34166 |
| **12/31/24** | $27869 | $33351 |
| **01/31/25** | $28607 | $34280 |
| **02/28/25** | $27431 | $33833 |
| **03/31/25** | $24859 | $31926 |
| **04/30/25** | $25298 | $31710 |
| **05/31/25** | $27670 | $33706 |
| **06/30/25** | $29604 | $35420 |
| **07/31/25** | $30401 | $36215 |
| **08/31/25** | $30740 | $36949 |
| **09/30/25** | $31657 | $38298 |
| **10/31/25** | $32754 | $39194 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class C without sales charge** | 25.19 | 15.06 | 12.6 |
| **Class C with sales charge** | 24.19 | 15.06 | 12.6 |
| **S&P 500 Total Return Index** | 21.39 | 17.64 | 14.64 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Growth Fund

#### Class C: CVGCX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $1761866172 | 137 | 54% | $14276064 |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund favored high-quality growth stocks, particularly those well-positioned to capitalize on the ongoing AI revolution as it transitions from its nascent stage to having broader societal and economic impacts. The Fund also diversified its holdings among growth names by owning emerging, disruptive growth businesses as well as cyclical growth names. Over the course of the reporting period, information technology, consumer discretionary, and communications services were the sectors most heavily represented in the portfolio.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 46.6 |
| **Communication Services** | 18.3 |
| **Consumer Discretionary** | 15.1 |
| **Health Care** | 7.8 |
| **Financials** | 5 |
| **Industrials** | 4.4 |
| **Consumer Staples** | 1.4 |
| **Materials** | 1 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **NVIDIA Corp.** | 12.3 |
| **Microsoft Corp.** | 8.5 |
| **Alphabet, Inc. - Class A** | 8.2 |
| **Amazon.com, Inc.** | 8.1 |
| **Apple, Inc.** | 7.1 |
| **Meta Platforms, Inc. - Class A** | 3.9 |
| **Broadcom, Inc.** | 3.8 |
| **Visa, Inc. - Class A** | 3.0 |
| **Netflix, Inc.** | 2.7 |
| **Eli Lilly & Co.** | 2.1 |

---

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

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

# Calamos Growth Fund

#### Class I: CGRIX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $117 | 1.03% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund delivered strong gains during a year that tested investors' convictions with sharp volatility before rewarding disciplined strategies. The market navigated significant turbulence in April as tariff uncertainties sparked intense selling pressure but demonstrated remarkable resilience by staging a robust V-shaped recovery supported by accommodative Fed policy, pro-growth tax legislation, and sustained corporate earnings momentum. The Fund's performance benefited from its positioning in AI and technology stalwarts that continued to deliver impressive results throughout the year, but it also saw strong performance from consistent growth businesses in consumer staples and financials. In contrast, the energy and the materials sectors each finished in negative territory for the reporting period, and were drags on the Fund's performance.

## **GROWTH OF $1,000,000**![Growth of 10K Chart](tm2532080d1_tsrimg060.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **S&P 500 Total Return Index** |
| **10/31/15** | $1000000 | $999999 |
| **11/30/15** | $1000000 | $1002973 |
| **12/31/15** | $982381 | $987154 |
| **01/31/16** | $910033 | $938168 |
| **02/29/16** | $890622 | $936902 |
| **03/31/16** | $945073 | $1000459 |
| **04/30/16** | $937510 | $1004339 |
| **05/31/16** | $960450 | $1022374 |
| **06/30/16** | $937006 | $1025024 |
| **07/31/16** | $981625 | $1062815 |
| **08/31/16** | $967004 | $1064308 |
| **09/30/16** | $974063 | $1064507 |
| **10/31/16** | $954904 | $1045090 |
| **11/30/16** | $963727 | $1083795 |
| **12/31/16** | $963655 | $1105216 |
| **01/31/17** | $1006322 | $1126178 |
| **02/28/17** | $1037802 | $1170897 |
| **03/31/17** | $1051070 | $1172260 |
| **04/30/17** | $1072924 | $1184300 |
| **05/31/17** | $1093477 | $1200966 |
| **06/30/17** | $1101022 | $1208462 |
| **07/31/17** | $1122356 | $1233312 |
| **08/31/17** | $1129901 | $1237088 |
| **09/30/17** | $1146551 | $1262607 |
| **10/31/17** | $1175430 | $1292069 |
| **11/30/17** | $1207170 | $1331697 |
| **12/31/17** | $1222905 | $1346503 |
| **01/31/18** | $1312926 | $1423595 |
| **02/28/18** | $1278701 | $1371127 |
| **03/31/18** | $1249941 | $1336282 |
| **04/30/18** | $1258569 | $1341409 |
| **05/31/18** | $1297971 | $1373713 |
| **06/30/18** | $1297396 | $1382168 |
| **07/31/18** | $1333059 | $1433605 |
| **08/31/18** | $1380802 | $1480317 |
| **09/30/18** | $1368147 | $1488743 |
| **10/31/18** | $1250803 | $1386988 |
| **11/30/18** | $1264321 | $1415252 |
| **12/31/18** | $1153984 | $1287469 |
| **01/31/19** | $1264396 | $1390640 |
| **02/28/19** | $1307136 | $1435291 |
| **03/31/19** | $1336277 | $1463181 |
| **04/30/19** | $1397797 | $1522424 |
| **05/31/19** | $1335953 | $1425677 |
| **06/30/19** | $1414310 | $1526154 |
| **07/31/19** | $1442156 | $1548090 |
| **08/31/19** | $1417872 | $1523566 |
| **09/30/19** | $1409453 | $1552073 |
| **10/31/19** | $1428881 | $1585689 |
| **11/30/19** | $1496552 | $1643248 |
| **12/31/19** | $1516809 | $1692846 |
| **01/31/20** | $1551101 | $1692182 |
| **02/29/20** | $1439912 | $1552884 |
| **03/31/20** | $1235200 | $1361082 |
| **04/30/20** | $1407006 | $1535564 |
| **05/31/20** | $1528932 | $1608699 |
| **06/30/20** | $1598555 | $1640694 |
| **07/31/20** | $1679262 | $1733204 |
| **08/31/20** | $1837213 | $1857787 |
| **09/30/20** | $1755813 | $1787196 |
| **10/31/20** | $1705934 | $1739670 |
| **11/30/20** | $1922769 | $1930100 |
| **12/31/20** | $2021711 | $2004310 |
| **01/31/21** | $2018352 | $1984074 |
| **02/28/21** | $2084038 | $2038784 |
| **03/31/21** | $2083664 | $2128074 |
| **04/30/21** | $2207945 | $2241647 |
| **05/31/21** | $2166145 | $2257303 |
| **06/30/21** | $2288933 | $2310001 |
| **07/31/21** | $2330360 | $2364873 |
| **08/31/21** | $2417693 | $2436779 |
| **09/30/21** | $2297890 | $2323446 |
| **10/31/21** | $2497561 | $2486229 |
| **11/30/21** | $2480020 | $2469003 |
| **12/31/21** | $2498281 | $2579654 |
| **01/31/22** | $2248655 | $2446166 |
| **02/28/22** | $2163694 | $2372922 |
| **03/31/22** | $2242991 | $2461029 |
| **04/30/22** | $1947648 | $2246423 |
| **05/31/22** | $1877251 | $2250543 |
| **06/30/22** | $1727556 | $2064775 |
| **07/31/22** | $1914877 | $2255156 |
| **08/31/22** | $1828701 | $2163188 |
| **09/30/22** | $1653518 | $1963959 |
| **10/31/22** | $1737671 | $2122964 |
| **11/30/22** | $1810495 | $2241606 |
| **12/31/22** | $1669701 | $2112456 |
| **01/31/23** | $1801594 | $2245191 |
| **02/28/23** | $1771251 | $2190409 |
| **03/31/23** | $1879274 | $2270828 |
| **04/30/23** | $1905976 | $2306273 |
| **05/31/23** | $1994579 | $2316298 |
| **06/30/23** | $2129304 | $2469349 |
| **07/31/23** | $2184327 | $2548675 |
| **08/31/23** | $2159243 | $2508098 |
| **09/30/23** | $2034228 | $2388516 |
| **10/31/23** | $2003075 | $2338293 |
| **11/30/23** | $2213861 | $2551840 |
| **12/31/23** | $2302443 | $2667771 |
| **01/31/24** | $2371545 | $2712601 |
| **02/29/24** | $2536808 | $2857443 |
| **03/31/24** | $2590924 | $2949380 |
| **04/30/24** | $2492266 | $2828912 |
| **05/31/24** | $2629638 | $2969184 |
| **06/30/24** | $2792404 | $3075724 |
| **07/31/24** | $2726632 | $3113163 |
| **08/31/24** | $2792404 | $3188677 |
| **09/30/24** | $2863171 | $3256778 |
| **10/31/24** | $2861090 | $3227245 |
| **11/30/24** | $3058406 | $3416687 |
| **12/31/24** | $3052735 | $3335239 |
| **01/31/25** | $3136799 | $3428117 |
| **02/28/25** | $3009837 | $3383388 |
| **03/31/25** | $2730779 | $3192753 |
| **04/30/25** | $2780611 | $3171102 |
| **05/31/25** | $3044069 | $3370708 |
| **06/30/25** | $3258995 | $3542116 |
| **07/31/25** | $3349992 | $3621611 |
| **08/31/25** | $3388991 | $3695028 |
| **09/30/25** | $3493421 | $3829896 |
| **10/31/25** | $3618217 | $3919568 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class I** | 26.46 | 16.23 | 13.72 |
| **S&P 500 Total Return Index** | 21.39 | 17.64 | 14.64 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Growth Fund

#### Class I: CGRIX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $1761866172 | 137 | 54% | $14276064 |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund favored high-quality growth stocks, particularly those well-positioned to capitalize on the ongoing AI revolution as it transitions from its nascent stage to having broader societal and economic impacts. The Fund also diversified its holdings among growth names by owning emerging, disruptive growth businesses as well as cyclical growth names. Over the course of the reporting period, information technology, consumer discretionary, and communications services were the sectors most heavily represented in the portfolio.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 46.6 |
| **Communication Services** | 18.3 |
| **Consumer Discretionary** | 15.1 |
| **Health Care** | 7.8 |
| **Financials** | 5 |
| **Industrials** | 4.4 |
| **Consumer Staples** | 1.4 |
| **Materials** | 1 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **NVIDIA Corp.** | 12.3 |
| **Microsoft Corp.** | 8.5 |
| **Alphabet, Inc. - Class A** | 8.2 |
| **Amazon.com, Inc.** | 8.1 |
| **Apple, Inc.** | 7.1 |
| **Meta Platforms, Inc. - Class A** | 3.9 |
| **Broadcom, Inc.** | 3.8 |
| **Visa, Inc. - Class A** | 3.0 |
| **Netflix, Inc.** | 2.7 |
| **Eli Lilly & Co.** | 2.1 |

---

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

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

# Calamos High Income Opportunities Fund

#### Class A: CHYDX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos High Income Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $103 | 1.00% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund captured most of the Bloomberg US High Yield 2% Issuer Capped Index's gains. The period was marked by significant volatility, beginning with tariff-driven spread widening in early 2025, which tested the Fund's defensive positioning. As policy uncertainty subsided and the Federal Reserve resumed rate cuts, credit markets rallied strongly in the second and third quarters. The Fund's disciplined approach and a commitment to being adequately compensated for risk enabled it to prudently navigate the challenging environment. The team's migration toward higher credit quality during periods of tight spreads helped manage downside risk during April's volatility. Security selection in communications and energy supported performance, while an underweight in lower-rated credits weighed on returns as the market favored risk-taking in the recovery phase. The Fund maintains attractive yields while positioning for resilience.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg057.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with sales charge** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/31/15** | $9525 | $9999 |
| **11/30/15** | $9332 | $9973 |
| **12/31/15** | $9107 | $9941 |
| **01/31/16** | $8903 | $10078 |
| **02/29/16** | $8959 | $10149 |
| **03/31/16** | $9212 | $10242 |
| **04/30/16** | $9461 | $10282 |
| **05/31/16** | $9480 | $10284 |
| **06/30/16** | $9533 | $10469 |
| **07/31/16** | $9785 | $10535 |
| **08/31/16** | $9940 | $10523 |
| **09/30/16** | $10000 | $10517 |
| **10/31/16** | $10026 | $10436 |
| **11/30/16** | $10011 | $10190 |
| **12/31/16** | $10194 | $10204 |
| **01/31/17** | $10325 | $10224 |
| **02/28/17** | $10436 | $10293 |
| **03/31/17** | $10359 | $10287 |
| **04/30/17** | $10526 | $10367 |
| **05/31/17** | $10580 | $10447 |
| **06/30/17** | $10596 | $10436 |
| **07/31/17** | $10700 | $10481 |
| **08/31/17** | $10712 | $10575 |
| **09/30/17** | $10782 | $10525 |
| **10/31/17** | $10810 | $10531 |
| **11/30/17** | $10760 | $10517 |
| **12/31/17** | $10810 | $10565 |
| **01/31/18** | $10898 | $10444 |
| **02/28/18** | $10777 | $10345 |
| **03/31/18** | $10658 | $10411 |
| **04/30/18** | $10738 | $10334 |
| **05/31/18** | $10757 | $10407 |
| **06/30/18** | $10802 | $10395 |
| **07/31/18** | $10916 | $10397 |
| **08/31/18** | $10998 | $10464 |
| **09/30/18** | $11078 | $10397 |
| **10/31/18** | $10838 | $10314 |
| **11/30/18** | $10687 | $10376 |
| **12/31/18** | $10344 | $10567 |
| **01/31/19** | $10876 | $10679 |
| **02/28/19** | $11085 | $10673 |
| **03/31/19** | $11160 | $10878 |
| **04/30/19** | $11341 | $10880 |
| **05/31/19** | $11175 | $11073 |
| **06/30/19** | $11406 | $11213 |
| **07/31/19** | $11449 | $11237 |
| **08/31/19** | $11437 | $11528 |
| **09/30/19** | $11444 | $11467 |
| **10/31/19** | $11472 | $11502 |
| **11/30/19** | $11516 | $11496 |
| **12/31/19** | $11822 | $11488 |
| **01/31/20** | $11835 | $11709 |
| **02/29/20** | $11644 | $11920 |
| **03/31/20** | $10027 | $11849 |
| **04/30/20** | $10399 | $12060 |
| **05/31/20** | $10895 | $12116 |
| **06/30/20** | $11044 | $12192 |
| **07/31/20** | $11499 | $12375 |
| **08/31/20** | $11677 | $12275 |
| **09/30/20** | $11575 | $12268 |
| **10/31/20** | $11601 | $12213 |
| **11/30/20** | $12135 | $12333 |
| **12/31/20** | $12387 | $12350 |
| **01/31/21** | $12472 | $12261 |
| **02/28/21** | $12587 | $12084 |
| **03/31/21** | $12656 | $11934 |
| **04/30/21** | $12797 | $12028 |
| **05/31/21** | $12845 | $12067 |
| **06/30/21** | $12998 | $12152 |
| **07/31/21** | $13046 | $12288 |
| **08/31/21** | $13100 | $12264 |
| **09/30/21** | $13098 | $12158 |
| **10/31/21** | $13096 | $12155 |
| **11/30/21** | $12972 | $12191 |
| **12/31/21** | $13185 | $12160 |
| **01/31/22** | $12891 | $11898 |
| **02/28/22** | $12754 | $11765 |
| **03/31/22** | $12682 | $11438 |
| **04/30/22** | $12282 | $11004 |
| **05/31/22** | $12236 | $11075 |
| **06/30/22** | $11507 | $10901 |
| **07/31/22** | $12078 | $11168 |
| **08/31/22** | $11862 | $10852 |
| **09/30/22** | $11391 | $10383 |
| **10/31/22** | $11699 | $10249 |
| **11/30/22** | $11888 | $10626 |
| **12/31/22** | $11820 | $10578 |
| **01/31/23** | $12251 | $10903 |
| **02/28/23** | $12099 | $10621 |
| **03/31/23** | $12120 | $10891 |
| **04/30/23** | $12261 | $10957 |
| **05/31/23** | $12145 | $10838 |
| **06/30/23** | $12367 | $10799 |
| **07/31/23** | $12562 | $10791 |
| **08/31/23** | $12629 | $10723 |
| **09/30/23** | $12492 | $10450 |
| **10/31/23** | $12309 | $10285 |
| **11/30/23** | $12789 | $10751 |
| **12/31/23** | $13267 | $11162 |
| **01/31/24** | $13289 | $11132 |
| **02/29/24** | $13339 | $10974 |
| **03/31/24** | $13482 | $11076 |
| **04/30/24** | $13366 | $10796 |
| **05/31/24** | $13509 | $10979 |
| **06/30/24** | $13604 | $11083 |
| **07/31/24** | $13853 | $11342 |
| **08/31/24** | $14028 | $11505 |
| **09/30/24** | $14230 | $11659 |
| **10/31/24** | $14178 | $11370 |
| **11/30/24** | $14359 | $11490 |
| **12/31/24** | $14299 | $11302 |
| **01/31/25** | $14470 | $11362 |
| **02/28/25** | $14542 | $11612 |
| **03/31/25** | $14409 | $11616 |
| **04/30/25** | $14357 | $11662 |
| **05/31/25** | $14583 | $11578 |
| **06/30/25** | $14808 | $11756 |
| **07/31/25** | $14843 | $11725 |
| **08/31/25** | $15014 | $11866 |
| **09/30/25** | $15106 | $11995 |
| **10/31/25** | $15120 | $12070 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class A without sales charge** | 6.65 | 5.44 | 4.73 |
| **Class A with sales charge** | 4.24 | 4.97 | 4.22 |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16 | -0.24 | 1.9 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos High Income Opportunities Fund

#### Class A: CHYDX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $35286798 | 484 | 39% | $215334 |

---

## **WHAT DID THE FUND INVEST IN?** 
Through its multi-sector fixed-income strategy, the Fund invests mainly in below-investment-grade bonds and loans from US issuers with the goal of generating a high level of current income and total return in excess of the benchmark index over full market cycles.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Consumer Discretionary** | 21.4 |
| **Financials** | 13.7 |
| **Energy** | 12.9 |
| **Industrials** | 10.6 |
| **Communication Services** | 9.3 |
| **Consumer Staples** | 7.2 |
| **Health Care** | 5.2 |
| **Materials** | 4.7 |
| **Information Technology** | 4.6 |
| **Other** | 2.8 |
| **Utilities** | 1.4 |
| **Airlines** | 1.2 |
| **Special Purpose Acquisition Companies** | 0.5 |
| **Real Estate** | 0.5 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Bausch Health Cos., Inc., 10.215%, 10/08/30** | 0.7 |
| **Aptiv Swiss Holdings Ltd., 6.875%, 12/15/54** | 0.6 |
| **Tenet Healthcare Corp., 6.250%, 02/01/27** | 0.6 |
| **Brightstar Lottery PLC, 5.250%, 01/15/29** | 0.6 |
| **Venture Global LNG, Inc., 9.000%, 09/30/29** | 0.6 |
| **Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.625%, 10/15/31** | 0.6 |
| **CCO Holdings LLC/CCO Holdings Capital Corp., 4.750%, 03/01/30** | 0.5 |
| **Ford Motor Credit Co. LLC, 4.000%, 11/13/30** | 0.5 |
| **CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 05/01/27** | 0.5 |
| **MGM Resorts International, 6.500%, 04/15/32** | 0.5 |

---

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

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

# Calamos High Income Opportunities Fund

#### Class C: CCHYX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos High Income Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $180 | 1.75% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund captured most of the Bloomberg US High Yield 2% Issuer Capped Index's gains. The period was marked by significant volatility, beginning with tariff-driven spread widening in early 2025, which tested the Fund's defensive positioning. As policy uncertainty subsided and the Federal Reserve resumed rate cuts, credit markets rallied strongly in the second and third quarters. The Fund's disciplined approach and a commitment to being adequately compensated for risk enabled it to prudently navigate the challenging environment. The team's migration toward higher credit quality during periods of tight spreads helped manage downside risk during April's volatility. Security selection in communications and energy supported performance, while an underweight in lower-rated credits weighed on returns as the market favored risk-taking in the recovery phase. The Fund maintains attractive yields while positioning for resilience.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg015.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with sales charge** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/31/15** | $10000 | $9999 |
| **11/30/15** | $9791 | $9973 |
| **12/31/15** | $9547 | $9941 |
| **01/31/16** | $9326 | $10078 |
| **02/29/16** | $9376 | $10149 |
| **03/31/16** | $9644 | $10242 |
| **04/30/16** | $9887 | $10282 |
| **05/31/16** | $9900 | $10284 |
| **06/30/16** | $9958 | $10469 |
| **07/31/16** | $10204 | $10535 |
| **08/31/16** | $10362 | $10523 |
| **09/30/16** | $10427 | $10517 |
| **10/31/16** | $10435 | $10436 |
| **11/30/16** | $10414 | $10190 |
| **12/31/16** | $10601 | $10204 |
| **01/31/17** | $10724 | $10224 |
| **02/28/17** | $10839 | $10293 |
| **03/31/17** | $10744 | $10287 |
| **04/30/17** | $10914 | $10367 |
| **05/31/17** | $10971 | $10447 |
| **06/30/17** | $10967 | $10436 |
| **07/31/17** | $11075 | $10481 |
| **08/31/17** | $11091 | $10575 |
| **09/30/17** | $11153 | $10525 |
| **10/31/17** | $11162 | $10531 |
| **11/30/17** | $11107 | $10517 |
| **12/31/17** | $11149 | $10565 |
| **01/31/18** | $11241 | $10444 |
| **02/28/18** | $11103 | $10345 |
| **03/31/18** | $10979 | $10411 |
| **04/30/18** | $11062 | $10334 |
| **05/31/18** | $11074 | $10407 |
| **06/30/18** | $11110 | $10395 |
| **07/31/18** | $11227 | $10397 |
| **08/31/18** | $11299 | $10464 |
| **09/30/18** | $11358 | $10397 |
| **10/31/18** | $11116 | $10314 |
| **11/30/18** | $10951 | $10376 |
| **12/31/18** | $10597 | $10567 |
| **01/31/19** | $11133 | $10679 |
| **02/28/19** | $11342 | $10673 |
| **03/31/19** | $11404 | $10878 |
| **04/30/19** | $11597 | $10880 |
| **05/31/19** | $11415 | $11073 |
| **06/30/19** | $11645 | $11213 |
| **07/31/19** | $11690 | $11237 |
| **08/31/19** | $11659 | $11528 |
| **09/30/19** | $11658 | $11467 |
| **10/31/19** | $11676 | $11502 |
| **11/30/19** | $11712 | $11496 |
| **12/31/19** | $12025 | $11488 |
| **01/31/20** | $12029 | $11709 |
| **02/29/20** | $11839 | $11920 |
| **03/31/20** | $10187 | $11849 |
| **04/30/20** | $10550 | $12060 |
| **05/31/20** | $11043 | $12116 |
| **06/30/20** | $11192 | $12192 |
| **07/31/20** | $11646 | $12375 |
| **08/31/20** | $11822 | $12275 |
| **09/30/20** | $11704 | $12268 |
| **10/31/20** | $11721 | $12213 |
| **11/30/20** | $12265 | $12333 |
| **12/31/20** | $12509 | $12350 |
| **01/31/21** | $12583 | $12261 |
| **02/28/21** | $12698 | $12084 |
| **03/31/21** | $12754 | $11934 |
| **04/30/21** | $12879 | $12028 |
| **05/31/21** | $12930 | $12067 |
| **06/30/21** | $13081 | $12152 |
| **07/31/21** | $13118 | $12288 |
| **08/31/21** | $13147 | $12264 |
| **09/30/21** | $13150 | $12158 |
| **10/31/21** | $13140 | $12155 |
| **11/30/21** | $13017 | $12191 |
| **12/31/21** | $13208 | $12160 |
| **01/31/22** | $12910 | $11898 |
| **02/28/22** | $12759 | $11765 |
| **03/31/22** | $12668 | $11438 |
| **04/30/22** | $12271 | $11004 |
| **05/31/22** | $12220 | $11075 |
| **06/30/22** | $11485 | $10901 |
| **07/31/22** | $12055 | $11168 |
| **08/31/22** | $11831 | $10852 |
| **09/30/22** | $11354 | $10383 |
| **10/31/22** | $11649 | $10249 |
| **11/30/22** | $11819 | $10626 |
| **12/31/22** | $11748 | $10578 |
| **01/31/23** | $12172 | $10903 |
| **02/28/23** | $12008 | $10621 |
| **03/31/23** | $12036 | $10891 |
| **04/30/23** | $12159 | $10957 |
| **05/31/23** | $12044 | $10838 |
| **06/30/23** | $12257 | $10799 |
| **07/31/23** | $12429 | $10791 |
| **08/31/23** | $12482 | $10723 |
| **09/30/23** | $12348 | $10450 |
| **10/31/23** | $12155 | $10285 |
| **11/30/23** | $12639 | $10751 |
| **12/31/23** | $13086 | $11162 |
| **01/31/24** | $13098 | $11132 |
| **02/29/24** | $13135 | $10974 |
| **03/31/24** | $13290 | $11076 |
| **04/30/24** | $13159 | $10796 |
| **05/31/24** | $13282 | $10979 |
| **06/30/24** | $13376 | $11083 |
| **07/31/24** | $13594 | $11342 |
| **08/31/24** | $13762 | $11505 |
| **09/30/24** | $13970 | $11659 |
| **10/31/24** | $13896 | $11370 |
| **11/30/24** | $14071 | $11490 |
| **12/31/24** | $14008 | $11302 |
| **01/31/25** | $14170 | $11362 |
| **02/28/25** | $14226 | $11612 |
| **03/31/25** | $14097 | $11616 |
| **04/30/25** | $14024 | $11662 |
| **05/31/25** | $14237 | $11578 |
| **06/30/25** | $14448 | $11756 |
| **07/31/25** | $14487 | $11725 |
| **08/31/25** | $14632 | $11866 |
| **09/30/25** | $14705 | $11995 |
| **10/31/25** | $14725 | $12070 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class C without sales charge** | 5.96 | 4.67 | 3.95 |
| **Class C with sales charge** | 4.96 | 4.67 | 3.95 |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16 | -0.24 | 1.9 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos High Income Opportunities Fund

#### Class C: CCHYX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $35286798 | 484 | 39% | $215334 |

---

## **WHAT DID THE FUND INVEST IN?** 
Through its multi-sector fixed-income strategy, the Fund invests mainly in below-investment-grade bonds and loans from US issuers with the goal of generating a high level of current income and total return in excess of the benchmark index over full market cycles.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Consumer Discretionary** | 21.4 |
| **Financials** | 13.7 |
| **Energy** | 12.9 |
| **Industrials** | 10.6 |
| **Communication Services** | 9.3 |
| **Consumer Staples** | 7.2 |
| **Health Care** | 5.2 |
| **Materials** | 4.7 |
| **Information Technology** | 4.6 |
| **Other** | 2.8 |
| **Utilities** | 1.4 |
| **Airlines** | 1.2 |
| **Special Purpose Acquisition Companies** | 0.5 |
| **Real Estate** | 0.5 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Bausch Health Cos., Inc., 10.215%, 10/08/30** | 0.7 |
| **Aptiv Swiss Holdings Ltd., 6.875%, 12/15/54** | 0.6 |
| **Tenet Healthcare Corp., 6.250%, 02/01/27** | 0.6 |
| **Brightstar Lottery PLC, 5.250%, 01/15/29** | 0.6 |
| **Venture Global LNG, Inc., 9.000%, 09/30/29** | 0.6 |
| **Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.625%, 10/15/31** | 0.6 |
| **CCO Holdings LLC/CCO Holdings Capital Corp., 4.750%, 03/01/30** | 0.5 |
| **Ford Motor Credit Co. LLC, 4.000%, 11/13/30** | 0.5 |
| **CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 05/01/27** | 0.5 |
| **MGM Resorts International, 6.500%, 04/15/32** | 0.5 |

---

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

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

# Calamos High Income Opportunities Fund

#### Class I: CIHYX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos High Income Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $78 | 0.75% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund captured most of the Bloomberg US High Yield 2% Issuer Capped Index's gains. The period was marked by significant volatility, beginning with tariff-driven spread widening in early 2025, which tested the Fund's defensive positioning. As policy uncertainty subsided and the Federal Reserve resumed rate cuts, credit markets rallied strongly in the second and third quarters. The Fund's disciplined approach and a commitment to being adequately compensated for risk enabled it to prudently navigate the challenging environment. The team's migration toward higher credit quality during periods of tight spreads helped manage downside risk during April's volatility. Security selection in communications and energy supported performance, while an underweight in lower-rated credits weighed on returns as the market favored risk-taking in the recovery phase. The Fund maintains attractive yields while positioning for resilience.

## **GROWTH OF $1,000,000**![Growth of 10K Chart](tm2532080d1_tsrimg002.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/31/15** | $1000000 | $1000000 |
| **11/30/15** | $979903 | $997356 |
| **12/31/15** | $956530 | $994134 |
| **01/31/16** | $935310 | $1007812 |
| **02/29/16** | $941344 | $1014963 |
| **03/31/16** | $968094 | $1024272 |
| **04/30/16** | $994453 | $1028206 |
| **05/31/16** | $996654 | $1028470 |
| **06/30/16** | $1002510 | $1046949 |
| **07/31/16** | $1028078 | $1053568 |
| **08/31/16** | $1045755 | $1052365 |
| **09/30/16** | $1052301 | $1051746 |
| **10/31/16** | $1054062 | $1043701 |
| **11/30/16** | $1053822 | $1019016 |
| **12/31/16** | $1073365 | $1020451 |
| **01/31/17** | $1087358 | $1022455 |
| **02/28/17** | $1099247 | $1029327 |
| **03/31/17** | $1090198 | $1028785 |
| **04/30/17** | $1107990 | $1036726 |
| **05/31/17** | $1115137 | $1044703 |
| **06/30/17** | $1117080 | $1043655 |
| **07/31/17** | $1128291 | $1048147 |
| **08/31/17** | $1129806 | $1057544 |
| **09/30/17** | $1137384 | $1052510 |
| **10/31/17** | $1139348 | $1053119 |
| **11/30/17** | $1135549 | $1051766 |
| **12/31/17** | $1141067 | $1056594 |
| **01/31/18** | $1150588 | $1044424 |
| **02/28/18** | $1138075 | $1034526 |
| **03/31/18** | $1125711 | $1041161 |
| **04/30/18** | $1134364 | $1033416 |
| **05/31/18** | $1136657 | $1040789 |
| **06/30/18** | $1141579 | $1039509 |
| **07/31/18** | $1153937 | $1039757 |
| **08/31/18** | $1162863 | $1046448 |
| **09/30/18** | $1170163 | $1039710 |
| **10/31/18** | $1146356 | $1031495 |
| **11/30/18** | $1130676 | $1037650 |
| **12/31/18** | $1094542 | $1056713 |
| **01/31/19** | $1151131 | $1067938 |
| **02/28/19** | $1173502 | $1067318 |
| **03/31/19** | $1181643 | $1087811 |
| **04/30/19** | $1201046 | $1088090 |
| **05/31/19** | $1183732 | $1107406 |
| **06/30/19** | $1208446 | $1121310 |
| **07/31/19** | $1213228 | $1123778 |
| **08/31/19** | $1212286 | $1152899 |
| **09/30/19** | $1213262 | $1146760 |
| **10/31/19** | $1216434 | $1150214 |
| **11/30/19** | $1221336 | $1149626 |
| **12/31/19** | $1254019 | $1148825 |
| **01/31/20** | $1255690 | $1170934 |
| **02/29/20** | $1237173 | $1192011 |
| **03/31/20** | $1064349 | $1184994 |
| **04/30/20** | $1104034 | $1206060 |
| **05/31/20** | $1156982 | $1211673 |
| **06/30/20** | $1173018 | $1219309 |
| **07/31/20** | $1221611 | $1237520 |
| **08/31/20** | $1242284 | $1227529 |
| **09/30/20** | $1230204 | $1226858 |
| **10/31/20** | $1233243 | $1221379 |
| **11/30/20** | $1290198 | $1233363 |
| **12/31/20** | $1317235 | $1235062 |
| **01/31/21** | $1326610 | $1226207 |
| **02/28/21** | $1339083 | $1208502 |
| **03/31/21** | $1346730 | $1193410 |
| **04/30/21** | $1361968 | $1202838 |
| **05/31/21** | $1367298 | $1206767 |
| **06/30/21** | $1383913 | $1215246 |
| **07/31/21** | $1390927 | $1228835 |
| **08/31/21** | $1395360 | $1226496 |
| **09/30/21** | $1395457 | $1215875 |
| **10/31/21** | $1395527 | $1215540 |
| **11/30/21** | $1384194 | $1219139 |
| **12/31/21** | $1405531 | $1216020 |
| **01/31/22** | $1374554 | $1189822 |
| **02/28/22** | $1361852 | $1176547 |
| **03/31/22** | $1352739 | $1143858 |
| **04/30/22** | $1310404 | $1100451 |
| **05/31/22** | $1305739 | $1107545 |
| **06/30/22** | $1228275 | $1090171 |
| **07/31/22** | $1289367 | $1116808 |
| **08/31/22** | $1268290 | $1085255 |
| **09/30/22** | $1216632 | $1038363 |
| **10/31/22** | $1249732 | $1024912 |
| **11/30/22** | $1270094 | $1062604 |
| **12/31/22** | $1263160 | $1057813 |
| **01/31/23** | $1309532 | $1090357 |
| **02/28/23** | $1293478 | $1062165 |
| **03/31/23** | $1296032 | $1089143 |
| **04/30/23** | $1313155 | $1095747 |
| **05/31/23** | $1299189 | $1083815 |
| **06/30/23** | $1323278 | $1079947 |
| **07/31/23** | $1344338 | $1079199 |
| **08/31/23** | $1351811 | $1072306 |
| **09/30/23** | $1337485 | $1045054 |
| **10/31/23** | $1318155 | $1028563 |
| **11/30/23** | $1371599 | $1075140 |
| **12/31/23** | $1421269 | $1116297 |
| **01/31/24** | $1423922 | $1113230 |
| **02/29/24** | $1429505 | $1097503 |
| **03/31/24** | $1447012 | $1107638 |
| **04/30/24** | $1433045 | $1079658 |
| **05/31/24** | $1448682 | $1097962 |
| **06/30/24** | $1461072 | $1108361 |
| **07/31/24** | $1486090 | $1134249 |
| **08/31/24** | $1505277 | $1150545 |
| **09/30/24** | $1527211 | $1165952 |
| **10/31/24** | $1521917 | $1137038 |
| **11/30/24** | $1541573 | $1149058 |
| **12/31/24** | $1537433 | $1130253 |
| **01/31/25** | $1556240 | $1136248 |
| **02/28/25** | $1564202 | $1161248 |
| **03/31/25** | $1550268 | $1161687 |
| **04/30/25** | $1544937 | $1166251 |
| **05/31/25** | $1569585 | $1157902 |
| **06/30/25** | $1592103 | $1175705 |
| **07/31/25** | $1598194 | $1172602 |
| **08/31/25** | $1614919 | $1186631 |
| **09/30/25** | $1625081 | $1199575 |
| **10/31/25** | $1629071 | $1207067 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class I** | 7.04 | 5.73 | 5.0 |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16 | -0.24 | 1.9 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos High Income Opportunities Fund

#### Class I: CIHYX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $35286798 | 484 | 39% | $215334 |

---

## **WHAT DID THE FUND INVEST IN?** 
Through its multi-sector fixed-income strategy, the Fund invests mainly in below-investment-grade bonds and loans from US issuers with the goal of generating a high level of current income and total return in excess of the benchmark index over full market cycles.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Consumer Discretionary** | 21.4 |
| **Financials** | 13.7 |
| **Energy** | 12.9 |
| **Industrials** | 10.6 |
| **Communication Services** | 9.3 |
| **Consumer Staples** | 7.2 |
| **Health Care** | 5.2 |
| **Materials** | 4.7 |
| **Information Technology** | 4.6 |
| **Other** | 2.8 |
| **Utilities** | 1.4 |
| **Airlines** | 1.2 |
| **Special Purpose Acquisition Companies** | 0.5 |
| **Real Estate** | 0.5 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Bausch Health Cos., Inc., 10.215%, 10/08/30** | 0.7 |
| **Aptiv Swiss Holdings Ltd., 6.875%, 12/15/54** | 0.6 |
| **Tenet Healthcare Corp., 6.250%, 02/01/27** | 0.6 |
| **Brightstar Lottery PLC, 5.250%, 01/15/29** | 0.6 |
| **Venture Global LNG, Inc., 9.000%, 09/30/29** | 0.6 |
| **Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.625%, 10/15/31** | 0.6 |
| **CCO Holdings LLC/CCO Holdings Capital Corp., 4.750%, 03/01/30** | 0.5 |
| **Ford Motor Credit Co. LLC, 4.000%, 11/13/30** | 0.5 |
| **CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 05/01/27** | 0.5 |
| **MGM Resorts International, 6.500%, 04/15/32** | 0.5 |

---

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

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

# Calamos International Growth Fund

#### Class A: CIGRX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos International Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $133 | 1.20% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund delivered strong returns and outperformed the MSCI EAFE Growth Index. International equities benefited as "America First" policies catalyzed pro-growth initiatives worldwide, supported by fiscal stimulus in Europe, monetary easing across developed and emerging markets, and persistent dollar weakness. The Fund's ability to draw from a wide geographic and market-cap universe to identify companies that rapidly compound intrinsic value through secular growth themes proved advantageous. Relative performance benefited from leading security selection in information technology and communication services, notably in semiconductors and movies & entertainment. Conversely, holdings in consumer discretionary and industrials trailed the index return. Geographically, positions in Europe—especially Germany and the United Kingdom—contributed significantly, while an underweight in Japan and relative selection in EM Asia hampered results.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg001.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with sales charge** | **MSCI ACWI ex-US Gross Total Return Index** |
| **10/31/15** | $9526 | $10000 |
| **11/30/15** | $9559 | $9795 |
| **12/31/15** | $9406 | $9613 |
| **01/31/16** | $8693 | $8960 |
| **02/29/16** | $8345 | $8861 |
| **03/31/16** | $8970 | $9588 |
| **04/30/16** | $8997 | $9849 |
| **05/31/16** | $9168 | $9692 |
| **06/30/16** | $8981 | $9549 |
| **07/31/16** | $9384 | $10023 |
| **08/31/16** | $9323 | $10089 |
| **09/30/16** | $9555 | $10218 |
| **10/31/16** | $9196 | $10072 |
| **11/30/16** | $8815 | $9840 |
| **12/31/16** | $8826 | $10095 |
| **01/31/17** | $9268 | $10454 |
| **02/28/17** | $9351 | $10622 |
| **03/31/17** | $9643 | $10901 |
| **04/30/17** | $9980 | $11141 |
| **05/31/17** | $10400 | $11514 |
| **06/30/17** | $10433 | $11554 |
| **07/31/17** | $10947 | $11983 |
| **08/31/17** | $11206 | $12049 |
| **09/30/17** | $11488 | $12277 |
| **10/31/17** | $11902 | $12509 |
| **11/30/17** | $12068 | $12613 |
| **12/31/17** | $12285 | $12898 |
| **01/31/18** | $13094 | $13618 |
| **02/28/18** | $12400 | $12978 |
| **03/31/18** | $12296 | $12759 |
| **04/30/18** | $12159 | $12974 |
| **05/31/18** | $12233 | $12687 |
| **06/30/18** | $11820 | $12454 |
| **07/31/18** | $11877 | $12756 |
| **08/31/18** | $11992 | $12491 |
| **09/30/18** | $11889 | $12554 |
| **10/31/18** | $10390 | $11534 |
| **11/30/18** | $10287 | $11645 |
| **12/31/18** | $9697 | $11122 |
| **01/31/19** | $10500 | $11964 |
| **02/28/19** | $10736 | $12200 |
| **03/31/19** | $11030 | $12283 |
| **04/30/19** | $11376 | $12616 |
| **05/31/19** | $10879 | $11953 |
| **06/30/19** | $11657 | $12678 |
| **07/31/19** | $11572 | $12529 |
| **08/31/19** | $11507 | $12144 |
| **09/30/19** | $11409 | $12463 |
| **10/31/19** | $11748 | $12900 |
| **11/30/19** | $11990 | $13015 |
| **12/31/19** | $12539 | $13583 |
| **01/31/20** | $12363 | $13220 |
| **02/29/20** | $11853 | $12177 |
| **03/31/20** | $10304 | $10423 |
| **04/30/20** | $11389 | $11220 |
| **05/31/20** | $12389 | $11593 |
| **06/30/20** | $13316 | $12122 |
| **07/31/20** | $14408 | $12668 |
| **08/31/20** | $15218 | $13212 |
| **09/30/20** | $15015 | $12893 |
| **10/31/20** | $15009 | $12618 |
| **11/30/20** | $16936 | $14317 |
| **12/31/20** | $18129 | $15095 |
| **01/31/21** | $18191 | $15130 |
| **02/28/21** | $18702 | $15432 |
| **03/31/21** | $18398 | $15638 |
| **04/30/21** | $19034 | $16108 |
| **05/31/21** | $19456 | $16623 |
| **06/30/21** | $19269 | $16520 |
| **07/31/21** | $19400 | $16253 |
| **08/31/21** | $20043 | $16565 |
| **09/30/21** | $19041 | $16045 |
| **10/31/21** | $19926 | $16431 |
| **11/30/21** | $18875 | $15694 |
| **12/31/21** | $19357 | $16347 |
| **01/31/22** | $17771 | $15746 |
| **02/28/22** | $16896 | $15436 |
| **03/31/22** | $16945 | $15475 |
| **04/30/22** | $15456 | $14513 |
| **05/31/22** | $15432 | $14632 |
| **06/30/22** | $14001 | $13379 |
| **07/31/22** | $14287 | $13842 |
| **08/31/22** | $13477 | $13400 |
| **09/30/22** | $12193 | $12068 |
| **10/31/22** | $12619 | $12430 |
| **11/30/22** | $13976 | $13900 |
| **12/31/22** | $13412 | $13802 |
| **01/31/23** | $14802 | $14923 |
| **02/28/23** | $14083 | $14402 |
| **03/31/23** | $14704 | $14768 |
| **04/30/23** | $14671 | $15036 |
| **05/31/23** | $14222 | $14504 |
| **06/30/23** | $14704 | $15163 |
| **07/31/23** | $15007 | $15784 |
| **08/31/23** | $14459 | $15074 |
| **09/30/23** | $13649 | $14605 |
| **10/31/23** | $13289 | $14004 |
| **11/30/23** | $14786 | $15268 |
| **12/31/23** | $15430 | $16039 |
| **01/31/24** | $15749 | $15882 |
| **02/29/24** | $16944 | $16287 |
| **03/31/24** | $17524 | $16786 |
| **04/30/24** | $16739 | $16522 |
| **05/31/24** | $17803 | $17017 |
| **06/30/24** | $18318 | $17008 |
| **07/31/24** | $18302 | $17407 |
| **08/31/24** | $18752 | $17906 |
| **09/30/24** | $18891 | $18397 |
| **10/31/24** | $17950 | $17503 |
| **11/30/24** | $18212 | $17348 |
| **12/31/24** | $17311 | $17016 |
| **01/31/25** | $17808 | $17705 |
| **02/28/25** | $18030 | $17953 |
| **03/31/25** | $17354 | $17928 |
| **04/30/25** | $18013 | $18590 |
| **05/31/25** | $19135 | $19462 |
| **06/30/25** | $20189 | $20133 |
| **07/31/25** | $19932 | $20081 |
| **08/31/25** | $20283 | $20791 |
| **09/30/25** | $21482 | $21549 |
| **10/31/25** | $21876 | $21988 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class A without sales charge** | 21.87 | 7.83 | 8.67 |
| **Class A with sales charge** | 16.11 | 6.78 | 8.14 |
| **MSCI ACWI ex-US Gross Total Return Index** | 25.62 | 11.75 | 8.2 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos International Growth Fund

#### Class A: CIGRX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $287338196 | 101 | 170% | $2546958 |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 26.6 |
| **Industrials** | 20.1 |
| **Financials** | 16.5 |
| **Consumer Discretionary** | 11.6 |
| **Communication Services** | 7.5 |
| **Health Care** | 6.9 |
| **Materials** | 4.8 |
| **Energy** | 2.6 |
| **Consumer Staples** | 1.9 |
| **Utilities** | 1.2 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Taiwan Semiconductor Manufacturing Company, Ltd.** | 4.4 |
| **Rolls-Royce Holdings, PLC** | 3.1 |
| **Rheinmetall, AG** | 2.5 |
| **UniCredit, S.p.A.** | 2.5 |
| **SoftBank Group Corp.** | 2.5 |
| **SK Hynix, Inc.** | 2.4 |
| **Mitsubishi Heavy Industries, Ltd.** | 2.3 |
| **Kering SA** | 2.2 |
| **Samsung Electronics Company, Ltd.** | 2.1 |
| **Siemens Energy AG** | 2.1 |

---

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

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

# Calamos International Growth Fund

#### Class C: CIGCX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos International Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $215 | 1.95% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund delivered strong returns and outperformed the MSCI EAFE Growth Index. International equities benefited as "America First" policies catalyzed pro-growth initiatives worldwide, supported by fiscal stimulus in Europe, monetary easing across developed and emerging markets, and persistent dollar weakness. The Fund's ability to draw from a wide geographic and market-cap universe to identify companies that rapidly compound intrinsic value through secular growth themes proved advantageous. Relative performance benefited from leading security selection in information technology and communication services, notably in semiconductors and movies & entertainment. Conversely, holdings in consumer discretionary and industrials trailed the index return. Geographically, positions in Europe—especially Germany and the United Kingdom—contributed significantly, while an underweight in Japan and relative selection in EM Asia hampered results.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg041.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with sales charge** | **MSCI ACWI ex-US Gross Total Return Index** |
| **10/31/15** | $10000 | $10000 |
| **11/30/15** | $10031 | $9795 |
| **12/31/15** | $9865 | $9613 |
| **01/31/16** | $9109 | $8960 |
| **02/29/16** | $8747 | $8861 |
| **03/31/16** | $9390 | $9588 |
| **04/30/16** | $9415 | $9849 |
| **05/31/16** | $9584 | $9692 |
| **06/30/16** | $9384 | $9549 |
| **07/31/16** | $9802 | $10023 |
| **08/31/16** | $9734 | $10089 |
| **09/30/16** | $9965 | $10218 |
| **10/31/16** | $9584 | $10072 |
| **11/30/16** | $9178 | $9840 |
| **12/31/16** | $9184 | $10095 |
| **01/31/17** | $9640 | $10454 |
| **02/28/17** | $9721 | $10622 |
| **03/31/17** | $10021 | $10901 |
| **04/30/17** | $10364 | $11141 |
| **05/31/17** | $10795 | $11514 |
| **06/30/17** | $10820 | $11554 |
| **07/31/17** | $11344 | $11983 |
| **08/31/17** | $11607 | $12049 |
| **09/30/17** | $11888 | $12277 |
| **10/31/17** | $12312 | $12509 |
| **11/30/17** | $12474 | $12613 |
| **12/31/17** | $12694 | $12898 |
| **01/31/18** | $13522 | $13618 |
| **02/28/18** | $12799 | $12978 |
| **03/31/18** | $12681 | $12759 |
| **04/30/18** | $12532 | $12974 |
| **05/31/18** | $12597 | $12687 |
| **06/30/18** | $12167 | $12454 |
| **07/31/18** | $12219 | $12756 |
| **08/31/18** | $12330 | $12491 |
| **09/30/18** | $12212 | $12554 |
| **10/31/18** | $10669 | $11534 |
| **11/30/18** | $10552 | $11645 |
| **12/31/18** | $9939 | $11122 |
| **01/31/19** | $10760 | $11964 |
| **02/28/19** | $10993 | $12200 |
| **03/31/19** | $11286 | $12283 |
| **04/30/19** | $11640 | $12616 |
| **05/31/19** | $11128 | $11953 |
| **06/30/19** | $11911 | $12678 |
| **07/31/19** | $11820 | $12529 |
| **08/31/19** | $11738 | $12144 |
| **09/30/19** | $11632 | $12463 |
| **10/31/19** | $11971 | $12900 |
| **11/30/19** | $12212 | $13015 |
| **12/31/19** | $12761 | $13583 |
| **01/31/20** | $12573 | $13220 |
| **02/29/20** | $12046 | $12177 |
| **03/31/20** | $10474 | $10423 |
| **04/30/20** | $11565 | $11220 |
| **05/31/20** | $12573 | $11593 |
| **06/30/20** | $13506 | $12122 |
| **07/31/20** | $14604 | $12668 |
| **08/31/20** | $15417 | $13212 |
| **09/30/20** | $15199 | $12893 |
| **10/31/20** | $15184 | $12618 |
| **11/30/20** | $17125 | $14317 |
| **12/31/20** | $18317 | $15095 |
| **01/31/21** | $18373 | $15130 |
| **02/28/21** | $18871 | $15432 |
| **03/31/21** | $18550 | $15638 |
| **04/30/21** | $19184 | $16108 |
| **05/31/21** | $19593 | $16623 |
| **06/30/21** | $19392 | $16520 |
| **07/31/21** | $19513 | $16253 |
| **08/31/21** | $20146 | $16565 |
| **09/30/21** | $19127 | $16045 |
| **10/31/21** | $20010 | $16431 |
| **11/30/21** | $18943 | $15694 |
| **12/31/21** | $19413 | $16347 |
| **01/31/22** | $17810 | $15746 |
| **02/28/22** | $16920 | $15436 |
| **03/31/22** | $16959 | $15475 |
| **04/30/22** | $15464 | $14513 |
| **05/31/22** | $15425 | $14632 |
| **06/30/22** | $13988 | $13379 |
| **07/31/22** | $14261 | $13842 |
| **08/31/22** | $13450 | $13400 |
| **09/30/22** | $12160 | $12068 |
| **10/31/22** | $12570 | $12430 |
| **11/30/22** | $13919 | $13900 |
| **12/31/22** | $13352 | $13802 |
| **01/31/23** | $14721 | $14923 |
| **02/28/23** | $13997 | $14402 |
| **03/31/23** | $14604 | $14768 |
| **04/30/23** | $14564 | $15036 |
| **05/31/23** | $14115 | $14504 |
| **06/30/23** | $14574 | $15163 |
| **07/31/23** | $14867 | $15784 |
| **08/31/23** | $14320 | $15074 |
| **09/30/23** | $13509 | $14605 |
| **10/31/23** | $13137 | $14004 |
| **11/30/23** | $14613 | $15268 |
| **12/31/23** | $15239 | $16039 |
| **01/31/24** | $15552 | $15882 |
| **02/29/24** | $16715 | $16287 |
| **03/31/24** | $17272 | $16786 |
| **04/30/24** | $16490 | $16522 |
| **05/31/24** | $17526 | $17017 |
| **06/30/24** | $18034 | $17008 |
| **07/31/24** | $18005 | $17407 |
| **08/31/24** | $18425 | $17906 |
| **09/30/24** | $18562 | $18397 |
| **10/31/24** | $17624 | $17503 |
| **11/30/24** | $17868 | $17348 |
| **12/31/24** | $16968 | $17016 |
| **01/31/25** | $17443 | $17705 |
| **02/28/25** | $17650 | $17953 |
| **03/31/25** | $16978 | $17928 |
| **04/30/25** | $17609 | $18590 |
| **05/31/25** | $18705 | $19462 |
| **06/30/25** | $19718 | $20133 |
| **07/31/25** | $19449 | $20081 |
| **08/31/25** | $19780 | $20791 |
| **09/30/25** | $20938 | $21549 |
| **10/31/25** | $21311 | $21988 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class C without sales charge** | 20.92 | 7.01 | 7.86 |
| **Class C with sales charge** | 19.92 | 7.01 | 7.86 |
| **MSCI ACWI ex-US Gross Total Return Index** | 25.62 | 11.75 | 8.2 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos International Growth Fund

#### Class C: CIGCX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $287338196 | 101 | 170% | $2546958 |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 26.6 |
| **Industrials** | 20.1 |
| **Financials** | 16.5 |
| **Consumer Discretionary** | 11.6 |
| **Communication Services** | 7.5 |
| **Health Care** | 6.9 |
| **Materials** | 4.8 |
| **Energy** | 2.6 |
| **Consumer Staples** | 1.9 |
| **Utilities** | 1.2 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Taiwan Semiconductor Manufacturing Company, Ltd.** | 4.4 |
| **Rolls-Royce Holdings, PLC** | 3.1 |
| **Rheinmetall, AG** | 2.5 |
| **UniCredit, S.p.A.** | 2.5 |
| **SoftBank Group Corp.** | 2.5 |
| **SK Hynix, Inc.** | 2.4 |
| **Mitsubishi Heavy Industries, Ltd.** | 2.3 |
| **Kering SA** | 2.2 |
| **Samsung Electronics Company, Ltd.** | 2.1 |
| **Siemens Energy AG** | 2.1 |

---

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

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

# Calamos International Growth Fund

#### Class I: CIGIX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos International Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $106 | 0.95% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund delivered strong returns and outperformed the MSCI EAFE Growth Index. International equities benefited as "America First" policies catalyzed pro-growth initiatives worldwide, supported by fiscal stimulus in Europe, monetary easing across developed and emerging markets, and persistent dollar weakness. The Fund's ability to draw from a wide geographic and market-cap universe to identify companies that rapidly compound intrinsic value through secular growth themes proved advantageous. Relative performance benefited from leading security selection in information technology and communication services, notably in semiconductors and movies & entertainment. Conversely, holdings in consumer discretionary and industrials trailed the index return. Geographically, positions in Europe—especially Germany and the United Kingdom—contributed significantly, while an underweight in Japan and relative selection in EM Asia hampered results.

## **GROWTH OF $1,000,000**![Growth of 10K Chart](tm2532080d1_tsrimg034.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI ACWI ex-US Gross Total Return Index** |
| **10/31/15** | $1000000 | $1000000 |
| **11/30/15** | $1004561 | $979479 |
| **12/31/15** | $988193 | $961332 |
| **01/31/16** | $913979 | $896052 |
| **02/29/16** | $877443 | $886086 |
| **03/31/16** | $943094 | $958794 |
| **04/30/16** | $945948 | $984878 |
| **05/31/16** | $964216 | $969187 |
| **06/30/16** | $944806 | $954917 |
| **07/31/16** | $987622 | $1002355 |
| **08/31/16** | $981343 | $1008891 |
| **09/30/16** | $1005891 | $1021780 |
| **10/31/16** | $968212 | $1007186 |
| **11/30/16** | $928251 | $984025 |
| **12/31/16** | $929393 | $1009540 |
| **01/31/17** | $976205 | $1045387 |
| **02/28/17** | $985339 | $1062215 |
| **03/31/17** | $1016737 | $1090125 |
| **04/30/17** | $1052132 | $1114097 |
| **05/31/17** | $1096660 | $1151406 |
| **06/30/17** | $1100657 | $1155466 |
| **07/31/17** | $1154890 | $1198356 |
| **08/31/17** | $1182292 | $1204892 |
| **09/30/17** | $1211978 | $1227708 |
| **10/31/17** | $1256507 | $1250949 |
| **11/30/17** | $1274204 | $1261281 |
| **12/31/17** | $1297178 | $1289861 |
| **01/31/18** | $1383143 | $1361819 |
| **02/28/18** | $1310221 | $1297838 |
| **03/31/18** | $1299550 | $1275957 |
| **04/30/18** | $1285321 | $1297392 |
| **05/31/18** | $1293028 | $1268751 |
| **06/30/18** | $1249750 | $1245448 |
| **07/31/18** | $1256271 | $1275612 |
| **08/31/18** | $1268721 | $1249163 |
| **09/30/18** | $1258050 | $1255374 |
| **10/31/18** | $1099756 | $1153415 |
| **11/30/18** | $1088492 | $1164519 |
| **12/31/18** | $1026272 | $1112210 |
| **01/31/19** | $1111683 | $1196448 |
| **02/28/19** | $1136566 | $1219974 |
| **03/31/19** | $1168175 | $1228276 |
| **04/30/19** | $1205836 | $1261646 |
| **05/31/19** | $1153379 | $1195291 |
| **06/30/19** | $1236100 | $1267858 |
| **07/31/19** | $1227357 | $1252918 |
| **08/31/19** | $1219959 | $1214473 |
| **09/30/19** | $1209871 | $1246321 |
| **10/31/19** | $1246187 | $1289983 |
| **11/30/19** | $1272416 | $1301553 |
| **12/31/19** | $1330925 | $1358348 |
| **01/31/20** | $1312095 | $1322014 |
| **02/29/20** | $1258293 | $1217700 |
| **03/31/20** | $1094197 | $1042343 |
| **04/30/20** | $1209871 | $1122014 |
| **05/31/20** | $1316130 | $1159302 |
| **06/30/20** | $1414991 | $1212200 |
| **07/31/20** | $1531338 | $1266782 |
| **08/31/20** | $1618093 | $1321263 |
| **09/30/20** | $1596572 | $1289313 |
| **10/31/20** | $1595900 | $1261789 |
| **11/30/20** | $1801692 | $1431686 |
| **12/31/20** | $1929413 | $1509490 |
| **01/31/21** | $1936514 | $1513022 |
| **02/28/21** | $1990483 | $1543185 |
| **03/31/21** | $1958528 | $1563808 |
| **04/30/21** | $2026700 | $1610799 |
| **05/31/21** | $2072148 | $1662296 |
| **06/30/21** | $2052974 | $1652066 |
| **07/31/21** | $2067177 | $1625312 |
| **08/31/21** | $2136059 | $1656511 |
| **09/30/21** | $2029540 | $1604486 |
| **10/31/21** | $2124697 | $1643175 |
| **11/30/21** | $2013207 | $1569411 |
| **12/31/21** | $2065070 | $1634690 |
| **01/31/22** | $1895912 | $1574627 |
| **02/28/22** | $1802958 | $1543672 |
| **03/31/22** | $1807983 | $1547488 |
| **04/30/22** | $1649711 | $1451294 |
| **05/31/22** | $1647199 | $1463189 |
| **06/30/22** | $1494789 | $1337948 |
| **07/31/22** | $1526611 | $1384249 |
| **08/31/22** | $1440357 | $1340059 |
| **09/30/22** | $1303020 | $1206800 |
| **10/31/22** | $1348241 | $1243053 |
| **11/30/22** | $1493951 | $1390034 |
| **12/31/22** | $1434495 | $1380209 |
| **01/31/23** | $1582718 | $1492378 |
| **02/28/23** | $1506513 | $1440191 |
| **03/31/23** | $1572669 | $1476850 |
| **04/30/23** | $1570156 | $1503644 |
| **05/31/23** | $1522424 | $1450442 |
| **06/30/23** | $1574344 | $1516290 |
| **07/31/23** | $1607003 | $1578403 |
| **08/31/23** | $1548384 | $1507440 |
| **09/30/23** | $1462130 | $1460510 |
| **10/31/23** | $1423608 | $1400467 |
| **11/30/23** | $1584393 | $1526804 |
| **12/31/23** | $1654337 | $1603918 |
| **01/31/24** | $1688768 | $1588207 |
| **02/29/24** | $1816412 | $1628702 |
| **03/31/24** | $1879394 | $1678677 |
| **04/30/24** | $1795418 | $1652269 |
| **05/31/24** | $1909626 | $1701776 |
| **06/30/24** | $1966730 | $1700822 |
| **07/31/24** | $1965050 | $1740749 |
| **08/31/24** | $2012917 | $1790683 |
| **09/30/24** | $2028872 | $1839704 |
| **10/31/24** | $1928101 | $1750350 |
| **11/30/24** | $1956653 | $1734802 |
| **12/31/24** | $1860839 | $1701655 |
| **01/31/25** | $1914357 | $1770507 |
| **02/28/25** | $1938045 | $1795352 |
| **03/31/25** | $1866103 | $1792876 |
| **04/30/25** | $1937168 | $1859069 |
| **05/31/25** | $2059118 | $1946250 |
| **06/30/25** | $2172295 | $2013336 |
| **07/31/25** | $2145097 | $2008181 |
| **08/31/25** | $2183700 | $2079164 |
| **09/30/25** | $2312669 | $2154938 |
| **10/31/25** | $2355659 | $2198823 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class I** | 22.18 | 8.1 | 8.95 |
| **MSCI ACWI ex-US Gross Total Return Index** | 25.62 | 11.75 | 8.2 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos International Growth Fund

#### Class I: CIGIX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $287338196 | 101 | 170% | $2546958 |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 26.6 |
| **Industrials** | 20.1 |
| **Financials** | 16.5 |
| **Consumer Discretionary** | 11.6 |
| **Communication Services** | 7.5 |
| **Health Care** | 6.9 |
| **Materials** | 4.8 |
| **Energy** | 2.6 |
| **Consumer Staples** | 1.9 |
| **Utilities** | 1.2 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Taiwan Semiconductor Manufacturing Company, Ltd.** | 4.4 |
| **Rolls-Royce Holdings, PLC** | 3.1 |
| **Rheinmetall, AG** | 2.5 |
| **UniCredit, S.p.A.** | 2.5 |
| **SoftBank Group Corp.** | 2.5 |
| **SK Hynix, Inc.** | 2.4 |
| **Mitsubishi Heavy Industries, Ltd.** | 2.3 |
| **Kering SA** | 2.2 |
| **Samsung Electronics Company, Ltd.** | 2.1 |
| **Siemens Energy AG** | 2.1 |

---

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

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

# Calamos International Growth Fund

#### Class R6: CIGOX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos International Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class R6 | $96 | 0.86% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund delivered strong returns and outperformed the MSCI EAFE Growth Index. International equities benefited as "America First" policies catalyzed pro-growth initiatives worldwide, supported by fiscal stimulus in Europe, monetary easing across developed and emerging markets, and persistent dollar weakness. The Fund's ability to draw from a wide geographic and market-cap universe to identify companies that rapidly compound intrinsic value through secular growth themes proved advantageous. Relative performance benefited from leading security selection in information technology and communication services, notably in semiconductors and movies & entertainment. Conversely, holdings in consumer discretionary and industrials trailed the index return. Geographically, positions in Europe—especially Germany and the United Kingdom—contributed significantly, while an underweight in Japan and relative selection in EM Asia hampered results.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg044.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI ACWI ex-US Gross Total Return Index** |
| **09/17/18** | $10000 | $10000 |
| **09/30/18** | $10220 | $10200 |
| **10/31/18** | $8933 | $9371 |
| **11/30/18** | $8846 | $9461 |
| **12/31/18** | $8340 | $9036 |
| **01/31/19** | $9034 | $9721 |
| **02/28/19** | $9235 | $9912 |
| **03/31/19** | $9495 | $9979 |
| **04/30/19** | $9799 | $10251 |
| **05/31/19** | $9376 | $9711 |
| **06/30/19** | $10049 | $10301 |
| **07/31/19** | $9978 | $10180 |
| **08/31/19** | $9924 | $9867 |
| **09/30/19** | $9843 | $10126 |
| **10/31/19** | $10130 | $10481 |
| **11/30/19** | $10342 | $10575 |
| **12/31/19** | $10819 | $11036 |
| **01/31/20** | $10673 | $10741 |
| **02/29/20** | $10233 | $9894 |
| **03/31/20** | $8904 | $8469 |
| **04/30/20** | $9843 | $9116 |
| **05/31/20** | $10705 | $9419 |
| **06/30/20** | $11514 | $9849 |
| **07/31/20** | $12463 | $10292 |
| **08/31/20** | $13169 | $10735 |
| **09/30/20** | $12995 | $10475 |
| **10/31/20** | $12990 | $10252 |
| **11/30/20** | $14666 | $11632 |
| **12/31/20** | $15703 | $12264 |
| **01/31/21** | $15760 | $12293 |
| **02/28/21** | $16207 | $12538 |
| **03/31/21** | $15944 | $12706 |
| **04/30/21** | $16500 | $13087 |
| **05/31/21** | $16872 | $13506 |
| **06/30/21** | $16717 | $13423 |
| **07/31/21** | $16832 | $13205 |
| **08/31/21** | $17394 | $13459 |
| **09/30/21** | $16528 | $13036 |
| **10/31/21** | $17308 | $13350 |
| **11/30/21** | $16396 | $12751 |
| **12/31/21** | $16824 | $13282 |
| **01/31/22** | $15447 | $12794 |
| **02/28/22** | $14690 | $12542 |
| **03/31/22** | $14737 | $12573 |
| **04/30/22** | $13447 | $11791 |
| **05/31/22** | $13427 | $11888 |
| **06/30/22** | $12184 | $10871 |
| **07/31/22** | $12441 | $11247 |
| **08/31/22** | $11739 | $10888 |
| **09/30/22** | $10624 | $9805 |
| **10/31/22** | $10996 | $10100 |
| **11/30/22** | $12184 | $11294 |
| **12/31/22** | $11698 | $11214 |
| **01/31/23** | $12914 | $12125 |
| **02/28/23** | $12292 | $11701 |
| **03/31/23** | $12833 | $11999 |
| **04/30/23** | $12812 | $12217 |
| **05/31/23** | $12421 | $11785 |
| **06/30/23** | $12846 | $12320 |
| **07/31/23** | $13116 | $12824 |
| **08/31/23** | $12637 | $12248 |
| **09/30/23** | $11934 | $11866 |
| **10/31/23** | $11624 | $11378 |
| **11/30/23** | $12934 | $12405 |
| **12/31/23** | $13505 | $13031 |
| **01/31/24** | $13790 | $12904 |
| **02/29/24** | $14834 | $13233 |
| **03/31/24** | $15349 | $13639 |
| **04/30/24** | $14664 | $13424 |
| **05/31/24** | $15600 | $13827 |
| **06/30/24** | $16061 | $13819 |
| **07/31/24** | $16054 | $14143 |
| **08/31/24** | $16447 | $14549 |
| **09/30/24** | $16576 | $14947 |
| **10/31/24** | $15756 | $14221 |
| **11/30/24** | $15993 | $14095 |
| **12/31/24** | $15206 | $13826 |
| **01/31/25** | $15645 | $14385 |
| **02/28/25** | $15843 | $14587 |
| **03/31/25** | $15249 | $14567 |
| **04/30/25** | $15836 | $15105 |
| **05/31/25** | $16827 | $15813 |
| **06/30/25** | $17755 | $16358 |
| **07/31/25** | $17535 | $16316 |
| **08/31/25** | $17854 | $16893 |
| **09/30/25** | $18909 | $17508 |
| **10/31/25** | $19270 | $17865 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **SINCE INCEPTION 9/17/18** |
| **Class R6** | 22.3 | 8.21 | 9.65 |
| **MSCI ACWI ex-US Gross Total Return Index** | 25.62 | 11.75 | 8.49 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos International Growth Fund

#### Class R6: CIGOX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $287338196 | 101 | 170% | $2546958 |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 26.6 |
| **Industrials** | 20.1 |
| **Financials** | 16.5 |
| **Consumer Discretionary** | 11.6 |
| **Communication Services** | 7.5 |
| **Health Care** | 6.9 |
| **Materials** | 4.8 |
| **Energy** | 2.6 |
| **Consumer Staples** | 1.9 |
| **Utilities** | 1.2 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Taiwan Semiconductor Manufacturing Company, Ltd.** | 4.4 |
| **Rolls-Royce Holdings, PLC** | 3.1 |
| **Rheinmetall, AG** | 2.5 |
| **UniCredit, S.p.A.** | 2.5 |
| **SoftBank Group Corp.** | 2.5 |
| **SK Hynix, Inc.** | 2.4 |
| **Mitsubishi Heavy Industries, Ltd.** | 2.3 |
| **Kering SA** | 2.2 |
| **Samsung Electronics Company, Ltd.** | 2.1 |
| **Siemens Energy AG** | 2.1 |

---

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

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

# Calamos International Small Cap Growth Fund

#### Class A: CAISX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos International Small Cap Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $150 | 1.35% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund generated strong returns and participated in most of the benchmark's gains, delivering excellent results in a dynamic year for international small-cap equities. International markets experienced a dramatic shift in sentiment during the period, with early 2025's tariff-driven volatility giving way to renewed optimism as fiscal stimulus, trade negotiations, and easing monetary policy took hold globally. The Fund's emphasis on companies with stronger growth fundamentals helped actively manage risk during April's market turbulence and subsequent recovery. Security selection within consumer discretionary and information technology contributed most to relative performance, particularly in casinos & gaming and application software. Conversely, holdings in energy and consumer staples hampered returns. Geographically, the portfolio benefited from strong selection in Europe and Emerging Asia, while selection in Canada detracted from results.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg053.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with sales charge** | **MSCI ACWI ex-US Gross Total Return Index** |
| **03/31/22** | $9524 | $10000 |
| **04/30/22** | $8610 | $9378 |
| **05/31/22** | $8533 | $9455 |
| **06/30/22** | $7590 | $8646 |
| **07/31/22** | $7924 | $8945 |
| **08/31/22** | $7590 | $8660 |
| **09/30/22** | $7019 | $7798 |
| **10/31/22** | $7286 | $8033 |
| **11/30/22** | $7743 | $8983 |
| **12/31/22** | $7596 | $8919 |
| **01/31/23** | $7970 | $9644 |
| **02/28/23** | $7768 | $9307 |
| **03/31/23** | $7826 | $9544 |
| **04/30/23** | $7740 | $9717 |
| **05/31/23** | $7462 | $9373 |
| **06/30/23** | $7721 | $9798 |
| **07/31/23** | $8037 | $10200 |
| **08/31/23** | $7845 | $9741 |
| **09/30/23** | $7472 | $9438 |
| **10/31/23** | $7222 | $9050 |
| **11/30/23** | $8085 | $9866 |
| **12/31/23** | $8602 | $10365 |
| **01/31/24** | $8678 | $10263 |
| **02/29/24** | $9224 | $10525 |
| **03/31/24** | $9435 | $10848 |
| **04/30/24** | $9215 | $10677 |
| **05/31/24** | $9770 | $10997 |
| **06/30/24** | $10019 | $10991 |
| **07/31/24** | $10163 | $11249 |
| **08/31/24** | $10048 | $11572 |
| **09/30/24** | $10134 | $11888 |
| **10/31/24** | $9531 | $11311 |
| **11/30/24** | $9636 | $11210 |
| **12/31/24** | $9464 | $10996 |
| **01/31/25** | $9378 | $11441 |
| **02/28/25** | $9110 | $11602 |
| **03/31/25** | $9042 | $11586 |
| **04/30/25** | $9598 | $12013 |
| **05/31/25** | $10652 | $12577 |
| **06/30/25** | $11332 | $13010 |
| **07/31/25** | $11293 | $12977 |
| **08/31/25** | $11514 | $13436 |
| **09/30/25** | $11820 | $13925 |
| **10/31/25** | $11638 | $14209 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | |
|:---|:---|:---|
| **AATR** | **1 YEAR** | **SINCE INCEPTION 3/31/22** |
| **Class A without sales charge** | 22.11 | 5.75 |
| **Class A with sales charge** | 16.27 | 4.32 |
| **MSCI ACWI ex-US Gross Total Return Index** | 25.62 | 10.0 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos International Small Cap Growth Fund

#### Class A: CAISX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $7305228 | 67 | 175% | $59224 |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Industrials** | 30.4 |
| **Information Technology** | 21.3 |
| **Financials** | 10.3 |
| **Consumer Discretionary** | 9.2 |
| **Materials** | 8.7 |
| **Health Care** | 7.4 |
| **Communication Services** | 3.2 |
| **Energy** | 2 |
| **Utilities** | 1.5 |
| **Real Estate** | 1.3 |
| **Consumer Staples** | 1 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Ibiden Co. Ltd.** | 3.0 |
| **Hyosung Heavy Industries Corp.** | 2.9 |
| **Rakuten Bank Ltd.** | 2.6 |
| **Fincantieri SpA** | 2.5 |
| **Indra Sistemas SA** | 2.5 |
| **Amber Enterprises India, Ltd.** | 2.3 |
| **Hudbay Minerals, Inc.** | 2.3 |
| **BAWAG Group AG** | 2.3 |
| **Life360, Inc.** | 2.2 |
| **Kandenko Co. Ltd.** | 2.1 |

---

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

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

# Calamos International Small Cap Growth Fund

#### Class C: CCISX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos International Small Cap Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $232 | 2.10% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund generated strong returns and participated in most of the benchmark's gains, delivering excellent results in a dynamic year for international small-cap equities. International markets experienced a dramatic shift in sentiment during the period, with early 2025's tariff-driven volatility giving way to renewed optimism as fiscal stimulus, trade negotiations, and easing monetary policy took hold globally. The Fund's emphasis on companies with stronger growth fundamentals helped actively manage risk during April's market turbulence and subsequent recovery. Security selection within consumer discretionary and information technology contributed most to relative performance, particularly in casinos & gaming and application software. Conversely, holdings in energy and consumer staples hampered returns. Geographically, the portfolio benefited from strong selection in Europe and Emerging Asia, while selection in Canada detracted from results.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg058.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with sales charge** | **MSCI ACWI ex-US Gross Total Return Index** |
| **03/31/22** | $10000 | $10000 |
| **04/30/22** | $9040 | $9378 |
| **05/31/22** | $8950 | $9455 |
| **06/30/22** | $7960 | $8646 |
| **07/31/22** | $8300 | $8945 |
| **08/31/22** | $7950 | $8660 |
| **09/30/22** | $7340 | $7798 |
| **10/31/22** | $7620 | $8033 |
| **11/30/22** | $8080 | $8983 |
| **12/31/22** | $7929 | $8919 |
| **01/31/23** | $8311 | $9644 |
| **02/28/23** | $8089 | $9307 |
| **03/31/23** | $8150 | $9544 |
| **04/30/23** | $8059 | $9717 |
| **05/31/23** | $7768 | $9373 |
| **06/30/23** | $8029 | $9798 |
| **07/31/23** | $8351 | $10200 |
| **08/31/23** | $8150 | $9741 |
| **09/30/23** | $7748 | $9438 |
| **10/31/23** | $7497 | $9050 |
| **11/30/23** | $8381 | $9866 |
| **12/31/23** | $8903 | $10365 |
| **01/31/24** | $8984 | $10263 |
| **02/29/24** | $9547 | $10525 |
| **03/31/24** | $9758 | $10848 |
| **04/30/24** | $9526 | $10677 |
| **05/31/24** | $10089 | $10997 |
| **06/30/24** | $10340 | $10991 |
| **07/31/24** | $10481 | $11249 |
| **08/31/24** | $10350 | $11572 |
| **09/30/24** | $10441 | $11888 |
| **10/31/24** | $9808 | $11311 |
| **11/30/24** | $9908 | $11210 |
| **12/31/24** | $9727 | $10996 |
| **01/31/25** | $9637 | $11441 |
| **02/28/25** | $9356 | $11602 |
| **03/31/25** | $9275 | $11586 |
| **04/30/25** | $9838 | $12013 |
| **05/31/25** | $10923 | $12577 |
| **06/30/25** | $11607 | $13010 |
| **07/31/25** | $11556 | $12977 |
| **08/31/25** | $11777 | $13436 |
| **09/30/25** | $12079 | $13925 |
| **10/31/25** | $11888 | $14209 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | |
|:---|:---|:---|
| **AATR** | **1 YEAR** | **SINCE INCEPTION 3/31/22** |
| **Class C without sales charge** | 21.21 | 4.94 |
| **Class C with sales charge** | 20.21 | 4.94 |
| **MSCI ACWI ex-US Gross Total Return Index** | 25.62 | 10.0 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos International Small Cap Growth Fund

#### Class C: CCISX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $7305228 | 67 | 175% | $59224 |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Industrials** | 30.4 |
| **Information Technology** | 21.3 |
| **Financials** | 10.3 |
| **Consumer Discretionary** | 9.2 |
| **Materials** | 8.7 |
| **Health Care** | 7.4 |
| **Communication Services** | 3.2 |
| **Energy** | 2 |
| **Utilities** | 1.5 |
| **Real Estate** | 1.3 |
| **Consumer Staples** | 1 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Ibiden Co. Ltd.** | 3.0 |
| **Hyosung Heavy Industries Corp.** | 2.9 |
| **Rakuten Bank Ltd.** | 2.6 |
| **Fincantieri SpA** | 2.5 |
| **Indra Sistemas SA** | 2.5 |
| **Amber Enterprises India, Ltd.** | 2.3 |
| **Hudbay Minerals, Inc.** | 2.3 |
| **BAWAG Group AG** | 2.3 |
| **Life360, Inc.** | 2.2 |
| **Kandenko Co. Ltd.** | 2.1 |

---

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

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

# Calamos International Small Cap Growth Fund

#### Class I: CSGIX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos International Small Cap Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $122 | 1.10% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund generated strong returns and participated in most of the benchmark's gains, delivering excellent results in a dynamic year for international small-cap equities. International markets experienced a dramatic shift in sentiment during the period, with early 2025's tariff-driven volatility giving way to renewed optimism as fiscal stimulus, trade negotiations, and easing monetary policy took hold globally. The Fund's emphasis on companies with stronger growth fundamentals helped actively manage risk during April's market turbulence and subsequent recovery. Security selection within consumer discretionary and information technology contributed most to relative performance, particularly in casinos & gaming and application software. Conversely, holdings in energy and consumer staples hampered returns. Geographically, the portfolio benefited from strong selection in Europe and Emerging Asia, while selection in Canada detracted from results.

## **GROWTH OF $1,000,000**![Growth of 10K Chart](tm2532080d1_tsrimg012.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI ACWI ex-US Gross Total Return Index** |
| **03/31/22** | $1000000 | $1000000 |
| **04/30/22** | $904000 | $937839 |
| **05/31/22** | $897000 | $945525 |
| **06/30/22** | $797000 | $864593 |
| **07/31/22** | $833000 | $894513 |
| **08/31/22** | $798000 | $865957 |
| **09/30/22** | $737000 | $779844 |
| **10/31/22** | $766000 | $803271 |
| **11/30/22** | $814000 | $898251 |
| **12/31/22** | $798545 | $891903 |
| **01/31/23** | $838825 | $964387 |
| **02/28/23** | $816671 | $930664 |
| **03/31/23** | $823720 | $954353 |
| **04/30/23** | $814657 | $971667 |
| **05/31/23** | $786461 | $937288 |
| **06/30/23** | $813650 | $979839 |
| **07/31/23** | $846881 | $1019977 |
| **08/31/23** | $826741 | $974120 |
| **09/30/23** | $787468 | $943794 |
| **10/31/23** | $762293 | $904994 |
| **11/30/23** | $852923 | $986634 |
| **12/31/23** | $907300 | $1036465 |
| **01/31/24** | $916363 | $1026313 |
| **02/29/24** | $973762 | $1052481 |
| **03/31/24** | $995916 | $1084775 |
| **04/30/24** | $972755 | $1067710 |
| **05/31/24** | $1032167 | $1099702 |
| **06/30/24** | $1057342 | $1099086 |
| **07/31/24** | $1073454 | $1124887 |
| **08/31/24** | $1061370 | $1157155 |
| **09/30/24** | $1071440 | $1188832 |
| **10/31/24** | $1006992 | $1131091 |
| **11/30/24** | $1019076 | $1121044 |
| **12/31/24** | $999944 | $1099624 |
| **01/31/25** | $991888 | $1144116 |
| **02/28/25** | $963692 | $1160172 |
| **03/31/25** | $956643 | $1158571 |
| **04/30/25** | $1015048 | $1201346 |
| **05/31/25** | $1127832 | $1257683 |
| **06/30/25** | $1199328 | $1301035 |
| **07/31/25** | $1195300 | $1297703 |
| **08/31/25** | $1219468 | $1343573 |
| **09/30/25** | $1251692 | $1392539 |
| **10/31/25** | $1233566 | $1420898 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | |
|:---|:---|:---|
| **AATR** | **1 YEAR** | **SINCE INCEPTION 3/31/22** |
| **Class I** | 22.5 | 6.03 |
| **MSCI ACWI ex-US Gross Total Return Index** | 25.62 | 10.0 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos International Small Cap Growth Fund

#### Class I: CSGIX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $7305228 | 67 | 175% | $59224 |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Industrials** | 30.4 |
| **Information Technology** | 21.3 |
| **Financials** | 10.3 |
| **Consumer Discretionary** | 9.2 |
| **Materials** | 8.7 |
| **Health Care** | 7.4 |
| **Communication Services** | 3.2 |
| **Energy** | 2 |
| **Utilities** | 1.5 |
| **Real Estate** | 1.3 |
| **Consumer Staples** | 1 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Ibiden Co. Ltd.** | 3.0 |
| **Hyosung Heavy Industries Corp.** | 2.9 |
| **Rakuten Bank Ltd.** | 2.6 |
| **Fincantieri SpA** | 2.5 |
| **Indra Sistemas SA** | 2.5 |
| **Amber Enterprises India, Ltd.** | 2.3 |
| **Hudbay Minerals, Inc.** | 2.3 |
| **BAWAG Group AG** | 2.3 |
| **Life360, Inc.** | 2.2 |
| **Kandenko Co. Ltd.** | 2.1 |

---

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

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

# Calamos International Small Cap Growth Fund

#### Class R6: CISOX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos International Small Cap Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class R6 | $114 | 1.02% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund generated strong returns and participated in most of the benchmark's gains, delivering excellent results in a dynamic year for international small-cap equities. International markets experienced a dramatic shift in sentiment during the period, with early 2025's tariff-driven volatility giving way to renewed optimism as fiscal stimulus, trade negotiations, and easing monetary policy took hold globally. The Fund's emphasis on companies with stronger growth fundamentals helped actively manage risk during April's market turbulence and subsequent recovery. Security selection within consumer discretionary and information technology contributed most to relative performance, particularly in casinos & gaming and application software. Conversely, holdings in energy and consumer staples hampered returns. Geographically, the portfolio benefited from strong selection in Europe and Emerging Asia, while selection in Canada detracted from results.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg062.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI ACWI ex-US Gross Total Return Index** |
| **03/31/22** | $10000 | $10000 |
| **04/30/22** | $9040 | $9378 |
| **05/31/22** | $8970 | $9455 |
| **06/30/22** | $7970 | $8646 |
| **07/31/22** | $8330 | $8945 |
| **08/31/22** | $7980 | $8660 |
| **09/30/22** | $7380 | $7798 |
| **10/31/22** | $7660 | $8033 |
| **11/30/22** | $8140 | $8983 |
| **12/31/22** | $7986 | $8919 |
| **01/31/23** | $8388 | $9644 |
| **02/28/23** | $8167 | $9307 |
| **03/31/23** | $8237 | $9544 |
| **04/30/23** | $8147 | $9717 |
| **05/31/23** | $7875 | $9373 |
| **06/30/23** | $8137 | $9798 |
| **07/31/23** | $8469 | $10200 |
| **08/31/23** | $8268 | $9741 |
| **09/30/23** | $7875 | $9438 |
| **10/31/23** | $7623 | $9050 |
| **11/30/23** | $8529 | $9866 |
| **12/31/23** | $9073 | $10365 |
| **01/31/24** | $9164 | $10263 |
| **02/29/24** | $9738 | $10525 |
| **03/31/24** | $9959 | $10848 |
| **04/30/24** | $9728 | $10677 |
| **05/31/24** | $10322 | $10997 |
| **06/30/24** | $10584 | $10991 |
| **07/31/24** | $10735 | $11249 |
| **08/31/24** | $10614 | $11572 |
| **09/30/24** | $10715 | $11888 |
| **10/31/24** | $10070 | $11311 |
| **11/30/24** | $10191 | $11210 |
| **12/31/24** | $10000 | $10996 |
| **01/31/25** | $9919 | $11441 |
| **02/28/25** | $9637 | $11602 |
| **03/31/25** | $9577 | $11586 |
| **04/30/25** | $10161 | $12013 |
| **05/31/25** | $11289 | $12577 |
| **06/30/25** | $12003 | $13010 |
| **07/31/25** | $11963 | $12977 |
| **08/31/25** | $12205 | $13436 |
| **09/30/25** | $12527 | $13925 |
| **10/31/25** | $12346 | $14209 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | |
|:---|:---|:---|
| **AATR** | **1 YEAR** | **SINCE INCEPTION 3/31/22** |
| **Class R6** | 22.6 | 6.05 |
| **MSCI ACWI ex-US Gross Total Return Index** | 25.62 | 10.0 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos International Small Cap Growth Fund

#### Class R6: CISOX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $7305228 | 67 | 175% | $59224 |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Industrials** | 30.4 |
| **Information Technology** | 21.3 |
| **Financials** | 10.3 |
| **Consumer Discretionary** | 9.2 |
| **Materials** | 8.7 |
| **Health Care** | 7.4 |
| **Communication Services** | 3.2 |
| **Energy** | 2 |
| **Utilities** | 1.5 |
| **Real Estate** | 1.3 |
| **Consumer Staples** | 1 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Ibiden Co. Ltd.** | 3.0 |
| **Hyosung Heavy Industries Corp.** | 2.9 |
| **Rakuten Bank Ltd.** | 2.6 |
| **Fincantieri SpA** | 2.5 |
| **Indra Sistemas SA** | 2.5 |
| **Amber Enterprises India, Ltd.** | 2.3 |
| **Hudbay Minerals, Inc.** | 2.3 |
| **BAWAG Group AG** | 2.3 |
| **Life360, Inc.** | 2.2 |
| **Kandenko Co. Ltd.** | 2.1 |

---

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

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

# Calamos Market Neutral Income Fund

#### Class A: CVSIX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Market Neutral Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $129 | 1.24% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund delivered strong performance, outperforming the Bloomberg US Government/Credit Index with significantly less volatility than the index. The period was marked by significant market volatility, including April's dramatic tariff-driven selloff that pushed equities down nearly 20% before rebounding swiftly, followed by a calmer environment as Federal Reserve easing commenced and economic resilience persisted. All four Fund strategies—hedged equity, convertible arbitrage, merger arbitrage, and SPAC arbitrage—contributed positively. The Fund's defensively positioned hedged equity sleeve limited downside during April's turbulence while capturing upside as markets recovered. Convertible arbitrage capitalized on exceptional new issuance opportunities, with 2025 on pace for historically high volumes, while company-specific volatility provided ideal rebalancing conditions. With limited interest rate sensitivity, the Fund took advantage of market volatility, while elevated short-term rates enhanced option premium capture.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg005.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with sales charge** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/31/15** | $9527 | $9999 |
| **11/30/15** | $9497 | $9973 |
| **12/31/15** | $9474 | $9941 |
| **01/31/16** | $9303 | $10078 |
| **02/29/16** | $9281 | $10149 |
| **03/31/16** | $9489 | $10242 |
| **04/30/16** | $9571 | $10282 |
| **05/31/16** | $9623 | $10284 |
| **06/30/16** | $9651 | $10469 |
| **07/31/16** | $9771 | $10535 |
| **08/31/16** | $9793 | $10523 |
| **09/30/16** | $9820 | $10517 |
| **10/31/16** | $9828 | $10436 |
| **11/30/16** | $9888 | $10190 |
| **12/31/16** | $9920 | $10204 |
| **01/31/17** | $9974 | $10224 |
| **02/28/17** | $10081 | $10293 |
| **03/31/17** | $10092 | $10287 |
| **04/30/17** | $10115 | $10367 |
| **05/31/17** | $10138 | $10447 |
| **06/30/17** | $10187 | $10436 |
| **07/31/17** | $10233 | $10481 |
| **08/31/17** | $10233 | $10575 |
| **09/30/17** | $10263 | $10525 |
| **10/31/17** | $10294 | $10531 |
| **11/30/17** | $10332 | $10517 |
| **12/31/17** | $10375 | $10565 |
| **01/31/18** | $10508 | $10444 |
| **02/28/18** | $10500 | $10345 |
| **03/31/18** | $10506 | $10411 |
| **04/30/18** | $10561 | $10334 |
| **05/31/18** | $10592 | $10407 |
| **06/30/18** | $10592 | $10395 |
| **07/31/18** | $10662 | $10397 |
| **08/31/18** | $10718 | $10464 |
| **09/30/18** | $10731 | $10397 |
| **10/31/18** | $10684 | $10314 |
| **11/30/18** | $10716 | $10376 |
| **12/31/18** | $10534 | $10567 |
| **01/31/19** | $10739 | $10679 |
| **02/28/19** | $10789 | $10673 |
| **03/31/19** | $10830 | $10878 |
| **04/30/19** | $10904 | $10880 |
| **05/31/19** | $10854 | $11073 |
| **06/30/19** | $10981 | $11213 |
| **07/31/19** | $11031 | $11237 |
| **08/31/19** | $11072 | $11528 |
| **09/30/19** | $11087 | $11467 |
| **10/31/19** | $11145 | $11502 |
| **11/30/19** | $11162 | $11496 |
| **12/31/19** | $11206 | $11488 |
| **01/31/20** | $11231 | $11709 |
| **02/29/20** | $11082 | $11920 |
| **03/31/20** | $10775 | $11849 |
| **04/30/20** | $11117 | $12060 |
| **05/31/20** | $11192 | $12116 |
| **06/30/20** | $11317 | $12192 |
| **07/31/20** | $11451 | $12375 |
| **08/31/20** | $11551 | $12275 |
| **09/30/20** | $11559 | $12268 |
| **10/31/20** | $11509 | $12213 |
| **11/30/20** | $11718 | $12333 |
| **12/31/20** | $11787 | $12350 |
| **01/31/21** | $11762 | $12261 |
| **02/28/21** | $11854 | $12084 |
| **03/31/21** | $11938 | $11934 |
| **04/30/21** | $12013 | $12028 |
| **05/31/21** | $12063 | $12067 |
| **06/30/21** | $12087 | $12152 |
| **07/31/21** | $12121 | $12288 |
| **08/31/21** | $12188 | $12264 |
| **09/30/21** | $12150 | $12158 |
| **10/31/21** | $12276 | $12155 |
| **11/30/21** | $12243 | $12191 |
| **12/31/21** | $12341 | $12160 |
| **01/31/22** | $12249 | $11898 |
| **02/28/22** | $12131 | $11765 |
| **03/31/22** | $12173 | $11438 |
| **04/30/22** | $11888 | $11004 |
| **05/31/22** | $11804 | $11075 |
| **06/30/22** | $11471 | $10901 |
| **07/31/22** | $11748 | $11168 |
| **08/31/22** | $11714 | $10852 |
| **09/30/22** | $11434 | $10383 |
| **10/31/22** | $11635 | $10249 |
| **11/30/22** | $11804 | $10626 |
| **12/31/22** | $11787 | $10578 |
| **01/31/23** | $12041 | $10903 |
| **02/28/23** | $12007 | $10621 |
| **03/31/23** | $12152 | $10891 |
| **04/30/23** | $12228 | $10957 |
| **05/31/23** | $12271 | $10838 |
| **06/30/23** | $12476 | $10799 |
| **07/31/23** | $12535 | $10791 |
| **08/31/23** | $12569 | $10723 |
| **09/30/23** | $12564 | $10450 |
| **10/31/23** | $12539 | $10285 |
| **11/30/23** | $12735 | $10751 |
| **12/31/23** | $12838 | $11162 |
| **01/31/24** | $12883 | $11132 |
| **02/29/24** | $12981 | $10974 |
| **03/31/24** | $13068 | $11076 |
| **04/30/24** | $13050 | $10796 |
| **05/31/24** | $13175 | $10979 |
| **06/30/24** | $13257 | $11083 |
| **07/31/24** | $13329 | $11342 |
| **08/31/24** | $13472 | $11505 |
| **09/30/24** | $13582 | $11659 |
| **10/31/24** | $13618 | $11370 |
| **11/30/24** | $13717 | $11490 |
| **12/31/24** | $13753 | $11302 |
| **01/31/25** | $13844 | $11362 |
| **02/28/25** | $13916 | $11612 |
| **03/31/25** | $13930 | $11616 |
| **04/30/25** | $13949 | $11662 |
| **05/31/25** | $14131 | $11578 |
| **06/30/25** | $14212 | $11756 |
| **07/31/25** | $14312 | $11725 |
| **08/31/25** | $14394 | $11866 |
| **09/30/25** | $14492 | $11995 |
| **10/31/25** | $14611 | $12070 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class A without sales charge** | 7.29 | 4.89 | 4.37 |
| **Class A with sales charge** | 4.87 | 4.41 | 3.86 |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16 | -0.24 | 1.9 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Market Neutral Income Fund

#### Class A: CVSIX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $16992904297 | 989 | 43% | $104424957 |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 38.4 |
| **Consumer Discretionary** | 14.5 |
| **Financials** | 11.1 |
| **Communication Services** | 10.1 |
| **Industrials** | 8.6 |
| **Health Care** | 7.8 |
| **Utilities** | 6.2 |
| **Consumer Staples** | 3.7 |
| **Other** | 3.4 |
| **Energy** | 2.0 |
| **Materials** | 1.5 |
| **Real Estate** | 1.5 |
| **Special Purpose Acquisition Companies** | 0.7 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **NVIDIA Corp.** | 5.2 |
| **Apple, Inc.** | 4.1 |
| **Microsoft Corp.** | 4.0 |
| **Amazon.com, Inc.** | 2.4 |
| **Calamos Short-Term Bond Fund - Class I** | 2.0 |
| **Alibaba Group Holding Ltd., 0.500%, 06/01/31** | 1.8 |
| **Broadcom, Inc.** | 1.8 |
| **Alphabet, Inc. - Class C** | 1.6 |
| **Alphabet, Inc. - Class A** | 1.5 |
| **Meta Platforms, Inc. - Class A** | 1.5 |

---

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

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

# Calamos Market Neutral Income Fund

#### Class C: CVSCX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Market Neutral Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $205 | 1.99% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund delivered strong performance, outperforming the Bloomberg US Government/Credit Index with significantly less volatility than the index. The period was marked by significant market volatility, including April's dramatic tariff-driven selloff that pushed equities down nearly 20% before rebounding swiftly, followed by a calmer environment as Federal Reserve easing commenced and economic resilience persisted. All four Fund strategies—hedged equity, convertible arbitrage, merger arbitrage, and SPAC arbitrage—contributed positively. The Fund's defensively positioned hedged equity sleeve limited downside during April's turbulence while capturing upside as markets recovered. Convertible arbitrage capitalized on exceptional new issuance opportunities, with 2025 on pace for historically high volumes, while company-specific volatility provided ideal rebalancing conditions. With limited interest rate sensitivity, the Fund took advantage of market volatility, while elevated short-term rates enhanced option premium capture.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg061.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with sales charge** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/31/15** | $10000 | $9999 |
| **11/30/15** | $9970 | $9973 |
| **12/31/15** | $9934 | $9941 |
| **01/31/16** | $9750 | $10078 |
| **02/29/16** | $9720 | $10149 |
| **03/31/16** | $9932 | $10242 |
| **04/30/16** | $10016 | $10282 |
| **05/31/16** | $10062 | $10284 |
| **06/30/16** | $10087 | $10469 |
| **07/31/16** | $10202 | $10535 |
| **08/31/16** | $10218 | $10523 |
| **09/30/16** | $10241 | $10517 |
| **10/31/16** | $10241 | $10436 |
| **11/30/16** | $10295 | $10190 |
| **12/31/16** | $10324 | $10204 |
| **01/31/17** | $10379 | $10224 |
| **02/28/17** | $10480 | $10293 |
| **03/31/17** | $10489 | $10287 |
| **04/30/17** | $10505 | $10367 |
| **05/31/17** | $10520 | $10447 |
| **06/30/17** | $10567 | $10436 |
| **07/31/17** | $10606 | $10481 |
| **08/31/17** | $10598 | $10575 |
| **09/30/17** | $10625 | $10525 |
| **10/31/17** | $10648 | $10531 |
| **11/30/17** | $10680 | $10517 |
| **12/31/17** | $10719 | $10565 |
| **01/31/18** | $10854 | $10444 |
| **02/28/18** | $10830 | $10345 |
| **03/31/18** | $10830 | $10411 |
| **04/30/18** | $10886 | $10334 |
| **05/31/18** | $10910 | $10407 |
| **06/30/18** | $10906 | $10395 |
| **07/31/18** | $10970 | $10397 |
| **08/31/18** | $11018 | $10464 |
| **09/30/18** | $11027 | $10397 |
| **10/31/18** | $10971 | $10314 |
| **11/30/18** | $10995 | $10376 |
| **12/31/18** | $10797 | $10567 |
| **01/31/19** | $11003 | $10679 |
| **02/28/19** | $11053 | $10673 |
| **03/31/19** | $11088 | $10878 |
| **04/30/19** | $11154 | $10880 |
| **05/31/19** | $11097 | $11073 |
| **06/30/19** | $11219 | $11213 |
| **07/31/19** | $11269 | $11237 |
| **08/31/19** | $11302 | $11528 |
| **09/30/19** | $11303 | $11467 |
| **10/31/19** | $11362 | $11502 |
| **11/30/19** | $11362 | $11496 |
| **12/31/19** | $11409 | $11488 |
| **01/31/20** | $11425 | $11709 |
| **02/29/20** | $11259 | $11920 |
| **03/31/20** | $10948 | $11849 |
| **04/30/20** | $11289 | $12060 |
| **05/31/20** | $11355 | $12116 |
| **06/30/20** | $11475 | $12192 |
| **07/31/20** | $11608 | $12375 |
| **08/31/20** | $11700 | $12275 |
| **09/30/20** | $11700 | $12268 |
| **10/31/20** | $11641 | $12213 |
| **11/30/20** | $11850 | $12333 |
| **12/31/20** | $11908 | $12350 |
| **01/31/21** | $11875 | $12261 |
| **02/28/21** | $11966 | $12084 |
| **03/31/21** | $12033 | $11934 |
| **04/30/21** | $12108 | $12028 |
| **05/31/21** | $12149 | $12067 |
| **06/30/21** | $12159 | $12152 |
| **07/31/21** | $12184 | $12288 |
| **08/31/21** | $12251 | $12264 |
| **09/30/21** | $12201 | $12158 |
| **10/31/21** | $12326 | $12155 |
| **11/30/21** | $12276 | $12191 |
| **12/31/21** | $12376 | $12160 |
| **01/31/22** | $12276 | $11898 |
| **02/28/22** | $12151 | $11765 |
| **03/31/22** | $12184 | $11438 |
| **04/30/22** | $11893 | $11004 |
| **05/31/22** | $11801 | $11075 |
| **06/30/22** | $11460 | $10901 |
| **07/31/22** | $11726 | $11168 |
| **08/31/22** | $11684 | $10852 |
| **09/30/22** | $11401 | $10383 |
| **10/31/22** | $11593 | $10249 |
| **11/30/22** | $11751 | $10626 |
| **12/31/22** | $11728 | $10578 |
| **01/31/23** | $11979 | $10903 |
| **02/28/23** | $11937 | $10621 |
| **03/31/23** | $12071 | $10891 |
| **04/30/23** | $12138 | $10957 |
| **05/31/23** | $12171 | $10838 |
| **06/30/23** | $12367 | $10799 |
| **07/31/23** | $12417 | $10791 |
| **08/31/23** | $12450 | $10723 |
| **09/30/23** | $12430 | $10450 |
| **10/31/23** | $12396 | $10285 |
| **11/30/23** | $12581 | $10751 |
| **12/31/23** | $12683 | $11162 |
| **01/31/24** | $12718 | $11132 |
| **02/29/24** | $12806 | $10974 |
| **03/31/24** | $12885 | $11076 |
| **04/30/24** | $12859 | $10796 |
| **05/31/24** | $12973 | $10979 |
| **06/30/24** | $13046 | $11083 |
| **07/31/24** | $13107 | $11342 |
| **08/31/24** | $13239 | $11505 |
| **09/30/24** | $13346 | $11659 |
| **10/31/24** | $13364 | $11370 |
| **11/30/24** | $13452 | $11490 |
| **12/31/24** | $13487 | $11302 |
| **01/31/25** | $13566 | $11362 |
| **02/28/25** | $13629 | $11612 |
| **03/31/25** | $13629 | $11616 |
| **04/30/25** | $13637 | $11662 |
| **05/31/25** | $13806 | $11578 |
| **06/30/25** | $13885 | $11756 |
| **07/31/25** | $13973 | $11725 |
| **08/31/25** | $14044 | $11866 |
| **09/30/25** | $14122 | $11995 |
| **10/31/25** | $14228 | $12070 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class C without sales charge** | 6.47 | 4.09 | 3.59 |
| **Class C with sales charge** | 5.47 | 4.09 | 3.59 |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16 | -0.24 | 1.9 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Market Neutral Income Fund

#### Class C: CVSCX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $16992904297 | 989 | 43% | $104424957 |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 38.4 |
| **Consumer Discretionary** | 14.5 |
| **Financials** | 11.1 |
| **Communication Services** | 10.1 |
| **Industrials** | 8.6 |
| **Health Care** | 7.8 |
| **Utilities** | 6.2 |
| **Consumer Staples** | 3.7 |
| **Other** | 3.4 |
| **Energy** | 2.0 |
| **Materials** | 1.5 |
| **Real Estate** | 1.5 |
| **Special Purpose Acquisition Companies** | 0.7 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **NVIDIA Corp.** | 5.2 |
| **Apple, Inc.** | 4.1 |
| **Microsoft Corp.** | 4.0 |
| **Amazon.com, Inc.** | 2.4 |
| **Calamos Short-Term Bond Fund - Class I** | 2.0 |
| **Alibaba Group Holding Ltd., 0.500%, 06/01/31** | 1.8 |
| **Broadcom, Inc.** | 1.8 |
| **Alphabet, Inc. - Class C** | 1.6 |
| **Alphabet, Inc. - Class A** | 1.5 |
| **Meta Platforms, Inc. - Class A** | 1.5 |

---

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

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

# Calamos Market Neutral Income Fund

#### Class I: CMNIX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Market Neutral Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $104 | 1.00% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund delivered strong performance, outperforming the Bloomberg US Government/Credit Index with significantly less volatility than the index. The period was marked by significant market volatility, including April's dramatic tariff-driven selloff that pushed equities down nearly 20% before rebounding swiftly, followed by a calmer environment as Federal Reserve easing commenced and economic resilience persisted. All four Fund strategies—hedged equity, convertible arbitrage, merger arbitrage, and SPAC arbitrage—contributed positively. The Fund's defensively positioned hedged equity sleeve limited downside during April's turbulence while capturing upside as markets recovered. Convertible arbitrage capitalized on exceptional new issuance opportunities, with 2025 on pace for historically high volumes, while company-specific volatility provided ideal rebalancing conditions. With limited interest rate sensitivity, the Fund took advantage of market volatility, while elevated short-term rates enhanced option premium capture.

## **GROWTH OF $1,000,000**![Growth of 10K Chart](tm2532080d1_tsrimg047.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/31/15** | $1000000 | $1000000 |
| **11/30/15** | $997682 | $997356 |
| **12/31/15** | $995023 | $994134 |
| **01/31/16** | $977677 | $1007812 |
| **02/29/16** | $975312 | $1014963 |
| **03/31/16** | $997310 | $1024272 |
| **04/30/16** | $1006010 | $1028206 |
| **05/31/16** | $1012337 | $1028470 |
| **06/30/16** | $1015139 | $1046949 |
| **07/31/16** | $1027838 | $1053568 |
| **08/31/16** | $1030219 | $1052365 |
| **09/30/16** | $1033818 | $1051746 |
| **10/31/16** | $1033818 | $1043701 |
| **11/30/16** | $1040987 | $1019016 |
| **12/31/16** | $1045123 | $1020451 |
| **01/31/17** | $1050808 | $1022455 |
| **02/28/17** | $1062177 | $1029327 |
| **03/31/17** | $1064123 | $1028785 |
| **04/30/17** | $1066567 | $1036726 |
| **05/31/17** | $1069012 | $1044703 |
| **06/30/17** | $1074179 | $1043655 |
| **07/31/17** | $1079080 | $1048147 |
| **08/31/17** | $1079080 | $1057544 |
| **09/30/17** | $1083005 | $1052510 |
| **10/31/17** | $1086282 | $1053119 |
| **11/30/17** | $1090378 | $1051766 |
| **12/31/17** | $1094790 | $1056594 |
| **01/31/18** | $1109868 | $1044424 |
| **02/28/18** | $1109030 | $1034526 |
| **03/31/18** | $1109495 | $1041161 |
| **04/30/18** | $1116209 | $1033416 |
| **05/31/18** | $1119566 | $1040789 |
| **06/30/18** | $1120189 | $1039509 |
| **07/31/18** | $1126921 | $1039757 |
| **08/31/18** | $1132813 | $1046448 |
| **09/30/18** | $1135016 | $1039710 |
| **10/31/18** | $1129941 | $1031495 |
| **11/30/18** | $1133324 | $1037650 |
| **12/31/18** | $1114512 | $1056713 |
| **01/31/19** | $1136503 | $1067938 |
| **02/28/19** | $1142660 | $1067318 |
| **03/31/19** | $1146821 | $1087811 |
| **04/30/19** | $1154760 | $1088090 |
| **05/31/19** | $1150349 | $1107406 |
| **06/30/19** | $1163788 | $1121310 |
| **07/31/19** | $1169099 | $1123778 |
| **08/31/19** | $1174409 | $1152899 |
| **09/30/19** | $1175911 | $1146760 |
| **10/31/19** | $1182133 | $1150214 |
| **11/30/19** | $1183910 | $1149626 |
| **12/31/19** | $1189490 | $1148825 |
| **01/31/20** | $1192171 | $1170934 |
| **02/29/20** | $1176085 | $1192011 |
| **03/31/20** | $1143903 | $1184994 |
| **04/30/20** | $1180687 | $1206060 |
| **05/31/20** | $1188762 | $1211673 |
| **06/30/20** | $1202034 | $1219309 |
| **07/31/20** | $1216430 | $1237520 |
| **08/31/20** | $1228127 | $1227529 |
| **09/30/20** | $1229026 | $1226858 |
| **10/31/20** | $1223628 | $1221379 |
| **11/30/20** | $1246121 | $1233363 |
| **12/31/20** | $1253154 | $1235062 |
| **01/31/21** | $1251350 | $1226207 |
| **02/28/21** | $1262176 | $1208502 |
| **03/31/21** | $1270296 | $1193410 |
| **04/30/21** | $1279318 | $1202838 |
| **05/31/21** | $1284731 | $1206767 |
| **06/30/21** | $1287160 | $1215246 |
| **07/31/21** | $1290778 | $1228835 |
| **08/31/21** | $1298014 | $1226496 |
| **09/30/21** | $1294747 | $1215875 |
| **10/31/21** | $1308329 | $1215540 |
| **11/30/21** | $1304707 | $1219139 |
| **12/31/21** | $1316124 | $1216020 |
| **01/31/22** | $1306154 | $1189822 |
| **02/28/22** | $1294370 | $1176547 |
| **03/31/22** | $1298298 | $1143858 |
| **04/30/22** | $1269286 | $1100451 |
| **05/31/22** | $1260220 | $1107545 |
| **06/30/22** | $1224158 | $1090171 |
| **07/31/22** | $1254104 | $1116808 |
| **08/31/22** | $1251382 | $1085255 |
| **09/30/22** | $1221843 | $1038363 |
| **10/31/22** | $1242752 | $1024912 |
| **11/30/22** | $1261844 | $1062604 |
| **12/31/22** | $1260015 | $1057813 |
| **01/31/23** | $1287486 | $1090357 |
| **02/28/23** | $1283824 | $1062165 |
| **03/31/23** | $1299438 | $1089143 |
| **04/30/23** | $1308608 | $1095747 |
| **05/31/23** | $1313193 | $1083815 |
| **06/30/23** | $1335368 | $1079947 |
| **07/31/23** | $1341806 | $1079199 |
| **08/31/23** | $1346404 | $1072306 |
| **09/30/23** | $1344911 | $1045054 |
| **10/31/23** | $1343063 | $1028563 |
| **11/30/23** | $1364323 | $1075140 |
| **12/31/23** | $1375507 | $1116297 |
| **01/31/24** | $1381328 | $1113230 |
| **02/29/24** | $1391998 | $1097503 |
| **03/31/24** | $1401346 | $1107638 |
| **04/30/24** | $1399403 | $1079658 |
| **05/31/24** | $1413980 | $1097962 |
| **06/30/24** | $1422858 | $1108361 |
| **07/31/24** | $1430660 | $1134249 |
| **08/31/24** | $1445289 | $1150545 |
| **09/30/24** | $1458122 | $1165952 |
| **10/31/24** | $1462037 | $1137038 |
| **11/30/24** | $1472801 | $1149058 |
| **12/31/24** | $1477677 | $1130253 |
| **01/31/25** | $1487574 | $1136248 |
| **02/28/25** | $1496482 | $1161248 |
| **03/31/25** | $1496957 | $1161687 |
| **04/30/25** | $1499931 | $1166251 |
| **05/31/25** | $1518767 | $1157902 |
| **06/30/25** | $1528580 | $1175705 |
| **07/31/25** | $1539519 | $1172602 |
| **08/31/25** | $1549464 | $1186631 |
| **09/30/25** | $1559173 | $1199575 |
| **10/31/25** | $1573139 | $1207067 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class I** | 7.6 | 5.15 | 4.63 |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16 | -0.24 | 1.9 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Market Neutral Income Fund

#### Class I: CMNIX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $16992904297 | 989 | 43% | $104424957 |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 38.4 |
| **Consumer Discretionary** | 14.5 |
| **Financials** | 11.1 |
| **Communication Services** | 10.1 |
| **Industrials** | 8.6 |
| **Health Care** | 7.8 |
| **Utilities** | 6.2 |
| **Consumer Staples** | 3.7 |
| **Other** | 3.4 |
| **Energy** | 2.0 |
| **Materials** | 1.5 |
| **Real Estate** | 1.5 |
| **Special Purpose Acquisition Companies** | 0.7 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **NVIDIA Corp.** | 5.2 |
| **Apple, Inc.** | 4.1 |
| **Microsoft Corp.** | 4.0 |
| **Amazon.com, Inc.** | 2.4 |
| **Calamos Short-Term Bond Fund - Class I** | 2.0 |
| **Alibaba Group Holding Ltd., 0.500%, 06/01/31** | 1.8 |
| **Broadcom, Inc.** | 1.8 |
| **Alphabet, Inc. - Class C** | 1.6 |
| **Alphabet, Inc. - Class A** | 1.5 |
| **Meta Platforms, Inc. - Class A** | 1.5 |

---

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

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

# Calamos Market Neutral Income Fund

#### Class R6: CVSOX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Market Neutral Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class R6 | $95 | 0.91% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund delivered strong performance, outperforming the Bloomberg US Government/Credit Index with significantly less volatility than the index. The period was marked by significant market volatility, including April's dramatic tariff-driven selloff that pushed equities down nearly 20% before rebounding swiftly, followed by a calmer environment as Federal Reserve easing commenced and economic resilience persisted. All four Fund strategies—hedged equity, convertible arbitrage, merger arbitrage, and SPAC arbitrage—contributed positively. The Fund's defensively positioned hedged equity sleeve limited downside during April's turbulence while capturing upside as markets recovered. Convertible arbitrage capitalized on exceptional new issuance opportunities, with 2025 on pace for historically high volumes, while company-specific volatility provided ideal rebalancing conditions. With limited interest rate sensitivity, the Fund took advantage of market volatility, while elevated short-term rates enhanced option premium capture.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg031.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** |
| **06/23/20** | $10000 | $10001 |
| **06/30/20** | $10007 | $10027 |
| **07/31/20** | $10135 | $10177 |
| **08/31/20** | $10225 | $10095 |
| **09/30/20** | $10232 | $10089 |
| **10/31/20** | $10195 | $10044 |
| **11/30/20** | $10382 | $10143 |
| **12/31/20** | $10444 | $10157 |
| **01/31/21** | $10422 | $10084 |
| **02/28/21** | $10512 | $9938 |
| **03/31/21** | $10587 | $9814 |
| **04/30/21** | $10662 | $9892 |
| **05/31/21** | $10707 | $9924 |
| **06/30/21** | $10729 | $9994 |
| **07/31/21** | $10760 | $10105 |
| **08/31/21** | $10820 | $10086 |
| **09/30/21** | $10795 | $9999 |
| **10/31/21** | $10908 | $9996 |
| **11/30/21** | $10878 | $10026 |
| **12/31/21** | $10967 | $10000 |
| **01/31/22** | $10892 | $9784 |
| **02/28/22** | $10793 | $9675 |
| **03/31/22** | $10828 | $9407 |
| **04/30/22** | $10579 | $9050 |
| **05/31/22** | $10503 | $9108 |
| **06/30/22** | $10212 | $8965 |
| **07/31/22** | $10462 | $9184 |
| **08/31/22** | $10439 | $8925 |
| **09/30/22** | $10195 | $8539 |
| **10/31/22** | $10369 | $8428 |
| **11/30/22** | $10528 | $8738 |
| **12/31/22** | $10516 | $8699 |
| **01/31/23** | $10745 | $8967 |
| **02/28/23** | $10714 | $8735 |
| **03/31/23** | $10847 | $8957 |
| **04/30/23** | $10923 | $9011 |
| **05/31/23** | $10962 | $8913 |
| **06/30/23** | $11149 | $8881 |
| **07/31/23** | $11203 | $8875 |
| **08/31/23** | $11233 | $8818 |
| **09/30/23** | $11231 | $8594 |
| **10/31/23** | $11207 | $8458 |
| **11/30/23** | $11385 | $8841 |
| **12/31/23** | $11488 | $9180 |
| **01/31/24** | $11529 | $9155 |
| **02/29/24** | $11618 | $9025 |
| **03/31/24** | $11698 | $9109 |
| **04/30/24** | $11690 | $8879 |
| **05/31/24** | $11804 | $9029 |
| **06/30/24** | $11880 | $9115 |
| **07/31/24** | $11954 | $9327 |
| **08/31/24** | $12076 | $9461 |
| **09/30/24** | $12185 | $9588 |
| **10/31/24** | $12210 | $9350 |
| **11/30/24** | $12308 | $9449 |
| **12/31/24** | $12343 | $9295 |
| **01/31/25** | $12434 | $9344 |
| **02/28/25** | $12500 | $9550 |
| **03/31/25** | $12507 | $9553 |
| **04/30/25** | $12532 | $9591 |
| **05/31/25** | $12697 | $9522 |
| **06/30/25** | $12774 | $9668 |
| **07/31/25** | $12874 | $9643 |
| **08/31/25** | $12949 | $9758 |
| **09/30/25** | $13033 | $9865 |
| **10/31/25** | $13150 | $9926 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **SINCE INCEPTION 6/23/20** |
| **Class R6** | 7.7 | 5.22 | 5.24 |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16 | -0.24 | -0.14 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Market Neutral Income Fund

#### Class R6: CVSOX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $16992904297 | 989 | 43% | $104424957 |

---

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

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 38.4 |
| **Consumer Discretionary** | 14.5 |
| **Financials** | 11.1 |
| **Communication Services** | 10.1 |
| **Industrials** | 8.6 |
| **Health Care** | 7.8 |
| **Utilities** | 6.2 |
| **Consumer Staples** | 3.7 |
| **Other** | 3.4 |
| **Energy** | 2.0 |
| **Materials** | 1.5 |
| **Real Estate** | 1.5 |
| **Special Purpose Acquisition Companies** | 0.7 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **NVIDIA Corp.** | 5.2 |
| **Apple, Inc.** | 4.1 |
| **Microsoft Corp.** | 4.0 |
| **Amazon.com, Inc.** | 2.4 |
| **Calamos Short-Term Bond Fund - Class I** | 2.0 |
| **Alibaba Group Holding Ltd., 0.500%, 06/01/31** | 1.8 |
| **Broadcom, Inc.** | 1.8 |
| **Alphabet, Inc. - Class C** | 1.6 |
| **Alphabet, Inc. - Class A** | 1.5 |
| **Meta Platforms, Inc. - Class A** | 1.5 |

---

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

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

# Calamos Phineus Long/Short Fund

#### Class A (With Predecessor): CPLSX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Phineus Long/Short Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $239 | 2.29% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund delivered solid returns and reduced investor volatility in a year marked by dramatic geopolitical headlines. Benefiting from active long/short positioning (with an average net equity exposure of just over 20% during the period), the Fund navigated turbulence and uncertainty, delivering a steadying effect during selloffs while still participating in market recoveries. Impressively in Q1 2025, the Fund's Class A shares at NAV delivered a positive returns of +0.94% as the S&P 500 dropped -4.27%. In Q2 2025, the Fund gained +8.82% as the S&P 500 rallied +10.94%. The Fund took a more cautious stance late in the reporting period, as market participants continued to reward stocks with optimistic forecasts and high valuations.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg051.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with sales charge** | **S&P 500 Total Return Index** |
| **10/31/15** | $9521 | $10000 |
| **11/30/15** | $9188 | $10029 |
| **12/31/15** | $8889 | $9871 |
| **01/31/16** | $8342 | $9381 |
| **02/29/16** | $8462 | $9369 |
| **03/31/16** | $8829 | $10004 |
| **04/30/16** | $8966 | $10043 |
| **05/31/16** | $8974 | $10223 |
| **06/30/16** | $8342 | $10250 |
| **07/31/16** | $8726 | $10628 |
| **08/31/16** | $8991 | $10643 |
| **09/30/16** | $9026 | $10645 |
| **10/31/16** | $9205 | $10451 |
| **11/30/16** | $9863 | $10838 |
| **12/31/16** | $9999 | $11052 |
| **01/31/17** | $10008 | $11261 |
| **02/28/17** | $10163 | $11709 |
| **03/31/17** | $10283 | $11722 |
| **04/30/17** | $10361 | $11843 |
| **05/31/17** | $10214 | $12009 |
| **06/30/17** | $10628 | $12084 |
| **07/31/17** | $10611 | $12333 |
| **08/31/17** | $10456 | $12370 |
| **09/30/17** | $10671 | $12626 |
| **10/31/17** | $10628 | $12920 |
| **11/30/17** | $10697 | $13317 |
| **12/31/17** | $10888 | $13465 |
| **01/31/18** | $11141 | $14235 |
| **02/28/18** | $11045 | $13711 |
| **03/31/18** | $11080 | $13362 |
| **04/30/18** | $11098 | $13414 |
| **05/31/18** | $10958 | $13737 |
| **06/30/18** | $10880 | $13821 |
| **07/31/18** | $11010 | $14336 |
| **08/31/18** | $10932 | $14803 |
| **09/30/18** | $10661 | $14887 |
| **10/31/18** | $10592 | $13869 |
| **11/30/18** | $10670 | $14152 |
| **12/31/18** | $10218 | $12874 |
| **01/31/19** | $10680 | $13906 |
| **02/28/19** | $10671 | $14352 |
| **03/31/19** | $10553 | $14631 |
| **04/30/19** | $10717 | $15224 |
| **05/31/19** | $10717 | $14256 |
| **06/30/19** | $10771 | $15261 |
| **07/31/19** | $10852 | $15480 |
| **08/31/19** | $10644 | $15235 |
| **09/30/19** | $10562 | $15520 |
| **10/31/19** | $10544 | $15856 |
| **11/30/19** | $10717 | $16432 |
| **12/31/19** | $10600 | $16928 |
| **01/31/20** | $10555 | $16921 |
| **02/29/20** | $10301 | $15528 |
| **03/31/20** | $9375 | $13610 |
| **04/30/20** | $10165 | $15355 |
| **05/31/20** | $10437 | $16086 |
| **06/30/20** | $10519 | $16406 |
| **07/31/20** | $10137 | $17331 |
| **08/31/20** | $10528 | $18577 |
| **09/30/20** | $10174 | $17871 |
| **10/31/20** | $10147 | $17396 |
| **11/30/20** | $12089 | $19300 |
| **12/31/20** | $12670 | $20042 |
| **01/31/21** | $11916 | $19840 |
| **02/28/21** | $13514 | $20387 |
| **03/31/21** | $14240 | $21280 |
| **04/30/21** | $14648 | $22416 |
| **05/31/21** | $14775 | $22572 |
| **06/30/21** | $14076 | $23099 |
| **07/31/21** | $13813 | $23648 |
| **08/31/21** | $13958 | $24367 |
| **09/30/21** | $14149 | $23234 |
| **10/31/21** | $14022 | $24861 |
| **11/30/21** | $13232 | $24689 |
| **12/31/21** | $13586 | $25796 |
| **01/31/22** | $14594 | $24461 |
| **02/28/22** | $14712 | $23728 |
| **03/31/22** | $14585 | $24609 |
| **04/30/22** | $14013 | $22463 |
| **05/31/22** | $13976 | $22505 |
| **06/30/22** | $12960 | $20647 |
| **07/31/22** | $13550 | $22551 |
| **08/31/22** | $13341 | $21631 |
| **09/30/22** | $12543 | $19639 |
| **10/31/22** | $13260 | $21229 |
| **11/30/22** | $14004 | $22415 |
| **12/31/22** | $13432 | $21124 |
| **01/31/23** | $14276 | $22451 |
| **02/28/23** | $14122 | $21903 |
| **03/31/23** | $13704 | $22707 |
| **04/30/23** | $13831 | $23062 |
| **05/31/23** | $13650 | $23162 |
| **06/30/23** | $14394 | $24693 |
| **07/31/23** | $14467 | $25486 |
| **08/31/23** | $14094 | $25080 |
| **09/30/23** | $13895 | $23884 |
| **10/31/23** | $13541 | $23382 |
| **11/30/23** | $14076 | $25518 |
| **12/31/23** | $14465 | $26677 |
| **01/31/24** | $14760 | $27125 |
| **02/29/24** | $14889 | $28573 |
| **03/31/24** | $15304 | $29493 |
| **04/30/24** | $15489 | $28288 |
| **05/31/24** | $15471 | $29691 |
| **06/30/24** | $15332 | $30756 |
| **07/31/24** | $15563 | $31131 |
| **08/31/24** | $15572 | $31886 |
| **09/30/24** | $15517 | $32567 |
| **10/31/24** | $15683 | $32271 |
| **11/30/24** | $15766 | $34166 |
| **12/31/24** | $15705 | $33351 |
| **01/31/25** | $16335 | $34280 |
| **02/28/25** | $15951 | $33833 |
| **03/31/25** | $15853 | $31926 |
| **04/30/25** | $16000 | $31710 |
| **05/31/25** | $16680 | $33706 |
| **06/30/25** | $17251 | $35420 |
| **07/31/25** | $17398 | $36215 |
| **08/31/25** | $17605 | $36949 |
| **09/30/25** | $17467 | $38298 |
| **10/31/25** | $17064 | $39194 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class A without sales charge** | 8.81 | 10.96 | 6.01 |
| **Class A with sales charge** | 3.62 | 9.88 | 5.49 |
| **S&P 500 Total Return Index** | 21.39 | 17.64 | 14.64 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Phineus Long/Short Fund

#### Class A (With Predecessor): CPLSX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $1132891247 | 79 | 347% | $13043780 |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund maintained a higher level of diversification than broad equity indices, with more measured participation in mega-cap, AI-related stocks that investors continued to bid up. The Fund's cyclical positioning captures AI spillover effects without direct exposure to the unsustainable capex dynamics at the ecosystem's core.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Industrials** | 38.9 |
| **Information Technology** | 24.0 |
| **Consumer Discretionary** | 12.9 |
| **Communication Services** | 9.9 |
| **Financials** | 8.2 |
| **Health Care** | 7.2 |
| **Materials** | 3.2 |
| **Other** | 0.5 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Amazon.com, Inc.** | 6.0 |
| **Alphabet, Inc. - Class A** | 5.9 |
| **NVIDIA Corp.** | 5.6 |
| **Microsoft Corp.** | 5.3 |
| **L3Harris Technologies, Inc.** | 4.3 |
| **Oracle Corp.** | 4.3 |
| **United Airlines Holdings, Inc.** | 3.9 |
| **3M Co.** | 3.9 |
| **Boeing Co.** | 3.5 |
| **Wells Fargo & Co.** | 3.4 |

---

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

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

# Calamos Phineus Long/Short Fund

#### Class C (With Predecessor): CPCLX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Phineus Long/Short Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $318 | 3.06% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund delivered solid returns and reduced investor volatility in a year marked by dramatic geopolitical headlines. Benefiting from active long/short positioning (with an average net equity exposure of just over 20% during the period), the Fund navigated turbulence and uncertainty, delivering a steadying effect during selloffs while still participating in market recoveries. Impressively in Q1 2025, the Fund's Class C shares at NAV delivered a positive returns of +0.73% as the S&P 500 dropped -4.27%. In Q2 2025, the Fund gained +8.61% as the S&P 500 rallied +10.94%. The Fund took a more cautious stance late in the reporting period, as market participants continued to reward stocks with optimistic forecasts and high valuations.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg037.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with sales charge** | **S&P 500 Total Return Index** |
| **10/31/15** | $10000 | $10000 |
| **11/30/15** | $9646 | $10029 |
| **12/31/15** | $9322 | $9871 |
| **01/31/16** | $8745 | $9381 |
| **02/29/16** | $8862 | $9369 |
| **03/31/16** | $9241 | $10004 |
| **04/30/16** | $9387 | $10043 |
| **05/31/16** | $9387 | $10223 |
| **06/30/16** | $8725 | $10250 |
| **07/31/16** | $9119 | $10628 |
| **08/31/16** | $9387 | $10643 |
| **09/30/16** | $9423 | $10645 |
| **10/31/16** | $9602 | $10451 |
| **11/30/16** | $10282 | $10838 |
| **12/31/16** | $10415 | $11052 |
| **01/31/17** | $10415 | $11261 |
| **02/28/17** | $10569 | $11709 |
| **03/31/17** | $10686 | $11722 |
| **04/30/17** | $10767 | $11843 |
| **05/31/17** | $10605 | $12009 |
| **06/30/17** | $11020 | $12084 |
| **07/31/17** | $11011 | $12333 |
| **08/31/17** | $10839 | $12370 |
| **09/30/17** | $11047 | $12626 |
| **10/31/17** | $11002 | $12920 |
| **11/30/17** | $11065 | $13317 |
| **12/31/17** | $11256 | $13465 |
| **01/31/18** | $11512 | $14235 |
| **02/28/18** | $11402 | $13711 |
| **03/31/18** | $11430 | $13362 |
| **04/30/18** | $11448 | $13414 |
| **05/31/18** | $11293 | $13737 |
| **06/30/18** | $11201 | $13821 |
| **07/31/18** | $11329 | $14336 |
| **08/31/18** | $11238 | $14803 |
| **09/30/18** | $10954 | $14887 |
| **10/31/18** | $10881 | $13869 |
| **11/30/18** | $10954 | $14152 |
| **12/31/18** | $10490 | $12874 |
| **01/31/19** | $10947 | $13906 |
| **02/28/19** | $10937 | $14352 |
| **03/31/19** | $10804 | $14631 |
| **04/30/19** | $10966 | $15224 |
| **05/31/19** | $10956 | $14256 |
| **06/30/19** | $11013 | $15261 |
| **07/31/19** | $11080 | $15480 |
| **08/31/19** | $10871 | $15235 |
| **09/30/19** | $10775 | $15520 |
| **10/31/19** | $10756 | $15856 |
| **11/30/19** | $10918 | $16432 |
| **12/31/19** | $10794 | $16928 |
| **01/31/20** | $10737 | $16921 |
| **02/29/20** | $10471 | $15528 |
| **03/31/20** | $9531 | $13610 |
| **04/30/20** | $10319 | $15355 |
| **05/31/20** | $10595 | $16086 |
| **06/30/20** | $10671 | $16406 |
| **07/31/20** | $10272 | $17331 |
| **08/31/20** | $10661 | $18577 |
| **09/30/20** | $10300 | $17871 |
| **10/31/20** | $10262 | $17396 |
| **11/30/20** | $12229 | $19300 |
| **12/31/20** | $12799 | $20042 |
| **01/31/21** | $12039 | $19840 |
| **02/28/21** | $13645 | $20387 |
| **03/31/21** | $14367 | $21280 |
| **04/30/21** | $14776 | $22416 |
| **05/31/21** | $14890 | $22572 |
| **06/30/21** | $14168 | $23099 |
| **07/31/21** | $13902 | $23648 |
| **08/31/21** | $14035 | $24367 |
| **09/30/21** | $14225 | $23234 |
| **10/31/21** | $14092 | $24861 |
| **11/30/21** | $13284 | $24689 |
| **12/31/21** | $13636 | $25796 |
| **01/31/22** | $14633 | $24461 |
| **02/28/22** | $14738 | $23728 |
| **03/31/22** | $14605 | $24609 |
| **04/30/22** | $14025 | $22463 |
| **05/31/22** | $13978 | $22505 |
| **06/30/22** | $12951 | $20647 |
| **07/31/22** | $13531 | $22551 |
| **08/31/22** | $13322 | $21631 |
| **09/30/22** | $12514 | $19639 |
| **10/31/22** | $13218 | $21229 |
| **11/30/22** | $13959 | $22415 |
| **12/31/22** | $13370 | $21124 |
| **01/31/23** | $14206 | $22451 |
| **02/28/23** | $14044 | $21903 |
| **03/31/23** | $13626 | $22707 |
| **04/30/23** | $13740 | $23062 |
| **05/31/23** | $13550 | $23162 |
| **06/30/23** | $14282 | $24693 |
| **07/31/23** | $14339 | $25486 |
| **08/31/23** | $13959 | $25080 |
| **09/30/23** | $13759 | $23884 |
| **10/31/23** | $13398 | $23382 |
| **11/30/23** | $13921 | $25518 |
| **12/31/23** | $14293 | $26677 |
| **01/31/24** | $14581 | $27125 |
| **02/29/24** | $14696 | $28573 |
| **03/31/24** | $15099 | $29493 |
| **04/30/24** | $15272 | $28288 |
| **05/31/24** | $15243 | $29691 |
| **06/30/24** | $15090 | $30756 |
| **07/31/24** | $15310 | $31131 |
| **08/31/24** | $15310 | $31886 |
| **09/30/24** | $15253 | $32567 |
| **10/31/24** | $15397 | $32271 |
| **11/30/24** | $15473 | $34166 |
| **12/31/24** | $15407 | $33351 |
| **01/31/25** | $16008 | $34280 |
| **02/28/25** | $15631 | $33833 |
| **03/31/25** | $15519 | $31926 |
| **04/30/25** | $15662 | $31710 |
| **05/31/25** | $16304 | $33706 |
| **06/30/25** | $16855 | $35420 |
| **07/31/25** | $16997 | $36215 |
| **08/31/25** | $17191 | $36949 |
| **09/30/25** | $17038 | $38298 |
| **10/31/25** | $16641 | $39194 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class C without sales charge** | 8.08 | 10.15 | 5.22 |
| **Class C with sales charge** | 7.08 | 10.15 | 5.22 |
| **S&P 500 Total Return Index** | 21.39 | 17.64 | 14.64 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Phineus Long/Short Fund

#### Class C (With Predecessor): CPCLX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $1132891247 | 79 | 347% | $13043780 |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund maintained a higher level of diversification than broad equity indices, with more measured participation in mega-cap, AI-related stocks that investors continued to bid up. The Fund's cyclical positioning captures AI spillover effects without direct exposure to the unsustainable capex dynamics at the ecosystem's core.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Industrials** | 38.9 |
| **Information Technology** | 24.0 |
| **Consumer Discretionary** | 12.9 |
| **Communication Services** | 9.9 |
| **Financials** | 8.2 |
| **Health Care** | 7.2 |
| **Materials** | 3.2 |
| **Other** | 0.5 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Amazon.com, Inc.** | 6.0 |
| **Alphabet, Inc. - Class A** | 5.9 |
| **NVIDIA Corp.** | 5.6 |
| **Microsoft Corp.** | 5.3 |
| **L3Harris Technologies, Inc.** | 4.3 |
| **Oracle Corp.** | 4.3 |
| **United Airlines Holdings, Inc.** | 3.9 |
| **3M Co.** | 3.9 |
| **Boeing Co.** | 3.5 |
| **Wells Fargo & Co.** | 3.4 |

---

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

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

# Calamos Phineus Long/Short Fund

#### Class I (With Predecessor): CPLIX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Phineus Long/Short Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $213 | 2.04% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund delivered solid returns and reduced investor volatility in a year marked by dramatic geopolitical headlines. Benefiting from active long/short positioning (with an average net equity exposure of just over 20% during the period), the Fund navigated turbulence and uncertainty, delivering a steadying effect during selloffs while still participating in market recoveries. Impressively in Q1 2025, the Fund's Class I shares at NAV delivered positive returns of (+0.93%) as the S&P 500 dropped -4.27%. In Q2 2025, the Fund gained +8.93% as the S&P 500 rallied +10.94%. The Fund took a more cautious stance late in the reporting period, as market participants continued to reward stocks with optimistic forecasts and high valuations.

## **GROWTH OF $1,000,000**![Growth of 10K Chart](tm2532080d1_tsrimg043.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **S&P 500 Total Return Index** |
| **10/31/15** | $1000000 | $999999 |
| **11/30/15** | $965474 | $1002973 |
| **12/31/15** | $933814 | $987154 |
| **01/31/16** | $876798 | $938168 |
| **02/29/16** | $889286 | $936902 |
| **03/31/16** | $927985 | $1000459 |
| **04/30/16** | $942833 | $1004339 |
| **05/31/16** | $944631 | $1022374 |
| **06/30/16** | $878120 | $1025024 |
| **07/31/16** | $919464 | $1062815 |
| **08/31/16** | $947327 | $1064308 |
| **09/30/16** | $950922 | $1064507 |
| **10/31/16** | $970696 | $1045090 |
| **11/30/16** | $1039903 | $1083795 |
| **12/31/16** | $1054171 | $1105216 |
| **01/31/17** | $1055078 | $1126178 |
| **02/28/17** | $1071393 | $1170897 |
| **03/31/17** | $1084083 | $1172260 |
| **04/30/17** | $1093148 | $1184300 |
| **05/31/17** | $1077738 | $1200966 |
| **06/30/17** | $1121247 | $1208462 |
| **07/31/17** | $1120340 | $1233312 |
| **08/31/17** | $1104025 | $1237088 |
| **09/30/17** | $1126685 | $1262607 |
| **10/31/17** | $1123060 | $1292069 |
| **11/30/17** | $1130311 | $1331697 |
| **12/31/17** | $1151324 | $1346503 |
| **01/31/18** | $1177928 | $1423595 |
| **02/28/18** | $1167837 | $1371127 |
| **03/31/18** | $1171507 | $1336282 |
| **04/30/18** | $1173341 | $1341409 |
| **05/31/18** | $1158663 | $1373713 |
| **06/30/18** | $1150407 | $1382168 |
| **07/31/18** | $1165085 | $1433605 |
| **08/31/18** | $1156828 | $1480317 |
| **09/30/18** | $1128389 | $1488743 |
| **10/31/18** | $1121967 | $1386988 |
| **11/30/18** | $1130224 | $1415252 |
| **12/31/18** | $1082952 | $1287469 |
| **01/31/19** | $1131571 | $1390640 |
| **02/28/19** | $1130617 | $1435291 |
| **03/31/19** | $1118224 | $1463181 |
| **04/30/19** | $1136337 | $1522424 |
| **05/31/19** | $1136337 | $1425677 |
| **06/30/19** | $1143010 | $1526154 |
| **07/31/19** | $1151590 | $1548090 |
| **08/31/19** | $1129664 | $1523566 |
| **09/30/19** | $1121084 | $1552073 |
| **10/31/19** | $1120131 | $1585689 |
| **11/30/19** | $1138244 | $1643248 |
| **12/31/19** | $1125923 | $1692846 |
| **01/31/20** | $1121136 | $1692182 |
| **02/29/20** | $1094329 | $1552884 |
| **03/31/20** | $996672 | $1361082 |
| **04/30/20** | $1079967 | $1535564 |
| **05/31/20** | $1109647 | $1608699 |
| **06/30/20** | $1118264 | $1640694 |
| **07/31/20** | $1078053 | $1733204 |
| **08/31/20** | $1120179 | $1857787 |
| **09/30/20** | $1081882 | $1787196 |
| **10/31/20** | $1079010 | $1739670 |
| **11/30/20** | $1287727 | $1930100 |
| **12/31/20** | $1349002 | $2004310 |
| **01/31/21** | $1269536 | $1984074 |
| **02/28/21** | $1439957 | $2038784 |
| **03/31/21** | $1517507 | $2128074 |
| **04/30/21** | $1561549 | $2241647 |
| **05/31/21** | $1574952 | $2257303 |
| **06/30/21** | $1500274 | $2310001 |
| **07/31/21** | $1472509 | $2364873 |
| **08/31/21** | $1488785 | $2436779 |
| **09/30/21** | $1508891 | $2323446 |
| **10/31/21** | $1496444 | $2486229 |
| **11/30/21** | $1412191 | $2469003 |
| **12/31/21** | $1450488 | $2579654 |
| **01/31/22** | $1557719 | $2446166 |
| **02/28/22** | $1571123 | $2372922 |
| **03/31/22** | $1557719 | $2461029 |
| **04/30/22** | $1496444 | $2246423 |
| **05/31/22** | $1493572 | $2250543 |
| **06/30/22** | $1385384 | $2064775 |
| **07/31/22** | $1448573 | $2255156 |
| **08/31/22** | $1426553 | $2163188 |
| **09/30/22** | $1341342 | $1963959 |
| **10/31/22** | $1417936 | $2122964 |
| **11/30/22** | $1498359 | $2241606 |
| **12/31/22** | $1436584 | $2112456 |
| **01/31/23** | $1528525 | $2245191 |
| **02/28/23** | $1512244 | $2190409 |
| **03/31/23** | $1468188 | $2270828 |
| **04/30/23** | $1481597 | $2306273 |
| **05/31/23** | $1462442 | $2316298 |
| **06/30/23** | $1542891 | $2469349 |
| **07/31/23** | $1550553 | $2548675 |
| **08/31/23** | $1510328 | $2508098 |
| **09/30/23** | $1489258 | $2388516 |
| **10/31/23** | $1451907 | $2338293 |
| **11/30/23** | $1509371 | $2551840 |
| **12/31/23** | $1552038 | $2667771 |
| **01/31/24** | $1584230 | $2712601 |
| **02/29/24** | $1597887 | $2857443 |
| **03/31/24** | $1642760 | $2949380 |
| **04/30/24** | $1663246 | $2828912 |
| **05/31/24** | $1661295 | $2969184 |
| **06/30/24** | $1646662 | $3075724 |
| **07/31/24** | $1672026 | $3113163 |
| **08/31/24** | $1673001 | $3188677 |
| **09/30/24** | $1668124 | $3256778 |
| **10/31/24** | $1685683 | $3227245 |
| **11/30/24** | $1695438 | $3416687 |
| **12/31/24** | $1689734 | $3335239 |
| **01/31/25** | $1756489 | $3428117 |
| **02/28/25** | $1716853 | $3383388 |
| **03/31/25** | $1705380 | $3192753 |
| **04/30/25** | $1723112 | $3171102 |
| **05/31/25** | $1795082 | $3370708 |
| **06/30/25** | $1857665 | $3542116 |
| **07/31/25** | $1874353 | $3621611 |
| **08/31/25** | $1897300 | $3695028 |
| **09/30/25** | $1881655 | $3829896 |
| **10/31/25** | $1838890 | $3919568 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class I** | 9.09 | 11.25 | 6.28 |
| **S&P 500 Total Return Index** | 21.39 | 17.64 | 14.64 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Phineus Long/Short Fund

#### Class I (With Predecessor): CPLIX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $1132891247 | 79 | 347% | $13043780 |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund maintained a higher level of diversification than broad equity indices, with more measured participation in mega-cap, AI-related stocks that investors continued to bid up. The Fund's cyclical positioning captures AI spillover effects without direct exposure to the unsustainable capex dynamics at the ecosystem's core.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Industrials** | 38.9 |
| **Information Technology** | 24.0 |
| **Consumer Discretionary** | 12.9 |
| **Communication Services** | 9.9 |
| **Financials** | 8.2 |
| **Health Care** | 7.2 |
| **Materials** | 3.2 |
| **Other** | 0.5 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Amazon.com, Inc.** | 6.0 |
| **Alphabet, Inc. - Class A** | 5.9 |
| **NVIDIA Corp.** | 5.6 |
| **Microsoft Corp.** | 5.3 |
| **L3Harris Technologies, Inc.** | 4.3 |
| **Oracle Corp.** | 4.3 |
| **United Airlines Holdings, Inc.** | 3.9 |
| **3M Co.** | 3.9 |
| **Boeing Co.** | 3.5 |
| **Wells Fargo & Co.** | 3.4 |

---

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

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

# Calamos Select Fund

#### Class A: CVAAX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Select Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $126 | 1.15% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund delivered strong gains during a period characterized by policy uncertainty, market volatility, and ultimately a strong rebound driven by investor enthusiasm for AI innovation. Fund performance, much like the US equity market, benefited from strength in AI and technology stalwarts, which delivered impressive results throughout the annual period. The Fund largely neutralized the effect of the Mag 7 names, which accounted for approximately 55% of the S&P 500 Index's return for the reporting period. The Fund's overweight to Alphabet added value, while not owning Tesla detracted from relative performance.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg056.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with sales charge** | **S&P 500 Total Return Index** |
| **10/31/15** | $9524 | $10000 |
| **11/30/15** | $9538 | $10029 |
| **12/31/15** | $9291 | $9871 |
| **01/31/16** | $8789 | $9381 |
| **02/29/16** | $8736 | $9369 |
| **03/31/16** | $9299 | $10004 |
| **04/30/16** | $9436 | $10043 |
| **05/31/16** | $9528 | $10223 |
| **06/30/16** | $9512 | $10250 |
| **07/31/16** | $9741 | $10628 |
| **08/31/16** | $9809 | $10643 |
| **09/30/16** | $9764 | $10645 |
| **10/31/16** | $9596 | $10451 |
| **11/30/16** | $10114 | $10838 |
| **12/31/16** | $10361 | $11052 |
| **01/31/17** | $10361 | $11261 |
| **02/28/17** | $10722 | $11709 |
| **03/31/17** | $10591 | $11722 |
| **04/30/17** | $10637 | $11843 |
| **05/31/17** | $10752 | $12009 |
| **06/30/17** | $10829 | $12084 |
| **07/31/17** | $11036 | $12333 |
| **08/31/17** | $11098 | $12370 |
| **09/30/17** | $11358 | $12626 |
| **10/31/17** | $11665 | $12920 |
| **11/30/17** | $11995 | $13317 |
| **12/31/17** | $12138 | $13465 |
| **01/31/18** | $12685 | $14235 |
| **02/28/18** | $12209 | $13711 |
| **03/31/18** | $11932 | $13362 |
| **04/30/18** | $12043 | $13414 |
| **05/31/18** | $12257 | $13737 |
| **06/30/18** | $12162 | $13821 |
| **07/31/18** | $12558 | $14336 |
| **08/31/18** | $12915 | $14803 |
| **09/30/18** | $12971 | $14887 |
| **10/31/18** | $12194 | $13869 |
| **11/30/18** | $12479 | $14152 |
| **12/31/18** | $11322 | $12874 |
| **01/31/19** | $12145 | $13906 |
| **02/28/19** | $12475 | $14352 |
| **03/31/19** | $12570 | $14631 |
| **04/30/19** | $13005 | $15224 |
| **05/31/19** | $12126 | $14256 |
| **06/30/19** | $12986 | $15261 |
| **07/31/19** | $13222 | $15480 |
| **08/31/19** | $12986 | $15235 |
| **09/30/19** | $13231 | $15520 |
| **10/31/19** | $13430 | $15856 |
| **11/30/19** | $13827 | $16432 |
| **12/31/19** | $14253 | $16928 |
| **01/31/20** | $14082 | $16921 |
| **02/29/20** | $12894 | $15528 |
| **03/31/20** | $10973 | $13610 |
| **04/30/20** | $12371 | $15355 |
| **05/31/20** | $13264 | $16086 |
| **06/30/20** | $13445 | $16406 |
| **07/31/20** | $14215 | $17331 |
| **08/31/20** | $15242 | $18577 |
| **09/30/20** | $14605 | $17871 |
| **10/31/20** | $14196 | $17396 |
| **11/30/20** | $15832 | $19300 |
| **12/31/20** | $16582 | $20042 |
| **01/31/21** | $16323 | $19840 |
| **02/28/21** | $16971 | $20387 |
| **03/31/21** | $17410 | $21280 |
| **04/30/21** | $18498 | $22416 |
| **05/31/21** | $18508 | $22572 |
| **06/30/21** | $19056 | $23099 |
| **07/31/21** | $19495 | $23648 |
| **08/31/21** | $20024 | $24367 |
| **09/30/21** | $19086 | $23234 |
| **10/31/21** | $20433 | $24861 |
| **11/30/21** | $20034 | $24689 |
| **12/31/21** | $20713 | $25796 |
| **01/31/22** | $19515 | $24461 |
| **02/28/22** | $19050 | $23728 |
| **03/31/22** | $19741 | $24609 |
| **04/30/22** | $17960 | $22463 |
| **05/31/22** | $17755 | $22505 |
| **06/30/22** | $16503 | $20647 |
| **07/31/22** | $17982 | $22551 |
| **08/31/22** | $17388 | $21631 |
| **09/30/22** | $15888 | $19639 |
| **10/31/22** | $17118 | $21229 |
| **11/30/22** | $17928 | $22415 |
| **12/31/22** | $16805 | $21124 |
| **01/31/23** | $17759 | $22451 |
| **02/28/23** | $17249 | $21903 |
| **03/31/23** | $17869 | $22707 |
| **04/30/23** | $18269 | $23062 |
| **05/31/23** | $18468 | $23162 |
| **06/30/23** | $19577 | $24693 |
| **07/31/23** | $20120 | $25486 |
| **08/31/23** | $19820 | $25080 |
| **09/30/23** | $18834 | $23884 |
| **10/31/23** | $18590 | $23382 |
| **11/30/23** | $20375 | $25518 |
| **12/31/23** | $21246 | $26677 |
| **01/31/24** | $21731 | $27125 |
| **02/29/24** | $22955 | $28573 |
| **03/31/24** | $23475 | $29493 |
| **04/30/24** | $22666 | $28288 |
| **05/31/24** | $23717 | $29691 |
| **06/30/24** | $24906 | $30756 |
| **07/31/24** | $24675 | $31131 |
| **08/31/24** | $25195 | $31886 |
| **09/30/24** | $25622 | $32567 |
| **10/31/24** | $25380 | $32271 |
| **11/30/24** | $26973 | $34166 |
| **12/31/24** | $26350 | $33351 |
| **01/31/25** | $27181 | $34280 |
| **02/28/25** | $26883 | $33833 |
| **03/31/25** | $24973 | $31926 |
| **04/30/25** | $25047 | $31710 |
| **05/31/25** | $26722 | $33706 |
| **06/30/25** | $28149 | $35420 |
| **07/31/25** | $28657 | $36215 |
| **08/31/25** | $29253 | $36949 |
| **09/30/25** | $29799 | $38298 |
| **10/31/25** | $30444 | $39194 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class A without sales charge** | 19.95 | 16.48 | 12.32 |
| **Class A with sales charge** | 14.24 | 15.36 | 11.78 |
| **S&P 500 Total Return Index** | 21.39 | 17.64 | 14.64 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Select Fund

#### Class A: CVAAX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $62868966 | 47 | 46% | $583105 |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund's portfolio comprises approximately 50 large-cap stocks, reflecting our favorite names in the market and focusing on individual security selection rather than sector weights to generate performance.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 33.4 |
| **Communication Services** | 15.9 |
| **Consumer Discretionary** | 13.1 |
| **Financials** | 10.7 |
| **Health Care** | 9.0 |
| **Industrials** | 6.6 |
| **Consumer Staples** | 2.3 |
| **Materials** | 2.2 |
| **Utilities** | 1.9 |
| **Real Estate** | 1.6 |
| **Energy** | 1.5 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **NVIDIA Corp.** | 7.9 |
| **Alphabet, Inc. - Class A** | 7.6 |
| **Apple, Inc.** | 6.8 |
| **Microsoft Corp.** | 6.5 |
| **Amazon.com, Inc.** | 6.0 |
| **Broadcom, Inc.** | 4.4 |
| **Eli Lilly & Co.** | 2.3 |
| **Walmart, Inc.** | 2.3 |
| **Meta Platforms, Inc. - Class A** | 2.2 |
| **Visa, Inc. - Class A** | 2.2 |

---

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

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

# Calamos Select Fund

#### Class C: CVACX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Select Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $208 | 1.90% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund delivered strong gains during a period characterized by policy uncertainty, market volatility, and ultimately a strong rebound driven by investor enthusiasm for AI innovation. Fund performance, much like the US equity market, benefited from strength in AI and technology stalwarts, which delivered impressive results throughout the annual period. The Fund largely neutralized the effect of the Mag 7 names, which accounted for approximately 55% of the S&P 500 Index's return for the reporting period. The Fund's overweight to Alphabet added value, while not owning Tesla detracted from relative performance.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg063.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with sales charge** | **S&P 500 Total Return Index** |
| **10/31/15** | $10000 | $10000 |
| **11/30/15** | $10008 | $10029 |
| **12/31/15** | $9742 | $9871 |
| **01/31/16** | $9207 | $9381 |
| **02/29/16** | $9145 | $9369 |
| **03/31/16** | $9724 | $10004 |
| **04/30/16** | $9865 | $10043 |
| **05/31/16** | $9961 | $10223 |
| **06/30/16** | $9935 | $10250 |
| **07/31/16** | $10172 | $10628 |
| **08/31/16** | $10233 | $10643 |
| **09/30/16** | $10181 | $10645 |
| **10/31/16** | $9996 | $10451 |
| **11/30/16** | $10532 | $10838 |
| **12/31/16** | $10784 | $11052 |
| **01/31/17** | $10784 | $11261 |
| **02/28/17** | $11144 | $11709 |
| **03/31/17** | $11003 | $11722 |
| **04/30/17** | $11047 | $11843 |
| **05/31/17** | $11152 | $12009 |
| **06/30/17** | $11231 | $12084 |
| **07/31/17** | $11433 | $12333 |
| **08/31/17** | $11495 | $12370 |
| **09/30/17** | $11749 | $12626 |
| **10/31/17** | $12066 | $12920 |
| **11/30/17** | $12391 | $13317 |
| **12/31/17** | $12538 | $13465 |
| **01/31/18** | $13092 | $14235 |
| **02/28/18** | $12593 | $13711 |
| **03/31/18** | $12302 | $13362 |
| **04/30/18** | $12411 | $13414 |
| **05/31/18** | $12620 | $13737 |
| **06/30/18** | $12511 | $13821 |
| **07/31/18** | $12920 | $14336 |
| **08/31/18** | $13274 | $14803 |
| **09/30/18** | $13319 | $14887 |
| **10/31/18** | $12520 | $13869 |
| **11/30/18** | $12802 | $14152 |
| **12/31/18** | $11606 | $12874 |
| **01/31/19** | $12436 | $13906 |
| **02/28/19** | $12780 | $14352 |
| **03/31/19** | $12868 | $14631 |
| **04/30/19** | $13300 | $15224 |
| **05/31/19** | $12392 | $14256 |
| **06/30/19** | $13267 | $15261 |
| **07/31/19** | $13500 | $15480 |
| **08/31/19** | $13245 | $15235 |
| **09/30/19** | $13489 | $15520 |
| **10/31/19** | $13688 | $15856 |
| **11/30/19** | $14075 | $16432 |
| **12/31/19** | $14507 | $16928 |
| **01/31/20** | $14319 | $16921 |
| **02/29/20** | $13101 | $15528 |
| **03/31/20** | $11152 | $13610 |
| **04/30/20** | $12558 | $15355 |
| **05/31/20** | $13455 | $16086 |
| **06/30/20** | $13633 | $16406 |
| **07/31/20** | $14408 | $17331 |
| **08/31/20** | $15438 | $18577 |
| **09/30/20** | $14784 | $17871 |
| **10/31/20** | $14352 | $17396 |
| **11/30/20** | $16002 | $19300 |
| **12/31/20** | $16754 | $20042 |
| **01/31/21** | $16485 | $19840 |
| **02/28/21** | $17129 | $20387 |
| **03/31/21** | $17562 | $21280 |
| **04/30/21** | $18651 | $22416 |
| **05/31/21** | $18639 | $22572 |
| **06/30/21** | $19178 | $23099 |
| **07/31/21** | $19611 | $23648 |
| **08/31/21** | $20126 | $24367 |
| **09/30/21** | $19178 | $23234 |
| **10/31/21** | $20513 | $24861 |
| **11/30/21** | $20103 | $24689 |
| **12/31/21** | $20769 | $25796 |
| **01/31/22** | $19561 | $24461 |
| **02/28/22** | $19086 | $23728 |
| **03/31/22** | $19767 | $24609 |
| **04/30/22** | $17969 | $22463 |
| **05/31/22** | $17750 | $22505 |
| **06/30/22** | $16492 | $20647 |
| **07/31/22** | $17956 | $22551 |
| **08/31/22** | $17352 | $21631 |
| **09/30/22** | $15850 | $19639 |
| **10/31/22** | $17057 | $21229 |
| **11/30/22** | $17853 | $22415 |
| **12/31/22** | $16736 | $21124 |
| **01/31/23** | $17664 | $22451 |
| **02/28/23** | $17147 | $21903 |
| **03/31/23** | $17757 | $22707 |
| **04/30/23** | $18142 | $23062 |
| **05/31/23** | $18327 | $23162 |
| **06/30/23** | $19415 | $24693 |
| **07/31/23** | $19945 | $25486 |
| **08/31/23** | $19640 | $25080 |
| **09/30/23** | $18645 | $23884 |
| **10/31/23** | $18380 | $23382 |
| **11/30/23** | $20144 | $25518 |
| **12/31/23** | $20987 | $26677 |
| **01/31/24** | $21461 | $27125 |
| **02/29/24** | $22645 | $28573 |
| **03/31/24** | $23147 | $29493 |
| **04/30/24** | $22339 | $28288 |
| **05/31/24** | $23356 | $29691 |
| **06/30/24** | $24513 | $30756 |
| **07/31/24** | $24276 | $31131 |
| **08/31/24** | $24763 | $31886 |
| **09/30/24** | $25168 | $32567 |
| **10/31/24** | $24917 | $32271 |
| **11/30/24** | $26464 | $34166 |
| **12/31/24** | $25837 | $33351 |
| **01/31/25** | $26644 | $34280 |
| **02/28/25** | $26324 | $33833 |
| **03/31/25** | $24451 | $31926 |
| **04/30/25** | $24496 | $31710 |
| **05/31/25** | $26126 | $33706 |
| **06/30/25** | $27497 | $35420 |
| **07/31/25** | $27970 | $36215 |
| **08/31/25** | $28548 | $36949 |
| **09/30/25** | $29066 | $38298 |
| **10/31/25** | $29676 | $39194 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class C without sales charge** | 19.1 | 15.64 | 11.49 |
| **Class C with sales charge** | 18.1 | 15.64 | 11.49 |
| **S&P 500 Total Return Index** | 21.39 | 17.64 | 14.64 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Select Fund

#### Class C: CVACX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $62868966 | 47 | 46% | $583105 |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund's portfolio comprises approximately 50 large-cap stocks, reflecting our favorite names in the market and focusing on individual security selection rather than sector weights to generate performance.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 33.4 |
| **Communication Services** | 15.9 |
| **Consumer Discretionary** | 13.1 |
| **Financials** | 10.7 |
| **Health Care** | 9.0 |
| **Industrials** | 6.6 |
| **Consumer Staples** | 2.3 |
| **Materials** | 2.2 |
| **Utilities** | 1.9 |
| **Real Estate** | 1.6 |
| **Energy** | 1.5 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **NVIDIA Corp.** | 7.9 |
| **Alphabet, Inc. - Class A** | 7.6 |
| **Apple, Inc.** | 6.8 |
| **Microsoft Corp.** | 6.5 |
| **Amazon.com, Inc.** | 6.0 |
| **Broadcom, Inc.** | 4.4 |
| **Eli Lilly & Co.** | 2.3 |
| **Walmart, Inc.** | 2.3 |
| **Meta Platforms, Inc. - Class A** | 2.2 |
| **Visa, Inc. - Class A** | 2.2 |

---

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

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

# Calamos Select Fund

#### Class I: CVAIX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Select Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $99 | 0.90% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund delivered strong gains during a period characterized by policy uncertainty, market volatility, and ultimately a strong rebound driven by investor enthusiasm for AI innovation. Fund performance, much like the US equity market, benefited from strength in AI and technology stalwarts, which delivered impressive results throughout the annual period. The Fund largely neutralized the effect of the Mag 7 names, which accounted for approximately 55% of the S&P 500 Index's return for the reporting period. The Fund's overweight to Alphabet added value, while not owning Tesla detracted from relative performance.

## **GROWTH OF $1,000,000**![Growth of 10K Chart](tm2532080d1_tsrimg019.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **S&P 500 Total Return Index** |
| **10/31/15** | $1000000 | $999999 |
| **11/30/15** | $1001433 | $1002973 |
| **12/31/15** | $976200 | $987154 |
| **01/31/16** | $923137 | $938168 |
| **02/29/16** | $917675 | $936902 |
| **03/31/16** | $976980 | $1000459 |
| **04/30/16** | $991807 | $1004339 |
| **05/31/16** | $1001951 | $1022374 |
| **06/30/16** | $1000391 | $1025024 |
| **07/31/16** | $1024581 | $1062815 |
| **08/31/16** | $1032384 | $1064308 |
| **09/30/16** | $1027702 | $1064507 |
| **10/31/16** | $1009755 | $1045090 |
| **11/30/16** | $1065158 | $1083795 |
| **12/31/16** | $1090883 | $1105216 |
| **01/31/17** | $1091671 | $1126178 |
| **02/28/17** | $1129477 | $1170897 |
| **03/31/17** | $1116087 | $1172260 |
| **04/30/17** | $1121601 | $1184300 |
| **05/31/17** | $1133416 | $1200966 |
| **06/30/17** | $1142080 | $1208462 |
| **07/31/17** | $1164134 | $1233312 |
| **08/31/17** | $1170435 | $1237088 |
| **09/30/17** | $1198002 | $1262607 |
| **10/31/17** | $1231083 | $1292069 |
| **11/30/17** | $1265739 | $1331697 |
| **12/31/17** | $1281740 | $1346503 |
| **01/31/18** | $1339704 | $1423595 |
| **02/28/18** | $1289087 | $1371127 |
| **03/31/18** | $1260514 | $1336282 |
| **04/30/18** | $1272760 | $1341409 |
| **05/31/18** | $1294802 | $1373713 |
| **06/30/18** | $1285005 | $1382168 |
| **07/31/18** | $1327458 | $1433605 |
| **08/31/18** | $1365829 | $1480317 |
| **09/30/18** | $1371543 | $1488743 |
| **10/31/18** | $1289904 | $1386988 |
| **11/30/18** | $1320110 | $1415252 |
| **12/31/18** | $1198377 | $1287469 |
| **01/31/19** | $1285089 | $1390640 |
| **02/28/19** | $1321138 | $1435291 |
| **03/31/19** | $1330881 | $1463181 |
| **04/30/19** | $1376672 | $1522424 |
| **05/31/19** | $1285089 | $1425677 |
| **06/30/19** | $1375698 | $1526154 |
| **07/31/19** | $1402004 | $1548090 |
| **08/31/19** | $1376672 | $1523566 |
| **09/30/19** | $1402978 | $1552073 |
| **10/31/19** | $1424413 | $1585689 |
| **11/30/19** | $1466307 | $1643248 |
| **12/31/19** | $1512687 | $1692846 |
| **01/31/20** | $1494024 | $1692182 |
| **02/29/20** | $1368294 | $1552884 |
| **03/31/20** | $1164965 | $1361082 |
| **04/30/20** | $1314269 | $1535564 |
| **05/31/20** | $1408567 | $1608699 |
| **06/30/20** | $1428212 | $1640694 |
| **07/31/20** | $1509740 | $1733204 |
| **08/31/20** | $1619753 | $1857787 |
| **09/30/20** | $1551977 | $1787196 |
| **10/31/20** | $1508758 | $1739670 |
| **11/30/20** | $1683601 | $1930100 |
| **12/31/20** | $1763078 | $2004310 |
| **01/31/21** | $1736318 | $1984074 |
| **02/28/21** | $1805277 | $2038784 |
| **03/31/21** | $1852622 | $2128074 |
| **04/30/21** | $1968925 | $2241647 |
| **05/31/21** | $1969954 | $2257303 |
| **06/30/21** | $2028621 | $2310001 |
| **07/31/21** | $2075965 | $2364873 |
| **08/31/21** | $2132573 | $2436779 |
| **09/30/21** | $2032738 | $2323446 |
| **10/31/21** | $2176830 | $2486229 |
| **11/30/21** | $2134632 | $2469003 |
| **12/31/21** | $2208798 | $2579654 |
| **01/31/22** | $2080961 | $2446166 |
| **02/28/22** | $2032049 | $2372922 |
| **03/31/22** | $2105416 | $2461029 |
| **04/30/22** | $1916440 | $2246423 |
| **05/31/22** | $1894208 | $2250543 |
| **06/30/22** | $1761925 | $2064775 |
| **07/31/22** | $1919775 | $2255156 |
| **08/31/22** | $1857524 | $2163188 |
| **09/30/22** | $1697450 | $1963959 |
| **10/31/22** | $1828622 | $2122964 |
| **11/30/22** | $1915329 | $2241606 |
| **12/31/22** | $1796394 | $2112456 |
| **01/31/23** | $1897905 | $2245191 |
| **02/28/23** | $1844298 | $2190409 |
| **03/31/23** | $1910451 | $2270828 |
| **04/30/23** | $1954933 | $2306273 |
| **05/31/23** | $1975463 | $2316298 |
| **06/30/23** | $2094082 | $2469349 |
| **07/31/23** | $2153392 | $2548675 |
| **08/31/23** | $2122597 | $2508098 |
| **09/30/23** | $2016524 | $2388516 |
| **10/31/23** | $1990291 | $2338293 |
| **11/30/23** | $2183047 | $2551840 |
| **12/31/23** | $2276581 | $2667771 |
| **01/31/24** | $2328780 | $2712601 |
| **02/29/24** | $2460463 | $2857443 |
| **03/31/24** | $2516221 | $2949380 |
| **04/30/24** | $2430805 | $2828912 |
| **05/31/24** | $2543507 | $2969184 |
| **06/30/24** | $2671631 | $3075724 |
| **07/31/24** | $2647905 | $3113163 |
| **08/31/24** | $2703663 | $3188677 |
| **09/30/24** | $2749930 | $3256778 |
| **10/31/24** | $2725017 | $3227245 |
| **11/30/24** | $2895849 | $3416687 |
| **12/31/24** | $2830389 | $3335239 |
| **01/31/25** | $2920707 | $3428117 |
| **02/28/25** | $2888904 | $3383388 |
| **03/31/25** | $2684099 | $3192753 |
| **04/30/25** | $2693003 | $3171102 |
| **05/31/25** | $2873639 | $3370708 |
| **06/30/25** | $3027562 | $3542116 |
| **07/31/25** | $3082261 | $3621611 |
| **08/31/25** | $3147138 | $3695028 |
| **09/30/25** | $3206926 | $3829896 |
| **10/31/25** | $3276890 | $3919568 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class I** | 20.25 | 16.78 | 12.6 |
| **S&P 500 Total Return Index** | 21.39 | 17.64 | 14.64 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Select Fund

#### Class I: CVAIX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $62868966 | 47 | 46% | $583105 |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund's portfolio comprises approximately 50 large-cap stocks, reflecting our favorite names in the market and focusing on individual security selection rather than sector weights to generate performance.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 33.4 |
| **Communication Services** | 15.9 |
| **Consumer Discretionary** | 13.1 |
| **Financials** | 10.7 |
| **Health Care** | 9.0 |
| **Industrials** | 6.6 |
| **Consumer Staples** | 2.3 |
| **Materials** | 2.2 |
| **Utilities** | 1.9 |
| **Real Estate** | 1.6 |
| **Energy** | 1.5 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **NVIDIA Corp.** | 7.9 |
| **Alphabet, Inc. - Class A** | 7.6 |
| **Apple, Inc.** | 6.8 |
| **Microsoft Corp.** | 6.5 |
| **Amazon.com, Inc.** | 6.0 |
| **Broadcom, Inc.** | 4.4 |
| **Eli Lilly & Co.** | 2.3 |
| **Walmart, Inc.** | 2.3 |
| **Meta Platforms, Inc. - Class A** | 2.2 |
| **Visa, Inc. - Class A** | 2.2 |

---

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

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

# Calamos Timpani Small Cap Growth Fund

#### Class A: CTASX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Timpani Small Cap Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $152 | 1.30% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund significantly outperformed the Russell 2000 Growth Index. The period proved volatile for equity markets, beginning with considerable headwinds in early 2025 as tariff uncertainties and questions about AI infrastructure spending triggered sharp selloffs. However, equities rebounded strongly in the second quarter as recession fears proved to be overblown. The Fund achieved success throughout the year, given its portfolio of companies exhibiting strong fundamental momentum. The Fund benefited from strong security selection across a broad range of sectors, including smaller companies that contribute to the AI ecosystem. The Fund's outperformance was also driven by security selection in financials and health care, particularly within consumer finance, transaction & payment processing services, pharmaceuticals, and biotechnology. By contrast, consumer staples and communication services detracted from relative returns.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg045.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with sales charge** | **Russell 3000 Total Return Index** |
| **10/31/15** | $9527 | $10000 |
| **11/30/15** | $9666 | $10055 |
| **12/31/15** | $9141 | $9849 |
| **01/31/16** | $8062 | $9293 |
| **02/29/16** | $7947 | $9290 |
| **03/31/16** | $8356 | $9944 |
| **04/30/16** | $8420 | $10006 |
| **05/31/16** | $8501 | $10185 |
| **06/30/16** | $8431 | $10206 |
| **07/31/16** | $8945 | $10611 |
| **08/31/16** | $8870 | $10638 |
| **09/30/16** | $9112 | $10655 |
| **10/31/16** | $8454 | $10424 |
| **11/30/16** | $9077 | $10890 |
| **12/31/16** | $9008 | $11103 |
| **01/31/17** | $9175 | $11312 |
| **02/28/17** | $9412 | $11733 |
| **03/31/17** | $9844 | $11741 |
| **04/30/17** | $10115 | $11865 |
| **05/31/17** | $10433 | $11987 |
| **06/30/17** | $10692 | $12095 |
| **07/31/17** | $10928 | $12323 |
| **08/31/17** | $11067 | $12347 |
| **09/30/17** | $11344 | $12648 |
| **10/31/17** | $11719 | $12924 |
| **11/30/17** | $12197 | $13316 |
| **12/31/17** | $12215 | $13449 |
| **01/31/18** | $12670 | $14158 |
| **02/28/18** | $12601 | $13636 |
| **03/31/18** | $12878 | $13362 |
| **04/30/18** | $12930 | $13413 |
| **05/31/18** | $14262 | $13792 |
| **06/30/18** | $14429 | $13882 |
| **07/31/18** | $14406 | $14343 |
| **08/31/18** | $16188 | $14846 |
| **09/30/18** | $15934 | $14871 |
| **10/31/18** | $13743 | $13776 |
| **11/30/18** | $13679 | $14052 |
| **12/31/18** | $12158 | $12744 |
| **01/31/19** | $13445 | $13838 |
| **02/28/19** | $14391 | $14325 |
| **03/31/19** | $14218 | $14534 |
| **04/30/19** | $14570 | $15114 |
| **05/31/19** | $13921 | $14136 |
| **06/30/19** | $15046 | $15129 |
| **07/31/19** | $15189 | $15354 |
| **08/31/19** | $14589 | $15041 |
| **09/30/19** | $13587 | $15305 |
| **10/31/19** | $13803 | $15634 |
| **11/30/19** | $14440 | $16229 |
| **12/31/19** | $14621 | $16697 |
| **01/31/20** | $14998 | $16679 |
| **02/29/20** | $14458 | $15313 |
| **03/31/20** | $11987 | $13208 |
| **04/30/20** | $13502 | $14957 |
| **05/31/20** | $15512 | $15757 |
| **06/30/20** | $16877 | $16117 |
| **07/31/20** | $18243 | $17032 |
| **08/31/20** | $18751 | $18266 |
| **09/30/20** | $18640 | $17601 |
| **10/31/20** | $18985 | $17221 |
| **11/30/20** | $21456 | $19316 |
| **12/31/20** | $23817 | $20185 |
| **01/31/21** | $25539 | $20095 |
| **02/28/21** | $27496 | $20723 |
| **03/31/21** | $26194 | $21466 |
| **04/30/21** | $27469 | $22573 |
| **05/31/21** | $25957 | $22676 |
| **06/30/21** | $27388 | $23235 |
| **07/31/21** | $26592 | $23628 |
| **08/31/21** | $27098 | $24302 |
| **09/30/21** | $26187 | $23211 |
| **10/31/21** | $28556 | $24781 |
| **11/30/21** | $26781 | $24404 |
| **12/31/21** | $25923 | $25365 |
| **01/31/22** | $21211 | $23872 |
| **02/28/22** | $21238 | $23271 |
| **03/31/22** | $21340 | $24026 |
| **04/30/22** | $18443 | $21870 |
| **05/31/22** | $18065 | $21840 |
| **06/30/22** | $16209 | $20013 |
| **07/31/22** | $18011 | $21891 |
| **08/31/22** | $18032 | $21074 |
| **09/30/22** | $16465 | $19120 |
| **10/31/22** | $17789 | $20688 |
| **11/30/22** | $17444 | $21767 |
| **12/31/22** | $16209 | $20493 |
| **01/31/23** | $16614 | $21904 |
| **02/28/23** | $16722 | $21392 |
| **03/31/23** | $17080 | $21964 |
| **04/30/23** | $16594 | $22198 |
| **05/31/23** | $16823 | $22285 |
| **06/30/23** | $18173 | $23806 |
| **07/31/23** | $18342 | $24660 |
| **08/31/23** | $17795 | $24184 |
| **09/30/23** | $16256 | $23032 |
| **10/31/23** | $14987 | $22421 |
| **11/30/23** | $16054 | $24512 |
| **12/31/23** | $17397 | $25812 |
| **01/31/24** | $17667 | $26098 |
| **02/29/24** | $19915 | $27511 |
| **03/31/24** | $20719 | $28398 |
| **04/30/24** | $19611 | $27149 |
| **05/31/24** | $21346 | $28432 |
| **06/30/24** | $21367 | $29312 |
| **07/31/24** | $21859 | $29857 |
| **08/31/24** | $22656 | $30506 |
| **09/30/24** | $23358 | $31138 |
| **10/31/24** | $23311 | $30909 |
| **11/30/24** | $27436 | $32965 |
| **12/31/24** | $25044 | $31957 |
| **01/31/25** | $25680 | $32966 |
| **02/28/25** | $23682 | $32335 |
| **03/31/25** | $22064 | $30448 |
| **04/30/25** | $22548 | $30244 |
| **05/31/25** | $24975 | $32161 |
| **06/30/25** | $26780 | $33795 |
| **07/31/25** | $27291 | $34539 |
| **08/31/25** | $28833 | $35339 |
| **09/30/25** | $30327 | $36558 |
| **10/31/25** | $31316 | $37342 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class A without sales charge** | 34.34 | 10.53 | 12.64 |
| **Class A with sales charge** | 27.96 | 9.45 | 12.09 |
| **Russell 3000 Total Return Index** | 20.77 | 16.74 | 14.08 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Timpani Small Cap Growth Fund

#### Class A: CTASX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $556251469 | 91 | 195% | $3885020 |

---

## **WHAT DID THE FUND INVEST IN?** 
We carefully pick stocks with specific characteristics: most importantly, sustainably fast and underestimated growth. The Fund is designed for investors seeking access to a disciplined strategy that provides exposure to small-cap businesses with dynamic growth that are, in many cases, in the early stages of their growth trajectory.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Health Care** | 25.4 |
| **Information Technology** | 25.3 |
| **Industrials** | 21.1 |
| **Consumer Discretionary** | 13.6 |
| **Financials** | 5.9 |
| **Materials** | 5.0 |
| **Consumer Staples** | 2.1 |
| **Communication Services** | 0.9 |
| **Energy** | 0.2 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Lumentum Holdings, Inc.** | 4.4 |
| **Dave, Inc.** | 4.0 |
| **Argan, Inc.** | 3.2 |
| **GeneDx Holdings Corp.** | 2.8 |
| **Credo Technology Group Holding Ltd.** | 2.7 |
| **Rush Street Interactive, Inc.** | 2.6 |
| **SiTime Corp.** | 2.4 |
| **Red Violet, Inc.** | 2.3 |
| **Graham Corp.** | 2.3 |
| **Sterling Infrastructure, Inc.** | 2.3 |

---

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

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

# Calamos Timpani Small Cap Growth Fund

#### Class C: CTCSX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Timpani Small Cap Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $239 | 2.05% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund significantly outperformed the Russell 2000 Growth Index. The period proved volatile for equity markets, beginning with considerable headwinds in early 2025 as tariff uncertainties and questions about AI infrastructure spending triggered sharp selloffs. However, equities rebounded strongly in the second quarter as recession fears proved to be overblown. The Fund achieved success throughout the year, given its portfolio of companies exhibiting strong fundamental momentum. The Fund benefited from strong security selection across a broad range of sectors, including smaller companies that contribute to the AI ecosystem. The Fund's outperformance was also driven by security selection in financials and health care, particularly within consumer finance, transaction & payment processing services, pharmaceuticals, and biotechnology. By contrast, consumer staples and communication services detracted from relative returns.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg027.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with sales charge** | **Russell 3000 Total Return Index** |
| **06/25/21** | $10000 | $10004 |
| **06/30/21** | $9976 | $10024 |
| **07/31/21** | $9680 | $10194 |
| **08/31/21** | $9859 | $10484 |
| **09/30/21** | $9520 | $10014 |
| **10/31/21** | $10375 | $10691 |
| **11/30/21** | $9726 | $10529 |
| **12/31/21** | $9408 | $10943 |
| **01/31/22** | $7695 | $10299 |
| **02/28/22** | $7697 | $10040 |
| **03/31/22** | $7731 | $10365 |
| **04/30/22** | $6679 | $9435 |
| **05/31/22** | $6538 | $9423 |
| **06/30/22** | $5860 | $8634 |
| **07/31/22** | $6507 | $9444 |
| **08/31/22** | $6512 | $9092 |
| **09/30/22** | $5941 | $8249 |
| **10/31/22** | $6414 | $8925 |
| **11/30/22** | $6285 | $9391 |
| **12/31/22** | $5839 | $8841 |
| **01/31/23** | $5982 | $9450 |
| **02/28/23** | $6015 | $9229 |
| **03/31/23** | $6139 | $9476 |
| **04/30/23** | $5963 | $9577 |
| **05/31/23** | $6042 | $9614 |
| **06/30/23** | $6521 | $10271 |
| **07/31/23** | $6578 | $10639 |
| **08/31/23** | $6378 | $10434 |
| **09/30/23** | $5822 | $9937 |
| **10/31/23** | $5364 | $9673 |
| **11/30/23** | $5743 | $10575 |
| **12/31/23** | $6218 | $11136 |
| **01/31/24** | $6311 | $11260 |
| **02/29/24** | $7110 | $11869 |
| **03/31/24** | $7394 | $12252 |
| **04/30/24** | $6994 | $11713 |
| **05/31/24** | $7607 | $12266 |
| **06/30/24** | $7609 | $12646 |
| **07/31/24** | $7781 | $12881 |
| **08/31/24** | $8060 | $13161 |
| **09/30/24** | $8304 | $13434 |
| **10/31/24** | $8282 | $13335 |
| **11/30/24** | $9742 | $14222 |
| **12/31/24** | $8887 | $13787 |
| **01/31/25** | $9106 | $14223 |
| **02/28/25** | $8391 | $13950 |
| **03/31/25** | $7816 | $13136 |
| **04/30/25** | $7981 | $13048 |
| **05/31/25** | $8834 | $13875 |
| **06/30/25** | $9468 | $14580 |
| **07/31/25** | $9643 | $14901 |
| **08/31/25** | $10180 | $15246 |
| **09/30/25** | $10699 | $15772 |
| **10/31/25** | $11042 | $16110 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | |
|:---|:---|:---|
| **AATR** | **1 YEAR** | **SINCE INCEPTION 6/25/21** |
| **Class C without sales charge** | 33.32 | 2.31 |
| **Class C with sales charge** | 32.32 | 2.31 |
| **Russell 3000 Total Return Index** | 20.77 | 11.6 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Timpani Small Cap Growth Fund

#### Class C: CTCSX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $556251469 | 91 | 195% | $3885020 |

---

## **WHAT DID THE FUND INVEST IN?** 
We carefully pick stocks with specific characteristics: most importantly, sustainably fast and underestimated growth. The Fund is designed for investors seeking access to a disciplined strategy that provides exposure to small-cap businesses with dynamic growth that are, in many cases, in the early stages of their growth trajectory.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Health Care** | 25.4 |
| **Information Technology** | 25.3 |
| **Industrials** | 21.1 |
| **Consumer Discretionary** | 13.6 |
| **Financials** | 5.9 |
| **Materials** | 5.0 |
| **Consumer Staples** | 2.1 |
| **Communication Services** | 0.9 |
| **Energy** | 0.2 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Lumentum Holdings, Inc.** | 4.4 |
| **Dave, Inc.** | 4.0 |
| **Argan, Inc.** | 3.2 |
| **GeneDx Holdings Corp.** | 2.8 |
| **Credo Technology Group Holding Ltd.** | 2.7 |
| **Rush Street Interactive, Inc.** | 2.6 |
| **SiTime Corp.** | 2.4 |
| **Red Violet, Inc.** | 2.3 |
| **Graham Corp.** | 2.3 |
| **Sterling Infrastructure, Inc.** | 2.3 |

---

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

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

# Calamos Timpani Small Cap Growth Fund

#### Class I: CTSIX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Timpani Small Cap Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $123 | 1.05% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund significantly outperformed the Russell 2000 Growth Index. The period proved volatile for equity markets, beginning with considerable headwinds in early 2025 as tariff uncertainties and questions about AI infrastructure spending triggered sharp selloffs. However, equities rebounded strongly in the second quarter as recession fears proved to be overblown. The Fund achieved success throughout the year, given its portfolio of companies exhibiting strong fundamental momentum. The Fund benefited from strong security selection across a broad range of sectors, including smaller companies that contribute to the AI ecosystem. The Fund's outperformance was also driven by security selection in financials and health care, particularly within consumer finance, transaction & payment processing services, pharmaceuticals, and biotechnology. By contrast, consumer staples and communication services detracted from relative returns.

## **GROWTH OF $1,000,000**![Growth of 10K Chart](tm2532080d1_tsrimg054.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Russell 3000 Total Return Index** |
| **10/31/15** | $1000000 | $1000000 |
| **11/30/15** | $1015033 | $1005545 |
| **12/31/15** | $960313 | $984904 |
| **01/31/16** | $847264 | $929332 |
| **02/29/16** | $835238 | $929032 |
| **03/31/16** | $879134 | $994442 |
| **04/30/16** | $885749 | $1000605 |
| **05/31/16** | $894167 | $1018506 |
| **06/30/16** | $888154 | $1020601 |
| **07/31/16** | $942273 | $1061105 |
| **08/31/16** | $934456 | $1063811 |
| **09/30/16** | $960313 | $1065484 |
| **10/31/16** | $891161 | $1042431 |
| **11/30/16** | $957306 | $1089083 |
| **12/31/16** | $950090 | $1110334 |
| **01/31/17** | $968130 | $1131233 |
| **02/28/17** | $993385 | $1173304 |
| **03/31/17** | $1039086 | $1174104 |
| **04/30/17** | $1068551 | $1186548 |
| **05/31/17** | $1102225 | $1198691 |
| **06/30/17** | $1130487 | $1209509 |
| **07/31/17** | $1155743 | $1232315 |
| **08/31/17** | $1170174 | $1234689 |
| **09/30/17** | $1200241 | $1264799 |
| **10/31/17** | $1239928 | $1292401 |
| **11/30/17** | $1291040 | $1331644 |
| **12/31/17** | $1293446 | $1344954 |
| **01/31/18** | $1342153 | $1415848 |
| **02/28/18** | $1334937 | $1363659 |
| **03/31/18** | $1365003 | $1336285 |
| **04/30/18** | $1371016 | $1341364 |
| **05/31/18** | $1512928 | $1379232 |
| **06/30/18** | $1531569 | $1388251 |
| **07/31/18** | $1529164 | $1434323 |
| **08/31/18** | $1718581 | $1484692 |
| **09/30/18** | $1692724 | $1487149 |
| **10/31/18** | $1460012 | $1377646 |
| **11/30/18** | $1453999 | $1405239 |
| **12/31/18** | $1292401 | $1274455 |
| **01/31/19** | $1429561 | $1383846 |
| **02/28/19** | $1531305 | $1432515 |
| **03/31/19** | $1513274 | $1453432 |
| **04/30/19** | $1550623 | $1511470 |
| **05/31/19** | $1482365 | $1413661 |
| **06/30/19** | $1602783 | $1512951 |
| **07/31/19** | $1618238 | $1535440 |
| **08/31/19** | $1554487 | $1504141 |
| **09/30/19** | $1448236 | $1530539 |
| **10/31/19** | $1471418 | $1563487 |
| **11/30/19** | $1539676 | $1622919 |
| **12/31/19** | $1559732 | $1669778 |
| **01/31/20** | $1599639 | $1667953 |
| **02/29/20** | $1542823 | $1531393 |
| **03/31/20** | $1279035 | $1320800 |
| **04/30/20** | $1441366 | $1495726 |
| **05/31/20** | $1656455 | $1575715 |
| **06/30/20** | $1802553 | $1611740 |
| **07/31/20** | $1948651 | $1703260 |
| **08/31/20** | $2002761 | $1826651 |
| **09/30/20** | $1991939 | $1760140 |
| **10/31/20** | $2029140 | $1722151 |
| **11/30/20** | $2293605 | $1931656 |
| **12/31/20** | $2546596 | $2018558 |
| **01/31/21** | $2731752 | $2009579 |
| **02/28/21** | $2941455 | $2072393 |
| **03/31/21** | $2803290 | $2146674 |
| **04/30/21** | $2940052 | $2257334 |
| **05/31/21** | $2778742 | $2267638 |
| **06/30/21** | $2932338 | $2323556 |
| **07/31/21** | $2847475 | $2362849 |
| **08/31/21** | $2902881 | $2430231 |
| **09/30/21** | $2805394 | $2321193 |
| **10/31/21** | $3059983 | $2478161 |
| **11/30/21** | $2870619 | $2440441 |
| **12/31/21** | $2778742 | $2536542 |
| **01/31/22** | $2274473 | $2387301 |
| **02/28/22** | $2277278 | $2327167 |
| **03/31/22** | $2289201 | $2402653 |
| **04/30/22** | $1979205 | $2187032 |
| **05/31/22** | $1938527 | $2184100 |
| **06/30/22** | $1740045 | $2001380 |
| **07/31/22** | $1933618 | $2189146 |
| **08/31/22** | $1936423 | $2107449 |
| **09/30/22** | $1768801 | $1912028 |
| **10/31/22** | $1910473 | $2068825 |
| **11/30/22** | $1874003 | $2176810 |
| **12/31/22** | $1742149 | $2049350 |
| **01/31/23** | $1786334 | $2190494 |
| **02/28/23** | $1798257 | $2139297 |
| **03/31/23** | $1836130 | $2196500 |
| **04/30/23** | $1784932 | $2219902 |
| **05/31/23** | $1810180 | $2228539 |
| **06/30/23** | $1955359 | $2380715 |
| **07/31/23** | $1974296 | $2466056 |
| **08/31/23** | $1916084 | $2418452 |
| **09/30/23** | $1750566 | $2303252 |
| **10/31/23** | $1613803 | $2242195 |
| **11/30/23** | $1729525 | $2451277 |
| **12/31/23** | $1874003 | $2581296 |
| **01/31/24** | $1904161 | $2609905 |
| **02/29/24** | $2146827 | $2751181 |
| **03/31/24** | $2233795 | $2839926 |
| **04/30/24** | $2114565 | $2714965 |
| **05/31/24** | $2302527 | $2843237 |
| **06/30/24** | $2304631 | $2931258 |
| **07/31/24** | $2358635 | $2985746 |
| **08/31/24** | $2444901 | $3050742 |
| **09/30/24** | $2521347 | $3113849 |
| **10/31/24** | $2516438 | $3090982 |
| **11/30/24** | $2963197 | $3296608 |
| **12/31/24** | $2705249 | $3195846 |
| **01/31/25** | $2774301 | $3296733 |
| **02/28/25** | $2558514 | $3233555 |
| **03/31/25** | $2384446 | $3044940 |
| **04/30/25** | $2437674 | $3024511 |
| **05/31/25** | $2700214 | $3216222 |
| **06/30/25** | $2896581 | $3379617 |
| **07/31/25** | $2951966 | $3454044 |
| **08/31/25** | $3119560 | $3533978 |
| **09/30/25** | $3282120 | $3655940 |
| **10/31/25** | $3389294 | $3734293 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class I** | 34.69 | 10.81 | 12.98 |
| **Russell 3000 Total Return Index** | 20.77 | 16.74 | 14.08 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Timpani Small Cap Growth Fund

#### Class I: CTSIX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $556251469 | 91 | 195% | $3885020 |

---

## **WHAT DID THE FUND INVEST IN?** 
We carefully pick stocks with specific characteristics: most importantly, sustainably fast and underestimated growth. The Fund is designed for investors seeking access to a disciplined strategy that provides exposure to small-cap businesses with dynamic growth that are, in many cases, in the early stages of their growth trajectory.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Health Care** | 25.4 |
| **Information Technology** | 25.3 |
| **Industrials** | 21.1 |
| **Consumer Discretionary** | 13.6 |
| **Financials** | 5.9 |
| **Materials** | 5.0 |
| **Consumer Staples** | 2.1 |
| **Communication Services** | 0.9 |
| **Energy** | 0.2 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Lumentum Holdings, Inc.** | 4.4 |
| **Dave, Inc.** | 4.0 |
| **Argan, Inc.** | 3.2 |
| **GeneDx Holdings Corp.** | 2.8 |
| **Credo Technology Group Holding Ltd.** | 2.7 |
| **Rush Street Interactive, Inc.** | 2.6 |
| **SiTime Corp.** | 2.4 |
| **Red Violet, Inc.** | 2.3 |
| **Graham Corp.** | 2.3 |
| **Sterling Infrastructure, Inc.** | 2.3 |

---

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

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

# Calamos Timpani Small Cap Growth Fund

#### Class R6: CTSOX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Timpani Small Cap Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class R6 | $112 | 0.95% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund significantly outperformed the Russell 2000 Growth Index. The period proved volatile for equity markets, beginning with considerable headwinds in early 2025 as tariff uncertainties and questions about AI infrastructure spending triggered sharp selloffs. However, equities rebounded strongly in the second quarter as recession fears proved to be overblown. The Fund achieved success throughout the year, given its portfolio of companies exhibiting strong fundamental momentum. The Fund benefited from strong security selection across a broad range of sectors, including smaller companies that contribute to the AI ecosystem. The Fund's outperformance was also driven by security selection in financials and health care, particularly within consumer finance, transaction & payment processing services, pharmaceuticals, and biotechnology. By contrast, consumer staples and communication services detracted from relative returns.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg017.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **Russell 3000 Total Return Index** |
| **06/03/19** | $10000 | $10002 |
| **06/30/19** | $10812 | $10704 |
| **07/31/19** | $10921 | $10863 |
| **08/31/19** | $10491 | $10642 |
| **09/30/19** | $9774 | $10829 |
| **10/31/19** | $9930 | $11062 |
| **11/30/19** | $10391 | $11482 |
| **12/31/19** | $10526 | $11814 |
| **01/31/20** | $10800 | $11801 |
| **02/29/20** | $10412 | $10835 |
| **03/31/20** | $8633 | $9345 |
| **04/30/20** | $9732 | $10582 |
| **05/31/20** | $11183 | $11148 |
| **06/30/20** | $12169 | $11403 |
| **07/31/20** | $13159 | $12051 |
| **08/31/20** | $13524 | $12924 |
| **09/30/20** | $13451 | $12453 |
| **10/31/20** | $13702 | $12184 |
| **11/30/20** | $15490 | $13667 |
| **12/31/20** | $17202 | $14281 |
| **01/31/21** | $18455 | $14218 |
| **02/28/21** | $19870 | $14662 |
| **03/31/21** | $18938 | $15188 |
| **04/30/21** | $19865 | $15971 |
| **05/31/21** | $18777 | $16044 |
| **06/30/21** | $19813 | $16439 |
| **07/31/21** | $19245 | $16717 |
| **08/31/21** | $19619 | $17194 |
| **09/30/21** | $18961 | $16423 |
| **10/31/21** | $20683 | $17533 |
| **11/30/21** | $19401 | $17266 |
| **12/31/21** | $18786 | $17946 |
| **01/31/22** | $15375 | $16890 |
| **02/28/22** | $15399 | $16465 |
| **03/31/22** | $15479 | $16999 |
| **04/30/22** | $13384 | $15473 |
| **05/31/22** | $13114 | $15453 |
| **06/30/22** | $11770 | $14160 |
| **07/31/22** | $13081 | $15488 |
| **08/31/22** | $13100 | $14910 |
| **09/30/22** | $11964 | $13528 |
| **10/31/22** | $12925 | $14637 |
| **11/30/22** | $12679 | $15401 |
| **12/31/22** | $11789 | $14499 |
| **01/31/23** | $12087 | $15498 |
| **02/28/23** | $12173 | $15136 |
| **03/31/23** | $12433 | $15540 |
| **04/30/23** | $12087 | $15706 |
| **05/31/23** | $12258 | $15767 |
| **06/30/23** | $13242 | $16844 |
| **07/31/23** | $13369 | $17447 |
| **08/31/23** | $12977 | $17111 |
| **09/30/23** | $11856 | $16296 |
| **10/31/23** | $10933 | $15864 |
| **11/30/23** | $11718 | $17343 |
| **12/31/23** | $12698 | $18263 |
| **01/31/24** | $12901 | $18465 |
| **02/29/24** | $14547 | $19465 |
| **03/31/24** | $15144 | $20093 |
| **04/30/24** | $14335 | $19208 |
| **05/31/24** | $15607 | $20116 |
| **06/30/24** | $15626 | $20739 |
| **07/31/24** | $15990 | $21124 |
| **08/31/24** | $16577 | $21584 |
| **09/30/24** | $17097 | $22031 |
| **10/31/24** | $17064 | $21869 |
| **11/30/24** | $20097 | $23324 |
| **12/31/24** | $18350 | $22611 |
| **01/31/25** | $18816 | $23324 |
| **02/28/25** | $17355 | $22877 |
| **03/31/25** | $16175 | $21543 |
| **04/30/25** | $16535 | $21399 |
| **05/31/25** | $18326 | $22755 |
| **06/30/25** | $19656 | $23911 |
| **07/31/25** | $20035 | $24437 |
| **08/31/25** | $21176 | $25003 |
| **09/30/25** | $22278 | $25866 |
| **10/31/25** | $23011 | $26420 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **SINCE INCEPTION 6/3/19** |
| **Class R6** | 34.85 | 10.93 | 13.88 |
| **Russell 3000 Total Return Index** | 20.77 | 16.74 | 16.36 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Timpani Small Cap Growth Fund

#### Class R6: CTSOX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $556251469 | 91 | 195% | $3885020 |

---

## **WHAT DID THE FUND INVEST IN?** 
We carefully pick stocks with specific characteristics: most importantly, sustainably fast and underestimated growth. The Fund is designed for investors seeking access to a disciplined strategy that provides exposure to small-cap businesses with dynamic growth that are, in many cases, in the early stages of their growth trajectory.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Health Care** | 25.4 |
| **Information Technology** | 25.3 |
| **Industrials** | 21.1 |
| **Consumer Discretionary** | 13.6 |
| **Financials** | 5.9 |
| **Materials** | 5.0 |
| **Consumer Staples** | 2.1 |
| **Communication Services** | 0.9 |
| **Energy** | 0.2 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Lumentum Holdings, Inc.** | 4.4 |
| **Dave, Inc.** | 4.0 |
| **Argan, Inc.** | 3.2 |
| **GeneDx Holdings Corp.** | 2.8 |
| **Credo Technology Group Holding Ltd.** | 2.7 |
| **Rush Street Interactive, Inc.** | 2.6 |
| **SiTime Corp.** | 2.4 |
| **Red Violet, Inc.** | 2.3 |
| **Graham Corp.** | 2.3 |
| **Sterling Infrastructure, Inc.** | 2.3 |

---

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

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

# Calamos Timpani SMID Growth Fund

#### Class A: CTAGX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Timpani SMID Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $155 | 1.35% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund significantly outperformed the Russell 2500 Growth Index. The period proved volatile for equity markets, beginning with considerable headwinds in early 2025 as tariff uncertainties and questions about AI infrastructure spending triggered sharp selloffs. However, equities rebounded strongly in the second quarter as recession fears proved to be overblown. The Fund achieved success throughout the year, given its portfolio of companies exhibiting strong fundamental momentum. The Fund benefited from strong security selection across a broad range of sectors, including smaller companies that contribute to the AI ecosystem. Favorable security selection in financials also contributed to returns. Conversely, security selection within communication services and real estate detracted from relative performance.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg035.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with sales charge** | **Russell 3000 Total Return Index** |
| **07/31/19** | $9524 | $9997 |
| **08/31/19** | $9162 | $9793 |
| **09/30/19** | $8495 | $9965 |
| **10/31/19** | $8581 | $10179 |
| **11/30/19** | $9114 | $10566 |
| **12/31/19** | $9152 | $10871 |
| **01/31/20** | $9419 | $10860 |
| **02/29/20** | $9029 | $9970 |
| **03/31/20** | $7619 | $8599 |
| **04/30/20** | $8562 | $9738 |
| **05/31/20** | $9733 | $10259 |
| **06/30/20** | $10476 | $10494 |
| **07/31/20** | $11200 | $11089 |
| **08/31/20** | $11581 | $11893 |
| **09/30/20** | $11600 | $11460 |
| **10/31/20** | $11762 | $11212 |
| **11/30/20** | $13048 | $12576 |
| **12/31/20** | $14505 | $13142 |
| **01/31/21** | $15076 | $13084 |
| **02/28/21** | $16190 | $13493 |
| **03/31/21** | $15333 | $13976 |
| **04/30/21** | $16000 | $14697 |
| **05/31/21** | $14981 | $14764 |
| **06/30/21** | $15829 | $15128 |
| **07/31/21** | $15638 | $15384 |
| **08/31/21** | $16286 | $15823 |
| **09/30/21** | $15648 | $15113 |
| **10/31/21** | $17295 | $16135 |
| **11/30/21** | $16286 | $15889 |
| **12/31/21** | $15606 | $16515 |
| **01/31/22** | $12912 | $15543 |
| **02/28/22** | $12902 | $15152 |
| **03/31/22** | $13041 | $15643 |
| **04/30/22** | $11420 | $14239 |
| **05/31/22** | $11195 | $14220 |
| **06/30/22** | $10047 | $13030 |
| **07/31/22** | $11120 | $14253 |
| **08/31/22** | $11206 | $13721 |
| **09/30/22** | $10229 | $12449 |
| **10/31/22** | $10884 | $13470 |
| **11/30/22** | $10927 | $14173 |
| **12/31/22** | $10143 | $13343 |
| **01/31/23** | $10465 | $14262 |
| **02/28/23** | $10422 | $13928 |
| **03/31/23** | $10680 | $14301 |
| **04/30/23** | $10444 | $14453 |
| **05/31/23** | $10487 | $14509 |
| **06/30/23** | $11345 | $15500 |
| **07/31/23** | $11485 | $16056 |
| **08/31/23** | $11259 | $15746 |
| **09/30/23** | $10390 | $14996 |
| **10/31/23** | $9757 | $14598 |
| **11/30/23** | $10572 | $15960 |
| **12/31/23** | $11345 | $16806 |
| **01/31/24** | $11678 | $16992 |
| **02/29/24** | $13277 | $17912 |
| **03/31/24** | $13642 | $18490 |
| **04/30/24** | $12762 | $17676 |
| **05/31/24** | $13717 | $18512 |
| **06/30/24** | $13792 | $19085 |
| **07/31/24** | $13921 | $19439 |
| **08/31/24** | $14533 | $19863 |
| **09/30/24** | $15102 | $20273 |
| **10/31/24** | $15091 | $20125 |
| **11/30/24** | $17946 | $21463 |
| **12/31/24** | $16312 | $20807 |
| **01/31/25** | $16896 | $21464 |
| **02/28/25** | $15431 | $21053 |
| **03/31/25** | $14274 | $19825 |
| **04/30/25** | $14671 | $19692 |
| **05/31/25** | $15993 | $20940 |
| **06/30/25** | $16885 | $22004 |
| **07/31/25** | $17105 | $22488 |
| **08/31/25** | $18052 | $23009 |
| **09/30/25** | $18823 | $23803 |
| **10/31/25** | $19517 | $24313 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **SINCE INCEPTION 7/31/19** |
| **Class A without sales charge** | 29.33 | 10.66 | 12.16 |
| **Class A with sales charge** | 23.19 | 9.58 | 11.29 |
| **Russell 3000 Total Return Index** | 20.77 | 16.74 | 15.27 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Timpani SMID Growth Fund

#### Class A: CTAGX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $37221871 | 91 | 192% | $300628 |

---

## **WHAT DID THE FUND INVEST IN?** 
We carefully pick stocks with specific characteristics: most importantly, sustainably fast and underestimated growth. The Fund is designed for investors seeking access to a disciplined strategy that provides exposure to small-to-mid-cap businesses with dynamic growth that are, in many cases, in the early stages of their growth trajectory.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 29.4 |
| **Industrials** | 24.8 |
| **Health Care** | 18.2 |
| **Consumer Discretionary** | 13.6 |
| **Financials** | 6.5 |
| **Materials** | 3.9 |
| **Consumer Staples** | 3.1 |
| **Communication Services** | 0.2 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Lumentum Holdings, Inc.** | 5.1 |
| **Dave, Inc.** | 3.9 |
| **AppLovin Corp. - Class A** | 3.4 |
| **Argan, Inc.** | 2.9 |
| **Rush Street Interactive, Inc.** | 2.5 |
| **Five Below, Inc.** | 2.4 |
| **Insmed, Inc.** | 2.3 |
| **Pure Storage, Inc. - Class A** | 2.3 |
| **SiTime Corp.** | 2.2 |
| **Credo Technology Group Holding Ltd.** | 2.0 |

---

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

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

# Calamos Timpani SMID Growth Fund

#### Class I: CTIGX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Timpani SMID Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $126 | 1.10% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund significantly outperformed the Russell 2500 Growth Index. The period proved volatile for equity markets, beginning with considerable headwinds in early 2025 as tariff uncertainties and questions about AI infrastructure spending triggered sharp selloffs. However, equities rebounded strongly in the second quarter as recession fears proved to be overblown. The Fund achieved success throughout the year, given its portfolio of companies exhibiting strong fundamental momentum. The Fund benefited from strong security selection across a broad range of sectors, including smaller companies that contribute to the AI ecosystem. Favorable security selection in financials also contributed to returns. Conversely, security selection within communication services and real estate detracted from relative performance.

## **GROWTH OF $1,000,000**![Growth of 10K Chart](tm2532080d1_tsrimg025.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Russell 3000 Total Return Index** |
| **07/31/19** | $1000000 | $1000000 |
| **08/31/19** | $962000 | $979615 |
| **09/30/19** | $893000 | $996808 |
| **10/31/19** | $902000 | $1018266 |
| **11/30/19** | $958000 | $1056973 |
| **12/31/19** | $962000 | $1087491 |
| **01/31/20** | $990000 | $1086303 |
| **02/29/20** | $950000 | $997364 |
| **03/31/20** | $801000 | $860209 |
| **04/30/20** | $901000 | $974134 |
| **05/31/20** | $1024000 | $1026230 |
| **06/30/20** | $1102000 | $1049692 |
| **07/31/20** | $1179000 | $1109297 |
| **08/31/20** | $1220000 | $1189659 |
| **09/30/20** | $1222000 | $1146342 |
| **10/31/20** | $1239000 | $1121601 |
| **11/30/20** | $1375000 | $1258047 |
| **12/31/20** | $1529000 | $1314644 |
| **01/31/21** | $1589000 | $1308796 |
| **02/28/21** | $1707000 | $1349706 |
| **03/31/21** | $1617000 | $1398083 |
| **04/30/21** | $1688000 | $1470154 |
| **05/31/21** | $1580000 | $1476864 |
| **06/30/21** | $1670000 | $1513283 |
| **07/31/21** | $1651000 | $1538873 |
| **08/31/21** | $1719000 | $1582758 |
| **09/30/21** | $1653000 | $1511744 |
| **10/31/21** | $1827000 | $1613974 |
| **11/30/21** | $1720000 | $1589407 |
| **12/31/21** | $1649710 | $1651996 |
| **01/31/22** | $1364811 | $1554798 |
| **02/28/22** | $1363685 | $1515634 |
| **03/31/22** | $1379450 | $1564797 |
| **04/30/22** | $1208286 | $1424367 |
| **05/31/22** | $1184638 | $1422458 |
| **06/30/22** | $1063021 | $1303457 |
| **07/31/22** | $1177882 | $1425744 |
| **08/31/22** | $1186890 | $1372537 |
| **09/30/22** | $1083291 | $1245263 |
| **10/31/22** | $1151982 | $1347382 |
| **11/30/22** | $1157612 | $1417710 |
| **12/31/22** | $1074282 | $1334698 |
| **01/31/23** | $1109191 | $1426622 |
| **02/28/23** | $1104686 | $1393279 |
| **03/31/23** | $1131712 | $1430534 |
| **04/30/23** | $1108065 | $1445775 |
| **05/31/23** | $1112569 | $1451400 |
| **06/30/23** | $1203782 | $1550509 |
| **07/31/23** | $1218421 | $1606090 |
| **08/31/23** | $1194773 | $1575087 |
| **09/30/23** | $1102434 | $1500059 |
| **10/31/23** | $1035995 | $1460294 |
| **11/30/23** | $1122704 | $1596464 |
| **12/31/23** | $1206034 | $1681143 |
| **01/31/24** | $1240942 | $1699776 |
| **02/29/24** | $1410981 | $1791785 |
| **03/31/24** | $1450394 | $1849584 |
| **04/30/24** | $1358055 | $1768199 |
| **05/31/24** | $1458276 | $1851740 |
| **06/30/24** | $1467285 | $1909066 |
| **07/31/24** | $1480798 | $1944553 |
| **08/31/24** | $1546111 | $1986883 |
| **09/30/24** | $1608045 | $2027984 |
| **10/31/24** | $1606919 | $2013091 |
| **11/30/24** | $1910961 | $2147011 |
| **12/31/24** | $1737931 | $2081387 |
| **01/31/25** | $1800413 | $2147092 |
| **02/28/25** | $1645364 | $2105946 |
| **03/31/25** | $1521557 | $1983105 |
| **04/30/25** | $1564369 | $1969800 |
| **05/31/25** | $1705532 | $2094657 |
| **06/30/25** | $1800413 | $2201073 |
| **07/31/25** | $1824711 | $2249546 |
| **08/31/25** | $1926534 | $2301605 |
| **09/30/25** | $2008687 | $2381036 |
| **10/31/25** | $2082740 | $2432066 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **SINCE INCEPTION 7/31/19** |
| **Class I** | 29.61 | 10.95 | 12.45 |
| **Russell 3000 Total Return Index** | 20.77 | 16.74 | 15.27 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Timpani SMID Growth Fund

#### Class I: CTIGX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $37221871 | 91 | 192% | $300628 |

---

## **WHAT DID THE FUND INVEST IN?** 
We carefully pick stocks with specific characteristics: most importantly, sustainably fast and underestimated growth. The Fund is designed for investors seeking access to a disciplined strategy that provides exposure to small-to-mid-cap businesses with dynamic growth that are, in many cases, in the early stages of their growth trajectory.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 29.4 |
| **Industrials** | 24.8 |
| **Health Care** | 18.2 |
| **Consumer Discretionary** | 13.6 |
| **Financials** | 6.5 |
| **Materials** | 3.9 |
| **Consumer Staples** | 3.1 |
| **Communication Services** | 0.2 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Lumentum Holdings, Inc.** | 5.1 |
| **Dave, Inc.** | 3.9 |
| **AppLovin Corp. - Class A** | 3.4 |
| **Argan, Inc.** | 2.9 |
| **Rush Street Interactive, Inc.** | 2.5 |
| **Five Below, Inc.** | 2.4 |
| **Insmed, Inc.** | 2.3 |
| **Pure Storage, Inc. - Class A** | 2.3 |
| **SiTime Corp.** | 2.2 |
| **Credo Technology Group Holding Ltd.** | 2.0 |

---

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

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

# Calamos Timpani SMID Growth Fund

#### Class R6: CTOGX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Timpani SMID Growth Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class R6 | $121 | 1.05% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund significantly outperformed the Russell 2500 Growth Index. The period proved volatile for equity markets, beginning with considerable headwinds in early 2025 as tariff uncertainties and questions about AI infrastructure spending triggered sharp selloffs. However, equities rebounded strongly in the second quarter as recession fears proved to be overblown. The Fund achieved success throughout the year, given its portfolio of companies exhibiting strong fundamental momentum. The Fund benefited from strong security selection across a broad range of sectors, including smaller companies that contribute to the AI ecosystem. Favorable security selection in financials also contributed to returns. Conversely, security selection within communication services and real estate detracted from relative performance.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg020.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **Russell 3000 Total Return Index** |
| **07/31/19** | $10000 | $9997 |
| **08/31/19** | $9620 | $9793 |
| **09/30/19** | $8930 | $9965 |
| **10/31/19** | $9020 | $10179 |
| **11/30/19** | $9570 | $10566 |
| **12/31/19** | $9620 | $10871 |
| **01/31/20** | $9900 | $10860 |
| **02/29/20** | $9500 | $9970 |
| **03/31/20** | $8010 | $8599 |
| **04/30/20** | $9000 | $9738 |
| **05/31/20** | $10240 | $10259 |
| **06/30/20** | $11020 | $10494 |
| **07/31/20** | $11790 | $11089 |
| **08/31/20** | $12200 | $11893 |
| **09/30/20** | $12220 | $11460 |
| **10/31/20** | $12390 | $11212 |
| **11/30/20** | $13750 | $12576 |
| **12/31/20** | $15290 | $13142 |
| **01/31/21** | $15890 | $13084 |
| **02/28/21** | $17070 | $13493 |
| **03/31/21** | $16170 | $13976 |
| **04/30/21** | $16880 | $14697 |
| **05/31/21** | $15800 | $14764 |
| **06/30/21** | $16700 | $15128 |
| **07/31/21** | $16510 | $15384 |
| **08/31/21** | $17190 | $15823 |
| **09/30/21** | $16530 | $15113 |
| **10/31/21** | $18270 | $16135 |
| **11/30/21** | $17200 | $15889 |
| **12/31/21** | $16486 | $16515 |
| **01/31/22** | $13648 | $15543 |
| **02/28/22** | $13637 | $15152 |
| **03/31/22** | $13795 | $15643 |
| **04/30/22** | $12083 | $14239 |
| **05/31/22** | $11846 | $14220 |
| **06/30/22** | $10630 | $13030 |
| **07/31/22** | $11779 | $14253 |
| **08/31/22** | $11869 | $13721 |
| **09/30/22** | $10833 | $12449 |
| **10/31/22** | $11520 | $13470 |
| **11/30/22** | $11576 | $14173 |
| **12/31/22** | $10754 | $13343 |
| **01/31/23** | $11092 | $14262 |
| **02/28/23** | $11047 | $13928 |
| **03/31/23** | $11317 | $14301 |
| **04/30/23** | $11081 | $14453 |
| **05/31/23** | $11137 | $14509 |
| **06/30/23** | $12049 | $15500 |
| **07/31/23** | $12184 | $16056 |
| **08/31/23** | $11948 | $15746 |
| **09/30/23** | $11036 | $14996 |
| **10/31/23** | $10371 | $14598 |
| **11/30/23** | $11238 | $15960 |
| **12/31/23** | $12060 | $16806 |
| **01/31/24** | $12409 | $16992 |
| **02/29/24** | $14121 | $17912 |
| **03/31/24** | $14504 | $18490 |
| **04/30/24** | $13581 | $17676 |
| **05/31/24** | $14594 | $18512 |
| **06/30/24** | $14684 | $19085 |
| **07/31/24** | $14819 | $19439 |
| **08/31/24** | $15472 | $19863 |
| **09/30/24** | $16092 | $20273 |
| **10/31/24** | $16080 | $20125 |
| **11/30/24** | $19121 | $21463 |
| **12/31/24** | $17384 | $20807 |
| **01/31/25** | $18020 | $21464 |
| **02/28/25** | $16458 | $21053 |
| **03/31/25** | $15231 | $19825 |
| **04/30/25** | $15659 | $19692 |
| **05/31/25** | $17071 | $20940 |
| **06/30/25** | $18020 | $22004 |
| **07/31/25** | $18263 | $22488 |
| **08/31/25** | $19282 | $23009 |
| **09/30/25** | $20104 | $23803 |
| **10/31/25** | $20856 | $24313 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **SINCE INCEPTION 7/31/19** |
| **Class R6** | 29.7 | 10.98 | 12.48 |
| **Russell 3000 Total Return Index** | 20.77 | 16.74 | 15.27 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Timpani SMID Growth Fund

#### Class R6: CTOGX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $37221871 | 91 | 192% | $300628 |

---

## **WHAT DID THE FUND INVEST IN?** 
We carefully pick stocks with specific characteristics: most importantly, sustainably fast and underestimated growth. The Fund is designed for investors seeking access to a disciplined strategy that provides exposure to small-to-mid-cap businesses with dynamic growth that are, in many cases, in the early stages of their growth trajectory.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 29.4 |
| **Industrials** | 24.8 |
| **Health Care** | 18.2 |
| **Consumer Discretionary** | 13.6 |
| **Financials** | 6.5 |
| **Materials** | 3.9 |
| **Consumer Staples** | 3.1 |
| **Communication Services** | 0.2 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Lumentum Holdings, Inc.** | 5.1 |
| **Dave, Inc.** | 3.9 |
| **AppLovin Corp. - Class A** | 3.4 |
| **Argan, Inc.** | 2.9 |
| **Rush Street Interactive, Inc.** | 2.5 |
| **Five Below, Inc.** | 2.4 |
| **Insmed, Inc.** | 2.3 |
| **Pure Storage, Inc. - Class A** | 2.3 |
| **SiTime Corp.** | 2.2 |
| **Credo Technology Group Holding Ltd.** | 2.0 |

---

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

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

# Calamos Hedged Equity Fund

#### Class A: CAHEX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Hedged Equity Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $122 | 1.15% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025, the Fund delivered meaningful participation in the equity market's advance while maintaining its defensive positioning. The period saw significant volatility, with a tariff-driven first-quarter selloff followed by a robust recovery fueled by resilient earnings, deregulation optimism, and AI infrastructure momentum. In June 2025, we extended the Fund's hedge structure through June 2026, adjusting strike levels to position the portfolio to capture approximately 65% of the market's upside while limiting downside exposure to about 35%. This asymmetric risk-return framework proved effective across both turbulent and advancing environments. The Fund's actively managed options overlay further enhanced results by capitalizing on short-term volatility while preserving substantial participation in the market's strong gains, underscoring the value of tactical flexibility.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg052.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with sales charge** | **S&P 500 Total Return Index** |
| **10/31/15** | $9524 | $10000 |
| **11/30/15** | $9543 | $10029 |
| **12/31/15** | $9506 | $9871 |
| **01/31/16** | $9215 | $9381 |
| **02/29/16** | $9186 | $9369 |
| **03/31/16** | $9477 | $10004 |
| **04/30/16** | $9506 | $10043 |
| **05/31/16** | $9594 | $10223 |
| **06/30/16** | $9622 | $10250 |
| **07/31/16** | $9778 | $10628 |
| **08/31/16** | $9788 | $10643 |
| **09/30/16** | $9818 | $10645 |
| **10/31/16** | $9789 | $10451 |
| **11/30/16** | $9916 | $10838 |
| **12/31/16** | $10002 | $11052 |
| **01/31/17** | $10070 | $11261 |
| **02/28/17** | $10295 | $11709 |
| **03/31/17** | $10311 | $11722 |
| **04/30/17** | $10341 | $11843 |
| **05/31/17** | $10390 | $12009 |
| **06/30/17** | $10410 | $12084 |
| **07/31/17** | $10488 | $12333 |
| **08/31/17** | $10498 | $12370 |
| **09/30/17** | $10569 | $12626 |
| **10/31/17** | $10647 | $12920 |
| **11/30/17** | $10775 | $13317 |
| **12/31/17** | $10803 | $13465 |
| **01/31/18** | $11275 | $14235 |
| **02/28/18** | $11256 | $13711 |
| **03/31/18** | $11170 | $13362 |
| **04/30/18** | $11180 | $13414 |
| **05/31/18** | $11279 | $13737 |
| **06/30/18** | $11262 | $13821 |
| **07/31/18** | $11469 | $14336 |
| **08/31/18** | $11627 | $14803 |
| **09/30/18** | $11611 | $14887 |
| **10/31/18** | $11295 | $13869 |
| **11/30/18** | $11384 | $14152 |
| **12/31/18** | $10868 | $12874 |
| **01/31/19** | $11312 | $13906 |
| **02/28/19** | $11443 | $14352 |
| **03/31/19** | $11553 | $14631 |
| **04/30/19** | $11755 | $15224 |
| **05/31/19** | $11442 | $14256 |
| **06/30/19** | $11783 | $15261 |
| **07/31/19** | $11854 | $15480 |
| **08/31/19** | $11813 | $15235 |
| **09/30/19** | $11894 | $15520 |
| **10/31/19** | $12046 | $15856 |
| **11/30/19** | $12239 | $16432 |
| **12/31/19** | $12410 | $16928 |
| **01/31/20** | $12420 | $16921 |
| **02/29/20** | $11952 | $15528 |
| **03/31/20** | $11250 | $13610 |
| **04/30/20** | $12035 | $15355 |
| **05/31/20** | $12239 | $16086 |
| **06/30/20** | $12461 | $16406 |
| **07/31/20** | $12655 | $17331 |
| **08/31/20** | $13073 | $18577 |
| **09/30/20** | $12874 | $17871 |
| **10/31/20** | $12638 | $17396 |
| **11/30/20** | $13334 | $19300 |
| **12/31/20** | $13563 | $20042 |
| **01/31/21** | $13430 | $19840 |
| **02/28/21** | $13696 | $20387 |
| **03/31/21** | $14025 | $21280 |
| **04/30/21** | $14323 | $22416 |
| **05/31/21** | $14405 | $22572 |
| **06/30/21** | $14530 | $23099 |
| **07/31/21** | $14663 | $23648 |
| **08/31/21** | $14910 | $24367 |
| **09/30/21** | $14561 | $23234 |
| **10/31/21** | $15065 | $24861 |
| **11/30/21** | $14983 | $24689 |
| **12/31/21** | $15331 | $25796 |
| **01/31/22** | $15001 | $24461 |
| **02/28/22** | $14672 | $23728 |
| **03/31/22** | $14816 | $24609 |
| **04/30/22** | $14054 | $22463 |
| **05/31/22** | $13992 | $22505 |
| **06/30/22** | $13292 | $20647 |
| **07/31/22** | $13910 | $22551 |
| **08/31/22** | $13611 | $21631 |
| **09/30/22** | $12946 | $19639 |
| **10/31/22** | $13482 | $21229 |
| **11/30/22** | $13956 | $22415 |
| **12/31/22** | $13599 | $21124 |
| **01/31/23** | $14034 | $22451 |
| **02/28/23** | $13868 | $21903 |
| **03/31/23** | $14199 | $22707 |
| **04/30/23** | $14355 | $23062 |
| **05/31/23** | $14438 | $23162 |
| **06/30/23** | $14950 | $24693 |
| **07/31/23** | $15126 | $25486 |
| **08/31/23** | $15022 | $25080 |
| **09/30/23** | $14687 | $23884 |
| **10/31/23** | $14573 | $23382 |
| **11/30/23** | $15279 | $25518 |
| **12/31/23** | $15715 | $26677 |
| **01/31/24** | $15850 | $27125 |
| **02/29/24** | $16329 | $28573 |
| **03/31/24** | $16631 | $29493 |
| **04/30/24** | $16298 | $28288 |
| **05/31/24** | $16704 | $29691 |
| **06/30/24** | $17069 | $30756 |
| **07/31/24** | $17235 | $31131 |
| **08/31/24** | $17527 | $31886 |
| **09/30/24** | $17813 | $32567 |
| **10/31/24** | $17698 | $32271 |
| **11/30/24** | $18219 | $34166 |
| **12/31/24** | $18018 | $33351 |
| **01/31/25** | $18331 | $34280 |
| **02/28/25** | $18195 | $33833 |
| **03/31/25** | $17611 | $31926 |
| **04/30/25** | $17580 | $31710 |
| **05/31/25** | $18227 | $33706 |
| **06/30/25** | $18781 | $35420 |
| **07/31/25** | $19011 | $36215 |
| **08/31/25** | $19261 | $36949 |
| **09/30/25** | $19691 | $38298 |
| **10/31/25** | $20004 | $39194 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class A without sales charge** | 13.03 | 9.62 | 7.7 |
| **Class A with sales charge** | 7.64 | 8.55 | 7.18 |
| **S&P 500 Total Return Index** | 21.39 | 17.64 | 14.64 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Hedged Equity Fund

#### Class A: CAHEX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $779087060 | 263 | 10% | $5333020 |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund's strategic approach is designed to balance risk and reward, ensuring participation in market gains while managing downside exposure. The Fund's equity basket sector allocation closely mirrors the S&P 500 Index.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 35.7 |
| **Financials** | 12.4 |
| **Consumer Discretionary** | 10.5 |
| **Communication Services** | 10.4 |
| **Health Care** | 9.1 |
| **Industrials** | 7.8 |
| **Consumer Staples** | 4.5 |
| **Other** | 3.8 |
| **Energy** | 3.0 |
| **Utilities** | 1.9 |
| **Real Estate** | 1.5 |
| **Materials** | 1.4 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **NVIDIA Corp.** | 8.6 |
| **Apple, Inc.** | 6.8 |
| **Microsoft Corp.** | 6.6 |
| **Amazon.com, Inc.** | 3.9 |
| **Broadcom, Inc.** | 2.9 |
| **S&P 500 Index, Put, Strike Price $6,700, 06/30/26** | 2.7 |
| **Alphabet, Inc. - Class A** | 2.6 |
| **Alphabet, Inc. - Class C** | 2.6 |
| **Meta Platforms, Inc. - Class A** | 2.4 |
| **Tesla, Inc.** | 2.1 |

---

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

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

# Calamos Hedged Equity Fund

#### Class C: CCHEX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Hedged Equity Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $202 | 1.90% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025, the Fund delivered meaningful participation in the equity market's advance while maintaining its defensive positioning. The period saw significant volatility, with a tariff-driven first-quarter selloff followed by a robust recovery fueled by resilient earnings, deregulation optimism, and AI infrastructure momentum. In June 2025, we extended the Fund's hedge structure through June 2026, adjusting strike levels to position the portfolio to capture approximately 65% of the market's upside while limiting downside exposure to about 35%. This asymmetric risk-return framework proved effective across both turbulent and advancing environments. The Fund's actively managed options overlay further enhanced results by capitalizing on short-term volatility while preserving substantial participation in the market's strong gains, underscoring the value of tactical flexibility.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg009.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with sales charge** | **S&P 500 Total Return Index** |
| **10/31/15** | $10000 | $10000 |
| **11/30/15** | $10010 | $10029 |
| **12/31/15** | $9964 | $9871 |
| **01/31/16** | $9659 | $9381 |
| **02/29/16** | $9618 | $9369 |
| **03/31/16** | $9919 | $10004 |
| **04/30/16** | $9939 | $10043 |
| **05/31/16** | $10031 | $10223 |
| **06/30/16** | $10047 | $10250 |
| **07/31/16** | $10200 | $10628 |
| **08/31/16** | $10210 | $10643 |
| **09/30/16** | $10232 | $10645 |
| **10/31/16** | $10192 | $10451 |
| **11/30/16** | $10314 | $10838 |
| **12/31/16** | $10404 | $11052 |
| **01/31/17** | $10466 | $11261 |
| **02/28/17** | $10690 | $11709 |
| **03/31/17** | $10700 | $11722 |
| **04/30/17** | $10731 | $11843 |
| **05/31/17** | $10772 | $12009 |
| **06/30/17** | $10791 | $12084 |
| **07/31/17** | $10862 | $12333 |
| **08/31/17** | $10862 | $12370 |
| **09/30/17** | $10934 | $12626 |
| **10/31/17** | $11016 | $12920 |
| **11/30/17** | $11138 | $13317 |
| **12/31/17** | $11159 | $13465 |
| **01/31/18** | $11639 | $14235 |
| **02/28/18** | $11608 | $13711 |
| **03/31/18** | $11516 | $13362 |
| **04/30/18** | $11527 | $13414 |
| **05/31/18** | $11619 | $13737 |
| **06/30/18** | $11599 | $13821 |
| **07/31/18** | $11793 | $14336 |
| **08/31/18** | $11956 | $14803 |
| **09/30/18** | $11938 | $14887 |
| **10/31/18** | $11600 | $13869 |
| **11/30/18** | $11692 | $14152 |
| **12/31/18** | $11152 | $12874 |
| **01/31/19** | $11592 | $13906 |
| **02/28/19** | $11728 | $14352 |
| **03/31/19** | $11833 | $14631 |
| **04/30/19** | $12032 | $15224 |
| **05/31/19** | $11707 | $14256 |
| **06/30/19** | $12042 | $15261 |
| **07/31/19** | $12115 | $15480 |
| **08/31/19** | $12063 | $15235 |
| **09/30/19** | $12136 | $15520 |
| **10/31/19** | $12283 | $15856 |
| **11/30/19** | $12471 | $16432 |
| **12/31/19** | $12639 | $16928 |
| **01/31/20** | $12649 | $16921 |
| **02/29/20** | $12166 | $15528 |
| **03/31/20** | $11451 | $13610 |
| **04/30/20** | $12239 | $15355 |
| **05/31/20** | $12439 | $16086 |
| **06/30/20** | $12649 | $16406 |
| **07/31/20** | $12849 | $17331 |
| **08/31/20** | $13258 | $18577 |
| **09/30/20** | $13050 | $17871 |
| **10/31/20** | $12798 | $17396 |
| **11/30/20** | $13502 | $19300 |
| **12/31/20** | $13724 | $20042 |
| **01/31/21** | $13577 | $19840 |
| **02/28/21** | $13850 | $20387 |
| **03/31/21** | $14166 | $21280 |
| **04/30/21** | $14451 | $22416 |
| **05/31/21** | $14535 | $22572 |
| **06/30/21** | $14651 | $23099 |
| **07/31/21** | $14777 | $23648 |
| **08/31/21** | $15009 | $24367 |
| **09/30/21** | $14651 | $23234 |
| **10/31/21** | $15157 | $24861 |
| **11/30/21** | $15062 | $24689 |
| **12/31/21** | $15409 | $25796 |
| **01/31/22** | $15062 | $24461 |
| **02/28/22** | $14725 | $23728 |
| **03/31/22** | $14862 | $24609 |
| **04/30/22** | $14082 | $22463 |
| **05/31/22** | $14019 | $22505 |
| **06/30/22** | $13303 | $20647 |
| **07/31/22** | $13914 | $22551 |
| **08/31/22** | $13608 | $21631 |
| **09/30/22** | $12934 | $19639 |
| **10/31/22** | $13461 | $21229 |
| **11/30/22** | $13924 | $22415 |
| **12/31/22** | $13564 | $21124 |
| **01/31/23** | $13976 | $22451 |
| **02/28/23** | $13818 | $21903 |
| **03/31/23** | $14124 | $22707 |
| **04/30/23** | $14283 | $23062 |
| **05/31/23** | $14346 | $23162 |
| **06/30/23** | $14853 | $24693 |
| **07/31/23** | $15022 | $25486 |
| **08/31/23** | $14906 | $25080 |
| **09/30/23** | $14568 | $23884 |
| **10/31/23** | $14441 | $23382 |
| **11/30/23** | $15138 | $25518 |
| **12/31/23** | $15557 | $26677 |
| **01/31/24** | $15684 | $27125 |
| **02/29/24** | $16139 | $28573 |
| **03/31/24** | $16424 | $29493 |
| **04/30/24** | $16096 | $28288 |
| **05/31/24** | $16477 | $29691 |
| **06/30/24** | $16837 | $30756 |
| **07/31/24** | $16985 | $31131 |
| **08/31/24** | $17260 | $31886 |
| **09/30/24** | $17525 | $32567 |
| **10/31/24** | $17409 | $32271 |
| **11/30/24** | $17917 | $34166 |
| **12/31/24** | $17701 | $33351 |
| **01/31/25** | $17998 | $34280 |
| **02/28/25** | $17860 | $33833 |
| **03/31/25** | $17278 | $31926 |
| **04/30/25** | $17225 | $31710 |
| **05/31/25** | $17850 | $33706 |
| **06/30/25** | $18379 | $35420 |
| **07/31/25** | $18591 | $36215 |
| **08/31/25** | $18824 | $36949 |
| **09/30/25** | $19237 | $38298 |
| **10/31/25** | $19533 | $39194 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class C without sales charge** | 12.2 | 8.82 | 6.92 |
| **Class C with sales charge** | 11.2 | 8.82 | 6.92 |
| **S&P 500 Total Return Index** | 21.39 | 17.64 | 14.64 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Hedged Equity Fund

#### Class C: CCHEX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $779087060 | 263 | 10% | $5333020 |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund's strategic approach is designed to balance risk and reward, ensuring participation in market gains while managing downside exposure. The Fund's equity basket sector allocation closely mirrors the S&P 500 Index.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 35.7 |
| **Financials** | 12.4 |
| **Consumer Discretionary** | 10.5 |
| **Communication Services** | 10.4 |
| **Health Care** | 9.1 |
| **Industrials** | 7.8 |
| **Consumer Staples** | 4.5 |
| **Other** | 3.8 |
| **Energy** | 3.0 |
| **Utilities** | 1.9 |
| **Real Estate** | 1.5 |
| **Materials** | 1.4 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **NVIDIA Corp.** | 8.6 |
| **Apple, Inc.** | 6.8 |
| **Microsoft Corp.** | 6.6 |
| **Amazon.com, Inc.** | 3.9 |
| **Broadcom, Inc.** | 2.9 |
| **S&P 500 Index, Put, Strike Price $6,700, 06/30/26** | 2.7 |
| **Alphabet, Inc. - Class A** | 2.6 |
| **Alphabet, Inc. - Class C** | 2.6 |
| **Meta Platforms, Inc. - Class A** | 2.4 |
| **Tesla, Inc.** | 2.1 |

---

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

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

# Calamos Hedged Equity Fund

#### Class I: CIHEX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Hedged Equity Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $96 | 0.90% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025, the Fund delivered meaningful participation in the equity market's advance while maintaining its defensive positioning. The period saw significant volatility, with a tariff-driven first-quarter selloff followed by a robust recovery fueled by resilient earnings, deregulation optimism, and AI infrastructure momentum. In June 2025, we extended the Fund's hedge structure through June 2026, adjusting strike levels to position the portfolio to capture approximately 65% of the market's upside while limiting downside exposure to about 35%. This asymmetric risk-return framework proved effective across both turbulent and advancing environments. The Fund's actively managed options overlay further enhanced results by capitalizing on short-term volatility while preserving substantial participation in the market's strong gains, underscoring the value of tactical flexibility.

## **GROWTH OF $1,000,000**![Growth of 10K Chart](tm2532080d1_tsrimg039.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **S&P 500 Total Return Index** |
| **10/31/15** | $1000000 | $999999 |
| **11/30/15** | $1001998 | $1002973 |
| **12/31/15** | $998712 | $987154 |
| **01/31/16** | $968202 | $938168 |
| **02/29/16** | $965151 | $936902 |
| **03/31/16** | $996130 | $1000459 |
| **04/30/16** | $999192 | $1004339 |
| **05/31/16** | $1009398 | $1022374 |
| **06/30/16** | $1011984 | $1025024 |
| **07/31/16** | $1028356 | $1062815 |
| **08/31/16** | $1029379 | $1064308 |
| **09/30/16** | $1033269 | $1064507 |
| **10/31/16** | $1030191 | $1045090 |
| **11/30/16** | $1043530 | $1083795 |
| **12/31/16** | $1053152 | $1105216 |
| **01/31/17** | $1060365 | $1126178 |
| **02/28/17** | $1084066 | $1170897 |
| **03/31/17** | $1085521 | $1172260 |
| **04/30/17** | $1089648 | $1184300 |
| **05/31/17** | $1094808 | $1200966 |
| **06/30/17** | $1098340 | $1208462 |
| **07/31/17** | $1106621 | $1233312 |
| **08/31/17** | $1107657 | $1237088 |
| **09/30/17** | $1114808 | $1262607 |
| **10/31/17** | $1124141 | $1292069 |
| **11/30/17** | $1137622 | $1331697 |
| **12/31/17** | $1141309 | $1346503 |
| **01/31/18** | $1191202 | $1423595 |
| **02/28/18** | $1189124 | $1371127 |
| **03/31/18** | $1181216 | $1336282 |
| **04/30/18** | $1182256 | $1341409 |
| **05/31/18** | $1193704 | $1373713 |
| **06/30/18** | $1191543 | $1382168 |
| **07/31/18** | $1213435 | $1433605 |
| **08/31/18** | $1231157 | $1480317 |
| **09/30/18** | $1229236 | $1488743 |
| **10/31/18** | $1195816 | $1386988 |
| **11/30/18** | $1206260 | $1415252 |
| **12/31/18** | $1151508 | $1287469 |
| **01/31/19** | $1198683 | $1390640 |
| **02/28/19** | $1213693 | $1435291 |
| **03/31/19** | $1224948 | $1463181 |
| **04/30/19** | $1247493 | $1522424 |
| **05/31/19** | $1214213 | $1425677 |
| **06/30/19** | $1249870 | $1526154 |
| **07/31/19** | $1258467 | $1548090 |
| **08/31/19** | $1254168 | $1523566 |
| **09/30/19** | $1262451 | $1552073 |
| **10/31/19** | $1279700 | $1585689 |
| **11/30/19** | $1299106 | $1643248 |
| **12/31/19** | $1318089 | $1692846 |
| **01/31/20** | $1319172 | $1692182 |
| **02/29/20** | $1270434 | $1552884 |
| **03/31/20** | $1195636 | $1361082 |
| **04/30/20** | $1279179 | $1535564 |
| **05/31/20** | $1301963 | $1608699 |
| **06/30/20** | $1325275 | $1640694 |
| **07/31/20** | $1347019 | $1733204 |
| **08/31/20** | $1391593 | $1857787 |
| **09/30/20** | $1369952 | $1787196 |
| **10/31/20** | $1344885 | $1739670 |
| **11/30/20** | $1420086 | $1930100 |
| **12/31/20** | $1445388 | $2004310 |
| **01/31/21** | $1430058 | $1984074 |
| **02/28/21** | $1459623 | $2038784 |
| **03/31/21** | $1495758 | $2128074 |
| **04/30/21** | $1526418 | $2241647 |
| **05/31/21** | $1536273 | $2257303 |
| **06/30/21** | $1550452 | $2310001 |
| **07/31/21** | $1564697 | $2364873 |
| **08/31/21** | $1589898 | $2436779 |
| **09/30/21** | $1553590 | $2323446 |
| **10/31/21** | $1608448 | $2486229 |
| **11/30/21** | $1599671 | $2469003 |
| **12/31/21** | $1637805 | $2579654 |
| **01/31/22** | $1602607 | $2446166 |
| **02/28/22** | $1567409 | $2372922 |
| **03/31/22** | $1583908 | $2461029 |
| **04/30/22** | $1502513 | $2246423 |
| **05/31/22** | $1495913 | $2250543 |
| **06/30/22** | $1421118 | $2064775 |
| **07/31/22** | $1487114 | $2255156 |
| **08/31/22** | $1456316 | $2163188 |
| **09/30/22** | $1386095 | $1963959 |
| **10/31/22** | $1442288 | $2122964 |
| **11/30/22** | $1492972 | $2241606 |
| **12/31/22** | $1455766 | $2112456 |
| **01/31/23** | $1502297 | $2245191 |
| **02/28/23** | $1485679 | $2190409 |
| **03/31/23** | $1520479 | $2270828 |
| **04/30/23** | $1539319 | $2306273 |
| **05/31/23** | $1547076 | $2316298 |
| **06/30/23** | $1602899 | $2469349 |
| **07/31/23** | $1622866 | $2548675 |
| **08/31/23** | $1611773 | $2508098 |
| **09/30/23** | $1575778 | $2388516 |
| **10/31/23** | $1563554 | $2338293 |
| **11/30/23** | $1640232 | $2551840 |
| **12/31/23** | $1686899 | $2667771 |
| **01/31/24** | $1702519 | $2712601 |
| **02/29/24** | $1752724 | $2857443 |
| **03/31/24** | $1786798 | $2949380 |
| **04/30/24** | $1751084 | $2828912 |
| **05/31/24** | $1794610 | $2969184 |
| **06/30/24** | $1834822 | $3075724 |
| **07/31/24** | $1852690 | $3113163 |
| **08/31/24** | $1885076 | $3188677 |
| **09/30/24** | $1915846 | $3256778 |
| **10/31/24** | $1903551 | $3227245 |
| **11/30/24** | $1960557 | $3416687 |
| **12/31/24** | $1939160 | $3335239 |
| **01/31/25** | $1972787 | $3428117 |
| **02/28/25** | $1959336 | $3383388 |
| **03/31/25** | $1896993 | $3192753 |
| **04/30/25** | $1893629 | $3171102 |
| **05/31/25** | $1964262 | $3370708 |
| **06/30/25** | $2024009 | $3542116 |
| **07/31/25** | $2048692 | $3621611 |
| **08/31/25** | $2075619 | $3695028 |
| **09/30/25** | $2123099 | $3829896 |
| **10/31/25** | $2157904 | $3919568 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class I** | 13.36 | 9.92 | 7.99 |
| **S&P 500 Total Return Index** | 21.39 | 17.64 | 14.64 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Hedged Equity Fund

#### Class I: CIHEX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $779087060 | 263 | 10% | $5333020 |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund's strategic approach is designed to balance risk and reward, ensuring participation in market gains while managing downside exposure. The Fund's equity basket sector allocation closely mirrors the S&P 500 Index.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 35.7 |
| **Financials** | 12.4 |
| **Consumer Discretionary** | 10.5 |
| **Communication Services** | 10.4 |
| **Health Care** | 9.1 |
| **Industrials** | 7.8 |
| **Consumer Staples** | 4.5 |
| **Other** | 3.8 |
| **Energy** | 3.0 |
| **Utilities** | 1.9 |
| **Real Estate** | 1.5 |
| **Materials** | 1.4 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **NVIDIA Corp.** | 8.6 |
| **Apple, Inc.** | 6.8 |
| **Microsoft Corp.** | 6.6 |
| **Amazon.com, Inc.** | 3.9 |
| **Broadcom, Inc.** | 2.9 |
| **S&P 500 Index, Put, Strike Price $6,700, 06/30/26** | 2.7 |
| **Alphabet, Inc. - Class A** | 2.6 |
| **Alphabet, Inc. - Class C** | 2.6 |
| **Meta Platforms, Inc. - Class A** | 2.4 |
| **Tesla, Inc.** | 2.1 |

---

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

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

# Calamos Merger Arbitrage Fund

#### Class A: CMRAX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Merger Arbitrage Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $212 | 2.01% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund significantly outperformed its benchmark, delivering compelling returns in an environment marked by evolving regulatory dynamics and heightened market volatility. The merger arbitrage strategy benefited from the anticipated shift toward a less restrictive regulatory environment, which opened pathways for transactions that had faced headwinds in prior years. The Fund's strategic focus on merger arbitrage opportunities utilized Calamos' deep experience in convertible and options investing to generate attractive risk-reward opportunities across target companies' capital structures. The disciplined approach to capturing completion risk premiums proved effective during April 2025's tariff-induced volatility, as positions remained relatively insulated from broad market swings. The bottom-up, deal-by-deal methodology delivered steady performance while maintaining reduced interest-rate sensitivity and lower correlation to equity markets.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg036.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with sales charge** | **Bloomberg U.S. Aggregate Bond Index** |
| **09/29/23** | $9728 | $10001 |
| **09/30/23** | $9728 | $10001 |
| **10/31/23** | $9465 | $9843 |
| **11/30/23** | $9854 | $10289 |
| **12/31/23** | $10115 | $10682 |
| **01/31/24** | $9616 | $10653 |
| **02/29/24** | $9586 | $10503 |
| **03/31/24** | $9665 | $10600 |
| **04/30/24** | $9449 | $10332 |
| **05/31/24** | $9518 | $10507 |
| **06/30/24** | $9498 | $10606 |
| **07/31/24** | $9762 | $10854 |
| **08/31/24** | $9792 | $11010 |
| **09/30/24** | $9890 | $11158 |
| **10/31/24** | $9723 | $10881 |
| **11/30/24** | $9929 | $10996 |
| **12/31/24** | $9909 | $10816 |
| **01/31/25** | $9929 | $10873 |
| **02/28/25** | $10020 | $11113 |
| **03/31/25** | $9919 | $11117 |
| **04/30/25** | $9879 | $11160 |
| **05/31/25** | $9999 | $11081 |
| **06/30/25** | $10311 | $11251 |
| **07/31/25** | $10492 | $11221 |
| **08/31/25** | $10673 | $11356 |
| **09/30/25** | $10824 | $11479 |
| **10/31/25** | $10824 | $11551 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | |
|:---|:---|:---|
| **AATR** | **1 YEAR** | **SINCE INCEPTION 9/29/23** |
| **Class A without sales charge** | 11.31 | 5.25 |
| **Class A with sales charge** | 8.26 | 3.86 |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16 | 7.15 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Merger Arbitrage Fund

#### Class A: CMRAX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $2841225 | 48 | 177% | $22349 |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund seeks to capture the completion risk premium—the difference between a company's stock price and the announced acquisition price. In addition to stocks, the Fund can hold convertible bonds and high-yield debt.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 33.8 |
| **Special Purpose Acquisition Companies** | 20.4 |
| **Communication Services** | 9.3 |
| **Industrials** | 8.6 |
| **Utilities** | 5.3 |
| **Health Care** | 4.6 |
| **Financials** | 4.3 |
| **Real Estate** | 2.8 |
| **Energy** | 2.4 |
| **Materials** | 2.4 |
| **Consumer Staples** | 1.9 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Alchemy Investments Acquisition Corp. 1** | 6.6 |
| **TXNM Energy, Inc., 5.750%, 06/01/54** | 5.3 |
| **FutureTech II Acquisition Corp. - Class A** | 5.1 |
| **TEGNA, Inc.** | 4.9 |
| **CyberArk Software, Ltd.** | 4.6 |
| **Bill Holdings, Inc., 0.000%, 04/01/30** | 4.5 |
| **Five9, Inc., 1.000%, 03/15/29** | 4.4 |
| **Global Payments, Inc., 1.500%, 03/01/31** | 4.4 |
| **Norfolk Southern Corp.** | 4.2 |
| **Dayforce, Inc., 0.250%, 03/15/26** | 4.1 |

---

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

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

# Calamos Merger Arbitrage Fund

#### Class C: CMRCX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Merger Arbitrage Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $290 | 2.75% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund significantly outperformed its benchmark, delivering compelling returns in an environment marked by evolving regulatory dynamics and heightened market volatility. The merger arbitrage strategy benefited from the anticipated shift toward a less restrictive regulatory environment, which opened pathways for transactions that had faced headwinds in prior years. The Fund's strategic focus on merger arbitrage opportunities utilized Calamos' deep experience in convertible and options investing to generate attractive risk-reward opportunities across target companies' capital structures. The disciplined approach to capturing completion risk premiums proved effective during April 2025's tariff-induced volatility, as positions remained relatively insulated from broad market swings. The bottom-up, deal-by-deal methodology delivered steady performance while maintaining reduced interest-rate sensitivity and lower correlation to equity markets.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg011.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with sales charge** | **Bloomberg U.S. Aggregate Bond Index** |
| **09/29/23** | $10000 | $10001 |
| **09/30/23** | $10000 | $10001 |
| **10/31/23** | $9720 | $9843 |
| **11/30/23** | $10120 | $10289 |
| **12/31/23** | $10384 | $10682 |
| **01/31/24** | $9862 | $10653 |
| **02/29/24** | $9832 | $10503 |
| **03/31/24** | $9892 | $10600 |
| **04/30/24** | $9681 | $10332 |
| **05/31/24** | $9731 | $10507 |
| **06/30/24** | $9711 | $10606 |
| **07/31/24** | $9972 | $10854 |
| **08/31/24** | $9992 | $11010 |
| **09/30/24** | $10093 | $11158 |
| **10/31/24** | $9912 | $10881 |
| **11/30/24** | $10113 | $10996 |
| **12/31/24** | $10090 | $10816 |
| **01/31/25** | $10110 | $10873 |
| **02/28/25** | $10192 | $11113 |
| **03/31/25** | $10080 | $11117 |
| **04/30/25** | $10028 | $11160 |
| **05/31/25** | $10151 | $11081 |
| **06/30/25** | $10459 | $11251 |
| **07/31/25** | $10643 | $11221 |
| **08/31/25** | $10807 | $11356 |
| **09/30/25** | $10960 | $11479 |
| **10/31/25** | $10960 | $11551 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | |
|:---|:---|:---|
| **AATR** | **1 YEAR** | **SINCE INCEPTION 9/29/23** |
| **Class C without sales charge** | 10.58 | 4.49 |
| **Class C with sales charge** | 9.58 | 4.49 |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16 | 7.15 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Merger Arbitrage Fund

#### Class C: CMRCX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $2841225 | 48 | 177% | $22349 |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund seeks to capture the completion risk premium—the difference between a company's stock price and the announced acquisition price. In addition to stocks, the Fund can hold convertible bonds and high-yield debt.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 33.8 |
| **Special Purpose Acquisition Companies** | 20.4 |
| **Communication Services** | 9.3 |
| **Industrials** | 8.6 |
| **Utilities** | 5.3 |
| **Health Care** | 4.6 |
| **Financials** | 4.3 |
| **Real Estate** | 2.8 |
| **Energy** | 2.4 |
| **Materials** | 2.4 |
| **Consumer Staples** | 1.9 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Alchemy Investments Acquisition Corp. 1** | 6.6 |
| **TXNM Energy, Inc., 5.750%, 06/01/54** | 5.3 |
| **FutureTech II Acquisition Corp. - Class A** | 5.1 |
| **TEGNA, Inc.** | 4.9 |
| **CyberArk Software, Ltd.** | 4.6 |
| **Bill Holdings, Inc., 0.000%, 04/01/30** | 4.5 |
| **Five9, Inc., 1.000%, 03/15/29** | 4.4 |
| **Global Payments, Inc., 1.500%, 03/01/31** | 4.4 |
| **Norfolk Southern Corp.** | 4.2 |
| **Dayforce, Inc., 0.250%, 03/15/26** | 4.1 |

---

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

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

# Calamos Merger Arbitrage Fund

#### Class I: CMRGX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Merger Arbitrage Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $183 | 1.73% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund significantly outperformed its benchmark, delivering compelling returns in an environment marked by evolving regulatory dynamics and heightened market volatility. The merger arbitrage strategy benefited from the anticipated shift toward a less restrictive regulatory environment, which opened pathways for transactions that had faced headwinds in prior years. The Fund's strategic focus on merger arbitrage opportunities utilized Calamos' deep experience in convertible and options investing to generate attractive risk-reward opportunities across target companies' capital structures. The disciplined approach to capturing completion risk premiums proved effective during April 2025's tariff-induced volatility, as positions remained relatively insulated from broad market swings. The bottom-up, deal-by-deal methodology delivered steady performance while maintaining reduced interest-rate sensitivity and lower correlation to equity markets.

## **GROWTH OF $1,000,000**![Growth of 10K Chart](tm2532080d1_tsrimg021.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** |
| **09/29/23** | $1000000 | $999999 |
| **09/30/23** | $1000000 | $999999 |
| **10/31/23** | $973000 | $984219 |
| **11/30/23** | $1014000 | $1028789 |
| **12/31/23** | $1041071 | $1068171 |
| **01/31/24** | $988766 | $1065236 |
| **02/29/24** | $986754 | $1050187 |
| **03/31/24** | $994801 | $1059885 |
| **04/30/24** | $973678 | $1033112 |
| **05/31/24** | $979713 | $1050626 |
| **06/30/24** | $978707 | $1060577 |
| **07/31/24** | $1005866 | $1085349 |
| **08/31/24** | $1008883 | $1100942 |
| **09/30/24** | $1018942 | $1115685 |
| **10/31/24** | $1002848 | $1088017 |
| **11/30/24** | $1022965 | $1099519 |
| **12/31/24** | $1021787 | $1081525 |
| **01/31/25** | $1023859 | $1087261 |
| **02/28/25** | $1033186 | $1111184 |
| **03/31/25** | $1022823 | $1111604 |
| **04/30/25** | $1018678 | $1115972 |
| **05/31/25** | $1032150 | $1107983 |
| **06/30/25** | $1064275 | $1125018 |
| **07/31/25** | $1083965 | $1122049 |
| **08/31/25** | $1101582 | $1135472 |
| **09/30/25** | $1118162 | $1147859 |
| **10/31/25** | $1118162 | $1155027 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | |
|:---|:---|:---|
| **AATR** | **1 YEAR** | **SINCE INCEPTION 9/29/23** |
| **Class I** | 11.5 | 5.5 |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16 | 7.15 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Merger Arbitrage Fund

#### Class I: CMRGX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $2841225 | 48 | 177% | $22349 |

---

## **WHAT DID THE FUND INVEST IN?** 
The Fund seeks to capture the completion risk premium—the difference between a company's stock price and the announced acquisition price. In addition to stocks, the Fund can hold convertible bonds and high-yield debt.

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

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 33.8 |
| **Special Purpose Acquisition Companies** | 20.4 |
| **Communication Services** | 9.3 |
| **Industrials** | 8.6 |
| **Utilities** | 5.3 |
| **Health Care** | 4.6 |
| **Financials** | 4.3 |
| **Real Estate** | 2.8 |
| **Energy** | 2.4 |
| **Materials** | 2.4 |
| **Consumer Staples** | 1.9 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **Alchemy Investments Acquisition Corp. 1** | 6.6 |
| **TXNM Energy, Inc., 5.750%, 06/01/54** | 5.3 |
| **FutureTech II Acquisition Corp. - Class A** | 5.1 |
| **TEGNA, Inc.** | 4.9 |
| **CyberArk Software, Ltd.** | 4.6 |
| **Bill Holdings, Inc., 0.000%, 04/01/30** | 4.5 |
| **Five9, Inc., 1.000%, 03/15/29** | 4.4 |
| **Global Payments, Inc., 1.500%, 03/01/31** | 4.4 |
| **Norfolk Southern Corp.** | 4.2 |
| **Dayforce, Inc., 0.250%, 03/15/26** | 4.1 |

---

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

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

# Calamos Short-Term Bond Fund

#### Class A: CSTBX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Short-Term Bond Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $65 | 0.63% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund delivered mid-single-digit returns and outperformed the Bloomberg US Govt/Credit 1-3 Year Index. The period was characterized by significant volatility followed by a robust recovery as the Federal Reserve resumed its rate-cutting cycle. The Fund's longer-than-benchmark duration positioning proved advantageous as Treasury rates declined across short-term maturities throughout most of the period. Additionally, spread compression across rating categories enabled the team to migrate credit quality higher while maintaining attractive income levels. Security selection among non-financial corporate bonds, particularly within technology and consumer cyclical sectors, further strengthened performance. The Fund's fundamental research-driven approach for identifying credits offering compelling compensation for risks continued to serve investors effectively through a year marked by policy uncertainty, shifting inflation dynamics, and evolving economic conditions.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg018.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with sales charge** | **Bloomberg U.S. Aggregate Bond Index** |
| **09/19/18** | $9775 | $10000 |
| **09/30/18** | $9777 | $10018 |
| **10/31/18** | $9787 | $9939 |
| **11/30/18** | $9796 | $9998 |
| **12/31/18** | $9843 | $10182 |
| **01/31/19** | $9903 | $10290 |
| **02/28/19** | $9924 | $10284 |
| **03/31/19** | $9985 | $10481 |
| **04/30/19** | $10016 | $10484 |
| **05/31/19** | $10077 | $10670 |
| **06/30/19** | $10137 | $10804 |
| **07/31/19** | $10149 | $10828 |
| **08/31/19** | $10220 | $11109 |
| **09/30/19** | $10218 | $11049 |
| **10/31/19** | $10261 | $11083 |
| **11/30/19** | $10261 | $11077 |
| **12/31/19** | $10282 | $11069 |
| **01/31/20** | $10352 | $11282 |
| **02/29/20** | $10403 | $11485 |
| **03/31/20** | $10157 | $11418 |
| **04/30/20** | $10289 | $11621 |
| **05/31/20** | $10370 | $11675 |
| **06/30/20** | $10472 | $11749 |
| **07/31/20** | $10552 | $11924 |
| **08/31/20** | $10580 | $11828 |
| **09/30/20** | $10576 | $11821 |
| **10/31/20** | $10593 | $11768 |
| **11/30/20** | $10640 | $11884 |
| **12/31/20** | $10683 | $11900 |
| **01/31/21** | $10702 | $11815 |
| **02/28/21** | $10695 | $11644 |
| **03/31/21** | $10676 | $11499 |
| **04/30/21** | $10700 | $11590 |
| **05/31/21** | $10724 | $11628 |
| **06/30/21** | $10715 | $11709 |
| **07/31/21** | $10738 | $11840 |
| **08/31/21** | $10739 | $11818 |
| **09/30/21** | $10728 | $11715 |
| **10/31/21** | $10684 | $11712 |
| **11/30/21** | $10670 | $11747 |
| **12/31/21** | $10668 | $11717 |
| **01/31/22** | $10579 | $11464 |
| **02/28/22** | $10535 | $11336 |
| **03/31/22** | $10404 | $11022 |
| **04/30/22** | $10327 | $10603 |
| **05/31/22** | $10371 | $10672 |
| **06/30/22** | $10252 | $10504 |
| **07/31/22** | $10365 | $10761 |
| **08/31/22** | $10292 | $10457 |
| **09/30/22** | $10166 | $10005 |
| **10/31/22** | $10151 | $9875 |
| **11/30/22** | $10270 | $10239 |
| **12/31/22** | $10307 | $10192 |
| **01/31/23** | $10428 | $10506 |
| **02/28/23** | $10352 | $10234 |
| **03/31/23** | $10453 | $10494 |
| **04/30/23** | $10512 | $10558 |
| **05/31/23** | $10483 | $10443 |
| **06/30/23** | $10477 | $10406 |
| **07/31/23** | $10528 | $10398 |
| **08/31/23** | $10568 | $10332 |
| **09/30/23** | $10540 | $10069 |
| **10/31/23** | $10536 | $9911 |
| **11/30/23** | $10702 | $10359 |
| **12/31/23** | $10865 | $10756 |
| **01/31/24** | $10897 | $10726 |
| **02/29/24** | $10873 | $10575 |
| **03/31/24** | $10930 | $10673 |
| **04/30/24** | $10897 | $10403 |
| **05/31/24** | $10982 | $10579 |
| **06/30/24** | $11045 | $10679 |
| **07/31/24** | $11180 | $10929 |
| **08/31/24** | $11279 | $11086 |
| **09/30/24** | $11368 | $11234 |
| **10/31/24** | $11303 | $10956 |
| **11/30/24** | $11368 | $11072 |
| **12/31/24** | $11369 | $10890 |
| **01/31/25** | $11422 | $10948 |
| **02/28/25** | $11510 | $11189 |
| **03/31/25** | $11551 | $11193 |
| **04/30/25** | $11606 | $11237 |
| **05/31/25** | $11635 | $11157 |
| **06/30/25** | $11739 | $11328 |
| **07/31/25** | $11745 | $11298 |
| **08/31/25** | $11849 | $11434 |
| **09/30/25** | $11892 | $11558 |
| **10/31/25** | $11934 | $11631 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **SINCE INCEPTION 9/19/18** |
| **Class A without sales charge** | 5.59 | 2.41 | 2.84 |
| **Class A with sales charge** | 3.2 | 1.94 | 2.52 |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16 | -0.24 | 2.14 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Short-Term Bond Fund

#### Class A: CSTBX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $411106771 | 487 | 36% | $1155573 |

---

## **WHAT DID THE FUND INVEST IN?** 
Through its multi-sector fixed-income strategy, the Fund invests predominantly across government, corporate, and securitized asset classes of US issuers with a dollar-weighted-average portfolio duration of three years or less. The goal is to generate a high level of current income and total return.

Asset allocation weightings and top 10 holdings exclude, if any, cash or cash equivalents or derivatives.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **Corporate Bonds** | 56.6 |
| **Asset Backed Securities** | 21.1 |
| **Bank Loans** | 8.4 |
| **U.S. Government and Agency Securities** | 5.7 |
| **Municipal Obligations** | 2.9 |
| **Sovereign Bonds** | 2.0 |
| **Residential Mortgage Backed Securities** | 1.1 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **U.S. Treasury Notes, 4.250%, 02/28/29** | 2.7 |
| **U.S. Treasury Notes, 4.250%, 01/31/30** | 1.2 |
| **U.S. Treasury Notes, 3.375%, 09/15/28** | 1 |
| **U.S. Treasury Notes, 3.500%, 09/30/29** | 0.7 |
| **GS Mortgage Securities Corp. Trust - Class A, Series 2023-SHIP, 4.322%, 09/10/38** | 0.6 |
| **CNH Equipment Trust - Class A3, Series 2024-B, 5.190%, 09/17/29** | 0.6 |
| **SoFi Consumer Loan Program Trust - Class B, Series 2025-1, 5.120%, 02/27/34** | 0.5 |
| **American Express Credit Account Master Trust - Class A, Series 2024-2, 5.240%, 04/15/31** | 0.5 |
| **SCCU Auto Receivables Trust - Class B, Series 2023-1A, 6.080%, 11/15/29** | 0.5 |
| **Ford Credit Auto Owner Trust - Class A, Series 2024-1, 4.870%, 08/15/36** | 0.5 |

---

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

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

# Calamos Short-Term Bond Fund

#### Class I: CSTIX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Short-Term Bond Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $39 | 0.38% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund delivered mid-single-digit returns and outperformed the Bloomberg US Govt/Credit 1-3 Year Index. The period was characterized by significant volatility followed by a robust recovery as the Federal Reserve resumed its rate-cutting cycle. The Fund's longer-than-benchmark duration positioning proved advantageous as Treasury rates declined across short-term maturities throughout most of the period. Additionally, spread compression across rating categories enabled the team to migrate credit quality higher while maintaining attractive income levels. Security selection among non-financial corporate bonds, particularly within technology and consumer cyclical sectors, further strengthened performance. The Fund's fundamental research-driven approach for identifying credits offering compelling compensation for risks continued to serve investors effectively through a year marked by policy uncertainty, shifting inflation dynamics, and evolving economic conditions.

## **GROWTH OF $1,000,000**![Growth of 10K Chart](tm2532080d1_tsrimg014.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** |
| **09/19/18** | $1000000 | $999999 |
| **09/30/18** | $1000296 | $1001761 |
| **10/31/18** | $1001581 | $993846 |
| **11/30/18** | $1002657 | $999776 |
| **12/31/18** | $1007678 | $1018143 |
| **01/31/19** | $1014044 | $1028958 |
| **02/28/19** | $1016383 | $1028361 |
| **03/31/19** | $1023834 | $1048106 |
| **04/30/19** | $1026209 | $1048374 |
| **05/31/19** | $1032632 | $1066985 |
| **06/30/19** | $1039068 | $1080382 |
| **07/31/19** | $1040418 | $1082760 |
| **08/31/19** | $1047931 | $1110818 |
| **09/30/19** | $1047927 | $1104903 |
| **10/31/19** | $1052608 | $1108231 |
| **11/30/19** | $1053847 | $1107664 |
| **12/31/19** | $1056249 | $1106893 |
| **01/31/20** | $1062653 | $1128195 |
| **02/29/20** | $1069049 | $1148502 |
| **03/31/20** | $1044056 | $1141741 |
| **04/30/20** | $1056819 | $1162039 |
| **05/31/20** | $1065363 | $1167446 |
| **06/30/20** | $1077040 | $1174804 |
| **07/31/20** | $1084453 | $1192350 |
| **08/31/20** | $1087561 | $1182724 |
| **09/30/20** | $1087429 | $1182077 |
| **10/31/20** | $1089377 | $1176799 |
| **11/30/20** | $1095533 | $1188345 |
| **12/31/20** | $1099069 | $1189982 |
| **01/31/21** | $1100163 | $1181450 |
| **02/28/21** | $1099669 | $1164392 |
| **03/31/21** | $1097970 | $1149850 |
| **04/30/21** | $1100678 | $1158934 |
| **05/31/21** | $1103366 | $1162720 |
| **06/30/21** | $1102667 | $1170889 |
| **07/31/21** | $1105227 | $1183983 |
| **08/31/21** | $1105548 | $1181729 |
| **09/30/21** | $1104713 | $1171496 |
| **10/31/21** | $1101455 | $1171172 |
| **11/30/21** | $1099199 | $1174640 |
| **12/31/21** | $1099209 | $1171635 |
| **01/31/22** | $1091403 | $1146393 |
| **02/28/22** | $1085918 | $1133603 |
| **03/31/22** | $1072596 | $1102107 |
| **04/30/22** | $1064932 | $1060284 |
| **05/31/22** | $1069641 | $1067119 |
| **06/30/22** | $1057631 | $1050379 |
| **07/31/22** | $1069264 | $1076044 |
| **08/31/22** | $1061989 | $1045643 |
| **09/30/22** | $1049187 | $1000462 |
| **10/31/22** | $1048930 | $987503 |
| **11/30/22** | $1060261 | $1023819 |
| **12/31/22** | $1064313 | $1019202 |
| **01/31/23** | $1077114 | $1050558 |
| **02/28/23** | $1069424 | $1023396 |
| **03/31/23** | $1081284 | $1049389 |
| **04/30/23** | $1086446 | $1055752 |
| **05/31/23** | $1083682 | $1044255 |
| **06/30/23** | $1083264 | $1040529 |
| **07/31/23** | $1088689 | $1039808 |
| **08/31/23** | $1093090 | $1033166 |
| **09/30/23** | $1090449 | $1006909 |
| **10/31/23** | $1090202 | $991020 |
| **11/30/23** | $1107610 | $1035898 |
| **12/31/23** | $1124745 | $1075552 |
| **01/31/24** | $1129520 | $1072597 |
| **02/29/24** | $1126003 | $1057443 |
| **03/31/24** | $1132233 | $1067209 |
| **04/30/24** | $1128962 | $1040251 |
| **05/31/24** | $1138043 | $1057886 |
| **06/30/24** | $1144833 | $1067905 |
| **07/31/24** | $1159056 | $1092849 |
| **08/31/24** | $1169624 | $1108550 |
| **09/30/24** | $1179036 | $1123394 |
| **10/31/24** | $1172577 | $1095536 |
| **11/30/24** | $1179525 | $1107117 |
| **12/31/24** | $1179927 | $1088999 |
| **01/31/25** | $1185643 | $1094774 |
| **02/28/25** | $1194983 | $1118862 |
| **03/31/25** | $1199558 | $1119285 |
| **04/30/25** | $1206701 | $1123683 |
| **05/31/25** | $1210047 | $1115639 |
| **06/30/25** | $1219761 | $1132792 |
| **07/31/25** | $1220728 | $1129802 |
| **08/31/25** | $1233083 | $1143318 |
| **09/30/25** | $1236428 | $1155790 |
| **10/31/25** | $1241143 | $1163009 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **SINCE INCEPTION 9/19/18** |
| **Class I** | 5.85 | 2.64 | 3.08 |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16 | -0.24 | 2.14 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Short-Term Bond Fund

#### Class I: CSTIX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $411106771 | 487 | 36% | $1155573 |

---

## **WHAT DID THE FUND INVEST IN?** 
Through its multi-sector fixed-income strategy, the Fund invests predominantly across government, corporate, and securitized asset classes of US issuers with a dollar-weighted-average portfolio duration of three years or less. The goal is to generate a high level of current income and total return.

Asset allocation weightings and top 10 holdings exclude, if any, cash or cash equivalents or derivatives.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **Corporate Bonds** | 56.6 |
| **Asset Backed Securities** | 21.1 |
| **Bank Loans** | 8.4 |
| **U.S. Government and Agency Securities** | 5.7 |
| **Municipal Obligations** | 2.9 |
| **Sovereign Bonds** | 2.0 |
| **Residential Mortgage Backed Securities** | 1.1 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **U.S. Treasury Notes, 4.250%, 02/28/29** | 2.7 |
| **U.S. Treasury Notes, 4.250%, 01/31/30** | 1.2 |
| **U.S. Treasury Notes, 3.375%, 09/15/28** | 1 |
| **U.S. Treasury Notes, 3.500%, 09/30/29** | 0.7 |
| **GS Mortgage Securities Corp. Trust - Class A, Series 2023-SHIP, 4.322%, 09/10/38** | 0.6 |
| **CNH Equipment Trust - Class A3, Series 2024-B, 5.190%, 09/17/29** | 0.6 |
| **SoFi Consumer Loan Program Trust - Class B, Series 2025-1, 5.120%, 02/27/34** | 0.5 |
| **American Express Credit Account Master Trust - Class A, Series 2024-2, 5.240%, 04/15/31** | 0.5 |
| **SCCU Auto Receivables Trust - Class B, Series 2023-1A, 6.080%, 11/15/29** | 0.5 |
| **Ford Credit Auto Owner Trust - Class A, Series 2024-1, 4.870%, 08/15/36** | 0.5 |

---

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

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

# Calamos Total Return Bond Fund

#### Class A: CTRAX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Total Return Bond Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class A | $93 | 0.90% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund delivered mid-single-digit returns and outperformed the Bloomberg US Aggregate Bond Index. The Fund's disciplined, research-driven approach enabled it to navigate a volatile period marked by tariff-driven market disruptions in April, Federal Reserve rate cuts, and persistent inflation concerns. The team's fundamental credit analysis proved particularly valuable in identifying quality issuers while managing duration close to benchmark levels amid heightened uncertainty. Despite credit spreads trading near cycle tights, the Fund benefited from robust demand for corporate debt and limited new issuance. The portfolio's deliberate migration toward higher credit quality throughout the year, while maintaining selective exposure to attractive risk-adjusted opportunities, positioned the Fund to capture income while managing downside risk during periods of market stress.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg032.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with sales charge** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/31/15** | $9625 | $9999 |
| **11/30/15** | $9589 | $9973 |
| **12/31/15** | $9540 | $9941 |
| **01/31/16** | $9578 | $10078 |
| **02/29/16** | $9662 | $10149 |
| **03/31/16** | $9813 | $10242 |
| **04/30/16** | $9888 | $10282 |
| **05/31/16** | $9868 | $10284 |
| **06/30/16** | $10018 | $10469 |
| **07/31/16** | $10101 | $10535 |
| **08/31/16** | $10091 | $10523 |
| **09/30/16** | $10100 | $10517 |
| **10/31/16** | $10043 | $10436 |
| **11/30/16** | $9832 | $10190 |
| **12/31/16** | $9856 | $10204 |
| **01/31/17** | $9874 | $10224 |
| **02/28/17** | $9950 | $10293 |
| **03/31/17** | $9939 | $10287 |
| **04/30/17** | $10024 | $10367 |
| **05/31/17** | $10080 | $10447 |
| **06/30/17** | $10067 | $10436 |
| **07/31/17** | $10114 | $10481 |
| **08/31/17** | $10199 | $10575 |
| **09/30/17** | $10138 | $10525 |
| **10/31/17** | $10136 | $10531 |
| **11/30/17** | $10114 | $10517 |
| **12/31/17** | $10147 | $10565 |
| **01/31/18** | $10036 | $10444 |
| **02/28/18** | $9946 | $10345 |
| **03/31/18** | $9976 | $10411 |
| **04/30/18** | $9909 | $10334 |
| **05/31/18** | $9959 | $10407 |
| **06/30/18** | $9953 | $10395 |
| **07/31/18** | $9964 | $10397 |
| **08/31/18** | $10037 | $10464 |
| **09/30/18** | $9978 | $10397 |
| **10/31/18** | $9903 | $10314 |
| **11/30/18** | $9916 | $10376 |
| **12/31/18** | $10010 | $10567 |
| **01/31/19** | $10165 | $10679 |
| **02/28/19** | $10198 | $10673 |
| **03/31/19** | $10385 | $10878 |
| **04/30/19** | $10399 | $10880 |
| **05/31/19** | $10557 | $11073 |
| **06/30/19** | $10674 | $11213 |
| **07/31/19** | $10708 | $11237 |
| **08/31/19** | $10957 | $11528 |
| **09/30/19** | $10898 | $11467 |
| **10/31/19** | $10917 | $11502 |
| **11/30/19** | $10915 | $11496 |
| **12/31/19** | $10907 | $11488 |
| **01/31/20** | $11134 | $11709 |
| **02/29/20** | $11309 | $11920 |
| **03/31/20** | $11027 | $11849 |
| **04/30/20** | $11236 | $12060 |
| **05/31/20** | $11317 | $12116 |
| **06/30/20** | $11419 | $12192 |
| **07/31/20** | $11627 | $12375 |
| **08/31/20** | $11541 | $12275 |
| **09/30/20** | $11539 | $12268 |
| **10/31/20** | $11482 | $12213 |
| **11/30/20** | $11615 | $12333 |
| **12/31/20** | $11638 | $12350 |
| **01/31/21** | $11577 | $12261 |
| **02/28/21** | $11422 | $12084 |
| **03/31/21** | $11268 | $11934 |
| **04/30/21** | $11370 | $12028 |
| **05/31/21** | $11409 | $12067 |
| **06/30/21** | $11492 | $12152 |
| **07/31/21** | $11616 | $12288 |
| **08/31/21** | $11591 | $12264 |
| **09/30/21** | $11500 | $12158 |
| **10/31/21** | $11483 | $12155 |
| **11/30/21** | $11489 | $12191 |
| **12/31/21** | $11482 | $12160 |
| **01/31/22** | $11226 | $11898 |
| **02/28/22** | $11101 | $11765 |
| **03/31/22** | $10846 | $11438 |
| **04/30/22** | $10470 | $11004 |
| **05/31/22** | $10462 | $11075 |
| **06/30/22** | $10207 | $10901 |
| **07/31/22** | $10523 | $11168 |
| **08/31/22** | $10272 | $10852 |
| **09/30/22** | $9835 | $10383 |
| **10/31/22** | $9746 | $10249 |
| **11/30/22** | $10065 | $10626 |
| **12/31/22** | $10023 | $10578 |
| **01/31/23** | $10379 | $10903 |
| **02/28/23** | $10154 | $10621 |
| **03/31/23** | $10299 | $10891 |
| **04/30/23** | $10374 | $10957 |
| **05/31/23** | $10254 | $10838 |
| **06/30/23** | $10249 | $10799 |
| **07/31/23** | $10278 | $10791 |
| **08/31/23** | $10203 | $10723 |
| **09/30/23** | $9942 | $10450 |
| **10/31/23** | $9763 | $10285 |
| **11/30/23** | $10225 | $10751 |
| **12/31/23** | $10618 | $11162 |
| **01/31/24** | $10601 | $11132 |
| **02/29/24** | $10465 | $10974 |
| **03/31/24** | $10555 | $11076 |
| **04/30/24** | $10291 | $10796 |
| **05/31/24** | $10477 | $10979 |
| **06/30/24** | $10581 | $11083 |
| **07/31/24** | $10804 | $11342 |
| **08/31/24** | $10958 | $11505 |
| **09/30/24** | $11098 | $11659 |
| **10/31/24** | $10840 | $11370 |
| **11/30/24** | $10969 | $11490 |
| **12/31/24** | $10782 | $11302 |
| **01/31/25** | $10839 | $11362 |
| **02/28/25** | $11067 | $11612 |
| **03/31/25** | $11050 | $11616 |
| **04/30/25** | $11083 | $11662 |
| **05/31/25** | $11017 | $11578 |
| **06/30/25** | $11197 | $11756 |
| **07/31/25** | $11181 | $11725 |
| **08/31/25** | $11306 | $11866 |
| **09/30/25** | $11420 | $11995 |
| **10/31/25** | $11497 | $12070 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class A without sales charge** | 6.05 | 0.03 | 1.79 |
| **Class A with sales charge** | 3.62 | -0.43 | 1.4 |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16 | -0.24 | 1.9 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Total Return Bond Fund

#### Class A: CTRAX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $29107626 | 197 | 13% | $131684 |

---

## **WHAT DID THE FUND INVEST IN?** 
Through its multi-sector fixed-income strategy, the Fund invests predominantly across government, corporate, and securitized asset classes with the goal of generating a high level of current income and total return in excess of the benchmark over full market cycles.

Asset allocation weightings and top 10 holdings exclude, if any, cash or cash equivalents or derivatives.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **Corporate Bonds** | 47.3 |
| **U.S. Government and Agency Securities** | 42.5 |
| **Bank Loans** | 3.8 |
| **Asset Backed Securities** | 3.8 |
| **Residential Mortgage Backed Securities** | 0.3 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **U.S. Treasury Notes, 3.750%, 08/31/31** | 3.4 |
| **U.S. Treasury Notes, 3.875%, 08/15/34** | 3.2 |
| **Federal National Mortgage Association, 6.000%, 03/01/54** | 2.6 |
| **Federal National Mortgage Association, 5.500%, 08/01/53** | 2.2 |
| **Federal National Mortgage Association, 6.000%, 09/01/53** | 2.2 |
| **Federal National Mortgage Association, 4.500%, 02/01/53** | 2.1 |
| **Federal National Mortgage Association, 2.500%, 07/01/51** | 2.0 |
| **U.S. Treasury Bonds, 3.500%, 02/15/39** | 1.7 |
| **Federal National Mortgage Association, 2.500%, 04/01/50** | 1.5 |
| **Federal National Mortgage Association, 4.000%, 11/01/52** | 1.5 |

---

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

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

# Calamos Total Return Bond Fund

#### Class C: CTRCX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Total Return Bond Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class C | $169 | 1.65% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund delivered mid-single-digit returns and outperformed the Bloomberg US Aggregate Bond Index. The Fund's disciplined, research-driven approach enabled it to navigate a volatile period marked by tariff-driven market disruptions in April, Federal Reserve rate cuts, and persistent inflation concerns. The team's fundamental credit analysis proved particularly valuable in identifying quality issuers while managing duration close to benchmark levels amid heightened uncertainty. Despite credit spreads trading near cycle tights, the Fund benefited from robust demand for corporate debt and limited new issuance. The portfolio's deliberate migration toward higher credit quality throughout the year, while maintaining selective exposure to attractive risk-adjusted opportunities, positioned the Fund to capture income while managing downside risk during periods of market stress.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2532080d1_tsrimg023.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with sales charge** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/31/15** | $10000 | $9999 |
| **11/30/15** | $9957 | $9973 |
| **12/31/15** | $9900 | $9941 |
| **01/31/16** | $9933 | $10078 |
| **02/29/16** | $10015 | $10149 |
| **03/31/16** | $10164 | $10242 |
| **04/30/16** | $10226 | $10282 |
| **05/31/16** | $10209 | $10284 |
| **06/30/16** | $10348 | $10469 |
| **07/31/16** | $10427 | $10535 |
| **08/31/16** | $10419 | $10523 |
| **09/30/16** | $10413 | $10517 |
| **10/31/16** | $10357 | $10436 |
| **11/30/16** | $10124 | $10190 |
| **12/31/16** | $10141 | $10204 |
| **01/31/17** | $10164 | $10224 |
| **02/28/17** | $10227 | $10293 |
| **03/31/17** | $10219 | $10287 |
| **04/30/17** | $10300 | $10367 |
| **05/31/17** | $10350 | $10447 |
| **06/30/17** | $10331 | $10436 |
| **07/31/17** | $10382 | $10481 |
| **08/31/17** | $10453 | $10575 |
| **09/30/17** | $10385 | $10525 |
| **10/31/17** | $10375 | $10531 |
| **11/30/17** | $10346 | $10517 |
| **12/31/17** | $10384 | $10565 |
| **01/31/18** | $10264 | $10444 |
| **02/28/18** | $10166 | $10345 |
| **03/31/18** | $10181 | $10411 |
| **04/30/18** | $10115 | $10334 |
| **05/31/18** | $10150 | $10407 |
| **06/30/18** | $10138 | $10395 |
| **07/31/18** | $10153 | $10397 |
| **08/31/18** | $10210 | $10464 |
| **09/30/18** | $10144 | $10397 |
| **10/31/18** | $10061 | $10314 |
| **11/30/18** | $10068 | $10376 |
| **12/31/18** | $10158 | $10567 |
| **01/31/19** | $10308 | $10679 |
| **02/28/19** | $10336 | $10673 |
| **03/31/19** | $10518 | $10878 |
| **04/30/19** | $10526 | $10880 |
| **05/31/19** | $10680 | $11073 |
| **06/30/19** | $10792 | $11213 |
| **07/31/19** | $10819 | $11237 |
| **08/31/19** | $11063 | $11528 |
| **09/30/19** | $10998 | $11467 |
| **10/31/19** | $11009 | $11502 |
| **11/30/19** | $11001 | $11496 |
| **12/31/19** | $10986 | $11488 |
| **01/31/20** | $11207 | $11709 |
| **02/29/20** | $11377 | $11920 |
| **03/31/20** | $11086 | $11849 |
| **04/30/20** | $11289 | $12060 |
| **05/31/20** | $11354 | $12116 |
| **06/30/20** | $11460 | $12192 |
| **07/31/20** | $11661 | $12375 |
| **08/31/20** | $11567 | $12275 |
| **09/30/20** | $11557 | $12268 |
| **10/31/20** | $11493 | $12213 |
| **11/30/20** | $11608 | $12333 |
| **12/31/20** | $11635 | $12350 |
| **01/31/21** | $11556 | $12261 |
| **02/28/21** | $11405 | $12084 |
| **03/31/21** | $11244 | $11934 |
| **04/30/21** | $11329 | $12028 |
| **05/31/21** | $11360 | $12067 |
| **06/30/21** | $11446 | $12152 |
| **07/31/21** | $11552 | $12288 |
| **08/31/21** | $11530 | $12264 |
| **09/30/21** | $11432 | $12158 |
| **10/31/21** | $11409 | $12155 |
| **11/30/21** | $11397 | $12191 |
| **12/31/21** | $11393 | $12160 |
| **01/31/22** | $11132 | $11898 |
| **02/28/22** | $11002 | $11765 |
| **03/31/22** | $10731 | $11438 |
| **04/30/22** | $10363 | $11004 |
| **05/31/22** | $10349 | $11075 |
| **06/30/22** | $10091 | $10901 |
| **07/31/22** | $10396 | $11168 |
| **08/31/22** | $10131 | $10852 |
| **09/30/22** | $9693 | $10383 |
| **10/31/22** | $9610 | $10249 |
| **11/30/22** | $9919 | $10626 |
| **12/31/22** | $9871 | $10578 |
| **01/31/23** | $10215 | $10903 |
| **02/28/23** | $9977 | $10621 |
| **03/31/23** | $10124 | $10891 |
| **04/30/23** | $10180 | $10957 |
| **05/31/23** | $10068 | $10838 |
| **06/30/23** | $10056 | $10799 |
| **07/31/23** | $10066 | $10791 |
| **08/31/23** | $9998 | $10723 |
| **09/30/23** | $9737 | $10450 |
| **10/31/23** | $9555 | $10285 |
| **11/30/23** | $9990 | $10751 |
| **12/31/23** | $10367 | $11162 |
| **01/31/24** | $10356 | $11132 |
| **02/29/24** | $10205 | $10974 |
| **03/31/24** | $10299 | $11076 |
| **04/30/24** | $10035 | $10796 |
| **05/31/24** | $10210 | $10979 |
| **06/30/24** | $10293 | $11083 |
| **07/31/24** | $10516 | $11342 |
| **08/31/24** | $10658 | $11505 |
| **09/30/24** | $10788 | $11659 |
| **10/31/24** | $10531 | $11370 |
| **11/30/24** | $10649 | $11490 |
| **12/31/24** | $10450 | $11302 |
| **01/31/25** | $10510 | $11362 |
| **02/28/25** | $10724 | $11612 |
| **03/31/25** | $10702 | $11616 |
| **04/30/25** | $10715 | $11662 |
| **05/31/25** | $10656 | $11578 |
| **06/30/25** | $10824 | $11756 |
| **07/31/25** | $10789 | $11725 |
| **08/31/25** | $10915 | $11866 |
| **09/30/25** | $11019 | $11995 |
| **10/31/25** | $11073 | $12070 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class C without sales charge** | 5.15 | -0.74 | 1.02 |
| **Class C with sales charge** | 4.15 | -0.74 | 1.02 |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16 | -0.24 | 1.9 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Total Return Bond Fund

#### Class C: CTRCX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $29107626 | 197 | 13% | $131684 |

---

## **WHAT DID THE FUND INVEST IN?** 
Through its multi-sector fixed-income strategy, the Fund invests predominantly across government, corporate, and securitized asset classes with the goal of generating a high level of current income and total return in excess of the benchmark over full market cycles.

Asset allocation weightings and top 10 holdings exclude, if any, cash or cash equivalents or derivatives.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **Corporate Bonds** | 47.3 |
| **U.S. Government and Agency Securities** | 42.5 |
| **Bank Loans** | 3.8 |
| **Asset Backed Securities** | 3.8 |
| **Residential Mortgage Backed Securities** | 0.3 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **U.S. Treasury Notes, 3.750%, 08/31/31** | 3.4 |
| **U.S. Treasury Notes, 3.875%, 08/15/34** | 3.2 |
| **Federal National Mortgage Association, 6.000%, 03/01/54** | 2.6 |
| **Federal National Mortgage Association, 5.500%, 08/01/53** | 2.2 |
| **Federal National Mortgage Association, 6.000%, 09/01/53** | 2.2 |
| **Federal National Mortgage Association, 4.500%, 02/01/53** | 2.1 |
| **Federal National Mortgage Association, 2.500%, 07/01/51** | 2.0 |
| **U.S. Treasury Bonds, 3.500%, 02/15/39** | 1.7 |
| **Federal National Mortgage Association, 2.500%, 04/01/50** | 1.5 |
| **Federal National Mortgage Association, 4.000%, 11/01/52** | 1.5 |

---

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

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

# Calamos Total Return Bond Fund

#### Class I: CTRIX
![Image](tm2532080d1_tsrimg059.jpg)

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the Calamos Total Return Bond Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Class I | $67 | 0.65% |

---

## **HOW THE FUND PERFORMED** 
For the 12 months ended October 31, 2025 ("annual period"), the Fund delivered mid-single-digit returns and outperformed the Bloomberg US Aggregate Bond Index. The Fund's disciplined, research-driven approach enabled it to navigate a volatile period marked by tariff-driven market disruptions in April, Federal Reserve rate cuts, and persistent inflation concerns. The team's fundamental credit analysis proved particularly valuable in identifying quality issuers while managing duration close to benchmark levels amid heightened uncertainty. Despite credit spreads trading near cycle tights, the Fund benefited from robust demand for corporate debt and limited new issuance. The portfolio's deliberate migration toward higher credit quality throughout the year, while maintaining selective exposure to attractive risk-adjusted opportunities, positioned the Fund to capture income while managing downside risk during periods of market stress.

## **GROWTH OF $1,000,000**![Growth of 10K Chart](tm2532080d1_tsrimg022.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/31/15** | $1000000 | $1000000 |
| **11/30/15** | $996512 | $997356 |
| **12/31/15** | $991668 | $994134 |
| **01/31/16** | $995764 | $1007812 |
| **02/29/16** | $1004755 | $1014963 |
| **03/31/16** | $1020617 | $1024272 |
| **04/30/16** | $1027615 | $1028206 |
| **05/31/16** | $1026794 | $1028470 |
| **06/30/16** | $1041641 | $1046949 |
| **07/31/16** | $1051475 | $1053568 |
| **08/31/16** | $1050581 | $1052365 |
| **09/30/16** | $1050764 | $1051746 |
| **10/31/16** | $1046047 | $1043701 |
| **11/30/16** | $1024308 | $1019016 |
| **12/31/16** | $1025980 | $1020451 |
| **01/31/17** | $1029099 | $1022455 |
| **02/28/17** | $1036261 | $1029327 |
| **03/31/17** | $1036355 | $1028785 |
| **04/30/17** | $1045419 | $1036726 |
| **05/31/17** | $1051416 | $1044703 |
| **06/30/17** | $1050358 | $1043655 |
| **07/31/17** | $1056424 | $1048147 |
| **08/31/17** | $1064557 | $1057544 |
| **09/30/17** | $1058430 | $1052510 |
| **10/31/17** | $1058353 | $1053119 |
| **11/30/17** | $1056276 | $1051766 |
| **12/31/17** | $1059976 | $1056594 |
| **01/31/18** | $1048642 | $1044424 |
| **02/28/18** | $1039382 | $1034526 |
| **03/31/18** | $1042710 | $1041161 |
| **04/30/18** | $1036954 | $1033416 |
| **05/31/18** | $1041437 | $1040789 |
| **06/30/18** | $1041019 | $1039509 |
| **07/31/18** | $1043432 | $1039757 |
| **08/31/18** | $1050185 | $1046448 |
| **09/30/18** | $1044302 | $1039710 |
| **10/31/18** | $1036583 | $1031495 |
| **11/30/18** | $1038159 | $1037650 |
| **12/31/18** | $1048297 | $1056713 |
| **01/31/19** | $1064699 | $1067938 |
| **02/28/19** | $1068384 | $1067318 |
| **03/31/19** | $1088163 | $1087811 |
| **04/30/19** | $1089873 | $1088090 |
| **05/31/19** | $1106666 | $1107406 |
| **06/30/19** | $1119192 | $1121310 |
| **07/31/19** | $1122953 | $1123778 |
| **08/31/19** | $1149283 | $1152899 |
| **09/30/19** | $1143398 | $1146760 |
| **10/31/19** | $1146673 | $1150214 |
| **11/30/19** | $1145634 | $1149626 |
| **12/31/19** | $1145030 | $1148825 |
| **01/31/20** | $1170166 | $1170934 |
| **02/29/20** | $1187686 | $1192011 |
| **03/31/20** | $1158304 | $1184994 |
| **04/30/20** | $1180510 | $1206060 |
| **05/31/20** | $1189345 | $1211673 |
| **06/30/20** | $1200300 | $1219309 |
| **07/31/20** | $1222409 | $1237520 |
| **08/31/20** | $1213600 | $1227529 |
| **09/30/20** | $1213603 | $1226858 |
| **10/31/20** | $1208995 | $1221379 |
| **11/30/20** | $1222099 | $1233363 |
| **12/31/20** | $1224803 | $1235062 |
| **01/31/21** | $1218620 | $1226207 |
| **02/28/21** | $1202529 | $1208502 |
| **03/31/21** | $1186562 | $1193410 |
| **04/30/21** | $1197621 | $1202838 |
| **05/31/21** | $1201975 | $1206767 |
| **06/30/21** | $1210884 | $1215246 |
| **07/31/21** | $1224273 | $1228835 |
| **08/31/21** | $1222972 | $1226496 |
| **09/30/21** | $1213630 | $1215875 |
| **10/31/21** | $1211020 | $1215540 |
| **11/30/21** | $1211913 | $1219139 |
| **12/31/21** | $1211391 | $1216020 |
| **01/31/22** | $1185809 | $1189822 |
| **02/28/22** | $1172823 | $1176547 |
| **03/31/22** | $1144968 | $1143858 |
| **04/30/22** | $1106659 | $1100451 |
| **05/31/22** | $1106082 | $1107545 |
| **06/30/22** | $1079434 | $1090171 |
| **07/31/22** | $1111784 | $1116808 |
| **08/31/22** | $1085594 | $1085255 |
| **09/30/22** | $1039590 | $1038363 |
| **10/31/22** | $1030389 | $1024912 |
| **11/30/22** | $1064349 | $1062604 |
| **12/31/22** | $1061366 | $1057813 |
| **01/31/23** | $1097997 | $1090357 |
| **02/28/23** | $1074447 | $1062165 |
| **03/31/23** | $1091136 | $1089143 |
| **04/30/23** | $1098142 | $1095747 |
| **05/31/23** | $1086924 | $1083815 |
| **06/30/23** | $1086582 | $1079947 |
| **07/31/23** | $1088612 | $1079199 |
| **08/31/23** | $1082148 | $1072306 |
| **09/30/23** | $1054770 | $1045054 |
| **10/31/23** | $1036016 | $1028563 |
| **11/30/23** | $1083921 | $1075140 |
| **12/31/23** | $1125786 | $1116297 |
| **01/31/24** | $1124231 | $1113230 |
| **02/29/24** | $1110027 | $1097503 |
| **03/31/24** | $1119843 | $1107638 |
| **04/30/24** | $1092054 | $1079658 |
| **05/31/24** | $1113324 | $1097962 |
| **06/30/24** | $1123250 | $1108361 |
| **07/31/24** | $1148514 | $1134249 |
| **08/31/24** | $1165030 | $1150545 |
| **09/30/24** | $1180188 | $1165952 |
| **10/31/24** | $1151783 | $1137038 |
| **11/30/24** | $1166919 | $1149058 |
| **12/31/24** | $1146099 | $1130253 |
| **01/31/25** | $1153657 | $1136248 |
| **02/28/25** | $1178083 | $1161248 |
| **03/31/25** | $1176600 | $1161687 |
| **04/30/25** | $1178983 | $1166251 |
| **05/31/25** | $1173533 | $1157902 |
| **06/30/25** | $1192987 | $1175705 |
| **07/31/25** | $1190132 | $1172602 |
| **08/31/25** | $1205074 | $1186631 |
| **09/30/25** | $1217455 | $1199575 |
| **10/31/25** | $1224498 | $1207067 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Class I** | 6.31 | 0.26 | 2.05 |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16 | -0.24 | 1.9 |

---

***The Fund's past performance is not a good predictor of the Fund's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Total Return Bond Fund

#### Class I: CTRIX
Annual Shareholder Report - October 31, 2025

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $29107626 | 197 | 13% | $131684 |

---

## **WHAT DID THE FUND INVEST IN?** 
Through its multi-sector fixed-income strategy, the Fund invests predominantly across government, corporate, and securitized asset classes with the goal of generating a high level of current income and total return in excess of the benchmark over full market cycles.

Asset allocation weightings and top 10 holdings exclude, if any, cash or cash equivalents or derivatives.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **Corporate Bonds** | 47.3 |
| **U.S. Government and Agency Securities** | 42.5 |
| **Bank Loans** | 3.8 |
| **Asset Backed Securities** | 3.8 |
| **Residential Mortgage Backed Securities** | 0.3 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **U.S. Treasury Notes, 3.750%, 08/31/31** | 3.4 |
| **U.S. Treasury Notes, 3.875%, 08/15/34** | 3.2 |
| **Federal National Mortgage Association, 6.000%, 03/01/54** | 2.6 |
| **Federal National Mortgage Association, 5.500%, 08/01/53** | 2.2 |
| **Federal National Mortgage Association, 6.000%, 09/01/53** | 2.2 |
| **Federal National Mortgage Association, 4.500%, 02/01/53** | 2.1 |
| **Federal National Mortgage Association, 2.500%, 07/01/51** | 2.0 |
| **U.S. Treasury Bonds, 3.500%, 02/15/39** | 1.7 |
| **Federal National Mortgage Association, 2.500%, 04/01/50** | 1.5 |
| **Federal National Mortgage Association, 4.000%, 11/01/52** | 1.5 |

---

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

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

Item 1(b). Not applicable.

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Code of Ethics") that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or person performing similar functions.

(b) No response required.

(c) The registrant has not amended its Code of Ethics as it relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2 during the period covered by this report.

(d) The registrant has not granted a waiver or an implicit waiver from its Code of Ethics during the period covered by this report.

(e) Not applicable.

(f) (1) The registrant's Code of Ethics is attached as an Exhibit hereto.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's Board of Trustees has determined that, it has seven audit committee financial experts serving on its audit committee, each of whom is an independent Trustee for purpose of this N-CSR item: John E. Neal, William R. Rybak, Virginia G. Breen, Christopher M. Toub, Karen L. Stuckey, Hugh Armstrong, and Jeffrey S. Phlegar. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert pursuant to this Item. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert pursuant to this Item does not affect the duties, obligations, or liabilities of any other member of the audit committee or board of trustees.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **10/31/2024** | **10/31/2025** |
| Audit Fees<sup>(a)</sup> | $592776 | $609456 |
| Audit-Related Fees<sup>(b)</sup> | $182816 | $189176 |
| Tax Fees<sup>(c)</sup> | $- | $- |
| All Other Fees<sup>(d)</sup> | $- | $- |
| Total | $775592 | $798632 |

---

(a) Audit fees are the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant to the registrant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Audit-related fees are the aggregate fees billed in each of the last two fiscal years for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item 4.

(c) Tax fees are the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.

(d) All other fees are the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant to the registrant, other than the services reported in paragraph (a)-(c) of this Item 4.

(e) (1) Registrant's audit committee meets with the principal accountants and management to review and pre-approve all audit services to be provided by the principal accountants.

The audit committee shall pre-approve all non-audit services to be provided by the principal accountants to the registrant, including the fees and other compensation to be paid to the principal accountants; provided that the pre-approval of non-audit services is waived if (i) the services were not recognized by management at the time of the engagement as non-audit services,(ii) the aggregate fees for all non-audit services provided to the registrant are less than 5% of the total fees paid by the registrant to its principal accountants during the fiscal year in which the non-audit services are provided, and (iii) such services are promptly brought to the attention of the audit committee by management and the audit committee approves them prior to the completion of the audit.

The audit committee shall pre-approve all non-audit services to be provided by the principal accountants to the investment adviser or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant if the engagement relates directly to the operations or financial reporting of the registrant, including the fees and other compensation to be paid to the principal accountants; provided that pre-approval of non-audit services to the adviser or an affiliate of the adviser is not required if (i) the services were not recognized by management at the time of the engagement as non-audit services, (ii) the aggregate fees for all non-audit services provided to the adviser and all entities controlling, controlled by or under common control with the adviser are less than 5% of the total fees for non-audit services requiring pre-approval under paragraph (e)(1)of this Item 4 paid by the registrant, the adviser or its affiliates to the registrant's principal accountants during the fiscal year in which the non-audit services are provided, and (iii) such services are promptly brought to the attention of the audit committee by management and the audit committee approves them prior to the completion of the audit.

(e)(2) No percentage of the principal accountant's fees or services described in each of paragraphs (b)—(d) of this Item were approved pursuant to the waiver provision paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) No disclosures are required by this Item 4(f).

(g) The following table presents the aggregate non-audit fees billed in each of the last two fiscal years for services rendered by the principal accountant to the registrant and the aggregate non-audit fees billed in each of the last two fiscal years for services rendered by the principal accountant to the investment adviser or any entity controlling, controlled by or under common control of the adviser.

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **10/31/2024** | **10/31/2025** |
| Registrant | $– $|  |
| Investment Adviser | $– $|  |

---

(h) No disclosures are required by this Item 4(h).

(i) Not applicable.

(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of the N-CSR.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

![](j25320802_aa001.jpg)

**TIMELY INFORMATION INSIDE**

![](j25320802_aa002.jpg)

![](j25320802_aa003.jpg)

Family of Funds

**ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION OCTOBER 31, 2025**

**Alternative** 

Calamos Market Neutral Income Fund

Calamos Hedged Equity Fund

Calamos Phineus Long/Short Fund

Calamos Merger Arbitrage Fund

**Convertible** 

Calamos Convertible Fund

Calamos Global Convertible Fund

**US Equity**

Calamos Timpani Small Cap Growth Fund

Calamos Timpani SMID Growth Fund

Calamos Growth Fund

Calamos Growth and Income Fund

Calamos Select Fund

**Global Equity** 

Calamos International Growth Fund

Calamos Evolving World Growth Fund

Calamos Global Equity Fund

Calamos Global Opportunities Fund

Calamos International Small Cap Growth Fund

**Fixed Income** 

Calamos Total Return Bond Fund

Calamos High Income Opportunities Fund

Calamos Short-Term Bond Fund

![](j25320802_aa004.jpg)

Visit www.calamos.com/paperless to enroll. You can view shareholder communications, including fund prospectuses and other shareholder materials online long before the printed publications arrive by traditional mail.

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![](j25320802_aa005.jpg)

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| The Funds | 1 |
| Statements of Assets and Liabilities  | 2 |
| Statements of Operations  | 7 |
| Statements of Changes In Net Assets  | 11 |
| Financial Highlights  | 18 |
| Schedules of Investments  | 80 |
| Notes to Financial Statements  | 171 |
| Report of Independent Registered Public Accounting Firm  | 210 |
| Proxy Disclosures for Open-End Management Investment <br>Companies (Unaudited) | 212 |
| Statement Regarding Basis for Approval of Investment <br>Advisory Contract (Unaudited) | 213 |
| Tax Information (Unaudited) | 218 |

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The Funds

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Class I** | **Class R6** |
| Calamos Market Neutral Income Fund | CVSIX | CVSCX | CMNIX | CVSOX |
| Calamos Hedged Equity Fund | CAHEX | CCHEX | CIHEX |  |
| Calamos Phineus Long/Short Fund | CPLSX | CPCLX | CPLIX |  |
| Calamos Merger Arbitrage Fund | CMRAX | CMRCX | CMRGX |  |
| Calamos Convertible Fund | CCVIX | CCVCX | CICVX |  |
| Calamos Global Convertible Fund | CAGCX | CCGCX | CXGCX |  |
| Calamos Timpani Small Cap Growth Fund | CTASX | CTCSX | CTSIX | CTSOX |
| Calamos Timpani SMID Growth Fund | CTAGX |  | CTIGX  | CTOGX |
| Calamos Growth Fund | CVGRX | CVGCX | CGRIX |  |
| Calamos Growth and Income Fund | CVTRX | CVTCX | CGIIX | CGIOX |
| Calamos Select Fund | CVAAX | CVACX | CVAIX |  |
| Calamos International Growth Fund | CIGRX | CIGCX | CIGIX | CIGOX |
| Calamos Evolving World Growth Fund | CNWGX | CNWDX | CNWIX |  |
| Calamos Global Equity Fund | CAGEX | CCGEX | CIGEX | CGEOX |
| Calamos Global Opportunities Fund | CVLOX | CVLCX | CGCIX |  |
| Calamos International Small Cap Growth Fund | CAISX | CCISX | CSGIX | CISOX |
| Calamos Total Return Bond Fund | CTRAX | CTRCX | CTRIX |  |
| Calamos High Income Opportunities Fund | CHYDX | CCHYX | CIHYX |  |
| Calamos Short-Term Bond Fund | CSTBX |  | CSTIX |  |

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www.calamos.com

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Statements of Assets and Liabilities October 31, 2025

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | MARKET NEUTRAL<br>INCOME FUND | HEDGED EQUITY<br>FUND | PHINEUS<br>LONG/SHORT<br>FUND | MERGER<br>ARBITRAGE<br>FUND | CONVERTIBLE<br>FUND |
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Investments in securities, at cost | $12075783326 | $418050410 | $988383133 | $2710409 | $779571698 |
| Investments in affiliates, at cost | 379821782 |  |  |  |  |
| Investment in securities, at value\* | $18395628253 | $795054977 | $1192780998 | $2721875 | $957570338 |
| Investments in affiliates, at value | 370781488 |  |  |  |  |
| Cash with custodian | 357620435 | 9260576 | 26536182 | 101770 | 24979534 |
| Cash held at broker | 9434182 | 30 | 1476409 | 499 |  |
| Cash collateral segregated for over-the-counter derivatives | 9220000 |  |  |  |  |
| Cash collateral segregated for exchanged traded derivatives | 4000000 |  |  |  |  |
| Restricted cash for short positions | 3866076080 |  | 610961220 | 308382 |  |
| Cash collateral held | 3550950 |  |  |  |  |
| Restricted foreign currency for short positions (cost $286,467,871) | 275131177 |  |  |  |  |
| Foreign currency held at broker (cost $25,131,725 and $19,243) | 24137161 |  | 19948 |  |  |
| Unrealized appreciation on total return swaps | 7157966 |  |  |  |  |
| Unrealized appreciation on forward foreign currency contracts | 5175431 |  |  |  | 2257 |
| Receivables: | Receivables: | Receivables: | Receivables: | Receivables: | Receivables: |
| Investments sold | 23608400 |  | 4443440 |  | 21432216 |
| Accrued interest and dividends | 31435885 | 376231 | 700562 | 4040 | 2257792 |
| Fund shares sold | 12080284 | 378098 | 642979 |  | 500899 |
| Due from Investment advisor |  |  |  | 9894 |  |
| Prepaid expenses | 245034 | 26074 | 37271 | 27242 | 32648 |
| Other assets | 10783186 |  | 1886945 | 310 | 231633 |
| Total assets | 23406065912 | 805095986 | 1839485954 | 3174012 | 1007007317 |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| Cash due to broker | 23954717 |  |  |  |  |
| Cash due to custodian | 11378 |  |  |  |  |
| Foreign currency due to broker (cost $217,737,939 and $314) | 209121167 |  | 300 |  |  |
| Collateral for securities loaned | 169218273 | 381429 | 5927394 |  | 51798783 |
| Cash collateral segregated for over-the-counter derivatives—received | 9220000 |  |  |  |  |
| Cash collateral segregated for exchanged traded derivatives | 4000000 |  |  |  |  |
| Restricted cash for short positions due to broker | 62557 |  |  |  |  |
| Securities sold short, at value (proceeds $3,345,779,390, $567,607,121, and<br>$288,912) | 4115543965 |  | 586456320 | 313124 |  |
| Options written, at value (premium $1,584,862,447, $21,326,060, <br>$35,137,364, and $34) | 1802418788 | 24667925 | 46806045 | 18 |  |
| Unrealized depreciation on total return swaps | 1322904 |  |  |  |  |
| Unrealized depreciation on forward foreign currency contracts | 243773 |  |  |  | 13231 |
| Payables: | Payables: | Payables: | Payables: | Payables: | Payables: |
| Investments purchased | 53135104 |  | 65340027 |  | 24545699 |
| Open swap contracts | 1290948 |  |  |  |  |
| Fund shares redeemed | 8434130 | 309883 | 522446 |  | 1077839 |
| Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: |
| Investment advisory fees | 9317240 | 476369 | 1174947 | 2410 | 567193 |
| Distribution fees | 22919 | 1231 | 2368 | 8 | 5055 |
| Deferred compensation to Trustees | 224262 |  |  |  | 231633 |
| Trustees' fees and officer compensation | 101385 | 5942 | 8310 | 1403 | 6922 |
| Other accounts payable and accrued liabilities | 5518105 | 166147 | 356550 | 15824 | 239656 |
| Total liabilities | 6413161615 | 26008926 | 706594707 | 332787 | 78486011 |
| NET ASSETS | $16992904297 | $779087060 | $1132891247 | $2841225 | $928521306 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid in capital | $14642843351 | $508794858 | $985928171 | $2663378 | $669147415 |
| Accumulated distributable earnings (loss) | 2350060946 | 270292202 | 146963076 | 177847 | 259373891 |
| NET ASSETS | $16992904297 | $779087060 | $1132891247 | $2841225 | $928521306 |

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See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

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Statements of Assets and Liabilities October 31, 2025

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | MARKET NEUTRAL<br>INCOME FUND | MARKET NEUTRAL<br>INCOME FUND | HEDGED EQUITY<br>FUND | PHINEUS<br>LONG/SHORT<br>FUND | MERGER<br>ARBITRAGE<br>FUND | MERGER<br>ARBITRAGE<br>FUND | CONVERTIBLE<br>FUND | CONVERTIBLE<br>FUND |
| **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** |
| Net assets applicable to shares outstanding | $862540580 |  | $28949801 | $72135949 | $112913 |  | $263043732 |  |
| Shares outstanding | 53977764 |  | 1510053 | 4160098 | 10478 |  | 10016584 |  |
| Net asset value and redemption price per share | $15.98 |  | $19.17 | $17.34 | $10.78 |  | $26.26 |  |
| Maximum offering price per share (Net asset value, plus 4.75% of offering price) | $16.43 | # | $20.13 | $18.20 | $11.08 | # | $26.86 | # |
| **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** |
| Net assets applicable to shares outstanding | $202379728 |  | $15200764 | $25359212 | $111628 |  | $26555964 |  |
| Shares outstanding | 12612510 |  | 823988 | 1553624 | 10434 |  | 1047255 |  |
| Net asset value and redemption price per share | $16.05 |  | $18.45 | $16.32 | $10.70 |  | $25.36 |  |
| **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** |
| Net assets applicable to shares outstanding | $15464587883 |  | $734936495 | $1035396086 | $2616684 |  | $638921610 |  |
| Shares outstanding | 980809222 |  | 38247339 | 58693575 | 242336 |  | 28631467 |  |
| Net asset value and redemption price per share | $15.77 |  | $19.22 | $17.64 | $10.80 |  | $22.32 |  |
| **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** |
| Net assets applicable to shares outstanding | $463396106 |  | $— | $— | $— |  | $— |  |
| Shares outstanding | 29385580 |  |  |  |  |  |  |  |
| Net asset value and redemption price per share | $15.77 |  | $— | $— | $— |  | $— |  |
| \* Includes securities on loan | $388584921 |  | $9164233 | $34976160 | $— |  | $68468513 |  |

---

# For Market Neutral Income Fund and Merger Arbitrage Fund, maximum offering price per share is Net asset value plus 2.75% of offering price. For Convertible Fund maximum offering price per share is Net asset value plus 2.25% of offering price.

† No par value; unlimited number of shares authorized.

\*\* Redemption price may be reduced by contingent deferred sales charge.

See accompanying Notes to Financial Statements

www.calamos.com

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Statements of Assets and Liabilities October 31, 2025

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | GLOBAL<br>CONVERTIBLE<br>FUND | TIMPANI<br>SMALL CAP <br>GROWTH FUND | TIMPANI SMID<br>GROWTH FUND | GROWTH FUND | GROWTH AND<br>INCOME FUND |
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Investments in securities, at cost | $146295933 | $360927219 | $24452044 | $719609222 | $1528241431 |
| Investment in securities, at value\* | $164102292 | $553317169 | $37109232 | $1777874446 | $3279317308 |
| Cash with custodian | 9746107 | 2634503 | 119075 | 9120918 | 65071685 |
| Cash held at broker | 279 |  |  | 5733 | 8392 |
| Foreign currency held at broker (cost $54) | 58 |  |  |  |  |
| Receivables: | Receivables: | Receivables: | Receivables: | Receivables: | Receivables: |
| Investments sold |  |  |  | 6336589 | 8982859 |
| Accrued interest and dividends | 394929 | 4144 | 307 | 216808 | 3273355 |
| Fund shares sold | 38973 | 1047413 |  | 395987 | 1157085 |
| Due from Investment advisor | 5378 | 24953 | 18447 |  |  |
| Prepaid expenses | 12608 | 36888 | 27694 | 42023 | 65656 |
| Other assets |  |  |  | 1122757 | 484799 |
| Total assets | 174300624 | 557065070 | 37274755 | 1795115261 | 3358361139 |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| Collateral for securities loaned | 12610305 |  |  | 23806222 | 42013179 |
| Foreign currency overdraft (cost $59) |  |  |  |  | 58 |
| Options written, at value (premium $296,154 and $659,256) |  |  |  | 289000 | 571250 |
| Payables: | Payables: | Payables: | Payables: | Payables: | Payables: |
| Investments purchased | 2415509 |  |  | 5639485 | 24226355 |
| Fund shares redeemed | 44420 | 316227 |  | 703859 | 2459435 |
| Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: |
| Investment advisory fees | 114605 | 411074 | 29538 | 1298767 | 1852336 |
| Distribution fees | 242 | 960 | 8 | 18747 | 28730 |
| Deferred compensation to Trustees |  |  |  | 1122738 | 484799 |
| Trustees' fees and officer compensation | 2286 | 4247 | 1592 | 11782 | 20398 |
| Other accounts payable and accrued liabilities | 41386 | 81093 | 21746 | 358489 | 575300 |
| Total liabilities | 15228753 | 813601 | 52884 | 33249089 | 72231840 |
| NET ASSETS | $159071871 | $556251469 | $37221871 | $1761866172 | $3286129299 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid in capital | $134880192 | $433733147 | $23210663 | $607317330 | $1377467733 |
| Accumulated distributable earnings (loss) | 24191679 | 122518322 | 14011208 | 1154548842 | 1908661566 |
| NET ASSETS | $159071871 | $556251469 | $37221871 | $1761866172 | $3286129299 |
| **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** |
| Net assets applicable to shares outstanding | $8289132 | $39054442 | $576364 | $1317418498 | $1544688210 |
| Shares outstanding | 570303 | 862342 | 32528 | 25120576 | 27024778 |
| Net asset value and redemption price per share | $14.53 | $45.29 | $17.72 | $52.44 | $57.16 |
| Maximum offering price per share (Net asset value, plus 4.75% of offering price) | $14.86 | $47.55 | $18.60 | $55.06 | $60.01 |
| **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** |
| Net assets applicable to shares outstanding | $2334514 | $7892030 | $— | $12199172 | $137275713 |
| Shares outstanding | 169899 | 173638 |  | 742404 | 2408553 |
| Net asset value and redemption price per share | $13.74 | $45.45 | $— | $16.43 | $57.00 |
| **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** |
| Net assets applicable to shares outstanding | $148448225 | $473042735 | $35866312 | $432248502 | $1558224006 |
| Shares outstanding | 10140235 | 10038484 | 1992242 | 5176454 | 28793981 |
| Net asset value and redemption price per share | $14.64 | $47.12 | $18.00 | $83.50 | $54.12 |
| **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** |
| Net assets applicable to shares outstanding | $— | $36262262 | $779195 | $— | $45941370 |
| Shares outstanding |  | 765063 | 43240 |  | 848306 |
| Net asset value and redemption price per share | $— | $47.40 | $18.02 | $— | $54.16 |
| \* Includes securities on loan | $13905874 | $— | $— | $57178427 | $60510111 |

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# For Global Convertible Fund maximum offering price per share is Net asset value plus 2.25% of offering price.

† No par value; unlimited number of shares authorized.

\*\* Redemption price may be reduced by contingent deferred sales charge.

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

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Statements of Assets and Liabilities October 31, 2025

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | SELECT FUND | INTERNATIONAL<br>GROWTH FUND | EVOLVING<br>WORLD GROWTH<br>FUND | GLOBAL EQUITY<br>FUND | GLOBAL<br>OPPORTUNITIES<br>FUND |
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Investments in securities, at cost | $31631277 | $231945253 | $304998537 | $109636874 | $235935347 |
| Investment in securities, at value\* | $61743529 | $308297403 | $416009829 | $171359709 | $335587889 |
| Cash with custodian | 1152249 | 376408 | 1252951 | 1806941 | 3766698 |
| Cash held at broker |  | 1501 | 97 |  | 530 |
| Cash collateral held |  | 310000 |  |  |  |
| Foreign currency (cost $3,809,677) |  |  | 3809712 |  |  |
| Restricted cash for open forward foreign currency contracts |  | 280000 |  |  |  |
| Unrealized appreciation on forward foreign currency contracts |  | 101819 | 81531 |  |  |
| Receivables: | Receivables: | Receivables: | Receivables: | Receivables: | Receivables: |
| Investments sold |  | 3159721 | 1198 |  |  |
| Accrued interest and dividends | 12807 | 533513 | 615179 | 126481 | 505655 |
| Fund shares sold | 8264 | 97700 | 62583 | 530480 | 144793 |
| Due from Investment advisor | 21334 | 89629 | 135612 | 19959 | 78919 |
| Prepaid expenses | 13081 | 28152 | 33648 | 24451 | 27750 |
| Other assets | 120365 | 75761 | 22325 | 38860 | 182324 |
| Total assets | 63071629 | 313351607 | 422024665 | 173906881 | 340294558 |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| Collateral for securities loaned |  | 21796045 | 18362340 | 6456772 | 11124202 |
| Unrealized depreciation on forward foreign currency contracts |  | 575002 | 92012 | 98520 | 478255 |
| Payables: | Payables: | Payables: | Payables: | Payables: | Payables: |
| Investments purchased |  | 2929648 | 3951941 | 793527 | 2136497 |
| Fund shares redeemed | 6523 | 192573 | 221958 | 7207 | 35147 |
| Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: |
| Investment advisory fees | 52478 | 251246 | 381003 | 145652 | 272731 |
| Distribution fees | 235 | 789 | 719 | 518 | 2221 |
| Deferred compensation to Trustees | 120365 | 75761 | 22325 | 38860 | 182324 |
| Trustees' fees and officer compensation | 1764 | 3035 | 3906 | 2313 | 3246 |
| Other accounts payable and accrued liabilities | 21298 | 189312 | 1103044 | 73872 | 130537 |
| Total liabilities | 202663 | 26013411 | 24139248 | 7617241 | 14365160 |
| NET ASSETS | $62868966 | $287338196 | $397885417 | $166289640 | $325929398 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid in capital | $29778100 | $181185955 | $326874607 | $84743838 | $206055326 |
| Accumulated distributable earnings (loss) | 33090866 | 106152241 | 71010810 | 81545802 | 119874072 |
| NET ASSETS | $62868966 | $287338196 | $397885417 | $166289640 | $325929398 |
| **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** |
| Net assets applicable to shares outstanding | $15944386 | $51532620 | $37706766 | $32293415 | $105093246 |
| Shares outstanding | 649570 | 2017467 | 1622872 | 1599118 | 7295396 |
| Net asset value and redemption price per share | $24.55 | $25.54 | $23.23 | $20.19 | $14.41 |
| Maximum offering price per share (Net asset value, plus 4.75% of offering price) | $25.77 | $26.81 | $24.39 | $21.20 | $15.13 |
| **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** |
| Net assets applicable to shares outstanding | $292479 | $1477650 | $3554048 | $1362232 | $14252668 |
| Shares outstanding | 15015 | 71679 | 168415 | 87868 | 1205592 |
| Net asset value and redemption price per share | $19.48 | $20.61 | $21.10 | $15.50 | $11.82 |
| **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** |
| Net assets applicable to shares outstanding | $46632101 | $224014440 | $356624603 | $132462141 | $206583484 |
| Shares outstanding | 1809832 | 8341476 | 15146261 | 6162105 | 13705603 |
| Net asset value and redemption price per share | $25.77 | $26.86 | $23.55 | $21.50 | $15.07 |
| **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** |
| Net assets applicable to shares outstanding | $— | $10313486 | $— | $171852 | $— |
| Shares outstanding |  | 378949 |  | 7983 |  |
| Net asset value and redemption price per share | $— | $27.22 | $— | $21.53 | $— |
| \* Includes securities on loan | $751495 | $34574068 | $26918335 | $13344579 | $10860896 |

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† No par value; unlimited number of shares authorized.

\*\* Redemption price may be reduced by contingent deferred sales charge.

See accompanying Notes to Financial Statements

www.calamos.com

------

Statements of Assets and Liabilities October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | INTERNATIONAL<br>SMALL CAP<br>GROWTH FUND | TOTAL RETURN<br>BOND FUND | HIGH INCOME<br>OPPORTUNITIES<br>FUND | SHORT-TERM<br>BOND FUND |
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Investments in securities, at cost | $5512438 | $30586304 | $37293535 | $404362322 |
| Investment in securities, at value\* | $7032798 | $28848342 | $36665968 | $408189959 |
| Cash with custodian | 259941 | 444427 | 1228302 | 9056390 |
| Restricted cash for futures |  | 27500 |  | 275000 |
| Variation margin on open futures contracts |  | 26450 |  | 258369 |
| Receivables: | Receivables: | Receivables: | Receivables: | Receivables: |
| Investments sold | 129619 |  | 38744 | 450556 |
| Accrued interest and dividends | 13900 | 217368 | 480076 | 3373209 |
| Fund shares sold |  | 2327 | 2762 | 152835 |
| Due from Investment advisor | 17966 | 10832 | 17553 | 912 |
| Prepaid expenses | 22780 | 22628 | 23330 | 26313 |
| Other assets |  | 43727 | 132642 |  |
| Total assets | 7477004 | 29643601 | 38589377 | 421783543 |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| Collateral for securities loaned |  | 420030 | 2775698 | 6271495 |
| Foreign currency overdraft (cost $3) | 3 |  |  |  |
| Unrealized depreciation on forward foreign currency contracts | 26631 |  |  |  |
| Payables: | Payables: | Payables: | Payables: | Payables: |
| Investments purchased | 106718 |  | 307250 | 2754284 |
| Fund shares redeemed |  | 24064 | 34159 | 53640 |
| Dividends payable |  | 13560 | 6190 | 1435696 |
| Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: |
| Investment advisory fees | 5975 | 11099 | 18245 | 104625 |
| Distribution fees | 7 | 149 | 381 | 83 |
| Deferred compensation to Trustees |  | 43727 | 132642 |  |
| Trustees' fees and officer compensation | 1432 | 1584 | 1619 | 3806 |
| Other accounts payable and accrued liabilities | 31010 | 21762 | 26395 | 53143 |
| Total liabilities | 171776 | 535975 | 3302579 | 10676772 |
| NET ASSETS | $7305228 | $29107626 | $35286798 | $411106771 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid in capital | $5773718 | $33989137 | $49413938 | $423919507 |
| Accumulated distributable earnings (loss) | 1531510 | (4881511 | (14127140 | (12812736 |
| NET ASSETS | $7305228 | $29107626 | $35286798 | $411106771 |
| **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** | **CLASS A SHARES<sup>†</sup>** |
| Net assets applicable to shares outstanding | $428357 | $9769363 | $26252348 | $6084325 |
| Shares outstanding | 35235 | 1068401 | 3358924 | 631936 |
| Net asset value and redemption price per share | $12.16 | $9.14 | $7.82 | $9.63 |
| Maximum offering price per share (Net asset value, plus 4.75% of offering price) | $12.77 | $9.35 | $8.00 | $9.85 |
| **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** | **CLASS C SHARES<sup>†</sup>\*\*** |
| Net assets applicable to shares outstanding | $11895 | $271725 | $365101 | $— |
| Shares outstanding | 1005 | 29730 | 43148 |  |
| Net asset value and redemption price per share | $11.84 | $9.14 | $8.46 | $— |
| **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** | **CLASS I SHARES<sup>†</sup>** |
| Net assets applicable to shares outstanding | $6852626 | $19066538 | $8669349 | $405022446 |
| Shares outstanding | 559351 | 2083889 | 1108562 | 42103203 |
| Net asset value and redemption price per share | $12.25 | $9.15 | $7.82 | $9.62 |
| **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** | **CLASS R6 SHARES<sup>†</sup>** |
| Net assets applicable to shares outstanding | $12350 | $— | $— | $— |
| Shares outstanding | 1007 |  |  |  |
| Net asset value and redemption price per share | $12.26 | $— | $— | $— |
| \* Includes securities on loan | $— | $607054 | $3363014 | $11844653 |

---

# For Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund, maximum offering price per share is Net asset value plus 2.25% of offering price.

† No par value; unlimited number of shares authorized.

\*\* Redemption price may be reduced by contingent deferred sales charge.

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Statements of Operations Year Ended October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | MARKET NEUTRAL<br>INCOME FUND | HEDGED EQUITY<br>FUND | PHINEUS<br>LONG/SHORT<br>FUND | MERGER<br>ARBITRAGE<br>FUND | CONVERTIBLE<br>FUND |
| **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Interest | $95770346 | $246628 | $5992321 | $10556 | $10251989 |
| Interest on short sales | 123402408 |  | 22968328 | 12079 | 66 |
| (Amortization)/accretion of investment securities | 12028721 |  |  | 7816 | (13373077) |
| Net interest | 231201475 | 246628 | 28960649 | 30451 | (3121022) |
| Dividends | 151215660 | 9417097 | 10352262 | 18164 | 4729636 |
| Dividends from affiliated funds | 15694435 |  |  |  |  |
| Dividend taxes withheld | (54418) | (3281) | (157145) |  |  |
| Securities lending income, net of rebates received or paid to borrowers | 425562 | 4436 | 153937 |  | 98066 |
| Total investment income | 398482714 | 9664880 | 39309703 | 48615 | 1706680 |
| **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** |
| Investment advisory fees | 104424957 | 5333020 | 13043780 | 22349 | 6237406 |
| Performance fees |  |  |  |  |  |
| Distribution fees | Distribution fees | Distribution fees | Distribution fees | Distribution fees | Distribution fees |
| Class A | 2178995 | 68930 | 172528 | 313 | 604704 |
| Class C | 2080301 | 129710 | 295908 | 1036 | 265615 |
| Dividend or interest expense on short positions | 32100517 |  | 6985783 | 10846 |  |
| Transfer agent fees | 15598541 | 727888 | 1059876 | 8184 | 891200 |
| Printing and mailing fees | 2263060 | 115205 | 166203 | 11479 | 133834 |
| Fund administration fees | 1006440 | 49644 | 68689 |  | 50191 |
| Accounting fees | 819667 | 51416 | 64782 | 205 | 53728 |
| Trustees' fees and officer compensation | 738812 | 43333 | 59055 | 10122 | 49062 |
| Legal fees | 639975 | 39463 | 52400 | 4555 | 35564 |
| Tax fees | 465176 | 19961 | 32641 | 816 | 25798 |
| Audit fees | 375304 | 26574 | 34642 | 10090 | 28702 |
| Custodian fees | 337310 | 13988 | 149069 | 1680 | 15644 |
| Registration fees | 238031 | 65022 | 63428 | 43474 | 67507 |
| Other | 439806 | 38667 | 47346 | 17944 | 34161 |
| Total expenses | 163706892 | 6722821 | 22296130 | 143093 | 8493116 |
| Less expense reductions | (1006669) |  |  | (102962) |  |
| Net expenses | 162700223 | 6722821 | 22296130 | 40131 | 8493116 |
| NET INVESTMENT INCOME (LOSS) | 235782491 | 2942059 | 17013573 | 8484 | (6786436) |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** |
| Investments, excluding purchased options | 606719296 | 25694083 | 179278256 | 122456 | 119182857 |
| Affiliates | 6620 |  |  |  |  |
| Purchased options | (212948346) | (25078033) | (121126757) | (712) | (3785378) |
| Foreign currency transactions | 5500857 |  | 147954 | (2) | (16750) |
| Forward foreign currency contracts | (22790659) |  |  |  | 15029 |
| Written options | (854885206) | (20578531) | 14575602 | (14189) | 1568252 |
| Short positions | (394353565) |  | (30021200) | 83730 |  |
| Total return swaps | (16018185) |  |  |  |  |
| Futures contracts | 9443 |  |  |  |  |
| **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** |
| Investments, excluding purchased options | 2372792608 | 113435823 | 82010004 | 84732 | 73683030 |
| Affiliates | 4265548 |  |  |  |  |
| Purchased options | 10579353 | (1921135) | (2007152) |  | (654797) |
| Foreign currency translations | (1989719) |  | 5947 |  |  |
| Forward foreign currency contracts | 6387939 |  |  |  | 236456 |
| Written options | (138012604) | (2337783) | (12044944) | 205 |  |
| Short positions | (448717756) |  | (37742007) | (40500) |  |
| Total return swaps | 5735102 |  |  |  |  |
| NET GAIN (LOSS) | 922280726 | 89214424 | 73075703 | 235720 | 190228699 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING <br>FROM OPERATIONS | $1158063217 | $92156483 | $90089276 | $244204 | $183442263 |

---

See accompanying Notes to Financial Statements

www.calamos.com

------

Statements of Operations Year Ended October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | GLOBAL<br>CONVERTIBLE<br>FUND | TIMPANI<br>SMALL CAP<br>GROWTH FUND | TIMPANI SMID<br>GROWTH FUND | GROWTH FUND | GROWTH AND<br>INCOME FUND |
| **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Interest | $1599735 | $154347 | $11776 | $419753 | $12926115 |
| Interest on short sales |  |  |  | 31918 |  |
| (Amortization)/accretion of investment securities | (478892) |  |  |  | (12015929) |
| Net interest | 1120843 | 154347 | 11776 | 451671 | 910186 |
| Dividends | 542215 | 782122 | 52366 | 7386313 | 28254827 |
| Non-cash dividends |  | 237922 |  |  |  |
| Dividend taxes withheld | (966) |  |  | (89293) | (28553) |
| Securities lending income, net of rebates received or paid to borrowers | 10643 |  |  | 62284 | 94621 |
| Total investment income | 1672735 | 1174391 | 64142 | 7810975 | 29231081 |
| **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** |
| Investment advisory fees | 1188784 | 3885020 | 300628 | 14276064 | 19944374 |
| Distribution fees | Distribution fees | Distribution fees | Distribution fees | Distribution fees | Distribution fees |
| Class A | 20134 | 72508 | 1071 | 3011896 | 3538591 |
| Class C | 21656 | 60210 |  | 105430 | 1161468 |
| Dividend or interest expense on short positions |  |  |  |  |  |
| Transfer agent fees | 145398 | 450608 | 23994 | 1360765 | 2359781 |
| Printing and mailing fees | 35391 | 74742 | 14425 | 209928 | 312687 |
| Fund administration fees | 8365 | 25744 | 2135 | 109163 | 198645 |
| Accounting fees | 22272 | 38403 | 13992 | 88498 | 151229 |
| Trustees' fees and officer compensation | 16218 | 29819 | 11829 | 86040 | 148224 |
| Legal fees | 12377 | 11934 | 10232 | 67439 | 122966 |
| Tax fees | 4824 | 12762 | 866 | 53834 | 84883 |
| Audit fees | 13228 | 20263 | 10783 | 46287 | 77254 |
| Custodian fees | 5775 | 32169 | 16920 | 34681 | 51381 |
| Registration fees | 48109 | 66038 | 42034 | 58183 | 90829 |
| Other | 13869 | 20261 | 10397 | 50717 | 86914 |
| Total expenses | 1556400 | 4800481 | 459306 | 19558925 | 28329226 |
| Less expense reductions | (8670) | (167743) | (110407) |  |  |
| Net expenses | 1547730 | 4632738 | 348899 | 19558925 | 28329226 |
| NET INVESTMENT INCOME (LOSS) | 125005 | (3458347) | (284757) | (11747950) | 901855 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** |
| Investments, excluding purchased options | 14636501 | 27305125 | 811275 | 141857624 | 220411901 |
| In-kind redemptions |  |  | 1502390 |  |  |
| Purchased options | (479703) |  |  | (16468546) | 9046110 |
| Foreign currency transactions | (4688) |  |  | 687 | 14580 |
| Written options |  |  |  | 4894296 | (1574867) |
| **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** |
| Investments, excluding purchased options | 12769738 | 102672574 | 5860209 | 258992875 | 369256335<br> <sup>(a)</sup> |
| Purchased options | 576402 |  |  | 2041147 | 1703135 |
| Foreign currency translations | 2873 |  |  | 1574 | 373 |
| Written options |  |  |  | (1190868) | (227810) |
| NET GAIN (LOSS) | 27501123 | 129977699 | 8173874 | 390128789 | 598629757 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING <br>FROM OPERATIONS | $27626128 | $126519352 | $7889117 | $378380839 | $599531612 |

---

(a) Change in unrealized appreciation/(depreciation) on Investments, excluding purchased options consists of $13,094,850, which were adjusted in connection with the reorganization of the Calamos Dividend Growth Fund. See Note 10 in the accompanying Notes to Financial Statements.

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Statements of Operations Year Ended October 31, 2025

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | SELECT FUND | INTERNATIONAL<br>GROWTH FUND | EVOLVING<br>WORLD GROWTH<br>FUND | GLOBAL EQUITY<br>FUND | GLOBAL<br>OPPORTUNITIES<br>FUND |
| **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Interest | $55926 | $80215 | $338615 | $78802 | $1623021 |
| (Amortization)/accretion of investment securities |  |  | (2369176) |  | (1655543) |
| Net interest | 55926 | 80215 | (2030561) | 78802 | (32522) |
| Dividends | 528359 | 3800337 | 6253208 | 1386869 | 2434318 |
| Dividend taxes withheld | (1924) | (409195) | (688655) | (75607) | (117808) |
| Securities lending income, net of rebates received or paid to borrowers | 133 | 43522 | 18224 | 7848 | 6845 |
| Total investment income | 582494 | 3514879 | 3552216 | 1397912 | 2290833 |
| **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** |
| Investment advisory fees | 583105 | 2546958 | 4269508 | 1420405 | 2871008 |
| Performance fees |  | (26546) |  | 25540 |  |
| Distribution fees | Distribution fees | Distribution fees | Distribution fees | Distribution fees | Distribution fees |
| Class A | 36929 | 122771 | 95161 | 72377 | 243278 |
| Class C | 3389 | 13704 | 33790 | 12808 | 128139 |
| Transfer agent fees | 30628 | 249639 | 505556 | 95507 | 306707 |
| Printing and mailing fees | 14522 | 40988 | 88908 | 27471 | 56622 |
| Fund administration fees | 4023 | 17865 | 22790 | 10233 | 19502 |
| Accounting fees | 16346 | 29009 | 31921 | 23733 | 28107 |
| Trustees' fees and officer compensation | 13063 | 21633 | 27733 | 16490 | 23678 |
| Legal fees | 10900 | 23095 | 22754 | 14039 | 24345 |
| Tax fees | 1629 | 28138 | 51319 | 22993 | 27225 |
| Audit fees | 11363 | 15905 | 19052 | 13269 | 16673 |
| Custodian fees | 2008 | 79488 | 266322 | 22816 | 30631 |
| Registration fees | 43555 | 61822 | 56523 | 64704 | 49935 |
| Other | 10653 | 16434 | 19395 | 13438 | 16570 |
| Total expenses | 782113 | 3240903 | 5510732 | 1855823 | 3842420 |
| Less expense reductions | (217000) | (692070) | (1306341) | (137302) | (686125) |
| Net expenses | 565113 | 2548833 | 4204391 | 1718521 | 3156295 |
| NET INVESTMENT INCOME (LOSS) | 17381 | 966046 | (652175) | (320609) | (865462) |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** |
| Investments | 3234380 | 30741102<br> <sup>(a)</sup> | 55020207<br> <sup>(a)</sup> | 22155741<br> <sup>(a)</sup> | 29709287<br> <sup>(a)</sup> |
| Purchased options |  | 736907 | 406454 | 1702002 | (2802470) |
| Foreign currency transactions | 25 | (237835) | (1244462) | (21005) | (99263) |
| Forward foreign currency contracts |  | (267718) | (1738757) | 18404 | (125483) |
| Written options |  |  |  | 109657 | 280490 |
| **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** |
| Investments | 7625306 | 19980787<br> <sup>(b)</sup> | 12733100<br> <sup>(b)</sup> | 9428697<br> <sup>(b)</sup> | 24363896<br> <sup>(b)</sup> |
| Purchased options |  | (295496) | 886417 | 442298 | 2401616 |
| Foreign currency translations |  | 15958 | (11126) | 2002 | 3105 |
| Forward foreign currency contracts |  | 155822 | 1192086 | (98520) | (478255) |
| NET GAIN (LOSS) | 10859711 | 50829527 | 67243919 | 33739276 | 53252923 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING<br>FROM OPERATIONS | $10877092 | $51795573 | $66591744 | $33418667 | $52387461 |

---

(a) Net of foreign capital gains tax of $648,299, $2,169,649, $397,204, and $70,869, respectively.

(b) Net of change in deferred capital gains tax of $1,231,547, $3,326,865, $589,352, and $132,761, respectively.

See accompanying Notes to Financial Statements

www.calamos.com

------

Statements of Operations Year Ended October 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| | INTERNATIONAL<br>SMALL CAP<br>GROWTH FUND | TOTAL RETURN<br>BOND FUND | HIGH INCOME<br>OPPORTUNITIES<br>FUND | SHORT-TERM<br>BOND FUND |
| **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Interest | $8860 | $1250378 | $2400179 | $17809236 |
| (Amortization)/accretion of investment securities |  | 28543 | 124913 | 952068 |
| Net interest | 8860 | 1278921 | 2525092 | 18761304 |
| Dividends | 103973 |  | 22260 |  |
| Dividend taxes withheld | (12147) |  |  |  |
| Securities lending income, net of rebates received or paid to borrowers |  | 1656 | 11001 | 35898 |
| Total investment income | 100686 | 1280577 | 2558353 | 18797202 |
| **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** |
| Investment advisory fees | 59224 | 131684 | 215334 | 1155573 |
| Distribution fees | Distribution fees | Distribution fees | Distribution fees | Distribution fees |
| Class A | 881 | 25031 | 67103 | 10736 |
| Class C | 105 | 2566 | 3736 |  |
| Transfer agent fees | 12881 | 32059 | 39952 | 84798 |
| Printing and mailing fees | 13044 | 17951 | 19344 | 21770 |
| Fund administration fees | 459 | 2161 | 2332 | 23694 |
| Accounting fees | 8464 | 21864 | 37333 | 47591 |
| Trustees' fees and officer compensation | 10144 | 11193 | 12802 | 27359 |
| Legal fees | 11879 | 9226 | 6420 | 25210 |
| Tax fees | 26415 | 999 | 1034 | 11187 |
| Audit fees | 10204 | 10689 | 10837 | 18680 |
| Custodian fees | 18530 | 2283 | 4906 | 9478 |
| Registration fees | 57079 | 43661 | 45737 | 35414 |
| Other | 11204 | 12135 | 17827 | 25834 |
| Total expenses | 240513 | 323502 | 484697 | 1497324 |
| Less expense reductions | (170963) | (105694) | (144691) | (4387) |
| Net expenses | 69550 | 217808 | 340006 | 1492937 |
| NET INVESTMENT INCOME (LOSS) | 31136 | 1062769 | 2218347 | 17304265 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** |
| Investments, excluding purchased options | 316204<br> <sup>(a)</sup> | (136056) | (617632) | 195113 |
| Purchased options | 6731 |  |  |  |
| Foreign currency transactions | (12406) |  |  |  |
| Forward foreign currency contracts | 5408 |  |  |  |
| Futures contracts |  | (22617) |  | (268442) |
| **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** |
| Investments | 955042<br> <sup>(b)</sup> | 762530 | 713754 | 4091752 |
| Foreign currency translations | (139) |  |  |  |
| Forward foreign currency contracts | (26631) |  |  |  |
| Futures contracts |  | 54063 |  | 605540 |
| NET GAIN (LOSS) | 1244209 | 657920 | 96122 | 4623963 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING <br>FROM OPERATIONS | $1275345 | $1720689 | $2314469 | $21928228 |

---

(a) Net of foreign capital gains tax of $5,549.

(b) Net of change in deferred capital gains tax of $16,107.

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **MARKET NEUTRAL INCOME FUND** | **MARKET NEUTRAL INCOME FUND** | **HEDGED EQUITY FUND** | **HEDGED EQUITY FUND** | **PHINEUS LONG/SHORT FUND** | **PHINEUS LONG/SHORT FUND** |
| | YEAR ENDED<br>OCTOBER 31,<br>2025 | YEAR ENDED<br>OCTOBER 31, <br>2024 | YEAR ENDED<br>OCTOBER 31,<br>2025 | YEAR ENDED<br>OCTOBER 31, <br>2024 | YEAR ENDED<br>OCTOBER 31, <br>2025 | YEAR ENDED<br>OCTOBER 31, <br>2024 |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $235782491 | $162757996 | $2942059 | $3606733 | $17013573 | $27269709 |
| Net realized gain (loss) | (888759745) | (1043943908) | (19962481) | (32786839) | 42853855 | 12952498 |
| Change in unrealized appreciation/(depreciation) | 1811040471 | 2098000251 | 109176905 | 152662554 | 30221848 | 105496807 |
| Net increase (decrease) in net assets resulting <br>from operations | 1158063217 | 1216814339 | 92156483 | 123482448 | 90089276 | 145719014 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Class A | (14526531) | (51746743) | (64445) | (101872) | (4130897) | (1127444) |
| Class C | (2010046) | (11368494) | (4955) | (16785) | (1856238) | (317398) |
| Class I | (274410530) | (722761391) | (3019448) | (3460430) | (60334647) | (16078836) |
| Class R6 | (5148753) | (5223949) |  |  |  |  |
| Total distributions | (296095860) | (791100577) | (3088848) | (3579087) | (66321782) | (17523678) |
| **CAPITAL SHARE TRANSACTIONS** | 1055700691 | 715035765 | (7176955) | 16412446 | 65294070 | (20261932) |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 1917668048 | 1140749527 | 81890680 | 136315807 | 89061564 | 107933404 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of year | $15075236249 | $13934486722 | $697196380 | $560880573 | $1043829683 | $935896279 |
| End of year | $16992904297 | $15075236249 | $779087060 | $697196380 | $1132891247 | $1043829683 |

---

See accompanying Notes to Financial Statements

www.calamos.com

------

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **MERGER ARBITRAGE FUND** | **MERGER ARBITRAGE FUND** | **CONVERTIBLE FUND** | **CONVERTIBLE FUND** | **GLOBAL CONVERTIBLE FUND** | **GLOBAL CONVERTIBLE FUND** |
| | YEAR ENDED<br>OCTOBER 31, <br>2025 | YEAR ENDED<br>OCTOBER 31, <br>2024 | YEAR ENDED<br>OCTOBER 31, <br>2025 | YEAR ENDED<br>OCTOBER 31, <br>2024 | YEAR ENDED<br>OCTOBER 31, <br>2025 | YEAR ENDED<br>OCTOBER 31, <br>2024 |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $8484 | $26451 | $(6786436) | $(2797322) | $125005 | $(375332) |
| Net realized gain (loss) | 191283 | 34551 | 116964010 | 23053384 | 14152110 | 3753281 |
| Change in unrealized appreciation/(depreciation) | 44437 | (941) | 73264689 | 140477969 | 13349013 | 19279768 |
| Net increase (decrease) in net assets resulting <br>from operations | 244204 | 60061 | 183442263 | 160734031 | 27626128 | 22657717 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Class A | (3252) | (864) | (3229355) | (4991529) | (6268) |  |
| Class C | (1945) | (440) | (209531) | (457686) |  |  |
| Class I | (55048) | (11740) | (11008878) | (14883387) | (243898) |  |
| Class R6 |  |  |  |  |  |  |
| Total distributions | (60245) | (13044) | (14447764) | (20332602) | (250166) |  |
| **CAPITAL SHARE TRANSACTIONS** | 560287 | (8682) | (111682085) | (104387833) | 3890196 | (15240434) |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 744246 | 38335 | 57312414 | 36013596 | 31266158 | 7417283 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of year | $2096979 | $2058644 | $871208892 | $835195296 | $127805713 | $120388430 |
| End of year | $2841225 | $2096979 | $928521306 | $871208892 | $159071871 | $127805713 |

---

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **TIMPANI SMALL CAP <br>GROWTH FUND** | **TIMPANI SMALL CAP <br>GROWTH FUND** | **TIMPANI SMID GROWTH FUND** | **TIMPANI SMID GROWTH FUND** | **GROWTH FUND** | **GROWTH FUND** |
| | YEAR ENDED<br>OCTOBER 31,<br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 | YEAR ENDED<br>OCTOBER 31,<br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 | YEAR ENDED<br>OCTOBER 31,<br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $(3458347) | $(2539559) | $(284757) | $(202067) | $(11747950) | $(9322206) |
| Net realized gain (loss) | 27305125 | 59919290 | 2313665 | 4075185 | 130284061 | 105006218 |
| Change in unrealized appreciation/(depreciation) | 102672574 | 64459005 | 5860209 | 5125958 | 259844728 | 395169533 |
| Net increase (decrease) in net assets resulting <br>from operations | 126519352 | 121838736 | 7889117 | 8999076 | 378380839 | 490853545 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Class A | (667937) |  | (10262) |  | (76755481) | (44789321) |
| Class C | (106506) |  |  |  | (1928971) | (1169236) |
| Class I | (9011089) |  | (751396) |  | (15327414) | (8400902) |
| Class R6 | (778825) |  | (15203) |  |  |  |
| Total distributions | (10564357) |  | (776861) |  | (94011866) | (54359459) |
| **CAPITAL SHARE TRANSACTIONS** | 92923838 | (12726825) | 3860220 | 1094630 | (57474612) | (99204528) |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 208878833 | 109111911 | 10972476 | 10093706 | 226894361 | 337289558 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of year | $347372636 | $238260725 | $26249395 | $16155689 | $1534971811 | $1197682253 |
| End of year | $556251469 | $347372636 | $37221871 | $26249395 | $1761866172 | $1534971811 |

---

See accompanying Notes to Financial Statements

www.calamos.com

------

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **GROWTH AND INCOME FUND** | **GROWTH AND INCOME FUND** | **SELECT FUND** | **SELECT FUND** | **INTERNATIONAL GROWTH FUND** | **INTERNATIONAL GROWTH FUND** |
| | YEAR ENDED<br>OCTOBER 31,<br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 | YEAR ENDED<br>OCTOBER 31,<br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 | YEAR ENDED<br>OCTOBER 31,<br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $901855 | $7226192 | $17381 | $48906 | $966046 | $(51869) |
| Net realized gain (loss) | 227897724 | 126447345 | 3234405 | 4194477 | 30972456 | 27624000 |
| Change in unrealized appreciation/(depreciation) | 370732033 | 533604579 | 7625306 | 11344630 | 19857071 | 38363615 |
| Net increase (decrease) in net assets resulting <br>from operations | 599531612 | 667278116 | 10877092 | 15588013 | 51795573 | 65935746 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Class A | (64575354) | (51839834) | (1034032) | (520261) | (2178884) | (19035) |
| Class C | (4657369) | (3121424) | (30129) | (6362) | (74590) |  |
| Class I | (67881543) | (49754222) | (2934025) | (1384807) | (7822008) | (472228) |
| Class R6 | (1963529) | (1424653) |  |  | (232875) | (21914) |
| Total distributions | (139077795) | (106140133) | (3998186) | (1911430) | (10308357) | (513177) |
| **CAPITAL SHARE TRANSACTIONS** | (7288942) | 2715738 | (107176) | (895481) | 3370455 | (12523357) |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 453164875 | 563853721 | 6771730 | 12781102 | 44857671 | 52899212 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of year | $2832964424 | $2269110703 | $56097236 | $43316134 | $242480525 | $189581313 |
| End of year | $3286129299 | $2832964424 | $62868966 | $56097236 | $287338196 | $242480525 |

---

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **EVOLVING WORLD <br>GROWTH FUND** | **EVOLVING WORLD <br>GROWTH FUND** | **GLOBAL EQUITY FUND** | **GLOBAL EQUITY FUND** | **GLOBAL OPPORTUNITIES FUND** | **GLOBAL OPPORTUNITIES FUND** |
| | YEAR ENDED<br>OCTOBER 31,<br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 | YEAR ENDED<br>OCTOBER 31,<br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 | YEAR ENDED<br>OCTOBER 31,<br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $(652175) | $(555291) | $(320609) | $(372701) | $(865462) | $(140871) |
| Net realized gain (loss) | 52443442 | 19297645 | 23964799 | 11641958 | 26962561 | 34406923 |
| Change in unrealized appreciation/(depreciation) | 14800477 | 86789607 | 9774477 | 28540310 | 26290362 | 36711988 |
| Net increase (decrease) in net assets resulting <br>from operations | 66591744 | 105531961 | 33418667 | 39809567 | 52387461 | 70978040 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Class A |  | (117314) | (2386470) |  | (7376025) | (436600) |
| Class C |  |  | (143718) |  | (1084575) | (13157) |
| Class I |  | (1785077) | (8479430) | (71037) | (13112375) | (921904) |
| Class R6 |  |  | (19318) | (193) |  |  |
| Total distributions |  | (1902391) | (11028936) | (71230) | (21572975) | (1371661) |
| **CAPITAL SHARE TRANSACTIONS** | (65348474) | (68369607) | 10319628 | 6494691 | 15713406 | 13459575 |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 1243270 | 35259963 | 32709359 | 46233028 | 46527892 | 83065954 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of year | $396642147 | $361382184 | $133580281 | $87347253 | $279401506 | $196335552 |
| End of year | $397885417 | $396642147 | $166289640 | $133580281 | $325929398 | $279401506 |

---

See accompanying Notes to Financial Statements

www.calamos.com

------

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **INTERNATIONAL <br>SMALL CAP GROWTH FUND** | **INTERNATIONAL <br>SMALL CAP GROWTH FUND** | **TOTAL RETURN BOND FUND** | **TOTAL RETURN BOND FUND** | **HIGH INCOME <br>OPPORTUNITIES FUND** | **HIGH INCOME <br>OPPORTUNITIES FUND** |
| | YEAR ENDED<br>OCTOBER 31,<br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 | YEAR ENDED<br>OCTOBER 31,<br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 | YEAR ENDED<br>OCTOBER 31,<br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $31136 | $(8332) | $1062769 | $1354264 | $2218347 | $2269827 |
| Net realized gain (loss) | 315937 | 297057 | (158673) | (989701) | (617632) | (800021) |
| Change in unrealized appreciation/(depreciation) | 928272 | 454077 | 816593 | 2675899 | 713754 | 3570925 |
| Net increase (decrease) in net assets resulting <br>from operations | 1275345 | 742802 | 1720689 | 3040462 | 2314469 | 5040731 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Class A |  |  | (379676) | (443589) | (1690758) | (1717866) |
| Class C |  |  | (7778) | (8203) | (18929) | (21770) |
| Class I |  |  | (768114) | (1013778) | (566572) | (570665) |
| Class R6 |  |  |  |  |  |  |
| Total distributions |  |  | (1155568) | (1465570) | (2276259) | (2310301) |
| **CAPITAL SHARE TRANSACTIONS** | 309904 | 2615155 | (1687692) | (2668246) | (2187002) | 1228142 |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 1585249 | 3357957 | (1122571) | (1093354) | (2148792) | 3958572 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of year | $5719979 | $2362022 | $30230197 | $31323551 | $37435590 | $33477018 |
| End of year | $7305228 | $5719979 | $29107626 | $30230197 | $35286798 | $37435590 |

---

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **SHORT-TERM BOND FUND** | **SHORT-TERM BOND FUND** |
| | YEAR ENDED<br>OCTOBER 31,<br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $17304265 | $14960656 |
| Net realized gain (loss) | (73329) | (1106937) |
| Change in unrealized appreciation/(depreciation) | 4697292 | 12533617 |
| Net increase (decrease) in net assets resulting from operations | 21928228 | 26387336 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Class A | (188329) | (166086) |
| Class C |  |  |
| Class I | (17708188) | (17520565) |
| Class R6 |  |  |
| Total distributions | (17896517) | (17686651) |
| **CAPITAL SHARE TRANSACTIONS** | 40023204 | 718730 |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 44054915 | 9419415 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of year | $367051856 | $357632441 |
| End of year | $411106771 | $367051856 |

---

See accompanying Notes to Financial Statements

www.calamos.com

------

Calamos Market Neutral Income Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $15.14 | $14.72 | $13.84 | $14.63 | $13.77 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.19 | 0.13 | 0.01 | (0.04) | (0.45) |
| Net realized and unrealized gain (loss) | 0.90 | 1.08 | 1.07 | (0.72) | 1.37 |
| Total from investment operations | 1.09 | 1.21 | 1.08 | (0.76) | 0.92 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.25) | (0.28) | (0.20) | (0.03) | (0.06) |
| Dividends from net realized gains |  | (0.51) |  |  |  |
| Total distributions\*\* | (0.25) | (0.79) | (0.20) | (0.03) | (0.06) |
| Net asset value, end of year | $15.98 | $15.14 | $14.72 | $13.84 | $14.63 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 7.29% | 8.61% | 7.76% | (5.22<br> %) | 6.67% |
| Net assets, end of year (000) | $862541 | $905712 | $1009976 | $1244117 | $1334984 |
| Ratio of net expenses to average net assets | 1.24<br> %(c) | 1.20<br> %(d) | 1.20<br> %(e) | 1.16<br> %(f) | 1.14<br> %(g) |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.25% | 1.21% | 1.21% | 1.17% | 1.14% |
| Ratio of net investment income (loss) to average net assets | 1.26% | 0.91% | 0.06% | (1.12<br> %) | (3.15<br> %) |
| Portfolio turnover rate | 43% | 35% | 28% | 41% | 49% |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.04% for the year ended October 31, 2025.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.02% for the year ended October 31, 2024.

(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.03% for the year ended October 31, 2023.

(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.01% for the year ended October 31, 2022.

(g) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.03% for the year ended October 31, 2021.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Market Neutral Income Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $15.22 | $14.79 | $13.92 | $14.80 | $13.98 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.08 | 0.02 | (0.10) | (0.27) | (0.57 |
| Net realized and unrealized gain (loss) | 0.90 | 1.10 | 1.07 | (0.61) | 1.39 |
| Total from investment operations | 0.98 | 1.12 | 0.97 | (0.88) | 0.82 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.15) | (0.18) | (0.10) |  | (0.00 |
| Dividends from net realized gains |  | (0.51) |  |  |  |
| Total distributions\*\* | (0.15) | (0.69) | (0.10) |  | (0.00 |
| Net asset value, end of year | $16.05 | $15.22 | $14.79 | $13.92 | $14.80 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 6.47% | 7.80% | 6.93% | (5.95<br> %) | 5.88 |
| Net assets, end of year (000) | $202380 | $215591 | $254478 | $306312 | $322432 |
| Ratio of net expenses to average net assets | 1.99<br> %(c) | 1.95<br> %(d) | 1.95<br> %(e) | 1.91<br> %(f) | 1.89 |
| Ratio of gross expenses to average net assets prior to expense reductions | 2.00% | 1.96% | 1.96% | 1.92% | 1.89 |
| Ratio of net investment income (loss) to average net assets | 0.51% | 0.16% | (0.69<br> %) | (1.87<br> %) | (3.92 |

---

\* Amounts are less than $0.005.

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.79% for the year ended October 31, 2025.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.78% for the year ended October 31, 2024.

(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.77% for the year ended October 31, 2023.

(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.76% for the year ended October 31, 2022.

(g) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.78% for the year ended October 31, 2021.

www.calamos.com

------

Calamos Market Neutral Income Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $14.95 | $14.54 | $13.68 | $14.45 | $13.60 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.23 | 0.17 | 0.04 | (0.12) | (0.41) |
| Net realized and unrealized gain (loss) | 0.88 | 1.07 | 1.06 | (0.59) | 1.35 |
| Total from investment operations | 1.11 | 1.24 | 1.10 | (0.71) | 0.94 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.29) | (0.32) | (0.24) | (0.06) | (0.09) |
| Dividends from net realized gains |  | (0.51) |  |  |  |
| Total distributions\*\* | (0.29) | (0.83) | (0.24) | (0.06) | (0.09) |
| Net asset value, end of year | $15.77 | $14.95 | $14.54 | $13.68 | $14.45 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 7.60% | 8.86% | 8.07% | (5.01<br> %) | 6.92% |
| Net assets, end of year (000) | $15464588 | $13793265 | $12620874 | $14470090 | $14780637 |
| Ratio of net expenses to average net assets | 1.00<br> %(c) | 0.95<br> %(d) | 0.95<br> %(e) | 0.91<br> %(f) | 0.89<br> %(g) |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.00% | 0.96% | 0.95% | 0.92% | 0.89% |
| Ratio of net investment income (loss) to average net assets | 1.50% | 1.16% | 0.31% | (0.87<br> %) | (2.90<br> %) |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.79% for the year ended October 31, 2025.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.78% for the year ended October 31, 2024.

(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.77% for the year ended October 31, 2023.

(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.76% for the year ended October 31, 2022.

(g) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.78% for the year ended October 31, 2021.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Market Neutral Income Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $14.95 | $14.54 | $13.68 | $14.46 | $13.61 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.24 | 0.18 | 0.06 | (0.11) | (0.38) |
| Net realized and unrealized gain (loss) | 0.88 | 1.07 | 1.05 | (0.60) | 1.33 |
| Total from investment operations | 1.12 | 1.25 | 1.11 | (0.71) | 0.95 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.30) | (0.33) | (0.25) | (0.07) | (0.10) |
| Dividends from net realized gains |  | (0.51) |  |  |  |
| Total distributions\*\* | (0.30) | (0.84) | (0.25) | (0.07) | (0.10) |
| Net asset value, end of year | $15.77 | $14.95 | $14.54 | $13.68 | $14.46 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 7.70% | 8.94% | 8.08% | (4.94<br> %) | 6.99% |
| Net assets, end of year (000) | $463396 | $160669 | $49159 | $43956 | $8846 |
| Ratio of net expenses to average net assets | 0.91<br> %(c) | 0.86<br> %(d) | 0.86<br> %(e) | 0.86<br> %(f) | 0.82<br> %(g) |
| Ratio of gross expenses to average net assets prior to expense reductions | 0.92% | 0.86% | 0.87% | 0.87% | 0.83% |
| Ratio of net investment income (loss) to average net assets | 1.56% | 1.24% | 0.40% | (0.82<br> %) | (2.64<br> %) |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.70% for the year ended October 31, 2025.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.69% for the year ended October 31, 2024.

(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.69% for the year ended October 31, 2023.

(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.69% for the year ended October 31, 2022.

(g) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.70% for the year ended October 31, 2021.

www.calamos.com

------

Calamos Hedged Equity Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $17.00 | $14.05 | $13.08 | $14.66 | $12.35 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.03 | 0.05 | 0.08 | 0.06 | 0.06 |
| Net realized and unrealized gain (loss) | 2.18 | 2.96 | 0.98 | (1.60) | 2.32 |
| Total from investment operations | 2.21 | 3.01 | 1.06 | (1.54) | 2.38 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.04) | (0.06) | (0.09) | (0.04) | (0.07) |
| Dividends from net realized gains |  |  |  |  |  |
| Total distributions\*\* | (0.04) | (0.06) | (0.09) | (0.04) | (0.07) |
| Net asset value, end of year | $19.17 | $17.00 | $14.05 | $13.08 | $14.66 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 13.03% | 21.45% | 8.10% | (10.51%) | 19.20% |
| Net assets, end of year (000) | $28950 | $30130 | $24754 | $33814 | $34309 |
| Ratio of net expenses to average net assets | 1.15% | 1.15% | 1.17% | 1.16% | 1.17% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.15% | 1.15% | 1.17% | 1.16% | 1.17% |
| Ratio of net investment income (loss) to average net assets | 0.18% | 0.34% | 0.58% | 0.42% | 0.44% |
| Portfolio turnover rate | 10% | 20% | 19% | 32% | 39% |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Hedged Equity Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $16.45 | $13.67 | $12.78 | $14.39 | $12.18 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.10)(b) | (0.07)(b) | (0.03) | (0.04) | (0.04) |
| Net realized and unrealized gain (loss) | 2.11 | 2.88 | 0.96 | (1.57) | 2.28 |
| Total from investment operations | 2.01 | 2.81 | 0.93 | (1.61) | 2.24 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.01) | (0.03) | (0.04) |  | (0.03) |
| Dividends from net realized gains |  |  |  |  |  |
| Total distributions\*\* | (0.01) | (0.03) | (0.04) |  | (0.03) |
| Net asset value, end of year | $18.45 | $16.45 | $13.67 | $12.78 | $14.39 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(c) | 12.20% | 20.55% | 7.28% | (11.19%) | 18.43% |
| Net assets, end of year (000) | $15201 | $11877 | $8703 | $7884 | $6960 |
| Ratio of net expenses to average net assets | 1.90% | 1.90% | 1.92% | 1.91% | 1.92% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.90% | 1.90% | 1.92% | 1.91% | 1.92% |
| Ratio of net investment income (loss) to average net assets | (0.57<br> %) | (0.42<br> %) | (0.20%) | (0.31%) | (0.30%) |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) The amount shown for a share outstanding throughout the period may not correlate with the net investment income on the Statement of Operations for the period due to class specific expenses.

(c) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com

------

Calamos Hedged Equity Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  | Year Ended October 31,  |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $17.03 | $14.07 | $13.09 | $14.66 | $12.34 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.08 | 0.09 | 0.11 | 0.10 | 0.10 |
| Net realized and unrealized gain (loss) | 2.19 | 2.96 | 0.99 | (1.61) | 2.31 |
| Total from investment operations | 2.27 | 3.05 | 1.10 | (1.51) | 2.41 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.08) | (0.09) | (0.12) | (0.06) | (0.09) |
| Dividends from net realized gains |  |  |  |  |  |
| Total distributions\*\* | (0.08) | (0.09) | (0.12) | (0.06) | (0.09) |
| Net asset value, end of year | $19.22 | $17.03 | $14.07 | $13.09 | $14.66 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 13.36% | 21.75% | 8.41% | (10.33%) | 19.60% |
| Net assets, end of year (000) | $734936 | $655189 | $527423 | $547166 | $514903 |
| Ratio of net expenses to average net assets | 0.90% | 0.90% | 0.92% | 0.91% | 0.92% |
| Ratio of gross expenses to average net assets prior to expense reductions | 0.90% | 0.90% | 0.92% | 0.91% | 0.92% |
| Ratio of net investment income (loss) to average net assets | 0.43% | 0.58% | 0.81% | 0.69% | 0.73% |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Phineus Long/Short Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $16.99 | $14.93 | $14.60 | $15.46 | $11.18 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.23 | 0.41 | 0.19 | (0.06) | (0.13) |
| Net realized and unrealized gain (loss) | 1.19 | 1.91 | 0.14 | (0.80) | 4.41 |
| Total from investment operations | 1.42 | 2.32 | 0.33 | (0.86) | 4.28 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.61) | (0.26) |  |  |  |
| Dividends from net realized gains | (0.46) |  |  |  |  |
| Total distributions\*\* | (1.07) | (0.26) |  |  |  |
| Net asset value, end of year | $17.34 | $16.99 | $14.93 | $14.60 | $15.46 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 8.81% | 15.82% | 2.12% | (5.44<br> %) | 38.19% |
| Net assets, end of year (000) | $72136 | $67243 | $65214 | $55800 | $51971 |
| Ratio of net expenses to average net assets | 2.29<br> %(c) | 2.43<br> %(d) | 2.38<br> %(e) | 2.38<br> %(f) | 2.34<br> %(g) |
| Ratio of gross expenses to average net assets prior to expense reductions | 2.29% | 2.43% | 2.38% | 2.38% | 2.34% |
| Ratio of net investment income (loss) to average net assets | 1.38% | 2.49% | 1.21% | (0.43<br> %) | (0.88<br> %) |
| Portfolio turnover rate | 347% | 342% | 194% | 214% | 211% |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.64% for the year ended October 31, 2025.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.63% for the year ended October 31, 2024.

(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.64% for the year ended October 31, 2023.

(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.64% for the year ended October 31, 2022.

(g) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.67% for the year ended October 31, 2021.

www.calamos.com

------

Calamos Phineus Long/Short Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $16.05 | $14.11 | $13.90 | $14.83 | $10.80 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.11 | 0.28 | 0.07 | (0.17) | (0.24) |
| Net realized and unrealized gain (loss) | 1.10 | 1.80 | 0.14 | (0.76) | 4.27 |
| Total from investment operations | 1.21 | 2.08 | 0.21 | (0.93) | 4.03 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.48) | (0.14) |  |  |  |
| Dividends from net realized gains | (0.46) |  |  |  |  |
| Total distributions\*\* | (0.94) | (0.14) |  |  |  |
| Net asset value, end of year | $16.32 | $16.05 | $14.11 | $13.90 | $14.83 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 8.08% | 14.92% | 1.37% | (6.20<br> %) | 37.31% |
| Net assets, end of year (000) | $25359 | $32322 | $32461 | $31352 | $29980 |
| Ratio of net expenses to average net assets | 3.06<br> %(c) | 3.17<br> %(d) | 3.13<br> %(e) | 3.12<br> %(f) | 3.09<br> %(g) |
| Ratio of gross expenses to average net assets prior to expense reductions | 3.06% | 3.17% | 3.13% | 3.12% | 3.09% |
| Ratio of net investment income (loss) to average net assets | 0.67% | 1.74% | 0.46% | (1.19<br> %) | (1.63<br> %) |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.39% for the year ended October 31, 2025.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.38% for the year ended October 31, 2024.

(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.39% for the year ended October 31, 2023.

(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.39% for the year ended October 31, 2022.

(g) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.42% for the year ended October 31, 2021.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Phineus Long/Short Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $17.27 | $15.17 | $14.81 |  | $15.64 | $11.28 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.28 | 0.46 | 0.23 |  | (0.02) | (0.10) |
| Net realized and unrealized gain (loss) | 1.20 | 1.94 | 0.13 |  | (0.81) | 4.46 |
| Total from investment operations | 1.48 | 2.40 | 0.36 |  | (0.83) | 4.36 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.65) | (0.30) | (0.00 |)\* |  |  |
| Dividends from net realized gains | (0.46) |  |  |  |  |  |
| Total distributions\*\* | (1.11) | (0.30) | (0.00 |)\* |  |  |
| Net asset value, end of year | $17.64 | $17.27 | $15.17 |  | $14.81 | $15.64 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 9.09% | 16.10% | 2.40 | % | (5.25<br> %) | 38.69% |
| Net assets, end of year (000) | $1035396 | $944265 | $838221 |  | $697472 | $476965 |
| Ratio of net expenses to average net assets | 2.04<br> %(c) | 2.18<br> %(d) | 2.13 | %(e) | 2.14<br> %(f) | 2.09<br> %(g) |
| Ratio of gross expenses to average net assets prior to expense reductions | 2.04% | 2.18% | 2.13 | % | 2.14% | 2.09% |
| Ratio of net investment income (loss) to average net assets | 1.63% | 2.75% | 1.48 | % | (0.12<br> %) | (0.63<br> %) |

---

\* Amounts are less than $0.005.

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.39% for the year ended October 31, 2025.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.38% for the year ended October 31, 2024.

(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.39% for the year ended October 31, 2023.

(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.38% for the year ended October 31, 2022.

(g) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.42% for the year ended October 31, 2021.

www.calamos.com

------

Calamos Merger Arbitrage Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** |
| | Year Ended October 31, | Year Ended October 31, | |
| | 2025 | 2024 | September 29, 2023• through<br>October 31,<br>2023 |
| Net asset value, beginning of year | $9.95 | $9.73 | $10.00 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.02 | 0.11 | 0.00 |
| Net realized and unrealized gain (loss) | 1.07 | 0.16 | (0.27) |
| Total from investment operations | 1.09 | 0.27 | (0.27) |
| Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.11) | (0.04) |  |
| Dividends from net realized gains | (0.15) | (0.01) |  |
| Total distributions\*\* | (0.26) | (0.05) |  |
| Net asset value, end of year | $10.78 | $9.95 | $9.73 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 11.31% | 2.73% | (2.70<br> %) |
| Net assets, end of year (000) | $113 | $123 | $97 |
| Ratio of net expenses to average net assets | 2.01<br> %(c) | 2.16<br> %(d) | 1.50<br> %(e) |
| Ratio of gross expenses to average net assets prior to expense reductions | 6.61% | 12.56% | 6.06<br> %(e) |
| Ratio of net investment income (loss) to average net assets | 0.19% | 1.11% | 0.52<br> %(e) |
| Portfolio turnover rate | 177% | 136% | 13<br> %(f) |

---

• Commencement of operations.

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.50% for the year ended October 31, 2025.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.50% for the year ended October 31, 2024.

(e) Annualized.

(f) Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Merger Arbitrage Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | |
| | 2025 | 2024 | September 29, 2023• through<br>October 31,<br>2023 |
| Net asset value, beginning of year | $9.88 | $9.72 | $10.00 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.06)(b) | 0.03 | 0.00 |
| Net realized and unrealized gain (loss) | 1.07 | 0.17 | (0.28) |
| Total from investment operations | 1.01 | 0.20 | (0.28) |
| Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.04) | (0.03) |  |
| Dividends from net realized gains | (0.15) | (0.01) |  |
| Total distributions\*\* | (0.19) | (0.04) |  |
| Net asset value, end of year | $10.70 | $9.88 | $9.72 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(c) | 10.58% | 1.98% | (2.80<br> %) |
| Net assets, end of year (000) | $112 | $99 | $97 |
| Ratio of net expenses to average net assets | 2.75<br> %(d) | 2.91<br> %(e) | 2.25<br> %(f) |
| Ratio of gross expenses to average net assets prior to expense reductions | 7.36% | 13.31% | 6.81<br> %(f) |
| Ratio of net investment income (loss) to average net assets | (0.56<br> %) | 0.31% | (0.23<br> %)(f) |

---

• Commencement of operations.

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) The amount shown for a share outstanding throughout the period may not correlate with the net investment income on the Statement of Operations for the period due to class specific expenses.

(c) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.25% for the year ended October 31, 2025.

(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.25% for the year ended October 31, 2024.

(f) Annualized.

www.calamos.com

------

Calamos Merger Arbitrage Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | |
| | 2025 | 2024 | September 29, 2023• through<br>October 31,<br>2023 |
| Net asset value, beginning of year | $9.97 | $9.73 | $10.00 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.04 | 0.13 | 0.01 |
| Net realized and unrealized gain (loss) | 1.08 | 0.17 | (0.28) |
| Total from investment operations | 1.12 | 0.30 | (0.27) |
| Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.14) | (0.05) |  |
| Dividends from net realized gains | (0.15) | (0.01) |  |
| Total distributions\*\* | (0.29) | (0.06) |  |
| Net asset value, end of year | $10.80 | $9.97 | $9.73 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 11.50% | 3.07% | (2.70<br> %) |
| Net assets, end of year (000) | $2617 | $1875 | $1864 |
| Ratio of net expenses to average net assets | 1.73<br> %(c) | 1.91<br> %(d) | 1.25<br> %(e) |
| Ratio of gross expenses to average net assets prior to expense reductions | 6.34% | 12.31% | 5.81<br> %(e) |
| Ratio of net investment income (loss) to average net assets | 0.44% | 1.31% | 1.13<br> %(e) |

---

• Commencement of operations.

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.25% for the year ended October 31, 2025.

(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.25% for the year ended October 31, 2024.

(e) Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Convertible Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $21.45 | $18.18 | $18.57 | $27.25 | $22.78 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.21) | (0.09) | (0.08) | (0.27) | (0.61) |
| Net realized and unrealized gain (loss) | 5.32 | 3.75 | (0.15) | (5.20) | 6.68 |
| Total from investment operations | 5.11 | 3.66 | (0.23) | (5.47) | 6.07 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.19) | (0.17) | (0.16) | (0.02) | (0.06) |
| Dividends from net realized gains | (0.11) | (0.22) |  | (3.19) | (1.54) |
| Total distributions\*\* | (0.30) | (0.39) | (0.16) | (3.21) | (1.60) |
| Net asset value, end of year | $26.26 | $21.45 | $18.18 | $18.57 | $27.25 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 24.06% | 20.35% | (1.26%) | (22.29%) | 27.09% |
| Net assets, end of year (000) | $263044 | $248573 | $243516 | $294233 | $422476 |
| Ratio of net expenses to average net assets | 1.14% | 1.13% | 1.13% | 1.10% | 1.08% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.14% | 1.13% | 1.13% | 1.10% | 1.08% |
| Ratio of net investment income (loss) to average net assets | (0.94%) | (0.47%) | (0.44%) | (1.30%) | (2.35%) |
| Portfolio turnover rate | 85% | 54% | 40% | 39% | 41% |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com

------

Calamos Convertible Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $20.75 | $17.62 | $18.03 | $26.73 | $22.48 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.37) | (0.24) | (0.22) | (0.42) | (0.80) |
| Net realized and unrealized gain (loss) | 5.14 | 3.64 | (0.13) | (5.09) | 6.59 |
| Total from investment operations | 4.77 | 3.40 | (0.35) | (5.51) | 5.79 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.05) | (0.05) | (0.06) |  |  |
| Dividends from net realized gains | (0.11) | (0.22) |  | (3.19) | (1.54) |
| Total distributions\*\* | (0.16) | (0.27) | (0.06) | (3.19) | (1.54) |
| Net asset value, end of year | $25.36 | $20.75 | $17.62 | $18.03 | $26.73 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 23.13% | 19.46% | (2.01%) | (22.88%) | 26.16% |
| Net assets, end of year (000) | $26556 | $29466 | $31773 | $41804 | $71925 |
| Ratio of net expenses to average net assets | 1.89% | 1.88% | 1.88% | 1.85% | 1.83% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.89% | 1.88% | 1.88% | 1.85% | 1.83% |
| Ratio of net investment income (loss) to average net assets | (1.69%) | (1.22%) | (1.19%) | (2.04%) | (3.10%) |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Convertible Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $18.28 | $15.55 | $15.91 | $23.82 | $20.05 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.13) | (0.04) | (0.03) | (0.19) | (0.48) |
| Net realized and unrealized gain (loss) | 4.52 | 3.21 | (0.12) | (4.49) | 5.86 |
| Total from investment operations | 4.39 | 3.17 | (0.15) | (4.68) | 5.38 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.24) | (0.22) | (0.21) | (0.04) | (0.07) |
| Dividends from net realized gains | (0.11) | (0.22) |  | (3.19) | (1.54) |
| Total distributions\*\* | (0.35) | (0.44) | (0.21) | (3.23) | (1.61) |
| Net asset value, end of year | $22.32 | $18.28 | $15.55 | $15.91 | $23.82 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 24.33% | 20.67% | (1.04%) | (22.09%) | 27.40% |
| Net assets, end of year (000) | $638922 | $593170 | $559907 | $680441 | $1161030 |
| Ratio of net expenses to average net assets | 0.89% | 0.88% | 0.88% | 0.85% | 0.83% |
| Ratio of gross expenses to average net assets prior to expense reductions | 0.89% | 0.88% | 0.88% | 0.85% | 0.83% |
| Ratio of net investment income (loss) to average net assets | (0.69%) | (0.22%) | (0.19%) | (1.04%) | (2.09%) |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com

------

Calamos Global Convertible Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $12.00 | $10.01 | $9.59 | $14.85 | $13.48 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.02)(b) | (0.06) | (0.15) | (0.01) | (0.44) |
| Net realized and unrealized gain (loss) | 2.56 | 2.05 | 0.60 | (3.45) | 2.95 |
| Total from investment operations | 2.54 | 1.99 | 0.45 | (3.46) | 2.51 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.01) |  | (0.03) | (0.01) | (0.01) |
| Dividends from net realized gains |  |  |  | (1.79) | (1.13) |
| Total distributions\*\* | (0.01) |  | (0.03) | (1.80) | (1.14) |
| Net asset value, end of year | $14.53 | $12.00 | $10.01 | $9.59 | $14.85 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(c) | 21.17% | 19.88% | 4.78% | (26.01%) | 18.86% |
| Net assets, end of year (000) | $8289 | $8122 | $8455 | $10698 | $17865 |
| Ratio of net expenses to average net assets | 1.33% | 1.35% | 1.34% | 1.28% | 1.25% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.33% | 1.35% | 1.34% | 1.28% | 1.25% |
| Ratio of net investment income (loss) to average net assets | (0.13<br> %) | (0.52%) | (1.48%) | (0.11%) | (2.96%) |
| Portfolio turnover rate | 52% | 40% | 27% | 31% | 35% |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) The amount shown for a share outstanding throughout the period may not correlate with the net investment income on the Statement of Operations for the period due to class specific expenses.

(c) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Global Convertible Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $11.42 | $9.60 | $9.23 | $14.47 | $13.25 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.11)(b) | (0.14) | (0.22) | (0.09) | (0.54) |
| Net realized and unrealized gain (loss) | 2.43 | 1.96 | 0.59 | (3.36) | 2.89 |
| Total from investment operations | 2.32 | 1.82 | 0.37 | (3.45) | 2.35 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  |  |  |  |
| Dividends from net realized gains |  |  |  | (1.79) | (1.13) |
| Total distributions\*\* |  |  |  | (1.79) | (1.13) |
| Net asset value, end of year | $13.74 | $11.42 | $9.60 | $9.23 | $14.47 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(c) | 20.32% | 18.96% | 4.01% | (26.58%) | 17.95% |
| Net assets, end of year (000) | $2335 | $2086 | $2615 | $3425 | $5448 |
| Ratio of net expenses to average net assets | 2.08% | 2.10% | 2.09% | 2.03% | 2.00% |
| Ratio of gross expenses to average net assets prior to expense reductions | 2.08% | 2.10% | 2.09% | 2.03% | 2.00% |
| Ratio of net investment income (loss) to average net assets | (0.88<br> %) | (1.28%) | (2.23%) | (0.85%) | (3.72%) |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) The amount shown for a share outstanding throughout the period may not correlate with the net investment income on the Statement of Operations for the period due to class specific expenses.

(c) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com

------

Calamos Global Convertible Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $12.07 | $10.04 | $9.60 | $14.87 | $13.50 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.02 | (0.03) | (0.13) | 0.01 | (0.40) |
| Net realized and unrealized gain (loss) | 2.57 | 2.06 | 0.61 | (3.46) | 2.94 |
| Total from investment operations | 2.59 | 2.03 | 0.48 | (3.45) | 2.54 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.02) |  | (0.04) | (0.03) | (0.04) |
| Dividends from net realized gains |  |  |  | (1.79) | (1.13) |
| Total distributions\*\* | (0.02) |  | (0.04) | (1.82) | (1.17) |
| Net asset value, end of year | $14.64 | $12.07 | $10.04 | $9.60 | $14.87 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 21.50% | 20.22% | 5.00% | (25.82%) | 19.09% |
| Net assets, end of year (000) | $148448 | $117598 | $109319 | $117766 | $260688 |
| Ratio of net expenses to average net assets | 1.08% | 1.10% | 1.09% | 1.03% | 1.00% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.08% | 1.10% | 1.09% | 1.03% | 1.00% |
| Ratio of net investment income (loss) to average net assets | 0.12% | (0.27%) | (1.23%) | 0.13% | (2.71%) |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Timpani Small Cap Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $34.52 | $22.20 | $26.35 | $42.31 | $29.18 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.39) | (0.33) | (0.26) | (0.24) | (0.45 |
| Net realized and unrealized gain (loss) | 12.05 | 12.65 | (3.89) | (15.72) | 14.95 |
| Total from investment operations | 11.66 | 12.32 | (4.15) | (15.96) | 14.50 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.89) |  |  |  |  |
| Dividends from net realized gains |  |  |  |  | (1.37 |
| Return of capital |  |  |  |  | (0.00 |
| Total distributions\*\* | (0.89) |  |  |  | (1.37 |
| Net asset value, end of year | $45.29 | $34.52 | $22.20 | $26.35 | $42.31 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 34.34% | 55.54% | (15.75%) | (37.71%) | 50.42 |
| Net assets, end of year (000) | $39054 | $27306 | $18283 | $23762 | $35274 |
| Ratio of net expenses to average net assets | 1.30% | 1.30% | 1.30% | 1.30% | 1.30 |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.34% | 1.35% | 1.37% | 1.37% | 1.37 |
| Ratio of net investment income (loss) to average net assets | (1.03%) | (1.09%) | (1.03%) | (0.78%) | (1.15 |
| Portfolio turnover rate | 195% | 229% | 215% | 197% | 165 |

---

\* Amounts are less than $0.005.

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com

------

Calamos Timpani Small Cap Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | |
| | 2025 | 2024 | 2023 | 2022 | June 25, 2021• through <br>October 31,<br>2021 |
| Net asset value, beginning of year | $34.69 | $22.48 | $26.88 | $43.50 | $41.91 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.68) | (0.55) | (0.45) | (0.45) | (0.82) |
| Net realized and unrealized gain (loss) | 12.11 | 12.76 | (3.95) | (16.17) | 2.41 |
| Total from investment operations | 11.43 | 12.21 | (4.40) | (16.62) | 1.59 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.67) |  |  |  |  |
| Dividends from net realized gains |  |  |  |  |  |
| Total distributions\*\* | (0.67) |  |  |  |  |
| Net asset value, end of year | $45.45 | $34.69 | $22.48 | $26.88 | $43.50 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 33.32% | 54.40% | (16.37%) | (38.18%) | 3.75% |
| Net assets, end of year (000) | $7892 | $5035 | $3648 | $4425 | $3165 |
| Ratio of net expenses to average net assets | 2.05% | 2.05% | 2.05% | 2.05% | 2.05<br> %(c) |
| Ratio of gross expenses to average net assets prior to expense reductions | 2.09% | 2.10% | 2.12% | 2.12% | 2.06<br> %(c) |
| Ratio of net investment income (loss) to average net assets | (1.78%) | (1.84%) | (1.79%) | (1.50%) | (2.00<br> %)(c) |

---

• Commencement of operations.

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Timpani Small Cap Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $35.87 | $23.01 | $27.24 | $43.65 | $29.99 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.31) | (0.26) | (0.20) | (0.16) | (0.36 |
| Net realized and unrealized gain (loss) | 12.53 | 13.12 | (4.03) | (16.25) | 15.39 |
| Total from investment operations | 12.22 | 12.86 | (4.23) | (16.41) | 15.03 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.97) |  |  |  |  |
| Dividends from net realized gains |  |  |  |  | (1.37 |
| Return of capital |  |  |  |  | (0.00 |
| Total distributions\*\* | (0.97) |  |  |  | (1.37 |
| Net asset value, end of year | $47.12 | $35.87 | $23.01 | $27.24 | $43.65 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 34.69% | 55.93% | (15.53%) | (37.57%) | 50.80 |
| Net assets, end of year (000) | $473043 | $285866 | $191831 | $292187 | $387149 |
| Ratio of net expenses to average net assets | 1.05% | 1.05% | 1.05% | 1.05% | 1.05 |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.09% | 1.10% | 1.12% | 1.12% | 1.11 |
| Ratio of net investment income (loss) to average net assets | (0.78%) | (0.84%) | (0.78%) | (0.52%) | (0.90 |

---

\* Amounts are less than $0.005.

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com

------

Calamos Timpani Small Cap Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $36.06 | $23.11 | $27.33 | $43.74 | $30.02 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.27) | (0.23) | (0.17) | (0.11) | (0.32) |
| Net realized and unrealized gain (loss) | 12.61 | 13.18 | (4.05) | (16.30) | 15.41 |
| Total from investment operations | 12.34 | 12.95 | (4.22) | (16.41) | 15.09 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (1.00) |  |  |  |  |
| Dividends from net realized gains |  |  |  |  | (1.37) |
| Total distributions\*\* | (1.00) |  |  |  | (1.37) |
| Net asset value, end of year | $47.40 | $36.06 | $23.11 | $27.33 | $43.74 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 34.85% | 56.08% | (15.41%) | (37.51%) | 50.96% |
| Net assets, end of year (000) | $36262 | $29165 | $24499 | $22181 | $29120 |
| Ratio of net expenses to average net assets | 0.95% | 0.95% | 0.92% | 0.93% | 0.96% |
| Ratio of gross expenses to average net assets prior to expense reductions | 0.98% | 1.00% | 0.99% | 1.00% | 1.02% |
| Ratio of net investment income (loss) to average net assets | (0.68%) | (0.74%) | (0.67%) | (0.37%) | (0.80%) |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Timpani SMID Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $14.06 | $9.09 | $10.14 | $18.17 | $12.34 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.17) | (0.14) | (0.10) | (0.08) | (0.20) |
| Net realized and unrealized gain (loss) | 4.23 | 5.11 | (0.95) | (6.23) | 6.03 |
| Total from investment operations | 4.06 | 4.97 | (1.05) | (6.31) | 5.83 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.37) |  |  |  |  |
| Dividends from net realized gains | (0.03) |  |  | (1.72) |  |
| Total distributions\*\* | (0.40) |  |  | (1.72) |  |
| Net asset value, end of year | $17.72 | $14.06 | $9.09 | $10.14 | $18.17 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 29.33% | 54.68% | (10.36%) | (37.07%) | 47.04% |
| Net assets, end of year (000) | $576 | $293 | $341 | $305 | $162 |
| Ratio of net expenses to average net assets | 1.35% | 1.35% | 1.35% | 1.35% | 1.35% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.70% | 1.83% | 1.98% | 1.93% | 1.79% |
| Ratio of net investment income (loss) to average net assets | (1.15%) | (1.14%) | (1.06%) | (0.68%) | (1.22%) |
| Portfolio turnover rate | 192% | 220% | 231% | 205% | 188% |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares.

www.calamos.com

------

Calamos Timpani SMID Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $14.27 | $9.20 | $10.23 | $18.28 | $12.38 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.14) | (0.11) | (0.08) | (0.06) | (0.16) |
| Net realized and unrealized gain (loss) | 4.29 | 5.18 | (0.95) | (6.27) | 6.06 |
| Total from investment operations | 4.15 | 5.07 | (1.03) | (6.33) | 5.90 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.39) |  |  |  |  |
| Dividends from net realized gains | (0.03) |  |  | (1.72) |  |
| Total distributions\*\* | (0.42) |  |  | (1.72) |  |
| Net asset value, end of year | $18.00 | $14.27 | $9.20 | $10.23 | $18.28 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 29.61% | 55.11% | (10.07%) | (36.95%) | 47.46% |
| Net assets, end of year (000) | $35866 | $25448 | $15495 | $16497 | $25793 |
| Ratio of net expenses to average net assets | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.45% | 1.56% | 1.73% | 1.65% | 1.55% |
| Ratio of net investment income (loss) to average net assets | (0.90%) | (0.90%) | (0.80%) | (0.48%) | (0.98%) |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Timpani SMID Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $14.28 | $9.21 | $10.23 | $18.28 | $12.38 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.13) | (0.11) | (0.08) | (0.05) | (0.18) |
| Net realized and unrealized gain (loss) | 4.30 | 5.18 | (0.94) | (6.28) | 6.08 |
| Total from investment operations | 4.17 | 5.07 | (1.02) | (6.33) | 5.90 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.40) |  |  |  |  |
| Dividends from net realized gains | (0.03) |  |  | (1.72) |  |
| Total distributions\*\* | (0.43) |  |  | (1.72) |  |
| Net asset value, end of year | $18.02 | $14.28 | $9.21 | $10.23 | $18.28 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 29.70% | 55.05% | (9.97%) | (36.95%) | 47.46% |
| Net assets, end of year (000) | $779 | $508 | $320 | $355 | $499 |
| Ratio of net expenses to average net assets | 1.05% | 1.07% | 1.07% | 1.07% | 1.08% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.41% | 1.53% | 1.70% | 1.63% | 1.48% |
| Ratio of net investment income (loss) to average net assets | (0.85%) | (0.87%) | (0.77%) | (0.43%) | (1.04%) |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year.

www.calamos.com

------

Calamos Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $44.28 | $32.47 | $28.24 | $45.88 | $34.96 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.36) | (0.28) | (0.13) | (0.22) | (0.33) |
| Net realized and unrealized gain (loss) | 11.47 | 13.69 | 4.36 | (12.47) | 15.44 |
| Total from investment operations | 11.11 | 13.41 | 4.23 | (12.69) | 15.11 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  |  |  |  |
| Dividends from net realized gains | (2.95) | (1.60) |  | (4.95) | (4.19) |
| Total distributions\*\* | (2.95) | (1.60) |  | (4.95) | (4.19) |
| Net asset value, end of year | $52.44 | $44.28 | $32.47 | $28.24 | $45.88 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 26.16% | 42.45% | 14.98% | (30.58%) | 46.00% |
| Net assets, end of year (000) | $1317418 | $1168908 | $925437 | $900167 | $1436709 |
| Ratio of net expenses to average net assets | 1.28% | 1.29% | 1.32% | 1.30% | 1.28% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.28% | 1.29% | 1.32% | 1.30% | 1.28% |
| Ratio of net investment income (loss) to average net assets | (0.79%) | (0.69%) | (0.43%) | (0.64%) | (0.80%) |
| Portfolio turnover rate | 54% | 42% | 57% | 42% | 45% |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $15.83 | $12.59 | $11.03 | $21.21 | $18.18 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.23) | (0.21) | (0.14) | (0.19) | (0.29) |
| Net realized and unrealized gain (loss) | 3.78 | 5.05 | 1.70 | (5.04) | 7.51 |
| Total from investment operations | 3.55 | 4.84 | 1.56 | (5.23) | 7.22 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  |  |  |  |
| Dividends from net realized gains | (2.95) | (1.60) |  | (4.95) | (4.19) |
| Total distributions\*\* | (2.95) | (1.60) |  | (4.95) | (4.19) |
| Net asset value, end of year | $16.43 | $15.83 | $12.59 | $11.03 | $21.21 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 25.19% | 41.38% | 14.14% | (31.12%) | 44.94% |
| Net assets, end of year (000) | $12199 | $10535 | $9493 | $12281 | $25965 |
| Ratio of net expenses to average net assets | 2.03% | 2.04% | 2.08% | 2.05% | 2.04% |
| Ratio of gross expenses to average net assets prior to expense reductions | 2.03% | 2.04% | 2.08% | 2.05% | 2.04% |
| Ratio of net investment income (loss) to average net assets | (1.54%) | (1.44%) | (1.16%) | (1.39%) | (1.53%) |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com

------

Calamos Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $68.73 | $49.51 | $42.95 | $66.93 | $49.25 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.39) | (0.28) | (0.09) | (0.20) | (0.33) |
| Net realized and unrealized gain (loss) | 18.11 | 21.10 | 6.65 | (18.83) | 22.20 |
| Total from investment operations | 17.72 | 20.82 | 6.56 | (19.03) | 21.87 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  |  |  |  |
| Dividends from net realized gains | (2.95) | (1.60) |  | (4.95) | (4.19) |
| Total distributions\*\* | (2.95) | (1.60) |  | (4.95) | (4.19) |
| Net asset value, end of year | $83.50 | $68.73 | $49.51 | $42.95 | $66.93 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 26.46% | 42.83% | 15.27% | (30.43%) | 46.40% |
| Net assets, end of year (000) | $432249 | $355529 | $262752 | $246566 | $395431 |
| Ratio of net expenses to average net assets | 1.03% | 1.04% | 1.07% | 1.05% | 1.03% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.03% | 1.04% | 1.07% | 1.05% | 1.03% |
| Ratio of net investment income (loss) to average net assets | (0.54%) | (0.44%) | (0.18%) | (0.39%) | (0.56%) |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Growth and Income Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $49.06 | $39.42 | $38.33 | $48.18 | $36.26 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.03)(b) | 0.08 | 0.19 | 0.08 | 0.07 |
| Net realized and unrealized gain (loss) | 10.45 | 11.32 | 2.38 | (7.32) | 13.01 |
| Total from investment operations | 10.42 | 11.40 | 2.57 | (7.24) | 13.08 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.33) | (0.26) | (0.44) | (0.24) | (0.27) |
| Dividends from net realized gains | (1.99) | (1.50) | (1.04) | (2.37) | (0.89) |
| Total distributions\*\* | (2.32) | (1.76) | (1.48) | (2.61) | (1.16) |
| Net asset value, end of year | $57.16 | $49.06 | $39.42 | $38.33 | $48.18 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(c) | 21.98% | 29.65% | 6.86% | (15.77%) | 36.68% |
| Net assets, end of year (000) | $1544688 | $1387946 | $1182667 | $1199491 | $1531445 |
| Ratio of net expenses to average net assets | 1.05% | 1.05% | 1.06% | 1.05% | 1.06% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.05% | 1.05% | 1.06% | 1.05% | 1.06% |
| Ratio of net investment income (loss) to average net assets | (0.06<br> %) | 0.18% | 0.48% | 0.19% | 0.15% |
| Portfolio turnover rate | 36% | 28% | 20% | 24% | 18% |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) The amount shown for a share outstanding throughout the period may not correlate with the net investment income on the Statement of Operations for the period due to class specific expenses.

(c) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com

------

Calamos Growth and Income Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $49.11 | $39.57 | $38.57 | $48.55 | $36.57 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.41)(b) | (0.26)(b) | (0.11) | (0.24) | (0.25) |
| Net realized and unrealized gain (loss) | 10.43 | 11.36 | 2.38 | (7.37) | 13.12 |
| Total from investment operations | 10.02 | 11.10 | 2.27 | (7.61) | 12.87 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.14) | (0.06) | (0.23) |  |  |
| Dividends from net realized gains | (1.99) | (1.50) | (1.04) | (2.37) | (0.89) |
| Total distributions\*\* | (2.13) | (1.56) | (1.27) | (2.37) | (0.89) |
| Net asset value, end of year | $57.00 | $49.11 | $39.57 | $38.57 | $48.55 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(c) | 21.05% | 28.70% | 6.08% | (16.41%) | 35.66% |
| Net assets, end of year (000) | $137276 | $106421 | $79895 | $84104 | $98647 |
| Ratio of net expenses to average net assets | 1.80% | 1.80% | 1.81% | 1.80% | 1.81% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.80% | 1.80% | 1.81% | 1.80% | 1.81% |
| Ratio of net investment income (loss) to average net assets | (0.81<br> %) | (0.57<br> %) | (0.27%) | (0.56%) | (0.57%) |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) The amount shown for a share outstanding throughout the period may not correlate with the net investment income on the Statement of Operations for the period due to class specific expenses.

(c) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Growth and Income Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $46.54 | $37.47 | $36.50 | $46.02 | $34.68 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.09 | 0.19 | 0.27 | 0.17 | 0.17 |
| Net realized and unrealized gain (loss) | 9.90 | 10.75 | 2.25 | (6.97) | 12.44 |
| Total from investment operations | 9.99 | 10.94 | 2.52 | (6.80) | 12.61 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.42) | (0.37) | (0.51) | (0.35) | (0.38) |
| Dividends from net realized gains | (1.99) | (1.50) | (1.04) | (2.37) | (0.89) |
| Total distributions\*\* | (2.41) | (1.87) | (1.55) | (2.72) | (1.27) |
| Net asset value, end of year | $54.12 | $46.54 | $37.47 | $36.50 | $46.02 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 22.27% | 30.00% | 7.12% | (15.55%) | 37.02% |
| Net assets, end of year (000) | $1558224 | $1301172 | $978583 | $977765 | $1211985 |
| Ratio of net expenses to average net assets | 0.80% | 0.80% | 0.81% | 0.80% | 0.81% |
| Ratio of gross expenses to average net assets prior to expense reductions | 0.80% | 0.80% | 0.81% | 0.80% | 0.81% |
| Ratio of net investment income (loss) to average net assets | 0.19% | 0.43% | 0.73% | 0.44% | 0.40% |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com

------

Calamos Growth and Income Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $46.57 | $37.49 | $36.51 | $46.04 | $34.69 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.12 | 0.22 | 0.30 | 0.21 | 0.16 |
| Net realized and unrealized gain (loss) | 9.91 | 10.76 | 2.26 | (6.99) | 12.49 |
| Total from investment operations | 10.03 | 10.98 | 2.56 | (6.78) | 12.65 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.45) | (0.40) | (0.54) | (0.38) | (0.41) |
| Dividends from net realized gains | (1.99) | (1.50) | (1.04) | (2.37) | (0.89) |
| Total distributions\*\* | (2.44) | (1.90) | (1.58) | (2.75) | (1.30) |
| Net asset value, end of year | $54.16 | $46.57 | $37.49 | $36.51 | $46.04 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 22.37% | 30.07% | 7.21% | (15.50%) | 37.14% |
| Net assets, end of year (000) | $45941 | $37425 | $27965 | $16688 | $5968 |
| Ratio of net expenses to average net assets | 0.73% | 0.73% | 0.71% | 0.73% | 0.73% |
| Ratio of gross expenses to average net assets prior to expense reductions | 0.73% | 0.73% | 0.71% | 0.73% | 0.73% |
| Ratio of net investment income (loss) to average net assets | 0.26% | 0.51% | 0.78% | 0.55% | 0.38% |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Select Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $21.98 | $16.77 | $15.86 | $20.48 | $14.93 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.03)(b) | (0.02)(b) | 0.03 | 0.00 | (0.03) |
| Net realized and unrealized gain (loss) | 4.21 | 5.99 | 1.29 | (3.12) | 6.39 |
| Total from investment operations | 4.18 | 5.97 | 1.32 | (3.12) | 6.36 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  |  |  |  |
| Dividends from net realized gains | (1.61) | (0.76) | (0.41) | (1.50) | (0.81) |
| Total distributions\*\* | (1.61) | (0.76) | (0.41) | (1.50) | (0.81) |
| Net asset value, end of year | $24.55 | $21.98 | $16.77 | $15.86 | $20.48 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(c) | 19.95% | 36.52% | 8.60% | (16.22%) | 43.93% |
| Net assets, end of year (000) | $15944 | $14301 | $11533 | $11628 | $14211 |
| Ratio of net expenses to average net assets | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.52% | 1.54% | 1.62% | 1.57% | 1.57% |
| Ratio of net investment income (loss) to average net assets | (0.15<br> %) | (0.09<br> %) | 0.16% | 0.00% | (0.19%) |
| Portfolio turnover rate | 46% | 33% | 55% | 34% | 25% |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) The amount shown for a share outstanding throughout the period may not correlate with the net investment income on the Statement of Operations for the period due to class specific expenses.

(c) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com

------

Calamos Select Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $17.88 | $13.86 | $13.28 | $17.52 | $12.97 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.16)(b) | (0.14)(b) | (0.08) | (0.12) | (0.14) |
| Net realized and unrealized gain (loss) | 3.37 | 4.92 | 1.07 | (2.62) | 5.50 |
| Total from investment operations | 3.21 | 4.78 | 0.99 | (2.74) | 5.36 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  |  |  |  |
| Dividends from net realized gains | (1.61) | (0.76) | (0.41) | (1.50) | (0.81) |
| Total distributions\*\* | (1.61) | (0.76) | (0.41) | (1.50) | (0.81) |
| Net asset value, end of year | $19.48 | $17.88 | $13.86 | $13.28 | $17.52 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(c) | 19.10% | 35.56% | 7.76% | (16.85%) | 42.92% |
| Net assets, end of year (000) | $292 | $347 | $120 | $170 | $887 |
| Ratio of net expenses to average net assets | 1.90% | 1.90% | 1.90% | 1.91% | 1.90% |
| Ratio of gross expenses to average net assets prior to expense reductions | 2.27% | 2.29% | 2.36% | 2.33% | 2.33% |
| Ratio of net investment income (loss) to average net assets | (0.90<br> %) | (0.83<br> %) | (0.57%) | (0.77%) | (0.92%) |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) The amount shown for a share outstanding throughout the period may not correlate with the net investment income on the Statement of Operations for the period due to class specific expenses.

(c) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Select Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $22.97 | $17.45 | $16.45 | $21.15 | $15.36 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.02 | 0.03 | 0.07 | 0.05 | 0.01 |
| Net realized and unrealized gain (loss) | 4.42 | 6.25 | 1.34 | (3.23) | 6.59 |
| Total from investment operations | 4.44 | 6.28 | 1.41 | (3.18) | 6.60 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.03) | (0.00 |  | (0.02) |  |
| Dividends from net realized gains | (1.61) | (0.76 | (0.41) | (1.50) | (0.81) |
| Total distributions\*\* | (1.64) | (0.76 | (0.41) | (1.52) | (0.81) |
| Net asset value, end of year | $25.77 | $22.97 | $17.45 | $16.45 | $21.15 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 20.25% | 36.92 | 8.84% | (16.00%) | 44.28% |
| Net assets, end of year (000) | $46632 | $41449 | $31663 | $30660 | $38585 |
| Ratio of net expenses to average net assets | 0.90% | 0.90 | 0.90% | 0.90% | 0.90% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.27% | 1.29 | 1.37% | 1.32% | 1.32% |
| Ratio of net investment income (loss) to average net assets | 0.10% | 0.16 | 0.41% | 0.25% | 0.07% |

---

\* Amounts are less than $0.005.

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com

------

Calamos International Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $21.94 | $16.25 | $15.43 | $28.83 | $22.96 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.04 | (0.04) | 0.05 | 0.21 | 0.05 |
| Net realized and unrealized gain (loss) | 4.52 | 5.74 | 0.77 | (9.48 | 7.29 |
| Total from investment operations | 4.56 | 5.70 | 0.82 | (9.27 | 7.34 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  | (0.01) |  | (0.00 |  |
| Dividends from net realized gains | (0.96) |  |  | (4.13 | (1.47) |
| Total distributions\*\* | (0.96) | (0.01) |  | (4.13 | (1.47) |
| Net asset value, end of year | $25.54 | $21.94 | $16.25 | $15.43 | $28.83 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 21.87% | 35.07% | 5.31% | (36.67 | 32.76% |
| Net assets, end of year (000) | $51533 | $50314 | $41631 | $46993 | $79503 |
| Ratio of net expenses to average net assets | 1.20% | 1.20% | 1.16% | 1.10 | 1.10% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.47% | 1.40% | 1.49% | 1.64 | 1.56% |
| Ratio of net investment income (loss) to average net assets | 0.18% | (0.21%) | 0.27% | 1.04 | 0.19% |
| Portfolio turnover rate | 170% | 127% | 131% | 129 | 99% |

---

\* Amounts are less than $0.005.

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos International Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $18.02 | $13.44 | $12.86 | $24.94 | $20.17 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.11)(b) | (0.17) | (0.07) | 0.05 | (0.16) |
| Net realized and unrealized gain (loss) | 3.66 | 4.75 | 0.65 | (8.00) | 6.40 |
| Total from investment operations | 3.55 | 4.58 | 0.58 | (7.95) | 6.24 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  |  |  |  |
| Dividends from net realized gains | (0.96) |  |  | (4.13) | (1.47) |
| Total distributions\*\* | (0.96) |  |  | (4.13) | (1.47) |
| Net asset value, end of year | $20.61 | $18.02 | $13.44 | $12.86 | $24.94 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(c) | 20.92% | 34.15% | 4.51% | (37.18%) | 31.79% |
| Net assets, end of year (000) | $1478 | $1452 | $1339 | $1989 | $3953 |
| Ratio of net expenses to average net assets | 1.95% | 1.95% | 1.91% | 1.85% | 1.85% |
| Ratio of gross expenses to average net assets prior to expense reductions | 2.22% | 2.15% | 2.24% | 2.39% | 2.31% |
| Ratio of net investment income (loss) to average net assets | (0.59<br> %) | (0.97%) | (0.48%) | 0.27% | (0.69%) |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) The amount shown for a share outstanding throughout the period may not correlate with the net investment income on the Statement of Operations for the period due to class specific expenses.

(c) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com

------

Calamos International Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $22.96 | $17.00 | $16.10 | $29.92 | $23.73 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.10 | 0.01<br> (b) | 0.09 | 0.27 | 0.12 |
| Net realized and unrealized gain (loss) | 4.76 | 6.00 | 0.81 | (9.88) | 7.54 |
| Total from investment operations | 4.86 | 6.01 | 0.90 | (9.61) | 7.66 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  | (0.05) |  | (0.08) | (0.00 |
| Dividends from net realized gains | (0.96) |  |  | (4.13) | (1.47 |
| Total distributions\*\* | (0.96) | (0.05) |  | (4.21) | (1.47 |
| Net asset value, end of year | $26.86 | $22.96 | $17.00 | $16.10 | $29.92 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(c) | 22.18% | 35.44% | 5.59% | (36.54%) | 33.13 |
| Net assets, end of year (000) | $224014 | $184336 | $141782 | $120520 | $216723 |
| Ratio of net expenses to average net assets | 0.95% | 0.95% | 0.91% | 0.85% | 0.85 |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.22% | 1.15% | 1.24% | 1.39% | 1.31 |
| Ratio of net investment income (loss) to average net assets | 0.43% | 0.03% | 0.52% | 1.28% | 0.43 |

---

\* Amounts are less than $0.005.

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) The amount shown for a share outstanding throughout the period may not correlate with the net investment income on the Statement of Operations for the period due to class specific expenses.

(c) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos International Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $23.24 | $17.21 | $16.28 | $30.20 | $23.93 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.14 | 0.03<br> (b) | 0.11 | 0.31 | 0.15 |
| Net realized and unrealized gain (loss) | 4.80 | 6.07 | 0.82 | (10.00) | 7.61 |
| Total from investment operations | 4.94 | 6.10 | 0.93 | (9.69) | 7.76 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  | (0.07) |  | (0.10) | (0.02) |
| Dividends from net realized gains | (0.96) |  |  | (4.13) | (1.47) |
| Total distributions\*\* | (0.96) | (0.07) |  | (4.23) | (1.49) |
| Net asset value, end of year | $27.22 | $23.24 | $17.21 | $16.28 | $30.20 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(c) | 22.30% | 35.55% | 5.71% | (36.47%) | 33.24% |
| Net assets, end of year (000) | $10313 | $6378 | $4829 | $4332 | $1921 |
| Ratio of net expenses to average net assets | 0.86% | 0.86% | 0.81% | 0.75% | 0.77% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.14% | 1.06% | 1.13% | 1.28% | 1.22% |
| Ratio of net investment income (loss) to average net assets | 0.57% | 0.14% | 0.61% | 1.59% | 0.51% |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) The amount shown for a share outstanding throughout the period may not correlate with the net investment income on the Statement of Operations for the period due to class specific expenses.

(c) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com

------

Calamos Evolving World Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $19.61 | $14.87 | $14.51 | $22.25 | $19.60 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.08) | (0.06) | 0.01 | 0.12 | (0.05) |
| Net realized and unrealized gain (loss) | 3.70 | 4.85 | 0.46 | (7.79) | 3.15 |
| Total from investment operations | 3.62 | 4.79 | 0.47 | (7.67) | 3.10 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  | (0.05) | (0.11) | (0.07) |  |
| Dividends from net realized gains |  |  |  |  | (0.45) |
| Total distributions\*\* |  | (0.05) | (0.11) | (0.07) | (0.45) |
| Net asset value, end of year | $23.23 | $19.61 | $14.87 | $14.51 | $22.25 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 18.51% | 32.27% | 3.19% | (34.55%) | 15.87% |
| Net assets, end of year (000) | $37707 | $42336 | $36830 | $36890 | $54731 |
| Ratio of net expenses to average net assets | 1.30% | 1.30% | 1.29% | 1.30% | 1.30% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.64% | 1.65% | 1.63% | 1.63% | 1.60% |
| Ratio of net investment income (loss) to average net assets | (0.40%) | (0.36%) | 0.09% | 0.67% | (0.21%) |
| Portfolio turnover rate | 171% | 140% | 137% | 132% | 140% |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Evolving World Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $17.94 | $13.67 | $13.34 | $20.55 | $18.26 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.21) | (0.18) | (0.09) | (0.03) | (0.22) |
| Net realized and unrealized gain (loss) | 3.37 | 4.45 | 0.42 | (7.18) | 2.96 |
| Total from investment operations | 3.16 | 4.27 | 0.33 | (7.21) | 2.74 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  |  |  |  |
| Dividends from net realized gains |  |  |  |  | (0.45) |
| Total distributions\*\* |  |  |  |  | (0.45) |
| Net asset value, end of year | $21.10 | $17.94 | $13.67 | $13.34 | $20.55 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 17.61% | 31.24% | 2.40% | (35.04%) | 15.05% |
| Net assets, end of year (000) | $3554 | $3709 | $3930 | $6153 | $16050 |
| Ratio of net expenses to average net assets | 2.05% | 2.05% | 2.04% | 2.05% | 2.05% |
| Ratio of gross expenses to average net assets prior to expense reductions | 2.39% | 2.40% | 2.38% | 2.39% | 2.34% |
| Ratio of net investment income (loss) to average net assets | (1.14%) | (1.11%) | (0.63%) | (0.16%) | (1.04%) |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com

------

Calamos Evolving World Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $19.82 | $15.03 | $14.67 | $22.51 | $19.78 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.03) | (0.02) | 0.06 | 0.17 | 0.01 |
| Net realized and unrealized gain (loss) | 3.76 | 4.90 | 0.45 | (7.87) | 3.18 |
| Total from investment operations | 3.73 | 4.88 | 0.51 | (7.70) | 3.19 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  | (0.09) | (0.15) | (0.14) | (0.01) |
| Dividends from net realized gains |  |  |  |  | (0.45) |
| Total distributions\*\* |  | (0.09) | (0.15) | (0.14) | (0.46) |
| Net asset value, end of year | $23.55 | $19.82 | $15.03 | $14.67 | $22.51 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 18.82% | 32.59% | 3.44% | (34.39%) | 16.17% |
| Net assets, end of year (000) | $356625 | $350597 | $320622 | $315858 | $509216 |
| Ratio of net expenses to average net assets | 1.05% | 1.05% | 1.04% | 1.05% | 1.05% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.39% | 1.40% | 1.38% | 1.38% | 1.35% |
| Ratio of net investment income (loss) to average net assets | (0.13%) | (0.11%) | 0.35% | 0.90% | 0.04% |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Global Equity Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $17.58 | $12.08 | $11.50 | $18.40 | $14.05 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.07) | (0.08) | 0.01 | 0.02 | (0.08) |
| Net realized and unrealized gain (loss) | 4.20 | 5.58 | 1.07 | (4.94) | 5.49 |
| Total from investment operations | 4.13 | 5.50 | 1.08 | (4.92) | 5.41 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  |  |  |  |
| Dividends from net realized gains | (1.52) |  | (0.50) | (1.98) | (1.06) |
| Total distributions\*\* | (1.52) |  | (0.50) | (1.98) | (1.06) |
| Net asset value, end of year | $20.19 | $17.58 | $12.08 | $11.50 | $18.40 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 25.21% | 45.53% | 9.68% | (29.36%) | 39.89% |
| Net assets, end of year (000) | $32293 | $28482 | $20462 | $21143 | $32511 |
| Ratio of net expenses to average net assets | 1.40% | 1.39% | 1.41% | 1.40% | 1.40% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.50% | 1.42% | 1.52% | 1.61% | 1.58% |
| Ratio of net investment income (loss) to average net assets | (0.41%) | (0.49%) | 0.04% | 0.17% | (0.48%) |
| Portfolio turnover rate | 114% | 78% | 90% | 77% | 72% |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com

------

Calamos Global Equity Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $13.93 | $9.64 | $9.35 | $15.45 | $12.03 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.16) | (0.16) | (0.07) | (0.07) | (0.18) |
| Net realized and unrealized gain (loss) | 3.25 | 4.45 | 0.86 | (4.05) | 4.66 |
| Total from investment operations | 3.09 | 4.29 | 0.79 | (4.12) | 4.48 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  |  |  |  |
| Dividends from net realized gains | (1.52) |  | (0.50) | (1.98) | (1.06) |
| Total distributions\*\* | (1.52) |  | (0.50) | (1.98) | (1.06) |
| Net asset value, end of year | $15.50 | $13.93 | $9.64 | $9.35 | $15.45 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 24.27% | 44.35% | 8.99% | (29.96%) | 38.88% |
| Net assets, end of year (000) | $1362 | $1268 | $611 | $726 | $1492 |
| Ratio of net expenses to average net assets | 2.15% | 2.14% | 2.16% | 2.15% | 2.15% |
| Ratio of gross expenses to average net assets prior to expense reductions | 2.25% | 2.18% | 2.28% | 2.37% | 2.33% |
| Ratio of net investment income (loss) to average net assets | (1.16%) | (1.25%) | (0.71%) | (0.59%) | (1.32%) |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Global Equity Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $18.57 | $12.75 | $12.10 | $19.20 | $14.59 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.03) | (0.04) | 0.04 | 0.05 | (0.04) |
| Net realized and unrealized gain (loss) | 4.48 | 5.87 | 1.13 | (5.17) | 5.71 |
| Total from investment operations | 4.45 | 5.83 | 1.17 | (5.12) | 5.67 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  | (0.01) | (0.02) |  |  |
| Dividends from net realized gains | (1.52) |  | (0.50) | (1.98) | (1.06) |
| Total distributions\*\* | (1.52) | (0.01) | (0.52) | (1.98) | (1.06) |
| Net asset value, end of year | $21.50 | $18.57 | $12.75 | $12.10 | $19.20 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 25.62% | 45.79% | 9.98% | (29.20%) | 40.29% |
| Net assets, end of year (000) | $132462 | $103751 | $66181 | $51538 | $103256 |
| Ratio of net expenses to average net assets | 1.15% | 1.14% | 1.15% | 1.15% | 1.15% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.25% | 1.17% | 1.25% | 1.36% | 1.33% |
| Ratio of net investment income (loss) to average net assets | (0.17%) | (0.25%) | 0.28% | 0.37% | (0.23%) |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com

------

Calamos Global Equity Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $18.59 | $12.76 | $12.11 | $19.21 | $14.59 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.02) | (0.03) | 0.05 | (0.02) | (0.03) |
| Net realized and unrealized gain (loss) | 4.48 | 5.88 | 1.13 | (5.10) | 5.71 |
| Total from investment operations | 4.46 | 5.85 | 1.18 | (5.12) | 5.68 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  | (0.02) | (0.03) |  |  |
| Dividends from net realized gains | (1.52) |  | (0.50) | (1.98) | (1.06) |
| Total distributions\*\* | (1.52) | (0.02) | (0.53) | (1.98) | (1.06) |
| Net asset value, end of year | $21.53 | $18.59 | $12.76 | $12.11 | $19.21 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 25.65% | 45.88% | 10.04% | (29.18%) | 40.36% |
| Net assets, end of year (000) | $172 | $79 | $93 | $11 | $168 |
| Ratio of net expenses to average net assets | 1.10% | 1.07% | 1.06% | 1.12% | 1.09% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.19% | 1.11% | 1.14% | 1.35% | 1.27% |
| Ratio of net investment income (loss) to average net assets | (0.09%) | (0.16%) | 0.35% | (0.12%) | (0.18%) |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Global Opportunities Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $13.00 | $9.57 | $9.15 | $12.72 | $10.02 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.05) | (0.02) | 0.00 | (0.03) | (0.04) |
| Net realized and unrealized gain (loss) | 2.44 | 3.50 | 0.46 | (2.88) | 3.42 |
| Total from investment operations | 2.39 | 3.48 | 0.46 | (2.91) | 3.38 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.07) | (0.05) | (0.04) |  | (0.05) |
| Dividends from net realized gains | (0.91) |  |  | (0.66) | (0.63) |
| Total distributions\*\* | (0.98) | (0.05) | (0.04) | (0.66) | (0.68) |
| Net asset value, end of year | $14.41 | $13.00 | $9.57 | $9.15 | $12.72 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 19.71% | 36.38% | 4.97% | (23.93%) | 34.84% |
| Net assets, end of year (000) | $105093 | $98640 | $81821 | $86403 | $119261 |
| Ratio of net expenses to average net assets | 1.22% | 1.22% | 1.22% | 1.22% | 1.31% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.46% | 1.45% | 1.49% | 1.46% | 1.45% |
| Ratio of net investment income (loss) to average net assets | (0.42%) | (0.17%) | (0.05%) | (0.28%) | (0.33%) |
| Portfolio turnover rate | 123% | 87% | 81% | 92% | 82% |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com

------

Calamos Global Opportunities Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $10.87 | $8.05 | $7.73 | $10.92 | $8.71 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.12) | (0.09) | (0.07) | (0.09) | (0.11) |
| Net realized and unrealized gain (loss) | 2.01 | 2.92 | 0.40 | (2.44) | 2.95 |
| Total from investment operations | 1.89 | 2.83 | 0.33 | (2.53) | 2.84 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.03) | (0.01) | (0.01) |  |  |
| Dividends from net realized gains | (0.91) |  |  | (0.66) | (0.63) |
| Total distributions\*\* | (0.94) | (0.01) | (0.01) | (0.66) | (0.63) |
| Net asset value, end of year | $11.82 | $10.87 | $8.05 | $7.73 | $10.92 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 18.84% | 35.25% | 4.22% | (24.43%) | 33.77% |
| Net assets, end of year (000) | $14253 | $12173 | $7317 | $7528 | $10032 |
| Ratio of net expenses to average net assets | 1.97% | 1.97% | 1.97% | 1.97% | 2.07% |
| Ratio of gross expenses to average net assets prior to expense reductions | 2.21% | 2.20% | 2.24% | 2.21% | 2.20% |
| Ratio of net investment income (loss) to average net assets | (1.17%) | (0.92%) | (0.80%) | (1.03%) | (1.09%) |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Global Opportunities Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $13.55 | $9.98 | $9.53 | $13.18 | $10.36 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.02) | 0.01<br> (b) | 0.02 | (0.02) | (0.01) |
| Net realized and unrealized gain (loss) | 2.55 | 3.64 | 0.48 | (2.96) | 3.54 |
| Total from investment operations | 2.53 | 3.65 | 0.50 | (2.98) | 3.53 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.10) | (0.08) | (0.05) | (0.01) | (0.08) |
| Dividends from net realized gains | (0.91) |  |  | (0.66) | (0.63) |
| Total distributions\*\* | (1.01) | (0.08) | (0.05) | (0.67) | (0.71) |
| Net asset value, end of year | $15.07 | $13.55 | $9.98 | $9.53 | $13.18 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(c) | 20.00% | 36.70% | 5.21% | (23.66%) | 35.16% |
| Net assets, end of year (000) | $206583 | $168589 | $107198 | $117790 | $152596 |
| Ratio of net expenses to average net assets | 0.97% | 0.97% | 0.97% | 0.97% | 1.04% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.21% | 1.20% | 1.24% | 1.21% | 1.20% |
| Ratio of net investment income (loss) to average net assets | (0.17%) | 0.08% | 0.20% | (0.14%) | (0.09%) |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) The amount shown for a share outstanding throughout the period may not correlate with the net investment income on the Statement of Operations for the period due to class specific expenses.

(c) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com

------

Calamos International Small Cap Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | |
| | 2025 | 2024 | 2023 | March 31, 2022• through<br>October 31,<br>2022 |
| Net asset value, beginning of year | $9.95 | $7.54 | $7.65 | $10.00 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.01 | (0.05) | 0.00<br> \* | 0.05 |
| Net realized and unrealized gain (loss) | 2.20 | 2.46 | (0.06) | (2.40) |
| Total from investment operations | 2.21 | 2.41 | (0.06) | (2.35) |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  | (0.05) |  |
| Dividends from net realized gains |  |  |  |  |
| Total distributions\*\* |  |  | (0.05) |  |
| Net asset value, end of year | $12.16 | $9.95 | $7.54 | $7.65 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 22.11% | 31.96% | (0.87<br> %) | (23.50<br> %) |
| Net assets, end of year (000) | $428 | $433 | $20 | $13 |
| Ratio of net expenses to average net assets | 1.35% | 1.35% | 1.35% | 2.66<br> %(c) |
| Ratio of gross expenses to average net assets prior to expense reductions | 4.09% | 4.96% | 9.06% | 11.03<br> %(c) |
| Ratio of net investment income (loss) to average net assets | 0.13% | (0.46%) | (0.04<br> %) | (9.66<br> %)(c) |
| Portfolio turnover rate | 175% | 117% | 126% | 64<br> %(d) |

---

• Commencement of operations.

\* Amounts are less than $0.005.

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos International Small Cap Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | |
| | 2025 | 2024 | 2023 | March 31, 2022• through<br>October 31,<br>2022 |
| Net asset value, beginning of year | $9.76 | $7.46 | $7.62 | $10.00 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.05)(b) | (0.12) | (0.07) | 0.01 |
| Net realized and unrealized gain (loss) | 2.13 | 2.42 | (0.05) | (2.39) |
| Total from investment operations | 2.08 | 2.30 | (0.12) | (2.38) |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  | (0.04) |  |
| Dividends from net realized gains |  |  |  |  |
| Total distributions\*\* |  |  | (0.04) |  |
| Net asset value, end of year | $11.84 | $9.76 | $7.46 | $7.62 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(c) | 21.21% | 30.83% | (1.62%) | (23.80<br> %) |
| Net assets, end of year (000) | $12 | $10 | $7 | $8 |
| Ratio of net expenses to average net assets | 2.10% | 2.10% | 2.09% | 2.67<br> %(d) |
| Ratio of gross expenses to average net assets prior to expense reductions | 4.84% | 5.71% | 9.79% | 11.03<br> %(d) |
| Ratio of net investment income (loss) to average net assets | (0.47<br> %) | (1.22%) | (0.92%) | (9.66<br> %)(d) |

---

• Commencement of operations.

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) The amount shown for a share outstanding throughout the period may not correlate with the net investment income on the Statement of Operations for the period due to class specific expenses.

(c) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(d) Annualized.

www.calamos.com

------

Calamos International Small Cap Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | |
| | 2025 | 2024 | 2023 | March 31, 2022• through<br>October 31,<br>2022 |
| Net asset value, beginning of year | $10.01 | $7.56 | $7.66 | $10.00 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.06 | (0.02) | 0.01 | 0.06 |
| Net realized and unrealized gain (loss) | 2.18 | 2.47 | (0.05) | (2.40) |
| Total from investment operations | 2.24 | 2.45 | (0.04) | (2.34) |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  | (0.06) |  |
| Dividends from net realized gains |  |  |  |  |
| Total distributions\*\* |  |  | (0.06) |  |
| Net asset value, end of year | $12.25 | $10.01 | $7.56 | $7.66 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 22.50% | 32.10% | (0.48%) | (23.40<br> %) |
| Net assets, end of year (000) | $6853 | $5267 | $2327 | $1740 |
| Ratio of net expenses to average net assets | 1.10% | 1.10% | 1.10% | 2.67<br> %(c) |
| Ratio of gross expenses to average net assets prior to expense reductions | 3.84% | 4.71% | 8.80% | 11.03<br> %(c) |
| Ratio of net investment income (loss) to average net assets | 0.52% | (0.20%) | 0.17% | (9.66<br> %)(c) |

---

• Commencement of operations.

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos International Small Cap Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | |
| | 2025 | 2024 | 2023 | March 31, 2022• through<br>October 31,<br>2022 |
| Net asset value, beginning of year | $10.01 | $7.56 | $7.66 | $10.00 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.07 | (0.02) | 0.01 | 0.06 |
| Net realized and unrealized gain (loss) | 2.18 | 2.47 | (0.05) | (2.40) |
| Total from investment operations | 2.25 | 2.45 | (0.04) | (2.34) |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income |  |  | (0.06) |  |
| Dividends from net realized gains |  |  |  |  |
| Total distributions\*\* |  |  | (0.06) |  |
| Net asset value, end of year | $12.26 | $10.01 | $7.56 | $7.66 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 22.60% | 32.10% | (0.48%) | (23.40<br> %) |
| Net assets, end of year (000) | $12 | $10 | $8 | $8 |
| Ratio of net expenses to average net assets | 1.02% | 1.08% | 1.07% | 2.67<br> %(c) |
| Ratio of gross expenses to average net assets prior to expense reductions | 3.76% | 4.71% | 8.78% | 11.03<br> %(c) |
| Ratio of net investment income (loss) to average net assets | 0.61% | (0.19%) | 0.19% | (9.66<br> %)(c) |

---

• Commencement of operations.

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

www.calamos.com

------

Calamos Total Return Bond Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $8.96 | $8.38 | $8.67 | $10.61 | $10.85 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.31 | 0.32 | 0.30 | 0.24 | 0.19 |
| Net realized and unrealized gain (loss) | 0.21 | 0.60 | (0.27) | (1.81) | (0.19) |
| Total from investment operations | 0.52 | 0.92 | 0.03 | (1.57) |  |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.34) | (0.34) | (0.32) | (0.24) | (0.23) |
| Dividends from net realized gains |  |  |  | (0.13) | (0.01) |
| Total distributions\*\* | (0.34) | (0.34) | (0.32) | (0.37) | (0.24) |
| Net asset value, end of year | $9.14 | $8.96 | $8.38 | $8.67 | $10.61 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 6.05% | 11.03% | 0.18% | (15.13%) | 0.01% |
| Net assets, end of year (000) | $9769 | $11500 | $11764 | $14662 | $22394 |
| Ratio of net expenses to average net assets | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.26% | 1.21% | 1.24% | 1.15% | 1.01% |
| Ratio of net investment income (loss) to average net assets | 3.48% | 3.54% | 3.36% | 2.48% | 1.77% |
| Portfolio turnover rate | 13% | 66% | 41% | 28% | 51% |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Total Return Bond Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $8.96 | $8.38 | $8.67 | $10.61 | $10.85 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.24 | 0.25 | 0.23 | 0.17 | 0.11 |
| Net realized and unrealized gain (loss) | 0.21 | 0.60 | (0.27) | (1.81) | (0.19) |
| Total from investment operations | 0.45 | 0.85 | (0.04) | (1.64) | (0.08) |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.27) | (0.27) | (0.25) | (0.17) | (0.15) |
| Dividends from net realized gains |  |  |  | (0.13) | (0.01) |
| Total distributions\*\* | (0.27) | (0.27) | (0.25) | (0.30) | (0.16) |
| Net asset value, end of year | $9.14 | $8.96 | $8.38 | $8.67 | $10.61 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 5.15% | 10.21% | (0.57%) | (15.76%) | (0.74%) |
| Net assets, end of year (000) | $272 | $200 | $323 | $549 | $800 |
| Ratio of net expenses to average net assets | 1.65% | 1.65% | 1.65% | 1.65% | 1.65% |
| Ratio of gross expenses to average net assets prior to expense reductions | 2.01% | 1.95% | 1.99% | 1.90% | 1.76% |
| Ratio of net investment income (loss) to average net assets | 2.72% | 2.80% | 2.60% | 1.72% | 1.02% |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com

------

Calamos Total Return Bond Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $8.97 | $8.39 | $8.68 | $10.61 | $10.85 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.33 | 0.33 | 0.32 | 0.26 | 0.22 |
| Net realized and unrealized gain (loss) | 0.21 | 0.61 | (0.27) | (1.79) | (0.20) |
| Total from investment operations | 0.54 | 0.94 | 0.05 | (1.53) | 0.02 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.36) | (0.36) | (0.34) | (0.27) | (0.25) |
| Dividends from net realized gains |  |  |  | (0.13) | (0.01) |
| Total distributions\*\* | (0.36) | (0.36) | (0.34) | (0.40) | (0.26) |
| Net asset value, end of year | $9.15 | $8.97 | $8.39 | $8.68 | $10.61 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 6.31% | 11.17% | 0.55% | (14.92%) | 0.17% |
| Net assets, end of year (000) | $19067 | $18530 | $19236 | $18622 | $43979 |
| Ratio of net expenses to average net assets | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.01% | 0.92% | 0.99% | 0.88% | 0.76% |
| Ratio of net investment income (loss) to average net assets | 3.73% | 3.76% | 3.61% | 2.65% | 2.02% |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos High Income Opportunities Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $7.80 | $7.22 | $7.30 | $8.58 | $7.96 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.48 | 0.48 | 0.45 | 0.37 | 0.35 |
| Net realized and unrealized gain (loss) | 0.03 | 0.59 | (0.07) | (1.27) | 0.66 |
| Total from investment operations | 0.51 | 1.07 | 0.38 | (0.90) | 1.01 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.49) | (0.49) | (0.46) | (0.38) | (0.27) |
| Dividends from net realized gains |  |  |  |  |  |
| Return of capital |  |  |  |  | (0.12) |
| Total distributions\*\* | (0.49) | (0.49) | (0.46) | (0.38) | (0.39) |
| Net asset value, end of year | $7.82 | $7.80 | $7.22 | $7.30 | $8.58 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 6.65% | 15.18% | 5.22% | (10.67%) | 12.88% |
| Net assets, end of year (000) | $26252 | $27554 | $25252 | $26775 | $34550 |
| Ratio of net expenses to average net assets | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.40% | 1.37% | 1.43% | 1.40% | 1.33% |
| Ratio of net investment income (loss) to average net assets | 6.13% | 6.27% | 6.12% | 4.71% | 4.10% |
| Portfolio turnover rate | 39% | 42% | 25% | 30% | 49% |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com

------

Calamos High Income Opportunities Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $8.41 | $7.74 | $7.80 | $9.14 | $8.45 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.45 | 0.45 | 0.43 | 0.33 | 0.31 |
| Net realized and unrealized gain (loss) | 0.03 | 0.65 | (0.09) | (1.35) | 0.71 |
| Total from investment operations | 0.48 | 1.10 | 0.34 | (1.02) | 1.02 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.43) | (0.43) | (0.40) | (0.32) | (0.21) |
| Dividends from net realized gains |  |  |  |  |  |
| Return of capital |  |  |  |  | (0.12) |
| Total distributions\*\* | (0.43) | (0.43) | (0.40) | (0.32) | (0.33) |
| Net asset value, end of year | $8.46 | $8.41 | $7.74 | $7.80 | $9.14 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 5.96% | 14.32% | 4.35% | (11.35%) | 12.11% |
| Net assets, end of year (000) | $365 | $379 | $438 | $471 | $677 |
| Ratio of net expenses to average net assets | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| Ratio of gross expenses to average net assets prior to expense reductions | 2.15% | 2.12% | 2.18% | 2.15% | 2.08% |
| Ratio of net investment income (loss) to average net assets | 5.38% | 5.52% | 5.37% | 3.95% | 3.38% |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos High Income Opportunities Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $7.81 | $7.22 | $7.30 | $8.58 | $7.96 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.50 | 0.50 | 0.47 | 0.39 | 0.37 |
| Net realized and unrealized gain (loss) | 0.02 | 0.60 | (0.07) | (1.27) | 0.67 |
| Total from investment operations | 0.52 | 1.10 | 0.40 | (0.88) | 1.04 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.51) | (0.51) | (0.48) | (0.40) | (0.30) |
| Dividends from net realized gains |  |  |  |  |  |
| Return of capital |  |  |  |  | (0.12) |
| Total distributions\*\* | (0.51) | (0.51) | (0.48) | (0.40) | (0.42) |
| Net asset value, end of year | $7.82 | $7.81 | $7.22 | $7.30 | $8.58 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 7.04% | 15.46% | 5.48% | (10.45%) | 13.16% |
| Net assets, end of year (000) | $8669 | $9503 | $7786 | $9150 | $9267 |
| Ratio of net expenses to average net assets | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Ratio of gross expenses to average net assets prior to expense reductions | 1.15% | 1.12% | 1.18% | 1.15% | 1.08% |
| Ratio of net investment income (loss) to average net assets | 6.38% | 6.52% | 6.36% | 4.98% | 4.34% |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com

------

Calamos Short-Term Bond Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $9.53 | $9.30 | $9.28 | $9.91 | $10.23 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.41 | 0.37 | 0.28 | 0.13 | 0.15 |
| Net realized and unrealized gain (loss) | 0.11 | 0.30 | 0.07 | (0.62) | (0.07) |
| Total from investment operations | 0.52 | 0.67 | 0.35 | (0.49) | 0.08 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.42) | (0.44) | (0.33) | (0.14) | (0.31) |
| Dividends from net realized gains |  |  |  |  | (0.09) |
| Total distributions\*\* | (0.42) | (0.44) | (0.33) | (0.14) | (0.40) |
| Net asset value, end of year | $9.63 | $9.53 | $9.30 | $9.28 | $9.91 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 5.59% | 7.28% | 3.79% | (4.99%) | 0.85% |
| Net assets, end of year (000) | $6084 | $3825 | $3523 | $2128 | $2661 |
| Ratio of net expenses to average net assets | 0.63% | 0.63% | 0.63% | 0.63% | 0.65% |
| Ratio of gross expenses to average net assets prior to expense reductions | 0.64% | 0.63% | 0.63% | 0.63% | 0.65% |
| Ratio of net investment income (loss) to average net assets | 4.25% | 3.86% | 2.94% | 1.36% | 1.51% |
| Portfolio turnover rate | 36% | 41% | 41% | 48% | 44% |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Short-Term Bond Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value, beginning of year | $9.52 | $9.29 | $9.28 | $9.91 | $10.23 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.43 | 0.39 | 0.30 | 0.15 | 0.17 |
| Net realized and unrealized gain (loss) | 0.12 | 0.30 | 0.06 | (0.62) | (0.06) |
| Total from investment operations | 0.55 | 0.69 | 0.36 | (0.47) | 0.11 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.45) | (0.46) | (0.35) | (0.16) | (0.34) |
| Dividends from net realized gains |  |  |  |  | (0.09) |
| Total distributions\*\* | (0.45) | (0.46) | (0.35) | (0.16) | (0.43) |
| Net asset value, end of year | $9.62 | $9.52 | $9.29 | $9.28 | $9.91 |
| Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
| Total return(b) | 5.85% | 7.56% | 3.93% | (4.77%) | 1.11% |
| Net assets, end of year (000) | $405022 | $363227 | $354109 | $356908 | $306398 |
| Ratio of net expenses to average net assets | 0.38% | 0.38% | 0.39% | 0.38% | 0.40% |
| Ratio of gross expenses to average net assets prior to expense reductions | 0.39% | 0.38% | 0.39% | 0.38% | 0.40% |
| Ratio of net investment income (loss) to average net assets | 4.50% | 4.10% | 3.17% | 1.58% | 1.73% |

---

\*\* Distribution for annual periods determined in accordance with federal income tax regulations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com

------

Market Neutral Income Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| **CONVERTIBLE BONDS (39.5%)** |  |  |
|  | Communication Services (3.4%) | Communication Services (3.4%) |
| 15036000 | AST SpaceMobile, Inc.\*<br>2.000%, 01/15/36 | $16007175 |
| 15000000 | 2.375%, 10/15/32 | 21165750 |
| 8000000 | 4.250%, 03/01/32~ | 25718080 |
| 7500000 | Bandwidth, Inc.~<br>0.500%, 04/01/28 | 6367350 |
| 75000000 | DoorDash, Inc.\*~<br>0.000%, 05/15/30 | 82890000 |
| 37190000 | JD.com, Inc.~<br>0.250%, 06/01/29 | 39318012 |
| 15000000 | Live Nation Entertainment, Inc.<br>3.125%, 01/15/29~ | 22669800 |
| 5996000 | 2.875%, 01/15/30\*^ | 6400190 |
| 20000000 | Lyft, Inc.<br>0.000%, 09/15/30\* | 23348800 |
| 6000000 | 0.625%, 03/01/29^ | 7464180 |
| 21845000 | MakeMyTrip Ltd.\*<br>0.000%, 07/01/30 | 21066226 |
| 15000000 | Match Group Financeco 2, <br>Inc.\*~<br>0.875%, 06/15/26 | 14621400 |
| 40000000 | Match Group Financeco 3, <br>Inc.\*~<br>2.000%, 01/15/30 | 36253600 |
| 66589000 | Sea Ltd.~<br>0.250%, 09/15/26 | 64147847 |
| 24076000 | Snap, Inc.<br>0.125%, 03/01/28~ | 21628916 |
| 8952000 | 0.500%, 05/01/30 | 7778124 |
| 7500000 | Sphere Entertainment Co.<br>3.500%, 12/01/28 | 15459075 |
| 25000000 | Trip.com Group Ltd.<br>0.750%, 06/15/29 | 30592500 |
| 15000000 | TripAdvisor, Inc.~<br>0.250%, 04/01/26 | 14683500 |
| 27000000 | Uber Technologies, Inc.~^<br>0.875%, 12/01/28 | 39447540 |
| 4000000 | Weibo Corp.<br>1.375%, 12/01/30 | 4828800 |
| 16500000 | Wix.com Ltd.\*^<br>0.000%, 09/15/30 | 16370475 |
| 15000000 | Xiaomi Best Time International <br>Ltd.<br>0.000%, 12/17/27 | 18568200 |
| 20000000 | Ziff Davis, Inc.<br>1.750%, 11/01/26 | 19291400 |
|  |  | 576086940 |
|  | Consumer Discretionary (7.8%) | Consumer Discretionary (7.8%) |
| 116893000 | Airbnb, Inc.~^<br>0.000%, 03/15/26 | 114881271 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT | PRINCIPAL <br>AMOUNT |  | VALUE |
| 175000000 |  | Alibaba Group Holding Ltd.<br>0.500%, 06/01/31 | $309452500 |
| 20000000 |  | Carnival Corp.~<br>5.750%, 12/01/27 | 44512000 |
| 8000000 |  | Cheesecake Factory, Inc.\*^<br>2.000%, 03/15/30 | 7901920 |
| 7000000 |  | Cracker Barrel Old Country <br>Store, Inc.\*<br>1.750%, 09/15/30 | 5767090 |
| 15000000  | EUR | Delivery Hero SE<br>1.500%, 01/15/28 | 16235595 |
| 55500000 |  | DraftKings Holdings, Inc.~^<br>0.000%, 03/15/28 | 49474365 |
| 50000000 |  | Etsy, Inc.<br>0.250%, 06/15/28~ | 44658500 |
| 20000000 |  | 0.125%, 10/01/26~ | 20474000 |
| 10000000 |  | 1.000%, 06/15/30\*^ | 10673900 |
| 18500000 |  | Farfetch Ltd.@<br>3.750%, 05/01/27 | 133200 |
| 30000000 |  | Fiverr International Ltd.<br>0.000%, 11/01/25 | 29961900 |
| 12500000 |  | Ford Motor Co.~<br>0.000%, 03/15/26 | 13092375 |
| 90000000 |  | GameStop Corp.\*<br>0.000%, 06/15/32 | 92298600 |
| 20000000 |  | 0.000%, 04/01/30 | 20622200 |
| 6500000 |  | Groupon, Inc.\*<br>6.250%, 03/15/27 | 7145840 |
| 15000000 |  | Guess?, Inc.~<br>3.750%, 04/15/28 | 14898900 |
| 1310000000  | JPY | Kyoritsu Maintenance Co. Ltd.<br>0.000%, 01/29/26 | 10898306 |
| 5000000 |  | LCI Industries<br>1.125%, 05/15/26 | 4908600 |
| 15000000 |  | Li Auto, Inc.~<br>0.250%, 05/01/28 | 15799200 |
| 10000000 |  | Liberty Broadband Corp. <br>(Charter Communications)\*~§<br>3.125%, 03/31/53 | 9897800 |
| 15000000 |  | Live Nation Entertainment, Inc.\*<br>2.875%, 10/15/31 | 14886150 |
| 45000000 |  | Lucid Group, Inc.\*~<br>5.000%, 04/01/30 | 36419400 |
| 4000000 |  | Luminar Technologies, Inc.\*<br>1.250%, 12/15/26 | 1755200 |
| 10000000 |  | Marriott Vacations Worldwide <br>Corp.~<br>3.250%, 12/15/27^ | 9542200 |
| 7000000 |  | 0.000%, 01/15/26 | 6930210 |
| 35972000 |  | NCL Corp. Ltd.\*~<br>0.750%, 09/15/30 | 34590316 |
| 25000000 |  | NIO, Inc.<br>3.875%, 10/15/29~ | 25857250 |
| 15000000 |  | 4.625%, 10/15/30 | 15188700 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Market Neutral Income Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 15000000 | PDD Holdings, Inc.<br>0.000%, 12/01/25 | $| 14940150 |
| 12500000 | Peloton Interactive, Inc.<br>5.500%, 12/01/29 |  | 23772500 |
| 62000000 | Rivian Automotive, Inc.~^<br>3.625%, 10/15/30 |  | 53011860 |
| 30500000 | 4.625%, 03/15/29 |  | 29892135 |
| 10245000 | Shake Shack, Inc.~<br>0.000%, 03/01/28 |  | 9847289 |
| 25833000 | Stride, Inc.~<br>1.125%, 09/01/27 |  | 35846129 |
| 4642000 | Vail Resorts, Inc.<br>0.000%, 01/01/26 |  | 4603564 |
| 49675000 | Wayfair, Inc.~<br>3.500%, 11/15/28 |  | 117028836 |
| 25555000 | 3.250%, 09/15/27 |  | 43550575 |
| 7029000 | Wynn Macau Ltd.\*<br>4.500%, 03/07/29 |  | 7393594 |
|  |  |  | 1328744120 |
|  | Consumer Staples (0.6%) | Consumer Staples (0.6%) | Consumer Staples (0.6%) |
| 12401000 | Alnylam Pharmaceuticals, <br>Inc.\*^<br>0.000%, 09/15/28 |  | 12409805 |
| 6472078 | Beyond Meat, Inc.<br>7.000%, 10/15/30 |  | 6771411 |
| 14808000 | Euronet Worldwide, Inc.\*^<br>0.625%, 10/01/30 |  | 13452476 |
| 11000000 | Hertz Corp.\*<br>5.500%, 10/01/30 |  | 8467360 |
| 12500000 | Jazz Investments I Ltd.^<br>3.125%, 09/15/30 |  | 15243125 |
| 10000000 | Oddity Finance LLC\*^<br>0.000%, 06/15/30 |  | 8853700 |
| 8000000 | Oscar Health, Inc.\*<br>2.250%, 09/01/30 |  | 8692880 |
| 15000000 | Post Holdings, Inc.~^<br>2.500%, 08/15/27 |  | 16509750 |
| 7000000 | Spectrum Brands, Inc.<br>3.375%, 06/01/29 |  | 6531420 |
|  |  |  | 96931927 |
|  | Energy (0.1%) | Energy (0.1%) | Energy (0.1%) |
| 15000000 | Chesapeake Energy Corp.<br>0.000%, 09/15/26 |  | 60000 |
| 5000000 | Golar LNG Ltd.\*^<br>2.750%, 12/15/30 |  | 5074400 |
| 5000000 | Northern Oil & Gas, Inc.<br>3.625%, 04/15/29~ |  | 4854800 |
| 4000000 | 3.625%, 04/15/29\* |  | 3884160 |
| 6000000 | World Kinect Corp.<br>3.250%, 07/01/28 |  | 6663420 |
|  |  |  | 20536780 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
|  | Financials (2.5%) | Financials (2.5%) |
| 37500000 | BofA Finance LLC <br>(Merck & Co., Inc.)§~<br>0.600%, 05/25/27 | $37407750 |
| 10000000 | Boston Properties LP\*^<br>2.000%, 10/01/30 | 9825400 |
| 22895000 | Cipher Mining, Inc.\*<br>0.000%, 10/01/31 | 32571572 |
| 45468000 | Coinbase Global, Inc.<br>0.250%, 04/01/30~^ | 58139022 |
| 36205000 | 0.000%, 10/01/32\* | 40543445 |
| 27500000 | 0.500%, 06/01/26~^ | 30985625 |
| 25000000 | 0.000%, 10/01/29\*~^ | 27216000 |
| 11000000 | Federal Realty OP LP\*~<br>3.250%, 01/15/29 | 11055110 |
| 34916000 | Global Payments, Inc.<br>1.500%, 03/01/31 | 31506453 |
| 100000000 <br> HKD | Happy Ever Holdings Ltd.<br>0.500%, 07/16/30 | 12546345 |
| 10770000 | IREN Ltd.\*<br>0.000%, 07/01/31 | 11405430 |
| 75000000 <br> HKD | Link CB Ltd.<br>4.500%, 12/12/27 | 9876521 |
| 20000000 | Ping An Insurance Group Co. <br>of China Ltd.<br>0.875%, 07/22/29 | 28607600 |
| 7500000 | Rexford Industrial Realty LP\*<br>4.375%, 03/15/27~ | 7531650 |
| 7500000 | 4.125%, 03/15/29^ | 7588800 |
| 5000000 | Starwood Property Trust, Inc.~<br>6.750%, 07/15/27 | 5188100 |
| 10000000 | Terawulf, Inc.\*<br>0.000%, 05/01/32 | 10367900 |
| 15060000 | Upstart Holdings, Inc.\*<br>0.000%, 02/15/32 | 12826602 |
| 15000000 | Ventas Realty LP~<br>3.750%, 06/01/26 | 20270850 |
| 4000000 | WisdomTree, Inc.<br>4.625%, 08/15/30\*^ | 4108160 |
| 4000000 | 3.250%, 08/15/29 | 4747040 |
|  |  | 414315375 |
|  | Health Care (1.7%) | Health Care (1.7%) |
| 10000000 | Amphastar Pharmaceuticals, Inc.<br>2.000%, 03/15/29 | 9029300 |
| 5000000 | Bridgebio Pharma, Inc.~<br>2.250%, 02/01/29 | 5286650 |
| 27500000 | CONMED Corp.~<br>2.250%, 06/15/27 | 26333175 |
| 30000000 | Dexcom, Inc.~<br>0.375%, 05/15/28 | 27270000 |
| 5000000 | Envista Holdings Corp.<br>1.750%, 08/15/28 | 4751750 |
| 10000000 | Haemonetics Corp.^<br>2.500%, 06/01/29 | 9358400 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Market Neutral Income Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 37000000 | Halozyme Therapeutics, Inc.~<br>1.000%, 08/15/28 | $| 48698660 |
| 14589000 | Hims & Hers Health, Inc.\*<br>0.000%, 05/15/30 |  | 14685287 |
| 10000000 | Innoviva, Inc.~<br>2.125%, 03/15/28 |  | 9864200 |
| 13276000 | Integer Holdings Corp.\*~<br>1.875%, 03/15/30 |  | 11503256 |
| 12366000 | Ionis Pharmaceuticals, Inc.~<br>1.750%, 06/15/28 |  | 18824885 |
| 5000000 | iRhythm Technologies, Inc.<br>1.500%, 09/01/29 |  | 7309100 |
| 15000000 | Jazz Investments I Ltd.~<br>2.000%, 06/15/26 |  | 16098000 |
| 5000000 | Lantheus Holdings, Inc.~<br>2.625%, 12/15/27 |  | 5548100 |
| 5000000 | Ligand Pharmaceuticals, Inc.\*^<br>0.750%, 10/01/30 |  | 5865500 |
| 10000000 | Merit Medical Systems, Inc.\*~<br>3.000%, 02/01/29 |  | 12104400 |
| 6500000 | Pacira BioSciences, Inc.<br>2.125%, 05/15/29 |  | 6216535 |
| 15000000 | Sarepta Therapeutics, Inc.~<br>1.250%, 09/15/27 |  | 13410750 |
| 12500000 | SmileDirectClub, Inc.\*@!!<br>0.000%, 02/01/26 |  | 2250 |
| 8550000 | Tandem Diabetes Care, Inc.<br>1.500%, 03/15/29 |  | 7817265 |
| 16250000 | Teladoc Health, Inc.~^<br>1.250%, 06/01/27 |  | 15287025 |
| 14219000 | Tempus AI, Inc.\*<br>0.750%, 07/15/30 |  | 19353908 |
|  |  |  | 294618396 |
|  | Industrials (2.6%) | Industrials (2.6%) | Industrials (2.6%) |
| 6489000 | AeroVironment, Inc.^<br>0.000%, 07/15/30 |  | 9089467 |
| 10000000 | Avnet, Inc.\*^<br>1.750%, 09/01/30 |  | 9877900 |
| 25000000 | Axon Enterprise, Inc.~<br>0.500%, 12/15/27 |  | 80108000 |
| 35000000 | Bloom Energy Corp.<br>0.000%, 11/15/30\*†† |  | 35574350 |
| 11000000 | 3.000%, 06/01/28~ |  | 77609510 |
| 12500000 | Fluor Corp.~^<br>1.125%, 08/15/29 |  | 16124125 |
| 7000000 | Granite Construction, Inc.~<br>3.750%, 05/15/28 |  | 15923320 |
| 6600000 | Greenbrier Cos., Inc.~<br>2.875%, 04/15/28 |  | 6863010 |
| 20000000 | JBT Marel Corp.<br>0.250%, 05/15/26~ |  | 19983000 |
| 14795000 | 0.375%, 09/15/30\*^ |  | 13812316 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT | PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 7500000 |  | Mirion Technologies, Inc.\*^<br>0.000%, 10/01/31 | $| 9345375 |
| 1000000000  | JPY | Nikkon Holdings Co. Ltd.<br>0.000%, 12/12/31 |  | 11172669 |
| 20000000  | EUR | Rheinmetall AG<br>2.250%, 02/07/30 |  | 127302822 |
| 4000000 |  | Stem, Inc.\*~<br>0.500%, 12/01/28 |  | 1432640 |
| 10000000 |  | Upwork, Inc.~<br>0.250%, 08/15/26 |  | 9728300 |
|  |  |  |  | 443946804 |
|  |  | Information Technology (15.2%) | Information Technology (15.2%) | Information Technology (15.2%) |
| 5000000 |  | Advanced Energy Industries, <br>Inc.~<br>2.500%, 09/15/28 |  | 7990950 |
| 48500000 |  | Akamai Technologies, Inc.~^<br>0.375%, 09/01/27 |  | 46736540 |
| 45000000 |  | 1.125%, 02/15/29 |  | 42537600 |
| 23422000 |  | 0.250%, 05/15/33\* |  | 23703298 |
| 30000000 |  | Alarm.com Holdings, Inc.<br>0.000%, 01/15/26~ |  | 29719800 |
| 20000000 |  | 2.250%, 06/01/29 |  | 18842400 |
| 16398000 |  | Bentley Systems, Inc.~<br>0.125%, 01/15/26 |  | 16273211 |
| 58355000 |  | Bill Holdings, Inc.\*~<br>0.000%, 04/01/30 |  | 51780142 |
| 39921000 |  | BlackLine, Inc.^<br>1.000%, 06/01/29 |  | 42927051 |
| 41000000 |  | Block, Inc.~^<br>0.000%, 05/01/26 |  | 40024200 |
| 20000000 |  | 0.250%, 11/01/27 |  | 18404000 |
| 12000000 |  | Box, Inc.<br>0.000%, 01/15/26~ |  | 14920680 |
| 11951000 |  | 1.500%, 09/15/29 |  | 12066088 |
| 5000000 |  | Camtek Ltd.\*<br>0.000%, 09/15/30 |  | 6302650 |
| 50000000 |  | Cloudflare, Inc.~<br>0.000%, 08/15/26 |  | 70086500 |
| 25000000 |  | 0.000%, 06/15/30\* |  | 31210000 |
| 25000000 |  | Commvault Systems, Inc.\*~<br>0.000%, 09/15/30 |  | 22858500 |
| 50000000 |  | Confluent, Inc.~<br>0.000%, 01/15/27 |  | 47741000 |
| 29963000 |  | CSG Systems International, <br>Inc.~<br>3.875%, 09/15/28 |  | 35927734 |
| 30000000 |  | CyberArk Software Ltd.\*~<br>0.000%, 06/15/30 |  | 35059500 |
| 15000000 |  | Datadog, Inc.\*~^<br>0.000%, 12/01/29 |  | 15924150 |
| 29882000 |  | Dayforce, Inc.<br>0.250%, 03/15/26 |  | 29365639 |
| 7000000 |  | DigitalOcean Holdings, Inc.\*^<br>0.000%, 08/15/30 |  | 8756090 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Market Neutral Income Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
|  | Dropbox, Inc.~ |  |
| 27750000 | 0.000%, 03/01/28^ | $28332750 |
| 23000000 | 0.000%, 03/01/26 | 22695940 |
| 20000000 | Enphase Energy, Inc.~<br>0.000%, 03/01/26 | 19644600 |
| 16000000 | 0.000%, 03/01/28 | 13871200 |
| 41995000 | Five9, Inc.<br>1.000%, 03/15/29 | 37499015 |
| 15000000 | Guidewire Software, Inc.\*^<br>1.250%, 11/01/29 | 17761050 |
| 10000000 | InterDigital, Inc.~<br>3.500%, 06/01/27 | 46902400 |
| 4000000 | IREN Ltd.\*<br>3.500%, 12/15/29 | 18347480 |
| 25000000 | Itron, Inc.~<br>1.375%, 07/15/30^ | 25784000 |
| 10800000 | 0.000%, 03/15/26 | 10709496 |
| 15000000 | Jamf Holding Corp.~<br>0.125%, 09/01/26 | 14711100 |
| 8000000 | Lenovo Group Ltd.<br>2.500%, 08/26/29 | 11389760 |
| 30000000 | Lumentum Holdings, Inc.<br>0.375%, 03/15/32\*~^ | 39722700 |
| 12000000 | 0.500%, 12/15/26~ | 24771840 |
| 10000000 | 1.500%, 12/15/29^ | 29616300 |
| 20000000 | MARA Holdings, Inc.<br>0.000%, 08/01/32\*^ | 21926600 |
| 17000000 | 0.000%, 03/01/30\*^ | 17440640 |
| 7000000 | 2.125%, 09/01/31 | 8603770 |
| 20000000 | Microchip Technology, Inc.<br>0.750%, 06/01/30 | 19548800 |
| 4000000 | Mirion Technologies, Inc.\*^<br>0.250%, 06/01/30 | 5775480 |
| 15000000 | MKS, Inc.^<br>1.250%, 06/01/30 | 17987550 |
| 27548000 | Nebius Group NV\*<br>2.750%, 09/15/32 | 35322046 |
| 16605000 | 1.000%, 09/15/30 | 21196283 |
| 10000000 | Nova Ltd.\*^<br>0.000%, 09/15/30 | 12806200 |
| 10000000 | Nutanix, Inc.<br>0.500%, 12/15/29\*^ | 11033800 |
| 8960000 | 0.250%, 10/01/27~ | 11993856 |
| 50000000 | ON Semiconductor Corp.~<br>0.500%, 03/01/29^ | 46451500 |
| 25000000 | 0.000%, 05/01/27 | 29007250 |
| 17466000 | PagerDuty, Inc.<br>1.500%, 10/15/28 | 16920362 |
| 8000000 | Pitney Bowes, Inc.\*<br>1.500%, 08/15/30 | 7786080 |
| 12500000 | Progress Software Corp.<br>1.000%, 04/15/26~ | 12453125 |
| 10000000 | 3.500%, 03/01/30^ | 10155900 |
| 30625000 | Q2 Holdings, Inc.<br>0.125%, 11/15/25 | 30542313 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
|  | Rapid7, Inc. |  |
| 17465000 | 1.250%, 03/15/29 | $15738410 |
| 9500000 | 0.250%, 03/15/27 | 8982820 |
| 41100000 | RingCentral, Inc.~<br>0.000%, 03/15/26 | 40268136 |
| 6818000 | Riot Platforms, Inc.\*^<br>0.750%, 01/15/30 | 10661307 |
| 25404000 | Rubrik, Inc.\*^<br>0.000%, 06/15/30 | 24660679 |
| 20000000 | Seagate HDD Cayman~^<br>3.500%, 06/01/28 | 62628800 |
| 5000000 | Semtech Corp.\*<br>0.000%, 10/15/30 | 5119600 |
| 21493000 | Shift4 Payments, Inc.<br>0.500%, 08/01/27 | 21170820 |
| 7500000 | 0.000%, 12/15/25~ | 7493850 |
| 15000000 | Shopify, Inc.<br>0.125%, 11/01/25 | 17109000 |
| 65000000 | Snowflake, Inc.<br>0.000%, 10/01/27~ | 116676300 |
| 2500000 | 0.000%, 10/01/29 | 4606900 |
| 110000000 | Spotify USA, Inc.~<br>0.000%, 03/15/26 | 142186000 |
| 82000000 | Strategy, Inc.<br>0.000%, 12/01/29\*~^ | 71631100 |
| 48000000 | 0.625%, 03/15/30 | 92020800 |
| 35000000 | 2.250%, 06/15/32~^ | 54552750 |
| 30000000 | 0.875%, 03/15/31 | 41739600 |
| 55000000 | Super Micro Computer, Inc.<br>3.500%, 03/01/29 | 58696000 |
| 40000000 | 0.000%, 06/15/30\* | 47128800 |
| 7000000 | Synaptics, Inc.\*<br>0.750%, 12/01/31 | 7073360 |
| 8123000 | Terawulf, Inc.\*<br>1.000%, 09/01/31 | 12064280 |
| 44350000 | Unity Software, Inc.<br>0.000%, 11/15/26~ | 42298369 |
| 2373000 | 0.000%, 03/15/30\*^ | 3096314 |
| 9966000 | Verint Systems, Inc.<br>0.250%, 04/15/26 | 9840528 |
| 5000000 | Vertex, Inc.<br>0.750%, 05/01/29 | 4994850 |
| 4137000 | Viavi Solutions, Inc.\*<br>0.625%, 03/01/31 | 5839541 |
| 10000000 | Vishay Intertechnology, Inc.<br>2.250%, 09/15/30 | 9342300 |
| 55000000 | Western Digital Corp.~<br>3.000%, 11/15/28 | 220946000 |
| 17862000 | Workiva, Inc.<br>1.250%, 08/15/28^ | 17789659 |
| 7516000 | 1.125%, 08/15/26 | 8778237 |
| 15000000 | Xerox Holdings Corp.<br>3.750%, 03/15/30 | 5523750 |
| 15000000 | Zscaler, Inc.\*<br>0.000%, 07/15/28 | 15489150 |
|  |  | 2574016919 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Market Neutral Income Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
|  | Materials (0.5%) | Materials (0.5%) |
| 15000000 | Amyris, Inc.@<br>0.000%, 11/15/26 | $111600 |
| 15000000 | Centrus Energy Corp.\*~<br>0.000%, 08/15/32 | 26500200 |
| 10000000 | Energy Fuels, Inc.\*^<br>0.750%, 11/01/31 | 12911400 |
| 10000000 | MP Materials Corp.\*~<br>3.000%, 03/01/30 | 30341100 |
| 10000000 | Stillwater Mining Co.<br>4.250%, 11/28/28 | 20881300 |
|  |  | 90745600 |
|  | Real Estate (0.4%) | Real Estate (0.4%) |
| 11254000 | Digital Realty Trust LP\*^<br>1.875%, 11/15/29 | 11896266 |
| 20000000 | Welltower OP LLC\*<br>2.750%, 05/15/28~ | 38118000 |
| 9082000 | 3.125%, 07/15/29 | 13497032 |
|  |  | 63511298 |
|  | Utilities (4.7%) | Utilities (4.7%) |
| 25000000 | Alliant Energy Corp.~<br>3.875%, 03/15/26 | 26858000 |
| 15000000 | 3.250%, 05/30/28\*^ | 15504750 |
| 50000000 | American Water Capital Corp.~<br>3.625%, 06/15/26 | 49856500 |
| 25000000 | CenterPoint Energy, Inc.~<br>4.250%, 08/15/26^ | 27523000 |
| 25000000 | 3.000%, 08/01/28\* | 25414250 |
| 15040000 | CMS Energy Corp.~<br>3.375%, 05/01/28 | 16581449 |
| 65000000 | Duke Energy Corp.~<br>4.125%, 04/15/26 | 70040100 |
| 55000000 | Evergy, Inc.~<br>4.500%, 12/15/27 | 69944600 |
| 55000000 | FirstEnergy Corp.\*~<br>3.875%, 01/15/31 | 59868600 |
| 40000000 | NextEra Energy Capital <br>Holdings, Inc.~<br>3.000%, 03/01/27 | 50174800 |
| 12752000 | PG&E Corp.~<br>4.250%, 12/01/27 | 13114029 |
| 10000000 | Pinnacle West Capital Corp.<br>4.750%, 06/15/27 | 10714400 |
| 36922000 | PPL Capital Funding, Inc.~^<br>2.875%, 03/15/28 | 41913116 |
| 65932000 | Southern Co.~<br>3.250%, 06/15/28\*^ | 67194598 |
| 60000000 | 4.500%, 06/15/27 | 66598800 |
| 6670000 | 3.875%, 12/15/25^ | 7515089 |
| 8000000 | Sunnova Energy International, <br>Inc.@<br>2.625%, 02/15/28 | 16880 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 24919000 | TXNM Energy, Inc.<br>5.750%, 06/01/54 | $| 32668560 |
| 20000000 | UGI Corp.<br>5.000%, 06/01/28 |  | 25664000 |
| 40000000 | WEC Energy Group, Inc.<br>4.375%, 06/01/29~ |  | 48649200 |
| 35000000 | 4.375%, 06/01/27 |  | 41246450 |
| 35000000 | 3.375%, 06/01/28\*^ |  | 36121050 |
|  |  |  | 803182221 |
|  | **TOTAL CONVERTIBLE <br>BONDS**<br> (Cost $5,603,878,051) |  | 6706636380 |
| **CORPORATE BONDS (0.3%)** |  |  |  |
|  | Consumer Discretionary (0.1%) | Consumer Discretionary (0.1%) | Consumer Discretionary (0.1%) |
| 5000000 | American Honda Finance <br>Corp.~<br>4.750%, 01/12/26 |  | 5005950 |
| 5000000 | AutoZone, Inc.~<br>5.050%, 07/15/26 |  | 5032150 |
| 5000000 | General Motors Financial Co., <br>Inc.~<br>1.250%, 01/08/26 |  | 4971600 |
|  |  |  | 15009700 |
|  | Energy (0.0%) | Energy (0.0%) | Energy (0.0%) |
| 5000000 | Enterprise Products Operating <br>LLC~<br>5.050%, 01/10/26 |  | 5008050 |
| 3000000 | Williams Cos., Inc.~<br>5.400%, 03/02/26 |  | 3012060 |
|  |  |  | 8020110 |
|  | Financials (0.1%) | Financials (0.1%) | Financials (0.1%) |
| 5000000 | PayPal Holdings, Inc.~<br>2.650%, 10/01/26 |  | 4946700 |
| 5000000 | State Street Corp.‡<br>5.751%, 11/04/26<br>1 day USD SOFR + 1.35% |  | 5000000 |
|  |  |  | 9946700 |
|  | Health Care (0.0%) | Health Care (0.0%) | Health Care (0.0%) |
| 5000000 | CVS Health Corp.~<br>5.000%, 02/20/26 |  | 5007750 |
|  | Information Technology (0.1%) | Information Technology (0.1%) | Information Technology (0.1%) |
| 3500000 | Broadridge Financial Solutions, <br>Inc.~<br>3.400%, 06/27/26 |  | 3479490 |
| 5900393 | LivePerson, Inc.\*<br>10.000%, 12/15/29 |  | 2773185 |
| 3000000 | Mercedes-Benz Finance North <br>America LLC\*~<br>5.375%, 11/26/25 |  | 3001890 |
| 5000000 | Take-Two Interactive Software, <br>Inc.~<br>5.000%, 03/28/26 |  | 5014800 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Market Neutral Income Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 4088481 | Wolfspeed, Inc.<br>7.000%, 06/15/31 | $ | 3472347 |
|  |  |  | 17741712 |
|  | **TOTAL CORPORATE BONDS**<br> (Cost $67,856,724) |  | 55725972 |
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| **CONVERTIBLE PREFERRED STOCKS (3.7%)** |  |  |  |
|  | Financials (1.0%) | Financials (1.0%) | Financials (1.0%) |
| 849428 | Apollo Global Management, <br>Inc.~<br>6.750%, 07/31/26 |  | 55501626 |
| 975000 | ARES Management Corp.~<br>6.750%, 10/01/27 |  | 46107750 |
| 1300000 | KKR & Co., Inc.<br>6.250%, 03/01/28 |  | 63726000 |
|  |  |  | 165335376 |
|  | Health Care (0.4%) | Health Care (0.4%) | Health Care (0.4%) |
| 300000 | BrightSpring Health Services, <br>Inc.~<br>6.750%, 02/01/27 |  | 33114000 |
| 100000 | Bruker Corp.#<br>6.375%, 09/01/28 |  | 31625000 |
|  |  |  | 64739000 |
|  | Industrials (0.7%) | Industrials (0.7%) | Industrials (0.7%) |
| 1000000 | Boeing Co.~<br>6.000%, 10/15/27 |  | 64720000 |
| 396461 | Chart Industries, Inc.~<br>6.750%, 12/15/25 |  | 28117014 |
| 500000 | QXO, Inc.<br>5.500%, 05/15/28 |  | 25525000 |
|  |  |  | 118362014 |
|  | Information Technology (1.1%) | Information Technology (1.1%) | Information Technology (1.1%) |
| 1050000 | Hewlett Packard Enterprise <br>Co.~<br>7.625%, 09/01/27 |  | 70959000 |
| 1000000 | Microchip Technology, Inc.^<br>7.500%, 03/15/28 |  | 57900000 |
| 450000 | Shift4 Payments, Inc.<br>6.000%, 05/01/28 |  | 38457000 |
| 200000 | Strategy, Inc.‡ ‡‡<br>8.000% |  | 17200000 |
|  |  |  | 184516000 |
|  | Materials (0.1%) | Materials (0.1%) | Materials (0.1%) |
| 600000 | Albemarle Corp.~^<br>7.250%, 03/01/27 |  | 26538000 |
|  | Utilities (0.4%) | Utilities (0.4%) | Utilities (0.4%) |
| 500000 | NextEra Energy, Inc.<br>7.299%, 06/01/27~ |  | 26265000 |
| 500000 | 7.234%, 11/01/27^ |  | 24455000 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 571201 | PG&E Corp.<br>6.000%, 12/01/27 | $ | 23476361 |
|  |  |  | 74196361 |
|  | **TOTAL CONVERTIBLE <br>PREFERRED STOCKS**<br> (Cost $573,516,697) |  | 633686751 |
| **COMMON STOCKS (62.4%)** |  |  |  |
|  | Communication Services (6.7%) | Communication Services (6.7%) | Communication Services (6.7%) |
| 911977 | Alphabet, Inc. - Class A~ |  | 256438813 |
| 947107 | Alphabet, Inc. - Class C~ |  | 266913695 |
| 991521 | AT&T, Inc. |  | 24540145 |
| 812875 | Comcast Corp. - Class A~ |  | 22626376 |
| 168795 | Electronic Arts, Inc. |  | 33769128 |
| 146933 | Fox Corp. - Class A |  | 9499218 |
| 183068 | Match Group, Inc. |  | 5920419 |
| 380942 | Meta Platforms, Inc. - Class A~ |  | 246983746 |
| 81792 | Netflix, Inc.~# |  | 91513797 |
| 130935 | T-Mobile U.S., Inc. |  | 27502897 |
| 1665326 | TEGNA, Inc. |  | 32756962 |
| 465965 | Uber Technologies, Inc.# |  | 44965622 |
| 756646 | Verizon Communications, Inc.~ |  | 30069112 |
| 367001 | Walt Disney Co.~ |  | 41331652 |
|  |  |  | 1134831582 |
|  | Consumer Discretionary (6.5%) | Consumer Discretionary (6.5%) | Consumer Discretionary (6.5%) |
| 1664535 | Amazon.com, Inc.~# |  | 406512738 |
| 825000 | Andretti Acquisition Corp. <br>II - Class A# |  | 8720250 |
| 140039 | Aptiv PLC# |  | 11357163 |
| 6813 | Booking Holdings, Inc.~ |  | 34594643 |
| 587155 | Carnival Corp.^# |  | 16927679 |
| 432629 | Chipotle Mexican Grill, Inc.# |  | 13710013 |
| 51943 | Darden Restaurants, Inc.~ |  | 9357531 |
| 56392 | DoorDash, Inc. - Class A# |  | 14344433 |
| 157797 | DR Horton, Inc.~ |  | 23524377 |
| 147973 | eBay, Inc. |  | 12031685 |
| 755463 | Ford Motor Co.~ |  | 9919229 |
| 283630 | General Motors Co. |  | 19595997 |
| 196443 | Home Depot, Inc.~ |  | 74567798 |
| 168795 | Las Vegas Sands Corp. |  | 10017983 |
| 158922 | Lowe's Cos., Inc.~ |  | 37844096 |
| 36096 | Lululemon Athletica, Inc.# |  | 6155812 |
| 125495 | McDonald's Corp.~ |  | 37451473 |
| 23333 | MKDWELL Tech, Inc.# |  | 4783 |
| 26250 | Next.e.GO NV# |  | 3 |
| 266254 | NIKE, Inc. - Class B~ |  | 17197346 |
| 403669 | Norwegian Cruise Line <br>Holdings Ltd.# |  | 9050259 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Market Neutral Income Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 237940 | O'Reilly Automotive, Inc.# | $| 22471053 |
| 89695 | Ross Stores, Inc.~ |  | 14254329 |
| 43049 | Royal Caribbean Cruises Ltd.^ |  | 12347745 |
| 217842 | Starbucks Corp.~ |  | 17616882 |
| 484871 | Tesla, Inc.~# |  | 221372704 |
| 246503 | TJX Cos., Inc.~ |  | 34544930 |
| 925000 | Vine Hill Capital Investment <br>Corp. - Class A# |  | 10239750 |
|  |  |  | 1105732684 |
|  | Consumer Staples (3.1%) | Consumer Staples (3.1%) | Consumer Staples (3.1%) |
| 148528 | Archer-Daniels-Midland Co.~ |  | 8990400 |
| 3400000 | Beyond Meat, Inc.^# |  | 5627000 |
| 65364 | Boston Beer Co., Inc. - Class A# |  | 13529694 |
| 95453 | Church & Dwight Co., Inc. |  | 8370274 |
| 633332 | Coca-Cola Co. |  | 43636575 |
| 147175 | Colgate-Palmolive Co.~ |  | 11339834 |
| 73772 | Constellation Brands, <br>Inc. - Class A |  | 9692165 |
| 58450 | Costco Wholesale Corp.~ |  | 53274252 |
| 45055 | Dollar General Corp.~ |  | 4445126 |
| 81387 | Dollar Tree, Inc.# |  | 8067079 |
| 55999 | Estee Lauder Cos., <br>Inc. - Class A |  | 5414543 |
| 160978 | General Mills, Inc. |  | 7503185 |
| 408561 | Kellanova |  | 33935077 |
| 88431 | Kimberly-Clark Corp. |  | 10586075 |
| 211969 | Kroger Co. |  | 13487587 |
| 417468 | Mondelez International, <br>Inc. - Class A |  | 23987711 |
| 183779 | Monster Beverage Corp.# |  | 12281951 |
| 194743 | PepsiCo, Inc.~ |  | 28450005 |
| 348855 | Philip Morris International, <br>Inc.~ |  | 50350242 |
| 342622 | Procter & Gamble Co.~ |  | 51520070 |
| 159256 | Sysco Corp. |  | 11829536 |
| 98548 | Target Corp.~ |  | 9137371 |
| 972170 | Walmart, Inc.~ |  | 98364161 |
|  |  |  | 523819913 |
|  | Energy (1.9%) | Energy (1.9%) | Energy (1.9%) |
| 534562 | Chevron Corp.~ |  | 84311119 |
| 243172 | ConocoPhillips~ |  | 21608264 |
| 72781 | EOG Resources, Inc.~ |  | 7703141 |
| 770985 | Exxon Mobil Corp.~ |  | 88169844 |
| 503704 | Kinder Morgan, Inc. |  | 13192008 |
| 152241 | Marathon Petroleum Corp. |  | 29673293 |
| 86428 | Noble Corp. PLC |  | 2536662 |
| 156330 | Occidental Petroleum Corp.^ |  | 6440796 |
| 100973 | ONEOK, Inc. |  | 6765191 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 70870 | Phillips 66~ | $| 9648242 |
| 662855 | SLB Ltd. |  | 23902551 |
| 66700 | Solaris Energy Infrastructure, <br>Inc.^ |  | 3550441 |
| 68564 | Valero Energy Corp.~ |  | 11625712 |
| 254151 | Williams Cos., Inc. |  | 14707718 |
|  |  |  | 323834982 |
|  | Financials (7.5%) | Financials (7.5%) | Financials (7.5%) |
| 125198 | Aflac, Inc.~ |  | 13419974 |
| 97675 | Allstate Corp.~ |  | 18706716 |
| 111789 | American Express Co.~ |  | 40325646 |
| 48942 | Ameriprise Financial, Inc. |  | 22159469 |
| 87313 | Arthur J Gallagher & Co. |  | 21783720 |
| 73411 | Assurant, Inc.~ |  | 15542577 |
| 1612122 | Bank of America Corp.~ |  | 86167921 |
| 182275 | Bank of New York Mellon Corp. |  | 19672941 |
| 263501 | Berkshire Hathaway, <br>Inc. - Class B~# |  | 125832268 |
| 18911 | Blackrock, Inc. |  | 20477020 |
| 96031 | Blackstone, Inc. |  | 14081986 |
| 112748 | Capital One Financial Corp. |  | 24803432 |
| 86790 | Cboe Global Markets, Inc. |  | 21319096 |
| 342553 | Charles Schwab Corp.~ |  | 32378110 |
| 112534 | Chubb Ltd.~ |  | 31165166 |
| 276231 | Citigroup, Inc.~ |  | 27962864 |
| 39332 | CME Group, Inc. |  | 10442253 |
| 35545 | Coinbase Global, Inc. - Class A# |  | 12219660 |
| 116039 | Fiserv, Inc.# |  | 7738641 |
| 65773 | Global Payments, Inc. |  | 5114508 |
| 106023 | Goldman Sachs Group, Inc.~ |  | 83691375 |
| 414536 | Huntington Bancshares, Inc. |  | 6400436 |
| 43848 | Jack Henry & Associates, Inc. |  | 6530721 |
| 479573 | JPMorgan Chase & Co.~ |  | 149204752 |
| 48652 | M&T Bank Corp. |  | 8945643 |
| 134973 | Marsh & McLennan Cos., Inc. |  | 24045440 |
| 166065 | Mastercard, Inc. - Class A~ |  | 91666219 |
| 147061 | MetLife, Inc.~ |  | 11738409 |
| 248270 | Morgan Stanley~ |  | 40716280 |
| 77928 | Northern Trust Corp. |  | 10026996 |
| 132848 | PayPal Holdings, Inc.# |  | 9202381 |
| 58564 | Prudential Financial, Inc.~ |  | 6090656 |
| 50835 | S&P Global, Inc. |  | 24767320 |
| 73600 | State Street Corp.~ |  | 8512576 |
| 65278 | Travelers Cos., Inc.~ |  | 17534976 |
| 148835 | U.S. Bancorp |  | 6947618 |
| 356551 | Visa, Inc. - Class A~ |  | 121491188 |
| 925653 | Wells Fargo & Co.~ |  | 80504041 |
|  |  |  | 1279330995 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Market Neutral Income Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
|  | Health Care (5.7%) | Health Care (5.7%) |
| 253252 | Abbott Laboratories | $31307012 |
| 317677 | AbbVie, Inc.~ | 69266293 |
| 167671 | Agilent Technologies, Inc. | 24540328 |
| 125125 | Akero Therapeutics, Inc.# | 6781775 |
| 71211 | Amgen, Inc.~ | 21251499 |
| 187413 | Baxter International, Inc. | 3461518 |
| 60865 | Becton Dickinson & Co. | 10877184 |
| 36418 | Biogen, Inc.~# | 5618205 |
| 570764 | Boston Scientific Corp.# | 57487350 |
| 115314 | Centene Corp.# | 4078656 |
| 49071 | Cigna Group | 11993443 |
| 216764 | CVS Health Corp.~ | 16940107 |
| 147103 | Danaher Corp.~ | 31683044 |
| 99452 | Dexcom, Inc.# | 5790095 |
| 166443 | Edwards Lifesciences Corp.~# | 13723225 |
| 150018 | Eli Lilly & Co.~ | 129444532 |
| 62861 | GE HealthCare Technologies, <br>Inc. | 4711432 |
| 230237 | Gilead Sciences, Inc. | 27580090 |
| 49586 | HCA Healthcare, Inc. | 22793693 |
| 30076 | Humana, Inc. | 8366842 |
| 82909 | Intuitive Surgical, Inc.# | 44296621 |
| 50501 | IQVIA Holdings, Inc.# | 10931447 |
| 398882 | Johnson & Johnson~ | 75336843 |
| 44606 | Labcorp Holdings, Inc. | 11328140 |
| 31249 | McKesson Corp. | 25353564 |
| 265062 | Medtronic PLC | 24041123 |
| 501628 | Merck & Co., Inc.~ | 43129975 |
| 1845761 | Pfizer, Inc.~ | 45498009 |
| 12089 | Regeneron Pharmaceuticals, <br>Inc.~ | 7879610 |
| 18342 | Solventum Corp.# | 1266332 |
| 43113 | Stryker Corp.~ | 15358575 |
| 86390 | Thermo Fisher Scientific, Inc.~ | 49016822 |
| 184669 | UnitedHealth Group, Inc.~ | 63075544 |
| 45039 | Vertex Pharmaceuticals, Inc.# | 19167247 |
| 46618 | Zimmer Biomet Holdings, Inc.~ | 4687906 |
| 119315 | Zoetis, Inc. | 17192098 |
|  |  | 965256179 |
|  | Industrials (5.2%) | Industrials (5.2%) |
| 73373 | 3M Co. | 12216604 |
| 51510 | Allegion PLC | 8538813 |
| 98229 | Automatic Data Processing, <br>Inc. | 25569009 |
| 131139 | Boeing Co.~# | 26361562 |
| 282620 | Carrier Global Corp. | 16813064 |
| 97900 | Caterpillar, Inc.~ | 56513754 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 96775 | Chart Industries, Inc.# | $| 19318225 |
| 740770 | CSX Corp.~ |  | 26682535 |
| 50895 | Deere & Co. |  | 23494659 |
| 74943 | Eaton Corp. PLC |  | 28595251 |
| 198637 | Emerson Electric Co.~ |  | 27723766 |
| 47146 | GE Vernova, Inc. |  | 27587010 |
| 54176 | Generac Holdings, Inc.# |  | 9102652 |
| 43657 | General Dynamics Corp. |  | 15057299 |
| 188583 | General Electric Co.~ |  | 58262718 |
| 165269 | Honeywell International, Inc. |  | 33273608 |
| 8488 | Hubbell, Inc. |  | 3989360 |
| 62285 | Illinois Tool Works, Inc.~ |  | 15192557 |
| 171016 | Johnson Controls International <br>PLC |  | 19562520 |
| 65755 | L3Harris Technologies, Inc. |  | 19009770 |
| 35693 | Lockheed Martin Corp. |  | 17556673 |
| 147094 | Masco Corp. |  | 9525807 |
| 213680 | Norfolk Southern Corp. |  | 60552638 |
| 35477 | Northrop Grumman Corp. |  | 20699056 |
| 65735 | Otis Worldwide Corp. |  | 6097579 |
| 155130 | PACCAR, Inc. |  | 15264792 |
| 92191 | Paychex, Inc. |  | 10789113 |
| 36790 | Paycom Software, Inc. |  | 6883041 |
| 167153 | Pentair PLC |  | 17776722 |
| 60719 | Quanta Services, Inc. |  | 27270724 |
| 352849 | RTX Corp.~ |  | 62983457 |
| 326006 | Southwest Airlines Co.~^ |  | 9877982 |
| 725086 | TaskUS, Inc. - Class A# |  | 9672647 |
| 143185 | Union Pacific Corp.~ |  | 31553678 |
| 179316 | United Airlines Holdings, Inc.# |  | 16862877 |
| 118575 | United Parcel Service, <br>Inc. - Class B |  | 11433002 |
| 22528 | United Rentals, Inc. |  | 19625943 |
| 49032 | Veralto Corp. |  | 4838478 |
| 57985 | Verisk Analytics, Inc. |  | 12684799 |
| 110790 | Waste Management, Inc. |  | 22132518 |
| 81575 | Xylem, Inc. |  | 12305589 |
|  |  |  | 879251851 |
|  | Information Technology (22.0%) | Information Technology (22.0%) | Information Technology (22.0%) |
| 97727 | Accenture PLC - Class A~ |  | 24441523 |
| 76456 | Adobe, Inc.# |  | 26018741 |
| 348882 | Advanced Micro Devices, Inc.~# |  | 89355658 |
| 302032 | Amphenol Corp. - Class A~ |  | 42085139 |
| 123774 | Analog Devices, Inc. |  | 28979207 |
| 2605203 | Apple, Inc.~ |  | 704368735 |
| 158258 | Applied Materials, Inc.~ |  | 36889940 |
| 169599 | Arista Networks, Inc.# |  | 26744066 |
| 44349 | Autodesk, Inc.# |  | 13364128 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Market Neutral Income Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 133042 | Blackbaud, Inc.# | $| 8520010 |
| 822294 | Broadcom, Inc.~ |  | 303944531 |
| 883901 | Cisco Systems, Inc.~ |  | 64622002 |
| 127737 | Cognizant Technology <br>Solutions Corp. - Class A~ |  | 9309473 |
| 56874 | Crowdstrike Holdings, <br>Inc. - Class A# |  | 30883151 |
| 60000 | CyberArk Software Ltd.# |  | 31246800 |
| 74138 | Datadog, Inc. - Class A# |  | 12070408 |
| 75000 | Fusemachines, Inc.# |  | 202500 |
| 43136 | Gartner, Inc.# |  | 10712394 |
| 248575 | HP, Inc. |  | 6878070 |
| 253567 | Informatica, Inc. - Class A# |  | 6306211 |
| 722694 | Intel Corp.~# |  | 28900533 |
| 118081 | International Business <br>Machines Corp. |  | 36299280 |
| 64500 | Intuit, Inc.~ |  | 43056975 |
| 56308 | Keysight Technologies, Inc.# |  | 10302112 |
| 183943 | Lam Research Corp. |  | 28963665 |
| 269176 | LivePerson, Inc.^# |  | 1698501 |
| 298360 | Micron Technology, Inc.~ |  | 66764017 |
| 1310178 | Microsoft Corp.~ |  | 678423270 |
| 70920 | NetApp, Inc. |  | 8352958 |
| 4357803 | NVIDIA Corp.~ |  | 882411529 |
| 69967 | NXP Semiconductors NV |  | 14631499 |
| 109404 | ON Semiconductor Corp.# |  | 5478952 |
| 324628 | Oracle Corp.~ |  | 85250559 |
| 394639 | Palantir Technologies, <br>Inc. - Class A~# |  | 79113280 |
| 158397 | Palo Alto Networks, Inc.# |  | 34885355 |
| 63944 | PTC, Inc.# |  | 12695442 |
| 212651 | QUALCOMM, Inc.~ |  | 38468566 |
| 201968 | Salesforce, Inc.~ |  | 52594487 |
| 44925 | ServiceNow, Inc.~# |  | 41298654 |
| 99723 | Skyworks Solutions, Inc. |  | 7750472 |
| 78039 | Super Micro Computer, Inc.^# |  | 4054906 |
| 48688 | Synopsys, Inc.# |  | 22095588 |
| 64013 | TE Connectivity PLC |  | 15811851 |
| 100539 | Teradyne, Inc. |  | 18273969 |
| 115031 | Texas Instruments, Inc.~ |  | 18572905 |
| 28992 | Tyler Technologies, Inc.# |  | 13807730 |
| 338411 | Wolfspeed, Inc.# |  | 8906977 |
| 37364 | Workday, Inc. - Class A# |  | 8964371 |
|  |  |  | 3744771090 |
|  | Materials (0.9%) | Materials (0.9%) | Materials (0.9%) |
| 58568 | Air Products & Chemicals, Inc.~ |  | 14208011 |
| 47749 | Avery Dennison Corp. |  | 8350823 |
| 166446 | Corteva, Inc. |  | 10226442 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 149884 | DuPont de Nemours, Inc. | $| 12238029 |
| 456087 | Freeport-McMoRan, Inc. |  | 19018828 |
| 785703 | James Hardie Industries PLC# |  | 16444764 |
| 127948 | Linde PLC~ |  | 53520648 |
| 71918 | PPG Industries, Inc. |  | 7029985 |
| 43077 | Sherwin-Williams Co. |  | 14858980 |
| 41317 | Solstice Advanced Materials, <br>Inc.# |  | 1862157 |
|  |  |  | 157758667 |
|  | Other (0.1%) | Other (0.1%) | Other (0.1%) |
| 197406 | D Boral ARC Acquisition I <br>Corp.# |  | 2017489 |
| 500000 | Jackson Acquisition Co. II# |  | 5345000 |
| 600000 | Live Oak Acquisition Corp. V# |  | 6360000 |
| 300000 | NewHold Investment Corp. III# |  | 3141000 |
| 600000 | Stellar V Capital Corp.# |  | 6390000 |
|  |  |  | 23253489 |
|  | Real Estate (1.1%) | Real Estate (1.1%) | Real Estate (1.1%) |
| 49881 | Alexandria Real Estate <br>Equities, Inc. |  | 2904072 |
| 68826 | American Tower Corp.~ |  | 12318478 |
| 2000000 | Anywhere Real Estate, Inc.# |  | 20100000 |
| 96159 | Camden Property Trust |  | 9565897 |
| 132447 | Crown Castle, Inc. |  | 11949368 |
| 74815 | Digital Realty Trust, Inc. |  | 12749224 |
| 13186 | Equinix, Inc. |  | 11155488 |
| 504115 | Healthpeak Properties, Inc. |  | 9048864 |
| 59465 | Mid-America Apartment <br>Communities, Inc. |  | 7625197 |
| 196709 | Prologis, Inc.~ |  | 24409620 |
| 32747 | Public Storage~ |  | 9122004 |
| 283817 | Realty Income Corp.^ |  | 16455710 |
| 92597 | Regency Centers Corp. |  | 6384563 |
| 144060 | UDR, Inc. |  | 4853382 |
| 116506 | Welltower, Inc. |  | 21092246 |
|  |  |  | 179734113 |
|  | Special Purpose Acquisition Companies (0.6%) | Special Purpose Acquisition Companies (0.6%) | Special Purpose Acquisition Companies (0.6%) |
| 9673 | AI Transportation Acquisition <br>Corp.# |  | 106403 |
| 50000 | Alchemy Investments <br>Acquisition Corp. 1# |  | 583000 |
| 100000 | Axiom Intelligence <br>Acquisition Corp. 1# |  | 1035000 |
| 24591 | Black Hawk Acquisition <br>Corp. - Class A# |  | 279108 |
| 123189 | Blue Acquisition Corp.# |  | 1277470 |
| 73866 | ChampionsGate Acquisition <br>Corp.# |  | 766729 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Market Neutral Income Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| 100000 | Chenghe Acquisition III Co.# | $999000 |
| 196912 | EQV Ventures Acquisition <br>Corp. II# | 1990780 |
| 1250000 | Everest Consolidator <br>Acquisition Corp.#‡‡‡^^ | 14462500 |
| 24640 | FIGX Capital Acquisition Corp.# | 249850 |
| 231000 | Four Leaf Acquisition <br>Corp. - Class A#^^ | 2714250 |
| 496419 | FutureTech II Acquisition <br>Corp. - Class A#^^ | 5966956 |
| 100000 | Galata Acquisition Corp. II# | 1007500 |
| 49377 | Globa Terra Acquisition Corp.# | 514015 |
| 700000 | Gores Holdings X, Inc.# | 7360500 |
| 175000 | Harvard Ave Acquisition Corp.# | 1749125 |
| 100000 | Haymaker Acquisition Corp. 4# | 1132000 |
| 98585 | Highview Merger Corp.# | 1002609 |
| 250000 | Indigo Acquisition Corp.# | 2550000 |
| 30000 | Israel Acquisitions <br>Corp. - Class A# | 370500 |
| 100000 | Keen Vision Acquisition Corp.# | 1170000 |
| 125000 | LaFayette Acquisition Corp.# | 1253750 |
| 123208 | Lightwave Acquisition Corp.# | 1256722 |
| 24606 | M3-Brigade Acquisition VI <br>Corp.# | 253442 |
| 980100 | Mak Acquisition Corp.#^^ | 9810801 |
| 74250 | Mak Acquisition <br>Corp. - Class B# | 663 |
| 850000 | Mercer Park Opportunities <br>Corp.# | 8925000 |
| 125000 | Miluna Acquisition Corp.# | 1249375 |
| 100000 | Nabors Energy Transition <br>Corp. II - Class A# | 1133000 |
| 55000 | Oak Woods Acquisition <br>Corp. - Class A# | 662750 |
| 24642 | Oxley Bridge Acquisition Ltd.# | 252580 |
| 123093 | Oyster Enterprises II <br>Acquisition Corp.# | 1260472 |
| 9856 | Pioneer Acquisition I Corp.# | 101714 |
| 14770 | Quetta Acquisition Corp.# | 166606 |
| 147613 | Range Capital Acquisition <br>Corp. II# | 1505653 |
| 750000 | Siddhi Acquisition Corp.# | 7807500 |
| 500000 | Silverbox Corp. IV - Class A# | 5290000 |
| 197506 | Solarius Capital Acquisition <br>Corp.# | 2035299 |
| 10000 | Trailblazer Acquisition Corp.# | 103700 |
| 375000 | Translational Development <br>Acquisition Corp.# | 4083750 |
| 467706 | Vendome Acquisition Corp. I# | 4733185 |
| 49244 | Wintergreen Acquisition Corp.# | 522725 |
|  |  | 99695982 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
|  | Utilities (1.1%) | Utilities (1.1%) |
| 354435 | AES Corp.~^ | $4916013 |
| 138608 | American Electric Power <br>Co., Inc. | 16668998 |
| 107748 | Consolidated Edison, Inc. | 10495733 |
| 290058 | Dominion Energy, Inc.~ | 17023504 |
| 175990 | Duke Energy Corp.~ | 21875557 |
| 84591 | Edison International | 4684650 |
| 157576 | Entergy Corp. | 15141478 |
| 334712 | Exelon Corp. | 15436917 |
| 178354 | FirstEnergy Corp.~ | 8173964 |
| 290845 | NextEra Energy, Inc. | 23674783 |
| 218294 | NiSource, Inc. | 9192360 |
| 137035 | Public Service Enterprise <br>Group, Inc.~ | 11039540 |
| 195884 | Southern Co.^ | 18420931 |
| 156787 | Xcel Energy, Inc. | 12726401 |
|  |  | 189470829 |
|  | **TOTAL COMMON STOCKS**<br> (Cost $5,468,219,288) | 10606742356 |
| **EXCHANGE-TRADED FUND (1.0%)** |  |  |
|  | Other (1.0%) | Other (1.0%) |
| 264816 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust^<br>(Cost $151,380,300) | 180620401 |
| **INVESTMENT IN AFFILIATED FUND (2.0%)** |  |  |
|  | Other (2.0%) | Other (2.0%) |
| 35117150 | Calamos Short-Term Bond Fund<br>(Cost $350,000,000) | 337826981 |
| **WARRANTS (0.1%)#** |  |  |
|  | Communication Services (0.0%) | Communication Services (0.0%) |
| 200000 | PSQ Holdings, Inc.<br>07/19/28, Strike $11.50 | 41500 |
|  | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) |
| 22968 | Allurion Technologies, Inc.<br>08/01/30, Strike $8.10 | 910 |
| 412500 | Andretti Acquisition Corp. II<br>10/24/29, Strike $11.50 | 119625 |
| 83333 | Carbon Revolution PLC<br>11/03/28, Strike $11.50 | 1975 |
| 750000 | Classover Holdings, Inc.<br>04/07/30, Strike $11.50 | 44850 |
| 25000 | ECARX Holdings, Inc.<br>12/21/27, Strike $11.50 | 1815 |
| 75000 | flyExclusive, Inc.<br>05/28/28, Strike $11.50 | 15000 |
| 94926 | GameStop Corp.<br>10/30/26, Strike $32.00 | 284778 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Market Neutral Income Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 20000 | Grove Collaborative Holdings<br>06/16/27, Strike $11.50 | $| 273 |
| 35000 | Lanvin Group Holdings Ltd.<br>12/14/27, Strike $11.50 |  | 647 |
| 33333 | Lotus Technology, Inc.<br>02/23/29, Strike $11.50 |  | 2500 |
| 140000 | MKDWELL Tech, Inc.<br>07/31/29, Strike $11.50 |  | 2149 |
| 200000 | Nogin, Inc.<br>08/26/27, Strike $11.50 |  | 20 |
| 183737 | Scage Future<br>06/27/30, Strike $11.50 |  | 10703 |
| 25000 | United Homes Group, Inc.<br>03/30/28, Strike $11.50 |  | 2217 |
| 462500 | Vine Hill Capital Investment <br>Corp.<br>10/25/29, Strike $11.50 |  | 901875 |
|  |  |  | 1389337 |
|  | Consumer Staples (0.0%) | Consumer Staples (0.0%) | Consumer Staples (0.0%) |
| 83333 | African Agriculture Holdings, <br>Inc.<br>12/31/27, Strike $11.50 |  | 8 |
| 500000 | Psyence Biomedical Ltd.<br>01/25/29, Strike $11.50 |  | 14500 |
|  |  |  | 14508 |
|  | Energy (0.0%) | Energy (0.0%) | Energy (0.0%) |
| 250000 | AleAnna, Inc.<br>12/13/29, Strike $11.50 |  | 42525 |
| 25000 | Crown Lng Holdings Ltd.<br>10/18/28, Strike $11.50 |  | 3 |
| 250000 | New Era Energy & Digital, Inc.<br>12/06/29, Strike $11.50 |  | 485000 |
| 200000 | Vast Renewables Ltd.<br>07/01/28, Strike $11.50 |  | 2000 |
| 87500 | Zeo Energy Corp.<br>03/14/29, Strike $11.50 |  | 3937 |
|  |  |  | 533465 |
|  | Financials (0.0%) | Financials (0.0%) | Financials (0.0%) |
| 187500 | Beneficient<br>03/14/28, Strike $11.50 |  | 3375 |
| 100000 | Content Checked Holdings, Inc.<br>12/11/29, Strike $11.50 |  | 59990 |
| 250000 | DigiAsia Corp.<br>04/02/29, Strike $11.50 |  | 25 |
| 412500 | Innventure, Inc.<br>10/02/29, Strike $11.50 |  | 325875 |
|  |  |  | 389265 |
|  | Health Care (0.0%) | Health Care (0.0%) | Health Care (0.0%) |
| 625000 | Abpro Holdings, Inc.<br>11/12/29, Strike $11.50 |  | 8875 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 156250 | American Oncology Network,<br>Inc.<br>09/20/28, Strike $11.50 | $| 139141 |
| 500000 | Baird Medical Investment <br>Holdings Ltd.<br>10/02/29, Strike $11.50 |  | 38500 |
| 150000 | Engene Holdings, Inc.<br>08/28/28, Strike $11.50 |  | 279000 |
| 100000 | Envoy Medical, Inc.<br>09/29/28, Strike $11.50 |  | 4060 |
| 750000 | Holdco Nuvo Group DG Ltd.<br>05/01/29, Strike $11.50 |  | 375 |
| 146040 | LakeShore Biopharma Co. Ltd.<br>03/15/28, Strike $11.50 |  | 248 |
| 62500 | Ocean Biomedical, Inc.<br>07/19/26, Strike $11.50 |  | 56 |
| 200000 | OmniAb, Inc.<br>11/01/27, Strike $11.50 |  | 29010 |
| 200000 | Prenetics Global Ltd.<br>05/17/27, Strike $8.91 |  | 4300 |
| 425000 | QT Imaging Holdings, Inc.<br>12/31/28, Strike $11.50 |  | 46750 |
| 350000 | Semnur Pharmaceuticals, Inc.<br>09/22/30, Strike $11.50 |  | 43943 |
| 81526 | Spectral AI, Inc.<br>12/31/27, Strike $11.50 |  | 57068 |
| 1000000 | Tevogen Bio Holdings, Inc.<br>11/04/26, Strike $11.50 |  | 49800 |
|  |  |  | 701126 |
|  | Industrials (0.0%) | Industrials (0.0%) | Industrials (0.0%) |
| 289507 | Aeries Technology, Inc.<br>10/20/26, Strike $11.50 |  | 11001 |
| 285000 | AERWINS Technologies, Inc.<br>06/16/26, Strike $11.50 |  | 28 |
| 50000 | AirJoule Technologies Corp.<br>03/15/29, Strike $11.50 |  | 60000 |
| 1000000 | Bitcoin Depot, Inc.<br>06/30/28, Strike $11.50 |  | 280000 |
| 25000 | Bridger Aerospace Group <br>Holdings, Inc.<br>01/25/28, Strike $11.50 |  | 2250 |
| 200000 | Electriq Power Holdings, Inc.<br>07/31/28, Strike $11.50 |  | 600 |
| 10000 | Falcon's Beyond Global, Inc.<br>09/01/27, Strike $11.50 |  | 12100 |
| 250000 | Heramba Electric PLC<br>10/10/28, Strike $11.50 |  | 1500 |
| 300000 | LanzaTech Global, Inc.<br>12/31/28, Strike $11.50 |  | 4590 |
| 75000 | MultiSensor AI Holdings, Inc.<br>12/19/28, Strike $11.50 |  | 10410 |
| 625000 | Murano Global Investments <br>PLC<br>03/30/29, Strike $11.50 |  | 54719 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Market Neutral Income Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 166666 | Rain Enhancement <br>Technologies Holdco, Inc.<br>01/02/30, Strike $11.50 | $| 30092 |
| 350000 | Semilux International Ltd.<br>02/06/29, Strike $1.00 |  | 35 |
| 250000 | Solidion Technology, Inc.<br>03/15/27, Strike $1.00 |  | 22500 |
| 750000 | Southland Holdings, Inc.<br>09/01/26, Strike $11.50 |  | 210000 |
| 42500 | SunPower, Inc.<br>07/31/28, Strike $11.50 |  | 12741 |
| 750000 | Volato Group, Inc.<br>12/03/28, Strike $11.50 |  | 25500 |
| 250000 | ZOOZ Strategy Ltd.<br>04/04/29, Strike $11.50 |  | 38725 |
|  |  |  | 776791 |
|  | Information Technology (0.0%) | Information Technology (0.0%) | Information Technology (0.0%) |
| 250000 | Airship AI Holdings, Inc.<br>12/26/28, Strike $11.50 |  | 445000 |
| 350000 | Alpha Modus Holdings, Inc.<br>12/16/29, Strike $11.50 |  | 30100 |
| 1000000 | Blaize Holdings, Inc.<br>01/08/30, Strike $11.50 |  | 875700 |
| 166666 | Brand Engagement Network, <br>Inc.<br>03/14/29, Strike $11.50 |  | 11200 |
| 1000000 | CID Holdco, Inc.<br>11/17/26, Strike $11.50 |  | 159000 |
| 375000 | Fusemachines, Inc.<br>10/22/30, Strike $11.50 |  | 78787 |
| 450000 | Helport AI Ltd.<br>08/05/29, Strike $11.50 |  | 67523 |
| 50000 | iLearningEngines Holdings, Inc.<br>04/16/29, Strike $11.50 |  | 5 |
| 6250 | Liminatus Pharma LLC<br>04/30/30, Strike $11.50 |  | 861 |
| 125000 | Nvni Group Ltd.<br>11/01/28, Strike $11.50 |  | 8563 |
| 625000 | Roadzen, Inc.<br>11/30/28, Strike $11.50 |  | 112500 |
| 350000 | Rubicon Technologies, Inc.<br>04/01/27, Strike $11.50 |  | 35 |
| 459150 | SCHMID Group NV<br>08/25/28, Strike $11.50 |  | 206617 |
| 100000 | SMX Security Matters PLC<br>03/07/28, Strike $11.50 |  | 3170 |
| 192245 | Spectaire Holdings, Inc.<br>10/17/28, Strike $11.50 |  | 827 |
| 250000 | SpringBig Holdings, Inc.<br>06/14/27, Strike $11.50 |  | 375 |
| 250000 | Syntec Optics Holdings, Inc.<br>11/08/28, Strike $11.50 |  | 62525 |
| 20000 | Veea, Inc.<br>09/17/29, Strike $11.50 |  | 1300 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 500000 | Zapata Computing Holdings, <br>Inc.<br>03/23/28, Strike $11.50 | $ | 1100 |
|  |  |  | 2065188 |
|  | Materials (0.0%) | Materials (0.0%) | Materials (0.0%) |
| 1179322 | Blue Gold Ltd.<br>06/25/30, Strike $11.50 |  | 707593 |
| 126666 | Bolt Projects Holdings, Inc.<br>08/12/29, Strike $11.50 |  | 4256 |
| 500000 | Lifezone Metals Ltd.<br>07/05/28, Strike $11.50 |  | 250000 |
|  |  |  | 961849 |
|  | Other (0.0%) | Other (0.0%) | Other (0.0%) |
| 525800 | Devvstream Corp.<br>10/28/26, Strike $1.00 |  | 53 |
| 250000 | FST Corp.<br>10/15/29, Strike $11.50 |  | 25 |
| 625000 | TNL Mediagene<br>12/05/29, Strike $11.50 |  | 9875 |
| 200000 | Zoomcar Holdings, Inc.<br>07/01/28, Strike $11.50 |  | 2330 |
|  |  |  | 12283 |
|  | Special Purpose Acquisition Companies (0.1%) | Special Purpose Acquisition Companies (0.1%) | Special Purpose Acquisition Companies (0.1%) |
| 500000 | Aetherium Acquisition Corp.<br>01/03/29, Strike $11.50 |  | 50 |
| 25000 | Alchemy Investments <br>Acquisition Corp. 1<br>06/26/28, Strike $11.50 |  | 6000 |
| 750000 | AltEnergy Acquisition Corp.<br>11/02/28, Strike $11.50 |  | 825 |
| 500000 | APX Acquisition Corp.<br>08/19/28, Strike $11.50 |  | 500 |
| 250000 | Athena Technology Acquisition <br>Corp. II<br>10/17/28, Strike $11.50 |  | 17500 |
| 500000 | Aura FAT Projects Acquisition <br>Corp.<br>06/02/27, Strike $11.50 |  | 14400 |
| 33333 | BlueRiver Acquisition Corp.<br>01/04/26, Strike $11.50 |  | 3 |
| 250000 | byNordic Acquisition Corp.<br>02/09/27, Strike $11.50 |  | 25450 |
| 375000 | Cactus Acquisition Corp. 1 Ltd.<br>10/29/26, Strike $11.50 |  | 11250 |
| 400000 | Canna-Global Acquisition Corp.<br>02/09/28, Strike $11.50 |  | 40 |
| 500000 | Cartesian Growth Corp. II<br>07/12/28, Strike $11.50 |  | 157500 |
| 134701 | Cartica Acquisition Corp.<br>04/30/28, Strike $11.50 |  | 76780 |
| 12500 | CERo Therapeutics Holdings, Inc.<br>02/14/29, Strike $11.50 |  | 73 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Market Neutral Income Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| 750000 | Chain Bridge I<br>12/31/28, Strike $11.50 | $1125 |
| 300286 | Clean Energy Special <br>Situations Corp.<br>01/12/27, Strike $11.50 | 30 |
| 166666 | Compass Digital Acquisition <br>Corp.<br>10/15/28, Strike $11.50 | 17 |
| 92316 | Concord Acquisition Corp. II<br>12/31/28, Strike $11.50 | 5077 |
| 6666 | Constellation Acquisition <br>Corp. I<br>12/31/27, Strike $11.50 | 1367 |
| 41666 | Corner Growth Acquisition <br>Corp. 2<br>06/17/26, Strike $11.50 | 1317 |
| 133333 | Crown PropTech Acquisitions<br>12/31/27, Strike $11.50 | 13 |
| 750000 | DP Cap Acquisition Corp. I<br>11/09/26, Strike $11.50 | 18750 |
| 125000 | Energem Corp.<br>03/10/23, Strike $11.50 | 13 |
| 625000 | Everest Consolidator <br>Acquisition Corp.<br>07/19/28, Strike $11.50 | 12562 |
| 8600 | Fold Holdings, Inc.<br>02/14/30, Strike $11.50 | 3440 |
| 60000 | Four Leaf Acquisition Corp.<br>05/12/28, Strike $11.50 | 4614 |
| 500000 | FutureTech II Acquisition Corp.<br>02/16/27, Strike $11.50 | 15050 |
| 225000 | GCT Semiconductor Holding, Inc.<br>12/31/28, Strike $11.50 | 21937 |
| 500000 | Genesis Growth Tech <br>Acquisition Corp.<br>05/19/28, Strike $11.50 | 90000 |
| 925000 | GigCapital7 Corp.<br>09/11/29, Strike $11.50 | 878750 |
| 50000 | Haymaker Acquisition Corp. 4<br>09/12/28, Strike $11.50 | 50000 |
| 500000 | Healthcare AI Acquisition Corp.<br>12/14/26, Strike $11.50 | 5600 |
| 438223 | InFinT Acquisition Corp.<br>05/19/27, Strike $11.50 | 3550 |
| 125000 | Integral Acquisition Corp. 1<br>12/14/28, Strike $11.50 | 3125 |
| 154135 | Integrated Wellness <br>Acquisition Corp.<br>10/31/28, Strike $11.50 | 10119 |
| 750000 | Investcorp Europe Acquisition <br>Corp. I<br>11/23/28, Strike $11.50 | 15900 |
| 30000 | Israel Acquisitions Corp.<br>02/28/28, Strike $11.50 | 6090 |
| 250000 | IX Acquisition Corp.<br>11/24/26, Strike $11.50 | 25025 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| 43750 | Jaws Mustang Acquisition Corp.<br>01/30/26, Strike $11.50 | $3500 |
| 100000 | Keen Vision Acquisition Corp.<br>09/15/28, Strike $11.50 | 5990 |
| 228160 | Marblegate Capital Corp.<br>04/07/30, Strike $11.50 | 31942 |
| 850000 | Mercer Park Opportunities <br>Corp.<br>08/29/29, Strike $11.50 | 161500 |
| 675350 | Mountain & Co. I Acquisition <br>Corp.<br>08/24/23, Strike $11.50 | 675 |
| 50000 | Nabors Energy Transition <br>Corp. II<br>09/05/28, Strike $11.50 | 1645 |
| 55000 | Oak Woods Acquisition Corp.<br>05/17/28, Strike $11.50 | 2233 |
| 625000 | Papaya Growth Opportunity <br>Corp. I<br>12/31/28, Strike $11.50 | 31312 |
| 500000 | Pearl Holdings Acquisition Corp.<br>12/15/26, Strike $11.50 | 10050 |
| 500000 | Pinstripes Holdings, Inc.<br>09/30/28, Strike $11.50 | 1500 |
| 250000 | Plum Acquisition Corp. III<br>03/31/28, Strike $11.50 | 101250 |
| 50000 | Pyrophyte Acquisition Corp.<br>05/03/28, Strike $11.50 | 22000 |
| 1000000 | Rigel Resource Acquisition <br>Corp.<br>11/05/26, Strike $11.50 | 1000 |
| 133333 | Ross Acquisition Corp. II<br>02/12/26, Strike $11.50 | 12027 |
| 150000 | Roth CH Acquisition Co.<br>10/29/28, Strike $11.50 | 12150 |
| 166666 | Silverbox Corp. IV<br>09/24/29, Strike $11.50 | 75033 |
| 7500 | Slam Corp.<br>02/23/26, Strike $11.50 | 38 |
| 12384 | Spark I Acquisition Corp.<br>11/27/28, Strike $11.50 | 6044 |
| 250000 | Spree Acquisition Corp. 1 Ltd.<br>12/22/28, Strike $11.50 | 7175 |
| 333333 | Target Global Acquisition I <br>Corp.<br>12/31/27, Strike $11.50 | 3933 |
| 328694 | TLGY Acquisition Corp.<br>01/14/28, Strike $11.50 | 499615 |
| 266666 | Zalatoris II Acquisition Corp.<br>05/13/27, Strike $11.50 | 10613 |
|  |  | 2485067 |
|  | **TOTAL WARRANTS**<br> (Cost $4,698,982) | 9370379 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Market Neutral Income Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE |
| **RIGHTS (0.0%)#** | **RIGHTS (0.0%)#** |  |  |
|  |  | Consumer Staples (0.0%) | Consumer Staples (0.0%) |
| 277808 |  | Mirati Therapeutics, Inc.,<br>(Expires 12/31/99)‡ ‡‡ | $277808 |
|  |  | Special Purpose Acquisition Companies (0.0%) | Special Purpose Acquisition Companies (0.0%) |
| 9673 |  | AI Transportation Acquisition <br>Corp.,<br>(Expires 10/25/24) | 1451 |
| 4918 |  | Black Hawk Acquisition Corp.,<br>(Expires 6/20/25) | 6000 |
| 850000 |  | Mercer Park Opportunities <br>Corp.,<br>(Expires 1/22/27) | 17000 |
| 55000 |  | Oak Woods Acquisition Corp.,<br>(Expires 12/31/49) | 14300 |
| 1477 |  | Quetta Acquisition Corp.,<br>(Expires 11/30/24) | 2585 |
|  |  |  | 41336 |
|  |  | **TOTAL RIGHTS**<br> (Cost $253,926) | 319144 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT | NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (0.2%)#** | **EXCHANGE-TRADED PURCHASED OPTIONS (0.2%)#** |  |  |
|  |  | Other (0.2%) | Other (0.2%) |
| 10000 |  | S&P 500<sup>®</sup> Index |  |
| 6840200000 |  | Put, 12/31/25, Strike $5,500.00 | 12450000 |
| 2500 |  | S&P 500<sup>®</sup> Index |  |
| 1710050000 |  | Put, 12/31/25, Strike $6,000.00 | 6900000 |
| 1000 |  | S&P 500<sup>®</sup> Index |  |
| 684020000 |  | Put, 12/31/25, Strike $6,500.00 | 7300000 |
|  |  |  | 26650000 |
|  |  | **TOTAL EXCHANGE-TRADED<br>PURCHASED OPTIONS**<br> (Cost $50,201,476) | 26650000 |
| **OVER THE COUNTER PURCHASED OPTIONS (0.2%)#** | **OVER THE COUNTER PURCHASED OPTIONS (0.2%)#** |  |  |
|  |  | Communication Services (0.0%) | Communication Services (0.0%) |
| 90 | JPY | CyberAgent, Inc. |  |
| 1383300000000 |  | Call, 11/16/29, Strike 88.81 | 2119310 |
| 50 | JPY | CyberAgent, Inc. |  |
| 768500000000 |  | Call, 11/16/29, Strike 89.46 | 1154727 |
|  |  |  | 3274037 |
|  |  | Consumer Discretionary (0.1%) | Consumer Discretionary (0.1%) |
| 20 | JPY | Kyoritsu Maintenance Co. Ltd. |  |
| 600600000000 |  | Call, 01/29/26, Strike 96.66 | 393633 |
| 5 | JPY | Kyoritsu Maintenance Co. Ltd. |  |
| 150150000000 |  | Call, 01/29/26, Strike 95.73 | 101407 |
| 100 | JPY | Kyoritsu Maintenance Co. Ltd. |  |
| 3003000000000 |  | Call, 01/29/26, Strike 94.89 | 2082908 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT | NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE | VALUE |
| 50 | JPY | Park24 Co. Ltd. |  |  |
| 9010000000 |  | Call, 02/24/28, Strike 92.03 | $| 462698 |
| 200 | JPY | Takashimaya Co. Ltd. |  |  |
| 33040000000 |  | Call, 12/06/28, Strike 94.40 |  | 8892291 |
|  |  |  |  | 11932937 |
|  |  | Industrials (0.1%) | Industrials (0.1%) | Industrials (0.1%) |
| 100 | JPY | ANA Holdings, Inc. |  |  |
| 2889000000000 |  | Call, 12/08/28, Strike 86.09 |  | 2031268 |
| 100 |  | Asashi Refining U.S., Inc. |  |  |
| 16610000000 |  | Call, 03/16/26, Strike $88.78 |  | 10 |
| 300 | JPY | INFRONEER Holdings, Inc. |  |  |
| 4959000000000 |  | Call, 03/30/29, Strike 92.59 |  | 5456689 |
| 160 | JPY | Seino Holdings Co. Ltd. |  |  |
| 3484800000000 |  | Call, 03/31/26, Strike 97.31 |  | 1518803 |
|  |  |  |  | 9006770 |
|  |  | Information Technology (0.0%) | Information Technology (0.0%) | Information Technology (0.0%) |
| 100 | JPY | Ibiden Co. Ltd. |  |  |
| 14615000000000 |  | Call, 03/14/31, Strike 91.31 |  | 5276823 |
|  |  |  |  | 5276823 |
|  |  | Materials (0.0%) | Materials (0.0%) | Materials (0.0%) |
| 130 | JPY | JFE Holdings, Inc. |  |  |
| 2299050000000 |  | Call, 09/08/28, Strike 94.99 |  | 887865 |
| 130 | JPY | Kansai Paint Co. Ltd. |  |  |
| 3216200000000 |  | Call, 03/08/29, Strike 94.43 |  | 1514258 |
| 100 | JPY | Kobe Steel Ltd. |  |  |
| 1816500000000 |  | Call, 12/14/28, Strike 92.11 |  | 565830 |
|  |  |  |  | 2967953 |
|  |  | Real Estate (0.0%) | Real Estate (0.0%) | Real Estate (0.0%) |
| 340  | JPY | Daiwa House Industry Co. Ltd. |  |  |
| 17792200000000 |  | Call, 03/30/29, Strike 94.46 |  | 4006755 |
| 150 | JPY | Daiwa House Industry Co. Ltd. |  |  |
| 7849500000000 |  | Call, 03/30/29, Strike 93.88 |  | 1985415 |
| 50 | JPY | Daiwa House Industry Co. Ltd. |  |  |
| 2616500000000 |  | Call, 03/30/29, Strike 94.87 |  | 680415 |
| 100 | JPY | Relo Group, Inc. |  |  |
| 1658000000000 |  | Call, 12/17/27, Strike 92.68 |  | 481999 |
|  |  |  |  | 7154584 |
|  |  | **TOTAL OVER THE COUNTER <br>PURCHASED OPTIONS**<br> (Cost $16,381,391) |  | 39613104 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Market Neutral Income Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES/<br>PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.0%)** |  |  |  |
| 169218273 | State Street Navigator <br>Securities Lending Government <br>Money Market Portfolio, <br>4.142%†\*\*\*<br>(Cost $169,218,273) | $ | 169218273 |
|  | **TOTAL INVESTMENTS (110.4%)**<br> (Cost $12,455,605,108) |  | 18766409741 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.0%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.0%) |  | (169218273) |
| LIABILITIES, LESS OTHER ASSETS (-9.4%) | LIABILITIES, LESS OTHER ASSETS (-9.4%) |  | (1604287171) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $ | 16992904297 |
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| **COMMON STOCKS SOLD SHORT (-24.2%)#** |  |  |  |
|  | Communication Services (-1.5%) | Communication Services (-1.5%) | Communication Services (-1.5%) |
| (370616 | AST SpaceMobile, Inc. |  | (29741934) |
| (670000 | CyberAgent, Inc. |  | (6682175) |
| (174913 | Live Nation Entertainment, Inc. |  | (26154741) |
| (800270 | Lyft, Inc. - Class A |  | (16373524) |
| (95000 | MakeMyTrip Ltd. |  | (7600000) |
| (79347 | Match Group, Inc. |  | (2566082) |
| (146846 | Snap, Inc. - Class A |  | (1145399) |
| (114200 | Sphere Entertainment Co. |  | (7820416) |
| (202199 | Spotify Technology SA |  | (132505049) |
| (301400 | Uber Technologies, Inc. |  | (29085100) |
| (243948 | Weibo Corp. (ADR) |  | (2654154) |
|  |  |  | (262328574) |
|  | Consumer Discretionary (-4.5%) | Consumer Discretionary (-4.5%) | Consumer Discretionary (-4.5%) |
| (1522000 | Alibaba Group Holding Ltd. <br>(ADR) |  | (259394460) |
| (1406512 | Carnival Corp. |  | (40549741) |
| (65100 | Cheesecake Factory, Inc. |  | (3241980) |
| (48000 | Cracker Barrel Old Country <br>Store, Inc. |  | (1617600) |
| (182000 | DoorDash, Inc. - Class A |  | (46295340) |
| (157300 | DraftKings, Inc. - Class A |  | (4811807) |
| (174059 | Etsy, Inc. |  | (10791658) |
| (390800 | Ford Motor Co. |  | (5131204) |
| (2485500 | GameStop Corp. - Class A |  | (55401795) |
| (110000 | Groupon, Inc. |  | (2214300) |
| (200736 | Guess?, Inc. |  | (3408497) |
| (250000 | JD.com, Inc. (ADR) |  | (8260000) |
| (1043900 | Kyoritsu Maintenance Co. Ltd. |  | (20341520) |
| (356900 | Li Auto, Inc. ADR |  | (7441365) |
| (100 | Lucid Group, Inc. |  | (1775) |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| (1766400 | NIO, Inc. (ADR) | $| (12806400) |
| (679930 | Norwegian Cruise Line <br>Holdings Ltd. |  | (15244031) |
| (78700 | Park24 Co. Ltd. |  | (920235) |
| (2443129 | Peloton Interactive, <br>Inc. - Class A |  | (17737117) |
| (3114500 | Rivian Automotive, <br>Inc. - Class A |  | (42263765) |
| (22200 | Shake Shack, Inc. - Class A |  | (2142522) |
| (352355 | Stride, Inc. |  | (23974234) |
| (1841600 | Takashimaya Co. Ltd. |  | (19747219) |
| (281600 | Trip.com Group Ltd. (ADR) |  | (19895040) |
| (1400902 | Wayfair, Inc. - Class A |  | (145007366) |
| (2330000 | Wynn Macau Ltd. |  | (1982009) |
|  |  |  | (770622980) |
|  | Consumer Staples (-0.1%) | Consumer Staples (-0.1%) | Consumer Staples (-0.1%) |
| (62600 | Oddity Tech Ltd. - Class A |  | (2832650) |
| (98930 | Post Holdings, Inc. |  | (10281795) |
| (10000 | Spectrum Brands Holdings, Inc. |  | (538800) |
|  |  |  | (13653245) |
|  | Energy (-0.2%) | Energy (-0.2%) | Energy (-0.2%) |
| (60709 | Centrus Energy Corp. - Class A |  | (22308129) |
| (255000 | Energy Fuels, Inc. |  | (5230050) |
| (51000 | Golar LNG Ltd. |  | (2093550) |
| (126368 | Northern Oil & Gas, Inc. |  | (2796524) |
| (146467 | World Kinect Corp. |  | (3786172) |
|  |  |  | (36214425) |
|  | Financials (-1.6%) | Financials (-1.6%) | Financials (-1.6%) |
| (423870 | Apollo Global Management, <br>Inc. |  | (52691280) |
| (245200 | ARES Management <br>Corp. - Class A |  | (36463692) |
| (259433 | Coinbase Global, <br>Inc. - Class A |  | (89187877) |
| (60846 | Euronet Worldwide, Inc. |  | (4615778) |
| (418000 | KKR & Co., Inc. |  | (49461940) |
| (224700 | Oscar Health, Inc. - Class A |  | (4044600) |
| (3276000 | Ping An Insurance Group Co. <br>of China Ltd. - Class H |  | (23672378) |
| (45000 | Starwood Property Trust, Inc. |  | (818100) |
| (127500 | Upstart Holdings, Inc. |  | (6058800) |
| (360791 | WisdomTree, Inc. |  | (4315060) |
|  |  |  | (271329505) |
|  | Health Care (-1.1%) | Health Care (-1.1%) | Health Care (-1.1%) |
| (9750 | Alnylam Pharmaceuticals, Inc. |  | (4446390) |
| (42580 | Amphastar Pharmaceuticals, <br>Inc. |  | (1085790) |
| (30035 | Bridgebio Pharma, Inc. |  | (1881392) |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Market Neutral Income Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| (981990 | BrightSpring Health Services, <br>Inc. | $| (32454769) |
| (695340 | Bruker Corp. |  | (27076540) |
| (22956 | CONMED Corp. |  | (1010064) |
| (35257 | Dexcom, Inc. |  | (2052663) |
| (27812 | Envista Holdings Corp. |  | (565974) |
| (26400 | Haemonetics Corp. |  | (1320264) |
| (520224 | Halozyme Therapeutics, Inc. |  | (33913403) |
| (136500 | Hims & Hers Health, Inc. |  | (6205290) |
| (220900 | Innoviva, Inc. |  | (4020380) |
| (37733 | Integer Holdings Corp. |  | (2436420) |
| (212580 | Ionis Pharmaceuticals, Inc. |  | (15794694) |
| (30800 | iRhythm Technologies, Inc. |  | (5768840) |
| (82692 | Jazz Pharmaceuticals PLC |  | (11381727) |
| (31580 | Lantheus Holdings, Inc. |  | (1821850) |
| (20200 | Ligand Pharmaceuticals, Inc. |  | (3864462) |
| (68400 | Merck & Co., Inc. |  | (5881032) |
| (88500 | Merit Medical Systems, Inc. |  | (7747290) |
| (87198 | Pacira BioSciences, Inc. |  | (1864293) |
| (91098 | Tandem Diabetes Care, Inc. |  | (1275372) |
| (145000 | Tempus AI, Inc. |  | (13028250) |
|  |  |  | (186897149) |
|  | Industrials (-3.0%) | Industrials (-3.0%) | Industrials (-3.0%) |
| (17000 | AeroVironment, Inc. |  | (6288470) |
| (218100 | ANA Holdings, Inc. |  | (4088579) |
| (108300 | Axon Enterprise, Inc. |  | (79300509) |
| (583400 | Bloom Energy Corp. - Class A |  | (77102144) |
| (291400 | Boeing Co. |  | (58577228) |
| (139792 | Chart Industries, Inc. |  | (27905279) |
| (205733 | Fluor Corp. |  | (10033598) |
| (142056 | Granite Construction, Inc. |  | (14618983) |
| (66880 | Greenbrier Cos., Inc. |  | (2793578) |
| (155581 | Hertz Global Holdings, Inc. |  | (798131) |
| (1030700 | INFRONEER Holdings, Inc. |  | (11055396) |
| (90300 | JBT Marel Corp. |  | (11386830) |
| (445900 | Nikkon Holdings Co. Ltd. |  | (10057416) |
| (1169150 | QXO, Inc. |  | (20658880) |
| (64709 | Rheinmetall AG |  | (126909496) |
| (593100 | Seino Holdings Co. Ltd. |  | (8382141) |
| (174500 | Union Pacific Corp. |  | (38454565) |
|  |  |  | (508411223) |
|  | Information Technology (-8.4%) | Information Technology (-8.4%) | Information Technology (-8.4%) |
| (30800 | Advanced Energy Industries, Inc. |  | (6244084) |
| (427751 | Akamai Technologies, Inc. |  | (32124100) |
| (101700 | Alarm.com Holdings, Inc. |  | (5005674) |
| (52100 | Avnet, Inc. |  | (2524245) |
| (65700 | Bill Holdings, Inc. |  | (3262662) |
| (139169 | BlackLine, Inc. |  | (7967425) |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| (595821 | Box, Inc. - Class A | $(19119896) |
| (37700 | Camtek Ltd. | (4668014) |
| (1213000 | Cipher Mining, Inc. | (22622450) |
| (277994 | Cloudflare, Inc. - Class A | (70415880) |
| (58500 | Commvault Systems, Inc. | (8144370) |
| (127015 | CSG Systems International, Inc. | (9941464) |
| (43100 | CyberArk Software Ltd. | (22445618) |
| (37800 | Datadog, Inc. - Class A | (6154218) |
| (135700 | DigitalOcean Holdings, Inc. | (5517562) |
| (622200 | Dropbox, Inc. - Class A | (18043800) |
| (33000 | Five9, Inc. | (801240) |
| (42864 | Guidewire Software, Inc. | (10014745) |
| (2614789 | Hewlett Packard Enterprise Co. | (63853147) |
| (93300 | Ibiden Co. Ltd. | (8848092) |
| (129041 | InterDigital, Inc. | (46707680) |
| (249400 | IREN Ltd. | (15151050) |
| (168565 | Itron, Inc. | (16912127) |
| (5383000 | Lenovo Group Ltd. | (7869569) |
| (402953 | Lumentum Holdings, Inc. | (81219207) |
| (1470000 | MARA Holdings, Inc. | (26856900) |
| (831000 | Microchip Technology, Inc. | (51871020) |
| (349700 | Mirion Technologies, Inc. | (10270689) |
| (65600 | MKS, Inc. | (9427376) |
| (238000 | Nebius Group NV | (31135160) |
| (24500 | Nova Ltd. | (8443680) |
| (188321 | Nutanix, Inc. - Class A | (13415988) |
| (505700 | ON Semiconductor Corp. | (25325456) |
| (132000 | Palo Alto Networks, Inc. | (29071680) |
| (359185 | Pitney Bowes, Inc. | (3548748) |
| (124700 | Progress Software Corp. | (5317208) |
| (36800 | Rapid7, Inc. | (681168) |
| (414000 | Riot Platforms, Inc. | (8188920) |
| (117000 | Rubrik, Inc. - Class A | (8806590) |
| (241900 | Seagate Technology Holdings PLC | (61897372) |
| (33000 | Semtech Corp. | (2239380) |
| (403051 | Shift4 Payments, Inc. - Class A | (27850824) |
| (990 | Shopify, Inc. - Class A | (172121) |
| (395060 | Snowflake, Inc. | (108594093) |
| (614442 | Strategy, Inc. | (165598264) |
| (792200 | Super Micro Computer, Inc. | (41162712) |
| (46400 | Synaptics, Inc. | (3291616) |
| (951000 | Terawulf, Inc. | (14740500) |
| (48000 | Unity Software, Inc. | (1819200) |
| (90900 | Vertex, Inc. - Class A | (2081610) |
| (226013 | Viavi Solutions, Inc. | (4000430) |
| (171646 | Vishay Intertechnology, Inc. | (2914549) |
| (1446613 | Western Digital Corp. | (217295739) |
| (49000 | Wix.com Ltd. | (7131460) |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Market Neutral Income Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| (106559 | Workiva, Inc. | $| (9058581) |
| (92000 | Xerox Holdings Corp. |  | (305440) |
| (2675000 | Xiaomi Corp. - Class B\* |  | (14871534) |
| (18000 | Zscaler, Inc. |  | (5960520) |
|  |  |  | (1418924847) |
|  | Materials (-0.4%) | Materials (-0.4%) | Materials (-0.4%) |
| (206550 | Albemarle Corp. |  | (20289406) |
| (25000 | ARE Holdings, Inc. |  | (397768) |
| (105100 | JFE Holdings, Inc. |  | (1206082) |
| (258000 | Kansai Paint Co. Ltd. |  | (4141795) |
| (169000 | Kobe Steel Ltd. |  | (1992009) |
| (453743 | MP Materials Corp. |  | (28626646) |
| (1765000 | Sibanye Stillwater Ltd. (ADR) |  | (18638400) |
|  |  |  | (75292106) |
|  | Real Estate (-0.8%) | Real Estate (-0.8%) | Real Estate (-0.8%) |
| (55998 | BXP, Inc. |  | (3986498) |
| (2872000 | Compass, Inc. - Class A |  | (22143120) |
| (556300 | Daiwa House Industry Co. Ltd. |  | (18889870) |
| (27000 | Digital Realty Trust, Inc. |  | (4601070) |
| (31800 | Federal Realty Investment Trust |  | (3058842) |
| (1389000 | Henderson Land Development <br>Co. Ltd. |  | (4876350) |
| (100000 | Link REIT |  | (520941) |
| (79000 | Relo Group, Inc. |  | (849925) |
| (27000 | Rexford Industrial Realty, Inc. |  | (1115640) |
| (257500 | Ventas, Inc. |  | (19000925) |
| (272400 | Welltower, Inc. |  | (49315296) |
|  |  |  | (128358477) |
|  | Utilities (-2.6%) | Utilities (-2.6%) | Utilities (-2.6%) |
| (266700 | Alliant Energy Corp. |  | (17820894) |
| (568000 | CenterPoint Energy, Inc. |  | (21720320) |
| (91000 | CMS Energy Corp. |  | (6693050) |
| (384900 | Duke Energy Corp. |  | (47843070) |
| (720800 | Evergy, Inc. |  | (55364648) |
| (480000 | FirstEnergy Corp. |  | (21998400) |
| (873650 | NextEra Energy, Inc. |  | (71115110) |
| (1159800 | PG&E Corp. |  | (18510408) |
| (48500 | Pinnacle West Capital Corp. |  | (4293220) |
| (687071 | PPL Corp. |  | (25091833) |
| (684843 | Southern Co. |  | (64402636) |
| (513700 | UGI Corp. |  | (17172991) |
| (639800 | WEC Energy Group, Inc. |  | (71484854) |
|  |  |  | (443511434) |
|  | **TOTAL COMMON STOCKS <br>SOLD SHORT**<br> (Proceeds $3,345,779,390) |  | (4115543965) |
|  | **TOTAL SECURITIES SOLD SHORT**<br> (Proceeds $3,345,779,390) |  | (4115543965) |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED WRITTEN OPTIONS (-10.6%)#** |  |  |
|  | Communication Services (-0.1%) | Communication Services (-0.1%) |
| (2397) | AST SpaceMobile, Inc. |  |
| (19243950) | Call, 01/15/27, Strike $30.00 | $(13405223) |
| (955) | Sphere Entertainment Co. |  |
| (6539840) | Call, 01/16/26, Strike $35.00 | (3247000) |
|  |  | (16652223) |
|  | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) |
| (5000) | Lucid Group, Inc. |  |
| (8875000) | Call, 08/21/26, Strike $3.00 | (105000) |
|  |  | (105000) |
|  | Consumer Staples (0.0%) | Consumer Staples (0.0%) |
| (6000) | Beyond Meat, Inc. |  |
| (993000) | Call, 11/14/25, Strike $4.50 | (45000) |
| (9000) | Beyond Meat, Inc. |  |
| (1489500) | Call, 11/07/25, Strike $4.50 | (31500) |
|  |  | (76500) |
|  | Information Technology (0.0%) | Information Technology (0.0%) |
| (500) | Super Micro Computer, Inc. |  |
| (2598000) | Call, 01/16/26, Strike $50.00 | (416250) |
| (218) | TaskUS, Inc. |  |
| (290812) | Call, 11/21/25, Strike $15.00 | (3815) |
|  |  | (420065) |
|  | Other (-10.5%) | Other (-10.5%) |
| (250) | S&P 500<sup>®</sup> Index |  |
| (171005000) | Call, 12/31/25, Strike $6,500.00 | (11200000) |
| (2500) | S&P 500<sup>®</sup> Index |  |
| (1710050000) | Call, 12/31/25, Strike $5,200.00 | (418275000) |
| (3000) | S&P 500<sup>®</sup> Index |  |
| (2052060000) | Call, 12/31/25, Strike $6,600.00 | (109740000) |
| (7000) | S&P 500<sup>®</sup> Index |  |
| (4788140000) | Put, 12/31/25, Strike $5,000.00 | (4760000) |
| (9000) | S&P 500<sup>®</sup> Index |  |
| (6156180000) | Call, 12/31/25, Strike $5,500.00 | (1241190000) |
|  |  | (1785165000) |
|  | **TOTAL EXCHANGE-TRADED <br>WRITTEN OPTIONS**<br> (Premium $1,584,862,447) | $(1802418788) |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Market Neutral Income Fund Schedule of Investments October 31, 2025

**FORWARD FOREIGN CURRENCY CONTRACTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | LONG<br>CONTRACTS | SETTLEMENT<br>DATE | LOCAL<br>CURRENCY | CURRENT<br>VALUE | UNREALIZED<br>GAIN/LOSS |
| State Street Bank <br>and Trust | European<br>Monetary Unit | 11/21/25 | 9406000 | $10852214 | $(151464) |
| State Street Bank <br>and Trust | European<br>Monetary Unit | 11/21/25 | 5930000 | 6841764 | (92309) |
|  |  |  |  |  | $(243773) |
| COUNTERPARTY | SHORT<br>CONTRACTS | SETTLEMENT<br>DATE | LOCAL<br>CURRENCY | CURRENT<br>VALUE | UNREALIZED<br>GAIN/LOSS |
| Northern Trust <br>Company | Japanese Yen | 11/21/25 | 376222000 | $2445223 | $21361 |
| Northern Trust <br>Company | European<br>Monetary Unit | 11/21/25 | 8114000 | 9361564 | 219009 |
| State Street Bank <br>and Trust | British Pound<br>Sterling | 11/21/25 | 8569000 | 11257514 | 319780 |
| Northern Trust <br>Company | European<br>Monetary Unit | 11/21/25 | 12009000 | 13855437 | 191442 |
| State Street Bank <br>and Trust | Singapore Dollar | 11/21/25 | 27656000 | 21275803 | 418330 |
| State Street Bank <br>and Trust | Japanese Yen | 11/21/25 | 4985713000 | 32404213 | 1655599 |
| Bank of New York | European<br>Monetary Unit | 11/21/25 | 115087000 | 132782138 | 2349910 |
|  |  |  |  |  | $5175431 |

---

**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 $6,891,683,164.

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

^^ Affiliated issuer due to 5% ownership.

@ In default status and considered non-income producing.

!! Restricted security—The Fund may own investment securities that have other legal or contractual limitations.

---

| | | |
|:---|:---|:---|
| RESTRICTED SECURITY | ACQUISITION DATE | ACQUISITION COST |
| SmileDirectClub, Inc. | 02/05/2021 | $12518360 |
|  | **TOTAL** | $12518360 |

---

†† When-issued 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.

‡ Variable rate security. The rate shown is the rate in effect at October 31, 2025.

# Non-income producing security.

‡‡ Perpetual maturity.

‡‡‡ 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 October 31, 2025.

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

**FOREIGN CURRENCY ABBREVIATION**

EUR European Monetary Unit

HKD Hong Kong Dollar

JPY Japanese Yen

**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. For purchased options denominated in JPY, the strike price shown is a percentage of the par value of the underlying.

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Market Neutral Income Fund Schedule of Investments October 31, 2025

**TOTAL RETURN SWAPS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | UNDERLYING<br>REFERENCE<br>INSTRUMENT | FIXED RATE<br>(FUND PAYS) | FLOATING RATE<br>(FUND RECEIVES) | TERMINATION<br>DATE | PERIODIC<br>PAYMENT<br>FREQUENCY | NOTIONAL<br>AMOUNT | UPFRONT<br>PAYMENTS<br>(PAID)/<br>RECEIVED | MARKET <br>VALUE | UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) |
| Bank of America NA | Lucid Group, Inc. | Equity Return on 208,212 Shares <br>of Lucid Group, Inc. | 1 mo. SOFR Plus 1.000% | 04/01/30 | Monthly | $5157411 | $— | $1479119 | $1479119 |
| Citibank NA | IREN Ltd. | Equity returns on 133,900 shares <br>of IREN Ltd. | 1 mo. SOFR Plus 3.2800% | 12/12/29 | Monthly | 8588346 |  | 467810 | 467810 |
| Citibank NA | Lucid Group, Inc. | Equity returns on 728,750 shares <br>of Lucid Group, Inc. | 1 mo. SOFR Plus 1.000% | 04/01/30 | Monthly | 18051138 |  | 5166067 | 5166067 |
| Goldman Sachs & Co. | Energy Fuels, Inc. | Equity Return on 140,000 Shares <br>of Energy Fuels, Inc. | 1 mo. OBFR Plus 4.090% | 11/03/25 | Monthly | 2149000 |  | (715298) | (715298) |
| Morgan Stanley & Co. | Solaris Energy <br>Infrastructure, Inc. | Equity Return on 66,700 Shares<br>of Solaris Energy Infrastructure, Inc. | 1 mo. OBFR Plus 1.000% | 11/10/25 | Monthly | 2934800 |  | (607606) | (607606) |
| Morgan Stanley & Co. | Bloom Energy <br>Corp. | Equity Return on 133,300 Shares <br>of Bloom Energy Corp. | 1 mo. OBFR Plus 1.000% | 12/05/25 | Monthly | 17042405 |  |  |  |
| Morgan Stanley & Co. | Hertz Global <br>Holdings, Inc. | Equity Return on 612,653 Shares<br>of Hertz Global Holdings, Inc. | 1 mo. OBFR Plus 1.000% | 10/05/28 | Monthly | 3185796 |  | 44970 | 44970 |
|  |  |  |  |  |  |  | $— | $5835062 | $5835062 |

---

Amounts relating to investments in affiliated funds and issuers at October 31, 2025, and for the fiscal year-to-date period October 31, 2024 through October 31, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| AFFILIATE | VALUE,<br>BEGINNING<br>OF YEAR | PURCHASES | SALES<br>PROCEEDS | DIVIDEND<br>INCOME | NET REALIZED<br>GAINS/(LOSS) | NET INCREASE/<br>DECREASE IN<br>UNREALIZED<br>APPRECIATION/<br>DEPRECIATION | VALUE, END<br>OF YEAR |
| Everest Consolidator Acquisition Corp. | $14237500 | $— | $— | $— | $— | $225000 | $14462500 |
| Four Leaf Acquisition Corp. | 2547930 |  |  |  |  | 166320 | 2714250 |
| FutureTech II Acquisition Corp. | 5650000 |  | 42376 |  | 6620 | 352712 | 5966956 |
| Mak Acquisition Corp. |  | 9801000 |  |  |  | 9801 | 9810801 |
| Calamos Short-Term Bond Fund | 334315266 |  |  | 15694435 |  | 3511715 | 337826981 |
|  | $356750696 | $9801000 | $42376 | $15694435 | $6620 | $4265548 | $370781488 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Hedged Equity Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| **COMMON STOCKS (98.2%)** |  |  |
|  | Communication Services (10.4%) | Communication Services (10.4%) |
| 71439 | Alphabet, Inc. - Class A~ | $20087932 |
| 71271 | Alphabet, Inc. - Class C | 20085593 |
| 71633 | AT&T, Inc. | 1772917 |
| 61831 | Comcast Corp. - Class A | 1721066 |
| 11433 | Fox Corp. - Class A | 739143 |
| 13220 | Match Group, Inc. | 427535 |
| 28671 | Meta Platforms, Inc. - Class A | 18588843 |
| 5911 | Netflix, Inc.# | 6613581 |
| 9458 | T-Mobile U.S., Inc. | 1986653 |
| 33961 | Uber Technologies, Inc.# | 3277237 |
| 59015 | Verizon Communications, Inc. | 2345256 |
| 28672 | Walt Disney Co. | 3229041 |
|  |  | 80874797 |
|  | Consumer Discretionary (10.5%) | Consumer Discretionary (10.5%) |
| 125201 | Amazon.com, Inc.~# | 30576588 |
| 10116 | Aptiv PLC# | 820408 |
| 510 | Booking Holdings, Inc. | 2589647 |
| 45617 | Carnival Corp.# | 1315138 |
| 30609 | Chipotle Mexican Grill, Inc.# | 969999 |
| 3955 | Darden Restaurants, Inc. | 712493 |
| 4621 | DoorDash, Inc. - Class A# | 1175444 |
| 12290 | DR Horton, Inc. | 1832193 |
| 10722 | eBay, Inc. | 871806 |
| 54570 | Ford Motor Co. | 716504 |
| 20487 | General Motors Co. | 1415447 |
| 15046 | Home Depot, Inc. | 5711311 |
| 12715 | Las Vegas Sands Corp. | 754635 |
| 12284 | Lowe's Cos., Inc. | 2925189 |
| 2766 | Lululemon Athletica, Inc.# | 471714 |
| 9521 | McDonald's Corp. | 2841352 |
| 19233 | NIKE, Inc. - Class B~ | 1242259 |
| 29157 | Norwegian Cruise Line Holdings Ltd.# | 653700 |
| 17795 | O'Reilly Automotive, Inc.# | 1680560 |
| 6817 | Ross Stores, Inc. | 1083358 |
| 3526 | Royal Caribbean Cruises Ltd. | 1011362 |
| 16525 | Starbucks Corp.~ | 1336377 |
| 36328 | Tesla, Inc.~# | 16585912 |
| 19051 | TJX Cos., Inc. | 2669807 |
|  |  | 81963203 |
|  | Consumer Staples (4.5%) | Consumer Staples (4.5%) |
| 11580 | Archer-Daniels-Midland Co. | 700937 |
| 7426 | Church & Dwight Co., Inc. | 651186 |
| 48027 | Coca-Cola Co.~ | 3309060 |
| 11183 | Colgate-Palmolive Co. | 861650 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 5277 | Constellation Brands, Inc. - Class A | $| 693292 |
| 4567 | Costco Wholesale Corp. |  | 4162592 |
| 3574 | Dollar General Corp. |  | 352611 |
| 6157 | Dollar Tree, Inc.# |  | 610282 |
| 4046 | Estee Lauder Cos., Inc. - Class A |  | 391208 |
| 12216 | General Mills, Inc. |  | 569388 |
| 6906 | Kimberly-Clark Corp. |  | 826717 |
| 16077 | Kroger Co. |  | 1022980 |
| 32268 | Mondelez International, Inc. - Class A |  | 1854119 |
| 13950 | Monster Beverage Corp.# |  | 932279 |
| 14730 | PepsiCo, Inc.~ |  | 2151906 |
| 26965 | Philip Morris International, Inc.~ |  | 3891858 |
| 26482 | Procter & Gamble Co. |  | 3982098 |
| 12033 | Sysco Corp. |  | 893811 |
| 7616 | Target Corp. |  | 706156 |
| 68149 | Walmart, Inc.~ |  | 6895316 |
|  |  |  | 35459446 |
|  | Energy (3.0%) | Energy (3.0%) | Energy (3.0%) |
| 42005 | Chevron Corp. |  | 6625029 |
| 20181 | ConocoPhillips |  | 1793284 |
| 5691 | EOG Resources, Inc. |  | 602335 |
| 57926 | Exxon Mobil Corp. |  | 6624417 |
| 38283 | Kinder Morgan, Inc. |  | 1002632 |
| 11563 | Marathon Petroleum Corp. |  | 2253744 |
| 11367 | Occidental Petroleum Corp. |  | 468320 |
| 7673 | ONEOK, Inc. |  | 514091 |
| 5375 | Phillips 66 |  | 731752 |
| 16195 | SLB Ltd. |  | 583992 |
| 5350 | Valero Energy Corp. |  | 907146 |
| 19319 | Williams Cos., Inc. |  | 1117991 |
|  |  |  | 23224733 |
|  | Financials (12.4%) | Financials (12.4%) | Financials (12.4%) |
| 7935 | Aflac, Inc. |  | 850553 |
| 6095 | Allstate Corp. |  | 1167314 |
| 8489 | American Express Co. |  | 3062237 |
| 3734 | Ameriprise Financial, Inc. |  | 1690643 |
| 6797 | Arthur J Gallagher & Co. |  | 1695783 |
| 5605 | Assurant, Inc. |  | 1186691 |
| 121938 | Bank of America Corp.~ |  | 6517586 |
| 13833 | Bank of New York Mellon Corp. |  | 1492996 |
| 20544 | Berkshire Hathaway, Inc. - Class B# |  | 9810582 |
| 1437 | Blackrock, Inc. |  | 1555998 |
| 7087 | Blackstone, Inc. |  | 1039238 |
| 8262 | Capital One Financial Corp. |  | 1817557 |
| 6316 | Cboe Global Markets, Inc. |  | 1551462 |
| 26495 | Charles Schwab Corp. |  | 2504307 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Hedged Equity Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 8441 | Chubb Ltd. | $| 2337650 |
| 19956 | Citigroup, Inc. |  | 2020146 |
| 2987 | CME Group, Inc. |  | 793019 |
| 2825 | Coinbase Global, Inc. - Class A# |  | 971178 |
| 9059 | Fiserv, Inc.# |  | 604145 |
| 5017 | Global Payments, Inc. |  | 390122 |
| 8053 | Goldman Sachs Group, Inc.~ |  | 6356797 |
| 29941 | Huntington Bancshares, Inc. |  | 462289 |
| 3424 | Jack Henry & Associates, Inc.^ |  | 509971 |
| 36458 | JPMorgan Chase & Co.~ |  | 11342813 |
| 3709 | M&T Bank Corp. |  | 681974 |
| 10541 | Marsh & McLennan Cos., Inc. |  | 1877879 |
| 11997 | Mastercard, Inc. - Class A~ |  | 6622224 |
| 11493 | MetLife, Inc. |  | 917371 |
| 18685 | Morgan Stanley |  | 3064340 |
| 5944 | Northern Trust Corp. |  | 764814 |
| 9595 | PayPal Holdings, Inc.# |  | 664646 |
| 4453 | Prudential Financial, Inc. |  | 463112 |
| 3861 | S&P Global, Inc. |  | 1881118 |
| 5237 | State Street Corp. |  | 605711 |
| 4959 | Travelers Cos., Inc. |  | 1332087 |
| 13719 | U.S. Bancorp~ |  | 640403 |
| 27220 | Visa, Inc. - Class A |  | 9274943 |
| 70540 | Wells Fargo & Co.~ |  | 6134864 |
|  |  |  | 96656563 |
|  | Health Care (9.1%) | Health Care (9.1%) | Health Care (9.1%) |
| 19696 | Abbott Laboratories |  | 2434819 |
| 24467 | AbbVie, Inc. |  | 5334785 |
| 12628 | Agilent Technologies, Inc. |  | 1848234 |
| 5541 | Amgen, Inc. |  | 1653601 |
| 13827 | Baxter International, Inc. |  | 255385 |
| 4625 | Becton Dickinson & Co. |  | 826534 |
| 2881 | Biogen, Inc.# |  | 444452 |
| 40796 | Boston Scientific Corp.# |  | 4108973 |
| 8995 | Centene Corp.# |  | 318153 |
| 3822 | Cigna Group |  | 934135 |
| 16901 | CVS Health Corp. |  | 1320813 |
| 11037 | Danaher Corp. |  | 2377149 |
| 7183 | Dexcom, Inc.# |  | 418194 |
| 12873 | Edwards Lifesciences Corp.# |  | 1061379 |
| 11330 | Eli Lilly & Co.~ |  | 9776204 |
| 4739 | GE HealthCare Technologies, Inc. |  | 355188 |
| 18006 | Gilead Sciences, Inc. |  | 2156939 |
| 3770 | HCA Healthcare, Inc. |  | 1732994 |
| 2435 | Humana, Inc. |  | 677393 |
| 6451 | Intuitive Surgical, Inc.# |  | 3446640 |
| 3649 | IQVIA Holdings, Inc.# |  | 789862 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 31148 | Johnson & Johnson | $| 5882923 |
| 3569 | Labcorp Holdings, Inc. |  | 906383 |
| 2353 | McKesson Corp. |  | 1909083 |
| 19097 | Medtronic PLC |  | 1732098 |
| 37241 | Merck & Co., Inc. |  | 3201981 |
| 75514 | Pfizer, Inc. |  | 1861420 |
| 919 | Regeneron Pharmaceuticals, Inc. |  | 599004 |
| 1324 | Solventum Corp.# |  | 91409 |
| 3363 | Stryker Corp. |  | 1198035 |
| 6594 | Thermo Fisher Scientific, Inc.~ |  | 3741370 |
| 13601 | UnitedHealth Group, Inc. |  | 4645557 |
| 3510 | Vertex Pharmaceuticals, Inc.# |  | 1493751 |
| 3345 | Zimmer Biomet Holdings, Inc. |  | 336373 |
| 8954 | Zoetis, Inc. |  | 1290182 |
|  |  |  | 71161395 |
|  | Industrials (7.8%) | Industrials (7.8%) | Industrials (7.8%) |
| 5301 | 3M Co. |  | 882617 |
| 4012 | Allegion PLC |  | 665069 |
| 7642 | Automatic Data Processing, Inc. |  | 1989213 |
| 9754 | Boeing Co.# |  | 1960749 |
| 20907 | Carrier Global Corp. |  | 1243757 |
| 7365 | Caterpillar, Inc.~ |  | 4251520 |
| 56546 | CSX Corp.~ |  | 2036787 |
| 3846 | Deere & Co. |  | 1775429 |
| 5275 | Eaton Corp. PLC |  | 2012729 |
| 15090 | Emerson Electric Co. |  | 2106111 |
| 3555 | GE Vernova, Inc. |  | 2080173 |
| 3913 | Generac Holdings, Inc.# |  | 657462 |
| 3337 | General Dynamics Corp. |  | 1150931 |
| 14221 | General Electric Co. |  | 4393578 |
| 12783 | Honeywell International, Inc. |  | 2573601 |
| 661 | Hubbell, Inc. |  | 310670 |
| 4755 | Illinois Tool Works, Inc. |  | 1159840 |
| 12265 | Johnson Controls International PLC |  | 1402993 |
| 5312 | L3Harris Technologies, Inc. |  | 1535699 |
| 2678 | Lockheed Martin Corp. |  | 1317255 |
| 11219 | Masco Corp. |  | 726543 |
| 3051 | Norfolk Southern Corp. |  | 864592 |
| 2743 | Northrop Grumman Corp.~ |  | 1600403 |
| 5023 | Otis Worldwide Corp. |  | 465934 |
| 11772 | PACCAR, Inc. |  | 1158365 |
| 7184 | Paychex, Inc. |  | 840744 |
| 2579 | Paycom Software, Inc. |  | 482505 |
| 12074 | Pentair PLC |  | 1284070 |
| 4507 | Quanta Services, Inc. |  | 2024229 |
| 27272 | RTX Corp. |  | 4868052 |
| 24101 | Southwest Airlines Co.^ |  | 730260 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Hedged Equity Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 10651 | Union Pacific Corp. | $| 2347161 |
| 13921 | United Airlines Holdings, Inc.# |  | 1309131 |
| 8996 | United Parcel Service, Inc. - Class B |  | 867394 |
| 1674 | United Rentals, Inc. |  | 1458355 |
| 3678 | Veralto Corp. |  | 362945 |
| 4514 | Verisk Analytics, Inc. |  | 987483 |
| 8642 | Waste Management, Inc. |  | 1726412 |
| 6208 | Xylem, Inc. |  | 936477 |
|  |  |  | 60547238 |
|  | Information Technology (35.7%) | Information Technology (35.7%) | Information Technology (35.7%) |
| 7554 | Accenture PLC - Class A |  | 1889255 |
| 5523 | Adobe, Inc.# |  | 1879532 |
| 25207 | Advanced Micro Devices, Inc.# |  | 6456017 |
| 23460 | Amphenol Corp. - Class A |  | 3268916 |
| 9366 | Analog Devices, Inc. |  | 2192862 |
| 197268 | Apple, Inc.~ |  | 53335349 |
| 11434 | Applied Materials, Inc. |  | 2665265 |
| 13162 | Arista Networks, Inc.# |  | 2075516 |
| 3265 | Autodesk, Inc.# |  | 983875 |
| 62083 | Broadcom, Inc. |  | 22947739 |
| 68983 | Cisco Systems, Inc. |  | 5043347 |
| 9157 | Cognizant Technology Solutions <br>Corp. - Class A |  | 667362 |
| 4274 | Crowdstrike Holdings, Inc. - Class A# |  | 2320825 |
| 6074 | Datadog, Inc. - Class A# |  | 988908 |
| 3376 | Gartner, Inc.# |  | 838396 |
| 18826 | HP, Inc. |  | 520916 |
| 58253 | Intel Corp.# |  | 2329538 |
| 9212 | International Business Machines Corp. |  | 2831861 |
| 4831 | Intuit, Inc.~ |  | 3224934 |
| 4613 | Keysight Technologies, Inc.# |  | 843995 |
| 14411 | Lam Research Corp. |  | 2269156 |
| 22317 | Micron Technology, Inc.~ |  | 4993875 |
| 99223 | Microsoft Corp.~ |  | 51378662 |
| 5071 | NetApp, Inc. |  | 597262 |
| 329362 | NVIDIA Corp. |  | 66692511 |
| 5052 | NXP Semiconductors NV |  | 1056474 |
| 7901 | ON Semiconductor Corp.# |  | 395682 |
| 24540 | Oracle Corp.~ |  | 6444449 |
| 29149 | Palantir Technologies, Inc. - Class A# |  | 5843500 |
| 11956 | Palo Alto Networks, Inc.# |  | 2633190 |
| 4840 | PTC, Inc.# |  | 960934 |
| 16128 | QUALCOMM, Inc. |  | 2917555 |
| 15265 | Salesforce, Inc. |  | 3975159 |
| 3243 | ServiceNow, Inc.# |  | 2981225 |
| 7201 | Skyworks Solutions, Inc. |  | 559662 |
| 6433 | Super Micro Computer, Inc.#^ |  | 334259 |
| 2749 | Synopsys, Inc.# |  | 1247551 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 4898 | TE Connectivity PLC | $| 1209855 |
| 7263 | Teradyne, Inc. |  | 1320123 |
| 8981 | Texas Instruments, Inc. |  | 1450072 |
| 2205 | Tyler Technologies, Inc.# |  | 1050153 |
| 2874 | Workday, Inc. - Class A# |  | 689530 |
|  |  |  | 278305247 |
|  | Materials (1.4%) | Materials (1.4%) | Materials (1.4%) |
| 4432 | Air Products & Chemicals, Inc. |  | 1075159 |
| 3624 | Avery Dennison Corp. |  | 633801 |
| 12632 | Corteva, Inc. |  | 776110 |
| 11354 | DuPont de Nemours, Inc. |  | 927054 |
| 35612 | Freeport-McMoRan, Inc. |  | 1485020 |
| 9905 | Linde PLC |  | 4143262 |
| 5616 | PPG Industries, Inc. |  | 548964 |
| 3439 | Sherwin-Williams Co. |  | 1186249 |
| 3195 | Solstice Advanced Materials, Inc.# |  | 143999 |
|  |  |  | 10919618 |
|  | Real Estate (1.5%) | Real Estate (1.5%) | Real Estate (1.5%) |
| 3859 | Alexandria Real Estate Equities, Inc. |  | 224671 |
| 4853 | American Tower Corp. |  | 868590 |
| 6843 | Camden Property Trust |  | 680742 |
| 9621 | Crown Castle, Inc. |  | 868006 |
| 5405 | Digital Realty Trust, Inc. |  | 921066 |
| 887 | Equinix, Inc. |  | 750411 |
| 36080 | Healthpeak Properties, Inc. |  | 647636 |
| 4619 | Mid-America Apartment Communities, Inc. |  | 592294 |
| 14209 | Prologis, Inc. |  | 1763195 |
| 2544 | Public Storage |  | 708656 |
| 21211 | Realty Income Corp. |  | 1229814 |
| 7201 | Regency Centers Corp. |  | 496509 |
| 11181 | UDR, Inc. |  | 376688 |
| 9047 | Welltower, Inc. |  | 1637869 |
|  |  |  | 11766147 |
|  | Utilities (1.9%) | Utilities (1.9%) | Utilities (1.9%) |
| 27555 | AES Corp. |  | 382188 |
| 10789 | American Electric Power Co., Inc. |  | 1297485 |
| 8404 | Consolidated Edison, Inc. |  | 818634 |
| 21715 | Dominion Energy, Inc. |  | 1274453 |
| 13742 | Duke Energy Corp. |  | 1708131 |
| 6079 | Edison International |  | 336655 |
| 12305 | Entergy Corp. |  | 1182387 |
| 23897 | Exelon Corp. |  | 1102130 |
| 13917 | FirstEnergy Corp. |  | 637816 |
| 22105 | NextEra Energy, Inc. |  | 1799347 |
| 17004 | NiSource, Inc. |  | 716038 |
| 10687 | Public Service Enterprise Group, Inc. |  | 860945 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Hedged Equity Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| 15255 | Southern Co. | $1434580 |
| 12247 | Xcel Energy, Inc. | 994089 |
|  |  | 14544878 |
|  | **TOTAL COMMON STOCKS**<br> (Cost $386,871,460) | 765423265 |
| **EXCHANGE-TRADED FUND (1.0%)** |  |  |
|  | Other (1.0%) | Other (1.0%) |
| 11800 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust^<br>(Cost $7,509,224) | 8048308 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTION (2.7%)#** |  |  |
|  | Other (2.7%) | Other (2.7%) |
| 765 | S&P 500<sup>®</sup> Index |  |
| 523275300 | Put, 06/30/26, Strike $6,700.00<br>(Cost $23,288,297) | 21201975 |
| NUMBER OF<br>SHARES/<br>PRINCIPAL<br>AMOUNT |  | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (0.1%)** |  |  |
| 381429 | State Street Navigator Securities <br>Lending Government Money <br>Market Portfolio, 4.142%†\*\*\*<br>(Cost $381,429) | 381429 |
|  | **TOTAL INVESTMENTS (102.0%)**<br> (Cost $418,050,410) | 795054977 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (0.0%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (0.0%) | (381429) |
| LIABILITIES, LESS OTHER ASSETS (-2.0%) | LIABILITIES, LESS OTHER ASSETS (-2.0%) | (15586488) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $779087060 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED WRITTEN OPTIONS (-3.2%)#** |  |  |
|  | Other (-3.2%) | Other (-3.2%) |
| (200) | S&P 500<sup>®</sup> Index |  |
| (136804000) | Put, 06/30/26, Strike $5,300.00 | (1447000) |
| (413) | S&P 500<sup>®</sup> Index |  |
| (282500260) | Call, 06/30/26, Strike $6,700.00 | (23220925) |
|  |  | (24667925) |
|  | **TOTAL EXCHANGE-TRADED <br>WRITTEN OPTIONS**<br> (Premium $21,326,060) | $(24667925) |

---

**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 $147,009,725.

# Non-income producing security.

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

† Represents investment of cash collateral received from securities on loan as of October 31, 2025.

\*\*\* The rate disclosed is the 7 day net yield as of October 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.

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Phineus Long/Short Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF <br>SHARES | NUMBER OF <br>SHARES |  | VALUE |
| **COMMON STOCKS (103.6%)** | **COMMON STOCKS (103.6%)** |  |  |
|  |  | Communication Services (9.9%) | Communication Services (9.9%) |
| 236000 |  | Alphabet, Inc. - Class A~ | $66360840 |
| 10500 |  | Netflix, Inc.# | 11748030 |
| 670500 |  | Pinterest, Inc. - Class A~# | 22193550 |
| 17700 |  | Spotify Technology SA~# | 11599164 |
|  |  |  | 111901584 |
|  |  | Consumer Discretionary (12.9%) | Consumer Discretionary (12.9%) |
| 277000 |  | Amazon.com, Inc.~# | 67648940 |
| 169500 |  | DR Horton, Inc. | 25269060 |
| 113500 |  | Lowe's Cos., Inc.~ | 27027755 |
| 102500 |  | Marriott International, Inc. - Class A~ | 26709450 |
|  |  |  | 146655205 |
|  |  | Financials (8.2%) | Financials (8.2%) |
| 78000 |  | Capital One Financial Corp.~ | 17159220 |
| 223000 |  | Morgan Stanley~ | 36572000 |
| 443800 |  | Wells Fargo & Co.~ | 38597286 |
|  |  |  | 92328506 |
|  |  | Health Care (7.2%) | Health Care (7.2%) |
| 233500 |  | Halozyme Therapeutics, Inc.~# | 15221865 |
| 62000 |  | ICON PLC# | 10652840 |
| 107000 |  | Johnson & Johnson~ | 20209090 |
| 850000 |  | Pfizer, Inc.~ | 20952500 |
| 25500 |  | Thermo Fisher Scientific, Inc.~ | 14468445 |
|  |  |  | 81504740 |
|  |  | Industrials (38.4%) | Industrials (38.4%) |
| 262500 |  | 3M Co.~ | 43706250 |
| 1006000  | GBP | BAE Systems PLC | 24781269 |
| 196000 |  | Boeing Co.~# | 39399920 |
| 430000 |  | Booz Allen Hamilton Holding Corp.~ | 37478800 |
| 57500 |  | CACI International, Inc. - Class A#^ | 32329375 |
| 400000 |  | Canadian Pacific Kansas City Ltd.~^ | 28780000 |
| 127500 |  | Emerson Electric Co.~ | 17795175 |
| 80500 |  | Jacobs Solutions, Inc. | 12542705 |
| 183000 |  | Johnson Controls International PLC~ | 20933370 |
| 168000 |  | L3Harris Technologies, Inc.~ | 48568800 |
| 52500 |  | Regal Rexnord Corp. | 7396725 |
| 61500  | EUR | Schneider Electric SE | 17523182 |
| 119000 |  | Uber Technologies, Inc.# | 11483500 |
| 173932 |  | Union Pacific Corp.~ | 38329395 |
| 465500 |  | United Airlines Holdings, Inc.~# | 43775620 |
| 50000 |  | Waste Management, Inc. | 9988500 |
|  |  |  | 434812586 |
|  |  | Information Technology (23.8%) | Information Technology (23.8%) |
| 48000 |  | Analog Devices, Inc. | 11238240 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF <br>SHARES | NUMBER OF <br>SHARES |  | VALUE | VALUE |
| 197000 |  | Ciena Corp.~# | $| 37414240 |
| 216717 |  | Coherent Corp.~# |  | 28597975 |
| 116500 |  | Microsoft Corp.~ |  | 60324865 |
| 311900 |  | NVIDIA Corp.~ |  | 63156631 |
| 184000 |  | Oracle Corp.~ |  | 48320240 |
| 45500 |  | Synopsys, Inc.~# |  | 20648810 |
|  |  |  |  | 269701001 |
|  |  | Materials (3.2%) | Materials (3.2%) | Materials (3.2%) |
| 51500 |  | Sherwin-Williams Co.~ |  | 17764410 |
| 426500 |  | Teck Resources Ltd. - Class B~^ |  | 18305380 |
|  |  |  |  | 36069790 |
|  |  | **TOTAL COMMON STOCKS**<br> (Cost $968,939,706) |  | 1172973412 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT | NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (1.2%)#** | **EXCHANGE-TRADED PURCHASED OPTIONS (1.2%)#** |  |  |  |
|  |  | Communication Services (0.0%) | Communication Services (0.0%) | Communication Services (0.0%) |
| 440 |  | Alphabet, Inc. |  |  |
| 12372360 |  | Put, 11/07/25, Strike $260.00 |  | 18700 |
|  |  | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) |
| 130 |  | Tesla, Inc. |  |  |
| 5935280 |  | Call, 11/07/25, Strike $460.00 |  | 169650 |
|  |  | Health Care (0.0%) | Health Care (0.0%) | Health Care (0.0%) |
| 8500 |  | Pfizer, Inc. |  |  |
| 20952500 |  | Call, 11/21/25, Strike $27.00 |  | 106250 |
|  |  | Industrials (0.5%) | Industrials (0.5%) | Industrials (0.5%) |
| 29500 |  | Deutsche Lufthansa AG |  |  |
| 25724000  | EUR | Call, 03/20/26, Strike 6.00 |  | 5984559 |
|  |  | Information Technology (0.2%) | Information Technology (0.2%) | Information Technology (0.2%) |
| 385 |  | CACI International, Inc. |  |  |
| 21646625 |  | Put, 11/21/25, Strike $500.00 |  | 75075 |
| 1165 |  | Microsoft Corp. |  |  |
| 60324865 |  | Call, 11/21/25, Strike $550.00 |  | 269698 |
| 1260 |  | NVIDIA Corp. |  |  |
| 25513740 |  | Call, 11/14/25, Strike $200.00 |  | 998550 |
| 1950 |  | ON Semiconductor Corp. |  |  |
| 9765600 |  | Put, 11/07/25, Strike $47.00 |  | 397800 |
| 900 |  | Salesforce, Inc. |  |  |
| 23436900 |  | Call, 11/07/25, Strike $267.50 |  | 194850 |
|  |  |  |  | 1935973 |
|  |  | Other (0.5%) | Other (0.5%) | Other (0.5%) |
| 5070 |  | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust |  |  |
| 345804420 |  | Put, 11/07/25, Strike $677.00 |  | 1493115 |
| 4970 |  | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust |  |  |
| 338983820 |  | Put, 11/14/25, Strike $685.00 |  | 4018245 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Phineus Long/Short Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF <br>SHARES |  | VALUE | VALUE |
| 5800 | State Street SPDR S&P Regional <br>Banking ETF |  |  |
| 34800000 | Put, 11/07/25, Strike $58.00 | $ | 153700 |
|  |  |  | 5665060 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Premium $13,516,033) |  | 13880192 |
| NUMBER OF<br>SHARES/<br>PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (0.5%)** |  |  |  |
| 5927394 | State Street Navigator Securities <br>Lending Government Money <br>Market Portfolio, 4.142%†\*\*\*<br>(Cost $5,927,394) |  | 5927394 |
|  | **TOTAL INVESTMENTS (105.3%)**<br> (Cost $988,383,133) |  | 1192780998 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.5%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.5%) |  | (5927394) |
| LIABILITIES, LESS OTHER ASSETS (-4.8%) | LIABILITIES, LESS OTHER ASSETS (-4.8%) |  | (53962357) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $ | 1132891247 |
| NUMBER OF <br>SHARES |  | VALUE | VALUE |
| **COMMON STOCKS SOLD SHORT (-4.1%)#** |  |  |  |
|  | Consumer Discretionary (-0.5%) | Consumer Discretionary (-0.5%) | Consumer Discretionary (-0.5%) |
| (13000) | Tesla, Inc. |  | (5935280) |
|  | Financials (-1.1%) | Financials (-1.1%) | Financials (-1.1%) |
| (35000) | American Express Co. |  | (12625550) |
|  | Industrials (-1.3%) | Industrials (-1.3%) | Industrials (-1.3%) |
| (80000) | RTX Corp. |  | (14280000) |
|  | Information Technology (-1.2%) | Information Technology (-1.2%) | Information Technology (-1.2%) |
| (62500) | Palo Alto Networks, Inc. |  | (13765000) |
|  | **TOTAL COMMON STOCKS <br>SOLD SHORT**<br> (Proceeds $42,433,574) |  | (46605830) |
| **EXCHANGE-TRADED FUND SOLD SHORT (-47.7%)#** |  |  |  |
|  | Other (-47.7%) | Other (-47.7%) | Other (-47.7%) |
| (791500) | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>(Proceeds $525,173,547) |  | (539850490) |
|  | **TOTAL SECURITIES SOLD SHORT**<br> (Proceeds $567,607,121) |  | (586456320) |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED WRITTEN OPTIONS (-4.1%)#** |  |  |
|  | Communication Services (-1.3%) | Communication Services (-1.3%) |
| (2360) | Alphabet, Inc. |  |
| (66360840) | Call, 11/21/25, Strike $220.00 | $(14608400) |
| (540) | Reddit, Inc. |  |
| (11283300) | Put, 11/07/25, Strike $210.00 | (487350) |
|  |  | (15095750) |
|  | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) |
| (975) | DR Horton, Inc.  |  |
| (14535300) | Put, 11/21/25, Strike $140.00 | (170625) |
| (260) | Tesla, Inc. |  |
| (11870560) | Call, 11/14/25, Strike $500.00 | (178100) |
|  |  | (348725) |
|  | Health Care (-0.1%) | Health Care (-0.1%) |
| (1070) | Johnson & Johnson |  |
| (20209090) | Call, 11/21/25, Strike $180.00 | (1088725) |
|  | Industrials (0.0%) | Industrials (0.0%) |
| (1745) | United Airlines Holdings, Inc. |  |
| (16409980) | Put, 12/19/25, Strike $80.00 | (284435) |
| (3485) | United Airlines Holdings, Inc. |  |
| (32772940) | Call, 12/19/25, Strike $125.00 | (216070) |
|  |  | (500505) |
|  | Information Technology (-2.3%) | Information Technology (-2.3%) |
| (575) | CACI International, Inc. |  |
| (32329375) | Call, 12/19/25, Strike $580.00 | (1187375) |
| (700) | Ciena Corp. |  |
| (13294400) | Call, 11/21/25, Strike $130.00 | (4203500) |
| (1270) | Ciena Corp. |  |
| (24119840) | Call, 01/16/26, Strike $160.00 | (5080000) |
| (2167) | Coherent Corp. |  |
| (28595732) | Call, 11/21/25, Strike $135.00 | (1863620) |
| (2330) | Microsoft Corp. |  |
| (120649730) | Call, 12/19/25, Strike $600.00 | (305230) |
| (1260) | NVIDIA Corp. |  |
| (25513740) | Call, 11/21/25, Strike $210.00 | (831600) |
| (1974) | NVIDIA Corp. |  |
| (39971526) | Call, 12/19/25, Strike $160.00 | (8952090) |
| (1950) | ON Semiconductor Corp. |  |
| (9765600) | Call, 11/21/25, Strike $58.00 | (319800) |
| (375) | Oracle Corp. |  |
| (9847875) | Put, 12/19/25, Strike $220.00 | (212813) |
| (375) | Oracle Corp. |  |
| (9847875) | Call, 11/21/25, Strike $290.00 | (130312) |
| (1500) | Oracle Corp. |  |
| (39391500) | Call, 11/07/25, Strike $250.00 | (2205000) |
| (450) | Salesforce, Inc. |  |
| (11718450) | Put, 11/07/25, Strike $257.50 | (155250) |
|  |  | (25446590) |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Phineus Long/Short Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF <br>SHARES |  | VALUE |
|  | Other (-0.4%) | Other (-0.4%) |
| (9940) | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust |  |
| (677967640) | Put, 12/19/25, Strike $615.00 | $(2972060) |
| (10140) | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust |  |
| (691608840) | Put, 11/21/25, Strike $635.00 | (1353690) |
|  |  | (4325750) |
|  | **TOTAL EXCHANGE-TRADED <br>WRITTEN OPTIONS**<br> (Premium $35,137,364) | $(46806045) |

---

**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 $732,513,762.

# Non-income producing security.

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

† Represents investment of cash collateral received from securities on loan as of October 31, 2025.

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

**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.

**CURRENCY EXPOSURE OCTOBER 31, 2025**

---

| | | |
|:---|:---|:---|
|  | VALUE | % OF TOTAL<br>INVESTMENTS |
| US Dollar | $511229623 | 91.4% |
| British Pound Sterling | 24781269 | 4.4% |
| European Monetary Unit | 23507741 | 4.2% |
| Total Investments  | $559518633 | 100.0% |

---

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Merger Arbitrage Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| **CONVERTIBLE BONDS (39.1%)** |  |  |
|  | Communication Services (2.7%) | Communication Services (2.7%) |
| 72000 | JD.com, Inc.<br>0.250%, 06/01/29 | $76120 |
|  | Financials (4.3%) | Financials (4.3%) |
| 137000 | Global Payments, Inc.~<br>1.500%, 03/01/31 | 123622 |
|  | Information Technology (26.8%) | Information Technology (26.8%) |
| 55000 | Rapid7, Inc.~<br>0.250%, 03/15/27 | 52006 |
| 80000 | Shift4 Payments, Inc.<br>0.500%, 08/01/27 | 78801 |
| 37000 | CSG Systems International, Inc.~<br>3.875%, 09/15/28 | 44365 |
| 141000 | Five9, Inc.~<br>1.000%, 03/15/29 | 125904 |
| 49000 | BlackLine, Inc.<br>1.000%, 06/01/29 | 52690 |
| 60000 | Rapid7, Inc.<br>1.250%, 03/15/29 | 54068 |
| 79000 | PagerDuty, Inc.<br>1.500%, 10/15/28 | 76532 |
| 118000 | Dayforce, Inc.<br>0.250%, 03/15/26 | 115961 |
| 34000 | Verint Systems, Inc.<br>0.250%, 04/15/26 | 33572 |
| 145000 | Bill Holdings, Inc.~\*<br>0.000%, 04/01/30 | 128663 |
|  |  | 762562 |
|  | Utilities (5.3%) | Utilities (5.3%) |
| 114000 | TXNM Energy, Inc.~<br>5.750%, 06/01/54 | 149453 |
|  | **TOTAL CONVERTIBLE BONDS**<br> (Cost $1,111,486) | 1111757 |
| **CORPORATE BOND (0.1%)** |  |  |
|  | Information Technology (0.1%) | Information Technology (0.1%) |
| 2586 | Wolfspeed, Inc.<br>7.000%, 06/15/31<br>(Cost $6,707) | 2196 |
| NUMBER OF<br>SHARES |  | VALUE |
| **COMMON STOCKS (56.6%)** |  |  |
|  | Communication Services (6.6%) | Communication Services (6.6%) |
| 7044 | TEGNA, Inc. | 138556 |
| 396 | Interpublic Group of Cos., Inc.~ | 10161 |
| 200 | Electronic Arts, Inc. | 40012 |
|  |  | 188729 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Consumer Staples (1.9%) | Consumer Staples (1.9%) |
| 255 | Boston Beer Co., Inc. - Class A~# | $52782 |
|  | Energy (2.4%) | Energy (2.4%) |
| 303 | Noble Corp. PLC | 8893 |
| 1660 | SLB Ltd. | 59860 |
|  |  | 68753 |
|  | Health Care (4.6%) | Health Care (4.6%) |
| 3270 | Pfizer, Inc.~ | 80606 |
| 523 | Akero Therapeutics, Inc.# | 28347 |
| 1736 | Cross Country Healthcare, Inc.# | 21283 |
|  |  | 130236 |
|  | Industrials (8.6%) | Industrials (8.6%) |
| 423 | Norfolk Southern Corp.~ | 119870 |
| 418 | Chart Industries, Inc.# | 83441 |
| 3030 | TaskUS, Inc. - Class A# | 40420 |
|  |  | 243731 |
|  | Information Technology (6.9%) | Information Technology (6.9%) |
| 509 | Blackbaud, Inc.~# | 32596 |
| 250 | CyberArk Software Ltd.# | 130195 |
| 63 | Synopsys, Inc.# | 28591 |
| 214 | Wolfspeed, Inc.# | 5633 |
|  |  | 197015 |
|  | Materials (2.4%) | Materials (2.4%) |
| 3215 | James Hardie Industries PLC# | 67290 |
|  | Real Estate (2.8%) | Real Estate (2.8%) |
| 8000 | Anywhere Real Estate, Inc.# | 80400 |
|  | Special Purpose Acquisition Companies (20.4%)# | Special Purpose Acquisition Companies (20.4%)# |
| 750 | Mak Acquisition Corp. - Class B | 7 |
| 9900 | Mak Acquisition Corp. | 99099 |
| 4527 | Four Leaf Acquisition Corp. - Class A~ | 53192 |
| 7970 | Everest Consolidator Acquisition Corp.‡‡‡ | 92213 |
| 12115 | FutureTech II Acquisition Corp. - Class A~ | 145622 |
| 16111 | Alchemy Investments Acquisition Corp. 1 | 187854 |
|  |  | 577987 |
|  | **TOTAL COMMON STOCKS**<br> (Cost $1,591,495) | 1606923 |
| **RIGHTS (0.0%)#** |  |  |
|  | Consumer Staples (0.0%) | Consumer Staples (0.0%) |
| 755 | Mirati Therapeutics, Inc.,<br>(Expires 12/31/99)‡‡‡ | 755 |
|  | Special Purpose Acquisition Companies (0.0%) | Special Purpose Acquisition Companies (0.0%) |
| 23 | Quetta Acquisition Corp.,<br>(Expires 11/30/24) | 40 |
| 327 | AI Transportation Acquisition Corp.,<br>(Expires 10/25/24) | 49 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Merger Arbitrage Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 81 | Black Hawk Acquisition Corp.,<br>(Expires 6/20/25) | $99 |
|  |  | 188 |
|  | **TOTAL RIGHTS**<br> (Cost $705) | 943 |
| **WARRANT (0.0%)#** |  |  |
|  | Special Purpose Acquisition Company (0.0%) | Special Purpose Acquisition Company (0.0%) |
| 115 | Spark I Acquisition Corp.<br>11/27/28, Strike $11.50<br>(Cost $16) | 56 |
|  | **TOTAL INVESTMENTS (95.8%)**<br> (Cost $2,710,409) | 2721875 |
| OTHER ASSETS, LESS LIABILITIES (4.2%) | OTHER ASSETS, LESS LIABILITIES (4.2%) | 119350 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $2841225 |
| **COMMON STOCKS SOLD SHORT (-11.0%)#** |  |  |
|  | Communication Services (-0.3%) | Communication Services (-0.3%) |
| (136) | Omnicom Group, Inc. | (10203) |
|  | Industrials (-3.3%) | Industrials (-3.3%) |
| (423) | Union Pacific Corp. | (93217) |
|  | Information Technology (-4.3%) | Information Technology (-4.3%) |
| (550) | Palo Alto Networks, Inc. | (121132) |
|  | Real Estate (-3.1%) | Real Estate (-3.1%) |
| (11488) | Compass, Inc. - Class A | (88572) |
|  | **TOTAL COMMON STOCKS SOLD SHORT**<br> (Proceeds $288,912) | (313124) |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED WRITTEN OPTION (0.0%)#** |  |  |
|  | Information Technology (0.0%) | Information Technology (0.0%) |
| (1) | TaskUS, Inc. |  |
| (1334) | Call, 11/21/25, Strike $15.00<br>(Premium $34) | (18) |

---

**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 $673,037.

\* 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.

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

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Convertible Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| **CONVERTIBLE BONDS (87.7%)** |  |  |
|  | Communication Services (9.6%) | Communication Services (9.6%) |
| 6000000 | AST SpaceMobile, Inc.\*<br>2.375%, 10/15/32 | $8466300 |
| 4500000 | 2.000%, 01/15/36 | 4790655 |
| 16000000 | DoorDash, Inc.\*<br>0.000%, 05/15/30 | 17683200 |
| 11250000 | Liberty Media Corp.-Liberty <br>Formula One<br>2.250%, 08/15/27 | 14451637 |
| 8500000 | Live Nation Entertainment, Inc.\*^<br>2.875%, 01/15/30 | 9072985 |
| 4250000 | Lyft, Inc.\*<br>0.000%, 09/15/30 | 4961620 |
| 10532000 | Uber Technologies, Inc.<br>0.875%, 12/01/28 | 15387463 |
| 5250000 | 0.000%, 12/15/25 | 6273960 |
| 7750000 | Uber Technologies, Inc. (Aurora<br>Innovation, Inc.)\*§<br>0.000%, 05/15/28 | 8207328 |
|  |  | 89295148 |
|  | Consumer Discretionary (7.8%) | Consumer Discretionary (7.8%) |
| 11750000 | Alibaba Group Holding Ltd.<br>0.500%, 06/01/31 | 20777525 |
| 5750000 | Carnival Corp.<br>5.750%, 12/01/27 | 12797200 |
| 4000000 | Etsy, Inc.\*^<br>1.000%, 06/15/30 | 4269560 |
| 4500000 | Ford Motor Company^<br>0.000%, 03/15/26 | 4713255 |
| 3500000 | Lucid Group, Inc.\*<br>5.000%, 04/01/30 | 2832620 |
| 4250000 | NCL Corp. Ltd.\*<br>0.750%, 09/15/30 | 4086758 |
| 14000000 | Rivian Automotive, Inc.<br>3.625%, 10/15/30 | 11970420 |
| 4750000 | Wayfair, Inc.<br>3.500%, 11/15/28 | 11190477 |
|  |  | 72637815 |
|  | Consumer Staples (2.0%) | Consumer Staples (2.0%) |
| 4250000 | Alnylam Pharmaceuticals, Inc.\*<br>0.000%, 09/15/28 | 4253018 |
| 2250000 | Cytokinetics, Inc.\*^<br>1.750%, 10/01/31 | 2791620 |
| 8000000 | Jazz Investments I Ltd.<br>3.125%, 09/15/30 | 9755600 |
| 1750000 | KalVista Pharmaceuticals, Inc.\*<br>3.250%, 10/01/31 | 1785315 |
|  |  | 18585553 |
|  | Energy (0.5%) | Energy (0.5%) |
| 5000000 | Northern Oil & Gas, Inc.<br>3.625%, 04/15/29 | 4854800 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
|  | Financials (5.5%) | Financials (5.5%) |
| 4500000 | Affirm Holdings, Inc.\*^<br>0.750%, 12/15/29 | $4902885 |
| 7500000 | Barclays Bank PLC (Microsoft Corp.)§^<br>1.000%, 02/16/29 | 8506725 |
| 6250000 | Cipher Mining, Inc.\*^<br>0.000%, 10/01/31 | 8891562 |
| 6375000 | Coinbase Global, Inc.<br>0.250%, 04/01/30 | 8151585 |
| 4095000 | 0.000%, 10/01/32\* | 4585704 |
| 4933000 | Galaxy Digital Holdings LP\*<br>0.500%, 05/01/31 | 4872817 |
| 2962000 | IREN Ltd.\*<br>0.000%, 07/01/31 | 3136758 |
| 1211000 | Terawulf, Inc.\*<br>0.000%, 05/01/32 | 1255553 |
| 1750000 | Upstart Holdings, Inc.<br>2.000%, 10/01/29 | 2348413 |
| 4250000 | WisdomTree, Inc.\*<br>4.625%, 08/15/30 | 4364920 |
|  |  | 51016922 |
|  | Health Care (5.7%) | Health Care (5.7%) |
| 8500000 | Alphatec Holdings, Inc.\*<br>0.750%, 03/15/30 | 12116240 |
| 3750000 | Bridgebio Pharma, Inc.^<br>2.500%, 03/15/27 | 6066675 |
| 6250000 | Exact Sciences Corp.\*~<br>2.000%, 03/01/30 | 7013187 |
| 8250000 | Halozyme Therapeutics, Inc.<br>0.250%, 03/01/27 | 9140505 |
| 4500000 | Ionis Pharmaceuticals, Inc.^<br>1.750%, 06/15/28 | 6850395 |
| 4250000 | Ligand Pharmaceuticals, Inc.\*<br>0.750%, 10/01/30 | 4985675 |
| 3500000 | Merit Medical Systems, Inc.\*<br>3.000%, 02/01/29 | 4236540 |
| 2000000 | Tempus AI, Inc.\*<br>0.750%, 07/15/30 | 2722260 |
|  |  | 53131477 |
|  | Industrials (5.9%) | Industrials (5.9%) |
| 7500000 | AeroVironment, Inc.<br>0.000%, 07/15/30 | 10505625 |
| 2000000 | Axon Enterprise, Inc.<br>0.500%, 12/15/27 | 6408640 |
| 3107000 | Bloom Energy Corp.<br>0.000%, 11/15/30\*†† | 3157986 |
| 2750000 | 3.000%, 06/01/28 | 19402377 |
| 7250000 | Fluor Corp.^<br>1.125%, 08/15/29 | 9351993 |
| 2250000 | JBT Marel Corp.\*<br>0.375%, 09/15/30 | 2100555 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Convertible Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 3500000 | Tetra Tech, Inc.<br>2.250%, 08/15/28 | $ | 3738105 |
|  |  |  | 54665281 |
|  | Information Technology (36.2%) | Information Technology (36.2%) | Information Technology (36.2%) |
| 6500000 | Advanced Energy Industries, Inc.<br>2.500%, 09/15/28 |  | 10388235 |
| 8000000 | Akamai Technologies, Inc.\*<br>0.250%, 05/15/33 |  | 8096080 |
| 3250000 | Alignment Healthcare, Inc.\*<br>4.250%, 11/15/29 |  | 4522440 |
| 10287000 | Cloudflare, Inc.\*<br>0.000%, 06/15/30 |  | 12842291 |
| 4250000 | Commvault Systems, Inc.\*<br>0.000%, 09/15/30 |  | 3885945 |
| 3750000 | Core Scientific, Inc.\*<br>0.000%, 06/15/31 |  | 4803788 |
| 1500000 | 3.000%, 09/01/29 |  | 3196200 |
| 16200000 | CyberArk Software Ltd.\*<br>0.000%, 06/15/30 |  | 18932130 |
| 8750000 | Datadog, Inc.\*^<br>0.000%, 12/01/29 |  | 9289087 |
| 8750000 | Guidewire Software, Inc.\*^<br>1.250%, 11/01/29 |  | 10360612 |
| 2250000 | IREN Ltd.\*<br>3.500%, 12/15/29 |  | 10320457 |
| 4000000 | Itron, Inc.^<br>1.375%, 07/15/30 |  | 4125440 |
| 8500000 | Lumentum Holdings, Inc.<br>0.375%, 03/15/32\* |  | 11254765 |
| 3250000 | 1.500%, 12/15/29^ |  | 9625297 |
| 8500000 | MACOM Technology Solutions <br>Holdings, Inc.\*^<br>0.000%, 12/15/29 |  | 9461265 |
| 4500000 | MARA Holdings, Inc.\*<br>0.000%, 08/01/32 |  | 4933485 |
| 7500000 | Mirion Technologies, Inc.\*<br>0.250%, 06/01/30 |  | 10829025 |
| 16250000 | MKS, Inc.^<br>1.250%, 06/01/30 |  | 19486512 |
| 8750000 | Nebius Group NV\*<br>1.000%, 09/15/30 |  | 11169375 |
| 4250000 | Nutanix, Inc.\*^<br>0.500%, 12/15/29 |  | 4689365 |
| 7250000 | ON Semiconductor Corp.<br>0.000%, 05/01/27 |  | 8412103 |
| 4750000 | Parsons Corp.^<br>2.625%, 03/01/29 |  | 5417565 |
| 2500000 | Planet Labs PBC\*<br>0.500%, 10/15/30 |  | 3491200 |
| 2625000 | Riot Platforms, Inc.\*<br>0.750%, 01/15/30 |  | 4104713 |
| 4298000 | Rubrik, Inc.\*<br>0.000%, 06/15/30 |  | 4172241 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 5500000 | Seagate HDD Cayman<br>3.500%, 06/01/28 | $| 17222920 |
| 3375000 | Shift4 Payments, Inc.<br>0.000%, 12/15/25 |  | 3372233 |
| 9000000 | Snowflake, Inc.<br>0.000%, 10/01/29 |  | 16584840 |
| 7000000 | Spotify USA, Inc.<br>0.000%, 03/15/26 |  | 9048200 |
| 20500000 | Strategy, Inc.<br>0.000%, 03/01/30\* |  | 20206235 |
| 6000000 | 0.625%, 09/15/28 |  | 9955080 |
| 7750000 | Super Micro Computer, Inc.\*<br>0.000%, 06/15/30 |  | 9131205 |
| 6750000 | Terawulf, Inc.\*<br>1.000%, 09/01/31 |  | 10025100 |
| 3500000 | Tyler Technologies, Inc.<br>0.250%, 03/15/26 |  | 3659880 |
| 5000000 | Western Digital Corp.<br>3.000%, 11/15/28 |  | 20086000 |
| 9000000 | Zscaler, Inc.\*<br>0.000%, 07/15/28 |  | 9293490 |
|  |  |  | 336394799 |
|  | Materials (2.9%) | Materials (2.9%) | Materials (2.9%) |
| 6750000 | Centrus Energy Corp.\*<br>0.000%, 08/15/32 |  | 11925090 |
| 5250000 | Energy Fuels, Inc.\*<br>0.750%, 11/01/31 |  | 6778485 |
| 2750000 | MP Materials Corp.\*<br>3.000%, 03/01/30 |  | 8343802 |
|  |  |  | 27047377 |
|  | Other (0.5%) | Other (0.5%) | Other (0.5%) |
| 4000000 | Repligen Corp.<br>1.000%, 12/15/28 |  | 4238920 |
|  | Real Estate (2.2%) | Real Estate (2.2%) | Real Estate (2.2%) |
| 8750000 | Digital Realty Trust LP\*<br>1.875%, 11/15/29 |  | 9249363 |
| 7250000 | Welltower OP LLC\*<br>3.125%, 07/15/29 |  | 10774442 |
|  |  |  | 20023805 |
|  | Utilities (8.9%) | Utilities (8.9%) | Utilities (8.9%) |
| 11000000 | CMS Energy Corp.<br>3.375%, 05/01/28 |  | 12127390 |
| 12000000 | Duke Energy Corp.<br>4.125%, 04/15/26 |  | 12930480 |
| 17750000 | NextEra Energy Capital Holdings, Inc.<br>3.000%, 03/01/27 |  | 22265067 |
| 11500000 | PPL Capital Funding, Inc.<br>2.875%, 03/15/28 |  | 13054570 |
| 11500000 | Southern Co.<br>4.500%, 06/15/27 |  | 12764770 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Convertible Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 8750000 | WEC Energy Group, Inc.\*<br>3.375%, 06/01/28 | $ | 9030263 |
|  |  |  | 82172540 |
|  | **TOTAL CONVERTIBLE BONDS**<br> (Cost $642,675,523) |  | 814064437 |
| NUMBER OF <br>SHARES |  | VALUE | VALUE |
| **CONVERTIBLE PREFERRED STOCKS (9.7%)** |  |  |  |
|  | Financials (4.0%) | Financials (4.0%) | Financials (4.0%) |
| 127810 | Apollo Global Management, Inc.~<br>6.750%, 07/31/26 |  | 8351105 |
| 173440 | ARES Management Corp.<br>6.750%, 10/01/27 |  | 8201978 |
| 10300 | Bank of America Corp.^~‡‡<br>7.250% |  | 12988300 |
| 153130 | KKR & Co., Inc.<br>6.250%, 03/01/28 |  | 7506433 |
|  |  |  | 37047816 |
|  | Industrials (3.2%) | Industrials (3.2%) | Industrials (3.2%) |
| 397810 | Boeing Co.~<br>6.000%, 10/15/27 |  | 25746263 |
| 81910 | QXO, Inc.<br>5.500%, 05/15/28 |  | 4181506 |
|  |  |  | 29927769 |
|  | Information Technology (1.9%) | Information Technology (1.9%) | Information Technology (1.9%) |
| 155590 | Hewlett Packard Enterprise Co.<br>7.625%, 09/01/27 |  | 10514772 |
| 120070 | Microchip Technology, Inc.^<br>7.500%, 03/15/28 |  | 6952053 |
|  |  |  | 17466825 |
|  | Materials (0.6%) | Materials (0.6%) | Materials (0.6%) |
| 141385 | Albemarle Corp.^<br>7.250%, 03/01/27 |  | 6253458 |
|  | **TOTAL CONVERTIBLE PREFERRED <br>STOCKS**<br> (Cost $83,431,345) |  | 90695868 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL <br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (0.1%)#** |  |  |
|  | Information Technology (0.0%) | Information Technology (0.0%) |
| 70 | Microsoft Corp. |  |
| 3624670 | Call, 05/15/26, Strike $540.00 | $246750 |
|  | Other (0.1%) | Other (0.1%) |
| 1000 | Invesco QQQ Trust Series 1 |  |
| 62907000 | Put, 12/31/25, Strike $585.00 | 764500 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $1,666,047) | 1011250 |
| NUMBER OF<br>SHARES/<br>PRINCIPAL <br>AMOUNT |  | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (5.6%)** |  |  |
| 51798783 | State Street Navigator Securities <br>Lending Government Money <br>Market Portfolio, 4.142%†\*\*\*<br>(Cost $51,798,783) | 51798783 |
|  | **TOTAL INVESTMENTS (103.1%)**<br> (Cost $779,571,698) | 957570338 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-5.6%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-5.6%) | (51798783) |
| OTHER ASSETS, LESS LIABILITIES (2.5%) | OTHER ASSETS, LESS LIABILITIES (2.5%) | 22749751 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $928521306 |

---

**FORWARD FOREIGN CURRENCY CONTRACTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | LONG<br>CONTRACTS | SETTLEMENT<br>DATE | LOCAL<br>CURRENCY | CURRENT<br>VALUE | UNREALIZED<br>GAIN/LOSS |
| Northern Trust Company | Hong Kong Dollar | 11/21/25 | 9362000 | $1205222 | $(203) |
| Northern Trust Company | Hong Kong Dollar | 11/21/25 | 7269000 | 935778 | 1879 |
|  |  |  |  |  | $1676 |
| COUNTERPARTY | SHORT<br>CONTRACTS | SETTLEMENT<br>DATE | LOCAL<br>CURRENCY | CURRENT<br>VALUE | UNREALIZED<br>GAIN/LOSS |
| Northern Trust Company | Hong Kong Dollar | 11/21/25 | 7297000 | $939383 | $(817) |
| Northern Trust Company | Hong Kong Dollar | 11/21/25 | 9861000 | 1269461 | (562) |
| Northern Trust Company | Hong Kong Dollar | 11/21/25 | 15337000 | 1974417 | (3490) |
| State Street Bank and <br>Trust | Hong Kong Dollar | 11/21/25 | 19083000 | 2456660 | 378 |
| Bank of New York | Hong Kong Dollar | 11/21/25 | 103062000 | 13267740 | (8159) |
|  |  |  |  |  | $(12650) |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Convertible Fund Schedule of Investments October 31, 2025

**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 $30,984,202.

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

†† When-issued security.

‡‡ Perpetual maturity.

† Represents investment of cash collateral received from securities on loan as of October 31, 2025.

\*\*\* The rate disclosed is the 7 day net yield as of October 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.

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Global Convertible Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT | PRINCIPAL <br>AMOUNT |  | VALUE |
| **CONVERTIBLE BONDS (87.1%)** | **CONVERTIBLE BONDS (87.1%)** |  |  |
|  |  | Communication Services (13.8%) | Communication Services (13.8%) |
| 783000 |  | AST SpaceMobile, Inc.\*<br>2.375%, 10/15/32 | $1104852 |
| 2775000 |  | DoorDash, Inc.\*<br>0.000%, 05/15/30 | 3066930 |
| 5323000 |  | JD.com, Inc.<br>0.250%, 06/01/29 | 5627582 |
| 1480000 |  | Lyft, Inc.\*<br>0.000%, 09/15/30 | 1727811 |
| 2789000 |  | MakeMyTrip Ltd.\*<br>0.000%, 07/01/30 | 2689572 |
| 1257000 |  | Snap, Inc.<br>0.500%, 05/01/30 | 1092170 |
| 2522000 |  | Trip.com Group Ltd.<br>0.750%, 06/15/29 | 3086171 |
| 1196000 |  | Uber Technologies, Inc.<br>0.875%, 12/01/28 | 1747380 |
| 614000 |  | Uber Technologies, Inc. (Aurora <br>Innovation, Inc.)§\*<br>0.000%, 05/15/28 | 650232 |
| 1119000 |  | Wix.com Ltd.\*<br>0.000%, 09/15/30 | 1110216 |
|  |  |  | 21902916 |
|  |  | Consumer Discretionary (16.0%) | Consumer Discretionary (16.0%) |
| 2363200  | EUR | Accor SA<br>0.700%, 12/07/27 | 1540771 |
| 3386000 |  | Alibaba Group Holding Ltd.<br>0.500%, 06/01/31 | 5987464 |
| 1411000 |  | Etsy, Inc.\*^<br>1.000%, 06/15/30 | 1506087 |
| 1329000 |  | Farfetch Ltd.@<br>3.750%, 05/01/27 | 9569 |
| 160000000  | JPY | Kyoritsu Maintenance Co. Ltd.<br>0.000%, 01/29/26 | 1331091 |
| 970000 |  | Lucid Group, Inc.\*<br>5.000%, 04/01/30 | 785040 |
| 1752000 |  | Meritage Homes Corp.^<br>1.750%, 05/15/28 | 1745132 |
| 1492000 |  | NCL Corp. Ltd.\*<br>0.750%, 09/15/30 | 1434692 |
| 646000 |  | NIO, Inc.<br>4.625%, 10/15/30 | 654127 |
| 1200000  | EUR | Pirelli & C SpA<br>0.000%, 12/22/25 | 1458729 |
| 2569000 |  | Rivian Automotive, Inc.<br>4.625%, 03/15/29 | 2517800 |
| 160000000  | JPY | Sanrio Co. Ltd.<br>0.000%, 12/14/28 | 2928277 |
| 914000 |  | Wayfair, Inc.<br>3.500%, 11/15/28 | 2153284 |
| 1283000 |  | Wynn Macau Ltd.\*<br>4.500%, 03/07/29 | 1349549 |
|  |  |  | 25401612 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT | PRINCIPAL <br>AMOUNT |  | VALUE |
|  |  | Consumer Staples (3.7%) | Consumer Staples (3.7%) |
| 1502000 |  | Alnylam Pharmaceuticals, Inc.\*<br>0.000%, 09/15/28 | $1503066 |
| 600000  | EUR | Davide Campari-Milano NV^<br>2.375%, 01/17/29 | 678975 |
| 1208000 |  | Enovis Corp.<br>3.875%, 10/15/28 | 1207916 |
| 1000000  | EUR | Fomento Economico Mexicano <br>SAB de CV (Heineken Holding NV)§<br>2.625%, 02/24/26 | 1152604 |
| 1500000 |  | Oddity Finance LLC\*<br>0.000%, 06/15/30 | 1328055 |
|  |  |  | 5870616 |
|  |  | Energy (3.4%) | Energy (3.4%) |
| 2300000  | EUR | Eni SpA<br>2.950%, 09/14/30 | 2818830 |
| 670000 |  | Nabors Industries, Inc.<br>1.750%, 06/15/29 | 523330 |
| 1341000 |  | Northern Oil & Gas, Inc.<br>3.625%, 04/15/29 | 1302057 |
| 500000  | EUR | Saipem SpA<br>2.875%, 09/11/29 | 815610 |
|  |  |  | 5459827 |
|  |  | Financials (2.7%) | Financials (2.7%) |
| 720000 |  | Coinbase Global, Inc.\*<br>0.000%, 10/01/32 | 806278 |
| 622000 |  | Global Payments, Inc.^<br>1.500%, 03/01/31 | 561262 |
| 516000 |  | IREN Ltd.\*<br>0.000%, 07/01/31 | 546444 |
| 2037000 |  | Rexford Industrial Realty LP\*^<br>4.125%, 03/15/29 | 2061118 |
| 409000 |  | Terawulf, Inc.\*<br>0.000%, 05/01/32 | 424047 |
|  |  |  | 4399149 |
|  |  | Health Care (4.9%) | Health Care (4.9%) |
| 841000 |  | CONMED Corp.<br>2.250%, 06/15/27 | 805317 |
| 623000 |  | Dexcom, Inc.<br>0.375%, 05/15/28 | 566307 |
| 785000 |  | Halozyme Therapeutics, Inc.<br>1.000%, 08/15/28 | 1033201 |
| 622000 |  | 0.250%, 03/01/27 | 689139 |
| 753000 |  | Ionis Pharmaceuticals, Inc.^<br>0.000%, 04/01/26 | 1019645 |
| 1295000 |  | Jazz Investments I Ltd.<br>2.000%, 06/15/26 | 1389794 |
| 415000 |  | Lantheus Holdings, Inc.<br>2.625%, 12/15/27 | 460492 |
| 941000 |  | NeoGenomics, Inc.<br>0.250%, 01/15/28 | 822942 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Global Convertible Fund Schedule of Investments October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT | PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 618000 |  | TransMedics Group, Inc.<br>1.500%, 06/01/28 | $ | 985265 |
|  |  |  |  | 7772102 |
|  |  | Industrials (5.2%) | Industrials (5.2%) | Industrials (5.2%) |
| 370000 |  | AeroVironment, Inc.<br>0.000%, 07/15/30 |  | 518278 |
| 2392000 |  | Bloom Energy Corp.\*††<br>0.000%, 11/15/30 |  | 2431253 |
| 180000000  | JPY | Daifuku Co. Ltd.<br>0.000%, 09/13/30 |  | 1763687 |
| 600000  | EUR | Duerr AG<br>0.750%, 01/15/26 |  | 688685 |
| 700000 |  | L&F Co. Ltd.<br>2.500%, 04/26/30 |  | 543956 |
| 600000  | EUR | SPIE SA<br>2.000%, 01/17/28 |  | 972853 |
| 1100000  | EUR | Vinci SA<br>0.700%, 02/18/30 |  | 1308640 |
|  |  |  |  | 8227352 |
|  |  | Information Technology (26.2%) | Information Technology (26.2%) | Information Technology (26.2%) |
| 978000 |  | Akamai Technologies, Inc.<br>1.125%, 02/15/29 |  | 924484 |
| 695000 |  | 0.250%, 05/15/33\*^ |  | 703347 |
| 1352000 |  | Bill Holdings, Inc.\*<br>0.000%, 04/01/30 |  | 1199670 |
| 996000 |  | Bitfarms Ltd.\*<br>1.375%, 01/15/31 |  | 898462 |
| 1400000 |  | CyberArk Software Ltd.\*<br>0.000%, 06/15/30 |  | 1636110 |
| 1358000 |  | Datadog, Inc.\*^<br>0.000%, 12/01/29 |  | 1441666 |
| 718000 |  | DigitalOcean Holdings, Inc.\*^<br>0.000%, 08/15/30 |  | 898125 |
| 1374000 |  | Dropbox, Inc.<br>0.000%, 03/01/28 |  | 1402854 |
| 637000 |  | Five9, Inc.<br>1.000%, 03/15/29 |  | 568803 |
| 600000 |  | Gigabyte Technology Co. Ltd.<br>0.000%, 07/27/28 |  | 646926 |
| 649000 |  | Guidewire Software, Inc.\*<br>1.250%, 11/01/29 |  | 768461 |
| 1166000 |  | Lumentum Holdings, Inc.<br>1.500%, 12/15/29^ |  | 3453261 |
| 137000 |  | 0.375%, 03/15/32\* |  | 181400 |
| 633000 |  | MKS, Inc.<br>1.250%, 06/01/30 |  | 759075 |
| 1505000 |  | Nebius Group NV\*<br>2.750%, 09/15/32 |  | 1929711 |
| 1505000 |  | 1.000%, 09/15/30 |  | 1921133 |
| 2252000 |  | Nutanix, Inc.\*<br>0.500%, 12/15/29 |  | 2484812 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT | PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 1301000 |  | ON Semiconductor Corp.<br>0.500%, 03/01/29 | $| 1208668 |
| 824000 |  | 0.000%, 05/01/27 |  | 956079 |
| 621000 |  | Parsons Corp.^<br>2.625%, 03/01/29 |  | 708275 |
| 1395000 |  | Rubrik, Inc.\*<br>0.000%, 06/15/30 |  | 1354182 |
| 717000 |  | Seagate HDD Cayman<br>3.500%, 06/01/28 |  | 2245243 |
| 329000 |  | Shift4 Payments, Inc.^<br>0.000%, 12/15/25 |  | 328730 |
| 600000 |  | SK Hynix, Inc.<br>1.750%, 04/11/30 |  | 2836434 |
| 4539000 |  | Strategy, Inc.\*<br>0.000%, 12/01/29 |  | 3965043 |
| 796000 |  | Tyler Technologies, Inc.<br>0.250%, 03/15/26 |  | 832361 |
| 1354000 |  | Unity Software, Inc.\*^<br>0.000%, 03/15/30 |  | 1766713 |
| 1253000 |  | Varonis Systems, Inc.<br>1.000%, 09/15/29 |  | 1172758 |
| 977000 |  | Workiva, Inc.<br>1.250%, 08/15/28 |  | 973043 |
| 120000 |  | 1.125%, 08/15/26 |  | 140153 |
| 1243000 |  | Xero Investments Ltd.<br>1.625%, 06/12/31 |  | 1360836 |
|  |  |  |  | 41666818 |
|  |  | Materials (4.7%) | Materials (4.7%) | Materials (4.7%) |
| 1448000 |  | Amyris, Inc.@<br>0.000%, 11/15/26 |  | 10773 |
| 1450000 |  | Centrus Energy Corp.\*<br>0.000%, 08/15/32 |  | 2561686 |
| 1200000 |  | Gold Pole Capital Co. Ltd.<br>1.000%, 06/25/29 |  | 2084832 |
| 200000000  | JPY | Kansai Paint Co. Ltd.<br>0.000%, 03/08/29 |  | 1388930 |
| 200000000  | JPY | 0.000%, 03/07/31 |  | 1379353 |
|  |  |  |  | 7425574 |
|  |  | Real Estate (0.8%) | Real Estate (0.8%) | Real Estate (0.8%) |
| 1290000 |  | Digital Realty Trust LP\*<br>1.875%, 11/15/29 |  | 1363620 |
|  |  | Utilities (5.7%) | Utilities (5.7%) | Utilities (5.7%) |
| 1282000 |  | American Water Capital Corp.<br>3.625%, 06/15/26 |  | 1278320 |
| 1430000 |  | CMS Energy Corp.<br>3.375%, 05/01/28 |  | 1576561 |
| 2892000 |  | Duke Energy Corp.<br>4.125%, 04/15/26 |  | 3116246 |
| 1307000 |  | PPL Capital Funding, Inc.<br>2.875%, 03/15/28 |  | 1483680 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Global Convertible Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 1539000 | Southern Co.\*<br>3.250%, 06/15/28 | $ | 1568472 |
|  |  |  | 9023279 |
|  | **TOTAL CONVERTIBLE BONDS**<br> (Cost $122,800,109) |  | 138512865 |
| **CORPORATE BOND (0.1%)** |  |  |  |
|  | Information Technology (0.1%) | Information Technology (0.1%) | Information Technology (0.1%) |
| 223541 | LivePerson, Inc.\*<br>10.000%, 12/15/29 |  | 105064 |
|  | **TOTAL CORPORATE BONDS**<br> (Cost $168,807) |  | 105064 |
| NUMBER OF <br>SHARES |  | VALUE | VALUE |
| **CONVERTIBLE PREFERRED STOCKS (6.9%)** |  |  |  |
|  | Financials (2.3%) | Financials (2.3%) | Financials (2.3%) |
| 32723 | Apollo Global Management, Inc.<br>6.750%, 07/31/26 |  | 2138121 |
| 31427 | KKR & Co., Inc.<br>6.250%, 03/01/28 |  | 1540551 |
|  |  |  | 3678672 |
|  | Industrials (3.6%) | Industrials (3.6%) | Industrials (3.6%) |
| 76944 | Boeing Co.<br>6.000%, 10/15/27 |  | 4979816 |
| 13927 | QXO, Inc.<br>5.500%, 05/15/28 |  | 710973 |
|  |  |  | 5690789 |
|  | Information Technology (1.0%) | Information Technology (1.0%) | Information Technology (1.0%) |
| 24968 | Hewlett Packard Enterprise Co.<br>7.625%, 09/01/27 |  | 1687338 |
|  | **TOTAL CONVERTIBLE PREFERRED <br>STOCKS**<br> (Cost $9,135,325) |  | 11056799 |
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| **U.S. GOVERNMENT AND AGENCY SECURITY (0.7%)** |  |  |  |
|  | Other (0.7%) | Other (0.7%) | Other (0.7%) |
| 1071000 | U.S. Treasury Notes<br>3.875%, 03/31/27<br>(Cost $1,071,755) |  | 1074284 |
| **COMMON STOCK (0.0%)** |  |  |  |
|  | Information Technology (0.0%) | Information Technology (0.0%) | Information Technology (0.0%) |
| 10221 | LivePerson, Inc.#<br>(Cost $96,524) |  | 64494 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF <br>CONTRACTS/ <br>NOTIONAL <br>AMOUNT | NUMBER OF <br>CONTRACTS/ <br>NOTIONAL <br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (0.4%)#** | **EXCHANGE-TRADED PURCHASED OPTIONS (0.4%)#** |  |  |
|  |  | Consumer Discretionary (0.2%) | Consumer Discretionary (0.2%) |
| 34  | EUR | LVMH Moet Hennessy Louis |  |
| 2084932 |  | Vuitton SE<br>Call, 03/20/26, Strike 550.00<br>(Cost $182,608) | $323671 |
|  |  | Industrials (0.2%) | Industrials (0.2%) |
| 93  | EUR | Airbus SE |  |
| 2029213 |  | Call, 06/19/26, Strike 190.00<br>(Cost $230,500) | 354810 |
|  |  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $413,108) | 678481 |
| NUMBER OF<br>SHARES/<br>PRINCIPAL <br>AMOUNT | NUMBER OF<br>SHARES/<br>PRINCIPAL <br>AMOUNT |  | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (7.9%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (7.9%)** |  |  |
| 12610305 |  | State Street Navigator Securities <br>Lending Government Money <br>Market Portfolio, 4.142%†\*\*\*<br>(Cost $12,610,305) | 12610305 |
|  |  | **TOTAL INVESTMENTS (103.1%)**<br> (Cost $146,295,933) | 164102292 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-7.9%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-7.9%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-7.9%) | (12610305) |
| OTHER ASSETS, LESS LIABILITIES (4.8%) | OTHER ASSETS, LESS LIABILITIES (4.8%) | OTHER ASSETS, LESS LIABILITIES (4.8%) | 7579884 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $159071871 |

---

**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.

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

@ In default status and considered non-income producing.

†† When-issued security.

# Non-income producing security.

† Represents investment of cash collateral received from securities on loan as of October 31, 2025.

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

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Global Convertible Fund Schedule of Investments October 31, 2025

**FOREIGN CURRENCY ABBREVIATIONS**

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.

**CURRENCY EXPOSURE OCTOBER 31, 2025**

---

| | | |
|:---|:---|:---|
| | VALUE | % OF TOTAL<br>INVESTMENTS |
| US Dollar | $143196776 | 87.3% |
| European Monetary Unit | 12114178 | 7.4% |
| Japanese Yen | 8791338 | 5.3% |
| Total Investments | $164102292 | 100.0% |

---

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Timpani Small Cap Growth Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| **COMMON STOCKS (99.5%)** |  |  |
|  | Communication Services (0.9%) | Communication Services (0.9%) |
| 849542 | CuriosityStream, Inc. | $3687012 |
| 76904 | Magnite, Inc.# | 1375044 |
|  |  | 5062056 |
|  | Consumer Discretionary (13.6%) | Consumer Discretionary (13.6%) |
| 18571 | Adtalem Global Education, Inc.# | 1820329 |
| 55368 | Boot Barn Holdings, Inc.# | 10500541 |
| 74325 | Five Below, Inc.# | 11689093 |
| 915729 | Genius Sports Ltd.# | 10311108 |
| 9118 | Installed Building Products, Inc. | 2263361 |
| 495675 | Latham Group, Inc.# | 3593644 |
| 77064 | Lincoln Educational Services Corp.# | 1496583 |
| 38884 | Modine Manufacturing Co.# | 5957418 |
| 863786 | Rush Street Interactive, Inc.# | 14649811 |
| 64562 | Sportradar Group AG - Class A# | 1653433 |
| 23718 | Stride, Inc.# | 1613773 |
| 825614 | Super Group SGHC Ltd. | 8916631 |
| 156394 | ThredUp, Inc. - Class A# | 1374703 |
|  |  | 75840428 |
|  | Consumer Staples (2.1%) | Consumer Staples (2.1%) |
| 17646 | elf Beauty, Inc.# | 2155282 |
| 888440 | Mama's Creations, Inc.# | 9408580 |
|  |  | 11563862 |
|  | Energy (0.2%) | Energy (0.2%) |
| 39708 | Natural Gas Services Group, Inc. | 1105471 |
|  | Financials (5.9%) | Financials (5.9%) |
| 92625 | Dave, Inc.# | 22167015 |
| 19776 | Piper Sandler Cos. | 6313686 |
| 19012 | Sezzle, Inc.# | 1246237 |
| 71238 | Skyward Specialty Insurance Group, Inc.# | 3247740 |
|  |  | 32974678 |
|  | Health Care (25.4%) | Health Care (25.4%) |
| 509530 | Adaptive Biotechnologies Corp.# | 8845441 |
| 132433 | ADMA Biologics, Inc.# | 2050063 |
| 74042 | Artivion, Inc.# | 3359286 |
| 179877 | Beta Bionics, Inc.# | 4896252 |
| 34899 | Corcept Therapeutics, Inc.# | 2564030 |
| 180031 | Eton Pharmaceuticals, Inc.# | 3242358 |
| 435771 | Exagen, Inc.# | 5085448 |
| 111788 | GeneDx Holdings Corp.# | 15304895 |
| 118219 | Guardant Health, Inc.# | 10996731 |
| 36214 | Harrow, Inc.# | 1367803 |
| 106022 | Indivior PLC# | 3113866 |
| 54607 | Insmed, Inc.# | 10353487 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 84688 | iRadimed Corp. | $| 6504885 |
| 34821 | iRhythm Technologies, Inc.# |  | 6521973 |
| 394305 | KORU Medical Systems, Inc.# |  | 1561448 |
| 152292 | LENZ Therapeutics, Inc.# |  | 4526118 |
| 52995 | Ligand Pharmaceuticals, Inc.# |  | 10138473 |
| 10571 | Madrigal Pharmaceuticals, Inc.# |  | 4428192 |
| 675050 | MannKind Corp.# |  | 3773529 |
| 440959 | MDxHealth SA# |  | 2169518 |
| 77201 | Mirum Pharmaceuticals, Inc.# |  | 5608653 |
| 484832 | OptimizeRx Corp.# |  | 9934208 |
| 291314 | Owlet, Inc.# |  | 2709220 |
| 95145 | SI-BONE, Inc.# |  | 1411000 |
| 38721 | Tarsus Pharmaceuticals, Inc.# |  | 2664392 |
| 122080 | Travere Therapeutics, Inc.# |  | 4292333 |
| 379504 | Xeris Biopharma Holdings, Inc.# |  | 3681189 |
|  |  |  | 141104791 |
|  | Industrials (21.1%) | Industrials (21.1%) | Industrials (21.1%) |
| 377225 | Amprius Technologies, Inc.# |  | 5315100 |
| 58189 | Argan, Inc. |  | 17818054 |
| 5822 | Axon Enterprise, Inc.# |  | 4263043 |
| 24388 | Bloom Energy Corp. - Class A# |  | 3223118 |
| 101102 | CECO Environmental Corp.# |  | 4942877 |
| 432904 | Electrovaya, Inc.# |  | 2800889 |
| 14253 | ESCO Technologies, Inc. |  | 3128106 |
| 37266 | FTAI Aviation Ltd. |  | 6443291 |
| 207269 | Graham Corp.# |  | 12910786 |
| 46221 | Kratos Defense & Security Solutions, Inc.# |  | 4187623 |
| 111039 | Mercury Systems, Inc.# |  | 8595529 |
| 1021966 | NPK International, Inc.# |  | 12570182 |
| 90095 | Perma-Pipe International Holdings, Inc.# |  | 2497433 |
| 48097 | Primoris Services Corp. |  | 6806688 |
| 33609 | Sterling Infrastructure, Inc.# |  | 12700841 |
| 191224 | TAT Technologies Ltd.# |  | 8031408 |
| 118129 | Tecogen, Inc.# |  | 1178927 |
|  |  |  | 117413895 |
|  | Information Technology (25.3%) | Information Technology (25.3%) | Information Technology (25.3%) |
| 28560 | Advanced Energy Industries, Inc. |  | 5789969 |
| 85927 | Aeluma, Inc.# |  | 1401469 |
| 170164 | Allot Ltd.# |  | 1638679 |
| 73751 | Calix, Inc.# |  | 5046043 |
| 8734 | Celestica, Inc.# |  | 3008688 |
| 16231 | Ciena Corp.# |  | 3082592 |
| 80739 | Credo Technology Group Holding Ltd.# |  | 15148251 |
| 67382 | D-Wave Quantum, Inc.# |  | 2497177 |
| 652369 | Evolv Technologies Holdings, Inc.# |  | 5049336 |
| 289872 | Extreme Networks, Inc.# |  | 5513365 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Timpani Small Cap Growth Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| 20031 | Impinj, Inc.# | $4049467 |
| 45385 | IonQ, Inc.# | 2831116 |
| 169259 | JFrog Ltd.# | 8036417 |
| 1100535 | LightPath Technologies, Inc. - Class A# | 9552644 |
| 122618 | Lumentum Holdings, Inc.# | 24714884 |
| 68715 | Pegasystems, Inc. | 4373710 |
| 447124 | Porch Group, Inc.# | 6729216 |
| 36951 | Rambus, Inc.# | 3800041 |
| 242085 | Red Violet, Inc. | 12983019 |
| 46056 | SiTime Corp.# | 13339660 |
| 24592 | Tower Semiconductor Ltd.# | 2094501 |
|  |  | 140680244 |
|  | Materials (5.0%) | Materials (5.0%) |
| 31878 | Carpenter Technology Corp. | 10070260 |
| 43902 | MP Materials Corp.# | 2769777 |
| 818754 | U.S. Antimony Corp.# | 6607345 |
| 417705 | USA Rare Earth, Inc.# | 8124362 |
|  |  | 27571744 |
|  | **TOTAL COMMON STOCKS**<br> (Cost $360,927,219) | 553317169 |
|  | **TOTAL INVESTMENTS (99.5%)**<br> (Cost $360,927,219) | 553317169 |
| OTHER ASSETS, LESS LIABILITIES (0.5%) | OTHER ASSETS, LESS LIABILITIES (0.5%) | 2934300 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $556251469 |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Timpani SMID Growth Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| **COMMON STOCKS (99.7%)** |  |  |
|  | Communication Services (0.2%) | Communication Services (0.2%) |
| 4139 | Magnite, Inc.# | $74005 |
|  | Consumer Discretionary (13.6%) | Consumer Discretionary (13.6%) |
| 988 | Adtalem Global Education, Inc.# | 96844 |
| 3438 | Boot Barn Holdings, Inc.# | 652017 |
| 1640 | Carvana Co.# | 502726 |
| 5688 | Five Below, Inc.# | 894552 |
| 25096 | Genius Sports Ltd.# | 282581 |
| 6822 | Lincoln Educational Services Corp.# | 132483 |
| 1819 | Modine Manufacturing Co.# | 278689 |
| 55769 | Rush Street Interactive, Inc.# | 945842 |
| 3702 | Somnigroup International, Inc. | 293717 |
| 4333 | Sportradar Group AG - Class A# | 110968 |
| 1168 | Stride, Inc.# | 79471 |
| 37273 | Super Group SGHC Ltd. | 402548 |
| 972 | TopBuild Corp.# | 410650 |
|  |  | 5083088 |
|  | Consumer Staples (3.1%) | Consumer Staples (3.1%) |
| 9796 | Celsius Holdings, Inc.# | 590013 |
| 1182 | elf Beauty, Inc.# | 144369 |
| 38103 | Mama's Creations, Inc.# | 403511 |
|  |  | 1137893 |
|  | Financials (6.5%) | Financials (6.5%) |
| 6064 | Dave, Inc.# | 1451236 |
| 3080 | Paymentus Holdings, Inc. - Class A# | 88088 |
| 985 | Sezzle, Inc.# | 64567 |
| 4396 | Skyward Specialty Insurance Group, Inc.# | 200414 |
| 5092 | Stifel Financial Corp. | 603046 |
|  |  | 2407351 |
|  | Health Care (18.2%) | Health Care (18.2%) |
| 24208 | Adaptive Biotechnologies Corp.# | 420251 |
| 7201 | ADMA Biologics, Inc.# | 111471 |
| 4513 | Artivion, Inc.# | 204755 |
| 3384 | Corcept Therapeutics, Inc.# | 248622 |
| 5064 | GeneDx Holdings Corp.# | 693312 |
| 6744 | Guardant Health, Inc.# | 627327 |
| 4585 | Insmed, Inc.# | 869316 |
| 6435 | Ionis Pharmaceuticals, Inc.# | 478121 |
| 2032 | iRhythm Technologies, Inc.# | 380594 |
| 2363 | Ligand Pharmaceuticals, Inc.# | 452066 |
| 404 | Madrigal Pharmaceuticals, Inc.# | 169236 |
| 41643 | MannKind Corp.# | 232784 |
| 4663 | Mirum Pharmaceuticals, Inc.# | 338767 |
| 1838 | Natera, Inc.# | 365633 |
| 639 | Penumbra, Inc.# | 145289 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 3918 | Summit Therapeutics, Inc.# | $| 74089 |
| 2301 | Tarsus Pharmaceuticals, Inc.# |  | 158332 |
| 4781 | Tempus AI, Inc.# |  | 429573 |
| 7141 | Travere Therapeutics, Inc.# |  | 251078 |
| 14563 | Xeris Biopharma Holdings, Inc.# |  | 141261 |
|  |  |  | 6791877 |
|  | Industrials (24.8%) | Industrials (24.8%) | Industrials (24.8%) |
| 21841 | Amprius Technologies, Inc.# |  | 307740 |
| 3470 | Argan, Inc. |  | 1062549 |
| 3054 | Armstrong World Industries, Inc. |  | 581573 |
| 935 | Axon Enterprise, Inc.# |  | 684635 |
| 976 | Bloom Energy Corp. - Class A# |  | 128988 |
| 7482 | CECO Environmental Corp.# |  | 365795 |
| 2403 | CH Robinson Worldwide, Inc. |  | 370038 |
| 389 | Comfort Systems USA, Inc. |  | 375611 |
| 4774 | Embraer SA (ADR) |  | 307828 |
| 345 | EMCOR Group, Inc. |  | 233144 |
| 775 | ESCO Technologies, Inc. |  | 170089 |
| 4008 | FTAI Aviation Ltd. |  | 692983 |
| 1913 | Kratos Defense & Security Solutions, Inc.# |  | 173318 |
| 1974 | MasTec, Inc.# |  | 403012 |
| 7178 | Mercury Systems, Inc.# |  | 555649 |
| 38835 | NPK International, Inc.# |  | 477670 |
| 3495 | Primoris Services Corp. |  | 494612 |
| 781 | RBC Bearings, Inc.# |  | 334682 |
| 7232 | Rocket Lab Corp.# |  | 455471 |
| 1999 | Sterling Infrastructure, Inc.# |  | 755422 |
| 4280 | TAT Technologies Ltd.# |  | 179760 |
| 846 | XPO, Inc.# |  | 121714 |
|  |  |  | 9232283 |
|  | Information Technology (29.4%) | Information Technology (29.4%) | Information Technology (29.4%) |
| 1515 | Advanced Energy Industries, Inc. |  | 307136 |
| 1991 | AppLovin Corp. - Class A# |  | 1268924 |
| 3378 | Calix, Inc.# |  | 231123 |
| 1757 | Celestica, Inc.# |  | 605251 |
| 1086 | Ciena Corp.# |  | 206253 |
| 4062 | Credo Technology Group Holding Ltd.# |  | 762112 |
| 623 | CyberArk Software Ltd.# |  | 324446 |
| 2825 | D-Wave Quantum, Inc.# |  | 104694 |
| 13131 | Evolv Technologies Holdings, Inc.# |  | 101634 |
| 18574 | Extreme Networks, Inc.# |  | 353277 |
| 115 | Fair Isaac Corp.# |  | 190846 |
| 2044 | Guidewire Software, Inc.# |  | 477560 |
| 1093 | Impinj, Inc.# |  | 220961 |
| 1505 | IonQ, Inc.# |  | 93882 |
| 10027 | JFrog Ltd.# |  | 476082 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Timpani SMID Growth Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| 9394 | Lumentum Holdings, Inc.# | $1893455 |
| 283 | Manhattan Associates, Inc.# | 51526 |
| 672 | Monolithic Power Systems, Inc. | 675360 |
| 5863 | Pegasystems, Inc. | 373180 |
| 8710 | Pure Storage, Inc. - Class A# | 859677 |
| 6709 | Red Violet, Inc. | 359804 |
| 1519 | Samsara, Inc. - Class A# | 61018 |
| 2765 | SiTime Corp.# | 800855 |
| 1651 | Tower Semiconductor Ltd.# | 140616 |
|  |  | 10939672 |
|  | Materials (3.9%) | Materials (3.9%) |
| 2271 | Carpenter Technology Corp. | 717409 |
| 2945 | MP Materials Corp.# | 185800 |
| 27756 | USA Rare Earth, Inc.# | 539854 |
|  |  | 1443063 |
|  | **TOTAL COMMON STOCKS**<br> (Cost $24,452,044) | 37109232 |
|  | **TOTAL INVESTMENTS (99.7%)**<br> (Cost $24,452,044) | 37109232 |
| OTHER ASSETS, LESS LIABILITIES (0.3%) | OTHER ASSETS, LESS LIABILITIES (0.3%) | 112639 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $37221871 |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

**ABBREVIATION**

ADR American Depositary Receipt

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Growth Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| **COMMON STOCKS (99.5%)** |  |  |
|  | Communication Services (18.3%) | Communication Services (18.3%) |
| 516000 | Alphabet, Inc. - Class A~ | $145094040 |
| 19017 | Magnite, Inc.# | 340024 |
| 105016 | Meta Platforms, Inc. - Class A | 68087124 |
| 41947 | Netflix, Inc.~# | 46932820 |
| 36500 | Spotify Technology SA# | 23919180 |
| 57000 | T-Mobile U.S., Inc. | 11972850 |
| 277000 | Uber Technologies, Inc.# | 26730500 |
|  |  | 323076538 |
|  | Consumer Discretionary (15.1%) | Consumer Discretionary (15.1%) |
| 4545 | Adtalem Global Education, Inc.# | 445501 |
| 584000 | Amazon.com, Inc.~# | 142624480 |
| 2495 | Booking Holdings, Inc.~ | 12668961 |
| 15738 | Boot Barn Holdings, Inc.#^ | 2984712 |
| 7552 | Carvana Co.#^ | 2314990 |
| 126900 | DoorDash, Inc. - Class A# | 32279553 |
| 26193 | Five Below, Inc.# | 4119373 |
| 115320 | Genius Sports Ltd.# | 1298503 |
| 31385 | Lincoln Educational Services Corp.#^ | 609497 |
| 33200 | Lowe's Cos., Inc. | 7905916 |
| 8333 | Modine Manufacturing Co.#^ | 1276699 |
| 36500 | Royal Caribbean Cruises Ltd. | 10469295 |
| 256266 | Rush Street Interactive, Inc.#^ | 4346271 |
| 16952 | Somnigroup International, Inc.^ | 1344972 |
| 19843 | Sportradar Group AG - Class A#^ | 508179 |
| 5350 | Stride, Inc.#^ | 364014 |
| 171553 | Super Group SGHC Ltd. | 1852772 |
| 79200 | Tesla, Inc.# | 36159552 |
| 4454 | TopBuild Corp.#^ | 1881726 |
|  |  | 265454966 |
|  | Consumer Staples (1.4%) | Consumer Staples (1.4%) |
| 45047 | Celsius Holdings, Inc.# | 2713181 |
| 5412 | elf Beauty, Inc.#^ | 661022 |
| 174956 | Mama's Creations, Inc.#^ | 1852784 |
| 188500 | Walmart, Inc. | 19072430 |
|  |  | 24299417 |
|  | Financials (5.0%) | Financials (5.0%) |
| 23600 | American Express Co. | 8513228 |
| 27781 | Dave, Inc.#^ | 6648549 |
| 14151 | Paymentus Holdings, Inc. - Class A#^ | 404719 |
| 14000 | S&P Global, Inc. | 6820940 |
| 4517 | Sezzle, Inc.#^ | 296089 |
| 20131 | Skyward Specialty Insurance Group, Inc.# | 917772 |
| 23341 | Stifel Financial Corp. | 2764275 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 155000 | Visa, Inc. - Class A | $| 52814700 |
| 112000 | Wells Fargo & Co. |  | 9740640 |
|  |  |  | 88920912 |
|  | Health Care (7.8%) | Health Care (7.8%) | Health Care (7.8%) |
| 111056 | Adaptive Biotechnologies Corp.# |  | 1927932 |
| 33026 | ADMA Biologics, Inc.# |  | 511243 |
| 20764 | Artivion, Inc.# |  | 942063 |
| 149000 | Boston Scientific Corp.# |  | 15007280 |
| 15496 | Corcept Therapeutics, Inc.#^ |  | 1138491 |
| 43900 | Eli Lilly & Co. |  | 37879554 |
| 23187 | GeneDx Holdings Corp.#^ |  | 3174532 |
| 29713 | Guardant Health, Inc.# |  | 2763903 |
| 21097 | Insmed, Inc.# |  | 3999991 |
| 26750 | Intuitive Surgical, Inc.# |  | 14291990 |
| 29596 | Ionis Pharmaceuticals, Inc.#^ |  | 2198983 |
| 55300 | IQVIA Holdings, Inc.# |  | 11970238 |
| 9306 | iRhythm Technologies, Inc.# |  | 1743014 |
| 10870 | Ligand Pharmaceuticals, Inc.#^ |  | 2079540 |
| 1850 | Madrigal Pharmaceuticals, Inc.#^ |  | 774965 |
| 191374 | MannKind Corp.#^ |  | 1069781 |
| 21362 | Mirum Pharmaceuticals, Inc.#^ |  | 1551949 |
| 7956 | Natera, Inc.# |  | 1582687 |
| 2928 | Penumbra, Inc.# |  | 665739 |
| 30750 | Stryker Corp. |  | 10954380 |
| 18025 | Summit Therapeutics, Inc.#^ |  | 340853 |
| 10572 | Tarsus Pharmaceuticals, Inc.#^ |  | 727459 |
| 21961 | Tempus AI, Inc.#^ |  | 1973196 |
| 28500 | Thermo Fisher Scientific, Inc. |  | 16170615 |
| 32701 | Travere Therapeutics, Inc.#^ |  | 1149767 |
| 67002 | Xeris Biopharma Holdings, Inc.# |  | 649919 |
|  |  |  | 137240064 |
|  | Industrials (4.4%) | Industrials (4.4%) | Industrials (4.4%) |
| 100262 | Amprius Technologies, Inc.# |  | 1412692 |
| 15922 | Argan, Inc.^ |  | 4875476 |
| 13981 | Armstrong World Industries, Inc. |  | 2662402 |
| 4298 | Axon Enterprise, Inc.# |  | 3147124 |
| 4483 | Bloom Energy Corp. - Class A#^ |  | 592473 |
| 98100 | Boeing Co.# |  | 19720062 |
| 34424 | CECO Environmental Corp.#^ |  | 1682989 |
| 11055 | CH Robinson Worldwide, Inc. |  | 1702359 |
| 1791 | Comfort Systems USA, Inc. |  | 1729354 |
| 41600 | Eaton Corp. PLC |  | 15872896 |
| 21861 | Embraer SA (ADR)^ |  | 1409597 |
| 1461 | EMCOR Group, Inc. |  | 987315 |
| 3567 | ESCO Technologies, Inc. |  | 782849 |
| 18350 | FTAI Aviation Ltd. |  | 3172715 |
| 8785 | Kratos Defense & Security Solutions, <br>Inc.#^ |  | 795921 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Growth Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 9082 | MasTec, Inc.# | $| 1854181 |
| 33097 | Mercury Systems, Inc.#^ |  | 2562039 |
| 177798 | NPK International, Inc.# |  | 2186915 |
| 16081 | Primoris Services Corp. |  | 2275783 |
| 3591 | RBC Bearings, Inc.# |  | 1538851 |
| 33116 | Rocket Lab Corp.#^ |  | 2085646 |
| 9194 | Sterling Infrastructure, Inc.#^ |  | 3474413 |
| 19597 | TAT Technologies Ltd.# |  | 823074 |
| 3887 | XPO, Inc.#^ |  | 559223 |
|  |  |  | 77906349 |
|  | Information Technology (46.5%) | Information Technology (46.5%) | Information Technology (46.5%) |
| 6969 | Advanced Energy Industries, Inc.^ |  | 1412825 |
| 32000 | Analog Devices, Inc. |  | 7492160 |
| 460000 | Apple, Inc. |  | 124370200 |
| 54500 | Applied Materials, Inc. |  | 12703950 |
| 9151 | AppLovin Corp. - Class A# |  | 5832207 |
| 42000 | Arista Networks, Inc.# |  | 6622980 |
| 181700 | Broadcom, Inc. |  | 67161771 |
| 15464 | Calix, Inc.# |  | 1058047 |
| 8097 | Celestica, Inc.# |  | 2789255 |
| 4991 | Ciena Corp.# |  | 947891 |
| 18666 | Credo Technology Group Holding Ltd.# |  | 3502115 |
| 2870 | CyberArk Software Ltd.# |  | 1494639 |
| 12944 | D-Wave Quantum, Inc.#^ |  | 479705 |
| 73000 | Datadog, Inc. - Class A# |  | 11885130 |
| 60414 | Evolv Technologies Holdings, Inc.# |  | 467604 |
| 85042 | Extreme Networks, Inc.# |  | 1617499 |
| 527 | Fair Isaac Corp.# |  | 874572 |
| 9088 | Guidewire Software, Inc.# |  | 2123320 |
| 5007 | Impinj, Inc.#^ |  | 1012215 |
| 31000 | Intuit, Inc. |  | 20694050 |
| 6918 | IonQ, Inc.#^ |  | 431545 |
| 45936 | JFrog Ltd.# |  | 2181041 |
| 43159 | Lumentum Holdings, Inc.#^ |  | 8699128 |
| 1298 | Manhattan Associates, Inc.# |  | 236327 |
| 288000 | Microsoft Corp. |  | 149129280 |
| 42600 | MongoDB, Inc.# |  | 15328332 |
| 3015 | Monolithic Power Systems, Inc. |  | 3030075 |
| 1071100 | NVIDIA Corp. |  | 216887039 |
| 66000 | Oracle Corp. |  | 17332260 |
| 42700 | Palantir Technologies, Inc. - Class A# |  | 8560069 |
| 41400 | Palo Alto Networks, Inc.# |  | 9117936 |
| 26976 | Pegasystems, Inc.^ |  | 1717022 |
| 40005 | Pure Storage, Inc. - Class A# |  | 3948494 |
| 30716 | Red Violet, Inc.^ |  | 1647299 |
| 6964 | Samsara, Inc. - Class A# |  | 279744 |
| 28300 | ServiceNow, Inc.# |  | 26015624 |
| 12721 | SiTime Corp.#^ |  | 3684510 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| 90860 | Snowflake, Inc.# | $24975597 |
| 24750 | Synopsys, Inc.# | 11232045 |
| 95500 | Taiwan Semiconductor Manufacturing <br>Co. Ltd. (ADR) | 28691065 |
| 7595 | Tower Semiconductor Ltd.#^ | 646866 |
| 38400 | Zebra Technologies Corp. - Class A# | 10339200 |
|  |  | 818652633 |
|  | Materials (1.0%) | Materials (1.0%) |
| 10401 | Carpenter Technology Corp. | 3285676 |
| 13493 | MP Materials Corp.#^ | 851273 |
| 31400 | Sherwin-Williams Co. | 10831116 |
| 127855 | USA Rare Earth, Inc.#^ | 2486780 |
|  |  | 17454845 |
|  | **TOTAL COMMON STOCKS**<br> (Cost $694,707,557) | 1753005724 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTION (0.1%)#** |  |  |
|  | Information Technology (0.1%) | Information Technology (0.1%) |
| 1700 | NVIDIA Corp. |  |
| 34423300 | Put, 11/21/25, Strike $195.00<br>(Cost $1,095,443) | 1062500 |
| NUMBER OF<br>SHARES/<br>PRINCIPAL <br>AMOUNT |  | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (1.3%)** |  |  |
| 23806222 | State Street Navigator Securities <br>Lending Government Money <br>Market Portfolio, 4.142%†\*\*\*<br>(Cost $23,806,222) | 23806222 |
|  | **TOTAL INVESTMENTS (100.9%)**<br> (Cost $719,609,222) | 1777874446 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.4%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.4%) | (23806222) |
| OTHER ASSETS, LESS LIABILITIES (0.4%) | OTHER ASSETS, LESS LIABILITIES (0.4%) | 7797948 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $1761866172 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED WRITTEN OPTION (0.0%)#** |  |  |
|  | Information Technology (0.0%) | Information Technology (0.0%) |
| (1700) | NVIDIA Corp. |  |
| (34423300) | Put, 11/21/25, Strike $175.00<br>(Premium $296,154) | $(289000) |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Growth Fund Schedule of Investments October 31, 2025

**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 $54,089,830.

# Non-income producing security.

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

† Represents investment of cash collateral received from securities on loan as of October 31, 2025.

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

**ABBREVIATION**

ADR American Depositary Receipt

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

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Growth and Income Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| **CONVERTIBLE BONDS (18.1%)** |  |  |
|  | Communication Services (3.1%) | Communication Services (3.1%) |
| 8600000 | Alibaba Group Holding Ltd.<br>0.000%, 09/15/32 | $9720580 |
| 8170000 | AST SpaceMobile, Inc.\*<br>2.000%, 01/15/36 | 8697700 |
| 5065000 | 2.375%, 10/15/32 | 7146968 |
| 28475000 | DoorDash, Inc.\*<br>0.000%, 05/15/30 | 31470570 |
| 7315000 | Liberty Media Corp.-Liberty <br>Formula One<br>2.250%, 08/15/27 | 9396776 |
| 7685000 | Lyft, Inc.\*<br>0.000%, 09/15/30 | 8971776 |
| 13580000 | Uber Technologies, Inc. <br>0.875%, 12/01/28 | 19840652 |
| 7145000 | Uber Technologies, Inc. (Aurora <br>Innovation, Inc.)§\*<br>0.000%, 05/15/28 | 7566627 |
|  |  | 102811649 |
|  | Consumer Discretionary (0.6%) | Consumer Discretionary (0.6%) |
| 8644000 | Etsy, Inc.\*<br>1.000%, 06/15/30 | 9226519 |
| 9390000 | NCL Corp. Ltd.\*<br>0.750%, 09/15/30 | 9029330 |
|  |  | 18255849 |
|  | Consumer Staples (0.6%) | Consumer Staples (0.6%) |
| 7835000 | Alnylam Pharmaceuticals, Inc.\*<br>0.000%, 09/15/28 | 7840563 |
| 11750000 | Oddity Finance LLC\*<br>0.000%, 06/15/30 | 10403097 |
|  |  | 18243660 |
|  | Financials (1.2%) | Financials (1.2%) |
| 7565000 | Coinbase Global, Inc.\*<br>0.000%, 10/01/32 | 8471514 |
| 3725000 | Federal Realty OP LP\*^<br>3.250%, 01/15/29 | 3743662 |
| 4386000 | Galaxy Digital Holdings LP\*<br>0.500%, 05/01/31 | 4332491 |
| 5885000 | Morgan Stanley Finance LLC<br>(JPMorgan Chase & Co.)§<br>1.000%, 11/23/27 | 11961263 |
| 3375000 | Terawulf, Inc.\*<br>0.000%, 05/01/32 | 3499166 |
| 7655000 | WisdomTree, Inc.\*<br>4.625%, 08/15/30 | 7861991 |
|  |  | 39870087 |
|  | Industrials (1.8%) | Industrials (1.8%) |
| 6825000 | AeroVironment, Inc.^<br>0.000%, 07/15/30 | 9560119 |
| 2405000 | Axon Enterprise, Inc.<br>0.500%, 12/15/27 | 7706390 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 7757000 | Bloom Energy Corp.\*††<br>0.000%, 11/15/30 | $| 7884292 |
| 7200000 | Fluor Corp.<br>1.125%, 08/15/29 |  | 9287496 |
| 7780000 | JBT Marel Corp.\*<br>0.375%, 09/15/30 |  | 7263252 |
| 8805000 | Mirion Technologies, Inc.\*<br>0.000%, 10/01/31 |  | 10971470 |
| 5615000 | Tetra Tech, Inc.<br>2.250%, 08/15/28 |  | 5996989 |
|  |  |  | 58670008 |
|  | Information Technology (7.4%) | Information Technology (7.4%) | Information Technology (7.4%) |
| 9405000 | Advanced Energy Industries, Inc.<br>2.500%, 09/15/28 |  | 15030977 |
| 14360000 | Cloudflare, Inc.\*^<br>0.000%, 06/15/30 |  | 17927024 |
| 21800000 | CyberArk Software Ltd.\*<br>0.000%, 06/15/30 |  | 25476570 |
| 8690000 | Guidewire Software, Inc.\*^<br>1.250%, 11/01/29 |  | 10289568 |
| 23335000 | Lumentum Holdings, Inc.\*^<br>0.375%, 03/15/32 |  | 30897640 |
| 7260000 | MACOM Technology Solutions <br>Holdings, Inc.\*<br>0.000%, 12/15/29 |  | 8081033 |
| 7155000 | Mirion Technologies, Inc.\*<br>0.250%, 06/01/30 |  | 10330890 |
| 18840000 | MKS, Inc.^<br>1.250%, 06/01/30 |  | 22592363 |
| 6950000 | Nutanix, Inc.\*^<br>0.500%, 12/15/29 |  | 7668491 |
| 7945000 | Parsons Corp.^<br>2.625%, 03/01/29 |  | 9061590 |
| 5305000 | Planet Labs PBC\*<br>0.500%, 10/15/30 |  | 7408326 |
| 4551000 | Rubrik, Inc.\*<br>0.000%, 06/15/30 |  | 4417838 |
| 9260000 | Seagate HDD Cayman<br>3.500%, 06/01/28 |  | 28997135 |
| 6550000 | Snowflake, Inc.<br>0.000%, 10/01/29 |  | 12070078 |
| 9020000 | Spotify USA, Inc.<br>0.000%, 03/15/26 |  | 11659252 |
| 5280000 | Western Digital Corp.<br>3.000%, 11/15/28 |  | 21210816 |
|  |  |  | 243119591 |
|  | Materials (0.2%) | Materials (0.2%) | Materials (0.2%) |
| 5975000 | Energy Fuels, Inc.\*<br>0.750%, 11/01/31 |  | 7714562 |
|  | Real Estate (0.5%) | Real Estate (0.5%) | Real Estate (0.5%) |
| 11030000 | Welltower OP LLC\*<br>3.125%, 07/15/29 |  | 16392014 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Growth and Income Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Utilities (2.7%) | Utilities (2.7%) |
| 15830000 | CMS Energy Corp.<br>3.375%, 05/01/28 | $17452417 |
| 17800000 | Duke Energy Corp.<br>4.125%, 04/15/26 | 19180212 |
| 11260000 | NextEra Energy Capital Holdings, Inc.<br>3.000%, 03/01/27 | 14124206 |
| 16315000 | PPL Capital Funding, Inc.<br>2.875%, 03/15/28 | 18520461 |
| 19155000 | Southern Co.<br>4.500%, 06/15/27 | 21261667 |
|  |  | 90538963 |
|  | **TOTAL CONVERTIBLE BONDS**<br> (Cost $486,298,217) | 595616383 |
| NUMBER OF<br>SHARES |  | VALUE |
| **CONVERTIBLE PREFERRED STOCKS (2.6%)** |  |  |
|  | Financials (0.4%) | Financials (0.4%) |
| 80250 | AMG Capital Trust II<br>5.150%, 10/15/37 | 5103900 |
| 121745 | Apollo Global Management, Inc.<br>6.750%, 07/31/26 | 7954818 |
|  |  | 13058718 |
|  | Industrials (1.1%) | Industrials (1.1%) |
| 412205 | Boeing Co.<br>6.000%, 10/15/27 | 26677908 |
| 179100 | QXO, Inc.<br>5.500%, 05/15/28 | 9143055 |
|  |  | 35820963 |
|  | Information Technology (0.8%) | Information Technology (0.8%) |
| 185850 | Hewlett Packard Enterprise Co.<br>7.625%, 09/01/27 | 12559743 |
| 223860 | Microchip Technology, Inc.<br>7.500%, 03/15/28 | 12961494 |
|  |  | 25521237 |
|  | Utilities (0.3%) | Utilities (0.3%) |
| 80675 | CenterPoint Energy, Inc. (Warner <br>Media LLC, Charter Communications <br>Time, Inc.)^#§<br>3.369%, 09/15/29 | 2990622 |
| 126115 | NextEra Energy, Inc.<br>7.299%, 06/01/27 | 6624821 |
|  |  | 9615443 |
|  | **TOTAL CONVERTIBLE PREFERRED <br>STOCKS**<br> (Cost $72,011,155) | 84016361 |
| **COMMON STOCKS (75.3%)** |  |  |
|  | Communication Services (8.5%) | Communication Services (8.5%) |
| 486400 | Alphabet, Inc. - Class A | 136770816 |
| 4385 | Alphabet, Inc. - Class C | 1235781 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 116760 | Meta Platforms, Inc. - Class A | $| 75701346 |
| 27975 | Netflix, Inc.# |  | 31300108 |
| 65925 | T-Mobile U.S., Inc. |  | 13847546 |
| 165535 | Walt Disney Co. |  | 18642552 |
|  |  |  | 277498149 |
|  | Consumer Discretionary (9.4%) | Consumer Discretionary (9.4%) | Consumer Discretionary (9.4%) |
| 551500 | Amazon.com, Inc.# |  | 134687330 |
| 4094 | Booking Holdings, Inc. |  | 20788268 |
| 50845 | Home Depot, Inc. |  | 19300253 |
| 70505 | Lowe's Cos., Inc. |  | 16789356 |
| 39815 | McDonald's Corp. |  | 11881990 |
| 100145 | NIKE, Inc. - Class B |  | 6468365 |
| 52836 | Royal Caribbean Cruises Ltd.^ |  | 15154950 |
| 137140 | Starbucks Corp. |  | 11090512 |
| 132125 | Tesla, Inc.# |  | 60322990 |
| 77920 | TJX Cos., Inc.~ |  | 10919709 |
|  |  |  | 307403723 |
|  | Consumer Staples (3.4%) | Consumer Staples (3.4%) | Consumer Staples (3.4%) |
| 270070 | Coca-Cola Co. |  | 18607823 |
| 22675 | Costco Wholesale Corp. |  | 20667129 |
| 103255 | Dollar General Corp. |  | 10187138 |
| 110765 | Philip Morris International, Inc. |  | 15986712 |
| 108280 | Procter & Gamble Co. |  | 16282064 |
| 297585 | Walmart, Inc. |  | 30109650 |
|  |  |  | 111840516 |
|  | Energy (2.9%) | Energy (2.9%) | Energy (2.9%) |
| 62180 | Chevron Corp. |  | 9807030 |
| 222135 | EQT Corp. |  | 11901993 |
| 283930 | Exxon Mobil Corp. |  | 32470235 |
| 137330 | Marathon Petroleum Corp. |  | 26766990 |
| 236790 | Williams Cos., Inc. |  | 13703037 |
|  |  |  | 94649285 |
|  | Financials (10.0%) | Financials (10.0%) | Financials (10.0%) |
| 39470 | American Express Co. |  | 14238013 |
| 44243 | Assurant, Inc. |  | 9367128 |
| 546835 | Bank of America Corp. |  | 29228331 |
| 9170 | Blackrock, Inc. |  | 9929368 |
| 46015 | Capital One Financial Corp. |  | 10122840 |
| 36270 | Chubb Ltd. |  | 10044614 |
| 172890 | Citigroup, Inc. |  | 17501655 |
| 29330 | Goldman Sachs Group, Inc. |  | 23152222 |
| 175135 | JPMorgan Chase & Co. |  | 54488001 |
| 49200 | Marsh & McLennan Cos., Inc. |  | 8764980 |
| 69155 | Mastercard, Inc. - Class A |  | 38172868 |
| 124290 | Morgan Stanley |  | 20383560 |
| 28120 | S&P Global, Inc. |  | 13700345 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Growth and Income Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 124230 | Visa, Inc. - Class A | $| 42330130 |
| 324200 | Wells Fargo & Co. |  | 28195674 |
|  |  |  | 329619729 |
|  | Health Care (6.9%) | Health Care (6.9%) | Health Care (6.9%) |
| 167970 | Abbott Laboratories |  | 20764451 |
| 105155 | AbbVie, Inc. |  | 22927996 |
| 143372 | Boston Scientific Corp.# |  | 14440428 |
| 117500 | CVS Health Corp. |  | 9182625 |
| 71510 | Danaher Corp. |  | 15401824 |
| 43015 | Eli Lilly & Co. |  | 37115923 |
| 15410 | Intuitive Surgical, Inc.# |  | 8233255 |
| 38105 | IQVIA Holdings, Inc.# |  | 8248208 |
| 151345 | Johnson & Johnson |  | 28584530 |
| 201240 | Medtronic PLC |  | 18252468 |
| 17880 | Stryker Corp. |  | 6369571 |
| 36045 | Thermo Fisher Scientific, Inc. |  | 20451573 |
| 44745 | UnitedHealth Group, Inc. |  | 15283102 |
|  |  |  | 225255954 |
|  | Industrials (5.0%) | Industrials (5.0%) | Industrials (5.0%) |
| 588395 | CSX Corp. |  | 21193988 |
| 272350 | Delta Air Lines, Inc. |  | 15627443 |
| 68375 | Emerson Electric Co. |  | 9543099 |
| 43065 | GE Vernova, Inc. |  | 25199054 |
| 61655 | General Electric Co. |  | 19048312 |
| 23315 | Parker-Hannifin Corp. |  | 18018532 |
| 32310 | Quanta Services, Inc. |  | 14511390 |
| 149590 | RTX Corp. |  | 26701815 |
| 69965 | Union Pacific Corp. |  | 15418187 |
|  |  |  | 165261820 |
|  | Information Technology (26.4%) | Information Technology (26.4%) | Information Technology (26.4%) |
| 711150 | Apple, Inc. |  | 192273625 |
| 12075 | AppLovin Corp. - Class A# |  | 7695760 |
| 246660 | Broadcom, Inc. |  | 91172936 |
| 187365 | Cisco Systems, Inc. |  | 13698255 |
| 16010 | Intuit, Inc. |  | 10687475 |
| 114100 | Lam Research Corp. |  | 17966186 |
| 71340 | Micron Technology, Inc. |  | 15963752 |
| 383695 | Microsoft Corp. |  | 198681108 |
| 1144820 | NVIDIA Corp. |  | 231814602 |
| 133180 | Oracle Corp. |  | 34974400 |
| 82675 | Palantir Technologies, Inc. - Class A# |  | 16573857 |
| 49060 | Salesforce, Inc. |  | 12775715 |
| 26750 | ServiceNow, Inc.# |  | 24590740 |
|  |  |  | 868868411 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
|  | Materials (2.1%) | Materials (2.1%) |
| 322825 | Freeport-McMoRan, Inc. | $13461803 |
| 52995 | Linde PLC | 22167808 |
| 62025 | Sherwin-Williams Co. | 21394904 |
| 41210 | Vulcan Materials Co.~ | 11930295 |
|  |  | 68954810 |
|  | Real Estate (0.3%) | Real Estate (0.3%) |
| 60560 | American Tower Corp. | 10839029 |
|  | Utilities (0.4%) | Utilities (0.4%) |
| 71770 | Vistra Corp. | 13514291 |
|  | **TOTAL COMMON STOCKS**<br> (Cost $849,169,499) | 2473705717 |
| **EXCHANGE-TRADED FUND (0.5%)** |  |  |
|  | Other (0.5%) | Other (0.5%) |
| 110120 | iShares Biotechnology ETF^<br>(Cost $15,349,452) | 17550926 |
| PRINCIPAL<br>AMOUNT |  | VALUE |
| **U.S. GOVERNMENT AND AGENCY SECURITIES (1.5%)** |  |  |
|  | Other (1.5%) | Other (1.5%) |
| 25475000 | U.S. Treasury Notes<br>3.750%, 04/15/26 | 25468532 |
| 22755000 | 4.875%, 05/31/26 | 22892330 |
|  | **TOTAL U.S. GOVERNMENT <br>AND AGENCY SECURITIES**<br> (Cost $48,298,177) | 48360862 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (0.5%)#** |  |  |
|  | Other (0.5%) | Other (0.5%) |
| 2415 | Invesco QQQ Trust Series 1 |  |
| 151920405 | Put, 12/31/25, Strike $630.00 | 4723740 |
| 10280 | iShares MSCI EAFE ETF |  |
| 97135720 | Call, 12/19/25, Strike $91.00 | 4754500 |
| 250 | Russell 2000 Index |  |
| 61984500 | Call, 12/19/25, Strike $2,400.00 | 3411250 |
| 2660 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust |  |
| 181427960 | Put, 02/20/26, Strike $675.00 | 5164390 |
|  |  | 18053880 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $15,101,753) | 18053880 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Growth and Income Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES/<br>PRINCIPAL<br>AMOUNT |  | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (1.3%)** |  |  |
| 42013179 | State Street Navigator Securities <br>Lending Government Money <br>Market Portfolio, 4.142%†\*\*\*<br>(Cost $42,013,179) | $42013179 |
|  | **TOTAL INVESTMENTS (99.8%)**<br> (Cost $1,528,241,431) | 3279317308 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.3%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.3%) | (42013179) |
| OTHER ASSETS, LESS LIABILITIES (1.5%) | OTHER ASSETS, LESS LIABILITIES (1.5%) | 48825170 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $3286129299 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED WRITTEN OPTION (0.0%)#** |  |  |
|  | Other (0.0%) | Other (0.0%) |
| (250) | Russell 2000 Index |  |
| (61984500) | Call, 12/19/25, Strike $2,650.00<br>(Premium $659,256) | $(571250) |

---

**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.

†† When-issued security.

# 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 $11,239,890.

† Represents investment of cash collateral received from securities on loan as of October 31, 2025.

\*\*\* The rate disclosed is the 7 day net yield as of October 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.

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Select Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| **COMMON STOCKS (98.2%)** |  |  |
|  | Communication Services (15.9%) | Communication Services (15.9%) |
| 17080 | Alphabet, Inc. - Class A | $4802725 |
| 2140 | Meta Platforms, Inc. - Class A | 1387469 |
| 1050 | Netflix, Inc.# | 1174803 |
| 1220 | Spotify Technology SA# | 799490 |
| 3410 | T-Mobile U.S., Inc. | 716271 |
| 11630 | Uber Technologies, Inc.# | 1122295 |
|  |  | 10003053 |
|  | Consumer Discretionary (13.1%) | Consumer Discretionary (13.1%) |
| 5860 | Airbnb, Inc. - Class A# | 741524 |
| 15550 | Amazon.com, Inc.# | 3797621 |
| 3925 | DoorDash, Inc. - Class A# | 998402 |
| 2650 | Home Depot, Inc. | 1005914 |
| 2620 | Royal Caribbean Cruises Ltd.^ | 751495 |
| 6600 | TJX Cos., Inc. | 924924 |
|  |  | 8219880 |
|  | Consumer Staples (2.3%) | Consumer Staples (2.3%) |
| 14160 | Walmart, Inc. | 1432709 |
|  | Energy (1.5%) | Energy (1.5%) |
| 6000 | Chevron Corp. | 946320 |
|  | Financials (10.7%) | Financials (10.7%) |
| 3230 | American Express Co. | 1165158 |
| 3230 | Chubb Ltd. | 894516 |
| 3060 | JPMorgan Chase & Co. | 952027 |
| 4630 | Morgan Stanley | 759320 |
| 1610 | S&P Global, Inc. | 784408 |
| 4020 | Visa, Inc. - Class A | 1369775 |
| 9550 | Wells Fargo & Co. | 830564 |
|  |  | 6755768 |
|  | Health Care (9.0%) | Health Care (9.0%) |
| 6360 | Boston Scientific Corp.# | 640579 |
| 5110 | Danaher Corp. | 1100592 |
| 1690 | Eli Lilly & Co. | 1458234 |
| 3090 | IQVIA Holdings, Inc.# | 668861 |
| 5500 | Johnson & Johnson | 1038785 |
| 2100 | Stryker Corp. | 748104 |
|  |  | 5655155 |
|  | Industrials (6.6%) | Industrials (6.6%) |
| 5020 | Boeing Co.# | 1009120 |
| 9130 | Canadian Pacific Kansas City Ltd. | 656903 |
| 1660 | Deere & Co. | 766306 |
| 2130 | Eaton Corp. PLC | 812723 |
| 4640 | Waste Management, Inc. | 926933 |
|  |  | 4171985 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
|  | Information Technology (33.4%) | Information Technology (33.4%) |
| 2530 | Analog Devices, Inc. | $592349 |
| 15700 | Apple, Inc. | 4244809 |
| 3800 | Applied Materials, Inc. | 885780 |
| 7420 | Broadcom, Inc. | 2742655 |
| 7910 | Microsoft Corp. | 4095877 |
| 24500 | NVIDIA Corp. | 4961005 |
| 2050 | Oracle Corp. | 538351 |
| 700 | ServiceNow, Inc.# | 643496 |
| 3500 | Snowflake, Inc.# | 962080 |
| 1720 | Synopsys, Inc.# | 780570 |
| 2030 | Zebra Technologies Corp. - Class A# | 546577 |
|  |  | 20993549 |
|  | Materials (2.2%) | Materials (2.2%) |
| 1790 | Linde PLC | 748757 |
| 1750 | Sherwin-Williams Co. | 603645 |
|  |  | 1352402 |
|  | Real Estate (1.6%) | Real Estate (1.6%) |
| 8260 | Prologis, Inc. | 1024983 |
|  | Utilities (1.9%) | Utilities (1.9%) |
| 12630 | Southern Co. | 1187725 |
|  | **TOTAL COMMON STOCKS**<br> (Cost $31,631,277) | 61743529 |
|  | **TOTAL INVESTMENTS (98.2%)**<br> (Cost $31,631,277) | 61743529 |
| OTHER ASSETS, LESS LIABILITIES (1.8%) | OTHER ASSETS, LESS LIABILITIES (1.8%) | 1125437 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $62868966 |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

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

See accompanying Notes to Schedule of Investments

www.calamos.com

------

International Growth Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE |
| **COMMON STOCKS (97.5%)** | **COMMON STOCKS (97.5%)** |  |  |
|  |  | Communication Services (7.5%) | Communication Services (7.5%) |
| 28110 |  | AST SpaceMobile, Inc.# | $2255828 |
| 184400  | HKD | Baidu, Inc. - Class A# | 2791120 |
| 44190 |  | Millicom International Cellular SA^ | 2081791 |
| 13250 |  | Sea Ltd. (ADR)# | 2070313 |
| 40300  | JPY | SoftBank Group Corp. | 7071381 |
| 8170 |  | Spotify Technology SA# | 5353964 |
|  |  |  | 21624397 |
|  |  | Consumer Discretionary (11.6%) | Consumer Discretionary (11.6%) |
| 33320 |  | Alibaba Group Holding, Ltd. (ADR)^ | 5678728 |
| 35890  | INR | Amber Enterprises India Ltd.# | 3244303 |
| 84160  | EUR | Auto1 Group SE# | 2957598 |
| 179080  | GBP | Burberry Group PLC# | 2915004 |
| 17980  | EUR | Kering SA | 6385001 |
| 108950  | EUR | Lottomatica Group SpA | 2686505 |
| 1196 |  | MercadoLibre, Inc.# | 2783403 |
| 141400  | JPY | Sony Group Corp. | 3937931 |
| 730540  | INR | Zomato, Ltd.# | 2609289 |
|  |  |  | 33197762 |
|  |  | Consumer Staples (1.9%) | Consumer Staples (1.9%) |
| 99500  | JPY | Ajinomoto Co., Inc. | 2822049 |
| 66150  | CNY | Eastroc Beverage Group <br>Co. Ltd. - Class A | 2603282 |
|  |  |  | 5425331 |
|  |  | Energy (2.6%) | Energy (2.6%) |
| 32870 |  | Cameco Corp.^ | 3359643 |
| 100270 |  | TechnipFMC PLC | 4146164 |
|  |  |  | 7505807 |
|  |  | Financials (14.6%) | Financials (14.6%) |
| 485500  | EUR | Alpha Bank SA | 1903261 |
| 335900  | EUR | Banco Santander SA^ | 3422884 |
| 650000  | GBP | Barclays PLC | 3486353 |
| 21920  | EUR | BAWAG Group AG\* | 2832749 |
| 1670  | CAD | Fairfax Financial Holdings Ltd. | 2711305 |
| 51100  | HKD | Hong Kong Exchanges & Clearing Ltd. | 2785097 |
| 116850  | EUR | ING Groep NV | 2917705 |
| 33170  | KRW | KB Financial Group, Inc. | 2707786 |
| 110300  | JPY | ORIX Corp. | 2698162 |
| 56200  | JPY | Rakuten Bank Ltd.# | 3084669 |
| 57040  | EUR | Societe Generale SA | 3617511 |
| 4080  | CHF | Swissquote Group Holding SA | 2592197 |
| 96630  | EUR | UniCredit SpA | 7155126 |
|  |  |  | 41914805 |
|  |  | Health Care (6.6%) | Health Care (6.6%) |
| 3660 |  | Argenx SE (ADR)# | 2995710 |
| 13630 |  | Ascendis Pharma AS (ADR)# | 2747808 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 99020  | EUR | Fresenius SE & Co. KGaA | $| 5697903 |
| 16320  | AUD | Pro Medicus Ltd.^ |  | 2802224 |
| 9636  | EUR | UCB SA |  | 2477820 |
| 33600 |  | uniQure NV#^ |  | 2274384 |
|  |  |  |  | 18995849 |
|  |  | Industrials (20.1%) | Industrials (20.1%) | Industrials (20.1%) |
| 21355  | EUR | Airbus SE |  | 5265524 |
| 222147  | AUD | DroneShield Ltd.#^ |  | 554756 |
| 222400  | EUR | Fincantieri SpA# |  | 5721979 |
| 10950  | JPY | Fujikura Ltd. |  | 1491106 |
| 4255  | KRW | Hanwha Aerospace Co. Ltd. |  | 2918609 |
| 34830  | CHF | Implenia AG |  | 2763768 |
| 120000  | JPY | Kandenko Co. Ltd. |  | 3667459 |
| 42290  | EUR | KION Group AG |  | 3004892 |
| 218930  | JPY | Mitsubishi Heavy Industries Ltd.^ |  | 6609424 |
| 3695  | EUR | Rheinmetall AG |  | 7263572 |
| 573210  | GBP | Rolls-Royce Holdings PLC |  | 8821011 |
| 13110  | EUR | Siemens AG |  | 3715337 |
| 49020  | EUR | Siemens Energy AG# |  | 6107172 |
|  |  |  |  | 57904609 |
|  |  | Information Technology (26.6%) | Information Technology (26.6%) | Information Technology (26.6%) |
| 27800  | JPY | Advantest Corp. |  | 4162933 |
| 16980 |  | ARM Holdings PLC (ADR)#^ |  | 2883544 |
| 35000  | TWD | Asia Vital Components Co. Ltd. |  | 1602323 |
| 5385  | EUR | ASML Holding NV |  | 5693611 |
| 6590  | CNY | Cambricon Technologies Corp. Ltd. - <br>Class A# |  | 1273678 |
| 15540 |  | Celestica, Inc.# |  | 5353219 |
| 78890  | EUR | Indra Sistemas SA^ |  | 4363991 |
| 48600  | JPY | Kioxia Holdings Corp.# |  | 3389552 |
| 334350  | CAD | Kraken Robotics, Inc.#^ |  | 1537598 |
| 23400  | CNY | NAURA Technology Group Co. Ltd. -<br>Class A |  | 1338820 |
| 31250  | ILS | Next Vision Stabilized Systems Ltd. |  | 1371995 |
| 370300 |  | Nokia OYJ (ADR)^ |  | 2558773 |
| 12110 |  | Palantir Technologies, Inc. - Class A# |  | 2427692 |
| 81430  | KRW | Samsung Electronics Co. Ltd. |  | 6129739 |
| 10380  | EUR | SAP SE |  | 2699551 |
| 19150 |  | Shopify, Inc. - Class A# |  | 3329419 |
| 17500  | KRW | SK Hynix, Inc. |  | 6809135 |
| 67900  | JPY | Socionext, Inc.^ |  | 1528059 |
| 259000  | TWD | Taiwan Semiconductor Manufacturing<br>Co. Ltd. |  | 12525153 |
| 20800  | JPY | Tokyo Electron Ltd. |  | 4585780 |
| 13300  | CNY | Zhongji Innolight Co. Ltd. - Class A |  | 878287 |
|  |  |  |  | 76442852 |
|  |  | Materials (4.8%) | Materials (4.8%) | Materials (4.8%) |
| 82210  | CAD | Alamos Gold, Inc. - Class A^ |  | 2534498 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

International Growth Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE |
| 18350  | EUR | Heidelberg Materials AG | $4304975 |
| 178403  | CAD | Hudbay Minerals, Inc. | 2859434 |
| 398020  | AUD | Lynas Rare Earths Ltd.#^ | 3968006 |
|  |  |  | 13666913 |
|  |  | Utilities (1.2%) | Utilities (1.2%) |
| 176590  | EUR | Iberdrola SA^ | 3578815 |
|  |  | **TOTAL COMMON STOCKS**<br> (Cost $204,972,769) | 280257140 |
| **WARRANT (0.0%)#** | **WARRANT (0.0%)#** |  |  |
|  |  | Information Technology (0.0%) | Information Technology (0.0%) |
| 1260 |  | Constellation Software, Inc.^<br>03/31/40, Strike 1.00<br>(Cost $—) |  |
| PRINCIPAL<br>AMOUNT | PRINCIPAL<br>AMOUNT |  | VALUE |
| **CONVERTIBLE BOND (1.9%)** | **CONVERTIBLE BOND (1.9%)** |  |  |
|  |  | Financials (1.9%) | Financials (1.9%) |
| 3200000 |  | Goldman Sachs Finance Corp. <br>International, Ltd. <br>(Tencent Holdings, Ltd.)§<br>0.000%, 03/15/27<br>(Cost $4,150,494) | 5506848 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT | NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (0.3%)#** | **EXCHANGE-TRADED PURCHASED OPTIONS (0.3%)#** |  |  |
|  |  | Health Care (0.3%) | Health Care (0.3%) |
| 792 |  | AstraZeneca PLC |  |
| 6526080 |  | Call, 01/16/26, Strike $80.00 | 433620 |
| 972 |  | Novo Nordisk AS |  |
| 4807512 |  | Call, 01/16/26, Strike $55.00 | 303750 |
|  |  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $1,025,945) | 737370 |
| NUMBER OF<br>SHARES/<br>PRINCIPAL <br>AMOUNT | NUMBER OF<br>SHARES/<br>PRINCIPAL <br>AMOUNT |  | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (7.6%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (7.6%)** |  |  |
| 21796045 |  | State Street Navigator Securities <br>Lending Government Money <br>Market Portfolio, 4.142%†\*\*\*<br>(Cost $21,796,045) | 21796045 |
|  |  | **TOTAL INVESTMENTS (107.3%)**<br> (Cost $231,945,253) | 308297403 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-7.6%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-7.6%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-7.6%) | (21796045) |
| OTHER ASSETS, LESS LIABILITIES (0.3%) | OTHER ASSETS, LESS LIABILITIES (0.3%) | OTHER ASSETS, LESS LIABILITIES (0.3%) | 836838 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $287338196 |

---

**FORWARD FOREIGN CURRENCY CONTRACTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | LONG<br>CONTRACTS | SETTLEMENT<br>DATE | LOCAL<br>CURRENCY | CURRENT<br>VALUE | UNREALIZED<br>GAIN/LOSS |
| Northern Trust <br>Company | Swiss Franc | 12/19/25 | 4034000 | $5039429 | $(103788) |
| State Street Bank <br>and Trust | Canadian Dollar | 12/19/25 | 4691000 | 3352541 | (54797) |
| Northern Trust <br>Company | Swiss Franc | 12/19/25 | 2630000 | 3285498 | (67665) |
| State Street Bank <br>and Trust | Canadian Dollar | 12/19/25 | 3058000 | 2185476 | (35721) |
| Northern Trust <br>Company | Swedish Krona | 12/19/25 | 16282000 | 1718485 | (21753) |
| Northern Trust <br>Company | Singapore Dollar | 12/19/25 | 2178000 | 1679040 | (28673) |
| Northern Trust <br>Company | Swedish Krona | 12/19/25 | 15828000 | 1670568 | (34067) |
| State Street Bank <br>and Trust | Brazilian Real | 12/19/25 | 9042000 | 1662850 | (4032) |
| Bank of America NA | Japanese Yen | 12/19/25 | 250761000 | 1634511 | (77559) |
| Northern Trust <br>Company | Swedish Krona | 12/19/25 | 10619000 | 1120784 | (14187) |
| Northern Trust <br>Company | Singapore Dollar | 12/19/25 | 1420000 | 1094691 | (18694) |
| Northern Trust <br>Company | Swedish Krona | 12/19/25 | 10321000 | 1089331 | (22214) |
| State Street Bank <br>and Trust | Brazilian Real | 12/19/25 | 5897000 | 1084476 | (2629) |
| Bank of America NA | Japanese Yen | 12/19/25 | 163510000 | 1065791 | (50573) |
| Bank of America NA | Japanese Yen | 01/05/26 | 250761000 | 1637423 | (23395) |
| Bank of America NA | Japanese Yen | 01/05/26 | 163510000 | 1067690 | (15255) |
|  |  |  |  |  | $(575002) |
| COUNTERPARTY | SHORT<br>CONTRACTS | SETTLEMENT<br>DATE | LOCAL<br>CURRENCY | CURRENT<br>VALUE | UNREALIZED<br>GAIN/LOSS |
| Bank of America NA | Japanese Yen | 12/19/25 | 163510000 | $1065791 | $14996 |
| Bank of America NA | Japanese Yen | 12/19/25 | 250761000 | 1634511 | 22997 |
| Bank of America NA | Japanese Yen | 01/05/26 | 163510000 | 1067690 | 25192 |
| Bank of America NA | Japanese Yen | 01/05/26 | 250761000 | 1637423 | 38634 |
|  |  |  |  |  | $101819 |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

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

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

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

† Represents investment of cash collateral received from securities on loan as of October 31, 2025.

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

See accompanying Notes to Schedule of Investments

www.calamos.com

------

International Growth Fund Schedule of Investments October 31, 2025

**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

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

TWD New Taiwan Dollar

**ABBREVIATION**

ADR American Depositary Receipt

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

**CURRENCY EXPOSURE OCTOBER 31, 2025**

---

| | | |
|:---|:---|:---|
| | VALUE | % OF TOTAL <br>INVESTMENTS |
| European Monetary Unit | $93773482 | 30.4% |
| US Dollar | 80340646 | 26.1% |
| Japanese Yen | 45048505 | 14.6% |
| South Korean Won | 18565269 | 6.0% |
| British Pound Sterling | 15222368 | 4.9% |
| New Taiwan Dollar | 14127476 | 4.6% |
| Canadian Dollar | 9642835 | 3.1% |
| Australian Dollar | 7324986 | 2.4% |
| Chinese Yuan Renminbi | 6094067 | 2.0% |
| Indian Rupee | 5853592 | 1.9% |
| Hong Kong Dollar | 5576217 | 1.8% |
| Swiss Franc | 5355965 | 1.7% |
| Israeli Shekel | 1371995 | 0.5% |
| Total Investments | $308297403 | 100.0% |

---

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Evolving World Growth Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT | PRINCIPAL <br>AMOUNT |  | VALUE |
| **CONVERTIBLE BONDS (18.0%)** | **CONVERTIBLE BONDS (18.0%)** |  |  |
|  |  | Communication Services (6.1%) | Communication Services (6.1%) |
| 13875000 |  | Alibaba Group Holding Ltd.^<br>0.000%, 09/15/32 | $15682912 |
| 3956000 |  | AST SpaceMobile, Inc.\*<br>2.000%, 01/15/36 | 4211518 |
| 3802000 |  | Grab Holdings Ltd.<br>0.000%, 06/15/30 | 4417924 |
|  |  |  | 24312354 |
|  |  | Consumer Discretionary (1.1%) | Consumer Discretionary (1.1%) |
| 30000000  | HKD | Chow Tai Fook Jewellery Group Ltd.<br>0.375%, 06/30/30 | 4188198 |
|  |  | Financials (4.5%) | Financials (4.5%) |
| 10400000 |  | Goldman Sachs Finance Corp. <br>International Ltd. <br>(Tencent Holdings Ltd.)§<br>0.000%, 03/15/27 | 17897256 |
|  |  | Information Technology (4.2%) | Information Technology (4.2%) |
| 3800000 |  | Hon Hai Precision Industry Co. Ltd.<br>0.000%, 10/24/29 | 4297192 |
| 2600000 |  | SK Hynix, Inc.<br>1.750%, 04/11/30 | 12291214 |
|  |  |  | 16588406 |
|  |  | Materials (2.1%) | Materials (2.1%) |
| 3563000 |  | First Majestic Silver Corp.<br>0.375%, 01/15/27 | 4027152 |
| 3500000 |  | KCC Corp. (HD Korea Shipbuilding & <br>Offshore Engineering Co. Ltd.)§<br>1.750%, 07/10/30 | 4346370 |
|  |  |  | 8373522 |
|  |  | **TOTAL CONVERTIBLE BONDS**<br> (Cost $55,990,156) | 71359736 |
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE |
| **COMMON STOCKS (80.4%)** | **COMMON STOCKS (80.4%)** |  |  |
|  |  | Communication Services (8.2%) | Communication Services (8.2%) |
| 239850  | HKD | Baidu, Inc. - Class A# | 3630424 |
| 149470  | INR | Bharti Airtel Ltd. | 3472610 |
| 190665  | SAR | Etihad Etisalat Co. | 3439876 |
| 259500  | HKD | Kuaishou Technology\* | 2409285 |
| 62270 |  | Millicom International Cellular SA^ | 2933540 |
| 403344  | ZAR | MTN Group Ltd. | 4029613 |
| 24890 |  | Sea Ltd. (ADR)# | 3889062 |
| 97300  | HKD | Tencent Holdings Ltd. | 7903455 |
| 84000  | HKD | Tencent Music Entertainment <br>Group - Class A | 938293 |
|  |  |  | 32646158 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE |
|  |  | Consumer Discretionary (11.3%) | Consumer Discretionary (11.3%) |
| 373300  | HKD | Alibaba Group Holding Ltd. | $7943352 |
| 83195  | INR | Amber Enterprises India Ltd.# | 7520473 |
| 10261723  | IDR | Astra International Tbk. PT | 3794409 |
| 67460  | INR | Eicher Motors Ltd. | 5325373 |
| 1651630  | INR | Eternal Ltd.# | 5899172 |
| 424000  | HKD | Galaxy Entertainment Group Ltd. | 2112507 |
| 367650  | HKD | JD Health International, Inc.\*# | 2869855 |
| 1855 |  | MercadoLibre, Inc.#~ | 4317067 |
| 279900  | CNY | Ningbo Joyson Electronic Corp. - <br>Class A | 1254801 |
| 2405689  | INR | Vishal Mega Mart Ltd.# | 3921262 |
|  |  |  | 44958271 |
|  |  | Consumer Staples (1.3%) | Consumer Staples (1.3%) |
| 13220  | KRW | APR Corp. | 2362178 |
| 71040  | CNY | Eastroc Beverage Group <br>Co. Ltd. - Class A | 2795724 |
|  |  |  | 5157902 |
|  |  | Energy (1.1%) | Energy (1.1%) |
| 104737 |  | TechnipFMC PLC | 4330875 |
|  |  | Financials (10.4%) | Financials (10.4%) |
| 114485  | SAR | Al Rajhi Bank | 3235817 |
| 707760  | EUR | Alpha Bank SA | 2774567 |
| 84395  | INR | Bajaj Finance Ltd. | 993277 |
| 1920000  | IDR | Bank Central Asia Tbk. PT | 983024 |
| 9815  | ZAR | Capitec Bank Holdings Ltd. | 2171544 |
| 3980 |  | Credicorp Ltd. | 1038780 |
| 751510  | EUR | Eurobank Ergasias Services & <br>Holdings SA | 2826882 |
| 129235  | MXN | Grupo Financiero Banorte SAB de CV - <br>Class O^ | 1213224 |
| 72000  | HKD | Hong Kong Exchanges & Clearing Ltd. | 3924208 |
| 583613 |  | Itau Unibanco Holding SA (ADR) | 4295392 |
| 37625  | KRW | KB Financial Group, Inc. | 3071464 |
| 1876000  | HKD | PICC Property & Casualty Co. Ltd. - <br>Class H | 4432094 |
| 412000  | HKD | Ping An Insurance Group Co. of <br>China Ltd. - Class H | 2976424 |
| 29720  | KRW | Samsung Life Insurance Co. Ltd. | 3211818 |
| 59530  | SAR | Saudi Tadawul Group Holding Co. | 3158806 |
| 713500  | VND | Vietnam Technological & Commercial <br>Joint Stock Bank | 951695 |
|  |  |  | 41259016 |
|  |  | Health Care (1.2%) | Health Care (1.2%) |
| 238000  | HKD | Innovent Biologics, Inc.\*# | 2669787 |
| 268100  | BRL | Rede D'Or Sao Luiz SA\* | 2159770 |
|  |  |  | 4829557 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Evolving World Growth Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE |
|  |  | Industrials (10.5%) | Industrials (10.5%) |
| 81000  | TWD | Bizlink Holding, Inc. | $3640813 |
| 78300  | CNY | Contemporary Amperex Technology <br>Co. Ltd. - Class A | 4281056 |
| 30960  | KRW | Doosan Enerbility Co. Ltd.# | 1916146 |
| 9417  | KRW | Hanwha Aerospace Co. Ltd. | 6459352 |
| 9550  | KRW | HD Hyundai Heavy Industries Co. Ltd. | 4021698 |
| 3160  | KRW | Hyosung Heavy Industries Corp. | 5101246 |
| 347470  | PHP | International Container Terminal <br>Services, Inc. | 3133965 |
| 8704000  | HKD | Lonking Holdings Ltd. | 3469496 |
| 20125  | KRW | Samsung C&T Corp. | 3184806 |
| 24980  | KRW | SK Square Co. Ltd.# | 4534262 |
| 48450  | HKD | UBTech Robotics Corp. Ltd. - Class H# | 857331 |
| 171000  | CNY | Zhejiang Sanhua Intelligent Controls <br>Co. Ltd. - Class A | 1200789 |
|  |  |  | 41800960 |
|  |  | Information Technology (31.7%) | Information Technology (31.7%) |
| 125000  | TWD | Accton Technology Corp. | 4347087 |
| 29600  | CNY | Advanced Micro-Fabrication Equipment, <br>Inc. China - Class A | 1162901 |
| 558000  | TWD | ASE Technology Holding Co. Ltd. | 4464425 |
| 109900  | TWD | Asia Vital Components Co. Ltd. | 5031293 |
| 24700  | TWD | ASPEED Technology, Inc. | 4380373 |
| 219900  | HKD | Beijing Fourth Paradigm Technology <br>Co. Ltd. - Class H^# | 1575695 |
| 13785  | CNY | Cambricon Technologies Corp. Ltd. - <br>Class A# | 2664287 |
| 130800  | TWD | Delta Electronics, Inc. | 4207034 |
| 77450  | TWD | Elite Material Co. Ltd. | 3402819 |
| 43180  | KRW | Eugene Technology Co. Ltd. | 2862847 |
| 1515000  | HKD | Horizon Robotics^# | 1715753 |
| 60360  | CNY | Hygon Information Technology Co. Ltd. - <br>Class A | 1946414 |
| 26000  | TWD | Jentech Precision Industrial Co. Ltd. | 1782722 |
| 1541000  | HKD | Kingdee International Software <br>Group Co. Ltd.^# | 2907319 |
| 95980  | CNY | Montage Technology Co. Ltd. - Class A | 1839656 |
| 47945  | CNY | NAURA Technology Group Co. Ltd. - <br>Class A | 2743150 |
| 102940 |  | Pony AI, Inc. (ADR)^# | 1922919 |
| 229010  | KRW | Samsung Electronics Co. Ltd. | 17238998 |
| 1147649  | TWD | Taiwan Semiconductor Manufacturing <br>Co. Ltd. | 55499923 |
| 79265  | CNY | Verisilicon Microelectronics Shanghai <br>Co. Ltd. - Class A# | 1774388 |
| 40200  | CNY | Zhongji Innolight Co. Ltd. - Class A | 2654672 |
|  |  |  | 126124675 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE |
|  |  | Materials (3.9%) | Materials (3.9%) |
| 122430  | CAD | Alamos Gold, Inc. - Class A^ | $3774463 |
| 533810 |  | Cemex SAB de CV (ADR) | 5418172 |
| 257990  | CAD | Hudbay Minerals, Inc.^ | 4135051 |
| 82500  | ZAR | Impala Platinum Holdings Ltd. | 884151 |
| 147500  | AUD | Lynas Rare Earths Ltd.^# | 1470481 |
|  |  |  | 15682318 |
|  |  | Real Estate (0.8%) | Real Estate (0.8%) |
| 541290  | AED | Emaar Properties PJSC | 2094599 |
| 281140  | VND | Vinhomes JSC\*# | 1060285 |
|  |  |  | 3154884 |
|  |  | **TOTAL COMMON STOCKS**<br> (Cost $224,376,022) | 319944616 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT | NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (1.6%)#** | **EXCHANGE-TRADED PURCHASED OPTIONS (1.6%)#** |  |  |
|  |  | Consumer Discretionary (0.1%) | Consumer Discretionary (0.1%) |
| 564 |  | PDD Holdings, Inc. |  |
| 7606668 |  | Call, 12/19/25, Strike $140.00 | 308790 |
|  |  | Energy (0.1%) | Energy (0.1%) |
| 2909 |  | Halliburton Co. |  |
| 7807756 |  | Call, 02/20/26, Strike $28.00 | 525075 |
|  |  | Financials (0.2%) | Financials (0.2%) |
| 209 |  | Futu Holdings Ltd. |  |
| 4159936 |  | Call, 12/19/25, Strike $190.00 | 491150 |
| 4861 |  | NU Holdings Ltd. |  |
| 7831071 |  | Call, 11/21/25, Strike $16.00 | 415615 |
|  |  |  | 906765 |
|  |  | Industrials (0.3%) | Industrials (0.3%) |
| 1321 |  | Embraer SA |  |
| 8517808 |  | Call, 01/16/26, Strike $60.00 | 990750 |
|  |  | Materials (0.3%) | Materials (0.3%) |
| 709 |  | POSCO Holdings, Inc. |  |
| 3872558 |  | Call, 11/21/25, Strike $60.00 | 67355 |
| 7732 |  | Vale SA |  |
| 9347988 |  | Call, 12/19/25, Strike $11.00 | 962634 |
|  |  |  | 1029989 |
|  |  | Other (0.6%) | Other (0.6%) |
| 8846 |  | iShares MSCI India ETF |  |
| 47741862 |  | Call, 01/16/26, Strike $53.00 | 2100925 |
| 9714 |  | KraneShares CSI China Internet ETF |  |
| 38807430 |  | Call, 11/21/25, Strike $42.00 | 480843 |
|  |  |  | 2581768 |
|  |  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $6,270,019) | 6343137 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Evolving World Growth Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES/<br>PRINCIPAL <br>AMOUNT |  | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES<br>LOANED (4.6%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES<br>LOANED (4.6%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES<br>LOANED (4.6%)** |
| 18362340 | State Street Navigator Securities <br>Lending Government Money <br>Market Portfolio, 4.142%†\*\*\*<br>(Cost $18,362,340) | $18362340 |
|  | **TOTAL INVESTMENTS (104.6%)**<br> (Cost $304,998,537) | 416009829 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-4.6%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-4.6%) | (18362340) |
| OTHER ASSETS, LESS LIABILITIES (0.0%) | OTHER ASSETS, LESS LIABILITIES (0.0%) | 237928 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $397885417 |

---

**FORWARD FOREIGN CURRENCY CONTRACTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | LONG<br>CONTRACTS | SETTLEMENT<br>DATE | LOCAL<br>CURRENCY | CURRENT<br>VALUE | UNREALIZED<br>GAIN/LOSS |
| State Street Bank <br>and Trust | Indian Rupee | 12/19/25 | 1119523000 | $12582036 | $37793 |
| State Street Bank <br>and Trust | Indonesian Rupiah | 12/19/25 | 140334825000 | 8434912 | 43738 |
| Northern Trust <br>Company | Mexican Peso | 12/19/25 | 154291000 | 8265753 | (72036) |
| State Street Bank <br>and Trust | Brazilian Real | 12/19/25 | 44803000 | 8239403 | (19976) |
|  |  |  |  |  | $(10481) |

---

**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.

§ 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 segregated as collateral for written options. The aggregate value of such securities is $1,396,356.

† Represents investment of cash collateral received from securities on loan as of October 31, 2025.

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

**FOREIGN CURRENCY ABBREVIATIONS**

AED UAE Dirham

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CNY Chinese Yuan Renminbi

EUR European Monetary Unit

HKD Hong Kong Dollar

IDR Indonesian Rupiah

INR Indian Rupee

KRW South Korean Won

MXN Mexican Peso

PHP Philippine Peso

SAR Saudi Riyal

TWD New Taiwan Dollar

VND Viet Nam dong

ZAR South African Rand

**ABBREVIATION**

ADR American Depositary Receipt

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

**CURRENCY EXPOSURE OCTOBER 31, 2025**

---

| | | |
|:---|:---|:---|
| | VALUE | % OF TOTAL<br>INVESTMENTS |
| US Dollar | $120022822 | 28.8% |
| New Taiwan Dollar | 86756489 | 20.9% |
| Hong Kong Dollar | 56523476 | 13.6% |
| South Korean Won | 53964815 | 13.0% |
| Indian Rupee | 27132167 | 6.5% |
| Chinese Yuan Renminbi | 24317838 | 5.8% |
| Saudi Riyal | 9834499 | 2.4% |
| Canadian Dollar | 7909514 | 1.9% |
| South African Rand | 7085308 | 1.7% |
| European Monetary Unit | 5601449 | 1.3% |
| Indonesian Rupiah | 4777433 | 1.1% |
| Philippine Peso | 3133965 | 0.8% |
| Brazilian Real | 2159770 | 0.5% |
| UAE Dirham | 2094599 | 0.5% |
| Viet Nam Dong | 2011980 | 0.5% |
| Australian Dollar | 1470481 | 0.4% |
| Mexican Peso | 1213224 | 0.3% |
| Total Investments | $416009829 | 100.0% |

---

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Global Equity Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE |
| **COMMON STOCKS (96.6%)** | **COMMON STOCKS (96.6%)** |  |  |
|  |  | Communication Services (12.7%) | Communication Services (12.7%) |
| 18660 |  | Alphabet, Inc. - Class A | $5247006 |
| 16400 |  | AST SpaceMobile, Inc.^# | 1316100 |
| 95000 |  | AT&T, Inc. | 2351250 |
| 67700  | HKD | Baidu, Inc. - Class A# | 1024723 |
| 4790 |  | Meta Platforms, Inc. - Class A | 3105596 |
| 2710 |  | Netflix, Inc.# | 3032111 |
| 6450 |  | Sea Ltd. (ADR)# | 1007812 |
| 7400  | JPY | SoftBank Group Corp. | 1298467 |
| 4140 |  | Spotify Technology SA# | 2713025 |
|  |  |  | 21096090 |
|  |  | Consumer Discretionary (8.2%) | Consumer Discretionary (8.2%) |
| 9900 |  | Alibaba Group Holding, Ltd. (ADR)^ | 1687257 |
| 16800 |  | Amazon.com, Inc.# | 4102896 |
| 18050  | INR | Amber Enterprises India Ltd.# | 1631643 |
| 390 |  | AutoZone, Inc.# | 1433028 |
| 7400 |  | DoorDash, Inc. - Class A# | 1882338 |
| 4450  | EUR | Kering SA | 1580270 |
| 560 |  | MercadoLibre, Inc.# | 1303265 |
|  |  |  | 13620697 |
|  |  | Consumer Staples (3.8%) | Consumer Staples (3.8%) |
| 55400 |  | Celsius Holdings, Inc.#~ | 3336742 |
| 1510 |  | Costco Wholesale Corp. | 1376289 |
| 39065  | CNY | Eastroc Beverage Group Co. <br>Ltd. - Class A | 1537373 |
|  |  |  | 6250404 |
|  |  | Energy (3.1%) | Energy (3.1%) |
| 29100 |  | EQT Corp. | 1559178 |
| 45300 |  | Halliburton Co. | 1215852 |
| 55810 |  | TechnipFMC PLC | 2307744 |
|  |  |  | 5082774 |
|  |  | Financials (10.9%) | Financials (10.9%) |
| 128800  | EUR | Banco Santander SA^ | 1312496 |
| 8600  | EUR | BAWAG Group AG\* | 1111389 |
| 820  | CAD | Fairfax Financial Holdings Ltd. | 1331299 |
| 3540 |  | Goldman Sachs Group, Inc. | 2794370 |
| 87900 |  | Huntington Bancshares, Inc. | 1357176 |
| 13700  | KRW | KB Financial Group, Inc. | 1118380 |
| 20600  | JPY | Rakuten Bank Ltd.^# | 1130679 |
| 31700  | EUR | Societe Generale SA | 2010433 |
| 43670  | EUR | UniCredit SpA | 3233616 |
| 18650 |  | Wells Fargo & Co. | 1621991 |
| 8620 |  | Wintrust Financial Corp. | 1120773 |
|  |  |  | 18142602 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE |
|  |  | Health Care (6.1%) | Health Care (6.1%) |
| 1800 |  | Alnylam Pharmaceuticals, Inc.# | $820872 |
| 2180 |  | Argenx SE (ADR)# | 1784330 |
| 3890 |  | Ascendis Pharma AS (ADR)# | 784224 |
| 3000 |  | Eli Lilly & Co. | 2588580 |
| 28500  | EUR | Fresenius SE & Co. KGaA | 1639974 |
| 5900 |  | GeneDx Holdings Corp.^# | 807769 |
| 5500 |  | Insmed, Inc.# | 1042800 |
| 2950  | EUR | UCB SA | 758569 |
|  |  |  | 10227118 |
|  |  | Industrials (12.7%) | Industrials (12.7%) |
| 6740 |  | AeroVironment, Inc.^# | 2493193 |
| 48600  | EUR | Fincantieri SpA# | 1250397 |
| 4900 |  | GE Vernova, Inc. | 2867186 |
| 1580  | KRW | Hanwha Aerospace Co. Ltd. | 1083761 |
| 90300  | JPY | Hitachi Ltd. | 3084556 |
| 1415  | EUR | Rheinmetall AG | 2781584 |
| 250700  | GBP | Rolls-Royce Holdings PLC | 3857971 |
| 7500  | EUR | Siemens AG | 2125479 |
| 8170 |  | Waste Management, Inc. | 1632121 |
|  |  |  | 21176248 |
|  |  | Information Technology (33.2%) | Information Technology (33.2%) |
| 12800 |  | Advanced Micro Devices, Inc.# | 3278336 |
| 8900 |  | Amphenol Corp. - Class A | 1240126 |
| 3420 |  | AppLovin Corp. - Class A# | 2179668 |
| 2000  | EUR | ASML Holding NV | 2114619 |
| 10850 |  | Broadcom, Inc. | 4010485 |
| 3775  | CNY | Cambricon Technologies Corp. <br>Ltd. - Class A# | 729611 |
| 9020 |  | Cloudflare, Inc. - Class A# | 2284766 |
| 27200  | EUR | Indra Sistemas SA^ | 1504634 |
| 31200 |  | Intel Corp.# | 1247688 |
| 6600 |  | Microsoft Corp.~ | 3417546 |
| 88900 |  | Mirion Technologies, Inc.^# | 2610993 |
| 64280 |  | NVIDIA Corp. | 13016057 |
| 10743 |  | Oracle Corp. | 2821219 |
| 23890 |  | Palantir Technologies, Inc. - Class A# | 4789228 |
| 45100  | KRW | Samsung Electronics Co. Ltd. | 3394956 |
| 118000  | TWD | Taiwan Semiconductor Manufacturing <br>Co. Ltd. | 5706441 |
| 4000  | JPY | Tokyo Electron Ltd. | 881881 |
|  |  |  | 55228254 |
|  |  | Materials (5.0%) | Materials (5.0%) |
| 53800  | CAD | Alamos Gold, Inc. - Class A | 1658630 |
| 11150  | EUR | Heidelberg Materials AG | 2615829 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Global Equity Fund Schedule of Investments October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 79300  | CAD | Hudbay Minerals, Inc. | $| 1271016 |
| 3105 |  | Linde PLC |  | 1298822 |
| 22800 |  | MP Materials Corp.^# |  | 1438452 |
|  |  |  |  | 8282749 |
|  |  | Utilities (0.9%) | Utilities (0.9%) | Utilities (0.9%) |
| 77500  | EUR | Iberdrola SA^ |  | 1570634 |
|  |  | **TOTAL COMMON STOCKS**<br> (Cost $100,181,490) |  | 160677570 |
| **CONVERTIBLE PREFERRED STOCK (0.9%)** | **CONVERTIBLE PREFERRED STOCK (0.9%)** |  |  |  |
|  |  | Industrials (0.9%) | Industrials (0.9%) | Industrials (0.9%) |
| 22991 |  | Boeing Co.<br>6.000%, 10/15/27<br>(Cost $1,257,507) |  | 1487978 |
| PRINCIPAL<br>AMOUNT | PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| **CONVERTIBLE BOND (0.8%)** | **CONVERTIBLE BOND (0.8%)** |  |  |  |
|  |  | Financials (0.8%) | Financials (0.8%) | Financials (0.8%) |
| 800000 |  | Goldman Sachs Finance Corp.<br>International, Ltd.<br>(Tencent Holdings, Ltd.)§<br>0.000%, 03/15/27<br>(Cost $1,029,966) |  | 1376712 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT | NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (0.8%)#** | **EXCHANGE-TRADED PURCHASED OPTIONS (0.8%)#** |  |  |  |
|  |  | Consumer Discretionary (0.2%) | Consumer Discretionary (0.2%) | Consumer Discretionary (0.2%) |
| 53 |  | Tesla, Inc. |  |  |
| 2419768 |  | Call, 11/21/25, Strike $400.00 |  | 334430 |
|  |  | Information Technology (0.2%) | Information Technology (0.2%) | Information Technology (0.2%) |
| 123 |  | Microsoft Corp. |  |  |
| 6369063 |  | Call, 11/21/25, Strike $525.00 |  | 107932 |
| 154 |  | Shopify, Inc. |  |  |
| 2677444 |  | Call, 11/21/25, Strike $160.00 |  | 310695 |
|  |  |  |  | 418627 |
|  |  | Other (0.4%) | Other (0.4%) | Other (0.4%) |
| 246 |  | iShares Biotechnology ETF |  |  |
| 3920748 |  | Call, 11/21/25, Strike $135.00 |  | 607620 |
|  |  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $711,138) |  | 1360677 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES/<br>PRINCIPAL<br>AMOUNT |  | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES<br>LOANED (3.9%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES<br>LOANED (3.9%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES<br>LOANED (3.9%)** |
| 6456772 | State Street Navigator Securities <br>Lending Government Money <br>Market Portfolio, 4.142%†\*\*\*<br>(Cost $6,456,772) | $6456772 |
|  | **TOTAL INVESTMENTS (103.0%)**<br> (Cost $109,636,874) | 171359709 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.9%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.9%) | (6456772) |
| OTHER ASSETS, LESS LIABILITIES (0.9%) | OTHER ASSETS, LESS LIABILITIES (0.9%) | 1386703 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $166289640 |

---

**FORWARD FOREIGN CURRENCY CONTRACTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | LONG<br>CONTRACTS | SETTLEMENT<br>DATE | LOCAL<br>CURRENCY | CURRENT<br>VALUE | UNREALIZED<br>GAIN/LOSS |
| Northern Trust <br>Company | Australian Dollar | 12/19/25 | 4897000 | $3205673 | $(32527) |
| Northern Trust <br>Company | Swiss Franc | 12/19/25 | 2565000 | 3204298 | (65993) |
|  |  |  |  |  | $(98520) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

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

# Non-income producing security.

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $1,809,074.

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

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

† Represents investment of cash collateral received from securities on loan as of October 31, 2025.

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

**FOREIGN CURRENCY ABBREVIATIONS**

CAD Canadian Dollar

CNY Chinese Yuan Renminbi

EUR European Monetary Unit

GBP British Pound Sterling

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Global Equity Fund Schedule of Investments October 31, 2025

HKD Hong Kong Dollar

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

TWD New Taiwan Dollar

**ABBREVIATION**

ADR American Depositary Receipt

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

**CURRENCY EXPOSURE OCTOBER 31, 2025**

---

| | | |
|:---|:---|:---|
| | VALUE | % OF TOTAL <br>INVESTMENTS |
| US Dollar | $115008399 | 67.1% |
| European Monetary Unit | 25609923 | 14.9% |
| Japanese Yen | 6395583 | 3.7% |
| New Taiwan Dollar | 5706441 | 3.3% |
| South Korean Won | 5597097 | 3.3% |
| Canadian Dollar | 4260945 | 2.5% |
| British Pound Sterling | 3857971 | 2.3% |
| Chinese Yuan Renminbi | 2266984 | 1.3% |
| Indian Rupee | 1631643 | 1.0% |
| Hong Kong Dollar | 1024723 | 0.6% |
| Total Investments | $171359709 | 100.0% |

---

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Global Opportunities Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT | PRINCIPAL<br>AMOUNT |  | VALUE |
| **CONVERTIBLE BONDS (37.9%)** | **CONVERTIBLE BONDS (37.9%)** |  |  |
|  |  | Communication Services (7.9%) | Communication Services (7.9%) |
| 5588000 |  | Alibaba Group Holding Ltd. <br>0.000%, 09/15/32 | $6316116 |
|  |  | AST SpaceMobile, Inc.\* |  |
| 2238000 |  | 2.375%, 10/15/32 | 3157930 |
| 1931000 |  | 2.000%, 01/15/36 | 2055723 |
| 5368000 |  | DoorDash, Inc.\*<br>0.000%, 05/15/30 | 5932714 |
| 1576000 |  | Liberty Media Corp.-Liberty Formula One<br>2.250%, 08/15/27 | 2024514 |
| 1486000 |  | Lyft, Inc.\*<br>0.000%, 09/15/30 | 1734816 |
| 2124000 |  | Uber Technologies, Inc.<br>0.875%, 12/01/28 | 3103206 |
| 1367000 |  | Uber Technologies, Inc. (Aurora <br>Innovation, Inc.)§\* <br>0.000%, 05/15/28 | 1447667 |
|  |  |  | 25772686 |
|  |  | Consumer Discretionary (1.4%) | Consumer Discretionary (1.4%) |
| 22000000  | HKD | Chow Tai Fook Jewellery Group Ltd.<br>0.375%, 06/30/30 | 3071345 |
| 1651000 |  | NCL Corp. Ltd.\*^<br>0.750%, 09/15/30 | 1587585 |
|  |  |  | 4658930 |
|  |  | Consumer Staples (1.7%) | Consumer Staples (1.7%) |
| 4755000 |  | Alnylam Pharmaceuticals, Inc.\*<br>0.000%, 09/15/28 | 4758376 |
| 358000 |  | Celcuity, Inc.<br>2.750%, 08/01/31 | 644547 |
|  |  |  | 5402923 |
|  |  | Energy (0.6%) | Energy (0.6%) |
| 1300000  | EUR | Saipem SpA<br>2.875%, 09/11/29 | 2120585 |
|  |  | Financials (3.8%) | Financials (3.8%) |
| 3200000  | EUR | Cara Obligations SAS (Kering SA)§<br>1.500%, 12/01/30 | 4811991 |
| 2182000 |  | Coinbase Global, Inc.\*<br>0.000%, 10/01/32 | 2443469 |
| 1600000 |  | Goldman Sachs Finance Corp. <br>International, Ltd. <br>(Tencent Holdings, Ltd.)§<br>0.000%, 03/15/27 | 2753424 |
| 1519000 |  | IREN Ltd.\*<br>0.000%, 07/01/31 | 1608621 |
| 834000 |  | Terawulf, Inc.\*<br>0.000%, 05/01/32 | 864683 |
|  |  |  | 12482188 |
|  |  | Health Care (1.8%) | Health Care (1.8%) |
| 3302000 |  | Ligand Pharmaceuticals, Inc.\*<br>0.750%, 10/01/30 | 3873576 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT | PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 1453000 |  | Tempus AI, Inc.\*<br>0.750%, 07/15/30 | $ | 1977722 |
|  |  |  |  | 5851298 |
|  |  | Industrials (2.6%) | Industrials (2.6%) | Industrials (2.6%) |
| 5259000 |  | AeroVironment, Inc.<br>0.000%, 07/15/30 |  | 7366544 |
| 1100000 |  | Bloom Energy Corp.\*††<br>0.000%, 11/15/30 |  | 1118051 |
|  |  |  |  | 8484595 |
|  |  | Information Technology (9.0%) | Information Technology (9.0%) | Information Technology (9.0%) |
| 3970000 |  | Cloudflare, Inc.\*<br>0.000%, 06/15/30 |  | 4956148 |
| 2858000 |  | CyberArk Software Ltd.\*<br>0.000%, 06/15/30 |  | 3340002 |
| 2631000 |  | Guidewire Software, Inc.\*<br>1.250%, 11/01/29 |  | 3115288 |
| 2008000 |  | Life360, Inc.\*<br>0.000%, 06/01/30 |  | 2786923 |
| 2100000 |  | Lumentum Holdings, Inc.\*<br>0.375%, 03/15/32 |  | 2780589 |
| 5089000 |  | Mirion Technologies, Inc.\*^<br>0.250%, 06/01/30 |  | 7347854 |
| 1363000 |  | Nebius Group NV\*<br>1.000%, 09/15/30 |  | 1739870 |
| 2412000 |  | Spotify USA, Inc.<br>0.000%, 03/15/26 |  | 3117751 |
|  |  |  |  | 29184425 |
|  |  | Materials (2.8%) | Materials (2.8%) | Materials (2.8%) |
| 2047000 |  | Fortuna Mining Corp.<br>3.750%, 06/30/29 |  | 3124869 |
| 2700000 |  | KCC Corp. (HD Korea Shipbuilding & <br>Offshore Engineering Co. Ltd.)§<br>1.750%, 07/10/30 |  | 3352914 |
| 883000 |  | MP Materials Corp.\*<br>3.000%, 03/01/30 |  | 2679119 |
|  |  |  |  | 9156902 |
|  |  | Utilities (6.3%) | Utilities (6.3%) | Utilities (6.3%) |
| 3103000 |  | CenterPoint Energy, Inc.\*<br>3.000%, 08/01/28 |  | 3154417 |
| 3344000 |  | Duke Energy Corp.<br>4.125%, 04/15/26 |  | 3603294 |
| 5200000  | EUR | Iberdrola Finanzas SA<br>1.500%, 03/27/30 |  | 6486289 |
| 3246000 |  | PPL Capital Funding, Inc.<br>2.875%, 03/15/28 |  | 3684794 |
| 3149000 |  | Southern Co.<br>4.500%, 06/15/27 |  | 3495327 |
|  |  |  |  | 20424121 |
|  |  | **TOTAL CONVERTIBLE BONDS**<br> (Cost $108,493,721) |  | 123538653 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Global Opportunities Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE |
| **CONVERTIBLE PREFERRED STOCK (2.1%)** | **CONVERTIBLE PREFERRED STOCK (2.1%)** |  |  |
|  |  | Industrials (2.1%) | Industrials (2.1%) |
| 103898 |  | Boeing Co.<br>6.000%, 10/15/27<br>(Cost $5,470,765) | $6724279 |
| **COMMON STOCKS (57.7%)** | **COMMON STOCKS (57.7%)** |  |  |
|  |  | Communication Services (7.6%) | Communication Services (7.6%) |
| 34090 |  | Alphabet, Inc. - Class A | 9585767 |
| 189495 |  | AT&T, Inc. | 4690001 |
| 88150  | HKD | Baidu, Inc. - Class A# | 1334258 |
| 6075 |  | Meta Platforms, Inc. - Class A | 3938726 |
| 3060 |  | Netflix, Inc.# | 3423712 |
| 9700  | JPY | SoftBank Group Corp. | 1702045 |
|  |  |  | 24674509 |
|  |  | Consumer Discretionary (3.9%) | Consumer Discretionary (3.9%) |
| 26480 |  | Amazon.com, Inc.# | 6466946 |
| 17630  | INR | Amber Enterprises India Ltd.# | 1593677 |
| 700 |  | AutoZone, Inc.# | 2572101 |
| 890 |  | MercadoLibre, Inc.# | 2071261 |
|  |  |  | 12703985 |
|  |  | Consumer Staples (3.0%) | Consumer Staples (3.0%) |
| 53945 |  | Celsius Holdings, Inc.# | 3249107 |
| 2885 |  | Costco Wholesale Corp. | 2629533 |
| 39000  | CNY | Eastroc Beverage Group Co. Ltd. - Class A | 1534815 |
| 17340 |  | Philip Morris International, Inc. | 2502682 |
|  |  |  | 9916137 |
|  |  | Energy (1.9%) | Energy (1.9%) |
| 52710 |  | EQT Corp. | 2824202 |
| 12050 |  | Exxon Mobil Corp. | 1378038 |
| 48300 |  | TechnipFMC PLC | 1997205 |
|  |  |  | 6199445 |
|  |  | Financials (9.3%) | Financials (9.3%) |
| 253910  | EUR | Banco Santander SA^ | 2587390 |
| 11600  | EUR | BAWAG Group AG\* | 1499082 |
| 1200  | CAD | Fairfax Financial Holdings Ltd. | 1948243 |
| 4640 |  | Goldman Sachs Group, Inc. | 3662677 |
| 132800 |  | Huntington Bancshares, Inc. | 2050432 |
| 11555 |  | JPMorgan Chase & Co. | 3594992 |
| 17930  | KRW | KB Financial Group, Inc. | 1463690 |
| 26700  | JPY | Rakuten Bank Ltd.^# | 1465492 |
| 35425  | EUR | Societe Generale SA | 2246675 |
| 64625  | EUR | UniCredit SpA | 4785263 |
| 4700 |  | Visa, Inc. - Class A | 1601478 |
| 37270 |  | Wells Fargo & Co. | 3241372 |
|  |  |  | 30146786 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE |
|  |  | Health Care (1.0%) | Health Care (1.0%) |
| 3710 |  | Eli Lilly & Co. | $3201211 |
|  |  | Industrials (7.3%) | Industrials (7.3%) |
| 63480  | EUR | Fincantieri SpA# | 1633234 |
| 7825 |  | GE Vernova, Inc. | 4578720 |
| 130200  | JPY | Hitachi Ltd. | 4447499 |
| 1735  | EUR | Rheinmetall AG | 3410635 |
| 262091  | GBP | Rolls-Royce Holdings PLC | 4033265 |
| 11480  | EUR | Siemens AG | 3253400 |
| 12980 |  | Waste Management, Inc. | 2593015 |
|  |  |  | 23949768 |
|  |  | Information Technology (21.2%) | Information Technology (21.2%) |
| 16065 |  | Advanced Micro Devices, Inc.# | 4114568 |
| 3960  | EUR | ASML Holding NV | 4186945 |
| 13510 |  | Broadcom, Inc. | 4993701 |
| 61895 |  | Intel Corp.# | 2475181 |
| 13865 |  | Microsoft Corp. | 7179436 |
| 95405 |  | NVIDIA Corp. | 19318558 |
| 17618 |  | Oracle Corp. | 4626663 |
| 18535 |  | Palantir Technologies, Inc. - Class A# | 3715711 |
| 82050  | KRW | Samsung Electronics Co. Ltd. | 6176411 |
| 222000  | TWD | Taiwan Semiconductor Manufacturing <br>Co. Ltd. | 10735846 |
| 7700  | JPY | Tokyo Electron Ltd. | 1697621 |
|  |  |  | 69220641 |
|  |  | Materials (2.5%) | Materials (2.5%) |
| 92840  | CAD | Alamos Gold, Inc. - Class A | 2862216 |
| 14725  | EUR | Heidelberg Materials AG | 3454537 |
| 4010 |  | Linde PLC | 1677383 |
|  |  |  | 7994136 |
|  |  | **TOTAL COMMON STOCKS**<br> (Cost $107,237,959) | 188006618 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT | NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (1.9%)#** | **EXCHANGE-TRADED PURCHASED OPTIONS (1.9%)#** |  |  |
|  |  | Consumer Discretionary (0.2%) | Consumer Discretionary (0.2%) |
| 104 |  | Tesla, Inc. |  |
| 4748224 |  | Call, 11/21/25, Strike $400.00 | 656240 |
|  |  | Other (1.3%) | Other (1.3%) |
| 1004 |  | Invesco QQQ Trust Series 1 |  |
| 63158628 |  | Put, 01/16/26, Strike $610.00 | 1538128 |
| 1122 |  | iShares Biotechnology ETF |  |
| 17882436 |  | Call, 11/21/25, Strike $135.00 | 2771340 |
|  |  |  | 4309468 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Global Opportunities Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
|  | Information Technology (0.3%) | Information Technology (0.3%) |
| 240 | Microsoft Corp. |  |
| 12427440 | Call, 11/21/25, Strike $525.00 | $210600 |
| 293 | Shopify, Inc. |  |
| 5094098 | Call, 11/21/25, Strike $160.00 | 591127 |
|  | **TOTAL INFORMATION TECHNOLOGY**<br> (Cost $689,218) | 801727 |
|  | Energy (0.1%) | Energy (0.1%) |
| 2364 | Halliburton Co. |  |
| 6344976 | Call, 02/20/26, Strike $28.00 | 426702 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $3,608,700) | 6194137 |
| NUMBER OF<br>SHARES/<br>PRINCIPAL <br>AMOUNT |  | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (3.4%)** |  |  |
| 11124202 | State Street Navigator Securities <br>Lending Government Money <br>Market Portfolio, 4.142%†\*\*\*<br>(Cost $11,124,202) | 11124202 |
|  | **TOTAL INVESTMENTS (103.0%)**<br> (Cost $235,935,347) | 335587889 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.4%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.4%) | (11124202) |
| OTHER ASSETS, LESS LIABILITIES (0.4%) | OTHER ASSETS, LESS LIABILITIES (0.4%) | 1465711 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $325929398 |

---

**FORWARD FOREIGN CURRENCY CONTRACTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | LONG<br>CONTRACTS | SETTLEMENT<br>DATE | LOCAL<br>CURRENCY | CURRENT<br>VALUE | UNREALIZED<br>GAIN/LOSS |
| Northern Trust <br>Company | Australian Dollar | 12/19/25 | 9501000 | $6219541 | $(63109) |
| Northern Trust <br>Company | Swiss Franc | 12/19/25 | 4977000 | 6217461 | (128050) |
| Bank of America NA | Japanese Yen | 12/19/25 | 928233000 | 6050411 | (287096) |
|  |  |  |  |  | $(478255) |

---

**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.

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

†† When-issued security.

# Non-income producing security.

† Represents investment of cash collateral received from securities on loan as of October 31, 2025.

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

**FOREIGN CURRENCY ABBREVIATIONS**

CAD Canadian Dollar

CNY Chinese Yuan Renminbi

EUR European Monetary Unit

GBP British Pound Sterling

HKD Hong Kong Dollar

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

TWD New Taiwan Dollar

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

**CURRENCY EXPOSURE OCTOBER 31, 2025**

---

| | | |
|:---|:---|:---|
| | VALUE | % OF TOTAL <br>INVESTMENTS |
| US Dollar | $251045440 | 74.8% |
| European Monetary Unit | 40476026 | 12.1% |
| New Taiwan Dollar | 10735846 | 3.2% |
| Japanese Yen | 9312657 | 2.8% |
| South Korean Won | 7640101 | 2.3% |
| Canadian Dollar | 4810459 | 1.4% |
| Hong Kong Dollar | 4405603 | 1.3% |
| British Pound Sterling | 4033265 | 1.2% |
| Indian Rupee | 1593677 | 0.5% |
| Chinese Yuan Renminbi | 1534815 | 0.4% |
| Total Investments | $335587889 | 100.0% |

---

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

www.calamos.com

------

International Small Cap Growth Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE |
| **COMMON STOCKS (96.3%)** | **COMMON STOCKS (96.3%)** |  |  |
|  |  | Communication Services (3.2%) | Communication Services (3.2%) |
| 7200  | SEK | Hacksaw AB# | $57515 |
| 2290 |  | Millicom International Cellular SA | 107882 |
| 31800  | AUD | Superloop Ltd.# | 64878 |
|  |  |  | 230275 |
|  |  | Consumer Discretionary (9.2%) | Consumer Discretionary (9.2%) |
| 28300  | MXN | Alsea, SAB de CV | 78311 |
| 1895  | INR | Amber Enterprises India Ltd.# | 171300 |
| 4240  | EUR | Auto1 Group SE# | 149005 |
| 21800  | INR | Le Travenues Technology Ltd.# | 66041 |
| 5060  | EUR | Lottomatica Group SpA | 124770 |
| 51800  | INR | Vishal Mega Mart Ltd.# | 84434 |
|  |  |  | 673861 |
|  |  | Consumer Staples (1.0%) | Consumer Staples (1.0%) |
| 80  | KRW | Samyang Foods Co. Ltd. | 75549 |
|  |  | Energy (2.0%) | Energy (2.0%) |
| 13600  | CAD | CES Energy Solutions Corp. | 93185 |
| 17700 |  | Denison Mines Corp.# | 56109 |
|  |  |  | 149294 |
|  |  | Financials (10.3%) | Financials (10.3%) |
| 34200  | EUR | Alpha Bank SA | 134071 |
| 1300  | EUR | BAWAG Group AG\* | 168001 |
| 3400  | JPY | Rakuten Bank Ltd.# | 186617 |
| 134  | CHF | Swissquote Group Holding SA | 85136 |
| 5800  | SEK | TF Bank AB | 113064 |
| 25200  | EUR | Unicaja Banco SA\* | 68035 |
|  |  |  | 754924 |
|  |  | Health Care (7.4%) | Health Care (7.4%) |
| 8430  | SEK | Ambea AB\* | 113662 |
| 520 |  | Ascendis Pharma AS (ADR)# | 104832 |
| 2890  | EUR | Medincell SA# | 128228 |
| 2300  | SEK | Sectra AB - Class B | 72961 |
| 1780 |  | uniQure NV# | 120488 |
|  |  |  | 540171 |
|  |  | Industrials (30.4%) | Industrials (30.4%) |
| 2850  | INR | AXISCADES Technologies Ltd.# | 51493 |
| 1900  | JPY | BayCurrent, Inc. | 87142 |
| 75  | CHF | Belimo Holding AG | 80921 |
| 1950  | TWD | Bizlink Holding, Inc. | 87649 |
| 450  | EUR | DO & Co. AG | 107346 |
| 18002  | AUD | DroneShield Ltd.# | 44955 |
| 2710  | EUR | Exosens SAS | 152235 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 7190  | EUR | Fincantieri SpA# | $| 184987 |
| 129  | KRW | Hyosung Heavy Industries Corp. |  | 208247 |
| 530  | KRW | Hyundai Rotem Co. Ltd. |  | 85745 |
| 4900  | JPY | IHI Corp. |  | 101450 |
| 1520  | CHF | Implenia AG |  | 120612 |
| 8400  | JPY | Japan Elevator Service Holdings Co. Ltd. |  | 98886 |
| 5100  | JPY | Kandenko Co. Ltd. |  | 155867 |
| 327000  | HKD | Lonking Holdings Ltd. |  | 130345 |
| 5310  | SEK | Munters Group AB\* |  | 89869 |
| 3020  | EUR | Palfinger AG |  | 113133 |
| 3190  | CHF | R&S Group Holding AG |  | 104988 |
| 1680  | EUR | RENK Group AG |  | 127909 |
| 910  | EUR | Vossloh AG |  | 82995 |
|  |  |  |  | 2216774 |
|  |  | Information Technology (21.3%) | Information Technology (21.3%) | Information Technology (21.3%) |
| 590  | TWD | ASPEED Technology, Inc. |  | 104632 |
| 1800  | TWD | Elite Material Co. Ltd. |  | 79084 |
| 1730  | KRW | Eugene Technology Co. Ltd. |  | 114700 |
| 2300  | JPY | Ibiden Co. Ltd. |  | 216486 |
| 3270  | EUR | Indra Sistemas SA |  | 180888 |
| 970 |  | IREN Ltd.# |  | 58928 |
| 37000  | HKD | Kingdee International Software Group <br>Co. Ltd.# |  | 69806 |
| 13300  | CAD | Kraken Robotics, Inc.# |  | 61164 |
| 5010  | AUD | Life360, Inc.#\* |  | 162431 |
| 2100  | JPY | Micronics Japan Co. Ltd. |  | 123862 |
| 1750  | ILS | Nayax Ltd.# |  | 73167 |
| 1650  | ILS | Next Vision Stabilized Systems Ltd. |  | 72441 |
| 3000  | NOK | Norbit ASA |  | 60395 |
| 3600  | JPY | Optex Group Co. Ltd. |  | 54346 |
| 7750  | EUR | Profile Systems & Software SA |  | 64391 |
| 2700  | JPY | Socionext, Inc. |  | 60762 |
|  |  |  |  | 1557483 |
|  |  | Materials (8.7%) | Materials (8.7%) | Materials (8.7%) |
| 695  | EUR | AlzChem Group AG |  | 133893 |
| 10500  | CAD | Hudbay Minerals, Inc. |  | 168293 |
| 15600  | AUD | Lynas Rare Earths Ltd.# |  | 155522 |
| 1803  | EUR | SOL SpA |  | 105568 |
| 1700  | CAD | Torex Gold Resources, Inc.# |  | 70228 |
|  |  |  |  | 633504 |
|  |  | Real Estate (1.3%) | Real Estate (1.3%) | Real Estate (1.3%) |
| 1700  | JPY | Kasumigaseki Capital Co. Ltd. |  | 92676 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

International Small Cap Growth Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE |
|  |  | Utilities (1.5%) | Utilities (1.5%) |
| 10320  | EUR | Italgas SpA | $108287 |
|  |  | **TOTAL COMMON STOCKS**<br> (Cost $5,512,438) | 7032798 |
|  |  | **TOTAL INVESTMENTS (96.3%)**<br> (Cost $5,512,438) | 7032798 |
| OTHER ASSETS, LESS LIABILITIES (3.7%) | OTHER ASSETS, LESS LIABILITIES (3.7%) | OTHER ASSETS, LESS LIABILITIES (3.7%) | 272430 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $7305228 |

---

**FORWARD FOREIGN CURRENCY CONTRACTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | LONG<br>CONTRACTS | SETTLEMENT<br>DATE | LOCAL<br>CURRENCY | CURRENT<br>VALUE | UNREALIZED<br>GAIN/LOSS |
| Bank of America NA | Japanese Yen | 12/19/25 | 86754000 | $565681 | $(26631) |
|  |  |  |  |  | $(26631) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

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

**FOREIGN CURRENCY ABBREVIATIONS**

AUD Australian Dollar

CAD Canadian Dollar

CHF Swiss Franc

EUR European Monetary Unit

HKD Hong Kong Dollar

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

NOK Norwegian Krone

SEK Swedish Krona

TWD New Taiwan Dollar

**ABBREVIATION**

ADR American Depositary Receipt

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

**CURRENCY EXPOSURE OCTOBER 31, 2025**

---

| | | |
|:---|:---|:---|
| | VALUE | % OF TOTAL<br>INVESTMENTS |
| European Monetary Unit | $2133742 | 30.3% |
| Japanese Yen | 1178094 | 16.7% |
| South Korean Won | 484241 | 6.9% |
| US Dollar | 448239 | 6.4% |
| Swedish Krona | 447071 | 6.3% |
| Australian Dollar | 427786 | 6.1% |
| Canadian Dollar | 392870 | 5.6% |
| Swiss Franc | 391657 | 5.6% |
| Indian Rupee | 373268 | 5.3% |
| New Taiwan Dollar | 271365 | 3.9% |
| Hong Kong Dollar | 200151 | 2.8% |
| Israeli Shekel | 145608 | 2.1% |
| Mexican Peso | 78311 | 1.1% |
| Norwegian Krone | 60395 | 0.9% |
| Total Investments | $7032798 | 100.0% |

---

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Total Return Bond Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| **CORPORATE BONDS (47.3%)** |  |  |
|  | Airlines (1.1%) | Airlines (1.1%) |
| 84901 | Air Canada Pass-Through Trust <br>Series 2015-2, Class AA\*<br>3.750%, 06/15/29 | $82900 |
| 76007 | Alaska Airlines Pass-Through Trust <br>Series 2020-1, Class A\*<br>4.800%, 02/15/29 | 76302 |
| 62975 | British Airways Pass-Through Trust <br>Series 2019-1, Class A\*<br>3.350%, 12/15/30 | 60845 |
| 111593 | JetBlue Pass-Through Trust <br>Series 2019-1, Class AA<br>2.750%, 11/15/33 | 98763 |
|  |  | 318810 |
|  | Communication Services (2.8%) | Communication Services (2.8%) |
| 200000 | Alphabet, Inc.<br>2.050%, 08/15/50 | 112926 |
| 200000 | Ashtead Capital, Inc.\*<br>4.375%, 08/15/27 | 199852 |
| 100000 | Charter Communications Operating LLC/<br>Charter Communications Operating Capital<br>2.800%, 04/01/31 | 89804 |
| 150000 | Comcast Corp.<br>3.900%, 03/01/38 | 130956 |
| 75000 | Paramount Global<br>3.700%, 10/04/26 | 74162 |
| 100000 | T-Mobile USA, Inc.<br>6.700%, 12/15/33 | 111881 |
| 100000 | Verizon Communications, Inc.<br>4.016%, 12/03/29 | 99077 |
|  |  | 818658 |
|  | Consumer Discretionary (4.1%) | Consumer Discretionary (4.1%) |
| 50000 | Bath & Body Works, Inc.\*<br>6.625%, 10/01/30 | 51397 |
| 25000 | Caesars Entertainment, Inc.\*<br>7.000%, 02/15/30 | 25746 |
| 150000 | Cargill, Inc.\*<br>3.125%, 05/25/51 | 103228 |
| 200000 | Ford Motor Credit Co. LLC<br>4.000%, 11/13/30 | 187826 |
| 50000 | goeasy Ltd.\*<br>7.625%, 07/01/29 | 50449 |
| 125000 | Kohl's Corp.<br>5.550%, 07/17/45 | 81179 |
| 100000 | Lithia Motors, Inc.\*<br>5.500%, 10/01/30 | 100249 |
| 100000 | Lowe's Cos., Inc.<br>4.250%, 03/15/31 | 99321 |
| 100000 | M/I Homes, Inc.<br>3.950%, 02/15/30 | 95318 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 100000 | Mattel, Inc.<br>6.200%, 10/01/40 | $| 99443 |
| 100000 | Meritage Homes Corp.\*<br>3.875%, 04/15/29 |  | 97827 |
| 100000 | NIKE, Inc.<br>2.850%, 03/27/30 |  | 95155 |
| 100000 | Tractor Supply Co.<br>5.250%, 05/15/33 |  | 103525 |
|  |  |  | 1190663 |
|  | Consumer Staples (3.2%) | Consumer Staples (3.2%) | Consumer Staples (3.2%) |
| 100000 | Albertsons Cos., Inc./Safeway, Inc./<br>New Albertsons LP/Albertsons LLC\*<br>4.625%, 01/15/27 |  | 99810 |
| 125000 | Anheuser-Busch InBev Worldwide, Inc.<br>3.500%, 06/01/30 |  | 122087 |
| 125000 | Archer-Daniels-Midland Co.<br>3.250%, 03/27/30 |  | 120304 |
| 125000 | Costco Wholesale Corp.<br>1.600%, 04/20/30 |  | 113066 |
| 100000 | Edgewell Personal Care Co.\*<br>4.125%, 04/01/29 |  | 95090 |
| 125000 | Hershey Co.<br>1.700%, 06/01/30 |  | 112203 |
| 100000 | Kimberly-Clark Corp.<br>3.100%, 03/26/30 |  | 96138 |
| 100000 | Novartis Capital Corp.<br>4.700%, 09/18/54 |  | 91322 |
| 25000 | Performance Food Group, Inc.\*<br>5.500%, 10/15/27 |  | 25021 |
| 50000 | Pilgrim's Pride Corp.<br>4.250%, 04/15/31 |  | 48431 |
|  |  |  | 923472 |
|  | Energy (1.4%) | Energy (1.4%) | Energy (1.4%) |
| 95000 | Energy Transfer LP‡<br>7.133%, 11/01/66<br>3 mo. USD Term SOFR + 3.28% |  | 94966 |
| 100000 | EQT Corp.<br>7.500%, 06/01/27 |  | 101799 |
| 100000 | 3.125%, 05/15/26\* |  | 99291 |
| 100000 | Sunoco LP\*<br>5.625%, 03/15/31 |  | 100126 |
|  |  |  | 396182 |
|  | Financials (16.7%) | Financials (16.7%) | Financials (16.7%) |
| 115000 | Ally Financial, Inc.‡^<br>4.700%, 05/15/26<br>5 yr. CMT + 3.87% |  | 112844 |
| 100000 | American Homes 4 Rent LP<br>4.950%, 06/15/30 |  | 101976 |
| 100000 | Arthur J Gallagher & Co.<br>5.000%, 02/15/32 |  | 102049 |
| 100000 | Aviation Capital Group LLC\*<br>3.500%, 11/01/27 |  | 98187 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Total Return Bond Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 100000 | Avolon Holdings Funding Ltd.\*<br>5.500%, 01/15/26 | $100111 |
| 125000 | AXIS Specialty Finance PLC<br>4.000%, 12/06/27 | 124646 |
| 100000 | Bank of America Corp.‡<br>2.087%, 06/14/29<br>1 day USD SOFR + 1.06% | 94971 |
| 150000 | Bank of Montreal‡<br>3.088%, 01/10/37<br>5 yr. CMT + 1.40% | 134088 |
| 100000 | Bank of New York Mellon Corp.‡<br>5.834%, 10/25/33<br>1 day USD SOFR Index + 2.07% | 107739 |
| 150000 | Berkshire Hathaway Finance Corp.<br>4.250%, 01/15/49 | 129211 |
| 100000 | BlackRock Funding, Inc.<br>5.250%, 03/14/54 | 98236 |
| 125000 | BP Capital Markets PLC‡<br>4.875%, 03/22/30<br>5 yr. CMT + 4.40% | 125143 |
| 175000 | Brookfield Finance, Inc.<br>2.724%, 04/15/31 | 160039 |
| 100000 | Brown & Brown, Inc.<br>5.650%, 06/11/34 | 103625 |
| 150000 | Capital One Financial Corp.‡<br>2.359%, 07/29/32<br>1 day USD SOFR + 1.34% | 130302 |
| 100000 | Charles Schwab Corp.‡<br>4.000%, 06/01/26<br>5 yr. CMT + 3.17% | 99083 |
| 100000 | Chubb INA Holdings LLC<br>4.150%, 03/13/43 | 87756 |
| 100000 | Citigroup, Inc.‡<br>3.875%, 02/18/26<br>5 yr. CMT + 3.42% | 99444 |
| 100000 | Citizens Financial Group, Inc.‡<br>5.718%, 07/23/32<br>1 day USD SOFR + 1.91% | 104356 |
| 100000 | Essent Group Ltd.<br>6.250%, 07/01/29 | 104768 |
| 100000 | Essential Properties LP<br>2.950%, 07/15/31 | 90873 |
| 115000 | Essex Portfolio LP<br>2.650%, 03/15/32 | 102842 |
| 100000 | Fiserv, Inc.^<br>4.750%, 03/15/30 | 99995 |
| 100000 | FNB Corp.‡<br>5.722%, 12/11/30<br>1 day USD SOFR Index + 1.93% | 101905 |
| 125000 | Globe Life, Inc.<br>4.550%, 09/15/28 | 126232 |
| 100000 | GLP Capital LP/GLP Financing II, Inc.<br>3.250%, 01/15/32 | 89840 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 100000 | Goldman Sachs Group, Inc.‡<br>3.800%, 05/10/26<br>5 yr. CMT + 2.97% | $| 98674 |
| 83000 | Huntington Bancshares, Inc.‡^<br>6.250%, 10/15/30<br>5 yr. CMT + 2.65% |  | 82387 |
| 125000 | JPMorgan Chase & Co.‡<br>3.650%, 06/01/26<br>5 yr. CMT + 2.85% |  | 123609 |
| 200000 | LSEGA Financing PLC\*<br>2.000%, 04/06/28 |  | 190284 |
| 100000 | M&T Bank Corp.‡<br>4.833%, 01/16/29<br>1 day USD SOFR + 0.93% |  | 101147 |
| 125000 | Markel Group, Inc.<br>3.500%, 11/01/27 |  | 123420 |
| 100000 | MetLife, Inc.<br>6.400%, 12/15/66 |  | 105620 |
| 100000 | Morgan Stanley‡<br>5.042%, 07/19/30<br>1 day USD SOFR + 1.22% |  | 102555 |
| 118000 | PartnerRe Finance B LLC‡<br>4.500%, 10/01/50<br>5 yr. CMT + 3.82% |  | 112340 |
| 100000 | Primerica, Inc.<br>2.800%, 11/19/31 |  | 90519 |
| 100000 | Prologis LP<br>2.875%, 11/15/29 |  | 95294 |
| 125000 | RenaissanceRe Finance, Inc.<br>3.450%, 07/01/27 |  | 123584 |
| 100000 | SLM Corp.<br>3.125%, 11/02/26 |  | 98335 |
| 100000 | Toronto-Dominion Bank<br>4.456%, 06/08/32 |  | 100074 |
| 125000 | Travelers Cos., Inc.<br>2.550%, 04/27/50 |  | 77254 |
| 100000 | U.S. Bancorp‡<br>5.100%, 07/23/30<br>1 day USD SOFR + 1.25% |  | 102798 |
| 200000 | USAA Capital Corp.\*<br>2.125%, 05/01/30 |  | 183912 |
| 125000 | Wells Fargo & Co.<br>4.400%, 06/14/46 |  | 106235 |
|  |  |  | 4848302 |
|  | Health Care (2.7%) | Health Care (2.7%) | Health Care (2.7%) |
| 100000 | CVS Health Corp.<br>4.780%, 03/25/38 |  | 93923 |
| 100000 | DaVita, Inc.\*<br>4.625%, 06/01/30 |  | 96617 |
| 100000 | Elanco Animal Health, Inc.^<br>6.650%, 08/28/28 |  | 104404 |
| 100000 | Illumina, Inc.<br>5.750%, 12/13/27 |  | 102897 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Total Return Bond Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 150000 | Johnson & Johnson<br>3.400%, 01/15/38 | $| 132542 |
| 100000 | Kaiser Foundation Hospitals<br>2.810%, 06/01/41 |  | 74862 |
| 100000 | Royalty Pharma PLC<br>2.200%, 09/02/30 |  | 90165 |
| 100000 | Zoetis, Inc.<br>5.600%, 11/16/32 |  | 106368 |
|  |  |  | 801778 |
|  | Industrials (4.5%) | Industrials (4.5%) | Industrials (4.5%) |
| 125000 | Air Lease Corp.‡<br>4.650%, 06/15/26<br>5 yr. CMT + 4.08% |  | 123415 |
| 100000 | Burlington Northern Santa Fe LLC<br>4.950%, 09/15/41 |  | 97165 |
| 100000 | Cummins, Inc.<br>4.875%, 10/01/43 |  | 97340 |
| 100000 | EnerSys\*<br>4.375%, 12/15/27 |  | 98884 |
| 100000 | Graphic Packaging International LLC\*<br>1.512%, 04/15/26 |  | 98664 |
| 80000 | GXO Logistics, Inc.<br>1.650%, 07/15/26 |  | 78467 |
| 100000 | Honeywell International, Inc.<br>1.950%, 06/01/30 |  | 90783 |
| 100000 | Illinois Tool Works, Inc.<br>4.875%, 09/15/41 |  | 97588 |
| 100000 | Paychex, Inc.<br>5.100%, 04/15/30 |  | 102818 |
| 250000 | SMBC Aviation Capital Finance DAC\*^<br>1.900%, 10/15/26 |  | 244758 |
| 100000 | TransDigm, Inc.\*<br>6.375%, 03/01/29 |  | 102755 |
| 69339 | United Airlines Pass-Through Trust <br>Series 2018-1, Class B<br>4.600%, 09/01/27 |  | 69264 |
|  |  |  | 1301901 |
|  | Information Technology (5.6%) | Information Technology (5.6%) | Information Technology (5.6%) |
| 150000 | Apple, Inc.<br>4.375%, 05/13/45 |  | 135232 |
| 125000 | Applied Materials, Inc.<br>4.350%, 04/01/47 |  | 109279 |
| 100000 | Broadridge Financial Solutions, Inc.<br>3.400%, 06/27/26 |  | 99414 |
| 110000 | CGI, Inc.<br>2.300%, 09/14/31 |  | 97349 |
| 125000 | Fortinet, Inc.<br>2.200%, 03/15/31 |  | 111773 |
| 100000 | Intuit, Inc.<br>5.200%, 09/15/33 |  | 104567 |
| 157000 | Microsoft Corp.<br>4.100%, 02/06/37 |  | 151879 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 125000 | NVIDIA Corp.<br>3.500%, 04/01/40 | $| 107265 |
| 100000 | Open Text Corp.\*<br>6.900%, 12/01/27 |  | 104188 |
| 100000 | Roper Technologies, Inc.<br>4.900%, 10/15/34 |  | 99858 |
| 100000 | Synopsys, Inc.<br>4.850%, 04/01/30 |  | 101795 |
| 100000 | Take-Two Interactive Software, Inc.<br>4.950%, 03/28/28 |  | 101783 |
| 100000 | TTM Technologies, Inc.\*<br>4.000%, 03/01/29 |  | 96690 |
| 100000 | Twilio, Inc.<br>3.625%, 03/15/29 |  | 96177 |
| 100000 | VMware LLC<br>1.800%, 08/15/28 |  | 93939 |
| 25000 | Zebra Technologies Corp.\*<br>6.500%, 06/01/32 |  | 25934 |
|  |  |  | 1637122 |
|  | Other (0.4%) | Other (0.4%) | Other (0.4%) |
| 125000 | Intact Financial Corp.\*<br>5.459%, 09/22/32 |  | 129091 |
|  | Real Estate (2.1%) | Real Estate (2.1%) | Real Estate (2.1%) |
| 100000 | Brixmor Operating Partnership LP<br>4.125%, 06/15/26 |  | 99907 |
| 100000 | EPR Properties<br>4.950%, 04/15/28 |  | 100870 |
| 100000 | Global Net Lease, Inc.\*<br>4.500%, 09/30/28 |  | 98338 |
| 100000 | Global Net Lease, Inc./Global <br>Net Lease Operating Partnership LP\*<br>3.750%, 12/15/27 |  | 97040 |
| 100000 | Public Storage Operating Co.<br>2.300%, 05/01/31 |  | 90194 |
| 125000 | Tanger Properties LP<br>3.875%, 07/15/27 |  | 124083 |
|  |  |  | 610432 |
|  | Utilities (2.7%) | Utilities (2.7%) | Utilities (2.7%) |
| 150000 | Berkshire Hathaway Energy Co.<br>3.800%, 07/15/48 |  | 116370 |
| 100000 | Consolidated Edison Co. of New York, Inc.<br>3.350%, 04/01/30 |  | 96949 |
| 150000 | Duke Energy Carolinas LLC<br>3.700%, 12/01/47 |  | 116359 |
| 125000 | Entergy Texas, Inc.<br>1.750%, 03/15/31 |  | 109920 |
| 150000 | Northern States Power Co.<br>3.750%, 12/01/47 |  | 112611 |
| 150000 | Public Service Electric & Gas Co.<br>3.600%, 12/01/47 |  | 115494 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Total Return Bond Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 125000 | Southern Co.‡<br>3.750%, 09/15/51<br>5 yr. CMT + 2.92% | $ | 123584 |
|  |  |  | 791287 |
|  | **TOTAL CORPORATE BONDS**<br> (Cost $14,334,859) |  | 13767698 |
| **BANK LOANS (3.8%)¡** |  |  |  |
|  | Airlines (0.4%) | Airlines (0.4%) | Airlines (0.4%) |
| 123125 | Air Canada‡<br>2024 Term Loan B, 5.965%, 03/21/31<br>1 mo. USD Term SOFR + 2.00% |  | 123571 |
|  | Communication Services (0.8%) | Communication Services (0.8%) | Communication Services (0.8%) |
| 213941 | APi Group DE, Inc.‡<br>2025 Term Loan, 5.715%, 01/03/29<br>1 mo. USD Term SOFR + 1.75% |  | 214423 |
|  | Consumer Discretionary (1.5%) | Consumer Discretionary (1.5%) | Consumer Discretionary (1.5%) |
| 119649 | American Airlines, Inc.‡<br>2025 Term Loan, 6.134%, 04/20/28<br>3 mo. USD Term SOFR + 2.25% |  | 119921 |
| 66370 | American Axle & Manufacturing, Inc.‡<br>2022 Term Loan B, 7.048%, 12/13/29<br>1 mo. USD Term SOFR + 3.00% |  | 66412 |
| 29630 | American Axle & Manufacturing, Inc.‡<br>2022 Term Loan B, 7.060%, 12/13/29<br>6 mo. USD Term SOFR + 3.00% |  | 29648 |
| 123441 | Light & Wonder International, Inc.‡<br>2024 Term Loan B2, 6.287%, 04/14/29<br>1 mo. USD Term SOFR + 2.25% |  | 123981 |
| 100000 | Murphy USA, Inc.‡<br>Term Loan B, 5.879%, 04/07/32<br>1 mo. USD Term SOFR + 1.75% |  | 100979 |
|  |  |  | 440941 |
|  | Financials (0.2%) | Financials (0.2%) | Financials (0.2%) |
| 53732 | Jazz Financing Lux SARL‡<br>2024 1st Lien Term Loan B2,<br>6.215%, 05/05/28<br>1 mo. USD Term SOFR + 2.25% |  | 53922 |
|  | Information Technology (0.4%) | Information Technology (0.4%) | Information Technology (0.4%) |
| 123125 | KBR, Inc.‡<br>2024 1st Lien Term Loan B,<br>5.965%, 01/17/31<br>1 mo. USD Term SOFR + 2.00% |  | 123873 |
|  | Materials (0.5%) | Materials (0.5%) | Materials (0.5%) |
| 134533 | Axalta Coating Systems U.S. Holdings, Inc.‡<br>2024 Term Loan B7, 5.752%, 12/20/29<br>3 mo. USD Term SOFR + 1.75% |  | 134954 |
|  | **TOTAL BANK LOANS**<br> (Cost $1,087,692) |  | 1091684 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| **U.S. GOVERNMENT AND AGENCY SECURITIES (42.5%)** |  |  |
|  | Other (42.5%) | Other (42.5%) |
| 59382 | Federal Home Loan Mortgage Corp.<br>2.500%, 02/01/35 | $56182 |
| 113723 | 4.000%, 05/01/49 | 109411 |
| 70388 | Federal National Mortgage Association<br>2.500%, 09/01/31 | 68157 |
| 63422 | 3.000%, 02/01/33 | 61633 |
| 36421 | 3.000%, 01/01/35 | 35145 |
| 215665 | 3.000%, 07/01/46 | 196248 |
| 141504 | 3.000%, 03/01/47 | 128764 |
| 39556 | 4.000%, 03/01/47 | 38200 |
| 120248 | 3.500%, 08/01/47 | 112755 |
| 67084 | 4.500%, 04/01/48 | 66434 |
| 87501 | 4.000%, 06/01/48 | 84309 |
| 57899 | 3.500%, 02/01/49 | 54274 |
| 52846 | 3.000%, 07/01/49 | 47545 |
| 101384 | 3.500%, 11/01/49 | 94532 |
| 515981 | 2.500%, 04/01/50 | 444021 |
| 437093 | 3.000%, 04/01/50 | 392819 |
| 348171 | 3.500%, 04/01/50 | 324618 |
| 686159 | 2.500%, 07/01/51 | 587155 |
| 224114 | 4.500%, 06/01/52 | 219736 |
| 464019 | 4.000%, 11/01/52 | 442342 |
| 407972 | 4.500%, 11/01/52 | 399624 |
| 381079 | 5.500%, 12/01/52 | 387268 |
| 624368 | 4.500%, 02/01/53 | 611400 |
| 639156 | 5.500%, 08/01/53 | 647625 |
| 622495 | 6.000%, 09/01/53 | 638592 |
| 751273 | 6.000%, 03/01/54 | 769596 |
| 116327 | Government National Mortgage Association<br>3.500%, 10/20/47 | 108931 |
| 88743 | 3.000%, 10/20/47 | 80851 |
| 550000 | U.S. Treasury Bonds<br>3.500%, 02/15/39 | 506516 |
| 300000 | 1.125%, 05/15/40 | 193148 |
| 200000 | 4.000%, 11/15/42 | 186438 |
| 500000 | 3.000%, 05/15/47 | 385039 |
| 500000 | 2.250%, 08/15/49 | 323047 |
| 500000 | 2.000%, 02/15/50 | 302578 |
| 200000 | 2.875%, 05/15/52 | 144281 |
| 350000 | 3.000%, 08/15/52 | 258781 |
| 425000 | 3.625%, 02/15/53 | 354875 |
| 250000 | U.S. Treasury Notes<br>3.625%, 08/15/28 | 250205 |
| 1000000 | 3.750%, 08/31/31 | 997734 |
| 200000 | 3.875%, 08/31/32 | 199984 |
| 950000 | 3.875%, 08/15/34 | 939238 |
| 125000 | 4.250%, 05/15/35 | 126709 |
|  | **TOTAL U.S. GOVERNMENT AND <br>AGENCY SECURITIES**<br> (Cost $13,537,095) | 12376740 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Total Return Bond Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| **RESIDENTIAL MORTGAGE BACKED SECURITY (0.3%)** |  |  |
|  | Other (0.3%) | Other (0.3%) |
| 100000 | BX Trust Series 2019-OC11, Class A\*<br>3.202%, 12/09/41<br>(Cost $101,392) | $94714 |
| **ASSET BACKED SECURITIES (3.8%)** |  |  |
|  | Financials (2.6%) | Financials (2.6%) |
| 12897 | Amur Equipment Finance <br>Receivables XI LLC <br>Series 2022-2A, Class A2\*<br>5.300%, 06/21/28 | 12925 |
| 68300 | CLI Funding VI LLC <br>Series 2020-3A, Class A\*<br>2.070%, 10/18/45 | 64302 |
| 66777 | ELFI Graduate Loan Program LLC <br>Series 2022-A, Class A\*<br>4.510%, 08/26/47 | 65877 |
| 7504 | Enterprise Fleet Financing LLC <br>Series 2022-4, Class A2\*<br>5.760%, 10/22/29 | 7535 |
| 150000 | Hertz Vehicle Financing III LP <br>Series 2021-2A, Class A\*<br>1.680%, 12/27/27 | 146338 |
| 13363 | Oscar U.S. Funding XII LLC <br>Series 2021-1A, Class A4\*<br>1.000%, 04/10/28 | 13292 |
| 237000 | Progress Residential Trust <br>Series 2021-SFR5, Class B\*<br>1.658%, 07/17/38 | 233587 |
| 3634 | SoFi Professional Loan Program LLC <br>Series 2017-F, Class A2FX\*<br>2.840%, 01/25/41 | 3629 |
| 200000 | Toyota Auto Loan Extended Note Trust <br>Series 2023-1A, Class A\*<br>4.930%, 06/25/36 | 204411 |
|  |  | 751896 |
|  | Other (1.2%) | Other (1.2%) |
| 150000 | Aligned Data Centers Issuer LLC <br>Series 2021-1A, Class A2\*<br>1.937%, 08/15/46 | 146535 |
| 98667 | SVC ABS LLC <br>Series 2023-1A, Class A\*<br>5.150%, 02/20/53 | 98271 |
| 100000 | USAA Auto Owner Trust <br>Series 2024-A, Class A3\*<br>5.030%, 03/15/29 | 100774 |
|  |  | 345580 |
|  | **TOTAL ASSET BACKED SECURITIES**<br> (Cost $1,105,236) | 1097476 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES/<br>PRINCIPAL <br>AMOUNT |  | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (1.4%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (1.4%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (1.4%)** |
| 420030 | State Street Navigator Securities <br>Lending Government Money <br>Market Portfolio, 4.142%†\*\*\*<br>(Cost $420,030) | $420030 |
|  | **TOTAL INVESTMENTS (99.1%)**<br> (Cost $30,586,304) | 28848342 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.4%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.4%) | (420030) |
| OTHER ASSETS, LESS LIABILITIES (2.3%) | OTHER ASSETS, LESS LIABILITIES (2.3%) | 679314 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $29107626 |

---

**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 October 31, 2025.

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

¡ 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 October 31, 2025.

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

**FUTURES CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF<br>CONTRACTS | DESCRIPTION | EXPIRATION<br>DATE | NOTIONAL<br>VALUE | MARKET VALUE/<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) |
| Buys<br>2,000,000 | U.S. Treasury Note 5-Year | Dec 2025 | $2184219 | $2607<br> \* |

---

\* This amount represents the cumulative appreciation/depreciation on futures contracts. Current day's variation margin is reported within the Statement of Assets and Liabilities for futures contracts.

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

High Income Opportunities Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| **ASSET BACKED SECURITY (0.3%)** |  |  |
|  | Other (0.3%) | Other (0.3%) |
| 100000 | SVC ABS LLC Series 2023-1A, Class C\*<br>6.700%, 02/20/53<br>(Cost $95,758) | $97190 |
| **CORPORATE BONDS (80.4%)** |  |  |
|  | Airlines (0.9%) | Airlines (0.9%) |
| 69927 | Alaska Airlines Pass-Through Trust <br>Series 2020-1, Class A\*<br>4.800%, 02/15/29 | 70198 |
| 87600 | American Airlines Pass-Through Trust <br>Series 2021-1, Class B<br>3.950%, 01/11/32 | 83813 |
| 72257 | British Airways Pass-Through Trust <br>Series 2021-1, Class B\*<br>3.900%, 03/15/33 | 69797 |
| 79041 | JetBlue Pass-Through Trust <br>Series 2020-1, Class B<br>7.750%, 05/15/30 | 79591 |
|  |  | 303399 |
|  | Communication Services (7.2%) | Communication Services (7.2%) |
| 65000 | Altice France SA\*<br>6.875%, 07/15/32 | 62502 |
| 105000 | APi Group DE, Inc.\*<br>4.750%, 10/15/29 | 103105 |
| 35000 | Bell Telephone Co. of Canada or <br>Bell Canada‡<br>7.000%, 09/15/55<br>5 yr. CMT + 2.36% | 36802 |
| 87000 | Cincinnati Bell Telephone Co. LLC<br>6.300%, 12/01/28 | 87226 |
| 50000 | Clear Channel Outdoor Holdings, Inc.\*<br>7.875%, 04/01/30 | 52461 |
| 50000 | 7.500%, 03/15/33 | 52368 |
| 220000 | CSC Holdings LLC\*<br>4.500%, 11/15/31 | 135054 |
| 200000 | 4.625%, 12/01/30 | 71618 |
| 34000 | Directv Financing LLC\*<br>8.875%, 02/01/30 | 33845 |
| 35000 | Directv Financing LLC/<br>Directv Financing Co-Obligor, Inc.\*<br>5.875%, 08/15/27 | 35005 |
| 146000 | Frontier California, Inc.<br>6.750%, 05/15/27 | 148978 |
| 24000 | Frontier Communications Holdings LLC\*<br>8.750%, 05/15/30 | 25108 |
| 151000 | Frontier Florida LLC<br>6.860%, 02/01/28 | 157140 |
| 140000 | Frontier North, Inc.<br>6.730%, 02/15/28 | 144889 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 90000 | Go Daddy Operating Co. LLC/<br>GD Finance Co., Inc.\*<br>3.500%, 03/01/29 | $| 85832 |
| 45000 | Gray Media, Inc.\*<br>7.250%, 08/15/33 |  | 44140 |
| 45000 | 5.375%, 11/15/31^ |  | 31321 |
| 95000 | Hughes Satellite Systems Corp.^<br>5.250%, 08/01/26 |  | 93470 |
| 48000 | iHeartCommunications, Inc.\*<br>10.875%, 05/01/30 |  | 34620 |
| 31150 | 7.750%, 08/15/30 |  | 26214 |
| 23000 | Level 3 Financing, Inc.\*<br>7.000%, 03/31/34 |  | 23649 |
| 68875 | Lumen Technologies, Inc.<br>10.000%, 10/15/32\* |  | 69687 |
| 65000 | 7.600%, 09/15/39^ |  | 64626 |
| 90000 | Paramount Global<br>4.900%, 08/15/44 |  | 71347 |
| 85000 | Rogers Communications, Inc.‡<br>7.125%, 04/15/55<br>5 yr. CMT + 2.62% |  | 91049 |
| 60000 | 7.000%, 04/15/55<br>5 yr. CMT + 2.65% |  | 62853 |
| 46000 | Scripps Escrow II, Inc.\*<br>3.875%, 01/15/29^ |  | 41620 |
| 23000 | 5.375%, 01/15/31 |  | 16025 |
| 45000 | Sinclair Television Group, Inc.\*<br>8.125%, 02/15/33 |  | 45938 |
| 124000 | Sirius XM Radio LLC\*<br>3.875%, 09/01/31^ |  | 112571 |
| 70000 | 5.500%, 07/01/29^ |  | 70108 |
| 50000 | 3.125%, 09/01/26 |  | 49609 |
| 37000 | T-Mobile USA, Inc.<br>6.700%, 12/15/33 |  | 41396 |
| 45000 | TELUS Corp.‡<br>6.625%, 10/15/55<br>5 yr. CMT + 2.77% |  | 46550 |
| 70000 | Time Warner Cable LLC<br>6.550%, 05/01/37 |  | 71761 |
| 35000 | 7.300%, 07/01/38 |  | 37777 |
| 47000 | Univision Communications, Inc.\*<br>8.000%, 08/15/28 |  | 48432 |
| 45000 | 8.500%, 07/31/31 |  | 46121 |
| 6000 | Versant Media Group, Inc.\*<br>7.250%, 01/30/31 |  | 6122 |
| 45000 | Warnermedia Holdings, Inc.<br>5.050%, 03/15/42 |  | 36135 |
| 20000 | 4.279%, 03/15/32 |  | 18354 |
|  |  |  | 2533428 |
|  | Consumer Discretionary (18.3%) | Consumer Discretionary (18.3%) | Consumer Discretionary (18.3%) |
| 135000 | Adams Homes, Inc.\*<br>9.250%, 10/15/28 |  | 140364 |
| 75000 | Adient Global Holdings Ltd.\*^<br>8.250%, 04/15/31 |  | 78379 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

High Income Opportunities Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 45000 | 7.500%, 02/15/33 | $46548 |
| 40000 | Advance Auto Parts, Inc.\*<br>7.000%, 08/01/30 | 40511 |
| 23000 | 7.375%, 08/01/33 | 23306 |
| 90000 | American Axle & Manufacturing, Inc.\*<br>6.375%, 10/15/32 | 90372 |
| 46000 | 7.750%, 10/15/33 | 46092 |
| 200000 | Aptiv Swiss Holdings Ltd.‡<br>6.875%, 12/15/54<br>5 yr. CMT + 3.39% | 204532 |
| 84000 | Ashton Woods USA LLC/<br>Ashton Woods Finance Co.\*<br>4.625%, 08/01/29 | 79779 |
| 46000 | 6.875%, 08/01/33 | 46138 |
| 123000 | Bath & Body Works, Inc.<br>6.694%, 01/15/27 | 125728 |
| 70000 | 6.875%, 11/01/35^ | 73223 |
| 65000 | 6.625%, 10/01/30\* | 66817 |
| 200000 | Brightstar Lottery PLC\*<br>5.250%, 01/15/29 | 199604 |
| 78000 | Caesars Entertainment, Inc.\*^<br>6.000%, 10/15/32 | 74467 |
| 61000 | 4.625%, 10/15/29 | 57442 |
| 90000 | Carnival Corp.\*<br>6.125%, 02/15/33 | 92867 |
| 45000 | 4.000%, 08/01/28 | 44290 |
| 200000 | CCO Holdings LLC/<br>CCO Holdings Capital Corp.\*<br>4.750%, 03/01/30 | 190076 |
| 190000 | 4.250%, 02/01/31 | 172250 |
| 185000 | 5.125%, 05/01/27 | 184038 |
| 110000 | 6.375%, 09/01/29 | 111229 |
| 55000 | 5.000%, 02/01/28 | 54474 |
| 50000 | 4.500%, 08/15/30 | 46819 |
| 48000 | 4.750%, 02/01/32^ | 43494 |
| 90000 | Century Communities, Inc.\*<br>6.625%, 09/15/33 | 89847 |
| 50000 | Churchill Downs, Inc.\*<br>6.750%, 05/01/31 | 51251 |
| 48000 | 5.750%, 04/01/30 | 48154 |
| 68000 | Clarios Global LP/<br>Clarios U.S. Finance Co.\*<br>6.750%, 09/15/32 | 69903 |
| 91000 | Dana, Inc.<br>4.500%, 02/15/32^ | 89128 |
| 80000 | 4.250%, 09/01/30 | 78944 |
| 47000 | DISH DBS Corp.<br>5.125%, 06/01/29 | 40653 |
| 36000 | 7.375%, 07/01/28 | 33668 |
| 88000 | DISH Network Corp.\*<br>11.750%, 11/15/27 | 92660 |
| 200000 | Ford Motor Credit Co. LLC<br>4.000%, 11/13/30 | 187826 |
| 45000 | General Motors Co.<br>5.200%, 04/01/45 | 40892 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 90000 | goeasy Ltd.\*<br>6.875%, 02/15/31 | $88013 |
| 83000 | 7.625%, 07/01/29 | 83745 |
| 70000 | 9.250%, 12/01/28 | 72602 |
| 140000 | Goodyear Tire & Rubber Co.^<br>5.625%, 04/30/33 | 126602 |
| 50000 | 5.250%, 07/15/31 | 45567 |
| 55000 | Group 1 Automotive, Inc.\*<br>6.375%, 01/15/30 | 56253 |
| 41000 | 4.000%, 08/15/28 | 39822 |
| 58544 | Guitar Center, Inc.<br>11.000%, 08/19/32 | 17563 |
| 17292 | JetBlue Pass-Through Trust <br>Series 2019-1, Class B<br>8.000%, 05/15/29 | 17508 |
| 59000 | Kohl's Corp.<br>5.550%, 07/17/45 | 38316 |
| 95000 | Liberty Interactive LLC<br>8.250%, 02/01/30 | 8225 |
| 90000 | Life Time, Inc.\*<br>6.000%, 11/15/31 | 91253 |
| 68000 | Light & Wonder International, Inc.\*<br>6.250%, 10/01/33 | 67806 |
| 100000 | Lindblad Expeditions LLC\*<br>7.000%, 09/15/30 | 101929 |
| 45000 | Lithia Motors, Inc.\*<br>5.500%, 10/01/30 | 45112 |
| 65000 | M/I Homes, Inc.<br>3.950%, 02/15/30 | 61957 |
| 115000 | Macy's Retail Holdings LLC<br>4.300%, 02/15/43 | 83189 |
| 69000 | 6.700%, 07/15/34\* | 65049 |
| 180000 | MGM Resorts International^<br>6.500%, 04/15/32 | 182914 |
| 100000 | Midwest Gaming Borrower LLC/<br>Midwest Gaming Finance Corp.\*<br>4.875%, 05/01/29 | 97146 |
| 51000 | NCL Corp. Ltd.\*<br>6.250%, 09/15/33 | 51558 |
| 45000 | 5.875%, 01/15/31 | 45023 |
| 46000 | Newell Brands, Inc.<br>8.500%, 06/01/28\* | 47359 |
| 46000 | 6.625%, 05/15/32^ | 43482 |
| 45000 | 6.375%, 05/15/30^ | 42812 |
| 90000 | Nissan Motor Acceptance Co. LLC\*<br>6.125%, 09/30/30 | 89271 |
| 80000 | Patrick Industries, Inc.\*<br>4.750%, 05/01/29 | 78761 |
| 45000 | 6.375%, 11/01/32 | 45879 |
| 100000 | Penn Entertainment, Inc.\*^<br>4.125%, 07/01/29 | 93224 |
| 120000 | Premier Entertainment Sub LLC/<br>Premier Entertainment Finance Corp.\*<br>5.625%, 09/01/29 | 71993 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

High Income Opportunities Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 45000 | QVC, Inc.<br>5.450%, 08/15/34 | $20013 |
| 45000 | Raising Cane's Restaurants LLC\*<br>9.375%, 05/01/29 | 47092 |
| 147000 | Rite Aid Corp.<br>0.000%, 11/15/26\*@ |  |
| 49741 | 15.000%, 08/30/31@ | 249 |
| 26771 | 0.000%, 10/18/25\* |  |
| 9674 | 0.000%, 08/30/31\*@!! | 726 |
| 9116 | 0.000%, 08/30/34 |  |
| 90000 | Rivers Enterprise Borrower LLC/<br>Rivers Enterprise Finance Corp.\*<br>6.625%, 02/01/33 | 91029 |
| 90000 | Rivers Enterprise Lender LLC/<br>Rivers Enterprise Lender Corp.\*<br>6.250%, 10/15/30 | 90724 |
| 48750 | Saks Global Enterprises LLC\*<br>11.000%, 12/15/29 | 17798 |
| 20977 | SGUS LLC\*<br>11.000%, 12/15/29 | 18186 |
| 75000 | Simmons Foods, Inc./<br>Simmons Prepared Foods, Inc./<br>Simmons Pet Food, Inc./Simmons Feed\*<br>4.625%, 03/01/29 | 71937 |
| 135000 | Six Flags Entertainment Corp.\*^<br>7.250%, 05/15/31 | 135354 |
| 75000 | Six Flags Entertainment Corp./<br>Canada's Wonderland Co./<br>Magnum Management Corp.^<br>5.250%, 07/15/29 | 72173 |
| 63000 | Sonic Automotive, Inc.\*<br>4.625%, 11/15/29 | 61342 |
| 70000 | Speedway Motorsports LLC/<br>Speedway Funding II, Inc.\*<br>4.875%, 11/01/27 | 69658 |
| 75000 | Staples, Inc.\*<br>10.750%, 09/01/29 | 73237 |
| 95000 | Station Casinos LLC\*<br>4.500%, 02/15/28 | 93556 |
| 100000 | STL Holding Co. LLC\*<br>8.750%, 02/15/29 | 104919 |
| 25000 | Viking Cruises Ltd.\*<br>9.125%, 07/15/31 | 26803 |
| 46000 | Voyager Parent LLC\*<br>9.250%, 07/01/32 | 48312 |
| 90000 | Whirlpool Corp.<br>6.500%, 06/15/33 | 87888 |
| 45000 | William Carter Co.\*††<br>7.375%, 02/15/31 | 44868 |
| 150000 | ZF North America Capital, Inc.\*<br>7.500%, 03/24/31 | 143589 |
|  |  | 6475151 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Consumer Staples (4.6%) | Consumer Staples (4.6%) |
| 155000 | Albertsons Cos., Inc./Safeway, Inc./<br>New Albertsons LP/Albertsons LLC\*<br>4.625%, 01/15/27 | $154705 |
| 75000 | 5.875%, 02/15/28 | 75119 |
| 25000 | 6.250%, 03/15/33 | 25737 |
| 11000 | 5.750%, 03/31/34†† | 11051 |
| 11000 | 5.500%, 03/31/31†† | 11090 |
| 90000 | Amneal Pharmaceuticals LLC\*<br>6.875%, 08/01/32 | 94369 |
| 50000 | Avis Budget Car Rental LLC/<br>Avis Budget Finance, Inc.\*<br>8.375%, 06/15/32 | 51348 |
| 50000 | Brink's Co.\*<br>6.750%, 06/15/32 | 51985 |
| 50000 | 6.500%, 06/15/29 | 51547 |
| 107000 | Central Garden & Pet Co.\*^<br>4.125%, 04/30/31 | 100344 |
| 110000 | Edgewell Personal Care Co.\*<br>4.125%, 04/01/29 | 104599 |
| 90000 | Energizer Holdings, Inc.\*<br>4.375%, 03/31/29 | 86464 |
| 26000 | JBS USA Holding Lux SARL/<br>JBS USA Food Co./JBS Lux Co. SARL<br>5.750%, 04/01/33 | 27104 |
| 77507 | MPH Acquisition Holdings LLC\*<br>6.750%, 03/31/31<br>0.750% PIK Rate | 66595 |
| 40442 | 5.750%, 12/31/30 | 36758 |
| 63000 | New Albertsons LP<br>7.750%, 06/15/26 | 64178 |
| 96000 | Performance Food Group, Inc.\*<br>4.250%, 08/01/29 | 93732 |
| 23000 | 6.125%, 09/15/32 | 23633 |
| 75000 | Pilgrim's Pride Corp.<br>4.250%, 04/15/31 | 72646 |
| 100000 | Post Holdings, Inc.\*<br>6.250%, 02/15/32 | 102887 |
| 88000 | 6.375%, 03/01/33 | 89447 |
| 90000 | Prestige Brands, Inc.\*<br>3.750%, 04/01/31 | 83620 |
| 70000 | RR Donnelley & Sons Co.\*<br>9.500%, 08/01/29 | 71828 |
| 75000 | United Natural Foods, Inc.\*<br>6.750%, 10/15/28 | 75076 |
|  |  | 1625862 |
|  | Energy (11.7%) | Energy (11.7%) |
| 90000 | Ascent Resources Utica Holdings LLC/<br>ARU Finance Corp.\*<br>6.625%, 10/15/32 | 91832 |
| 46000 | 6.625%, 07/15/33 | 46817 |
| 73000 | Buckeye Partners LP<br>6.750%, 02/01/30\* | 76377 |
| 50000 | 5.850%, 11/15/43 | 46995 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

High Income Opportunities Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 37000 | 6.875%, 07/01/29\* | $38451 |
| 88000 | Civitas Resources, Inc.\*<br>8.750%, 07/01/31 | 90491 |
| 46000 | 9.625%, 06/15/33 | 49340 |
| 70000 | Continental Resources, Inc.<br>4.900%, 06/01/44 | 56708 |
| 68000 | Enbridge, Inc.‡<br>7.375%, 03/15/55<br>5 yr. CMT + 3.12% | 72384 |
| 45000 | 7.200%, 06/27/54<br>5 yr. CMT + 2.97% | 48193 |
| 90000 | Energy Transfer LP‡<br>7.133%, 11/01/66^<br>3 mo. USD Term SOFR + 3.28% | 89968 |
| 70000 | 6.500%, 11/15/26<br>5 yr. CMT + 5.69% | 70417 |
| 45000 | 7.125%, 10/01/54<br>5 yr. CMT + 2.83% | 46613 |
| 70000 | Genesis Energy LP/<br>Genesis Energy Finance Corp.<br>8.875%, 04/15/30 | 73989 |
| 45000 | 8.000%, 05/15/33 | 46615 |
| 125000 | Gulfport Energy Operating Corp.\*<br>6.750%, 09/01/29 | 127822 |
| 100000 | Howard Midstream Energy Partners LLC\*<br>7.375%, 07/15/32 | 104955 |
| 90000 | Magnolia Oil & Gas Operating LLC/<br>Magnolia Oil & Gas Finance Corp.\*<br>6.875%, 12/01/32 | 91583 |
| 92000 | Matador Resources Co.\*<br>6.500%, 04/15/32 | 92953 |
| 96000 | Nabors Industries, Inc.\*<br>9.125%, 01/31/30 | 100934 |
| 70000 | New Fortress Energy, Inc.\*<br>6.500%, 09/30/26 | 10852 |
| 97000 | Oceaneering International, Inc.<br>6.000%, 02/01/28 | 97672 |
| 61000 | ONEOK, Inc.\*<br>6.500%, 09/01/30 | 65288 |
| 135000 | Parkland Corp.\*<br>6.625%, 08/15/32 | 137584 |
| 86000 | Permian Resources Operating LLC\*<br>7.000%, 01/15/32 | 89285 |
| 23000 | 6.250%, 02/01/33 | 23431 |
| 45000 | Phillips 66 Co.‡<br>5.875%, 03/15/56<br>5 yr. CMT + 2.28% | 44793 |
| 100000 | Plains All American Pipeline LP‡<br>8.583%, 11/30/25<br>3 mo. USD Term SOFR + 4.37% | 100203 |
| 100000 | South Bow Canadian Infrastructure <br>Holdings Ltd.‡<br>7.625%, 03/01/55<br>5 yr. CMT + 3.95% | 104314 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 134000 | Summit Midstream Holdings LLC\*<br>8.625%, 10/31/29 | $| 136470 |
| 90000 | Sunoco LP\*<br>6.250%, 07/01/33 |  | 92085 |
| 70000 | 7.875%, 09/18/30‡<br>5 yr. CMT + 4.23% |  | 71241 |
| 90000 | Tallgrass Energy Partners LP/<br>Tallgrass Energy Finance Corp.\*<br>6.750%, 03/15/34 |  | 89393 |
| 160000 | TGNR Intermediate Holdings LLC\*<br>5.500%, 10/15/29 |  | 155190 |
| 140000 | Transocean International Ltd.\*<br>8.250%, 05/15/29 |  | 140928 |
| 68000 | 7.875%, 10/15/32 |  | 70092 |
| 25000 | Venture Global Calcasieu Pass LLC\*<br>4.125%, 08/15/31 |  | 23135 |
| 25000 | 3.875%, 08/15/29 |  | 23694 |
| 213000 | Venture Global LNG, Inc.\*<br>9.000%, 09/30/29‡<br>5 yr. CMT + 5.44% |  | 199259 |
| 120000 | 8.375%, 06/01/31 |  | 123268 |
| 75000 | 8.125%, 06/01/28 |  | 77309 |
| 48000 | 7.000%, 01/15/30^ |  | 48615 |
| 45000 | 9.875%, 02/01/32^ |  | 48086 |
| 45000 | 9.500%, 02/01/29 |  | 48484 |
| 90000 | Venture Global Plaquemines LNG LLC\*<br>6.500%, 01/15/34 |  | 94317 |
| 11000 | 6.750%, 01/15/36 |  | 11659 |
| 90000 | Vital Energy, Inc.^<br>9.750%, 10/15/30 |  | 92704 |
| 90000 | VOC Escrow Ltd.\*<br>5.000%, 02/15/28 |  | 89901 |
| 91000 | WBI Operating LLC\*<br>6.500%, 10/15/33 |  | 91016 |
| 46000 | 6.250%, 10/15/30 |  | 45933 |
| 90000 | Weatherford International Ltd.\*<br>6.750%, 10/15/33 |  | 92039 |
| 124000 | Wildfire Intermediate Holdings LLC\*<br>7.500%, 10/15/29 |  | 124064 |
|  |  |  | 4125741 |
|  | Financials (11.9%) | Financials (11.9%) | Financials (11.9%) |
| 74000 | Acrisure LLC/Acrisure Finance, Inc.\*<br>8.250%, 02/01/29 |  | 77158 |
| 90000 | Alliant Holdings Intermediate LLC/<br>Alliant Holdings Co-Issuer\*<br>7.375%, 10/01/32 |  | 93072 |
| 90000 | 6.500%, 10/01/31 |  | 92474 |
| 126000 | Ally Financial, Inc.‡<br>4.700%, 05/15/26^<br>5 yr. CMT + 3.87% |  | 123637 |
| 45000 | 4.700%, 05/15/28<br>7 yr. CMT + 3.48% |  | 41949 |
| 95000 | AmWINS Group, Inc.\*<br>4.875%, 06/30/29 |  | 91841 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

High Income Opportunities Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 45000 | Amynta Agency Borrower, Inc. & <br>Amynta Warranty Borrower, Inc.\*<br>7.500%, 07/15/33 | $46460 |
| 90000 | Azorra Finance Ltd.\*<br>7.250%, 01/15/31 | 94370 |
| 100000 | Baldwin Insurance Group Holdings LLC/<br>Baldwin Insurance Group Holdings Finance\*<br>7.125%, 05/15/31 | 102760 |
| 90000 | Blackstone Mortgage Trust, Inc.\*<br>7.750%, 12/01/29 | 94868 |
| 50000 | Brandywine Operating Partnership LP<br>8.875%, 04/12/29 | 54370 |
| 34000 | 6.125%, 01/15/31 | 34161 |
| 112000 | Bread Financial Holdings, Inc.\*‡<br>8.375%, 06/15/35<br>5 yr. CMT + 4.30% | 114466 |
| 150000 | Broadstreet Partners Group LLC\*<br>5.875%, 04/15/29 | 149466 |
| 72000 | Brookfield Property REIT, Inc./<br>BPR Cumulus LLC/BPR Nimbus LLC/<br>GGSI Sellco LLC\*<br>4.500%, 04/01/27 | 70960 |
| 45000 | Citigroup, Inc.‡<br>6.875%, 08/15/30 | 46328 |
| 90000 | Corebridge Financial, Inc.‡<br>6.375%, 09/15/54<br>5 yr. CMT + 2.65% | 92830 |
| 70000 | Credit Acceptance Corp.\*<br>9.250%, 12/15/28 | 73438 |
| 40000 | 6.625%, 03/15/30 | 39969 |
| 90000 | CrossCountry Intermediate HoldCo LLC\*<br>6.500%, 10/01/30 | 90955 |
| 90000 | Cushman & Wakefield U.S. Borrower LLC\*<br>8.875%, 09/01/31 | 96441 |
| 45000 | Enstar Group Ltd.\*‡^<br>7.500%, 04/01/45<br>5 yr. CMT + 3.19% | 47068 |
| 25000 | First Citizens BancShares, Inc.‡<br>8.271%, 01/04/27<br>3 mo. USD Term SOFR + 4.23% | 25689 |
| 110000 | GGAM Finance Ltd.\*<br>8.000%, 02/15/27 | 112697 |
| 45000 | 5.875%, 03/15/30 | 45750 |
| 90000 | HUB International Ltd.\*<br>5.625%, 12/01/29 | 89818 |
| 75000 | 7.375%, 01/31/32 | 77788 |
| 150000 | Iron Mountain, Inc.\*<br>5.250%, 03/15/28 | 149988 |
| 200000 | Jefferies Finance LLC/<br>JFIN Co-Issuer Corp.\*<br>6.625%, 10/15/31 | 197292 |
| 108000 | Ladder Capital Finance Holdings LLLP/<br>Ladder Capital Finance Corp.\*<br>7.000%, 07/15/31 | 113408 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 50000 | Level 3 Financing, Inc.\*<br>3.875%, 10/15/30 | $| 45059 |
| 69000 | MetLife, Inc.<br>6.400%, 12/15/66 |  | 72878 |
| 50000 | Newmark Group, Inc.<br>7.500%, 01/12/29 |  | 53584 |
| 50000 | OneMain Finance Corp.<br>7.500%, 05/15/31 |  | 52267 |
| 45000 | 6.500%, 03/15/33 |  | 44956 |
| 90000 | Park Intermediate Holdings LLC/<br>PK Domestic Property LLC/<br>PK Finance Co-Issuer\*<br>7.000%, 02/01/30 |  | 92292 |
| 113000 | Provident Funding Associates LP/<br>PFG Finance Corp.\*<br>9.750%, 09/15/29 |  | 119135 |
| 95000 | RHP Hotel Properties LP/<br>RHP Finance Corp.\*<br>6.500%, 04/01/32 |  | 97758 |
| 68000 | Rocket Cos., Inc.\*<br>6.375%, 08/01/33 |  | 70941 |
| 45000 | 6.125%, 08/01/30 |  | 46479 |
| 91000 | Rocket Mortgage LLC/<br>Rocket Mortgage Co-Issuer, Inc.\*<br>3.875%, 03/01/31 |  | 85647 |
| 95000 | Service Properties Trust<br>8.375%, 06/15/29 |  | 94585 |
| 90000 | Starwood Property Trust, Inc.\*<br>6.000%, 04/15/30 |  | 92030 |
| 45000 | 6.500%, 07/01/30 |  | 46858 |
| 23000 | Stonex Escrow Issuer LLC\*<br>6.875%, 07/15/32 |  | 23776 |
| 125000 | StoneX Group, Inc.\*<br>7.875%, 03/01/31 |  | 132592 |
| 90000 | TrueNoord Capital DAC\*<br>8.750%, 03/01/30 |  | 94859 |
| 100000 | United Wholesale Mortgage LLC\*<br>5.500%, 04/15/29 |  | 98521 |
| 50000 | Uniti Group LP/<br>Uniti Group Finance 2019, Inc./<br>CSL Capital LLC\*^<br>6.500%, 02/15/29 |  | 46800 |
| 45000 | UWM Holdings LLC\*<br>6.250%, 03/15/31 |  | 44957 |
| 50000 | VFH Parent LLC/Valor Co-Issuer, Inc.\*<br>7.500%, 06/15/31 |  | 52344 |
| 90000 | XHR LP\*<br>6.625%, 05/15/30 |  | 92022 |
|  |  |  | 4181811 |
|  | Health Care (4.9%) | Health Care (4.9%) | Health Care (4.9%) |
| 90000 | Acadia Healthcare Co., Inc.\*^<br>7.375%, 03/15/33 |  | 93210 |
| 170000 | CHS/Community Health Systems, Inc.\*<br>6.125%, 04/01/30^ |  | 143018 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

High Income Opportunities Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 73000 | 10.875%, 01/15/32 | $| 78686 |
| 49000 | 6.875%, 04/15/29^ |  | 44455 |
| 12000 | 5.250%, 05/15/30 |  | 11257 |
| 100000 | DaVita, Inc.\*<br>4.625%, 06/01/30 |  | 96617 |
| 100000 | 3.750%, 02/15/31 |  | 91931 |
| 90000 | 6.875%, 09/01/32 |  | 93299 |
| 72000 | Embecta Corp.\*<br>5.000%, 02/15/30 |  | 68339 |
| 24000 | 6.750%, 02/15/30 |  | 23749 |
| 45000 | Encompass Health Corp.<br>4.750%, 02/01/30 |  | 44501 |
| 45000 | 4.500%, 02/01/28 |  | 44683 |
| 100000 | HCA, Inc.<br>7.500%, 11/06/33 |  | 115870 |
| 51000 | IQVIA, Inc.\*<br>6.250%, 06/01/32 |  | 53168 |
| 135000 | Medline Borrower LP\*<br>5.250%, 10/01/29 |  | 134526 |
| 110000 | 3.875%, 04/01/29 |  | 106899 |
| 12000 | Medline Borrower LP/<br>Medline Co-Issuer, Inc.\*<br>6.250%, 04/01/29 |  | 12355 |
| 200000 | Organon & Co./<br>Organon Foreign Debt Co-Issuer BV\*^<br>5.125%, 04/30/31 |  | 153648 |
| 200000 | Tenet Healthcare Corp.<br>6.250%, 02/01/27 |  | 200400 |
| 120000 | 6.875%, 11/15/31 |  | 130451 |
|  |  |  | 1741062 |
|  | Industrials (8.5%) | Industrials (8.5%) | Industrials (8.5%) |
| 110000 | AAR Escrow Issuer LLC\*<br>6.750%, 03/15/29 |  | 113632 |
| 100000 | ACCO Brands Corp.\*^<br>4.250%, 03/15/29 |  | 89164 |
| 95000 | Air Lease Corp.‡<br>4.125%, 12/15/26<br>5 yr. CMT + 3.15% |  | 91554 |
| 20000 | 4.650%, 06/15/26<br>5 yr. CMT + 4.08% |  | 19746 |
| 49000 | Arcosa, Inc.\*<br>4.375%, 04/15/29 |  | 47717 |
| 46000 | 6.875%, 08/15/32 |  | 48158 |
| 241607 | ARD Finance SA\*<br>6.500%, 06/30/27<br>7.250% PIK rate |  | 3032 |
| 50000 | Bombardier, Inc.\*<br>8.750%, 11/15/30 |  | 54011 |
| 40000 | 7.000%, 06/01/32 |  | 42016 |
| 31000 | 7.250%, 07/01/31^ |  | 32928 |
| 25000 | 6.750%, 06/15/33 |  | 26255 |
| 3000 | 7.875%, 04/15/27 |  | 3011 |
| 87000 | BWX Technologies, Inc.\*<br>4.125%, 04/15/29 |  | 84930 |
| 140000 | Cascades, Inc./Cascades USA, Inc.\*<br>6.750%, 07/15/30 |  | 143228 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 23000 | Delta Air Lines, Inc./SkyMiles IP Ltd.\*<br>4.750%, 10/20/28 | $23165 |
| 125000 | Deluxe Corp.\*<br>8.000%, 06/01/29^ | 123966 |
| 25000 | 8.125%, 09/15/29 | 26229 |
| 45000 | Energizer Holdings, Inc.\*<br>6.000%, 09/15/33 | 43594 |
| 45000 | EnerSys\*<br>6.625%, 01/15/32 | 46289 |
| 45000 | 4.375%, 12/15/27 | 44498 |
| 65000 | EquipmentShare.com, Inc.\*<br>8.625%, 05/15/32 | 65727 |
| 35000 | 8.000%, 03/15/33 | 34523 |
| 92000 | Graham Packaging Co., Inc.\*<br>7.125%, 08/15/28 | 91732 |
| 60000 | Graphic Packaging International LLC\*<br>4.750%, 07/15/27 | 59921 |
| 44000 | 3.500%, 03/01/29 | 41699 |
| 107000 | Great Lakes Dredge & Dock Corp.\*<br>5.250%, 06/01/29 | 103587 |
| 115000 | Herc Holdings, Inc.\*<br>5.500%, 07/15/27 | 115024 |
| 50000 | 6.625%, 06/15/29 | 51671 |
| 45000 | 7.250%, 06/15/33 | 47482 |
| 45000 | 7.000%, 06/15/30 | 47148 |
| 75000 | JELD-WEN, Inc.\*<br>7.000%, 09/01/32 | 61950 |
| 145000 | Ken Garff Automotive LLC\*<br>4.875%, 09/15/28 | 142561 |
| 60000 | Moog, Inc.\*<br>4.250%, 12/15/27 | 59342 |
| 95000 | Novelis Corp.\*<br>4.750%, 01/30/30 | 91864 |
| 90000 | Quikrete Holdings, Inc.\*<br>6.375%, 03/01/32 | 93470 |
| 25000 | Sealed Air Corp.\*<br>6.500%, 07/15/32 | 25891 |
| 24000 | 5.000%, 04/15/29 | 23848 |
| 78000 | Sealed Air Corp./Sealed Air Corp. U.S.\*<br>6.125%, 02/01/28 | 79046 |
| 25000 | 7.250%, 02/15/31^ | 26241 |
| 86000 | Sensata Technologies, Inc.\*<br>3.750%, 02/15/31 | 80021 |
| 68000 | Standard Building Solutions, Inc.\*<br>6.250%, 08/01/33 | 69468 |
| 25000 | 6.500%, 08/15/32 | 25730 |
| 95000 | TransDigm, Inc.\*<br>6.875%, 12/15/30 | 98674 |
| 70000 | 6.750%, 08/15/28 | 71511 |
| 35000 | 7.125%, 12/01/31 | 36618 |
| 23000 | 6.625%, 03/01/32 | 23791 |
| 23194 | United Airlines Pass-Through Trust <br>Series 2019-2, Class B<br>3.500%, 11/01/29 | 22527 |
| 69000 | Waste Pro USA, Inc.\*<br>7.000%, 02/01/33 | 71917 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

High Income Opportunities Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 56000 | Williams Scotsman, Inc.\*<br>4.625%, 08/15/28 | $| 55352 |
| 45000 | 7.375%, 10/01/31 |  | 47126 |
| 35000 | 6.625%, 06/15/29 |  | 36051 |
|  |  |  | 3008636 |
|  | Information Technology (3.4%) | Information Technology (3.4%) | Information Technology (3.4%) |
| 45000 | Block, Inc.\*<br>5.625%, 08/15/30 |  | 45713 |
| 23000 | 6.000%, 08/15/33 |  | 23527 |
| 46000 | CACI International, Inc.\*<br>6.375%, 06/15/33 |  | 47851 |
| 56000 | Coherent Corp.\*<br>5.000%, 12/15/29 |  | 55497 |
| 48000 | Fair Isaac Corp.\*<br>4.000%, 06/15/28 |  | 46948 |
| 34000 | 6.000%, 05/15/33 |  | 34728 |
| 100000 | KBR, Inc.\*^<br>4.750%, 09/30/28 |  | 98456 |
| 46000 | NCL Corp. Ltd.\*<br>6.750%, 02/01/32 |  | 47314 |
| 68000 | ON Semiconductor Corp.\*<br>3.875%, 09/01/28 |  | 66243 |
| 45000 | Open Text Corp.\*<br>6.900%, 12/01/27 |  | 46885 |
| 36000 | Open Text Holdings, Inc.\*<br>4.125%, 12/01/31 |  | 33562 |
| 25000 | 4.125%, 02/15/30 |  | 23908 |
| 79000 | Playtika Holding Corp.\*<br>4.250%, 03/15/29 |  | 71391 |
| 120000 | TTM Technologies, Inc.\*<br>4.000%, 03/01/29 |  | 116028 |
| 65000 | Twilio, Inc.<br>3.625%, 03/15/29 |  | 62515 |
| 23000 | 3.875%, 03/15/31 |  | 21810 |
| 38000 | UKG, Inc.\*<br>6.875%, 02/01/31 |  | 39120 |
| 125000 | Viavi Solutions, Inc.\*<br>3.750%, 10/01/29 |  | 118114 |
| 100000 | Zebra Technologies Corp.\*<br>6.500%, 06/01/32 |  | 103737 |
| 100000 | ZoomInfo Technologies LLC/<br>ZoomInfo Finance Corp.\*<br>3.875%, 02/01/29 |  | 94370 |
|  |  |  | 1197717 |
|  | Materials (4.3%) | Materials (4.3%) | Materials (4.3%) |
| 90000 | Avient Corp.\*<br>6.250%, 11/01/31 |  | 91952 |
| 90000 | Capstone Copper Corp.\*<br>6.750%, 03/31/33 |  | 93256 |
| 45000 | Celanese U.S. Holdings LLC<br>6.879%, 07/15/32 |  | 45256 |
| 90000 | Century Aluminum Co.\*<br>6.875%, 08/01/32 |  | 92472 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 80000 | Chemours Co.\*<br>8.000%, 01/15/33^ | $| 77309 |
| 24000 | 4.625%, 11/15/29 |  | 21243 |
| 170000 | Clearwater Paper Corp.\*<br>4.750%, 08/15/28 |  | 159737 |
| 140000 | FMC Corp.‡<br>8.450%, 11/01/55<br>5 yr. CMT + 4.37% |  | 135890 |
| 90000 | JW Aluminum Continuous Cast Co.\*<br>10.250%, 04/01/30 |  | 92580 |
| 45000 | Kaiser Aluminum Corp.\*††<br>5.875%, 03/01/34 |  | 44857 |
| 100000 | Knife River Corp.\*<br>7.750%, 05/01/31 |  | 104784 |
| 92000 | Mercer International, Inc.^<br>5.125%, 02/01/29 |  | 59520 |
| 47000 | 12.875%, 10/01/28\* |  | 39222 |
| 90000 | Qnity Electronics, Inc.\*<br>6.250%, 08/15/33 |  | 92516 |
| 100000 | Silgan Holdings, Inc.<br>4.125%, 02/01/28 |  | 98139 |
| 90000 | Solstice Advanced Materials, Inc.\*<br>5.625%, 09/30/33 |  | 89978 |
| 90000 | Terex Corp.\*<br>6.250%, 10/15/32 |  | 91514 |
| 37940 | Trinseo Luxco Finance SPV SARL/<br>Trinseo NA Finance SPV LLC\*<br>7.625%, 05/03/29<br>2.5% PIK Rate |  | 13339 |
| 90000 | WR Grace Holdings LLC\*<br>6.625%, 08/15/32 |  | 87032 |
|  |  |  | 1530596 |
|  | Other (2.4%) | Other (2.4%) | Other (2.4%) |
| 38812 | Claritev Corp.\*<br>6.750%, 03/31/31<br>0.750% PIK Rate |  | 31080 |
| 162025 | EchoStar Corp.<br>10.750%, 11/30/29 |  | 178479 |
| 92890 | 6.750%, 11/30/30<br>6.750% Cash or PIK |  | 95949 |
| 45000 | Gen Digital, Inc.\*<br>6.750%, 09/30/27 |  | 45750 |
| 75000 | Mohegan Tribal Gaming Authority/<br>MS Digital Entertainment Holdings LLC\*<br>8.250%, 04/15/30 |  | 77878 |
| 90000 | New Gold, Inc.\*<br>6.875%, 04/01/32 |  | 94080 |
| 90000 | Olin Corp.\*<br>6.625%, 04/01/33 |  | 89309 |
| 45000 | Reinsurance Group of America, Inc.‡<br>6.650%, 09/15/55<br>5 yr. CMT + 2.39% |  | 47127 |
| 90000 | Rfna LP\*^<br>7.875%, 02/15/30 |  | 89706 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

High Income Opportunities Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 90000 | Stonepeak Nile Parent LLC\*<br>7.250%, 03/15/32 | $ | 95284 |
|  |  |  | 844642 |
|  | Real Estate (0.5%) | Real Estate (0.5%) | Real Estate (0.5%) |
| 46000 | Forestar Group, Inc.\*<br>6.500%, 03/15/33 |  | 47201 |
| 65000 | Global Net Lease, Inc.\*<br>4.500%, 09/30/28 |  | 63920 |
| 69000 | Global Net Lease, Inc./<br>Global Net Lease Operating Partnership LP\*<br>3.750%, 12/15/27 |  | 66957 |
|  |  |  | 178078 |
|  | Special Purpose Acquisition Companies (0.4%) | Special Purpose Acquisition Companies (0.4%) | Special Purpose Acquisition Companies (0.4%) |
| 25000 | Clydesdale Acquisition Holdings, Inc.\*<br>6.750%, 04/15/32 |  | 25098 |
| 95000 | Fertitta Entertainment LLC/<br>Fertitta Entertainment Finance Co., Inc.\*<br>6.750%, 01/15/30 |  | 88142 |
| 46000 | 4.625%, 01/15/29 |  | 44023 |
|  |  |  | 157263 |
|  | Utilities (1.4%) | Utilities (1.4%) | Utilities (1.4%) |
| 45000 | Dominion Energy, Inc.‡<br>6.625%, 05/15/55<br>5 yr. CMT + 2.21% |  | 46980 |
| 100000 | Duke Energy Corp.‡^<br>6.450%, 09/01/54<br>5 yr. CMT + 2.59% |  | 105925 |
| 75000 | Entergy Corp.‡<br>7.125%, 12/01/54<br>5 yr. CMT + 2.67% |  | 78950 |
| 70000 | Evergy, Inc.‡<br>6.650%, 06/01/55<br>5 yr. CMT + 2.56% |  | 72045 |
| 72000 | NiSource, Inc.‡<br>6.950%, 11/30/54<br>5 yr. CMT + 2.45% |  | 75225 |
| 34000 | PPL Capital Funding, Inc.‡<br>6.928%, 03/30/67<br>3 mo. USD Term SOFR + 2.93% |  | 33523 |
| 45000 | Vistra Corp.\*‡<br>7.000%, 12/15/26<br>5 yr. CMT + 5.74% |  | 45545 |
| 25000 | 8.000%, 10/15/26<br>5 yr. CMT + 6.93% |  | 25650 |
|  |  |  | 483843 |
|  | **TOTAL CORPORATE BONDS**<br> (Cost $28,818,909) |  | 28387229 |
| **CONVERTIBLE BOND (0.1%)** |  |  |  |
|  | Energy (0.1%) | Energy (0.1%) | Energy (0.1%) |
| 45000 | Nabors Industries, Inc.<br>1.750%, 06/15/29<br>(Cost $33,368) |  | 35149 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| **BANK LOANS (14.3%)¡** |  |  |
|  | Airlines (0.3%) | Airlines (0.3%) |
| 59100 | Air Canada‡<br>2024 Term Loan B, <br>5.965%, 03/21/31<br>1 mo. USD Term SOFR + 2.00% | $59314 |
| 53730 | United Airlines, Inc.‡<br>2024 1st Lien Term Loan B, <br>6.196%, 02/22/31<br>3 mo. USD Term SOFR + 2.00% | 53946 |
|  |  | 113260 |
|  | Communication Services (1.8%) | Communication Services (1.8%) |
| 45000 | Altice France SA!<br>2025 USD Term Loan B14, <br>0.000%, 05/31/31 | 44960 |
| 38256 | Audacy Capital Corp.‡<br>2024 Term Loan B, <br>10.079%, 10/01/29<br>1 mo. USD Term SOFR + 6.00% | 30677 |
| 4281 | Audacy Capital Corp.‡<br>2024 Term Loan A, <br>11.079%, 10/02/28<br>1 mo. USD Term SOFR + 7.00% | 4222 |
| 49496 | Cincinnati Bell, Inc.‡<br>2025 Term Loan B4, <br>6.215%, 11/22/28<br>1 mo. USD Term SOFR + 2.25% | 49584 |
| 41983 | Clear Channel Outdoor Holdings, Inc.‡<br>2024 Term Loan, <br>8.079%, 08/23/28<br>1 mo. USD Term SOFR + 4.00% | 42115 |
| 78047 | CSC Holdings LLC‡<br>2019 Term Loan B5, <br>8.500%, 04/15/27<br>3 mo. U.S. (Fed) Prime Rate + 1.50% | 73707 |
| 32404 | DirecTV Financing LLC‡<br>2024 Term Loan, <br>9.352%, 08/02/29<br>3 mo. USD Term SOFR + 5.25% | 32498 |
| 6984 | DirecTV Financing LLC‡<br>Term Loan, 9.102%, 08/02/27<br>3 mo. USD Term SOFR + 5.00% | 7002 |
| 1903 | Gray Television, Inc.‡<br>2024 Term Loan B, <br>9.384%, 06/04/29<br>1 mo. USD Term SOFR + 5.25% | 1906 |
| 100000 | Level 3 Financing, Inc.‡<br>2025 Repriced Term Loan B4, <br>7.215%, 03/29/32<br>1 mo. USD Term SOFR + 3.25% | 100000 |
| 49750 | Sinclair Television Group, Inc.‡<br>2025 Term Loan B6, <br>7.402%, 12/31/29<br>3 mo. USD Term SOFR + 3.30% | 45475 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

High Income Opportunities Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 118850 | TripAdvisor, Inc.‡<br>Term Loan, 6.715%, 07/08/31<br>1 mo. USD Term SOFR + 2.75% | $| 115284 |
| 90000 | Versant Media Group, Inc.!<br>Term Loan B, <br>0.000%, 10/23/30 |  | 89813 |
|  |  |  | 637243 |
|  | Consumer Discretionary (3.1%) | Consumer Discretionary (3.1%) | Consumer Discretionary (3.1%) |
| 61441 | American Airlines, Inc.‡<br>2025 Term Loan,<br> 6.134%, 04/20/28<br>3 mo. USD Term SOFR + 2.25% |  | 61581 |
| 49750 | American Airlines, Inc.‡<br>2025 Term Loan B, <br>7.134%, 05/28/32<br>3 mo. USD Term SOFR + 3.25% |  | 49999 |
| 90000 | Beach Acquisition Bidco LLC‡<br>USD Term Loan B, <br>7.308%, 09/12/32<br>3 mo. USD Term SOFR + 3.25% |  | 90600 |
| 45000 | Boots Group Bidco Ltd.‡<br>USD Term Loan, <br>7.705%, 08/30/32<br>3 mo. USD Term SOFR + 3.50% |  | 45253 |
| 54138 | Caesars Entertainment, Inc.‡<br>Term Loan B, <br>6.215%, 02/06/30<br>1 mo. USD Term SOFR + 2.25% |  | 53873 |
| 59550 | Chinos Intermediate Holdings A, Inc.‡<br>2024 Term Loan B, <br>9.840%, 09/26/31<br>3 mo. USD Term SOFR + 6.00% |  | 51049 |
| 70000 | Clarios Global LP‡<br>2025 USD Term Loan B, <br>6.715%, 01/28/32<br>1 mo. USD Term SOFR + 2.75% |  | 70306 |
| 89775 | Flutter Financing BV‡<br>2025 Term Loan B, <br>6.002%, 06/04/32<br>3 mo. USD Term SOFR + 2.00% |  | 89476 |
| 89326 | Life Time Fitness, Inc.‡<br>2025 Term Loan, <br>6.106%, 11/05/31<br>1 mo. USD Term SOFR + 2.00% |  | 89473 |
| 72334 | Light & Wonder International, Inc.‡<br>2024 Term Loan B2, <br>6.287%, 04/14/29<br>1 mo. USD Term SOFR + 2.25% |  | 72651 |
| 44438 | Peloton Interactive, Inc.‡<br>2024 Term Loan B, <br>9.465%, 05/30/29<br>1 mo. USD Term SOFR + 5.50% |  | 45067 |
| 90000 | PetSmart, Inc.‡<br>2025 USD Term Loan B, <br>8.031%, 08/18/32<br>1 mo. USD Term SOFR + 4.00% |  | 88875 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 98500 | Station Casinos LLC‡<br>2024 Term Loan B, <br>5.965%, 03/14/31<br>1 mo. USD Term SOFR + 2.00% | $| 98693 |
| 90000 | Weber-Stephen Products LLC‡<br>2025 Term Loan B, <br>7.735%, 10/01/32<br>3 mo. USD Term SOFR + 3.75% |  | 89869 |
| 98199 | Windsor Holdings III LLC‡<br>2025 USD Term Loan B, <br>6.727%, 08/01/30<br>1 mo. USD Term SOFR + 2.75% |  | 98280 |
|  |  |  | 1095045 |
|  | Consumer Staples (2.6%) | Consumer Staples (2.6%) | Consumer Staples (2.6%) |
| 100000 | Amneal Pharmaceuticals LLC‡<br>2025 Term Loan B, <br>7.465%, 08/01/32<br>1 mo. USD Term SOFR + 3.50% |  | 100958 |
| 74250 | B&G Foods, Inc.‡<br>2024 Term Loan B, <br>7.465%, 10/10/29<br>1 mo. USD Term SOFR + 3.50% |  | 71317 |
| 69825 | Bausch & Lomb Corp.‡<br>2025 Term Loan B, <br>8.215%, 01/15/31<br>1 mo. USD Term SOFR + 4.25% |  | 70349 |
| 231420 | Bausch Health Cos., Inc.‡<br>2025 Term Loan B, <br>10.215%, 10/08/30<br>1 mo. USD Term SOFR + 6.25% |  | 230409 |
| 8911 | MPH Acquisition Holdings LLC‡<br>2025 Exchange 1st Out Term Loan, <br>7.590%, 12/31/30<br>3 mo. USD Term SOFR + 3.75% |  | 8924 |
| 90000 | Opal Bidco SAS‡<br>USD 1st Lien Term Loan B, <br>6.838%, 04/28/32<br>3 mo. USD Term SOFR + 3.00% |  | 90492 |
| 113399 | Star Parent, Inc.‡<br>Term Loan B, <br>8.002%, 09/27/30<br>3 mo. USD Term SOFR + 4.00% |  | 113728 |
| 89775 | Team Health Holdings, Inc.‡<br>2025 Term Loan B, <br>8.340%, 06/30/28<br>3 mo. USD Term SOFR + 4.50% |  | 90049 |
| 49368 | United Natural Foods, Inc.‡<br>2024 Term Loan, <br>8.715%, 05/01/31<br>1 mo. USD Term SOFR + 4.75% |  | 49738 |
| 89548 | Veritiv Corp.‡<br>Term Loan B, <br>8.002%, 12/02/30<br>3 mo. USD Term SOFR + 4.00% |  | 86239 |
|  |  |  | 912203 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

High Income Opportunities Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Energy (0.5%) | Energy (0.5%) |
| 123380 | New Fortress Energy, Inc.‡<br>2025 Incremental Term Loan B, <br>9.570%, 10/30/28<br>3 mo. USD Term SOFR + 5.50% | $56755 |
| 136823 | Par Petroleum LLC‡<br>2024 Term Loan B, <br>7.687%, 02/28/30<br>3 mo. USD Term SOFR + 3.75% | 137250 |
|  |  | 194005 |
|  | Financials (1.8%) | Financials (1.8%) |
| 64838 | Acrisure LLC‡<br>2025 Term Loan B, <br>7.215%, 06/21/32<br>1 mo. USD Term SOFR + 3.25% | 64993 |
| 150000 | Advisor Group, Inc.‡<br>2025 Term Loan, <br>6.965%, 07/30/32<br>1 mo. USD Term SOFR + 3.00% | 150407 |
| 73881 | Amynta Agency Borrower, Inc.‡<br>2025 Term Loan B, <br>6.715%, 12/29/31<br>1 mo. USD Term SOFR + 2.75% | 74089 |
| 59218 | Broadstreet Partners, Inc.‡<br>2024 Term Loan B4, <br>6.715%, 06/13/31<br>1 mo. USD Term SOFR + 2.75% | 59423 |
| 119100 | Dragon Buyer, Inc.‡<br>Term Loan B, <br>6.752%, 09/30/31<br>3 mo. USD Term SOFR + 2.75% | 119606 |
| 84258 | HUB International Ltd.‡<br>2025 Term Loan B, <br>6.120%, 06/20/30<br>3 mo. USD Term SOFR + 2.25% | 84630 |
| 68775 | Iron Mountain, Inc.‡<br>2023 Term Loan B, <br>5.965%, 01/31/31<br>1 mo. USD Term SOFR + 2.00% | 68911 |
|  |  | 622059 |
|  | Health Care (0.3%) | Health Care (0.3%) |
| 106988 | Padagis LLC‡<br>Term Loan B, <br>8.949%, 07/06/28<br>3 mo. USD Term SOFR + 4.75% | 93347 |
|  | Industrials (2.1%) | Industrials (2.1%) |
| 89219 | ACProducts, Inc.‡<br>2021 Term Loan B, <br>8.513%, 05/17/28<br>3 mo. USD Term SOFR + 4.25% | 78216 |
| 30000 | Blackfin Pipeline LLC‡<br>Term Loan B, <br>7.000%, 09/29/32<br>1 mo. USD Term SOFR + 3.00% | 30028 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 60000 | Blackfin Pipeline LLC!<br>Term Loan B, <br>0.000%, 09/29/32 | $| 60056 |
| 69825 | Chamberlain Group, Inc.‡<br>2025 Term Loan B, <br>6.965%, 09/08/32<br>1 mo. USD Term SOFR + 3.00% |  | 70130 |
| 38571 | Coherent Corp.‡<br>2025 Term Loan B2, <br>5.715%, 07/02/29<br>1 mo. USD Term SOFR + 1.75% |  | 38680 |
| 124200 | EMRLD Borrower LP‡<br>2024 Term Loan B, <br>6.122%, 08/04/31<br>6 mo. USD Term SOFR + 2.25% |  | 123923 |
| 88877 | MI Windows & Doors LLC‡<br>2024 Term Loan B2, <br>6.715%, 03/28/31<br>1 mo. USD Term SOFR + 2.75% |  | 89127 |
| 89550 | Quikrete Holdings, Inc.‡<br>2025 Term Loan B, <br>6.215%, 02/10/32<br>1 mo. USD Term SOFR + 2.25% |  | 89760 |
| 182441 | TransDigm, Inc.‡<br>2023 Term Loan J, <br>6.502%, 02/28/31<br>3 mo. USD Term SOFR + 2.50% |  | 182894 |
|  |  |  | 762814 |
|  | Information Technology (1.2%) | Information Technology (1.2%) | Information Technology (1.2%) |
| 131684 | Boxer Parent Co., Inc.‡<br>2025 USD Term Loan B, <br>7.199%, 07/30/31<br>3 mo. USD Term SOFR + 3.00% |  | 130972 |
| 100581 | Camelot U.S. Acquisition LLC‡<br>2024 Term Loan B, <br>6.715%, 01/31/31<br>1 mo. USD Term SOFR + 2.75% |  | 98916 |
| 134324 | Rocket Software, Inc.‡<br>2023 USD Term Loan B, <br>7.715%, 11/28/28<br>1 mo. USD Term SOFR + 3.75% |  | 133976 |
| 49500 | UKG, Inc.‡<br>2024 Term Loan B, <br>6.338%, 02/10/31<br>3 mo. USD Term SOFR + 2.50% |  | 49550 |
|  |  |  | 413414 |
|  | Materials (0.4%) | Materials (0.4%) | Materials (0.4%) |
| 142807 | Ineos U.S. Finance LLC‡<br>2023 USD Term Loan B, <br>7.215%, 02/18/30<br>1 mo. USD Term SOFR + 3.25% |  | 123016 |
| 63421 | Trinseo Materials Operating SCA‡<br>2021 Term Loan B2, <br>6.961%, 05/03/28<br>3 mo. USD Term SOFR + 2.50% |  | 12003 |
|  |  |  | 135019 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

High Income Opportunities Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Other (0.1%) | Other (0.1%) |
| 45000 | Windstream Services LLC‡<br>2024 Term Loan B, <br>8.815%, 10/01/31<br>1 mo. USD Term SOFR + 4.75% | $44887 |
|  | Special Purpose Acquisition Company (0.1%) | Special Purpose Acquisition Company (0.1%) |
| 36600 | Clydesdale Acquisition Holdings, Inc.‡<br>Term Loan B, <br>7.140%, 04/13/29<br>1 mo. USD Term SOFR + 3.18% | 36619 |
|  | **TOTAL BANK LOANS**<br> (Cost $5,214,889) | 5059915 |
| NUMBER OF<br>SHARES |  | VALUE |
| **COMMON STOCKS (0.6%)** |  |  |
|  | Communication Services (0.0%) | Communication Services (0.0%) |
| 2040 | Altice USA, Inc. - Class A^# | 4549 |
| 1699 | Audacy, Inc.# | 12743 |
| 1273 | Cumulus Media, Inc. - Class A# | 172 |
|  |  | 17464 |
|  | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) |
| 134 | Rite Aid Corp.# | 134 |
|  | Energy (0.6%) | Energy (0.6%) |
| 385 | Cheniere Energy Partners LP | 20085 |
| 5575 | Energy Transfer LP | 93827 |
| 2570 | Enterprise Products Partners LP | 79130 |
| 660 | EP Energy Corp.# | 1073 |
|  |  | 194115 |
|  | **TOTAL COMMON STOCKS**<br> (Cost $263,626) | 211713 |
| **WARRANTS (0.0%)#** |  |  |
|  | Communication Services (0.0%) | Communication Services (0.0%) |
| 297 | Audacy Capital Corp.<br>09/30/28, Strike $1.00 |  |
| 49 | Audacy Capital Corp.<br>09/30/28, Strike $1.00 |  |
|  | Energy (0.0%) | Energy (0.0%) |
| 4950 | Mcdermott International Ltd.<br>06/30/27, Strike $15.98 | 1 |
| 4455 | Mcdermott International Ltd.<br>06/30/27, Strike $12.33 |  |
|  |  | 1 |
|  | **TOTAL WARRANTS**<br> (Cost $1,909) | 1 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| **PREFERRED STOCKS (0.3%)** |  |  |
|  | Communication Services (0.3%) | Communication Services (0.3%) |
| 2509 | Qwest Corp.<br>6.500%, 09/01/56 | $49553 |
| 760 | T-Mobile USA, Inc.<br>6.250%, 09/01/69 | 18977 |
| 606 | 5.500%, 03/01/70 | 14065 |
| 70 | 5.500%, 06/01/70 | 1614 |
| 738 | Telephone & Data Systems, Inc.<br>6.625%, 03/31/26 | 14864 |
|  | **TOTAL PREFERRED STOCKS**<br> (Cost $89,378) | 99073 |
| NUMBER OF<br>SHARES/<br>PRINCIPAL <br>AMOUNT |  | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (7.9%)** |  |  |
| 2775698 | State Street Navigator Securities <br>Lending Government Money <br>Market Portfolio, 4.142%†\*\*\*<br>(Cost $2,775,698) | 2775698 |
|  | **TOTAL INVESTMENTS (103.9%)**<br> (Cost $37,293,535) | 36665968 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-7.9%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-7.9%) | (2775698) |
| OTHER ASSETS, LESS LIABILITIES (4.0%) | OTHER ASSETS, LESS LIABILITIES (4.0%) | 1396528 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $35286798 |

---

**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 October 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 DATE | ACQUISITION COST |
| Rite Aid Corp. | 09/04/2024 | $9290 |
| **TOTAL** |  | $9290 |

---

†† When-issued security.

¡ Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.

See accompanying Notes to Schedule of Investments

www.calamos.com

------

High Income Opportunities Fund Schedule of Investments October 31, 2025

! 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 October 31, 2025.

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

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Short-Term Bond Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| **CORPORATE BONDS (56.6%)** |  |  |
|  | Airlines (0.7%) | Airlines (0.7%) |
| 1091465 | Alaska Airlines Pass-Through Trust<br>Series 2020-1, Class A\*<br>4.800%, 02/15/29 | $1095700 |
| 259418 | British Airways Pass-Through Trust<br>Series 2018-1, Class A\*<br>4.125%, 03/20/33 | 252577 |
| 450063 | British Airways Pass-Through Trust <br>Series 2019-1, Class A\*<br>3.350%, 12/15/30 | 434842 |
| 435488 | British Airways Pass-Through Trust <br>Series 2020-1, Class A\*<br>4.250%, 05/15/34 | 427479 |
| 663095 | JetBlue Pass-Through Trust <br>Series 2020-1, Class B<br>7.750%, 05/15/30 | 667704 |
|  |  | 2878302 |
|  | Communication Services (1.6%) | Communication Services (1.6%) |
| 1000000 | Ashtead Capital, Inc.\*<br>4.375%, 08/15/27 | 999260 |
| 1000000 | AT&T, Inc.<br>4.700%, 08/15/30 | 1014200 |
| 1000000 | 1.700%, 03/25/26 | 990430 |
| 500000 | Frontier California, Inc.<br>6.750%, 05/15/27 | 510200 |
| 500000 | Match Group Holdings II LLC\*<br>4.625%, 06/01/28 | 493190 |
| 500000 | Paramount Global<br>3.700%, 10/04/26 | 494410 |
| 1000000 | Rogers Communications, Inc.<br>3.625%, 12/15/25 | 998790 |
| 500000 | Sirius XM Radio LLC\*<br>3.125%, 09/01/26 | 496090 |
| 500000 | Uber Technologies, Inc.<br>4.150%, 01/15/31 | 496100 |
|  |  | 6492670 |
|  | Consumer Discretionary (7.4%) | Consumer Discretionary (7.4%) |
| 222000 | Advance Auto Parts, Inc.\*^<br>7.000%, 08/01/30 | 224837 |
| 1000000 | Aptiv Swiss Holdings Ltd.<br>4.650%, 09/13/29 | 1015880 |
| 500000 | AutoZone, Inc.<br>5.050%, 07/15/26 | 503215 |
| 500000 | 4.500%, 02/01/28 | 504815 |
| 1000000 | Bath & Body Works, Inc.\*<br>6.625%, 10/01/30 | 1027950 |
| 1000000 | BMW U.S. Capital LLC\*^<br>5.050%, 08/11/28 | 1024580 |
| 1000000 | BorgWarner, Inc.<br>2.650%, 07/01/27 | 976960 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| 500000 | Brightstar Lottery PLC\*<br>5.250%, 01/15/29 | $499010 |
| 1000000 | Caesars Entertainment, Inc.\*<br>7.000%, 02/15/30 | 1029850 |
| 500000 | Carnival Corp.\*<br>5.125%, 05/01/29 | 506400 |
| 500000 | 4.000%, 08/01/28 | 492115 |
| 500000 | CCO Holdings LLC/CCO Holdings <br>Capital Corp.\*<br>5.125%, 05/01/27 | 497400 |
| 500000 | Daimler Truck Finance North America LLC\*<br>5.125%, 09/25/27 | 507830 |
| 500000 | 5.000%, 01/15/27^ | 504770 |
| 500000 | Dana, Inc.<br>4.250%, 09/01/30 | 493400 |
| 1000000 | Denso Corp.\*^<br>4.282%, 09/17/30 | 1001140 |
| 1000000 | DR Horton, Inc.^<br>4.850%, 10/15/30 | 1020280 |
| 1000000 | Flutter Treasury DAC\*<br>6.375%, 04/29/29 | 1036660 |
| 1000000 | Ford Motor Credit Co. LLC<br>6.950%, 03/06/26 | 1005920 |
| 1000000 | General Motors Financial Co., Inc.<br>6.000%, 01/09/28 | 1035190 |
| 200000 | 5.400%, 04/06/26 | 200948 |
| 1000000 | Gildan Activewear, Inc.\*<br>4.700%, 10/07/30 | 996060 |
| 750000 | goeasy Ltd.\*<br>9.250%, 12/01/28 | 777878 |
| 500000 | Group 1 Automotive, Inc.\*<br>6.375%, 01/15/30 | 511390 |
| 1000000 | Honda Motor Co. Ltd.<br>4.436%, 07/08/28 | 1006780 |
| 246079 | JetBlue Pass-Through Trust <br>Series 2019-1, Class B<br>8.000%, 05/15/29 | 249155 |
| 500000 | Kia Corp.\*<br>3.500%, 10/25/27 | 492655 |
| 1000000 | Lennar Corp.^<br>5.200%, 07/30/30 | 1028440 |
| 1000000 | Lithia Motors, Inc.\*<br>5.500%, 10/01/30 | 1002490 |
| 1000000 | Lowe's Cos., Inc.<br>4.250%, 03/15/31 | 993210 |
| 1000000 | M/I Homes, Inc.<br>4.950%, 02/01/28 | 997170 |
| 750000 | Mattel, Inc.\*<br>3.375%, 04/01/26 | 745853 |
| 500000 | 5.875%, 12/15/27 | 501210 |
| 1000000 | Meritage Homes Corp.\*^<br>3.875%, 04/15/29 | 978270 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Short-Term Bond Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 500000 | MGM Resorts International<br>6.125%, 09/15/29 | $| 509480 |
| 500000 | 5.500%, 04/15/27 |  | 503260 |
| 1000000 | O'Reilly Automotive, Inc.<br>5.750%, 11/20/26 |  | 1016480 |
| 500000 | Royal Caribbean Cruises Ltd.\*<br>5.500%, 04/01/28 |  | 508665 |
| 1000000 | Taylor Morrison Communities, Inc.\*<br>5.750%, 01/15/28 |  | 1013430 |
| 1000000 | Whirlpool Corp.<br>6.125%, 06/15/30 |  | 991540 |
| 500000 | ZF North America Capital, Inc.\*<br>6.875%, 04/14/28 |  | 503480 |
|  |  |  | 30436046 |
|  | Consumer Staples (1.7%) | Consumer Staples (1.7%) | Consumer Staples (1.7%) |
| 500000 | Brink's Co.\*<br>6.500%, 06/15/29 |  | 515475 |
| 1000000 | Cintas Corp. No. 2<br>4.200%, 05/01/28 |  | 1004640 |
| 1000000 | Dollar General Corp.<br>4.625%, 11/01/27 |  | 1007970 |
| 300000 | McCormick & Co., Inc.<br>0.900%, 02/15/26 |  | 297072 |
| 1000000 | Mondelez International, Inc.^<br>2.625%, 03/17/27 |  | 981080 |
| 1000000 | Performance Food Group, Inc.\*<br>5.500%, 10/15/27 |  | 1000840 |
| 1000000 | Sysco Corp.<br>3.300%, 07/15/26 |  | 993990 |
| 1000000 | United Rentals North America, Inc.<br>3.875%, 11/15/27 |  | 987590 |
|  |  |  | 6788657 |
|  | Energy (3.3%) | Energy (3.3%) | Energy (3.3%) |
| 500000 | Buckeye Partners LP\*<br>6.875%, 07/01/29 |  | 519610 |
| 1000000 | Enbridge, Inc.^<br>5.250%, 04/05/27 |  | 1015060 |
| 500000 | Enterprise Products Operating LLC^<br>5.050%, 01/10/26 |  | 500805 |
| 500000 | EQT Corp.<br>7.500%, 06/01/27 |  | 508995 |
| 500000 | 6.375%, 04/01/29 |  | 517475 |
| 1000000 | Hess Midstream Operations LP\*<br>6.500%, 06/01/29 |  | 1036520 |
| 1000000 | Kinder Morgan, Inc.<br>5.100%, 08/01/29 |  | 1027140 |
| 500000 | Oceaneering International, Inc.<br>6.000%, 02/01/28 |  | 503465 |
| 1000000 | ONEOK, Inc.<br>5.550%, 11/01/26 |  | 1012050 |
| 500000 | 4.850%, 07/15/26^ |  | 501285 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 500000 | Parkland Corp.\*<br>5.875%, 07/15/27 | $| 500510 |
| 500000 | Patterson-UTI Energy, Inc.<br>3.950%, 02/01/28 |  | 491395 |
| 1000000 | Schlumberger Holdings Corp.\*<br>5.000%, 05/29/27 |  | 1012920 |
| 1000000 | South Bow USA Infrastructure Holdings LLC<br>4.911%, 09/01/27 |  | 1008250 |
| 1000000 | Sunoco LP\*<br>5.625%, 03/15/31 |  | 1001260 |
| 500000 | VOC Escrow Ltd.\*<br>5.000%, 02/15/28 |  | 499450 |
| 1000000 | Williams Cos., Inc.<br>5.400%, 03/02/26 |  | 1004020 |
| 1000000 | 4.625%, 06/30/30 |  | 1007560 |
|  |  |  | 13667770 |
|  | Financials (18.4%) | Financials (18.4%) | Financials (18.4%) |
| 1000000 | AerCap Ireland Capital DAC/AerCap <br>Global Aviation Trust<br>4.875%, 04/01/28 |  | 1015480 |
| 1000000 | African Development Bank<br>3.875%, 06/12/28 |  | 1005640 |
| 1000000 | Allstate Corp.<br>5.050%, 06/24/29 |  | 1029600 |
| 250000 | Ally Financial, Inc.‡<br>5.737%, 05/15/29<br>1 day USD SOFR Index + 1.96% |  | 255060 |
| 1000000 | American Express Co.‡<br>5.085%, 01/30/31<br>1 day USD SOFR Index + 1.02% |  | 1030840 |
| 500000 | 5.389%, 07/28/27<br>1 day USD SOFR + 0.97% |  | 504365 |
| 1000000 | American Homes 4 Rent LP<br>4.950%, 06/15/30 |  | 1019760 |
| 1000000 | American International Group, Inc.<br>4.850%, 05/07/30 |  | 1022650 |
| 1000000 | Aon North America, Inc.<br>5.125%, 03/01/27 |  | 1012720 |
| 500000 | Arthur J Gallagher & Co.<br>4.850%, 12/15/29 |  | 510645 |
| 500000 | 4.600%, 12/15/27 |  | 504855 |
| 2000000 | Asian Development Bank<br>2.750%, 01/19/28 |  | 1962700 |
| 1000000 | Asian Infrastructure Investment Bank<br>4.000%, 01/18/28 |  | 1007290 |
| 750000 | Aviation Capital Group LLC\*<br>1.950%, 09/20/26 |  | 734137 |
| 500000 | Avolon Holdings Funding Ltd.\*<br>6.375%, 05/04/28 |  | 521190 |
| 250000 | 5.500%, 01/15/26 |  | 250277 |
| 1000000 | AXIS Specialty Finance PLC<br>4.000%, 12/06/27 |  | 997170 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Short-Term Bond Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| 1000000 | Bank of America Corp.‡<br>4.979%, 01/24/29<br>1 day USD SOFR + 0.83% | $1017870 |
| 250000 | 1.658%, 03/11/27<br>1 day USD SOFR + 0.91% | 247688 |
| 1000000 | Bank of Montreal<br>5.203%, 02/01/28 | 1024510 |
| 500000 | 4.350%, 09/22/31‡<br>1 day USD SOFR Index + 1.08% | 498330 |
| 1000000 | Bank of New York Mellon‡<br>4.729%, 04/20/29<br>1 day USD SOFR + 1.14% | 1016660 |
| 1000000 | Bank of Nova Scotia<br>5.250%, 06/12/28 | 1030170 |
| 250000 | BlackRock Funding, Inc.^<br>4.600%, 07/26/27 | 253120 |
| 500000 | Blackstone Private Credit Fund^<br>4.950%, 09/26/27 | 502400 |
| 1250000 | Capital One Financial Corp.<br>4.100%, 02/09/27 | 1248162 |
| 1000000 | CBRE Services, Inc.<br>4.800%, 06/15/30 | 1015710 |
| 250000 | Charles Schwab Corp.<br>0.900%, 03/11/26 | 247293 |
| 1000000 | Chubb INA Holdings LLC<br>4.650%, 08/15/29 | 1020650 |
| 1000000 | Citigroup, Inc.‡<br>3.887%, 01/10/28<br>3 mo. USD Term SOFR + 1.82% | 996270 |
| 1000000 | CNO Global Funding\*<br>5.875%, 06/04/27 | 1025290 |
| 750000 | Comerica, Inc.‡<br>5.982%, 01/30/30<br>1 day USD SOFR + 2.16% | 780337 |
| 1000000 | Cooperatieve Rabobank UA\*‡<br>4.655%, 08/22/28<br>1 yr. CMT + 1.75% | 1008420 |
| 1000000 | COPT Defense Properties LP<br>4.500%, 10/15/30 | 994490 |
| 1000000 | Council of Europe Development Bank<br>3.750%, 05/25/26 | 999020 |
| 330000 | Credit Acceptance Corp.\*<br>9.250%, 12/15/28 | 346206 |
| 222000 | 6.625%, 03/15/30 | 221827 |
| 1000000 | Danske Bank AS\*‡<br>4.298%, 04/01/28<br>1 yr. CMT + 1.75% | 1001020 |
| 1000000 | Enact Holdings, Inc.<br>6.250%, 05/28/29 | 1046870 |
| 1000000 | Essent Group Ltd.<br>6.250%, 07/01/29 | 1047680 |
| 1250000 | European Bank for Reconstruction & <br>Development<br>0.500%, 11/25/25 | 1247250 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| 1000000 | European Investment Bank<br>3.250%, 11/15/27 | $992560 |
| 500000 | Federal Realty OP LP<br>1.250%, 02/15/26 | 495595 |
| 1000000 | Federation des Caisses Desjardins <br>du Quebec\*<br>4.565%, 08/26/30 | 1005750 |
| 1000000 | Fifth Third Bank NA‡<br>4.967%, 01/28/28<br>1 day USD SOFR + 0.81% | 1009050 |
| 1000000 | First Industrial LP<br>5.250%, 01/15/31 | 1023460 |
| 1000000 | Fiserv, Inc.<br>4.750%, 03/15/30 | 999950 |
| 1000000 | FNB Corp.‡<br>5.722%, 12/11/30<br>1 day USD SOFR Index + 1.93% | 1019050 |
| 500000 | GGAM Finance Ltd.\*^<br>8.000%, 06/15/28 | 531060 |
| 1000000 | GLP Capital LP/GLP Financing II, Inc.<br>5.750%, 06/01/28 | 1028470 |
| 500000 | Goldman Sachs BDC, Inc.<br>6.375%, 03/11/27 | 510015 |
| 735000 | HAT Holdings I LLC/HAT Holdings II LLC\*<br>8.000%, 06/15/27 | 763908 |
| 1000000 | JPMorgan Chase & Co.‡<br>4.915%, 01/24/29<br>1 day USD SOFR + 0.80% | 1017820 |
| 250000 | 1.578%, 04/22/27<br>1 day USD SOFR + 0.89% | 246958 |
| 500000 | KeyCorp‡<br>5.121%, 04/04/31<br>1 day USD SOFR Index + 1.23% | 512110 |
| 1000000 | Kreditanstalt fuer Wiederaufbau<br>3.750%, 02/15/28 | 1002590 |
| 300000 | 1.000%, 10/01/26^ | 292455 |
| 1000000 | Ladder Capital Finance Holdings <br>LLLP/Ladder Capital Finance Corp.\*<br>4.750%, 06/15/29 | 981970 |
| 1000000 | LPL Holdings, Inc.\*^<br>4.625%, 11/15/27 | 999070 |
| 1000000 | M&T Bank Corp.^‡<br>4.833%, 01/16/29<br>1 day USD SOFR + 0.93% | 1011470 |
| 1000000 | Macquarie Airfinance Holdings Ltd.\*<br>5.200%, 03/27/28 | 1015740 |
| 250000 | Manufacturers & Traders Trust Co.<br>4.650%, 01/27/26 | 250127 |
| 500000 | Metropolitan Life Global Funding I\*<br>5.000%, 01/06/26 | 500830 |
| 500000 | Morgan Stanley‡<br>5.042%, 07/19/30<br>1 day USD SOFR + 1.22% | 512775 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Short-Term Bond Fund Schedule of Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| 500000 | Morgan Stanley Bank NA‡<br>4.952%, 01/14/28<br>1 day USD SOFR + 1.08% | $504490 |
| 1000000 | MSCI, Inc.\*<br>4.000%, 11/15/29 | 975720 |
| 1000000 | Mutual of Omaha Cos Global Funding\*<br>5.350%, 04/09/27 | 1016280 |
| 750000 | Nasdaq, Inc.^<br>5.350%, 06/28/28 | 773865 |
| 500000 | National Bank of Canada<br>5.600%, 12/18/28 | 521335 |
| 1000000 | National Securities Clearing Corp.\*<br>4.700%, 05/20/30 | 1022900 |
| 500000 | NatWest Markets PLC\*<br>1.600%, 09/29/26 | 489450 |
| 500000 | Nordea Bank Abp\*<br>1.500%, 09/30/26 | 488830 |
| 1000000 | Nuveen LLC\*<br>5.550%, 01/15/30 | 1043240 |
| 1000000 | Oesterreichische Kontrollbank AG<br>3.625%, 09/09/27 | 998570 |
| 500000 | OneMain Finance Corp.<br>3.500%, 01/15/27 | 492105 |
| 1000000 | PayPal Holdings, Inc.<br>2.650%, 10/01/26 | 989340 |
| 1000000 | PNC Bank NA^‡<br>4.775%, 01/15/27<br>1 day USD SOFR + 0.50% | 1000730 |
| 500000 | Pricoa Global Funding I\*<br>1.200%, 09/01/26 | 489225 |
| 1000000 | Principal Life Global Funding II\*<br>4.950%, 11/27/29 | 1022780 |
| 200000 | 5.000%, 01/16/27^ | 202178 |
| 1000000 | Prologis LP<br>4.750%, 01/15/31 | 1021060 |
| 500000 | Prologis Targeted U.S. Logistics Fund LP\*<br>5.250%, 04/01/29 | 515600 |
| 250000 | Realty Income Corp.<br>3.950%, 02/01/29 | 248718 |
| 500000 | RGA Global Funding\*<br>4.350%, 08/25/28 | 501140 |
| 500000 | RLJ Lodging Trust LP\*<br>3.750%, 07/01/26 | 496635 |
| 500000 | Rocket Mortgage LLC/Rocket <br>Mortgage Co-Issuer, Inc.\*<br>2.875%, 10/15/26 | 491325 |
| 750000 | Royal Bank of Canada<br>6.000%, 11/01/27 | 779182 |
| 250000 | 0.875%, 01/20/26 | 248315 |
| 500000 | SBA Tower Trust\*<br>1.631%, 05/15/51 | 485965 |
| 250000 | 1.840%, 04/15/27 | 239993 |
| 200000 | 1.884%, 07/15/50 | 198932 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 300000 | Skandinaviska Enskilda Banken AB\*^<br>1.200%, 09/09/26 | $| 293043 |
| 500000 | SLM Corp.<br>3.125%, 11/02/26 |  | 491675 |
| 500000 | State Street Corp.‡<br>5.751%, 11/04/26<br>1 day USD SOFR + 1.35% |  | 500000 |
| 500000 | 4.530%, 02/20/29<br>1 day USD SOFR + 1.02% |  | 504870 |
| 500000 | Synovus Bank<br>5.625%, 02/15/28 |  | 510840 |
| 1000000 | Toronto-Dominion Bank<br>4.808%, 06/03/30 |  | 1020110 |
| 1000000 | Toyota Motor Credit Corp.^<br>4.625%, 01/12/28 |  | 1014510 |
| 1000000 | Truist Bank‡<br>4.136%, 10/23/29<br>1 day USD SOFR + 0.91% |  | 996350 |
| 1000000 | U.S. Bancorp‡<br>5.100%, 07/23/30<br>1 day USD SOFR + 1.25% |  | 1027980 |
|  |  |  | 75561686 |
|  | Health Care (3.2%) | Health Care (3.2%) | Health Care (3.2%) |
| 1000000 | 180 Medical, Inc.\*<br>3.875%, 10/15/29 |  | 967320 |
| 1000000 | Agilent Technologies, Inc.<br>2.750%, 09/15/29 |  | 948240 |
| 250000 | Bristol-Myers Squibb Co.<br>4.900%, 02/22/27 |  | 253182 |
| 1000000 | Cardinal Health, Inc.<br>5.000%, 11/15/29 |  | 1027010 |
| 1000000 | CVS Health Corp.<br>5.000%, 02/20/26 |  | 1001550 |
| 1000000 | Elevance Health, Inc.<br>4.101%, 03/01/28 |  | 999270 |
| 1000000 | Gilead Sciences, Inc.<br>1.200%, 10/01/27 |  | 951740 |
| 1000000 | Illumina, Inc.<br>5.800%, 12/12/25 |  | 1000660 |
| 1000000 | IQVIA, Inc.<br>5.700%, 05/15/28 |  | 1031020 |
| 500000 | Laboratory Corp. of America Holdings<br>2.950%, 12/01/29 |  | 475385 |
| 1000000 | McKesson Corp.<br>4.650%, 05/30/30 |  | 1016770 |
| 1000000 | 0.900%, 12/03/25 |  | 997220 |
| 500000 | Sanofi SA††<br>3.800%, 11/03/28 |  | 499150 |
| 295000 | Teva Pharmaceutical Finance <br>Netherlands III BV<br>3.150%, 10/01/26 |  | 290537 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Short-Term Bond Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 1000000 | Thermo Fisher Scientific, Inc.<br>5.000%, 01/31/29 | $| 1029030 |
| 500000 | UnitedHealth Group, Inc.<br>5.250%, 02/15/28 |  | 513405 |
|  |  |  | 13001489 |
|  | Industrials (7.2%) | Industrials (7.2%) | Industrials (7.2%) |
| 500000 | AAR Escrow Issuer LLC\*<br>6.750%, 03/15/29 |  | 516510 |
| 1000000 | AGCO Corp.<br>5.450%, 03/21/27 |  | 1014170 |
| 500000 | Air Lease Corp.<br>2.200%, 01/15/27 |  | 487485 |
| 500000 | American Airlines, Inc./AAdvantage <br>Loyalty IP Ltd.\*<br>5.750%, 04/20/29 |  | 504595 |
| 1000000 | Amphenol Corp.<br>5.050%, 04/05/27 |  | 1014700 |
| 1000000 | Amrize Finance U.S. LLC\*<br>4.700%, 04/07/28 |  | 1012000 |
| 466000 | Berry Global, Inc.\*<br>4.875%, 07/15/26 |  | 466130 |
| 1000000 | Canadian Pacific Railway Co.<br>4.000%, 06/01/28 |  | 998560 |
| 500000 | Cascades, Inc./Cascades USA, Inc.\*<br>6.750%, 07/15/30 |  | 511530 |
| 1000000 | CNH Industrial Capital LLC<br>4.500%, 10/08/27 |  | 1006960 |
| 1100000 | CRH SMW Finance DAC<br>5.125%, 01/09/30 |  | 1132230 |
| 974432 | Delta Air Lines Pass-Through Trust <br>Series 2020-1, Class AA<br>2.000%, 12/10/29 |  | 936010 |
| 1100000 | Eaton Capital ULC<br>4.450%, 05/09/30 |  | 1110593 |
| 250000 | GATX Corp.<br>5.400%, 03/15/27 |  | 253735 |
| 500000 | Graphic Packaging International LLC\*<br>1.512%, 04/15/26 |  | 493320 |
| 500000 | GXO Logistics, Inc.<br>1.650%, 07/15/26 |  | 490420 |
| 500000 | Harley-Davidson Financial Services, Inc.\*<br>6.500%, 03/10/28 |  | 522170 |
| 500000 | Herc Holdings, Inc.\*<br>6.625%, 06/15/29 |  | 516705 |
| 1000000 | Ingersoll Rand, Inc.<br>5.400%, 08/14/28 |  | 1033820 |
| 500000 | Johnson Controls International <br>PLC/Tyco Fire & Security Finance SCA<br>5.500%, 04/19/29 |  | 519800 |
| 1000000 | Lennox International, Inc.<br>5.500%, 09/15/28 |  | 1033440 |
| 1000000 | Mohawk Industries, Inc.<br>5.850%, 09/18/28 |  | 1044120 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 1000000 | Nordson Corp.<br>5.600%, 09/15/28 | $| 1036130 |
| 1000000 | Owens Corning^<br>5.500%, 06/15/27 |  | 1020280 |
| 1000000 | Parker-Hannifin Corp.<br>4.250%, 09/15/27 |  | 1004910 |
| 1000000 | Paychex, Inc.<br>5.100%, 04/15/30 |  | 1028180 |
| 1000000 | Penske Truck Leasing Co. <br>LP/PTL Finance Corp.\*^<br>5.250%, 02/01/30 |  | 1031500 |
| 1000000 | Ryder System, Inc.<br>5.650%, 03/01/28 |  | 1033000 |
| 250000 | Sealed Air Corp.\*<br>4.000%, 12/01/27 |  | 246603 |
| 389000 | Sealed Air Corp./Sealed Air Corp. U.S.\*<br>6.125%, 02/01/28 |  | 394217 |
| 500000 | Sensata Technologies BV\*<br>4.000%, 04/15/29 |  | 487690 |
| 500000 | SMBC Aviation Capital Finance DAC\*^<br>5.100%, 04/01/30 |  | 512080 |
| 500000 | 1.900%, 10/15/26 |  | 489515 |
| 500000 | TransDigm, Inc.\*<br>6.375%, 03/01/29 |  | 513775 |
| 1000000 | Tyco Electronics Group SA^<br>4.500%, 02/13/26 |  | 1000590 |
| 314454 | United Airlines Pass-Through Trust <br>Series 2018-1, Class B<br>4.600%, 09/01/27 |  | 314114 |
| 547965 | United Airlines Pass-Through Trust <br>Series 2019-1, Class A<br>4.550%, 02/25/33 |  | 528057 |
| 525618 | United Airlines Pass-Through Trust <br>Series 2019-2, Class A<br>2.900%, 11/01/29 |  | 498833 |
| 1000000 | Veralto Corp.<br>5.500%, 09/18/26 |  | 1011000 |
| 500000 | WESCO Distribution, Inc.\*<br>6.375%, 03/15/29 |  | 516510 |
| 500000 | Williams Scotsman, Inc.\*<br>6.625%, 06/15/29 |  | 515010 |
|  |  |  | 29800997 |
|  | Information Technology (5.4%) | Information Technology (5.4%) | Information Technology (5.4%) |
| 1000000 | Accenture Capital, Inc.<br>4.050%, 10/04/29 |  | 1000040 |
| 1000000 | Applied Materials, Inc.<br>4.800%, 06/15/29 |  | 1024800 |
| 1000000 | Block, Inc.\*<br>5.625%, 08/15/30 |  | 1015840 |
| 1000000 | Booz Allen Hamilton, Inc.\*<br>3.875%, 09/01/28 |  | 981580 |
| 500000 | Broadcom, Inc.<br>4.200%, 10/15/30 |  | 498950 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Short-Term Bond Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 715000 | Broadridge Financial Solutions, Inc.<br>3.400%, 06/27/26 | $| 710810 |
| 1000000 | Cadence Design Systems, Inc.<br>4.200%, 09/10/27 |  | 1003300 |
| 500000 | CDW LLC/CDW Finance Corp.<br>3.250%, 02/15/29 |  | 479265 |
| 500000 | CGI, Inc.<br>1.450%, 09/14/26 |  | 488630 |
| 1000000 | Dell International LLC/EMC Corp.<br>4.750%, 04/01/28 |  | 1014230 |
| 500000 | Fortinet, Inc.<br>1.000%, 03/15/26 |  | 493875 |
| 1000000 | Hewlett Packard Enterprise Co.<br>4.400%, 09/25/27 |  | 1004130 |
| 500000 | HP, Inc.<br>1.450%, 06/17/26 |  | 491370 |
| 505000 | International Business Machines Corp.^<br>4.500%, 02/06/26 |  | 505389 |
| 1000000 | Intuit, Inc.<br>5.250%, 09/15/26 |  | 1010470 |
| 1000000 | Keysight Technologies, Inc.<br>3.000%, 10/30/29 |  | 952020 |
| 1000000 | Mercedes-Benz Finance North <br>America LLC\*<br>5.375%, 11/26/25 |  | 1000630 |
| 1000000 | NVIDIA Corp.<br>1.550%, 06/15/28 |  | 945940 |
| 250000 | NXP BV/NXP Funding LLC/NXP USA, Inc.<br>4.300%, 08/19/28 |  | 250457 |
| 500000 | Open Text Corp.\*<br>6.900%, 12/01/27 |  | 520940 |
| 1000000 | Oracle Corp.<br>2.650%, 07/15/26 |  | 990280 |
| 500000 | 4.800%, 08/03/28 |  | 507180 |
| 500000 | Roper Technologies, Inc.<br>4.200%, 09/15/28 |  | 500925 |
| 1000000 | Synopsys, Inc.<br>4.850%, 04/01/30 |  | 1017950 |
| 1000000 | Take-Two Interactive Software, Inc.<br>5.400%, 06/12/29 |  | 1035690 |
| 500000 | 5.000%, 03/28/26 |  | 501480 |
| 1000000 | TD SYNNEX Corp.<br>4.300%, 01/17/29 |  | 997980 |
| 500000 | Texas Instruments, Inc.<br>4.600%, 02/15/28 |  | 508130 |
| 250000 | 1.125%, 09/15/26 |  | 244285 |
| 500000 | Viavi Solutions, Inc.\*<br>3.750%, 10/01/29 |  | 472455 |
|  |  |  | 22169021 |
|  | Materials (0.6%) | Materials (0.6%) | Materials (0.6%) |
| 500000 | Alcoa Nederland Holding BV\*<br>5.500%, 12/15/27 |  | 499060 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 410000 | Ball Corp.^<br>6.875%, 03/15/28 | $| 417437 |
| 637000 | Celanese U.S. Holdings LLC<br>6.665%, 07/15/27 |  | 654307 |
| 250000 | Genuine Parts Co.<br>4.950%, 08/15/29 |  | 252848 |
| 500000 | Sherwin-Williams Co.<br>3.450%, 06/01/27 |  | 495425 |
|  |  |  | 2319077 |
|  | Other (2.2%) | Other (2.2%) | Other (2.2%) |
| 500000 | Alumina Pty. Ltd.\*<br>6.125%, 03/15/30 |  | 513040 |
| 1000000 | Element Fleet Management Corp.\*<br>5.037%, 03/25/30 |  | 1021970 |
| 1000000 | European Investment Bank<br>4.000%, 02/15/29 |  | 1010570 |
| 500000 | Gen Digital, Inc.\*<br>6.750%, 09/30/27 |  | 508330 |
| 1000000 | Inter-American Development Bank<br>4.000%, 01/12/28 |  | 1007500 |
| 1000000 | International Bank for Reconstruction & <br>Development<br>1.375%, 04/20/28 |  | 947150 |
| 1000000 | International Finance Corp.<br>4.500%, 01/21/28 |  | 1018220 |
| 500000 | JB Hunt Transport Services, Inc.<br>4.900%, 03/15/30 |  | 511855 |
| 500000 | Nissan Motor Acceptance Co. LLC\*<br>7.050%, 09/15/28 |  | 517870 |
| 1000000 | Nordic Investment Bank<br>3.750%, 05/09/30 |  | 1000960 |
| 1000000 | VICI Properties LP<br>4.750%, 04/01/28 |  | 1010090 |
|  |  |  | 9067555 |
|  | Real Estate (2.2%) | Real Estate (2.2%) | Real Estate (2.2%) |
| 1000000 | American Tower Corp.<br>1.600%, 04/15/26 |  | 988730 |
| 1000000 | Boston Properties LP<br>6.750%, 12/01/27 |  | 1046570 |
| 1000000 | Brixmor Operating Partnership LP<br>4.125%, 06/15/26 |  | 999070 |
| 1000000 | Camden Property Trust<br>5.850%, 11/03/26 |  | 1017120 |
| 1000000 | Crown Castle, Inc.<br>4.450%, 02/15/26 |  | 999350 |
| 750000 | Global Net Lease, Inc./Global Net<br>Lease Operating Partnership LP\*<br>3.750%, 12/15/27 |  | 727800 |
| 1000000 | Public Storage Operating Co.^<br>5.125%, 01/15/29 |  | 1031910 |
| 1000000 | Realty Income Corp.<br>5.050%, 01/13/26 |  | 1000190 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Short-Term Bond Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 500000 | Simon Property Group LP<br>4.375%, 10/01/30 | $| 502385 |
| 500000 | 1.375%, 01/15/27 |  | 484330 |
| 167000 | Weyerhaeuser Co.^<br>4.750%, 05/15/26 |  | 167528 |
|  |  |  | 8964983 |
|  | Special Purpose Acquisition Company (0.2%) | Special Purpose Acquisition Company (0.2%) | Special Purpose Acquisition Company (0.2%) |
| 1000000 | New York Life Global Funding\*<br>4.150%, 07/25/28 |  | 1004180 |
|  | Utilities (2.5%) | Utilities (2.5%) | Utilities (2.5%) |
| 250000 | AES Corp.<br>1.375%, 01/15/26 |  | 248437 |
| 1000000 | Alliant Energy Finance LLC\*<br>5.400%, 06/06/27 |  | 1012050 |
| 1000000 | CMS Energy Corp.<br>3.600%, 11/15/25 |  | 1000000 |
| 1000000 | Dayton Power & Light Co.\*<br>4.550%, 08/15/30 |  | 996100 |
| 1000000 | Duke Energy Carolinas LLC<br>4.850%, 03/15/30 |  | 1028030 |
| 500000 | Entergy Texas, Inc.<br>1.500%, 09/01/26 |  | 488590 |
| 500000 | National Rural Utilities Cooperative <br>Finance Corp.^<br>4.120%, 09/16/27 |  | 501550 |
| 1000000 | NextEra Energy Capital Holdings, Inc.<br>4.850%, 02/04/28 |  | 1017870 |
| 1000000 | Niagara Mohawk Power Corp.\*<br>4.647%, 10/03/30 |  | 1007370 |
| 1000000 | NiSource, Inc.<br>5.200%, 07/01/29 |  | 1032870 |
| 1000000 | NSTAR Electric Co.<br>3.200%, 05/15/27 |  | 988310 |
| 25000 | PPL Capital Funding, Inc.‡<br>6.928%, 03/30/67<br>3 mo. USD Term SOFR + 2.93% |  | 24650 |
| 1000000 | Sempra<br>3.400%, 02/01/28 |  | 981870 |
|  |  |  | 10327697 |
|  | **TOTAL CORPORATE BONDS**<br> (Cost $229,372,398) |  | 232480130 |
| **U.S. GOVERNMENT AND AGENCY SECURITIES (5.7%)** |  |  |  |
| 11000000 | U.S. Treasury Notes<br>4.250%, 02/28/29 |  | 11215274 |
| 5000000 | 4.250%, 01/31/30 |  | 5111914 |
| 4000000 | 3.375%, 09/15/28 |  | 3975781 |
| 3000000 | 3.500%, 09/30/29 |  | 2983125 |
|  | **TOTAL U.S. GOVERNMENT AND <br>AGENCY SECURITIES**<br> (Cost $22,876,011) |  | 23286094 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| **SOVEREIGN BONDS (2.0%)** |  |  |  |
| 1000000 | Development Bank of Japan, Inc.\*<br>5.125%, 09/01/26 | $| 1009023 |
| 1000000 | Export Development Canada<br>4.125%, 02/13/29 |  | 1013968 |
| 500000 | 3.875%, 02/14/28 |  | 502478 |
| 1003000 | Export-Import Bank of Korea<br>5.000%, 01/11/28 |  | 1026571 |
| 1000000 | Japan Bank for International Cooperation<br>4.250%, 04/27/26 |  | 1000981 |
| 1000000 | Kommunalbanken AS\*<br>3.625%, 10/16/28 |  | 998351 |
| 500000 | 0.500%, 01/13/26 |  | 496567 |
| 200000 | 4.500%, 09/01/28 |  | 204196 |
| 1000000 | Kommuninvest I Sverige AB\*<br>4.250%, 12/10/25 |  | 999904 |
| 1000000 | Svensk Exportkredit AB<br>4.125%, 06/14/28 |  | 1010165 |
|  | **TOTAL SOVEREIGN BONDS**<br> (Cost $8,236,258) |  | 8262204 |
| **BANK LOANS (8.4%)¡** |  |  |  |
|  | Airlines (0.2%) | Airlines (0.2%) | Airlines (0.2%) |
| 985000 | Air Canada‡<br>2024 Term Loan B, 5.965%, 03/21/31<br>1 mo. USD Term SOFR + 2.00% |  | 988570 |
|  | Communication Services (0.6%) | Communication Services (0.6%) | Communication Services (0.6%) |
| 855764 | APi Group DE, Inc.‡<br>2025 Term Loan, 5.715%, 01/03/29<br>1 mo. USD Term SOFR + 1.75% |  | 857693 |
| 496250 | Charter Communications Operating LLC‡<br>2024 Term Loan B5, 6.235%, 12/15/31<br>3 mo. USD Term SOFR + 2.25% |  | 495997 |
| 60852 | DirecTV Financing LLC‡<br>Term Loan, 9.102%, 08/02/27<br>3 mo. USD Term SOFR + 5.00% |  | 61000 |
| 991241 | TripAdvisor, Inc.‡<br>Term Loan, 6.715%, 07/08/31<br>1 mo. USD Term SOFR + 2.75% |  | 961504 |
|  |  |  | 2376194 |
|  | Consumer Discretionary (1.8%) | Consumer Discretionary (1.8%) | Consumer Discretionary (1.8%) |
| 1029000 | Adient U.S. LLC‡<br>2024 Term Loan B2, 6.215%, 01/31/31<br>1 mo. USD Term SOFR + 2.25% |  | 1031634 |
| 303973 | American Airlines, Inc.‡<br>2025 Term Loan, 6.134%, 04/20/28<br>3 mo. USD Term SOFR + 2.25% |  | 304664 |
| 663704 | American Axle & Manufacturing, Inc.‡,<br>7.048%, 12/13/29<br>1 mo. USD Term SOFR + 3.00% |  | 664119 |
| 296296 | American Axle & Manufacturing, Inc.‡<br>2022 Term Loan B, 7.061%, 12/13/29<br>6 mo. USD Term SOFR + 3.00% |  | 296481 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Short-Term Bond Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 992513 | Life Time Fitness, Inc.‡<br>2025 Term Loan, 6.106%, 11/05/31<br>1 mo. USD Term SOFR + 2.00% | $| 994140 |
| 987525 | Light & Wonder International, Inc.‡<br>2024 Term Loan B2, 6.287%, 04/14/29<br>1 mo. USD Term SOFR + 2.25% |  | 991845 |
| 1150000 | Murphy USA, Inc.‡<br>Term Loan B, 5.879%, 04/07/32<br>1 mo. USD Term SOFR + 1.75% |  | 1161259 |
| 992481 | Raising Cane's Restaurants LLC‡<br>2024 Term Loan B, 5.965%, 09/18/31<br>1 mo. USD Term SOFR + 2.00% |  | 993310 |
| 987500 | Six Flags Entertainment Corp.‡<br>2024 Term Loan B, 5.965%, 05/01/31<br>1 mo. USD Term SOFR + 2.00% |  | 982770 |
|  |  |  | 7420222 |
|  | Consumer Staples (0.7%) | Consumer Staples (0.7%) | Consumer Staples (0.7%) |
| 997500 | Avis Budget Car Rental LLC‡<br>2025 Term Loan B, 6.465%, 07/16/32<br>1 mo. USD Term SOFR + 2.50% |  | 987111 |
| 927733 | Energizer Holdings, Inc.‡<br>2025 Term Loan B, 6.002%, 03/19/32<br>1 mo. USD Term SOFR + 2.00% |  | 930632 |
| 995161 | Organon & Co.‡<br>2024 USD Term Loan, 6.241%, 05/19/31<br>1 mo. USD Term SOFR + 2.25% |  | 903417 |
|  |  |  | 2821160 |
|  | Energy (0.2%) | Energy (0.2%) | Energy (0.2%) |
| 979923 | Par Petroleum LLC‡<br>2024 Term Loan B, 7.687%, 02/28/30<br>3 mo. USD Term SOFR + 3.75% |  | 982985 |
|  | Financials (0.6%) | Financials (0.6%) | Financials (0.6%) |
| 984839 | Iron Mountain, Inc.‡<br>2023 Term Loan B, 5.965%, 01/31/31<br>1 mo. USD Term SOFR + 2.00% |  | 986789 |
| 619566 | Jazz Financing Lux SARL‡<br>2024 1st Lien Term Loan B2, <br>6.215%, 05/05/28<br>1 mo. USD Term SOFR + 2.25% |  | 621759 |
| 1000000 | Starwood Property Trust, Inc.‡<br>2025 Term Loan B, 6.215%, 09/24/32<br>1 mo. USD Term SOFR + 2.25% |  | 1003750 |
|  |  |  | 2612298 |
|  | Health Care (0.6%) | Health Care (0.6%) | Health Care (0.6%) |
| 955331 | DaVita, Inc.‡<br>2025 Term Loan B, 5.715%, 05/09/31<br>1 mo. USD Term SOFR + 1.75% |  | 957997 |
| 283448 | Elanco Animal Health, Inc.‡<br>Term Loan B, 5.984%, 08/01/27<br>1 mo. USD Term SOFR + 1.75% |  | 283709 |
| 258276 | Elanco Animal Health, Inc.!<br>2025 Term Loan B, 0.000%, 10/31/32 |  | 258922 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 987538 | Medline Borrower LP‡<br>2025 Term Loan B, 5.965%, 10/23/28<br>1 mo. USD Term SOFR + 2.00% | $ | 989428 |
|  |  |  | 2490056 |
|  | Industrials (1.1%) | Industrials (1.1%) | Industrials (1.1%) |
| 482143 | Coherent Corp.‡<br>2025 Term Loan B2, 5.715%, 07/02/29<br>1 mo. USD Term SOFR + 1.75% |  | 483498 |
| 995000 | Novelis Corp.‡<br>2025 Term Loan B, 5.752%, 03/11/32<br>3 mo. USD Term SOFR + 1.75% |  | 998652 |
| 995000 | Quikrete Holdings, Inc.‡<br>2025 Term Loan B, 6.215%, 02/10/32<br>1 mo. USD Term SOFR + 2.25% |  | 997333 |
| 1000000 | Stonepeak Nile Parent LLC‡<br>2025 Term Loan B, 6.162%, 04/09/32<br>3 mo. USD Term SOFR + 2.25% |  | 1000105 |
| 980143 | Vertiv Group Corp.‡<br>2025 Term Loan, 5.879%, 08/12/32<br>1 mo. USD Term SOFR + 1.75% |  | 983098 |
|  |  |  | 4462686 |
|  | Information Technology (1.0%) | Information Technology (1.0%) | Information Technology (1.0%) |
| 985000 | KBR, Inc.‡<br>2024 1st Lien Term Loan B, <br>5.965%, 01/17/31<br>1 mo. USD Term SOFR + 2.00% |  | 990984 |
| 489913 | Open Text Corp.‡<br>2023 Term Loan B, 5.715%, 01/31/30<br>1 mo. USD Term SOFR + 1.75% |  | 490189 |
| 766773 | SS&C Technologies, Inc.‡<br>2024 Term Loan B8, 5.965%, 05/09/31<br>1 mo. USD Term SOFR + 2.00% |  | 769330 |
| 857192 | TTM Technologies, Inc.‡<br>2024 Term Loan B, 6.384%, 05/30/30<br>1 mo. USD Term SOFR + 2.25% |  | 861478 |
| 972724 | ZoomInfo LLC‡<br>2024 Term Loan B, 5.715%, 02/28/30<br>1 mo. USD Term SOFR + 1.75% |  | 961845 |
|  |  |  | 4073826 |
|  | Materials (1.3%) | Materials (1.3%) | Materials (1.3%) |
| 1059285 | Axalta Coating Systems <br>U.S. Holdings, Inc.‡<br>2024 Term Loan B7, 5.752%, 12/20/29<br>3 mo. USD Term SOFR + 1.75% |  | 1062595 |
| 977114 | Chemours Co.‡<br>2025 Term Loan B, 7.465%, 10/15/32<br>1 mo. USD Term SOFR + 3.50% |  | 963434 |
| 333325 | Knife River HoldCo‡<br>Term Loan, 6.123%, 03/08/32<br>3 mo. USD Term SOFR + 2.00% |  | 334992 |
| 1000000 | Qnity Electronics, Inc.!<br>Term Loan B, 0.000%, 08/12/32 |  | 1001880 |
| 1000000 | Solstice Advanced Materials, Inc.!<br>Term Loan B, 0.000%, 09/17/32 |  | 1003540 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Short-Term Bond Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 997500 | Terex Corp.‡<br>2025 Term Loan, 5.715%, 10/08/31<br>1 mo. USD Term SOFR + 1.75% | $ | 1002019 |
|  |  |  | 5368460 |
|  | Other (0.3%) | Other (0.3%) | Other (0.3%) |
| 995000 | DK Crown Holdings, Inc.‡<br>2025 Term Loan B, 5.856%, 03/04/32<br>1 mo. USD Term SOFR + 1.75% |  | 992204 |
|  | **TOTAL BANK LOANS**<br> (Cost $34,657,848) |  | 34588661 |
| **ASSET BACKED SECURITIES (21.1%)** |  |  |  |
|  | Communication Services (0.2%) | Communication Services (0.2%) | Communication Services (0.2%) |
| 1000000 | T-Mobile U.S. Trust <br>Series 2024-2A, Class A\*<br>4.250%, 05/21/29 |  | 1002881 |
|  | Consumer Discretionary (1.3%) | Consumer Discretionary (1.3%) | Consumer Discretionary (1.3%) |
| 1500000 | Avis Budget Rental Car Funding <br>AESOP LLC Series 2023-3A, Class A\*<br>5.440%, 02/22/28 |  | 1517732 |
| 1000000 | CCG Receivables Trust <br>Series 2023-1, Class B\*<br>5.990%, 09/16/30 |  | 1011466 |
| 1000000 | CCG Receivables Trust <br>Series 2023-1, Class C\*<br>6.280%, 09/16/30 |  | 1013973 |
| 800000 | Octane Receivables Trust <br>Series 2023-1A, Class B\*<br>5.960%, 07/20/29 |  | 804013 |
| 868046 | Octane Receivables Trust <br>Series 2024-2A, Class A2\*<br>5.800%, 07/20/32 |  | 875359 |
|  |  |  | 5222543 |
|  | Financials (9.6%) | Financials (9.6%) | Financials (9.6%) |
| 500000 | American Express Credit Account <br>Master Trust <br>Series 2023-2, Class A<br>4.800%, 05/15/30 |  | 511449 |
| 2000000 | American Express Credit Account <br>Master Trust <br>Series 2024-2, Class A<br>5.240%, 04/15/31 |  | 2085547 |
| 2000000 | American Heritage Auto <br>Receivables Issuer Trust <br>Series 2025-1A, Class A3\*<br>4.400%, 11/15/30 |  | 2004827 |
| 77378 | Amur Equipment Finance <br>Receivables XI LLC <br>Series 2022-2A, Class A2\* <br>5.300%, 06/21/28 |  | 77550 |
| 1334619 | Amur Equipment Finance <br>Receivables XIII LLC <br>Series 2024-1A, Class A2\*<br>5.380%, 01/21/31 |  | 1346811 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| 1126000 | Bank of America Auto Trust<br>Series 2023-2A, Class A4\*<br>5.660%, 11/15/29 | $1147548 |
| 128234 | Capital One Prime Auto Receivables Trust <br>Series 2022-1, Class A3<br>3.170%, 04/15/27 | 128012 |
| 910667 | CLI Funding VI LLC <br>Series 2020-3A, Class A\*<br>2.070%, 10/18/45 | 857354 |
| 2400000 | CNH Equipment Trust <br>Series 2024-B, Class A3<br>5.190%, 09/17/29 | 2432541 |
| 219129 | Commonbond Student Loan Trust <br>Series 2017-BGS, Class A1\*<br>2.680%, 09/25/42 | 207370 |
| 77388 | Commonbond Student Loan Trust <br>Series 2018-CGS, Class A1\*<br>3.870%, 02/25/46 | 75262 |
| 284454 | Commonbond Student Loan Trust <br>Series 2019-AGS, Class A1\*<br>2.540%, 01/25/47 | 263182 |
| 443218 | Commonbond Student Loan Trust <br>Series 2021-BGS, Class A\*<br>1.170%, 09/25/51 | 385187 |
| 2000000 | Credit Acceptance Auto Loan Trust <br>Series 2024-1A, Class A\*<br>5.680%, 03/15/34 | 2018203 |
| 1000000 | Dell Equipment Finance Trust <br>Series 2024-2, Class B\*<br>4.820%, 08/22/30 | 1005329 |
| 1000000 | Dell Equipment Finance Trust <br>Series 2025-2, Class B\*<br>4.340%, 03/24/31 | 999605 |
| 582534 | ELFI Graduate Loan Program LLC <br>Series 2021-A, Class A\*<br>1.530%, 12/26/46 | 520819 |
| 818017 | ELFI Graduate Loan Program LLC <br>Series 2022-A, Class A\*<br>4.510%, 08/26/47 | 806994 |
| 70262 | Enterprise Fleet Financing LLC <br>Series 2022-4, Class A2\*<br>5.760%, 10/22/29 | 70553 |
| 1500000 | Enterprise Fleet Financing LLC <br>Series 2024-2, Class A3\*<br>5.610%, 04/20/28 | 1523987 |
| 887689 | Kubota Credit Owner Trust <br>Series 2023-2A, Class A3\*<br>5.280%, 01/18/28 | 894160 |
| 24704 | MMAF Equipment Finance LLC <br>Series 2017-B, Class A5\*<br>2.720%, 06/15/40 | 24704 |
| 2000000 | MMAF Equipment Finance LLC <br>Series 2023-A, Class A3\*<br>5.540%, 12/13/29 | 2032470 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Short-Term Bond Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 786842 | Navient Private Education Refi Loan Trust<br>Series 2020-BA, Class A2\*<br>2.120%, 01/15/69 | $| 752516 |
| 14933 | OneMain Direct Auto Receivables Trust <br>Series 2021-1A, Class A\*<br>0.870%, 07/14/28 |  | 14916 |
| 777000 | OneMain Direct Auto Receivables Trust <br>Series 2021-1A, Class B\*<br>1.260%, 07/14/28 |  | 768888 |
| 155908 | Oscar U.S. Funding XII LLC <br>Series 2021-1A, Class A4\*<br>1.000%, 04/10/28 |  | 155069 |
| 1000000 | Oscar U.S. Funding XVII LLC <br>Series 2024-2A, Class A3\*<br>4.470%, 03/12/29 |  | 1002983 |
| 202997 | PenFed Auto Receivables Owner Trust <br>Series 2022-A, Class A4\*<br>4.180%, 12/15/28 |  | 202982 |
| 2000000 | PenFed Auto Receivables Owner Trust <br>Series 2025-A, Class A3\*<br>4.030%, 07/15/30 |  | 1988398 |
| 1038750 | Porsche Financial Auto Securitization Trust <br>Series 2023-2A, Class A3\*<br>5.790%, 01/22/29 |  | 1046768 |
| 792000 | Progress Residential Trust <br>Series 2021-SFR5, Class B\*<br>1.658%, 07/17/38 |  | 780596 |
| 2000000 | SCCU Auto Receivables Trust <br>Series 2023-1A, Class B\*<br>6.080%, 11/15/29 |  | 2064706 |
| 2160000 | SoFi Consumer Loan Program Trust <br>Series 2025-1, Class B\*<br>5.120%, 02/27/34 |  | 2180611 |
| 247845 | SoFi Professional Loan Program LLC <br>Series 2018-D, Class A2FX\*<br>3.600%, 02/25/48 |  | 246212 |
| 704435 | SoFi Professional Loan Program LLC <br>Series 2020-C, Class AFX\*<br>1.950%, 02/15/46 |  | 667749 |
| 2000000 | Tesla Auto Lease Trust <br>Series 2024-B, Class A3\*<br>4.820%, 10/20/27 |  | 2008321 |
| 2000000 | Toyota Auto Loan Extended Note Trust <br>Series 2023-1A, Class A\*<br>4.930%, 06/25/36 |  | 2044108 |
| 1000000 | Volvo Financial Equipment LLC <br>Series 2024-1A, Class A3\*<br>4.290%, 10/16/28 |  | 1001928 |
| 1090000 | Volvo Financial Equipment LLC <br>Series 2024-1A, Class A4\*<br>4.290%, 07/15/31 |  | 1095369 |
|  |  |  | 39441584 |
|  | Other (10.0%) | Other (10.0%) | Other (10.0%) |
| 2000000 | Aligned Data Centers Issuer LLC <br>Series 2021-1A, Class A2\*<br>1.937%, 08/15/46 |  | 1953796 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| 2000000 | Alloya Auto Receivables Trust<br>Series 2025-1A, Class A3\*<br>4.690%, 12/26/28 | $2010184 |
| 2000000 | Compass Datacenters Issuer II LLC <br>Series 2024-1A, Class A1\*<br>5.250%, 02/25/49 | 2014505 |
| 2000000 | CyrusOne Data Centers Issuer I LLC <br>Series 2023-2A, Class A2\*<br>5.560%, 11/20/48 | 2024836 |
| 2000000 | DataBank Issuer II LLC <br>Series 2025-1A, Class A2\*<br>5.180%, 09/27/55 | 2003497 |
| 2000000 | DLLAA LLC <br>Series 2025-1A, Class A3\*<br>4.950%, 09/20/29 | 2035381 |
| 1321339 | DLLAD LLC <br>Series 2023-1A, Class A3\*<br>4.790%, 01/20/28 | 1326447 |
| 1458750 | Domino's Pizza Master Issuer LLC <br>Series 2021-1A, Class A2I\*<br>2.662%, 04/25/51 | 1377106 |
| 2000000 | Ford Credit Auto Owner Trust <br>Series 2024-1, Class A\*\*\*<br>4.870%, 08/15/36 | 2044883 |
| 1000000 | Ford Credit Floorplan Master <br>Owner Trust A <br>Series 2025-1, Class B<br>4.840%, 04/15/30 | 1010630 |
| 2000000 | GMF Floorplan Owner Revolving Trust <br>Series 2024-4A, Class A1\*<br>4.730%, 11/15/29 | 2025162 |
| 2000000 | GreatAmerica Leasing Receivables <br>Funding LLC <br>Series 2025-1, Class A3\*<br>4.490%, 04/16/29 | 2018470 |
| 1000000 | HPEFS Equipment Trust <br>Series 2024-1A, Class B\*<br>5.180%, 05/20/31 | 1003645 |
| 1000000 | HPEFS Equipment Trust <br>Series 2024-1A, Class D\*<br>5.820%, 11/20/31 | 1011509 |
| 555011 | Kubota Credit Owner Trust <br>Series 2023-1A, Class A3\*<br>5.020%, 06/15/27 | 556893 |
| 1500000 | NextGear Floorplan Master <br>Owner Trust <br>Series 2023-1A, Class A2\*<br>5.740%, 03/15/28 | 1507709 |
| 610995 | NMEF Funding LLC <br>Series 2024-A, Class A2\*<br>5.150%, 12/15/31 | 614295 |
| 2000000 | PEAC Solutions Receivables LLC <br>Series 2025-1A, Class A2\*<br>4.940%, 10/20/28 | 2012664 |

---

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Short-Term Bond Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 810751 | Post Road Equipment Finance LLC<br>Series 2024-1A, Class A2\*<br>5.590%, 11/15/29 | $| 814503 |
| 850000 | Post Road Equipment Finance LLC <br>Series 2024-1A, Class B\*<br>5.580%, 10/15/30 |  | 857307 |
| 590003 | SCF Equipment Leasing LLC <br>Series 2023-1A, Class A3\*<br>6.170%, 05/20/32 |  | 594312 |
| 986667 | SVC ABS LLC <br>Series 2023-1A, Class A\*<br>5.150%, 02/20/53 |  | 982717 |
| 2000000 | USAA Auto Owner Trust <br>Series 2024-A, Class A3\*<br>5.030%, 03/15/29 |  | 2015480 |
| 1000000 | Vantage Data Centers Issuer LLC <br>Series 2021-1A, Class A2\*<br>2.165%, 10/15/46 |  | 974582 |
| 1000000 | Vantage Data Centers Issuer LLC <br>Series 2024-1A, Class A2\*<br>5.100%, 09/15/54 |  | 1002484 |
| 894838 | Veridian Auto Receivables Trust <br>Series 2023-1A, Class A3\*<br>5.560%, 03/15/28 |  | 898129 |
| 1000000 | Verizon Master Trust <br>Series 2023-1, Class A<br>4.490%, 01/22/29 |  | 1000853 |
| 1000000 | Verizon Master Trust <br>Series 2023-6, Class A\*<br>5.350%, 09/22/31 |  | 1035832 |
| 2000000 | Wheels Fleet Lease Funding 1 LLC <br>Series 2025-2A, Class A1\*<br>4.410%, 05/18/40 |  | 2009476 |
| 220797 | World Omni Auto Receivables Trust <br>Series 2022-B, Class A3<br>3.250%, 07/15/27 |  | 220541 |
|  |  |  | 40957828 |
|  | **TOTAL ASSET BACKED SECURITIES**<br> (Cost $86,284,768) |  | 86624836 |
| **MUNICIPAL OBLIGATIONS (2.9%)** |  |  |  |
|  | Consumer Discretionary (0.1%) | Consumer Discretionary (0.1%) | Consumer Discretionary (0.1%) |
| 300000 | Washington State Housing Finance <br>Commission<br>5.345%, 12/01/27 |  | 309311 |
| 200000 | Washington State Housing Finance <br>Commission<br>5.285%, 06/01/27 |  | 204541 |
|  |  |  | 513852 |
|  | Other (2.7%) | Other (2.7%) | Other (2.7%) |
| 100000 | Alaska Housing Finance Corp.<br>4.808%, 06/01/27 |  | 101513 |
| 250000 | City of Carmel IN Waterworks Revenue<br>4.966%, 05/01/28 |  | 256260 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| 280000 | City of Mishawaka IN<br>4.680%, 02/15/26 | $280541 |
| 205000 | City of Mishawaka IN<br>4.700%, 08/15/26 | 206144 |
| 120000 | City of Omaha NE<br>0.983%, 04/15/26 | 118436 |
| 400000 | Colorado Housing & Finance Authority<br>4.390%, 11/01/29 | 407575 |
| 375000 | Colorado Housing & Finance Authority<br>5.402%, 05/01/27 | 379719 |
| 370000 | Colorado Housing & Finance Authority<br>5.452%, 11/01/27 | 376386 |
| 300000 | Colorado Housing & Finance Authority<br>1.650%, 11/01/25 | 300000 |
| 1000000 | Connecticut Housing Finance Authority<br>4.771%, 05/15/30 | 1035203 |
| 895000 | Connecticut Housing Finance Authority<br>0.974%, 11/15/25 | 893970 |
| 135000 | East Montgomery County Improvement <br>District Sales Tax Revenue<br>1.550%, 08/15/26 | 132472 |
| 415000 | Florida Housing Finance Corp.<br>5.077%, 07/01/26 | 416637 |
| 205000 | Florida Housing Finance Corp.<br>5.086%, 01/01/27 | 206400 |
| 185000 | Florida Housing Finance Corp.<br>5.136%, 07/01/27 | 186920 |
| 235000 | Idaho Housing & Finance Association<br>4.418%, 01/01/30 | 238616 |
| 200000 | Idaho Housing & Finance Association<br>4.398%, 07/01/29 | 202945 |
| 115000 | Idaho Housing & Finance Association<br>4.478%, 07/01/30 | 116869 |
| 250000 | Indiana Housing & Community <br>Development Authority<br>5.065%, 01/01/27 | 253516 |
| 175000 | Indiana Housing & Community <br>Development Authority<br>5.095%, 07/01/26 | 176433 |
| 160000 | Indiana Housing & Community <br>Development Authority<br>5.095%, 01/01/26 | 160313 |
| 505000 | Iowa Finance Authority<br>5.502%, 07/01/28 | 524900 |
| 350000 | Iowa Finance Authority<br>5.412%, 07/01/27 | 358500 |
| 260000 | Minnesota Housing Finance Agency<br>5.113%, 01/01/26 | 260366 |
| 450000 | Nevada Housing Division<br>5.268%, 04/01/27 | 457783 |
| 435000 | Nevada Housing Division<br>5.338%, 10/01/27 | 445800 |
| 250000 | Nevada Housing Division<br>5.251%, 10/01/26 | 252743 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Short-Term Bond Fund Schedule of Investments October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 100000 | New Mexico Mortgage Finance<br>Authority<br>4.447%, 03/01/30 | $| 101173 |
| 390000 | New York City Transitional Finance <br>Authority Future Tax Secured Revenue<br>3.430%, 08/01/26 |  | 388707 |
| 385000 | New York City Transitional Finance <br>Authority Future Tax Secured Revenue<br>1.250%, 05/01/26 |  | 379873 |
| 5000 | New York City Transitional Finance <br>Authority Future Tax Secured Revenue<br>1.250%, 05/01/26 |  | 4936 |
| 255000 | New York State Dormitory Authority<br>2.438%, 02/15/26 |  | 253914 |
| 125000 | Utah Housing Corp.<br>4.627%, 07/01/29 |  | 127687 |
| 145000 | Victor Valley Community College District<br>2.878%, 08/01/26 |  | 143669 |
| 300000 | West Virginia Housing Development Fund<br>4.510%, 05/01/30 |  | 303512 |
| 200000 | West Virginia Housing Development Fund<br>4.560%, 11/01/30 |  | 202438 |
| 170000 | Westminster Public Schools<br>0.906%, 12/01/26 |  | 164685 |
| 115000 | Wisconsin Housing & Economic <br>Development Authority Home <br>Ownership Revenue<br>4.518%, 03/01/29 |  | 116919 |
| 100000 | Wisconsin Housing & Economic <br>Development Authority Home <br>Ownership Revenue<br>4.568%, 09/01/29 |  | 101860 |
|  |  |  | 11036333 |
|  | Utilities (0.1%) | Utilities (0.1%) | Utilities (0.1%) |
| 505000 | Augusta GA Water & Sewer Revenue<br>4.300%, 10/01/26 |  | 505162 |
|  | **TOTAL MUNICIPAL OBLIGATIONS**<br> (Cost $11,891,764) |  | 12055347 |
| **RESIDENTIAL MORTGAGE BACKED SECURITIES (1.1%)** |  |  |  |
| 478222 | Bank Series 2019-BN16, Class A2<br>3.933%, 02/15/52 |  | 475027 |
| 2652255 | GS Mortgage Securities Corp. Trust <br>Series 2023-SHIP, Class A\*‡<br>4.322%, 09/10/38 |  | 2644417 |
| 1194134 | GS Mortgage-Backed Securities Corp. Trust <br>Series 2021-PJ4, Class A8\*‡<br>2.500%, 09/25/51 |  | 1075608 |
| 474919 | GS Mortgage-Backed Securities Trust <br>Series 2021-PJ11, Class A8\*‡<br>2.500%, 04/25/52 |  | 426140 |
|  | **TOTAL RESIDENTIAL MORTGAGE <br>BACKED SECURITIES**<br> (Cost $4,771,780) |  | 4621192 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES/<br>PRINCIPAL <br>AMOUNT |  | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (1.5%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (1.5%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (1.5%)** |
| 6271495 | State Street Navigator Securities <br>Lending Government Money <br>Market Portfolio, 4.142%†\*\*\*<br>(Cost $6,271,495) | $6271495 |
|  | **TOTAL INVESTMENTS (99.3%)**<br> (Cost $404,362,322) | 408189959 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.5%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.5%) | (6271495) |
| OTHER ASSETS, LESS LIABILITIES (2.2%) | OTHER ASSETS, LESS LIABILITIES (2.2%) | 9188307 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $411106771 |

---

**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 October 31, 2025.

†† When-issued security.

¡ Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.

! 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.

\*\* Step coupon security. Coupon changes periodically based upon a predetermined schedule. The rate shown is the rate in effect at October 31, 2025.

† Represents investment of cash collateral received from securities on loan as of October 31, 2025.

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

**FUTURES CONTRACTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF<br>CONTRACTS | DESCRIPTION | EXPIRATION<br>DATE | NOTIONAL<br>VALUE | MARKET VALUE/<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) |
| Buys<br>20,000,000 | U.S. Treasury Note 5-Year | Dec 2025 | $21842188 | $26,074\* |

---

\* This amount represents the cumulative appreciation/depreciation on futures contracts. Current day's variation margin is reported within the Statement of Assets and Liabilities for futures contracts.

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

**Note 1 – Organization and Significant Accounting Policies**

**Organization.** CALAMOS INVESTMENT TRUST, a Massachusetts business trust organized December 21, 1987 (the "Trust"), consists of nineteen 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, 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 financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), and the Funds are each considered an investment company under U.S. GAAP and follow the accounting and reporting guidance applicable to investment companies. Under U.S. GAAP, management is required to make certain estimates and assumptions at the date of the financial statements and actual results may differ from those estimates. 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 "Adviser") 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 the Fund's NAVs are determined. The valuation of the Funds' investments is in accordance with these procedures.

Fund securities that are traded on U.S. securities exchanges, except option securities, are valued at the official closing price, which is the last current reported sales price on its principal exchange at the time each Fund determines its NAV. Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market<sup>®</sup> are valued at the NASDAQ<sup>®</sup> Official Closing Price, as determined by NASDAQ<sup>®</sup>, or lacking a NASDAQ<sup>®</sup> Official Closing Price, the last current reported sale price on NASDAQ<sup>®</sup> 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 Adviser's pricing committee determines that the valuation of a security in accordance with the methods described above is not reflective of a fair value for such security, the security is valued at a fair value by the pricing committee.

www.calamos.com

------

Notes to Financial Statements

Each Fund also may use fair value pricing, pursuant to guidelines adopted by Calamos Advisors, if trading in the security is halted or if the value of a security it holds is materially affected by events occurring before the Fund's pricing time but after the close of the primary market or exchange on which the security is listed. Those procedures may utilize valuations furnished by pricing services approved by the Calamos Advisors, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.

When fair value pricing of securities is employed, the prices of securities used by the Fund to calculate its NAV may differ from market quotations or official closing prices. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund's NAV.

**Investment Transactions.** Investment transactions are recorded on a trade date basis as of October 31, 2025. Net realized gains and losses from investment transactions are reported on an identified cost basis. Interest income is recognized using the accrual method and includes accretion of original issue and market discount and amortization of premium. Dividend income is recognized on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date.

**Foreign Currency Translation.** Values of investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using a rate quoted by a major bank or dealer in the particular currency market, as reported by a recognized quotation dissemination service.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign currency gains or losses arise from disposition of foreign currency, the difference in the foreign exchange rates between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the ex-date or accrual date and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes (due to the changes in the exchange rate) in the value of foreign currency and other assets and liabilities denominated in foreign currencies held at year end.

**Allocation of Expenses Among Funds and Classes.** Expenses directly attributable to a Fund are charged to that Fund; certain other common expenses of the Trust, *Calamos Advisors Trust, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Global Total Return Fund, Calamos Global Dynamic Income Fund, Calamos Dynamic Convertible and Income Fund, Calamos Long/Short Equity and Dynamic Income Trust, Calamos Antetokounmpo Sustainable Equities Trust, and Calamos ETF Trust* are allocated proportionately among each fund to which the expenses relate in relation to the net assets of each fund or on another reasonable basis. Expenses directly attributable to a particular class of a fund in the Trust are charged directly to such class. In calculating the net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day plus current day fund share activity.

**Income Taxes.** No provision has been made for U.S. income taxes because the Trust's policy is to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended, and distribute to shareholders substantially all of the Funds' taxable income and net realized gains.

Dividends and distributions paid to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. To the extent these "book/tax" differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment. These differences are primarily due to differing treatments for foreign currency transactions, contingent payment debt instruments and methods of amortizing and accreting for fixed income securities. The financial statements are not adjusted for temporary differences.

The Funds recognized no liability for uncertain tax positions. A reconciliation is not provided as the beginning and ending amounts of unrecognized benefits are zero, with no interim additions, reductions or settlements. Tax years 2022 – 2024

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

remain subject to examination by the U.S. and the State of Illinois tax jurisdictions for those Funds that have been in existence during that time, and for all years since inception for those Funds created subsequent to October 31, 2022.

**Indemnifications.** Under the Trust's organizational documents, the Trust is obligated to indemnify its officers and Trustees against certain liabilities incurred by them by reason of having been an officer or Trustee of the Trust. In addition, in the normal course of business, the Trust may enter into contracts that provide general indemnifications to other parties. Each Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Funds' management expects the risk of material loss in connection to a potential claim to be remote.

**Segment Reporting.** An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker, and for which discrete financial information is available. Consistent with the definition of a chief operating decision maker ("CODM") provided by FASB Accounting Standards Update 2023-07, the Funds' CODM consists of the members of Calamos Advisors' Investment Committee and Senior Executive Team. The Funds operate as a single reportable segment, which reflects how the CODM monitors and manages the operating results of the Funds. The financial information used by the CODM to assess the segment's performance and to allocate resources, including total return, expense ratios, changes in net assets from operations and portfolio composition, is consistent with that presented within the Funds' financial statements and financial highlights.

**Redemption In-kind.** On May 7, 2025, there was an in-kind redemption from an affiliated investor in the Calamos Timpani SMID Growth Fund representing approximately 13% of total net assets.

**Note 2 – Investment Adviser and Transactions With Affiliates Or Certain Other Parties**

Pursuant to an investment advisory agreement with Calamos Advisors, each Fund pays a monthly investment advisory fee based on the average daily net assets of the Fund, as shown below:

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| | | | | |
|:---|:---|:---|:---|:---|
| AVERAGE DAILY NET ASSETS | GROWTH FUND<br>ANNUAL RATE | EVOLVING WORLD<br>GROWTH FUND<br>ANNUAL RATE | TOTAL RETURN<br>BOND FUND<br>ANNUAL RATE | SELECT FUND,<br>INTERNATIONAL GROWTH FUND\*,<br>GLOBAL EQUITY FUND\*,<br>GLOBAL OPPORTUNITIES FUND<br>ANNUAL RATE |
| First $500 million | 1.00% | 1.10% | 0.45% | 1.00% |
| Next $500 million | 0.90% | 1.05% | 0.43% | 0.95% |
| Next $5 billion | 0.80% | 1.00% | 0.41% | 0.90% |
| Over $6 billion | 0.70% | 0.90% | 0.35% | 0.80% |

---

*\** International Growth Fund and Global Equity Fund are subject to a possible adjustment based on performance as described below.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| AVERAGE DAILY NET ASSETS | GLOBAL<br>CONVERTIBLE<br>FUND<br>ANNUAL RATE | TIMPANI <br>SMALL CAP <br>GROWTH <br>FUND<br>ANNUAL RATE | TIMPANI <br>SMID <br>GROWTH <br>FUND<br>ANNUAL RATE | SHORT-TERM<br>BOND FUND<br>ANNUAL RATE | GROWTH AND<br>INCOME FUND,<br>CONVERTIBLE FUND, <br>MARKET NEUTRAL <br>INCOME FUND,<br>HEDGED EQUITY <br>FUND<br>ANNUAL RATE | HIGH INCOME<br>OPPORTUNITIES <br>FUND<br>ANNUAL RATE | PHINEUS<br>LONG/SHORT <br>FUND<br>ANNUAL RATE |
| First $500 million | 0.85% | 0.90% | 0.95% | 0.30% | 0.75% | 0.60% | 1.25% |
| Next $500 million | 0.80% | 0.80% | 0.85% | 0.27% | 0.70% | 0.55% | 1.20% |
| Over $1 billion | 0.75% | 0.75% | 0.80% | 0.25% | 0.65% | 0.50% | 1.15% |

---

---

| | | |
|:---|:---|:---|
| AVERAGE DAILY NET ASSETS | MERGER<br>ARBITRAGE FUND<br>ANNUAL RATE | INTERNATIONAL <br>SMALL CAP <br>GROWTH FUND<br>ANNUAL RATE |
| First $500 million | 1.00% | 0.95% |
| Next $500 million | 0.95% | 0.90% |
| Over $1 billion | 0.90% | 0.85% |

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www.calamos.com

------

Notes to Financial Statements

The average investment advisory fee as of the year ended October 31, 2025 was as follows:

---

| | |
|:---|:---|
| FUND | PERCENTAGE |
| Market Neutral Income Fund | 0.65% |
| Hedged Equity Fund | 0.73 |
| Phineus Long/Short Fund | 1.22 |
| Merger Arbitrage Fund | 1.00 |
| Convertible Fund | 0.73 |
| Global Convertible Fund | 0.85 |
| Timpani Small Cap Growth Fund | 0.90 |
| Timpani SMID Growth Fund | 0.95 |
| Growth Fund | 0.89 |
| Growth and Income Fund | 0.68 |
| Select Fund | 1.00 |
| International Growth Fund | 1.00 |
| Evolving World Growth Fund | 1.10 |
| Global Equity Fund | 1.00 |
| Global Opportunities Fund | 1.00 |
| International Small Cap Growth Fund | 0.95 |
| Total Return Bond Fund | 0.45 |
| High Income Opportunities Fund | 0.60 |
| Short-Term Bond Fund | 0.30 |

---

Each of *International Growth Fund* and *Global Equity Fund* pays a fee based on average daily net assets of the Fund that is accrued daily and paid on a monthly basis, subject to possible adjustment based on the Fund's investment performance (since March 2006 for *International Growth Fund* and since February 2008 for *Global Equity Fund*). The performance adjustment increases or decreases the management fee, on a monthly basis, by 1/12 of 0.03% of a Fund's average daily net assets over the performance period for each full 1% increment amount by which a Fund outperforms or underperforms the benchmark index ("Index"), on an annualized basis, over the performance measurement period. The benchmark indexes are the MSCI EAFE Growth Index and the MSCI World Index for the *International Growth Fund* and *Global Equity Fund*, respectively.

The base fee is shown in the table above. The performance adjustment rate is calculated by comparing over the performance measurement period the Fund's Class A share performance to that of the respective Index. The performance measurement period commenced at the beginning of each Fund's first full month of operation (April 2005 and March 2007 for the *International Growth Fund* and *Global Equity Fund*, respectively). The first performance adjustment was applied to the advisory fee at the end of the twelfth month. Each month subsequent to the twelfth month, a new month is added to the performance measurement period until the performance measurement period includes 36 months. Thereafter, the performance measurement period consists of the most recent month plus the previous 35 months.

The performance comparison is made at the end of each month. The maximum annualized performance adjustment rate is +/- 0.30% of the Fund's average daily net assets over the performance measurement period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average daily net assets over the performance measurement period, and the resulting dollar amount is then added to or subtracted from the base fee. Calamos Advisors may receive a positive performance adjustment even if the Fund has a negative return over a performance measurement period if it otherwise outperforms the Index during that period.

Each Fund may invest in shares of the *Timpani Small Cap Growth Fund ("SCG"), Timpani SMID Growth Fund ("SMID") or Short-Term Bond Fund* ("STBF"). Calamos Advisors has contractually agreed to waive a portion of its advisory fee charged to the Fund equal to the advisory fee paid by SCG, SMID or STBF, respectively, attributable to the Fund's investment in SCG, SMID or STBF, respectively, based on daily net assets. For the year ended October 31, 2025, the total advisory fees waived pursuant to such agreement were $1,006,669 for the *Market Neutral Income Fund* and are included in the Statements of Operations under the caption "Expense reductions".

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

When a fund in the Calamos Family of Funds (an "Acquiring Fund") invests in shares of another fund in the Calamos Family of Funds (an "Acquired Fund"), the portion of the Acquiring Fund's advisory fee equal to the advisory fee payable to the Acquired Fund (based on average daily net assets invested) is waived.

Each Fund reimburses Calamos Advisors for a portion of compensation paid to the Trust's Chief Compliance Officer. This compensation is reported as part of the "Trustees' fees and officer compensation" expense on the Statements of Operations.

Calamos Advisors has contractually agreed to limit the annual ordinary operating expenses of each Fund as a percentage of the average daily net assets through March 1, 2027 (except as noted) as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| FUND | CLASS A <br>SHARES | CLASS C <br>SHARES | CLASS I <br>SHARES | CLASS R6 <br>SHARES |
| Calamos Market Neutral Income Fund | 1.75% | 2.50% | 1.50% | 1.50% less <br>the annual <br>sub-transfer <br>agency <br>ratio\* |
| Calamos Hedged Equity Fund | 1.25% | 2.00% | 1.00% |  |
| Calamos Phineus Long/Short Fund | 2.00% | 2.75% | 1.75% |  |
| Calamos Merger Arbitrage Fund | 1.50% | 2.25% | 1.25% |  |
| Calamos Convertible Fund | 1.75% | 2.50% | 1.50% |  |
| Calamos Global Convertible Fund | 1.35% | 2.10% | 1.10% |  |
| Calamos Timpani Small Cap Growth Fund | 1.30% | 2.05% | 1.05% | 1.05% less <br>the annual <br>sub-transfer <br>agency <br>ratio\* |
| Calamos Timpani SMID Growth Fund | 1.35% |  | 1.10% | 1.10% less <br>the annual <br>sub-transfer <br>agency<br>ratio\* |
| Calamos Growth Fund | 1.75% | 2.50% | 1.50% |  |
| Calamos Growth and Income Fund | 1.75% | 2.50% | 1.50% | 1.50% less <br>the annual <br>sub-transfer <br>agency<br>ratio\* |
| Calamos Select Fund | 1.15% | 1.90% | 0.90% |  |
| Calamos International Growth Fund | 1.20% | 1.95% | 0.95% | 0.95% less <br>the annual <br>sub-transfer <br>agency <br>ratio\* |
| Calamos Evolving World Growth Fund | 1.30% | 2.05% | 1.05% |  |
| Calamos Global Equity Fund | 1.40% | 2.15% | 1.15% | 1.15% less <br>the annual <br>sub-transfer <br>agency<br>ratio\* |

---

www.calamos.com

------

Notes to Financial Statements

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| | | | | |
|:---|:---|:---|:---|:---|
| FUND | CLASS A <br>SHARES | CLASS C <br>SHARES | CLASS I <br>SHARES | CLASS R6 <br>SHARES |
| Calamos Global Opportunities Fund | 1.22% | 1.97% | 0.97% |  |
| Calamos International Small Cap Growth Fund | 1.35% | 2.10% | 1.10% | 1.10% less <br>the annual <br>sub-transfer <br>agency<br>ratio\* |
| FUND | CLASS A <br>SHARES | CLASS C <br>SHARES | CLASS I <br>SHARES | CLASS R6 <br>SHARES |
| Calamos Total Return Bond Fund | 0.90% | 1.65% | 0.65% |  |
| Calamos High Income Opportunities Fund | 1.00% | 1.75% | 0.75% |  |
| Calamos Short-Term Bond Fund | 0.65% |  | 0.40% |  |

---

\* The annual sub-transfer agency ratio is equal to the aggregate sub-transfer agency expenses common to the other share classes of the Fund divided by the aggregated average annual net assets of the Fund's other share classes.

For the year ended October 31, 2025, Calamos Advisors waived or absorbed the following expenses:

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| | |
|:---|:---|
| FUND | AMOUNT |
| Market Neutral Income Fund | $1006669 |
| Merger Arbitrage Fund | 102962 |
| Global Convertible Fund | 8670 |
| Timpani Small Cap Growth Fund | 167743 |
| Timpani SMID Growth Fund | 110407 |
| Select Fund | 217000 |
| International Growth Fund | 692070 |
| Evolving World Growth Fund | 1306341 |
| Global Equity Fund | 137302 |
| Global Opportunities Fund | 686125 |
| International Small Cap Growth Fund | 170963 |
| Total Return Bond Fund | 105694 |
| High Income Opportunities Fund | 144691 |
| Short-Term Bond Fund | 4387 |

---

These amounts are included in the Statements of Operations under the caption "Expense reductions".

As Distributor, Calamos Financial Services LLC ("CFS") assumed all expenses of personnel, office space, office facilities and equipment incidental to such service. Each Fund has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act whereby the Fund pays to CFS a distribution and/or service fee at the annual rate of 0.25% of the average daily net assets of the Fund's Class A shares; a service fee at the annual rate of 0.25% and a distribution fee at the rate of 0.75% of the average daily net assets of the Fund's Class C shares. No such fees are paid on each Fund's Class I or Class R6 shares.

CFS also receives a sales commission and/or an underwriting fee on certain sales of each Fund's Class A shares. During the year ended October 31, 2025, CFS received commissions and underwriting fees as follows:

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| | |
|:---|:---|
| FUND | AMOUNT |
| Market Neutral Income Fund | $17376 |
| Hedged Equity Fund | 3710 |
| Phineus Long/Short Fund | 9150 |
| Convertible Fund | 5882 |
| Global Convertible Fund | 120 |
| Timpani Small Cap Growth Fund | 16756 |

---

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

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| | |
|:---|:---|
| FUND | AMOUNT |
| Timpani SMID Growth Fund | $119 |
| Growth Fund | 50919 |
| Growth and Income Fund | 134016 |
| Select Fund | 3134 |
| International Growth Fund | 2163 |
| Evolving World Growth Fund | 853 |
| Global Equity Fund | 2247 |
| Global Opportunities Fund | 6724 |
| Total Return Bond Fund | 60 |
| High Income Opportunities Fund | 159 |
| Short-Term Bond Fund | 600 |

---

A Trustee and certain officers of the Trust are also officers and directors of CFS and Calamos Advisors. Such trustee and officers serve without direct compensation from the Trust. The Trust's Statement of Additional Information contains additional information about the Trust's Trustees and Officers and is available without charge, upon request, at www.calamos.com or by calling 800.582.6959.

As of October 31, 2025, certain affiliates of Calamos Advisors hold material investments in the Funds as follows:

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| | |
|:---|:---|
| FUND | PERCENTAGE |
| Merger Arbitrage Fund | 39% |
| Timpani SMID Growth Fund | 57 |
| Select Fund | 38 |
| International Small Cap Growth Fund | 32 |
| High Income Opportunities Fund | 37 |

---

As of October 31, 2025, the *Market Neutral Income Fund* held 86.9% of the outstanding shares of *Short-Term Bond Fund.*

The Trust has adopted a deferred compensation plan (the "Plan"). Under the Plan, a trustee who is not an "interested person" (as defined in the 1940 Act) and has elected to participate in the Plan (a "participating trustee") may defer receipt of all or a portion of his compensation from the Trust. The deferred compensation payable to the participating trustee is credited to the trustee's deferral account as of the business day such compensation would have been paid to the participating trustee. The value of amounts deferred for a participating trustee is determined by reference to the change in value of Class I shares of one or more funds of the Trust designated by the participant. The value of the account increases with contributions to the account or with increases in the value of the measuring shares, and the value of the account decreases with withdrawals from the account or with declines in the value of the measuring shares.

At October 31, 2025, the Funds had deferred compensation balances, which are included in "Other assets" on the Statements of Assets and Liabilities, as follows:

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| | |
|:---|:---|
| FUND | AMOUNT |
| Market Neutral Income Fund | $224262 |
| Convertible Fund | 231633 |
| Growth Fund | 1122738 |
| Growth and Income Fund | 484799 |
| Select Fund | 120365 |
| International Growth Fund | 75761 |
| Evolving World Growth Fund | 22325 |
| Global Equity Fund | 38860 |
| Global Opportunities Fund | 182324 |
| Total Return Bond Fund | 43727 |
| High Income Opportunities Fund | 132642 |

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www.calamos.com

------

Notes to Financial Statements

Each Fund's obligation to make payments under the Plan is a general obligation of the Fund and is included in "Payable for deferred compensation to trustees" on the Statements of Assets and Liabilities at October 31, 2025.

**Interfund Lending Program and Joint Credit Agreement**

The SEC has granted an exemptive order to the Funds permitting the Funds to participate in an interfund lending facility whereby participating Funds may directly lend to and borrow money from each other (an "Interfund Loan") for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities "fails," resulting in an unanticipated cash shortfall) (the "InterFund Program"). The InterFund Program is subject to a number of conditions, which are discussed in detail in the Funds' statement of additional information. Any loan made through the InterFund Program is expected to be more beneficial to a borrowing Fund (i.e., at a lower interest rate) than borrowing from a bank and more beneficial to a lending Fund (i.e., at a higher rate of return) than an alternative short-term investment. The duration of an InterFund Loan will be limited to the time required to receive payment for securities sold, but in no event more than seven days. In addition, each InterFund Loan may be called on one business day's notice by a lending Fund and may be repaid on any day by a borrowing Fund. No Interfund Loans were made during the period.

On April 30, 2021, the Trust, on behalf of the Funds, entered into a $50,000,000 Demand Discretionary Credit Agreement with State Street Bank and Trust Company (the "Credit Agreement"). On November 30, 2022, the Credit Agreement was increased to $100,000,000. Each Fund may borrow under the Credit Agreement to meet shareholder redemptions and for other lawful temporary purposes. Borrowing results in interest expense and other fees and expenses, which may increase a Fund's net expenses and reduce a Fund's return. In addition, borrowing by a Fund may create leverage by increasing a Fund's investment exposure. This will result in changes in a Fund's NAV, either positive or negative, being greater than it would have been if the Fund had not borrowed. Administration, legal, and arrangement fees, if applicable, under the Credit Agreement are allocated among Funds based upon factors deemed relevant by the Adviser and the Board of each Fund, while fees on any amounts drawn by a Fund under the Credit Agreement are borne by that Fund. At October 31, 2025, there were no borrowings under the Credit Agreement. Please see the supplement to the Prospectus and Statement of Additional Information for more information about the Credit Agreement.

**Note 3 – Investments**

The cost of purchases and proceeds from sales of long-term investments, excluding investments sold short, for the year ended October 31, 2025 are shown in the table below. Furthermore, the cost of purchases to cover short sales and the proceeds of short sales were $3,292,386,065 and $3,768,013,448 for Market Neutral Income Fund, $3,889,425,082 and $3,592,063,801 for Phineus Long/Short Fund, and $685,533 and $974,973 for Merger Arbitrage Fund, respectively.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **COST OF PURCHASES** | **COST OF PURCHASES** | **PROCEEDS FROM SALES** | **PROCEEDS FROM SALES** |
| FUND | U.S. GOV'T <br>SECURITIES | OTHER | U.S. GOV'T <br>SECURITIES | OTHER |
| Market Neutral Income Fund | $— | $5210068529 | $— | $4800871734 |
| Hedged Equity Fund |  | 76518259 |  | 135778190 |
| Phineus Long/Short Fund |  | 2001368391 |  | 1954762168 |
| Merger Arbitrage Fund |  | 4070565 |  | 3327861 |
| Convertible Fund |  | 705607151 |  | 809156161 |
| Global Convertible Fund | 1072046 | 68368074 |  | 71065331 |
| Timpani Small Cap Growth Fund |  | 916841515 |  | 840078647 |
| Timpani SMID Growth Fund |  | 67753325 |  | 60641820 |
| Growth Fund |  | 851780538 |  | 1024865268 |
| Growth and Income Fund |  | 1022928397 |  | 1161673760 |
| Select Fund |  | 26546211 |  | 30496114 |
| International Growth Fund |  | 426119953 |  | 433973867 |
| Evolving World Growth Fund |  | 649989779 |  | 720937687 |
| Global Equity Fund |  | 161486344 |  | 160191879 |
| Global Opportunities Fund |  | 345899382 | 7866096 | 336437101 |
| International Small Cap Growth Fund |  | 10852479 |  | 10535716 |
| Total Return Bond Fund | 2009215 | 1811944 | 2741054 | 2943773 |
| High Income Opportunities Fund |  | 13512665 |  | 14721894 |
| Short-Term Bond Fund | 12923516 | 158091178 | 8785972 | 126826235 |

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CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

**Note 4 – Income Taxes**

The following information is presented on a federal income tax basis as of October 31, 2025. Differences between the cost basis under U.S. GAAP and federal income tax purposes are primarily due to temporary differences.

The cost basis of investments for federal income tax purposes at October 31, 2025 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| FUND | COST BASIS OF<br>INVESTMENTS | GROSS UNREALIZED<br>APPRECIATION | GROSS UNREALIZED<br>DEPRECIATION | NET UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) |
| Market Neutral Income Fund | $7916393054 | $6587687944 | $(1653513434) | $4934174510 |
| Hedged Equity Fund | 391214336 | 400520303 | (21347587) | 379172716 |
| Phineus Long/Short Fund | 433071124 | 177175752 | (50728243) | 126447509 |
| Merger Arbitrage Fund | 2426214 | 67081 | (84562) | (17481) |
| Convertible Fund | 789140490 | 175925129 | (7495281) | 168429848 |
| Global Convertible Fund | 147319623 | 23120893 | (6338224) | 16782669 |
| Timpani Small Cap Growth Fund | 366019824 | 188977423 | (1680078) | 187297345 |
| Timpani SMID Growth Fund | 24756381 | 12395847 | (42996) | 12352851 |
| Growth Fund | 720758139 | 1060887160 | (4059853) | 1056827307 |
| Growth and Income Fund | 1568317123 | 1722732273 | (12303338) | 1710428935 |
| Select Fund | 31645941 | 30355923 | (258335) | 30097588 |
| International Growth Fund | 232970318 | 78388278 | (3061193) | 75327085 |
| Evolving World Growth Fund | 308914264 | 112643365 | (5547800) | 107095565 |
| Global Equity Fund | 109576343 | 62719782 | (936416) | 61783366 |
| Global Opportunities Fund | 237795039 | 99682486 | (1889636) | 97792850 |
| International Small Cap Growth Fund | 5548298 | 1578266 | (93766) | 1484500 |
| Total Return Bond Fund | 30807731 | 302408 | (2259190) | (1956782) |
| High Income Opportunities Fund | 37317892 | 729143 | (1381067) | (651924) |
| Short-Term Bond Fund | 408300789 | 931036 | (1015792) | (84756) |

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For the fiscal year ended October 31, 2025, the Fund recorded the following permanent reclassifications to reflect tax character. The results of operations and net assets were not affected by these reclassifications.

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| | | | |
|:---|:---|:---|:---|
| FUND | PAID-IN<br>CAPITAL | ACCUMULATED<br>UNDISTRIBUTED/<br>(OVERDISTRIBUTED)<br>NET INVESTMENT<br>INCOME | ACCUMULATED<br>NET REALIZED<br>GAIN/(LOSS) ON<br>INVESTMENTS |
| Market Neutral Income Fund | $(5941109) | $47865623 | $(41924514) |
| Hedged Equity Fund |  | (147092) | 147092 |
| Phineus Long/Short Fund | 6476505 | 10640212 | (17116717) |
| Merger Arbitrage Fund | 1305 | 22806 | (24111) |
| Convertible Fund | 8927075 | 15004764 | (23931839) |
| Global Convertible Fund | (193653) | 620653 | (427000) |
| Timpani Small Cap Growth Fund | (3466555) | 8281036 | (4814481) |
| Timpani SMID Growth Fund | 89371 | 649559 | (738930) |
| Growth Fund | (4294439) | 13248548 | (8954109) |
| Growth and Income Fund | 6689587 | 12267154 | (18956741) |
| Select Fund | 140542 | (6814) | (133728) |
| International Growth Fund | 1776607 | (1200900) | (575707) |
| Evolving World Growth Fund | (96668) | (1768289) | 1864957 |
| Global Equity Fund | 2239180 | 372196 | (2611376) |
| Global Opportunities Fund | 1331938 | 2490580 | (3822518) |

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www.calamos.com

------

Notes to Financial Statements

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| | | | |
|:---|:---|:---|:---|
| FUND | PAID-IN<br>CAPITAL | ACCUMULATED<br>UNDISTRIBUTED/<br>(OVERDISTRIBUTED)<br>NET INVESTMENT<br>INCOME | ACCUMULATED<br>NET REALIZED<br>GAIN/(LOSS) ON<br>INVESTMENTS |
| International Small Cap Growth Fund | $1815 | $4304 | $(6119) |
| Total Return Bond Fund | (26246) | 81990 | (55744) |
| High Income Opportunities Fund | (52) | 25640 | (25588) |
| Short-Term Bond Fund |  | 355414 | (355414) |

---

Distributions were characterized for federal income tax purposes as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **YEAR ENDED <br>OCTOBER 31, 2025** | **YEAR ENDED <br>OCTOBER 31, 2025** | **YEAR ENDED <br>OCTOBER 31, 2025** | **YEAR ENDED<br>OCTOBER 31, 2024** | **YEAR ENDED<br>OCTOBER 31, 2024** | **YEAR ENDED<br>OCTOBER 31, 2024** |
| FUND | ORDINARY<br>INCOME | LONG-TERM<br>CAPITAL GAIN | RETURN OF<br>CAPITAL | ORDINARY<br>INCOME | LONG-TERM<br>CAPITAL GAIN | RETURN OF<br>CAPITAL |
| Market Neutral Income Fund | $296095860 | $— | $— | $525296319 | $265804258 | $— |
| Hedged Equity Fund | 3088848 |  |  | 3579087 |  |  |
| Phineus Long/Short Fund | 52463731 | 13858051 |  | 17523678 |  |  |
| Merger Arbitrage Fund | 60245 |  |  | 13044 |  |  |
| Convertible Fund | 9638032 | 4809732 |  | 9594758 | 10737844 |  |
| Global Convertible Fund | 250166 |  |  |  |  |  |
| Timpani Small Cap Growth Fund | 10564357 |  |  |  |  |  |
| Timpani SMID Growth Fund | 729029 | 47832 |  |  |  |  |
| Growth Fund | 40125936 | 53885930 |  |  | 54359459 |  |
| Growth and Income Fund | 21589927 | 117487868 |  | 18132723 | 88007410 |  |
| Select Fund | 384953 | 3613233 |  | 7508 | 1903922 |  |
| International Growth Fund |  | 10308357 |  | 513134 | 43 |  |
| Evolving World Growth Fund |  |  |  | 1902391 |  |  |
| Global Equity Fund | 2781152 | 8247784 |  | 71230 |  |  |
| Global Opportunities Fund | 1874396 | 19698579 |  | 1371661 |  |  |
| International Small Cap Growth Fund |  |  |  |  |  |  |
| Total Return Bond Fund | 1155568 |  |  | 1465570 |  |  |
| High Income Opportunities Fund | 2276259 |  |  | 2310301 |  |  |
| Short-Term Bond Fund | 17896517 |  |  | 17686651 |  |  |

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As of October 31, 2025, the components of accumulated earnings/(loss) on a tax basis were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | MARKET NEUTRAL<br>INCOME FUND | HEDGED EQUITY<br>FUND | PHINEUS<br>LONG/SHORT<br>FUND | MERGER<br>ARBITRAGE FUND | CONVERTIBLE<br>FUND |
| Undistributed ordinary income | $108044544 | $661486 | $56158517 | $175019 | $28485057 |
| Undistributed capital gains |  |  | 1795468 | 20457 | 63401117 |
| Total undistributed earnings | 108044544 | 661486 | 57953985 | 195476 | 91886174 |
| Accumulated capital and other losses | (2463314791) | (108820362) |  |  |  |
| Net unrealized gains/(losses) | 4939197218 | 379172716 | 126447293 | (17481) | 168418874 |
| Total accumulated earnings/(losses) | 2583926971 | 271013840 | 184401278 | 177995 | 260305048 |
| Other | (233866025) | (721638) | (37438202) | (148) | (931157) |
| Paid-in-capital | 14642843351 | 508794858 | 985928171 | 2663378 | 669147415 |
| Net assets applicable to common shareholders | $16992904297 | $779087060 | $1132891247 | $2841225 | $928521306 |

---

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | GLOBAL<br>CONVERTIBLE<br>FUND | TIMPANI SMALL<br>CAP GROWTH<br>FUND | TIMPANI SMID<br>GROWTH FUND | GROWTH<br>FUND | GROWTH AND<br>INCOME FUND |
| Undistributed ordinary income | $477689 | $— | $— | $— | $34338481 |
| Undistributed capital gains | 6930210 |  | 1658357 | 127577489 | 189614465 |
| Total undistributed earnings | 7407899 |  | 1658357 | 127577489 | 223952946 |
| Accumulated capital and other losses |  | (64779023) |  |  |  |
| Net unrealized gains/(losses) | 16783780 | 187297345 | 12352851 | 1056826554 | 1710429279 |
| Total accumulated earnings/(losses) | 24191679 | 122518322 | 14011208 | 1184404043 | 1934382225 |
| Other |  |  |  | (29855201) | (25720659) |
| Paid-in-capital | 134880192 | 433733147 | 23210663 | 607317330 | 1377467733 |
| Net assets applicable to common shareholders | $159071871 | $556251469 | $37221871 | $1761866172 | $3286129299 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | SELECT FUND | INTERNATIONAL<br>GROWTH FUND | EVOLVING WORLD<br>GROWTH FUND | GLOBAL EQUITY<br>FUND |
| Undistributed ordinary income | $19663 | $1039266 | $214389 | $4217573 |
| Undistributed capital gains | 3099844 | 30614472 |  | 17612406 |
| Total undistributed earnings | 3119507 | 31653738 | 214389 | 21829979 |
| Accumulated capital and other losses |  |  | (35162433) |  |
| Net unrealized gains/(losses) | 30097588 | 74734613 | 106149215 | 61662366 |
| Total accumulated earnings/(losses) | 33217095 | 106388351 | 71201171 | 83492345 |
| Other | (126229) | (236110) | (190361) | (1946543) |
| Paid-in-capital | 29778100 | 181185955 | 326874607 | 84743838 |
| Net assets applicable to common shareholders | $62868966 | $287338196 | $397885417 | $166289640 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | GLOBAL<br>OPPORTUNITIES<br>FUND | INTERNATIONAL<br>SMALL CAP<br>GROWTH FUND | TOTAL RETURN<br>BOND FUND | HIGH INCOME<br>OPPORTUNITIES<br>FUND | SHORT-TERM<br>BOND FUND |
| Undistributed ordinary income | $1119537 | $59209 | $— | $30564 | $51802 |
| Undistributed capital gains | 24270350 | 22945 |  |  |  |
| Total undistributed earnings | 25389887 | 82154 |  | 30564 | 51802 |
| Accumulated capital and other losses |  |  | (2804207) | (13377486) | (12778632) |
| Net unrealized gains/(losses) | 97281273 | 1449356 | (1956782) | (651924) | (84756) |
| Total accumulated earnings/(losses) | 122671160 | 1531510 | (4760989) | (13998846) | (12811586) |
| Other | (2797088) |  | (120522) | (128294) | (1150) |
| Paid-in-capital | 206055326 | 5773718 | 33989137 | 49413938 | 423919507 |
| Net assets applicable to common shareholders | $325929398 | $7305228 | $29107626 | $35286798 | $411106771 |

---

The following Funds had capital loss carryforwards for the year ended October 31, 2025, with no expiration date, available to offset future realized capital gains:

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| | | |
|:---|:---|:---|
| FUND | SHORT-TERM | LONG-TERM |
| Market Neutral Income Fund | $1191311556 | $1272003235 |
| Hedged Equity Fund | 52471443 | 56348919 |
| Timpani Small Cap Growth Fund | 64779023 |  |
| Evolving World Growth Fund | 35162433 |  |
| Total Return Bond Fund | 1204118 | 1600089 |
| High Income Opportunities Fund | 1208762 | 12168724 |
| Short-Term Bond Fund | 3999756 | 8778876 |

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www.calamos.com

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Notes to Financial Statements

The following Funds had capital loss carryforwards utilized in the year ended October 31, 2025:

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| | |
|:---|:---|
| FUND | UTILIZED |
| Global Convertible Fund | $6153760 |
| Timpani Small Cap Growth Fund | 22688524 |
| Evolving World Growth Fund | 55411282 |
| International Small Cap Growth Fund | 278245 |

---

**Note 5 – Short Sales**

Securities sold short represent obligations to deliver the securities at a future date. A Fund may sell a security it does not own in anticipation of a decline in the value of that security before the delivery date. When the Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. Accrued dividends on securities sold short are disclosed within other accounts payable and accrued liabilities on the Statements of Assets and Liabilities. Dividends paid on securities sold short are disclosed as an expense on the Statements of Operations. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be realized upon the termination of a short sale.

To secure its obligation to deliver to the broker-dealer the securities sold short, a Fund must segregate an amount of cash or liquid securities with its custodian equal to any excess of the current market value of the securities sold short over any cash or liquid securities deposited as collateral with the broker in connection with the short sale (not including the proceeds of the short sale). As a result of that requirement, a Fund will not gain any leverage merely by selling short, except to the extent that it earns interest or other income or gains on the segregated cash or liquid securities while also being subject to the possibility of gain or loss from the securities sold short.

**Note 6 – Derivative Instruments**

**Foreign Currency Risk.** Each Fund may engage in portfolio hedging with respect to changes in currency exchange rates by entering into forward foreign currency contracts to purchase or sell currencies. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Risks associated with such contracts include, among other things, movement in the value of the foreign currency relative to the U.S. dollar and the ability of the counterparty to perform.

To mitigate the counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs over-the-counter derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Generally, collateral is exchanged between a Fund and the counterparty and the amount of collateral due from a Fund or to a counterparty has to exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. When a Fund is required to post collateral under the terms of a derivatives transaction and master netting agreement, a Fund's custodian holds the collateral in a segregated account, subject to the terms of a tri-party agreement among a Fund, the custodian and the counterparty. The master netting agreement and tri-party agreement provide, in relevant part, that the counterparty may have rights to the amounts in the segregated account in the event that a Fund defaults in its obligation with respect to the derivative instrument that is subject to the collateral requirement. When a counterparty is required to post collateral under the terms of a derivatives transaction and master netting agreement, the counterparty delivers such amount to a Fund's custodian. The master netting agreement provides, in relevant part, that the Fund may have rights to such collateral in the event that the counterparty defaults in its obligation with respect to the derivative instrument that is subject to the collateral requirement. Generally before a default, neither a Fund nor the counterparty may resell, rehypothecate, or repledge any collateral that it receives.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. A Fund's net counterparty exposure is reflected in the counterparty

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

table below. The net unrealized gain, if any, represents the credit risk to the respective Fund on a forward foreign currency contract. The contracts are valued daily at forward foreign exchange rates. The Funds realize a gain or loss when a position is closed or upon settlement of the contracts.

As of October 31, 2025, the Funds had outstanding forward foreign currency contracts listed on the Schedules of Investments.

**Equity Risk.** Each Fund may engage in option transactions and in doing so achieves similar objectives to what it would achieve through the sale or purchase of individual securities. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the seller of the option the obligation to sell, the underlying security, index or other instrument at the exercise price. A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the seller the obligation to buy, the underlying security, index, or other instrument at the exercise price.

To seek to offset some of the risk of a potential decline in value of certain long positions, each Fund may also purchase put options on individual securities, broad-based securities indexes or certain exchange-traded funds ("ETFs"). Each Fund may also seek to generate income from option premiums by writing (selling) options on a portion of the equity securities (including securities that are convertible into equity securities) in a Fund's portfolio, on broad-based securities indexes, or certain ETFs.

When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, a Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount received or paid on a closing purchase or sale transaction is also treated as a realized gain or loss. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid. Gain or loss on written options and purchased options is presented separately on the Statements of Operations as net realized gain or loss on written options and net realized gain or loss on purchased options, respectively.

Options written by each Fund do not typically give rise to counterparty credit risk since options written obligate each Fund and not the counterparty to perform. Exchange traded purchased options have minimal counterparty credit risk to each Fund since the exchange's clearinghouse, as counterparty to such instruments, guarantees against a possible default.

As of October 31, 2025, the Funds had outstanding purchased options and/or written options as listed on the Schedule of Investments.

As of October 31, 2025, the Funds had outstanding derivative contracts which are reflected on the Statements of Assets and Liabilities as follows:

---

| | | |
|:---|:---|:---|
| | ASSET <br>DERIVATIVES | LIABILITY <br>DERIVATIVES |
| | **MARKET NEUTRAL INCOME FUND** | **MARKET NEUTRAL INCOME FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $26650000 | $— |
| Exchange-Traded Written Options<sup>(3)</sup> |  | 1802418788 |
| Forward foreign currency contracts<sup>(1)</sup> | 5175431 | 243773 |
| Over the Counter Purchased Options<sup>(2)</sup> | 39613104 |  |
| Total Return Swaps<sup>(4)</sup> | 7157966 | 1322904 |
|  | $78596501 | $1803985465 |
|  | **HEDGED EQUITY FUND** | **HEDGED EQUITY FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $21201975 | $— |
| Exchange-Traded Written Options<sup>(3)</sup> |  | 24667925 |
|  | $21201975 | $24667925 |

---

www.calamos.com

------

Notes to Financial Statements

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| | | |
|:---|:---|:---|
| | ASSET <br>DERIVATIVES | LIABILITY <br>DERIVATIVES |
| | **PHINEUS LONG/SHORT FUND** | **PHINEUS LONG/SHORT FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $13880192 | $— |
| Exchange-Traded Written Options<sup>(3)</sup> |  | 46806045 |
|  | $13880192 | $46806045 |
|  | **MERGER ARBITRAGE FUND** | **MERGER ARBITRAGE FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Written Options<sup>(3)</sup> | $— | $18 |
|  | $— | $18 |
|  | **CONVERTIBLE FUND** | **CONVERTIBLE FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $1011250 | $— |
| Forward foreign currency contracts<sup>(1)</sup> | 2257 | 13231 |
|  | $1013507 | $13231 |
|  | **GLOBAL CONVERTIBLE FUND** | **GLOBAL CONVERTIBLE FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $678481 | $— |
|  | $678481 | $— |
|  | **GROWTH FUND** | **GROWTH FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $1062500 | $— |
| Exchange-Traded Written Options<sup>(3)</sup> |  | 289000 |
|  | $1062500 | $289000 |
|  | **GROWTH AND INCOME FUND** | **GROWTH AND INCOME FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $18053880 | $— |
| Exchange-Traded Written Options<sup>(3)</sup> |  | 571250 |
|  | $18053880 | $571250 |
|  | **INTERNATIONAL GROWTH FUND** | **INTERNATIONAL GROWTH FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $737370 | $— |
| Forward foreign currency contracts<sup>(1)</sup> | 101819 | 575002 |
|  | $839189 | $575002 |
|  | **EVOLVING WORLD GROWTH FUND** | **EVOLVING WORLD GROWTH FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $6343137 | $— |
| Forward foreign currency contracts<sup>(1)</sup> | 81531 | 92012 |
|  | $6424668 | $92012 |

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CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

---

| | | |
|:---|:---|:---|
| | ASSET <br>DERIVATIVES | LIABILITY <br>DERIVATIVES |
| | **GLOBAL EQUITY FUND** | **GLOBAL EQUITY FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $1360677 | $— |
| Forward foreign currency contracts<sup>(1)</sup> |  | 98520 |
|  | $1360677 | $98520 |
|  | **GLOBAL OPPORTUNITIES FUND** | **GLOBAL OPPORTUNITIES FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $6194137 | $— |
| Forward foreign currency contracts<sup>(1)</sup> |  | 478255 |
|  | $6194137 | $478255 |
|  | **INTERNATIONAL SMALL CAP<br>GROWTH FUND** | **INTERNATIONAL SMALL CAP<br>GROWTH FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Forward foreign currency contracts<sup>(1)</sup> | $— | $26631 |
|  | $— | $26631 |
|  | **TOTAL RETURN BOND FUND** | **TOTAL RETURN BOND FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Futures contracts<sup>(5)</sup> | $2607 | $— |
|  | $2607 | $— |
|  | **SHORT-TERM BOND FUND** | **SHORT-TERM BOND FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Futures contracts<sup>(5)</sup> | $26074 | $— |
|  | $26074 | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** |
| **MARKET NEUTRAL INCOME FUND** | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | COLLATERAL<br>(RECEIVED)/ | NET AMOUNT <br>RECEIVABLE IN <br>THE EVENT | NET AMOUNT <br>PAYABLE IN <br>THE EVENT |
| Counterparty |  | ASSETS | LIABILITIES | PLEDGED<sup>(a)</sup> | OF DEFAULT | OF DEFAULT |
| Bank of New York | ISDA | $2349910 | $— | $(1840000) | $509910 | $— |
| Northern Trust Company | ISDA | 431812 |  |  | 431812 |  |
| State Street Bank and Trust | ISDA | 2393709 | 243773 | (2149936) |  |  |
| Bank of America NA | ISDA | 1461648 |  | (310000) | 1151648 |  |
| Citibank NA | ISDA | 5569746 |  |  | 5569746 |  |
| Goldman Sachs & Co. | ISDA |  | 722400 | 722400 |  |  |
| Morgan Stanley & Co. | ISDA | 42886 | 615641 |  |  | 572755 |
|  |  | $12249711 | $1581814 | $(3577536) | $7663116 | $572755 |

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(a) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statements of Assets and Liabilities, for each respective counterparty

www.calamos.com

------

Notes to Financial Statements

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** |
| **CONVERTIBLE FUND** | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | COLLATERAL<br>(RECEIVED)/ | NET AMOUNT <br>RECEIVABLE IN <br>THE EVENT | NET AMOUNT <br>PAYABLE IN <br>THE EVENT |
| Counterparty |  | ASSETS | LIABILITIES | PLEDGED | OF DEFAULT | OF DEFAULT |
| Bank of New York | ISDA | $— | $8159 | $— | $— | $8159 |
| Northern Trust Company | ISDA | 1879 | 5072 |  |  | 3193 |
| State Street Bank and Trust | ISDA | 378 |  |  | 378 |  |
|  |  | $2257 | $13231 | $— | $378 | $11352 |
| **INTERNATIONAL GROWTH FUND** | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | COLLATERAL<br>(RECEIVED)/ | NET AMOUNT <br>RECEIVABLE IN <br>THE EVENT | NET AMOUNT <br>PAYABLE IN <br>THE EVENT |
| Counterparty |  | ASSETS | LIABILITIES | PLEDGED | OF DEFAULT | OF DEFAULT |
| Bank of America NA | ISDA | $101819 | $166782 | $— | $— | $64963 |
| Northern Trust Company | ISDA |  | 311041 | 310000 |  | 1041 |
| State Street Bank and Trust | ISDA |  | 97179 | 97179 |  |  |
|  |  | $101819 | $575002 | $407179 | $— | $66004 |
| **EVOLVING WORLD GROWTH FUND** | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | COLLATERAL<br>(RECEIVED)/ | NET AMOUNT <br>RECEIVABLE IN <br>THE EVENT | NET AMOUNT <br>PAYABLE IN <br>THE EVENT |
| Counterparty |  | ASSETS | LIABILITIES | PLEDGED | OF DEFAULT | OF DEFAULT |
| Northern Trust Company | ISDA | $— | $72036 | $— | $— | $72036 |
| State Street Bank and Trust | ISDA | 81531 | 19976 |  | 61555 |  |
|  |  | $81531 | $92012 | $— | $61555 | $72036 |
| **GLOBAL EQUITY FUND** | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | COLLATERAL<br>(RECEIVED)/ | NET AMOUNT <br>RECEIVABLE IN <br>THE EVENT | NET AMOUNT <br>PAYABLE IN <br>THE EVENT |
| Counterparty |  | ASSETS | LIABILITIES | PLEDGED | OF DEFAULT | OF DEFAULT |
| Northern Trust Company | ISDA | $— | $98520 | $— | $— | $98520 |
|  |  | $— | $98520 | $— | $— | $98520 |
| **GLOBAL OPPORTUNITIES FUND** | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | COLLATERAL<br>(RECEIVED)/ | NET AMOUNT <br>RECEIVABLE IN <br>THE EVENT | NET AMOUNT <br>PAYABLE IN <br>THE EVENT |
| Counterparty |  | ASSETS | LIABILITIES | PLEDGED | OF DEFAULT | OF DEFAULT |
| Bank of America NA | ISDA | $— | $287096 | $— | $— | $287096 |
| Northern Trust Company | ISDA |  | 191159 |  |  | 191159 |
|  |  | $— | $478255 | $— | $— | $478255 |
| **INTERNATIONAL SMALL CAP<br>GROWTH FUND** | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | COLLATERAL<br>(RECEIVED)/ | NET AMOUNT <br>RECEIVABLE IN <br>THE EVENT | NET AMOUNT<br>PAYABLE IN<br>THE EVENT |
| Counterparty |  | ASSETS | LIABILITIES | PLEDGED | OF DEFAULT | OF DEFAULT |
| Bank of America NA | ISDA | $— | $26631 | $— | $— | $26631 |
|  |  | $— | $26631 | $— | $— | $26631 |

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CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

For the year ended October 31, 2025, the volume of derivative activity for the Fund is reflected below:\*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| FUND | FORWARD<br>FOREIGN CURRENCY<br>CONTRACTS<sup>(1)</sup> | PURCHASED<br>OPTIONS<sup>(2)</sup> | WRITTEN<br>OPTIONS<sup>(3)</sup> | SWAPS<sup>(4)</sup> | FUTURES<br>CONTRACTS<sup>(5)</sup> |
| Market Neutral Income Fund | 334605754 | 110019 | 194007 | 305465958 | 1 |
| Hedged Equity Fund |  | 1650 | 2008 |  |  |
| Phineus Long/Short Fund |  | 922183 | 1139313 |  |  |
| Merger Arbitrage Fund |  | 20 | 62 |  |  |
| Convertible Fund | 53358963 | 6670 | 300 |  |  |
| Global Convertible Fund |  | 486 |  |  |  |
| Growth Fund |  | 30990 | 30190 |  |  |
| Growth and Income Fund |  | 118402 | 14100 |  |  |
| International Growth Fund | 131544069 | 56470 |  |  |  |
| Evolving World Growth Fund | 166470649 | 266724 |  |  |  |
| Global Equity Fund | 11542936 | 4221 | 265 |  |  |
| Global Opportunities Fund | 39541828 | 31372 | 248 |  |  |
| International Small Cap Growth Fund | 2071558 | 260 |  |  |  |
| Total Return Bond Fund |  |  |  |  | 90 |
| Short-Term Bond Fund |  |  |  |  | 1050 |

---

\* Activity during the period is measured by opened number of contracts for options purchased or written, opened foreign currency contracts (measured in notional), opened number of contracts for futures contracts, and opened total return swaps (measured in notional).

(1) Generally, the Statement of Assets and Liabilities location for Forward contracts is Unrealized appreciation on forward foreign currency contracts for asset derivatives and Unrealized depreciation on forward foreign currency contracts for liability derivatives.

(2) Generally, the Statement of Assets and Liabilities location for Purchased Options is "Investments in securities, at value".

(3) Generally, the Statement of Assets and Liabilities location for Written Options is "Options written, at value".

(4) Generally, the Statement of Assets and Liabilities location for Swap contracts is Unrealized appreciation on total return swaps for asset derivatives and Unrealized depreciation on total return swaps for liability derivatives.

(5) Generally, the Statement of Assets and Liabilities location for Futures contracts is Variation margin on open futures contracts for asset derivatives and Variation margin on open futures contracts for liability derivatives.

**Note 7 – Securities Lending**

The Funds may loan one or more of their securities to broker-dealers and banks through the Securities Loan Agreements. In Securities Loan Agreements, the "collateral" are the loaned securities themselves. Additionally, the set-off and netting provisions of a Securities Loan Agreement may not extend to the obligations of the counterparty's affiliates or across varying types of transactions. Any such loan must be secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the value of the securities loaned by the Funds. The Funds continue to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned and also receive an additional return that may be in the form of a fixed fee or a percentage of the collateral. The additional return is disclosed on a net basis as Securities lending income in the Statement of Operations. Upon receipt of cash or cash equivalent collateral, the Funds' securities lending agent invests any cash collateral into short term investments following investment guidelines approved by Calamos Advisors. The Funds record the investment of collateral as an asset and the value of the collateral as a liability on the Statements of Assets and Liabilities and the Schedule of Investments. The contractual maturity of the collateral received under the securities lending agreement is classified as overnight and continuous. If the value of the invested collateral declines below the value of the collateral deposited by the borrower, the Funds will record unrealized depreciation equal to the decline in value of the invested collateral. The Funds will pay reasonable fees to persons unaffiliated with the Funds for services in arranging these loans. The Funds have the right to call a loan and obtain the securities loaned at any time. The Funds do not have the right to vote the securities during the existence of the loan but could call the loan in an attempt to permit voting of the securities in certain circumstances. Upon return of the securities loaned, the cash or cash equivalent collateral will be returned to the borrower. In the event of bankruptcy or other default of the borrower, the Funds could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Funds seek to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) the expenses of enforcing their rights. In an effort to reduce these risks, the Funds' security lending agent monitors and reports to Calamos Advisors on the creditworthiness of the firms to which a Fund lends securities.

www.calamos.com

------

Notes to Financial Statements

The following table indicates the total amount of securities loaned by asset class, reconciled to the gross liability payable upon return of the securities loaned by the Funds as of October 31, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | AMOUNT OF <br>COLLATERAL <br>HELD IN <br>SHORT TERM <br>INVESTMENTS<br>AND <br>RESTRICTED | AMOUNT OF <br>NON-CASH | TOTAL  | VALUE OF SECURITIES ON<br>LOAN TO BROKER-DEALERS AND<br>BANKS BY ASSET CLASS ON LOAN | VALUE OF SECURITIES ON<br>LOAN TO BROKER-DEALERS AND<br>BANKS BY ASSET CLASS ON LOAN | VALUE OF SECURITIES ON<br>LOAN TO BROKER-DEALERS AND<br>BANKS BY ASSET CLASS ON LOAN | EXCESS <br>AMOUNT <br>DUE TO/(FROM) |
| FUND | CASH | COLLATERAL | COLLATERAL | EQUITY | FIXED INCOME | TOTAL | COUNTERPARTY |
| Market Neutral Income Fund | $169218273 | $225923798 | $395142071 | $246882246 | $141702675 | $388584921 | $6557150 |
| Hedged Equity Fund | 381429 | 8930948 | 9312377 | 9164233 |  | 9164233 | 148144 |
| Phineus Long/Short Fund | 5927394 | 29878582 | 35805976 | 34976160 |  | 34976160 | 829816 |
| Convertible Fund | 51798783 | 17999158 | 69797941 | 1581723 | 66886790 | 68468513 | 1329428 |
| Global Convertible Fund | 12610305 | 1446270 | 14056575 |  | 13905874 | 13905874 | 150701 |
| Growth Fund | 23806222 | 33670253 | 57476475 | 57178427 |  | 57178427 | 298048 |
| Growth and Income Fund | 42013179 | 19418812 | 61431991 | 35289269 | 25220842 | 60510111 | 921880 |
| Select Fund |  | 760455 | 760455 | 751495 |  | 751495 | 8960 |
| International Growth Fund | 21796045 | 14221473 | 36017518 | 34574068 |  | 34574068 | 1443450 |
| Evolving World Growth Fund | 18362340 | 9717497 | 28079837 | 16837179 | 10081156 | 26918335 | 1161502 |
| Global Equity Fund | 6456772 | 7242371 | 13699143 | 13344579 |  | 13344579 | 354564 |
| Global Opportunities Fund | 11124202 |  | 11124202 | 3431176 | 7429720 | 10860896 | 263306 |
| Total Return Bond Fund | 420030 | 200188 | 620218 |  | 607054 | 607054 | 13164 |
| High Income Opportunities Fund | 2775698 | 663448 | 3439146 | 4549 | 3358465 | 3363014 | 76132 |
| Short-Term Bond Fund | 6271495 | 5824633 | 12096128 |  | 11844653 | 11844653 | 251475 |

---

**Note 8 – Fair Value Measurements**

Various inputs are used to determine the value of the Funds' investments. These inputs are categorized into three broad levels as follows:

• Level 1 – Prices are determined using inputs from unadjusted quoted prices from active markets (including securities actively traded on a securities exchange) for identical assets.

• Level 2 – Prices are determined using significant observable market inputs other than unadjusted quoted prices, including quoted prices of similar securities, fair value adjustments to quoted foreign securities, interest rates, credit risk, prepayment speeds, and other relevant data.

• Level 3 – Prices reflect unobservable market inputs (including the Funds' own judgments about assumptions market participants would use in determining fair value) when observable inputs are unavailable.

Debt securities are valued based upon evaluated prices received from an independent pricing service or from a dealer or broker who makes markets in such securities. Pricing services utilize various observable market data and as such, debt securities are generally categorized as Level 2. The levels are not necessarily an indication of the risk or liquidity of the Fund's investments.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

The following is a summary of the inputs used in valuing the Funds' holdings at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **MARKET NEUTRAL INCOME FUND** | **MARKET NEUTRAL INCOME FUND** | **MARKET NEUTRAL INCOME FUND** | **MARKET NEUTRAL INCOME FUND** |
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Convertible Bonds | $— | $6706636380 | $— | $6706636380 |
| Corporate Bonds |  | 55725972 |  | 55725972 |
| Convertible Preferred Stocks | 633686751 |  |  | 633686751 |
| Common Stocks | 10522307429 | 69972427 | 14462500 | 10606742356 |
| Exchange-Traded Fund | 180620401 |  |  | 180620401 |
| Investments in Affiliated Fund | 337826981 |  |  | 337826981 |
| Warrants | 7022465 | 2347914 |  | 9370379 |
| Rights | 39885 | 1451 | 277808 | 319144 |
| Exchange-Traded Purchased Options | 26650000 |  |  | 26650000 |
| Over the Counter Purchased Options |  | 39613104 |  | 39613104 |
| Investment of Cash Collateral For Securities Loaned |  | 169218273 |  | 169218273 |
| Forward Foreign Currency Contracts |  | 5175431 |  | 5175431 |
| Total Return Swaps |  | 7157966 |  | 7157966 |
| Total | $11708153912 | $7055848918 | $14740308 | $18778743138 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Common Stocks Sold Short | $4115543965 | $— | $— | $4115543965 |
| Exchange-Traded Written Options | 1802418788 |  |  | 1802418788 |
| Forward Foreign Currency Contracts |  | 243773 |  | 243773 |
| Total Return Swaps |  | 1322904 |  | 1322904 |
| Total | $5917962753 | $1566677 | $— | $5919529430 |
|  | **HEDGED EQUITY FUND** | **HEDGED EQUITY FUND** | **HEDGED EQUITY FUND** | **HEDGED EQUITY FUND** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $765423265 | $— | $— | $765423265 |
| Exchange-Traded Fund | 8048308 |  |  | 8048308 |
| Exchange-Traded Purchased Option | 21201975 |  |  | 21201975 |
| Investment of Cash Collateral For Securities Loaned |  | 381429 |  | 381429 |
| Total | $794673548 | $381429 | $— | $795054977 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Options | $24667925 | $— | $— | $24667925 |
| Total | $24667925 | $— | $— | $24667925 |

---

www.calamos.com

------

Notes to Financial Statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PHINEUS LONG/SHORT FUND** | **PHINEUS LONG/SHORT FUND** | **PHINEUS LONG/SHORT FUND** | **PHINEUS LONG/SHORT FUND** |
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $1130668961 | $42304451 | $— | $1172973412 |
| Exchange-Traded Purchased Options | 13880192 |  |  | 13880192 |
| Investment of Cash Collateral For Securities Loaned |  | 5927394 |  | 5927394 |
| Total | $1144549153 | $48231845 | $— | $1192780998 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Common Stocks Sold Short | $46605830 | $— | $— | $46605830 |
| Exchange-Traded Fund Sold Short | 539850490 |  |  | 539850490 |
| Exchange-Traded Written Options | 46806045 |  |  | 46806045 |
| Total | $633262365 | $— | $— | $633262365 |
|  | **MERGER ARBITRAGE FUND** | **MERGER ARBITRAGE FUND** | **MERGER ARBITRAGE FUND** | **MERGER ARBITRAGE FUND** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Convertible Bonds | $— | $1111757 | $— | $1111757 |
| Corporate Bond |  | 2196 |  | 2196 |
| Common Stocks | 1128035 | 386675 | 92213 | 1606923 |
| Rights | 139 | 49 | 755 | 943 |
| Warrant |  | 56 |  | 56 |
| Total | $1128174 | $1500733 | $92968 | $2721875 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Common Stocks Sold Short | $313124 | $— | $— | $313124 |
| Exchange-Traded Written Option | 18 |  |  | 18 |
| Total | $313142 | $— | $— | $313142 |
|  | **CONVERTIBLE FUND** | **CONVERTIBLE FUND** | **CONVERTIBLE FUND** | **CONVERTIBLE FUND** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Convertible Bonds | $— | $814064437 | $— | $814064437 |
| Convertible Preferred Stocks | 90695868 |  |  | 90695868 |
| Exchange-Traded Purchased Options | 1011250 |  |  | 1011250 |
| Investment of Cash Collateral For Securities Loaned |  | 51798783 |  | 51798783 |
| Forward Foreign Currency Contracts |  | 2257 |  | 2257 |
| Total | $91707118 | $865865477 | $— | $957572595 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward Foreign Currency Contracts | $— | $13231 | $— | $13231 |
| Total | $— | $13231 | $— | $13231 |

---

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **GLOBAL CONVERTIBLE FUND** | **GLOBAL CONVERTIBLE FUND** | **GLOBAL CONVERTIBLE FUND** | **GLOBAL CONVERTIBLE FUND** |
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Convertible Bonds | $— | $138512865 | $— | $138512865 |
| Corporate Bond |  | 105064 |  | 105064 |
| Convertible Preferred Stocks | 11056799 |  |  | 11056799 |
| U.S. Government and Agency Security |  | 1074284 |  | 1074284 |
| Common Stock | 64494 |  |  | 64494 |
| Exchange-Traded Purchased Options | 678481 |  |  | 678481 |
| Investment of Cash Collateral For Securities Loaned |  | 12610305 |  | 12610305 |
| Total | $11799774 | $152302518 | $— | $164102292 |
|  | **TIMPANI SMALL CAP GROWTH FUND** | **TIMPANI SMALL CAP GROWTH FUND** | **TIMPANI SMALL CAP GROWTH FUND** | **TIMPANI SMALL CAP GROWTH FUND** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $553317169 | $— | $— | $553317169 |
| Total | $553317169 | $— | $— | $553317169 |
|  | **TIMPANI SMID GROWTH FUND** | **TIMPANI SMID GROWTH FUND** | **TIMPANI SMID GROWTH FUND** | **TIMPANI SMID GROWTH FUND** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $37109232 | $— | $— | $37109232 |
| Total | $37109232 | $— | $— | $37109232 |
|  | **GROWTH FUND** | **GROWTH FUND** | **GROWTH FUND** | **GROWTH FUND** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $1753005724 | $— | $— | $1753005724 |
| Exchange-Traded Purchased Option | 1062500 |  |  | 1062500 |
| Investment of Cash Collateral For Securities Loaned |  | 23806222 |  | 23806222 |
| Total | $1754068224 | $23806222 | $— | $1777874446 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $289000 | $— | $— | $289000 |
| Total | $289000 | $— | $— | $289000 |
|  | **GROWTH AND INCOME FUND** | **GROWTH AND INCOME FUND** | **GROWTH AND INCOME FUND** | **GROWTH AND INCOME FUND** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Convertible Bonds | $— | $595616383 | $— | $595616383 |
| Convertible Preferred Stocks | 75921839 | 8094522 |  | 84016361 |
| Common Stocks | 2473705717 |  |  | 2473705717 |
| Exchange-Traded Fund | 17550926 |  |  | 17550926 |
| U.S. Government and Agency Securities |  | 48360862 |  | 48360862 |
| Exchange-Traded Purchased Options | 18053880 |  |  | 18053880 |
| Investment of Cash Collateral For Securities Loaned |  | 42013179 |  | 42013179 |
| Total | $2585232362 | $694084946 | $— | $3279317308 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $571250 | $— | $— | $571250 |
| Total | $571250 | $— | $— | $571250 |

---

www.calamos.com

------

Notes to Financial Statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SELECT FUND** | **SELECT FUND** | **SELECT FUND** | **SELECT FUND** |
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $61743529 | $— | $— | $61743529 |
| Total | $61743529 | $— | $— | $61743529 |
|  | **INTERNATIONAL GROWTH FUND** | **INTERNATIONAL GROWTH FUND** | **INTERNATIONAL GROWTH FUND** | **INTERNATIONAL GROWTH FUND** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $61943218 | $218313922 | $— | $280257140 |
| Convertible Bond |  | 5506848 |  | 5506848 |
| Exchange-Traded Purchased Options | 737370 |  |  | 737370 |
| Investment of Cash Collateral For Securities Loaned |  | 21796045 |  | 21796045 |
| Forward Foreign Currency Contracts |  | 101819 |  | 101819 |
| Total | $62680588 | $245718634 | $— | $308399222 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward Foreign Currency Contracts | $— | $575002 | $— | $575002 |
| Total | $— | $575002 | $— | $575002 |
|  | **EVOLVING WORLD GROWTH FUND** | **EVOLVING WORLD GROWTH FUND** | **EVOLVING WORLD GROWTH FUND** | **EVOLVING WORLD GROWTH FUND** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Convertible Bonds | $— | $71359736 | $— | $71359736 |
| Common Stocks | 43538816 | 276405800 |  | 319944616 |
| Exchange-Traded Purchased Options | 6343137 |  |  | 6343137 |
| Investment of Cash Collateral For Securities Loaned |  | 18362340 |  | 18362340 |
| Forward Foreign Currency Contracts |  | 81531 |  | 81531 |
| Total | $49881953 | $366209407 | $— | $416091360 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward Foreign Currency Contracts | $— | $92012 | $— | $92012 |
| Total | $— | $92012 | $— | $92012 |
|  | **GLOBAL EQUITY FUND** | **GLOBAL EQUITY FUND** | **GLOBAL EQUITY FUND** | **GLOBAL EQUITY FUND** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $108587205 | $52090365 | $— | $160677570 |
| Convertible Preferred Stock | 1487978 |  |  | 1487978 |
| Convertible Bond |  | 1376712 |  | 1376712 |
| Exchange-Traded Purchased Options | 1360677 |  |  | 1360677 |
| Investment of Cash Collateral For Securities Loaned |  | 6456772 |  | 6456772 |
| Total | $111435860 | $59923849 | $— | $171359709 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward Foreign Currency Contracts | $— | $98520 | $— | $98520 |
| Total | $— | $98520 | $— | $98520 |

---

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **GLOBAL OPPORTUNITIES FUND** | **GLOBAL OPPORTUNITIES FUND** | **GLOBAL OPPORTUNITIES FUND** | **GLOBAL OPPORTUNITIES FUND** |
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Convertible Bonds | $— | $123538653 | $— | $123538653 |
| Convertible Preferred Stock | 6724279 |  |  | 6724279 |
| Common Stocks | 124764838 | 63241780 |  | 188006618 |
| Exchange-Traded Purchased Options | 6194137 |  |  | 6194137 |
| Investment of Cash Collateral For Securities Loaned |  | 11124202 |  | 11124202 |
| Total | $137683254 | $197904635 | $— | $335587889 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward Foreign Currency Contracts | $— | $478255 | $— | $478255 |
| Total | $— | $478255 | $— | $478255 |
|  | **INTERNATIONAL SMALL CAP GROWTH FUND** | **INTERNATIONAL SMALL CAP GROWTH FUND** | **INTERNATIONAL SMALL CAP GROWTH FUND** | **INTERNATIONAL SMALL CAP GROWTH FUND** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $1114173 | $5918625 | $— | $7032798 |
| Total | $1114173 | $5918625 | $— | $7032798 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward Foreign Currency Contracts | $— | $26631 | $— | $26631 |
| Total | $— | $26631 | $— | $26631 |
|  | **TOTAL RETURN BOND FUND** | **TOTAL RETURN BOND FUND** | **TOTAL RETURN BOND FUND** | **TOTAL RETURN BOND FUND** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Corporate Bonds | $— | $13767698 | $— | $13767698 |
| Bank Loans |  | 1091684 |  | 1091684 |
| U.S. Government and Agency Securities |  | 12376740 |  | 12376740 |
| Residential Mortgage Backed Security |  | 94714 |  | 94714 |
| Asset Backed Securities |  | 1097476 |  | 1097476 |
| Investment of Cash Collateral For Securities Loaned |  | 420030 |  | 420030 |
| Futures Contracts | 2607 |  |  | 2607 |
| Total | $2607 | $28848342 | $— | $28850949 |
|  | **HIGH INCOME OPPORTUNITIES FUND** | **HIGH INCOME OPPORTUNITIES FUND** | **HIGH INCOME OPPORTUNITIES FUND** | **HIGH INCOME OPPORTUNITIES FUND** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Asset Backed Security | $— | $97190 | $— | $97190 |
| Corporate Bonds |  | 28387229 |  | 28387229 |
| Convertible Bond |  | 35149 |  | 35149 |
| Bank Loans |  | 5059915 |  | 5059915 |
| Common Stocks | 197763 | 13950 |  | 211713 |
| Warrants |  | 1 |  | 1 |
| Preferred Stocks | 99073 |  |  | 99073 |
| Investment of Cash Collateral For Securities Loaned |  | 2775698 |  | 2775698 |
| Total | $296836 | $36369132 | $— | $36665968 |

---

www.calamos.com

------

Notes to Financial Statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SHORT-TERM BOND FUND** | **SHORT-TERM BOND FUND** | **SHORT-TERM BOND FUND** | **SHORT-TERM BOND FUND** |
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Corporate Bonds | $— | $232480130 | $— | $232480130 |
| U.S. Government and Agency Securities |  | 23286094 |  | 23286094 |
| Sovereign Bonds |  | 8262204 |  | 8262204 |
| Bank Loans |  | 34588661 |  | 34588661 |
| Asset Backed Securities |  | 86624836 |  | 86624836 |
| Municipal Obligations |  | 12055347 |  | 12055347 |
| Residential Mortgage Backed Securities |  | 4621192 |  | 4621192 |
| Investment of Cash Collateral For Securities Loaned |  | 6271495 |  | 6271495 |
| Futures Contracts | 26074 |  |  | 26074 |
| Total | $26074 | $408189959 | $— | $408216033 |

---

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 year ended October 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <br>in <br>Securities | Balance <br>as of <br>October 31, <br>2024 | Accrued <br>Discounts/ <br>(Premiums) | Realized <br>Gain <br>(Loss) | Change in <br>Unrealized <br>Appreciation <br>(Depreciation) | Purchases | Sales <br>Proceeds | Transfers <br>into <br>Level 3 | Transfers <br>out of <br>Level 3 | Balance <br>as of <br>October 31, <br>2025 | Net change in <br>Unrealized <br>Appreciation <br>(Depreciation) from <br>investments still held <br>as of October 31, 2025 |
| Common <br>Stocks | $— | $— | $— | $— | $— | $— | $14462500 | $— | $14462500 | $— |
| Rights | 277808 |  |  |  |  |  |  |  | 277808 |  |
| Total | $277808 | $— | $— | $— | $— | $— | $14462500 | $— | $14740308 | $— |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Merger Arbitrage Fund's assets and liabilities during the year ended October 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <br>in <br>Securities | Balance <br>as of <br>October 31, <br>2024 | Accrued <br>Discounts/ <br>(Premiums) | Realized <br>Gain <br>(Loss) | Change in <br>Unrealized <br>Appreciation <br>(Depreciation) | Purchases | Sales <br>Proceeds | Transfers <br>into <br>Level 3 | Transfers <br>out of <br>Level 3 | Balance <br>as of <br>October 31, <br>2025 | Net change in <br>Unrealized <br>Appreciation <br>(Depreciation) from <br>investments still held <br>as of October 31, 2025 |
| Common <br>Stocks | $— | $— | $— | $— | $— | $— | $92213 | $— | $92213 | $— |
| Rights | 755 |  |  |  |  |  |  |  | 755 |  |
| Total | $755 | $— | $— | $— | $— | $— | $92213 | $— | $92968 | $— |

---

As of October 31, 2025, Level 3 investments were valued by the Company using unadjusted pricing quotes obtained from dealers.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

**Note 9 – Capital Share Transactions**

The following table summarizes the activity in capital shares of the Funds for the year ended October 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | MARKET NEUTRAL <br>INCOME FUND | MARKET NEUTRAL <br>INCOME FUND | HEDGED EQUITY FUND | HEDGED EQUITY FUND | PHINEUS LONG/SHORT FUND | PHINEUS LONG/SHORT FUND |
| Class A | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 12489843 | $192920315 | 271893 | $4829745 | 1087902 | $18422055 |
| Shares issued through acquisition |  |  |  |  |  |  |
| Shares issued as reinvestment of distributions | 774783 | 11839645 | 3442 | 60151 | 259642 | 4130897 |
| Less shares redeemed | (19096583) | (294272803) | (537951) | (9407570) | (1145096) | (19300958) |
| Net increase (decrease) | (5831957) | $(89512843) | (262616) | $(4517674) | 202448 | $3251994 |
| Class C | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 1593918 | $24709913 | 160275 | $2791764 | 144948 | $2311760 |
| Shares issued through acquisition |  |  |  |  |  |  |
| Shares issued as reinvestment of distributions | 113711 | 1735642 | 292 | 4927 | 123154 | 1855926 |
| Less shares redeemed | (3263771) | (50659670) | (58747) | (1008274) | (728672) | (11616979) |
| Net increase (decrease) | (1556142) | $(24214115) | 101820 | $1788417 | (460570) | $(7449293) |
| Class I | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 253558408 | $3862999729 | 10552165 | $186620905 | 14429385 | $248597554 |
| Shares issued through acquisition |  |  |  |  |  |  |
| Shares issued as reinvestment of distributions | 15316090 | 231465896 | 170800 | 3018552 | 3715602 | 60006976 |
| Less shares redeemed | (210921652) | (3207818204) | (10949181) | (194087155) | (14120322) | (239113161) |
| Net increase (decrease) | 57952846 | $886647421 | (226216) | $(4447698) | 4024665 | $69491369 |
| Class R6 | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 23505849 | $356505354 |  | $— |  | $— |
| Shares issued as reinvestment of distributions | 188902 | 2851592 |  |  |  |  |
| Less shares redeemed | (5055440) | (76576718) |  |  |  |  |
| Net increase (decrease) | 18639311 | $282780228 |  | $— |  | $— |

---

www.calamos.com

------

Notes to Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | MERGER ARBITRAGE<br>FUND | MERGER ARBITRAGE<br>FUND | CONVERTIBLE FUND | CONVERTIBLE FUND | GLOBAL CONVERTIBLE FUND | GLOBAL CONVERTIBLE FUND |
| Class A | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 126 | $1295 | 537583 | $12347239 | 92459 | $1210951 |
| Shares issued through acquisition |  |  |  |  |  |  |
| Shares issued as reinvestment of distributions | 336 | 3252 | 131359 | 2905694 | 437 | 6220 |
| Less shares redeemed | (2344) | (25100) | (2239514) | (50231143) | (199211) | (2618220) |
| Net increase (decrease) | (1882) | $(20553) | (1570572) | $(34978210) | (106315) | $(1401049) |
| Class C | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 190 | $2000 | 66600 | $1470175 | 1713 | $19888 |
| Shares issued through acquisition |  |  |  |  |  |  |
| Shares issued as reinvestment of distributions | 201 | 1945 | 9889 | 209449 |  |  |
| Less shares redeemed |  |  | (449324) | (9777406) | (14364) | (175094) |
| Net increase (decrease) | 391 | $3945 | (372835) | $(8097782) | (12651) | $(155206) |
| Class I | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 61309 | $647846 | 5604645 | $108225847 | 1729066 | $22615652 |
| Shares issued through acquisition |  |  |  |  |  |  |
| Shares issued as reinvestment of distributions | 5681 | 55048 | 572669 | 10791471 | 17319 | 243737 |
| Less shares redeemed | (12699) | (125999) | (9995123) | (187623411) | (1347303) | (17412938) |
| Net increase (decrease) | 54291 | $576895 | (3817809) | $(68606093) | 399082 | $5446451 |
| Class R6 | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold |  | $— |  | $— |  | $— |
| Shares issued as reinvestment of distributions |  |  |  |  |  |  |
| Less shares redeemed |  |  |  |  |  |  |
| Net increase (decrease) |  | $— |  | $— |  | $— |

---

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | TIMPANI SMALL CAP<br>GROWTH FUND | TIMPANI SMALL CAP<br>GROWTH FUND | TIMPANI SMID <br>GROWTH FUND | TIMPANI SMID <br>GROWTH FUND | GROWTH FUND | GROWTH FUND |
| Class A | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 363442 | $14849152 | 21116 | $326713 | 458907 | $20878920 |
| Shares issued through acquisition |  |  |  |  |  |  |
| Shares issued as reinvestment of distributions | 18255 | 667937 | 681 | 10262 | 1573431 | 71386547 |
| Less shares redeemed | (310476) | (11956315) | (10116) | (140670) | (3312711) | (151154536) |
| Net increase (decrease) | 71221 | $3560774 | 11681 | $196305 | (1280373) | $(58889069) |
| Class C | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 70306 | $2777784 |  | $— | 172565 | $2482887 |
| Shares issued through acquisition |  |  |  |  |  |  |
| Shares issued as reinvestment of distributions | 2881 | 106506 |  |  | 134222 | 1920722 |
| Less shares redeemed | (44684) | (1677400) |  |  | (229938) | (3356888) |
| Net increase (decrease) | 28503 | $1206890 |  | $— | 76849 | $1046721 |
| Class I | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 6519362 | $261792369 | 715824 | $10793277 | 233587 | $17011982 |
| Shares issued through acquisition |  |  |  |  |  |  |
| Shares issued as reinvestment of distributions | 237113 | 9007924 | 49207 | 751396 | 208814 | 15053427 |
| Less shares redeemed | (4687377) | (180940931) | (556125) | (8002154) | (438866) | (31697673) |
| Net increase (decrease) | 2069098 | $89859362 | 208906 | $3542519 | 3535 | $367736 |
| Class R6 | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 32457 | $1263956 | 6715 | $107194 |  | $— |
| Shares issued as reinvestment of distributions | 20399 | 778825 | 995 | 15203 |  |  |
| Less shares redeemed | (96546) | (3745969) | (68) | (1001) |  |  |
| Net increase (decrease) | (43690) | $(1703188) | 7642 | $121396 |  | $— |

---

www.calamos.com

------

Notes to Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | GROWTH AND INCOME FUND | GROWTH AND INCOME FUND | SELECT FUND | SELECT FUND | INTERNATIONAL <br>GROWTH FUND | INTERNATIONAL <br>GROWTH FUND |
| Class A | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 1132464 | $57316695 | 26605 | $584680 | 195483 | $4225708 |
| Shares issued through acquisition | 157212 | 8450139 |  |  |  |  |
| Shares issued as reinvestment of distributions | 1187234 | 58739623 | 46037 | 993472 | 98358 | 2015346 |
| Less shares redeemed | (3743143) | (188679191) | (73679) | (1629418) | (569748) | (12654887) |
| Net increase (decrease) | (1266233) | $(64172734) | (1037) | $(51266) | (275907) | $(6413833) |
| Class C | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 510168 | $26016713 | 1677 | $26642 | 1902 | $34603 |
| Shares issued through acquisition | 55349 | 2967277 |  |  |  |  |
| Shares issued as reinvestment of distributions | 93535 | 4623442 | 1749 | 30129 | 4483 | 74590 |
| Less shares redeemed | (417490) | (21077690) | (7840) | (140503) | (15238) | (270053) |
| Net increase (decrease) | 241562 | $12529742 | (4414) | $(83732) | (8853) | $(160860) |
| Class I | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 3904364 | $188085792 | 32234 | $750698 | 2212233 | $50623006 |
| Shares issued through acquisition | 213203 | 10854143 |  |  |  |  |
| Shares issued as reinvestment of distributions | 1438096 | 67421861 | 129816 | 2933847 | 362534 | 7794490 |
| Less shares redeemed | (4719463) | (224200522) | (156733) | (3656723) | (2262037) | (50751860) |
| Net increase (decrease) | 836200 | $42161274 | 5317 | $27822 | 312730 | $7665636 |
| Class R6 | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 191960 | $9282821 |  | $— | 203893 | $4614935 |
| Shares issued as reinvestment of distributions | 41835 | 1963529 |  |  | 10697 | 232875 |
| Less shares redeemed | (189201) | (9053574) |  |  | (110149) | (2568298) |
| Net increase (decrease) | 44594 | $2192776 |  | $— | 104441 | $2279512 |

---

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | EVOLVING WORLD <br>GROWTH FUND | EVOLVING WORLD <br>GROWTH FUND | GLOBAL EQUITY FUND | GLOBAL EQUITY FUND | GLOBAL <br>OPPORTUNITIES FUND | GLOBAL <br>OPPORTUNITIES FUND |
| Class A | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 140171 | $2741681 | 143399 | $2529900 | 475653 | $6040839 |
| Shares issued through acquisition |  |  |  |  |  |  |
| Shares issued as reinvestment of distributions |  |  | 126694 | 2133527 | 554026 | 6827820 |
| Less shares redeemed | (676431) | (13598168) | (291471) | (5159132) | (1324735) | (16612026) |
| Net increase (decrease) | (536260) | $(10856487) | (21378) | $(495705) | (295056) | $(3743367) |
| Class C | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 15440 | $290551 | 18531 | $254769 | 262674 | $2770242 |
| Shares issued through acquisition |  |  |  |  |  |  |
| Shares issued as reinvestment of distributions |  |  | 11024 | 143418 | 106417 | 1080132 |
| Less shares redeemed | (53730) | (990240) | (32762) | (446429) | (282825) | (2925369) |
| Net increase (decrease) | (38290) | $(699689) | (3207) | $(48242) | 86266 | $925005 |
| Class I | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 2877312 | $57726869 | 2083335 | $38053042 | 4110957 | $55878434 |
| Shares issued through acquisition |  |  |  |  |  |  |
| Shares issued as reinvestment of distributions |  |  | 473675 | 8469312 | 1010786 | 13038037 |
| Less shares redeemed | (5419392) | (111519167) | (1981231) | (35716601) | (3856263) | (50384703) |
| Net increase (decrease) | (2542080) | $(53792298) | 575779 | $10805753 | 1265480 | $18531768 |
| Class R6 | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold |  | $— | 10345 | $198534 |  | $— |
| Shares issued as reinvestment of distributions |  |  | 1079 | 19318 |  |  |
| Less shares redeemed |  |  | (7685) | (160030) |  |  |
| Net increase (decrease) |  | $— | 3739 | $57822 |  | $— |

---

www.calamos.com

------

Notes to Financial Statements

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | INTERNATIONAL <br>SMALL CAP <br>GROWTH FUND | INTERNATIONAL <br>SMALL CAP <br>GROWTH FUND | TOTAL RETURN BOND FUND | TOTAL RETURN BOND FUND | HIGH INCOME <br>OPPORTUNITIES FUND | HIGH INCOME <br>OPPORTUNITIES FUND |
| Class A | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 18896 | $212921 | 65645 | $595245 | 237210 | $1852564 |
| Shares issued through acquisition |  |  |  |  |  |  |
| Shares issued as reinvestment of distributions |  |  | 38672 | 348004 | 208543 | 1623098 |
| Less shares redeemed | (27180) | (280697) | (319401) | (2857410) | (617902) | (4802378) |
| Net increase (decrease) | (8284) | $(67776) | (215084) | $(1914161) | (172149) | $(1326716) |
| Class C | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold |  | $— | 13763 | $123772 | 2085 | $17537 |
| Shares issued through acquisition |  |  |  |  |  |  |
| Shares issued as reinvestment of distributions |  |  | 863 | 7770 | 2252 | 18929 |
| Less shares redeemed |  |  | (7250) | (64721) | (6242) | (52652) |
| Net increase (decrease) |  | $— | 7376 | $66821 | (1905) | $(16186) |
| Class I | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 52188 | $598758 | 332075 | $2975062 | 158471 | $1242133 |
| Shares issued through acquisition |  |  |  |  |  |  |
| Shares issued as reinvestment of distributions |  |  | 84237 | 758680 | 70848 | 551842 |
| Less shares redeemed | (19247) | (221078) | (399242) | (3574094) | (338283) | (2638075) |
| Net increase (decrease) | 32941 | $377680 | 17070 | $159648 | (108964) | $(844100) |
| Class R6 | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold |  | $— |  | $— |  | $— |
| Shares issued as reinvestment of distributions |  |  |  |  |  |  |
| Less shares redeemed |  |  |  |  |  |  |
| Net increase (decrease) |  | $— |  | $— |  | $— |

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CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

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| | | |
|:---|:---|:---|
| | SHORT-TERM BOND FUND | SHORT-TERM BOND FUND |
| Class A | Shares | Dollars |
| Shares sold | 370996 | $3559469 |
| Shares issued through acquisition |  |  |
| Shares issued as reinvestment of distributions | 19013 | 182147 |
| Less shares redeemed | (159448) | (1526934) |
| Net increase (decrease) | 230561 | $2214682 |
| Class C | Shares | Dollars |
| Shares sold |  | $— |
| Shares issued through acquisition |  |  |
| Shares issued as reinvestment of distributions |  |  |
| Less shares redeemed |  |  |
| Net increase (decrease) |  | $— |
| Class I | Shares | Dollars |
| Shares sold | 6640939 | $63509791 |
| Shares acquired through In-Kind purchases |  |  |
| Shares issued as reinvestment of distributions | 210697 | 2017223 |
| Less shares redeemed | (2900560) | (27718492) |
| Net increase (decrease) | 3951076 | $37808522 |
| Class R6 | Shares | Dollars |
| Shares sold |  | $— |
| Shares issued as reinvestment of distributions |  |  |
| Less shares redeemed |  |  |
| Net increase (decrease) |  | $— |

---

www.calamos.com

------

Notes to Financial Statements

The following table summarizes the activity in capital shares of the Funds for the year ended October 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | MARKET NEUTRAL<br>INCOME FUND | MARKET NEUTRAL<br>INCOME FUND | HEDGED EQUITY FUND | HEDGED EQUITY FUND | PHINEUS LONG/SHORT FUND | PHINEUS LONG/SHORT FUND |
| Class A | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 11368786 | $167482208 | 595280 | $9557857 | 856803 | $13905977 |
| Shares issued as reinvestment of distributions | 2941311 | 42399266 | 6331 | 96279 | 71750 | 1125719 |
| Less shares redeemed | (23129575) | (340654222) | (591133) | (9507009) | (1338392) | (22046219) |
| Net increase (decrease) | (8819478) | $(130772748) | 10478 | $147127 | (409839) | $(7014523) |
| Class C | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 1201706 | $17803540 | 155026 | $2398053 | 176657 | $2726879 |
| Shares issued as reinvestment of distributions | 647553 | 9368390 | 1138 | 16679 | 21268 | 317274 |
| Less shares redeemed | (4886185) | (72366089) | (70739) | (1118089) | (483837) | (7459169) |
| Net increase (decrease) | (3036926) | $(45194159) | 85425 | $1296643 | (285912) | $(4415016) |
| Class I | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 244219814 | $3549871204 | 11578134 | $183422589 | 13916154 | $231314374 |
| Shares issued as reinvestment of distributions | 42717952 | 608398454 | 222318 | 3455101 | 1005365 | 16004859 |
| Less shares redeemed | (232294639) | (3375835457) | (10815240) | (171909014) | (15494450) | (256151626) |
| Net increase (decrease) | 54643127 | $782434201 | 985212 | $14968676 | (572931) | $(8832393) |
| Class R6 | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 8856395 | $130102966 |  | $— |  | $— |
| Shares issued as reinvestment of distributions | 286413 | 4083684 |  |  |  |  |
| Less shares redeemed | (1776626) | (25618179) |  |  |  |  |
| Net increase (decrease) | 7366182 | $108568471 |  | $— |  | $— |

---

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | MERGER ARBITRAGE<br>FUND | MERGER ARBITRAGE<br>FUND | CONVERTIBLE FUND | CONVERTIBLE FUND | GLOBAL CONVERTIBLE FUND | GLOBAL CONVERTIBLE FUND |
| Class A | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 7178 | $72668 | 654702 | $13130529 | 76033 | $844618 |
| Shares issued as reinvestment of distributions | 83 | 864 | 225728 | 4521836 |  |  |
| Less shares redeemed | (4901) | (48271) | (2691213) | (54153118) | (243769) | (2750275) |
| Net increase (decrease) | 2360 | $25261 | (1810783) | $(36500753) | (167736) | $(1905657) |
| Class C | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold |  | $— | 85536 | $1652466 | 12942 | $134945 |
| Shares issued as reinvestment of distributions | 43 | 440 | 23655 | 457259 |  |  |
| Less shares redeemed |  |  | (492824) | (9555893) | (102783) | (1075359) |
| Net increase (decrease) | 43 | $440 | (383633) | $(7446168) | (89841) | $(940414) |
| Class I | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 8524 | $84198 | 8920798 | $153127130 | 1861460 | $21027856 |
| Shares issued as reinvestment of distributions | 1134 | 11740 | 849883 | 14538858 |  |  |
| Less shares redeemed | (13143) | (130321) | (13338030) | (228106900) | (3003491) | (33422219) |
| Net increase (decrease) | (3485) | $(34383) | (3567349) | $(60440912) | (1142031) | $(12394363) |
| Class R6 | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold |  | $— |  | $— |  | $— |
| Shares issued as reinvestment of distributions |  |  |  |  |  |  |
| Less shares redeemed |  |  |  |  |  |  |
| Net increase (decrease) |  | $— |  | $— |  | $— |

---

www.calamos.com

------

Notes to Financial Statements

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | TIMPANI SMALL CAP<br>GROWTH FUND | TIMPANI SMALL CAP<br>GROWTH FUND | TIMPANI SMID<br>GROWTH FUND | TIMPANI SMID<br>GROWTH FUND | GROWTH FUND | GROWTH FUND |
| Class A | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 226875 | $6601344 | 6754 | $76739 | 416659 | $16323128 |
| Shares issued as reinvestment of distributions |  |  |  |  | 1163676 | 41543231 |
| Less shares redeemed | (259377) | (7731742) | (23393) | (254642) | (3680199) | (147279733) |
| Net increase (decrease) | (32502) | $(1130398) | (16639) | $(177903) | (2099864) | $(89413374) |
| Class C | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 22458 | $685113 |  | $— | 55287 | $787442 |
| Shares issued as reinvestment of distributions |  |  |  |  | 90713 | 1165660 |
| Less shares redeemed | (39599) | (1170011) |  |  | (234543) | (3335751) |
| Net increase (decrease) | (17141) | $(484898) |  | $— | (88543) | $(1382649) |
| Class I | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 2665563 | $86190124 | 157573 | $2005298 | 222825 | $13846062 |
| Shares issued as reinvestment of distributions |  |  |  |  | 149020 | 8240800 |
| Less shares redeemed | (3032566) | (88415980) | (58189) | (742766) | (505487) | (30495367) |
| Net increase (decrease) | (367003) | $(2225856) | 99384 | $1262532 | (133642) | $(8408505) |
| Class R6 | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 50330 | $1436235 | 866 | $10001 |  | $— |
| Shares issued as reinvestment of distributions |  |  |  |  |  |  |
| Less shares redeemed | (301711) | (10321908) |  |  |  |  |
| Net increase (decrease) | (251381) | $(8885673) | 866 | $10001 |  | $— |

---

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | GROWTH AND INCOME FUND | GROWTH AND INCOME FUND | SELECT FUND | SELECT FUND | INTERNATIONAL<br>GROWTH FUND | INTERNATIONAL<br>GROWTH FUND |
| Class A | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 1196840 | $53770975 | 12171 | $244172 | 168322 | $3510832 |
| Shares issued as reinvestment of distributions | 1108920 | 47079608 | 26877 | 492652 | 938 | 17518 |
| Less shares redeemed | (4019619) | (181990971) | (76256) | (1546475) | (437964) | (9068919) |
| Net increase (decrease) | (1713859) | $(81140388) | (37208) | $(809651) | (268704) | $(5540569) |
| Class C | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 572048 | $25837177 | 11757 | $202573 | 4866 | $80675 |
| Shares issued as reinvestment of distributions | 73475 | 3110927 | 424 | 6362 |  |  |
| Less shares redeemed | (497390) | (22785411) | (1384) | (21691) | (23942) | (397299) |
| Net increase (decrease) | 148133 | $6162693 | 10797 | $187244 | (19076) | $(316624) |
| Class I | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 5209507 | $222844217 | 80149 | $1618912 | 1803714 | $38296503 |
| Shares issued as reinvestment of distributions | 1220248 | 49386403 | 72425 | 1384771 | 24080 | 469792 |
| Less shares redeemed | (4584988) | (197057096) | (162127) | (3276757) | (2137486) | (45196763) |
| Net increase (decrease) | 1844767 | $75173524 | (9553) | $(273074) | (309692) | $(6430468) |
| Class R6 | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 175394 | $7801153 |  | $— | 128939 | $2800691 |
| Shares issued as reinvestment of distributions | 35155 | 1424653 |  |  | 1111 | 21914 |
| Less shares redeemed | (152704) | (6705897) |  |  | (136127) | (3058301) |
| Net increase (decrease) | 57845 | $2519909 |  | $— | (6077) | $(235696) |

---

www.calamos.com

------

Notes to Financial Statements

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | EVOLVING WORLD<br>GROWTH FUND | EVOLVING WORLD<br>GROWTH FUND | GLOBAL EQUITY FUND | GLOBAL EQUITY FUND | GLOBAL<br>OPPORTUNITIES FUND | GLOBAL<br>OPPORTUNITIES FUND |
| Class A | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 443105 | $8201986 | 203859 | $3488341 | 369156 | $4443660 |
| Shares issued as reinvestment of distributions | 6778 | 111021 |  |  | 35355 | 403190 |
| Less shares redeemed | (767354) | (13892405) | (276914) | (4530450) | (1359822) | (15966735) |
| Net increase (decrease) | (317471) | $(5579398) | (73055) | $(1042109) | (955311) | $(11119885) |
| Class C | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 56428 | $973650 | 46185 | $619223 | 416328 | $4123652 |
| Shares issued as reinvestment of distributions |  |  |  |  | 1484 | 13121 |
| Less shares redeemed | (137214) | (2202197) | (18495) | (232881) | (207710) | (1961991) |
| Net increase (decrease) | (80786) | $(1228547) | 27690 | $386342 | 210102 | $2174782 |
| Class I | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 3930692 | $71293442 | 1853759 | $32503834 | 3749569 | $47649747 |
| Shares issued as reinvestment of distributions | 107538 | 1776534 | 4894 | 70910 | 75066 | 914397 |
| Less shares redeemed | (7680617) | (134631638) | (1464274) | (25382223) | (2124646) | (26159466) |
| Net increase (decrease) | (3642387) | $(61561662) | 394379 | $7192521 | 1699989 | $22404678 |
| Class R6 | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold |  | $— | 3673 | $57025 |  | $— |
| Shares issued as reinvestment of distributions |  |  | 13 | 193 |  |  |
| Less shares redeemed |  |  | (6745) | (99281) |  |  |
| Net increase (decrease) |  | $— | (3059) | $(42063) |  | $— |

---

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | INTERNATIONAL<br>SMALL CAP<br>GROWTH FUND | INTERNATIONAL<br>SMALL CAP<br>GROWTH FUND | TOTAL RETURN<br>BOND FUND | TOTAL RETURN<br>BOND FUND | HIGH INCOME<br>OPPORTUNITIES FUND | HIGH INCOME<br>OPPORTUNITIES FUND |
| Class A | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 43751 | $449013 | 148915 | $1361852 | 176799 | $1365012 |
| Shares issued as reinvestment of distributions |  |  | 45261 | 404288 | 214152 | 1641875 |
| Less shares redeemed | (2933) | (29250) | (313951) | (2810577) | (359668) | (2762597) |
| Net increase (decrease) | 40818 | $419763 | (119775) | $(1044437) | 31283 | $244290 |
| Class C | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold |  | $— | 4236 | $37432 |  | $— |
| Shares issued as reinvestment of distributions |  |  | 895 | 7985 | 2644 | 21765 |
| Less shares redeemed |  |  | (21344) | (187072) | (14220) | (117863) |
| Net increase (decrease) |  | $— | (16213) | $(141655) | (11576) | $(96098) |
| Class I | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold | 227970 | $2290708 | 1920946 | $17339238 | 632522 | $4769922 |
| Shares issued as reinvestment of distributions |  |  | 112618 | 1004378 | 72400 | 555457 |
| Less shares redeemed | (9140) | (95316) | (2260628) | (19825770) | (566221) | (4262179) |
| Net increase (decrease) | 218830 | $2195392 | (227064) | $(1482154) | 138701 | $1063200 |
| Class R6 | Shares | Dollars | Shares | Dollars | Shares | Dollars |
| Shares sold |  | $— |  | $— |  | $— |
| Shares issued as reinvestment of distributions |  |  |  |  |  |  |
| Less shares redeemed |  |  |  |  |  |  |
| Net increase (decrease) |  | $— |  | $— |  | $— |

---

www.calamos.com

------

Notes to Financial Statements

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| | | |
|:---|:---|:---|
| | SHORT-TERM BOND FUND | SHORT-TERM BOND FUND |
| Class A | Shares | Dollars |
| Shares sold | 67362 | $638645 |
| Shares issued as reinvestment of distributions | 17501 | 166016 |
| Less shares redeemed | (62207) | (588356) |
| Net increase (decrease) | 22656 | $216305 |
| Class C | Shares | Dollars |
| Shares sold |  | $— |
| Shares issued as reinvestment of distributions |  |  |
| Less shares redeemed |  |  |
| Net increase (decrease) |  | $— |
| Class I | Shares | Dollars |
| Shares sold | 930072 | $8824824 |
| Shares issued as reinvestment of distributions | 143369 | 1358530 |
| Less shares redeemed | (1019289) | (9680929) |
| Net increase (decrease) | 54152 | $502425 |
| Class R6 | Shares | Dollars |
| Shares sold |  | $— |
| Shares issued as reinvestment of distributions |  |  |
| Less shares redeemed |  |  |
| Net increase (decrease) |  | $— |

---

**Note 10 – Fund Reorganizations**

Pursuant to an Agreement and Plan of Reorganization approved by the Board, Calamos Growth and Income Fund, a series of the Trust acquired all of the assets and assumed all of the liabilities of Calamos Dividend Growth Fund, also a series of the Trust on August 29, 2025.

<u> TARGET FUND</u> <u> ACQUIRIING FUND</u> <br> Calamos Dividend Growth Fund Calamos Growth and Income Fund

Shareholders approved the Reorganization on August 22, 2025.

The Reorganization was accomplished by an exchange of shares of the Acquiring Fund for corresponding shares then outstanding of the Target Fund at their net asset value on August 29, 2025. The Reorganization of the Target Fund into the corresponding Acquiring Fund will enable shareholders of the Target Fund to invest in a larger, potentially more efficient portfolio while continuing to pursue a similar but more flexible investment strategy.

The Reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the Target Fund or their shareholders.

For accounting and performance reporting purposes, the Acquiring Fund is the survivor.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

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Notes to Financial Statements

As of August 29, 2025, the Target Fund's and Acquiring Fund's net assets were as follows:

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| | |
|:---|:---|
| | GROWTH AND<br>INCOME FUND |
| **Target Fund – Prior to Reorganization:** | **Target Fund – Prior to Reorganization:** |
| Net Assets | $22271565 |
| Investments in securities, at value | 21785903 |
| Unrealized appreciation (depreciation) | 13094850 |
| Shares Outstanding | 1081309 |
| **Acquiring Fund – Prior to Reorganization:** | **Acquiring Fund – Prior to Reorganization:** |
| Net Assets | 3085870050 |
| Shares Outstanding | 58971979 |
| **Acquiring Fund – Post Reorganization:** | **Acquiring Fund – Post Reorganization:** |
| Net Assets | 3108141609 |
| Shares Outstanding | 59397742 |

---

Assuming that the reorganization had been completed on November 1, 2024, the Acquiring Fund's pro forma results of operations for the year ended October 31, 2025 are as follows:

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| | |
|:---|:---|
| Net investment income (loss) | $894285 |
| Net realized gain (loss) | 228455666 |
| Change in unrealized appreciation/(depreciation) | 373353962 |
| Net increase (decrease) in net assets resulting from operations | $602703913 |

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Because the combined Fund has been managed as a single portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Acquiring Fund's Statement of Operations since August 29, 2025.

**Note 11 – Subsequent Events**

Subsequent events, if any, through the date that the financial statements were issued, have been evaluated in the preparation of the financial statements.

On December 10, 2025, there were redemptions from an affiliated investor in the Calamos Total Return Bond Fund and the Calamos High Income Opportunities Fund representing approximately 14.8% and 29.1% of total net assets respectively.

On December 16, 2025, there was a redemption from an affiliated investor in the Calamos High Income Opportunities Fund representing approximately 7.1% of total net assets.

www.calamos.com

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Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Trustees of Calamos Investment Trust

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of Calamos Investment Trust comprising the Calamos Market Neutral Income Fund, Calamos Hedged Equity Fund, Calamos Phineus Long/Short Fund, Calamos Merger Arbitrage Fund, Calamos Convertible Fund, Calamos Global Convertible Fund, Calamos Timpani Small Cap Growth Fund, Calamos Timpani SMID Growth Fund, Calamos Growth Fund, Calamos Growth and Income Fund, Calamos Select Fund, Calamos International Growth Fund, Calamos Evolving World Growth Fund, Calamos Global Equity Fund, Calamos Global Opportunities Fund, Calamos International Small Cap Growth Fund, Calamos Total Return Bond Fund, Calamos High Income Opportunities Fund, and Calamos Short-Term Bond Fund (the "Funds"), including the schedules of investments, as of October 31, 2025, the related statements of operations, statements of changes in net assets, financial highlights for the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds listed above constituting Calamos Investment Trust as of October 31, 2025, and the results of their operations, the changes in their net assets, and the financial highlights for each of the periods listed in the table below in conformity with accounting principles generally accepted in the United States of America.

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| | | | |
|:---|:---|:---|:---|
| **Individual Fund Comprising the<br>Calamos Investment Trust** | **Statement of<br>Operations** | **Statements of<br>Changes in<br>Net Assets** | **Financial Highlights** |
| Calamos Market Neutral Income Fund, Calamos Hedged Equity Fund, Calamos Phineus Long/Short Fund, Calamos Convertible Fund, Calamos Global Convertible Fund, Calamos Timpani Small Cap Growth Fund, Calamos Timpani SMID Growth Fund, Calamos Growth Fund, Calamos Growth and Income Fund, Calamos Select Fund, Calamos International Growth Fund, Calamos Evolving World Growth Fund, Calamos Global Equity Fund, Calamos Global Opportunities Fund, Calamos Total Return Bond Fund, Calamos High Income Opportunities Fund, and Calamos Short-Term Bond Fund | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the five years ended October 31, 2025, 2024, 2023, 2022, and 2021 |
| Calamos International Small Cap Growth Fund | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, and 2023 and the period from March 31, 2022 (commencement of operations) through October 31, 2022 |
| Calamos Merger Arbitrage Fund | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025 and 2024 and the period from September 29, 2023 (commencement of operations) through October 31, 2023 |

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**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

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Report of Independent Registered Public Accounting Firm

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](j25320802_ia006.jpg)

Chicago, Illinois

December 18, 2025

We have served as the auditor of one or more Calamos Advisors LLC investment companies since 2003.

www.calamos.com

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Proxy Disclosures for Open-End Management Investment Companies (Unaudited)

**MATTERS SUBMITTED FOR SHAREHOLDER VOTE:**

The Trust held a special meeting of shareholders on August 19, 2025. The purpose of the special meeting was to elect six trustees to the Trust's board of trustees, and to consider and act upon the other below proposals (the "Proposals").

**Proposal 1: Election of Trustees**

Ms. Karen L. Stuckey and Messrs. Hugh P. Armstrong, John S. Koudounis, Jeffrey S. Phlegar, Christopher M. Toub and Lloyd A. Wennlund were nominated for election as trustees. Each nominee, except for Hugh P. Armstrong, John S. Koudounis and Jeffrey S. Phlegar, is currently a trustee of the Trust and all nominees were elected by a plurality vote as follows:

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| | | | |
|:---|:---|:---|:---|
| TRUSTEE NOMINEE | VOTES FOR | VOTES <br>WITHHELD | BROKER NON-VOTES<br>AND ABSTENTIONS |
| Hugh P. Armstrong | 1065799975 | 13980700 | 0 |
| John S. Koudounis | 1065689670 | 14091007 | 0 |
| Jeffrey S. Phlegar | 1065909134 | 13871541 | 0 |
| Karen L. Stuckey | 1065322408 | 14458267 | 0 |
| Christopher M. Toub | 1065515858 | 14264817 | 0 |
| Lloyd A. Wennlund | 1062186280 | 17594395 | 0 |

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**Proposal 2:** To amend the Agreement and Declaration of Trust to remove the ability of shareholders to remove trustees of the Trust.

**Proposal 3:** To amend the Agreement and Declaration of Trust to modernize provisions relating to shareholder meetings, remove the ability of shareholders to call shareholder meetings and remove the ability of shareholders to request certain information.

**Proposal 4:** To amend the Agreement and Declaration of Trust to permit reorganizations and termination of the Trust or series of the Trust without shareholder approval unless required by applicable law.

**Proposal 5:** To amend the Agreement and Declaration of Trust to permit amendments to the Agreement and Declaration of Trust without shareholder approval.

**Proposal 6:** To amend the Agreement and Declaration of Trust to add requirements governing direct and derivative shareholder claims.

**Proposal 7:** To approve the elimination of a fundamental investment restriction limiting the fund's investment in illiquid securities to no more than 10% of net assets.

The shareholder meeting on August 19, 2025 was adjourned until September 30, 2025, to allow additional time to further solicit proxies on Proposals 2-7.

On September 30, 2025, the meeting was adjourned without further action on Proposals 2-6 because these proposals to amend the Declaration of Trust require approval by each Fund's shareholders and approval by all Funds had not been achieved as of September 30, 2025.

On September 30, 2025, the meeting was convened with respect to Proposal 7 for Calamos Market Neutral Income Fund. The meeting was adjourned without further action on Proposal 7 with respect to Calamos Growth and Income Fund, Calamos Growth Fund and Calamos Convertible Fund as approval of Proposal 7 for such funds had not obtained.

Proposal 7 was approved by the shareholders of Calamos Market Neutral Income Fund with the following votes:

**Calamos Market Neutral Income Fund**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| PROPOSAL | VOTES FOR | VOTES FOR | VOTES AGAINST | VOTES AGAINST | ABSTENTIONS | ABSTENTIONS |
| Proposal 7 |  | 522,377,558 |  | 12,737,293 |  | 4,952,852 |

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CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

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Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited)

The Board of Trustees (the "Board" or "Trustees") of Calamos Investment Trust (the "Trust" and each series of the Trust, a "Fund" and, collectively, the "Funds") oversees the management of each of the Funds, and, as required by law, determines annually whether to continue the Trust's management agreement with Calamos Advisors LLC ("Adviser") pursuant to which the Adviser serves as the investment manager and administrator for each of the Funds. The "Independent Trustees," who comprise more than 80% of the Board, have never been affiliated with the Adviser.

In connection with their most recent consideration regarding the continuation of the management agreement, the Trustees received and reviewed a substantial amount of information provided by the Adviser in response to detailed requests of the Independent Trustees and their independent legal counsel. In the course of their consideration of the agreement, the Independent Trustees were advised by their counsel and, in addition to meeting with management of the Adviser, they met separately in executive session with their counsel.

At a meeting held on June 24, 2025, based on their evaluation of the information referred to above and other information provided in this and previous meetings, the Trustees determined that the overall arrangements between the Trust and the Adviser on behalf of the Funds were fair in light of the nature, quality and extent of the services provided by the Adviser and its affiliates, the fees charged for those services and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees, including all of the Independent Trustees, approved the continuation of the management agreement with respect to all of the Funds through July 31, 2026, subject to possible earlier termination as provided in the agreement.

In connection with its consideration of the management agreement, the Board considered, among other things: (i) the nature, quality and extent of the Adviser's services, (ii) the investment performance of each Fund as well as performance information for comparable funds and other, comparable clients of the Adviser, (iii) the fees and other expenses paid by each Fund as well as expense information for comparable funds and for other, comparable clients of the Adviser, (iv) the profitability of the Adviser and its affiliates from their relationship with each Fund, (v) whether economies of scale may be realized as each Fund grows and whether potential economies may be shared, in some measure, with Fund investors and (vi) other benefits to the Adviser from its relationship with the Funds. In the Board's deliberations, no single factor was responsible for the Board's decision to approve the continuation of the management agreement, and each Trustee may have afforded different weight to the various factors.

*Nature, Quality and Extent of Services*. The Board's consideration of the nature, quality and extent of the Adviser's services to the Funds took into account the knowledge gained from the Board's meetings with the Adviser throughout the years. In addition, the Board considered: the Adviser's long-term history of managing the Funds; the consistency of investment approach; the background and experience of the Adviser's investment personnel responsible for managing the Funds; and the Adviser's performance as administrator of the Funds, including, among other things, in the areas of brokerage selection, trade execution, compliance and shareholder communications. The Board also reviewed the Adviser's resources and key personnel involved in providing investment management services to the Funds. The Board noted the personal investments that the Adviser's key investment personnel have made in the Funds, which further aligns the interests of the Adviser and its personnel with those of the Funds' shareholders. In addition, the Board considered compliance reports about the Adviser from the Funds' Chief Compliance Officer.

The Board also considered the information provided by the Adviser regarding the Funds' performance and the steps the Adviser is taking to improve performance. In particular, the Board noted the additional personnel added to the Adviser's investment team, which includes portfolio managers, research analysts, research associates and risk management personnel. The Board also noted the Adviser's significant investment into its infrastructure and investment processes.

*Investment Performance of the Funds*. The Board considered each Fund's investment performance over various time periods, including how the Fund performed compared to the average performance of a group of comparable funds (the Fund's "Category") selected by an independent third-party service provider. In certain instances noted below, the Category represents a custom group of comparable funds, also selected by the independent third-party service provider. The performance periods considered by the Board ended on March 31, 2025, except where otherwise noted. Where available, the Board considered one-, three-, five- and ten-year performance. To the extent the Board considered data for periods other than those ending on March 31, 2025 or considered comparative data in addition to that of the Category, such as comparative data for an alternate group of comparable funds (a "category"), the data was still produced by an independent third-party service provider.

www.calamos.com

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Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited)

Further detail considered by the Board regarding the investment performance of each Fund is set forth below:

*<u>Calamos Growth Fund</u>.* The Board considered that the Fund outperformed its custom Category average for the one- and five-year periods, and that, in the three-year period, the Fund ranked in the 52<sup>nd</sup> percentile. The Fund only underperformed for the longer ten-year period.

*<u>Calamos Select Fund</u>.* The Board considered that the Fund outperformed its custom Category average for the one-, three- and five-year periods, and that it only underperformed for the ten-year period.

*<u>Calamos International Growth Fund</u>.* The Board considered that the Fund outperformed its Category average for the longer periods: five and ten years. With respect to the one- and three- year periods, while the Fund underperformed, the Board noted the Adviser's explanation that shorter-term periods may see relative performance vary significantly due to the highly rotational nature of foreign markets. The Board also noted the Adviser's statement that value equities significantly outperformed growth equities during the one- and three-year periods and that this impacted the Fund's performance relative to peers given the Adviser's higher growth approach relative to peers.

*<u>Calamos International Small Cap Growth Fund</u>.* The Board considered that the Fund ranked in the 51<sup>st</sup> percentile for the three-year period, though it underperformed more recently in the one-year period. The Board also considered, however, that the Fund had commenced operations relatively recently, on March 31, 2022, and that it would be prudent to allow the portfolio management team time to further develop its performance record with the Fund.

*<u>Calamos Evolving World Growth Fund</u>.* The Board considered that the Fund outperformed its Category average for the one-, five- and ten-year periods, though it underperformed for the three-year period.

*<u>Calamos Global Equity Fund</u>.* The Board considered that the Fund outperformed its Category average for all periods.

*<u>Calamos Growth and Income Fund</u>.* The Board considered that the Fund outperformed its custom Category average for all periods.

*<u>Calamos Global Opportunities Fund</u>.* The Board considered that the Fund outperformed its custom Category average for all periods other than the one-year period, when the Fund ranked in the 54<sup>th</sup> percentile.

*<u>Calamos Convertible Fund</u>.* The Board considered that the Fund outperformed its Category average for the five- and ten-year periods, though it underperformed for the one- and three-year periods. The Board noted that, for the year-to-date period ended May 31, 2025, the Fund outperformed one of its benchmarks, which the Adviser believes is representative of the Fund's investment universe. The Board also noted the Adviser's explanation that the Fund's peer rankings may change quickly given that its Category is comprised of peers with varying investment objectives, with some peers holding a greater percentage equities than others.

*<u>Calamos Global Convertible Fund</u>.* The Board considered that the Fund outperformed its Category average for the year-to-date, one- and three-year periods, though it underperformed for the older periods. The Board also considered that, as of April 30, 2025, the Fund outperformed its benchmark for the ten-year and since inception periods. The Board noted the Adviser's representation that the Fund is the only U.S.-based convertible fund with a global mandate in its Category, and therefore considered the Adviser's assertion that the Global Convertible UCITS fund managed by the Adviser and its performance universe are a better comparative source than the Category. As a result, the Board considered the Fund's similarity to the UCITS fund managed by the Adviser, noting that the UCITS fund outperformed peers for all periods.

*<u>Calamos Total Return Bond Fund</u>.* The Board considered that, while the Fund underperformed its Category average, the Fund ranked close to the median as follows: 58<sup>th</sup> percentile for the one-year period, 39<sup>th</sup> percentile for the three-year period and 53<sup>rd</sup> percentile for the ten-year period. The Board also considered that the Fund outperformed its Category average for the year-to-date period and its benchmark for the three-, five- and ten-year and since inception periods ended April 30, 2025. The Board noted the Adviser's representation that the Fund may at times have more or less risk than other funds in its Category as a result of investments in high yield debt securities, but that the Adviser believes the Fund's benchmark is more representative of the Fund's investment universe.

*<u>Calamos High Income Opportunities Fund</u>.* The Board considered that the Fund outperformed its Category average for all periods.

*<u>Calamos Market Neutral Income Fund</u>.* The Board considered that the Fund outperformed its custom Category average for all periods.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

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Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited)

*<u>Calamos Hedged Equity Fund</u>.* The Board considered that the Fund outperformed its Category average for all periods.

*<u>Calamos Phineus Long/Short Fund</u>.* The Board considered that the Fund outperformed its Category average for the five- and ten-year periods and that it ranked in the 52<sup>nd</sup> percentile for the one-year period. The Board noted that the Fund only underperformed in the three-year period.

*<u>Calamos Short-Term Bond Fund</u>.* The Board considered that the Fund outperformed its Category average for all periods.

*<u>Calamos Timpani Small Cap Growth Fund</u>.* The Board considered that the Fund outperformed its Category average for all periods.

*<u>Calamos Timpani SMID Growth Fund</u>.* The Board considered that the Fund outperformed its custom Category average for all periods.

*<u>Calamos Merger Arbitrage Fund</u>.* The Board considered that the Fund underperformed its Category average for the one-year period, which is the only available period. The Board also considered that the Fund had commenced operations relatively recently, on September 29, 2023, and that it would be prudent to allow the portfolio management team time to further develop its performance record with the Fund.

*Costs of Services Provided and Profits Realized by the Adviser*. Using information provided by an independent third-party service provider, the Board evaluated each Fund's actual management fee rate compared to the median management fee rate for other mutual funds similar in size, character and investment strategy (the Fund's "Expense Group"), and the Fund's total expense ratio compared to the median total expense ratio of the Fund's Expense Group.

The Board also reviewed the Adviser's management fee rates for its institutional separate accounts, other advisory accounts and sub-advisory accounts with comparable investment strategies. The Board took into account that, although the rates of fees paid by institutional clients or for sub-advisory services were generally lower than the rates of fees paid by the Funds, the differences reflected the Adviser's greater level of responsibilities and significantly broader scope of services regarding the Funds, the more extensive regulatory obligations and risks associated with managing the Funds, and other financial considerations with respect to creation and sponsorship of the Funds. The Board considered factors that led to more expenses for registered funds including but not limited to: (i) capital expenditures to establish a Fund, (ii) length of time to reach critical mass, and the related expenses, (iii) higher servicing costs of intermediaries and shareholders, (iv) higher redemption rates of assets under management, (v) entrepreneurial risk assumed by the Adviser and (vi) greater exposure to "make whole" errors.

The Board also considered the Adviser's costs in serving as the Funds' investment adviser and manager, including but not limited to costs associated with technology, infrastructure and compliance necessary to manage the Funds. The Board reviewed the Adviser's methodology for allocating costs among the Adviser's lines of business. The Board also considered information regarding the structure of the Adviser's compensation program for portfolio managers, analysts and certain other employees, and the relationship of such compensation to the attraction and retention of quality personnel. Finally, the Board reviewed information on the profitability of the Adviser in serving as each Fund's investment adviser and of the Adviser and its affiliates in all of their relationships with each Fund, as well as an explanation of the methodology utilized in allocating various expenses among the Funds and the Adviser's other business units. Data was provided to the Board with respect to profitability, both on a pre- and post-marketing cost basis. The Board reviewed the financial statements of the Adviser's parent company and discussed its corporate structure.

Further detail considered by the Board regarding the management fee rate and total expense ratio of each Fund is set forth below:

*<u>Calamos Growth Fund</u>.* The Board considered that the Fund's management fee rate and total expense ratio are higher than the respective medians of the Fund's Expense Group. The Board reviewed the Fund's expenses in light of its performance record.

*<u>Calamos Select Fund</u>.* The Board considered that the Fund's management fee rate and total expense ratio are higher than the respective medians of the Fund's Expense Group. With respect to the Fund's management fee rate and total expense ratio, the Board considered that the Fund ranked in the 55<sup>th</sup> percentile for each. The Board also considered that the Adviser had contractually agreed to limit Fund expenses through March 1, 2026 and was currently subsidizing the Fund under this arrangement.

www.calamos.com

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Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited)

*<u>Calamos International Growth Fund</u>.* The Board considered that the Fund's management fee rate and total expense ratio are lower than the respective medians of the Fund's Expense Group. The Board also noted that the Fund's management fee is subject to a performance adjustment, which serves to lower the management fee during periods of underperformance.

*<u>Calamos International Small Cap Growth Fund</u>.* The Board considered that the Fund's management fee rate is lower than the Fund's Expense Group median, though the Fund's total expense ratio is higher than its Expense Group median. The Board also considered that the Adviser had contractually agreed to limit Fund expenses through March 31, 2026 and was currently subsidizing the Fund under this arrangement. The Board reviewed the Fund's expenses in light of its level of assets. The Board also considered that the Fund's total expense ratio ranked in the 59<sup>th</sup> percentile.

*<u>Calamos Evolving World Growth Fund</u>.* The Board considered that the Fund's management fee rate and total expense ratio are lower than the respective medians of the Fund's Expense Group.

*<u>Calamos Global Equity Fund</u>.* The Board considered that, while the Fund's management fee rate and total expense ratio are higher than the respective medians of the Fund's Expense Group, the Fund's management fee is subject to a performance adjustment, which serves to lower the management fee during periods of underperformance. The Board also considered that the Adviser had contractually agreed to limit Fund expenses through March 1, 2026 and was currently subsidizing the Fund under this arrangement. The Board reviewed the Fund's expenses in light of its level of assets, and noted the Adviser's assertion that the Fund's assets were below the median level of assets of the Fund's Expense Group.

*<u>Calamos Growth and Income Fund</u>.* The Board considered that the Fund's management fee rate and total expense ratio are higher than the respective medians of the Fund's Expense Group. The Board reviewed the Fund's expenses in light of its performance record.

*<u>Calamos Global Opportunities Fund</u>.* The Board considered that the Fund's management fee rate and total expense ratio are higher than the respective medians of the Fund's Expense Group. The Board reviewed the Fund's expenses in light of its performance record. The Board considered that the Adviser had contractually agreed to limit Fund expenses through March 1, 2026 and was currently subsidizing the Fund under this arrangement. The Board also considered that the Fund's total expense ratio was only about two basis points higher than the Expense Group median.

*<u>Calamos Convertible Fund</u>.* The Board considered that the Fund's management fee rate and total expense ratio are higher than the respective medians of the Fund's Expense Group. The Board noted that the Fund's gross management fee (not taking into account any expense waivers or reimbursements) was equal to the Category median and that the Fund's historical net total expense ratio decreased from the 2023 calendar year to the 2024 calendar year.

*<u>Calamos Global Convertible Fund</u>.* The Board considered that the Fund's management fee rate and total expense ratio are higher than the respective medians of the Fund's Expense Group. The Board also considered the Adviser's assertion, however, that the Fund offers a unique mandate and that, as a result, there are no appropriate peer funds against which to meaningfully compare the Fund's fees. The Board also reviewed the Fund's expenses in light of its recent performance record.

*<u>Calamos Total Return Bond Fund</u>.* The Board considered that the Fund's management fee rate is lower than its Expense Group median, though its total expense ratio is higher than its Expense Group median. The Board also considered that the Adviser had contractually agreed to limit Fund expenses through March 1, 2026 and was currently subsidizing the Fund under this arrangement. The Board also reviewed the Fund's expenses in light of its level of assets and performance record.

*<u>Calamos High Income Opportunities Fund</u>.* The Board considered that the Fund's management fee rate is lower than its Expense Group median, and its total expense ratio is higher than its Expense Group median. The Board considered that the Fund's total expense ratio was only one basis point higher than the Expense Group median. The Board also considered that the Adviser had contractually agreed to limit Fund expenses through March 1, 2026 and was currently subsidizing the Fund under this arrangement.

*<u>Calamos Market Neutral Income Fund</u>.* The Board considered that the Fund's management fee rate and total expense ratio are lower than the respective medians of the Fund's Expense Group.

*<u>Calamos Hedged Equity Fund</u>.* The Board considered that the Fund's management fee rate and total expense ratio are lower than the respective medians of the Fund's Expense Group.

*<u>Calamos Phineus Long/Short Fund</u>.* The Board considered that the Fund's management fee rate and total expense ratio are lower than the respective medians of the Fund's Expense Group.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited)

*<u>Calamos Short-Term Bond Fund</u>.* The Board considered that the Fund's management fee rate is equal to the Fund's Expense Group median, and that the Fund's total expense ratio is lower than its Expense Group median.

*<u>Calamos Timpani Small Cap Growth Fund</u>.* The Board considered that the Fund's management fee rate and total expense ratio are higher than the respective medians of the Fund's Expense Group. The Board also considered that the Adviser had contractually agreed to limit Fund expenses through March 1, 2026 and was currently subsidizing the Fund under this arrangement. The Board also reviewed the Fund's expenses in light of its performance record.

*<u>Calamos Timpani SMID Growth Fund</u>.* The Board considered that the Fund's management fee rate is lower than the median of the Fund's Expense Group, and the total expense ratio is higher than the median of the Fund's Expense Group. The Board considered the Fund's expenses in light of its level of assets and performance record. The Board also considered that the Adviser had contractually agreed to limit Fund expenses through March 1, 2026 and was currently subsidizing the Fund under this arrangement.

*<u>Calamos Merger Arbitrage Fund</u>.* The Board considered that the Fund's management fee rate and total expense ratio are lower than the respective medians of the Fund's Expense Group.

*Economies of Scale*. The Board considered whether each Fund's management fee shares with shareholders potential economies of scale that may be achieved by the Adviser. The Board recognized that breakpoints in the fee schedule for each Fund could result in the sharing of economies of scale as Fund assets increase. The Board also considered the Adviser's agreement to reimburse each Fund for a portion of its expenses if the Fund's expense ratio otherwise would exceed a certain level. The Board also considered the benefits accruing to shareholders from the Adviser's investments into its infrastructure and investment processes. The Board concluded that the breakpoints in the fee schedule for each Fund allow shareholders to benefit from potential economies of scale that may be achieved by the Adviser.

*Other Benefits Derived from the Relationship with the Funds*. The Board also considered other benefits that accrue to the Adviser and its affiliates from their relationship with the Funds. The Board concluded that while the Adviser may potentially benefit from its relationship with the Funds in ways other than the fees payable by the Funds, the Funds also may benefit from their relationship with the Adviser in ways other than the services to be provided by the Adviser and its affiliates pursuant to their agreement with the Funds and the fees payable by the Funds.

The Board also considered the Adviser's use of a portion of the commissions paid by the Funds on their portfolio brokerage transactions to obtain research products and services benefiting the Funds and/or other clients of the Adviser and concluded, based on reports from the Funds' Chief Compliance Officer, that the Adviser's use of "soft" commission dollars to obtain research products and services was consistent with regulatory requirements.

After full consideration of the above factors as well as other factors that were instructive in their consideration, the Trustees, including all of the Independent Trustees, concluded that the continuation of the management agreement for each Fund with the Adviser was in the best interest of each respective Fund and its shareholders.

www.calamos.com

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Tax Information (Unaudited)

We are providing this information as required by the Internal Revenue Code (Code). The amounts shown may differ from those elsewhere in this report due to differences between tax and financial reporting requirements. In February 2026, shareholders will receive Form 1099-DIV which will include their share of qualified dividends and capital gains distributed during the calendar year 2025. Shareholders are advised to check with their tax advisors for information on the treatment of these amounts on their individual income tax returns.

Under Section 852(b)(3)(C) of the Code, the Funds hereby designate the following amounts as capital gain dividends for the fiscal period ended October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| MARKET NEUTRAL<br>INCOME FUND | HEDGED EQUITY <br>FUND | PHINEUS LONG/SHORT <br>FUND | MERGER ARBITRAGE <br>FUND |
| $0 | $0 | $13858051 | $0 |
| CONVERTIBLE<br>FUND | GLOBAL <br>CONVERTIBLE FUND | TIMPANI <br>SMALL CAP <br>GROWTH FUND | TIMPANI SMID <br>GROWTH FUND |
| $4809732 | $0 | $0 | $47833 |
| GROWTH<br>FUND | GROWTH AND <br>INCOME FUND | SELECT FUND | INTERNATIONAL<br>GROWTH FUND |
| $53885930 | $117487868 | $3613233 | $10308357 |
| EVOLVING WORLD <br>GROWTH FUND | GLOBAL EQUITY <br>FUND | GLOBAL <br>OPPORTUNITIES FUND | INTERNATIONAL<br>SMALL CAP<br>GROWTH FUND |
| $0 | $8247784 | $19698579 | $0 |

---

---

| | | |
|:---|:---|:---|
| TOTAL RETURN <br>BOND FUND | HIGH INCOME<br>OPPORTUNITIES FUND | SHORT-TERM<br>BOND FUND |
| $0 | $0 | $0 |

---

Under Section 854(b)(2) of the Code, the Funds hereby designate the following amounts, or the maximum amount allowable under the Code, as qualified dividends for the fiscal period ended October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| MARKET NEUTRAL<br>INCOME FUND | HEDGED EQUITY <br>FUND | PHINEUS LONG/SHORT <br>FUND | MERGER ARBITRAGE <br>FUND |
| $130199938 | $3088848 | $7732274 | $6863 |
| CONVERTIBLE<br>FUND | GLOBAL <br>CONVERTIBLE FUND | TIMPANI <br>SMALL CAP <br>GROWTH FUND | TIMPANI SMID <br>GROWTH FUND |
| $1408305 | $172648 | $285235 | $18882 |
| GROWTH<br>FUND | GROWTH AND <br>INCOME FUND | SELECT FUND | INTERNATIONAL<br>GROWTH FUND |
| $0 | $15829959 | $37236 | $235224 |
| EVOLVING WORLD <br>GROWTH FUND | GLOBAL EQUITY <br>FUND | GLOBAL <br>OPPORTUNITIES FUND | INTERNATIONAL<br>SMALL CAP<br>GROWTH FUND |
| $687016 | $16 | $1537504 | $9547 |

---

---

| | | |
|:---|:---|:---|
| TOTAL RETURN <br>BOND FUND | HIGH INCOME <br>OPPORTUNITIES FUND | SHORT-TERM <br>BOND FUND |
| $0 | $7577 | $0 |

---

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT

------

Tax Information (Unaudited)

Under Section 854(b)(2) of the Code, the Funds hereby designate the following percentage amounts of the ordinary income dividends as income qualifying for the dividends received deduction for the period ended October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| MARKET NEUTRAL<br>INCOME FUND | HEDGED EQUITY <br>FUND | PHINEUS LONG/SHORT <br>FUND | MERGER ARBITRAGE <br>FUND |
| 45.6% | 100.0% | 16.2% | 31.8% |
| CONVERTIBLE<br>FUND | GLOBAL <br>CONVERTIBLE FUND | TIMPANI <br>SMALL CAP <br>GROWTH FUND | TIMPANI SMID <br>GROWTH FUND |
| 14.6% | 69.0% | 2.8% | 2.8% |
| GROWTH<br>FUND | GROWTH AND <br>INCOME FUND | SELECT FUND | INTERNATIONAL<br>GROWTH FUND |
| 0% | 73.3% | 71.9% | 0% |
| EVOLVING WORLD <br>GROWTH FUND | GLOBAL EQUITY <br>FUND | GLOBAL <br>OPPORTUNITIES FUND | INTERNATIONAL<br>SMALL CAP<br>GROWTH FUND |
| 0.1% | 13.2% | 57.6% | 0% |

---

---

| | | |
|:---|:---|:---|
| TOTAL RETURN <br>BOND FUND | HIGH INCOME <br>OPPORTUNITIES FUND | SHORT-TERM <br>BOND FUND |
| 0% | 0.3% | 0% |

---

At October 31, 2025, more than 50% of each of *International Growth Fund and Evolving World Growth Fund* total assets were invested in securities of foreign issuers. In most instances, foreign taxes were withheld from income paid to each fund on these investments. *International Growth Fund* and *Evolving World Growth Fund* elect to treat foreign taxes paid as allowed under Section 853 of the Code. This election will allow shareholders of record as of the 2019 distribution date to treat the proportionate share of foreign taxes paid by *International Growth Fund* and *Evolving World Growth Fund* as having been paid directly by them. The shareholder shall consider these amounts as foreign taxes paid in the tax year in which they receive the distribution.

www.calamos.com

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**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies.**

Proxy disclosures for Open-End Management Investment Companies is included in the financial statements filed under Item 7 of the N-CSR.

**Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggregate remuneration paid to all trustees by Calamos Investment Trust for the period covered by the report is shown in the Statement of Operation included as part of the financial statements filed under item 7 of the N-CSR. Such remuneration only is paid to independent ("non-interested") trustees. John P. Calamos, Sr. and John S. Koudounis, the trustees who are "interested persons" of the Calamos Investment Trust, do not receive remuneration for services provided to the Calamos Investment Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Chief Compliance Officer of the Calamos Investment Trust, is the only officer who receives compensation from the Calamos Investment Trust. Effective July 29, 2025 Walter Kelly became the Chief Compliance Officer of the Trust. Prior to July 29, 2025, Mark J. Mickey, was the Chief Compliance Officer of the Trust. Aggregate remuneration paid to Mr. Kelly and Mr. Mickey by Calamos Investment Trust for the period covered by the report is shown in the Statement of Operation included as part of the financial statements filed under item 7 of the N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.**

Statement Regarding Basis for Approval of Investment Advisory Contracts – Included as part of the financial statements filed under Item 7 of the N-CSR.

**Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13: Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14**: **Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15**: **Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's Board of Trustees.

**Item 16**: **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and timely reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) There were no changes in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17**: **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18: Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19: Exhibits.**

[(a)(1) See Code of Ethics attachment.](tm2532080d1_ex99-codeeth.htm)

(a)(2) Not applicable

[(a)(3) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm2532080d1_ex99-cert.htm)

(a)(4) Not applicable

(a)(5) Not applicable

[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](tm2532080d1_ex99-906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Calamos Investment Trust

---

| | |
|:---|:---|
| By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;John P. Calamos, Sr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Name: | John P. Calamos, Sr. |
| Title: | Principal Executive Officer |
| Date: | December 29, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;Thomas E. Herman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Name: | Thomas E. Herman |
| Title: | Principal Financial Officer |
| Date: | December 29, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;John P. Calamos, Sr. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Name: | John P. Calamos, Sr. |
| Title: | Principal Executive Officer |
| Date: | December 29, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/&nbsp;&nbsp;&nbsp;&nbsp; Thomas E. Herman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Name: | Thomas E. Herman |
| Title: | Principal Financial Officer |
| Date: | December 29, 2025 |

---

## Ex-99.Codeeth

**Exhibit 99.CODEETH**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS**

Revised: December 16, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** Covered Officers/Purpose of the Code

This Code of Ethics (the "Code") for the investment companies within the Trusts and Funds<sup>1</sup>, or those performing similar functions, for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that a Fund files
with, or submits to, the Securities and Exchange Commission ("SEC"), and in other public communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer (defined as the Chief Executive Officer and Chief Financial Officer of the Funds) should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** Administration of the Code

The Code shall be administered by the Chief Compliance Officer of the Funds (the "Code Officer"). In the absence of the Code Officer, his or her designee shall serve as the Code Officer, but only on a temporary basis.

Each Fund has designated its chief legal officer (the "Chief Legal Officer") for purposes of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder. The Chief Legal Officer shall assist the Code Officer in administration of this Code. The Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it (in consultation with Fund counsel, where appropriate) and has the authority to interpret this Code in any particular situation. However, any waiver sought by a Covered Officer with respect to any Fund must be approved by the Audit Committee of the Fund (the "Audit Committee").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his/her service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a family member, receives improper personal benefits as a result of the Covered Officer's position with a Fund.

<sup>1</sup> See Appendix A for a complete list of entities cover by this policy.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (the "Company Act") and the Investment Advisers Act of 1940 (the "Advisers Act"). For example, Covered Officers generally may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" of the Fund. A Fund's and its investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Fund and its investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and a Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of a Fund. Thus, if performed in conformity with the provisions of the Company Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Boards of Trustees (each a "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions of the Company Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Fund whereby the Covered Officer or a family member would benefit personally to the detriment of a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fund to take action, or fail to take action, for the individual personal benefit of the
Covered Officer or a family member rather than the benefit of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons
for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use material non-public knowledge of portfolio transactions made or contemplated for a Fund to trade
personally or cause others to trade personally in contemplation of the market effect of such transactions. <sup>2</sup>

There are some potential conflict of interest situations that must be approved by the Code Officer, after consultation with the Chief Legal Officer. Those situations include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· service as director on the board of any public for-profit company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any ownership interest in, or any consulting or employment relationship with, any Fund service provider,
other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in commissions, transaction charges
or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising
from the Covered Officer's employment, such as compensation or equity ownership.

There are some potential conflict of interest situations that should be discussed with the Code Officer, if material. Those situations include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· receipt of any gift of substantial value (more than $100), a cash payment in any amount, a preferred
personal investment opportunity, or other thing of more than *de minimis* value from any person or entity that does business, or
is seeking to do business with a Fund or its investment adviser; and

<sup>2</sup> For purposes of this Code, personal trading activity of the Covered Officers shall be monitored in accordance with the Funds' code. Each Covered Officer shall be considered an "Access Person" under such Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· receipt of any entertainment from any company with which a Fund has current or prospective business
dealings, unless such entertainment is business- related, reasonable in cost, appropriate as to time and place, and not so frequent as
to raise any question of impropriety.

It is not the intent of this Code to prohibit the ordinary courtesies of business life, such as token gifts or modest entertainment incidental to a business relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** Disclosure and Compliance

Each Covered Officer should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· be familiar with the disclosure requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not knowingly misrepresent, or cause others to misrepresent, facts about any Fund to others, whether
within or outside the Fund, including to the Fund's trustees and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to the extent appropriate within his/her area of responsibility, consult with other officers and employees
of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and
documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** Reporting and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code (or after becoming a Covered Officer), affirm to the Code Officer that he/she
has received, read and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Code Officer promptly if he/she knows of any violation of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· respond to the trustee and officer questionnaires circulated periodically in connection with the preparation
of disclosure documents for the Funds.

The Code Officer shall maintain records of all activities related to this Code. The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Code Officer will take all appropriate action to investigate any potential violations reported to
him/her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If, after such investigation, the Code Officer believes that no violation has occurred, no further
action is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any matter that the Code Officer believes is a violation will be reported to the Audit Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation
to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies
and procedures; notification to the Chief Executive Officer of the Funds; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Audit Committee will be responsible for granting waivers in its sole discretion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC
rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Funds for the purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other polices or procedures of the Funds, the Funds' advisers, principal underwriter or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Code of Ethics and Insider Trading Policy of Funds and their investment advisers and principal underwriter under Rule 17j-1 under the Company Act and the advisers' more detailed policies and procedures are separate requirements applying to the Covered Officers and others and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** Amendments

Any amendment to this Code must be approved or ratified by the Board, including a majority of independent Board members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board, the Covered Officers, the Code, outside audit firms and legal counsel to the Funds and the adviser, and senior management of the adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.** Internal Use

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

**Appendix A – In-Scope Entities**

This policy pertains to the entities listed in the following tables.

Funds for U.S. Investors

---

| |
|:---|
| &nbsp;&nbsp;**Open-End Fund Name** |
| &nbsp;&nbsp;Calamos Investment Trust |
| &nbsp;&nbsp;Calamos Antetokounmpo Sustainable Equities Trust |
| &nbsp;&nbsp;Calamos Advisors Trust |
| &nbsp;&nbsp;Calamos ETF Trust |
| &nbsp;&nbsp;**Closed-End Fund Name** |
| &nbsp;&nbsp;Calamos Convertible Opportunities and Income Fund |
| &nbsp;&nbsp;Calamos Convertible and High Income Fund |
| &nbsp;&nbsp;Calamos Strategic Total Return Fund |
| &nbsp;&nbsp;Calamos Global Total Return Fund |
| &nbsp;&nbsp;Calamos Global Dynamic Income Fund |
| &nbsp;&nbsp;Calamos Dynamic Convertible and Income Fund |
| &nbsp;&nbsp;Calamos Long/Short Equity & Dynamic Income Trust |
| &nbsp;&nbsp;Calamos Global Convertible and Dynamic Income Trust |

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*Table 1 - List of In-Scope U.S. Funds*

Revision Date

---

| |
|:---|
| &nbsp;&nbsp;**Date** |
| &nbsp;&nbsp;Adoption: March 2, 2004 |
| &nbsp;&nbsp;Revised: December 20, 2007 |
| &nbsp;&nbsp;Revised: September 25, 2014 |
| &nbsp;&nbsp;Revised: December 15, 2015 |
| &nbsp;&nbsp;Revised: October 18, 2017 |
| &nbsp;&nbsp;Revised: June 30, 2021 |
| &nbsp;&nbsp;Revised: October 31, 2022 |
| &nbsp;&nbsp;Revised: December 16, 2022 |

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*Table 2 – List of Revision Dates for Policy*

## Ex-99.Cert

**Exhibit 99.CERT**

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, John P. Calamos, Sr., certify that:

1. I have reviewed this report on Form N-CSR of Calamos Investment Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 29, 2025

---

| |
|:---|
| /s/ John P. Calamos, Sr. |
| Principal Executive Officer |

---

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Thomas E. Herman, certify that:

1. I have reviewed this report on Form N-CSR of Calamos Investment Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 29, 2025

---

| |
|:---|
| /s/ Thomas E. Herman |
| Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. Section 1350, each of the undersigned officers of Calamos Investment Trust (the "Company"), hereby certifies, to his knowledge, that the Company's Report on Form N-CSR for the year ended October 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: December 29, 2025

---

| |
|:---|
| /s/ John P. Calamos, Sr. |
| Name: John P. Calamos, Sr. |
| Title: Principal Executive Officer |

---

---

| |
|:---|
| /s/ Thomas E. Herman |
| Name: Thomas E. Herman |
| Title: Principal Financial Officer |

---

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act of 1934.

A signed original of this certificate required by Section 906 has been provided to Calamos Investment Trust and will be retained by Calamos Investment Trust and furnished to the Securities and Exchange Commission or staff upon request.