# EDGAR Filing Document

**Accession Number:** 0001937073
**File Stem:** 0001104659-26-070842
**Filing Date:** 2026-6
**Character Count:** 378674
**Document Hash:** d76ba862490d597c30cc2b704fafe03d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-070842.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0001104659-26-070842

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**EFFECTIVENESS DATE**: 20260605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Calamos Aksia Alternative Credit & Income Fund
- **CENTRAL INDEX KEY:** 0001937073

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23815
- **FILM NUMBER:** 261067627

**BUSINESS ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563
- **BUSINESS PHONE:** 630.245.7200

**MAIL ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Calamos Aksia Alternative Credit Fund
- **DATE OF NAME CHANGE:** 20220707

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: 811-23815

Calamos Aksia Alternative Credit and Income Fund

------

(Exact name of Registrant as specified in charter)

2020 Calamos Court, Naperville, Illinois 60563-2787

------

(Address of principal executive offices) (zip code)

---

| |
|:---|
| &nbsp;&nbsp; Stephen Atkins, Treasurer<br> Calamos Advisors, LLC<br> 2020 Calamos Court<br> Naperville, Illinois 60563-2787<br>(Name, Address and Telephone Number of Person Authorized to Receive Notices and<br> Communications on Behalf of the Filing Person(s))<br>|
| &nbsp;&nbsp; (Name and address of agent for service)<br>|
| &nbsp;&nbsp; Copy to:<br>|
| &nbsp;&nbsp; Erik D. Ojala<br> Calamos Advisors LLC<br> 2020 Calamos Court<br> Naperville, Illinois 60563<br>Maya Fishman, Esq.<br> Aksia LLC<br> 599 Lexington Avenue, 37th Floor<br> New York, NY 10022<br>Joshua B. Deringer, Esq.<br> Joshua M. Lindauer, Esq.<br> Faegre Drinker Biddle & Reath LLP<br> One Logan Square, Ste. 2000<br> Philadelphia, PA 19103<br>Registrant's telephone number, including area code: (630) 245-7200 |

---

Date of fiscal year end: March 31 <br>Date of reporting period: April 1, 2025 through March 31, 2026

**ITEM 1(a). REPORT TO SHAREHOLDERS.**

![](j26136552_aa001.jpg)

![](j26136552_aa002.gif)

**Calamos Aksia** Alternative<br>Credit and Income Fund

**ANNUAL REPORT MARCH 31, 2026**

![](j26136552_aa003.jpg)

![](j26136552_aa004.jpg)

![](j26136552_aa005.jpg)

**JOHN KOUDOUNIS**

*President and Chief Executive Officer, <br>Calamos Investments*

*Chairman, Calamos Aksia Funds*

Dear Fellow Shareholder:

Calamos and Aksia: A Powerful, Proven Partnership

Since the founding of Calamos in the 1970s, we've harnessed alternatives seeking to generate alpha and income while managing risk—a discipline that led us to partner with Aksia LLC, a global leader in alternative investments, to launch three innovative funds.

Aksia's private credit expertise complemented our risk-managed investment philosophy, and together we believed we could deliver a differentiated, resilient private credit solution for investors through **Calamos Aksia Alternative Credit and Income Fund (CAPIX)**. While several competitive funds faltered this past year, CAPIX's flexible opportunity set, spanning the global private credit universe, continued to provide investors an attractive yield and lower correlation to traditional bond and equity assets.

Similarly, our **Calamos Aksia Private Equity and Alternatives Fund (CAPVX)** generated alpha by targeting small and mid-market companies through co-investments and smaller, specialized secondaries.

The **Calamos Aksia Hedged Strategies Fund (HEDGX)** brings together Aksia's hedge fund expertise and our strength in managing liquid alternatives. The Fund seeks low beta through a curated portfolio of hedge funds designed to perform across different market environments. Despite a turbulent year, the Fund provided investors capital appreciation while maintaining low sensitivity to equity market volatility.

Looking ahead, macro volatility and elevated dispersion should serve as tailwinds for all the funds—rewarding the disciplined, selective approach that defines our partnership.

In less than three years, CAPIX has surpassed $1.2 billion in AUM, CAPVX $352 million, and our newest offering HEDGX is gaining momentum—milestones that reflect the trust you have placed in us. Everyone at Calamos and Aksia remains committed to earning your confidence and helping you achieve your long-term goals.

Sincerely,

![](j26136552_aa006.jpg)

***John Koudounis***

*President and Chief Executive Officer, Calamos Investments <br>Chairman, Calamos Aksia Funds*

![](j26136552_ac001.gif)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Investment Team Discussion (Unaudited)](#ba26136552-1) | [1](#ba26136552-1) |
| [Additional Information About the <br>Fund (Unaudited)](#ba26136552-3) | [3](#ba26136552-3) |
| [Consolidated Schedule of Investments](#ca26136552-1) | [4](#ca26136552-1) |
| [Consolidated Statement of Assets and <br>Liabilities](#da26136552-1) | [20](#da26136552-1) |
| [Consolidated Statement of Operations](#da26136552-3) | [22](#da26136552-3) |
| [Consolidated Statement of Changes <br>In Net Assets](#da26136552-4) | [23](#da26136552-4) |
| [Consolidated Statement of Cash Flows](#da26136552-5) | [24](#da26136552-5) |
| [Consolidated Financial Highlights](#ea26136552-1) | [25](#ea26136552-1) |
| [Note to Consolidated Financial <br>Statements](#fa26136552-1) | [29](#fa26136552-1) |
| [Trustee Approval of Management <br>Agreement (Unaudited)](#ga26136552-1) | [47](#ga26136552-1) |
| [Report of Independent Registered Public <br>Accounting Firm](#ga26136552-4) | [50](#ga26136552-4) |
| [Trustees and Officers (Unaudited)](#ga26136552-5) | [51](#ga26136552-5) |
| [Risk Factors](#ga26136552-9) | [55](#ga26136552-9) |
| [Other Information (Unaudited)](#ga26136552-10) | [56](#ga26136552-10) |

---

Introducing an all-weather private credit approach

Calamos Advisors LLC, a leader in liquid alternatives, and Aksia LLC, a global leader in private credit, have joined forces to offer Calamos Aksia Alternative Credit and Income Fund — an institutional-style private credit solution that seeks to address the challenges of interest rates, inflation, market volatility, economic uncertainty and the search for income.

Pursuing a unique opportunity in private credit

Institutional Access: Taps into the growing private credit asset class, leveraging Aksia LLC's global relationships, leading sourcing partners and potential deal flow

Broad Private Credit Exposure: Seeks to invest in the full spectrum of global private credit, beyond just direct lending and traded credit

Interval Fund Convenience: Encompasses point-and-click daily subscriptions, no accredited investor requirement and monthly distributions with reporting on Form 1099-DIV

Liquidity Management Capabilities: Actively manages liquidity with the aim of generating yield while prepositioning for 5% quarterly repurchase needs

Enhanced Income: Targets attractive yield and lower correlation; supported by diverse return drivers and collateral exposures

Favorable Time to Invest: Offers a clean portfolio to capitalize on market paradigm shifts, reduced liquidity for borrowers and persistent demand for capital

The opinions referenced are as of the date of the publication, are subject to change due to changes in the market or economic conditions, and may not necessarily come to pass. The information contained herein is for informational purposes only and should not be considered investment advice. See Fund Prospectus for detailed information.

Investment Team Discussion (Unaudited)

Fund Commentary

The Calamos Aksia Alternative Credit and Income Fund (CAPIX) demonstrated strong performance in the fiscal year ending March 31, 2026, delivering a 9.15% (Class I Shares at net asset value) net return over the trailing one-year period and a 10.94% net annualized return since the Fund's inception on June 8, 2023. The Fund outpaced the Morningstar LSTA US Leveraged Loan Index by 4.34% over the trailing one-year period.

We believe the Fund's model of accessing direct private credit loans through a combination of sourcing partners, private equity sponsor direct origination, and private credit secondary markets continues to serve as an effective, diversified engine for deal flow. CAPIX's outperformance relative to its index was largely attributed to its broad opportunity set and flexible allocation strategy, which extends well beyond traditional direct lending. The Fund's ability to diversify into less crowded, complementary sectors of private credit including specialty finance, real estate debt, infrastructure lending, and real assets credit proved instrumental in delivering outperformance over the period.

Market Commentary

We believe the private credit market is undergoing a meaningful transition as media headlines around potential software disruption have led to a wave of outflows from registered evergreen funds. This serves as another reminder as to why we do not believe private credit is a "beta" play. A high concentration within any one industry (e.g., software) can lead to unintended adverse consequences. Overall, we believe CAPIX is coming into this transitional period from a position of strength with a newer vintage portfolio, limited software exposure (<11%), low leverage (12% debt to equity), and over $85 million in net flows through the first quarter of 2026.

More specifically, we believe the market environment is shifting from a period of excess liquidity and broadly uniform returns to one increasingly characterized by credit dispersion, selectivity and underwriting discipline. In our view, relative value and not broad market exposure will be the primary driver of returns looking forward. For investors, we believe this shift is constructive, particularly for those positioned alongside managers with a broad and flexible opportunity set.

Syndicated markets are showing signs of weakness with hung deals re-emerging and the retail-oriented fund outflows continuing to pressure market technicals. We expect these dynamics, if sustained, should reduce competitive pressures for private lenders, translating into wider spreads, improved documentation, and lower leverage levels. Early signs of repricing are already evident in new deal activity, with some lenders adjusting spreads by as much as 50–100 basis points, though approaches vary across the market.

Private credit portfolio performance remains broadly stable despite headlines. Stress remains concentrated in pre-2022 vintage capital structures, particularly those originated at the 2021 peak, as well as credits facing company-specific headwinds. We are closely monitoring the increasing use of payment-in-kind ("PIK") structures, which often serve as an early warning signal, as well as misaligned sponsors with limited remaining cash equity at stake. Despite elevated stress in certain pockets, loss

**1**

Investment Team Discussion (Unaudited)

rates across most of the private credit market remain low. We believe risks are becoming more idiosyncratic rather than systemic, most notably in software, again more so in pre-2023 originations, and other cyclical sectors.

Taken together, we believe the sharp shift in investor sentiment is setting the stage for a more lender-friendly environment. Funds that are over-levered, concentrated, or undercapitalized are already being forced to pull back, and we expect attractive total return opportunities to emerge across both new issues and secondary markets as a result.

Deal Origination and Review Stats

Since the inception of CAPIX in June 2023, Aksia has reviewed over $89 billion of private credit investments from more than 385 sourcing partners. As of March 31, 2026, CAPIX has invested in 176 investments, maintaining a balance between the direct lending sector (approximately 53%) and five complementary private credit sectors within the opportunity set. The private credit portfolio is comprised primarily of floating rate loans with an average spread over 6%, while being defensively positioned with an average Loan-to-Value (LTV) of 46% and 89% first lien exposure.

We greatly appreciate the support that we've received from our investors and their interest in our approach. We look forward to an exciting and dynamic year ahead for the private credit markets.

Sincerely,

***Calamos and Aksia***

**2**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

Additional Information About the Fund (Unaudited)

**Calamos Aksia Alternative Credit and Income Fund**

**GROWTH OF $1,000,000: FOR THE PERIOD SINCE INCEPTION 6/08/23 THROUGH 3/31/26**

![](j26136552_ba001.jpg)

**AVERAGE ANNUAL TOTAL RETURN**<sup>†</sup> **AS OF 3/31/26\***

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1<br>YEAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1<br>YEAR |  |
| Calamos Aksia Alternative Credit and Income Fund – Class A | 8.93% | 10.70% |
| Calamos Aksia Alternative Credit and Income Fund – Class C | 8.08% | 9.81% |
| Calamos Aksia Alternative Credit and Income Fund – Class I\*\* | 9.15% | 10.94% |
| Calamos Aksia Alternative Credit and Income Fund – Class M | 8.36% | 10.15% |
| Morningstar LSTA US Leveraged Loan Index | 4.81% | 7.91% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 4.14% |

---

The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent quarter end performance may be obtained by calling 1 (866) 363-9219.

†

Average annual total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Load-adjusted returns are adjusted for the maximum front-end sales load of 2.25% for Class A shares. Returns for Class C shares have been adjusted for the contingent deferred sales charge.

\*

The returns reflect the actual performance for the period and do not include the impact of any adjustment made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

\*\*

Minimum initial investment is $1,000,000.

The Expense Limitation and Reimbursement Agreement is in effect until July 31, 2027.

*Fund performance is shown net of fees. For the Fund's current expense ratios, please refer to the Financial Highlights Section of this report. Performance results include the effect of expense reduction arrangements for some, or all the periods shown. If those arrangements had not been in place, the performance results for those periods would have been lower.*

NOTES:

The graphs do not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends.

The Morningstar LSTA US Leveraged Loan Index is a market-value weighted index designed to measure the performance of the US leveraged loan market.

The Bloomberg US Aggregate Bond Index is considered generally representative of the investment grade bond market.

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

**3**

Consolidated Schedule of Investments As of March 31, 2026

---

| | |
|:---|:---|
| PRINCIPAL <br>AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |

---

---

| | |
|:---|:---|
| PRINCIPAL <br>AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |

---

---

| | | | |
|:---|:---|:---|:---|
| **ASSET-BACKED SECURITIES (0.5%)** | **ASSET-BACKED SECURITIES (0.5%)** | **ASSET-BACKED SECURITIES (0.5%)** | **ASSET-BACKED SECURITIES (0.5%)** |
|  |  | Financial Services (0.5%) | Financial Services (0.5%) |
| 2852736<br>| EUR<br>| BNP Paribas<br>10.127% (3-Month Term EURIBOR+<br>800 basis points), 9/26/2031<sup>1,2,3</sup> | $3297198 |
| $500000<br>|  | Post CLO 2024-1 Ltd.<br>0.000% 4/20/2037<sup>4,5,6,7</sup> | 320000 |
| 1000000<br>|  | Post CLO VI Ltd.<br>0.000% 1/20/2038<sup>4,5,6,7</sup> | 650000 |
| 210895<br>|  | Sandstone Peak II Ltd.<br>0.000% 7/20/2038<sup>4,5,6,7</sup> | 176962 |
| 500000<br>|  | Sandstone Peak III Ltd.<br>0.000% 4/25/2037<sup>4,5,6,7</sup> | 347900 |
|  |  |  | 4792060 |
|  |  | **TOTAL ASSET-BACKED SECURITIES**<br>(Cost $5,247,234) | 4792060 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF <br>SHARES | NUMBER OF <br>SHARES | NUMBER OF <br>SHARES |  |
| **COMMON STOCKS (0.0%)** | **COMMON STOCKS (0.0%)** | **COMMON STOCKS (0.0%)** | **COMMON STOCKS (0.0%)** |
|  | Health Care Equipment & Supplies (0.0%) | Health Care Equipment & Supplies (0.0%) | Health Care Equipment & Supplies (0.0%) |
| 67218 | Norvax LLC Stapled Security<sup>3</sup> |  | 101499 |
| 80864 | VB Spine, LLC Stapled Security<sup>3,6</sup> |  | 8702 |
|  |  | 110201 | 110201 |
|  | **TOTAL COMMON STOCKS**<br>(Cost $0) | 110201 | 110201 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT | PRINCIPAL <br>AMOUNT | PRINCIPAL <br>AMOUNT |  |
| **CORPORATE LOANS (88.0%)** | **CORPORATE LOANS (88.0%)** | **CORPORATE LOANS (88.0%)** | **CORPORATE LOANS (88.0%)** |
|  |  | Aerospace & Defense (4.3%) | Aerospace & Defense (4.3%) |
| $12500000 | 12500000 | Apex Space & Defense Systems | Apex Space & Defense Systems |
|  |  | First Lien Term Loan, 8.770% <br>(3-Month Term SOFR+500 basis <br>points), 7/1/2027<sup>1,3</sup> | 12406250 |
|  |  | Blue Raven Solutions, LLC | Blue Raven Solutions, LLC |
|  | 480000<br>| First Lien Revolver, 9.655% <br>(3-Month Term SOFR+600 basis <br>points), 1/16/2032<sup>1,3</sup> | 470400 |
|  | 720000<br>| First Lien Revolver, 9.668% <br>(3-Month Term SOFR+600 basis <br>points), 1/16/2032<sup>1,3,8</sup> | 105600 |
| 10800000 | 10800000 | First Lien Term Loan, 9.699% <br>(3-Month Term SOFR+600 basis <br>points), 1/16/2032<sup>1,3</sup> | 10584000 |
|  |  | Electro-Methods, L.P. | Electro-Methods, L.P. |
|  | 1935000<br>| First Lien Revolver, 0.500%, <br>2/20/2032<sup>3,9,10</sup> | (16326) |
|  | 8004512<br>| First Lien Term Loan, 8.414% <br>(3-Month Term SOFR+475 basis <br>points), 2/20/2032<sup>1,3,9</sup> | 7936975 |
|  |  | Jeppesen Holdings, LLC | Jeppesen Holdings, LLC |
| 14285714 | 14285714 | First Lien Term Loan, 8.417% <br>(3-Month Term SOFR+475 basis <br>points), 11/1/2032<sup>1,3</sup> | 14121826 |
|  | 714286<br>| First Lien Revolver, 0.375%, <br>11/1/2032<sup>3,10</sup> | (8276) |
|  |  |  | 45600449 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | Air Freight & Logistics (1.0%) | Air Freight & Logistics (1.0%) |
|  |  | RJW Group Holdings, Inc. | RJW Group Holdings, Inc. |
| $— | 1802536<br>| First Lien Delay Draw, 1.000%, <br>11/26/2031<sup>3,10</sup> | $(19974) |
| 10688406 | 10688406 | First Lien Term Loan, 8.700% <br>(3-Month Term SOFR+500 basis <br>points), 11/26/2031<sup>1,3</sup> | 10517121 |
|  |  |  | 10497147 |
|  |  | Automobile Components (0.3%) | Automobile Components (0.3%) |
|  |  | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
|  | 1739114<br>| First Lien Term Loan, 6.670% <br>(1-Month Term SOFR+300 basis <br>points), 12/13/2029<sup>1,5</sup> | 1738036 |
|  | 990000<br>| First Lien Term Loan, 6.670% <br>(1-Month Term SOFR+325 basis <br>points), 2/3/2033<sup>1,5</sup> | 987530 |
|  |  | First Brands Group Intermediate LLC | First Brands Group Intermediate LLC |
|  | 2933588<br>| Superpriority First Lien Delay Draw, <br>13.671% (3-Month Term SOFR+1,000 <br>basis points), PIK Rate 8.450%, <br>6/29/2026<sup>1,9,11,12</sup> | 674725 |
|  | 3236792<br>| First Lien Term Loan, 12.75% <br>(Prime rate+600), <br>PIK Rate 12.75%, 6/29/2026<sup>1,9,11,12</sup> | 11102 |
|  | 7266937<br>| First Lien Term Loan, 10.67% <br>(1-Month Term SOFR+700 basis <br>points), PIK Rate 10.67%, <br>6/29/2026<sup>1,9,11,12</sup> | 27251 |
|  |  |  | 3438644 |
|  |  | Banks (0.1%) | Banks (0.1%) |
|  | 987500<br>| Dragon Buyer, Inc.<br>First Lien Term Loan, 6.450% <br>(3-Month Term SOFR+275 basis <br>points), 9/30/2031<sup>1,5</sup> | 943067 |
|  |  | Beverages (0.6%) | Beverages (0.6%) |
|  | 9000000<br>| DrinkPAK, LLC<br>First Lien Delay Draw, 9.175% <br>(3-Month Term SOFR+550 basis <br>points), 1/8/2031<sup>1,3,8</sup> | 6654375 |
|  |  | Biotechnology (0.1%) | Biotechnology (0.1%) |
|  | 975000<br>| Genmab A/S<br>First Lien Term Loan, 6.700% <br>(1-Month Term SOFR+300 basis <br>points), 12/13/2032<sup>1,5</sup> | 979797 |
|  |  | Building Products (0.0%) | Building Products (0.0%) |
|  | 393030<br>| MI Windows And Doors LLC<br>First Lien Term Loan, 6.418% <br>(1-Month Term SOFR+275 basis <br>points), 3/28/2031<sup>1,5</sup> | 363388 |
|  |  | Capital Markets (0.3%) | Capital Markets (0.3%) |
|  |  | ECP GOM III, LLC | ECP GOM III, LLC |
|  | 735294<br>| First Lien Delay Draw, 9.910%, <br>4/13/2029<sup>3,10</sup> | 30268 |
|  | 3518382<br>| First Lien Term Loan, 9.910% <br>(3-Month Term SOFR+625 basis <br>points), 4/13/2029<sup>1,3</sup> | 3663212 |
|  |  |  | 3693480 |

---

**4**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

See accompanying Notes to Consolidated Financial Statements.

Consolidated Schedule of Investments As of March 31, 2026

---

| | |
|:---|:---|
| PRINCIPAL <br>AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |

---

---

| | |
|:---|:---|
| PRINCIPAL <br>AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |

---

---

| | | | |
|:---|:---|:---|:---|
| | | Chemicals (0.5%) | Chemicals (0.5%) |
| $2728058<br>|  | Chemours Co.<br>First Lien Term Loan, 7.167% <br>(1-Month Term SOFR+350 basis <br>points), 10/15/2032<sup>1,5</sup> | $2711431 |
| 1729959<br>|  | INEOS U.S. Finance LLC<br>First Lien Term Loan, 6.918% <br>(1-Month Term SOFR+325 basis <br>points), 2/19/2030<sup>1,5</sup> | 1516958 |
| 995000<br>|  | WR Grace Holdings LLC<br>First Lien Term Loan, 6.701% <br>(1-Month Term SOFR+300 basis <br>points), 8/9/2032<sup>1,5</sup> | 994174 |
|  |  |  | 5222563 |
|  |  | Commercial Services & Supplies (7.0%) | Commercial Services & Supplies (7.0%) |
|  |  | Allied Power Group, LLC | Allied Power Group, LLC |
| 7177778<br>|  | First Lien Term Loan, 8.650% <br>(3-Month Term SOFR+500 basis <br>points), 5/16/2030<sup>1,3</sup> | 7102334 |
| 380879<br>|  | First Lien Revolver, 0.500%, <br>5/16/2030<sup>3,10</sup> | (4005) |
| 2268134<br>|  | First Lien Delay Draw, 1.000%, <br>5/16/2030<sup>3,10</sup> | (6880) |
|  |  | Arcmont Asset Management - Commercial <br>Services & Supplies | Arcmont Asset Management - Commercial <br>Services & Supplies |
| 1229864<br>| GBP | GBP<br> First Lien Delay Draw, 9.200% <br>(3-Month Term SONIA+548 basis <br>points), 8/15/2031<sup>1,2,3,9</sup> | 1575610 |
| 4097423<br>| GBP | GBP<br> First Lien Term Loan, 9.200% <br>(3-Month Term SONIA+548 basis <br>points), 8/15/2031<sup>1,2,3,9</sup> | 5249313 |
| 591213<br>| GBP | GBP<br> First Lien Delay Draw, 9.200% <br>(3-Month Term SONIA+548 basis <br>points), 8/15/2031<sup>1,2,3,9</sup> | 757418 |
|  |  | Associations, Inc. | Associations, Inc. |
| 230572<br>|  | First Lien Revolver, 0.500%, <br>7/3/2028<sup>3,10</sup> |  |
| 3657041<br>|  | First Lien Term Loan, 10.425% <br>(3-Month Term SOFR+676 basis <br>points), 7/3/2028<sup>1,3</sup> | 3693611 |
| 286288<br>|  | First Lien Delay Draw, 10.425% <br>(3-Month Term SOFR+676 basis <br>points), 7/3/2028<sup>1,3,8</sup> | 139822 |
| 983616<br>|  | First Lien Term Loan, 14.250%, <br>PIK Rate 14.250%, 5/3/2030<sup>3,12</sup> | 853244 |
| 4962217<br>|  | AWP Group Holdings<br>First Lien Term Loan, 8.200% <br>(1-Month Term SOFR+450 basis <br>points), 12/23/2030<sup>1,3,9</sup> | 4955848 |
|  |  | DMT Solutions Global Corporation | DMT Solutions Global Corporation |
| 675588<br>|  | First Lien Term Loan, 11.768% <br>(1-Month Term SOFR+810 basis <br>points), 8/30/2027<sup>1,3</sup> | 669414 |
| 157794<br>|  | First Lien Term Loan, 11.776% <br>(3-Month Term SOFR+810 basis <br>points), 8/30/2027<sup>1,3</sup> | 156352 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | Kidde-Fenwal, LLC | Kidde-Fenwal, LLC |
| $— | 2694774<br>|  | First Lien Delay Draw, 0.000%, <br>7/17/2030<sup>3,9,10</sup> | $10088 |
| 12216835 | 12216835 |  | First Lien Term Loan, 9.668% <br>(3-Month Term SOFR+600 basis <br>points), 7/17/2030<sup>1,3,9</sup> | 12140924 |
|  | 727048<br>|  | Lynx Franchising, LLC<br>First Lien Term Loan, 9.595% <br>(6-Month Term SOFR+650 basis <br>points), 12/23/2026<sup>1,3,9</sup> | 727048 |
|  |  |  | Nordic Climate Group | Nordic Climate Group |
|  | 1924314<br>| SEK | SEK<br> First Lien Delay Draw, 7.228% <br>(3-Month Term EURIBOR+525 basis <br>points), 6/10/2031<sup>1,2,3</sup> | 203272 |
|  | 3182962<br>| SEK | SEK<br> First Lien Delay Draw, 7.228% <br>(3-Month Term EURIBOR+525 basis <br>points), 6/10/2031<sup>1,2,3</sup> | 336227 |
|  | 2427723<br>| SEK | SEK<br> First Lien Delay Draw, 7.243% <br>(3-Month Term EURIBOR+525 basis <br>points), 6/10/2031<sup>1,2,3</sup> | 256449 |
|  | 1861224<br>| EUR | EUR<br> First Lien Term Loan, 7.299% <br>(3-Month Term EURIBOR+525 basis <br>points), 6/10/2031<sup>1,2,3</sup> | 2151207 |
| 14229711 | 14229711 | SEK | SEK<br> First Lien Term Loan, 7.378% <br>(3-Month Term STIBOR+540 basis <br>points), 6/10/2031<sup>1,2,3</sup> | 1503133 |
|  | 2762818<br>| SEK | SEK<br> First Lien Delay Draw, 7.897% <br>(3-Month Term EURIBOR+575 basis <br>points), 6/10/2031<sup>1,2,3</sup> | 291846 |
|  | 4937500<br>|  | Purple Cow Buyer LLC<br>First Lien Term Loan, 8.660% <br>(3-Month Term SOFR+500 basis <br>points), 11/5/2030<sup>1,3</sup> | 4880074 |
|  | 3246158<br>|  | Security Services Acquisition Corp.<br>First Lien Term Loan, 9.518% <br>(1-Month Term SOFR+575 basis <br>points), 9/30/2027<sup>1,3</sup> | 3231151 |
|  |  |  | SEI Holdings I Corporation | SEI Holdings I Corporation |
|  | 76118<br>|  | First Lien Delay Draw, 8.668% <br>(1-Month Term SOFR+500 basis <br>points), 3/27/2028<sup>1,3,9</sup> | 74820 |
|  | 850611<br>|  | First Lien Term Loan, 8.668% <br>(1-Month Term SOFR+500 basis <br>points), 3/27/2028<sup>1,3,9</sup> | 836107 |
|  | 35661<br>|  | First Lien Delay Draw, 8.675% <br>(1-Month Term SOFR+500 basis <br>points), 3/27/2028<sup>1,3,9</sup> | 35053 |
|  | 10632<br>|  | First Lien Delay Draw, 8.678% <br>(1-Month Term SOFR+500 basis <br>points), 3/27/2028<sup>1,3,9</sup> | 10451 |
|  | 6906487<br>|  | Spectrum Safety Solutions Purchaser, LLC<br>First Lien Term Loan, 8.200% <br>(3-Month Term SOFR+450 basis <br>points), 7/1/2031<sup>1,3,9</sup> | 6864147 |
|  |  |  | VRC Companies LLC | VRC Companies LLC |
|  | 6388372<br>|  | First Lien Term Loan, 8.917% <br>(3-Month Term SOFR+525 basis <br>points), 6/29/2027<sup>1,3</sup> | 6387912 |

---

See accompanying Notes to Consolidated Financial Statements.

**5**

Consolidated Schedule of Investments As of March 31, 2026

---

| | |
|:---|:---|
| PRINCIPAL <br>AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |

---

---

| | |
|:---|:---|
| PRINCIPAL <br>AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |

---

---

| | | | |
|:---|:---|:---|:---|
| $492153<br>|  | $| 492071 |
| 5922252<br>| First Lien Term Loan, 9.187% <br>(3-Month Term SOFR+550 basis <br>points), 6/29/2027<sup>1,3,9</sup> |  | 5921263 |
| 2884500<br>| World Water Works, Inc.<br>First Lien Term Loan, 12.167% <br>(3-Month Term SOFR+850 basis <br>points), 7/3/2029<sup>1,3</sup> |  | 2952639 |
|  |  | 74447963 | 74447963 |
|  | Communications Equipment (0.3%) | Communications Equipment (0.3%) | Communications Equipment (0.3%) |
| 2984772<br>| Connect Finco S.A.R.L<br>First Lien Term Loan, 8.168% <br>(1-Month Term SOFR+450 basis <br>points), 9/28/2029<sup>1,5</sup> | 2995502 | 2995502 |
|  | Construction Materials (0.0%) | Construction Materials (0.0%) | Construction Materials (0.0%) |
| 244859<br>| ACProducts Holdings, Inc.<br>First Lien Term Loan, 8.211% <br>(3-Month Term SOFR+425 basis <br>points), 5/17/2028<sup>1,5</sup> | 196729 | 196729 |
|  | Construction & Engineering (2.1%) | Construction & Engineering (2.1%) | Construction & Engineering (2.1%) |
| 684932<br>| BNP Associates Buyer, Inc.<br>First Lien Revolver, 9.181% <br>(1-Month Term SOFR+550 basis <br>points), 8/19/2030<sup>1,3,8</sup> |  | 239726 |
| 5897324<br>| Novel Mezzanine Borrower LLC<br>Mezzanine Delay Draw, 13.750% <br>(1-Month Term SOFR+1,375 basis <br>points), 7/11/2030<sup>1,3,8</sup> |  | 4929732 |
|  | NRO Holdings III Corp. | NRO Holdings III Corp. | NRO Holdings III Corp. |
| 600000<br>| First Lien Revolver, 11.000% <br>(1-Month Term SOFR+425 basis <br>points), 7/15/2031<sup>1,3,8</sup> |  | 153870 |
| 129634<br>| First Lien Delay Draw, 8.829% <br>(3-Month Term SOFR+525 basis <br>points), 7/15/2031<sup>1,3</sup> |  | 125841 |
| 555748<br>| First Lien Delay Draw, 8.867% <br>(3-Month Term SOFR+525 basis <br>points), 7/15/2031<sup>1,3</sup> |  | 539485 |
| 597426<br>| First Lien Delay Draw, 8.898% <br>(3-Month Term SOFR+525 basis <br>points), 7/15/2031<sup>1,3,8</sup> |  | 101349 |
| 4052571<br>| First Lien Term Loan, 8.922% <br>(3-Month Term SOFR+525 basis <br>points), 7/15/2031<sup>1,3</sup> |  | 3933979 |
|  | OSR Intermediate LLC | OSR Intermediate LLC | OSR Intermediate LLC |
| 246000<br>| First Lien Revolver, 9.162% <br>(3-Month Term SOFR+550 basis <br>points), 3/15/2029<sup>1,3</sup> |  | 243319 |
| 1066000<br>| First Lien Revolver, 9.166% <br>(3-Month Term SOFR+550 basis <br>points), 3/15/2029<sup>1,3,8</sup> |  | 29381 |
| 82000<br>| First Lien Revolver, 9.166% <br>(3-Month Term SOFR+550 basis <br>points), 3/15/2029<sup>1,3</sup> |  | 81106 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| $— | 2613333<br>|  | $| 2584916 |
|  | 164000<br>| First Lien Revolver, 9.168% <br>(3-Month Term SOFR+550 basis <br>points), 3/15/2029<sup>1,3</sup> |  | 162213 |
|  | 41000<br>| First Lien Revolver, 9.173% <br>(3-Month Term SOFR+550 basis <br>points), 3/15/2029<sup>1,3</sup> |  | 40553 |
|  | 41000<br>| First Lien Revolver, 9.173% <br>(3-Month Term SOFR+550 basis <br>points), 3/15/2029<sup>1,3</sup> |  | 40553 |
|  | 123000<br>| First Lien Revolver, 9.175% <br>(3-Month Term SOFR+550 basis <br>points), 3/15/2029<sup>1,3</sup> |  | 121659 |
|  | 3740625<br>| First Lien Term Loan, 9.175% <br>(3-Month Term SOFR+550 basis <br>points), 3/15/2029<sup>1,3</sup> |  | 3699950 |
|  | 370533<br>| First Lien Delay Draw, 9.177% <br>(3-Month Term SOFR+550 basis <br>points), 3/15/2029<sup>1,3</sup> |  | 366504 |
|  | 287000<br>| First Lien Revolver, 9.178% <br>(3-Month Term SOFR+550 basis <br>points), 3/15/2029<sup>1,3</sup> |  | 283872 |
|  | 159200<br>| First Lien Delay Draw, 9.201% <br>(3-Month Term SOFR+550 basis <br>points), 3/15/2029<sup>1,3</sup> |  | 157469 |
|  |  | USIC Holdings, Inc. | USIC Holdings, Inc. | USIC Holdings, Inc. |
|  | 193124<br>| First Lien Revolver, 8.917% <br>(1-Month Term SOFR+525 basis <br>points), 9/10/2031<sup>1,3,8</sup> |  | 122618 |
|  | 113422<br>| First Lien Revolver, 8.923% <br>(1-Month Term SOFR+525 basis <br>points), 9/10/2031<sup>1,3</sup> |  | 113422 |
|  | 76636<br>| First Lien Revolver, 8.924% <br>(3-Month Term SOFR+525 basis <br>points), 9/10/2031<sup>1,3</sup> |  | 76636 |
|  | 247130<br>| First Lien Delay Draw, 9.173% <br>(3-Month Term SOFR+550 basis <br>points), 9/10/2031<sup>1,3,8</sup> |  | 173252 |
|  | 4162311<br>| First Lien Term Loan, 9.173% <br>(1-Month Term SOFR+550 basis <br>points), 9/10/2031<sup>1,3</sup> |  | 4200581 |
|  | 153273<br>| First Lien Revolver, 10.913% <br>(1-Month Term SOFR+725 basis <br>points), 9/10/2031<sup>1,3</sup> |  | 153273 |
|  |  |  | 22675259 | 22675259 |
|  |  | Consumer Finance (1.9%) | Consumer Finance (1.9%) | Consumer Finance (1.9%) |
| 20000000 | 20000000 | AR3 Holdco LLC<br>First Lien Delay Draw, 9.925% <br>(1-Month Term SOFR+625 basis <br>points), 3/16/2027<sup>1,3,9</sup> | 20056905 | 20056905 |
|  |  | Consumer Staples Distribution & Retail (1.9%) | Consumer Staples Distribution & Retail (1.9%) | Consumer Staples Distribution & Retail (1.9%) |
| 19750000 | 19750000 | Blazing Star Parent, LLC<br>First Lien Term Loan, 10.672% <br>(3-Month Term SOFR+700 basis <br>points), 8/28/2030<sup>1,3</sup> |  | 19357479 |

---

**6**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

See accompanying Notes to Consolidated Financial Statements.

Consolidated Schedule of Investments As of March 31, 2026

---

| | |
|:---|:---|
| PRINCIPAL <br>AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |

---

---

| | |
|:---|:---|
| PRINCIPAL <br>AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| $500000<br>|  | PetSmart LLC<br>First Lien Term Loan, 7.675% <br>(1-Month Term SOFR+400 basis <br>points), 8/18/2032<sup>1,5</sup> | $| 497625 |
| 742137<br>|  | United Natural Foods, Inc.<br>First Lien Term Loan, 8.418% <br>(1-Month Term SOFR+475 basis <br>points), 5/1/2031<sup>1,5</sup> |  | 747332 |
|  |  |  | 20602436 | 20602436 |
|  |  | Containers & Packaging (0.9%) | Containers & Packaging (0.9%) | Containers & Packaging (0.9%) |
|  |  | Knpak Intermediate III Limited | Knpak Intermediate III Limited | Knpak Intermediate III Limited |
| 125895<br>| EUR | EUR<br> First Lien Revolver, 0.500%, <br>3/26/2031<sup>2,3,10</sup> |  | 8211 |
| 674797<br>| EUR | EUR<br> First Lien Delay Draw, 1.000%, <br>3/26/2031<sup>2,3,10</sup> |  | 49461 |
| 1717409<br>| EUR | EUR<br> First Lien Term Loan, 7.627% <br>(3-Month Term EURIBOR+550 basis <br>points), 3/26/2031<sup>1,2,3</sup> |  | 1961273 |
| 236500<br>|  | First Lien Revolver, 9.175% <br>(1-Month Term SOFR+550 basis <br>points), 3/26/2031<sup>1,3,8</sup> |  | 32992 |
| 33000<br>|  | First Lien Revolver, 9.178% <br>(1-Month Term SOFR+550 basis <br>points), 3/26/2031<sup>1,3</sup> |  | 32615 |
| 5500<br>|  | First Lien Revolver, 9.181% <br>(1-Month Term SOFR+550 basis <br>points), 3/26/2031<sup>1,3</sup> |  | 5436 |
| 937860<br>|  | First Lien Term Loan, 9.199% <br>(3-Month Term SOFR+550 basis <br>points), 3/26/2031<sup>1,3</sup> |  | 926924 |
| 367921<br>|  | First Lien Delay Draw, 9.200% <br>(3-Month Term SOFR+550 basis <br>points), 3/26/2031<sup>1,3,8</sup> |  | 224433 |
| 727330<br>|  | Tank Holding Corp.<br>First Lien Term Loan, 9.518% <br>(1-Month Term SOFR+585 basis <br>points), 3/31/2028<sup>1,3,9</sup> |  | 694522 |
| 5910000<br>|  | Transcendia Holdings, Inc.<br>First Lien Term Loan, 10.168% <br>(1-Month Term SOFR+650 basis <br>points), 11/23/2029<sup>1,3</sup> |  | 5819590 |
|  |  |  | 9755457 | 9755457 |
|  |  | Distributors (0.3%) | Distributors (0.3%) | Distributors (0.3%) |
| 995000<br>|  | Clarios Global LP<br>First Lien Term Loan, 6.417% <br>(1-Month Term SOFR+275 basis <br>points), 1/28/2032<sup>1,5</sup> |  | 993756 |
| 1979389<br>|  | Windsor Holdings III LLC<br>First Lien Term Loan, 6.418% <br>(1-Month Term SOFR+275 basis <br>points), 8/1/2030<sup>1,5</sup> |  | 1954033 |
|  |  |  | 2947789 | 2947789 |
|  |  | Diversified Consumer Services (0.6%) | Diversified Consumer Services (0.6%) | Diversified Consumer Services (0.6%) |
| 1458015<br>|  | Cambium Learning Group, Inc.<br>First Lien Term Loan, 9.269% <br>(3-Month Term SOFR+550 basis <br>points), 7/20/2028<sup>1,3</sup> |  | 1447976 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | PN VIII Holdco S.A.R.L. | PN VIII Holdco S.A.R.L. | PN VIII Holdco S.A.R.L. |
| $265050<br>| EUR | EUR<br> First Lien Delay Draw, 7.269% <br>(6-Month Term EURIBOR+550 basis <br>points), 6/14/2030<sup>1,2,3</sup> | $| 301405 |
| 83000<br>| EUR | EUR<br> First Lien Term Loan, 7.600% <br>(3-Month Term EURIBOR+550 basis <br>points), 6/14/2030<sup>1,2,3</sup> |  | 94442 |
| 3147000<br>| EUR | EUR<br> First Lien Term Loan, 7.672% <br>(3-Month Term EURIBOR+550 basis <br>points), 6/14/2030<sup>1,2,3</sup> |  | 3580839 |
| 117008<br>| EUR | EUR<br> First Lien Delay Draw, 7.672% <br>(3-Month Term EURIBOR+550 basis <br>points), 6/14/2030<sup>1,2,3</sup> |  | 133057 |
| 387942<br>| EUR | EUR<br> First Lien Delay Draw, 7.900% <br>(3-Month Term EURIBOR+575 basis <br>points), 6/14/2030<sup>1,2,3</sup> |  | 441154 |
| 987469<br>|  | TripAdvisor, Inc.<br>First Lien Term Loan, 6.418% <br>(3-Month Term SOFR+275 basis <br>points), 7/8/2031<sup>1,5</sup> |  | 939739 |
|  |  |  | 6938612 | 6938612 |
|  |  | Diversified Telecommunication Services (1.6%) | Diversified Telecommunication Services (1.6%) | Diversified Telecommunication Services (1.6%) |
|  |  | Altissimum | Altissimum | Altissimum |
| 600000<br>| EUR | EUR<br> First Lien Delay Draw, 1.250%, <br>7/27/2030<sup>2,3,10</sup> |  | 39676 |
| 3400000<br>| EUR | EUR<br> First Lien Term Loan, 7.377% <br>(3-Month Term EURIBOR+550 basis <br>points), 7/27/2030<sup>1,2,3</sup> |  | 3870021 |
| 739352<br>|  | Cincinnati Bell, Inc.<br>First Lien Term Loan, 5.918% <br>(1-Month Term SOFR+225 basis <br>points), 11/24/2028<sup>1,5</sup> |  | 738956 |
|  |  | Hunter Communications & Technologies LLC | Hunter Communications & Technologies LLC | Hunter Communications & Technologies LLC |
| 983606<br>|  | First Lien Revolver, 0.500%, <br>3/31/2032<sup>3,10</sup> |  | (9836) |
| 4918033<br>|  | First Lien Delay Draw, 8.449% <br>(3-Month Term SOFR+475 basis <br>points), 3/31/2032<sup>1,3,8</sup> |  | 660492 |
| 9098361<br>|  | First Lien Term Loan, 8.418% <br>(3-Month Term SOFR+475 basis <br>points), 3/31/2032<sup>1,3</sup> |  | 9007377 |
| 986449<br>|  | Numericable U.S. LLC<br>First Lien Term Loan, 10.555% <br>(1-Month Term SOFR+688 basis <br>points), 5/15/2031<sup>1</sup> |  | 990355 |
| 1496164<br>|  | Viasat, Inc.<br>First Lien Term Loan, 8.974% <br>(1-Month Term SOFR+450 basis <br>points), 5/30/2030<sup>1,5</sup> |  | 1499665 |
|  |  |  | 16796706 | 16796706 |
|  |  | Electric Utilities (0.4%) | Electric Utilities (0.4%) | Electric Utilities (0.4%) |
| 4845833<br>|  | Pelican Power Borrower LLC<br>First Lien Term Loan, 9.200% <br>(3-Month Term SOFR+550 basis <br>points), 8/29/2030<sup>1,3,9</sup> | 4731658 | 4731658 |

---

See accompanying Notes to Consolidated Financial Statements.

**7**

Consolidated Schedule of Investments As of March 31, 2026

---

| | |
|:---|:---|
| PRINCIPAL <br>AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |

---

---

| | |
|:---|:---|
| PRINCIPAL <br>AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |

---

---

| | | |
|:---|:---|:---|
| | Electronic Equipment, Instruments & Components (0.6%) | Electronic Equipment, Instruments & Components (0.6%) |
| $6960969<br>| Opus Inspection, Inc.<br>First Lien Term Loan, 12.200% <br>(1-Month Term SOFR+550 basis <br>points), PIK Rate 3.000%, <br>5/30/2030<sup>1,3,12</sup> | $6717335 |
|  | Entertainment (0.3%) | Entertainment (0.3%) |
| 3000000<br>| OAK-Eagle Acquireco, Inc.<br>First Lien Term Loan, 7.172% <br>(1-Month Term SOFR+350 basis <br>points), 3/24/2033<sup>1,5</sup> | 2985000 |
|  | Financial Services (1.1%) | Financial Services (1.1%) |
| 1000000<br>| Clear SPV V US L.P.<br>First Lien Delay Draw, 14.665% <br>(1-Month Term SOFR+1,100 basis <br>points), 4/5/2027<sup>1,3</sup> | 1001186 |
| 2222000<br>| Coller Credit Backed Loans & Notes, Ltd<br>First Lien Delay Draw, 9.292% <br>(3-Month Term SOFR+560 basis <br>points), 10/31/2036<sup>1,3,8</sup> | 1355028 |
| 2142857<br>| Cor Leonis Limited<br>First Lien Revolver, 10.949% <br>(3-Month Term SOFR+725 basis <br>points), 5/15/2028<sup>1,3,8</sup> | 2086958 |
|  | Cornerstone Advisors of Arizona, LLC | Cornerstone Advisors of Arizona, LLC |
| 555555<br>| First Lien Revolver, 0.380%, <br>5/13/2032<sup>3,10</sup> | (3351 |
| 4422222<br>| First Lien Term Loan, 8.450% <br>(3-Month Term SOFR+475 basis <br>points), 5/13/2032<sup>1,3</sup> | 4396269 |
|  | More Cowbell II LLC | More Cowbell II LLC |
| 145431<br>| First Lien Revolver, 0.500%, <br>9/1/2030<sup>3,10</sup> | (3455 |
| 70221<br>| First Lien Delay Draw, 0.500%, <br>9/1/2030<sup>3,10</sup> | (1125 |
| 1016277<br>| First Lien Term Loan, 7.990% <br>(12-Month Term SOFR+425 basis <br>points), 9/1/2030<sup>1,3</sup> | 992498 |
| 1496250<br>| Stonepeak Nile Parent LLC<br>First Lien Term Loan, 5.922% <br>(1-Month Term SOFR+225 basis <br>points), 4/9/2032<sup>1,5</sup> | 1495712 |
|  |  | 11319720 |
|  | Food Products (1.5%) | Food Products (1.5%) |
| 997500<br>| Boots Group Finco LP<br>First Lien Term Loan, 6.924% <br>(1-Month Term SOFR+350 basis <br>points), 8/30/2032<sup>1,5</sup> | 1002278 |
| 5403428<br>| Ozark Holdings LLC<br>First Lien Term Loan, 9.428% <br>(3-Month Term SOFR+575 basis <br>points), 8/5/2030<sup>1,3</sup> | 5318770 |
| 6874774<br>| Rushmore Investment III LLC<br>First Lien Term Loan, 8.668% <br>(3-Month Term SOFR+500 basis <br>points), 10/18/2030<sup>1,3</sup> | 6782295 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| $3000000<br>|  | TreeHouse Foods, Inc.<br>First Lien Term Loan, 7.918% <br>(1-Month Term SOFR+425 basis <br>points), 2/4/2033<sup>1,5</sup> | $| 2990010 |
|  |  |  | 16093353 | 16093353 |
|  |  | Gas Utilities (1.8%) | Gas Utilities (1.8%) | Gas Utilities (1.8%) |
| 9814995<br>|  | Alliance Energy Services, LLC<br>First Lien Term Loan, 11.417% <br>(3-Month Term SOFR+775 basis <br>points), 4/11/2028<sup>1,3</sup> |  | 9639278 |
| 8500000<br>| EUR<br>| EnergyCo II, S.A.<br>First Lien Term Loan, 7.374% <br>(6-Month Term EURIBOR+525 basis <br>points), 5/20/2032<sup>1,2,3</sup> |  | 9806096 |
|  |  |  | 19445374 | 19445374 |
|  |  | Ground Transportation (0.1%) | Ground Transportation (0.1%) | Ground Transportation (0.1%) |
|  |  | ITI Intermodal Services, LLC | ITI Intermodal Services, LLC | ITI Intermodal Services, LLC |
| 31877<br>|  | First Lien Delay Draw, 10.050% <br>(3-Month Term SOFR+610 basis <br>points), 12/21/2027<sup>1,3,9</sup> |  | 31525 |
| 455209<br>|  | First Lien Term Loan, 10.299% <br>(3-Month Term SOFR+635 basis <br>points), 12/21/2027<sup>1,3,9</sup> |  | 450418 |
| 240414<br>|  | First Lien Delay Draw, 10.300% <br>(3-Month Term SOFR+635 basis <br>points), 12/21/2027<sup>1,3,9</sup> |  | 237883 |
|  |  |  | 719826 | 719826 |
|  |  | Health Care Equipment & Supplies (2.9%) | Health Care Equipment & Supplies (2.9%) | Health Care Equipment & Supplies (2.9%) |
| 1488750<br>|  | 1261229 BC Ltd.<br>First Lien Term Loan, 9.918% <br>(1-Month Term SOFR+625 basis <br>points), 10/8/2030<sup>1,5</sup> |  | 1440775 |
| 3486241<br>|  | Bausch + Lomb Corp.<br>First Lien Term Loan, 7.418% <br>(1-Month Term SOFR+375 basis <br>points), 1/15/2031<sup>1,5</sup> |  | 3498233 |
| 1626485<br>|  | Embecta Corp.<br>First Lien Term Loan, 6.668% <br>(1-Month Term SOFR+300 basis <br>points), 4/2/2029<sup>1,5</sup> |  | 1629201 |
|  |  | Medical Device, Inc. | Medical Device, Inc. | Medical Device, Inc. |
| 360873<br>|  | First Lien Term Loan, 8.700% <br>(3-Month Term SOFR+535 basis <br>points), 7/11/2029<sup>1,3</sup> |  | 356761 |
| 438889<br>|  | First Lien Term Loan, 8.800% <br>(3-Month Term SOFR+535 basis <br>points), 7/11/2029<sup>1,3</sup> |  | 433888 |
| 40404<br>|  | First Lien Revolver, 10.950% <br>(3-Month Term SOFR+725 basis <br>points), 7/11/2029<sup>1,3</sup> |  | 39921 |
| 121212<br>|  | First Lien Revolver, 11.159% <br>(3-Month Term SOFR+746 basis <br>points), 7/11/2029<sup>1,3,8</sup> |  | 18753 |
|  |  | National Resilience, LLC | National Resilience, LLC | National Resilience, LLC |
| 2905768<br>|  | First Lien Delay Draw, 11.949% <br>(3-Month Term SOFR+825 basis <br>points), 11/21/2030<sup>1,3,8</sup> |  | 85937 |

---

**8**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

See accompanying Notes to Consolidated Financial Statements.

Consolidated Schedule of Investments As of March 31, 2026

---

| | |
|:---|:---|
| PRINCIPAL <br>AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |

---

---

| | |
|:---|:---|
| PRINCIPAL <br>AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| $ | $3051056<br>|  |  | $| 2944892 |
|  |  |  | Norvax LLC | Norvax LLC | Norvax LLC |
|  | 8120019<br>|  | First Lien Term Loan, 15.500% <br>(1-Month Term SOFR+450 basis <br>points), PIK Rate 7.331%, <br>11/5/2029<sup>1,3,12,13</sup> |  | 3386401 |
|  | 226242<br>|  | First Lien Delay Draw, 9.160% <br>(3-Month Term SOFR+550 basis <br>points), 8/6/2029<sup>1,3,13</sup> |  | 403173 |
|  | 150828<br>|  | First Lien Delay Draw, 9.167% <br>(3-Month Term SOFR+550 basis <br>points), 8/6/2029<sup>1,3,13</sup> |  | 268782 |
|  | 639512<br>|  | First Lien Term Loan, 9.169% <br>(1-Month Term SOFR+550 basis <br>points), 8/6/2029<sup>1,3,13</sup> |  | 1139635 |
|  | 226242<br>|  | First Lien Delay Draw, 9.182% <br>(3-Month Term SOFR+550 basis <br>points), 8/6/2029<sup>1,3,13</sup> |  | 403173 |
|  |  |  | Par Excellence Holdings, Inc. | Par Excellence Holdings, Inc. | Par Excellence Holdings, Inc. |
|  | 937500<br>|  | First Lien Revolver, 0.500%, <br>9/3/2030<sup>3,10</sup> |  | (16022) |
|  | 4011719<br>|  | First Lien Term Loan, 8.666% <br>(3-Month Term SOFR+500 basis <br>points), 9/3/2030<sup>1,3</sup> |  | 3943158 |
|  | 4950000<br>|  | First Lien Term Loan, 8.669% <br>(3-Month Term SOFR+500 basis <br>points), 9/3/2030<sup>1,3</sup> |  | 4865403 |
|  | 1209843<br>|  | Peloton Interactive, Inc.<br>First Lien Term Loan, 9.168% <br>(1-Month Term SOFR+600 basis <br>points), 5/30/2029<sup>1,5</sup> |  | 1214755 |
|  | 5116413<br>|  | VB Spine, LLC<br>First Lien Term Loan, 12.167% <br>(3-Month Term SOFR+850 basis <br>points), PIK Rate 4.000%, 4/1/2030<sup>1,3,12</sup> | VB Spine, LLC<br>First Lien Term Loan, 12.167% <br>(3-Month Term SOFR+850 basis <br>points), PIK Rate 4.000%, 4/1/2030<sup>1,3,12</sup> | 4997312 |
|  |  |  |  | 31054131 | 31054131 |
|  |  |  | Health Care Providers & Services (5.1%) | Health Care Providers & Services (5.1%) | Health Care Providers & Services (5.1%) |
|  |  |  | Aryeh Bidco Investment LTD. | Aryeh Bidco Investment LTD. | Aryeh Bidco Investment LTD. |
|  | 1612903<br>| CAD | CAD<br> First Lien Revolver, 0.500%, <br>1/14/2033<sup>2,3,10</sup> |  | (15825) |
|  | 2258064<br>| CAD | CAD<br> First Lien Delay Draw, 7.270% <br>(3-Month Term CDOR+500 basis <br>points), 1/14/2033<sup>1,2,3,8</sup> |  | 210621 |
|  | 12129033 | CAD | CAD<br> First Lien Term Loan, 7.312% <br>(3-Month Term CDOR+500 basis <br>points), 1/14/2033<sup>1,2,3</sup> |  | 8633367 |
|  |  |  | CRH Healthcare Purchaser, Inc. | CRH Healthcare Purchaser, Inc. | CRH Healthcare Purchaser, Inc. |
|  | 1206897<br>|  | First Lien Revolver, 0.500%, <br>9/17/2031<sup>3,10</sup> |  | (18907) |
|  | 3002155<br>|  | First Lien Delay Draw, 1.000%, <br>9/17/2031<sup>3,10</sup> |  | (31781) |
|  | 13209483 |  | First Lien Term Loan, 8.950% <br>(3-Month Term SOFR+525 basis <br>points), 9/17/2031<sup>1,3</sup> |  | 13004299 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Envision Management Holding, Inc. | Envision Management Holding, Inc. | Envision Management Holding, Inc. |
| $— | 2034881<br>| First Lien Delay Draw, 9.176% <br>(1-Month Term SOFR+550 basis <br>points), 12/31/2030<sup>1,3,8</sup> | $| 1539555 |
|  | 9936262<br>| First Lien Term Loan, 9.176% <br>(3-Month Term SOFR+550 basis <br>points), 12/31/2030<sup>1,3</sup> |  | 9733154 |
|  | 1276064<br>| JDC Healthcare Management, LLC<br>First Lien Term Loan, 12.000% <br>PIK Rate 12.000%, <br>9/29/2028<sup>3,9,12</sup> |  | 1223220 |
|  |  | RCP Nats Purchaser, LLC | RCP Nats Purchaser, LLC | RCP Nats Purchaser, LLC |
|  | 843858<br>| First Lien Revolver, 0.500%, <br>3/19/2032<sup>3,10</sup> |  | (8439) |
|  | 1203703<br>| First Lien Delay Draw, 8.667% <br>(3-Month Term SOFR+500 basis <br>points), 3/19/2032<sup>1,3,8</sup> |  | 711872 |
|  | 5997417<br>| First Lien Term Loan, 8.685% <br>(3-Month Term SOFR+500 basis <br>points), 3/19/2032<sup>1,3</sup> |  | 5937443 |
|  | 1442987<br>| First Lien Term Loan, 8.687% <br>(3-Month Term SOFR+500 basis <br>points), 3/19/2032<sup>1,3</sup> |  | 1428558 |
|  | 2326468<br>| Space Intermediate III, Inc.<br>Unitranche Term Loan, 9.417% <br>(3-Month Term SOFR+575 basis <br>points), PIK Rate 3.000%, <br>11/8/2029<sup>1,3,12</sup> |  | 2278215 |
|  | 1232412<br>| Star Parent, Inc.<br>First Lien Term Loan, 6.950% <br>(3-Month Term SOFR+400 basis <br>points), 9/30/2030<sup>1,5</sup> |  | 1220199 |
|  |  | Surgical Center Solutions, LLC | Surgical Center Solutions, LLC | Surgical Center Solutions, LLC |
|  | 2472015<br>| First Lien Delay Draw, 1.000%, <br>3/25/2031<sup>3,9,10</sup> |  | 9 |
|  | 1243781<br>| First Lien Revolver, 8.418% <br>(3-Month Term SOFR+475 basis <br>points), 3/25/2031<sup>1,3,8,9</sup> |  | 66858 |
|  | 8185970<br>| First Lien Term Loan, 8.418% <br>(3-Month Term SOFR+475 basis <br>points), 3/25/2031<sup>1,3,9</sup> |  | 8134837 |
|  | 992512<br>| Team Health Holdings, Inc.<br>First Lien Term Loan, 7.666% <br>(3-Month Term SOFR+400 basis <br>points), 6/30/2028<sup>1,5</sup> |  | 990418 |
|  |  |  | 55037673 | 55037673 |
|  |  | Health Care Technology (2.0%) | Health Care Technology (2.0%) | Health Care Technology (2.0%) |
|  |  | Badge 21 Midco Holdings LLC | Badge 21 Midco Holdings LLC | Badge 21 Midco Holdings LLC |
|  | 2109375<br>| First Lien Delay Draw, 1.000%, <br>7/9/2026<sup>3,10</sup> |  | (4459) |
|  | 1310727<br>| First Lien Revolver, 10.25% <br>(3-Month Term SOFR+350 basis <br>points), 6/30/2032<sup>1,3,8</sup> |  | 153973 |
| 11530665 | 11530665 | First Lien Term Loan, 8.200% <br>(3-Month Term SOFR+450 basis <br>points), 6/30/2032<sup>1,3</sup> |  | 11421686 |

---

See accompanying Notes to Consolidated Financial Statements.

**9**

Consolidated Schedule of Investments As of March 31, 2026

---

| | |
|:---|:---|
| PRINCIPAL <br>AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |

---

---

| | |
|:---|:---|
| PRINCIPAL <br>AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |

---

---

| | | | |
|:---|:---|:---|:---|
| $5189718<br>| Honor Technology, Inc.<br>First Lien Term Loan, 11.192% <br>(3-Month Term SOFR+750 basis <br>points), PIK Rate 2.500%, <br>5/30/2029<sup>1,3,12</sup> | $| 5197974 |
| 1950000<br>| PracticeTek Purchaser, LLC<br>First Lien Term Loan, 9.449% <br>(3-Month Term SOFR+575 basis <br>points), 8/30/2029<sup>1,3</sup> |  | 1950000 |
| 2450000<br>| Ruby Buyer, LLC<br>First Lien Term Loan, 9.855% <br>(3-Month Term SOFR+625 basis <br>points), 12/21/2029<sup>1,3</sup> |  | 2419571 |
|  |  | 21138745 | 21138745 |
|  | Hotels, Restaurants & Leisure (0.2%) | Hotels, Restaurants & Leisure (0.2%) | Hotels, Restaurants & Leisure (0.2%) |
| 203518<br>| Caesars Entertainment, Inc.<br>First Lien Term Loan, 5.918% <br>(3-Month Term SOFR+225 basis <br>points), 2/6/2030<sup>1,5</sup> |  | 198175 |
| 981500<br>| Fertitta Entertainment LLC<br>First Lien Term Loan, 6.918% <br>(1-Month Term SOFR+325 basis <br>points), 1/29/2029<sup>1,5</sup> |  | 964324 |
| 995006<br>| Voyager Parent LLC<br>First Lien Term Loan, 8.449% <br>(1-Month Term SOFR+425 basis <br>points), 7/1/2032<sup>1,5</sup> |  | 989514 |
|  |  | 2152013 | 2152013 |
|  | Household Durables (0.9%) | Household Durables (0.9%) | Household Durables (0.9%) |
| 1985000<br>| Chariot Buyer LLC<br>First Lien Term Loan, 6.418% <br>(1-Month Term SOFR+275 basis <br>points), 9/8/2032<sup>1,5</sup> |  | 1969219 |
|  | IB Appliances US Holdings, LLC | IB Appliances US Holdings, LLC | IB Appliances US Holdings, LLC |
| 666667<br>| First Lien Revolver, 10.670% <br>(1-Month Term SOFR+700 basis <br>points), 1/7/2030<sup>1,3</sup> |  | 643014 |
| 5166666<br>| First Lien Term Loan, 10.678% <br>(1-Month Term SOFR+700 basis <br>points), 1/6/2030<sup>1,3</sup> |  | 4986813 |
| 2000000<br>| Weber-Stephen Products LLC<br>First Lien Term Loan, 7.432% <br>(1-Month Term SOFR+375 basis <br>points), 10/1/2032<sup>1,5</sup> |  | 1960500 |
|  |  | 9559546 | 9559546 |
|  | Household Products (0.7%) | Household Products (0.7%) | Household Products (0.7%) |
| 7481250<br>| Vivos Holdings, LLC<br>First Lien Term Loan, 9.736% <br>(3-Month Term SOFR+600 basis <br>points), 8/13/2030<sup>1,3</sup> | 7330393 | 7330393 |
|  | Insurance (4.2%) | Insurance (4.2%) | Insurance (4.2%) |
| 4885552<br>| Accuserve Solutions, Inc.<br>Unitranche Term Loan, 9.676% <br>(3-Month Term SOFR+600 basis <br>points), PIK Rate 3.380%, <br>3/15/2030<sup>1,3,12</sup> |  | 4667664 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Acrisure LLC | Acrisure LLC | Acrisure LLC |
| $1480019<br>| First Lien Term Loan, 6.668% <br>(1-Month Term SOFR+300 basis <br>points), 11/6/2030<sup>1,5</sup> | $| 1436728 |
| 992500<br>| First Lien Term Loan, 6.918% <br>(1-Month Term SOFR+325 basis <br>points), 6/21/2032<sup>1,5</sup> |  | 963345 |
| 986291<br>| Alliant Holdings Intermediate LLC<br>First Lien Term Loan, 6.168% <br>(1-Month Term SOFR+250 basis <br>points), 9/19/2031<sup>1,5</sup> |  | 979845 |
| 1488772<br>| Amynta Agency Borrower, Inc.<br>First Lien Term Loan, 6.168% <br>(1-Month Term SOFR+250 basis <br>points), 12/29/2031<sup>1,5</sup> |  | 1469366 |
| 2984962<br>| Asurion LLC<br>First Lien Term Loan, 7.918% <br>(1-Month Term SOFR+425 basis <br>points), 9/19/2030<sup>1,5</sup> |  | 2955113 |
| 1985000<br>| Baldwin Insurance Group Holdings LLC<br>First Lien Term Loan, 6.178% <br>(1-Month Term SOFR+250 basis <br>points), 5/27/2031<sup>1,5</sup> |  | 1956059 |
|  | Bishop Street Underwriters LLC | Bishop Street Underwriters LLC | Bishop Street Underwriters LLC |
| 2992500<br>| First Lien Delay Draw, 0.500%, <br>7/31/2031<sup>3,10</sup> |  | (7500) |
| 3636273<br>| First Lien Delay Draw, 8.918% <br>(1-Month Term SOFR+525 basis <br>points), 7/31/2031<sup>1,3</sup> |  | 3618091 |
| 8932500<br>| First Lien Term Loan, 8.918% <br>(1-Month Term SOFR+525 basis <br>points), 7/31/2031<sup>1,3</sup> |  | 8887838 |
| 2333727<br>| First Lien Delay Draw, 8.918% <br>(1-Month Term SOFR+525 basis <br>points), 7/31/2031<sup>1,3</sup> |  | 2322059 |
| 1479373<br>| Broadstreet Partners Group LLC<br>First Lien Term Loan, 6.168% <br>(1-Month Term SOFR+250 basis <br>points), 6/16/2031<sup>1,5</sup> |  | 1445444 |
| 839085<br>| HUB International Ltd.<br>First Lien Term Loan, 6.169% <br>(3-Month Term SOFR+225 basis <br>points), 6/20/2030<sup>1,5</sup> |  | 838158 |
| 7900000<br>| Shelf Bidco Ltd.<br>First Lien Term Loan, 8.699% <br>(3-Month Term SOFR+500 basis <br>points), 8/21/2031<sup>1,3,9</sup> |  | 7953405 |
| 5154150<br>| Tennessee Bidco Limited<br>First Lien Term Loan, 8.833% <br>(6-Month Term SOFR+525 basis <br>points), PIK Rate 1.750%, <br>7/1/2031<sup>1,3,12</sup> |  | 5004501 |
|  |  | 44490116 | 44490116 |
|  | Interactive Media & Services (0.1%) | Interactive Media & Services (0.1%) | Interactive Media & Services (0.1%) |
|  | Revelstoke Bidco Limited | Revelstoke Bidco Limited | Revelstoke Bidco Limited |
| 374052<br>| First Lien Delay Draw, 2.187%, <br>11/29/2030<sup>3,9,10</sup> |  | 4862 |

---

**10**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

See accompanying Notes to Consolidated Financial Statements.

Consolidated Schedule of Investments As of March 31, 2026

---

| | |
|:---|:---|
| PRINCIPAL <br>AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |

---

---

| | |
|:---|:---|
| PRINCIPAL <br>AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| $— | 625948<br>|  |  | $| 624694 |
|  |  |  |  | 629556 | 629556 |
|  |  |  | IT Services (2.9%) | IT Services (2.9%) | IT Services (2.9%) |
|  |  |  | Argano, LLC | Argano, LLC | Argano, LLC |
|  | 1067464<br>|  | First Lien Delay Draw, 9.181% <br>(1-Month Term SOFR+550 basis <br>points), 9/13/2029<sup>1,3</sup> |  | 1058255 |
| 11432536 | 11432536 |  | First Lien Delay Draw, 9.200% <br>(3-Month Term SOFR+550 basis <br>points), 9/13/2029<sup>1,3,8</sup> |  | 990185 |
|  | 1000000<br>|  | Camelot U.S. Acquisition LLC<br>First Lien Term Loan, 6.418% <br>(1-Month Term SOFR+275 basis <br>points), 1/31/2031<sup>1,5</sup> |  | 868960 |
|  |  |  | Crimson Phoenix Solutions, LLC | Crimson Phoenix Solutions, LLC | Crimson Phoenix Solutions, LLC |
|  | 2309113<br>|  | First Lien Delay Draw, 9.928% <br>(3-Month Term SOFR+626 basis <br>points), 12/6/2029<sup>1,3</sup> |  | 2265188 |
|  | 7565887<br>|  | First Lien Term Loan, 9.928% <br>(3-Month Term SOFR+626 basis <br>points), 12/6/2029<sup>1,3</sup> |  | 7497498 |
|  |  |  | Guava Buyer LLC | Guava Buyer LLC | Guava Buyer LLC |
|  | 1433121<br>|  | First Lien Revolver, 0.500%, <br>8/12/2030<sup>3,10</sup> |  | (31398) |
|  | 1428392<br>|  | First Lien Delay Draw, 9.164% <br>(3-Month Term SOFR+550 basis <br>points), 8/12/2032<sup>1,3,8</sup> |  | 602619 |
| 12073089 | 12073089 |  | First Lien Term Loan, 9.250% <br>(3-Month Term SOFR+550 basis <br>points), 8/12/2032<sup>1,3</sup> |  | 11808952 |
|  | 2000000<br>|  | Level 3 Financing, Inc.<br>First Lien Term Loan, 6.918% <br>(1-Month Term SOFR+325 basis <br>points), 3/29/2032<sup>1,5</sup> |  | 2002710 |
|  |  |  | Salute Mission Critical LLC | Salute Mission Critical LLC | Salute Mission Critical LLC |
|  | 135364<br>|  | First Lien Revolver, 0.500%, <br>11/30/2029<sup>3,10</sup> |  | (1356) |
|  | 841028<br>|  | First Lien Term Loan, 8.879% <br>(1-Month Term SOFR+521 basis <br>points), 11/30/2029<sup>1,3</sup> |  | 832557 |
|  |  |  | Titan Group NL B.V. | Titan Group NL B.V. | Titan Group NL B.V. |
|  | 92857<br>| EUR | EUR<br> First Lien Delay Draw, 7.761% <br>(3-Month Term EURIBOR+575 basis <br>points), 11/24/2031<sup>1,2,3</sup> |  | 104753 |
|  | 621429<br>| EUR | EUR<br> First Lien Delay Draw, 7.877% <br>(3-Month Term EURIBOR+575 basis <br>points), 11/24/2031<sup>1,2,3,8</sup> |  | 205093 |
|  | 1785714<br>| EUR | EUR<br> First Lien Term Loan, 7.877% <br>(3-Month Term EURIBOR+575 basis <br>points), 11/24/2031<sup>1,2,3</sup> |  | 2014488 |
|  |  |  | Xebia Group Holding B.V. | Xebia Group Holding B.V. | Xebia Group Holding B.V. |
|  | 1012866<br>| EUR | EUR<br> First Lien Term Loan, 10.627% <br>(3-Month Term EURIBOR+850 basis <br>points), 7/30/2027<sup>1,2,3</sup> |  | 1161089 |
|  |  |  |  | 31379593 | 31379593 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | Life Sciences Tools & Services (0.1%) | Life Sciences Tools & Services (0.1%) |
| $— | 974779<br>|  | Life Science Intermediate Holdings, LLC<br>First Lien Delay Draw, 9.768% <br>(1-Month Term SOFR+610 basis <br>points), 6/10/2027<sup>1,3</sup> | $967071 |
|  |  |  | Machinery (0.2%) | Machinery (0.2%) |
|  | 1768388<br>|  | Columbus McKinnon Corp.<br>First Lien Term Loan, 7.200% <br>(3-Month Term SOFR+350 basis <br>points), 2/3/2033<sup>1,5</sup> | 1763967 |
|  |  |  | Media (3.2%) | Media (3.2%) |
| 13204406 | 13204406 |  | Amplify Buyer, Inc.<br>First Lien Term Loan, 8.449% <br>(3-Month Term SOFR+475 basis <br>points), 9/17/2032<sup>1,3</sup> | 13056932 |
|  |  |  | Best Version Media Acquisition, LLC | Best Version Media Acquisition, LLC |
|  | 714286<br>|  | First Lien Revolver, 0.500%, <br>12/31/2030<sup>3,10</sup> | (7525) |
|  | 9924107<br>|  | First Lien Term Loan, 8.418% <br>(3-Month Term SOFR+475 basis <br>points), 12/31/2030<sup>1,3</sup> | 9819233 |
|  | 1750000<br>|  | Clear Channel Outdoor Americas, Inc.<br>First Lien Term Loan, 7.668% <br>(1-Month Term SOFR+400 basis <br>points), 8/23/2028<sup>1,5</sup> | 1757000 |
|  |  |  | Comet Bidco Limited | Comet Bidco Limited |
|  | 671836<br>| GBP | GBP<br> First Lien Revolver, 0.000%, <br>11/15/2032<sup>2,3,9,10</sup> | (9915) |
|  | 1642266<br>| GBP | GBP<br> First Lien Term Loan, 8.744% <br>(3-Month Term SONIA+500 basis <br>points), 11/15/2032<sup>1,2,3,9</sup> | 2138641 |
|  | 3276813<br>|  | First Lien Term Loan, 8.745% <br>(3-Month Term SOFR+500 basis <br>points), 11/15/2032<sup>1,3,9</sup> | 3222954 |
|  | 876373<br>|  | Directv Financing LLC<br>First Lien Term Loan, 9.178% <br>(3-Month Term SOFR+525 basis <br>points), 8/2/2029<sup>1,5</sup> | 879958 |
|  | 10025<br>|  | Gray Television, Inc.<br>First Lien Term Loan, 8.915% <br>(1-Month Term SOFR+525 basis <br>points), 6/4/2029<sup>1,5</sup> | 10040 |
|  | 495000<br>|  | Sinclair Television Group, Inc.<br>First Lien Term Loan, 7.082% <br>(1-Month Term SOFR+330 basis <br>points), 12/31/2029<sup>1</sup> | 446121 |
|  | 3000000<br>|  | Versant Media Group, Inc.<br>First Lien Term Loan, 7.200% <br>(1-Month Term SOFR+350 basis <br>points), 1/30/2031<sup>1,5</sup> | 3000945 |
|  |  |  |  | 34314384 |

---

See accompanying Notes to Consolidated Financial Statements.

**11**

Consolidated Schedule of Investments As of March 31, 2026

---

| | |
|:---|:---|
| PRINCIPAL <br>AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |

---

---

| | |
|:---|:---|
| PRINCIPAL <br>AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |

---

---

| | | | |
|:---|:---|:---|:---|
| | | Pharmaceuticals (0.2%) | Pharmaceuticals (0.2%) |
| $2045222<br>|  | Amneal Pharmaceuticals LLC<br>First Lien Term Loan, 6.667% <br>(1-Month Term SOFR+300 basis <br>points), 8/2/2032<sup>1,5</sup> | $2054600 |
| 278766<br>|  | Jazz Pharmaceuticals plc<br>First Lien Term Loan, 5.918% <br>(1-Month Term SOFR+225 basis <br>points), 5/5/2028<sup>1</sup> | 280159 |
|  |  |  | 2334759 |
|  |  | Professional Services (8.6%) | Professional Services (8.6%) |
|  |  | Accordion Partners LLC | Accordion Partners LLC |
| 321501<br>|  | First Lien Revolver, 0.375%, <br>11/17/2031<sup>3,10</sup> | (2727) |
| 608696<br>|  | First Lien Revolver, 0.500%, <br>11/17/2031<sup>3,10</sup> | (5163) |
| 171626<br>|  | First Lien Delay Draw, 8.667% <br>(3-Month Term SOFR+500 basis <br>points), 11/17/2031<sup>1,3</sup> | 170170 |
| 8079073<br>|  | First Lien Term Loan, 8.683% <br>(3-Month Term SOFR+500 basis <br>points), 11/17/2031<sup>1,3</sup> | 8010548 |
| 2690770<br>|  | First Lien Delay Draw, 8.683% <br>(3-Month Term SOFR+500 basis <br>points), 11/17/2031<sup>1,3,8</sup> | 1185538 |
|  |  | Blue Bidco Limited | Blue Bidco Limited |
| 619777<br>| GBP | GBP<br> First Lien Revolver, 8.933% <br>(3-Month Term SONIA+500 basis <br>points), 11/21/2031<sup>1,2,3,8,9</sup> | 518932 |
| 48086<br>| GBP | GBP<br> First Lien Delay Draw, 8.855% <br>(3-Month Term SONIA+500 basis <br>points), 11/21/2031<sup>1,2,3,9</sup> | 62711 |
| 903694<br>| EUR | EUR<br> First Lien Term Loan, 7.127% <br>(3-Month Term EURIBOR+500 basis <br>points), 5/21/2032<sup>1,2,3,9</sup> | 1028961 |
| 265825<br>|  | First Lien Term Loan, 8.700% <br>(3-Month Term SOFR+500 basis <br>points), 5/21/2032<sup>1,3,9</sup> | 261852 |
| 1369123<br>| GBP | GBP<br> First Lien Term Loan, 8.744% <br>(3-Month Term SONIA+500 basis <br>points), 5/21/2032<sup>1,2,3,9</sup> | 1785525 |
|  |  | Chronicle Parent LLC | Chronicle Parent LLC |
| 740741<br>|  | First Lien Revolver, 0.500%, <br>4/15/2031<sup>3,10</sup> | (2732) |
| 152593<br>|  | First Lien Delay Draw, 8.664% <br>(3-Month Term SOFR+500 basis <br>points), 4/15/2031<sup>1,3</sup> | 152033 |
| 62963<br>|  | First Lien Delay Draw, 8.666% <br>(3-Month Term SOFR+500 basis <br>points), 4/15/2031<sup>1,3</sup> | 62732 |
| 55278<br>|  | First Lien Delay Draw, 8.672% <br>(3-Month Term SOFR+500 basis <br>points), 4/15/2031<sup>1,3</sup> | 55075 |
| 1951389<br>|  | First Lien Delay Draw, 8.700% <br>(3-Month Term SOFR+500 basis <br>points), 4/15/2031<sup>1,3,8</sup> | 22473 |
| 6984259<br>|  | First Lien Term Loan, 8.700% <br>(3-Month Term SOFR+500 basis <br>points), 4/15/2031<sup>1,3</sup> | 6958645 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | Mortgage Real Estate Investment Trusts (REITs) (0.5%) | Mortgage Real Estate Investment Trusts (REITs) (0.5%) |
| $— | 1995000<br>| Blackstone Mortgage Trust, Inc.<br>First Lien Term Loan, 6.168% <br>(1-Month Term SOFR+250 basis <br>points), 12/20/2032<sup>1,5</sup> | $1995000 |
|  | 3000000<br>| Ready Term Holdings, LLC<br>First Lien Delay Draw, 10.172% <br>(3-Month Term SOFR+650 basis <br>points), 4/12/2029<sup>1,3</sup> | 2956260 |
|  |  |  | 4951260 |
|  |  | Oil, Gas & Consumable Fuels (4.8%) | Oil, Gas & Consumable Fuels (4.8%) |
|  | 1995000<br>| Blackfin Pipeline LLC<br>First Lien Term Loan, 6.668% <br>(1-Month Term SOFR+300 basis <br>points), 9/29/2032<sup>1,5</sup> | 2008406 |
| 13527977 | 13527977 | Drubit LLC<br>First Lien Term Loan, 9.168% <br>(1-Month Term SOFR+550 basis <br>points), 1/31/2031<sup>1,3</sup> | 13298747 |
| 11910000 | 11910000 | Offen Inc.<br>First Lien Term Loan, 8.673% <br>(3-Month Term SOFR+500 basis <br>points), 7/22/2030<sup>1,3,9</sup> | 11786299 |
|  | 1722260<br>| Par Petroleum LLC<br>First Lien Term Loan, 6.933% <br>(3-Month Term SOFR+325 basis <br>points), 2/28/2030<sup>1,5</sup> | 1725920 |
|  | 9250000<br>| Perdido Energy Holdings, LLC<br>First Lien Term Loan, 10.699% <br>(3-Month Term SOFR+700 basis <br>points), 11/10/2028<sup>1,3,9</sup> | 9040319 |
|  | 5165188<br>| Salamanca Infrastructure LLC<br>First Lien Delay Draw, 8.950% <br>(3-Month Term SOFR+525 basis <br>points), 12/31/2030<sup>1,3</sup> | 5240465 |
|  | 8717949<br>| Tres Energy LLC<br>First Lien Term Loan, 10.199% <br>(3-Month Term SOFR+650 basis <br>points), 11/2/2029<sup>1,3,9</sup> | 8565577 |
|  |  |  | 51665733 |
|  |  | Passenger Airlines (0.0%) | Passenger Airlines (0.0%) |
|  | 411206<br>| United Airlines, Inc.<br>First Lien Term Loan, 5.418% <br>(3-Month Term SOFR+175 basis <br>points), 2/24/2031<sup>1,5</sup> | 411079 |
|  |  | Personal Care Products (1.2%) | Personal Care Products (1.2%) |
|  | 995000<br>| Opal U.S. LLC<br>First Lien Term Loan, 6.995% <br>(6-Month Term SOFR+300 basis <br>points), 4/23/2032<sup>1,5</sup> | 995622 |
|  |  | Silk Holdings III LLC | Silk Holdings III LLC |
|  | 781241<br>| First Lien Revolver, 8.161% <br>(1-Month Term SOFR+450 basis <br>points), 12/3/2032<sup>1,3,8</sup> | 46210 |
| 11718750 | 11718750 | First Lien Term Loan, 8.171% <br>(1-Month Term SOFR+450 basis <br>points), 12/3/2032<sup>1,3</sup> | 11597519 |
|  |  |  | 12639351 |

---

**12**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

See accompanying Notes to Consolidated Financial Statements.

Consolidated Schedule of Investments As of March 31, 2026

---

| | |
|:---|:---|
| PRINCIPAL <br>AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |

---

---

| | |
|:---|:---|
| PRINCIPAL <br>AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Corsair Blade IV (Luxembourg) S.A.R.L. | Corsair Blade IV (Luxembourg) S.A.R.L. |
| $390119<br>| GBP | GBP<br> Unitranche Revolver, 8.034% <br>(3-Month Term EURIBOR+600 basis <br>points), PIK Rate 2.500%, <br>1/15/2030<sup>1,2,3,12</sup> | $513977 |
| 331660<br>| EUR | EUR<br> Unitranche Term Loan, 8.075% <br>(3-Month Term EURIBOR+600 basis <br>points), PIK Rate 2.500%, <br>1/15/2030<sup>1,2,3,12</sup> | 381658 |
| 711324<br>| GBP | GBP<br> Unitranche Revolver, 9.478% <br>(3-Month Term EURIBOR+575 basis <br>points), PIK Rate 2.500%, <br>1/15/2030<sup>1,2,3,12</sup> | 937160 |
| 476763<br>| GBP | GBP<br> Unitranche Revolver, 9.728% <br>(1-Month Term SONIA+600 basis <br>points), PIK Rate 2.500%, <br>1/15/2030<sup>1,2,3,12</sup> | 628129 |
| 2288093<br>| GBP | GBP<br> Unitranche Delay Draw, 9.730% <br>(1-Month Term SONIA+600 basis <br>points), PIK Rate 2.500%, <br>1/15/2030<sup>1,2,3,12</sup> | 3014530 |
|  |  | Denali Intermediate Holdings, Inc. | Denali Intermediate Holdings, Inc. |
| 424172<br>|  | First Lien Revolver, 0.500%, <br>8/26/2032<sup>3,10</sup> | (5865) |
| 4231120<br>|  | First Lien Term Loan, 9.176% <br>(3-Month Term SOFR+550 basis <br>points), 8/26/2032<sup>1,3</sup> | 4173142 |
| 6898408<br>|  | FF4 Funding 2025 LLC<br>First Lien Term Loan, 11.500%, <br>3/31/2028<sup>3,9,12</sup> | 6898408 |
|  |  | Gerson Lehrman Group, Inc. | Gerson Lehrman Group, Inc. |
| 143819<br>|  | First Lien Revolver, 0.500%, <br>12/31/2028<sup>3,10</sup> | (71) |
| 2848320<br>|  | First Lien Term Loan, 9.099% <br>(3-Month Term SOFR+525 basis <br>points), 12/31/2028<sup>1,3</sup> | 2832776 |
|  |  | PLTFRM Companies, LLC | PLTFRM Companies, LLC |
| 1403509<br>|  | First Lien Delay Draw, 1.000%, <br>2/11/2030<sup>3,9,10</sup> | (9719) |
| 421053<br>|  | First Lien Revolver, 11.168% <br>(3-Month Term SOFR+750 basis <br>points), 2/11/2030<sup>1,3,8,9</sup> | 391595 |
| 1368421<br>|  | First Lien Term Loan, 11.200% <br>(3-Month Term SOFR+750 basis <br>points), 2/11/2030<sup>1,3,9</sup> | 1345952 |
| 4652632<br>|  | First Lien Term Loan, 11.201% <br>(3-Month Term SOFR+750 basis <br>points), 2/11/2030<sup>1,3,9</sup> | 4576238 |
|  |  | Riptide Parent LLC | Riptide Parent LLC |
| 408163<br>|  | First Lien Revolver, 0.500%, <br>8/2/2030<sup>3,10</sup> | (1960) |
| 4522959<br>|  | First Lien Term Loan, 9.178% <br>(1-Month Term SOFR+550 basis <br>points), 8/2/2030<sup>1,3</sup> | 4501357 |
| 724843<br>|  | Royal Holdco Corporation<br>First Lien Term Loan, 8.169% <br>(3-Month Term SOFR+450 basis <br>points), 12/30/2030<sup>1,3,9</sup> | 723679 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | SEG Operations, LLC | SEG Operations, LLC | SEG Operations, LLC |
| $— | 1371429<br>|  | First Lien Revolver, 8.700% <br>(3-Month Term SOFR+500 basis <br>points), 2/4/2032<sup>1,3,8</sup> | $| 469714 |
| 13628571 | 13628571 |  | First Lien Term Loan, 8.700% <br>(3-Month Term SOFR+500 basis <br>points), 2/4/2032<sup>1,3</sup> |  | 13526357 |
|  |  |  | Talent Worldwide Inc. | Talent Worldwide Inc. | Talent Worldwide Inc. |
| 11172000 | 11172000 |  | First Lien Term Loan, 9.199% <br>(3-Month Term SOFR+550 basis <br>points), 1/16/2031<sup>1,3</sup> |  | 11004420 |
|  | 800000<br>|  | First Lien Revolver, 9.200% <br>(3-Month Term SOFR+550 basis <br>points), 1/16/2031<sup>1,3,8</sup> |  | 388000 |
| 11850046 | 11850046 |  | Vensure Employer Services<br>First Lien Term Loan, 8.668% <br>(3-Month Term SOFR+500 basis <br>points), 9/26/2031<sup>1,3,9</sup> |  | 11825960 |
|  |  |  | Zorro Midco 2 Limited | Zorro Midco 2 Limited | Zorro Midco 2 Limited |
|  | 3090823<br>| SEK | SEK<br> First Lien Term Loan, 7.127% <br>(3-Month Term EURIBOR+465 basis <br>points), 6/13/2031<sup>1,2,3,9</sup> |  | 326494 |
|  | 1636364<br>| GBP | GBP<br> First Lien Term Loan, 8.744% <br>(3-Month Term SONIA+465 basis <br>points), 6/13/2031<sup>1,2,3,9</sup> |  | 2179761 |
|  | 27170<br>| GBP | GBP<br> First Lien Delay Draw, 8.744% <br>(3-Month Term SONIA+465 basis <br>points), 6/13/2031<sup>1,2,3,9</sup> |  | 36192 |
|  | 299434<br>| GBP | GBP<br> First Lien Delay Draw, 8.880% <br>(3-Month Term SONIA+465 basis <br>points), 6/13/2031<sup>1,2,3,8,9</sup> |  | 191815 |
|  | 37032<br>| GBP | GBP<br> First Lien Delay Draw, 8.914% <br>(3-Month Term SONIA+465 basis <br>points), 6/13/2031<sup>1,2,3,9</sup> |  | 49330 |
|  | 225432<br>| GBP | GBP<br> First Lien Term Loan, 8.727% <br>(1-Month Term SONIA+465 basis <br>points), 6/14/2031<sup>1,2,3,9</sup> |  | 300293 |
|  |  |  |  | 91463895 | 91463895 |
|  |  |  | Real Estate Management & Development (6.9%) | Real Estate Management & Development (6.9%) | Real Estate Management & Development (6.9%) |
| 10000000 | 10000000 |  | FBLU Mezz II, LLC<br>First Lien Delay Draw, 10.678% <br>(3-Month Term SOFR+700 basis <br>points), 12/9/2026<sup>1,3,8,9</sup> |  | 9320096 |
| 15000000 | 15000000 |  | G4 18222, LLC & G4 18223, LLC<br>First Lien Term Loan, 11.345% <br>(3-Month Term SOFR+768 basis <br>points), 12/1/2027<sup>1,3,9</sup> |  | 15082500 |
|  | 4500000<br>|  | Henderson Park Real Estate Fund I<br>First Lien Term Loan, 8.820% <br>(1-Month Term SOFR+525 basis <br>points), 6/1/2026<sup>1,3,9</sup> |  | 4500000 |
| 10223399 | 10223399 |  | Knight's Key Mezz, LLC<br>First Lien Term Loan, 15.500%, <br>PIK Rate 7.500%, 8/9/2028<sup>3,9,12</sup> |  | 10137187 |
| 11015337 | 11015337 |  | MDR Hotels, LLC<br>First Lien Delay Draw, 10.400% <br>(1-Month Term SOFR+640 basis <br>points), 11/12/2027<sup>1,3,9</sup> |  | 11015337 |

---

See accompanying Notes to Consolidated Financial Statements.

**13**

Consolidated Schedule of Investments As of March 31, 2026

---

| | |
|:---|:---|
| PRINCIPAL <br>AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |

---

---

| | |
|:---|:---|
| PRINCIPAL <br>AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 1500000<br>| EUR<br>| Omdus Holding B.V.<br>Unitranche Term Loan, 7.427% <br>(3-Month Term EURIBOR+530 basis <br>points), 6/29/2029<sup>1,2,3</sup> | $| 1727062 |
| $15000000 | 15000000 |  | Sky 65 Franklin LLC<br>First Lien Term Loan, 10.681% <br>(1-Month Term SOFR+698 basis <br>points), 9/11/2028<sup>1,3,9</sup> |  | 14880000 |
|  | 7885161<br>|  | WMG Bryan Dairy Owner, LLC<br>First Lien Delay Draw, 14.520% <br>(3-Month Term SOFR+1,000 basis <br>points), PIK Rate 6.000%, <br>3/19/2029<sup>1,3,8,9,12</sup> |  | 6802058 |
|  |  |  |  | 73464240 | 73464240 |
|  |  |  | Software (9.5%) | Software (9.5%) | Software (9.5%) |
|  |  |  | Arcmont Asset Management – Software | Arcmont Asset Management – Software | Arcmont Asset Management – Software |
|  | 3360656<br>| EUR | EUR<br> First Lien Term Loan, 7.700% <br>(3-Month Term EURIBOR+550 basis <br>points), 10/14/2031<sup>1,2,3,9</sup> |  | 3765714 |
|  | 1639344<br>| EUR | EUR<br> First Lien Delay Draw, 7.700% <br>(3-Month Term EURIBOR+550 basis <br>points), 10/14/2031<sup>1,2,3,8,9</sup> |  | 207636 |
|  |  |  | Arrow Buyer, Inc. | Arrow Buyer, Inc. | Arrow Buyer, Inc. |
|  | 794219<br>|  | First Lien Term Loan, 8.699% <br>(3-Month Term SOFR+500 basis <br>points), 6/30/2030<sup>1,3</sup> |  | 801276 |
|  | 102463<br>|  | First Lien Delay Draw, 8.699% <br>(3-Month Term SOFR+500 basis <br>points), 6/30/2030<sup>1,3</sup> |  | 103373 |
|  | 1086417 |  | BMC Software, Inc. | BMC Software, Inc. | BMC Software, Inc. |
|  |  |  | First Lien Term Loan, 6.667% <br>(3-Month Term SOFR+300 basis <br>points), 7/30/2031<sup>1,5</sup> |  | 1010254 |
|  | 4599315 |  | BNP Associates Buyer, Inc. | BNP Associates Buyer, Inc. | BNP Associates Buyer, Inc. |
|  |  |  | First Lien Term Loan, 9.199% <br>(3-Month Term SOFR+550 basis <br>points), 8/19/2030<sup>1,3</sup> |  | 4608422 |
|  | 1000000 |  | Cardinal Parent, Inc. | Cardinal Parent, Inc. | Cardinal Parent, Inc. |
|  |  |  | First Lien Term Loan, <br>12.250%, 1/25/2027<sup>3</sup> |  | 973079 |
|  |  |  | Delight Bidco SAS | Delight Bidco SAS | Delight Bidco SAS |
|  | 1136842<br>| EUR | EUR<br> Unitranche Delay Draw, 7.611% <br>(3-Month Term EURIBOR+550 basis <br>points), 1/20/2031<sup>1,2,3,8,9</sup> |  | 450003 |
|  | 1563158<br>| EUR | EUR<br> Unitranche Term Loan, 7.272% <br>(3-Month Term EURIBOR+550 basis <br>points), 1/20/2031<sup>1,2,3,9</sup> |  | 1775883 |
|  | 5902500 |  | Evergreen IX Borrower 2023, LLC | Evergreen IX Borrower 2023, LLC | Evergreen IX Borrower 2023, LLC |
|  |  |  | Unitranche Term Loan, 8.450% <br>(3-Month Term SOFR+475 basis <br>points), 9/30/2030<sup>1,3</sup> |  | 5902500 |
|  | 2937482 |  | GS Acquisitionco, Inc. | GS Acquisitionco, Inc. | GS Acquisitionco, Inc. |
|  |  |  | First Lien Term Loan, 8.949% <br>(3-Month Term SOFR+525 basis <br>points), 5/25/2028<sup>1,3</sup> |  | 2937482 |
|  |  |  | HSI Halo Acquisition, Inc. | HSI Halo Acquisition, Inc. | HSI Halo Acquisition, Inc. |
|  | 550459<br>|  | First Lien Revolver, 0.500%, <br>6/28/2030<sup>3,10</sup> |  | (5868) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| $ | $4566055<br>|  |  | $4517699 |
|  | 822550<br>|  | First Lien Delay Draw, 8.667% <br>(3-Month Term SOFR+500 basis <br>points), 6/30/2031<sup>1,3,8</sup> | 403060 |
|  |  |  | Maverick Bidco, Inc. | Maverick Bidco, Inc. |
|  | 458716<br>|  | First Lien Revolver, 0.500%, <br>12/2/2031<sup>3,10</sup> | (4617) |
|  | 571961<br>|  | First Lien Delay Draw, 1.000%, <br>12/2/2031<sup>3,10</sup> | (4338) |
|  | 11467890 |  | First Lien Term Loan, 8.418% <br>(3-Month Term SOFR+475 basis <br>points), 12/2/2031<sup>1,3</sup> | 11352459 |
|  | 12468750 |  | Maverick Power, LLC | Maverick Power, LLC |
|  |  |  | First Lien Term Loan, 8.661% <br>(3-Month Term SOFR+500 basis <br>points), 5/5/2031<sup>1,3</sup> | 12197876 |
|  | 970000 |  | NF HoldCo LLC | NF HoldCo LLC |
|  |  |  | First Lien Term Loan, 10.199% <br>(3-Month Term SOFR+650 basis <br>points), 4/2/2029<sup>1,3,9</sup> | 953327 |
|  | 729432 |  | OSP Hamilton Purchaser, LLC | OSP Hamilton Purchaser, LLC |
|  |  |  | First Lien Term Loan, 8.417% <br>(3-Month Term SOFR+475 basis <br>points), 12/28/2029<sup>1,3,9</sup> | 725369 |
|  | 701831 | GBP | Proactis Holdings Limited | Proactis Holdings Limited |
|  |  |  | First Lien Term Loan, 13.470% <br>(1-Month Term SONIA+974 basis <br>points), PIK Rate 3.990%, <br>8/16/2029<sup>1,2,3,9,12</sup> | 909121 |
|  | 1972562 |  | Rocket Software, Inc. | Rocket Software, Inc. |
|  |  |  | First Lien Term Loan, 7.418% <br>(1-Month Term SOFR+375 basis <br>points), 11/28/2028<sup>1,5</sup> | 1896540 |
|  | 10500000 |  | Solen Software Group, Inc. | Solen Software Group, Inc. |
|  |  |  | First Lien Term Loan, 11.168% <br>(3-Month Term SOFR+750 basis <br>points), 9/30/2030<sup>1,3</sup> | 10321679 |
|  |  |  | Syndigo LLC | Syndigo LLC |
|  | 10991410 |  | First Lien Term Loan, 8.673% <br>(3-Month Term SOFR+500 basis <br>points), 9/2/2032<sup>1,3</sup> | 10814918 |
|  | 1481043<br>|  | First Lien Revolver, 8.673% (3-Month <br>Term SOFR+500 basis points), <br>9/2/2032<sup>1,3,8</sup> | 331377 |
|  |  |  | Togetherwork Holdings, LLC | Togetherwork Holdings, LLC |
|  | 6754286<br>|  | First Lien Term Loan, 8.668% <br>(1-Month Term SOFR+500 basis <br>points), 5/19/2031<sup>1,3</sup> | 6642839 |
|  | 1140714<br>|  | First Lien Delay Draw, 8.668% <br>(1-Month Term SOFR+500 basis <br>points), 5/19/2031<sup>1,3,8</sup> | 157749 |
|  | 1532782 |  | UKG, Inc. | UKG, Inc. |
|  |  |  | First Lien Term Loan, 6.164% <br>(1-Month Term SOFR+250 basis <br>points), 2/10/2031<sup>1,5</sup> | 1466781 |

---

**14**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

See accompanying Notes to Consolidated Financial Statements.

Consolidated Schedule of Investments As of March 31, 2026

---

| | |
|:---|:---|
| PRINCIPAL <br>AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |

---

---

| | |
|:---|:---|
| PRINCIPAL <br>AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Upland Software, Inc. | Upland Software, Inc. | Upland Software, Inc. |
| $— | 1666667<br>|  | First Lien Revolver, 0.500%, <br>7/25/2031<sup>3,10</sup> | $| (22945) |
| 12982139 | 12982139 |  | First Lien Term Loan, 9.699% <br>(3-Month Term SOFR+600 basis <br>points), 7/25/2031<sup>1,3</sup> |  | 12804581 |
|  | 936969 |  | Vital Buyer, LLC | Vital Buyer, LLC | Vital Buyer, LLC |
|  |  |  | First Lien Term Loan, 8.166% <br>(3-Month Term SOFR+450 basis <br>points), 6/3/2030<sup>1,3,9</sup> |  | 933850 |
|  | 2956142 |  | Zoro Merger Sub, Inc. | Zoro Merger Sub, Inc. | Zoro Merger Sub, Inc. |
|  |  |  | First Lien Term Loan, 8.706% <br>(3-Month Term SOFR+500 basis <br>points), 11/22/2028<sup>1,3,9</sup> |  | 2956142 |
|  |  |  |  | 101883221 | 101883221 |
|  |  |  | Specialty Retail (2.7%) | Specialty Retail (2.7%) | Specialty Retail (2.7%) |
|  | 1995000 |  | Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC |
|  |  |  | First Lien Term Loan, 6.914% <br>(1-Month Term SOFR+325 basis <br>points), 9/13/2032<sup>1,5</sup> |  | 2002481 |
|  | 2150581 |  | Bestop, Inc. | Bestop, Inc. | Bestop, Inc. |
|  |  |  | First Lien Term Loan, 9.200% <br>(3-Month Term SOFR+550 basis <br>points), 3/29/2029<sup>1,3</sup> |  | 2105773 |
|  |  |  | LHS Borrower, LLC | LHS Borrower, LLC | LHS Borrower, LLC |
| 13398750 | 13398750 |  | First Lien Term Loan, 8.918% <br>(3-Month Term SOFR+525 basis <br>points), 9/4/2031<sup>1,3</sup> |  | 13138393 |
|  | 1000000<br>|  | First Lien Revolver, 8.918% <br>(1-Month Term SOFR+525 basis <br>points), 9/4/2031<sup>1,3,8</sup> |  | 239718 |
|  |  |  | RKG Newco, LLC | RKG Newco, LLC | RKG Newco, LLC |
|  | 867470<br>|  | First Lien Revolver, 9.155% <br>(3-Month Term SOFR+550 basis <br>points), 2/2/2033<sup>1,3,8</sup> |  | 69398 |
| 11132530 | 11132530 |  | First Lien Term Loan, 9.167% <br>(3-Month Term SOFR+550 basis <br>points), 2/2/2033<sup>1,3</sup> |  | 10909880 |
|  | 246250 |  | Staples, Inc. | Staples, Inc. | Staples, Inc. |
|  |  |  | First Lien Term Loan, 9.414% <br>(3-Month Term SOFR+575 basis <br>points), 9/10/2029<sup>1,5</sup> |  | 224433 |
|  |  |  |  | 28690076 | 28690076 |
|  |  |  | Technology Hardware, Storage & Peripherals (0.4%) | Technology Hardware, Storage & Peripherals (0.4%) | Technology Hardware, Storage & Peripherals (0.4%) |
|  | 4000000 | EUR | Sumup Holdings Luxembourg | Sumup Holdings Luxembourg | Sumup Holdings Luxembourg |
|  |  |  | First Lien Delay Draw, 7.511% <br>(3-Month Term EURIBOR+550 basis <br>points), 5/23/2031<sup>1,2,3</sup> | 4715673 | 4715673 |
|  |  |  | Textiles, Apparel & Luxury Goods (0.3%) | Textiles, Apparel & Luxury Goods (0.3%) | Textiles, Apparel & Luxury Goods (0.3%) |
|  |  |  | BPCP NSA Intermedco, Inc. | BPCP NSA Intermedco, Inc. | BPCP NSA Intermedco, Inc. |
|  | 576175<br>|  | First Lien Delay Draw, 8.420% <br>(1-Month Term SOFR+475 basis <br>points), 5/17/2030<sup>1,3</sup> |  | 576175 |
|  | 1885034<br>|  | First Lien Term Loan, 8.420% <br>(1-Month Term SOFR+475 basis <br>points), 5/17/2030<sup>1,3</sup> |  | 1885034 |

---

---

| | | | |
|:---|:---|:---|:---|
| $742500 | Chinos Intermediate 2 LLC | Chinos Intermediate 2 LLC | Chinos Intermediate 2 LLC |
|  | First Lien Term Loan, 9.667% <br>(3-Month Term SOFR+600 basis <br>points), 9/29/2031<sup>1,5</sup> | $| 587655 |
|  |  | 3048864 | 3048864 |
|  | Trading Companies & Distributors (0.7%) | Trading Companies & Distributors (0.7%) | Trading Companies & Distributors (0.7%) |
|  | Ambient Enterprises Holdco LLC | Ambient Enterprises Holdco LLC | Ambient Enterprises Holdco LLC |
| 297872<br>| First Lien Revolver, 0.500%, <br>12/8/2029<sup>3,10</sup> |  | (6539) |
| 6096668<br>| First Lien Term Loan, 8.949% <br>(3-Month Term SOFR+525 basis <br>points), 6/30/2030<sup>1,3</sup> |  | 5962836 |
| 1275924<br>| First Lien Delay Draw, 8.950% <br>(3-Month Term SOFR+525 basis <br>points), 6/30/2030<sup>1,3</sup> |  | 1247915 |
|  |  | 7204212 | 7204212 |
|  | Transportation Infrastructure (0.1%) | Transportation Infrastructure (0.1%) | Transportation Infrastructure (0.1%) |
| 1400000 | FB FLL Aviation LLC | FB FLL Aviation LLC | FB FLL Aviation LLC |
|  | First Lien Delay Draw, 10.668% <br>(1-Month Term SOFR+700 basis <br>points), 7/19/2028<sup>1,3</sup> |  | 1366125 |
|  | **TOTAL CORPORATE LOANS**<br> (Cost $957,845,877) | 940474210 | 940474210 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF <br>SHARES | NUMBER OF <br>SHARES | NUMBER OF <br>SHARES |  |
| **Investment Companies / ETFs (2.2%)** | **Investment Companies / ETFs (2.2%)** | **Investment Companies / ETFs (2.2%)** | **Investment Companies / ETFs (2.2%)** |
|  | Fixed Income (2.2%) | Fixed Income (2.2%) | Fixed Income (2.2%) |
| 123947 | Franklin Senior Loan ETF |  | 2850781 |
| 1001942 | Invesco Senior Loan ETF |  | 20449636 |
|  |  | 23300417 | 23300417 |
|  | **TOTAL INVESTMENT COMPANIES / ETFS**<br> (Cost $24,022,258) | **TOTAL INVESTMENT COMPANIES / ETFS**<br> (Cost $24,022,258) | 23300417 |
| **Preferred Stocks (1.6%)** | **Preferred Stocks (1.6%)** | **Preferred Stocks (1.6%)** | **Preferred Stocks (1.6%)** |
|  | Building Products (0.2%) | Building Products (0.2%) | Building Products (0.2%) |
| 2458810 | Great Day Global, LLC | Great Day Global, LLC | Great Day Global, LLC |
|  | 10.500%, PIK Rate 10.500%, <br>1/29/2028<sup>3,12</sup> | 2391436 | 2391436 |
|  | Commercial Services & Supplies (0.1%) | Commercial Services & Supplies (0.1%) | Commercial Services & Supplies (0.1%) |
| 961 | World Water Works, Inc. | World Water Works, Inc. | World Water Works, Inc. |
|  | 17.000% 7/3/2029<sup>3</sup> | 1223599 | 1223599 |
|  | Software (1.3%) | Software (1.3%) | Software (1.3%) |
| 93475 | Claroty Ltd. | Claroty Ltd. | Claroty Ltd. |
|  | 0.000%<sup>3</sup> |  | 7999939 |
| 4759 | Netskope, Inc. | Netskope, Inc. | Netskope, Inc. |
|  | 3.000% 8/1/2029<sup>3</sup> |  | 5346223 |
|  |  | 13346162 | 13346162 |
|  | **TOTAL PREFERRED STOCKS**<br> (Cost $16,368,849) | 16961197 | 16961197 |

---

See accompanying Notes to Consolidated Financial Statements.

**15**

Consolidated Schedule of Investments As of March 31, 2026

<u>NUMBER OF <br>SHARES</u> <u>VALUE</u>

<u>NUMBER OF <br>SHARES</u> <u>VALUE</u>

---

| | | |
|:---|:---|:---|
| **Warrants (0.0%)** | **Warrants (0.0%)** | **Warrants (0.0%)** |
|  | Capital Markets (0.0%) | Capital Markets (0.0%) |
| 6144 | Betterment Holdings, Inc. | Betterment Holdings, Inc. |
|  | Exercise Price $0.01, Expiration <br>10/6/2033<sup>3,9</sup> | $57483 |
|  | Commercial Services & Supplies (0.0%) | Commercial Services & Supplies (0.0%) |
| 206 | World Water Works, Inc. | World Water Works, Inc. |
|  | Exercise Price $0.01, Expiration <br>7/3/2034<sup>3</sup> | 29694 |
|  | Electronic Equipment, Instruments & Components (0.0%) | Electronic Equipment, Instruments & Components (0.0%) |
|  | Opus Inspection, Inc. | Opus Inspection, Inc. |
| 375<br>| Exercise Price $2,000, Expiration <br>5/31/2034<sup>3</sup> | 93829 |
| 50<br>| Exercise Price $15,000, Expiration <br>5/31/2034<sup>3</sup> |  |
|  |  | 93829 |
|  | Financial Services (0.0%) | Financial Services (0.0%) |
| 1681901 | CFT Clear Finance Technology Corp. | CFT Clear Finance Technology Corp. |
|  | Exercise Price $0.01, Expiration <br>10/3/2035<sup>3</sup> | 109006 |
|  | Health Care Technology (0.0%) | Health Care Technology (0.0%) |
| 98358 | Honor Technology, Inc. | Honor Technology, Inc. |
|  | Exercise Price $0.01, Expiration <br>5/30/2034<sup>3</sup> | 6575 |
|  | Household Durables (0.0%) | Household Durables (0.0%) |
| 1073 | IB Appliances US Holdings, LLC | IB Appliances US Holdings, LLC |
|  | Exercise Price $0.01, Expiration <br>1/6/2035<sup>3</sup> | 16369 |
|  | **TOTAL WARRANTS**<br> (Cost $0) | 312956 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT | PRINCIPAL <br>AMOUNT | PRINCIPAL <br>AMOUNT |
| **SUBORDINATED DEBT (0.5%)** | **SUBORDINATED DEBT (0.5%)** | **SUBORDINATED DEBT (0.5%)** |
|  | Electronic Equipment, Instruments & Components (0.1%) | Electronic Equipment, Instruments & Components (0.1%) |
| $1071382 | AMG Investment Holdings IV LLC | AMG Investment Holdings IV LLC |
|  | Unsecured / Mezz Delayed Draw, <br>14.250%, PIK Rate 2.250%, <br>11/15/2030<sup>3,12</sup> | 1087299 |
|  | Financial Services (0.4%) | Financial Services (0.4%) |
| 2000000 | Blue Owl Technology Income Corp. | Blue Owl Technology Income Corp. |
|  | Unsecured / Mezz Delayed Draw, <br>8.422% (3-Month Term SOFR+475 <br>basis points), 1/15/2029<sup>1,3</sup> | 1997059 |
| 2778000 | Coller Credit Backed Loans & Notes, Ltd | Coller Credit Backed Loans & Notes, Ltd |
|  | First Lien Delay Draw, 0.000%, <br>10/31/2036<sup>3,6,8</sup> | 2100600 |
|  |  | 4097659 |
|  | **SUBORDINATED DEBT**<br> (Cost $4,720,675) | 5184958 |

---

---

| | |
|:---|:---|
| **PRIVATE INVESTMENT FUNDS (18.9%)** | **PRIVATE INVESTMENT FUNDS (18.9%)** |
|  | Capital Markets (1.3%) |
| N/A<br>Landmark Acquisition Fund 57 <br>Wrigley LP<sup>14,15</sup> | $2181893 |
| N/A<br> Secfi Matterhorn Fund I, L.P.<sup>6,14,15,16</sup> | 11609018 |
|  | 13790911 |
|  | Diversified Consumer Services (1.7%) |
| N/A<br>ICG European Direct Lending X <br>SCSp<sup>2,14,15,16</sup> | 18551339 |
|  | Entertainment (1.7%) |
| N/A<br> Lyric-Pineapple Feeder LP<sup>6,13,14,15,16</sup> | 17927811 |
|  | Financial Services (10.6%) |
| N/A<br> Birch Holdings LP<sup>6,14,15</sup> | 3576623 |
| N/A<br> BPC Opportunities Fund V LP<sup>6,14,15</sup> | 8559087 |
| N/A<br>Bridgepoint Credit Opportunities III "A" <br>LP<sup>6,14,15</sup> | 909563 |
| N/A<br>CCS Co-Investment Vehicle 1 LP <br>Incorporated<sup>6,14,15</sup> | 5449490 |
| N/A<br>CCS Co-Investment Vehicle 2 LP <br>Incorporated<sup>14,15</sup> | 1971006 |
| N/A<br> Cedar Holdings LP<sup>14,15</sup> | 11703987 |
| N/A<br> Dawson Portfolio Finance 5 LP<sup>14,15</sup> | 647370 |
| N/A<br> Pimlico Partners, L.P.<sup>6,14,15,16</sup> | 12686392 |
| N/A<br> Sima Holdings LP<sup>6,14,15</sup> | 7924152 |
| N/A<br> Springcoast Partners I-A, L.P.<sup>6,13,14,15</sup> | 12336704 |
| 798754<br> Stone Point Credit Income Fund<sup>15</sup> | 19920314 |
| 394086<br>T. Rowe Price OHA Select Private <br>Credit Fund<sup>15</sup> | 10421608 |
| 192994<br> TPG Twin Brook Capital Income Fund<sup>15</sup> | 4815529 |
| N/A<br> Treville Capital Solutions Fund LP<sup>14,15</sup> | 12611070 |
|  | 113532895 |
|  | Insurance (0.7%) |
| 409757<br> Athora Holding Ltd.<sup>2,6</sup> | 7814368 |
|  | Machinery (0.1%) |
| N/A<br>Arena Secondaries and Liquidity <br>Solutions – Excess <br>Capacity I-C, LP.<sup>6,14,15</sup> | 1069083 |
|  | Passenger Airlines (0.4%) |
| N/A<br> ACM ASOF VIII 757 Feeder LLC<sup>14,15</sup> | 1301245 |
| N/A<br>CL-EA Co-Investment <br>Opportunities I, L.P.<sup>6,14,15</sup> | 2612894 |
|  | 3914139 |
|  | Real Estate Management & Development (1.4%) |
| N/A<br> BP Holdings Zeta LP<sup>14,15</sup> | 2261210 |
| N/A<br>Locust Point Senior Mortgage Fund, <br>L.P.<sup>6,14,15</sup> | 6474452 |
| N/A<br>Mavik Real Estate Special Opportunities <br>VS2, LP<sup>6,14,15</sup> | 1127686 |
| N/A<br> RXR Park Row Aksia JV LLC<sup>6,14,15,16</sup> | 5036584 |
|  | 14899932 |

---

**16**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

See accompanying Notes to Consolidated Financial Statements.

Consolidated Schedule of Investments As of March 31, 2026

<u>NUMBER OF <br>SHARES</u> <u>VALUE</u>

---

| | | | |
|:---|:---|:---|:---|
| | | Trading Companies & Distributors (1.0%) | Trading Companies & Distributors (1.0%) |
| $| N/A<br>| Limerick Succession <br>Aggregator LP<sup>6,14,15,16</sup> | $10477454 |
|  |  | **TOTAL PRIVATE INVESTMENT FUNDS**<br> (Cost $179,963,635) | 201977932 |
| **SHORT-TERM INVESTMENTS (1.9%)** | **SHORT-TERM INVESTMENTS (1.9%)** | **SHORT-TERM INVESTMENTS (1.9%)** | **SHORT-TERM INVESTMENTS (1.9%)** |
|  | 20362986 | Morgan Stanley Institutional Liquidity <br>Funds – Government Portfolio, <br>Institutional Share Class, 3.57%<sup>17</sup> | 20362986 |
|  |  | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $20,362,986) | 20362986 |
|  | **TOTAL INVESTMENTS (113.6%)**<br> (Cost $1,208,531,514) | **TOTAL INVESTMENTS (113.6%)**<br> (Cost $1,208,531,514) | 1213476917 |
| Liabilities Less Other Assets (13.6%) | Liabilities Less Other Assets (13.6%) | Liabilities Less Other Assets (13.6%) | (145005823) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | 1068471094 |

---

USD

United States Dollar

CAD

Canadian Dollar

GBP

Pound Sterling

SEK

Swedish Krona

EUR

Euro

CLO

Collateralized Loan Obligation

ETF

Exchange-Traded Fund

EURIBOR

Euro Interbank Offered Rate

CDOR

Canadian Dollar Offered Rate

LLC

Limited Liability Company

LP

Limited Partnership

SOFR

Secured Overnight Financing Rate

SONIA

Sterling Overnight Index Average

STIBOR

Stockholm Interbank Offered Rate

US

United States

Floating rate security, upon which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

Foreign securities entered into in foreign currencies are converted to U.S. Dollars using period end spot rates.

Level 3 securities fair valued under procedures established by the Board of Trustees, represents 82.34% of Net Assets. The total value of these securities is $879,757,067.

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $1,494,862, which represents 0.14% of the total net assets of the Fund.

Callable.

Non-income producing.

Variable rate security. Rate shown is the rate in effect as of period end.

A portion of this holding is subject to unfunded loan commitments. The stated interest rate reflects the reference rate and spread for the funded portion. See Note 2 for additional information.

This investment was made through a participation. Please see Note 2 for a description of loan participations.

Represents an unfunded loan commitment. The rate disclosed is equal to the commitment fee. The negative cost and/or fair value, if applicable, is due to the discount received in excess of the principal amount of the unfunded commitment.

In bankruptcy.

Payment-in-kind interest is generally paid by issuing additional par of the security rather than paying cash.

The valuation of this security has been adjusted to reflect the impact of information received subsequent to March 31, 2026, on conditions that existed as of March 31, 2026.

Private investment company does not issue shares or units.

Investment valued using net asset value as practical expedient.

Affiliated company.

The rate is the annualized seven-day yield at period end.

See accompanying Notes to Consolidated Financial Statements.

**17**

Consolidated Schedule of Investments As of March 31, 2026

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SALE CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SETTLEMENT<br>DATE | COUNTERPARTY | CURRENCY<br>EXCHANGE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CURRENCY<br>AMOUNT<br>SOLD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE AT<br>SETTLEMENT<br>DATE | VALUE AT<br>MARCH 31, <br>2026 | VALUE AT<br>MARCH 31, <br>2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) |  |
| CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/15/2026 |  | State Street | CAD per USD | 12329289 | $8859355 | $ | $8868821 | $(9466) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/15/2026 |  | Bank of New York | EUR per USD | 53496768 | 61974347 |  | 61879955 | 94392 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/15/2026 |  | State Street | EUR per USD | 206254 | 238256 |  | 238575 | (319) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/15/2026 |  | State Street | EUR per USD | 6760991 | 7844515 |  | 7820469 | 24046 |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/15/2026 |  | Northern Trust | GBP per USD | 15710229 | 21060049 |  | 20793791 | 266258 |
| SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/15/2026 |  | Bank of New York | SEK per USD | 27505744 | 2984523 | 2907944 | 2907944 | 76579 |
| TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | $102961045 | $ | $102509555 | $451490 |

---

**18**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

See accompanying Notes to Consolidated Financial Statements.

Consolidated Summary of Investments As of March 31, 2026 (Unaudited)

---

| | |
|:---|:---|
| SECURITY TYPE/SECTOR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PERCENT OF TOTAL<br>NET ASSETS |

---

---

| | |
|:---|:---|
| SECURITY TYPE/SECTOR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PERCENT OF TOTAL<br>NET ASSETS |

---

---

| | |
|:---|:---|
| Corporate Loans | Corporate Loans |
| Software | 9.5% |
| Professional Services | 8.6% |
| Commercial Services & Supplies | 7.0% |
| Real Estate Management & Development | 6.9% |
| Health Care Providers & Services | 5.1% |
| Oil, Gas & Consumable Fuels | 4.8% |
| Aerospace & Defense | 4.3% |
| Insurance | 4.2% |
| Health Care Equipment & Supplies | 3.2% |
| Media | 2.9% |
| IT Services | 2.9% |
| Specialty Retail | 2.7% |
| Construction & Engineering | 2.1% |
| Health Care Technology | 2.0% |
| Consumer Staples Distribution & Retail | 1.9% |
| Consumer Finance | 1.9% |
| Gas Utilities | 1.8% |
| Diversified Telecommunication Services | 1.6% |
| Food Products | 1.5% |
| Personal Care Products | 1.2% |
| Financial Services | 1.1% |
| Air Freight & Logistics | 1.0% |
| Containers & Packaging | 0.9% |
| Household Durables | 0.9% |
| Household Products | 0.7% |
| Trading Companies & Distributors | 0.7% |
| Diversified Consumer Services | 0.6% |
| Electronic Equipment, Instruments & Components | 0.6% |
| Beverages | 0.6% |
| Chemicals | 0.5% |
| Mortgage Real Estate Investment Trusts (REITs) | 0.5% |
| Electric Utilities | 0.4% |
| Technology Hardware, Storage & Peripherals | 0.4% |
| Capital Markets | 0.3% |
| Automobile Components | 0.3% |
| Textiles, Apparel & Luxury Goods | 0.3% |
| Communications Equipment | 0.3% |
| Entertainment | 0.3% |
| Distributors | 0.3% |
| Pharmaceuticals | 0.2% |
| Hotels, Restaurants & Leisure | 0.2% |
| Machinery | 0.2% |
| Transportation Infrastructure | 0.1% |
| Biotechnology | 0.1% |
| Life Sciences Tools & Services | 0.1% |
| Banks | 0.1% |

---

---

| | |
|:---|:---|
| Ground Transportation | 0.1% |
| Interactive Media & Services | 0.1% |
| Passenger Airlines | 0.0% |
| Building Products | 0.0% |
| Construction Materials | 0.0% |
| Total Corporate Loans | 88.0% |
| Private Investment Funds | Private Investment Funds |
| Financial Services | 10.6% |
| Entertainment | 1.7% |
| Diversified Consumer Services | 1.7% |
| Real Estate Management & Development | 1.4% |
| Capital Markets | 1.3% |
| Trading Companies & Distributors | 1.0% |
| Insurance | 0.7% |
| Passenger Airlines | 0.4% |
| Machinery | 0.1% |
| Total Private Investment Funds | 18.9% |
| Investment Companies / ETFs | Investment Companies / ETFs |
| Fixed Income | 2.2% |
| Short-Term Investments | 1.9% |
| Preferred Stocks | Preferred Stocks |
| Software | 1.3% |
| Building Products | 0.2% |
| Commercial Services & Supplies | 0.1% |
| Total Preferred Stocks | 1.6% |
| Subordinated Debt | Subordinated Debt |
| Financial Services | 0.4% |
| Electronic Equipment, Instruments & Components | 0.1% |
| Total Subordinated Debt | 0.5% |
| Asset-Backed Securities | Asset-Backed Securities |
| Financial Services | 0.5% |
| Warrants | Warrants |
| Financial Services | 0.0% |
| Electronic Equipment, Instruments & Components | 0.0% |
| Capital Markets | 0.0% |
| Commercial Services & Supplies | 0.0% |
| Household Durables | 0.0% |
| Health Care Technology | 0.0% |
| Total Warrants | 0.0% |
| Common Stocks | Common Stocks |
| Health Care Equipment & Supplies | 0.0% |
| Total Investments | 113.6% |
| Liabilities in Excess of Other Assets | (13.6)% |
| Total Net Assets | 100.0% |

---

See accompanying Notes to Consolidated Financial Statements.

**19**

Consolidated Statement of Assets and Liabilities March 31, 2026

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Investments in securities, at value | Investments in securities, at value |
| Unaffiliated investments (cost $1,136,699,569) | $1137188319 |
| Affiliated investments (cost $71,831,945) | 76288598 |
|  | 2906891 |
| Foreign currency, at value (cost $858) | 848 |
| Unrealized appreciation on forward foreign currency exchange contracts | 461275 |
| Receivables: | Receivables: |
| Accrued interest and dividends | 7215135 |
| Fund shares sold | 526164 |
| Investments sold | 1791174 |
| Prepaid tax | 15000 |
| Other assets | 71276 |
| Total assets | 1226464680 |
| **LIABILITIES** | **LIABILITIES** |
| Collateral due to broker | 720000 |
| Unrealized depreciation on forward foreign currency exchange contracts | 9785 |
| Payables: | Payables: |
| Secured credit facility, net (Note 2) | 150041033 |
| Investments purchased | 4999785 |
| Investment Advisory fees | 860622 |
| Interest on secured credit facility (Note 2) | 360381 |
| Current tax liability (Note 2) | 59230 |
| Distribution fees (Note 3) | 2704 |
| Other accounts payable and accrued liabilities<sup>(a)</sup> | 940046 |
| Total liabilities | 157993586 |
| NET ASSETS | $1068471094 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid in capital (par value of $0.001 per share with an unlimited number of shares authorized) | $1071479904 |
| Accumulated distributable earnings (deficit) | (3008810) |
| NET ASSETS | $1068471094 |

---

<sup>(a)</sup>

Separately, see Note 2 Commitments and Contingencies for detail on unfunded commitments.

**20**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

See accompanying Notes to Consolidated Financial Statements.

Consolidated Statement of Assets and Liabilities March 31, 2026 (Continued)

---

| | |
|:---|:---|
| **MAXIMUM OFFERING PRICE PER SHARE** | **MAXIMUM OFFERING PRICE PER SHARE** |
| **Class A:** | **Class A:** |
| Net assets applicable to shares outstanding | $6805940 |
| Shares of beneficial interest issued and outstanding | 646380 |
| Net asset value, offering and redemption price per share | $10.53 |
| Maximum sales charge (2.25% of offering price)\* | $0.24 |
| Maximum offer price to public | $10.77 |
| **Class C:** | **Class C:** |
| Net assets applicable to shares outstanding | $1440386 |
| Shares of beneficial interest issued and outstanding | 137238 |
| Net asset value, offering and redemption price per share | $10.50 |
| **Class I:** | **Class I:** |
| Net assets applicable to shares outstanding | $1060185686 |
| Shares of beneficial interest issued and outstanding | 100679611 |
| Net asset value, offering and redemption price per share | $10.53 |
| **Class M:** | **Class M:** |
| Net assets applicable to shares outstanding | $39082 |
| Shares of beneficial interest issued and outstanding | 3711 |
| Net asset value, offering and redemption price per share | $10.53 |

---

\*

Investors in Class A Shares may be charged a sales charge of up to 2.25% of the subscription amount.

See accompanying Notes to Consolidated Financial Statements.

**21**

Consolidated Statement of Operations For the Year Ended March 31, 2026

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Interest (net of foreign tax withholding of $1,057) | $75869351 |
| Payment-in-kind interest | 4011657 |
| Distributions from private investment vehicles (net of foreign tax withholding of $36,847) | 4164767 |
| Distributions from private investment vehicles from affiliated issuers | 470174 |
| Dividends | 1623016 |
| Other income | 1345333 |
| Total investment income | 87484298 |
| **EXPENSES** | **EXPENSES** |
| Investment management fees | 10437981 |
| Interest and loan origination fees on secured credit facility (Note 2) | 6368041 |
| Equalization interest on subsequent close of private investment funds | 1263102 |
| Sub Transfer agent fees—Class A | 2922 |
| Sub Transfer agent fees—Class C | 1129 |
| Sub Transfer agent fees—Class I | 1023341 |
| Fund accounting and administration fees | 603263 |
| Legal fees | 467121 |
| Audit fees | 373248 |
| Shareholder reporting fees | 247450 |
| Trustees' fees and officer compensation | 138280 |
| Registration fees | 102910 |
| Transfer agent fees | 100699 |
| Insurance fees | 44427 |
| Custodian fees | 42164 |
| Excise tax | 26855 |
| Distribution fees—Class A (Note 3) | 8173 |
| Distribution fees—Class C (Note 3) | 10060 |
| Distribution fees—Class M (Note 3) | 285 |
| Miscellaneous | 352491 |
| Total expenses | 21613942 |
| Expenses waived by Advisor (Note 3) | (1405212) |
| Net expenses | 20208730 |
| NET INVESTMENT INCOME (LOSS), BEFORE TAXES | 67275568 |
| Current tax benefit/(expense) | (60688) |
| NET INVESTMENT INCOME, NET OF TAXES | 67214880 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| **Net realized gain (loss) from:** | **Net realized gain (loss) from:** |
| Investments in unaffiliated issuers | 1417045 |
| Foreign currency transactions | (1042862) |
| Forward foreign currency exchange contracts | (984887) |
| Net realized gain (loss) | (610704) |
| **Change in unrealized appreciation/(depreciation) on:** | **Change in unrealized appreciation/(depreciation) on:** |
| Investments in unaffiliated issuers | (7845534) |
| Investments in affiliated issuers | 4456653 |
| Foreign currency translations | (304502) |
| Forward foreign currency exchange contracts | 110453 |
| Net change in unrealized appreciation/(depreciation) | (3582930) |
| NET GAIN (LOSS) | (4193634) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $63021246 |

---

**22**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

See accompanying Notes to Consolidated Financial Statements.

Consolidated Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR THE YEAR<br>ENDED<br>MARCH 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR THE YEAR<br>ENDED<br>MARCH 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;FOR THE YEAR<br>ENDED<br>MARCH 31, 2025 |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss), net of taxes | $67214880 | $26355176 |
| Net realized gain (loss) on investments, foreign currency and forward foreign currency exchange contracts | (610704) | 339905 |
| Net change in unrealized appreciation/depreciation on investments, foreign currency, forward foreign currency <br>exchange contracts | (3582930) | 6841160 |
| Net increase (decrease) in net assets resulting from operations | 63021246 | 33536241 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Distributable earnings: | Distributable earnings: | Distributable earnings: |
| Class A | (281685) | (142173 |
| Class C | (79550) | (16306 |
| Class I | (72553521) | (30255094 |
| Class M | (3055) | (3230 |
| Return of capital: | Return of capital: | Return of capital: |
| Class A | (21185) |  |
| Class C | (5982) |  |
| Class I | (5456583) |  |
| Class M | (230) |  |
| Total distributions to shareholders | (78401791) | (30416803) |
| **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** |
| Proceeds from shares sold: | Proceeds from shares sold: | Proceeds from shares sold: |
| Class A | 5880477 | 629724 |
| Class C | 749876 | 621191 |
| Class I | 672506560 | 404998065 |
| Reinvestment of distributions: | Reinvestment of distributions: | Reinvestment of distributions: |
| Class A | 42027 | 28175 |
| Class C | 48941 | 10891 |
| Class I | 18096098 | 7866520 |
| Class M | 3285 | 3230 |
| Cost of shares repurchased: | Cost of shares repurchased: | Cost of shares repurchased: |
| Class A | (638802) |  |
| Class C | (272) |  |
| Class I | (143376725) | (18087321 |
| Net increase (decrease) in net assets from capital transactions | 553311465 | 396070475 |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 537930920 | 399189913 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of period | $530540174 | 131350261 |
| End of period | $1068471094 | 530540174 |
| **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** |
| Shares sold:  | Shares sold:  | Shares sold:  |
| Class A | 550882 | 59841 |
| Class C | 70455 | 58071 |
| Class I | 62987902 | 38095258 |
| Shares reinvested: | Shares reinvested: | Shares reinvested: |
| Class A | 3955 | 2665 |
| Class C | 4618 | 1028 |
| Class I | 1702515 | 744539 |
| Class M | 309 | 306 |
| Shares repurchased: | Shares repurchased: | Shares repurchased: |
| Class A | (59711) |  |
| Class C | (26) |  |
| Class I | (13451390) | (1697089 |
| Net increase (decrease) in capital share transactions | 51809509 | 37264619 |

---

See accompanying Notes to Consolidated Financial Statements.

**23**

Consolidated Statement of Cash Flows

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR THE YEAR<br>ENDED<br>MARCH 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR THE YEAR<br>ENDED<br>MARCH 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR THE YEAR<br>ENDED<br>MARCH 31, 2026 |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** | **CASH FLOWS FROM OPERATING ACTIVITIES:** | **CASH FLOWS FROM OPERATING ACTIVITIES:** |
| Net increase/(decrease) in net assets from operations | $— | 63021246 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: | Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: | Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: |
| Purchases of long-term portfolio investments | (824930277 | (824930277) |
| Sales of long-term portfolio investments |  | 224817600 |
| Purchase/Sales of short-term investments—net |  | (11984965) |
| Payment-in-kind interest added to principal amount of investment |  | (4011657) |
| Net amortization on investments |  | (1200092) |
| Net realized gain (loss) from investments in unaffiliated issuers |  | (1417045) |
| Net realized gain (loss) from foreign currency transactions |  | 1042862 |
| Net change in unrealized appreciation/(depreciation) on investments in unaffiliated issuers |  | 7845534 |
| Net change in unrealized appreciation/(depreciation) on investments in affiliated issuers |  | (4456653) |
| Net change in unrealized appreciation/(depreciation) on foreign currency translations |  | 304502 |
| Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts |  | (110453) |
| Net change in assets and liabilities: | Net change in assets and liabilities: | Net change in assets and liabilities: |
| (Increase)/decrease in assets: | (Increase)/decrease in assets: | (Increase)/decrease in assets: |
| Accrued interest and dividends |  | (2663549) |
| Prepaid tax |  | (15000) |
| Other assets |  | (11409) |
| Increase/(decrease) in liabilities: | Increase/(decrease) in liabilities: | Increase/(decrease) in liabilities: |
| Collateral due to broker |  | 720000 |
| Interest on secured credit facility (Note 2) |  | 305059 |
| Investment Advisory fees |  | 735063 |
| Distribution fees (Note 3) |  | 1824 |
| Current tax liability (Note 2) |  | 14261 |
| Other accounts payable and accrued liabilities |  | 109499 |
| Net cash provided by/(used in) operating activities | (551883650 | (551883650) |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** | **CASH FLOWS FROM FINANCING ACTIVITIES:** | **CASH FLOWS FROM FINANCING ACTIVITIES:** |
| Proceeds from shares sold, net of change in receivable |  | 680098382 |
| Distributions paid to shareholders, net of reinvestments |  | (60211440) |
| Cost of shares repurchased | (144015799 | (144015799) |
| Payments on secured credit facility (see Note 2) | (214989937 | (214989937) |
| Proceeds from secured credit facility (see Note 2) |  | 290000000 |
| Net cash provided by/(used in) financing activities |  | 550881206 |
| Net increase/(decrease) in cash and foreign currency |  | (1002444) |
| Effect of foreign exchange rate changes on cash |  | (110) |
| Cash and foreign currency at beginning of period |  | 3910293 |
| Cash and foreign currency at end of period | $— | 2907739 |
| End of period balances | End of period balances | End of period balances |
| Cash | $— | 2906891 |
| Foreign currency, at value (cost $858) |  | 848 |
| Total end of period balances | $— | 2907739 |
| Supplemental disclosure of cash flow information | Supplemental disclosure of cash flow information | Supplemental disclosure of cash flow information |
| Cash paid for interest on credit facility during the period was $5,966,627. | Cash paid for interest on credit facility during the period was $5,966,627. | Cash paid for interest on credit facility during the period was $5,966,627. |
| Cash paid for equalization interest on subsequent close of private investment funds during the period was $1,263,102. | Cash paid for equalization interest on subsequent close of private investment funds during the period was $1,263,102. | Cash paid for equalization interest on subsequent close of private investment funds during the period was $1,263,102. |
| Non-cash financing activities not included herein consist of $18,190,351 of reinvested dividends. | Non-cash financing activities not included herein consist of $18,190,351 of reinvested dividends. | Non-cash financing activities not included herein consist of $18,190,351 of reinvested dividends. |
| Non-cash financing activities not included herein consist of $4,011,657 of payment-in-kind interest. | Non-cash financing activities not included herein consist of $4,011,657 of payment-in-kind interest. | Non-cash financing activities not included herein consist of $4,011,657 of payment-in-kind interest. |
| Income taxes paid during the period amounted to $125,505 | Income taxes paid during the period amounted to $125,505 | Income taxes paid during the period amounted to $125,505 |

---

**24**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

See accompanying Notes to Consolidated Financial Statements.

Consolidated Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLASS A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLASS A |
|  | &nbsp;&nbsp;&nbsp;FOR THE<br>YEAR ENDED<br>MARCH 31, 2026 | &nbsp;&nbsp;&nbsp;FOR THE<br>YEAR ENDED<br>MARCH 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR THE<br>YEAR ENDED<br>MARCH 31, 2025 |
| Net asset value, beginning of period | $10.68 | $10.60 | $10.00 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)<sup>1</sup> | 0.83 | 0.89 | 0.75 |
| Net realized and unrealized gain (loss) | 0.01 | 0.25 | 0.20 |
| Total from investment operations | 0.84 | 1.14 | 0.95 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.89) | (1.05) | (0.35) |
| Net realized gain | (0.03) | (0.01) | (0.00)<sup>2</sup> |
| Return of capital | (0.07) |  |  |
| Total distributions | (0.99) | (1.06) | (0.35) |
| Net asset value, end of period<sup>3</sup> | $10.53 | $10.68 | $10.60 |
| **TOTAL RETURN**<sup>3,4</sup> | 8.11% | 11.39% | 9.71%<sup>5</sup> |
| **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** |
| Ratio of expenses (excluding interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related to any <br>leverage, taxes and extraordinary expenses): | Ratio of expenses (excluding interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related to any <br>leverage, taxes and extraordinary expenses): | Ratio of expenses (excluding interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related to any <br>leverage, taxes and extraordinary expenses): | Ratio of expenses (excluding interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related to any <br>leverage, taxes and extraordinary expenses): |
| Before fees waived and expenses absorbed | 1.88% | 2.14% | 2.89%<sup>6</sup> |
| After fees waived and expenses absorbed | 1.75% | 1.75% | 1.75%<sup>6</sup> |
| Ratio of expenses (including interest on secured credit facility, interest on subsequent close <br>of private investment funds, commitment fees, or other expenses related to any leverage, <br>taxes and extraordinary expenses): | Ratio of expenses (including interest on secured credit facility, interest on subsequent close <br>of private investment funds, commitment fees, or other expenses related to any leverage, <br>taxes and extraordinary expenses): | Ratio of expenses (including interest on secured credit facility, interest on subsequent close <br>of private investment funds, commitment fees, or other expenses related to any leverage, <br>taxes and extraordinary expenses): | Ratio of expenses (including interest on secured credit facility, interest on subsequent close <br>of private investment funds, commitment fees, or other expenses related to any leverage, <br>taxes and extraordinary expenses): |
| Before fees waived and expenses absorbed | 2.81% | 3.36% | 3.48%<sup>6</sup> |
| After fees waived and expenses absorbed | 2.68% | 2.97% | 2.34%<sup>6</sup> |
| Ratio of net investment income (loss) (including interest on secured credit facility, interest on <br>subsequent close of private investment funds, commitment fees, or other expenses related <br>to any leverage, taxes and extraordinary expenses): | Ratio of net investment income (loss) (including interest on secured credit facility, interest on <br>subsequent close of private investment funds, commitment fees, or other expenses related <br>to any leverage, taxes and extraordinary expenses): | Ratio of net investment income (loss) (including interest on secured credit facility, interest on <br>subsequent close of private investment funds, commitment fees, or other expenses related <br>to any leverage, taxes and extraordinary expenses): | Ratio of net investment income (loss) (including interest on secured credit facility, interest on <br>subsequent close of private investment funds, commitment fees, or other expenses related <br>to any leverage, taxes and extraordinary expenses): |
| Before fees waived and expenses absorbed | 7.67% | 8.02% | 7.75%<sup>6</sup> |
| After fees waived and expenses absorbed | 7.80% | 8.41% | 8.89%<sup>6</sup> |
| **SUPPLEMENTAL DATA:** | **SUPPLEMENTAL DATA:** | **SUPPLEMENTAL DATA:** | **SUPPLEMENTAL DATA:** |
| Net assets, end of period (in thousands) | $6806 | $1616 | $940 |
| Portfolio turnover rate | 26% | 54% | 17%<sup>5</sup> |
| **SENIOR SECURITIES:** | **SENIOR SECURITIES:** | **SENIOR SECURITIES:** | **SENIOR SECURITIES:** |
| Total amount outstanding (000's omitted)<br>Secured credit facility | $150000 | $75000 | $8500 |
| Asset coverage per $1,000 of borrowings:<br>Secured credit facility<sup>7</sup> | $8123 | $8074 | $16453 |

---

\*

Commencement of operations.

\*\*

As discussed in the Notes to Financial Statements, Calamos Aksia Alternative Credit and Income Fund Sub 1, LLC, a subsidiary of the Fund, began on April 19, 2024. As a result of this timing, it was not necessary for the period indicated to be consolidated.

Based on average shares outstanding for the period.

Amount represents less than $0.01 per share.

Includes adjustments in accordance with accounting principles generally accepted in the United States of America. Accordingly, the return and per share net asset value for financial reporting may differ from the returns and per unit net asset value used for shareholder transactions.

Total return would have been lower had fees not been waived or absorbed by the Advisor. These returns do 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.

Not annualized.

Annualized.

Calculated by subtracting the Fund's total liabilities (not including borrowings) from the Fund's total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.

**25**

Consolidated Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLASS C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLASS C |
|  | &nbsp;&nbsp;&nbsp;FOR THE<br>YEAR ENDED<br>MARCH 31, 2026 | &nbsp;&nbsp;&nbsp;FOR THE<br>YEAR ENDED<br>MARCH 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR THE<br>YEAR ENDED<br>MARCH 31, 2025 |
| Net asset value, beginning of period | $10.66 | $10.58 | $10.00 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)<sup>1</sup> | 0.75 | 0.82 | 0.68 |
| Net realized and unrealized gain (loss) | (0.00)<sup>2</sup> | 0.24 | 0.21 |
| Total from investment operations | 0.75 | 1.06 | 0.89 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.82) | (0.97) | (0.31) |
| Net realized gain | (0.03) | (0.01) | (0.00)<sup>2</sup> |
| Return of capital | (0.06) |  |  |
| Total distributions | (0.91) | (0.98) | (0.31) |
| Net asset value, end of period<sup>3,4</sup> | $10.50 | $10.66 | $10.58 |
| **TOTAL RETURN**<sup>3,5</sup> | 7.27% | 10.40% | 9.04%<sup>6</sup> |
| **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** |
| Ratio of expenses (excluding interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related to <br>any leverage, taxes and extraordinary expenses): | Ratio of expenses (excluding interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related to <br>any leverage, taxes and extraordinary expenses): | Ratio of expenses (excluding interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related to <br>any leverage, taxes and extraordinary expenses): | Ratio of expenses (excluding interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related to <br>any leverage, taxes and extraordinary expenses): |
| Before fees waived and expenses absorbed | 2.66% | 2.88% | 3.62%<sup>7</sup> |
| After fees waived and expenses absorbed | 2.50% | 2.50% | 2.50%<sup>7</sup> |
| Ratio of expenses (including interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related to any <br>leverage, taxes and extraordinary expenses): | Ratio of expenses (including interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related to any <br>leverage, taxes and extraordinary expenses): | Ratio of expenses (including interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related to any <br>leverage, taxes and extraordinary expenses): | Ratio of expenses (including interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related to any <br>leverage, taxes and extraordinary expenses): |
| Before fees waived and expenses absorbed | 3.59% | 4.10% | 4.21%<sup>7</sup> |
| After fees waived and expenses absorbed | 3.43% | 3.72% | 3.09%<sup>7</sup> |
| Ratio of net investment income (loss) (including interest on secured credit facility, interest <br>on subsequent close of private investment funds, commitment fees, or other expenses <br>related to any leverage, taxes and extraordinary expenses): | Ratio of net investment income (loss) (including interest on secured credit facility, interest <br>on subsequent close of private investment funds, commitment fees, or other expenses <br>related to any leverage, taxes and extraordinary expenses): | Ratio of net investment income (loss) (including interest on secured credit facility, interest <br>on subsequent close of private investment funds, commitment fees, or other expenses <br>related to any leverage, taxes and extraordinary expenses): | Ratio of net investment income (loss) (including interest on secured credit facility, interest <br>on subsequent close of private investment funds, commitment fees, or other expenses <br>related to any leverage, taxes and extraordinary expenses): |
| Before fees waived and expenses absorbed | 6.89% | 7.28% | 7.02%<sup>7</sup> |
| After fees waived and expenses absorbed | 7.05% | 7.66% | 8.14%<sup>7</sup> |
| **SUPPLEMENTAL DATA:** | **SUPPLEMENTAL DATA:** | **SUPPLEMENTAL DATA:** | **SUPPLEMENTAL DATA:** |
| Net assets, end of period (in thousands) | $1440 | $663 | $33 |
| Portfolio turnover rate | 26% | 54% | 17%<sup>6</sup> |
| **SENIOR SECURITIES:** | **SENIOR SECURITIES:** | **SENIOR SECURITIES:** | **SENIOR SECURITIES:** |
| Total amount outstanding (000's omitted)<br>Secured credit facility | $150000 | $75000 | $8500 |
| Asset coverage per $1,000 of borrowings:<br>Secured credit facility<sup>8</sup> | $8123 | $8074 | $16453 |

---

\*

Commencement of operations.

\*\*

As discussed in the Notes to Financial Statements, Calamos Aksia Alternative Credit and Income Fund Sub 1, LLC, a subsidiary of the Fund, began on April 19, 2024. As a result of this timing, it was not necessary for the period indicated to be consolidated.

Based on average shares outstanding for the period.

Amount represents less than $0.01 per share.

Includes adjustments in accordance with accounting principles generally accepted in the United States of America. Accordingly, the return and per share net asset value for financial reporting may differ from the returns and per unit net asset value used for shareholder transactions.

Redemption price may be reduced by contingent deferred sales charge.

Total return would have been lower had fees not been waived or absorbed by the Advisor. These returns do 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.

Not annualized.

Annualized.

Calculated by subtracting the Fund's total liabilities (not including borrowings) from the Fund's total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.

**26**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

Consolidated Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLASS I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLASS I |
|  | &nbsp;&nbsp;&nbsp;FOR THE<br>YEAR ENDED<br>MARCH 31, 2026 | &nbsp;&nbsp;&nbsp;FOR THE<br>YEAR ENDED<br>MARCH 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR THE<br>YEAR ENDED<br>MARCH 31, 2025 |
| Net asset value, beginning of period | $10.68 | $10.60 | $10.00 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)<sup>1</sup> | 0.86 | 0.92 | 0.77 |
| Net realized and unrealized gain (loss) | 0.00<br><sup>2</sup> | 0.25 | 0.19 |
| Total from investment operations | 0.86 | 1.17 | 0.96 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.91) | (1.08) | (0.36) |
| Net realized gain | (0.03) | (0.01) | (0.00)<sup>2</sup> |
| Return of capital | (0.07) |  |  |
| Total distributions | (1.01) | (1.09) | (0.36) |
| Net asset value, end of period<sup>3</sup> | $10.53 | $10.68 | $10.60 |
| **TOTAL RETURN**<sup>3,4</sup> | 8.33% | 11.71% | 9.83%<sup>5</sup> |
| **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** |
| Ratio of expenses (excluding interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related to <br>any leverage, taxes and extraordinary expenses): | Ratio of expenses (excluding interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related to <br>any leverage, taxes and extraordinary expenses): | Ratio of expenses (excluding interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related to <br>any leverage, taxes and extraordinary expenses): | Ratio of expenses (excluding interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related to <br>any leverage, taxes and extraordinary expenses): |
| Before fees waived and expenses absorbed | 1.67% | 1.97% | 2.69%<sup>6</sup> |
| After fees waived and expenses absorbed | 1.50% | 1.50% | 1.50%<sup>6</sup> |
| Ratio of expenses (including interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related to any <br>leverage, taxes and extraordinary expenses): | Ratio of expenses (including interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related to any <br>leverage, taxes and extraordinary expenses): | Ratio of expenses (including interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related to any <br>leverage, taxes and extraordinary expenses): | Ratio of expenses (including interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related to any <br>leverage, taxes and extraordinary expenses): |
| Before fees waived and expenses absorbed | 2.60% | 3.19% | 3.27%<sup>6</sup> |
| After fees waived and expenses absorbed | 2.43% | 2.72% | 2.09%<sup>6</sup> |
| Ratio of net investment income (loss) (including interest on secured credit facility, interest <br>on subsequent close of private investment funds, commitment fees, or other expenses <br>related to any leverage, taxes and extraordinary expenses): | Ratio of net investment income (loss) (including interest on secured credit facility, interest <br>on subsequent close of private investment funds, commitment fees, or other expenses <br>related to any leverage, taxes and extraordinary expenses): | Ratio of net investment income (loss) (including interest on secured credit facility, interest <br>on subsequent close of private investment funds, commitment fees, or other expenses <br>related to any leverage, taxes and extraordinary expenses): | Ratio of net investment income (loss) (including interest on secured credit facility, interest <br>on subsequent close of private investment funds, commitment fees, or other expenses <br>related to any leverage, taxes and extraordinary expenses): |
| Before fees waived and expenses absorbed | 7.88% | 8.19% | 7.96%<sup>6</sup> |
| After fees waived and expenses absorbed | 8.05% | 8.66% | 9.14%<sup>6</sup> |
| **SUPPLEMENTAL DATA:** | **SUPPLEMENTAL DATA:** | **SUPPLEMENTAL DATA:** | **SUPPLEMENTAL DATA:** |
| Net assets, end of period (in thousands) | $1060186 | $528225 | $130342 |
| Portfolio turnover rate | 26% | 54% | 17%<sup>5</sup> |
| **SENIOR SECURITIES:** | **SENIOR SECURITIES:** | **SENIOR SECURITIES:** | **SENIOR SECURITIES:** |
| Total amount outstanding (000's omitted)<br>Secured credit facility | $150000 | $75000 | $8500 |
| Asset coverage per $1,000 of borrowings:<br>Secured credit facility<sup>7</sup> | $8123 | $8074 | $16453 |

---

\*

Commencement of operations.

\*\*

As discussed in the Notes to Financial Statements, Calamos Aksia Alternative Credit and Income Fund Sub 1, LLC, a subsidiary of the Fund, began on April 19, 2024. As a result of this timing, it was not necessary for the period indicated to be consolidated.

Based on average shares outstanding for the period.

Amount represents less than $0.01 per share.

Includes adjustments in accordance with accounting principles generally accepted in the United States of America. Accordingly, the return and per share net asset value for financial reporting may differ from the returns and per unit net asset value used for shareholder transactions.

Total return would have been lower had fees not been waived or absorbed by the Advisor. These returns do 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.

Not annualized.

Annualized.

Calculated by subtracting the Fund's total liabilities (not including borrowings) from the Fund's total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.

**27**

Consolidated Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLASS M | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLASS M |
|  | &nbsp;&nbsp;&nbsp;&nbsp;FOR THE<br>YEAR ENDED<br>MARCH 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;FOR THE<br>YEAR ENDED<br>MARCH 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR THE<br>YEAR ENDED<br>MARCH 31, 2025 |
| Net asset value, beginning of period | $10.69 | $10.58 | $10.00 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)<sup>1</sup> | 0.78 | 0.84 | 0.70 |
| Net realized and unrealized gain (loss) | (0.01) | 0.27 | 0.20 |
| Total from investment operations | 0.77 | 1.11 | 0.90 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.84) | (0.99) | (0.32) |
| Net realized gain | (0.03) | (0.01) | (0.00)<sup>2</sup> |
| Return of capital | (0.06) |  |  |
| Total distributions | (0.93) | (1.00) | (0.32) |
| Net asset value, end of period<sup>3</sup> | $10.53 | $10.69 | $10.58 |
| **TOTAL RETURN**<sup>3,4</sup> | 7.45% | 10.81% | 9.29%<sup>5</sup> |
| **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** |
| Ratio of expenses (excluding interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related <br>to any leverage, taxes and extraordinary expenses): | Ratio of expenses (excluding interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related <br>to any leverage, taxes and extraordinary expenses): | Ratio of expenses (excluding interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related <br>to any leverage, taxes and extraordinary expenses): | Ratio of expenses (excluding interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related <br>to any leverage, taxes and extraordinary expenses): |
| Before fees waived and expenses absorbed | 2.30% | 2.63% | 3.37%<sup>6</sup> |
| After fees waived and expenses absorbed | 2.25% | 2.25% | 2.25%<sup>6</sup> |
| Ratio of expenses (including interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related <br>to any leverage, taxes and extraordinary expenses): | Ratio of expenses (including interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related <br>to any leverage, taxes and extraordinary expenses): | Ratio of expenses (including interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related <br>to any leverage, taxes and extraordinary expenses): | Ratio of expenses (including interest on secured credit facility, interest on subsequent <br>close of private investment funds, commitment fees, or other expenses related <br>to any leverage, taxes and extraordinary expenses): |
| Before fees waived and expenses absorbed | 3.23% | 3.85% | 3.96%<sup>6</sup> |
| After fees waived and expenses absorbed | 3.18% | 3.47% | 2.84%<sup>6</sup> |
| Ratio of net investment income (loss) (including interest on secured credit facility, <br>interest on subsequent close of private investment funds, commitment fees, or other <br>expenses related to any leverage, taxes and extraordinary expenses): | Ratio of net investment income (loss) (including interest on secured credit facility, <br>interest on subsequent close of private investment funds, commitment fees, or other <br>expenses related to any leverage, taxes and extraordinary expenses): | Ratio of net investment income (loss) (including interest on secured credit facility, <br>interest on subsequent close of private investment funds, commitment fees, or other <br>expenses related to any leverage, taxes and extraordinary expenses): | Ratio of net investment income (loss) (including interest on secured credit facility, <br>interest on subsequent close of private investment funds, commitment fees, or other <br>expenses related to any leverage, taxes and extraordinary expenses): |
| Before fees waived and expenses absorbed | 7.25% | 7.53% | 7.27%<sup>6</sup> |
| After fees waived and expenses absorbed | 7.30% | 7.91% | 8.39%<sup>6</sup> |
| **SUPPLEMENTAL DATA:** | **SUPPLEMENTAL DATA:** | **SUPPLEMENTAL DATA:** | **SUPPLEMENTAL DATA:** |
| Net assets, end of period (in thousands) | $39 | $36 | $33 |
| Portfolio turnover rate | 26% | 54% | 17%<sup>5</sup> |
| **SENIOR SECURITIES:** | **SENIOR SECURITIES:** | **SENIOR SECURITIES:** | **SENIOR SECURITIES:** |
| Total amount outstanding (000's omitted)<br>Secured credit facility | $150000 | $75000 | $8500 |
| Asset coverage per $1,000 of borrowings:<br>Secured credit facility<sup>7</sup> | $8123 | $8074 | $16453 |

---

\*

Commencement of operations.

\*\*

As discussed in the Notes to Financial Statements, Calamos Aksia Alternative Credit and Income Fund Sub 1, LLC, a subsidiary of the Fund, began on April 19, 2024. As a result of this timing, it was not necessary for the period indicated to be consolidated.

Based on average shares outstanding for the period.

Amount represents less than $0.01 per share.

Includes adjustments in accordance with accounting principles generally accepted in the United States of America. Accordingly, the return and per share net asset value for financial reporting may differ from the returns and per unit net asset value used for shareholder transactions.

Total return would have been lower had fees not been waived or absorbed by the Advisor. These returns do 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.

Not annualized.

Annualized.

Calculated by subtracting the Fund's total liabilities (not including borrowings) from the Fund's total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.

**28**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

Notes to Consolidated Financial Statements

**Note 1 — Organization**

Calamos Aksia Alternative Credit and Income Fund (the "Fund") was organized as a Delaware statutory trust on June 24, 2022. The Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company and operates as an interval fund, commencing operations on June 8, 2023. The Fund's investment advisor is Calamos Advisors LLC (the "Advisor" or "Calamos") and the Fund's sub-advisor is Aksia LLC (the "Sub-Advisor" or "Aksia" and together, the "Advisors"). The Advisor and the Sub-Advisor are each registered as an investment advisor with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act").

The SEC has granted the Fund exemptive relief permitting the Fund to offer multiple classes of shares. The Fund offers four separate classes of shares of beneficial interest ("Shares") designated as Class A ("Class A Shares"), Class C ("Class C Shares"), Class I ("Class I Shares") and Class M ("Class M Shares"). An investment in any Share class of the Fund represents an investment in the same assets of the Fund. However, the purchase restrictions and ongoing fees and expenses for each Share class are different.

The Fund's investment objectives are to seek attractive risk-adjusted returns and high current income. The Fund seeks to achieve its investment objectives by primarily investing across the private credit asset class ("Private Credit"), with the remainder of the Fund's assets invested in one or more liquid alternative investment strategies, which seek to outperform cash yields.

**Consolidation of Subsidiary**

The Fund may make investments through wholly-owned subsidiaries (each a "Subsidiary" and together, the "Subsidiaries"). Such Subsidiaries will not be registered under the 1940 Act; however, the Fund will wholly own and control any Subsidiaries. The Fund's Board of Trustees has oversight responsibility for the investment activities of the Fund, including its investment in any Subsidiary, and the Fund's role as sole owner of any Subsidiary. To the extent applicable to the investment activities of a Subsidiary, the Subsidiary will follow the same compliance policies and procedures as the Fund. The Fund will "look through" any such Subsidiary to determine compliance with its investment policies. The Fund complies with Section 8 of the 1940 Act governing investment policies on an aggregate basis with any Subsidiary. The Fund also complies with Section 18 of the 1940 Act governing capital structure and leverage on an aggregate basis with each Subsidiary so that the Fund treats a Subsidiary's debt as its own for purposes of Section 18. Further, each Subsidiary complies with the provisions of Section 17 of the 1940 Act relating to affiliated transactions and custody. The Fund will not create or acquire primary control of any entity which engages in investment activities in securities or other assets, other than entities wholly-owned by the Fund.

Each Subsidiary was formed as a Delaware limited liability company or a Cayman exempted limited liability company and is a wholly owned subsidiary of the Fund. The Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statements of Changes in Net Assets, Consolidated Statement of Cash Flows and Consolidated Financial Highlights of the Fund include the accounts of the Subsidiaries. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. A list of the subsidiaries as of March 31, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| SUBSIDIARY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DATE OF<br>FORMATION | &nbsp;&nbsp;&nbsp;&nbsp;NET ASSETS OF<br>SUBSIDIARY | &nbsp;&nbsp;&nbsp;PERCENTAGE OF<br>FUND'S TOTAL<br>NET ASSETS |  |
| Calamos Aksia Alternative Credit and Income Fund Sub 1, LLC ("Sub 1") | 4/19/2024 | $— |  | —% |
| Calamos Aksia Alternative Credit and Income Fund Sub 2, LLC ("Sub 2") (Cayman Exempted LLC) | 9/9/2024 | $— | 3366948 | 0.32% |
| Calamos Aksia Alternative Credit and Income Fund Sub 3, LLC and Sub 3-A, LLC <br>("Sub 3" and "Sub 3-A")\* | 11/15/2024 | $11147682 | 11147682 | 1.04% |
| Calamos Aksia Alternative Credit and Income Fund Sub 4, LLC and Sub 4-A, LLC <br>("Sub 4" and "Sub 4-A")\* | 3/31/2025 | $— |  | —% |

---

\*

Sub 3 and Sub 4 represent pass through entities.

**29**

Notes to Consolidated Financial Statements

**Note 2 — Significant Accounting Policies**

**Basis of Preparation and Use of Estimates**

The Fund is an investment company and follows the accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services — Investment Companies*. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

**Valuation of Investments**

The Fund's net asset value ("NAV") per Share is determined daily by the Advisor as of the close of business on each day the New York Stock Exchange ("NYSE") is open for trading or at such other times as the Board may determine. In accordance with the procedures approved by the Board, the NAV per outstanding Share of beneficial interest is determined, on a class- specific basis, by dividing the value of total assets minus liabilities by the total number of Shares outstanding.

The Board has designated the Advisor as its Valuation Designee to perform fair valuation determinations for the Fund with respect to all Fund investments. The Board oversees the Advisor in its role as Valuation Designee and has approved a valuation policy for the Fund (the "Valuation Policy") and the Advisor's valuation procedures (the "Valuation Procedures"). The Advisor, as Valuation Designee, has formed a separate valuation committee (the "Valuation Committee") for determining the fair value of the Fund's investments. The Valuation Committee oversees the implementation of the Valuation Procedures and may consult with representatives from the Fund's outside legal counsel or other third-party consultants in their discussions and deliberations. The Valuation Committee is composed of individuals affiliated with the Advisor.

The Advisor, including through the Valuation Committee, conducts the valuation determinations, provides primary day-to-day oversight of valuation of the Fund's investments and acts in accordance with the Valuation Procedures as approved by the Board. The Fund's investment portfolio is valued at least each quarter, in accordance with the Valuation Policies and Valuation Procedures.

The Advisor values securities/instruments traded in active markets on the measurement date by multiplying the closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Advisor values securities/instruments that are not actively traded but whose fair value can be determined based on other observable market data using a price determined by an approved independent pricing vendor.

For securities/instruments with significant unobservable fair value inputs, the valuation approach may vary by security/instrument but may include discounted cash flow analysis, comparable public market valuations and comparable transaction valuations. Factors that might materially impact the value of an investment (e.g., operating results, financial condition, achievement of milestones, economic and/or market events and recent sales prices) may be considered. The factors and methodologies used for the valuation of such securities/instruments are not necessarily an indication of the risks associated with investing in those securities/instruments nor can it be assured that the Fund can realize the fair value assigned to an instrument/security if it were to sell the instrument/security. Because such valuations are inherently uncertain, they often reflect only periodic information received by the Advisor about such companies' financial condition and/or business operations, which may be on a lagged basis and therefore fluctuate over time and can be based on estimates. Determinations of fair value may differ materially from the values that would have been used if an exchange-traded market for these instruments/securities existed.

The Advisor may engage one or more independent valuation firms to perform procedures, including providing input about calculation models or providing assurance on the concluded fair values for individual investments held by the Fund. Such independent third-party pricing services and independent third-party valuation services may be utilized by the Advisor to verify valuation models pursuant to the Fund's valuation policy at such timing intervals as the Advisor may deem appropriate.

Primary and secondary investments in private markets funds are generally valued based on the latest NAV reported by the third-party fund manager. If the NAV of an investment in a private markets fund is not available at the time the Fund is calculating its NAV, the Fund will review any cash flows since the reference date of the last NAV for a private markets fund received by the Fund from a third-party manager until the determination date are recognized by (i) adding the nominal

**30**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

Notes to Consolidated Financial Statements

amount of the investment related capital calls and (ii) deducting the nominal amount of investment related distributions from the NAV as reported by the third-party fund manager. The resulting value may be further adjusted based on the yield of the investment and/or the investment's correlation with public or private indexes to capture market movement since the reference date.

Notwithstanding the above, managers of primary and secondary investments in private markets funds may adopt a variety of valuation bases and provide differing levels of information where there will generally be no liquid markets for such investments. Consequently, there are inherent difficulties in determining the fair value that cannot be eliminated. None of the Valuation Committee, the Board, the Advisor or the Sub-Advisor will be able to confirm independently the accuracy of valuations provided by these investments in private markets funds (which may be unaudited). Due to the inherent uncertainty in determining the fair value of investments for which market values are not readily available, the fair value of these investments may fluctuate from period to period. In addition, such fair value may differ materially from the values that may have been used had a ready market existed for such investments and may significantly differ from the value ultimately realized by the Fund.

If the Advisor reasonably believes an opinion from an independent valuation firm or pricing vendor is inaccurate or unreliable, the Advisor's Valuation Committee will determine a good-faith fair valuation for the impacted investment. The Advisor's Valuation Committee, who is solely responsible for the determination of the fair value of the investments, will consider all available information at its disposal prior to making a valuation determination, including information or opinions from third- party firms.

The Advisor seeks to evaluate on a daily basis material information about the Fund's portfolio companies; however, for the reasons noted herein, the Advisor will not be able to acquire and/or evaluate properly such information on a daily basis. Due to these various factors, the Fund's fair value determinations can cause the Fund's NAV on a given day to materially understate or overstate the value of its investments. As a result, investors who purchase Shares may receive more or less Shares and investors who tender their Shares may receive more or less cash proceeds than they otherwise would receive. If the Fund's NAV is adjusted after a Shareholder has received their Shares upon purchase or received repurchase proceeds in a repurchase offer, for example as a result of the Fund's next annual audit following such purchase or repurchase, the adjustment will not, in most cases, result in an adjustment to the number of Shares received by the Shareholder in a purchase, or a Shareholder's repurchase proceeds in a repurchase offer.

**Investment Transactions and Related Investment Income**

Investment transactions are accounted for on a trade-date basis. However, for NAV determination, portfolio securities transactions are reflected no later than in the first calculation on the first business day following trade date. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium, accretion of discount and loan origination fees using the effective interest method over the respective term of the loan. Upon the prepayment of a loan or security, any unamortized loan origination fees, original issue discount and market discount are recorded as interest income. The Fund records prepayment premiums as interest income when it receives such amounts.

Realized gains and losses on investment transactions are determined using cost calculated on a specific identification basis. Paydown gains and losses are recorded as an adjustment to interest income in the Consolidated Statement of Operations. Some or all of the interest payments of a loan or preferred equity may be structured in the form of Paid-in-kind ("PIK"), which accrues to cost and principal on a current basis but is generally not paid in cash until maturity or some other determined payment date. Interest payments structured in the form of PIK are subject to the risk that a borrower could default when actual cash interest or principal payments are due. Dividends are recorded on the ex-dividend date. Distributions from private investments that represent returns of capital in excess of cumulative profits and losses are credited to investment cost rather than investment income.

**Federal Income and Other Taxes**

The Fund has elected to be treated, and intends to continue to qualify, as a Regulated Investment Company ("RIC") as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), by distributing substantially all of its taxable income and net realized gains (after reduction for any capital loss carryforwards) to Shareholders, and by meeting certain asset diversification and source-of-income requirements with respect to the Private Assets. Therefore, no federal income tax provision has been recorded for the Fund.

The Fund recognizes the tax benefits of certain uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities in accordance with ASC Topic 740, Accounting for Uncertainty in

**31**

Notes to Consolidated Financial Statements

Income Taxes. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken as of March 31, 2026.

Additionally, Sub 1 is a domestic limited liability company that has elected to be treated as a C-corporation for federal and state income tax purposes and is required to account for its estimate of income taxes through the establishment of a deferred tax asset or liability. Sub 1 recognizes deferred income taxes for temporary differences in the basis of assets and liabilities for financial and income tax purposes. Deferred tax assets are recognized for deductible temporary differences, tax credit carryforwards or net operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. To the extent Sub 1 has a deferred tax asset, the Adviser considers whether or not a valuation allowance is required.

For Federal Income tax purposes, the Fund utilizes a tax year end of September 30. Accordingly, the tax components included herein are based on tax attributes as of September 30, 2025.

At September 30, 2025, the cost of securities on a tax basis and gross unrealized appreciation and (depreciation) on investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments | $1213113816 |
| Gross unrealized appreciation | $31153370 |
| Gross unrealized depreciation | (20673966) |
| Net unrealized appreciation on investments | $10479404 |

---

U.S. GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the tax year ended September 30, 2025, permanent differences in book and tax accounting have been reclassified to paid in capital and total distributable earnings as follows:

INCREASE (DECREASE)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAID IN CAPITAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAID IN CAPITAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACCUMULATED<br>DISTRIBUTABLE<br>EARNINGS (DEFICIT) |  |
| Corporate Blocker Backout | $315957 |  | $(315957) |
| Excise Tax Paid | (26855) |  | 26855 |
| $289102 | $289102 |  | $(289102) |

---

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.

As of September 30, 2025, the components of accumulated earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $— |
| Undistributed long-term capital gains |  |
| Total undistributed earnings |  |
| Other accumulated gains/losses |  |
| Net unrealized appreciation (depreciation) | 9963286 |
| Total accumulated distributable earnings (deficit) | $9963286 |

---

During the tax years ended September 30, 2025 and September 30, 2024 the Fund did not have any capital loss carry forwards.

The tax character of the distributions paid during the fiscal years ended September 30 were as follows:

---

| | | |
|:---|:---|:---|
| Distributions paid from: | 2025 | 2024 |
| Ordinary income | $46228572 | $12919000 |
| Long-term capital gain | 598320 |  |
| Return of capital | 5325968 |  |
| Total distributions paid | $52152860 | $12919000 |

---

**32**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

Notes to Consolidated Financial Statements

Accounting for Uncertainty in Income Taxes (the "Income Tax Statement") requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Fund's tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the Consolidated financial statements. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statement of Operations.

The Income Tax Statement requires management of the Fund to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Fund's current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. For the tax years ended September 30, 2025, and September 30, 2024, and for the period from the commencement of the Fund's operations on June 8, 2023 through September 30, 2023, the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examination in progress and is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

On December 14, 2023, the FASB issued *ASU 2023-09-Income Taxes (Topic 740): Improvements to Income Tax Disclosures*, which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. ASU 2023-09 applies to all entities that are subject to Accounting Standards Codification (ASC) 740, Income Taxes. The Fund has adopted ASU 2023-09 as of March 31, 2026, with no material impact on the Fund's financial statements. Management noted that foreign withholding taxes were approximately 0.00% of the Fund's net assets and therefore, the application of this guidance did not have any material impact on the consolidated financial statements.

**Domestic Blocker Income Tax**

Sub 1 is taxed as a corporation. The current taxes reflect the estimated tax liability of the Fund as of March 31, 2026, based on taxable income of the subsidiaries. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities of the subsidiaries for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is recognized if, based on the weight of the available evidence, it is more likely than not that all of the deferred income tax asset will not be realized.

Currently the federal income tax rate for a corporation is 21%. As of March 31, 2026, the Fund recorded a net deferred tax liability for the investments of the subsidiaries. Should a net deferred tax asset exist in the future, the Fund will assess whether a valuation allowance should be booked to reserve against that asset.

The Fund's current and deferred tax (expense)/benefit as of March 31, 2026 consist of the following:

---

| | |
|:---|:---|
| **Current Tax (Expense) Benefit:** | **Current Tax (Expense) Benefit:** |
| Federal | $(60688) |
| State |  |
| Total Current Tax (Expense) Benefit | $(60688) |
| **Deferred Tax (Expense) Benefit:** | **Deferred Tax (Expense) Benefit:** |
| Federal | $— |
| State |  |
| Total Deferred Tax (Expense) Benefit | $— |
| **Total Income Tax (Expense) Benefit** | $(60688) |

---

Components of the Fund's deferred tax assets and liabilities are as follows:

---

| | |
|:---|:---|
| **Deferred tax liability:** | **Deferred tax liability:** |
| Net unrealized gain (loss) on investments | $(621) |
| **Net Deferred Tax Asset/(Liability)** | $(621) |

---

**33**

Notes to Consolidated Financial Statements

Total income tax (expense)/benefit (current and deferred) differs from the amount computed by applying the federal and state statutory income tax rates to net investment income and realized and unrealized gain/(losses) on investment before taxes as follows:

---

| | |
|:---|:---|
| Federal Income tax expense at statutory rate | $(60688) |
| State Income taxes (net of federal benefit) |  |
| Prior Period Adjustment |  |
| **Net income tax expense** | $(60688) |

---

As it pertains to the subsidiaries, the utilization of net operating losses in future years is limited to the lesser of all available net operating losses or 80% of taxable income before net operating loss utilization. For the tax year ended September 30, 2025, the subsidiaries did not utilize or defer any net operating losses.

**Distributions to Shareholders**

Distributions are paid at least monthly on the Shares in amounts representing substantially all of the Fund's net investment income, if any, earned each year. Effective as of August 1, 2024, the Fund's distribution policy changed to increase the frequency of distributions from quarterly to monthly. The Fund determines annually whether to distribute any net realized long-term capital gains in excess of net realized short-term capital losses (including capital loss carryover); however, it may distribute any excess annually to its shareholders.

Total income tax (expense)/benefit (current and deferred) differs from the amount computed by applying the federal and state statutory income tax rates to net investment income and realized and unrealized gain/(losses) on investment before taxes as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMOUNT |  |
| Federal Income tax expense at statutory rate | $(61120) | 21.00% |
| State Income taxes (net of federal benefit) |  |  |
| Effect of changes in tax laws rates enacted in the current period |  |  |
| Effect of cross-border tax laws |  |  |
| Tax credits |  |  |
| Changes in valuation allowances |  |  |
| Nontaxable or nondeductible items |  |  |
| Changes in unrecognized tax benefits (including prior period adjustments) | 432 | (0.15)% |
| **Net income tax (expense) benefit** | $(60688) | 20.85% |

---

The following table summarizes income taxes paid (net of refunds received).

---

| | |
|:---|:---|
| U.S. federal | 67502 |
| U.S. state and local | 30515 |
| Foreign |  |
| **Total Income Tax Paid** | 98017 |

---

**Foreign Currency and Exchange**

The Fund's Shares are denominated in U.S. dollars and will be issued in U.S. dollars. A portion of the Fund's investments (and the income and gains received by the Fund in respect of such investments) may be denominated in currencies other than the U.S. dollar. However, the books of the Fund will be maintained, and contributions to and distributions from the Fund will generally be made in U.S. dollars. Accordingly, changes in foreign currency exchange rates and exchange controls may materially adversely affect the value of the investments and the other assets of the Fund. For example, any significant depreciation in the exchange rate of the Euro, or any other currency in which the Fund makes investments, against the U.S. dollar, could adversely affect the value of dividends or proceeds on investments denominated in the Euro or such other currencies. In addition, the Fund will incur costs, which may be significant, in connection with the conversion of various currencies. The Advisors generally intend to hedge the foreign currency exposure of the Fund; however, the Fund will necessarily be subject to foreign exchange risks. In addition, prospective investors whose assets and liabilities are predominantly

**34**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

Notes to Consolidated Financial Statements

in other currencies should take into account the potential risk of loss arising from fluctuations in value between U.S. dollars and such other currencies. The Fund may enter into forward contracts to hedge exchange risk exposure.

**Forward Foreign Currency Exchange Contracts**

The Fund may utilize forward foreign currency exchange contracts ("forward contracts") under which they are obligated to exchange currencies on specified future dates at specified rates and are subject to the translations of foreign exchange rates fluctuations. All contracts are "marked-to-market" daily and any resulting unrealized gains or losses are recorded as unrealized appreciation or depreciation on foreign currency translations. The Fund records realized gains or losses at the time the forward contract is settled. Counterparties to these forward contracts are major U.S. financial institutions. The Fund does not isolate the 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. Net realized gain (loss) on foreign currency transactions include those gains and losses arising from the sale of foreign currencies, currency, gains or losses realized between the trade and settlement dates of securities transactions, and the differences between the amounts of dividends, and foreign withholding taxes recorded on the Fund's books, and the U.S. dollar equivalent of the amounts actually received or paid. Forward foreign currency exchange contracts outstanding at period end, if any, are listed after the Fund's Consolidated Schedule of Investments.

**Collateralized Loan Obligations and Collateralized Debt Obligations**

CLOs and CDOs are typically privately offered and sold, and thus, are not registered under the securities laws, which means less information about the security may be available as compared to publicly offered securities and only certain institutions may buy and sell them. As a result, investments in CLOs and CDOs may be characterized by the Fund as illiquid securities. An active dealer market may exist for CLOs and CDOs that can be resold in Rule 144A transactions, but there can be no assurance that such a market will exist or will be active enough for the Fund to sell such securities.

**Private Investment Funds**

The Fund may also invest in private investment funds (i.e., investment funds that would be investment companies but for the exemptions under Section 3(c)(1), 3(c)(5)(C) or 3(c)(7) of the 1940 Act) that invest or trade in a wide range of securities. When the Fund invests in securities issued by private investment funds, it will bear its pro rata portion of the private funds' expenses. These expenses are in addition to the direct expenses of the Fund's own operations, thereby increasing indirect costs and potentially reducing returns to Shareholders. A private investment fund in which the Fund invests has its own investment risks, and those risks can affect the value of the private investment fund's shares and therefore the value of the Fund's investments. There can be no assurance that the investment objective of a private investment fund will be achieved. A private investment fund may change its investment objective or policies without the Fund's approval, which could force the Fund to withdraw its investment from such private investment fund at a time that is unfavorable to the Fund. In addition, one private investment fund may buy the same securities that another private investment fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing any investment purpose.

Subsequent closings for closed-end private investment funds afford such funds the option to launch the fund as soon as they have secured enough soft commitments and allow the general partner to increase the speed of the fund to take advantage of investments in the market. Rebalancing or equalization occurs each time capital is called after each subsequent closing has occurred and is the process of truing-up all investors as if they had joined the fund during the initial closing. For the fiscal year ended March 31, 2026, the Fund experienced equalization and resulted in the interest expense of $1,263,102, as noted in the Consolidated Statement of Operations and Consolidated Statement of Cash Flows as Equalization Interest on subsequent close of private investment funds.

**35**

Notes to Consolidated Financial Statements

**Participations and Assignments**

The Fund may acquire interests in loans either directly (by way of original issuance, sale or assignment) or indirectly (by way of participation). The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, its rights can be more restricted than those of the assigning institution. Participation interests in a portion of a debt obligation typically result in a contractual relationship only with the institution participating in the interest, not with the borrower. In purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of set-off against the borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation.

**Commitments and Contingencies**

In the normal course of business, the Fund's investment activities involve executions, settlement and financing of various transactions resulting in receivables from, and payables to, brokers, counterparties, debt agents, borrowers, private investment funds, or other parties and the Fund's custodian. These activities may expose the Fund to risk in the event that such parties are unable to fulfill contractual obligations. Management does not anticipate any material losses from parties with whom it conducts business.

Commercial loans purchased by the Fund (whether through participations or as a lender of record) may be structured to include both term loans, which are generally fully funded at the time of investment, and unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving corporate loans and delayed draw term loans, which may obligate the Fund to supply additional cash to the borrower on demand, representing a potential financial obligation by the Fund in the future. The Fund may receive a commitment fee based on the undrawn portion of such unfunded loan commitments. The commitment fee is typically set as a percentage of the commitment amount. Commitment fees are processed as income when received and are part of the interest income in the Consolidated Statements of Operations. As of March 31, 2026, the Fund received $413,183 in commitment fees. As of March 31, 2026, the Fund had unfunded loan commitments as noted in the Consolidated Schedule of Investments with a total principal amount of $85,340,482 and a fair value amount of $(377,603) representing (0.04)% of net assets. The negative fair value is due to the discount received in excess of the principal amount of the unfunded commitment.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| BORROWER | &nbsp;&nbsp;TYPE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAIR VALUE |  |
| Accordion Partners LLC | First Lien Delay Draw | First Lien Delay Draw | $1482410 |  | $(8890) |
| Accordion Partners LLC | First Lien Revolver |  | 930197 |  | (7890) |
| Allied Power Group LLC | First Lien Delay Draw |  | 2268134 |  | (6880) |
| Allied Power Group, LLC | First Lien Revolver |  | 380879 |  | (4005) |
| Altissimum | First Lien Delay Draw |  | 642834 |  | 39676 |
| Ambient Enterprises Holdco LLC | First Lien Revolver |  | 297872 |  | (6539) |
| Argano, LLC | First Lien Delay Draw |  | 10343723 |  | (89235) |
| Aryeh Bidco Investment LTD. | First Lien Delay Draw |  | 1396654 |  | (18990) |
| Aryeh Bidco Investment LTD. | First Lien Revolver |  | 1163879 |  | (15825) |
| Arcmont Asset Management — Software | First Lien Delay Draw |  | 1629298 |  | 57007 |
| Associations, Inc. | First Lien Delay Draw |  | 149329 |  | 1493 |
| Associations, Inc. | First Lien Revolver |  | 230572 |  |  |
| Bishop Street Underwriters LLC | First Lien Delay Draw |  | 2992500 |  | (7500) |
| Blue Bidco Limited | First Lien Revolver |  | 289343 |  | (10564) |
| Badge 21 Midco Holdings LLC | First Lien Delay Draw |  | 2109375 |  | (4459) |
| Badge 21 Midco Holdings LLC | First Lien Revolver |  | 1176293 |  | (12310) |
| Best Version Media Acquisition, LLC | First Lien Revolver |  | 714286 |  | (7525) |
| Blue Raven Solutions, LLC | First Lien Revolver |  | 600000 |  | (12000) |
| BNP Associates Buyer, Inc. | First Lien Revolver |  | 445206 |  |  |
| CRH Healthcare Purchaser, Inc. | First Lien Delay Draw |  | 3002155 |  | (31781) |
| CRH Healthcare Purchaser, Inc. | First Lien Revolver |  | 1206897 |  | (18907) |

---

**36**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

Notes to Consolidated Financial Statements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| BORROWER | TYPE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAIR VALUE |  |
| Chronicle Parent LLC | First Lien Delay Draw | First Lien Delay Draw | $1921759 |  | $(7048) |
| Chronicle Parent LLC | First Lien Revolver |  | 740741 |  | (2732) |
| Comet Bidco Limited | First Lien Revolver |  | 884814 |  | (9915) |
| Cor Leonis Limited | First Lien Revolver |  | 44700 |  | (234) |
| Coller Credit Backed Loans & Notes, Ltd | First Lien Delay Draw |  | 833180 |  | (12671) |
| Coller Credit Backed Loans & Notes, Ltd | Subordinated Debt |  | 1119630 |  |  |
| Cornerstone Advisors of Arizona, LLC | First Lien Revolver |  | 555555 |  | (3351) |
| Denali Intermediate Holdings, Inc. | First Lien Revolver |  | 424172 |  | (5865) |
| Delight Bidco SAS | Unitranche Delay Draw |  | 841548 |  | 49622 |
| DrinkPAK, LLC | First Lien Delay Draw |  | 2210625 |  | 5625 |
| ECP GOM III, LLC | First Lien Delay Draw |  | 735294 |  | 30268 |
| Electro-Methods, L.P. | First Lien Revolver |  | 1935000 |  | (16326) |
| Envision Management Holding, Inc. | First Lien Delay Draw |  | 453730 |  | (9275) |
| FBLU Mezz II, LLC | First Lien Delay Draw |  | 666667 |  | (883) |
| Guava Buyer LLC | First Lien Delay Draw |  | 794522 |  | (9533) |
| Guava Buyer LLC | First Lien Revolver |  | 1433121 |  | (31398) |
| Gerson Lehrman Group, Inc. | First Lien Revolver |  | 143819 |  | (71) |
| HSI Halo Acquisition, Inc. | First Lien Delay Draw |  | 410780 |  | (2308) |
| HSI Halo Acquisition, Inc. | First Lien Revolver |  | 550459 |  | (5868) |
| Hunter Communications & Technologies LLC | First Lien Delay Draw |  | 4208360 |  | (21147) |
| Hunter Communications & Technologies LLC | First Lien Revolver |  | 983607 |  | (9836) |
| Jeppesen Holding, LLC | First Lien Revolver |  | 714286 |  | (8276) |
| Knpak Intermediate III Limited | First Lien Delay Draw |  | 721155 |  | 49461 |
| Knpak Intermediate III Limited | First Lien Revolver |  | 135560 |  | 8211 |
| Kidde-Fenwal, LLC | First Lien Delay Draw |  | 2694774 |  | 10088 |
| Knpak Intermediate III Limited | First Lien Delay Draw |  | 139198 |  | (583) |
| Knpak Intermediate III Limited | First Lien Revolver |  | 200750 |  | (2341) |
| LHS Borrower, LLC | First Lien Revolver |  | 740000 |  | (15009) |
| Maverick Bidco, Inc. | First Lien Delay Draw |  | 571961 |  | (4338) |
| Maverick Bidco, Inc. | First Lien Revolver |  | 458716 |  | (4617) |
| Medical Device, Inc. | First Lien Revolver |  | 101010 |  | (1208) |
| More Cowbell II LLC | First Lien Delay Draw |  | 70221 |  | (1125) |
| More Cowbell II LLC | First Lien Revolver |  | 145431 |  | (3455) |
| National Resilience, LLC | First Lien Delay Draw |  | 2772251 |  | (49083) |
| NRO Holdings III Corp. | First Lien Delay Draw |  | 478594 |  | (9312) |
| NRO Holdings III Corp. | First Lien Revolver |  | 428571 |  | (12542) |
| Novel Mezzanine Borrower LLC | Mezzanine Delay Draw |  | 100000 |  | 2007 |
| OSR Intermediate LLC | First Lien Revolver |  | 1025000 |  | (11172) |
| PLTFRM Companies, LLC | First Lien Revolver |  | 22456 |  | (373) |
| PLTFRM Companies, LLC | First Lien Delay Draw |  | 1389965 |  | (9719) |
| Par Excellence Holdings, Inc. | First Lien Revolver |  | 937500 |  | (16022) |
| RCP Nats Purchaser, LLC | First Lien Delay Draw |  | 479793 |  | (2411) |
| RCP Nats Purchaser, LLC | First Lien Revolver |  | 843858 |  | (8439) |
| Revelstoke Bidco Limited | First Lien Delay Draw |  | 368441 |  | 4862 |
| Riptide Parent LLC | First Lien Revolver |  | 408163 |  | (1961) |
| RJW Group Holdings, Inc. | First Lien Delay Draw |  | 1802536 |  | (19974) |
| RKG Newco, LLC | First Lien Revolver |  | 780723 |  | (15614) |
| Syndigo LLC | First Lien Revolver |  | 1125592 |  | (18296) |

---

**37**

Notes to Consolidated Financial Statements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| BORROWER | TYPE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAIR VALUE |  |
| Salute Mission Critical LLC | First Lien Revolver | First Lien Revolver | $135364 |  | $(1356) |
| SEG Operations, LLC | First Lien Revolver |  | 891429 |  | (6686) |
| Silk Holdings III LLC | First Lien Revolver |  | 726823 |  | (7902) |
| Surgical Center Solutions, LLC | First Lien Delay Draw |  | 2472015 |  | 9 |
| Surgical Center Solutions, LLC | First Lien Revolver |  | 1169154 |  | (7303) |
| Talent Worldwide Inc. | First Lien Revolver |  | 400000 |  | (6000) |
| Titan Group NL B.V. | First Lien Delay Draw |  | 495948 |  | 43934 |
| Togetherwork Holdings, LLC | First Lien Delay Draw |  | 964143 |  | (8743) |
| Upland Software, Inc. | First Lien Revolver |  | 1666667 |  | (22945) |
| USIC Holdings, Inc. | First Lien Delay Draw |  | 76150 |  | 1476 |
| USIC Holdings, Inc. | First Lien Revolver |  | 70505 |  |  |
| WMG Bryan Dairy Owner, LLC | First Lien Delay Draw |  | 1064806 |  | (2471) |
| Zorro Midco 2 Limited | First Lien Delay Draw |  | 207054 |  | 9695 |
|  | **Total:** | **Total:** | $85340482 |  | $(377603) |

---

**Repurchase Offers**

To provide Shareholders with limited liquidity, the Fund is structured as an "interval fund" and intends to conduct quarterly repurchase offers for between 5% and 25% of the Fund's outstanding shares at NAV, pursuant to Rule 23c-3 under the 1940 Act. Under normal market conditions, the Fund currently intends to repurchase 5% of its outstanding Shares at NAV on a quarterly basis. The offer to purchase Shares is a fundamental policy that may not be changed without the vote of the holders of a majority of the Fund's outstanding voting securities (as defined in the 1940 Act).

**Borrowing, Use of Leverage**

On July 17, 2023, the Fund entered into a senior secured credit facility (the "Secured Credit Facility") with PNC Capital Markets LLC as a lead arranger, PNC Bank, National Association ("PNC") as administrative agent and syndication agent and with certain lenders from time to time as parties thereto (the "Lenders"), subsequently amended on July 10, 2024, March 28, 2025, July 11, 2025, September 11, 2025 and April 23, 2026 (the "Amendments"), and as further amended, supplemented or modified from time to time. Effective September 11, 2025, the Fund increased the commitment by $100,000,000 (from $150,000,000 to $250,000,000) in an aggregate principal amount. Effective April 23, 2026, the Fund increased the commitment by $150,000,000 (from $250,000,000 to $400,000,000) in an aggregate principal amount. The amount may be increased from time to time upon mutual agreement by the parties. The Secured Credit Facility matures on April 23, 2029.

As of March 31, 2026, the Fund had an outstanding principal balance under the Secured Credit Facility in the amount of $150,000,000.

For the fiscal year ended March 31, 2026, the average balance outstanding, maximum amount borrowed and weighted average interest rate under the Secured Credit Facility were $86,082,192, $150,000,000 and 6.40%, respectively, for the 365 days the Secured Credit Facility was used. In addition, the interest rate as of March 31, 2026 on the Secured Credit Facility was 1 Month SOFR + 2.25%. For the year ended March 31, 2026, the interest on the Secured Credit Facility was $5,467,469. The Fund pays loan origination fees in connection with securing and renewing the Secured Credit Facility. The loan origination fees are presented on the Consolidated Statement of Assets and Liabilities as a direct deduction from the debt liability. These fees are expensed over the corresponding term of the Secured Credit Facility on a straight line basis and not inclusive of the expense limitation agreement discussed below. For the fiscal year ended March 31, 2026, loan origination fees incurred as a result of the Amendments and increased commitment were $998,150. As of March 31, 2026, unamortized loan origination fees were $97,578.

The use of leverage increases both risk of loss and profit potential. The Fund is subject to the 1940 Act requirement that an investment company satisfy an asset coverage requirement of 300% of its indebtedness, including amounts borrowed, measured at the time the investment company incurs the indebtedness. This means that at any given time, the value of the Fund's total indebtedness may not exceed one-third the value of its total assets (including such indebtedness). The interests of persons with whom the Fund enters into leverage arrangements will not necessarily be aligned with the interests of the Fund's shareholders and such persons will have claims on the Fund's assets that are senior to those of the Fund's shareholders.

**38**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

Notes to Consolidated Financial Statements

**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 Financial Accounting Standards Board *(FASB) "Accounting Standards Update (ASU) 2023-07-Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,"* the Fund's CODM consists of the Advisor's Chief Executive Officer, who also serves as Trustee and Vice President of the Fund. The Fund operates as a single reportable segment, which reflects how the CODM monitors and manages the operating results of the Fund. The financial information used by the CODM to assess the segment's performance and to allocate resources, including total return, expense ratios, changes in net assets from operations and portfolio composition, is consistent with that presented within the Fund's financial statements and financial highlights.

**Note 3 — Investment Advisory and Other Agreements**

The Fund has entered into an investment advisory agreement, (the "Investment Advisory Agreement"), by and between the Fund and the Advisor, and in consideration of the advisory services provided by the Advisor to the Fund, the Advisor is entitled to an investment management fee (the "Investment Management Fee") payable monthly in arrears and accrued daily based upon the Fund's average daily net assets at an annual rate of 1.25%. In addition, pursuant to the sub-advisory agreement between the Advisor and Aksia (the "Sub-Advisory Agreement"), the Advisor pays Aksia a sub-advisory fee (the "Sub- Advisory Fee") payable monthly in arrears and accrued daily based upon the Fund's average daily net assets at an annual rate of 0.625%. The Investment Management Fee paid to the Advisor will be paid out of the Fund's assets and the Sub-Advisory Fee will be paid by the Advisor out of its Investment Management Fee.

The Advisor, the Sub-Advisor and the Fund have entered into the Expense Limitation Agreement under which the Advisor and Sub-Advisor have contractually agreed on a monthly basis, until at least July 31, 2027, to reimburse on a 50/50 basis between the Advisor and the Sub-Advisor the Fund's "Specified Expenses" in respect of each class of the Fund where "Specified Expenses" means all other expenses incurred in the business of the Fund and allocated to a Class, including the Fund's annual operating expenses, with the exception of (i) the Investment Management Fee, (ii) the Shareholder Servicing Fee, (iii) the Distribution Fee (as defined herein), (iv) certain costs associated with the acquisition, ongoing investment and disposition of the Fund's investments and unconsummated investments, including legal costs, professional fees, travel costs and brokerage costs, (v) acquired fund fees and expenses, (vi) dividend and interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Fund), (vii) taxes and costs to reclaim foreign taxes, and (viii) extraordinary expenses (as determined in the discretion of the Advisor and Sub- Advisor), to the extent that such expenses exceed 0.25% of the average daily net assets of such class (the "Expense Limitation").

If, while the Advisor is the investment advisor to the Fund and the Sub-Advisor is investment sub-advisor to the Fund, the Fund's estimated annualized Specified Expenses in respect of a Class for a given month are less than the Expense Limitation, the Advisor and Sub-Advisor shall be entitled to reimbursement by the Fund on a 50/50 basis of the other expenses borne by the Advisor and Sub-Advisor on behalf of the Fund (the "Reimbursement Amount") during any of the previous thirty-six (36) months, but only to the extent that the Fund's estimated annualized Specified Expenses in respect of a Class are less than, for such month, the lesser of the Expense Limitation or any other relevant expense limit then in effect with respect to the Class, and provided that such amount paid to the Advisor and Sub-Advisor will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed. The Advisor and Sub-Advisor may recapture a Specified Expense in any year within the thirty-six (36) month period after the Advisor and Sub-Advisor bear the expense. The Expense Limitation Agreement will remain in effect until at least July 31, 2027, unless and until the Board approves its renewal, modification or termination. The Expense Limitation Agreement may be renewed annually with the written agreement of the Advisor, the Sub-Advisor, and the Fund. The Fund's obligation to make reimbursement payments shall survive the termination of the Expense Limitation Agreement. For the year ended March 31, 2026, the Advisor and Sub-Advisor waived their fees and absorbed other expenses totaling $1,405,212. For a period not to exceed three years from the date on which advisory fees are waived or Fund expenses absorbed by the Advisor and Sub-Advisor, the Advisor and Sub-Advisor may

**39**

Notes to Consolidated Financial Statements

recoup amounts waived or absorbed, provided it is able to effect such recoupment and remain in compliance with (a) the limitation on Fund expenses in effect at the time of the relevant reduction in advisory fees or payment of the Fund's expenses, and (b) the limitation on Fund expenses at the time of the recoupment. At March 31, 2026, the amount of these potentially recoverable expenses was $3,420,817. Waived fees and absorbed other expenses subject to potential recovery by month of expiration are as follows:

---

| | |
|:---|:---|
| June 2026 - March 2027 | $589825 |
| April 2027 - March 2028 | 1425780 |
| April 2028 - March 2029 | 1405212 |
|  | $3420817 |

---

The Fund has adopted a "Distribution and Shareholder Services Plan" with respect to its Class A, Class C and Class M Shares under which the Fund may compensate financial industry professionals for distribution-related expenses, if applicable, and provide ongoing services in respect of clients with whom they have distributed Shares of the Fund. Such services may include electronic processing of client orders, electronic fund transfers between clients and the Fund, account reconciliations with the Fund's transfer agent, facilitation of electronic delivery to clients of Fund documentation, monitoring client accounts for back-up withholding and any other special tax reporting obligations, maintenance of books and records with respect to the foregoing, and such other information and liaison services as the Fund or the Advisor may reasonably request. Under the Distribution and Shareholder Services Plan, the Fund, with respect to Class A, Class C and Class M, may incur expenses on an annual basis equal to 0.25%, 1.00% and 0.75%, respectively, of its average daily net assets. With respect to Class A Shares, the entire fee is characterized as a "shareholder service fee." With respect to Class C Shares, up to 0.25% of the fee is characterized as a "shareholder service fee" and the remaining portion is characterized as a "distribution fee." With respect to Class M Shares, the entire fee is characterized as a "distribution fee."

During the reporting period, UMB Fund Services, Inc. (the "Administrator") served as administrator, accounting agent and transfer agent to the Fund. Pursuant to the agreement with the Administrator, for the services rendered to the Fund by the Administrator, the Fund pays the Administrator the greater of an annual minimum fee or an asset based fee, which scales downward based upon net assets for fund administration, fund accounting and transfer agency services.

During the reporting period, the UMB Bank, n.a. (the "Custodian") served as custodian of the Fund's assets pursuant to a Custody Agreement with the Fund.

The Fund has entered into a distribution agreement with Calamos Financial Services, LLC to act as the distributor for the sale of Shares. Calamos Financial Services, LLC is an affiliate of Calamos Advisors LLC. For the year ended March 31, 2026, Calamos Financial Services, LLC received $8,173, $10,060 and $285 for Class A, Class C and Class M, respectively, as reported in the Consolidated Statement of Operations.

During the fiscal year ended March 31, 2026, the Distributor retained no commissions earned on sales of the Fund's Class A shares.

**Allocation of Expenses**

Expenses directly attributable to the Fund are charged to the Fund; certain other common expenses of Calamos Aksia Hedged Strategies Fund, Calamos Aksia Private Equity and Alternatives Fund, the Fund and other open-end and closed-end funds within the Calamos Family of Funds, 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.

**Note 4 — Fair Value of Investments**

**Fair Value — Definition**

The Fund uses a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair

**40**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

Notes to Consolidated Financial Statements

value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

• Level 1 — Valuations based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

• Level 2 — Valuations based on inputs, other than quoted prices included in Level 1, that are observable either directly or indirectly.

• Level 3 — Valuations based on inputs that are both significant and unobservable to the overall fair value measurement.

Investments in Private Investment Funds measured based upon NAV as a practical expedient to determine fair value are not required to be categorized in the fair value hierarchy, however these amounts are shown in the table below under net asset value in order to reconcile back to the Consolidated Schedule of Investments.

The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including, for example, the type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the investment. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

The inputs or methodology used for valuing investments are not an indication of the risk associated with investing in those investments. The following table summarizes the Fund's investments that are measured at fair value by level within the fair value hierarchy as of March 31, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEVEL 1 |  | LEVEL 2 |  | &nbsp;&nbsp;LEVEL 3 |  | NET ASSET<br>VALUE | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |  |
| Asset Backed Securities | $— | $1494862 | $— | 3297198 | $— | $4792060 |  |
| Common Stock | 101499 |  |  | 8702 |  | 110201 |  |
| Corporate Loans |  | 86482154 | 853992056 | 853992056 |  | 940474210 |  |
| Exchange Traded Funds | 23300417 |  |  |  |  | 23300417 |  |
| Preferred Stocks |  |  |  | 16961197 |  | 16961197 |  |
| Private Investment Funds |  |  |  |  | 201977932 | 201977932 |  |
| Subordinated Debt |  |  |  | 5184958 |  | 5184958 |  |
| Warrants |  |  |  | 312956 |  | 312956 |  |
| Short-Term Investments | 20362986 |  |  |  |  | 20362986 |  |
| Total Investments, at fair value | $43764902 | 87977016 | $879757067 | 879757067 | $201977932 | $1213476917 |  |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
| **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |  |
| Forward Contracts | $— | $461275 | $— |  | $— | $461275 |  |
| Total Assets: | $43764902 | 88438291 | $879757067 | 879757067 | $201977932 | $1213938192 |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |  |
| **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |  |
| Forward Contracts | $— | $9785 | $— |  | $— | $9785 |  |
| Total Liabilities: | $— | $9785 | $— |  | $— | $9785 |  |

---

**41**

Notes to Consolidated Financial Statements

The following table presents the changes in assets and transfers in and out for investments that are classified in Level 3 of the fair value hierarchy for the year ended March 31, 2026:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSET-BACKED<br>SECURITIES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSET-BACKED<br>SECURITIES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSET-BACKED<br>SECURITIES |  | CORPORATE<br>LOANS |  | PREFERRED<br>STOCKS | &nbsp;&nbsp;&nbsp;SUBORDINATED<br>DEBT | &nbsp;&nbsp;&nbsp;SUBORDINATED<br>DEBT | &nbsp;&nbsp;&nbsp;WARRANTS |
| **Balance as of <br>March 31, 2025** | $— | 5036909 | $— | $ | $476713060 | $8320187 |  | $6936889 | $367001 |
| Transfers In |  |  |  |  |  |  |  |  |  |
| Transfers Out |  |  |  |  | (9950000 |  |  |  |  |
| Purchases |  |  |  |  | 563051757 | 8242210 |  | 895758 |  |
| Sales/Paydowns | (2076000 | (2076000) |  |  | (171064114 | (130) |  | (2681961) |  |
| Realized Gains (Losses) |  | 57894 |  |  | 129138 | 3 |  |  |  |
| Accretion |  |  |  |  | 1157862 |  |  | (983) |  |
| Change in Unrealized <br>Appreciation (Depreciation) |  | 278395 | 8702 |  | (6045647 | 398927 |  | 35255 | (54045) |
| **Balance as of <br>March 31, 2026** | $3297198 | 3297198 | $8702 | $ | $853992056 | 16961197 | $ | 5184958 | $312956 |

---

The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund's investments that are categorized in Level 3 of the fair value hierarchy as of March 31, 2026.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| INVESTMENTS |  | FAIR VALUE | &nbsp;&nbsp;&nbsp;&nbsp;VALUATION<br>TECHNIQUE | &nbsp;&nbsp;&nbsp;UNOBSERVABLE<br>INPUTS | &nbsp;&nbsp;&nbsp;&nbsp;RANGE OF<br>INPUTS | &nbsp;&nbsp;&nbsp;&nbsp;WEIGHTED<br>AVERAGE\* | &nbsp;&nbsp;&nbsp;IMPACT ON<br>VALUATION<br>FROM AN<br>INCREASE IN<br>INPUT |  |  |  |
| Asset-Backed Securities | $ | $3297198 | &nbsp;&nbsp;&nbsp;&nbsp;Income Approach | &nbsp;&nbsp;&nbsp;Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp;11.29% to 11.29% | &nbsp;&nbsp;&nbsp;&nbsp;11.29% | &nbsp;&nbsp;&nbsp;Decrease |  |  |  |
| Common Stocks |  | 8702 | &nbsp;&nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Multiple | &nbsp;&nbsp;&nbsp;&nbsp;5.94x to 5.94x | &nbsp;&nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;Increase |  |  |  |
| Corporate Loans |  | 718642127 | &nbsp;&nbsp;&nbsp;&nbsp;Income Approach | &nbsp;&nbsp;&nbsp;Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp;7.23% to 22.28% | &nbsp;&nbsp;&nbsp;&nbsp;10.29% | &nbsp;&nbsp;&nbsp;Decrease |  |  |  |
|  |  | 124819034 | &nbsp;&nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Recent Transaction Price | &nbsp;&nbsp;&nbsp;&nbsp;96.500 to 99.500 | &nbsp;&nbsp;&nbsp;&nbsp;98.705 | &nbsp;&nbsp;&nbsp;Increase |  |  |  |
|  |  | 10530895 | &nbsp;&nbsp;&nbsp;&nbsp;Recovery Approach | &nbsp;&nbsp;&nbsp;Recoverable Amount | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;Increase |  |  |  |
| Preferred Stocks |  | 8961258 | &nbsp;&nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Multiple | &nbsp;&nbsp;&nbsp;&nbsp;1.02x to 8.53x | &nbsp;&nbsp;&nbsp;&nbsp;2.80x | &nbsp;&nbsp;&nbsp;Increase |  |  |  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;Volatility | &nbsp;&nbsp;&nbsp;Volatility | &nbsp;&nbsp;&nbsp;Volatility | &nbsp;&nbsp;&nbsp;Volatility | &nbsp;&nbsp;&nbsp;&nbsp;50.00% to 96.10% | &nbsp;&nbsp;&nbsp;&nbsp;59.28% | &nbsp;&nbsp;&nbsp;Increase |
|  |  |  |  | &nbsp;&nbsp;&nbsp;Risk-Free Interest Rate | &nbsp;&nbsp;&nbsp;Risk-Free Interest Rate | &nbsp;&nbsp;&nbsp;Risk-Free Interest Rate | &nbsp;&nbsp;&nbsp;Risk-Free Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp;3.74% to 3.87% | &nbsp;&nbsp;&nbsp;&nbsp;3.83% | &nbsp;&nbsp;&nbsp;Increase |
|  |  |  |  | &nbsp;&nbsp;&nbsp;Estimated Time to Exit (In years) | &nbsp;&nbsp;&nbsp;Estimated Time to Exit (In years) | &nbsp;&nbsp;&nbsp;Estimated Time to Exit (In years) | &nbsp;&nbsp;&nbsp;Estimated Time to Exit (In years) | &nbsp;&nbsp;&nbsp;&nbsp;1.25 to 3.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;Increase |
|  |  | 7999939 | &nbsp;&nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Recent Transaction Price | &nbsp;&nbsp;&nbsp;&nbsp;85.584 | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;Increase |  |  |  |
| Subordinated Debt |  | 5184958 | &nbsp;&nbsp;&nbsp;&nbsp;Income Approach | &nbsp;&nbsp;&nbsp;Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp;3.81% to 15.18% | &nbsp;&nbsp;&nbsp;&nbsp;10.60% | &nbsp;&nbsp;&nbsp;Decrease |  |  |  |
| Warrants |  | 312956 | &nbsp;&nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Multiple | &nbsp;&nbsp;&nbsp;&nbsp;4.98x to 27.93x | &nbsp;&nbsp;&nbsp;&nbsp;14.52x | &nbsp;&nbsp;&nbsp;Increase |  |  |  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;Volatility | &nbsp;&nbsp;&nbsp;Volatility | &nbsp;&nbsp;&nbsp;Volatility | &nbsp;&nbsp;&nbsp;Volatility | &nbsp;&nbsp;&nbsp;&nbsp;32.50% to 117.50% | &nbsp;&nbsp;&nbsp;&nbsp;64.14% | &nbsp;&nbsp;&nbsp;Increase |
|  |  |  |  | &nbsp;&nbsp;&nbsp;Risk-Free Interest Rate | &nbsp;&nbsp;&nbsp;Risk-Free Interest Rate | &nbsp;&nbsp;&nbsp;Risk-Free Interest Rate | &nbsp;&nbsp;&nbsp;Risk-Free Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp;2.49% to 3.87% | &nbsp;&nbsp;&nbsp;&nbsp;3.37% | &nbsp;&nbsp;&nbsp;Increase |
|  |  |  |  | &nbsp;&nbsp;&nbsp;Estimated Time to Exit (In years) | &nbsp;&nbsp;&nbsp;Estimated Time to Exit (In years) | &nbsp;&nbsp;&nbsp;Estimated Time to Exit (In years) | &nbsp;&nbsp;&nbsp;Estimated Time to Exit (In years) | &nbsp;&nbsp;&nbsp;&nbsp;0.75 to 3.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;Increase |
|  | $ | $879757067 |  |  |  |  |  |  |  |  |

---

\*

The weighted average is calculated based on the fair value at March 31, 2026 for each Investment type and technique.

**Note 5 — Capital Stock**

The Fund is authorized as a Delaware statutory trust to issue an unlimited number of Shares in one or more classes, with a par value of $0.001. The minimum initial investment by an investor in the Fund is $2,500 with respect to Class A Shares and Class C Shares, $1,000,000 for Class I Shares and $10,000 with respect to Class M Shares, which stated minimum may be reduced for certain investors. Investors purchasing Class A Shares may be charged a front-end sales load of up to 2.25% of the investor's gross purchase. Class C Shares, Class I Shares and Class M Shares are not subject to front-end sales loads. While Class M Shares are not charged a front-end sales load, if you purchase Class M Shares through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine.

**42**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

Notes to Consolidated Financial Statements

A shareholder whose Shares (or a portion thereof) are repurchased by the Fund will not be entitled to a return of any sales charge that was charged in connection with the shareholder's purchase of the Shares.

Pursuant to Rule 23c-3 under the 1940 Act, on a quarterly basis, the Fund offers shareholders holding all classes of shares the option of tendering shares at NAV. The Board determines the quarterly repurchase offer amount ("Repurchase Offer Amount"), which can be no less than 5% and no more than 25% of all shares of all classes outstanding on the repurchase request deadline. If shareholders tender more than the Repurchase Offer Amount, the Fund may, but is not required to, repurchase an additional amount of shares not to exceed 2% of all outstanding shares of the Fund on the repurchase request deadline. If the Fund determines not to repurchase more than the Repurchase Offer Amount, or if shareholders tender Shares in an amount exceeding the Repurchase Offer Amount plus 2% of the outstanding Shares on the repurchase request deadline, the Fund will repurchase the Shares on a pro rata basis. However, the Fund may accept all shares tendered for repurchase by shareholders who own less than one hundred Shares and who tender all of their Shares, before prorating other amounts tendered. The results of the repurchase offers conducted for the fiscal year ended March 31, 2026 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REPURCHASE OFFER | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REPURCHASE OFFER | &nbsp;&nbsp;&nbsp;REPURCHASE OFFER | &nbsp;&nbsp;&nbsp;&nbsp;REPURCHASE OFFER | &nbsp;&nbsp;TOTAL REPURCHASED |  |  |
| Commencement Date | May 2, 2025 |  | August 1, 2025 | October 31, 2025 | January 30, 2026 |  |
| Repurchase Request | June 2, 2025 |  | September 2, 2025 | December 1, 2025 | March 2, 2026 |  |
| Repurchase Pricing date | June 2, 2025 |  | September 2, 2025 | December 1, 2025 | March 2, 2026 |  |
| Net Asset Value as of Repurchase Pricing Date | Net Asset Value as of Repurchase Pricing Date | Net Asset Value as of Repurchase Pricing Date | Net Asset Value as of Repurchase Pricing Date | Net Asset Value as of Repurchase Pricing Date | Net Asset Value as of Repurchase Pricing Date | Net Asset Value as of Repurchase Pricing Date |
| Class A | $10.72 |  | $10.71 | $10.68 | $10.63 |  |
| Class C | $10.69 |  | $10.68 | $10.65 | $10.59 |  |
| Class I | $10.72 |  | $10.71 | $10.68 | $10.63 |  |
| Class M | $10.72 |  | $10.72 | $10.69 | $10.63 |  |
| Amount Repurchased | Amount Repurchased | Amount Repurchased | Amount Repurchased | Amount Repurchased | Amount Repurchased | Amount Repurchased |
| Class A | $— |  | $533102 | $18912 | $86788 | $638802 |
| Class C | $— |  | $— | $— | $272 | $272 |
| Class I | $13041226 |  | $13407743 | $38194779 | $78732977 | $143376725 |
| Class M | $— |  | $— | $— | $— | $— |
| **Total** | $13041226 |  | $13940845 | $38213691 | $78820037 | $144015799 |
| Percentage of Outstanding Shares Repurchased | Percentage of Outstanding Shares Repurchased | Percentage of Outstanding Shares Repurchased | Percentage of Outstanding Shares Repurchased | Percentage of Outstanding Shares Repurchased | Percentage of Outstanding Shares Repurchased | Percentage of Outstanding Shares Repurchased |
| Class A | 0.00% |  | 23.36% | 0.53% | 1.27% |  |
| Class C | 0.00% |  | 0.00% | 0.00% | 0.02% |  |
| Class I | 2.10% |  | 1.65% | 3.98% | 7.04% |  |
| Class M | 0.00% |  | 0.00% | 0.00% | 0.00% |  |
| **Total** | 2.09% |  | 1.70% | 3.97% | 7.00% |  |

---

**Note 6 — Investment Transactions**

For the fiscal year ended March 31, 2026, purchases net of unfunded commitments and sales of investments, excluding short-term investments, were $811,833,075 and $228,420,769, respectively.

**Note 7 — Indemnifications**

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The 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. However, the Fund expects the risk of loss to be remote.

**43**

Notes to Consolidated Financial Statements

**Note 8 — Derivatives and Hedging Disclosures**

U.S. GAAP requires enhanced disclosures about the Fund's derivative and hedging activities, including how such activities are accounted for and their effects on the Fund's financial position, performance and cash flows. The Fund invested in forward foreign exchange currency contracts for the year ended March 31, 2026 in order to hedge portfolio currency risk. By entering into forward foreign exchange currency contracts, the Fund agrees to exchange different currencies at a specified exchange rate at an agreed-upon future date. The Fund may be susceptible to the risk of changes in the foreign exchange rate underlying the forward contract and of the counterparty's potential inability to fulfill the terms of the contract. The Fund may be susceptible to losses if interest rate or foreign currency exchange rates or credit quality changes are not correctly anticipated by the Fund or if the reference index, security or investments do not perform as expected, and is subject to counterparty credit, liquidity, valuation, correlation and leverage risk.

The effects of these derivative instruments on the Fund's financial position and financial performance as reflected in the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations are presented in the tables below. Forward contracts are not designated as hedging instruments. The fair values of derivative instruments as of March 31, 2026, and the realized and unrealized gain (loss) during the year ended March 31, 2026 by risk category are as follows:

DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | ASSET<br>DERIVATIVES | ASSET<br>DERIVATIVES | ASSET<br>DERIVATIVES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIABILITY<br>DERIVATIVES |  |  |
| STATEMENT OF ASSET AND LIABILITIES LOCATION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DERIVATIVES<br>INSTRUMENTS |  |  | VALUE | VALUE |  | VALUE |
| Net unrealized appreciation on forward foreign currency exchange contracts | Forward Contracts |  | $461275 | 461275 |  | $9785 |  |
| Total | Total | Total | $461275 | 461275 |  | $9785 |  |

---

AMOUNT OF NET REALIZED GAIN OR (LOSS) ON DERIVATIVES RECOGNIZED IN INCOME

---

| | |
|:---|:---|
| DERIVATIVES INSTRUMENTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FORWARD<br>CONTRACTS |
| Forward Foreign Currency Exchange Contracts | $(984887) |

---

NET CHANGE IN UNREALIZED APPRECIATION/DEPRECIATION ON DERIVATIVES RECOGNIZED IN INCOME

---

| | |
|:---|:---|
| DERIVATIVES INSTRUMENTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FORWARD<br>CONTRACTS |
| Forward Foreign Currency Exchange Contracts | $110453 |

---

The quarterly average volumes of derivative instruments as of March 31, 2026 are as follows:

---

| | |
|:---|:---|
| DERIVATIVES INSTRUMENTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FORWARD<br>CONTRACTS |
| Forward Foreign Currency Exchange Contracts (as represented by market value) | $(72138759) |

---

**Note 9 — Disclosures about Offsetting Assets and Liabilities**

*Disclosures about Offsetting Assets and Liabilities* requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position.

A fund mitigates credit risk with respect to over the counter derivative counterparties through credit support annexes included with International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements or other Master Netting Agreements which are the standard contracts governing most derivative transactions between the fund and each of its counterparties. These agreements allow the fund and each counterparty to offset certain derivative financial instruments' payables and/or receivables against each other and/or with collateral, which is generally held by the fund's custodian. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts specified in the agreement. 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 non-performance.

**44**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

Notes to Consolidated Financial Statements

It is the Fund's policy to recognize a net asset or liability equal to the unrealized appreciation (depreciation) of each derivative contract. As of March 31, 2026, the Fund is subject to master netting arrangements for forward foreign currency exchange contracts. The following table shows additional information regarding the offsetting of assets and liabilities, as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNREALIZED APPRECIATION/DEPRECIATION ON FORWARD <br>FOREIGN CURRENCY EXCHANGE CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNREALIZED APPRECIATION/DEPRECIATION ON FORWARD <br>FOREIGN CURRENCY EXCHANGE CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNREALIZED APPRECIATION/DEPRECIATION ON FORWARD <br>FOREIGN CURRENCY EXCHANGE CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNREALIZED APPRECIATION/DEPRECIATION ON FORWARD <br>FOREIGN CURRENCY EXCHANGE CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNREALIZED APPRECIATION/DEPRECIATION ON FORWARD <br>FOREIGN CURRENCY EXCHANGE CONTRACTS |  | GROSS AMOUNTS<br>NOT OFFSET IN THE<br>STATEMENT OF<br>ASSETS AND LIABILITIES | |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COUNTERPARTY |  | GROSS<br>AMOUNT | &nbsp;&nbsp;&nbsp;&nbsp;GROSS AMOUNT<br>OFFSETT IN THE<br>STATEMENT OF<br>ASSETS AND<br>LIBILITIES | &nbsp;&nbsp;&nbsp;&nbsp;NET AMOUNTS<br>PRESENTED IN THE<br>STATEMENT OF<br>ASSETS AND<br>LIABILITES | &nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL<br>INSTRUMENTS\* | &nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL<br>INSTRUMENTS\* | NET<br>AMOUNT |  |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  | State Street | State Street | $24046 | $— | $24046 |  | $— | $14261 |
|  | Bank of New York | Bank of New York | 170971 |  | 170971 |  |  | 170971 |
|  | Northern Trust | Northern Trust | 266258 |  | 266258 |  |  | 266258 |
| **Total Assets** | **Total Assets** | **$** |  |  |  |  |  |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  | State Street | State Street | $9785 | $— | $9785 |  | $— | $— |
| **Total Liabilities** | **Total Liabilities** | **$** |  |  |  |  |  |  |

---

\*

Amounts relate to master netting agreements and collateral agreements which have been determined by the Adviser to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. The collateral amounts may exceed the related net amounts of financial assets and liabilities presented in the Consolidated Statement of Assets and Liabilities. Where this is the case, the total amount reported is limited to the net amounts of financial assets and liabilities with that counterparty.

**Note 10 — Private Investment Funds**

The following table represents unfunded commitments and redemption restrictions of investments that are measured at NAV per share (or its equivalent) as a practical expedient as of March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY DESCRIPTION | UNFUNDED<br>COMMITMENTS | UNFUNDED<br>COMMITMENTS | &nbsp;&nbsp;&nbsp;&nbsp;REDEMPTION<br>FREQUENCY | REDEMPTION<br>NOTICE<br>PERIOD |  |  | FAIR VALUE | &nbsp;&nbsp;&nbsp;&nbsp;ORIGINAL<br>ACQUISITION<br>DATE |
| ACM ASOF VIII 757 Feeder LLC | ACM ASOF VIII 757 Feeder LLC | $— |  | &nbsp;&nbsp;&nbsp;&nbsp;Not permitted | N/A | $719257 | $1301245 | 6/24/2024 |
| Arena Secondaries and Liquidity Solutions — <br>Excess Capacity I-C, LP. |  | 298314 |  | &nbsp;&nbsp;&nbsp;&nbsp;Not permitted | N/A | 509221 | 1069083 | 12/31/2024 |
| Athora Holding Ltd. |  | 1432049 |  | &nbsp;&nbsp;&nbsp;&nbsp;Not permitted | N/A | 7814368 | 7814368 | 3/23/2026 |
| Birch Holdings LP |  | 11387381 |  | &nbsp;&nbsp;&nbsp;&nbsp;Not permitted | N/A | 3152775 | 3576623 | 1/16/2026 |
| BP Holdings Zeta LP |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Not permitted | N/A | 1875559 | 2261210 | 11/30/2023 |
| BPC Opportunities Fund V LP |  | 2963236 |  | &nbsp;&nbsp;&nbsp;&nbsp;Not permitted | N/A | 7036764 | 8559087 | 3/31/2025 |
| Bridgepoint Credit Opportunities III "A" LP |  | 567937 |  | &nbsp;&nbsp;&nbsp;&nbsp;Not permitted | N/A |  | 909563 | 10/31/2023 |
| CCS Co-Investment Vehicle 1 LP Incorporated |  | 1126468 |  | &nbsp;&nbsp;&nbsp;&nbsp;Not permitted | N/A | 4112742 | 5449490 | 12/18/2024 |
| CCS Co-Investment Vehicle 2 LP Incorporated |  | 1887258 |  | &nbsp;&nbsp;&nbsp;&nbsp;Not permitted | N/A | 1482957 | 1971006 | 3/26/2024 |
| Cedar Holdings LP |  | 4111151 |  | &nbsp;&nbsp;&nbsp;&nbsp;Not permitted | N/A | 10339358 | 11703987 | 9/30/2025 |
| CL-EA Co-Investment Opportunities I, L.P. |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Not permitted | N/A | 1821303 | 2612894 | 5/31/2024 |
| Dawson Portfolio Finance 5 LP |  | 304012 |  | &nbsp;&nbsp;&nbsp;&nbsp;Not permitted | N/A | 518723 | 647370 | 8/25/2023 |
| ICG European Direct Lending X SCSp |  | 3929727 |  | &nbsp;&nbsp;&nbsp;&nbsp;Not permitted | N/A | 19219130 | 18551339 | 10/31/2025 |
| Landmark Acquisition Fund 57 Wrigley LP |  | 1352403 |  | &nbsp;&nbsp;&nbsp;&nbsp;Not permitted | N/A | 1650510 | 2181893 | 5/31/2024 |
| Limerick Succession Aggregator LP |  | 46168 |  | &nbsp;&nbsp;&nbsp;&nbsp;Not permitted | N/A | 10030697 | 10477454 | 12/23/2025 |
| Locust Point Senior Mortgage Fund, L.P. |  | 867164 |  | &nbsp;&nbsp;&nbsp;&nbsp;Not permitted | N/A | 5114968 | 6474452 | 9/30/2024 |
| Lyric-Pineapple Feeder LP |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Not permitted | N/A | 15420621 | 17927811 | 12/17/2025 |
| Mavik Real Estate Special Opportunities VS2, LP |  | 6707118 |  | &nbsp;&nbsp;&nbsp;&nbsp;Not permitted | N/A | 792882 | 1127686 | 8/14/2025 |
| Pimlico Partners, L.P. |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Not permitted | N/A | 12750000 | 12686392 | 12/23/2025 |
| RXR Park Row Aksia JV LLC |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Not permitted | N/A | 4544461 | 5036584 | 7/14/2025 |

---

**45**

Notes to Consolidated Financial Statements

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY DESCRIPTION | &nbsp;&nbsp;UNFUNDED<br>COMMITMENTS | &nbsp;&nbsp;UNFUNDED<br>COMMITMENTS | &nbsp;&nbsp;&nbsp;&nbsp;REDEMPTION<br>FREQUENCY | REDEMPTION<br>NOTICE<br>PERIOD |  |  | FAIR VALUE | &nbsp;&nbsp;&nbsp;&nbsp;ORIGINAL<br>ACQUISITION<br>DATE |
| Secfi Matterhorn Fund I, L.P. | Secfi Matterhorn Fund I, L.P. | $— |  | &nbsp;&nbsp;&nbsp;&nbsp;Not permitted | N/A | $9867035 | $11609018 | 1/30/2026 |
| Sima Holdings LP |  | 1781072 |  | &nbsp;&nbsp;&nbsp;&nbsp;Not permitted | N/A | 6430311 | 7924152 | 11/7/2024 |
| Springcoast Partners I-A, L.P. |  | 9591737 |  | &nbsp;&nbsp;&nbsp;&nbsp;Not permitted | N/A | 10409044 | 12336704 | 1/23/2026 |
| Stone Point Credit Income Fund |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Quarterly | N/A | 20000000 | 19920314 | 9/24/2025 |
| T. Rowe Price OHA Select Private Credit Fund |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Quarterly | 29 days | 10900000 | 10421608 | 3/4/2024 |
| TPG Twin Brook Capital Income Fund |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Quarterly | 28 days | 4900000 | 4815529 | 1/23/2024 |
| Treville Capital Solutions Fund LP |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Not permitted | N/A | 8550949 | 12611070 | 5/15/2025 |
| WP Sunnyside Co-Investment, L.P. |  | 7000000 |  | &nbsp;&nbsp;&nbsp;&nbsp;Not permitted | N/A |  |  | 2/27/2026 |
|  |  | $**55353195** |  |  |  | $**179963635** | $**201977932** |  |

---

**Note 11 — Affiliated Issuers**

The table below reflects transactions with entities advised or sponsored by the Sub-Adviser as of March 31, 2026:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| NAME OF ISSUER | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES/<br>PRINCIPAL<br>AMOUNT<br>END OF<br>PERIOD | VALUE<br>BEGINNING<br>OF<br>MARCH 31, <br>2025 |  | ADDITIONS | &nbsp;&nbsp;REDUCTIONS | &nbsp;&nbsp;REDUCTIONS | &nbsp;&nbsp;REDUCTIONS | &nbsp;&nbsp;&nbsp;NET<br>REALIZED<br>GAIN<br>(LOSS) | CHANGE IN<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) | <br>VALUE<br>END OF<br>MARCH 31,<br>2026 |  | &nbsp;&nbsp;INTEREST<br>INCOME |  |  |
| **Private Investment Funds** | **Private Investment Funds** | **Private Investment Funds** | **Private Investment Funds** | **Private Investment Funds** | **Private Investment Funds** | **Private Investment Funds** | **Private Investment Funds** | **Private Investment Funds** | **Private Investment Funds** | **Private Investment Funds** | **Private Investment Funds** | **Private Investment Funds** | **Private Investment Funds** | **Private Investment Funds** |
| ICG European Direct <br>Lending X SCSp |  | N/A\* | $— |  | $— | 19219130 | $— |  | $— |  | $(667791) | $18551339 | $470174 | $— |
| Limerick Succession <br>Aggregator LP |  | N/A\* |  |  |  | 10030697 |  |  |  |  | 446757 | 10477454 |  |  |
| Lyric-Pineapple <br>Feeder LP |  | N/A\* |  |  |  | 15420621 |  |  |  |  | 2507190 | 17927811 |  |  |
| RXR Park Row <br>Aksia JV LLC |  | N/A\* |  |  |  | 4975000 |  | (430539 |  |  | 492123 | 5036584 |  |  |
| Pimlico Partners, L.P. |  | N/A\* |  |  |  | 13000000 |  | (250000 |  |  | (63608) | 12686392 |  |  |
| Secfi Matterhorn <br>Fund I, L.P. |  | N/A\* |  |  |  | 10000000 |  | (132964 |  |  | 1741982 | 11609018 |  |  |
|  |  |  | $**—** |  | $— | **72645448** | $**(813503** | **(813503** | $**—** |  | $**4456653** | $**76288598** | $**470174** | $**—** |

---

\*

Investment does not issue shares.

**Note 12 — Subsequent Events**

In preparing these consolidated financial statements for the fiscal year ended March 31, 2026, management has evaluated subsequent events through the date of issuance of the financial statements included herein and has determined that the following subsequent event has occurred:

The Board of Trustees of the Fund has approved the appointment of State Street Bank and Trust Company as the Fund's administrator and custodian as well as the appointment of U.S. Bancorp Fund Services, LLC as the Fund's transfer agent. Such appointments took effect on April 13, 2026.

There are no other events which would require additional disclosure or adjustment to the financial statements.

**46**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

Trustee Approval of Management Agreement (Unaudited)

At a meeting (the "Meeting") of the Board of Trustees (the "Board") of Calamos Aksia Alternative Credit and Income Fund (the "Fund") held on February 19, 2026, the Board, including all of the Trustees who are not "interested persons" (as that term is defined in the Investment Company Act of 1940) voting separately, reviewed and unanimously approved the investment advisory agreement (the "Advisory Agreement") between Calamos Advisors LLC (the "Advisor") and the Fund and an investment sub-advisory agreement ("Sub-Advisory Agreement") among the Advisor, Aksia LLC (the "Sub-Advisor") and the Fund.

At the Meeting, the Board received and reviewed information provided by the Advisor and the Sub-Advisor in response to requests of the Board, including information furnished by the Advisor and Sub-Advisor in the form of information request response letters pursuant to the requirements of Section 15(c) of the 1940 Act (the "15(c) Responses"). The 15(c) Responses included information related to, among other items: (i) the nature, extent, and quality of the services to be provided by the Advisor and Sub-Advisor; (ii) the investment performance of the Fund, the Advisor, and the Sub-Advisor, both in absolute terms as well as in comparison to the appropriate benchmark(s) and the Fund's peer group; (iii) the costs of the services provided (including, where appropriate, comparative cost information for other funds and accounts receiving similar services) and the profits to be realized by the Advisor, the Sub-Advisor and their respective affiliates from their relationship with the Fund; (iv) whether the Advisor and/or Sub-Advisor are receiving any "fall-out" benefits as a result of their relationship with the Fund; and (v) the extent to which the Advisor and/or Sub-Advisor are likely to realize economies of scale as the Fund's assets grow and whether those economies of scale have been shared with the Fund and its shareholders through breakpoints in the fee structure.

The Board also considered the information contained in a third-party comparative expense information report prepared by FUSE Research Network, LLC ("FUSE"), which indicated that the Fund's expense ratio after waivers was competitive with the peer group determined by FUSE, as well as management's discussions of performance and profitability of the Fund and the information provided by management throughout the year at prior meetings.

The Independent Trustees met in an Executive Session with counsel to the Fund regarding their consideration of the renewal of the Advisory Agreement and the Sub-Advisory agreement.

The Board did not consider any single factor as controlling in determining whether or not to approve the Investment Advisory Agreement and Sub-Advisory Agreement nor are the items described herein all-encompassing of the matters considered by the Board.

<u>In determining whether to approve the Investment Advisory Agreement with the Advisor on behalf of the Fund, the Board considered numerous factors, including:</u>

*The Nature, Extent and Quality of the Services to be Provided by the Advisor.* The Board considered the responsibilities of the Advisor under the Advisory Agreement, and the services being provided by the Advisor to the Fund, including, without limitation, the management, oversight, operational and governance services that the Advisor and its employees would provide to the Fund, the Advisor's coordination of services for the Fund by its service providers, its compliance procedures and practices and its efforts to promote the Fund. The Board noted that certain of the Fund's officers are employees of the Advisor or its affiliates and serve the Fund without additional compensation from the Fund. After reviewing the foregoing information and further information in the Advisor's 15(c) Response (including descriptions of the Advisor's investment advisory services) and discussing the Advisor's services to the Fund, the Board concluded that the quality, extent, and nature of the services proposed to be provided by the Advisor were satisfactory and adequate for the Fund.

*The Investment Management Capabilities and Experience of the Advisor.* The Board considered the quality of the services provided and the quality of the Advisor's resources that were available to the Fund. The Board evaluated the Advisor's advisory, operational, governance, distribution, legal, compliance and risk management services, among other services, and the experience and professional qualifications of the Advisor's key personnel and the size and functions of its staff. The Board took account of the fact that the Advisor had over forty years of experience in the asset management industry and was recognized as a world leader in convertible securities and liquid alternatives. After consideration of these factors, the Board determined that it was appropriate for the Advisor to continue managing the Fund.

*Performance.* The Board considered the investment performance for the Fund over various periods of time as compared to both the relevant benchmark index and the performance of the Fund's peer group universe. The Board noted that the Fund's performance was strong on an absolute basis and compared with its benchmark index and peer group universe. The Board concluded that the Advisor and Sub-Advisor were delivering acceptable performance results consistent with the investment strategy being pursued by the Fund.

**47**

Trustee Approval of Management Agreement (Unaudited)

*The Costs of the Services to be Provided and Profits to be Realized by the Advisor from its Relationship with the Fund.* The Board examined and evaluated the fee arrangement between the Advisor and the Fund under the Advisory Agreement. The Board also considered that the Advisor, the Sub-Advisor and the Fund had entered into an Expense Limitation Agreement under which the Advisor and Sub-Advisor had agreed contractually, for a three-year period, to reimburse on a 50/50 basis certain other expenses incurred in the business of the Fund. The Board also considered potential benefits for the Advisor in managing the Fund, including promotion of the Advisor's name and the interests of the Advisor in providing management and oversight services to the Fund. In addition, at the Meeting, the Board compared the management fee of the Fund to the management fee of other funds and accounts selected by an independent third-party service provider to have similar investment objectives and strategies to the Fund. The Board noted that the Fund's expense ratio after waivers is competitive in the peer group universe. Additionally, the Board considered and reviewed information concerning the profits realized by the Advisor from the Advisor's relationship with the Fund. Following these comparisons and upon further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to the Advisor by the Fund were appropriate and representative of arm's-length negotiations.

*The Extent to which Economies of Scale would be Realized as the Fund's Assets Grow and whether those Economies of Scale have been Shared with the Fund and its Shareholders.* The Board considered the size and growth prospects of the Fund and how it relates to the structure of the Fund's management fee schedule, which does not include breakpoints. It was pointed out that breakpoints are not common among interval funds generally. The Board next considered that the Fund would experience benefits from the capped fees pursuant to the expense limitation agreement. Accordingly, the Board concluded that since the Fund was still relatively new and growing its net assets, there were no economies of scale realized at this time.

*Other Benefits to be Derived by the Advisor from its Relationship with the Fund.* The Board considered "fall-out" or ancillary benefits that would accrue to the Advisor as a result of its relationship with the Fund (other than the advisory fee), including non-quantifiable reputational benefits. The Board concluded that such potential benefits are immaterial to its consideration and approval of the Advisory Agreement.

*Conclusion.* The Board did not identify any single factor as being of paramount importance, and different Trustees may have given different weight to different factors. The Board reviewed with counsel to the Fund the legal standards applicable to its consideration of the Advisory Agreement. Based on its review, including consideration of each of the factors referenced above, the Board determined, in the exercise of its reasonable business judgment, that the advisory arrangement, as outlined in the Advisory Agreement, was fair and reasonable in light of the services to be performed, expenses to be incurred and such other matters as the Board considered relevant.

After full consideration of the above factors as well as other factors, the Board, including the Independent Trustees, unanimously approved the continuation of the Advisory Agreement for an additional one-year term.

<u>In deciding on whether to approve the Sub-Advisory Agreement with the Sub-Advisor on behalf of the Fund, the Board considered numerous factors, including:</u>

*The Nature, Extent, and Quality of the Services to be Provided by the Sub-Advisor.* The Board considered the responsibilities the Sub-Advisor would have under the Sub-Advisory Agreement and the services that would be provided by the Sub-Advisor including, without limitation, the investment advisory services, the Sub-Advisor's compliance procedures and practices and its efforts to promote the Fund. After reviewing the foregoing information and further information in the materials, including the Sub-Advisor 15(c) Response (which included descriptions of the Sub-Advisor's business and the Sub-Advisor's Form ADV), the Board concluded that the quality, extent, and nature of the services to be provided by the Sub-Advisor would be satisfactory and adequate for the Fund.

*The Investment Management Capabilities and Experience of the Sub-Advisor.* The Board evaluated the investment management experience of the Sub-Advisor. The Board also took account of the fact that the Fund will benefit from the scale and resources of the Sub-Advisor and its affiliates. It was noted that the Sub-Advisor is a premier investment research and advisory firm whose clients include large and sophisticated pension funds and other institutional investors. The Board discussed with the Sub-Advisor the investment objective and strategies of the Fund and the Sub-Advisor's plans for implementing the Fund's strategies. After consideration of these factors, the Board determined it was appropriate that the Sub-Advisor continue as Sub-Advisor to the Fund.

*Performance.* The Board considered the investment performance for the Fund over various periods of time as compared to both the relevant benchmark index and the performance of the Fund's peer group universe. The Board noted that the Fund's performance was strong on an absolute basis and compared with its benchmark index and peer group universe. The Board

**48**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

Trustee Approval of Management Agreement (Unaudited)

concluded that the Advisor and Sub-Advisor were delivering acceptable performance results consistent with the investment strategy being pursued by the Fund.

*The Costs of the Services to be Provided and Profits to be Realized by the Sub-Advisor from its Relationship with the Fund.* The Board reviewed the proposed fee to be paid under the Sub-Advisory Agreement, which would not be paid by the Fund. Because the Sub-Advisory Agreement was negotiated at arms-length by the Advisor, which is responsible for payments to the Sub-Advisor thereunder, the Board did not consider the profitability to the Sub-Advisor from its relationship with the Fund. The Board also considered that the Advisor, the Sub-Advisor and the Fund had entered into an Expense Limitation Agreement under which the Advisor and Sub-Advisor have agreed contractually, for a three-year period, to reimburse on a 50/50 basis certain other expenses incurred in the business of the Fund. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the anticipated costs of services to be provided under the Sub-Advisory Agreement supported its approval.

*The Extent to which Economies of Scale would be Realized as the Fund's Assets Grow and whether those Economies of Scale have been Shared with the Fund and its Shareholders.* The Board considered the size and growth prospects of the Fund and how it relates to the structure of the Fund's management fee schedule, noting that the Advisor is responsible for the payment of sub-advisory fees to the Sub-Advisor. The Board concluded that since the Fund was still relatively new and growing its net assets, there were no economies of scale realized at this time.

*Other Benefits to be Derived by the Sub-Advisor from its Relationship with the Fund.* The Board considered "fall-out" or ancillary benefits that would accrue to the Sub-Advisor as a result of its relationship with the Fund (other than the sub-advisory fee), including non-quantifiable reputational benefits. The Board concluded that such potential benefits are immaterial to its consideration and approval of the Sub-Advisory Agreement.

*Conclusion.* The Board did not identify any single factor as being of paramount importance, and different Trustees may have given different weight to different factors. The Board reviewed with counsel to the Fund the legal standards applicable to its consideration of the Sub-Advisory Agreement. Based on its review, including consideration of each of the factors referenced above, the Board determined, in the exercise of its reasonable business judgment, that the sub-advisory arrangement, as outlined in the Sub-Advisory Agreement, was fair and reasonable in light of the services to be performed, expenses to be incurred and such other matters as the Board considered relevant.

After full consideration of the above factors as well as other factors, the Board, including the Independent Trustees, unanimously approved the continuation of the Sub-Advisory Agreement for an additional one-year term.

**49**

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of <br>Calamos Aksia Alternative Credit and Income Fund

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Calamos Aksia Alternative Credit and Income Fund (the "Fund") as of March 31, 2026, the related consolidated statements of operations and cash flows for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the years ended March 31, 2026 and 2025, and for the period from June 8, 2023 (commencement of operations) through March 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, the results of its operations and its cash flows for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements 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 Fund 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, 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. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian, brokers, participating lenders, and underlying fund administrators or managers; when replies were not received, we performed other auditing procedures. 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. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by Calamos Advisors LLC since 2023.

![](j26136552_ga001.jpg)

COHEN & COMPANY, LTD.<br>Philadelphia, Pennsylvania <br>May 28, 2026

**50**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

Trustees and Officers (Unaudited)

**MANAGEMENT OF THE FUND**

The Fund's business and affairs are managed under the direction of the Board. The Board currently consists of five members, three of whom are not "interested persons" of the Fund as defined in Section 2(a)(19) of the 1940 Act. The Fund refers to these individuals as its independent trustees. The Board annually elects the Fund's officers, who serve at the discretion of the Board. The Board maintains an audit committee, a nominating and governance committee and an independent trustees committee and may establish additional committees from time to time as necessary. The Fund's Statement of Additional Information ("SAI") includes additional information about the membership of the Board. The SAI can be obtained upon request and without charge by writing to the Fund at Calamos Aksia Alternative Credit and Income Fund, c/o 2020 Calamos Court, Naperville, Illinois 60563, Client Services, 4th Floor, or by calling toll-free 1.866.363.9219. Investors may request the SAI by calling 1.866.363.9219 or by visiting www.calamos.com or www.acprivatemarkets.com.

**Board of Trustees and Officers**

***Trustees***

Information regarding the members of the Board is set forth below. The Trustees have been divided into two groups - Interested Trustees and Independent Trustees. As set forth in the Fund's Declaration of Trust, each Trustee's term of office shall continue until his or her death, resignation, removal, bankruptcy, adjudicated incompetence or other incapacity to perform the duties of the office of a Trustee.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| NAME, <br>ADDRESS<sup>(1)</sup><br>AND YEAR OF <br>BIRTH | POSITION(S)<br>HELD<br>WITH THE<br>FUND | TERM OF <br>OFFICE AND <br>LENGTH OF<br>TIME SERVED<sup>(2)</sup> | PRINCIPAL <br>OCCUPATION(S)<br>DURING PAST<br>5 YEARS | NUMBER OF <br>PORTFOLIOS<br>IN FUND <br>COMPLEX <br>OVERSEEN BY<br>TRUSTEE<sup>(3)</sup> | OTHER DIRECTORSHIPS <br>HELD BY <br>TRUSTEE |
| Interested Trustees<sup>(2)</sup> | Interested Trustees<sup>(2)</sup> | Interested Trustees<sup>(2)</sup> | Interested Trustees<sup>(2)</sup> | Interested Trustees<sup>(2)</sup> | Interested Trustees<sup>(2)</sup> |
| John Koudounis (1966) | Chairman, Trustee and Vice President | Indefinite Length — Since Inception | President (since February 2021) and Chief Executive Officer, Calamos Asset Management, Inc. ("CAM"); Calamos Investments LLC, Calamos Advisors LLC, Calamos Wealth Management LLC, and Calamos Financial Services LLC (since 2016); Chairman and Chief Executive Officer (since 2022), Calamos Antetokounmpo Asset Management LLC ; Director, CAM (since 2016); prior thereto, President and Chief Executive Officer (2010-2016), Mizuho Securities USA Inc. | 75 | -CAM (Director)<br> - National Hellenic Museum (Trustee/Executive Committee Member)<br> - The Hellenic Initiative (Board Member/Executive Committee Member)<br> - World Business Chicago (Trustee) — National Council of the Order of Saint Andrew the Apostle (Board Member)<br> - Greek Orthodox Metropolis of Chicago Foundation (Board Member/President)<br> - Ecumenical Patriarch Bartholomew Foundation (Board Member/Chairman of the Investment Committee)<br> - SEAL Future Foundation (executive advisory board member) |
| Jim Vos (1962) | Trustee | Indefinite Length — Since Inception | Partner, CEO, Aksia LLC | 3 |  |

---

**51**

Trustees and Officers (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| NAME, <br>ADDRESS<sup>(1)</sup><br>AND YEAR OF <br>BIRTH | POSITION(S)<br>HELD<br>WITH THE<br>FUND | TERM OF <br>OFFICE AND <br>LENGTH OF<br>TIME SERVED<sup>(2)</sup> | PRINCIPAL <br>OCCUPATION(S)<br>DURING PAST<br>5 YEARS | NUMBER OF <br>PORTFOLIOS<br>IN FUND <br>COMPLEX <br>OVERSEEN BY<br>TRUSTEE<sup>(3)</sup> | OTHER DIRECTORSHIPS <br>HELD BY <br>TRUSTEE |
| Independent Trustees | Independent Trustees | Independent Trustees | Independent Trustees | Independent Trustees | Independent Trustees |
| Bjorn Forfang <br>(1960) | Trustee | Indefinite Length — Since Inception | Deputy CEO, CFA Institute Managing Partner, Erigo Capital Partners | 3 |  |
| Christopher M. Toub (1959) | Trustee | Indefinite Length — Since September 2025 | Private investor; formerly Director of Equities, Alliance Bernstein LP (until 2012) | 75 |  |
| John Neal (1950) | Trustee | Indefinite Length — Since Inception | Retired; Private investor | 3 | -Director, Equity Residential Trust (publicly-owned REIT)<br> - Director, Creation Investments (private international microfinance company)<br> - Director, CenTrust Bank (Northbrook, IL community bank)<br> - formerly, Director Neuro-ID (private company providing prescriptive analytics for the risk industry) (until 2021)<br> - formerly, Partner, Linden LLC (health care private equity) (until 2018) |

---

(1) The address of each Trustee is care of the Secretary of the Fund at 2020 Calamos Court, Naperville, IL 60563.

(2) "Interested person," as defined in the 1940 Act, of the Fund. John Koudounis and Jim Vos are each an interested person of the Fund due to their affiliation with Calamos and Aksia, respectively.

(3) The term "Fund Complex" means two or more registered investment companies that share the same investment advisor or have an investment advisor that is an affiliated person of the investment advisor of any of the other registered investment companies or hold themselves out to investors as related companies for the purpose of investment and investor services.

**52**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

Trustees and Officers (Unaudited)

***Officers***

The preceding table gives information about John Koudounis and Jim Vos, each of whom is a Vice President of the Fund. The following table sets forth each other officer's name, age, position with the Fund and date first appointed to that position, and principal occupation(s) during the past five years. Each officer serves until his or her successor is chosen and qualified or until his or her resignation or removal by the Board of Trustees.

---

| | | | |
|:---|:---|:---|:---|
| NAME, ADDRESS<sup>(1)</sup> AND<br>YEAR OF BIRTH | POSITION(S) HELD<br>WITH THE FUND | TERM OF OFFICE AND<br>LENGTH OF TIME SERVED | PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS |
| Dan Dufresne (1974) | President, Principal Executive Officer | Indefinite Length — Since Inception | Executive Vice President and Chief Operating Officer, CAM, CILLC, Calamos Advisors LLC ("Calamos Advisors"), Calamos Financial Services LLC and Calamos Wealth Management LLC ("CWM") (since 2021); President, Calamos Antetokounmpo Asset Management LLC, doing business as CGAM ("CGAM") (since 2022); prior thereto Citadel (1999-2020); Partner (2008-2020); Managing Director, Global Treasurer (2008-2020); Global Head of Operations (2011-2020); Global Head of Counterparty Strategy (2018-2020); Senior Advisor to the COO (2020); CEO, Citadel Clearing LLC (2015-2020). |
| John P. Calamos (1940) | Global CIO | Indefinite Length — Since Inception | Founder, Chairman and Global Chief Investment Officer, CAM, CILLC, Calamos Advisors and its predecessor, and CWM; Director, CAM; Global Chief Investment Officer, CGAM; previously, Chief Executive Officer, Calamos Financial Services LLC, ("CFS") and its predecessor; Director, CAM, CILLC, Calamos Advisors, and CWM |
| Tim Nest (1977) | Vice President | Indefinite Length — Since Inception | Partner, Co-Head of Private Credit, Aksia LLC |
| Josh Hemley (1986) | Vice President | Indefinite Length — Since Inception | Partner, Co-Head of Private Credit, Aksia LLC |
| Thomas P. Kiley III (1968) | Vice President | Indefinite Length — Since November 2024 | Senior Vice President, Chief Distribution Officer (since 2024), CAM, CILLC, and Calamos Advisors; Principal Executive Officer and Chief Distribution Officer (since 2024), CFS; Vice President (since 2024), CGAM; prior thereto Managing Director, RIA Eastern Divisional Sales Manager, Blackrock Investments, Inc. (2017-2024) |
| Erik Ojala (1975) | Chief Legal Officer, Vice President, Secretary | Indefinite Length — Since 2023 | Senior Vice President, General Counsel and Secretary, CAM, CILLC, Calamos Advisors, CWM (since 2023); Chief Legal Officer, CGAM (since 2023); General Counsel and Secretary, CFS (since 2023); prior thereto, Executive Vice President and General Counsel (2017-2023), Secretary (2010-2023) and Chief Compliance Officer (2022-2023), Harbor Capital Advisors, Inc.; Director and Secretary (2019-2023) and Chief Compliance Officer (2022-2023), Harbor Trust Company, Inc.; Director, Executive Vice President (2017-2023) and Chief Compliance Officer (2017-2021, 2022-2023), Harbor Funds Distributors, Inc.; Director (2017-2023), Assistant Secretary (2014-2023) and Chief Compliance Officer (2022-2023), Harbor Services Group, Inc.; Chief Compliance Officer, Harbor ETF Trust (2021-2023); and Chief Compliance Officer of Harbor Funds (2017-2023) |

---

**53**

Trustees and Officers (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| NAME, ADDRESS<sup>(1)</sup> AND<br>YEAR OF BIRTH | POSITION(S) HELD<br>WITH THE FUND | TERM OF OFFICE AND<br>LENGTH OF TIME SERVED | PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS |
| Thomas E. Herman (1961) | Chief Financial Officer, Principal Financial Officer, Vice President | Indefinite Length — Since Inception | Executive Vice President (since February 2021) and Chief Financial Officer, Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors, and Calamos Wealth Management LLC (since 2016), Chief Financial Officer, CGAM (since July 2022); prior thereto, President and Chief Financial Officer Calamos Avenue Management, LLC (2020-2022), Chief Financial Officer and Treasurer, Harris Associates (2010-2016) |
| Walter M. Kelly (1970) | Chief Compliance Officer | Indefinite Length — Since August 2025 | Senior Vice President, Chief Compliance Officer — Calamos Funds (since 2025), Co-Chief Compliance Officer — Calamos Advisors; prior thereto, General Counsel, Cedar Pine, LLC (2021-2025); Chief Compliance Officer SBB Research Group, LLC (2021-2025); Managing Director Nuveen Investments (since 2017), formerly, Senior Vice President (2008-2017) and Chief Compliance Officer Nuveen Funds (2006-2020). |
| Stephen Atkins (1965) | Treasurer | Indefinite Length — Since Inception | Senior Vice President, Head of Fund Administration (since February 2020), Calamos Advisors; prior thereto, Consultant, Fund Accounting and Administration, Vx Capital Partners (March 2019-February 2020); Chief Financial Officer and Treasurer of SEC Registered Funds, and Senior Vice President, Head of European Special Purpose Vehicles Accounting and Administration, Avenue Capital Group (2010-2018). |

---

(1) The address of each officer is care of the Secretary of the Fund at 2020 Calamos Court, Naperville, IL 60563.

**54**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

Risk Factors

An investment in the Fund involves a high degree of risk and other considerations and, therefore, should be undertaken only by investors capable of evaluating the risks of the Fund and bearing the risks it represents. Below is a summary of some of the principal risks of investing in the Fund. For a more complete discussion of the risks of investing in the Fund, see "Types of Principal Investments and Related Risks" in the Fund's prospectus.

• Unlike most closed-end funds, the Fund's Shares will not be listed on any securities exchange;

• Although the Fund has implemented a quarterly share repurchase program, there is no guarantee that an investor will be able to sell all of the Shares that the investor desires to sell. The Fund should therefore be considered to offer limited liquidity;

• The Fund may invest in private investment funds, which are not registered as investment companies under the 1940 Act. Investments in such private funds, which may include unfunded capital commitments, or amounts that the Fund has committed to invest in a given private fund but which have not yet been called by the general partner of that fund, are subject to certain risks. These include, among others, risks related to indirect fees as well as the valuation and liquidity of the underlying private fund. While investments in private funds may in certain instances be fair valued at NAV as a practical expedient in accordance with GAAP, there is a risk that such investments may sell at a value different from their reported NAV. Additionally, the Fund may be required to liquidate other portfolio investments, potentially at inopportune times, in order to obtain the cash needed to satisfy its obligations with respect to a capital call in connection with any such investments;

• The capital markets may experience periods of disruption and instability, including as a result of events such as geopolitical events, natural disasters, or widespread pandemics or other adverse public health developments. Such market conditions may materially and adversely affect debt and equity capital markets, which may have a negative impact on the Fund's investments, business, and operations;

• The Fund is exposed to risks associated with changes in interest rates;

• The Fund's investments in securities and other obligations of companies that are experiencing distress involve a substantial degree of risk are generally considered speculative and may be subject to U.S. federal, state or non-U.S. bankruptcy laws or fraudulent transfer or conveyance laws;

• Certain investments may be exposed to the credit risk of the counterparties with whom the Fund deals or of third-party contractual customers of such counterparties;

• The valuation of securities or instruments that lack a central trading place (such as fixed-income securities or instruments) may carry greater risk than those that trade on an exchange;

• The Fund's investments in certain portfolio companies may be risky. For the Fund's investments in senior secured lien loans, the collateral securing these investments may decrease in value or lose its entire value over time or may fluctuate based on the performance of the portfolio company which may lead to a loss in principal;

• The Fund's investments may include securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as "high yield" or "junk," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal and may be particularly susceptible to economic downturns, which could cause losses;

• Derivative investments have risks, including the imperfect correlation between the value of such instruments and the underlying assets of the Fund;

• The Fund may be materially adversely affected by market, economic and political conditions globally and in the jurisdictions and sectors in which the Fund invests;

• Non-U.S. securities may be traded in undeveloped, inefficient, and less liquid markets and may experience greater price volatility and changes in value — changes in foreign currency exchange rates may adversely affect the U.S. dollar value of and returns on foreign denominated investments;

• There is no assurance that the Fund's investment objectives will be achieved; and

• To qualify and remain eligible for the special tax treatment accorded to RICs under the Code, the Fund must meet certain source-of-income, asset diversification and annual distribution requirements, and failure to do so could result in the loss of RIC status.

Accordingly, the Fund should be considered a speculative investment that entails substantial risks, and a prospective investor should invest in the Fund only if it can sustain a complete loss of its investment.

**55**

Other Information (Unaudited)

**CORPORATE DIVIDENDS RECEIVED DEDUCTION**

For the tax year ended September 30, 2025, the Fund had 1.88% of dividends paid from net investment income qualified for the 70% dividends received deduction available to corporate shareholders.

**QUALIFIED DIVIDEND INCOME**

For the tax year ended September 30, 2025, the Fund had 1.92% of dividends paid from net investment income, designated as qualified dividend income.

**56**

CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND ANNUAL REPORT

CAPIX can unlock **the full spectrum of private credit**

Many private credit registered funds have a narrow focus on US direct lending, whereas CAPIX sources investment opportunities across the global private credit universe — providing opportunities for enhanced income and portfolio diversification, as market conditions change.

![](j26136552_za001.jpg)

**AKSIA'S SOURCING COVERAGE EXTENDS ACROSS <br>THE GLOBAL PRIVATE CREDIT UNIVERSE**

![](j26136552_za002.jpg)

***Before investing, carefully consider a fund's investment objectives, risks, charges and expenses. Please see the prospectus containing this and other information or call 866-363-9219. Please read the prospectus carefully. Performance data represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted.***

Diversification and asset allocation do not guarantee a profit or protection against a loss. Investments in alternative strategies may not be suitable for all investors.

Fund holdings are subject to change daily. The Funds are actively managed. The information contained herein is based on internal research derived from various sources and does not purport to be statements of all material facts relating to the securities mentioned. The information contained herein, while not guaranteed as to accuracy or completeness, has been obtained from sources we believe to be reliable.

A description of the Calamos Proxy Voting Policies and Procedures and the Fund's proxy voting record for the 12-month period ended June 30 are available free of charge upon request by calling 866.363.9219, by visiting the Calamos Web site at www.calamos.com, or by writing Calamos at: Calamos Investments, Attn: Client Services, 2020 Calamos Court, Naperville, IL 60563. The Fund's proxy voting record is also available free of charge by visiting the SEC Web site at www.sec.gov.

The Fund files a complete list of its portfolio holdings with the SEC for the first and third quarters each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available free of charge, upon request, by calling or writing Calamos Investments at the phone number or address provided above or by visiting the SEC Web site at www.sec.gov.

The Fund's report to the SEC on Form N-CSR contains certifications by the fund's principal executive officer and principal financial officer as required by Rule 30a-2(a) under the 1940 Act, relating to, among other things, the quality of the Fund's disclosure controls and procedures and internal control over financial reporting.

**TO OBTAIN INFORMATION ABOUT YOUR INVESTMENTS: 800.435.6152**

**VISIT OUR WEB SITE: www.calamos.com**

**INVESTMENT ADVISER:<br>Calamos Advisors LLC<br>2020 Calamos Court<br>Naperville, IL 60563-2787**

**INVESTMENT SUB-ADVISOR:<br>Aksia LLC<br>New York, NY 10022**

**CUSTODIAN / ADMINISTRATIVE SERVICES:\*<br>State Street Corporation <br>1776 Heritage Drive, 3rd Floor <br>North Quincy, MA 02171 <br>888.444.3613**

**TRANSFER AGENT:\*<br>U.S. Bank Global Fund Services<br>615 E. Michigan St., 3rd Floor<br>Milwaukee, WI 53202<br>800.582.6959**

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM:<br>Cohen & Company, Ltd. <br>Philadelphia, PA**

**LEGAL COUNSEL:<br>Faegre Drinker Biddle & Reath LLP <br>One Logan Square, Ste 2000 <br>Philadelphia, PA 19103**

\*

Prior to April 13, 2026, UMB Bank, n.a., whose principal place of business was Kansas City, MO 64106, was the Custodian and UMB Fund Services, Inc., whose principal place of business was 235 West Galena Street Milwaukee, WI 53212, was the Transfer Agent and Administrative Services for the Fund.

**HOW TO INVEST IN CAPIX**

Unlike most private asset funds, Calamos Aksia Alternative Credit and Income Fund does not require investor accreditation or qualification requirements. Investors can easily purchase fund shares on a daily basis.

**Contact us to learn more:**

866.363.9219 **caminfo@calamos.com<br>www.acprivatemarkets.com/capix**

![](j26136552_za003.gif)

Calamos Financial Services LLC, Distributor<br>2020 Calamos Court \| Naperville, IL 60563-2787<br>866.363.9219 \| www.calamos.com \| caminfo@calamos.com© 2026 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.© 2026 Aksia LLC. All Rights Reserved. Aksia® is a registered trademark of Aksia LLC.

ACIANR 12055 033126

**ITEM 1(b).**

Registrant has included in its Rule 30e-3(c) notice only the disclosures specified by Rule 30e-3(c)(1) and (2). Therefore, Registrant has not included a copy of the notice herewith.

**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, and 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 of 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 three audit committee financial experts serving on its audit committee, each of whom is an independent Trustee for purpose of this N-CSR item: Bjorn Forfang, Christopher M. Toub, and John E. Neal.

**ITEM** **4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

The information required by this Item 4 is only required in an annual report on this Form N-CSR.

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **March 31, 2025** | **March 31, 2026** |
| Audit Fees(a) | $225750 | $325750 |
| Audit-Related Fees(b) | $3000 | $982 |
| Tax Fees(c) | $14500 | $15000 |
| All Other Fees(d) | $- | $- |
| Total | $243250 | $341732 |

---

(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) The 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 in instances where the amount is immaterial or the full audit committee has authorized, the chairman of the audit committee may pre-approve audit and non-audit services by the Registrant's accountants. Such approvals shall be ratified by the full audit committee at the next meeting.

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 in instances where the amount is immaterial or the full audit committee has authorized, the chairman of the audit committee may pre-approve audit and non-audit services by the Registrant's accountants. Such approvals shall be ratified by the full audit committee at the next meeting.

---

| | |
|:---|:---|
| (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** | **March 31, 2025** | **March 31, 2026** |
| Registrant | $14500 | $15000 |
| 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.**

(a) The complete schedule of investments is included in the financial statements filed under Item 1 of the
N-CSR.

(b) Not applicable.

**ITEM** **7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

(a) Not applicable.

(b) Not applicable.

**ITEM** **8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM** **9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Included in the Report to Shareholders in Item 1(a).

**ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

The Registrant has delegated authority to vote all proxies relating to the Fund's portfolio securities to the Fund's investment advisor, Calamos Advisors LLC ("Calamos Advisors"). The Calamos Advisors Proxy Voting Policies and Procedures are included as an Exhibit hereto.

**ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

(a)(1) Below is biographical information relating to the Fund's portfolio managers as of the date of filing of the report:

**R. Matthew Freund, Co-CIO, Head of Fixed Income Strategies and Senior Co-Portfolio Manager, CFA, Calamos Advisors LLC.** As a Co-Chief Investment Officer, Mr. Freund is responsible for oversight of investment team resources, investment processes, performance and risk. Mr. Freund manages investment team members and has senior portfolio management responsibilities for a variety of fixed income and equity mutual funds and exchange traded funds. He is also a member of the Calamos Investment Committee, which is charged with providing a top-down framework, maintaining oversight of risk and performance metrics, and evaluating investment processes. Mr. Freund joined Calamos in 2016 and has more than 35 years of industry experience. Prior to joining Calamos, he was Chief Investment Officer of USAA Investments, leading the teams responsible for the portfolio management of USAA's mutual funds and affiliated portfolios, including P&C and life insurance products, and overseeing more than $140 billion in assets. During this time, he also served as lead portfolio manager for several highly regarded fixed income mutual funds. Earlier in his career, Mr. Freund served as a senior investment analyst for MetLife in the Capital Markets Group. He received a B.A. in Accounting from Franklin & Marshall College and an M.B.A. from Indiana University.

**Joshua Hemley - Partner, Private Credit** Josh is a Partner and Co-Head of Private Credit and has over 17 years of experience in alternative investments. He leads the private credit global investment business, overseeing due diligence for direct credit/co-investment, secondary, and select primary fund opportunities. Josh also works with global investors focused on private credit, guiding strategic portfolio construction and management, while offering tailored investment decision advice. Josh serves on several private credit advisory boards.

Additionally, Josh is a key thought leader at Aksia where he directs initiatives across functions, including marketing, structuring, and legal. Prior to his current role, Josh was integral in establishing Aksia's private credit platform, leading investment efforts in private real estate credit and structured credit. He started his career at Aksia in 2008 and is a member of the Private Credit and Real Estate Co-investment Investment Committees.

**Tim Nest, CFA - Partner, Private Credit** Tim is a Partner and Co-Head of Private Credit and has over 26 years of experience in alternative investments, with a primary focus on private markets and credit. He oversees the global private credit investment research platform and works with a broad group of global investors focused on the private credit asset class. His team focuses on sourcing, screening, evaluating, and monitoring credit-oriented investments accessed across a variety of structures, including primaries, co-investments/directs, and secondaries. Prior to joining Aksia, Tim helped manage and invest capital for a credit-oriented secondary investment fund manager called Frontier Capital ("Frontier"). Transaction types reviewed and completed included direct loan portfolio purchases, individual credit purchases on a secondary basis, indirect credit portfolio and single name portfolio purchases, fund liquidations/claims, and NAV loans. Prior to that, Tim worked for GSC Group, focusing on two credit-based funds including the firm's distressed corporate credit and structured credit strategies. Notably, Tim helped raise capital for a distressed structured credit vehicle in the wake of the financial crisis. Tim started his career working on various investment banking, financial advisory, and valuation assignments for a range of corporate and PE sponsor clients. Tim graduated from Boston College with a BS in Finance and Information Systems (dual degree). He holds an MBA in Corporate Finance and Law and Business from the Leonard N. Stern School of Business at New York University with specializations in Corporate Finance and Law and Business. He is a CFA charter holder.

**Eli Pars, Co-CIO, Co-Head of Alternative Strategies, Co-Head of Convertible Strategies, Senior Co-Portfolio Manager, Calamos Advisors LLC** As a Co-Chief Investment Officer, Mr. Pars is responsible for oversight of investment team resources, investment processes, performance and risk. As Co-Head of Alternative Strategies and Co-Head of Convertible Strategies, he manages investment team members and has portfolio management responsibilities for those investment verticals. He is a senior member of the investment team for the Calamos Structured Protection ETFs®. He is a member of the Calamos Investment Committee, which is charged with providing a top-down framework, maintaining oversight of risk and performance metrics, and evaluating investment processes. Mr. Pars has more than 35 years of experience, including more than 15 at Calamos. Prior to returning to Calamos in 2013, he was a Portfolio Manager at Chicago Fundamental Investment Partners, where he co-managed a convertible arbitrage portfolio. Previously, he held senior roles at Mulligan Partners LLC, Ritchie Capital and SAM Investments/The Hampshire Company. Earlier in his career, Mr. Pars was a Vice President and Assistant Portfolio Manager at Calamos. He received a BA in English Literature from the University of Illinois and an MBA with a specialization in Finance from the University of Chicago Graduate School of Business.

---

| | |
|:---|:---|
| (a)(2) | The portfolio managers primarily responsible for the day-to-day management of the Fund also manages other registered investment companies, other pooled investment vehicles and other accounts, as indicated below. The following table identifies, as of March 31, 2026: (i) the number of other registered investment companies, other pooled investment vehicles and other accounts managed by the portfolio manager; the total assets of such companies, vehicles and accounts; and the number and total assets of such companies, vehicles and accounts that are subject to an advisory fee based on performance. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | NUMBER<br> OF <br> ACCOUNTS | ASSETS OF <br> ACCOUNTS <br> (IN <br> BILLIONS) | NUMBER OF <br> ACCOUNTS <br> SUBJECT TO A <br> PERFORMANCE<br> FEE | ASSETS<br> SUBJECT TO A <br> PERFORMANCE <br> FEE <br> (IN BILLIONS) |
| R. Matthew Freund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 21 | $17.4 | 0 | $0.0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 2 | $0.8 | 0 | $0.0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 6993 | $6.2 | 0 | $0.0 |
| Joshua Hemley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 2 | $1.4 | 0 | $0.0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 12 | $5.0 | 6 | $2.2 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 8 | $2.8 | 2 | $1.4 |
| Tim Nest |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 2 | $1.4 | 0 | $0.0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 14 | $6.1 | 6 | $2.2 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 28 | $15.2 | 2 | $1.4 |
| Eli Pars |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 57 | $34.6 | 2 | $0.4 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 5 | $1.0 | 0 | $0.0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 5955 | $5.1 | 0 | $0.0 |

---

The portfolio managers may invest for their own benefit in securities held in brokerage and fund accounts. The information shown in the table does not include information about those accounts where the portfolio managers or members of their family have a beneficial or pecuniary interest because no advisory relationship exists with Calamos Advisors, Aksia, or any of their affiliates.

The Registrant's portfolio managers are responsible for managing the Registrant and other accounts, including separate accounts and unregistered funds.

**Calamos Advisors' Conflict Disclosure**

The Fund's executive officers and Trustees, and the employees of the Advisor or Sub-Advisor, serve or may serve as officers, trustees or principals of Other Investment Vehicles that operate in the same or a related line of business as the Fund or of other Calamos- or Aksia-advised funds. As a result, they may have obligations to investors in those entities, the fulfillment of which might not be in the best interests of the Fund or its Shareholders. Moreover, notwithstanding the difference in principal investment objectives between the Fund and the Other Investment Vehicles, such other funds, including potential new pooled investment vehicles or managed accounts not yet established (whether managed or sponsored by the Advisors or their affiliates), have, and may from time to time have, overlapping investment objectives with the Fund and, accordingly, invest in, whether principally or secondarily, asset classes similar to those targeted by the Fund. To the extent the Other Investment Vehicles have overlapping investment objectives, the scope of opportunities otherwise available to the Fund may be adversely affected and/or reduced.

The Advisors are entities in which certain of the Fund's Trustees and officers may have indirect ownership and/or economic interests. The Advisor' or the Fund's officers, Trustees, principals or investment personnel may also have ownership interests in Other Investment Vehicles. Certain of the Fund's Trustees and officers also serve as officers or principals of other investment managers affiliated with the Advisors that currently, and may in the future, manage Other Investment Vehicles. In addition, certain of the Fund's officers and Trustees serve or may serve as officers, trustees or principals of entities that operate in the same or related line of business as the Fund does or of Other Investment Vehicles. Accordingly, the Advisors and their respective affiliates may face conflicts in the allocation of investment opportunities among the Fund and other accounts advised by or affiliated with the Advisors or in which the officers, principals or investment personnel of the Advisors have economic interests and the Fund may not be made aware of and/or given the opportunity to participate in certain investments made by investment funds managed by the Advisors or their affiliates. However, the Advisors intend to allocate investment opportunities in a fair and equitable manner in accordance with their investment allocation policy, consistent with each Other Investment Vehicle's investment objective and strategies and legal and regulatory requirements.

The results of the Fund's investment activities may differ significantly from the results achieved by the Other Investment Vehicles. It is possible that one or more of such funds will achieve investment results that are substantially more or less favorable than the results achieved by the Fund. Moreover, it is possible that the Fund will sustain losses during periods in which one or more affiliates of the Advisor achieve significant profits on their trading for proprietary or other accounts. The opposite result is also possible.

The Advisors, their affiliates and their clients may pursue or enforce rights with respect to an issuer in which the Fund has invested, and those activities may have an adverse effect on the Fund. As a result, prices, availability, liquidity, and terms of the Fund's investments may be negatively impacted by the activities of the Advisors and their affiliates or their clients, and transactions for the Fund may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the case.

The Advisors may enter into transactions and invest in securities, instruments, and currencies on behalf of the Fund in which customers of its affiliates, to the extent permitted by applicable law, serve as the counterparty, principal, or issuer. In such cases, such party's interests in the transaction could be adverse to the interests of the Fund, and such party may have no incentive to assure that the Fund obtains the best possible prices or terms in connection with the transaction. In addition, the purchase, holding and sale of such investments by the Fund may enhance the profitability of the Advisors or their affiliates. One or more affiliates may also create, write or issue derivatives for their customers, the underlying securities, currencies or instruments of which may be those in which the Fund invests, or which may be based on the performance of the Fund. The Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other distribution by one or more Advisor affiliates and may also enter into transactions with other clients of an affiliate where such other clients have interests adverse to those of the Fund.

Applicable law, including the 1940 Act, may at times prevent the Fund from being able to participate in investments that it otherwise would participate in and may require the Fund to dispose of investments at a time when it otherwise would not dispose of such investment, in each case, in order to comply with applicable law.

The 1940 Act contains prohibitions and restrictions relating to certain transactions between registered investment companies and certain affiliates (including any investment advisors), principal underwriters and certain affiliates of those affiliates or underwriters. Because the Fund is a registered investment company, the Fund is not generally permitted to make loans to companies controlled by the Advisors or other funds managed by the Advisors or their affiliates. The Fund, the Advisor and the Sub-Advisor have received exemptive relief that would permit the Fund and certain co-investment affiliates to co-invest in suitable negotiated investments. Co-investments made under the exemptive relief are subject to compliance with the conditions and other requirements contained in the exemptive relief, which could limit the Fund's ability to participate in a co-investment transaction.

The Fund will be required to establish business relationships with its counterparties based on the Fund's own credit standing. Neither the Advisors nor any of their affiliates will have any obligation to allow its credit to be used in connection with the Fund's establishment of its business relationships, nor is it expected that the Fund's counterparties will rely on the credit of the Advisors or their affiliates in evaluating the Fund's creditworthiness.

By reason of the various activities of the Advisors and their affiliates, the Advisors and such affiliates may acquire confidential or material non-public information or otherwise be restricted from purchasing certain potential Fund investments that otherwise might have been purchased or be restricted from selling certain Fund investments that might otherwise have been sold at the time.

The Advisors have adopted policies and procedures designed to prevent conflicts of interest from influencing proxy voting decisions made on behalf of advisory clients, including the Fund, and to help ensure that such decisions are made in accordance with its fiduciary obligations to clients. Nevertheless, notwithstanding such proxy voting policies and procedures, actual proxy voting decisions may have the effect of favoring the interests of other clients, provided that the Advisors believe such voting decisions to be in accordance with their fiduciary obligations.

**Aksia's Conflict Disclosure**

As a registered investment adviser, Aksia is required to disclose and mitigate potential conflicts of interest. As such, Aksia has adopted policies and procedures that both identify and address potential conflicts, described in detail below:

a. Allocation of Investment Opportunities: Aksia's procedures require the objective allocation of general investment opportunities to ensure fair and equitable allocation among customized separate account and advisory client accounts (collectively, "Clients"). In the event there is limited capacity in a general investment opportunity in which multiple Clients are interested, Aksia will first evaluate the opportunity in light of the investment guidelines and restrictions relevant to each Client, in order to determine whether the opportunity could be suitable for the Client. Once Aksia has identified the Clients for which the opportunity may be suitable, Aksia will reach out to each Client (or in the case of an investment management Client, to the Aksia client team) to gauge such Client's interest in investing. When Aksia has received responses from the identified Clients, Aksia will advise the underlying manager offering the general investment opportunity which of Aksia's Clients are interested in investing in its vehicle and request that the manager determine the allocations to the various Aksia Clients. In the event that our aggregate client interest exceeds the available capacity, and the manager is unwilling to decide between eligible clients, Aksia will seek to split the capacity pro rata among interested and eligible discretionary and non-discretionary advisory clients.

With respect to co-investment opportunities ("Co-Investments"), Aksia will first compile a list of Advisory Clients for which (i) Aksia has an obligation to perform co-investment sourcing services and (ii) such opportunity is consistent with the relevant client's co-investment program preferences ("Participating Clients"), subject to any limitations placed upon Aksia by the underlying manager offering the Co-Investment. Aksia will then submit an indication of interest to the manager, specifying a distinct amount of the opportunity to be made available for each client. In submitting an indication of interest, Aksia will communicate to the manager a desired allocation of the opportunity in respect of Discretionary Clients, as well as Non-Discretionary Clients who have communicated to Aksia a desire to participate in the opportunity and the amount thereof. In the event of a Co-Investment opportunity with scarce capacity, the underlying manager offering the Co-Investment opportunity will generally determine the allocations among Aksia's relevant clients. If the underlying manager delegates full or partial authority to Aksia, Aksia will seek to allocate the investment to Participating Clients in a fair and equitable manner with a preference towards a pro rata allocation based on interest. Following such allocation, if there is an additional excess allocation remaining, such excess allocation may be offered to any client of Aksia or to any third party, in each case selected by Aksia in its sole discretion. The foregoing allocation policy with respect to Co-Investments does not apply to client-sourced opportunities which may be preserved by the client to the extent Aksia is also not allocated or offered the opportunity directly by the manager.

Aksia acts as a discretionary investment manager to one or more Registered Investment Companies (each, a "Registered Fund'). Any Co-Investment opportunities in which both a Registered Fund and certain other Aksia Client funds invest must comply with either the exemptive relief Aksia has been granted by the SEC, or with SEC no-action guidance. The participation of a Registered Fund may impact the ability of the Registered Fund or of these certain Aksia Client funds to make an investment or a follow on investment. With respect to secondary opportunities ("Secondary"), Aksia will first compile a list of Advisory Clients for which (i) Aksia is specifically contractually obligated to perform Secondary sourcing services and (ii) such opportunity is consistent with the relevant client's Secondary program preferences and capabilities. Once Aksia determines the interest for each Client, Aksia will seek to directly or indirectly allocate the opportunity among such Clients pro-rata based on interest. If the seller is unable to allocate the opportunity across multiple Clients, Aksia will use a rotation approach, and review the date of each eligible client's most recent offer of a Secondary opportunity. The client with the most time elapsed since its last Secondary offer will be offered the Secondary opportunity. If such client is a Non-Discretionary Advisory Client, Aksia will request the seller's permission to notify the relevant client of the opportunity so that the client will be able to consider submitting a bid on the opportunity. If, however, Aksia has discretionary authority with respect to such client, Aksia will determine whether to submit an offer on the client's behalf. If the relevant client or Aksia, as applicable, chooses not to submit a bid in respect of such Secondary opportunity, then the process will be repeated with the next client based on the time elapsed since the last Secondary offer until a bid is submitted in respect of the opportunity, or all identified clients have been offered the opportunity. If a bid has still not been submitted in respect of such opportunity, the opportunity may then be offered to clients for which Aksia is not expressly contractually obligated to perform Secondary sourcing services but for whom such opportunity may not be consistent with the relevant client's general investment preferences and capabilities. The foregoing allocation policy with respect to Secondaries does not apply to client-sourced opportunities which may be preserved by the client to the extent Aksia is not also allocated or offered the opportunity directly by the manager.

b. Performance-Based Fees and Side-by-Side Management: While most advisory clients choose to pay fixed or asset-based fees, some pay performance-based fees. In addition, amongst clients paying fixed or asset-based fees, some may pay higher fees than others. These different payment structures may give rise to a potential conflict of interest because Aksia may have an incentive to favor Client accounts that pay Aksia performance-based compensation or higher fees. Aksia is mindful of its obligation to act in the best interests of its advisory clients and has thus adopted policies and procedures designed to mitigate the potential conflicts of interest that relate to the management of multiple accounts, including accounts with differing fee arrangements.

Aksia employs a wide range of investment objectives and strategies for its Clients. These differing objectives and strategies raise potential conflicts of interest. For example, Aksia may evaluate the purchase of an investment opportunity for one Client account while simultaneously evaluating the sale of such opportunity for a different Client.

In specific instances, these differing strategies may result in Aksia buying and selling different securities and instruments within an issuer's capital structure for different Clients. Accordingly, it is possible that one Client may acquire an instrument that is senior in the capital structure of an issuer relative to an instrument for a different Client that is more junior in the capital structure. In certain circumstances, such as if the credit quality of the issuer deteriorates, the Aksia may owe conflicting fiduciary duties to multiple Clients, in that action taken to protect the interest of one set of holders may be detrimental to, or conflict with the interests of, other holders of that issuer's securities or instruments. When the Aksia causes its Clients to take opposite positions with respect to a particular security or investment, or to invest in securities of an issuer with varying seniority in the issuer's capital structure, actions taken by the Aksia for one set of Clients may disadvantage other sets of Clients.

c. Clients with Affiliated Investment Managers: Given that Aksia's clients are large institutions there are certain circumstances where Aksia may recommend, purchase, or sell for its clients' funds managed by investment managers that are affiliated with, managed or owned by clients of Aksia. Aksia has addressed this potential conflict of interest through the implementation of policies and procedures reasonably designed to ensure that its activities are carried out in compliance with applicable regulatory requirements and in the best interests of clients. For example, if Aksia were to recommend an investment with an investment manager that Aksia knew was affiliated with an Aksia client, Aksia would fully disclose the relationship in its due diligence report. In addition, the potential investment would be subjected to Aksia's extensive due diligence process, which includes multiple layers of review by multiple individuals.

d. Investing in Securities Recommended to Clients: From time to time, Aksia may form investment vehicles owned by Aksia, its members, its employees and/or its affiliates, that invest (directly or indirectly) in certain Clients to which it provides investment management services (a "GP Commitment"). This arrangement creates a conflict of interest because Aksia or its related persons has an incentive to favor Clients in which it owns a financial interest over its other Clients. Aksia addresses this potential conflict of interest via the implementation of its policies and procedures relating to the allocation of investment opportunities. In addition, certain of Aksia's investment management clients have made seed investments in funds in return for fee savings or revenue participation ("Client Affiliated Managers"). To the extent that investment management clients in which Aksia has made a GP Commitment have made seed investments in funds of Client Affiliated Managers, Aksia will benefit economically from profits earned by such investment management clients, in addition to the fees that Aksia directly earns from its investment management clients. This poses a conflict of interest for Aksia in its recommendations to its clients. To mitigate this conflict, Aksia will disclose its pecuniary interest in such Client Affiliated Managers to its clients and take other steps to maintain Aksia's objectivity. Clients can also instruct Aksia to avoid making investment allocations to Client Affiliated Managers.

e. Gifts and Business Entertainment, Including Co-Hosting Events: In the ordinary course of business, Aksia personnel may receive and provide gifts and business entertainment. Such gifts and entertainment are strictly monitored by Aksia's compliance team and governed by the respective firm's Compliance Manual and Code of Ethics. In addition, Aksia hosts investor events and roundtables where investment managers may serve as panelists or co-hosts of such events. Aksia does not receive any compensation for such events and co-sponsored events are disclosed to attendees. Aksia attempts to mitigate any potential conflict arising from any manager recommendation by ensuring that all recommended funds undergo full due diligence prior to recommendation.

(a)(3) Compensation of Portfolio Managers

Aksia's Compensation of Portfolio Managers

Portfolio managers are compensated with an annual salary and a discretionary year-end annual bonus, the amount of which is based on a multitude of quantitative and qualitative factors and are benchmarked against peers and local markets. Portfolio managers of the Advisor are also eligible to receive long-term incentive awards based on the performance of certain managed investment products for investment professionals. Depending on seniority within the firm, portfolio managers also may be eligible to receive performance fees from private funds that they manage that vest over time. Performance fees can make up a significant portion of a portfolio manager's overall compensation, and primarily are based on the investment performance of the private funds managed by the portfolio manager. This compensation structure aligns a portfolio manager's and investors' long-term interests.

Calamos' Compensation of Portfolio Managers

Compensation for portfolio management team members includes a competitive base salary, and an annual cash bonus (driven by investment, company, and individual performance). Portfolio managers are also eligible for the Calamos Long-Term Incentive ("LTI") program, which is an incentive award vesting over time that reflects appreciation and depreciation in the value of both the funds managed by such professional and the company generally. LTI awards vest on a three-year schedule (25% on or about the first anniversary of the award grant, 25% on or about the second anniversary of the award grant, and 50% on or about the third anniversary of the award grant). Each investment team LTI award will be allocated as follows: (i) 33.3% to track the value of the associate's managed strategies, (ii) 33.3% to track the Advisor's strategy of the associate's choice, and (iii) 33.3% to track the value of the firm; all over the vesting period.

---

| | |
|:---|:---|
| (a)(4) | As of March 31, 2026, the end of the Registrant's most recently completed fiscal year, the dollar range of securities beneficially owned by each portfolio manager in the Registrant is shown below: |

---

---

| | |
|:---|:---|
| **PORTFOLIO MANAGER** | **AGGREGATE DOLLAR RANGE OF EQUITY NAME <br> SECURITIES IN THE FUND** |
| R. Matthew Freund | $100001-$500000 |
| Joshua Hemley | $100001-$500000 |
| Tim Nest | $100001-$500000 |
| Eli Pars | $100001-$500000 |

---

(b) Not applicable.

**ITEM 14. PURCHASES 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.**

(a) The Registrant's principal executive officer and principal financial officer have evaluated the
Registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the Registrant's disclosure
controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the Registrant in this
Form N-CSR was recorded, processed, summarized, and reported within the time periods specified in the Commission's rules and
forms.

(b) There were no changes in the Fund's internal control over financial reporting (as defined in Rule 30a-3(d) under
the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the Fund's internal control over financial reporting.

**ITEM 17.** **DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

The Fund did not participate directly in securities lending activity.

**ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.**

Not applicable.

**ITEM 19.** **EXHIBITS.**

[(a)(1)](tm2613655d1_ex99-codeeth.htm) [Code of Ethics.](tm2613655d1_ex99-codeeth.htm)

(a)(2) Not applicable.

[(a)(3)(i)](tm2613655d1_ex99-cert.htm) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm2613655d1_ex99-cert.htm)

[(a)(3)(ii)](tm2613655d1_ex99-xax3xii.htm) [Proxy Voting Policies and Procedures](tm2613655d1_ex99-xax3xii.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](tm2613655d1_ex99-906cert.htm) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](tm2613655d1_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 Aksia Alternative Credit and Income Fund

---

| | | |
|:---|:---|:---|
| By: | /s/ Dan Dufresne | /s/ Dan Dufresne |
|  | Name: | Dan Dufresne |
|  | Title: | Principal Executive Officer |
|  | Date: | June 5, 2026 |
| By: | /s/ Thomas E. Herman | /s/ Thomas E. Herman |
|  | Name: | Thomas E. Herman |
|  | Title: | Principal Financial Officer |
|  | Date: | June 5, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Fund and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| By: | /s/ Dan Dufresne | /s/ Dan Dufresne |
|  | Name: | Dan Dufresne |
|  | Title: | Principal Executive Officer |
|  | Date: | June 5, 2026 |
| By: | /s/ Thomas E. Herman | /s/ Thomas E. Herman |
|  | Name: | Thomas E. Herman |
|  | Title: | Principal Financial Officer |
|  | Date: | June 5, 2026 |

---

## Ex-99.Codeeth

**EX-99.CODEETH**

**CODE OF ETHICS**

**FOR**

**Calamos Aksia Alternative Credit and Income Fund**

**Calamos Aksia Private Equity and Alternatives Fund**

**Calamos Aksia Hedged Strategies Fund**

Amended: March 31, 2026

**Section I Statement of General Fiduciary Principles**

This Code of Ethics (the "Code") has been adopted by Calamos Aksia Alternative Credit and Income Fund and Calamos Aksia Private Equity and Alternatives Fund<sup>1</sup>, and Calamos Aksia Hedged Strategies Fund (collectively "the Funds"), in compliance with Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Act"). The purpose of the Code is to establish standards and procedures for the detection and prevention of activities by which persons having knowledge of the investments and investment intentions of the Fund may abuse their fiduciary duty to the Fund, and otherwise to deal with the types of conflict of interest situations to which Rule 17j-1 is addressed. All Access Persons must read this Code of Ethics.

The Code is based on the principle that the trustees and officers of the Fund, and the managers, partners, officers, employees and/or shared employees of the Advisor, who provide services to the Fund, owe a fiduciary duty to the Fund to conduct their personal securities transactions in a manner that does not interfere with the Fund's transactions or otherwise take unfair advantage of their relationship with the Fund. All Access Persons are expected to adhere to this general principle, as well as to comply with all of the specific provisions of this Code that are applicable to them. Any Access Persons who are affiliated with the Advisor or another entity that is a registered investment advisor is, in addition, expected to comply with the provisions of the code of ethics that has been adopted by the Advisor or such other investment adviser.

All Access Persons must seek to avoid any actual or potential conflicts between their personal interests and the interests of the Fund and its shareholders. In sum, all Access Persons shall place the interests of the Fund before their own personal interests.

**Section II Definitions**

(A) "Access Person" means any director, trustee, officer, general partner or Advisory Person (as defined below) of the Fund or the Advisor.

(B) An "Advisory Person" of the Fund or the Advisor means: (i) any director, trustee, officer, general partner or employee of the Fund or the Advisor, or any Fund in a Control (as defined below) relationship to the Fund or the Advisor, who in connection with his or her regular functions or duties makes, participates in, or obtains information regarding the purchase or sale of any Covered Security (as defined below) by the Fund, or whose functions relate to the making of any recommendation with respect to such purchases or sales; (ii) any natural person in a Control relationship to the Fund or the Advisor, who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of any Covered Security by the Fund and (iii) any other person deemed to be an Advisory Person by the Chief Compliance Officer.

<sup>1</sup>

(C) "Beneficial Ownership" is interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "1934 Act") in determining whether a person is a beneficial owner of a security for purposes of Section 16 of the 1934 Act and the rules and regulations thereunder.

(D) A "Broad-based Security" generally refers to any security index that would not be classified as a narrow-based security index under the definitions or exclusions set forth in the Commodity Exchange Act and the Securities Exchange Act of 1934 or that meets certain criteria specified jointly by the U.S. Commodities Futures Trading Commission and the U.S. Securities and Exchange Commission. Examples include but are not limited to; the S&P 500, NASDAQ-100, Wilshire 5000, Russell 3000, AMEX Major Market and the Value Line Composite indices.

(E) "Chief Compliance Officer" means the Chief Compliance Officer of the Fund (who also may serve as the compliance officer of the Advisor and/or one or more affiliates of the Advisor) and his or her delegate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) "Control" shall have the same meaning as that set forth in Section 2(a)(9) of the
Act.

(FG "Covered Security" means any stock, bond, future, investment contract, shares of closed-end funds, shares of open-end mutual funds for which Calamos Advisors LLC (CAL) is the adviser or exchange traded funds, or any other instrument that is considered a "security" under the 1940 Act. The term "Covered Security" is very broad and includes items you might not ordinarily think of as "securities," such as: options on securities, indexes, and currencies; limited partnership interests; interests in a foreign unit trust or foreign mutual fund; municipal securities; interests in a private investment fund, hedge fund, or investment club; or any right to acquire any security such as a warrant or convertible. In addition, purchase and sale transactions of Covered Securities in any 401(k) plan are considered transactions in Covered Securities.

Except that "Covered Security" does not include: direct obligations of the U.S. government (U.S. treasury bills, notes and bonds), money market instruments (including bank certificates of deposit, bankers' acceptances, commercial paper and repurchase agreements), shares of open-end mutual funds not advised or sub advised by the Adviser or units in 529 College Savings Plans. (H) "Independent Trustee" means a trustee of the Fund who is not an "interested person" of the Fund within the meaning of Section 2(a)(19) of the Act.

(HI "Initial Public Offering" means an offering of securities registered under the Securities Act of 1933, as amended (the "1933 Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act.

(J) "Limited Offering" means an offering that is exempt from registration under the 1933 Act pursuant to Section 4(2) or Section 4(5) thereof or pursuant to Rule 504, Rule 505, or Rule 506 thereunder.

(K) "Security Held or to be Acquired" by the Fund means: (i) any Covered Security which, within the most recent 5 days: (A) is or has been held by the Fund; or (B) is being or has been considered by the Fund or the Advisor for purchase by the Fund; and (ii) any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security described in Section II (F).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(L) "17j-1 Organization" means the Fund or the Advisor, as the context requires.

**Section III Objective and General Prohibitions**

Access Persons may not engage in any investment transaction under circumstances in which such Access Persons benefits from or interferes with the purchase or sale of investments by the Fund. In addition, Access Persons may not use information concerning the investments or investment intentions of the Fund, or their ability to influence such investment intentions, for personal gain or in a manner detrimental to the interests of the Fund.

Access Persons may not engage in conduct that is deceitful, fraudulent or manipulative, or that involves false or misleading statements, in connection with the purchase or sale of investments by the Fund. In this regard, Access Persons should recognize that Rule 17j-1 makes it unlawful for any affiliated person of the Fund, or any affiliated person of the Advisor, in connection with the purchase or sale, directly or indirectly, by the person of a Security Held or to be Acquired by the Fund to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employ any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) make any untrue statement of a material fact to the Fund or omit to state to the Fund a material fact
necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) engage in any act, practice or course of business that operates or would operate as a fraud or deceit
upon the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) engage in any manipulative practice with respect to the Fund.

Access Persons should also recognize that a violation of this Code or of Rule 17j-1 may result in the imposition of: (1) sanctions as provided by Section VII below; or (2) administrative, civil and, in certain cases, criminal fines, sanctions or penalties.

**Section IV Prohibited Transactions**

(A) Other than securities purchased or acquired by a fund affiliated with the Fund and pursuant to an exemptive order under Section 57(i) of the Act permitting certain types of co-investments, an Access Person may not purchase or otherwise acquire direct or indirect Beneficial Ownership of any Covered Security, and may not sell or otherwise dispose of any Covered Security in which he or she has direct or indirect Beneficial Ownership, if he or she knows or should know at the time of entering into the transaction that:

(1) the Fund has purchased or sold such Covered Security within the last 5 calendar days, or is purchasing or selling or intends to purchase or sell such Covered Security in the next 5 calendar days; or (2) the Advisor has within the last 5 calendar days considered purchasing or selling such Covered Security for the Fund or within the next 5 calendar days intends to consider purchasing or selling such Covered Security for the Fund.

(B) No Access Person may transact in a Covered Security without first obtaining preapproval from the Chief Compliance Officer of the Fund or his/her designee. Broad-based Securities as defined in Section II(**B**) are exempt from this preapproval requirement. From time to time, the Chief Compliance Officer of the Fund or the Adviser may exempt additional individual Covered Securities or categories of Covered Securities from this requirement.

(C) Access Persons of the Fund or the Advisor must obtain approval from the Fund or the Advisor, as the case may be, before directly or indirectly acquiring Beneficial Ownership in any securities in an Initial Public Offering or in a Limited Offering, except when such securities are acquired by a fund affiliated with the Fund and pursuant to an exemptive order under Section 57(i) of the Act permitting certain types of co-investments. Such approval must be obtained from the Chief Compliance Officer, unless he or she is the person seeking such approval, in which case it must be obtained from the President of the 17j-1 Organization.

(D) No Access Person shall recommend any transaction in any Covered Securities by the Fund without having disclosed to the Chief Compliance Officer his or her interest, if any, in such Covered Securities or the issuer thereof, including: the Access Person's Beneficial Ownership of any Covered Securities of such issuer, except when such securities transactions are to be made by a fund affiliated with the Fund and pursuant to an exemptive order under Section 57(i) of the Act permitting certain types of co-investments; any contemplated transaction by the Access Person in such Covered Securities; any position the Access Person has with such issuer; and any present or proposed business relationship between such issuer and the Access Person (or a party which the Access Person has a significant interest).

**Section V Reports by Access Persons**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Personal Securities Holdings Reports.

All Access Persons shall within 10 days of the date on which they become Access Persons, and thereafter, within 30 days after the end of each calendar year, disclose the title, number of shares and principal amount of all Covered Securities in which they have a direct or indirect Beneficial Ownership as of the date the person became an Access Person, in the case of such person's initial report, and as of the last day of the year, as to annual reports. Such report is hereinafter called a "Personal Securities Holdings Report." Each Personal Securities Holdings Report must also disclose the name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person or as of the last day of the year, as the case may be. Each Personal Securities Holdings Report shall state the date it is being submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Quarterly Transaction Reports.

Within 30 days after the end of each calendar quarter, each Access Person shall make a written report to the Chief Compliance Officer of all transactions occurring in the quarter in a Covered Security in which he or she had any direct or indirect Beneficial Ownership. Such report is hereinafter called a "Quarterly Securities Transaction Report." A Quarterly Securities Transaction Report shall be in the form approved by the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Independent Trustees.

Notwithstanding the reporting requirements set forth in this Section V, an Independent Trustee who would be required to make a report under this Section V solely by reason of being a trustee of the Fund is not required to file a Personal Securities Holding Report upon becoming a trustee of the Fund or annually thereafter. Such Independent Trustee also need not file a Quarterly Securities Transaction Report unless such trustee knew or, in the ordinary course of fulfilling his or her official duties as a trustee of the Fund, should have known that during the 15-day period immediately preceding or after the date of the transaction in a Covered Security by the trustee such Covered Security is or was purchased or sold by the Fund or the Fund or the Advisor considered purchasing or selling such Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Brokerage Accounts and Statements.

Access Persons, except Independent Trustees, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) instruct the brokers, dealers or banks with whom they maintain such an account to provide duplicate account
statements to the Chief Compliance Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) on an annual basis, certify that they have complied with the requirements of (1) above.

(E) Form of Reports.

A Quarterly Securities Transaction Report may consist of broker statements or other statements that provide a list of all personal Covered Securities holdings and transactions in the time period covered by the report and contain the information required in a Quarterly Securities Transaction Report.

(F) Responsibility to Report.

Access Persons will be informed of their obligations to report, however, it is the responsibility of each Access Person to take the initiative to comply with the requirements of this Section V. Any effort by the Fund, or by the Advisor and its affiliates, to facilitate the reporting process does not change or alter that responsibility. A person need not make a report hereunder with respect to transactions effected for, and Covered Securities held in, any account over which the person has no direct or indirect influence or control.

(G) Where to File Reports and Forms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) All Quarterly Securities Transaction Reports and Personal Securities Holdings Reports, as well as Private
Fund Securities and IPO Request and Reporting Forms, must be filed with the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Chief Compliance Officer may, from time to time, adopt new methods to submit all Quarterly Securities
Transaction Reports and Personal Securities Holdings Reports, as well as Private Fund Securities and IPO Request and Reporting Forms.
These new methods, which could include electronic submission of information equivalent to the information currently required under this
Code, will be deemed to satisfy the reporting obligations under this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) Disclaimers.

Any report required by this Section V may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect Beneficial Ownership in the Covered Security to which the report relates.

**Section VI Annual Certification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Access Persons.

Access Persons who are directors, trustees, managers, partners, officers or employees of the Fund or the Advisor shall be required to certify annually that they have read this Code, and that they understand the applicable code and recognize that they are subject to it. Further, such Access Persons shall be required to certify annually that they have complied with the requirements of this Code.

(B) Board Review.

No less frequently than annually, the Fund and the Advisor must furnish to the Fund's board of trustees, and the board must consider, a written report that: (A) describes any material issues arising under this Code or procedures since the last report to the board, including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to violations; and (B) certifies that the Fund or the Advisor, as applicable, has adopted procedures reasonably necessary to prevent Access Persons from violating the Code.

**Section VII Sanctions**

Any violation of this Code shall be subject to the imposition of such sanctions by the 17j-1 Organization as may be deemed appropriate under the circumstances to achieve the purposes of Rule 17j-1 and this Code. The sanctions to be imposed shall be determined by the board of trustees, including a majority of the Independent Trustees, provided, however, that with respect to violations by persons who are directors, managers, partners, officers or employees of the Advisor (or of a Fund that controls the Advisor), the sanctions to be imposed shall be determined by the Advisor (or the controlling person thereof). Sanctions may include, but are not limited to, suspension or termination of employment, a letter of censure and/or restitution of an amount equal to the difference between the price paid or received by the Fund and the more advantageous price paid or received by the offending person

Appendix A

<u>Section</u> <u>16 Individuals</u>

**CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND**

Dan Dufresne, President

John P. Calamos Sr., Global CIO

\*John S. Koudounis, Vice President

Jim Vos, Vice President

Tim Nest, Vice President

Josh Hemley, Vice President

Thomas Kiley, Vice President

Erik Ojala, Vice President and Secretary

Thomas E. Herman, Vice President and Chief Financial Officer

Walter MKelly, Chief Compliance Officer

Stephen Atkins, Treasurer

John Neal, Independent Trustee

Bjorn Forfang, Independent Trustee

Christopher M. Toub Trustee

**CALAMOS AKSIA PRIVATE EQUITY AND ALTERNATIVES FUND**

Dan Dufresne, President John P. Calamos, Global CIO

\*John S. Koudounis, Vice President

Jim Vos, Vice President

Kevin Hitchen, Vice President

Kyson Hawkins, Vice President

Thomas Kiley, Vice President

Erik D. Ojala, Vice President and Secretary

Thomas E. Herman, Vice President and Chief Financial Officer

Walter M Kelly, Chief Compliance Officer

Stephen Atkins, Treasurer

John Neal, Independent Trustee

Bjorn Forfang, Independent Trustee

Christopher M. Toub Trustee

**CALAMOS AKSIA HEDGED STRATEGIES FUND**

Dan Dufresne, President

John P. Calamos Sr., Global CIO

\*John S. Koudounis, Vice President

Jim Vos, Vice President

Brian Goldberg, Vice President

Joe Larucci, Vice President

Thomas Kiley, Vice President

Erik Ojala, Vice President and Secretary

Thomas E. Herman, Vice President and Chief Financial Officer

Walter M Kelly, Chief Compliance Officer

Stephen Atkins, Treasurer

John Neal, Independent Trustee

Bjorn Forfang, Independent Trustee

Christopher M. Toub Trustee

Appendix B– In-Scope Entities

This policy pertains to the entities and dates listed in the following tables.

Funds for U.S. Investors

---

| |
|:---|
| &nbsp;&nbsp;**Closed-End Fund Name** |
| &nbsp;&nbsp;Calamos Aksia Alternative Credit and Income Fund |
| &nbsp;&nbsp;Calamos Aksia Private Equity and Alternatives Fund |
| &nbsp;&nbsp;Calamos Aksia Hedged Strategies Fund |

---

*Table 2 - List of In-Scope U.S. Funds*

Adopted and Amended Dates

---

| |
|:---|
| &nbsp;&nbsp;Adopted: April 28, 2023 |
| &nbsp;&nbsp;Amended: February 20, 2025 |
| &nbsp;&nbsp;Amended: August 13, 2025 |
| &nbsp;&nbsp;Amended: March 31, 2026 |

---

*Table 3 - Dates*

## Ex-99.Cert

**Ex-99.CERT**

**<u>CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</u>**

I, Dan Dufresne, certify that:

1. I have reviewed this report on Form N-CSR of Calamos Aksia Alternative Credit and Income Fund;

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;(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;(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;

&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;(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;(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;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

Date: June 5, 2026

---

| | |
|:---|:---|
| By: | /s/ Dan Dufresne |
|  | Dan Dufresne |
|  | 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 Aksia Alternative Credit and Income Fund;

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;(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;(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;

&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;(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;(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;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

Date: June 5, 2026

---

| | |
|:---|:---|
| By: | /s/ Thomas E. Herman |
|  | Thomas E. Herman |
|  | Principal Financial Officer |

---

## Ex-99.(A)(3)(Ii)

**EX-99.(a)(3)(ii)**

**Proxy Voting Policies and Procedures**

**Calamos Aksia Alternative Credit and Income Fund**

**Calamos Aksia Private Equity and Alternatives Fund**

**Calamos Aksia Hedged Strategies Fund**

Amended: August 13, 2025

**<u>Introduction</u>**

Calamos<sup>1</sup>, as an investment adviser to the Advisory Clients (defined below), (including, in the case of Calamos Advisors LLC, the Calamos Aksia Alternative Credit and Income Fund,d Calamos Aksia Private Equity and Alternatives Fund<sup>2</sup>, and Calamos Aksia Hedged Strategies Fund (collectively "the Funds"), has adopted these proxy voting policies and procedures. They are reasonably designed to ensure that proxies of Advisory Clients are voted in the best interest of such Advisory clients, in accordance with Calamos Advisors' fiduciary duties and Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. Calamos recognizes the importance of maximizing and protecting the interests of its Advisory Clients through its voting practices.

Voting proxies on behalf of Advisory Clients is established by the advisory contracts or comparable documents between Calamos Advisors and each Advisory Client or otherwise pursuant to the delegation of proxy voting responsibilities by an Advisory Client (subject to the general oversight of such Advisory Client's board of trustees), and our proxy voting guidelines have been tailored to reflect these specific contractual and other obligations.

**<u>General Proxy Voting Guidelines</u>**

Calamos Advisors' proxy voting guidelines have been developed based on its years of experience with proxy voting and corporate governance issues. These guidelines have been reviewed by various members of Calamos Advisors' organization, including Portfolio Management, Legal, Compliance, and certain other Calamos Advisors' officers. Calamos reviews these proxy voting policies and procedures annually with the Board of Trustees of the Calamos Funds.

While Calamos Advisors has adopted guidelines for voting proxies as summarized below, Calamos Advisors may deviate from the guidelines when it determines that the particular facts and circumstances warrant such deviation to protect the interests of the applicable Advisory Clients. Each proxy and proposal will be considered based on the relevant facts and circumstances. The guidelines below are not intended to be an exhaustive list of all the issues that may arise nor can Calamos Advisors anticipate all future situations. Corporate governance issues are diverse and continually evolving, and Calamos Advisors monitors these changes.

<sup>1</sup> See Appendix A for a complete list of covered entities.

<sup>2</sup> Expected to launch as a '40 Act fund in 2Q2025

Two of the primary factors Calamos Advisors considers when determining the desirability of investing in a particular company on behalf of an Advisory Client is the quality and depth of that company's management. Accordingly, the recommendation of management on any issue is a factor that Calamos Advisors considers in determining how proxies should be voted. However, Calamos Advisors does not consider recommendations from management to be determinative of Calamos Advisors' voting decision in all cases. As a matter of practice, the votes with respect to most issues are cast in accordance with the recommendation of the company's management. Certain proposals, however, may be considered on their own merits, and Calamos Advisors will not support the position of a company's management in any situation where Calamos Advisors determines that the support of management's position would adversely affect the investment merits of owning that company's shares. To this end, certain types of ballot proposals are reviewed on a case-by-case basis. Such items generally include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mergers, acquisitions, reincorporation and reorganizations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shareholder rights plans / poison pills

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Severance compensation packages / golden parachutes

In addition, Calamos Advisors' proxy guidelines will defer to management's recommendations on the election of directors but will consider both meeting attendance and over-boarding when determining its vote.

**<u>Responsibility of Calamos Advisors to Vote Proxies</u>**

Calamos Advisors has assigned its administrative duties with respect to the proxy analysis and voting decisions to the "Proxy Group" (the Investment Team – research analysts and portfolio management), and administrative processing to its Corporate Actions Group ("Corporate Actions"), members of the Operations Department.

Calamos Advisors utilizes two vendors which provide distinct services relevant to Calamos Advisors' proxy duties. To assist it in analyzing proxies, Calamos Advisors subscribes to a supplementary, unaffiliated, third-party corporate proxy research service, Glass Lewis, which provides in-depth analyses of shareholder meeting agendas and vote recommendations. Glass Lewis facilitates the voting decision of each proxy by applying Calamos Advisors' custom proxy voting guidelines or rules ("custom policies") as described above. Said differently, Glass Lewis analyzes the ballot item and maps a vote for the ballot item based on Calamos Advisors' custom policies.

Calamos Advisors will generally follow its custom policies unless the Proxy Group and/or the Proxy Review Committee<sup>3</sup> determines that the Advisory Client's interests are best served by voting otherwise or unless otherwise directed by the Advisory Client.

Calamos Advisors also utilizes two systems owned by Broadridge to monitor and manage the processes associated with proxies: Proxy Edge and Proxy Disclosure. Proxy Edge receives the voting decisions from Glass Lewis and uses it to vote the ballots for Calamos Advisors. Proxy Edge provides the record keeping, voting, account administration and reporting for Calamos Advisors. Proxy Edge feeds meetings, agenda items and related votes by account to Proxy Disclosure which facilitates additional reporting as well as the annual N-PX filing for Calamos Advisors and the Calamos Funds.

<sup>3</sup> The Proxy Review Committee is comprised of representatives from Portfolio Management (which may include portfolio managers and/or research analysts employed by Calamos), Operations, and advisory, non-voting members from the Legal and Compliance Departments.

Proxy Edge systematically votes shares based on Calamos Advisors' custom policies. Unless a ballot contains a case-by-case proposal, a ballot is systematically voted based on the shares on holding reconciliation date (record date) or as soon as Glass Lewis has applied the Calamos Advisors custom policies to the ballot after that date. Calamos Advisors performs a reconciliation versus shares held at the custodian when the ballot is received by Proxy Edge. The shares from the custodian are continually updated on Proxy Edge based on account trade activity up until the record date.

Any ballot that includes one or more "proposals to be voted on a case-by-case" basis will not be systematically voted. All proposals on this type of ballot are manually voted. Proposals to be voted on a case-by-case basis are sent to the Proxy Group along with the written guidance and other relevant information produced by Glass Lewis to assist with the Proxy Group's analysis. Any named Portfolio Manager for a Calamos Fund or Calamos Advisors strategy may provide the voting instructions to the Proxy Group.

Based on the instruction provided by the Proxy Group, the Corporate Actions Group will process the Calamos Advisors votes on Proxy Edge, and Proxy Edge will then vote each proxy accordingly (unless otherwise directed by an Advisory Client).

Proxies are voted solely in the best interests of Calamos Advisors' clients; namely the Calamos Funds, separate account clients, and where employee benefit plan assets are involved, in the interests of the plan participants and beneficiaries (collectively, "Advisory Clients") that have properly delegated such responsibility to Calamos Advisors.

Corporate Actions is responsible for maintaining oversight of all facets of the proxy process as described above and including:

&nbsp;&nbsp;&nbsp;&nbsp;· overseeing account administration on both Broadridge systems (Proxy Edge and Proxy Disclosure);

&nbsp;&nbsp;&nbsp;&nbsp;· identifying potential conflicts of interest and reporting them to the Proxy Review Committee;

&nbsp;&nbsp;&nbsp;&nbsp;· consulting with the Proxy Group for the relevant portfolio security (and the Proxy Review Committee, if necessary);

&nbsp;&nbsp;&nbsp;&nbsp;· monitoring proxies to ensure Glass Lewis applies Calamos Advisors' custom policies to the ballot on a timely basis;

&nbsp;&nbsp;&nbsp;&nbsp;· ensuring proxies that have items to be voted on a case-by-case basis are voted as directed by the Proxy Group or Calamos Advisors'
custom policies, as needed;

&nbsp;&nbsp;&nbsp;&nbsp;· ensuring the voting process is timely;

&nbsp;&nbsp;&nbsp;&nbsp;· validating meetings by Fund in Proxy Disclosure and reconciling to Proxy Edge data;

&nbsp;&nbsp;&nbsp;&nbsp;· facilitating a timely filing of Calamos Advisors' and the Funds' annual Form N-PX through Proxy Disclosure; and

&nbsp;&nbsp;&nbsp;&nbsp;· maintaining proxy voting records.

**<u>Limitations Relating to Proxy Voting</u>**

**Securities Lending**. Certain Advisory Clients may participate in securities lending programs with various counterparties. Upon direction by the Portfolio Manager(s), if prior to record date, Corporate Actions will recall the portfolio securities held on loan to vote proxies on all shares held on the record date. Based on the timing of a Portfolio Manager's direction to recall shares from loan versus the record date of the meeting, there is no guarantee that any such security's shares can be retrieved in time to vote the proxy. The Portfolio Managers seek to balance the economic benefits of continuing to participate in an open securities lending transaction against the inability to vote proxies. As a result, Calamos Advisors generally will not recall portfolio securities to vote proxies.

**Securities of Foreign Issuers**. In certain foreign jurisdictions, the voting of proxies on portfolio securities may involve additional restrictions that may have an economic impact or cost to the security holder. We believe that in some instances the best interest of Advisory Clients is served by abstaining or not voting such proxies. Examples of issues unique to foreign securities include, but are not limited to, the following

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Share Blocking.** In certain non-U.S. jurisdictions, a security holder that votes a proxy is prohibited
from selling the security until the meeting for which the proxy has been voted is completed. This period of time may range from days to
weeks. Since this blocking of sales prevents the sale of a security regardless of market conditions and developments, Calamos Advisors
believes it increases risk. Therefore, it often may be in the best interests of our Advisory Clients not to vote such proxies. Whether
we vote such proxies will be determined on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Lack of Notice or Information.** Foreign regulations do not standardize the notification period for
a proxy vote. In some instances, the notice period is so short that Calamos Advisors we cannot research the issues presented. In instances
where there is insufficient notice to permit Calamos Advisors to cast a reasoned vote, Calamos Advisors will abstain from voting on particular
issues or to not vote at all.

**Additional Information Provided by Issuer Before Voting Deadline.** Glass Lewis has the ability to alert Calamos Advisors of any updates that were made to its analysis document for each meeting based on issuer feedback. Calamos Advisors must indicate its interest in the issuer meeting for Glass Lewis to know to alert Calamos Advisors of the new information. Calamos Advisors' indication of this interest is a manual process handled by accessing the original analysis document. Corporate Actions has created a process to help ensure Calamos Advisors' interest in certain meetings is properly communicated to Glass Lewis.

**<u>Conflicts of Interest</u>**

Directors and employees of Calamos Advisors, including the Proxy Group, are sensitive to the possibility that their interests may conflict with the interests of Calamos Advisors' Advisory Clients.

&nbsp;&nbsp;&nbsp;&nbsp;A. **Identification of Conflicts of Interest.** Conflicts of interest can arise in situations where:

&nbsp;&nbsp;&nbsp;&nbsp;· The issuer is a client of Calamos Advisors or its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;· The issuer is a vendor whose products or services are material or significant to the business of Calamos
Advisors or its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;· The issuer is an entity participating, or which may participate, in the distribution of investment products<sup>4</sup>
advised, sub-advised, administered, or sponsored by Calamos Advisors or its affiliates

&nbsp;&nbsp;&nbsp;&nbsp;· An employee of Calamos Advisors or its affiliates also serves as a director or officer of the issuer (Calamos
Advisors does not generally allow its employees to serve on the board of a public company);

<sup>4</sup> e.g., a broker, dealer, investment adviser, or bank.

&nbsp;&nbsp;&nbsp;&nbsp;· A director of Calamos Asset Management, Inc., the sole managing member of Calamos Investments LLC
(Calamos Advisors' parent) or a Trustee of the Calamos Funds, also serves as an officer or director of the issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;· The issuer is a Calamos proprietary product, e.g. a Calamos closed-end fund.

&nbsp;&nbsp;&nbsp;&nbsp;· In the event of Rule 12d1-4 conflicts, a Calamos Fund and its affiliates must vote their respective
securities in a non-Calamos "Acquired" Fund in the same proportion as the vote of all other holders of such securities under
certain circumstances.<sup>5</sup>

Even while a proxy may involve an entity with which a relationship exists, generally the matters put to vote do not cause a conflict of interest between Calamos Advisors and its Advisory Clients.

Potential conflicts of interest are identified based upon analyses of client, broker and vendor lists, information periodically gathered from directors and officers, and information derived from other sources, including public filings relative to the matters for which the Company is seeking shareholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. **Resolution of Conflicts of Interest.** Calamos
Advisors will generally apply its custom policies to proxy matters regardless of whether a conflict has been identified. However, where
a conflict has been identified, the Proxy Group will refer the matter, along with the recommended course of action (based on Calamos Advisors'
custom policies), if any, to the Proxy Review Committee <sup>6</sup> for evaluation. The Proxy Review Committee will independently
review such proxies, determine the appropriate action to be taken which in limited circumstances includes sending the proxy directly to
the relevant Advisory Clients for approval, along with a recommendation regarding the vote. To the extent the shares have been systematically
voted and the Proxy Committee decides to vote differently than its custom policies, Corporate Actions will manually change the vote within
Proxy Edge so long as the vote deadline has not already passed. In cases where the vote deadline has already passed, such vote cannot
be changed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. **Records of Corporate Actions.** Corporate Actions with a representative from Legal will prepare a
Conflicts Report for each situation where a conflict of interest is identified. The Conflict Report (1) describes any conflict of
interest; (2) discusses the procedures used to address such conflict of interest; and (3) discloses any contacts from parties
outside Calamos Advisors (other than routine communications from proxy solicitors) with respect to the proposal not otherwise reported.
The Conflicts Report will also include written confirmation that any recommendation provided was made solely on the investment merits in the best interests of
Advisory Clients and without regard to any other consideration.

<sup>5</sup> To the extent a Calamos Fund and its affiliates in the aggregate hold more than 25% of outstanding voting securities of a non-Calamos Acquired fund that is a registered open-end fund or unit investment trust as a result of a decrease in the outstanding voting securities of the non-Calamos fund or the Calamos Fund and its affiliates in the aggregate hold more than 10% of the outstanding voting securities of a non-Calamos Closed-end fund or business development company, the Calamos Fund and its affiliates must mirror or echo vote (i.e., vote their respective securities in the same proportion as the vote of all other holders of such securities; provided, however, that in circumstances where all holders of the outstanding voting securities of the Acquired Fund are required to mirror or echo vote, the Calamos Fund and its affiliates will seek instructions from shareholders with regard to the voting of all proxies with respect to such Acquired Fund and vote such proxies only in accordance with such instructions. See also Procedures for Compliance with Section 12(d)(1), Related Rules and Exemptive Orders.

**<u>Record Retention and Disclosure</u>**

&nbsp;&nbsp;&nbsp;&nbsp;A. **Record Retention.** Calamos Advisors shall be responsible for collecting and maintaining proxy related
information on each vote cast as required by applicable law. Such information shall include (i) the name of the shareholder whose
proxy is being voted; (ii) the name of the company; (iii) the exchange ticker symbols of the company; (iv) Security Identifier;
(v) proxy statements; (vi) shareholder meeting date; (vii) brief identification of the matter voted on; (viii) whether
the matter was proposed by the company or by a security holder; (ix) whether a vote was cast on the matter; (x) how the vote
was cast (e.g., for or against proposal, or abstained, for or withheld regarding election of directors); (xi) whether the vote was

needed by the Committee to make a voting determination. The above information shall be maintained in an easily accessible place for a
period of not less than six years from the end of the fiscal year in which the information was created, with the first two years in an
appropriate office of Calamos Advisors unless record retention is outsourced.

&nbsp;&nbsp;&nbsp;&nbsp;B. **Disclosure.** Calamos Advisors shall be responsible for appropriately disclosing proxy voting information,
including these policies and procedures, the voting guidelines and the voting records as may be required by applicable law. Corporate
Actions, in conjunction with Legal will file all required SEC Forms N-PX, on a timely basis with respect to itself and its investment
company clients, disclose that its proxy voting record is available on the web site, and will make available the information disclosed
in its investment company clients' Forms N-PX as soon as is reasonable practicable after filing such Forms N-PX with the SEC, and
will, upon request, furnish a copy of the proxy policies and procedures to any requesting Advisory Client. Corporate Actions, in conjunction
with Legal will ensure that all required disclosure about proxy voting of the investment company clients is made in such clients' financial
statements and disclosure documents.

**<u>Calamos Advisors' Reports to the Calamos Funds' Boards and Non-Investment Company Advisory</u>**  **<u>Clients</u>**

Corporate Actions shall provide proxy information to each Board of Trustees of the Calamos Funds as such Boards may request from time to time.

For non-investment company Advisory Clients of Calamos Advisors, Corporate Actions shall appropriately respond in writing to all written client requests for information on how it voted on behalf of the client. Such written request along with the written response shall be maintained in an easily accessible place for a period of not less than five years from the end of the fiscal year, with the first two years in an appropriate office of Calamos Advisors.

**Appendix A – In-Scope Entities**

This policy pertains to the entities listed in the following tables. Companies

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Company name** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;Calamos Advisors LLC | &nbsp;&nbsp;U.S. Investment Adviser |

---

*Table 1 - List of In-Scope Companies*

---

| |
|:---|
| &nbsp;&nbsp;**Closed-End Fund Name** |
| &nbsp;&nbsp;Calamos Aksia Alternative Credit and Income Fund |
| &nbsp;&nbsp;Calamos Aksia Private Equity and Alternatives Fund |
| &nbsp;&nbsp;Calamos Aksia Hedged Strategies Fund |

---

*Table 2 - List of In-Scope U.S. Funds*

Revision Date

---

| |
|:---|
| &nbsp;&nbsp;**Date** |
| &nbsp;&nbsp;Adopted: September 5, 2023 |
| &nbsp;&nbsp;Amended: November 21, 2024 |
| &nbsp;&nbsp;Amended: February 20, 2025 |
| &nbsp;&nbsp;Amended: August 13, 2025 |

---

*Table 3 – List of Revision Dates for Policy*

## Exhibit 99.906

**EX-99.906CERT**

**SECTION 906 CERTIFICATION**

Pursuant to 18 U.S.C. Section 1350, each of the undersigned officers of Calamos Aksia Alternative Credit and Income Fund (the "Company"), hereby certifies, to his knowledge, that the Company's Report on Form N-CSR for the period ended March 31, 2026 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: June 5, 2026

---

| | | |
|:---|:---|:---|
| By: | /s/ Dan Dufresne | /s/ Dan Dufresne |
|  | Name: | Dan Dufresne |
|  | Title: | Principal Executive Officer |
| By: | /s/ Thomas E. Herman | /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 Aksia Alternative Credit and Income Fund and will be retained by Calamos Aksia Alternative Credit and Income Fund and furnished to the Securities and Exchange Commission or staff upon request.