Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
1
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
CONVERTIBLE
BONDS
(39.4%)
Communication
Services
(3.0%)
AST
SpaceMobile,
Inc.*
8,000,000
4.250%,
03/01/32~
$
34,616,480
15,000,000
2.375%,
10/15/32
27,343,350
15,036,000
2.000%,
01/15/36
20,556,317
7,500,000
Bandwidth,
Inc.~
0.500%,
04/01/28
6,619,725
7,500,000
IMAX
Corp.*
0.750%,
11/15/30
8,023,425
37,190,000
JD.com,
Inc.~
0.250%,
06/01/29
37,543,305
Live
Nation
Entertainment,
Inc.
15,000,000
3.125%,
01/15/29~
22,121,400
5,996,000
2.875%,
01/15/30^
6,375,787
15,000,000
2.875%,
10/15/31*
14,977,650
Lyft,
Inc.
6,000,000
0.625%,
03/01/29^
6,788,100
20,000,000
0.000%,
09/15/30*
21,144,800
21,845,000
MakeMyTrip
Ltd.*
0.000%,
07/01/30
20,110,289
15,000,000
Match
Group
Financeco
2,
Inc.*~
0.875%,
06/15/26
14,841,750
40,000,000
Match
Group
Financeco
3,
Inc.*~
2.000%,
01/15/30
36,110,000
66,589,000
Sea
Ltd.~
0.250%,
09/15/26
64,911,623
Snap,
Inc.
8,952,000
0.500%,
05/01/30
7,720,652
24,076,000
0.125%,
03/01/28~
22,089,248
10,383,000
Sphere
Entertainment
Co.
3.500%,
12/01/28
28,695,497
25,000,000
Trip.com
Group
Ltd.~
0.750%,
06/15/29
28,376,750
15,000,000
TripAdvisor,
Inc.~
0.250%,
04/01/26
14,892,600
27,000,000
Uber
Technologies,
Inc.
Series
2028^
0.875%,
12/01/28
34,598,070
4,000,000
Weibo
Corp.
1.375%,
12/01/30
4,738,360
15,000,000
Xiaomi
Best
Time
International
Ltd.*
0.000%,
12/17/27
16,818,900
20,000,000
Ziff
Davis,
Inc.
1.750%,
11/01/26
19,639,000
519,653,078
Consumer
Discretionary
(7.5%)
106,893,000
Airbnb,
Inc.~
0.000%,
03/15/26
106,339,294
175,000,000
Alibaba
Group
Holding
Ltd.^
0.500%,
06/01/31
308,022,750
8,000,000
Cheesecake
Factory,
Inc.*^
2.000%,
03/15/30
8,438,400
7,000,000
Cracker
Barrel
Old
Country
Store,
Inc.*
1.750%,
09/15/30
5,629,750
PRINCIPAL
AMOUNT
a
a
VALUE
a
15,000,000
EUR
Delivery
Hero
SE*
1.500%,
01/15/28
$
16,896,032
75,000,000
DoorDash,
Inc.*~
0.000%,
05/15/30
75,170,250
55,500,000
DraftKings
Holdings,
Inc.^~
0.000%,
03/15/28
50,541,075
Etsy,
Inc.
10,000,000
1.000%,
06/15/30*^
10,000,800
50,000,000
0.250%,
06/15/28~
45,035,500
20,000,000
0.125%,
10/01/26~
20,115,000
18,500,000
Farfetch
Ltd.@
0.000%,
05/01/27
161,320
12,500,000
Ford
Motor
Co.~
0.000%,
03/15/26
13,254,625
GameStop
Corp.*
20,000,000
0.000%,
04/01/30
21,609,000
90,000,000
0.000%,
06/15/32~
97,248,600
6,500,000
Groupon,
Inc.*
6.250%,
03/15/27
6,562,985
15,000,000
Guess?,
Inc.~
3.750%,
04/15/28
14,992,650
5,000,000
LCI
Industries
1.125%,
05/15/26
5,067,700
10,000,000
Liberty
Broadband
Corp.
(Charter
Communications)*~§
3.125%,
03/31/53
9,955,100
Lucid
Group,
Inc.*
15,000,000
7.000%,
11/01/31
11,904,450
55,000,000
5.000%,
04/01/30~
32,161,250
4,000,000
Luminar
Technologies,
Inc.*@
0.000%,
12/15/26
285,360
10,000,000
Marriott
Vacations
Worldwide
Corp.^~
3.250%,
12/15/27
9,629,400
35,972,000
NCL
Corp.
Ltd.*^~
0.750%,
09/15/30
35,102,197
NIO,
Inc.
15,000,000
4.625%,
10/15/30
13,510,650
25,000,000
3.875%,
10/15/29~
23,677,250
12,500,000
Peloton
Interactive,
Inc.
5.500%,
12/01/29
19,549,500
Rivian
Automotive,
Inc.~
30,500,000
4.625%,
03/15/29
32,251,615
62,000,000
3.625%,
10/15/30^
58,906,820
10,245,000
Shake
Shack,
Inc.~
0.000%,
03/01/28
9,777,931
25,833,000
Stride,
Inc.~
1.125%,
09/01/27
43,421,656
Wayfair,
Inc.~
49,675,000
3.500%,
11/15/28
116,944,388
25,555,000
3.250%,
09/15/27
43,893,779
7,029,000
Wynn
Macau
Ltd.*
4.500%,
03/07/29
7,140,199
1,273,197,276
Consumer
Staples
(0.3%)
6,472,000
Beyond
Meat,
Inc.
7.000%,
10/15/30
4,801,836
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
2
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
11,000,000
Hertz
Corp.*
5.500%,
10/01/30
$
8,483,310
10,000,000
Oddity
Finance
LLC*
0.000%,
06/15/30
8,320,500
8,000,000
Oscar
Health,
Inc.*
2.250%,
09/01/30
7,991,520
15,000,000
Post
Holdings,
Inc.^~
2.500%,
08/15/27
16,509,000
7,000,000
Spectrum
Brands,
Inc.
3.375%,
06/01/29
6,777,540
52,883,706
Energy
(0.4%)
15,000,000
Chesapeake
Energy
Corp.
0.000%,
09/15/26
60,000
10,000,000
Energy
Fuels,
Inc.*
0.750%,
11/01/31
13,711,500
20,000,000
EUR
Eni
SpA
Series
ENI*
2.950%,
09/14/30
26,215,428
12,500,000
Eos
Energy
Enterprises,
Inc.*
1.750%,
12/01/31
14,775,875
5,000,000
Golar
LNG
Ltd.*^
2.750%,
12/15/30
5,051,500
9,000,000
Northern
Oil
&
Gas,
Inc.~
3.625%,
04/15/29
9,164,800
6,000,000
World
Kinect
Corp.
3.250%,
07/01/28
6,813,240
75,792,343
Financials
(2.2%)
37,500,000
BofA
Finance
LLC
(Merck
&
Co.,
Inc.)~§
0.600%,
05/25/27
42,001,125
10,000,000
Boston
Properties
LP*
2.000%,
10/01/30
9,536,400
7,500,000
Cleanspark,
Inc.*
0.000%,
02/15/32
6,310,275
Coinbase
Global,
Inc.~
27,500,000
0.500%,
06/01/26
27,244,800
45,468,000
0.250%,
04/01/30
44,685,496
25,000,000
0.000%,
10/01/29*^
22,536,750
36,205,000
0.000%,
10/01/32*^
30,938,258
14,808,000
Euronet
Worldwide,
Inc.*
0.625%,
10/01/30
13,327,496
11,000,000
Federal
Realty
OP
LP*~
3.250%,
01/15/29
11,132,330
42,416,000
Global
Payments,
Inc.
1.500%,
03/01/31
37,592,028
100,000,000
HKD
Happy
Ever
Holdings
Ltd.*
0.500%,
07/16/30
13,201,188
75,000,000
HKD
Link
CB
Ltd.*
4.500%,
12/12/27
9,758,900
20,000,000
Ping
An
Insurance
Group
Co.
of
China
Ltd.*
0.875%,
07/22/29
35,996,600
Rexford
Industrial
Realty
LP*
7,500,000
4.375%,
03/15/27~
7,521,375
7,500,000
4.125%,
03/15/29
7,534,575
5,000,000
Starwood
Property
Trust,
Inc.~
6.750%,
07/15/27
5,193,900
PRINCIPAL
AMOUNT
a
a
VALUE
a
15,060,000
Upstart
Holdings,
Inc.*
0.000%,
02/15/32
$
12,051,012
15,000,000
Ventas
Realty
LP~
3.750%,
06/01/26
21,290,100
WisdomTree,
Inc.
4,000,000
4.625%,
08/15/30*
4,671,320
4,000,000
3.250%,
08/15/29
5,885,400
368,409,328
Health
Care
(2.9%)
12,401,000
Alnylam
Pharmaceuticals,
Inc.*~
0.000%,
09/15/28
11,599,399
10,000,000
Amphastar
Pharmaceuticals,
Inc.
2.000%,
03/15/29
9,352,600
13,744,000
Arrowhead
Pharmaceuticals,
Inc.
0.000%,
01/15/32
15,488,801
Bridgebio
Pharma,
Inc.
5,000,000
2.250%,
02/01/29~
5,687,650
7,500,000
0.750%,
02/01/33*
7,661,250
27,500,000
CONMED
Corp.~
2.250%,
06/15/27
26,680,225
30,000,000
Dexcom,
Inc.~
0.375%,
05/15/28
28,073,400
5,000,000
Envista
Holdings
Corp.
1.750%,
08/15/28
4,854,350
Exact
Sciences
Corp.
19,923,000
2.000%,
03/01/30*
27,695,959
9,962,000
1.750%,
04/15/31*
12,256,049
23,168,000
0.375%,
03/01/28
23,945,286
10,000,000
Haemonetics
Corp.^
2.500%,
06/01/29
9,861,400
Halozyme
Therapeutics,
Inc.
10,816,000
1.000%,
08/15/28^
15,134,072
23,190,000
0.875%,
11/15/32*
24,389,155
23,190,000
0.000%,
02/15/31*~
23,927,442
14,589,000
Hims
&
Hers
Health,
Inc.*
0.000%,
05/15/30
12,236,961
10,000,000
Innoviva,
Inc.~
2.125%,
03/15/28
10,342,000
13,276,000
Integer
Holdings
Corp.*~
1.875%,
03/15/30
12,698,096
Ionis
Pharmaceuticals,
Inc.
12,366,000
1.750%,
06/15/28~
20,316,843
17,238,000
0.000%,
12/01/30*
19,099,876
5,000,000
IRhythm
Holdings,
Inc.
1.500%,
09/01/29
6,341,100
Jazz
Investments
I
Ltd.~
32,500,000
3.125%,
09/15/30
42,516,175
15,000,000
2.000%,
06/15/26
16,581,900
5,000,000
Lantheus
Holdings,
Inc.~
2.625%,
12/15/27
5,721,500
5,000,000
Ligand
Pharmaceuticals,
Inc.*
0.750%,
10/01/30
5,982,800
10,000,000
Merit
Medical
Systems,
Inc.*^~
3.000%,
02/01/29
11,590,900
6,500,000
Pacira
BioSciences,
Inc.
2.125%,
05/15/29
6,175,390
15,000,000
Sarepta
Therapeutics,
Inc.~
1.250%,
09/15/27
13,556,400
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
3
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
12,500,000
SmileDirectClub,
Inc.*@
0.000%,
02/01/26
$
2,250
8,550,000
Tandem
Diabetes
Care,
Inc.
Series
2024^
1.500%,
03/15/29
8,676,968
16,250,000
Teladoc
Health,
Inc.^~
1.250%,
06/01/27
15,582,775
14,219,000
Tempus
AI,
Inc.*
0.750%,
07/15/30
15,436,289
30,000,000
Zoetis,
Inc.*
0.250%,
06/15/29
30,696,600
500,161,861
Industrials
(2.1%)
6,489,000
AeroVironment,
Inc.^
0.000%,
07/15/30
7,672,788
Bloom
Energy
Corp.~
11,000,000
3.000%,
06/01/28
88,351,780
35,000,000
0.000%,
11/15/30*
39,513,950
25,902,000
BWX
Technologies,
Inc.*
0.000%,
11/01/30
26,857,007
12,500,000
Fluor
Corp.^
1.125%,
08/15/29
15,474,250
7,000,000
Granite
Construction,
Inc.~
3.750%,
05/15/28
18,606,210
6,600,000
Greenbrier
Cos.,
Inc.~
2.875%,
04/15/28
7,482,750
JBT
Marel
Corp.
14,795,000
0.375%,
09/15/30*
15,907,436
20,000,000
0.250%,
05/15/26~
20,627,400
7,500,000
Joby
Aviation,
Inc.††
0.750%,
02/15/32
7,687,350
1,000,000,000
JPY
Nikkon
Holdings
Co.
Ltd.*
0.000%,
12/12/31
11,721,956
10,000,000
OSI
Systems,
Inc.*
0.500%,
02/01/31
9,931,600
10,000,000
EUR
Rheinmetall
AG
Series
B*
2.250%,
02/07/30
68,057,082
4,000,000
Stem,
Inc.*~
0.500%,
12/01/28
1,624,600
10,000,000
Upwork,
Inc.~
0.250%,
08/15/26
9,810,800
349,326,959
Information
Technology
(14.8%)
10,000,000
Advanced
Energy
Industries,
Inc.~
2.500%,
09/15/28
19,432,200
Akamai
Technologies,
Inc.~
45,000,000
1.125%,
02/15/29^
47,203,650
48,500,000
0.375%,
09/01/27
51,626,795
23,422,000
0.250%,
05/15/33*
28,436,416
20,000,000
Alarm.com
Holdings,
Inc.^
2.250%,
06/01/29
18,971,400
14,956,000
Alkami
Technology,
Inc.*
1.500%,
03/15/30
14,863,123
10,000,000
Avnet,
Inc.*
1.750%,
09/01/30
10,850,700
48,390,000
Bill
Holdings,
Inc.
0.000%,
04/01/30
43,384,055
PRINCIPAL
AMOUNT
a
a
VALUE
a
39,921,000
BlackLine,
Inc.^
1.000%,
06/01/29
$
39,944,154
Block,
Inc.^~
20,000,000
0.250%,
11/01/27
18,598,200
41,000,000
0.000%,
05/01/26
40,561,710
11,951,000
Box,
Inc.
1.500%,
09/15/29
11,293,097
5,000,000
Camtek
Ltd.*
0.000%,
09/15/30
7,435,550
20,000,000
Check
Point
Software
Technologies
Ltd.*
0.000%,
12/15/30
19,745,400
22,895,000
Cipher
Mining,
Inc.*~
0.000%,
10/01/31
29,387,335
Cloudflare,
Inc.~
50,000,000
0.000%,
08/15/26
54,946,500
25,000,000
0.000%,
06/15/30*
26,268,000
25,000,000
Commvault
Systems,
Inc.*^~
0.000%,
09/15/30
21,112,750
30,000,000
Confluent,
Inc.~
0.000%,
01/15/27
29,431,800
29,963,000
CSG
Systems
International,
Inc.~
3.875%,
09/15/28
36,439,802
30,000,000
CyberArk
Software
Ltd.*~
0.000%,
06/15/30
31,579,200
15,000,000
Datadog,
Inc.^
0.000%,
12/01/29
14,781,900
29,882,000
Dayforce,
Inc.
0.250%,
03/15/26
29,723,625
7,000,000
DigitalOcean
Holdings,
Inc.*^
0.000%,
08/15/30
11,243,120
Dropbox,
Inc.~
23,000,000
0.000%,
03/01/26
22,916,280
27,750,000
0.000%,
03/01/28
27,599,318
Enphase
Energy,
Inc.~
20,000,000
0.000%,
03/01/26
19,932,600
16,000,000
0.000%,
03/01/28^
14,232,800
32,046,000
Five9,
Inc.
1.000%,
03/15/29
28,968,943
15,000,000
Guidewire
Software,
Inc.^
1.250%,
11/01/29
14,575,200
10,000,000
InterDigital,
Inc.^~
3.500%,
06/01/27
42,679,400
IREN
Ltd.*
4,000,000
Series
IREN,
3.500%,
12/15/29
16,408,560
40,000,000
0.250%,
06/01/32
48,832,000
10,770,000
0.000%,
07/01/31~
9,965,696
Itron,
Inc.~
25,000,000
1.375%,
07/15/30
26,653,000
10,800,000
0.000%,
03/15/26
10,738,656
15,000,000
Jamf
Holding
Corp.~
0.125%,
09/01/26
14,918,850
8,000,000
Lenovo
Group
Ltd.*
2.500%,
08/26/29
9,621,360
Lumentum
Holdings,
Inc.
10,000,000
1.500%,
12/15/29
56,511,000
12,000,000
0.500%,
12/15/26~
47,353,200
30,000,000
0.375%,
03/15/32*~
68,120,700
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
4
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
MARA
Holdings,
Inc.
7,000,000
2.125%,
09/01/31
$
6,114,640
17,000,000
0.000%,
03/01/30^
14,261,640
20,000,000
0.000%,
08/01/32*
14,775,800
20,000,000
Microchip
Technology,
Inc.
0.750%,
06/01/30
20,583,200
Mirion
Technologies,
Inc.*^
4,000,000
0.250%,
06/01/30
5,186,320
7,500,000
0.000%,
10/01/31
8,418,000
15,000,000
MKS,
Inc.^
1.250%,
06/01/30
25,306,200
Nebius
Group
NV*
40,048,000
2.750%,
09/15/32~
38,932,663
16,605,000
1.000%,
09/15/30
16,650,000
10,000,000
Nova
Ltd.*
0.000%,
09/15/30
16,135,300
Nutanix,
Inc.
34,903,000
0.500%,
12/15/29
31,766,965
8,960,000
0.250%,
10/01/27^~
9,223,424
ON
Semiconductor
Corp.~
50,000,000
0.500%,
03/01/29^
48,948,500
25,000,000
0.000%,
05/01/27
31,744,500
17,466,000
PagerDuty,
Inc.
1.500%,
10/15/28
16,384,855
8,000,000
Pitney
Bowes,
Inc.*
1.500%,
08/15/30
7,918,560
12,500,000
Progress
Software
Corp.~
1.000%,
04/15/26
12,426,250
17,465,000
Rapid7,
Inc.
1.250%,
03/15/29
15,962,137
41,100,000
RingCentral,
Inc.~
0.000%,
03/15/26
40,872,306
25,404,000
Rubrik,
Inc.*
0.000%,
06/15/30
22,908,057
20,000,000
Seagate
HDD
Cayman~
3.500%,
06/01/28
99,595,400
5,000,000
Semtech
Corp.*
0.000%,
10/15/30
5,637,500
21,493,000
Shift4
Payments,
Inc.
0.500%,
08/01/27
20,688,517
Snowflake,
Inc.
65,000,000
0.000%,
10/01/27^~
88,359,050
2,500,000
0.000%,
10/01/29
3,522,725
110,000,000
Spotify
USA,
Inc.~
0.000%,
03/15/26
111,628,000
Strategy,
Inc.
42,500,000
2.250%,
06/15/32^~
47,413,000
22,500,000
0.875%,
03/15/31
23,200,650
26,000,000
0.625%,
03/15/30
32,896,500
72,000,000
0.000%,
12/01/29
60,608,880
Super
Micro
Computer,
Inc.
55,000,000
3.500%,
03/01/29
50,699,550
40,000,000
0.000%,
06/15/30*
34,490,800
7,000,000
Synaptics,
Inc.^
0.750%,
12/01/31
7,918,260
Terawulf,
Inc.*
8,123,000
1.000%,
09/01/31
10,753,390
10,000,000
0.000%,
05/01/32
9,535,100
PRINCIPAL
AMOUNT
a
a
VALUE
a
Unity
Software,
Inc.
44,350,000
0.000%,
11/15/26~
$
43,058,085
2,373,000
0.000%,
03/15/30*^
2,683,744
5,000,000
Vertex,
Inc.
0.750%,
05/01/29
4,695,800
10,000,000
Vishay
Intertechnology,
Inc.
2.250%,
09/15/30
10,106,400
40,000,000
Western
Digital
Corp.~
3.000%,
11/15/28
265,258,400
16,500,000
Wix.com
Ltd.*
0.000%,
09/15/30
14,238,180
Workiva,
Inc.
17,862,000
1.250%,
08/15/28
17,293,095
7,516,000
1.125%,
08/15/26
8,244,827
15,000,000
Xerox
Holdings
Corp.
3.750%,
03/15/30
4,670,850
15,000,000
Zscaler,
Inc.*
0.000%,
07/15/28
13,956,450
2,532,960,515
Materials
(0.5%)
15,000,000
Amyris,
Inc.@
0.000%,
11/15/26
64,200
15,000,000
Centrus
Energy
Corp.*~
0.000%,
08/15/32
21,856,350
4,071,000
First
Majestic
Silver
Corp.*
0.125%,
01/15/31
5,184,704
10,000,000
MP
Materials
Corp.*~
3.000%,
03/01/30
28,343,700
10,000,000
Stillwater
Mining
Co.*
4.250%,
11/28/28
34,526,200
89,975,154
Other
(0.4%)
30,000,000
CoreWeave,
Inc.*
1.750%,
12/01/31
34,521,000
15,000,000
Ramaco
Resources,
Inc.
0.000%,
11/01/31
13,592,100
8,000,000
Sunnova
Energy
Corp.
0.000%,
02/15/28
24,640
12,500,000
Voyager
Technologies,
Inc.*
0.750%,
11/15/30
15,574,125
63,711,865
Real
Estate
(0.5%)
12,467,000
Compass,
Inc.*
0.250%,
04/15/31
13,442,169
11,254,000
Digital
Realty
Trust
LP*
1.875%,
11/15/29
11,668,710
10,000,000
Realty
Income
Corp.*^
3.500%,
01/15/29
10,208,600
Welltower
OP
LLC*
9,082,000
3.125%,
07/15/29
13,860,131
20,000,000
2.750%,
05/15/28~
39,589,400
88,769,010
Utilities
(4.8%)
Alliant
Energy
Corp.~
25,000,000
3.875%,
03/15/26
25,993,750
15,000,000
3.250%,
05/30/28*
15,434,400
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
5
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
50,000,000
American
Water
Capital
Corp.^~
3.625%,
06/15/26
$
49,913,000
CenterPoint
Energy,
Inc.~
25,000,000
4.250%,
08/15/26
27,895,250
25,000,000
3.000%,
08/01/28*
25,626,500
CMS
Energy
Corp.
15,040,000
3.375%,
05/01/28^~
16,263,655
15,000,000
3.125%,
05/01/31*
14,909,850
65,000,000
Duke
Energy
Corp.~
4.125%,
04/15/26
67,551,250
60,000,000
Evergy,
Inc.^~
4.500%,
12/15/27
76,249,200
30,000,000
Exelon
Corp.*^
3.250%,
03/15/29
30,120,600
55,000,000
FirstEnergy
Corp.*~
3.875%,
01/15/31
60,827,250
40,000,000
NextEra
Energy
Capital
Holdings,
Inc.^~
3.000%,
03/01/27
53,260,000
12,752,000
PG&E
Corp.~
4.250%,
12/01/27
12,999,771
10,000,000
Pinnacle
West
Capital
Corp.
4.750%,
06/15/27
10,938,100
PPL
Capital
Funding,
Inc.
30,000,000
3.000%,
12/01/30*
30,381,900
42,922,000
2.875%,
03/15/28~
48,417,733
65,932,000
Southern
Co.*~
3.250%,
06/15/28
66,062,545
24,919,000
TXNM
Energy,
Inc.
5.750%,
06/01/54
33,600,281
20,000,000
UGI
Corp.^
5.000%,
06/01/28
30,313,800
WEC
Energy
Group,
Inc.
35,000,000
4.375%,
06/01/27~
40,730,900
40,000,000
4.375%,
06/01/29~
47,957,200
35,000,000
3.375%,
06/01/28*
35,917,700
821,364,635
TOTAL
CONVERTIBLE
BONDS
(Cost
$5,730,266,725)
6,736,205,730
CORPORATE
BONDS
(0.2%)
Consumer
Discretionary
(0.1%)
5,000,000
AutoZone,
Inc.~
5.050%,
07/15/26
5,026,050
Energy
(0.0%)
3,000,000
Williams
Cos.,
Inc.~
5.400%,
03/02/26
3,004,020
Financials
(0.0%)
5,000,000
PayPal
Holdings,
Inc.^~
2.650%,
10/01/26
4,962,650
Health
Care
(0.0%)
5,000,000
CVS
Health
Corp.~
5.000%,
02/20/26
4,997,900
PRINCIPAL
AMOUNT
a
a
VALUE
a
Information
Technology
(0.1%)
3,500,000
Broadridge
Financial
Solutions,
Inc.~
3.400%,
06/27/26
$
3,493,245
5,900,393
LivePerson,
Inc.*
10.000%,
12/15/29
3,245,216
5,000,000
Take-Two
Interactive
Software,
Inc.~
5.000%,
03/28/26
5,007,350
4,088,481
Wolfspeed,
Inc.
7.000%,
06/15/31
3,339,676
15,085,487
TOTAL
CORPORATE
BONDS
(Cost
$44,569,351)
33,076,107
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(61.4%)
Communication
Services
(7.2%)
889,670
Alphabet,
Inc.
-
Class
A~
300,708,460
923,941
Alphabet,
Inc.
-
Class
C~
312,781,747
967,269
AT&T,
Inc.
25,352,120
792,992
Comcast
Corp.
-
Class
A
23,591,512
131,377
Electronic
Arts,
Inc.
26,790,398
143,339
Fox
Corp.
-
Class
A^
10,432,212
178,590
Match
Group,
Inc.
5,563,079
371,624
Meta
Platforms,
Inc.
-
Class
A~
266,268,596
797,914
Netflix,
Inc.#
66,617,840
2,224,611
TEGNA,
Inc.
42,623,547
127,732
T-Mobile
U.S.,
Inc.
25,190,028
454,568
Uber
Technologies,
Inc.#
36,388,168
738,139
Verizon
Communications,
Inc.~
32,861,948
358,024
Walt
Disney
Co.~
40,385,107
181,993
Warner
Bros
Discovery,
Inc.#
5,012,087
1,220,566,849
Consumer
Discretionary
(6.3%)
1,623,821
Amazon.com,
Inc.#~
388,580,365
825,000
Andretti
Acquisition
Corp.
II
-
Class
A#
8,736,750
136,614
Aptiv
PLC#
10,348,511
6,646
Booking
Holdings,
Inc.~
33,242,229
572,793
Carnival
Corp.#
17,195,246
422,047
Chipotle
Mexican
Grill,
Inc.#
16,404,967
50,672
Darden
Restaurants,
Inc.^~
10,101,463
55,013
DoorDash,
Inc.
-
Class
A#
11,256,760
153,937
DR
Horton,
Inc.~
22,911,983
144,354
eBay,
Inc.
13,167,972
736,985
Ford
Motor
Co.~
10,229,352
276,692
General
Motors
Co.
23,242,128
191,638
Home
Depot,
Inc.~
71,785,678
164,666
Las
Vegas
Sands
Corp.
8,682,838
155,035
Lowe's
Cos.,
Inc.
41,403,647
150,000
Lucid
Group,
Inc.#^
1,660,500
35,213
Lululemon
Athletica,
Inc.#
6,144,668
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
6
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
122,425
McDonald's
Corp.
$
38,563,875
777
MKDWELL
Tech,
Inc.#
2,424
26,250
Next.e.GO
NV#
3
259,742
NIKE,
Inc.
-
Class
B~
16,054,653
393,795
Norwegian
Cruise
Line
Holdings
Ltd.#^
8,647,738
232,120
O'Reilly
Automotive,
Inc.#
22,842,929
87,501
Ross
Stores,
Inc.~
16,507,064
41,996
Royal
Caribbean
Cruises
Ltd.^
13,634,001
212,514
Starbucks
Corp.~
19,540,662
473,011
Tesla,
Inc.#~
203,588,665
240,474
TJX
Cos.,
Inc.~
36,025,410
925,000
Vine
Hill
Capital
Investment
Corp.
-
Class
A#
9,842,000
197,241
Vine
Hill
Capital
Investment
Corp.
II#
1,982,272
1,082,326,753
Consumer
Staples
(3.4%)
144,895
Archer-Daniels-Midland
Co.^~
9,752,882
3,400,000
Beyond
Meat,
Inc.#^
2,594,880
65,364
Boston
Beer
Co.,
Inc.
-
Class
A#
13,963,058
93,118
Church
&
Dwight
Co.,
Inc.
8,962,607
617,841
Coca-Cola
Co.
46,220,685
143,575
Colgate-Palmolive
Co.~
12,963,387
71,968
Constellation
Brands,
Inc.
-
Class
A
11,277,386
57,020
Costco
Wholesale
Corp.~
53,613,055
43,953
Dollar
General
Corp.~
6,304,179
79,396
Dollar
Tree,
Inc.#
9,336,176
54,629
Estee
Lauder
Cos.,
Inc.
-
Class
A
6,297,631
157,041
General
Mills,
Inc.
7,264,717
2,700,000
Kenvue,
Inc.
46,980,000
86,268
Kimberly-Clark
Corp.
8,625,937
206,784
Kroger
Co.
12,996,374
407,257
Mondelez
International,
Inc.
-
Class
A
23,812,317
179,284
Monster
Beverage
Corp.#
14,478,976
189,980
PepsiCo,
Inc.~
29,186,627
340,322
Philip
Morris
International,
Inc.~
61,067,380
334,242
Procter
&
Gamble
Co.~
50,727,908
155,361
Sysco
Corp.
13,027,020
96,138
Target
Corp.~
10,139,675
948,391
Walmart,
Inc.~
112,991,304
572,584,161
Energy
(2.0%)
521,487
Chevron
Corp.~
92,251,050
237,224
ConocoPhillips~
24,725,858
71,001
EOG
Resources,
Inc.~
7,961,342
752,127
Exxon
Mobil
Corp.~
106,350,758
491,384
Kinder
Morgan,
Inc.
14,982,298
148,517
Marathon
Petroleum
Corp.
26,167,210
152,506
Occidental
Petroleum
Corp.
6,922,247
98,503
ONEOK,
Inc.
7,800,453
69,137
Phillips
66~
9,925,308
NUMBER
OF
SHARES
b
b
VALUE
b
219,172
SLB
Ltd.
$
10,603,541
66,887
Valero
Energy
Corp.~
12,135,309
247,935
Williams
Cos.,
Inc.
16,676,108
336,501,482
Financials
(7.7%)
122,136
Aflac,
Inc.~
13,550,989
100,000
Aldabra
4
Liquidity
Opportunity
Vehicle,
Inc.#
999,500
95,286
Allstate
Corp.~
18,960,961
109,055
American
Express
Co.~
38,405,899
47,746
Ameriprise
Financial,
Inc.
25,171,214
124,000
Archimedes
Tech
SPAC
Partners
III
Co.#
1,252,400
85,177
Arthur
J
Gallagher
&
Co.
21,240,589
71,615
Assurant,
Inc.~
17,053,680
1,572,690
Bank
of
America
Corp.~
83,667,108
177,817
Bank
of
New
York
Mellon
Corp.
21,323,815
257,056
Berkshire
Hathaway,
Inc.
-
Class
B#~
123,523,120
18,449
Blackrock,
Inc.
20,643,324
93,682
Blackstone,
Inc.
13,342,190
109,990
Capital
One
Financial
Corp.
24,080,111
84,667
Cboe
Global
Markets,
Inc.
22,441,835
334,174
Charles
Schwab
Corp.~
34,727,362
109,781
Chubb
Ltd.~
33,983,806
269,474
Citigroup,
Inc.~
31,180,837
38,370
CME
Group,
Inc.
11,091,232
34,676
Coinbase
Global,
Inc.
-
Class
A#
6,752,804
113,201
Fiserv,
Inc.#
7,214,300
64,164
Global
Payments,
Inc.
4,603,125
103,431
Goldman
Sachs
Group,
Inc.~
96,750,392
404,397
Huntington
Bancshares,
Inc.
7,068,860
42,775
Jack
Henry
&
Associates,
Inc.
7,665,708
467,843
JPMorgan
Chase
&
Co.~
143,108,495
295,998
KRAKacquisition
Corp.#
2,999,940
248,000
Lafayette
Digital
Acquisition
Corp.
I#
2,480,000
98,437
Legato
Merger
Corp.
IV#
987,323
98,670
M
Evo
Global
Acquisition
Corp.
II#
990,647
47,462
M&T
Bank
Corp.
10,516,155
131,672
Marsh
&
McLennan
Cos.,
Inc.
24,779,354
162,003
Mastercard,
Inc.
-
Class
A~
87,285,596
143,464
MetLife,
Inc.~
11,316,440
242,197
Morgan
Stanley~
44,273,612
596,870
Mountain
Lake
Acquisition
Corp.
II#
5,962,731
100,000
Muzero
Acquisition
Corp.#
1,000,000
76,022
Northern
Trust
Corp.
11,359,967
129,599
PayPal
Holdings,
Inc.
6,828,571
3,485
ProCap
Acquisition
Corp.
-
Class
A#
35,582
57,132
Prudential
Financial,
Inc.~
6,347,937
49,592
S&P
Global,
Inc.
26,174,162
500,000
Soren
Acquisition
Corp.#
4,990,000
147,999
Space
Asset
Acquisition
Corp.#
1,508,110
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
7
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
71,800
State
Street
Corp.~
$
9,395,748
63,681
Travelers
Cos.,
Inc.~
18,117,881
145,195
U.S.
Bancorp
8,146,891
347,830
Visa,
Inc.
-
Class
A
111,942,129
903,012
Wells
Fargo
&
Co.~
81,713,556
148,843
X3
Acquisition
Corp.
Ltd.#
1,488,430
380,000
Xsolla
SPAC
1#
3,769,600
1,314,214,018
Health
Care
(5.8%)
247,058
Abbott
Laboratories
27,003,439
309,907
AbbVie,
Inc.~
69,112,360
163,570
Agilent
Technologies,
Inc.
21,893,845
69,469
Amgen,
Inc.~
23,750,062
182,829
Baxter
International,
Inc.^
3,669,378
59,376
Becton
Dickinson
&
Co.
12,081,828
35,527
Biogen,
Inc.#~
6,390,952
556,803
Boston
Scientific
Corp.#
52,077,785
112,493
Centene
Corp.#
4,873,197
47,871
Cigna
Group
13,121,920
211,462
CVS
Health
Corp.~
15,758,148
143,505
Danaher
Corp.~
31,411,809
97,019
Dexcom,
Inc.#
7,086,268
162,372
Edwards
Lifesciences
Corp.#~
13,210,586
146,350
Eli
Lilly
&
Co.~
151,786,903
61,323
GE
HealthCare
Technologies,
Inc.
4,842,677
224,605
Gilead
Sciences,
Inc.
31,882,680
48,373
HCA
Healthcare,
Inc.
23,619,085
29,340
Humana,
Inc.
5,727,168
80,881
Intuitive
Surgical,
Inc.#
40,781,818
49,266
IQVIA
Holdings,
Inc.#
11,338,570
389,125
Johnson
&
Johnson~
88,428,656
43,515
Labcorp
Holdings,
Inc.
11,815,193
30,485
McKesson
Corp.
25,339,437
258,579
Medtronic
PLC
26,623,294
489,358
Merck
&
Co.,
Inc.~
53,961,507
1,738,276
Pfizer,
Inc.~
45,960,017
11,793
Regeneron
Pharmaceuticals,
Inc.~
8,743,920
17,893
Solventum
Corp.#
1,377,224
42,058
Stryker
Corp.~
15,542,954
84,277
Thermo
Fisher
Scientific,
Inc.~
48,763,515
180,152
UnitedHealth
Group,
Inc.~
51,691,013
43,937
Vertex
Pharmaceuticals,
Inc.#
20,645,996
45,478
Zimmer
Biomet
Holdings,
Inc.^~
3,959,769
116,397
Zoetis,
Inc.
14,528,674
988,801,647
Industrials
(5.4%)
71,578
3M
Co.
10,962,886
50,250
Allegion
PLC
8,310,848
95,826
Automatic
Data
Processing,
Inc.
23,651,773
127,931
Boeing
Co.#
29,900,033
275,707
Carrier
Global
Corp.
16,426,623
95,505
Caterpillar,
Inc.~
62,781,167
96,775
Chart
Industries,
Inc.#
20,065,328
NUMBER
OF
SHARES
b
b
VALUE
b
722,651
CSX
Corp.~
$
27,287,302
49,650
Deere
&
Co.
26,215,200
73,110
Eaton
Corp.
PLC
25,692,316
193,778
Emerson
Electric
Co.~
28,477,615
45,993
GE
Vernova,
Inc.
33,407,935
52,851
Generac
Holdings,
Inc.#
8,881,082
42,589
General
Dynamics
Corp.
14,952,572
183,970
General
Electric
Co.~
56,440,156
161,227
Honeywell
International,
Inc.
36,682,367
8,280
Hubbell,
Inc.^
4,040,143
60,762
Illinois
Tool
Works,
Inc.~
15,874,680
166,833
Johnson
Controls
International
PLC
19,896,504
64,147
L3Harris
Technologies,
Inc.
21,992,799
34,820
Lockheed
Martin
Corp.
22,083,540
143,496
Masco
Corp.
9,483,651
242,722
Norfolk
Southern
Corp.
70,690,355
34,609
Northrop
Grumman
Corp.
23,958,426
64,127
Otis
Worldwide
Corp.
5,477,728
151,336
PACCAR,
Inc.
18,600,708
89,936
Paychex,
Inc.^
9,275,100
35,890
Paycom
Software,
Inc.^
4,836,178
163,064
Pentair
PLC
17,182,054
59,234
Quanta
Services,
Inc.
28,114,233
344,218
RTX
Corp.~
69,163,622
318,032
Southwest
Airlines
Co.^~
15,112,881
725,086
TaskUS,
Inc.
-
Class
A#
7,830,929
139,683
Union
Pacific
Corp.~
32,839,473
174,930
United
Airlines
Holdings,
Inc.#
17,898,838
115,675
United
Parcel
Service,
Inc.
-
Class
B
12,286,999
21,977
United
Rentals,
Inc.
17,187,333
47,833
Veralto
Corp.
4,734,510
56,567
Verisk
Analytics,
Inc.
12,301,060
15,000
Voyager
Technologies,
Inc.
-
Class
A#^
457,950
108,080
Waste
Management,
Inc.
24,019,699
79,580
Xylem,
Inc.
10,971,695
926,446,291
Information
Technology
(19.9%)
95,337
Accenture
PLC
-
Class
A~
25,134,647
74,586
Adobe,
Inc.#
21,872,344
340,348
Advanced
Micro
Devices,
Inc.#~
80,570,582
294,644
Amphenol
Corp.
-
Class
A~
42,452,308
120,747
Analog
Devices,
Inc.
37,537,827
2,541,480
Apple,
Inc.~
659,463,230
154,387
Applied
Materials,
Inc.~
49,762,018
165,451
Arista
Networks,
Inc.#
23,451,025
43,264
Autodesk,
Inc.#
10,940,168
133,042
Blackbaud,
Inc.#
7,144,356
802,181
Broadcom,
Inc.~
265,762,565
862,281
Cisco
Systems,
Inc.~
67,533,848
124,613
Cognizant
Technology
Solutions
Corp.
-
Class
A~
10,225,743
10,000
CoreWeave,
Inc.
-
Class
A#^
931,900
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
8
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
55,483
Crowdstrike
Holdings,
Inc.
-
Class
A#
$
24,490,474
95,000
CyberArk
Software,
Ltd.#
40,928,850
72,325
Datadog,
Inc.
-
Class
A#
9,353,069
75,000
Fusemachines,
Inc.#
118,500
42,081
Gartner,
Inc.#
8,820,598
242,495
HP,
Inc.^
4,714,103
705,017
Intel
Corp.#~
32,762,140
115,193
International
Business
Machines
Corp.
35,329,693
62,922
Intuit,
Inc.~
31,393,044
54,931
Keysight
Technologies,
Inc.#
11,883,223
179,444
Lam
Research
Corp.
41,892,996
291,062
Micron
Technology,
Inc.~
120,755,803
1,278,131
Microsoft
Corp.~
549,966,988
69,185
NetApp,
Inc.
6,665,975
4,251,212
NVIDIA
Corp.~
812,534,150
68,256
NXP
Semiconductors
NV
15,435,412
106,728
ON
Semiconductor
Corp.#
6,391,940
316,688
Oracle
Corp.~
52,120,511
384,986
Palantir
Technologies,
Inc.
-
Class
A#~
56,435,098
154,523
Palo
Alto
Networks,
Inc.#
27,345,935
62,380
PTC,
Inc.#
9,739,389
207,450
QUALCOMM,
Inc.
31,447,346
197,028
Salesforce,
Inc.~
41,827,074
219,131
ServiceNow,
Inc.#
25,640,518
97,284
Skyworks
Solutions,
Inc.
5,424,556
76,130
Super
Micro
Computer,
Inc.#^
2,216,144
32,724
Synopsys,
Inc.#
15,220,423
62,447
TE
Connectivity
PLC
13,911,943
98,080
Teradyne,
Inc.
23,642,184
112,217
Texas
Instruments,
Inc.~
24,188,374
28,283
Tyler
Technologies,
Inc.#
10,447,740
338,411
Wolfspeed,
Inc.#
5,299,516
36,450
Workday,
Inc.
-
Class
A#
6,401,714
3,407,527,984
Materials
(1.0%)
57,135
Air
Products
&
Chemicals,
Inc.~
15,569,287
46,581
Avery
Dennison
Corp.
8,641,241
162,375
Corteva,
Inc.
11,820,900
146,218
DuPont
de
Nemours,
Inc.
6,421,895
444,931
Freeport-McMoRan,
Inc.
26,798,194
785,703
James
Hardie
Industries
PLC#
18,063,312
124,818
Linde
PLC
57,038,081
70,159
PPG
Industries,
Inc.
8,112,485
73,109
Qnity
Electronics,
Inc.
7,031,624
15,000
Ramaco
Resources,
Inc.
-
Class
A#^
292,650
42,023
Sherwin-Williams
Co.
14,903,037
12,000
Sibanye
Stillwater
Ltd.
(
ADR
)#
202,560
174,895,266
NUMBER
OF
SHARES
b
b
VALUE
b
Real
Estate
(0.9%)
48,661
Alexandria
Real
Estate
Equities,
Inc.^
$
2,658,837
67,143
American
Tower
Corp.~
12,037,397
93,807
Camden
Property
Trust
10,229,653
129,207
Crown
Castle,
Inc.
11,216,460
72,985
Digital
Realty
Trust,
Inc.
12,111,861
12,863
Equinix,
Inc.
10,559,623
491,784
Healthpeak
Properties,
Inc.
8,478,356
58,011
Mid-America
Apartment
Communities,
Inc.
7,790,877
191,898
Prologis,
Inc.~
25,054,203
31,946
Public
Storage~
8,823,166
276,875
Realty
Income
Corp.
16,933,675
90,332
Regency
Centers
Corp.
6,582,493
140,536
UDR,
Inc.
5,220,912
113,656
Welltower,
Inc.
21,408,244
159,105,757
Special
Purpose
Acquisition
Companies
(0.7%)
39,178
Alchemy
Investments
Acquisition
Corp.
1#
457,207
300,000
Alussa
Energy
Acquisition
Corp.
II#
3,060,000
197,792
American
Drive
Acquisition
Co.
-
Class
C#
1,977,920
100,000
Axiom
Intelligence
Acquisition
Corp.
1#
1,037,500
24,591
Black
Hawk
Acquisition
Corp.
-
Class
A#
283,903
123,189
Blue
Acquisition
Corp.#
1,297,180
9,819
Cantor
Equity
Partners
V,
Inc.
-
Class
A#
100,645
73,866
ChampionsGate
Acquisition
Corp.#
780,394
100,000
Chenghe
Acquisition
III
Co.#
1,016,000
98,324
Churchill
Capital
Corp.
XI#
1,012,737
197,406
D
Boral
ARC
Acquisition
I
Corp.#
2,151,725
98,317
Daedalus
Special
Acquisition
Corp.#
991,035
196,912
EQV
Ventures
Acquisition
Corp.
II#
2,022,286
250,000
Everest
Consolidator
Acquisition
Corp.#‡‡‡
2,880,000
24,640
FIGX
Capital
Acquisition
Corp.#
250,835
231,000
Four
Leaf
Acquisition
Corp.
-
Class
A#
2,714,250
496,419
FutureTech
II
Acquisition
Corp.
-
Class
A#
5,966,956
100,000
Galata
Acquisition
Corp.
II#
1,033,500
49,377
Globa
Terra
Acquisition
Corp.#
507,596
700,000
Gores
Holdings
X,
Inc.#
7,353,500
175,000
Harvard
Ave
Acquisition
Corp.#
1,778,875
100,000
Haymaker
Acquisition
Corp.
4#
1,138,000
98,585
Highview
Merger
Corp.#
1,009,018
250,000
Indigo
Acquisition
Corp.#
2,555,000
30,000
Israel
Acquisitions
Corp.
-
Class
A#
376,650
24,573
ITHAX
Acquisition
Corp.
III#
245,730
500,000
Jackson
Acquisition
Co.
II#
5,330,000
100,000
Keen
Vision
Acquisition
Corp.#
1,181,000
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
9
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
125,000
LaFayette
Acquisition
Corp.#
$
1,275,000
197,792
Launchpad
Cadenza
Acquisition
Corp.
I#
1,977,920
73,670
Leapfrog
Acquisition
Corp.#
742,594
123,208
Lightwave
Acquisition
Corp.#
1,259,186
600,000
Live
Oak
Acquisition
Corp.
V#
6,675,000
24,606
M3-Brigade
Acquisition
VI
Corp.#
255,410
980,100
Mak
Acquisition
Corp.#
9,653,985
74,250
Mak
Acquisition
Corp.
-
Class
B#
663
850,000
Mercer
Park
Opportunities
Corp.#
8,903,750
125,000
Miluna
Acquisition
Corp.#
1,261,250
300,000
NewHold
Investment
Corp.
III#
3,207,000
55,000
Oak
Woods
Acquisition
Corp.
-
Class
A#
686,125
24,642
Oxley
Bridge
Acquisition
Ltd.#
251,718
123,093
Oyster
Enterprises
II
Acquisition
Corp.#
1,277,705
9,856
Pioneer
Acquisition
I
Corp.#
101,418
14,770
Quetta
Acquisition
Corp.#
168,526
147,613
Range
Capital
Acquisition
Corp.
II#
1,505,653
100,000
Safeguard
Acquisition
Corp.#
1,018,000
750,000
Siddhi
Acquisition
Corp.#
8,021,250
500,000
Silverbox
Corp.
IV
-
Class
A#
5,320,000
197,506
Solarius
Capital
Acquisition
Corp.#
2,043,200
600,000
Stellar
V
Capital
Corp.#
6,336,000
10,000
Trailblazer
Acquisition
Corp.#
102,600
375,000
Translational
Development
Acquisition
Corp.#
4,031,250
467,706
Vendome
Acquisition
Corp.
I#
4,864,142
49,244
Wintergreen
Acquisition
Corp.#
512,138
121,960,925
Utilities
(1.1%)
345,766
AES
Corp.^~
5,065,472
135,218
American
Electric
Power
Co.,
Inc.
16,195,736
105,113
Consolidated
Edison,
Inc.
11,208,199
282,963
Dominion
Energy,
Inc.~
17,025,884
171,685
Duke
Energy
Corp.
20,833,975
82,522
Edison
International
5,139,470
153,722
Entergy
Corp.
14,740,403
326,525
Exelon
Corp.
14,621,789
173,992
FirstEnergy
Corp.^
8,236,781
283,731
NextEra
Energy,
Inc.
24,939,955
212,955
NiSource,
Inc.
9,431,777
133,683
Public
Service
Enterprise
Group,
Inc.~
11,010,132
191,093
Southern
Co.
17,066,516
152,952
Xcel
Energy,
Inc.
11,633,529
187,149,618
TOTAL
COMMON
STOCKS
(Cost
$5,295,410,300)
10,492,080,751
NUMBER
OF
SHARES
b
b
VALUE
b
CONVERTIBLE
PREFERRED
STOCKS
(3.9%)
Financials
(1.0%)
849,428
Apollo
Global
Management,
Inc.~
6.750%,
07/31/26
$
58,924,820
975,000
ARES
Management
Corp.~
6.750%,
10/01/27
46,634,250
1,300,000
KKR
&
Co.,
Inc.^
6.250%,
03/01/28
63,622,000
169,181,070
Health
Care
(0.4%)
300,000
BrightSpring
Health
Services,
Inc.^~
6.750%,
02/01/27
40,029,000
100,000
Bruker
Corp.#^
6.375%,
09/01/28
34,685,000
74,714,000
Industrials
(0.4%)
435,000
Boeing
Co.^~
6.000%,
10/15/27
32,503,200
500,000
QXO,
Inc.^
5.500%,
05/15/28
31,675,000
64,178,200
Information
Technology
(1.1%)
1,050,000
Hewlett
Packard
Enterprise
Co.^~
7.625%,
09/01/27
63,598,500
1,000,000
Microchip
Technology,
Inc.^
7.500%,
03/15/28
66,840,000
450,000
Shift4
Payments,
Inc.
6.000%,
05/01/28
33,813,000
200,000
Strategy,
Inc.^‡‡
8.000%
16,998,000
181,249,500
Materials
(0.2%)
600,000
Albemarle
Corp.~
7.250%,
03/01/27
41,604,000
Utilities
(0.8%)
NextEra
Energy,
Inc.
500,000
7.234%,
11/01/27
25,540,000
500,000
7.299%,
06/01/27
27,735,000
571,201
PG&E
Corp.
6.000%,
12/01/27
22,825,192
1,000,000
Southern
Co.#
7.125%,
12/15/28
51,250,000
127,350,192
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$574,135,305)
658,276,962
EXCHANGE-TRADED
FUND
(0.4%)
Other
(0.4%)
110,000
SPDR®
S&P
500®
ETF
Trust
(Cost
$74,928,821)
76,116,700
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
10
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
INVESTMENT
IN
AFFILIATED
FUND
(2.0%)
Other
(2.0%)
35,117,150
Calamos
Short-Term
Bond
Fund
(Cost
$350,000,000)
$
337,826,981
NUMBER
OF
SHARES
b
b
VALUE
b
RIGHTS
(0.0%)#
Consumer
Staples
(0.0%)
277,808
Mirati
Therapeutics,
Inc.#‡‡‡
277,808
Health
Care
(0.0%)
125,125
Akero
Therapeutics,
Inc.#‡‡‡
93,844
Special
Purpose
Acquisition
Companies
(0.0%)
4,918
Black
Hawk
Acquisition
Corp.#
(Expire
06/20/25)
6,787
850,000
Mercer
Park
Opportunities
Corp.#
(Expire
01/22/27)
95,625
55,000
Oak
Woods
Acquisition
Corp.#
(Expire
12/31/49)
13,497
1,477
Quetta
Acquisition
Corp.#
(Expire
11/30/24)
2,422
118,331
TOTAL
RIGHTS
(Cost
$333,821)
489,983
WARRANTS
(0.0%)#
Communication
Services
(0.0%)
200,000
PSQ
Holdings,
Inc.
07/19/28,
Strike
$11.50
18,000
Consumer
Discretionary
(0.0%)
22,968
Allurion
Technologies,
Inc.
08/01/30,
Strike
$8.10
455
412,500
Andretti
Acquisition
Corp.
II
10/24/29,
Strike
$11.50
138,188
83,333
Carbon
Revolution
PLC
11/03/28,
Strike
$11.50
833
750,000
Classover
Holdings,
Inc.
04/07/30,
Strike
$11.50
10,500
25,000
ECARX
Holdings,
Inc.
12/21/27,
Strike
$11.50
1,548
75,000
flyExclusive,
Inc.
05/28/28,
Strike
$11.50
30,000
20,000
Grove
Collaborative
Holdings
06/16/27,
Strike
$11.50
229
35,000
Lanvin
Group
Holdings
Ltd.
12/14/27,
Strike
$11.50
558
33,333
Lotus
Technology,
Inc.
02/23/29,
Strike
$11.50
2,500
140,000
MKDWELL
Tech,
Inc.
07/31/29,
Strike
$11.50
1,722
200,000
Nogin,
Inc.
08/26/27,
Strike
$11.50
20
NUMBER
OF
SHARES
b
b
VALUE
b
183,737
Scage
Future
06/27/30,
Strike
$11.50
$
10,197
25,000
United
Homes
Group,
Inc.
03/30/28,
Strike
$11.50
8,000
462,500
Vine
Hill
Capital
Investment
Corp.
10/25/29,
Strike
$11.50
878,750
1,083,500
Consumer
Staples
(0.0%)
83,333
African
Agriculture
Holdings,
Inc.
06/12/28,
Strike
$11.50
8
500,000
Psyence
Biomedical
Ltd.
01/25/29,
Strike
$11.50
8,500
8,508
Energy
(0.0%)
250,000
AleAnna,
Inc.
12/13/29,
Strike
$11.50
65,000
25,000
Crown
Lng
Holdings
Ltd.
10/18/28,
Strike
$11.50
3
250,000
New
Era
Energy
&
Digital,
Inc.
12/06/29,
Strike
$11.50
600,000
200,000
Vast
Renewables
Ltd.
07/01/28,
Strike
$11.50
100
87,500
Zeo
Energy
Corp.
03/14/29,
Strike
$11.50
4,375
669,478
Financials
(0.0%)
187,500
Beneficient
03/14/28,
Strike
$11.50
2,156
100,000
Content
Checked
Holdings,
Inc.
12/11/29,
Strike
$11.50
36,095
250,000
DigiAsia
Corp.
04/02/29,
Strike
$11.50
25
412,500
Innventure,
Inc.
10/02/29,
Strike
$11.50
445,500
483,776
Health
Care
(0.0%)
625,000
Abpro
Holdings,
Inc.
11/12/29,
Strike
$11.50
8,250
156,250
American
Oncology
Network,
Inc.
09/20/28,
Strike
$11.50
218,750
500,000
Baird
Medical
Investment
Holdings
Ltd.
10/02/29,
Strike
$11.50
27,500
100,000
Envoy
Medical,
Inc.
09/29/28,
Strike
$11.50
3,890
750,000
Holdco
Nuvo
Group
DG
Ltd.
05/01/29,
Strike
$11.50
375
146,040
LakeShore
Biopharma
Co.
Ltd.
03/15/28,
Strike
$11.50
767
62,500
Ocean
Biomedical,
Inc.
07/19/26,
Strike
$11.50
50
200,000
OmniAb,
Inc.
11/01/27,
Strike
$11.50
19,220
200,000
Prenetics
Global
Ltd.
05/17/27,
Strike
$8.91
5,190
425,000
QT
Imaging
Holdings,
Inc.
12/31/28,
Strike
$11.50
55,675
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
11
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
350,000
Semnur
Pharmaceuticals,
Inc.
09/22/30,
Strike
$11.50
$
12,635
81,526
Spectral
AI,
Inc.
12/31/27,
Strike
$11.50
44,839
1,000,000
Tevogen
Bio
Holdings,
Inc.
11/04/26,
Strike
$11.50
42,500
439,641
Industrials
(0.0%)
289,507
Aeries
Technology,
Inc.
10/20/26,
Strike
$11.50
7,672
285,000
AERWINS
Technologies,
Inc.
06/16/26,
Strike
$11.50
29
50,000
AirJoule
Technologies
Corp.
03/15/29,
Strike
$11.50
37,000
1,000,000
Bitcoin
Depot,
Inc.
06/30/28,
Strike
$11.50
56,900
25,000
Bridger
Aerospace
Group
Holdings,
Inc.
01/24/28,
Strike
$11.50
13,103
200,000
Electriq
Power
Holdings,
Inc.
07/31/28,
Strike
$11.50
600
10,000
Falcon's
Beyond
Global,
Inc.
09/01/27,
Strike
$11.50
11,200
250,000
Heramba
Electric
PLC
10/10/28,
Strike
$11.50
1,425
300,000
LanzaTech
Global,
Inc.
12/31/28,
Strike
$11.50
3,630
75,000
MultiSensor
AI
Holdings,
Inc.
12/19/28,
Strike
$11.50
2,812
625,000
Murano
Global
Investments
PLC
03/30/29,
Strike
$11.50
40,750
166,666
Rain
Enhancement
Technologies
Holdco,
Inc.
01/02/30,
Strike
$11.50
30,017
350,000
Semilux
International
Ltd.
02/06/29,
Strike
$1.00
35
250,000
Solidion
Technology,
Inc.
03/15/27,
Strike
$1.00
22,500
750,000
Southland
Holdings,
Inc.
02/14/28,
Strike
$11.50
22,500
42,500
SunPower,
Inc.
07/31/28,
Strike
$11.50
12,112
750,000
Volato
Group,
Inc.
12/03/28,
Strike
$11.50
8,250
250,000
ZOOZ
Strategy
Ltd.
04/04/29,
Strike
$11.50
11,000
281,535
Information
Technology
(0.0%)
250,000
Airship
AI
Holdings,
Inc.
12/26/28,
Strike
$11.50
272,500
350,000
Alpha
Modus
Holdings,
Inc.
12/16/29,
Strike
$11.50
35,000
1,000,000
Blaize
Holdings,
Inc.
01/08/30,
Strike
$11.50
369,800
166,666
Brand
Engagement
Network,
Inc.
03/14/29,
Strike
$11.50
41,150
NUMBER
OF
SHARES
b
b
VALUE
b
1,000,000
CID
Holdco,
Inc.
11/17/26,
Strike
$11.50
$
64,000
375,000
Fusemachines,
Inc.
10/22/30,
Strike
$11.50
33,544
450,000
Helport
AI
Ltd.
08/05/29,
Strike
$11.50
68,670
50,000
iLearningEngines
Holdings,
Inc.
04/16/29,
Strike
$11.50
5
6,250
Liminatus
Pharma
LLC
04/30/30,
Strike
$11.50
232
125,000
Nvni
Group
Ltd.
11/01/28,
Strike
$11.50
7,212
625,000
Roadzen,
Inc.
11/30/28,
Strike
$11.50
119,406
350,000
Rubicon
Technologies,
Inc.
04/01/27,
Strike
$11.50
35
284,390
SCHMID
Group
NV
08/25/28,
Strike
$11.50
833,263
100,000
SMX
Security
Matters
PLC
03/07/28,
Strike
$11.50
5,510
192,245
Spectaire
Holdings,
Inc.
10/17/28,
Strike
$11.50
827
250,000
SpringBig
Holdings,
Inc.
06/14/27,
Strike
$11.50
512
250,000
Syntec
Optics
Holdings,
Inc.
11/08/28,
Strike
$11.50
227,850
20,000
Veea,
Inc.
09/17/29,
Strike
$11.50
1,498
500,000
Zapata
Computing
Holdings,
Inc.
03/23/28,
Strike
$11.50
1,100
2,082,114
Materials
(0.0%)
1,179,322
Blue
Gold
Ltd.
06/25/30,
Strike
$11.50
399,200
126,666
Bolt
Projects
Holdings,
Inc.
08/13/29,
Strike
$11.50
1,140
500,000
Lifezone
Metals
Ltd.
07/05/28,
Strike
$11.50
327,475
727,815
Other
(0.0%)
525,800
Devvstream
Corp.
10/28/26,
Strike
$1.00
53
250,000
FST
Corp.
10/15/29,
Strike
$11.50
25
490,050
Mak
Acquisition
Corp.
10/29/30,
Strike
$11.50
176,418
150,000
SharonAI
Holdings,
Inc.
12/16/30,
Strike
$11.50
75
625,000
TNL
Mediagene
12/05/29,
Strike
$11.50
9,937
200,000
Zoomcar
Holdings,
Inc.
07/01/28,
Strike
$11.50
1,600
188,108
Special
Purpose
Acquisition
Companies
(0.0%)
500,000
Aetherium
Acquisition
Corp.
01/03/29,
Strike
$11.50
50
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
12
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
25,000
Alchemy
Investments
Acquisition
Corp.
1
06/26/28,
Strike
$11.50
$
4,230
750,000
AltEnergy
Acquisition
Corp.
11/02/28,
Strike
$11.50
825
250,000
Athena
Technology
Acquisition
Corp.
II
10/17/28,
Strike
$11.50
17,500
500,000
Aura
FAT
Projects
Acquisition
Corp.
06/02/27,
Strike
$11.50
14,400
33,333
BlueRiver
Acquisition
Corp.
01/04/26,
Strike
$11.50
7
250,000
byNordic
Acquisition
Corp.
02/09/27,
Strike
$11.50
18,500
375,000
Cactus
Acquisition
Corp.
1
Ltd.
10/29/26,
Strike
$11.50
11,250
400,000
Canna-Global
Acquisition
Corp.
02/09/28,
Strike
$11.50
40
500,000
Cartesian
Growth
Corp.
II
07/12/28,
Strike
$11.50
75,000
134,701
Cartica
Acquisition
Corp.
04/30/28,
Strike
$11.50
498
12,500
CERo
Therapeutics
Holdings,
Inc.
02/14/29,
Strike
$11.50
92
750,000
Chain
Bridge
I
12/31/28,
Strike
$11.50
1,125
300,286
Clean
Energy
Special
Situations
Corp.
01/12/27,
Strike
$11.50
30
166,666
Compass
Digital
Acquisition
Corp.
10/15/28,
Strike
$11.50
17
92,316
Concord
Acquisition
Corp.
II
12/31/28,
Strike
$11.50
4,648
6,666
Constellation
Acquisition
Corp.
I
12/31/27,
Strike
$11.50
1,000
41,666
Corner
Growth
Acquisition
Corp.
2
06/17/26,
Strike
$11.50
1,317
133,333
Crown
PropTech
Acquisitions
12/31/27,
Strike
$11.50
13
750,000
DP
Cap
Acquisition
Corp.
I
11/09/26,
Strike
$11.50
18,750
125,000
Energem
Corp.
03/10/23,
Strike
$11.50
13
625,000
Everest
Consolidator
Acquisition
Corp.
07/19/28,
Strike
$11.50
12,562
8,600
Fold
Holdings,
Inc.
02/14/30,
Strike
$11.50
1,146
60,000
Four
Leaf
Acquisition
Corp.
05/12/28,
Strike
$11.50
1,800
500,000
FutureTech
II
Acquisition
Corp.
02/16/27,
Strike
$11.50
15,000
225,000
GCT
Semiconductor
Holding,
Inc.
12/31/28,
Strike
$11.50
28,237
500,000
Genesis
Growth
Tech
Acquisition
Corp.
05/19/28,
Strike
$11.50
90,000
NUMBER
OF
SHARES
b
b
VALUE
b
925,000
GigCapital7
Corp.
09/11/29,
Strike
$11.50
$
499,500
50,000
Haymaker
Acquisition
Corp.
4
09/12/28,
Strike
$11.50
71,175
500,000
Healthcare
AI
Acquisition
Corp.
12/14/26,
Strike
$11.50
5,600
438,223
InFinT
Acquisition
Corp.
05/19/27,
Strike
$11.50
3,550
125,000
Integral
Acquisition
Corp.
1
12/14/28,
Strike
$11.50
1,875
154,135
Integrated
Wellness
Acquisition
Corp.
10/31/28,
Strike
$11.50
13,101
750,000
Investcorp
Europe
Acquisition
Corp.
I
11/23/28,
Strike
$11.50
15,900
30,000
Israel
Acquisitions
Corp.
02/28/28,
Strike
$11.50
3,150
250,000
IX
Acquisition
Corp.
11/24/26,
Strike
$11.50
18,750
43,750
Jaws
Mustang
Acquisition
Corp.
01/30/26,
Strike
$11.50
1,969
100,000
Keen
Vision
Acquisition
Corp.
09/15/28,
Strike
$11.50
7,020
228,160
Marblegate
Capital
Corp.
04/07/30,
Strike
$11.50
45,632
850,000
Mercer
Park
Opportunities
Corp.
08/29/29,
Strike
$11.50
127,500
675,350
Mountain
&
Co.
I
Acquisition
Corp.
08/24/23,
Strike
$11.50
675
55,000
Oak
Woods
Acquisition
Corp.
05/17/28,
Strike
$11.50
1,400
625,000
Papaya
Growth
Opportunity
Corp.
I
12/31/28,
Strike
$11.50
31,313
500,000
Pearl
Holdings
Acquisition
Corp.
12/15/26,
Strike
$11.50
10,050
500,000
Pinstripes
Holdings,
Inc.
09/30/28,
Strike
$11.50
1,500
250,000
Plum
Acquisition
Corp.
III
03/31/28,
Strike
$11.50
100,000
50,000
Pyrophyte
Acquisition
Corp.
05/03/28,
Strike
$11.50
22,000
133,333
Ross
Acquisition
Corp.
II
02/12/26,
Strike
$11.50
12,027
166,666
Silverbox
Corp.
IV
09/24/29,
Strike
$11.50
45,516
7,500
Slam
Corp.
02/23/26,
Strike
$11.50
1
12,384
Spark
I
Acquisition
Corp.
11/27/28,
Strike
$11.50
4,263
250,000
Spree
Acquisition
Corp.
1
Ltd.
12/22/28,
Strike
$11.50
7,175
333,333
Target
Global
Acquisition
I
Corp.
12/31/27,
Strike
$11.50
3,933
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
13
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
328,694
TLGY
Acquisition
Corp.
01/14/28,
Strike
$11.50
$
208,704
1,581,329
TOTAL
WARRANTS
(Cost
$4,499,548)
7,563,804
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(0.1%)#
Other
(0.1%)
7,500
5,204,272,500
S&P
500®
Index
Put,
02/27/26,
Strike
$6,300.00
10,500,000
1,000
693,903,000
S&P
500®
Index
Put,
02/27/26,
Strike
$6,500.00
2,445,000
12,945,000
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$33,864,705)
12,945,000
OVER
THE
COUNTER
PURCHASED
OPTIONS
(0.2%)#
Communications
(0.0%)
90
102,826,800,000
JPY
CyberAgent,
Inc.
Call,
11/16/29,
Strike
88.81
1,834,376
50
57,126,000,000
JPY
CyberAgent,
Inc.
Call,
11/16/29,
Strike
89.46
996,612
2,830,988
Consumer
Discretionary
(0.1%)
100
3,005,000,000,000
JPY
ANA
Holdings,
Inc.
Call,
12/08/28,
Strike
86.09
2,263,713
150
51,090,000,000
JPY
Daiwa
House
Industry
Co.
Ltd.
Call,
03/30/29,
Strike
93.88
1,837,673
340
115,804,000,000
JPY
Daiwa
House
Industry
Co.
Ltd.
Call,
03/30/29,
Strike
94.46
4,036,870
500,000,000
17,030,000,000
JPY
Daiwa
House
Industry
Co.
Ltd.
Call,
03/30/29,
Strike
94.87
627,203
8,765,459
Industrials
(0.1%)
100
16,125,000,000
Asashi
Refining
U.S.,
Inc.
Call,
03/16/26,
Strike
$88.78
10
100
8,229,000,000,000
JPY
Ibiden
Co.
Ltd.
Call,
03/14/31,
Strike
91.31
7,280,050
300
6,948,000,000,000
JPY
INFRONEER
Holdings,
Inc.
Call,
03/30/29,
Strike
92.59
10,956,832
70
1,209,250,000,000
JPY
Nagoya
Railroad
Co.
Ltd.
Call,
06/15/29,
Strike
93.29
739,933
80
1,382,000,000,000
JPY
Nagoya
Railroad
Co.
Ltd.
Call,
06/16/28,
Strike
95.68
564,608
50
10,772,500,000
JPY
Park24
Co.
Ltd.
Call,
02/24/28,
Strike
92.03
656,460
160
3,852,800,000,000
JPY
Seino
Holdings
Co.
Ltd.
Call,
03/31/26,
Strike
97.31
2,625,798
22,823,691
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
Materials
(0.0%)
130
2,711,800,000,000
JPY
JFE
Holdings,
Inc.
Call,
09/08/28,
Strike
94.99
$
1,253,532
130
299,247,000,000
JPY
Kansai
Paint
Co.
Ltd.
Call,
03/08/29,
Strike
94.43
1,339,391
100
2,226,500,000,000
JPY
Kobe
Steel
Ltd.
Call,
12/14/28,
Strike
92.11
1,160,507
150
3,339,750,000,000
JPY
Kobe
Steel
Ltd.
Call,
12/14/28,
Strike
93.03
2,699,239
50
1,113,250,000,000
JPY
Kobe
Steel
Ltd.
Call,
12/14/28,
Strike
94.85
896,312
7,348,981
Real
Estate
(0.0%)
100
1,752,000,000,000
JPY
Relo
Group,
Inc.
Call,
12/17/27,
Strike
92.68
539,589
TOTAL
OVER
THE
COUNTER
PURCHASED
OPTIONS
(Cost
$17,429,126)
42,308,708
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(1.0%)
169,651,124
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.704%†***
(Cost
$169,651,124)
$
169,651,124
TOTAL
INVESTMENTS
(108.6%)
(Cost
$12,295,088,826)
18,566,541,850
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-1.0%)
(
169,651,124
)
LIABILITIES,
LESS
OTHER
ASSETS
(-7.6%)
(
1,305,485,618
)
NET
ASSETS
(100.0%)
$
17,091,405,108
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
SOLD
SHORT  (-23.0%)#
Communication
Services
(-1.0%)
(266,716)
AST
SpaceMobile,
Inc.
(
29,661,486
)
(562,000)
JPY
CyberAgent,
Inc.
(
5,085,817
)
(120,500)
IMAX
Corp.
(
4,206,655
)
(174,913)
Live
Nation
Entertainment,
Inc.
(
25,441,096
)
(765,270)
Lyft,
Inc.Class
A,
(
12,910,105
)
(89,000)
MakeMyTrip
Ltd.
(
5,551,820
)
(79,347)
Match
Group,
Inc.
(
2,471,659
)
(146,846)
Snap,
Inc.Class
A,
(
1,017,643
)
(288,500)
Sphere
Entertainment
Co.
(
27,554,635
)
(58,933)
Spotify
Technology
SA
(
29,487,126
)
(281,400)
Uber
Technologies,
Inc.
(
22,526,070
)
(243,948)
Weibo
Corp.
(
2,580,970
)
(
168,495,082
)
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
14
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
Consumer
Discretionary
(-3.9%)
(1,542,000)
Alibaba
Group
Holding
Ltd.
$
(
261,461,520
)
(71,100)
Cheesecake
Factory,
Inc.
(
4,120,956
)
(44,000)
Cracker
Barrel
Old
Country
Store,
Inc.
(
1,325,280
)
(152,000)
DoorDash,
Inc.Class
A,
(
31,102,240
)
(57,300)
DraftKings,
Inc.Class
A,
(
1,576,323
)
(136,559)
Etsy,
Inc.
(
7,232,165
)
(690,800)
Ford
Motor
Co.
(
9,588,304
)
(2,360,500)
GameStop
Corp.Class
A,
(
56,368,740
)
(50,000)
Groupon,
Inc.
(
707,500
)
(250,000)
JD.com,
Inc.
(
7,120,000
)
(5,000)
LCI
Industries
(
733,450
)
(100)
Lucid
Group,
Inc.
(
1,107
)
(1,716,400)
NIO,
Inc.
(
8,067,080
)
(644,930)
Norwegian
Cruise
Line
Holdings
Ltd.
(
14,162,663
)
(91,200)
JPY
Park24
Co.
Ltd.
(
1,269,646
)
(2,393,129)
Peloton
Interactive,
Inc.Class
A,
(
13,377,591
)
(3,114,500)
Rivian
Automotive,
Inc.Class
A,
(
45,938,875
)
(19,200)
Shake
Shack,
Inc.Class
A,
(
1,700,544
)
(432,355)
Stride,
Inc.
(
36,577,233
)
(271,600)
Trip.com
Group
Ltd.
(
16,668,092
)
(1,400,902)
Wayfair,
Inc.Class
A,
(
144,979,348
)
(2,030,000)
HKD
Wynn
Macau
Ltd.
(
1,504,550
)
(
665,583,207
)
Consumer
Staples
(-0.2%)
(276,507)
Kimberly-Clark
Corp.
(
27,647,935
)
(54,600)
Oddity
Tech
Ltd.Class
A,
(
1,793,064
)
(76,430)
Post
Holdings,
Inc.
(
7,819,553
)
(10,000)
Spectrum
Brands
Holdings,
Inc.
(
637,100
)
(
37,897,652
)
Energy
(-0.3%)
(59,209)
Centrus
Energy
Corp.Class
A,
(
16,476,680
)
(415,000)
Energy
Fuels,
Inc.
(
9,312,600
)
(569,759)
EUR
Eni
SpA
(
11,633,813
)
(623,000)
Eos
Energy
Enterprises,
Inc.
(
9,120,720
)
(51,000)
Golar
LNG
Ltd.
(
2,070,090
)
(116,368)
Northern
Oil
&
Gas,
Inc.
(
2,909,200
)
(146,467)
World
Kinect
Corp.
(
3,941,427
)
(
55,464,530
)
Financials
(-1.3%)
(429,130)
Apollo
Global
Management,
Inc.
(
57,735,150
)
(245,200)
ARES
Management
Corp.Class
A,
(
36,699,084
)
(273,400)
Cleanspark,
Inc.
(
3,237,056
)
(139,433)
Coinbase
Global,
Inc.Class
A,
(
27,153,183
)
(60,846)
Euronet
Worldwide,
Inc.
(
4,408,901
)
(418,000)
KKR
&
Co.,
Inc.
(
47,760,680
)
(209,700)
Oscar
Health,
Inc.Class
A,
(
3,009,195
)
(3,726,000)
HKD
Ping
An
Insurance
Group
Co.
of
China
Ltd.Class
H,
(
34,674,441
)
(45,000)
Starwood
Property
Trust,
Inc.
(
806,850
)
(112,500)
Upstart
Holdings,
Inc.
(
4,415,625
)
NUMBER
OF
SHARES
b
b
VALUE
b
(405,791)
WisdomTree,
Inc.
$
(
6,573,814
)
(
226,473,979
)
Health
Care
(-1.6%)
(7,500)
Alnylam
Pharmaceuticals,
Inc.
(
2,535,450
)
(42,580)
Amphastar
Pharmaceuticals,
Inc.
(
1,127,944
)
(111,000)
Arrowhead
Pharmaceuticals,
Inc.
(
7,695,630
)
(89,497)
Bridgebio
Pharma,
Inc.
(
6,915,433
)
(981,990)
BrightSpring
Health
Services,
Inc.
(
38,562,747
)
(695,340)
Bruker
Corp.
(
30,796,609
)
(40,257)
Dexcom,
Inc.
(
2,940,371
)
(27,812)
Envista
Holdings
Corp.
(
652,748
)
(41,400)
Haemonetics
Corp.
(
2,759,724
)
(540,224)
Halozyme
Therapeutics,
Inc.
(
38,739,463
)
(106,500)
Hims
&
Hers
Health,
Inc.
(
2,885,085
)
(220,900)
Innoviva,
Inc.
(
4,418,000
)
(42,733)
Integer
Holdings
Corp.
(
3,711,788
)
(341,580)
Ionis
Pharmaceuticals,
Inc.
(
28,238,419
)
(28,800)
IRhythm
Holdings,
Inc.
(
4,449,888
)
(233,310)
Jazz
Pharmaceuticals
PLC
(
38,377,162
)
(34,580)
Lantheus
Holdings,
Inc.
(
2,314,094
)
(20,200)
Ligand
Pharmaceuticals,
Inc.
(
3,880,420
)
(218,400)
Merck
&
Co.,
Inc.
(
24,082,968
)
(78,500)
Merit
Medical
Systems,
Inc.
(
6,365,565
)
(77,198)
Pacira
BioSciences,
Inc.
(
1,585,647
)
(121,098)
Tandem
Diabetes
Care,
Inc.
(
2,408,639
)
(127,000)
Tempus
AI,
Inc.
(
7,597,140
)
(50,000)
Zoetis,
Inc.
(
6,241,000
)
(
269,281,934
)
Industrials
(-2.3%)
(16,000)
Aerovironment,
Inc.
(
4,454,240
)
(218,100)
JPY
ANA
Holdings,
Inc.
(
4,234,883
)
(711,700)
Bloom
Energy
Corp.Class
A,
(
107,730,029
)
(126,759)
Boeing
Co.
(
29,626,114
)
(64,300)
BWX
Technologies,
Inc.
(
13,209,149
)
(195,733)
Fluor
Corp.
(
9,040,907
)
(145,056)
Granite
Construction,
Inc.
(
17,514,061
)
(66,880)
Greenbrier
Cos.,
Inc.
(
3,372,090
)
(155,581)
Hertz
Global
Holdings,
Inc.
(
762,347
)
(1,484,500)
JPY
INFRONEER
Holdings,
Inc.
(
22,215,702
)
(96,300)
JBT
Marel
Corp.
(
15,148,953
)
(290,400)
JPY
Nagoya
Railroad
Co.
Ltd.
(
3,241,574
)
(453,400)
JPY
Nikkon
Holdings
Co.
Ltd.
(
10,737,342
)
(18,088)
OSI
Systems,
Inc.
(
4,524,532
)
(1,236,850)
QXO,
Inc.
(
27,433,333
)
(32,355)
EUR
Rheinmetall
AG
(
68,324,061
)
(643,100)
JPY
Seino
Holdings
Co.
Ltd.
(
10,006,363
)
(204,500)
Union
Pacific
Corp.
(
48,077,950
)
(75,000)
Voyager
Technologies,
Inc.Class
A,
(
2,289,750
)
(
401,943,380
)
Information
Technology
(-8.0%)
(67,672)
Advanced
Energy
Industries,
Inc.
(
17,280,722
)
(567,751)
Akamai
Technologies,
Inc.
(
55,157,010
)
(86,700)
Alarm.com
Holdings,
Inc.
(
4,229,226
)
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
15
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
(62,100)
Avnet,
Inc.
$
(
3,874,419
)
(65,700)
BILL
Holdings,
Inc.
(
2,836,269
)
(131,669)
Blackline,
Inc.
(
6,118,658
)
(117,789)
Box,
Inc.Class
A,
(
2,985,951
)
(39,700)
Camtek
Ltd.
(
5,817,241
)
(41,360)
Check
Point
Software
Technologies
Ltd.
(
7,424,534
)
(1,163,000)
Cipher
Mining,
Inc.
(
18,561,480
)
(207,994)
Cloudflare,
Inc.Class
A,
(
36,887,736
)
(42,500)
Commvault
Systems,
Inc.
(
3,642,250
)
(240,000)
CoreWeave,
Inc.Class
A,
(
22,365,600
)
(127,015)
CSG
Systems
International,
Inc.
(
10,129,446
)
(40,600)
CyberArk
Software
Ltd.
(
17,491,698
)
(37,800)
Datadog,
Inc.Class
A,
(
4,888,296
)
(160,804)
DigitalOcean
Holdings,
Inc.
(
8,884,421
)
(382,200)
Dropbox,
Inc.Class
A,
(
9,738,456
)
(33,000)
Five9,
Inc.
(
582,780
)
(28,864)
Guidewire
Software,
Inc.
(
4,062,897
)
(2,564,789)
Hewlett
Packard
Enterprise
Co.
(
55,194,259
)
(200,100)
JPY
Ibiden
Co.
Ltd.
(
10,639,848
)
(129,041)
InterDigital,
Inc.
(
42,124,144
)
(870,400)
IREN
Ltd.
(
46,775,296
)
(128,565)
Itron,
Inc.
(
12,738,220
)
(4,783,000)
HKD
Lenovo
Group
Ltd.
(
5,436,827
)
(413,953)
Lumentum
Holdings,
Inc.
(
162,203,344
)
(1,070,000)
MARA
Holdings,
Inc.
(
10,165,000
)
(800,300)
Microchip
Technology,
Inc.
(
60,758,776
)
(334,700)
Mirion
Technologies,
Inc.
(
8,313,948
)
(86,600)
MKS,
Inc.
(
20,386,506
)
(248,500)
Nebius
Group
NV
(
21,169,715
)
(27,500)
Nova
Ltd.
(
12,590,600
)
(128,321)
Nutanix,
Inc.Class
A,
(
5,046,865
)
(555,700)
ON
Semiconductor
Corp.
(
33,280,873
)
(209,017)
Palo
Alto
Networks,
Inc.
(
36,989,738
)
(339,185)
Pitney
Bowes,
Inc.
(
3,537,700
)
(1,014)
Progress
Software
Corp.
(
41,493
)
(16,800)
Rapid7,
Inc.
(
200,256
)
(101,000)
Rubrik,
Inc.Class
A,
(
5,650,950
)
(242,400)
Seagate
Technology
Holdings
PLC
(
98,824,056
)
(35,000)
Semtech
Corp.
(
2,791,250
)
(403,051)
Shift4
Payments,
Inc.Class
A,
(
23,796,131
)
(345,060)
Snowflake,
Inc.
(
66,493,062
)
(407,503)
Strategy,
Inc.
(
61,007,274
)
(492,200)
Super
Micro
Computer,
Inc.
(
14,327,942
)
(52,600)
Synaptics,
Inc.
(
4,340,026
)
(901,000)
Terawulf,
Inc.
(
12,046,370
)
(48,000)
Unity
Software,
Inc.
(
1,396,800
)
(70,900)
Vertex,
Inc.Class
A,
(
1,315,195
)
(171,646)
Vishay
Intertechnology,
Inc.
(
3,458,667
)
(1,059,800)
Western
Digital
Corp.
(
265,193,754
)
(35,000)
Wix.com
Ltd.
(
3,039,400
)
(103,100)
Workiva,
Inc.
(
7,940,762
)
(92,000)
Xerox
Holdings
Corp.
(
201,480
)
NUMBER
OF
SHARES
b
b
VALUE
b
(2,375,000)
HKD
Xiaomi
Corp.*Class
B,
$
(
10,792,553
)
(12,000)
Zscaler,
Inc.
(
2,400,120
)
(
1,375,568,290
)
Materials
(-0.8%)
(228,600)
Albemarle
Corp.
(
39,006,018
)
(373,000)
JPY
ARE
Holdings,
Inc.
(
8,748,966
)
(143,000)
First
Majestic
Silver
Corp.
(
2,980,120
)
(174,100)
JPY
JFE
Holdings,
Inc.
(
2,346,683
)
(258,000)
JPY
Kansai
Paint
Co.
Ltd.
(
4,111,896
)
(796,100)
JPY
Kobe
Steel
Ltd.
(
11,453,325
)
(453,743)
MP
Materials
Corp.
(
26,666,476
)
(335,000)
Ramaco
Resources,
Inc.Class
A,
(
6,535,850
)
(1,839,500)
Sibanye
Stillwater
Ltd.
(
31,050,760
)
(
132,900,094
)
Real
Estate
(-0.7%)
(51,998)
BXP,
Inc.
(
3,362,711
)
(572,000)
Compass,
Inc.Class
A,
(
7,161,440
)
(583,400)
JPY
Daiwa
House
Industry
Co.
Ltd.
(
19,828,664
)
(24,500)
Digital
Realty
Trust,
Inc.
(
4,065,775
)
(31,800)
Federal
Realty
Investment
Trust
(
3,216,888
)
(1,389,000)
HKD
Henderson
Land
Development
Co.
Ltd.
(
5,533,170
)
(100,000)
HKD
Link
REIT
(
459,799
)
(33,800)
Realty
Income
Corp.
(
2,067,208
)
(79,000)
JPY
Relo
Group,
Inc.
(
894,340
)
(27,000)
Rexford
Industrial
Realty,
Inc.
(
1,094,310
)
(270,000)
Ventas,
Inc.
(
20,970,900
)
(272,400)
Welltower,
Inc.
(
51,309,264
)
(
119,964,469
)
Utilities
(-2.9%)
(401,700)
Alliant
Energy
Corp.
(
26,476,047
)
(598,000)
CenterPoint
Energy,
Inc.
(
23,734,620
)
(167,000)
CMS
Energy
Corp.
(
11,938,830
)
(369,900)
Duke
Energy
Corp.
(
44,887,365
)
(838,050)
Evergy,
Inc.
(
64,303,577
)
(155,000)
Exelon
Corp.
(
6,940,900
)
(460,000)
FirstEnergy
Corp.
(
21,776,400
)
(893,650)
NextEra
Energy,
Inc.
(
78,551,835
)
(1,159,800)
PG&E
Corp.
(
17,884,116
)
(56,500)
Pinnacle
West
Capital
Corp.
(
5,286,140
)
(1,189,571)
PPL
Corp.
(
43,121,949
)
(566,059)
Southern
Co.
(
50,554,729
)
(538,700)
UGI
Corp.
(
21,607,257
)
(639,800)
WEC
Energy
Group,
Inc.
(
70,806,666
)
(
487,870,431
)
TOTAL
COMMON
STOCKS
SOLD
SHORT
(Proceeds
$3,204,710,278)
(
3,941,443,048
)
TOTAL
SECURITIES
SOLD
SHORT
(Proceeds
$3,204,710,278)
(
3,941,443,048
)
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
16
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
Amounts
relating
to
investments
in
affiliated
funds 
at
January
31,
2026,
and
for
the
period
of
October
31,
2025
through
January
31,
2026 are
as
follows:
NUMBER
OF
SHARES
b
b
VALUE
b
EXCHANGE-TRADED
WRITTEN
OPTIONS  (-8.6%)#
Communication
Services
(-0.2%)
(2,396)
(26,645,916)
AST
SpaceMobile,
Inc.
Call,
01/15/27,
Strike
$30.00
$
(
20,485,800
)
(1,500)
(16,681,500)
AST
SpaceMobile,
Inc.
Call,
01/21/28,
Strike
$100.00
(
9,116,250
)
(250)
(12,508,750)
Spotify
Technology
SA
Put,
02/13/26,
Strike
$515.00
(
811,875
)
(250)
(12,508,750)
Spotify
Technology
SA
Call,
02/13/26,
Strike
$515.00
(
481,250
)
(
30,895,175
)
Consumer
Discretionary
(0.0%)
(5,000)
(5,535,000)
Lucid
Group,
Inc.
Call,
08/21/26,
Strike
$3.00
(
15,000
)
Information
Technology
(0.0%)
(2,000)
(5,822,000)
Super
Micro
Computer,
Inc.
Call,
08/21/26,
Strike
$50.00
(
452,000
)
(592)
(927,072)
Wolfspeed,
Inc.
Call,
02/20/26,
Strike
$20.00
(
48,248
)
(
500,248
)
Other
(-8.4%)
(4,000)
(2,775,612,000)
S&P
500®
Index
Call,
02/27/26,
Strike
$6,900.00
(
56,720,000
)
(1,500)
(1,040,854,500)
S&P
500®
Index
Call,
02/27/26,
Strike
$6,300.00
(
99,667,500
)
(8,800)
(6,106,346,400)
S&P
500®
Index
Call,
02/27/26,
Strike
$5,500.00
(
1,277,320,000
)
NUMBER
OF
SHARES
b
b
VALUE
b
(1,000)
(693,903,000)
S&P
500®
Index
Put,
02/27/26,
Strike
$5,500.00
$
(
300,000
)
(
1,434,007,500
)
TOTAL
EXCHANGE-TRADED
WRITTEN
OPTIONS
(Premium
$1,412,723,413)
$
(
1,465,417,923
)
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
~
Security,
or
portion
of
security,
is
segregated
as
collateral
(or
collateral
for
potential
future
transactions)
for
written
options,
swaps,
or
securities
sold
short.
The
aggregate
value
of
such
securities
is
$6,863,918,357.
^
Security,
or
portion
of
security,
is
on
loan.
@
In
default
status
and
considered
non-income
producing.
§
Securities
exchangeable
or
convertible
into
securities
of
one
or
more
entities
that
are
different
than
the
issuer.
Each
entity
is
identified
in
the
parenthetical.
††
When-issued
security.
#
Non-income
producing
security.
‡‡‡
Security
fair
valued
using
significant
unobservable
inputs
and
classified
as
a
Level
3
security.
‡‡
Perpetual
maturity.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
January
31,
2026.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
January
31,
2026.
AFFILIATE
VALUE,
BEGINNING
OF
PERIOD
PURCHASES
SALES
PROCEEDS
DIVIDEND
INCOME
NET
REALIZED
GAINS/(LOSS)
NET
INCREASE/
DECREASE
IN
UNREALIZED
APPRECIATION/
DEPRECIATION
VALUE,
END
OF
PERIOD
Calamos
Short-Term
Bond
Fund
$
337,826,981
$
—
$
—
$
3,844,429
$
—
$
—
$
337,826,981
FOREIGN
CURRENCY
ABBREVIATIONS
EUR
European
Monetary
Unit
HKD
Hong
Kong
Dollar
JPY
Japanese
Yen
ABBREVIATION
ADR
American
Depositary
Receipt
OBFR
Overnight
Bank
Funding
Rate
SOFR
Secured
Overnight
Financing
Rate
Note:
Value
for
securities
denominated
in
foreign
currencies
is
shown
in
U.S.
dollars.
The
date
on
options
represents
the
expiration
date
of
the
option
contract.
The
option
contract
may
be
exercised
at
any
date
on
or
before
the
date
shown.
The
principal
amount
for
such
securities
is
shown
in
the
respective
foreign
currency.
FORWARD
FOREIGN
CURRENCY
CONTRACTS
COUNTERPARTY
LONG
CONTRACTS
SETTLEMENT
DATE
LOCAL
CURRENCY
CURRENT
VALUE
UNREALIZED
GAIN/LOSS
Bank
of
New
York
Mellon
European
Monetary
Unit
2/25/26
55,023,000
$
65,289,128
$
657,275
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
17
See
accompanying
Notes
to
Schedule
of
Investments
Northern
Trust
Company
Japanese
Yen
2/25/26
3,162,949,000
$
20,476,224
$
456,482
Northern
Trust
Company
Japanese
Yen
2/25/26
1,891,955,000
12,248,093
143,408
Northern
Trust
Company
European
Monetary
Unit
2/25/26
8,211,000
9,742,999
230,462
$
1,487,627
COUNTERPARTY
SHORT
CONTRACTS
SETTLEMENT
DATE
LOCAL
CURRENCY
CURRENT
VALUE
UNREALIZED
GAIN/LOSS
Bank
of
New
York
Mellon
European
Monetary
Unit
2/25/26
119,874,000
$
142,239,953
$
(
2,483,125
)
Bank
of
New
York
Mellon
Japanese
Yen
2/25/26
5,361,935,000
34,711,967
150,163
Northern
Trust
Company
European
Monetary
Unit
2/25/26
19,247,000
22,838,083
78,577
Northern
Trust
Company
Japanese
Yen
2/25/26
3,640,951,000
23,570,702
(
299,847
)
Northern
Trust
Company
Singapore
Dollar
2/25/26
27,656,000
21,773,960
(
371,192
)
State
Street
Bank
and
Trust
British
Pound
Sterling
2/25/26
8,569,000
11,725,105
(
454,975
)
State
Street
Bank
and
Trust
European
Monetary
Unit
2/25/26
13,849,000
16,432,931
(
252,929
)
$
(
3,633,328
)
TOTAL
RETURN
SWAPS
COUNTERPARTY
UNDERLYING
REFERENCE
INSTRUMENT
FIXED
RATE
(FUND
PAYS)
FLOATING
RATE
(FUND
RECEIVES)
TERMINATION
DATE
PERIODIC
PAYMENT
FREQUENCY
NOTIONAL
AMOUNT
UPFRONT
PAYMENTS
(PAID)/
RECEIVED
MARKET
VALUE
UNREALIZED
APPRECIATION
(DEPRECIATION)
Bank
of
America
NA
Lucid
Group,
Inc.
Equity
returns
on
448,212
shares
of
Lucid
Group,
Inc.
1
mo.
SOFR
Plus
1.000%
04/01/30
Monthly
$5,239,598
—
$
291,706
$
291,706
Citibank
NA
IREN
Ltd.
Equity
returns
on
133,900
shares
of
IREN
Ltd.
1
mo.
SOFR
Plus
3.280%
12/12/29
Monthly
$6,739,187
—
(
446,704
)
(
446,704
)
Citibank
NA
Lucid
Group,
Inc.
Equity
returns
on
728,750
shares
of
Lucid
Group,
Inc.
1
mo.
SOFR
Plus
1.000%
04/01/30
Monthly
$8,519,088
—
469,680
469,680
Citibank
NA
Lucid
Group,
Inc.
Equity
returns
on
576,570
shares
of
Lucid
Group,
Inc.
1
mo.
SOFR
Plus
1.000%
11/03/31
Monthly
$6,492,178
—
119,982
119,982
Goldman
Sachs
&
Co.
LLC
Zoetis,
Inc.
Equity
returns
on
111,336
shares
of
Zoetis,
Inc.
1
mo.
OBFR
Plus
3.640%
02/02/26
At
Maturity
$13,469,429
—
(
366,304
)
(
366,304
)
JPMorgan
Securities
LLC
Voyager
Technologies,
Inc.
Equity
returns
on
71,700
shares
of
Voyager
Technologies,
Inc.
1
mo.
OBFR
Plus
1.000%
05/07/26
Monthly
$2,112,282
—
(
71,390
)
(
71,390
)
JPMorgan
Securities
LLC
Voyager
Technologies,
Inc.
Equity
returns
on
214,500
shares
of
Voyager
Technologies,
Inc.
1
mo.
OBFR
Plus
1.000%
11/15/30
Monthly
$7,110,675
—
570,306
570,306
Morgan
Stanley
&
Co.
LLC
Joby
Aviation,
Inc.
Equity
returns
on
399,900
shares
of
Joby
Aviation,
Inc.
1
mo.
FEDL
Plus
1.000%
03/03/26
Monthly
$4,538,865
—
311,922
311,922
Morgan
Stanley
&
Co.
LLC
Hertz
Global
Holdings,
Inc.
Equity
returns
on
612,653
shares
of
Hertz
Global
Holdings,
Inc.
1
mo.
FEDL
Plus
1.000%
10/05/28
Monthly
$3,308,326
—
307,921
307,921
$—
$
1,187,119
$
1,187,119
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
18
See
accompanying
Notes
to
Schedule
of
Investments
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
January
31,
2026
(see
Note
3):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Convertible
Bonds
265
$
—
$
6,736,205,730
$
—
$
6,736,205,730
Corporate
Bonds
8
—
33,076,107
—
33,076,107
Common
Stocks
358
10,371,846,139
117,354,612
2,880,000
10,492,080,751
Convertible
Preferred
Stocks
16
658,276,962
—
—
658,276,962
Exchange-Traded
Fund
1
76,116,700
—
—
76,116,700
Investment
in
Affiliated
Fund
1
337,826,981
—
—
337,826,981
Rights
6
118,331
—
371,652
489,983
Warrants
139
3,938,234
3,625,570
—
7,563,804
Exchange-Traded
Purchased
Options
2
12,945,000
—
—
12,945,000
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
169,651,124
—
169,651,124
Forward
Foreign
Currency
Contracts
6
—
1,716,367
—
1,716,367
Total
Return
Swaps
–
—
2,071,517
—
2,071,517
Over
the
Counter
Purchased
Options
19
—
42,308,708
—
42,308,708
Total
$
11,461,068,347
$
7,106,009,735
$
3,251,652
$
18,570,329,734
Liabilities:
—
—
—
—
Common
Stocks
Sold
Short
191
$
3,941,443,048
$
—
$
—
$
3,941,443,048
Exchange-Traded
Written
Options
16
1,465,417,923
—
—
1,465,417,923
Forward
Foreign
Currency
Contracts
5
—
3,862,068
—
3,862,068
Total
Return
Swaps
–
—
884,398
—
884,398
Total
$
5,406,860,971
$
4,746,466
$
—
$
5,411,607,437
The
following
is
a
reconciliation
of
the
fair
valuations
using
significant
unobservable
inputs
(Level
3)
for
the
Market
Neutral
Income
Fund’s
assets
and
liabilities
during
the
year
ended
January
31,
2026:
Investments
in
Securities
Balance
as
of
October
31,
2025
Accrued
Discounts/
(Premiums)
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Purchases
Sales
Proceeds
Transfers
into
Level
3
Transfers
out
of
Level
3
Balance
as
of
January
31,
2026
Net
change
in
Unrealized
Appreciation
(Depreciation)
from
investments
still
held
as
of
January
31,
2026
Common
Stocks
$
14,462,500
$
—
$
2,071,928
$
(
1,521,736
)
$
—
$
12,132,692
$
—
$
—
$
2,880,000
$
—
Rights
277,808
—
—
12,513
81,331
—
—
—
371,652
—
Total
$14,740,308
$—
$2,071,928
$(1,509,223)
$81,331
$12,132,692
$—
$—
$3,251,652
$—
Calamos
Phineus
Long/Short
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
19
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(92.4%)
Communication
Services
(4.8%)
132,500
Netflix,
Inc.#
$
11,062,425
63,000
Reddit,
Inc.
-
Class
A#
11,357,010
30,000
Spotify
Technology
SA#~
15,010,500
228,000
Uber
Technologies,
Inc.#~
18,251,400
55,681,335
Consumer
Discretionary
(11.1%)
258,000
Amazon.com,
Inc.#~
61,739,400
130,000
DR
Horton,
Inc.~
19,349,200
85,000
Lowe's
Cos.,
Inc.~
22,700,100
76,000
Marriott
International,
Inc.
-
Class
A~
23,962,800
127,751,500
Financials
(8.8%)
39,500
Capital
One
Financial
Corp.~
8,647,735
103,000
Citigroup,
Inc.
11,918,130
223,000
Morgan
Stanley~
40,764,400
443,800
Wells
Fargo
&
Co.~
40,159,462
101,489,727
Health
Care
(4.6%)
287,000
Halozyme
Therapeutics,
Inc.#^~
20,580,770
100,000
ICON
PLC#
18,025,000
19,500
Thermo
Fisher
Scientific,
Inc.~
11,282,895
8,500
UnitedHealth
Group,
Inc.
2,438,905
52,327,570
Industrials
(44.5%)
244,000
3M
Co.~
37,371,040
1,140,000
GBP
BAE
Systems
PLC
30,947,510
196,000
Boeing
Co.#~
45,809,120
401,000
Booz
Allen
Hamilton
Holding
Corp.~
35,456,420
30,000
CACI
International,
Inc.
-
Class
A#^~
18,617,400
400,000
Canadian
Pacific
Kansas
City
Ltd.~
29,736,000
127,500
Emerson
Electric
Co.~
18,737,400
47,000
Ferguson
Enterprises,
Inc.~
11,865,620
152,000
Jacobs
Solutions,
Inc.~
20,559,520
211,000
Johnson
Controls
International
PLC~
25,163,860
126,500
L3Harris
Technologies,
Inc.~
43,370,525
95,000
Regal
Rexnord
Corp.~
15,342,500
79,500
EUR
Schneider
Electric
SE
22,792,796
855,000
Southwest
Airlines
Co.
40,629,600
173,932
Union
Pacific
Corp.~
40,891,413
405,500
United
Airlines
Holdings,
Inc.#~
41,490,760
27,500
United
Rentals,
Inc.~
21,506,650
50,000
Waste
Management,
Inc.~
11,112,000
511,400,134
Information
Technology
(14.3%)
86,000
Broadcom,
Inc.
28,491,800
65,000
HubSpot,
Inc.#
18,200,000
34,000
Intuit,
Inc.
16,963,280
NUMBER
OF
SHARES
b
b
VALUE
b
61,000
Microsoft
Corp.~
$
26,247,690
258,500
NVIDIA
Corp.~
49,407,105
54,267
Synopsys,
Inc.#~
25,240,396
164,550,271
Materials
(4.3%)
412,500
Freeport-McMoRan,
Inc.~
24,844,875
70,500
Sherwin-Williams
Co.~
25,002,120
49,846,995
TOTAL
COMMON
STOCKS
(Cost
$943,237,234)
1,063,047,532
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(2.4%)#
Consumer
Discretionary
(0.1%)
760
23,962,800
Marriott
International,
Inc.
Put,
02/20/26,
Strike
$305.00
391,400
23,500
23,194,500
Stellantis
NV
Call,
02/20/26,
Strike
$10.00
763,750
1,155,150
Health
Care
(0.0%)
655
18,793,915
UnitedHealth
Group,
Inc.
Call,
02/06/26,
Strike
$355.00
4,585
Industrials
(1.0%)
8,080
48,140,640
Carrier
Global
Corp.
Call,
03/20/26,
Strike
$62.50
1,656,400
29,500
25,570,600
EUR
Deutsche
Lufthansa
AG
Call,
03/20/26,
Strike
6.00
9,511,245
2,280
18,251,400
Uber
Technologies,
Inc.
Put,
02/06/26,
Strike
$78.00
456,000
11,623,645
Information
Technology
(0.5%)
325
9,100,000
HubSpot,
Inc.
Put,
02/20/26,
Strike
$360.00
2,687,750
5,040
20,820,240
EUR
Infineon
Technologies
AG
Call,
02/20/26,
Strike
40.00
1,708,610
680
33,926,560
Intuit,
Inc.
Call,
04/17/26,
Strike
$620.00
418,200
3,020
22,927,840
Microchip
Technology,
Inc.
Put,
02/06/26,
Strike
$70.00
234,050
715
30,765,735
Microsoft
Corp.
Call,
02/06/26,
Strike
$485.00
23,238
6,570
108,129,060
Oracle
Corp.
Put,
02/20/26,
Strike
$135.00
597,870
5,669,718
Other
(0.8%)
4,670
290,413,290
Invesco
QQQ
Trust
Series
1
Put,
02/20/26,
Strike
$620.00
4,915,175
Calamos
Phineus
Long/Short
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
20
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
5,000
345,985,000
SPDR®
S&P
500®
ETF
Trust
Put,
02/20/26,
Strike
$687.00
$
3,550,000
8,465,175
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$20,586,687)
26,918,273
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(0.3%)
3,624,334
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.704%†***
(Cost
$3,624,334)
$
3,624,334
TOTAL
INVESTMENTS
(95.1%)
(Cost
$967,448,255)
1,093,590,139
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-0.3%)
(3,624,334)
OTHER
ASSETS,
LESS
LIABILITIES
(5.2%)
60,273,610
NET
ASSETS
(100.0%)
$
1,150,239,415
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
SOLD
SHORT  (-3.0%)#
Consumer
Discretionary
(-0.5%)
(13,000)
Tesla,
Inc.
(5,595,330)
Financials
(-0.8%)
(25,000)
American
Express
Co.
(8,804,250)
Information
Technology
(-1.7%)
(23,000)
Ciena
Corp.
(5,791,630)
(67,000)
Coherent
Corp.
(14,216,060)
(20,007,690)
TOTAL
COMMON
STOCKS
SOLD
SHORT
(Proceeds
$30,122,159)
(34,407,270)
EXCHANGE-TRADED
FUNDS
SOLD
SHORT  (-52.7%)#
Other
(-52.7%)
(786,500)
SPDR®
S&P
500®
ETF
Trust#
(544,234,405)
(154,000)
VanEck
Semiconductor
ETF
(62,132,840)
TOTAL
EXCHANGE-TRADED
FUNDS
SOLD
SHORT
(Proceeds
$595,855,216)
(606,367,245)
TOTAL
SECURITIES
SOLD
SHORT
(Proceeds
$625,977,375)
(640,774,515)
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTIONS  (-0.9%)#
Communication
Services
(0.0%)
(1,080)
(9,016,920)
Netflix,
Inc.
Put,
03/20/26,
Strike
$80.00
$
(235,440)
Consumer
Discretionary
(0.0%)
(395)
(5,879,180)
DR
Horton,
Inc.
Put,
02/20/26,
Strike
$145.00
(128,375)
Financials
(-0.1%)
(3,160)
(10,454,860)
EUR
Deutsche
Bank
AG
Put,
02/20/26,
Strike
30.50
(91,770)
(380)
(6,946,400)
Morgan
Stanley
Call,
04/17/26,
Strike
$170.00
(710,600)
(802,370)
Industrials
(-0.2%)
(1,010)
(6,017,580)
Carrier
Global
Corp.
Call,
02/20/26,
Strike
$57.50
(378,750)
(9,835)
(46,735,920)
Southwest
Airlines
Co.
Call,
02/06/26,
Strike
$47.00
(1,268,715)
(995)
(23,392,450)
Union
Pacific
Corp.
Put,
02/20/26,
Strike
$220.00
(64,675)
(1,712,140)
Information
Technology
(-0.1%)
(670)
(14,216,060)
Coherent
Corp.
Put,
02/06/26,
Strike
$160.00
(187,599)
(755)
(5,731,960)
Microchip
Technology,
Inc.
Call,
02/20/26,
Strike
$76.00
(279,350)
(715)
(30,765,735)
Microsoft
Corp.
Put,
02/20/26,
Strike
$430.00
(706,063)
(6,570)
(108,129,060)
Oracle
Corp.
Put,
02/20/26,
Strike
$130.00
(400,770)
(1,573,782)
Other
(-0.5%)
(1,930)
(120,020,910)
Invesco
QQQ
Trust
Series
1
Call,
02/20/26,
Strike
$650.00
(235,460)
(4,670)
(290,413,290)
Invesco
QQQ
Trust
Series
1
Put,
02/20/26,
Strike
$580.00
(1,193,185)
(2,570)
(159,820,590)
Invesco
QQQ
Trust
Series
1
Put,
02/20/26,
Strike
$570.00
(460,030)
(4,670)
(290,413,290)
Invesco
QQQ
Trust
Series
1
Call,
03/20/26,
Strike
$680.00
(424,970)
(10,000)
(691,970,000)
SPDR®
S&P
500®
ETF
Trust
Put,
03/20/26,
Strike
$620.00
(2,815,000)
(7,250)
(119,944,000)
State
Street
Industrial
Select
Sector
SPDR
ETF
Call,
02/20/26,
Strike
$172.00
(590,875)
(2,280)
(18,251,400)
Uber
Technologies,
Inc.
Call,
02/20/26,
Strike
$90.00
(186,960)
(5,906,480)
TOTAL
EXCHANGE-TRADED
WRITTEN
OPTIONS
(Premium
$9,894,610)
$
(10,358,587)
Calamos
Phineus
Long/Short
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
21
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
January
31,
2026
(see
Note
3):
#
Non-income
producing
security.
~
Security,
or
portion
of
security,
is
segregated
as
collateral
(or
collateral
for
potential
future
transactions)
for
written
options,
swaps,
or
securities
sold
short.
The
aggregate
value
of
such
securities
is
$689,551,642.
^
Security,
or
portion
of
security,
is
on
loan.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
January
31,
2026.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
January
31,
2026.
FOREIGN
CURRENCY
ABBREVIATIONS
EUR
European
Monetary
Unit
GBP
British
Pound
Sterling
Note:
Value
for
securities
denominated
in
foreign
currencies
is
shown
in
U.S.
dollars.
The
date
on
options
represents
the
expiration
date
of
the
option
contract.
The
option
contract
may
be
exercised
at
any
date
on
or
before
the
date
shown.
The
principal
amount
for
such
securities
is
shown
in
the
respective
foreign
currency.
CURRENCY
EXPOSURE
January
31,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
US
Dollar
$
377,588,645
85.3‌%
European
Monetary
Unit
33,920,882
7.7‌%
British
Pound
Sterling
30,947,510
7.0‌%
Total
Investments
$442,457,037
100.0‌%
Currency
exposure
may
vary
over
time.
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Common
Stocks
42
$
1,009,307,226
$
53,740,306
$
—
$
1,063,047,532
Exchange-Traded
Purchased
Options
14
26,918,273
—
—
26,918,273
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
3,624,334
—
3,624,334
Total
$
1,036,225,499
$
57,364,640
$
—
$
1,093,590,139
Liabilities:
—
—
—
—
Common
Stocks
Sold
Short
4
$
34,407,270
$
—
$
—
$
34,407,270
Exchange-Traded
Funds
Sold
Short
2
606,367,245
—
—
606,367,245
Exchange-Traded
Written
Options
18
10,358,587
—
—
10,358,587
Total
$
651,133,102
$
—
$
—
$
651,133,102
Calamos
Merger
Arbitrage
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
22
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
CONVERTIBLE
BONDS
(47.2%)
Communication
Services
(2.7%)
72,000
JD.com,
Inc.
0.250%,
06/01/29
$
72,684
Consumer
Discretionary
(2.6%)
65,000
GameStop
Corp.*
0.000%,
06/15/32
70,235
Financials
(4.5%)
137,000
Global
Payments,
Inc.~
1.500%,
03/01/31
121,419
Health
Care
(5.6%)
Exact
Sciences
Corp.*
77,000
2.000%,
03/01/30
107,041
38,000
1.750%,
04/15/31
46,751
153,792
Information
Technology
(26.2%)
78,000
Alkami
Technology,
Inc.*
1.500%,
03/15/30
77,516
110,000
Bill
Holdings,
Inc.
0.000%,
04/01/30
98,620
37,000
CSG
Systems
International,
Inc.~
3.875%,
09/15/28
44,998
118,000
Dayforce,
Inc.~
0.250%,
03/15/26
117,375
90,000
Five9,
Inc.~
1.000%,
03/15/29
81,358
97,000
Nutanix,
Inc.
0.500%,
12/15/29
88,284
79,000
PagerDuty,
Inc.
1.500%,
10/15/28
74,110
60,000
Rapid7,
Inc.
1.250%,
03/15/29
54,837
80,000
Shift4
Payments,
Inc.
0.500%,
08/01/27
77,006
714,104
Utilities
(5.6%)
114,000
TXNM
Energy,
Inc.~
5.750%,
06/01/54
153,715
TOTAL
CONVERTIBLE
BONDS
(Cost
$1,291,587)
1,285,949
CORPORATE
BOND
(0.1%)
Information
Technology
(0.1%)
2,586
Wolfspeed,
Inc.
7.000%,
06/15/31
(Cost
$5,950)
2,112
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(48.2%)
Communication
Services
(7.2%)
644
Match
Group,
Inc.
20,061
8,167
TEGNA,
Inc.
156,480
NUMBER
OF
SHARES
b
b
VALUE
b
725
Warner
Bros
Discovery,
Inc.#
$
19,966
196,507
Consumer
Staples
(8.2%)
255
Boston
Beer
Co.,
Inc.
-
Class
A#~
54,473
9,700
Kenvue,
Inc.
168,780
223,253
Financials
(6.0%)
1,000
Archimedes
Tech
SPAC
Partners
III
Co.#
10,100
4,002
KRAKacquisition
Corp.#
40,560
2,000
Lafayette
Digital
Acquisition
Corp.
I#
20,000
1,563
Legato
Merger
Corp.
IV#
15,677
1,330
M
Evo
Global
Acquisition
Corp.
II#
13,353
3,130
Mountain
Lake
Acquisition
Corp.
II#
31,269
45
ProCap
Acquisition
Corp.
-
Class
A#
460
2,001
Space
Asset
Acquisition
Corp.#
20,390
1,157
X3
Acquisition
Corp.
Ltd.#
11,570
163,379
Health
Care
(2.8%)
2,840
Pfizer,
Inc.~
75,090
Industrials
(7.2%)
197
Chart
Industries,
Inc.#
40,846
423
Norfolk
Southern
Corp.~
123,194
3,030
TaskUS,
Inc.
-
Class
A#
32,724
196,764
Information
Technology
(5.1%)
509
Blackbaud,
Inc.#~
27,333
250
CyberArk
Software
Ltd.#
107,708
214
Wolfspeed,
Inc.#
3,351
138,392
Materials
(2.0%)
2,396
James
Hardie
Industries
PLC#
55,084
Other
(1.5%)
2,208
American
Drive
Acquisition
Co.
-
Class
C#
22,080
1,676
Churchill
Capital
Corp.
XI#
17,263
127
ITHAX
Acquisition
Corp.
III#
1,270
40,613
Special
Purpose
Acquisition
Companies
(8.2%)
618
Alchemy
Investments
Acquisition
Corp.
1#
7,212
1,594
Everest
Consolidator
Acquisition
Corp.#‡‡‡
18,363
4,527
Four
Leaf
Acquisition
Corp.
-
Class
A#~
53,192
12,115
FutureTech
II
Acquisition
Corp.
-
Class
A#~
145,622
Calamos
Merger
Arbitrage
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
23
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
SHARES
b
b
VALUE
b
750
Mak
Acquisition
Corp.
-
Class
B#
$
7
224,396
TOTAL
COMMON
STOCKS
(Cost
$1,321,485)
1,313,478
RIGHTS
(0.0%)#
Consumer
Staples
(0.0%)
755
Mirati
Therapeutics,
Inc.#‡‡‡
755
Health
Care
(0.0%)
523
Akero
Therapeutics,
Inc.#‡‡‡
392
Special
Purpose
Acquisition
Companies
(0.0%)
81
Black
Hawk
Acquisition
Corp.#
(Expire
06/20/25)
112
23
Quetta
Acquisition
Corp.#
(Expire
11/30/24)
38
150
TOTAL
RIGHTS
(Cost
$997)
1,297
WARRANTS
(0.0%)#
Other
(0.0%)
2,950
Mak
Acquisition
Corp.
10/29/30,
Strike
$11.50
1,062
Special
Purpose
Acquisition
Companies
(0.0%)
115
Spark
I
Acquisition
Corp.
11/27/28,
Strike
$11.50
40
TOTAL
WARRANTS
(Cost
$311)
1,102
TOTAL
INVESTMENTS
(95.5%)
(Cost
$2,620,330)
2,603,938
OTHER
ASSETS,
LESS
LIABILITIES
(4.5%)
122,346
NET
ASSETS
(100.0%)
$
2,726,284
COMMON
STOCKS
SOLD
SHORT  (-10.9%)#
Consumer
Staples
(-3.6%)
(993)
Kimberly-Clark
Corp.
(
99,290
)
Industrials
(-3.7%)
(423)
Union
Pacific
Corp.
(
99,447
)
Information
Technology
(-3.6%)
(550)
Palo
Alto
Networks,
Inc.
(
97,334
)
TOTAL
COMMON
STOCKS
SOLD
SHORT
(Proceeds
$294,855)
(
296,071
)
TOTAL
SECURITIES
SOLD
SHORT
(Proceeds
$294,855)
(
296,071
)
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (0.0%)#
Information
Technology
(0.0%)
(2)
(3,132)
Wolfspeed,
Inc.
Call,
02/20/26,
Strike
$20.00
(Premium
$589)
$
(
163
)
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
~
Security,
or
portion
of
security,
is
segregated
as
collateral
(or
collateral
for
potential
future
transactions)
for
written
options
and
securities
sold
short.
The
aggregate
value
of
such
securities
is
$634,435.
#
Non-income
producing
security.
‡‡‡
Security
fair
valued
using
significant
unobservable
inputs
and
classified
as
a
Level
3
security.
Note:
The
date
on
options
represents
the
expiration
date
of
the
option
contract.
The
option
contract
may
be
exercised
at
any
date
on
or
before
the
date
shown.
Calamos
Merger
Arbitrage
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
24
See
accompanying
Notes
to
Schedule
of
Investments
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
January
31,
2026
(see
Note
3):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Convertible
Bonds
15
$
—
$
1,285,949
$
—
$
1,285,949
Corporate
Bond
1
—
2,112
—
2,112
Common
Stocks
30
1,019,495
275,620
18,363
1,313,478
Rights
4
150
—
1,147
1,297
Warrants
2
—
1,102
—
1,102
Total
$
1,019,645
$
1,564,783
$
19,510
$
2,603,938
Liabilities:
—
—
—
—
Common
Stocks
Sold
Short
3
$
296,071
$
—
$
—
$
296,071
Exchange-Traded
Written
Option
1
163
—
—
163
Total
$
296,234
$
—
$
—
$
296,234
The
following
is
a
reconciliation
of
the
fair
valuations
using
significant
unobservable
inputs
(Level
3)
for
the
Merger
Arbitrage
Fund’s
assets
and
liabilities
during
the
year
ended
January
31,
2026:
Investments
in
Securities
Balance
as
of
October
31,
2025
Accrued
Discounts/
(Premiums)
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Purchases
Sales
Proceeds
Transfers
into
Level
3
Transfers
out
of
Level
3
Balance
as
of
January
31,
2026
Net
change
in
Unrealized
Appreciation
(Depreciation)
from
investments
still
held
as
of
January
31,
2026
Common
Stocks
$
92,213
$
—
$
6,839
$
(
3,331
)
$
—
$
77,358
$
—
$
—
$
18,363
$
—
Rights
755
—
—
52
340
—
—
—
1,147
—
Total
$92,968
$—
$6,839
$(3,279)
$340
$77,358
$—
$—
$19,510
$—
Calamos
Convertible
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
25
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
CONVERTIBLE
BONDS
(86.4%)
Communication
Services
(7.8%)
AST
SpaceMobile,
Inc.*
2,000,000
2.375%,
10/15/32
$
3,645,780
4,500,000
2.000%,
01/15/36
6,152,130
4,750,000
IMAX
Corp.*
0.750%,
11/15/30
5,081,502
11,250,000
Liberty
Media
Corp.-Liberty
Formula
One
2.250%,
08/15/27
13,146,525
8,500,000
Live
Nation
Entertainment,
Inc.^
2.875%,
01/15/30
9,038,390
12,250,000
Lyft,
Inc.*
0.000%,
09/15/30
12,951,190
12,250,000
Uber
Technologies,
Inc.
Series
2028
0.875%,
12/01/28
15,697,273
7,750,000
Uber
Technologies,
Inc.
(Aurora
Innovation,
Inc.)*§
0.000%,
05/15/28
7,791,850
73,504,640
Consumer
Discretionary
(8.1%)
18,500,000
Alibaba
Group
Holding
Ltd.*
0.000%,
09/15/32
20,697,060
13,000,000
DoorDash,
Inc.*
0.000%,
05/15/30
13,029,510
4,000,000
Etsy,
Inc.*
1.000%,
06/15/30
4,000,320
4,500,000
Ford
Motor
Co.
0.000%,
03/15/26
4,771,665
2,250,000
Freshpet,
Inc.^
3.000%,
04/01/28
2,793,195
3,500,000
Lucid
Group,
Inc.*
5.000%,
04/01/30
2,046,625
4,250,000
NCL
Corp.
Ltd.*
0.750%,
09/15/30
4,147,235
14,000,000
Rivian
Automotive,
Inc.
3.625%,
10/15/30
13,301,540
4,750,000
Wayfair,
Inc.
3.500%,
11/15/28
11,182,403
75,969,553
Consumer
Staples
(0.2%)
1,750,000
KalVista
Pharmaceuticals,
Inc.*
3.250%,
10/01/31
2,212,613
Energy
(1.2%)
3,250,000
Energy
Fuels,
Inc.*
0.750%,
11/01/31
4,456,237
5,500,000
Eos
Energy
Enterprises,
Inc.*
1.750%,
12/01/31
6,501,385
10,957,622
Financials
(3.8%)
4,500,000
Affirm
Holdings,
Inc.
0.750%,
12/15/29
4,658,310
7,500,000
Barclays
Bank
PLC
(Microsoft
Corp.)
Series
MSFT^§
1.000%,
02/16/29
7,745,025
PRINCIPAL
AMOUNT
a
a
VALUE
a
Coinbase
Global,
Inc.
10,750,000
0.250%,
04/01/30
$
10,564,992
4,095,000
0.000%,
10/01/32*
3,499,300
5,500,000
Galaxy
Digital
Holdings
LP*
0.500%,
05/01/31
4,792,535
4,250,000
WisdomTree,
Inc.*^
4.625%,
08/15/30
4,963,278
36,223,440
Health
Care
(8.5%)
4,250,000
Alnylam
Pharmaceuticals,
Inc.*
0.000%,
09/15/28
3,975,280
5,750,000
Alphatec
Holdings,
Inc.*
0.750%,
03/15/30
7,023,165
1,865,000
Arrowhead
Pharmaceuticals,
Inc.
0.000%,
01/15/32
2,101,762
Bridgebio
Pharma,
Inc.
3,750,000
2.500%,
03/15/27^
7,042,537
1,230,000
0.750%,
02/01/33*
1,256,445
1,760,000
Cogent
Biosciences,
Inc.
1.625%,
11/15/31
2,106,685
4,750,000
Guardant
Health,
Inc.*
0.000%,
05/15/33
5,652,548
9,250,000
Halozyme
Therapeutics,
Inc.*
0.875%,
11/15/32
9,728,318
9,250,000
Ionis
Pharmaceuticals,
Inc.*
0.000%,
12/01/30
10,249,092
8,000,000
Jazz
Investments
I
Ltd.
3.125%,
09/15/30
10,465,520
4,250,000
Ligand
Pharmaceuticals,
Inc.*
0.750%,
10/01/30
5,085,380
3,500,000
Merit
Medical
Systems,
Inc.*^
3.000%,
02/01/29
4,056,815
4,000,000
Repligen
Corp.
1.000%,
12/15/28
4,264,040
2,000,000
Tempus
AI,
Inc.*^
0.750%,
07/15/30
2,171,220
4,500,000
Zoetis,
Inc.*
0.250%,
06/15/29
4,604,490
79,783,297
Industrials
(7.5%)
8,250,000
AeroVironment,
Inc.^
0.000%,
07/15/30
9,755,048
17,000,000
Bloom
Energy
Corp.*^
0.000%,
11/15/30
19,192,490
18,250,000
BWX
Technologies,
Inc.*
0.000%,
11/01/30
18,922,877
7,250,000
Fluor
Corp.^
1.125%,
08/15/29
8,975,065
4,750,000
JBT
Marel
Corp.*
0.375%,
09/15/30
5,107,152
4,750,000
Joby
Aviation,
Inc.††
0.750%,
02/15/32
4,868,655
3,500,000
Tetra
Tech,
Inc.
2.250%,
08/15/28
4,073,755
70,895,042
Calamos
Convertible
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
26
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
Information
Technology
(35.4%)
6,500,000
Advanced
Energy
Industries,
Inc.
2.500%,
09/15/28
$
12,630,930
13,750,000
Akamai
Technologies,
Inc.*
0.250%,
05/15/33
16,693,737
5,436,000
Check
Point
Software
Technologies
Ltd.*
0.000%,
12/15/30
5,366,800
8,250,000
Cipher
Mining,
Inc.*
0.000%,
10/01/31
10,589,452
10,287,000
Cloudflare,
Inc.*
0.000%,
06/15/30
10,808,757
4,250,000
Commvault
Systems,
Inc.*
0.000%,
09/15/30
3,589,167
16,200,000
CyberArk
Software
Ltd.*
0.000%,
06/15/30
17,052,768
2,250,000
Cytokinetics,
Inc.*^
1.750%,
10/01/31
2,853,090
12,750,000
Datadog,
Inc.^
0.000%,
12/01/29
12,564,615
8,750,000
Guidewire
Software,
Inc.^
1.250%,
11/01/29
8,502,200
15,250,000
IREN
Ltd.*
0.000%,
07/01/31
14,111,130
4,000,000
Itron,
Inc.
1.375%,
07/15/30
4,264,480
4,250,000
Life360,
Inc.*
0.000%,
06/01/30
4,482,688
13,500,000
Lumentum
Holdings,
Inc.*
0.375%,
03/15/32
30,654,315
8,500,000
MACOM
Technology
Solutions
Holdings,
Inc.^
0.000%,
12/15/29
12,271,025
7,500,000
Mirion
Technologies,
Inc.*
0.250%,
06/01/30
9,724,350
16,250,000
MKS,
Inc.
1.250%,
06/01/30
27,415,050
7,250,000
ON
Semiconductor
Corp.
0.000%,
05/01/27
9,205,905
1,750,000
Planet
Labs
PBC*
0.500%,
10/15/30
3,989,440
3,750,000
Seagate
HDD
Cayman
3.500%,
06/01/28
18,674,138
9,000,000
Snowflake,
Inc.
0.000%,
10/01/29
12,681,810
7,000,000
Spotify
USA,
Inc.
0.000%,
03/15/26
7,103,600
Strategy,
Inc.
6,500,000
0.875%,
03/15/31
6,702,410
6,000,000
0.625%,
09/15/28^
7,132,860
7,750,000
Super
Micro
Computer,
Inc.*
0.000%,
06/15/30
6,682,592
Terawulf,
Inc.*
8,500,000
1.000%,
09/01/31
11,252,470
1,211,000
0.000%,
05/01/32
1,154,701
3,500,000
Tyler
Technologies,
Inc.
0.250%,
03/15/26
3,483,550
PRINCIPAL
AMOUNT
a
a
VALUE
a
5,000,000
Western
Digital
Corp.
3.000%,
11/15/28
$
33,157,300
9,000,000
Zscaler,
Inc.*
0.000%,
07/15/28
8,373,870
333,169,200
Materials
(1.5%)
5,750,000
Centrus
Energy
Corp.*
0.000%,
08/15/32
8,378,268
2,000,000
MP
Materials
Corp.*
3.000%,
03/01/30
5,668,740
14,047,008
Other
(0.9%)
7,000,000
CoreWeave,
Inc.*
1.750%,
12/01/31
8,054,900
Real
Estate
(2.7%)
4,609,000
Compass,
Inc.*
0.250%,
04/15/31
4,969,516
8,750,000
Digital
Realty
Trust
LP*
1.875%,
11/15/29
9,072,438
7,250,000
Welltower
OP
LLC*
3.125%,
07/15/29
11,064,297
25,106,251
Utilities
(8.8%)
11,000,000
CMS
Energy
Corp.
3.375%,
05/01/28
11,894,960
12,000,000
Duke
Energy
Corp.
4.125%,
04/15/26
12,471,000
17,750,000
NextEra
Energy
Capital
Holdings,
Inc.
3.000%,
03/01/27
23,634,125
11,500,000
PPL
Capital
Funding,
Inc.
2.875%,
03/15/28
12,972,460
11,500,000
Southern
Co.
4.500%,
06/15/27
12,379,520
8,750,000
WEC
Energy
Group,
Inc.*
3.375%,
06/01/28
8,979,425
82,331,490
TOTAL
CONVERTIBLE
BONDS
(Cost
$686,272,319)
812,255,056
NUMBER
OF
SHARES
b
b
VALUE
b
CONVERTIBLE
PREFERRED
STOCKS
(10.8%)
Financials
(4.0%)
127,810
Apollo
Global
Management,
Inc.~
6.750%,
07/31/26
8,866,180
173,440
ARES
Management
Corp.
6.750%,
10/01/27
8,295,635
10,300
Bank
of
America
Corp.^~‡‡
7.250%
12,833,800
153,130
KKR
&
Co.,
Inc.^
6.250%,
03/01/28
7,494,182
37,489,797
Calamos
Convertible
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
27
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
SHARES
b
b
VALUE
b
Health
Care
(0.5%)
13,010
Bruker
Corp.
6.375%,
09/01/28#
$
4,512,518
Industrials
(3.7%)
397,810
Boeing
Co.~
6.000%,
10/15/27
29,724,363
81,910
QXO,
Inc.^
5.500%,
05/15/28
5,188,999
34,913,362
Information
Technology
(1.5%)
73,155
Hewlett
Packard
Enterprise
Co.
7.625%,
09/01/27
4,430,998
148,765
Microchip
Technology,
Inc.
7.500%,
03/15/28
9,943,453
14,374,451
Materials
(1.1%)
141,385
Albemarle
Corp.
7.250%,
03/01/27
9,803,636
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$84,778,400)
101,093,764
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(0.2%)#
Information
Technology
(0.0%)
70
3,012,030
Microsoft
Corp.
Call,
05/15/26,
Strike
$540.00
20,125
Other
(0.2%)
1,500
103,795,500
SPDR®
S&P
500®
ETF
Trust
Put,
03/20/26,
Strike
$675.00
1,404,750
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$1,713,607)
1,424,875
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(2.7%)
25,840,210
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.704%†***
(Cost
$25,840,210)
$
25,840,210
TOTAL
INVESTMENTS
(100.1%)
(Cost
$798,604,536)
$
940,613,905
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-2.7%)
(
25,840,210
)
OTHER
ASSETS,
LESS
LIABILITIES
(2.6%)
25,178,882
NET
ASSETS
(100.0%)
$
939,952,577
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
^
Security,
or
portion
of
security,
is
on
loan.
§
Securities
exchangeable
or
convertible
into
securities
of
one
or
more
entities
that
are
different
than
the
issuer.
Each
entity
is
identified
in
the
parenthetical.
††
When-issued
security.
~
Security,
or
portion
of
security,
is
segregated
as
collateral
(or
collateral
for
potential
future
transactions)
for
written
options.
The
aggregate
value
of
such
securities
is
$30,862,338.
‡‡
Perpetual
maturity.
#
Non-income
producing
security.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
January
31,
2026.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
January
31,
2026.
Note:
The
date
on
options
represents
the
expiration
date
of
the
option
contract.
The
option
contract
may
be
exercised
at
any
date
on
or
before
the
date
shown.
FORWARD
FOREIGN
CURRENCY
CONTRACTS
COUNTERPARTY
LONG
CONTRACTS
SETTLEMENT
DATE
LOCAL
CURRENCY
CURRENT
VALUE
UNREALIZED
GAIN/LOSS
Northern
Trust
Company
Hong
Kong
Dollar
2/25/26
9,472,000
$
1,213,461
$
(
5,955
)
COUNTERPARTY
SHORT
CONTRACTS
SETTLEMENT
DATE
LOCAL
CURRENCY
CURRENT
VALUE
UNREALIZED
GAIN/LOSS
Northern
Trust
Company
Hong
Kong
Dollar
2/25/26
103,802,000
$
13,298,108
$
74,120
Northern
Trust
Company
Hong
Kong
Dollar
2/25/26
18,073,000
2,315,338
4,624
$
78,744
Calamos
Convertible
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
28
See
accompanying
Notes
to
Schedule
of
Investments
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
January
31,
2026
(see
Note
3):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Convertible
Bonds
90
$
—
$
812,255,056
$
—
$
812,255,056
Convertible
Preferred
Stocks
10
101,093,764
—
—
101,093,764
Exchange-Traded
Purchased
Options
2
1,424,875
—
—
1,424,875
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
25,840,210
—
25,840,210
Forward
Foreign
Currency
Contracts
2
—
78,744
—
78,744
Total
$
102,518,639
$
838,174,010
$
—
$
940,692,649
Liabilities:
—
—
—
—
Forward
Foreign
Currency
Contracts
1
$
—
$
5,955
$
—
$
5,955
Total
$
—
$
5,955
$
—
$
5,955
Calamos
Global
Convertible
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
29
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
CONVERTIBLE
BONDS
(88.7%)
Communication
Services
(13.0%)
783,000
AST
SpaceMobile,
Inc.*
2.375%,
10/15/32
$
1,427,323
110,000,000
JPY
CyberAgent,
Inc.*
0.000%,
11/16/29
810,912
1,421,000
Grab
Holdings
Ltd.*
0.000%,
06/15/30
1,432,794
1,191,000
IMAX
Corp.*
0.750%,
11/15/30
1,274,120
5,323,000
JD.com,
Inc.
0.250%,
06/01/29
5,373,568
1,480,000
Lyft,
Inc.*
0.000%,
09/15/30
1,564,715
2,789,000
MakeMyTrip
Ltd.*
0.000%,
07/01/30
2,567,526
1,257,000
Snap,
Inc.
0.500%,
05/01/30
1,084,100
2,522,000
Trip.com
Group
Ltd.
0.750%,
06/15/29
2,862,647
1,196,000
Uber
Technologies,
Inc.
Series
2028
0.875%,
12/01/28
1,532,566
614,000
Uber
Technologies,
Inc.
(Aurora
Innovation,
Inc.)*§
0.000%,
05/15/28
617,316
20,547,587
Consumer
Discretionary
(15.4%)
2,363,200
EUR
Accor
SA*
0.700%,
12/07/27
1,562,295
3,386,000
Alibaba
Group
Holding
Ltd.
0.500%,
06/01/31
5,959,800
2,775,000
DoorDash,
Inc.*
0.000%,
05/15/30
2,781,299
1,411,000
Etsy,
Inc.*
1.000%,
06/15/30
1,411,113
1,329,000
Farfetch
Ltd.@
0.000%,
05/01/27
11,589
970,000
Lucid
Group,
Inc.*
5.000%,
04/01/30
567,207
1,752,000
Meritage
Homes
Corp.^
1.750%,
05/15/28
1,784,184
1,492,000
NCL
Corp.
Ltd.*
0.750%,
09/15/30
1,455,923
646,000
NIO,
Inc.
4.625%,
10/15/30
581,859
2,569,000
Rivian
Automotive,
Inc.
4.625%,
03/15/29
2,716,538
160,000,000
JPY
Sanrio
Co.
Ltd.*
0.000%,
12/14/28
1,940,450
914,000
Wayfair,
Inc.
3.500%,
11/15/28
2,151,730
1,283,000
Wynn
Macau
Ltd.*
4.500%,
03/07/29
1,303,297
24,227,284
Consumer
Staples
(1.2%)
600,000
EUR
Davide
Campari-Milano
NV*
2.375%,
01/17/29
698,543
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,208,000
Enovis
Corp.^
3.875%,
10/15/28
$
1,176,677
1,875,220
Energy
(4.9%)
3,600,000
EUR
Eni
SpA
Series
ENI*
2.950%,
09/14/30
4,718,777
670,000
Nabors
Industries,
Inc.
1.750%,
06/15/29
594,082
1,341,000
Northern
Oil
&
Gas,
Inc.
3.625%,
04/15/29
1,364,226
500,000
EUR
Saipem
SpA*
2.875%,
09/11/29
1,111,443
7,788,528
Financials
(2.0%)
720,000
Coinbase
Global,
Inc.*^
0.000%,
10/01/32
615,262
622,000
Global
Payments,
Inc.^
1.500%,
03/01/31
551,260
2,037,000
Rexford
Industrial
Realty
LP*
4.125%,
03/15/29
2,046,390
3,212,912
Health
Care
(6.9%)
1,502,000
Alnylam
Pharmaceuticals,
Inc.*
0.000%,
09/15/28
1,404,911
105,000
Bridgebio
Pharma,
Inc.*
0.750%,
02/01/33
107,257
92,000
Cogent
Biosciences,
Inc.
1.625%,
11/15/31
110,122
841,000
CONMED
Corp.
2.250%,
06/15/27
815,930
623,000
Dexcom,
Inc.
0.375%,
05/15/28
582,991
Halozyme
Therapeutics,
Inc.
241,000
1.000%,
08/15/28
337,214
270,000
0.875%,
11/15/32*
283,962
622,000
0.250%,
03/01/27
692,852
270,000
0.000%,
02/15/31*^
278,586
1,587,000
Ionis
Pharmaceuticals,
Inc.*
0.000%,
12/01/30
1,758,412
1,295,000
Jazz
Investments
I
Ltd.
2.000%,
06/15/26
1,431,571
415,000
Lantheus
Holdings,
Inc.
2.625%,
12/15/27
474,884
941,000
NeoGenomics,
Inc.
0.250%,
01/15/28
858,352
618,000
TransMedics
Group,
Inc.
1.500%,
06/01/28
988,769
781,000
Zoetis,
Inc.*
0.250%,
06/15/29
799,135
10,924,948
Industrials
(5.1%)
370,000
AeroVironment,
Inc.
0.000%,
07/15/30
437,499
2,392,000
Bloom
Energy
Corp.*
0.000%,
11/15/30
2,700,496
Calamos
Global
Convertible
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
30
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,581,000
BWX
Technologies,
Inc.*
0.000%,
11/01/30
$
1,639,292
241,000
Joby
Aviation,
Inc.††
0.750%,
02/15/32
247,020
700,000
L&F
Co.
Ltd.*
2.500%,
04/26/30
567,098
600,000
EUR
SPIE
SA*
2.000%,
01/17/28
1,023,971
1,100,000
EUR
Vinci
SA*
0.700%,
02/18/30
1,360,369
7,975,745
Information
Technology
(28.5%)
Akamai
Technologies,
Inc.
978,000
1.125%,
02/15/29^
1,025,893
695,000
0.250%,
05/15/33*
843,792
1,352,000
Bill
Holdings,
Inc.
0.000%,
04/01/30
1,212,136
996,000
Bitfarms
Ltd.*
1.375%,
01/15/31
602,670
1,553,000
Check
Point
Software
Technologies
Ltd.*
0.000%,
12/15/30
1,533,230
1,400,000
CyberArk
Software
Ltd.*
0.000%,
06/15/30
1,473,696
1,358,000
Datadog,
Inc.^
0.000%,
12/01/29
1,338,255
718,000
DigitalOcean
Holdings,
Inc.*^
0.000%,
08/15/30
1,153,223
1,374,000
Dropbox,
Inc.
0.000%,
03/01/28
1,366,539
637,000
Five9,
Inc.
1.000%,
03/15/29
575,835
600,000
Gigabyte
Technology
Co.
Ltd.*
0.000%,
07/27/28
603,432
649,000
Guidewire
Software,
Inc.^
1.250%,
11/01/29
630,620
516,000
IREN
Ltd.*
0.000%,
07/01/31
477,465
Lumentum
Holdings,
Inc.
568,000
1.500%,
12/15/29
3,209,825
137,000
0.375%,
03/15/32*
311,084
633,000
MKS,
Inc.
1.250%,
06/01/30
1,067,922
Nebius
Group
NV*
1,505,000
2.750%,
09/15/32
1,463,086
1,505,000
1.000%,
09/15/30
1,509,078
2,252,000
Nutanix,
Inc.
0.500%,
12/15/29
2,049,658
ON
Semiconductor
Corp.^
1,301,000
0.500%,
03/01/29
1,273,640
824,000
0.000%,
05/01/27
1,046,299
621,000
Parsons
Corp.^
2.625%,
03/01/29
666,029
1,395,000
Rubrik,
Inc.*
0.000%,
06/15/30
1,257,941
717,000
Seagate
HDD
Cayman
3.500%,
06/01/28
3,570,495
PRINCIPAL
AMOUNT
a
a
VALUE
a
600,000
SK
Hynix,
Inc.*
1.750%,
04/11/30
$
4,561,908
4,539,000
Strategy,
Inc.
0.000%,
12/01/29
3,820,885
409,000
Terawulf,
Inc.*
0.000%,
05/01/32
389,986
1,354,000
Unity
Software,
Inc.*^
0.000%,
03/15/30
1,531,306
1,253,000
Varonis
Systems,
Inc.
1.000%,
09/15/29
1,170,089
1,119,000
Wix.com
Ltd.*
0.000%,
09/15/30
965,607
Workiva,
Inc.
977,000
1.250%,
08/15/28
945,883
120,000
1.125%,
08/15/26
131,636
1,243,000
Xero
Investments
Ltd.*
1.625%,
06/12/31
1,182,118
44,961,261
Materials
(4.7%)
1,448,000
Amyris,
Inc.@
0.000%,
11/15/26
6,197
1,450,000
Centrus
Energy
Corp.*
0.000%,
08/15/32
2,112,781
1,200,000
Gold
Pole
Capital
Co.
Ltd.*
1.000%,
06/25/29
2,639,652
Kansai
Paint
Co.
Ltd.*
200,000,000
JPY
0.000%,
03/08/29
1,351,473
200,000,000
JPY
0.000%,
03/07/31
1,343,991
7,454,094
Real
Estate
(1.4%)
775,000
Compass,
Inc.*
0.250%,
04/15/31
835,620
1,290,000
Digital
Realty
Trust
LP*
1.875%,
11/15/29
1,337,537
2,173,157
Utilities
(5.6%)
1,282,000
American
Water
Capital
Corp.
3.625%,
06/15/26
1,279,770
1,430,000
CMS
Energy
Corp.
3.375%,
05/01/28
1,546,345
2,892,000
Duke
Energy
Corp.
4.125%,
04/15/26
3,005,511
1,307,000
PPL
Capital
Funding,
Inc.
2.875%,
03/15/28
1,474,348
1,539,000
Southern
Co.*
3.250%,
06/15/28
1,542,047
8,848,021
TOTAL
CONVERTIBLE
BONDS
(Cost
$124,784,125)
139,988,757
Calamos
Global
Convertible
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
31
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
PRINCIPAL
AMOUNT
a
a
VALUE
a
CORPORATE
BOND
(0.1%)
Information
Technology
(0.1%)
179,773
LivePerson,
Inc.*
10.000%,
12/15/29
(Cost
$137,658)
$
98,875
U.S.
GOVERNMENT
AND
AGENCY
SECURITY
(0.7%)
Other
(0.7%)
1,071,000
U.S.
Treasury
Notes
3.875%,
03/31/27
(Cost
$1,071,623)
1,075,058
NUMBER
OF
SHARES
b
b
VALUE
b
CONVERTIBLE
PREFERRED
STOCKS
(7.6%)
Financials
(2.4%)
32,723
Apollo
Global
Management,
Inc.^
6.750%,
07/31/26
2,269,995
31,427
KKR
&
Co.,
Inc.^
6.250%,
03/01/28
1,538,037
3,808,032
Industrials
(4.2%)
76,944
Boeing
Co.^
6.000%,
10/15/27
5,749,256
13,927
QXO,
Inc.
5.500%,
05/15/28
882,275
6,631,531
Information
Technology
(1.0%)
24,968
Hewlett
Packard
Enterprise
Co.
7.625%,
09/01/27
1,512,312
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$9,135,325)
11,951,875
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(0.2%)#
Consumer
Discretionary
(0.1%)
34
1,859,460
EUR
LVMH
Moet
Hennessy
Louis
Vuitton
SE
Call,
03/20/26,
Strike
550.00
87,818
Industrials
(0.1%)
93
1,834,592
EUR
Airbus
SE
Call,
06/19/26,
Strike
190.00
169,619
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$413,108)
257,437
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(9.7%)
15,377,515
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.704%†***
(Cost
$15,377,515)
$
15,377,515
TOTAL
INVESTMENTS
(107.0%)
(Cost
$150,919,354)
$
168,749,517
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-9.7%)
(
15,377,515
)
OTHER
ASSETS,
LESS
LIABILITIES
(2.7%)
4,376,844
NET
ASSETS
(100.0%)
$
157,748,846
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
§
Securities
exchangeable
or
convertible
into
securities
of
one
or
more
entities
that
are
different
than
the
issuer.
Each
entity
is
identified
in
the
parenthetical.
@
In
default
status
and
considered
non-income
producing.
^
Security,
or
portion
of
security,
is
on
loan.
††
When-issued
security.
#
Non-income
producing
security.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
January
31,
2026.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
January
31,
2026.
FOREIGN
CURRENCY
ABBREVIATIONS
EUR
European
Monetary
Unit
JPY
Japanese
Yen
Note:
Value
for
securities
denominated
in
foreign
currencies
is
shown
in
U.S.
dollars.
The
date
on
options
represents
the
expiration
date
of
the
option
contract.
The
option
contract
may
be
exercised
at
any
date
on
or
before
the
date
shown.
The
principal
amount
for
such
securities
is
shown
in
the
respective
foreign
currency.
CURRENCY
EXPOSURE
January
31,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
US
Dollar
$
152,569,855
90
.4‌
%
European
Monetary
Unit
10,732,836
6
.4‌
%
Japanese
Yen
5,446,826
3
.2‌
%
Total
Investments
$168,749,517
100
.0‌
%
Currency
exposure
may
vary
over
time.
Calamos
Global
Convertible
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
32
See
accompanying
Notes
to
Schedule
of
Investments
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
January
31,
2026
(see
Note
3):
COUNTRY
EXPOSURE
January
31,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
United
States
$
100,993,915
59
.8‌
%
China
17,417,526
10
.3‌
%
Italy
6,528,763
3
.9‌
%
Japan
5,446,826
3
.2‌
%
South
Korea
5,129,006
3
.0‌
%
France
3,946,636
2
.3‌
%
Netherlands
2,972,165
1
.8‌
%
India
2,567,526
1
.5‌
%
Israel
2,498,837
1
.5‌
%
Singapore
1,432,794
0
.8‌
%
Macao
1,303,297
0
.8‌
%
New
Zealand
1,182,118
0
.7‌
%
Taiwan
603,432
0
.4‌
%
Canada
602,670
0
.4‌
%
Australia
477,465
0
.3‌
%
United
Kingdom
11,589
0.0‌
%
Total
Investments
$168,492,080
99
.8‌
%
Country
exposure
may
vary
over
time.
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Convertible
Bonds
100
$
—
$
139,988,757
$
—
$
139,988,757
Corporate
Bond
1
—
98,875
—
98,875
U.S.
Government
and
Agency
Security
1
—
1,075,058
—
1,075,058
Convertible
Preferred
Stocks
5
11,951,875
—
—
11,951,875
Exchange-Traded
Purchased
Options
2
257,437
—
—
257,437
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
15,377,515
—
15,377,515
Total
$
12,209,312
$
156,540,205
$
—
$
168,749,517
Calamos
Timpani
Small
Cap
Growth
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
33
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(99.8%)
Consumer
Discretionary
(10.9%)
56,257
Boot
Barn
Holdings,
Inc.#
$
10,040,749
39,953
Cava
Group,
Inc.#
2,421,951
69,003
Dutch
Bros,
Inc.
-
Class
A#
3,753,073
57,919
Five
Below,
Inc.#
11,099,597
27,507
Installed
Building
Products,
Inc.
7,925,867
495,431
Lindblad
Expeditions
Holdings,
Inc.#
8,258,835
260,581
RealReal,
Inc.#
3,822,723
110,162
Revolve
Group,
Inc.#
3,045,979
751,141
Rush
Street
Interactive,
Inc.#
13,272,662
45,035
Stride,
Inc.#
3,809,961
67,451,397
Consumer
Staples
(2.8%)
1,149,265
Mama's
Creations,
Inc.#
17,353,902
Energy
(1.2%)
155,657
National
Energy
Services
Reunited
Corp.#
3,063,330
137,284
Natural
Gas
Services
Group,
Inc.
4,755,518
7,818,848
Financials
(6.8%)
69,600
Dave,
Inc.#
11,392,824
303,257
Marex
Group
PLC
11,972,586
94,299
Miami
International
Holdings,
Inc.#
3,935,097
26,396
Palomar
Holdings,
Inc.#
3,262,282
33,045
Piper
Sandler
Cos.
11,445,136
42,007,925
Health
Care
(19.8%)
490,565
Adaptive
Biotechnologies
Corp.#
9,075,453
382,024
ADMA
Biologics,
Inc.#
6,609,015
66,208
Arrowhead
Pharmaceuticals,
Inc.#
4,590,201
61,197
Artivion,
Inc.#
2,495,002
118,839
Bridgebio
Pharma,
Inc.#
9,182,690
67,011
GeneDx
Holdings
Corp.#
6,450,479
141,745
Guardant
Health,
Inc.#
16,164,600
41,475
Harrow,
Inc.#
1,697,987
38,451
Insmed,
Inc.#
6,031,808
71,620
iRadimed
Corp.
7,010,166
538,895
KORU
Medical
Systems,
Inc.#
2,904,644
53,643
Ligand
Pharmaceuticals,
Inc.#
10,304,820
9,579
Madrigal
Pharmaceuticals,
Inc.#
4,687,100
894,927
MannKind
Corp.#
5,172,678
524,222
MDxHealth
SA#
1,834,777
26,740
Mirum
Pharmaceuticals,
Inc.#
2,760,103
645,308
OptimizeRx
Corp.#
6,943,514
617,029
Owlet,
Inc.#
7,447,540
123,959
SI-BONE,
Inc.#
2,055,240
26,304
Tarsus
Pharmaceuticals,
Inc.#
1,697,660
142,849
Travere
Therapeutics,
Inc.#
4,441,175
451,665
Xeris
Biopharma
Holdings,
Inc.#
3,324,254
122,880,906
NUMBER
OF
SHARES
b
b
VALUE
b
Industrials
(24.6%)
546,744
Amprius
Technologies,
Inc.#
$
6,801,495
21,218
ArcBest
Corp.
1,914,288
30,496
Argan,
Inc.
10,585,467
88,286
Astronics
Corp.#
6,687,664
6,415
Axon
Enterprise,
Inc.#
3,102,166
115,457
CECO
Environmental
Corp.#
7,785,265
31,089
Ducommun,
Inc.#
3,523,938
10,569
ESCO
Technologies,
Inc.
2,411,529
27,314
FTAI
Aviation
Ltd.
7,438,148
56,606
Gorman-Rupp
Co.
3,084,461
156,463
Graham
Corp.#
10,939,893
68,279
Helios
Technologies,
Inc.
4,423,114
68,315
Herc
Holdings,
Inc.
9,792,272
22,478
Hexcel
Corp.
1,861,403
52,092
Knight-Swift
Transportation
Holdings,
Inc.
2,870,269
157,127
Mercury
Systems,
Inc.#
14,751,083
1,157,727
NPK
International,
Inc.#
15,988,210
102,636
Perma-Pipe
International
Holdings,
Inc.#
2,964,128
246,159
Planet
Labs
PBC#
6,146,590
28,935
Sterling
Infrastructure,
Inc.#
10,356,126
317,787
TAT
Technologies
Ltd.#
16,169,003
32,033
Timken
Co.
2,985,155
152,581,667
Information
Technology
(30.7%)
46,815
Advanced
Energy
Industries,
Inc.
11,954,678
387,609
Allot
Ltd.#
3,810,196
41,642
Ambiq
Micro,
Inc.#
1,265,500
87,862
Appian
Corp.
-
Class
A#
2,451,350
7,011
Celestica,
Inc.#
1,970,021
40,037
Ciena
Corp.#
10,081,717
62,703
Credo
Technology
Group
Holding
Ltd.#
7,855,432
117,067
DigitalOcean
Holdings,
Inc.#
6,467,952
57,442
Diodes,
Inc.#
3,399,992
309,688
Evolv
Technologies
Holdings,
Inc.#
1,916,969
555,284
Extreme
Networks,
Inc.#
8,096,041
59,790
Frequency
Electronics,
Inc.#
3,143,758
218,700
Ichor
Holdings
Ltd.#
6,635,358
239,286
JFrog
Ltd.#
13,112,873
948,498
LightPath
Technologies,
Inc.
-
Class
A#
9,883,349
63,970
Lumentum
Holdings,
Inc.#
25,066,005
40,937
Power
Integrations,
Inc.
1,880,646
42,131
Rambus,
Inc.#
4,795,772
292,759
Red
Violet,
Inc.
13,314,679
23,752
Silicon
Laboratories,
Inc.#
3,383,472
70,695
Silicon
Motion
Technology
Corp.
(
ADR
)
8,407,756
43,043
SiTime
Corp.#
15,629,344
37,727
Tower
Semiconductor
Ltd.#
5,082,959
Calamos
Timpani
Small
Cap
Growth
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
34
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
January
31,
2026
(see
Note
3):
NUMBER
OF
SHARES
b
b
VALUE
b
190,164
Ultra
Clean
Holdings,
Inc.#
$
8,306,363
304,916
Viavi
Solutions,
Inc.#
7,458,245
104,657
Vishay
Precision
Group,
Inc.#
5,241,223
190,611,650
Materials
(3.0%)
37,078
Carpenter
Technology
Corp.
11,784,500
NUMBER
OF
SHARES
b
b
VALUE
b
913,478
U.S.
Antimony
Corp.#
$
6,695,794
18,480,294
TOTAL
COMMON
STOCKS
(Cost
$440,681,187)
619,186,589
TOTAL
INVESTMENTS
(99.8%)
(Cost
$440,681,187)
619,186,589
OTHER
ASSETS,
LESS
LIABILITIES
(0.2%)
1,029,664
NET
ASSETS
(100.0%)
$
620,216,253
#
Non-income
producing
security.
ABBREVIATION
ADR
American
Depositary
Receipt
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Common
Stocks
90
$
619,186,589
$
—
$
—
$
619,186,589
Total
$
619,186,589
$
—
$
—
$
619,186,589
Calamos
Timpani
SMID
Growth
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
35
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(98.6%)
Consumer
Discretionary
(14.4%)
3,073
Boot
Barn
Holdings,
Inc.#
$
548,469
1,637
Carvana
Co.#
656,617
4,218
Cava
Group,
Inc.#
255,695
5,273
Dutch
Bros,
Inc.
-
Class
A#
286,799
4,487
Five
Below,
Inc.#
859,889
3,456
Revolve
Group,
Inc.#
95,558
42,429
Rush
Street
Interactive,
Inc.#
749,720
4,400
SharkNinja,
Inc.#
520,080
6,920
Somnigroup
International,
Inc.
607,922
2,421
Stride,
Inc.#
204,817
1,257
TopBuild
Corp.#
588,339
5,373,905
Consumer
Staples
(2.6%)
6,838
Celsius
Holdings,
Inc.#
358,858
40,425
Mama's
Creations,
Inc.#
610,418
969,276
Financials
(7.3%)
3,781
Dave,
Inc.#
618,912
1,050
Evercore,
Inc.
-
Class
A
370,933
13,245
Marex
Group
PLC
522,913
5,698
Miami
International
Holdings,
Inc.#
237,778
1,265
Palomar
Holdings,
Inc.#
156,341
2,513
Paymentus
Holdings,
Inc.
-
Class
A#
67,172
6,250
Stifel
Financial
Corp.
770,625
2,744,674
Health
Care
(17.3%)
23,132
Adaptive
Biotechnologies
Corp.#
427,942
21,917
ADMA
Biologics,
Inc.#
379,164
2,809
Arrowhead
Pharmaceuticals,
Inc.#
194,748
3,234
Artivion,
Inc.#
131,850
5,709
Bridgebio
Pharma,
Inc.#
441,134
3,011
GeneDx
Holdings
Corp.#
289,839
7,386
Guardant
Health,
Inc.#
842,299
4,587
Insmed,
Inc.#
719,563
5,109
Ionis
Pharmaceuticals,
Inc.#
422,361
2,075
Ligand
Pharmaceuticals,
Inc.#
398,608
433
Madrigal
Pharmaceuticals,
Inc.#
211,871
49,608
MannKind
Corp.#
286,734
981
Mirum
Pharmaceuticals,
Inc.#
101,259
1,727
Natera,
Inc.#
399,179
536
Penumbra,
Inc.#
191,979
1,671
Repligen
Corp.#
249,597
3,251
Revolution
Medicines,
Inc.#
315,185
1,318
Tarsus
Pharmaceuticals,
Inc.#
85,064
6,948
Travere
Therapeutics,
Inc.#
216,013
21,524
Xeris
Biopharma
Holdings,
Inc.#
158,417
6,462,806
Industrials
(28.1%)
746
Advanced
Drainage
Systems,
Inc.
113,422
22,443
Amprius
Technologies,
Inc.#
279,191
NUMBER
OF
SHARES
b
b
VALUE
b
1,659
Argan,
Inc.
$
575,855
2,063
Armstrong
World
Industries,
Inc.
379,056
4,127
Astronics
Corp.#
312,620
926
Axon
Enterprise,
Inc.#
447,795
851
Carlisle
Cos.,
Inc.
290,097
7,367
CECO
Environmental
Corp.#
496,757
3,019
CH
Robinson
Worldwide,
Inc.
588,554
390
Comfort
Systems
USA,
Inc.
445,419
2,987
Embraer
SA
(
ADR
)
219,425
450
ESCO
Technologies,
Inc.
102,677
1,701
Expeditors
International
of
Washington,
Inc.
273,079
3,254
FTAI
Aviation
Ltd.
886,129
3,613
Herc
Holdings,
Inc.
517,887
2,255
Hexcel
Corp.
186,737
3,122
Knight-Swift
Transportation
Holdings,
Inc.
172,022
1,970
MasTec,
Inc.#
473,746
8,856
Mercury
Systems,
Inc.#
831,401
38,619
NPK
International,
Inc.#
533,328
12,859
Planet
Labs
PBC#
321,089
779
RBC
Bearings,
Inc.#
389,243
2,226
Rocket
Lab
Corp.#
178,236
1,490
Sterling
Infrastructure,
Inc.#
533,286
9,831
TAT
Technologies
Ltd.#
500,201
3,308
XPO,
Inc.#
489,948
10,537,200
Information
Technology
(27.0%)
2,181
Advanced
Energy
Industries,
Inc.
556,940
3,967
Appian
Corp.
-
Class
A#
110,679
1,349
AppLovin
Corp.
-
Class
A#
638,225
1,058
Celestica,
Inc.#
297,287
2,352
Ciena
Corp.#
592,257
2,503
Credo
Technology
Group
Holding
Ltd.#
313,576
452
CyberArk
Software
Ltd.#
194,735
3,865
DigitalOcean
Holdings,
Inc.#
213,541
22,976
Extreme
Networks,
Inc.#
334,990
51
Fair
Isaac
Corp.#
74,622
14,137
JFrog
Ltd.#
774,708
4,333
Lumentum
Holdings,
Inc.#
1,697,843
304
MongoDB,
Inc.#
112,884
833
Monolithic
Power
Systems,
Inc.
936,417
2,071
Power
Integrations,
Inc.
95,142
4,413
Pure
Storage,
Inc.
-
Class
A#
306,880
7,987
Red
Violet,
Inc.
363,249
1,169
Silicon
Laboratories,
Inc.#
166,524
3,291
Silicon
Motion
Technology
Corp.
(
ADR
)
391,399
2,397
SiTime
Corp.#
870,375
2,250
Tower
Semiconductor
Ltd.#
303,142
8,762
Ultra
Clean
Holdings,
Inc.#
382,724
Calamos
Timpani
SMID
Growth
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
36
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
January
31,
2026
(see
Note
3):
NUMBER
OF
SHARES
b
b
VALUE
b
15,522
Viavi
Solutions,
Inc.#
$
379,668
10,107,807
Materials
(1.9%)
2,265
Carpenter
Technology
Corp.
719,885
TOTAL
COMMON
STOCKS
(Cost
$25,555,953)
36,915,553
TOTAL
INVESTMENTS
(98.6%)
(Cost
$25,555,953)
36,915,553
OTHER
ASSETS,
LESS
LIABILITIES
(1.4%)
513,324
NET
ASSETS
(100.0%)
$
37,428,877
#
Non-income
producing
security.
ABBREVIATION
ADR
American
Depositary
Receipt
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Common
Stocks
90
$
36,915,553
$
—
$
—
$
36,915,553
Total
$
36,915,553
$
—
$
—
$
36,915,553
Calamos
Growth
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
37
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(99.3%)
Communication
Services
(17.7%)
464,500
Alphabet,
Inc.
-
Class
A~
$
157,001,000
114,500
Meta
Platforms,
Inc.
-
Class
A
82,039,250
253,300
Netflix,
Inc.#
21,148,017
39,800
Spotify
Technology
SA#
19,913,930
181,000
Uber
Technologies,
Inc.#
14,489,050
294,591,247
Consumer
Discretionary
(15.6%)
72,700
Airbnb,
Inc.
-
Class
A#
9,405,199
584,000
Amazon.com,
Inc.#~
139,751,200
14,179
Boot
Barn
Holdings,
Inc.#
2,530,668
7,552
Carvana
Co.#^
3,029,182
19,469
Cava
Group,
Inc.#
1,180,211
196,700
Chipotle
Mexican
Grill,
Inc.#
7,645,729
105,000
DoorDash,
Inc.
-
Class
A#
21,485,100
24,338
Dutch
Bros,
Inc.
-
Class
A#
1,323,744
20,703
Five
Below,
Inc.#
3,967,523
42,000
Lowe's
Cos.,
Inc.
11,216,520
15,935
Revolve
Group,
Inc.#
440,603
36,500
Royal
Caribbean
Cruises
Ltd.^
11,849,725
195,773
Rush
Street
Interactive,
Inc.#^
3,459,309
20,305
SharkNinja,
Inc.#^
2,400,051
31,871
Somnigroup
International,
Inc.
2,799,867
11,173
Stride,
Inc.#^
945,236
79,200
Tesla,
Inc.#
34,088,472
5,786
TopBuild
Corp.#^
2,708,137
260,226,476
Consumer
Staples
(1.6%)
31,533
Celsius
Holdings,
Inc.#
1,654,852
186,408
Mama's
Creations,
Inc.#^
2,814,761
188,500
Walmart,
Inc.
22,457,890
26,927,503
Financials
(5.8%)
23,600
American
Express
Co.~
8,311,212
17,449
Dave,
Inc.#
2,856,227
4,845
Evercore,
Inc.
-
Class
A
1,711,593
61,117
Marex
Group
PLC^
2,412,899
26,248
Miami
International
Holdings,
Inc.#
1,095,329
5,838
Palomar
Holdings,
Inc.#
721,518
11,575
Paymentus
Holdings,
Inc.
-
Class
A#^
309,400
35,400
S&P
Global,
Inc.
18,683,766
28,836
Stifel
Financial
Corp.
3,555,479
155,000
Visa,
Inc.
-
Class
A
49,883,650
80,000
Wells
Fargo
&
Co.
7,239,200
96,780,273
Health
Care
(8.6%)
106,598
Adaptive
Biotechnologies
Corp.#
1,972,063
101,142
ADMA
Biologics,
Inc.#^
1,749,757
12,961
Arrowhead
Pharmaceuticals,
Inc.#
898,586
14,926
Artivion,
Inc.#
608,533
NUMBER
OF
SHARES
b
b
VALUE
b
149,000
Boston
Scientific
Corp.#
$
13,935,970
26,304
Bridgebio
Pharma,
Inc.#^
2,032,510
40,600
Eli
Lilly
&
Co.
42,108,290
13,895
GeneDx
Holdings
Corp.#^
1,337,533
33,996
Guardant
Health,
Inc.#
3,876,904
21,097
Insmed,
Inc.#
3,309,486
36,300
Intuitive
Surgical,
Inc.#
18,303,186
23,569
Ionis
Pharmaceuticals,
Inc.#^
1,948,449
55,300
IQVIA
Holdings,
Inc.#
12,727,295
9,553
Ligand
Pharmaceuticals,
Inc.#^
1,835,131
1,994
Madrigal
Pharmaceuticals,
Inc.#^
975,684
228,749
MannKind
Corp.#
1,322,169
4,525
Mirum
Pharmaceuticals,
Inc.#^
467,070
7,956
Natera,
Inc.#
1,838,950
2,475
Penumbra,
Inc.#
886,471
7,692
Repligen
Corp.#^
1,148,954
14,962
Revolution
Medicines,
Inc.#
1,450,566
43,600
Stryker
Corp.
16,112,816
6,083
Tarsus
Pharmaceuticals,
Inc.#
392,597
18,700
Thermo
Fisher
Scientific,
Inc.
10,820,007
31,979
Travere
Therapeutics,
Inc.#
994,227
99,058
Xeris
Biopharma
Holdings,
Inc.#
729,067
143,782,271
Industrials
(4.8%)
3,432
Advanced
Drainage
Systems,
Inc.^
521,801
103,295
Amprius
Technologies,
Inc.#^
1,284,990
7,640
Argan,
Inc.
2,651,920
9,520
Armstrong
World
Industries,
Inc.
1,749,205
18,995
Astronics
Corp.#^
1,438,871
4,273
Axon
Enterprise,
Inc.#
2,066,337
62,000
Boeing
Co.#
14,490,640
3,928
Carlisle
Cos.,
Inc.^
1,339,016
34,424
CECO
Environmental
Corp.#^
2,321,210
13,928
CH
Robinson
Worldwide,
Inc.
2,715,264
1,791
Comfort
Systems
USA,
Inc.
2,045,501
23,400
Eaton
Corp.
PLC
8,223,228
13,751
Embraer
SA
(
ADR
)
1,010,149
2,076
ESCO
Technologies,
Inc.
473,681
7,850
Expeditors
International
of
Washington,
Inc.
1,260,239
15,013
FTAI
Aviation
Ltd.
4,088,340
11,300
GE
Vernova,
Inc.
8,207,981
16,629
Herc
Holdings,
Inc.
2,383,601
10,411
Hexcel
Corp.
862,135
14,368
Knight-Swift
Transportation
Holdings,
Inc.
791,677
9,082
MasTec,
Inc.#
2,184,039
40,761
Mercury
Systems,
Inc.#^
3,826,643
177,798
NPK
International,
Inc.#
2,455,390
59,343
Planet
Labs
PBC#^
1,481,795
3,591
RBC
Bearings,
Inc.#
1,794,315
10,237
Rocket
Lab
Corp.#
819,677
6,862
Sterling
Infrastructure,
Inc.#^
2,455,978
Calamos
Growth
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
38
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
SHARES
b
b
VALUE
b
45,332
TAT
Technologies
Ltd.#^
$
2,306,492
15,259
XPO,
Inc.#^
2,260,011
79,510,126
Information
Technology
(44.3%)
10,066
Advanced
Energy
Industries,
Inc.^
2,570,454
18,303
Appian
Corp.
-
Class
A#
510,654
460,000
Apple,
Inc.
119,360,800
54,500
Applied
Materials,
Inc.
17,566,440
6,222
AppLovin
Corp.
-
Class
A#
2,943,690
141,000
Arista
Networks,
Inc.#
19,985,340
198,300
Broadcom,
Inc.
65,696,790
4,871
Celestica,
Inc.#^
1,368,702
10,854
Ciena
Corp.#
2,733,146
54,000
Coherent
Corp.#
11,457,720
11,501
Credo
Technology
Group
Holding
Ltd.#
1,440,845
2,082
CyberArk
Software
Ltd.#
896,988
57,000
Datadog,
Inc.
-
Class
A#
7,371,240
17,787
DigitalOcean
Holdings,
Inc.#^
982,732
106,011
Extreme
Networks,
Inc.#
1,545,640
234
Fair
Isaac
Corp.#
342,382
29,500
HubSpot,
Inc.#
8,260,000
24,400
Intuit,
Inc.
12,173,648
65,131
JFrog
Ltd.#
3,569,179
19,945
Lumentum
Holdings,
Inc.#^
7,815,249
288,000
Microsoft
Corp.
123,923,520
28,103
MongoDB,
Inc.#
10,435,487
3,842
Monolithic
Power
Systems,
Inc.
4,318,984
1,071,100
NVIDIA
Corp.
204,719,343
53,200
Oracle
Corp.
8,755,656
41,400
Palo
Alto
Networks,
Inc.#
7,326,558
9,559
Power
Integrations,
Inc.^
439,140
20,311
Pure
Storage,
Inc.
-
Class
A#
1,412,427
36,831
Red
Violet,
Inc.^
1,675,074
5,396
Silicon
Laboratories,
Inc.#^
768,660
15,188
Silicon
Motion
Technology
Corp.
(
ADR
)
1,806,309
11,033
SiTime
Corp.#^
4,006,192
90,860
Snowflake,
Inc.#
17,508,722
39,800
Synopsys,
Inc.#
18,511,577
70,600
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
(
ADR
)
23,337,536
40,000
Texas
Instruments,
Inc.
8,622,000
10,356
Tower
Semiconductor
Ltd.#^
1,395,264
40,434
Ultra
Clean
Holdings,
Inc.#^
1,766,157
71,634
Viavi
Solutions,
Inc.#
1,752,168
38,400
Zebra
Technologies
Corp.
-
Class
A#
9,023,232
740,095,645
Materials
(0.9%)
10,401
Carpenter
Technology
Corp.^
3,305,750
NUMBER
OF
SHARES
b
b
VALUE
b
31,400
Sherwin-Williams
Co.
$
11,135,696
14,441,446
TOTAL
COMMON
STOCKS
(Cost
$709,591,151)
1,656,354,987
PRINCIPAL
AMOUNT
a
a
VALUE
a
PRIVATE
INVESTMENT
FUND
(0.1%)
Primary
Investment
(0.1%)
N/A
50T
Fund
A
LP#
,1,2,3,4
(Cost
$2,500,000)
2,500,000
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(1.7%)
29,020,115
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.704%†***
(Cost
$29,020,115)
$
29,020,115
TOTAL
INVESTMENTS
(101.1%)
(Cost
$741,111,266)
1,687,875,102
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-1.7%)
(
29,020,115
)
OTHER
ASSETS,
LESS
LIABILITIES
(0.6%)
10,355,353
NET
ASSETS
(100.0%)
$
1,669,210,340
~
Security,
or
portion
of
security,
is
segregated
as
collateral
(or
collateral
for
potential
future
transactions)
for
written
options.
The
aggregate
value
of
such
securities
is
$48,699,012.
#
Non-income
producing
security.
^
Security,
or
portion
of
security,
is
on
loan.
1
Investment
valued
using
net
asset
value
per
share
as
practical
expedient.
2
Private
investment
company
does
not
issue
shares
or
units.
3
Investment
has
been
committed
to
but
has
not
been
fully
funded
by
the
Fund
(See
Note
3).
4
Private
Equity
Investments
are
generally
issued
in
private
placement
transactions
and
as
such
are
generally
restricted
as
to
resale.
The
investment
may
have
been
purchased
on
various
dates
and
for
different
amounts.
The
date
of
the
first
purchase
is
reflected
under
Initial
Acquisition
Date
as
shown
in
the
Note
3
of
the
accompanying
Notes
to
Schedule
of
Investments.
Total
fair
value
of
restricted
investments
as
of
January
31,
2026
was
$2,500,000,
or
0.1%
of
net
assets.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
January
31,
2026.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
January
31,
2026.
ABBREVIATION
ADR
American
Depositary
Receipt
Calamos
Growth
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
39
See
accompanying
Notes
to
Schedule
of
Investments
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
January
31,
2026
(see
Note
3):
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
January
31,
2026:
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Common
Stocks
134
$
1,656,354,987
$
—
$
—
$
1,656,354,987
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
29,020,115
—
29,020,115
Total
$
1,656,354,987
$
29,020,115
$
—
$
1,685,375,102
Investments
Valued
at
NAV
1
$
2,500,000
Total
$
1,687,875,102
1
As
of
January
31,
2026,
certain
of
the
Fund's
investments
were
valued
using
NAV
per
unit
as
a
practical
expedient
and
have
been
excluded
from
the
fair
value
hierarchy.
SECURITY
DESCRIPTION
UNFUNDED
COMMITTMENTS
REDEMPTIONS
FREQUENCY
REDEMPTION
NOTICE
PERIOD
COST
FAIR
VALUE
ORIGINAL
ACQUISITION
DATE
50T
Fund
A
LP
7,500,000
Not
Permitted
N/A
2,500,000
2,500,000
12/2/2025
Calamos
Growth
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
40
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
CONVERTIBLE
BONDS
(17.3%)
Communication
Services
(1.6%)
5,860,000
AST
SpaceMobile,
Inc.*
2.000%,
01/15/36
$
8,011,440
7,315,000
Liberty
Media
Corp.-Liberty
Formula
One
2.250%,
08/15/27
8,548,163
10,920,000
Lyft,
Inc.*
0.000%,
09/15/30
11,545,061
13,580,000
Uber
Technologies,
Inc.
Series
2028
0.875%,
12/01/28
17,401,548
7,145,000
Uber
Technologies,
Inc.
(Aurora
Innovation,
Inc.)*§
0.000%,
05/15/28
7,183,583
52,689,795
Consumer
Discretionary
(1.5%)
8,600,000
Alibaba
Group
Holding
Ltd.*
0.000%,
09/15/32
9,621,336
21,325,000
DoorDash,
Inc.*
0.000%,
05/15/30
21,373,408
8,644,000
Etsy,
Inc.*^
1.000%,
06/15/30
8,644,691
8,995,000
Ford
Motor
Co.
0.000%,
03/15/26
9,538,028
49,177,463
Energy
(0.4%)
4,430,000
Energy
Fuels,
Inc.*
0.750%,
11/01/31
6,074,195
5,835,000
Eos
Energy
Enterprises,
Inc.*^
1.750%,
12/01/31
6,897,378
12,971,573
Financials
(1.0%)
7,565,000
Coinbase
Global,
Inc.*
0.000%,
10/01/32
6,464,519
3,725,000
Federal
Realty
OP
LP*
3.250%,
01/15/29
3,769,812
5,885,000
Morgan
Stanley
Finance
LLC
(JPMorgan
Chase
&
Co.)§
1.000%,
11/23/27
11,748,225
7,655,000
WisdomTree,
Inc.*^
4.625%,
08/15/30
8,939,739
30,922,295
Health
Care
(0.4%)
2,594,000
Arrowhead
Pharmaceuticals,
Inc.
0.000%,
01/15/32
2,923,308
8,205,000
Bridgebio
Pharma,
Inc.*
0.750%,
02/01/33
8,381,408
2,409,000
Cogent
Biosciences,
Inc.
1.625%,
11/15/31
2,883,525
14,188,241
Industrials
(2.3%)
6,370,000
AeroVironment,
Inc.
0.000%,
07/15/30
7,532,079
14,885,000
Bloom
Energy
Corp.*^
0.000%,
11/15/30
16,804,718
PRINCIPAL
AMOUNT
a
a
VALUE
a
12,219,000
BWX
Technologies,
Inc.*
0.000%,
11/01/30
$
12,669,515
7,200,000
Fluor
Corp.^
1.125%,
08/15/29
8,913,168
13,260,000
JBT
Marel
Corp.*
0.375%,
09/15/30
14,257,019
8,225,000
Joby
Aviation,
Inc.††
0.750%,
02/15/32
8,430,461
5,615,000
Tetra
Tech,
Inc.^
2.250%,
08/15/28
6,535,467
75,142,427
Information
Technology
(6.4%)
9,405,000
Advanced
Energy
Industries,
Inc.
2.500%,
09/15/28
18,275,984
5,905,000
Akamai
Technologies,
Inc.*
0.250%,
05/15/33
7,169,201
14,360,000
Cloudflare,
Inc.*
0.000%,
06/15/30
15,088,339
12,000,000
CyberArk
Software
Ltd.*
0.000%,
06/15/30
12,631,680
8,690,000
Guidewire
Software,
Inc.
1.250%,
11/01/29
8,443,899
5,795,000
Lumentum
Holdings,
Inc.*
0.375%,
03/15/32
13,158,649
7,260,000
MACOM
Technology
Solutions
Holdings,
Inc.^
0.000%,
12/15/29
10,480,899
8,805,000
Mirion
Technologies,
Inc.*^
0.000%,
10/01/31
9,882,732
18,840,000
MKS,
Inc.^
1.250%,
06/01/30
31,784,587
10,340,000
ON
Semiconductor
Corp.
0.000%,
05/01/27
13,129,525
3,975,000
Planet
Labs
PBC*
0.500%,
10/15/30
9,061,728
3,455,000
Seagate
HDD
Cayman
3.500%,
06/01/28
17,205,105
6,550,000
Snowflake,
Inc.
0.000%,
10/01/29
9,229,540
9,020,000
Spotify
USA,
Inc.
0.000%,
03/15/26
9,153,496
3,675,000
Western
Digital
Corp.
3.000%,
11/15/28
24,370,616
209,065,980
Other
(0.3%)
7,108,000
CoreWeave,
Inc.*^
1.750%,
12/01/31
8,179,176
Real
Estate
(0.7%)
6,578,000
Compass,
Inc.*
0.250%,
04/15/31
7,092,531
11,030,000
Welltower
OP
LLC*
3.125%,
07/15/29
16,832,993
23,925,524
Utilities
(2.7%)
15,830,000
CMS
Energy
Corp.^
3.375%,
05/01/28
17,117,929
Calamos
Growth
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
41
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
17,800,000
Duke
Energy
Corp.
4.125%,
04/15/26
$
18,498,650
11,260,000
NextEra
Energy
Capital
Holdings,
Inc.
3.000%,
03/01/27
14,992,690
16,315,000
PPL
Capital
Funding,
Inc.
2.875%,
03/15/28
18,403,973
19,155,000
Southern
Co.
4.500%,
06/15/27
20,619,974
89,633,216
TOTAL
CONVERTIBLE
BONDS
(Cost
$462,767,934)
565,895,690
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(1.5%)
Other
(1.5%)
U.S.
Treasury
Notes
22,755,000
4.875%,
05/31/26
22,838,554
25,475,000
3.750%,
04/15/26
25,483,458
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(Cost
$48,274,558)
48,322,012
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(75.0%)
Communication
Services
(9.3%)
508,010
Alphabet,
Inc.
-
Class
A
171,707,380
4,385
Alphabet,
Inc.
-
Class
C
1,484,454
116,760
Meta
Platforms,
Inc.
-
Class
A
83,658,540
279,750
Netflix,
Inc.#
23,356,328
65,925
T-Mobile
U.S.,
Inc.
13,001,069
93,080
Walt
Disney
Co.
10,499,424
303,707,195
Consumer
Discretionary
(8.8%)
551,500
Amazon.com,
Inc.#
131,973,950
2,750
Booking
Holdings,
Inc.
13,755,060
50,845
Home
Depot,
Inc.
19,046,029
70,505
Lowe's
Cos.,
Inc.
18,829,065
39,815
McDonald's
Corp.
12,541,725
29,361
Royal
Caribbean
Cruises
Ltd.
9,532,049
137,140
Starbucks
Corp.
12,610,023
132,125
Tesla,
Inc.#
56,867,921
77,920
TJX
Cos.,
Inc.
11,673,195
286,829,017
Consumer
Staples
(3.7%)
270,070
Coca-Cola
Co.
20,203,937
18,465
Costco
Wholesale
Corp.
17,361,716
147,210
Dollar
General
Corp.
21,114,330
110,765
Philip
Morris
International,
Inc.
19,875,672
108,280
Procter
&
Gamble
Co.
16,433,656
231,390
Walmart,
Inc.
27,567,804
122,557,115
Energy
(3.1%)
62,180
Chevron
Corp.
10,999,642
NUMBER
OF
SHARES
b
b
VALUE
b
222,135
EQT
Corp.
$
12,823,854
283,930
Exxon
Mobil
Corp.
40,147,702
118,580
Marathon
Petroleum
Corp.
20,892,610
236,790
Williams
Cos.,
Inc.
15,926,495
100,790,303
Financials
(10.3%)
39,470
American
Express
Co.
13,900,150
44,243
Assurant,
Inc.
10,535,586
546,835
Bank
of
America
Corp.
29,091,622
9,170
Blackrock,
Inc.
10,260,680
46,015
Capital
One
Financial
Corp.
10,074,064
36,270
Chubb
Ltd.
11,227,741
212,885
Citigroup,
Inc.
24,632,923
32,680
Goldman
Sachs
Group,
Inc.
30,569,199
175,135
JPMorgan
Chase
&
Co.~
53,572,045
69,155
Mastercard,
Inc.
-
Class
A
37,260,022
124,290
Morgan
Stanley
22,720,212
28,120
S&P
Global,
Inc.
14,841,455
124,230
Visa,
Inc.
-
Class
A
39,980,941
324,200
Wells
Fargo
&
Co.
29,336,858
338,003,498
Health
Care
(7.9%)
167,970
Abbott
Laboratories
18,359,121
105,155
AbbVie,
Inc.
23,450,617
143,372
Boston
Scientific
Corp.#
13,409,583
117,500
CVS
Health
Corp.
8,756,100
71,510
Danaher
Corp.
15,652,824
43,015
Eli
Lilly
&
Co.
44,613,007
15,410
Intuitive
Surgical,
Inc.#
7,770,030
56,415
IQVIA
Holdings,
Inc.#
12,983,912
151,345
Johnson
&
Johnson
34,393,151
232,950
Medtronic
PLC
23,984,532
123,130
Merck
&
Co.,
Inc.
13,577,545
17,880
Stryker
Corp.
6,607,733
36,045
Thermo
Fisher
Scientific,
Inc.
20,855,998
44,745
UnitedHealth
Group,
Inc.
12,838,683
257,252,836
Industrials
(5.5%)
699,400
CSX
Corp.
26,409,344
272,350
Delta
Air
Lines,
Inc.
17,945,142
68,375
Emerson
Electric
Co.
10,048,390
43,065
GE
Vernova,
Inc.~
31,281,124
51,530
General
Electric
Co.
15,808,889
23,315
Parker-Hannifin
Corp.
21,819,110
32,310
Quanta
Services,
Inc.
15,335,295
117,980
RTX
Corp.
23,705,721
69,965
Union
Pacific
Corp.
16,448,771
178,801,786
Information
Technology
(23.4%)
711,150
Apple,
Inc.
184,529,202
12,075
AppLovin
Corp.
-
Class
A#
5,712,803
246,660
Broadcom,
Inc.
81,718,458
Calamos
Growth
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
42
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
187,365
Cisco
Systems,
Inc.
$
14,674,427
16,010
Intuit,
Inc.
7,987,709
114,100
Lam
Research
Corp.
26,637,786
71,340
Micron
Technology,
Inc.
29,597,539
369,995
Microsoft
Corp.
159,205,149
1,107,945
NVIDIA
Corp.
211,761,528
31,050
Oracle
Corp.
5,110,209
82,675
Palantir
Technologies,
Inc.
-
Class
A#~
12,119,328
49,060
Salesforce,
Inc.
10,414,947
133,750
ServiceNow,
Inc.#
15,650,088
765,119,173
Materials
(2.4%)
322,825
Freeport-McMoRan,
Inc.
19,443,750
52,995
Linde
PLC
24,217,125
62,025
Sherwin-Williams
Co.
21,996,546
41,210
Vulcan
Materials
Co.
12,385,253
78,042,674
Real
Estate
(0.3%)
60,560
American
Tower
Corp.
10,857,197
Utilities
(0.3%)
71,770
Vistra
Corp.
11,364,779
TOTAL
COMMON
STOCKS
(Cost
$833,320,081)
2,453,325,573
CONVERTIBLE
PREFERRED
STOCKS
(2.8%)
Financials
(0.2%)
121,745
Apollo
Global
Management,
Inc.
6.750%,
07/31/26
8,445,451
Health
Care
(0.2%)
16,715
Bruker
Corp.^
6.375%,
09/01/28#
5,797,598
Industrials
(1.3%)
412,205
Boeing
Co.
6.000%,
10/15/27
30,799,958
179,100
QXO,
Inc.
5.500%,
05/15/28
11,345,985
42,145,943
Information
Technology
(0.6%)
275,800
Microchip
Technology,
Inc.
7.500%,
03/15/28
18,434,472
Materials
(0.2%)
112,640
Albemarle
Corp.
7.250%,
03/01/27
7,810,457
Utilities
(0.3%)
80,675
CenterPoint
Energy,
Inc.#^
3.369%,
09/15/29
2,961,983
NUMBER
OF
SHARES
b
b
VALUE
b
126,115
NextEra
Energy,
Inc.
7.299%,
06/01/27
$
6,995,599
9,957,582
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$76,535,083)
92,591,503
EXCHANGE-TRADED
FUND
(0.7%)
Other
(0.7%)
131,705
iShares
Biotechnology
ETF^
(Cost
$18,987,638)
22,709,893
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(0.2%)#
Consumer
Discretionary
(0.0%)
1,130
6,984,530
NIKE,
Inc.
Call,
06/18/26,
Strike
$67.50
358,775
Energy
(0.0%)
1,200
6,927,600
EQT
Corp.
Call,
06/18/26,
Strike
$60.00
579,000
Information
Technology
(0.0%)
495
8,146,710
Oracle
Corp.
Call,
06/18/26,
Strike
$230.00
329,175
Other
(0.2%)
1,400
87,061,800
Invesco
QQQ
Trust
Series
1
Put,
03/20/26,
Strike
$620.00
2,277,800
285
74,491,676
Russell
2000
Index
Call,
04/30/26,
Strike
$2,760.00
1,578,900
665
46,016,005
SPDR®
S&P
500®
ETF
Trust
Put,
02/20/26,
Strike
$675.00
289,275
4,145,975
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$7,790,275)
5,412,925
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(1.4%)
46,230,085
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.704%†***
(Cost
$46,230,085)
$
46,230,085
TOTAL
INVESTMENTS
(98.9%)
(Cost
$1,493,905,654)
3,234,487,681
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-1.4%)
(
46,230,085
)
OTHER
ASSETS,
LESS
LIABILITIES
(2.5%)
83,013,911
NET
ASSETS
(100.0%)
$
3,271,271,507
Calamos
Growth
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
43
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
January
31,
2026
(see
Note
3):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTIONS  (0.0%)#
Consumer
Discretionary
(0.0%)
(1,130)
(6,984,530)
NIKE,
Inc.
Put,
06/18/26,
Strike
$52.50
$
(
205,095
)
Energy
(0.0%)
(1,200)
(6,927,600)
EQT
Corp.
Put,
06/18/26,
Strike
$50.00
(
273,600
)
Industrials
(0.0%)
(185)
(13,437,845)
GE
Vernova,
Inc.
Call,
02/20/26,
Strike
$770.00
(
261,775
)
TOTAL
EXCHANGE-TRADED
WRITTEN
OPTIONS
(Premium
$928,253)
$
(
740,470
)
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
§
Securities
exchangeable
or
convertible
into
securities
of
one
or
more
entities
that
are
different
than
the
issuer.
Each
entity
is
identified
in
the
parenthetical.
^
Security,
or
portion
of
security,
is
on
loan.
††
When-issued
security.
#
Non-income
producing
security.
~
Security,
or
portion
of
security,
is
segregated
as
collateral
(or
collateral
for
potential
future
transactions)
for
written
options.
The
aggregate
value
of
such
securities
is
$17,986,050.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
January
31,
2026.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
January
31,
2026.
Note:
The
date
on
options
represents
the
expiration
date
of
the
option
contract.
The
option
contract
may
be
exercised
at
any
date
on
or
before
the
date
shown.
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Convertible
Bonds
48
$
—
$
565,895,690
$
—
$
565,895,690
U.S.
Government
and
Agency
Securities
2
—
48,322,012
—
48,322,012
Common
Stocks
84
2,453,325,573
—
—
2,453,325,573
Convertible
Preferred
Stocks
8
89,629,520
2,961,983
—
92,591,503
Exchange-Traded
Fund
1
22,709,893
—
—
22,709,893
Exchange-Traded
Purchased
Options
6
5,412,925
—
—
5,412,925
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
46,230,085
—
46,230,085
Total
$
2,571,077,911
$
663,409,770
$
—
$
3,234,487,681
Liabilities:
—
—
—
—
Exchange-Traded
Written
Options
3
$
740,470
$
—
$
—
$
740,470
Total
$
740,470
$
—
$
—
$
740,470
Calamos
Select
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
44
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
January
31,
2026
(see
Note
3):
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(98.2%)
Communication
Services
(15.7%)
14,800
Alphabet,
Inc.
-
Class
A
$
5,002,400
2,730
Meta
Platforms,
Inc.
-
Class
A
1,956,045
12,100
Netflix,
Inc.#
1,010,229
1,470
Spotify
Technology
SA#
735,514
11,630
Uber
Technologies,
Inc.#
930,982
9,635,170
Consumer
Discretionary
(13.2%)
5,860
Airbnb,
Inc.
-
Class
A#
758,108
15,385
Amazon.com,
Inc.#
3,681,631
3,925
DoorDash,
Inc.
-
Class
A#
803,133
2,650
Home
Depot,
Inc.
992,663
2,603
Royal
Caribbean
Cruises
Ltd.
845,064
6,554
TJX
Cos.,
Inc.
981,855
8,062,454
Consumer
Staples
(2.2%)
11,150
Walmart,
Inc.
1,328,411
Energy
(1.7%)
5,810
Chevron
Corp.
1,027,789
Financials
(10.9%)
2,600
American
Express
Co.
915,642
3,208
Chubb
Ltd.
993,068
3,022
JPMorgan
Chase
&
Co.
924,400
4,630
Morgan
Stanley
846,364
1,610
S&P
Global,
Inc.
849,742
3,997
Visa,
Inc.
-
Class
A
1,286,355
9,550
Wells
Fargo
&
Co.
864,179
6,679,750
Health
Care
(10.0%)
6,322
Boston
Scientific
Corp.#
591,297
5,067
Danaher
Corp.
1,109,116
1,670
Eli
Lilly
&
Co.
1,732,040
3,090
IQVIA
Holdings,
Inc.#
711,163
5,439
Johnson
&
Johnson
1,236,013
2,100
Stryker
Corp.
776,076
6,155,705
NUMBER
OF
SHARES
b
b
VALUE
b
Industrials
(5.0%)
4,975
Boeing
Co.#
$
1,162,757
1,660
Deere
&
Co.
876,480
4,602
Waste
Management,
Inc.
1,022,749
3,061,986
Information
Technology
(33.7%)
15,525
Apple,
Inc.
4,028,427
2,530
Applied
Materials,
Inc.
815,470
4,900
Arista
Networks,
Inc.#
694,526
7,345
Broadcom,
Inc.
2,433,399
4,950
Datadog,
Inc.
-
Class
A#
640,134
1,300
HubSpot,
Inc.#
364,000
1,210
Intuit,
Inc.
603,693
7,760
Microsoft
Corp.
3,339,050
24,265
NVIDIA
Corp.
4,637,769
3,030
Oracle
Corp.
498,677
3,500
Snowflake,
Inc.#
674,450
1,720
Synopsys,
Inc.#
799,998
3,300
Texas
Instruments,
Inc.
711,315
1,750
Zebra
Technologies
Corp.
-
Class
A#
411,215
20,652,123
Materials
(2.3%)
1,767
Linde
PLC
807,466
1,720
Sherwin-Williams
Co.
609,981
1,417,447
Real
Estate
(1.7%)
8,135
Prologis,
Inc.
1,062,106
Utilities
(1.8%)
12,040
Southern
Co.
1,075,292
TOTAL
COMMON
STOCKS
(Cost
$31,757,283)
60,158,233
TOTAL
INVESTMENTS
(98.2%)
(Cost
$31,757,283)
60,158,233
OTHER
ASSETS,
LESS
LIABILITIES
(1.8%)
1,106,064
NET
ASSETS
(100.0%)
$
61,264,297
#
Non-income
producing
security.
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Common
Stocks
47
$
60,158,233
$
—
$
—
$
60,158,233
Total
$
60,158,233
$
—
$
—
$
60,158,233
Calamos
International
Growth
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
45
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
CONVERTIBLE
BONDS
(2.2%)
Communication
Services
(0.8%)
1,260,000
AST
SpaceMobile,
Inc.*
2.375%,
10/15/32
$
2,296,841
Financials
(1.4%)
2,600,000
Goldman
Sachs
Finance
Corp.
International
Ltd.
(Tencent
Holdings
Ltd.)§
Series
700,
0.000%,
03/15/27
4,303,598
TOTAL
CONVERTIBLE
BONDS
(Cost
$4,962,685)
6,600,439
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(96.5%)
Communication
Services
(3.8%)
184,400
HKD
Baidu,
Inc.
-
Class
A#
3,534,496
40,460
Millicom
International
Cellular
SA
2,469,273
614,800
SGD
Singapore
Telecommunications
Ltd.
2,218,623
121,400
JPY
SoftBank
Group
Corp.
3,315,117
11,537,509
Consumer
Discretionary
(8.2%)
35,200
Alibaba
Group
Holding
Ltd.
(
ADR
)^
5,968,512
22,616
KRW
Hyundai
Motor
Co.
7,872,753
6,930
EUR
Kering
SA
2,163,391
9,360
Royal
Caribbean
Cruises
Ltd.
3,038,724
235,100
EUR
Schaeffler
AG
2,772,793
43,350
Viking
Holdings
Ltd.#
3,127,702
24,943,875
Energy
(2.0%)
25,570
Cameco
Corp.
3,155,082
54,340
TechnipFMC
PLC
3,027,825
6,182,907
Financials
(19.6%)
610,500
EUR
Alpha
Bank
SA
2,922,439
335,900
EUR
Banco
Santander
SA
4,288,792
650,000
GBP
Barclays
PLC
4,338,145
26,760
EUR
BAWAG
Group
AG*
4,353,205
34,350
EUR
Erste
Group
Bank
AG
4,465,806
62,100
EUR
flatexDEGIRO
SE
3,029,220
138,100
EUR
ING
Groep
NV
4,072,693
189,900
JPY
Japan
Post
Bank
Co.
Ltd.
3,374,030
31,640
KRW
KB
Financial
Group,
Inc.
2,961,478
71,900
JPY
Mizuho
Financial
Group,
Inc.
3,121,747
173,500
NU
Holdings
Ltd.
-
Class
A#
3,079,625
177,400
JPY
ORIX
Corp.
5,406,335
68,050
EUR
Societe
Generale
SA
5,963,183
96,630
EUR
UniCredit
SpA
8,420,920
59,797,618
Health
Care
(6.1%)
2,720
Argenx
SE
(
ADR
)#
2,286,160
NUMBER
OF
SHARES
b
b
VALUE
b
12,530
Ascendis
Pharma
AS
(
ADR
)#
$
2,833,033
16,220
GBP
AstraZeneca
PLC
3,022,015
91,370
EUR
Fresenius
SE
&
Co.
KGaA
5,111,032
12,670
CHF
Galderma
Group
AG^
2,361,675
9,636
EUR
UCB
SA
2,936,334
18,550,249
Industrials
(24.4%)
27,555
EUR
Airbus
SE
6,308,710
21,990
EUR
Bilfinger
SE
3,080,990
10,450
DKK
DSV
AS
2,938,382
67,300
JPY
FANUC
Corp.
2,702,403
26,250
JPY
Fujikura
Ltd.
3,299,282
118,900
JPY
Harmonic
Drive
Systems,
Inc.
2,618,908
6,620
EUR
HOCHTIEF
AG
2,776,060
2,210
KRW
Hyosung
Heavy
Industries
Corp.#
3,963,767
34,830
CHF
Implenia
AG
3,335,599
68,400
JPY
Kajima
Corp.
2,790,430
120,000
JPY
Kandenko
Co.
Ltd.
4,320,286
42,290
EUR
KION
Group
AG
2,987,146
205,330
JPY
Mitsubishi
Heavy
Industries
Ltd.^
6,045,722
149,900
SEK
Munters
Group
AB*
2,959,574
1,515
EUR
Rheinmetall
AG
3,210,052
573,210
GBP
Rolls-Royce
Holdings
PLC
9,582,337
10,290
EUR
Siemens
AG
3,110,977
49,020
EUR
Siemens
Energy
AG#
8,352,029
74,382,654
Information
Technology
(24.8%)
20,800
JPY
Advantest
Corp.
3,440,039
3,520
EUR
ASM
International
NV
2,956,213
6,755
EUR
ASML
Holding
NV
9,686,030
15,150
EUR
BE
Semiconductor
Industries
NV
2,948,846
46,890
EUR
Indra
Sistemas
SA^
3,030,685
48,200
JPY
Kioxia
Holdings
Corp.#^
6,593,098
581,850
CAD
Kraken
Robotics,
Inc.#^
3,409,953
42,800
CNY
NAURA
Technology
Group
Co.
Ltd.
-
Class
A
2,922,407
36,450
ILS
Next
Vision
Stabilized
Systems
Ltd.
3,287,831
53,440
KRW
Samsung
Electronics
Co.
Ltd.
5,903,769
27,350
Shopify,
Inc.
-
Class
A#
3,589,140
10,420
KRW
SK
Hynix,
Inc.
6,506,009
293,000
TWD
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
16,201,700
13,000
JPY
Tokyo
Electron
Ltd.
3,463,965
19,500
CNY
Zhongji
Innolight
Co.
Ltd.
-
Class
A
1,810,852
75,750,537
Materials
(5.6%)
70,320
CAD
Alamos
Gold,
Inc.
-
Class
A^
2,605,917
21,140
EUR
Heidelberg
Materials
AG
5,789,624
127,700
CAD
Hudbay
Minerals,
Inc.^
3,024,511
273,720
AUD
Lynas
Rare
Earths
Ltd.#^
2,755,299
15,870
Southern
Copper
Corp.^
3,020,379
17,195,730
Calamos
International
Growth
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
46
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
SHARES
b
b
VALUE
b
Utilities
(2.0%)
125,110
EUR
Iberdrola
SA
$
2,812,816
50,000
EUR
RWE
AG
3,175,193
5,988,009
TOTAL
COMMON
STOCKS
(Cost
$205,467,340)
294,329,088
WARRANT
(0.0%)#
Information
Technology
(0.0%)
1,260
Constellation
Software,
Inc.^
03/31/40,
Strike
1.00
(Cost
$–)
—
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(0.3%)#
Consumer
Discretionary
(0.1%)
25
5,369,475
MercadoLibre,
Inc.
Call,
03/20/26,
Strike
$2,200.00
308,875
386
4,496,514
Sea
Ltd.
Call,
03/20/26,
Strike
$150.00
73,533
382,408
Health
Care
(0.2%)
940
5,586,420
Novo
Nordisk
AS
Call,
06/18/26,
Strike
$60.00
603,950
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$1,452,517)
986,358
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(7.4%)
22,726,436
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.704%†***
(Cost
$22,726,436)
$
22,726,436
TOTAL
INVESTMENTS
(106.4%)
(Cost
$234,608,978)
324,642,321
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-7.4%)
(
22,726,436
)
OTHER
ASSETS,
LESS
LIABILITIES
(1.0%)
3,139,053
NET
ASSETS
(100.0%)
$
305,054,938
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
§
Securities
exchangeable
or
convertible
into
securities
of
one
or
more
entities
that
are
different
than
the
issuer.
Each
entity
is
identified
in
the
parenthetical.
#
Non-income
producing
security.
^
Security,
or
portion
of
security,
is
on
loan.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
January
31,
2026.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
January
31,
2026.
FOREIGN
CURRENCY
ABBREVIATIONS
AUD
Australian
Dollar
CAD
Canadian
Dollar
CHF
Swiss
Franc
CNY
Chinese
Yuan
Renminbi
DKK
Denmark
Krone
EUR
European
Monetary
Unit
GBP
British
Pound
Sterling
HKD
Hong
Kong
Dollar
ILS
Israeli
New
Shekel
JPY
Japanese
Yen
KRW
South
Korean
Won
SEK
Swedish
Krona
SGD
Singapore
Dollar
TWD
New
Taiwan
Dollar
ABBREVIATION
ADR
American
Depositary
Receipt
Note:
The
date
on
options
represents
the
expiration
date
of
the
option
contract.
The
option
contract
may
be
exercised
at
any
date
on
or
before
the
date
shown.
Calamos
International
Growth
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
47
See
accompanying
Notes
to
Schedule
of
Investments
CURRENCY
EXPOSURE
January
31,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
European
Monetary
Unit
$
110,725,179
34
.1‌
%
US
Dollar
65,908,690
20
.3‌
%
Japanese
Yen
50,491,360
15
.5‌
%
South
Korean
Won
27,207,776
8
.4‌
%
British
Pound
Sterling
16,942,497
5
.2‌
%
New
Taiwan
Dollar
16,201,700
5
.0‌
%
Canadian
Dollar
9,040,381
2
.8‌
%
Swiss
Franc
5,697,274
1
.8‌
%
Chinese
Yuan
Renminbi
4,733,259
1
.5‌
%
Hong
Kong
Dollar
3,534,496
1
.1‌
%
Israeli
New
Shekel
3,287,831
1
.0‌
%
Swedish
Krona
2,959,574
0
.9‌
%
Danish
Krone
2,938,382
0
.9‌
%
Australian
Dollar
2,755,299
0
.8‌
%
Singapore
Dollar
2,218,623
0
.7‌
%
Total
Investments
$324,642,321
100
.0‌
%
Currency
exposure
may
vary
over
time.
COUNTRY
EXPOSURE
January
31,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
Japan
$
50,491,360
15
.5‌
%
Germany
43,395,115
13
.4‌
%
South
Korea
27,207,776
8
.4‌
%
Netherlands
21,949,942
6
.8‌
%
United
Kingdom
19,970,322
6
.1‌
%
Taiwan
16,201,700
5
.0‌
%
Canada
15,784,604
4
.9‌
%
France
14,435,284
4
.4‌
%
China
14,236,267
4
.4‌
%
United
States
12,766,866
3
.9‌
%
Spain
10,132,294
3
.1‌
%
Austria
8,819,011
2
.7‌
%
Italy
8,420,920
2
.6‌
%
Denmark
5,771,415
1
.8‌
%
Switzerland
5,697,274
1
.8‌
%
Israel
3,287,831
1
.0‌
%
Brazil
3,079,625
1
.0‌
%
Mexico
3,020,378
0
.9‌
%
Sweden
2,959,574
0
.9‌
%
Belgium
2,936,334
0
.9‌
%
Greece
2,922,439
0
.9‌
%
Australia
2,755,299
0
.8‌
%
Guatemala
2,469,274
0
.8‌
%
Singapore
2,218,623
0
.7‌
%
Total
Investments
$323,655,963
99
.7‌
%
Country
exposure
may
vary
over
time.
FORWARD
FOREIGN
CURRENCY
CONTRACTS
COUNTERPARTY
LONG
CONTRACTS
SETTLEMENT
DATE
LOCAL
CURRENCY
CURRENT
VALUE
UNREALIZED
GAIN/LOSS
Northern
Trust
Company
Swiss
Franc
3/13/26
4,528,000
$
5,881,237
$
127,680
Northern
Trust
Company
Swiss
Franc
3/13/26
2,897,000
3,762,797
81,690
State
Street
Bank
and
Trust
Canadian
Dollar
3/13/26
4,691,000
3,450,785
22,491
Northern
Trust
Company
Swedish
Krona
3/13/26
23,825,000
2,679,853
99,397
State
Street
Bank
and
Trust
Canadian
Dollar
3/13/26
3,058,000
2,249,520
14,662
State
Street
Bank
and
Trust
Brazilian
Real
3/13/26
9,042,000
1,703,263
75,906
Northern
Trust
Company
Swedish
Krona
3/13/26
14,883,000
1,674,050
62,091
Northern
Trust
Company
South
African
Rand
3/13/26
25,010,000
1,543,913
60,336
Northern
Trust
Company
Australian
Dollar
3/13/26
1,971,000
1,372,390
7,713
Northern
Trust
Company
South
African
Rand
3/13/26
18,285,000
1,128,766
44,112
State
Street
Bank
and
Trust
Brazilian
Real
3/13/26
5,897,000
1,110,831
49,504
Northern
Trust
Company
Australian
Dollar
3/13/26
1,298,000
903,786
5,079
$
650,661
Calamos
International
Growth
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
48
See
accompanying
Notes
to
Schedule
of
Investments
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
January
31,
2026
(see
Note
3):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Convertible
Bonds
2
$
—
$
6,600,439
$
—
$
6,600,439
Common
Stocks
72
44,635,836
249,693,252
—
294,329,088
Warrant
1
—
*
—
—
—
Exchange-Traded
Purchased
Options
3
986,358
—
—
986,358
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
22,726,436
—
22,726,436
Forward
Foreign
Currency
Contracts
12
—
650,661
—
650,661
Total
$
45,622,194
$
279,670,788
$
—
$
325,292,982
*
Amount
rounds
to
less
than
$1
Calamos
Evolving
World
Growth
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
49
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
CONVERTIBLE
BONDS
(13.5%)
Communication
Services
(0.9%)
2,012,000
AST
SpaceMobile,
Inc.*
2.375%,
10/15/32
$
3,667,655
Consumer
Discretionary
(4.3%)
16,421,000
Alibaba
Group
Holding
Ltd.*^
0.000%,
09/15/32
18,371,158
Financials
(3.7%)
9,400,000
Goldman
Sachs
Finance
Corp.
International
Ltd.
(Tencent
Holdings
Ltd.)§
Series
700,
0.000%,
03/15/27
15,559,162
Industrials
(0.7%)
2,790,000
Bloom
Energy
Corp.*^
0.000%,
11/15/30
3,149,826
Information
Technology
(2.9%)
1,600,000
SK
Hynix,
Inc.*
1.750%,
04/11/30
12,165,088
Materials
(1.0%)
3,145,000
First
Majestic
Silver
Corp.*
0.125%,
01/15/31
4,005,378
TOTAL
CONVERTIBLE
BONDS
(Cost
$40,362,347)
56,918,267
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(84.3%)
Communication
Services
(5.1%)
427,600
HKD
Baidu,
Inc.
-
Class
A#
8,196,044
57,550
Millicom
International
Cellular
SA
3,512,276
284,344
ZAR
MTN
Group
Ltd.
3,157,519
44,900
KRW
SK
Telecom
Co.
Ltd.
2,262,779
55,600
HKD
Tencent
Holdings
Ltd.
4,273,516
21,402,134
Consumer
Discretionary
(9.3%)
373,300
HKD
Alibaba
Group
Holding
Ltd.
7,941,425
373,500
HKD
China
Tourism
Group
Duty
Free
Corp.
Ltd.
-
Class
H*^
4,333,524
54,890
INR
Eicher
Motors
Ltd.
4,258,215
424,000
HKD
Galaxy
Entertainment
Group
Ltd.
2,154,243
47,740
KRW
Hyundai
Motor
Co.
16,618,555
9,190
Tesla,
Inc.#
3,955,468
39,261,430
Consumer
Staples
(0.7%)
654,200
BRL
Raia
Drogasil
SA
3,045,537
Energy
(1.0%)
79,237
TechnipFMC
PLC
4,415,086
Financials
(16.1%)
132,000
ZAR
Absa
Group
Ltd.
2,079,998
660,440
EUR
Alpha
Bank
SA
3,161,499
NUMBER
OF
SHARES
b
b
VALUE
b
139,673
INR
Axis
Bank
Ltd.
$
2,078,506
847,195
Banco
Bradesco
SA
(
ADR
)
3,431,140
15,515
ZAR
Capitec
Bank
Holdings
Ltd.
4,165,678
500,000
HKD
China
Life
Insurance
Co.
Ltd.
-
Class
H
2,225,119
6,500
Credicorp
Ltd.
2,319,395
47,730
EUR
Erste
Group
Bank
AG
6,205,325
650,990
EUR
Eurobank
SA
-
Class
A
3,181,372
27,640
Grupo
Cibest
SA
(
ADR
)
2,256,806
405,272
Itau
Unibanco
Holding
SA
(
ADR
)
3,481,286
34,325
KRW
KB
Financial
Group,
Inc.
3,212,792
147,300
KRW
Mirae
Asset
Securities
Co.
Ltd.
4,366,786
252,200
NU
Holdings
Ltd.
-
Class
A#
4,476,550
477,500
HKD
Ping
An
Insurance
Group
Co.
of
China
Ltd.
-
Class
H^
4,428,979
1,532,890
MYR
RHB
Bank
Bhd.
3,285,093
26,120
KRW
Samsung
Life
Insurance
Co.
Ltd.
3,400,968
291,000
INR
Shriram
Finance
Ltd.
3,230,260
3,008,516
TWD
SinoPac
Financial
Holdings
Co.
Ltd.
2,725,065
358,565
INR
State
Bank
of
India
4,202,028
67,914,645
Industrials
(12.7%)
64,200
CNY
Contemporary
Amperex
Technology
Co.
Ltd.
-
Class
A
3,239,344
30,960
KRW
Doosan
Enerbility
Co.
Ltd.#
1,932,709
42,800
Embraer
SA
(
ADR
)
3,144,088
3,580
KRW
Hanwha
Aerospace
Co.
Ltd.#
3,222,648
10,550
KRW
HD
Hyundai
Heavy
Industries
Co.
Ltd.
4,199,216
5,247
KRW
Hyosung
Heavy
Industries
Corp.#
9,410,809
404,960
PHP
International
Container
Terminal
Services,
Inc.
4,435,503
122,000
CNY
Jiangsu
Hengli
Hydraulic
Co.
Ltd.
-
Class
A
1,898,363
8,059,000
HKD
Lonking
Holdings
Ltd.
3,305,769
3,000
KRW
Rainbow
Robotics#
1,510,271
20,125
KRW
Samsung
C&T
Corp.
4,195,148
13,960
KRW
SK
Square
Co.
Ltd.#
5,464,657
121,750
HKD
UBTech
Robotics
Corp.
Ltd.
-
Class
H#^
2,173,266
917,000
CNY
Weichai
Power
Co.
Ltd.
-
Class
A
3,132,228
367,500
CNY
Zhejiang
Sanhua
Intelligent
Controls
Co.
Ltd.
-
Class
A
2,694,659
53,958,678
Information
Technology
(33.5%)
64,900
TWD
Asia
Vital
Components
Co.
Ltd.
2,948,569
13,100
TWD
ASPEED
Technology,
Inc.
3,663,493
107,000
TWD
Chroma
ATE,
Inc.
3,285,583
197,000
TWD
Compeq
Manufacturing
Co.
Ltd.
1,050,360
96,900
TWD
Delta
Electronics,
Inc.
3,697,928
58,450
TWD
Elite
Material
Co.
Ltd.
3,170,474
50,900
CNY
Hygon
Information
Technology
Co.
Ltd.
-
Class
A
1,927,306
130,000
TWD
LandMark
Optoelectronics
Corp.
4,072,648
Calamos
Evolving
World
Growth
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
50
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
SHARES
b
b
VALUE
b
165,100
CNY
Lens
Technology
Co.
Ltd.
-
Class
A
$
861,448
57,000
TWD
MediaTek,
Inc.
3,161,820
157,980
CNY
Montage
Technology
Co.
Ltd.
-
Class
A
4,123,556
57,645
CNY
NAURA
Technology
Group
Co.
Ltd.
-
Class
A
3,936,031
51,900
TWD
Phison
Electronics
Corp.
3,848,937
9,600
KRW
Robotis
Co.
Ltd.#
2,241,296
5,060
KRW
Samsung
Electro-Mechanics
Co.
Ltd.
973,133
229,010
KRW
Samsung
Electronics
Co.
Ltd.
25,299,814
3,980
KRW
SK
Hynix,
Inc.
2,485,021
1,147,649
TWD
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
63,460,288
93,500
TWD
Tripod
Technology
Corp.
1,101,927
79,265
CNY
Verisilicon
Microelectronics
Shanghai
Co.
Ltd.
-
Class
A#
2,517,267
40,200
CNY
Zhongji
Innolight
Co.
Ltd.
-
Class
A
3,733,141
141,560,040
Materials
(5.5%)
69,905
CAD
Alamos
Gold,
Inc.
-
Class
A^
2,590,538
427,540
Cemex
SAB
de
CV
(
ADR
)
5,335,699
441,000
HKD
China
Hongqiao
Group
Ltd.
2,016,989
175,950
CAD
Hudbay
Minerals,
Inc.^
4,167,288
17,500
KRW
HVM
Co.
Ltd.#
1,062,439
194,710
ZAR
Impala
Platinum
Holdings
Ltd.
3,629,247
211,400
Vale
SA
(
ADR
)
3,397,198
39,900
HKD
Zijin
Gold
International
Co.
Ltd.#
1,105,391
23,304,789
Utilities
(0.4%)
147,940
BRL
Axia
Energia
1,528,383
TOTAL
COMMON
STOCKS
(Cost
$230,760,944)
356,390,722
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(1.0%)#
Consumer
Discretionary
(0.1%)
37
7,946,823
MercadoLibre,
Inc.
Call,
03/20/26,
Strike
$2,200.00
457,135
566
6,593,334
Sea
Ltd.
Call,
03/20/26,
Strike
$150.00
107,823
564,958
Energy
(0.3%)
6,088
9,338,992
Petroleo
Brasileiro
SA
-
Petrobras
Call,
06/18/26,
Strike
$14.00
1,165,852
Materials
(0.3%)
260
4,948,320
Southern
Copper
Corp.
Call,
05/15/26,
Strike
$160.00
1,027,000
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
Other
(0.3%)
14,085
72,875,790
iShares
MSCI
India
ETF
Call,
06/18/26,
Strike
$55.00
$
1,373,287
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$3,511,825)
4,131,097
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(3.8%)
16,245,992
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.704%†***
(Cost
$16,245,992)
$
16,245,992
TOTAL
INVESTMENTS
(102.6%)
(Cost
$290,881,108)
433,686,078
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-3.8%)
(
16,245,992
)
OTHER
ASSETS,
LESS
LIABILITIES
(1.2%)
5,420,583
NET
ASSETS
(100.0%)
$
422,860,669
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
^
Security,
or
portion
of
security,
is
on
loan.
§
Securities
exchangeable
or
convertible
into
securities
of
one
or
more
entities
that
are
different
than
the
issuer.
Each
entity
is
identified
in
the
parenthetical.
#
Non-income
producing
security.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
January
31,
2026.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
January
31,
2026.
FOREIGN
CURRENCY
ABBREVIATIONS
BRL
Brazilian
Real
CAD
Canadian
Dollar
CNY
Chinese
Yuan
Renminbi
EUR
European
Monetary
Unit
HKD
Hong
Kong
Dollar
INR
Indian
Rupee
KRW
South
Korean
Won
MYR
Malaysian
Ringgit
PHP
Philippine
Peso
TWD
New
Taiwan
Dollar
ZAR
South
African
Rand
Calamos
Evolving
World
Growth
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
51
See
accompanying
Notes
to
Schedule
of
Investments
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
January
31,
2026
(see
Note
3):
ABBREVIATION
ADR
American
Depositary
Receipt
Note:
The
date
on
options
represents
the
expiration
date
of
the
option
contract.
The
option
contract
may
be
exercised
at
any
date
on
or
before
the
date
shown.
CURRENCY
EXPOSURE
January
31,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
US
Dollar
$
117,020,349
27
.0‌
%
New
Taiwan
Dollar
96,187,092
22
.2‌
%
South
Korean
Won
91,859,038
21
.2‌
%
Hong
Kong
Dollar
42,154,265
9
.7‌
%
Chinese
Yuan
Renminbi
28,063,344
6
.5‌
%
Indian
Rupee
13,769,009
3
.2‌
%
South
African
Rand
13,032,442
3
.0‌
%
European
Monetary
Unit
12,548,197
2
.9‌
%
Canadian
Dollar
6,757,826
1
.6‌
%
Brazilian
Real
4,573,920
1
.0‌
%
Philippine
Peso
4,435,503
1
.0‌
%
Malaysian
Ringgit
3,285,093
0
.7‌
%
Total
Investments
$433,686,078
100
.0‌
%
Currency
exposure
may
vary
over
time.
COUNTRY
EXPOSURE
January
31,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
South
Korea
$
104,024,126
24
.0‌
%
Taiwan
96,187,092
22
.2‌
%
China
85,329,133
19
.8‌
%
United
States
26,332,111
6
.1‌
%
Brazil
22,504,182
5
.1‌
%
India
13,769,009
3
.2‌
%
South
Africa
13,032,442
3
.0‌
%
Canada
10,763,204
2
.5‌
%
Greece
6,342,872
1
.5‌
%
Austria
6,205,325
1
.4‌
%
Mexico
5,335,699
1
.2‌
%
Philippines
4,435,503
1
.0‌
%
United
Kingdom
4,415,086
1
.0‌
%
Guatemala
3,512,277
0
.8‌
%
Malaysia
3,285,093
0
.7‌
%
Peru
2,319,395
0
.6‌
%
Colombia
2,256,806
0
.5‌
%
Macao
2,154,243
0
.5‌
%
Hong
Kong
1,105,391
0
.2‌
%
Total
Investments
$429,554,981
99
.0‌
%
Country
exposure
may
vary
over
time.
FORWARD
FOREIGN
CURRENCY
CONTRACTS
COUNTERPARTY
LONG
CONTRACTS
SETTLEMENT
DATE
LOCAL
CURRENCY
CURRENT
VALUE
UNREALIZED
GAIN/LOSS
State
Street
Bank
and
Trust
Indian
Rupee
3/13/26
923,721,000
$
10,017,703
$
(
59,596
)
Northern
Trust
Company
Mexican
Peso
3/13/26
154,291,000
8,798,720
284,277
State
Street
Bank
and
Trust
Brazilian
Real
3/13/26
44,803,000
8,439,646
376,113
Northern
Trust
Company
South
African
Rand
3/13/26
127,785,000
7,888,401
308,278
$
909,072
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Convertible
Bonds
6
$
—
$
56,918,267
$
—
$
56,918,267
Common
Stocks
78
51,056,738
305,333,984
—
356,390,722
Exchange-Traded
Purchased
Options
5
4,131,097
—
—
4,131,097
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
16,245,992
—
16,245,992
Forward
Foreign
Currency
Contracts
3
—
968,668
—
968,668
Total
$
55,187,835
$
379,466,911
$
—
$
434,654,746
Liabilities:
—
—
—
—
Forward
Foreign
Currency
Contracts
1
$
—
$
59,596
$
—
$
59,596
Total
$
—
$
59,596
$
—
$
59,596
Calamos
Global
Equity
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
52
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
CONVERTIBLE
BONDS
(2.3%)
Communication
Services
(1.5%)
1,366,000
AST
SpaceMobile,
Inc.*
2.375%,
10/15/32
$
2,490,068
Financials
(0.8%)
800,000
Goldman
Sachs
Finance
Corp.
International
Ltd.
(Tencent
Holdings
Ltd.)§
Series
700,
0.000%,
03/15/27
1,324,184
TOTAL
CONVERTIBLE
BONDS
(Cost
$2,492,363)
3,814,252
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(93.8%)
Communication
Services
(6.7%)
24,270
Alphabet,
Inc.
-
Class
A
8,203,260
85,300
HKD
Baidu,
Inc.
-
Class
A#
1,634,992
2,030
Meta
Platforms,
Inc.
-
Class
A
1,454,495
11,292,747
Consumer
Discretionary
(9.9%)
19,450
Alibaba
Group
Holding
Ltd.
(
ADR
)^
3,297,942
16,800
Amazon.com,
Inc.#
4,020,240
7,500
KRW
Hyundai
Motor
Co.
2,610,791
3,950
EUR
Kering
SA
1,233,101
5,670
Tesla,
Inc.#
2,440,425
14,500
Urban
Outfitters,
Inc.#
1,027,325
29,300
Viking
Holdings
Ltd.#
2,113,995
16,743,819
Energy
(3.5%)
9,650
Exxon
Mobil
Corp.
1,364,510
45,300
Halliburton
Co.
1,518,456
55,810
TechnipFMC
PLC
3,109,733
5,992,699
Financials
(16.2%)
128,800
EUR
Banco
Santander
SA
1,644,526
189,700
GBP
Barclays
PLC
1,266,071
8,600
EUR
BAWAG
Group
AG*
1,399,012
6,800
Citigroup,
Inc.
786,828
10,700
EUR
Erste
Group
Bank
AG
1,391,095
3,680
Goldman
Sachs
Group,
Inc.
3,442,309
87,900
Huntington
Bancshares,
Inc.
1,536,492
13,700
KRW
KB
Financial
Group,
Inc.
1,282,309
46,000
NU
Holdings
Ltd.
-
Class
A#
816,500
69,200
JPY
ORIX
Corp.
2,108,897
13,100
Robinhood
Markets,
Inc.
-
Class
A#
1,303,188
31,700
EUR
Societe
Generale
SA
2,777,853
43,670
EUR
UniCredit
SpA
3,805,667
18,650
Wells
Fargo
&
Co.
1,687,639
14,220
Wintrust
Financial
Corp.
2,097,308
27,345,694
NUMBER
OF
SHARES
b
b
VALUE
b
Health
Care
(7.4%)
1,900
Argenx
SE
(
ADR
)#
$
1,596,950
3,890
Ascendis
Pharma
AS
(
ADR
)#
879,529
8,750
GBP
AstraZeneca
PLC
1,630,248
3,260
Eli
Lilly
&
Co.
3,381,109
28,500
EUR
Fresenius
SE
&
Co.
KGaA
1,594,226
6,200
Gilead
Sciences,
Inc.
880,090
5,500
Insmed,
Inc.#
862,785
5,650
EUR
UCB
SA
1,721,699
12,546,636
Industrials
(13.4%)
4,240
Aerovironment,
Inc.#^
1,180,374
8,500
Bloom
Energy
Corp.
-
Class
A#
1,286,645
40,400
JPY
FANUC
Corp.
1,622,245
5,255
GE
Vernova,
Inc.
3,817,074
34,400
JPY
Harmonic
Drive
Systems,
Inc.
757,699
76,200
JPY
Hitachi
Ltd.
2,644,148
12,800
CHF
Implenia
AG
1,225,830
45,400
JPY
Kandenko
Co.
Ltd.
1,631,948
915
EUR
Rheinmetall
AG
1,938,744
250,700
GBP
Rolls-Royce
Holdings
PLC
4,190,946
7,500
EUR
Siemens
AG
2,267,476
22,563,129
Information
Technology
(30.7%)
7,550
Advanced
Micro
Devices,
Inc.#
1,787,311
2,630
AppLovin
Corp.
-
Class
A#
1,244,279
2,710
EUR
ASML
Holding
NV
3,885,883
8,890
Broadcom,
Inc.
2,945,257
27,200
EUR
Indra
Sistemas
SA^
1,758,043
31,200
Intel
Corp.#
1,449,864
22,450
JFrog
Ltd.#
1,230,260
221,000
CAD
Kraken
Robotics,
Inc.#
1,295,179
5,550
Lumentum
Holdings,
Inc.#^
2,174,712
6,430
Microsoft
Corp.~
2,766,765
51,000
Mirion
Technologies,
Inc.#^
1,266,840
64,280
NVIDIA
Corp.
12,285,836
22,090
Palantir
Technologies,
Inc.
-
Class
A#
3,238,173
6,500
Rambus,
Inc.#
739,895
45,100
KRW
Samsung
Electronics
Co.
Ltd.
4,982,410
126,700
TWD
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
7,005,991
7,000
JPY
Tokyo
Electron
Ltd.
1,865,212
51,921,910
Materials
(5.0%)
42,000
CAD
Alamos
Gold,
Inc.
-
Class
A^
1,556,435
12,220
EUR
Heidelberg
Materials
AG
3,346,699
79,300
CAD
Hudbay
Minerals,
Inc.^
1,878,181
14,250
MP
Materials
Corp.#^
837,472
4,700
Southern
Copper
Corp.^
894,504
8,513,291
Calamos
Global
Equity
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
53
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
SHARES
b
b
VALUE
b
Utilities
(1.0%)
77,500
EUR
Iberdrola
SA
$
1,742,413
TOTAL
COMMON
STOCKS
(Cost
$97,680,033)
158,662,338
CONVERTIBLE
PREFERRED
STOCK
(2.3%)
Industrials
(2.3%)
51,366
Boeing
Co.
6.000%,
10/15/27
(Cost
$3,164,381)
3,838,067
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(4.5%)
7,690,784
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.704%†***
(Cost
$7,690,784)
$
7,690,784
TOTAL
INVESTMENTS
(102.9%)
(Cost
$111,027,561)
174,005,441
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-4.5%)
(
7,690,784
)
OTHER
ASSETS,
LESS
LIABILITIES
(1.6%)
2,738,725
NET
ASSETS
(100.0%)
$
169,053,382
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
§
Securities
exchangeable
or
convertible
into
securities
of
one
or
more
entities
that
are
different
than
the
issuer.
Each
entity
is
identified
in
the
parenthetical.
#
Non-income
producing
security.
^
Security,
or
portion
of
security,
is
on
loan.
~
Security,
or
portion
of
security,
is
segregated
as
collateral
(or
collateral
for
potential
future
transactions)
for
written
options.
The
aggregate
value
of
such
securities
is
$602,406.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
January
31,
2026.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
January
31,
2026.
FOREIGN
CURRENCY
ABBREVIATIONS
CAD
Canadian
Dollar
CHF
Swiss
Franc
EUR
European
Monetary
Unit
GBP
British
Pound
Sterling
HKD
Hong
Kong
Dollar
JPY
Japanese
Yen
KRW
South
Korean
Won
TWD
New
Taiwan
Dollar
ABBREVIATION
ADR
American
Depositary
Receipt
Note:
Value
for
securities
denominated
in
foreign
currencies
is
shown
in
U.S.
dollars.
CURRENCY
EXPOSURE
January
31,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
US
Dollar
$
102,309,473
58
.8‌
%
European
Monetary
Unit
30,506,437
17
.5‌
%
Japanese
Yen
10,630,149
6
.1‌
%
South
Korean
Won
8,875,509
5
.1‌
%
British
Pound
Sterling
7,087,265
4
.1‌
%
New
Taiwan
Dollar
7,005,991
4
.0‌
%
Canadian
Dollar
4,729,795
2
.7‌
%
Hong
Kong
Dollar
1,634,992
1
.0‌
%
Swiss
Franc
1,225,830
0
.7‌
%
Total
Investments
$174,005,441
100
.0‌
%
Currency
exposure
may
vary
over
time.
Calamos
Global
Equity
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
54
See
accompanying
Notes
to
Schedule
of
Investments
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
January
31,
2026
(see
Note
3):
COUNTRY
EXPOSURE
January
31,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
United
States
$
84,023,531
48
.3‌
%
Japan
10,630,149
6
.1‌
%
United
Kingdom
10,196,998
5
.9‌
%
Germany
9,147,145
5
.2‌
%
South
Korea
8,875,509
5
.1‌
%
Taiwan
7,005,991
4
.0‌
%
Netherlands
5,482,833
3
.1‌
%
Spain
5,144,981
3
.0‌
%
China
4,932,934
2
.9‌
%
Canada
4,729,795
2
.7‌
%
France
4,010,955
2
.3‌
%
Italy
3,805,667
2
.2‌
%
Austria
2,790,107
1
.6‌
%
Belgium
1,721,699
1
.0‌
%
Switzerland
1,225,830
0
.7‌
%
Mexico
894,504
0
.5‌
%
Denmark
879,529
0
.5‌
%
Brazil
816,500
0
.5‌
%
Total
Investments
$174,005,441
100
.0‌
%
Country
exposure
may
vary
over
time.
FORWARD
FOREIGN
CURRENCY
CONTRACTS
COUNTERPARTY
LONG
CONTRACTS
SETTLEMENT
DATE
LOCAL
CURRENCY
CURRENT
VALUE
UNREALIZED
GAIN/LOSS
Bank
of
New
York
Mellon
Australian
Dollar
3/13/26
4,897,000
$
3,409,737
$
151,954
Northern
Trust
Co.
Swiss
Franc
3/13/26
2,565,000
3,331,576
72,328
$
224,282
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Convertible
Bonds
2
$
—
$
3,814,252
$
—
$
3,814,252
Common
Stocks
70
93,328,112
65,334,226
—
158,662,338
Convertible
Preferred
Stock
1
3,838,067
—
—
3,838,067
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
7,690,784
—
7,690,784
Forward
Foreign
Currency
Contracts
2
—
224,282
—
224,282
Total
$
97,166,179
$
77,063,544
$
—
$
174,229,723
Calamos
Global
Opportunities
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
55
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
CONVERTIBLE
BONDS
(29.5%)
Communication
Services
(2.1%)
2,839,000
AST
SpaceMobile,
Inc.*
2.375%,
10/15/32
$
5,175,185
1,486,000
Lyft,
Inc.*
0.000%,
09/15/30
1,571,058
6,746,243
Consumer
Discretionary
(2.6%)
7,734,000
Alibaba
Group
Holding
Ltd.*
0.000%,
09/15/32
8,652,490
Energy
(1.4%)
1,363,000
Eos
Energy
Enterprises,
Inc.*
1.750%,
12/01/31
1,611,161
1,300,000
EUR
Saipem
SpA*
2.875%,
09/11/29
2,889,752
4,500,913
Financials
(1.5%)
1,700,000
EUR
Cara
Obligations
SAS
(Kering
SA)*§
1.500%,
12/01/30
2,373,861
1,600,000
Goldman
Sachs
Finance
Corp.
International
Ltd.
(Tencent
Holdings
Ltd.)§
0.000%,
03/15/27
2,648,368
5,022,229
Health
Care
(3.3%)
628,000
Arrowhead
Pharmaceuticals,
Inc.
0.000%,
01/15/32
707,725
1,583,000
Bridgebio
Pharma,
Inc.*
0.750%,
02/01/33
1,617,035
598,000
Cogent
Biosciences,
Inc.
1.625%,
11/15/31
715,794
1,640,000
Guardant
Health,
Inc.*
0.000%,
05/15/33
1,951,616
1,611,000
Ionis
Pharmaceuticals,
Inc.*
0.000%,
12/01/30
1,785,004
3,302,000
Ligand
Pharmaceuticals,
Inc.*
0.750%,
10/01/30
3,951,041
10,728,215
Industrials
(4.3%)
1,976,000
AeroVironment,
Inc.
0.000%,
07/15/30
2,336,482
1,130,000
Astronics
Corp.*
0.000%,
01/15/31
1,735,748
3,026,000
Bloom
Energy
Corp.*
0.000%,
11/15/30
3,416,263
3,227,000
BWX
Technologies,
Inc.*
0.000%,
11/01/30
3,345,979
1,519,000
JBT
Marel
Corp.*
0.375%,
09/15/30
1,633,214
1,650,000
Joby
Aviation,
Inc.††
0.750%,
02/15/32
1,691,217
14,158,903
Information
Technology
(4.6%)
1,472,000
Cloudflare,
Inc.*
0.000%,
06/15/30
1,546,660
PRINCIPAL
AMOUNT
a
a
VALUE
a
4,158,000
CyberArk
Software
Ltd.*
0.000%,
06/15/30
$
4,376,877
1,482,000
Lumentum
Holdings,
Inc.*
0.375%,
03/15/32
3,365,163
1,831,000
Mirion
Technologies,
Inc.*
0.250%,
06/01/30
2,374,038
450,000,000
JPY
Rohm
Co.
Ltd.*
0.000%,
04/24/31
3,374,796
15,037,534
Materials
(1.9%)
2,261,000
First
Majestic
Silver
Corp.*
0.125%,
01/15/31
2,879,542
1,400,000
KCC
Corp.
(HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.)*§
1.750%,
07/10/30
1,609,300
549,000
MP
Materials
Corp.*
3.000%,
03/01/30
1,556,069
6,044,911
Other
(1.0%)
2,700,000
EUR
Euronext
NV*
1.500%,
05/30/32
3,108,367
Real
Estate
(0.5%)
1,605,000
Compass,
Inc.*
0.250%,
04/15/31
1,730,543
Utilities
(6.3%)
3,071,000
CenterPoint
Energy,
Inc.*
3.000%,
08/01/28
3,147,959
3,106,000
Duke
Energy
Corp.
4.125%,
04/15/26
3,227,911
5,500,000
EUR
Iberdrola
Finanzas
SA*
1.500%,
03/27/30
7,442,573
3,246,000
PPL
Capital
Funding,
Inc.
2.875%,
03/15/28
3,661,618
2,838,000
Southern
Co.
4.500%,
06/15/27
3,055,050
20,535,111
TOTAL
CONVERTIBLE
BONDS
(Cost
$85,997,922)
96,265,459
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(64.6%)
Communication
Services
(7.7%)
46,320
Alphabet,
Inc.
-
Class
A
15,656,160
123,250
HKD
Baidu,
Inc.
-
Class
A#
2,362,400
3,915
Meta
Platforms,
Inc.
-
Class
A
2,805,098
1,165,900
SGD
Singapore
Telecommunications
Ltd.
4,207,372
25,031,030
Consumer
Discretionary
(5.1%)
26,480
Amazon.com,
Inc.#
6,336,664
9,600
KRW
Hyundai
Motor
Co.
3,341,812
11,001
Tesla,
Inc.#
4,734,940
31,910
Viking
Holdings
Ltd.#
2,302,307
16,715,723
Calamos
Global
Opportunities
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
56
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
Consumer
Staples
(1.1%)
20,485
Philip
Morris
International,
Inc.
$
3,675,828
Energy
(1.9%)
24,865
Exxon
Mobil
Corp.
3,515,911
48,300
TechnipFMC
PLC
2,691,276
6,207,187
Financials
(12.9%)
253,910
EUR
Banco
Santander
SA^
3,241,939
367,700
GBP
Barclays
PLC
2,454,055
11,600
EUR
BAWAG
Group
AG*
1,887,040
26,700
Citigroup,
Inc.
3,089,457
13,830
EUR
Erste
Group
Bank
AG
1,798,023
5,600
Goldman
Sachs
Group,
Inc.
5,238,296
132,800
Huntington
Bancshares,
Inc.
2,321,344
9,805
JPMorgan
Chase
&
Co.
2,999,251
17,930
KRW
KB
Financial
Group,
Inc.
1,678,233
25,185
Robinhood
Markets,
Inc.
-
Class
A#
2,505,404
39,125
EUR
Societe
Generale
SA
3,428,502
64,625
EUR
UniCredit
SpA
5,631,812
37,270
Wells
Fargo
&
Co.
3,372,562
15,900
Wintrust
Financial
Corp.
2,345,091
41,991,009
Health
Care
(4.0%)
16,900
GBP
AstraZeneca
PLC
3,148,709
4,785
Eli
Lilly
&
Co.
4,962,763
14,825
Johnson
&
Johnson
3,368,981
5,400
EUR
UCB
SA
1,645,517
13,125,970
Industrials
(7.8%)
39,000
JPY
FANUC
Corp.
1,566,028
6,765
GE
Vernova,
Inc.
4,913,893
98,600
JPY
Hitachi
Ltd.
3,421,431
43,800
JPY
Kandenko
Co.
Ltd.
1,574,434
1,380
EUR
Rheinmetall
AG
2,924,008
262,091
GBP
Rolls-Royce
Holdings
PLC
4,381,368
11,480
EUR
Siemens
AG
3,470,750
14,490
Waste
Management,
Inc.
3,220,258
25,472,170
Information
Technology
(21.7%)
7,455
Advanced
Micro
Devices,
Inc.#
1,764,822
3,380
AppLovin
Corp.
-
Class
A#
1,599,112
3,960
EUR
ASML
Holding
NV
5,678,265
12,260
Broadcom,
Inc.
4,061,738
24,300
EUR
Indra
Sistemas
SA^
1,570,605
61,895
Intel
Corp.#
2,876,261
27,500
JFrog
Ltd.#
1,507,000
286,000
CAD
Kraken
Robotics,
Inc.#
1,676,113
12,375
Microsoft
Corp.
5,324,839
95,405
NVIDIA
Corp.
18,234,758
18,535
Palantir
Technologies,
Inc.
-
Class
A#
2,717,046
82,050
KRW
Samsung
Electronics
Co.
Ltd.
9,064,450
NUMBER
OF
SHARES
b
b
VALUE
b
222,000
TWD
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
$
12,275,690
10,100
JPY
Tokyo
Electron
Ltd.
2,691,234
71,041,933
Materials
(2.4%)
80,840
CAD
Alamos
Gold,
Inc.
-
Class
A^
2,995,767
17,725
EUR
Heidelberg
Materials
AG
4,854,356
7,850,123
TOTAL
COMMON
STOCKS
(Cost
$121,793,463)
211,110,973
CONVERTIBLE
PREFERRED
STOCK
(3.3%)
Industrials
(3.3%)
146,708
Boeing
Co.^
6.000%,
10/15/27
(Cost
$8,573,788)
10,962,022
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(1.1%)#
Consumer
Discretionary
(0.0%)
380
2,692,300
Urban
Outfitters,
Inc.
Call,
03/20/26,
Strike
$85.00
65,550
Consumer
Staples
(0.2%)
1,140
5,205,240
Darling
Ingredients,
Inc.
Call,
07/17/26,
Strike
$45.00
684,000
Energy
(0.3%)
1,576
5,282,752
Halliburton
Co.
Call,
02/20/26,
Strike
$28.00
898,320
Health
Care
(0.2%)
1,043
6,198,549
Novo
Nordisk
AS
Call,
06/18/26,
Strike
$60.00
670,127
Other
(0.4%)
383
5,273,144
EUR
EURO
STOXX
Banks
Index
Call,
06/19/26,
Strike
250.00
652,609
1,017
63,244,179
Invesco
QQQ
Trust
Series
1
Put,
02/20/26,
Strike
$605.00
637,151
1,289,760
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$3,280,451)
3,607,757
Calamos
Global
Opportunities
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
57
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(5.6%)
18,203,040
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.704%†***
(Cost
$18,203,040)
$
18,203,040
TOTAL
INVESTMENTS
(104.1%)
(Cost
$237,848,664)
$
340,149,251
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-5.6%)
(
18,203,040
)
OTHER
ASSETS,
LESS
LIABILITIES
(1.5%)
4,791,160
NET
ASSETS
(100.0%)
$
326,737,371
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
§
Securities
exchangeable
or
convertible
into
securities
of
one
or
more
entities
that
are
different
than
the
issuer.
Each
entity
is
identified
in
the
parenthetical.
††
When-issued
security.
#
Non-income
producing
security.
^
Security,
or
portion
of
security,
is
on
loan.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
January
31,
2026.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
January
31,
2026.
FOREIGN
CURRENCY
ABBREVIATIONS
CAD
Canadian
Dollar
EUR
European
Monetary
Unit
GBP
British
Pound
Sterling
HKD
Hong
Kong
Dollar
JPY
Japanese
Yen
KRW
South
Korean
Won
SGD
Singapore
Dollar
TWD
New
Taiwan
Dollar
Note:
Value
for
securities
denominated
in
foreign
currencies
is
shown
in
U.S.
dollars.
The
date
on
options
represents
the
expiration
date
of
the
option
contract.
The
option
contract
may
be
exercised
at
any
date
on
or
before
the
date
shown.
The
principal
amount
for
such
securities
is
shown
in
the
respective
foreign
currency.
CURRENCY
EXPOSURE
January
31,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
US
Dollar
$
227,337,378
66
.8‌
%
European
Monetary
Unit
52,597,978
15
.5‌
%
South
Korean
Won
14,084,496
4
.2‌
%
Japanese
Yen
12,627,924
3
.7‌
%
New
Taiwan
Dollar
12,275,690
3
.6‌
%
British
Pound
Sterling
9,984,132
2
.9‌
%
Canadian
Dollar
4,671,881
1
.4‌
%
Singapore
Dollar
4,207,372
1
.2‌
%
Hong
Kong
Dollar
2,362,400
0
.7‌
%
Total
Investments
$340,149,251
100
.0‌
%
Currency
exposure
may
vary
over
time.
COUNTRY
EXPOSURE
January
31,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
United
States
$
190,346,583
55
.9‌
%
South
Korea
15,693,796
4
.7‌
%
United
Kingdom
12,675,408
3
.7‌
%
Japan
12,627,924
3
.7‌
%
Taiwan
12,275,690
3
.6‌
%
Spain
12,255,117
3
.6‌
%
Germany
11,249,114
3
.3‌
%
China
11,014,890
3
.2‌
%
Netherlands
8,786,632
2
.6‌
%
Italy
8,521,564
2
.5‌
%
Canada
7,551,423
2
.2‌
%
France
5,802,363
1
.7‌
%
Singapore
4,207,372
1
.2‌
%
Austria
3,685,062
1
.1‌
%
Belgium
1,645,517
0
.5‌
%
Total
Investments
$336,541,495
98
.9‌
%
Country
exposure
may
vary
over
time.
FORWARD
FOREIGN
CURRENCY
CONTRACTS
COUNTERPARTY
LONG
CONTRACTS
SETTLEMENT
DATE
LOCAL
CURRENCY
CURRENT
VALUE
UNREALIZED
GAIN/LOSS
Bank
of
New
York
Mellon
Australian
Dollar
3/13/26
9,501,000
$
6,615,461
$
294,817
Northern
Trust
Co.
Swiss
Franc
3/13/26
4,977,000
6,464,429
140,342
Northern
Trust
Co.
Japanese
Yen
3/13/26
928,233,000
6,017,435
(
24,018
)
Calamos
Global
Opportunities
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
58
See
accompanying
Notes
to
Schedule
of
Investments
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
January
31,
2026
(see
Note
3):
Northern
Trust
Co.
Canadian
Dollar
3/13/26
4,475,000
$
3,291,892
$
22,626
$
433,767
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Convertible
Bonds
34
$
—
$
96,265,459
$
—
$
96,265,459
Common
Stocks
53
124,387,374
86,723,599
—
211,110,973
Convertible
Preferred
Stock
1
10,962,022
—
—
10,962,022
Exchange-Traded
Purchased
Options
6
3,607,757
—
—
3,607,757
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
18,203,040
—
18,203,040
Forward
Foreign
Currency
Contracts
3
—
457,785
—
457,785
Total
$
138,957,153
$
201,649,883
$
—
$
340,607,036
Liabilities:
—
—
—
—
Forward
Foreign
Currency
Contracts
1
$
—
$
24,018
$
—
$
24,018
Total
$
—
$
24,018
$
—
$
24,018
Calamos
Hedged
Equity
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
59
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(94.3%)
Communication
Services
(10.8%)
71,439
Alphabet,
Inc.
-
Class
A~
$
24,146,382
71,271
Alphabet,
Inc.
-
Class
C
24,127,372
71,633
AT&T,
Inc.
1,877,501
61,831
Comcast
Corp.
-
Class
A
1,839,472
11,433
Fox
Corp.
-
Class
A^
832,094
13,220
Match
Group,
Inc.
411,803
28,671
Meta
Platforms,
Inc.
-
Class
A
20,542,771
59,110
Netflix,
Inc.#
4,935,094
9,458
T-Mobile
U.S.,
Inc.
1,865,212
33,961
Uber
Technologies,
Inc.#
2,718,578
59,015
Verizon
Communications,
Inc.
2,627,348
28,672
Walt
Disney
Co.
3,234,202
89,157,829
Consumer
Discretionary
(9.9%)
125,201
Amazon.com,
Inc.#~
29,960,599
10,116
Aptiv
PLC#
766,287
510
Booking
Holdings,
Inc.
2,550,938
45,617
Carnival
Corp.#
1,369,422
30,609
Chipotle
Mexican
Grill,
Inc.#
1,189,772
3,955
Darden
Restaurants,
Inc.^
788,429
4,621
DoorDash,
Inc.
-
Class
A#
945,549
12,290
DR
Horton,
Inc.
1,829,244
10,722
eBay,
Inc.
978,061
54,570
Ford
Motor
Co.
757,432
20,487
General
Motors
Co.
1,720,908
15,046
Home
Depot,
Inc.
5,636,081
12,715
Las
Vegas
Sands
Corp.
670,462
12,284
Lowe's
Cos.,
Inc.
3,280,565
2,766
Lululemon
Athletica,
Inc.#
482,667
9,521
McDonald's
Corp.
2,999,115
19,233
NIKE,
Inc.
-
Class
B~
1,188,792
29,157
Norwegian
Cruise
Line
Holdings
Ltd.#^
640,288
17,795
O'Reilly
Automotive,
Inc.#
1,751,206
6,817
Ross
Stores,
Inc.
1,286,027
3,526
Royal
Caribbean
Cruises
Ltd.^
1,144,716
16,525
Starbucks
Corp.~
1,519,474
36,328
Tesla,
Inc.#~
15,635,934
19,051
TJX
Cos.,
Inc.
2,854,030
81,945,998
Consumer
Staples
(4.8%)
11,580
Archer-Daniels-Midland
Co.
779,450
7,426
Church
&
Dwight
Co.,
Inc.
714,752
48,027
Coca-Cola
Co.~
3,592,900
11,183
Colgate-Palmolive
Co.
1,009,713
5,277
Constellation
Brands,
Inc.
-
Class
A
826,906
4,567
Costco
Wholesale
Corp.
4,294,122
3,574
Dollar
General
Corp.
512,619
6,157
Dollar
Tree,
Inc.#
724,002
4,046
Estee
Lauder
Cos.,
Inc.
-
Class
A
466,423
NUMBER
OF
SHARES
b
b
VALUE
b
12,216
General
Mills,
Inc.
$
565,112
6,906
Kimberly-Clark
Corp.
690,531
16,077
Kroger
Co.
1,010,439
32,268
Mondelez
International,
Inc.
-
Class
A
1,886,710
13,950
Monster
Beverage
Corp.#
1,126,602
14,730
PepsiCo,
Inc.~
2,262,970
26,965
Philip
Morris
International,
Inc.~
4,838,600
26,482
Procter
&
Gamble
Co.
4,019,173
12,033
Sysco
Corp.
1,008,967
7,616
Target
Corp.
803,259
68,149
Walmart,
Inc.~
8,119,272
39,252,522
Energy
(3.2%)
42,005
Chevron
Corp.
7,430,685
20,181
ConocoPhillips
2,103,466
5,691
EOG
Resources,
Inc.
638,132
57,926
Exxon
Mobil
Corp.
8,190,736
38,283
Kinder
Morgan,
Inc.
1,167,249
11,563
Marathon
Petroleum
Corp.
2,037,285
11,367
Occidental
Petroleum
Corp.
515,948
7,673
ONEOK,
Inc.
607,625
5,375
Phillips
66
771,635
16,195
SLB
Ltd.
783,514
5,350
Valero
Energy
Corp.
970,650
19,319
Williams
Cos.,
Inc.
1,299,396
26,516,321
Financials
(12.1%)
7,935
Aflac,
Inc.
880,388
6,095
Allstate
Corp.
1,212,844
8,489
American
Express
Co.
2,989,571
3,734
Ameriprise
Financial,
Inc.
1,968,527
6,797
Arthur
J
Gallagher
&
Co.
1,694,968
5,605
Assurant,
Inc.
1,334,719
121,938
Bank
of
America
Corp.~
6,487,102
13,833
Bank
of
New
York
Mellon
Corp.
1,658,853
20,544
Berkshire
Hathaway,
Inc.
-
Class
B#
9,872,008
1,437
Blackrock,
Inc.
1,607,917
7,087
Blackstone,
Inc.
1,009,330
8,262
Capital
One
Financial
Corp.
1,808,800
6,316
Cboe
Global
Markets,
Inc.
1,674,119
26,495
Charles
Schwab
Corp.
2,753,360
8,441
Chubb
Ltd.
2,612,996
19,956
Citigroup,
Inc.
2,309,109
2,987
CME
Group,
Inc.
863,422
2,825
Coinbase
Global,
Inc.
-
Class
A#
550,140
9,059
Fiserv,
Inc.#
577,330
5,017
Global
Payments,
Inc.
359,919
8,053
Goldman
Sachs
Group,
Inc.~
7,532,857
29,941
Huntington
Bancshares,
Inc.
523,369
3,424
Jack
Henry
&
Associates,
Inc.
613,615
36,458
JPMorgan
Chase
&
Co.~
11,152,138
Calamos
Hedged
Equity
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
60
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
3,709
M&T
Bank
Corp.
$
821,803
10,541
Marsh
&
McLennan
Cos.,
Inc.
1,983,711
11,997
Mastercard,
Inc.
-
Class
A~
6,463,864
11,493
MetLife,
Inc.
906,568
18,685
Morgan
Stanley
3,415,618
5,944
Northern
Trust
Corp.
888,212
9,595
PayPal
Holdings,
Inc.
505,560
4,453
Prudential
Financial,
Inc.
494,773
3,861
S&P
Global,
Inc.
2,037,797
5,237
State
Street
Corp.
685,314
4,959
Travelers
Cos.,
Inc.
1,410,885
13,719
U.S.
Bancorp~
769,773
27,220
Visa,
Inc.
-
Class
A
8,760,213
70,540
Wells
Fargo
&
Co.~
6,383,165
99,574,657
Health
Care
(9.2%)
19,696
Abbott
Laboratories
2,152,773
24,467
AbbVie,
Inc.
5,456,386
12,628
Agilent
Technologies,
Inc.
1,690,258
5,541
Amgen,
Inc.
1,894,357
13,827
Baxter
International,
Inc.^
277,508
4,625
Becton
Dickinson
&
Co.
941,095
2,881
Biogen,
Inc.#
518,263
40,796
Boston
Scientific
Corp.#
3,815,650
8,995
Centene
Corp.#
389,663
3,822
Cigna
Group
1,047,649
16,901
CVS
Health
Corp.
1,259,463
11,037
Danaher
Corp.
2,415,889
7,183
Dexcom,
Inc.#
524,646
12,873
Edwards
Lifesciences
Corp.#
1,047,347
11,330
Eli
Lilly
&
Co.~
11,750,910
4,739
GE
HealthCare
Technologies,
Inc.
374,239
18,006
Gilead
Sciences,
Inc.
2,555,952
3,770
HCA
Healthcare,
Inc.
1,840,778
2,435
Humana,
Inc.
475,312
6,451
Intuitive
Surgical,
Inc.#
3,252,723
3,649
IQVIA
Holdings,
Inc.#
839,817
31,148
Johnson
&
Johnson
7,078,383
3,569
Labcorp
Holdings,
Inc.
969,055
2,353
McKesson
Corp.
1,955,837
19,097
Medtronic
PLC
1,966,227
37,241
Merck
&
Co.,
Inc.
4,106,565
75,514
Pfizer,
Inc.
1,996,590
919
Regeneron
Pharmaceuticals,
Inc.
681,393
1,324
Solventum
Corp.#
101,908
3,363
Stryker
Corp.
1,242,830
6,594
Thermo
Fisher
Scientific,
Inc.~
3,815,354
13,601
UnitedHealth
Group,
Inc.
3,902,535
3,510
Vertex
Pharmaceuticals,
Inc.#
1,649,349
3,345
Zimmer
Biomet
Holdings,
Inc.
291,249
8,954
Zoetis,
Inc.
1,117,638
75,395,591
NUMBER
OF
SHARES
b
b
VALUE
b
Industrials
(7.9%)
5,301
3M
Co.
$
811,901
4,012
Allegion
PLC
663,545
7,642
Automatic
Data
Processing,
Inc.
1,886,199
9,754
Boeing
Co.#
2,279,705
20,907
Carrier
Global
Corp.
1,245,639
7,365
Caterpillar,
Inc.~
4,841,456
56,546
CSX
Corp.~
2,135,177
3,846
Deere
&
Co.
2,030,688
5,275
Eaton
Corp.
PLC
1,853,741
15,090
Emerson
Electric
Co.
2,217,626
3,555
GE
Vernova,
Inc.
2,582,245
3,913
Generac
Holdings,
Inc.#
657,541
3,337
General
Dynamics
Corp.
1,171,587
14,221
General
Electric
Co.
4,362,861
12,783
Honeywell
International,
Inc.
2,908,388
661
Hubbell,
Inc.
322,528
4,755
Illinois
Tool
Works,
Inc.
1,242,291
12,265
Johnson
Controls
International
PLC
1,462,724
5,312
L3Harris
Technologies,
Inc.
1,821,219
2,678
Lockheed
Martin
Corp.
1,698,441
11,219
Masco
Corp.
741,464
3,051
Norfolk
Southern
Corp.
888,573
2,743
Northrop
Grumman
Corp.~
1,898,869
5,023
Otis
Worldwide
Corp.
429,065
11,772
PACCAR,
Inc.
1,446,897
7,184
Paychex,
Inc.
740,886
2,579
Paycom
Software,
Inc.
347,520
12,074
Pentair
PLC
1,272,237
4,507
Quanta
Services,
Inc.
2,139,157
27,272
RTX
Corp.
5,479,763
24,101
Southwest
Airlines
Co.
1,145,280
10,651
Union
Pacific
Corp.
2,504,050
13,921
United
Airlines
Holdings,
Inc.#
1,424,397
8,996
United
Parcel
Service,
Inc.
-
Class
B
955,555
1,674
United
Rentals,
Inc.
1,309,168
3,678
Veralto
Corp.
364,048
4,514
Verisk
Analytics,
Inc.
981,615
8,642
Waste
Management,
Inc.
1,920,598
6,208
Xylem,
Inc.
855,897
65,040,541
Information
Technology
(31.6%)
7,554
Accenture
PLC
-
Class
A
1,991,537
5,523
Adobe,
Inc.#
1,619,620
25,207
Advanced
Micro
Devices,
Inc.#
5,967,253
23,460
Amphenol
Corp.
-
Class
A
3,380,117
9,366
Analog
Devices,
Inc.
2,911,702
197,268
Apple,
Inc.~
51,187,101
11,434
Applied
Materials,
Inc.
3,685,407
13,162
Arista
Networks,
Inc.#
1,865,582
3,265
Autodesk,
Inc.#
825,621
62,083
Broadcom,
Inc.
20,568,098
68,983
Cisco
Systems,
Inc.
5,402,749
Calamos
Hedged
Equity
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
61
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
9,157
Cognizant
Technology
Solutions
Corp.
-
Class
A
$
751,423
4,274
Crowdstrike
Holdings,
Inc.
-
Class
A#
1,886,565
6,074
Datadog,
Inc.
-
Class
A#
785,490
3,376
Gartner,
Inc.#
707,643
18,826
HP,
Inc.^
365,977
58,253
Intel
Corp.#
2,707,017
9,212
International
Business
Machines
Corp.
2,825,320
4,831
Intuit,
Inc.~
2,410,282
4,613
Keysight
Technologies,
Inc.#
997,930
14,411
Lam
Research
Corp.
3,364,392
22,317
Micron
Technology,
Inc.~
9,258,877
99,223
Microsoft
Corp.~
42,694,665
5,071
NetApp,
Inc.
488,591
329,362
NVIDIA
Corp.
62,950,959
5,052
NXP
Semiconductors
NV
1,142,459
7,901
ON
Semiconductor
Corp.#
473,191
24,540
Oracle
Corp.~
4,038,793
29,149
Palantir
Technologies,
Inc.
-
Class
A#
4,272,952
11,956
Palo
Alto
Networks,
Inc.#
2,115,853
4,840
PTC,
Inc.#
755,669
16,128
QUALCOMM,
Inc.
2,444,843
15,265
Salesforce,
Inc.
3,240,607
16,215
ServiceNow,
Inc.#
1,897,317
7,201
Skyworks
Solutions,
Inc.
401,528
6,433
Super
Micro
Computer,
Inc.#^
187,265
2,749
Synopsys,
Inc.#
1,278,601
4,898
TE
Connectivity
PLC
1,091,176
7,263
Teradyne,
Inc.
1,750,746
8,981
Texas
Instruments,
Inc.
1,935,855
2,205
Tyler
Technologies,
Inc.#
814,527
2,874
Workday,
Inc.
-
Class
A#
504,761
259,946,061
Materials
(1.5%)
4,432
Air
Products
&
Chemicals,
Inc.
1,207,720
3,624
Avery
Dennison
Corp.
672,288
12,632
Corteva,
Inc.
919,609
11,354
DuPont
de
Nemours,
Inc.
498,668
35,612
Freeport-McMoRan,
Inc.
2,144,911
9,905
Linde
PLC
4,526,288
5,616
PPG
Industries,
Inc.
649,378
5,677
Qnity
Electronics,
Inc.
546,014
3,439
Sherwin-Williams
Co.
1,219,607
12,384,483
Real
Estate
(1.5%)
3,859
Alexandria
Real
Estate
Equities,
Inc.
210,856
4,853
American
Tower
Corp.
870,046
6,843
Camden
Property
Trust
746,229
9,621
Crown
Castle,
Inc.
835,199
5,405
Digital
Realty
Trust,
Inc.
896,960
NUMBER
OF
SHARES
b
b
VALUE
b
887
Equinix,
Inc.
$
728,165
36,080
Healthpeak
Properties,
Inc.
622,019
4,619
Mid-America
Apartment
Communities,
Inc.
620,331
14,209
Prologis,
Inc.
1,855,127
2,544
Public
Storage
702,627
21,211
Realty
Income
Corp.
1,297,265
7,201
Regency
Centers
Corp.
524,737
11,181
UDR,
Inc.
415,374
9,047
Welltower,
Inc.
1,704,093
12,029,028
Utilities
(1.8%)
27,555
AES
Corp.
403,681
10,789
American
Electric
Power
Co.,
Inc.
1,292,252
8,404
Consolidated
Edison,
Inc.
896,119
21,715
Dominion
Energy,
Inc.
1,306,592
13,742
Duke
Energy
Corp.
1,667,592
6,079
Edison
International
378,600
12,305
Entergy
Corp.
1,179,926
23,897
Exelon
Corp.
1,070,108
13,917
FirstEnergy
Corp.
658,831
22,105
NextEra
Energy,
Inc.
1,943,029
17,004
NiSource,
Inc.
753,107
10,687
Public
Service
Enterprise
Group,
Inc.
880,181
15,255
Southern
Co.
1,362,424
12,247
Xcel
Energy,
Inc.
931,507
14,723,949
TOTAL
COMMON
STOCKS
(Cost
$386,581,180)
775,966,980
EXCHANGE-TRADED
FUND
(2.9%)
Other
(2.9%)
34,053
SPDR®
S&P
500®
ETF
Trust
(Cost
$22,894,699)
23,563,654
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTION
(1.7%)#
Other
(1.7%)
785
544,713,855
S&P
500®
Index
Put,
06/30/26,
Strike
$6,700.00
(Cost
$23,515,207)
14,506,800
Calamos
Hedged
Equity
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
62
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
January
31,
2026
(see
Note
3):
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(0.2%)
1,335,977
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.704%†***
(Cost
$1,335,977)
$
1,335,977
TOTAL
INVESTMENTS
(99.1%)
(Cost
$434,327,063)
$
815,373,411
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-0.2%)
(
1,335,977
)
OTHER
ASSETS,
LESS
LIABILITIES
(1.1%)
8,843,356
NET
ASSETS
(100.0%)
$
822,880,790
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTIONS  (-2.6%)#
Other
(-2.6%)
(420)
(291,439,260)
S&P
500®
Index
Call,
06/30/26,
Strike
$6,700.00
(
21,067,200
)
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
(175)
(121,433,025)
S&P
500®
Index
Put,
06/30/26,
Strike
$5,300.00
$
(
671,125
)
(
21,738,325
)
TOTAL
EXCHANGE-TRADED
WRITTEN
OPTIONS
(Premium
$21,549,280)
$
(
21,738,325
)
~
Security,
or
portion
of
security,
is
segregated
as
collateral
(or
collateral
for
potential
future
transactions)
for
written
options.
The
aggregate
value
of
such
securities
is
$144,795,688.
^
Security,
or
portion
of
security,
is
on
loan.
#
Non-income
producing
security.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
January
31,
2026.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
January
31,
2026.
Note:
The
date
on
options
represents
the
expiration
date
of
the
option
contract.
The
option
contract
may
be
exercised
at
any
date
on
or
before
the
date
shown.
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Common
Stocks
261
$
775,966,980
$
—
$
—
$
775,966,980
Exchange-Traded
Fund
1
23,563,654
—
—
23,563,654
Exchange-Traded
Purchased
Option
1
14,506,800
—
—
14,506,800
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
1,335,977
—
1,335,977
Total
$
814,037,434
$
1,335,977
$
—
$
815,373,411
Liabilities:
—
—
—
—
Exchange-Traded
Written
Options
3
$
21,738,325
$
—
$
—
$
21,738,325
Total
$
21,738,325
$
—
$
—
$
21,738,325
Calamos
International
Small
Cap
Growth
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
63
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(96.9%)
Communication
Services
(3.0%)
4,200
Millicom
International
Cellular
SA
$
256,326
18,700
BRL
TIM
SA
87,126
343,452
Consumer
Discretionary
(6.9%)
43,800
MXN
Alsea
SAB
de
CV
133,610
4,840
EUR
Auto1
Group
SE#
159,201
6,500
JPY
Nextage
Co.
Ltd.
137,704
1,500
JPY
Open
House
Group
Co.
Ltd.
88,263
12,600
EUR
Schaeffler
AG
148,606
7,625
EUR
Westwing
Group
SE#
129,758
797,142
Consumer
Staples
(1.6%)
1,310
PriceSmart,
Inc.
186,295
Energy
(3.8%)
25,600
CAD
CES
Energy
Solutions
Corp.
266,970
44,700
Denison
Mines
Corp.#
177,012
443,982
Financials
(15.5%)
48,600
EUR
Alpha
Bank
SA
232,646
10,700
EUR
Bank
of
Cyprus
Holdings
PLC
118,058
1,930
EUR
BAWAG
Group
AG*
313,964
3,550
EUR
flatexDEGIRO
SE
173,168
17,400
SGD
iFAST
Corp.
Ltd.
144,291
1,580
EUR
KBC
Ancora
145,198
1,900
JPY
Rakuten
Bank
Ltd.#
90,931
5,020
ILS
Tel
Aviv
Stock
Exchange
Ltd.
192,870
10,200
SEK
TF
Bank
AB*
196,773
51,100
EUR
Unicaja
Banco
SA*
175,114
1,783,013
Health
Care
(3.6%)
13,130
SEK
Ambea
AB*
200,226
750
Ascendis
Pharma
AS
(
ADR
)#
169,575
1,760
EUR
Medincell
SA#
47,059
416,860
Industrials
(26.4%)
1,020
EUR
Bilfinger
SE
142,911
25,588
GBP
Ceres
Power
Holdings
PLC#
104,287
740
EUR
DO
&
Co.
AG
172,976
4,610
EUR
Exosens
SAS
295,319
4,300
JPY
Harmonic
Drive
Systems,
Inc.
94,712
180
KRW
Hyosung
Heavy
Industries
Corp.#
322,841
850
KRW
Hyundai
Glovis
Co.
Ltd.
143,309
530
KRW
Hyundai
Rotem
Co.
Ltd.
84,745
4,900
JPY
IHI
Corp.
113,367
5,360
GBP
IMI
PLC
202,406
2,720
CHF
Implenia
AG
260,489
6,900
JPY
Japan
Elevator
Service
Holdings
Co.
Ltd.
72,651
8,000
JPY
Kandenko
Co.
Ltd.
288,019
NUMBER
OF
SHARES
b
b
VALUE
b
3,060
EUR
KION
Group
AG
$
216,143
511,000
HKD
Lonking
Holdings
Ltd.
209,610
11,780
SEK
Munters
Group
AB*
232,580
2,700
JPY
Yaskawa
Electric
Corp.
86,182
3,042,547
Information
Technology
(24.1%)
1,120
TWD
ASPEED
Technology,
Inc.
313,215
2,343
CNY
Beijing
Huafeng
Test
&
Control
Technology
Co.
Ltd.
-
Class
A
101,539
4,500
TWD
Chroma
ATE,
Inc.
138,179
10,300
TWD
Compeq
Manufacturing
Co.
Ltd.
54,917
1,400
TWD
Elite
Material
Co.
Ltd.
75,939
290
KRW
Hyundai
Autoever
Corp.
92,970
4,500
JPY
Ibiden
Co.
Ltd.
237,216
3,550
EUR
Indra
Sistemas
SA
229,451
2,800
EUR
Jenoptik
AG
86,758
37,200
CAD
Kraken
Robotics,
Inc.#
218,012
5,560
TWD
LandMark
Optoelectronics
Corp.
174,184
3,000
JPY
Micronics
Japan
Co.
Ltd.
173,456
2,640
ILS
Next
Vision
Stabilized
Systems
Ltd.
238,131
9,100
JPY
Optex
Group
Co.
Ltd.
141,285
1,750
TWD
Phison
Electronics
Corp.
129,781
15,500
EUR
Profile
Systems
&
Software
SA
143,450
390
KRW
Robotis
Co.
Ltd.#
91,053
3,700
JPY
Yamaichi
Electronics
Co.
Ltd.
140,616
2,780,152
Materials
(9.8%)
650
EUR
Alzchem
Group
AG
118,830
4,200
CAD
ERO
Copper
Corp.#
140,900
10,950
CAD
Hudbay
Minerals,
Inc.
259,345
940
KRW
HVM
Co.
Ltd.#
57,068
22,200
AUD
Lynas
Rare
Earths
Ltd.#
223,468
250
INR
PTC
Industries
Ltd.#
48,891
2,120
EUR
Titan
SA
142,255
2,820
CAD
Torex
Gold
Resources,
Inc.
135,734
1,126,491
Real
Estate
(0.7%)
1,700
JPY
Kasumigaseki
Capital
Co.
Ltd.
82,498
Utilities
(1.5%)
14,620
EUR
Italgas
SpA
175,647
TOTAL
COMMON
STOCKS
(Cost
$9,540,195)
11,178,079
TOTAL
INVESTMENTS
(96.9%)
(Cost
$9,540,195)
11,178,079
OTHER
ASSETS,
LESS
LIABILITIES
(3.1%)
361,216
NET
ASSETS
(100.0%)
$
11,539,295
#
Non-income
producing
security.
Calamos
International
Small
Cap
Growth
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
64
See
accompanying
Notes
to
Schedule
of
Investments
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
FOREIGN
CURRENCY
ABBREVIATIONS
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CNY
Chinese
Yuan
Renminbi
EUR
European
Monetary
Unit
GBP
British
Pound
Sterling
HKD
Hong
Kong
Dollar
ILS
Israeli
New
Shekel
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
SEK
Swedish
Krona
SGD
Singapore
Dollar
TWD
New
Taiwan
Dollar
ABBREVIATION
ADR
American
Depositary
Receipt
Note:
Value
for
securities
denominated
in
foreign
currencies
is
shown
in
U.S.
dollars.
CURRENCY
EXPOSURE
January
31,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
European
Monetary
Unit
$
3,366,510
30
.1‌
%
Japanese
Yen
1,746,900
15
.6‌
%
Canadian
Dollar
1,020,962
9
.1‌
%
New
Taiwan
Dollar
886,215
7
.9‌
%
South
Korean
Won
791,986
7
.1‌
%
US
Dollar
789,208
7
.1‌
%
Swedish
Krona
629,579
5
.6‌
%
Israeli
New
Shekel
431,001
3
.9‌
%
British
Pound
Sterling
306,693
2
.8‌
%
Swiss
Franc
260,489
2
.3‌
%
Australian
Dollar
223,468
2
.0‌
%
Hong
Kong
Dollar
209,610
1
.9‌
%
Singapore
Dollar
144,291
1
.3‌
%
Mexican
Peso
133,611
1
.2‌
%
Chinese
Yuan
Renminbi
101,539
0
.9‌
%
Brazilian
Real
87,126
0
.8‌
%
Indian
Rupee
48,891
0
.4‌
%
Total
Investments
$11,178,079
100
.0‌
%
Currency
exposure
may
vary
over
time.
Calamos
International
Small
Cap
Growth
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
65
See
accompanying
Notes
to
Schedule
of
Investments
COUNTRY
EXPOSURE
January
31,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
Japan
$
1,746,900
15
.6‌
%
Germany
1,175,375
10
.5‌
%
Canada
1,057,074
9
.4‌
%
Taiwan
886,215
7
.9‌
%
South
Korea
791,986
7
.1‌
%
Sweden
629,579
5
.6‌
%
Austria
486,940
4
.3‌
%
Israel
431,001
3
.9‌
%
Spain
404,564
3
.6‌
%
Greece
376,096
3
.4‌
%
France
342,378
3
.0‌
%
United
States
328,550
3
.0‌
%
China
311,149
2
.8‌
%
United
Kingdom
306,693
2
.8‌
%
Switzerland
260,489
2
.3‌
%
Guatemala
256,326
2
.3‌
%
Brazil
228,026
2
.1‌
%
Australia
223,468
2
.0‌
%
Italy
175,647
1
.6‌
%
Denmark
169,575
1
.5‌
%
Belgium
145,198
1
.3‌
%
Singapore
144,291
1
.3‌
%
Mexico
133,611
1
.2‌
%
Cyprus
118,057
1
.1‌
%
India
48,891
0
.4‌
%
Total
Investments
$11,178,079
100
.0‌
%
Country
exposure
may
vary
over
time.
FORWARD
FOREIGN
CURRENCY
CONTRACTS
COUNTERPARTY
LONG
CONTRACTS
SETTLEMENT
DATE
LOCAL
CURRENCY
CURRENT
VALUE
UNREALIZED
GAIN/LOSS
Northern
Trust
Company
Australian
Dollar
3/13/26
497,000
$
347,596
$
3,484
Northern
Trust
Company
Japanese
Yen
3/13/26
53,112,000
345,222
(
531
)
Northern
Trust
Company
Japanese
Yen
3/13/26
21,285,000
138,350
(
184
)
Northern
Trust
Company
South
African
Rand
3/13/26
1,153,000
71,670
3,275
$
6,044
Calamos
International
Small
Cap
Growth
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
66
See
accompanying
Notes
to
Schedule
of
Investments
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
January
31,
2026
(see
Note
3):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Common
Stocks
70
$
2,290,639
$
8,887,440
$
—
$
11,178,079
Forward
Foreign
Currency
Contracts
2
—
6,759
—
6,759
Total
$
2,290,639
$
8,894,199
$
—
$
11,184,838
Liabilities:
—
—
—
—
Forward
Foreign
Currency
Contracts
2
$
—
$
715
$
—
$
715
Total
$
—
$
715
$
—
$
715
Calamos
Total
Return
Bond
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
67
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
ASSET
BACKED
SECURITIES
(3.9%)
Financials
(2.1%)
6,820
Amur
Equipment
Finance
Receivables
XI
LLC
Series
2022-2A,
Class
A2*
5.300%,
06/21/28
$
6,830
64,550
CLI
Funding
VI
LLC
Series
2020-3A,
Class
A*
2.070%,
10/18/45
61,078
64,705
ELFI
Graduate
Loan
Program
LLC
Series
2022-A,
Class
A*
4.510%,
08/26/47
64,076
3,770
Enterprise
Fleet
Financing
LLC
Series
2022-4,
Class
A2*
5.760%,
10/22/29
3,780
150,000
Hertz
Vehicle
Financing
III
LP
Series
2021-2A,
Class
A*
1.680%,
12/27/27
147,568
4,438
Oscar
U.S.
Funding
XII
LLC
Series
2021-1A,
Class
A4*
1.000%,
04/10/28
4,431
237,000
Progress
Residential
Trust
Series
2021-SFR5,
Class
B*
1.658%,
07/17/38
234,240
522,003
Other
(1.8%)
150,000
Aligned
Data
Centers
Issuer
LLC
Series
2021-1A,
Class
A2*
1.937%,
08/15/46
147,822
100,000
SCF
Equipment
Leasing
LLC
Series
2025-2A,
Class
A3*
4.330%,
06/20/36
100,129
98,542
SVC
ABS
LLC
Series
2023-1A,
Class
A*
5.150%,
02/20/53
97,749
91,345
USAA
Auto
Owner
Trust
Series
2024-A,
Class
A3*
5.030%,
03/15/29
92,057
437,757
TOTAL
ASSET
BACKED
SECURITIES
(Cost
$969,985)
959,760
CORPORATE
BONDS
(46.2%)
Airlines
(1.3%)
81,285
Air
Canada
Pass-Through
Trust
Series
2015-2,
Class
AA*
3.750%,
12/15/27
80,017
76,007
Alaska
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A*
4.800%,
08/15/27
76,349
58,777
British
Airways
Pass-Through
Trust
Series
2019-1,
Class
A*
3.350%,
06/15/29
57,287
PRINCIPAL
AMOUNT
a
a
VALUE
a
107,935
JetBlue
Pass-Through
Trust
Series
2019-1,
Class
AA
2.750%,
05/15/32
$
96,523
310,176
Communication
Services
(1.9%)
60,000
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
2.800%,
04/01/31
54,125
50,000
Comcast
Corp.
3.900%,
03/01/38
43,469
92,000
Frontier
North,
Inc.
Series
G
6.730%,
02/15/28
94,810
75,000
Paramount
Global
3.700%,
10/04/26
74,540
100,000
T-Mobile
USA,
Inc.
6.700%,
12/15/33
111,691
100,000
Verizon
Communications,
Inc.
4.016%,
12/03/29
99,487
478,122
Communications
(0.4%)
100,000
AT&T,
Inc.††
5.125%,
04/30/36
99,733
Consumer
Discretionary
(3.3%)
50,000
Bath
&
Body
Works,
Inc.*
6.625%,
10/01/30
51,210
25,000
Caesars
Entertainment,
Inc.*
7.000%,
02/15/30
25,846
150,000
Cargill,
Inc.*^
3.125%,
05/25/51
100,348
50,000
goeasy
Ltd.*
7.625%,
07/01/29
49,570
60,000
Lithia
Motors,
Inc.*
5.500%,
10/01/30
60,465
100,000
Lowe's
Cos.,
Inc.
4.250%,
03/15/31
99,579
60,000
M/I
Homes,
Inc.
3.950%,
02/15/30
57,765
60,000
Mattel,
Inc.
6.200%,
10/01/40
61,378
100,000
Meritage
Homes
Corp.*
3.875%,
04/15/29
98,400
100,000
NIKE,
Inc.
2.850%,
03/27/30
95,429
100,000
Tractor
Supply
Co.
5.250%,
05/15/33
103,155
803,145
Consumer
Staples
(3.1%)
125,000
Anheuser-Busch
InBev
Worldwide,
Inc.
3.500%,
06/01/30
122,193
125,000
Archer-Daniels-Midland
Co.
3.250%,
03/27/30
120,764
125,000
Costco
Wholesale
Corp.
1.600%,
04/20/30
113,426
Calamos
Total
Return
Bond
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
68
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
60,000
Edgewell
Personal
Care
Co.*
4.125%,
04/01/29
$
57,601
125,000
Hershey
Co.
1.700%,
06/01/30
112,977
100,000
Kimberly-Clark
Corp.
3.100%,
03/26/30
96,170
100,000
Novartis
Capital
Corp.
4.700%,
09/18/54
88,893
50,000
Pilgrim's
Pride
Corp.
4.250%,
04/15/31
48,771
760,795
Energy
(0.9%)
60,000
Energy
Transfer
LP‡
7.133%,
11/01/66
,
3
mo.
USD
Term
SOFR
+
3.279%
60,194
100,000
EQT
Corp.*
3.125%,
05/15/26
99,658
60,000
Sunoco
LP*
5.625%,
03/15/31
60,405
220,257
Financials
(18.2%)
60,000
Affiliated
Managers
Group,
Inc.
3.300%,
06/15/30
57,252
60,000
Ally
Financial,
Inc.
Series
B‡
4.700%,
05/15/26
,
5
yr.
CMT
+
3.868%
59,743
50,000
American
Homes
4
Rent
LP
4.950%,
06/15/30
50,657
100,000
Arthur
J
Gallagher
&
Co.
5.000%,
02/15/32
102,219
100,000
Avolon
Holdings
Funding
Ltd.*
4.700%,
01/30/31
99,463
100,000
Bank
of
America
Corp.‡
2.087%,
06/14/29
,
1
day
USD
SOFR
+
1.060%
95,583
150,000
Bank
of
Montreal‡
3.088%,
01/10/37
,
5
yr.
CMT
+
1.400%
135,296
100,000
Bank
of
New
York
Mellon
Corp.‡
5.834%,
10/25/33
,
1
day
USD
SOFR
Index
+
2.074%
107,455
150,000
Berkshire
Hathaway
Finance
Corp.
4.250%,
01/15/49
125,188
100,000
BlackRock
Funding,
Inc.
5.250%,
03/14/54
95,086
125,000
BP
Capital
Markets
PLC‡
4.875%,
03/22/30
,
5
yr.
CMT
+
4.398%
124,320
175,000
Brookfield
Finance,
Inc.
2.724%,
04/15/31
160,599
100,000
Brown
&
Brown,
Inc.
5.650%,
06/11/34
103,045
150,000
Capital
One
Financial
Corp.‡
2.359%,
07/29/32
,
1
day
USD
SOFR
+
1.337%
131,328
100,000
CBRE
Services,
Inc.
4.900%,
01/15/33
100,403
PRINCIPAL
AMOUNT
a
a
VALUE
a
100,000
Charles
Schwab
Corp.
Series
I‡
4.000%,
06/01/26
,
5
yr.
CMT
+
3.168%
$
99,642
100,000
Chubb
INA
Holdings
LLC
4.150%,
03/13/43
86,599
60,000
Citigroup,
Inc.
Series
HH‡
6.625%,
02/15/31
,
5
yr.
CMT
+
3.001%
61,074
100,000
Citizens
Financial
Group,
Inc.‡
5.718%,
07/23/32
,
1
day
USD
SOFR
+
1.910%
104,745
100,000
Essent
Group
Ltd.
6.250%,
07/01/29
104,711
100,000
Essential
Properties
LP
2.950%,
07/15/31
91,546
115,000
Essex
Portfolio
LP
2.650%,
03/15/32
102,567
75,000
First
Citizens
BancShares,
Inc.
Series
D‡
7.000%,
12/15/30
,
5
yr.
CMT
+
3.301%
76,666
100,000
Fiserv,
Inc.
4.750%,
03/15/30
100,639
100,000
FNB
Corp.‡
5.722%,
12/11/30
,
1
day
USD
SOFR
Index
+
1.930%
102,385
125,000
Globe
Life,
Inc.
4.550%,
09/15/28
126,354
100,000
GLP
Capital
LP/GLP
Financing
II,
Inc.
3.250%,
01/15/32
90,605
83,000
Huntington
Bancshares,
Inc.
Series
K‡
6.250%,
10/15/30
,
5
yr.
CMT
+
2.653%
83,154
100,000
Intercontinental
Exchange,
Inc.
4.200%,
03/15/31
99,804
125,000
JPMorgan
Chase
&
Co.
Series
KK^‡
3.650%,
06/01/26
,
5
yr.
CMT
+
2.850%
124,856
200,000
LSEG
Finance
PLC*
2.000%,
04/06/28
191,764
100,000
M&T
Bank
Corp.‡
4.833%,
01/16/29
,
1
day
USD
SOFR
+
0.930%
101,632
100,000
MetLife,
Inc.
6.400%,
12/15/36
105,059
100,000
Morgan
Stanley‡
5.042%,
07/19/30
,
1
day
USD
SOFR
+
1.215%
102,464
100,000
Northern
Trust
Corp.‡
5.117%,
11/19/40
,
5
yr.
CMT
+
1.050%
99,611
118,000
PartnerRe
Finance
B
LLC‡
4.500%,
10/01/50
,
5
yr.
CMT
+
3.815%
112,059
100,000
Primerica,
Inc.
2.800%,
11/19/31
90,939
Calamos
Total
Return
Bond
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
69
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
100,000
Prologis
LP
2.875%,
11/15/29
$
95,645
100,000
Toronto-Dominion
Bank^
4.456%,
06/08/32
99,980
125,000
Travelers
Cos.,
Inc.
2.550%,
04/27/50
75,909
100,000
U.S.
Bancorp^‡
5.100%,
07/23/30
,
1
day
USD
SOFR
+
1.250%
103,008
200,000
USAA
Capital
Corp.*
2.125%,
05/01/30
184,058
125,000
Wells
Fargo
&
Co.
4.400%,
06/14/46
104,562
4,469,674
Health
Care
(2.7%)
100,000
CVS
Health
Corp.
4.780%,
03/25/38
93,800
60,000
DaVita,
Inc.*
4.625%,
06/01/30
57,843
100,000
Elanco
Animal
Health,
Inc.
6.650%,
08/28/28
104,305
150,000
Johnson
&
Johnson
3.400%,
01/15/38
131,454
100,000
Kaiser
Foundation
Hospitals
Series
2021
2.810%,
06/01/41
74,367
100,000
Royalty
Pharma
PLC^
2.200%,
09/02/30
90,953
100,000
Zoetis,
Inc.
5.600%,
11/16/32
106,099
658,821
Industrials
(4.3%)
100,000
Burlington
Northern
Santa
Fe
LLC
4.950%,
09/15/41
96,771
100,000
Cummins,
Inc.
4.875%,
10/01/43
95,462
80,000
GXO
Logistics,
Inc.
1.650%,
07/15/26
79,075
100,000
Honeywell
International,
Inc.
1.950%,
06/01/30
91,391
100,000
Illinois
Tool
Works,
Inc.
4.875%,
09/15/41
96,042
100,000
Paychex,
Inc.
5.100%,
04/15/30
102,871
250,000
SMBC
Aviation
Capital
Finance
DAC*
1.900%,
10/15/26
246,208
60,000
TransDigm,
Inc.*
6.375%,
03/01/29
61,772
United
Airlines
Pass-Through
Trust
109,339
Series
2019-1,
Class
A,
4.550%,
08/25/31
106,582
69,339
Series
2018-1,
Class
B,
4.600%,
03/01/26
69,500
1,045,674
PRINCIPAL
AMOUNT
a
a
VALUE
a
Information
Technology
(4.9%)
150,000
Apple,
Inc.
4.375%,
05/13/45
$
133,115
125,000
Applied
Materials,
Inc.
4.350%,
04/01/47
108,147
110,000
CGI,
Inc.
2.300%,
09/14/31
97,510
125,000
Fortinet,
Inc.
2.200%,
03/15/31
112,257
100,000
Intuit,
Inc.^
5.200%,
09/15/33
103,748
125,000
NVIDIA
Corp.
3.500%,
04/01/40
105,656
100,000
Roper
Technologies,
Inc.^
4.900%,
10/15/34
99,280
100,000
Synopsys,
Inc.
4.850%,
04/01/30
102,086
100,000
Take-Two
Interactive
Software,
Inc.^
4.950%,
03/28/28
101,925
60,000
TTM
Technologies,
Inc.*
4.000%,
03/01/29
58,330
60,000
Twilio,
Inc.
3.625%,
03/15/29
57,601
100,000
VMware
LLC
1.800%,
08/15/28
94,822
25,000
Zebra
Technologies
Corp.*
6.500%,
06/01/32
25,805
1,200,282
Other
(0.8%)
75,000
HA
Sustainable
Infrastructure
Capital,
Inc.‡
8.000%,
06/01/56
,
5
yr.
CMT
+
4.301%
78,588
125,000
Intact
Financial
Corp.*
5.459%,
09/22/32
129,866
208,454
Real
Estate
(1.2%)
100,000
EPR
Properties
4.950%,
04/15/28
101,010
100,000
Global
Net
Lease,
Inc.*
4.500%,
09/30/28
97,976
100,000
Public
Storage
Operating
Co.
2.300%,
05/01/31
90,656
289,642
Utilities
(3.2%)
150,000
Berkshire
Hathaway
Energy
Co.
3.800%,
07/15/48
114,926
100,000
Consolidated
Edison
Co.
of
New
York,
Inc.
Series
20A
3.350%,
04/01/30
96,974
150,000
Duke
Energy
Carolinas
LLC
3.700%,
12/01/47
114,301
125,000
Entergy
Texas,
Inc.
1.750%,
03/15/31
110,395
150,000
Northern
States
Power
Co.
3.750%,
12/01/47
110,076
Calamos
Total
Return
Bond
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
70
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
PRINCIPAL
AMOUNT
a
a
VALUE
a
150,000
Public
Service
Electric
&
Gas
Co.
3.600%,
12/01/47
$
112,797
125,000
Southern
Co.
Series
21-A‡
3.750%,
09/15/51
,
5
yr.
CMT
+
2.915%
124,023
783,492
TOTAL
CORPORATE
BONDS
(Cost
$11,877,450)
11,328,267
RESIDENTIAL
MORTGAGE
BACKED
SECURITY
(0.4%)
Other
(0.4%)
100,000
BX
Trust
Series
2019-OC11,
Class
A*
3.202%,
12/09/41
(Cost
$101,318)
95,308
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(47.8%)
Other
(47.8%)
Federal
Home
Loan
Mortgage
Corp.
111,726
4.000%,
05/01/49
108,140
56,866
2.500%,
02/01/35
54,084
Federal
National
Mortgage
Association
559,951
6.000%,
09/01/53
574,070
668,811
6.000%,
03/01/54
685,610
367,554
5.500%,
12/01/52
375,021
605,940
5.500%,
08/01/53
616,422
66,173
4.500%,
04/01/48
65,559
219,189
4.500%,
06/01/52
215,644
398,397
4.500%,
11/01/52
391,875
613,835
4.500%,
02/01/53
603,736
38,078
4.000%,
03/01/47
36,837
85,492
4.000%,
06/01/48
82,911
453,830
4.000%,
11/01/52
434,697
117,530
3.500%,
08/01/47
110,137
56,636
3.500%,
02/01/49
53,001
98,528
3.500%,
11/01/49
92,098
340,565
3.500%,
04/01/50
318,364
60,249
3.000%,
02/01/33
58,656
34,527
3.000%,
01/01/35
33,403
210,578
3.000%,
07/01/46
191,509
138,118
3.000%,
03/01/47
125,611
51,533
3.000%,
07/01/49
46,342
427,863
3.000%,
04/01/50
383,985
65,447
2.500%,
09/01/31
63,561
506,022
2.500%,
04/01/50
435,725
673,251
2.500%,
07/01/51
576,477
Government
National
Mortgage
Association
113,560
3.500%,
10/20/47
106,649
86,361
3.000%,
10/20/47
78,951
U.S.
Treasury
Bonds
200,000
4.000%,
11/15/42
182,562
PRINCIPAL
AMOUNT
a
a
VALUE
a
425,000
3.625%,
02/15/53
$
342,424
550,000
3.500%,
02/15/39
498,609
400,000
3.000%,
05/15/47
299,500
PRINCIPAL
AMOUNT
a
a
VALUE
a
200,000
2.875%,
05/15/52
$
139,156
500,000
2.000%,
02/15/50
292,305
300,000
1.125%,
05/15/40
189,703
U.S.
Treasury
Notes
635,000
4.000%,
11/15/35
622,052
500,000
3.875%,
08/15/34
489,687
500,000
3.750%,
08/31/31
496,660
500,000
3.500%,
11/30/30
493,613
400,000
3.375%,
11/30/27
398,891
350,000
3.375%,
12/31/27^
348,995
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(Cost
$12,652,426)
11,713,232
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(3.2%)
790,518
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.704%†***
(Cost
$790,518)
$
790,518
TOTAL
INVESTMENTS
(101.5%)
(Cost
$26,391,697)
24,887,085
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-3.2%)
(
790,518
)
OTHER
ASSETS,
LESS
LIABILITIES
(1.7%)
418,765
NET
ASSETS
(100.0%)
$
24,515,332
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
††
When-issued
security.
^
Security,
or
portion
of
security,
is
on
loan.
‡
Variable
rate
security.
The
rate
shown
is
the
rate
in
effect
at
January
31,
2026.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
January
31,
2026.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
January
31,
2026.
ABBREVIATION
SOFR
Secured
Overnight
Financing
Rate
Calamos
Total
Return
Bond
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
71
See
accompanying
Notes
to
Schedule
of
Investments
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
January
31,
2026
(see
Note
3):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Asset
Backed
Securities
11
$
—
$
959,760
$
—
$
959,760
Corporate
Bonds
118
—
11,328,267
—
11,328,267
Residential
Mortgage
Backed
Security
1
—
95,308
—
95,308
U.S.
Government
and
Agency
Securities
41
—
11,713,232
—
11,713,232
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
790,518
—
790,518
Total
$
—
$
24,887,085
$
—
$
24,887,085
Calamos
High
Income
Opportunities
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
72
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
ASSET
BACKED
SECURITY
(0.5%)
Other
(0.5%)
100,000
SVC
ABS
LLC
Series
2023-1A,
Class
C*
6.700%,
02/20/53
(Cost
$96,277)
$
97,789
BANK
LOANS
(15.0%)i
Communication
Services
(2.2%)
69,051
Altice
France
SA‡
2025
USD
Term
Loan
B14,
10.547%,
05/31/31
3
mo.
USD
Term
SOFR
+
6.875%
70,231
38,160
Audacy
Capital
Corp.‡
2024
Term
Loan
B,
9.786%,
10/01/29
1
mo.
USD
Term
SOFR
+
6.000%
28,946
4,281
Audacy
Capital
Corp.‡
2024
Term
Loan
A,
10.786%,
10/02/28
1
mo.
USD
Term
SOFR
+
7.000%
4,254
49,372
Cincinnati
Bell,
Inc.‡
2025
Term
Loan
B4,
5.922%,
11/22/28
1
mo.
USD
Term
SOFR
+
2.250%
49,295
41,983
Clear
Channel
Outdoor
Holdings,
Inc.‡
2024
Term
Loan,
7.786%,
08/23/28
1
mo.
USD
Term
SOFR
+
4.000%
42,080
6,984
DirecTV
Financing
LLC‡
Term
Loan,
8.928%,
08/02/27
3
mo.
USD
Term
SOFR
+
0.050%
7,004
31,538
DirecTV
Financing
LLC‡
2024
Term
Loan,
9.178%,
08/02/29
3
mo.
USD
Term
SOFR
+
5.250%
31,628
1,903
Gray
Television,
Inc.‡
2024
Term
Loan
B,
8.950%,
06/04/29
1
mo.
USD
Term
SOFR
+
5.250%
1,906
15,000
iHeartCommunications,
Inc.!
2024
Term
Loan,
0.000%,
05/01/29
13,766
74,811
iHeartCommunications,
Inc.‡
2024
Term
Loan,
9.561%,
05/01/29
1
mo.
USD
Term
SOFR
+
5.775%
68,660
100,000
Level
3
Financing,
Inc.‡
2025
Repriced
Term
Loan
B4,
6.922%,
03/29/32
1
mo.
USD
Term
SOFR
+
3.250%
100,275
49,625
Sinclair
Television
Group,
Inc.‡
2025
Term
Loan
B6,
7.234%,
12/31/29
1
mo.
USD
Term
SOFR
+
3.300%
43,050
PRINCIPAL
AMOUNT
a
a
VALUE
a
33,549
TripAdvisor,
Inc.‡
Term
Loan,
6.422%,
07/08/31
1
mo.
USD
Term
SOFR
+
2.750%
$
32,679
493,774
Consumer
Discretionary
(2.6%)
49,625
American
Airlines,
Inc.‡
2025
Term
Loan
B,
6.918%,
05/28/32
3
mo.
USD
Term
SOFR
+
3.250%
49,780
90,000
Beach
Acquisition
Bidco
LLC‡
USD
Term
Loan
B,
6.922%,
09/12/32
3
mo.
USD
Term
SOFR
+
3.250%
90,281
45,000
Boots
Group
Bidco
Ltd.‡
USD
Term
Loan,
7.206%,
08/30/32
3
mo.
USD
Term
SOFR
+
3.500%
45,216
59,400
Chinos
Intermediate
Holdings
A,
Inc.‡
2024
Term
Loan
B,
9.667%,
09/26/31
3
mo.
USD
Term
SOFR
+
6.000%
47,507
69,825
Clarios
Global
LP‡
2025
USD
Term
Loan
B,
6.422%,
01/28/32
1
mo.
USD
Term
SOFR
+
2.750%
70,021
44,325
Peloton
Interactive,
Inc.‡
2024
Term
Loan
B,
9.172%,
05/30/29
1
mo.
USD
Term
SOFR
+
5.500%
44,921
90,000
PetSmart,
Inc.‡
2025
USD
Term
Loan
B,
7.671%,
08/18/32
1
mo.
USD
Term
SOFR
+
4.000%
90,079
55,000
Voyager
Parent
LLC!
Repriced
Term
Loan
B,
0.000%,
07/01/32
55,004
90,000
Weber-Stephen
Products
LLC‡
2025
Term
Loan
B,
7.411%,
10/01/32
3
mo.
USD
Term
SOFR
+
3.750%
90,103
582,912
Consumer
Staples
(3.7%)
99,750
Amneal
Pharmaceuticals
LLC‡
2025
Term
Loan
B,
7.172%,
08/01/32
1
mo.
USD
Term
SOFR
+
3.500%
100,249
74,063
B&G
Foods,
Inc.‡
2024
Term
Loan
B,
7.172%,
10/10/29
1
mo.
USD
Term
SOFR
+
3.500%
70,668
104,562
Bausch
&
Lomb
Corp.‡
2025
Repriced
Term
Loan,
7.422%,
01/15/31
1
mo.
USD
Term
SOFR
+
3.750%
105,477
55,000
Bausch
Health
Cos.,
Inc.!
2025
Term
Loan
B,
0.000%,
10/08/30
53,762
Calamos
High
Income
Opportunities
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
73
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
121,116
Bausch
Health
Cos.,
Inc.‡
2025
Term
Loan
B,
9.922%,
10/08/30
1
mo.
USD
Term
SOFR
+
6.250%
$
118,392
8,889
MPH
Acquisition
Holdings
LLC‡
2025
Exchange
1st
Out
Term
Loan,
7.417%,
12/31/30
3
mo.
USD
Term
SOFR
+
3.750%
8,885
89,775
Opal
Bidco
SAS‡
USD
Term
Loan
B4,
6.686%,
04/28/32
3
mo.
USD
Term
SOFR
+
3.000%
89,878
113,111
Star
Parent,
Inc.‡
Term
Loan
B,
7.672%,
09/27/30
3
mo.
USD
Term
SOFR
+
0.040%
113,313
89,550
Team
Health
Holdings,
Inc.‡
2025
Term
Loan
B,
8.167%,
06/30/28
3
mo.
USD
Term
SOFR
+
4.500%
89,781
48,112
United
Natural
Foods,
Inc.‡
2024
Term
Loan,
8.422%,
05/01/31
1
mo.
USD
Term
SOFR
+
4.750%
48,483
44,322
Veritiv
Corp.‡
Term
Loan
B,
7.672%,
12/02/30
3
mo.
USD
Term
SOFR
+
4.000%
43,496
842,384
Energy
(0.8%)
123,380
New
Fortress
Energy,
Inc.‡
2025
Incremental
Term
Loan
B,
9.238%,
10/30/28
3
mo.
USD
Term
SOFR
+
5.500%
49,475
136,473
Par
Petroleum
LLC‡
2025
Term
Loan
B,
6.955%,
02/28/30
3
mo.
USD
Term
SOFR
+
3.250%
136,956
186,431
Financials
(2.0%)
64,675
Acrisure
LLC‡
2025
Term
Loan
B,
6.922%,
06/21/32
1
mo.
USD
Term
SOFR
+
3.250%
64,742
55,000
Advisor
Group,
Inc.‡
2025
Term
Loan,
6.595%,
07/30/32
6
mo.
USD
Term
SOFR
+
3.000%
54,670
73,696
Amynta
Agency
Borrower,
Inc.‡
2026
Repriced
Term
Loan
B,
6.169%,
12/29/31
3
mo.
USD
Term
SOFR
+
2.500%
73,397
59,086
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.175%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
58,841
118,800
Dragon
Buyer,
Inc.‡
Term
Loan
B,
6.422%,
09/30/31
3
mo.
USD
Term
SOFR
+
2.750%
117,241
PRINCIPAL
AMOUNT
a
a
VALUE
a
68,600
Iron
Mountain,
Inc.‡
2023
Term
Loan
B,
5.672%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.000%
$
68,150
437,041
Health
Care
(0.4%)
106,988
Padagis
LLC‡
Term
Loan
B,
8.658%,
07/06/28
3
mo.
USD
Term
SOFR
+
0.048%
98,161
Industrials
(1.3%)
88,986
ACProducts,
Inc.‡
2021
Term
Loan
B,
8.184%,
05/17/28
3
mo.
USD
Term
SOFR
+
0.043%
76,627
89,775
Blackfin
Pipeline
LLC‡
Term
Loan
B,
6.672%,
09/29/32
1
mo.
USD
Term
SOFR
+
3.000%
90,486
84,650
Chamberlain
Group,
Inc.‡
2025
Term
Loan
B,
6.422%,
09/08/32
1
mo.
USD
Term
SOFR
+
2.750%
84,693
45,000
Columbus
McKinnon
Corp.!
2026
Term
Loan
B,
0.000%,
01/21/33
44,775
296,581
Information
Technology
(1.0%)
100,581
Camelot
U.S.
Acquisition
LLC‡
2024
Term
Loan
B,
6.422%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.750%
93,037
133,987
Rocket
Software,
Inc.‡
2023
USD
Term
Loan
B,
7.422%,
11/28/28
1
mo.
USD
Term
SOFR
+
3.750%
128,419
221,456
Materials
(0.5%)
142,447
Ineos
U.S.
Finance
LLC‡
2023
USD
Term
Loan
B,
6.922%,
02/18/30
1
mo.
USD
Term
SOFR
+
0.033%
103,274
63,255
Trinseo
Materials
Operating
SCA‡
2021
Term
Loan
B2,
6.584%,
05/03/28
3
mo.
USD
Term
SOFR
+
0.025%
7,026
110,300
Other
(0.5%)
69,822
Connect
Finco
SARL‡
2024
Extended
Term
Loan
B,
8.172%,
09/27/29
1
mo.
USD
Term
SOFR
+
4.500%
69,735
Calamos
High
Income
Opportunities
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
74
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
45,000
Windstream
Services
LLC‡
2024
Term
Loan
B,
8.522%,
10/01/31
1
mo.
USD
Term
SOFR
+
4.750%
$
45,394
115,129
TOTAL
BANK
LOANS
(Cost
$3,593,137)
3,384,169
CORPORATE
BONDS
(76.4%)
Airlines
(1.2%)
43,172
Alaska
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A*
4.800%,
08/15/27
43,366
82,200
American
Airlines
Pass-Through
Trust
Series
2021-1,
Class
B
3.950%,
07/11/30
79,210
69,240
British
Airways
Pass-Through
Trust
Series
2021-1,
Class
B*
3.900%,
09/15/31
66,798
71,268
JetBlue
Pass-Through
Trust
Series
2020-1,
Class
B
7.750%,
11/15/28
71,580
260,954
Communication
Services
(7.6%)
82,405
Altice
France
SA*
6.875%,
07/15/32
80,511
64,000
APi
Group
DE,
Inc.*
4.750%,
10/15/29
62,928
21,000
Bell
Telephone
Co.
of
Canada
or
Bell
Canada‡
7.000%,
09/15/55
,
5
yr.
CMT
+
2.363%
22,019
87,000
Cincinnati
Bell
Telephone
Co.
LLC
6.300%,
12/01/28
87,893
Clear
Channel
Outdoor
Holdings,
Inc.*
31,000
7.875%,
04/01/30
32,638
31,000
7.500%,
03/15/33
32,962
CSC
Holdings
LLC*
200,000
4.625%,
12/01/30
74,730
220,000
4.500%,
11/15/31
133,221
21,000
Directv
Financing
LLC*
8.875%,
02/01/30
21,291
Directv
Financing
LLC/Directv
Financing
Co-Obligor,
Inc.*
10,000
10.000%,
02/15/31
10,307
21,000
5.875%,
08/15/27
21,119
27,000
EW
Scripps
Co.*
9.875%,
08/15/30
26,905
89,000
Frontier
California,
Inc.
Series
F
6.750%,
05/15/27
91,291
15,000
Frontier
Communications
Holdings
LLC*
8.750%,
05/15/30
15,474
93,000
Frontier
Florida
LLC
Series
E
6.860%,
02/01/28
96,363
86,000
Frontier
North,
Inc.
Series
G
6.730%,
02/15/28
88,626
PRINCIPAL
AMOUNT
a
a
VALUE
a
55,000
Go
Daddy
Operating
Co.
LLC/GD
Finance
Co.,
Inc.*
3.500%,
03/01/29
$
52,342
Gray
Media,
Inc.*
27,000
7.250%,
08/15/33^
27,658
27,000
5.375%,
11/15/31
20,082
41,000
Hughes
Satellite
Systems
Corp.^
5.250%,
08/01/26
38,835
15,000
Level
3
Financing,
Inc.*
7.000%,
03/31/34
15,552
Lumen
Technologies,
Inc.
42,875
10.000%,
10/15/32*
42,875
34,000
Series
P,
7.600%,
09/15/39
33,598
55,000
Paramount
Global
4.900%,
08/15/44
39,179
Rogers
Communications,
Inc.‡
52,000
7.125%,
04/15/55
,
5
yr.
CMT
+
2.620%
54,598
37,000
7.000%,
04/15/55
,
5
yr.
CMT
+
2.653%
38,348
Scripps
Escrow
II,
Inc.*
15,000
5.375%,
01/15/31
11,197
28,000
3.875%,
01/15/29^
25,907
27,000
Sinclair
Television
Group,
Inc.*
8.125%,
02/15/33
27,944
Sirius
XM
Radio
LLC*
43,000
5.500%,
07/01/29
43,233
76,000
3.875%,
09/01/31^
69,490
31,000
3.125%,
09/01/26
30,824
27,000
TELUS
Corp.‡
6.625%,
10/15/55
,
5
yr.
CMT
+
2.769%
27,602
Time
Warner
Cable
LLC
21,000
7.300%,
07/01/38
22,368
27,000
6.550%,
05/01/37
27,349
23,000
T-Mobile
USA,
Inc.^
6.700%,
12/15/33
25,689
Univision
Communications,
Inc.*
27,000
8.500%,
07/31/31
28,200
29,000
8.000%,
08/15/28
29,952
50,000
Versant
Media
Group,
Inc.*
7.250%,
01/30/31
51,271
Warnermedia
Holdings,
Inc.
28,000
5.050%,
03/15/42
19,827
13,000
4.279%,
03/15/32
11,447
1,713,645
Communications
(0.2%)
55,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*^
4.250%,
01/15/34
46,495
Consumer
Discretionary
(15.4%)
83,000
Adams
Homes,
Inc.*
9.250%,
10/15/28
86,704
Adient
Global
Holdings
Ltd.*
46,000
8.250%,
04/15/31
48,233
1,000
7.500%,
02/15/33
1,040
Advance
Auto
Parts,
Inc.*
15,000
7.375%,
08/01/33
15,214
Calamos
High
Income
Opportunities
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
75
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
24,000
7.000%,
08/01/30
$
24,394
American
Axle
&
Manufacturing,
Inc.*
41,000
7.750%,
10/15/33
42,188
55,000
6.375%,
10/15/32
56,176
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.*
28,000
6.875%,
08/01/33
28,265
51,000
4.625%,
08/01/29
48,905
Bath
&
Body
Works,
Inc.
27,000
6.875%,
11/01/35
27,336
76,000
6.694%,
01/15/27
77,190
40,000
6.625%,
10/01/30*
40,968
Caesars
Entertainment,
Inc.*
32,000
6.500%,
02/15/32
32,764
48,000
6.000%,
10/15/32^
46,717
38,000
4.625%,
10/15/29^
36,499
Carnival
Corp.*
55,000
6.125%,
02/15/33
56,614
27,000
4.000%,
08/01/28
26,742
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*
68,000
6.375%,
09/01/29
68,763
35,000
5.125%,
05/01/27
35,060
58,000
4.750%,
03/01/30
55,507
29,000
4.750%,
02/01/32^
26,524
31,000
4.500%,
08/15/30
29,200
58,000
4.250%,
02/01/31
53,166
55,000
Century
Communities,
Inc.*
6.625%,
09/15/33
55,772
Churchill
Downs,
Inc.*
31,000
6.750%,
05/01/31
31,992
29,000
5.750%,
04/01/30
29,185
31,000
Dana,
Inc.
4.500%,
02/15/32
29,460
DISH
DBS
Corp.
22,000
7.375%,
07/01/28
21,142
29,000
5.125%,
06/01/29
25,696
54,000
DISH
Network
Corp.*
11.750%,
11/15/27
55,893
215,000
Ford
Motor
Co.
6.100%,
08/19/32
223,781
27,000
General
Motors
Co.
5.200%,
04/01/45
24,391
goeasy
Ltd.*
51,000
7.625%,
07/01/29
50,561
55,000
6.875%,
02/15/31
51,744
Goodyear
Tire
&
Rubber
Co.
86,000
5.625%,
04/30/33^
82,164
31,000
5.250%,
07/15/31
29,565
Group
1
Automotive,
Inc.*
34,000
6.375%,
01/15/30
34,957
25,000
4.000%,
08/15/28
24,504
58,544
Guitar
Center,
Inc.‡
12.000%,
08/19/32
17,563
15,121
JetBlue
Pass-Through
Trust
Series
2019-1,
Class
B
8.000%,
05/15/29
15,209
PRINCIPAL
AMOUNT
a
a
VALUE
a
29,000
Kohl's
Corp.
5.550%,
07/17/45
$
19,690
58,000
Liberty
Interactive
LLC
8.250%,
02/01/30
4,005
110,000
Life
Time,
Inc.*
6.000%,
11/15/31
112,822
67,000
Light
&
Wonder
International,
Inc.*
6.250%,
10/01/33
67,994
61,000
Lindblad
Expeditions
LLC*
7.000%,
09/15/30
63,709
27,000
Lithia
Motors,
Inc.*
5.500%,
10/01/30
27,209
23,000
M/I
Homes,
Inc.
3.950%,
02/15/30
22,143
Macy's
Retail
Holdings
LLC
43,000
6.700%,
07/15/34*
41,799
71,000
4.300%,
02/15/43
51,387
111,000
MGM
Resorts
International^
6.500%,
04/15/32
113,692
61,000
Midwest
Gaming
Borrower
LLC/
Midwest
Gaming
Finance
Corp.*
4.875%,
05/01/29
59,944
NCL
Corp.
Ltd.*
28,000
6.750%,
02/01/32
28,720
31,000
6.250%,
09/15/33^
31,200
27,000
5.875%,
01/15/31
27,090
Newell
Brands,
Inc.
28,000
8.500%,
06/01/28*
29,390
28,000
6.625%,
05/15/32^
27,467
18,000
6.375%,
05/15/30^
17,823
55,000
Nissan
Motor
Acceptance
Co.
LLC*
6.125%,
09/30/30
54,917
Patrick
Industries,
Inc.*
27,000
6.375%,
11/01/32
27,662
50,000
4.750%,
05/01/29
49,534
61,000
Penn
Entertainment,
Inc.*^
4.125%,
07/01/29
56,687
52,000
Premier
Entertainment
Sub
LLC/
Premier
Entertainment
Finance
Corp.*^
5.625%,
09/01/29
38,477
27,000
QVC,
Inc.^
5.450%,
08/15/34
10,568
9,116
Rite
Aid
Corp.
0.000%,
08/30/34
—
55,000
Rivers
Enterprise
Borrower
LLC/
Rivers
Enterprise
Finance
Corp.*
6.625%,
02/01/33
56,027
55,000
Rivers
Enterprise
Lender
LLC/Rivers
Enterprise
Lender
Corp.*
6.250%,
10/15/30
55,862
29,750
Saks
Global
Enterprises
LLC*@
0.000%,
12/15/29
78
12,977
SGUS
LLC*@
0.000%,
12/15/29
421
46,000
Simmons
Foods,
Inc./Simmons
Prepared
Foods,
Inc./Simmons
Pet
Food,
Inc./Simmons
Feed*
4.625%,
03/01/29
44,418
Calamos
High
Income
Opportunities
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
76
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
83,000
Six
Flags
Entertainment
Corp.*^
7.250%,
05/15/31
$
81,998
46,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./Magnum
Management
Corp.
5.250%,
07/15/29
44,200
28,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./
Millennium
Operations
LLC*
8.625%,
01/15/32
28,581
39,000
Sonic
Automotive,
Inc.*^
4.625%,
11/15/29
38,336
41,000
Speedway
Motorsports
LLC/
Speedway
Funding
II,
Inc.*
4.875%,
11/01/27
40,964
46,000
Staples,
Inc.*
10.750%,
09/01/29
45,239
70,000
Starz
Capital
Holdings
1,
Inc.*
6.000%,
04/15/30
66,018
61,000
STL
Holding
Co.
LLC*
8.750%,
02/15/29
64,270
22,000
Taylor
Morrison
Communities,
Inc.*
5.750%,
11/15/32
22,594
7,000
United
Airlines
Holdings,
Inc.††
5.375%,
03/01/31
7,074
16,000
Viking
Cruises
Ltd.*
9.125%,
07/15/31
17,069
28,000
Voyager
Parent
LLC*
9.250%,
07/01/32
29,790
55,000
Whirlpool
Corp.^
6.500%,
06/15/33
54,294
27,000
William
Carter
Co.*^
7.375%,
02/15/31
27,945
3,476,855
Consumer
Staples
(4.6%)
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC*
46,000
5.875%,
02/15/28
46,096
95,000
4.625%,
01/15/27
95,011
56,000
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.*
8.375%,
06/15/32
57,645
Brink's
Co.*
31,000
6.750%,
06/15/32
32,301
31,000
6.500%,
06/15/29
32,011
66,000
Central
Garden
&
Pet
Co.*^
4.125%,
04/30/31
62,390
60,000
Dentsply
Sirona,
Inc.‡
8.375%,
09/12/55
,
5
yr.
CMT
+
4.379%
59,311
68,000
Edgewell
Personal
Care
Co.*
4.125%,
04/01/29
65,281
Energizer
Holdings,
Inc.*
27,000
6.000%,
09/15/33^
25,953
55,000
4.375%,
03/31/29
52,865
MPH
Acquisition
Holdings
LLC*
48,688
6.750%,
03/31/31
41,611
24,442
5.750%,
12/31/30
20,995
PRINCIPAL
AMOUNT
a
a
VALUE
a
63,000
New
Albertsons
LP
7.750%,
06/15/26
$
63,711
Performance
Food
Group,
Inc.*
15,000
6.125%,
09/15/32
15,436
59,000
4.250%,
08/01/29
57,813
46,000
Pilgrim's
Pride
Corp.
4.250%,
04/15/31
44,869
Post
Holdings,
Inc.*
49,000
6.375%,
03/01/33
49,436
61,000
6.250%,
02/15/32
62,729
55,000
Prestige
Brands,
Inc.*
3.750%,
04/01/31
51,533
68,000
RR
Donnelley
&
Sons
Co.*
9.500%,
08/01/29
70,841
33,000
United
Rentals
North
America,
Inc.*
5.375%,
11/15/33
32,994
1,040,832
Energy
(11.1%)
41,000
Archrock
Services
LP/Archrock
Partners
Finance
Corp.*
6.000%,
02/01/34
40,988
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.*
55,000
6.625%,
10/15/32
57,089
28,000
6.625%,
07/15/33
29,007
Buckeye
Partners
LP
22,000
6.875%,
07/01/29*
22,907
45,000
6.750%,
02/01/30*
47,156
31,000
5.850%,
11/15/43
29,023
43,000
Continental
Resources,
Inc.
4.900%,
06/01/44
34,808
45,000
Crescent
Energy
Finance
LLC*
7.375%,
01/15/33
43,533
Enbridge,
Inc.‡
42,000
7.375%,
03/15/55^
,
5
yr.
CMT
+
3.122%
44,623
27,000
7.200%,
06/27/54
,
5
yr.
CMT
+
2.970%
28,767
Energy
Transfer
LP‡
55,000
7.133%,
11/01/66
,
3
mo.
USD
Term
SOFR
+
3.279%
55,178
27,000
7.125%,
10/01/54
,
5
yr.
CMT
+
2.829%
27,904
43,000
Series
H,
6.500%,
11/15/26
,
5
yr.
CMT
+
5.694%
43,213
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.
43,000
8.875%,
04/15/30
45,281
27,000
8.000%,
05/15/33
28,210
55,000
Gulfport
Energy
Operating
Corp.*
6.750%,
09/01/29
56,809
61,000
Howard
Midstream
Energy
Partners
LLC*
7.375%,
07/15/32
64,495
55,000
Magnolia
Oil
&
Gas
Operating
LLC/
Magnolia
Oil
&
Gas
Finance
Corp.*
6.875%,
12/01/32
57,180
56,000
Matador
Resources
Co.*
6.500%,
04/15/32
57,060
Calamos
High
Income
Opportunities
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
77
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
80,000
Nabors
Industries,
Inc.*
7.625%,
11/15/32
$
81,537
43,000
New
Fortress
Energy,
Inc.*
6.500%,
09/30/26
3,932
59,000
Oceaneering
International,
Inc.
6.000%,
02/01/28
60,049
38,000
ONEOK,
Inc.*
6.500%,
09/01/30
40,785
52,000
Permian
Resources
Operating
LLC*
7.000%,
01/15/32
54,495
27,000
Phillips
66
Co.
Series
A‡
5.875%,
03/15/56
,
5
yr.
CMT
+
2.283%
26,891
61,000
Plains
All
American
Pipeline
LP
Series
B‡
8.223%,
03/01/26
,
3
mo.
USD
Term
SOFR
+
4.372%
61,044
28,000
SM
Energy
Co.*
9.625%,
06/15/33
30,644
61,000
South
Bow
Canadian
Infrastructure
Holdings
Ltd.‡
7.625%,
03/01/55
,
5
yr.
CMT
+
3.949%
63,508
83,000
Summit
Midstream
Holdings
LLC*
8.625%,
10/31/29
86,804
Sunoco
LP*
43,000
7.875%,
09/18/30‡
,
5
yr.
CMT
+
4.230%
44,390
83,000
6.625%,
08/15/32
85,668
55,000
6.250%,
07/01/33
56,611
55,000
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corp.*
6.750%,
03/15/34
56,012
86,000
TGNR
Intermediate
Holdings
LLC*
5.500%,
10/15/29
85,212
Transocean
International
Ltd.*
86,000
8.500%,
05/15/31^
87,585
42,000
7.875%,
10/15/32
44,355
Venture
Global
Calcasieu
Pass
LLC*
16,000
4.125%,
08/15/31
14,777
16,000
3.875%,
08/15/29
15,211
Venture
Global
LNG,
Inc.*
27,000
9.875%,
02/01/32^
28,594
27,000
9.500%,
02/01/29
28,778
131,000
9.000%,
09/30/29^‡
,
5
yr.
CMT
+
5.440%
115,467
74,000
8.375%,
06/01/31
75,742
46,000
8.125%,
06/01/28
47,135
29,000
7.000%,
01/15/30^
29,194
Venture
Global
Plaquemines
LNG
LLC*
55,000
6.500%,
01/15/34
57,158
40,000
6.500%,
06/15/34
41,474
15,000
6.125%,
12/15/30
15,454
55,000
VOC
Escrow
Ltd.*
5.000%,
02/15/28
54,960
56,000
WBI
Operating
LLC*
6.500%,
10/15/33
56,561
PRINCIPAL
AMOUNT
a
a
VALUE
a
55,000
Weatherford
International
Ltd.*
6.750%,
10/15/33
$
56,999
76,000
Wildfire
Intermediate
Holdings
LLC*
7.500%,
10/15/29
77,202
2,497,459
Financials
(11.0%)
46,000
Acrisure
LLC/Acrisure
Finance,
Inc.*
8.250%,
02/01/29
47,758
Alliant
Holdings
Intermediate
LLC/
Alliant
Holdings
Co-Issuer*
55,000
7.375%,
10/01/32
57,020
55,000
6.500%,
10/01/31
56,621
Ally
Financial,
Inc.‡
78,000
Series
B,
4.700%,
05/15/26
,
5
yr.
CMT
+
3.868%
77,666
27,000
Series
C,
4.700%,
05/15/28
,
7
yr.
CMT
+
3.481%
25,921
58,000
AmWINS
Group,
Inc.*
4.875%,
06/30/29
57,243
27,000
Amynta
Agency
Borrower,
Inc.
&
Amynta
Warranty
Borrower,
Inc.*
7.500%,
07/15/33
27,541
30,000
Asurion
LLC
&
Asurion
Co-Issuer,
Inc.*
8.375%,
02/01/34
30,352
55,000
Azorra
Finance
Ltd.*
7.250%,
01/15/31
57,654
61,000
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance*
7.125%,
05/15/31
62,997
55,000
Blackstone
Mortgage
Trust,
Inc.*
7.750%,
12/01/29
59,042
Brandywine
Operating
Partnership
LP
31,000
8.875%,
04/12/29
33,324
56,000
6.125%,
01/15/31
54,307
69,000
Bread
Financial
Holdings,
Inc.*^‡
8.375%,
06/15/35
,
5
yr.
CMT
+
4.300%
70,896
92,000
Broadstreet
Partners
Group
LLC*
5.875%,
04/15/29
91,634
45,000
Brookfield
Property
REIT,
Inc./BPR
Cumulus
LLC/BPR
Nimbus
LLC/
GGSI
Sellco
LLC*
4.500%,
04/01/27
44,425
27,000
Citigroup,
Inc.
Series
GG‡
6.875%,
08/15/30
,
5
yr.
CMT
+
2.890%
27,607
55,000
Corebridge
Financial,
Inc.‡
6.375%,
09/15/54
,
5
yr.
CMT
+
2.646%
56,030
Credit
Acceptance
Corp.*
43,000
9.250%,
12/15/28
45,086
7,000
6.625%,
03/15/30
7,035
55,000
CrossCountry
Intermediate
HoldCo
LLC*
6.500%,
10/01/30
55,875
Calamos
High
Income
Opportunities
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
78
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
55,000
Cushman
&
Wakefield
U.S.
Borrower
LLC*
8.875%,
09/01/31
$
58,637
27,000
Enstar
Group
Ltd.*‡
7.500%,
04/01/45
,
5
yr.
CMT
+
3.186%
28,208
First
Citizens
BancShares,
Inc.‡
16,000
Series
B,
7.957%,
01/04/27
,
3
mo.
USD
Term
SOFR
+
4.234%
16,342
43,000
Series
D,
7.000%,
12/15/30
,
5
yr.
CMT
+
3.301%
43,955
GGAM
Finance
Ltd.*
68,000
8.000%,
02/15/27
69,109
27,000
5.875%,
03/15/30
27,482
HUB
International
Ltd.*
46,000
7.375%,
01/31/32
48,224
45,000
5.625%,
12/01/29
44,997
27,000
Huntington
Bancshares,
Inc.
Series
K‡
6.250%,
10/15/30
,
5
yr.
CMT
+
2.653%
27,050
66,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.*
7.000%,
07/15/31
70,156
43,000
MetLife,
Inc.
6.400%,
12/15/36
45,175
31,000
Newmark
Group,
Inc.
7.500%,
01/12/29
33,123
OneMain
Finance
Corp.
27,000
6.750%,
03/15/32
27,619
55,000
6.750%,
09/15/33
55,729
27,000
6.500%,
03/15/33
27,164
30,000
Osaic
Holdings,
Inc.
Series
JAN*
8.000%,
08/01/33
31,151
55,000
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co-Issuer*
7.000%,
02/01/30
56,699
70,000
Provident
Funding
Associates
LP/
PFG
Finance
Corp.*
9.750%,
09/15/29
73,466
58,000
RHP
Hotel
Properties
LP/RHP
Finance
Corp.*
6.500%,
04/01/32
60,076
Rocket
Cos.,
Inc.*
42,000
6.375%,
08/01/33
43,657
27,000
6.125%,
08/01/30
27,688
56,000
Rocket
Mortgage
LLC/Rocket
Mortgage
Co-Issuer,
Inc.*
3.875%,
03/01/31
52,560
58,000
Service
Properties
Trust
8.375%,
06/15/29
58,751
55,000
Starwood
Property
Trust,
Inc.*
6.000%,
04/15/30
56,581
15,000
Stonex
Escrow
Issuer
LLC*
6.875%,
07/15/32
15,494
77,000
StoneX
Group,
Inc.*
7.875%,
03/01/31
81,963
PRINCIPAL
AMOUNT
a
a
VALUE
a
55,000
TrueNoord
Capital
DAC*
8.750%,
03/01/30
$
58,159
61,000
United
Wholesale
Mortgage
LLC*
5.500%,
04/15/29
60,327
31,000
Uniti
Group
LP/Uniti
Group
Finance
2019,
Inc./CSL
Capital
LLC*
6.500%,
02/15/29
30,194
27,000
UWM
Holdings
LLC*
6.250%,
03/15/31
26,846
31,000
VFH
Parent
LLC/Valor
Co-Issuer,
Inc.*
7.500%,
06/15/31
32,501
55,000
XHR
LP*
6.625%,
05/15/30
56,918
2,492,035
Health
Care
(4.7%)
85,000
Acadia
Healthcare
Co.,
Inc.*^
7.375%,
03/15/33
84,022
CHS/Community
Health
Systems,
Inc.*
36,000
10.875%,
01/15/32
38,861
30,000
6.875%,
04/15/29
27,623
105,000
6.125%,
04/01/30^
86,723
8,000
5.250%,
05/15/30
7,546
DaVita,
Inc.*
55,000
6.875%,
09/01/32
56,624
61,000
4.625%,
06/01/30
58,807
61,000
3.750%,
02/15/31
56,091
Embecta
Corp.*
15,000
6.750%,
02/15/30
14,596
45,000
5.000%,
02/15/30^
42,186
Encompass
Health
Corp.
27,000
4.750%,
02/01/30
26,884
27,000
4.500%,
02/01/28
26,889
17,000
IQVIA,
Inc.*
6.250%,
06/01/32
17,699
Medline
Borrower
LP*
83,000
5.250%,
10/01/29
83,173
68,000
3.875%,
04/01/29
66,581
200,000
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV*
5.125%,
04/30/31
181,770
Tenet
Healthcare
Corp.
74,000
6.875%,
11/15/31
81,097
33,000
5.500%,
11/15/32*
33,365
55,000
Teva
Pharmaceutical
Finance
Co.
LLC
6.150%,
02/01/36
57,954
1,048,491
Industrials
(7.7%)
68,000
AAR
Escrow
Issuer
LLC*
6.750%,
03/15/29
70,429
61,000
ACCO
Brands
Corp.*^
4.250%,
03/15/29
56,531
Arcosa,
Inc.*
28,000
6.875%,
08/15/32
29,546
30,000
4.375%,
04/15/29
29,479
Calamos
High
Income
Opportunities
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
79
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
Bombardier,
Inc.*
31,000
8.750%,
11/15/30
$
33,215
19,000
7.250%,
07/01/31
20,199
24,000
7.000%,
06/01/32
25,241
16,000
6.750%,
06/15/33
16,830
53,000
BWX
Technologies,
Inc.*
4.125%,
04/15/29
52,040
86,000
Cascades,
Inc./Cascades
USA,
Inc.*
6.750%,
07/15/30
89,157
15,000
Columbus
McKinnon
Corp.*
7.125%,
02/01/33
15,087
13,750
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.*
4.750%,
10/20/28
13,856
Deluxe
Corp.*
16,000
8.125%,
09/15/29
16,817
77,000
8.000%,
06/01/29
78,370
EnerSys*
27,000
6.625%,
01/15/32
27,993
27,000
4.375%,
12/15/27
26,881
EquipmentShare.com,
Inc.*
40,000
8.625%,
05/15/32
42,787
21,000
8.000%,
03/15/33
22,169
Graphic
Packaging
International
LLC*
37,000
4.750%,
07/15/27
36,964
27,000
3.500%,
03/01/29
25,793
66,000
Great
Lakes
Dredge
&
Dock
Corp.*
5.250%,
06/01/29
65,010
Herc
Holdings,
Inc.*
27,000
7.250%,
06/15/33
28,594
27,000
7.000%,
06/15/30
28,349
31,000
6.625%,
06/15/29
32,100
46,000
JELD-WEN,
Inc.*^
7.000%,
09/01/32
29,136
89,000
Ken
Garff
Automotive
LLC*
4.875%,
09/15/28
88,566
55,000
Miter
Brands
Acquisition
Holdco,
Inc./MIWD
Borrower
LLC*
6.750%,
04/01/32
56,604
37,000
Moog,
Inc.*
4.250%,
12/15/27
36,837
58,000
Novelis
Corp.*
4.750%,
01/30/30
56,277
110,000
Quikrete
Holdings,
Inc.*
6.375%,
03/01/32
114,123
Sealed
Air
Corp.*
16,000
6.500%,
07/15/32
16,638
15,000
5.000%,
04/15/29
15,111
Sealed
Air
Corp./Sealed
Air
Corp.
U.S.*
16,000
7.250%,
02/15/31
16,693
48,000
6.125%,
02/01/28
48,779
52,000
Sensata
Technologies,
Inc.*
3.750%,
02/15/31
48,812
Standard
Building
Solutions,
Inc.*
16,000
6.500%,
08/15/32
16,515
42,000
6.250%,
08/01/33
42,947
PRINCIPAL
AMOUNT
a
a
VALUE
a
55,000
Stonepeak
Nile
Parent
LLC*
7.250%,
03/15/32
$
58,140
TransDigm,
Inc.*
21,000
7.125%,
12/01/31
22,028
58,000
6.875%,
12/15/30
60,448
15,000
6.625%,
03/01/32
15,552
12,036
United
Airlines
Pass-Through
Trust
Series
2019-2,
Class
B
3.500%,
05/01/28
11,747
43,000
Waste
Pro
USA,
Inc.*
7.000%,
02/01/33
44,412
Williams
Scotsman,
Inc.*
21,000
6.625%,
06/15/29
21,726
34,000
4.625%,
08/15/28
33,905
1,738,433
Information
Technology
(3.3%)
Block,
Inc.*
15,000
6.000%,
08/15/33
15,325
27,000
5.625%,
08/15/30
27,503
28,000
CACI
International,
Inc.*
6.375%,
06/15/33
29,116
45,000
Cloud
Software
Group,
Inc.*^
6.625%,
08/15/33
43,178
34,000
Coherent
Corp.*
5.000%,
12/15/29
33,902
Fair
Isaac
Corp.*
21,000
6.000%,
05/15/33
21,394
29,000
4.000%,
06/15/28
28,538
61,000
KBR,
Inc.*
4.750%,
09/30/28
60,302
42,000
ON
Semiconductor
Corp.*
3.875%,
09/01/28
41,164
27,000
Open
Text
Corp.*
6.900%,
12/01/27
27,896
Open
Text
Holdings,
Inc.*
16,000
4.125%,
02/15/30
14,880
35,000
4.125%,
12/01/31
31,481
74,000
TTM
Technologies,
Inc.*
4.000%,
03/01/29
71,941
Twilio,
Inc.
15,000
3.875%,
03/15/31
14,193
40,000
3.625%,
03/15/29
38,400
68,000
UKG,
Inc.*
6.875%,
02/01/31
68,033
77,000
Viavi
Solutions,
Inc.*
3.750%,
10/01/29
73,531
61,000
Zebra
Technologies
Corp.*
6.500%,
06/01/32
62,964
46,000
ZoomInfo
Technologies
LLC/
ZoomInfo
Finance
Corp.*
3.875%,
02/01/29
42,069
745,810
Materials
(4.3%)
55,000
Avient
Corp.*
6.250%,
11/01/31
56,574
55,000
Capstone
Copper
Corp.*
6.750%,
03/31/33
57,102
Calamos
High
Income
Opportunities
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
80
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
Celanese
U.S.
Holdings
LLC
27,000
7.379%,
07/15/32
$
28,204
27,000
7.375%,
02/15/34^
27,516
55,000
Century
Aluminum
Co.*
6.875%,
08/01/32
57,034
50,000
Chemours
Co.*^
8.000%,
01/15/33
50,167
105,000
Clearwater
Paper
Corp.*
4.750%,
08/15/28
99,813
98,000
FMC
Corp.‡
8.450%,
11/01/55
,
5
yr.
CMT
+
4.366%
79,019
55,000
JW
Aluminum
Continuous
Cast
Co.*
10.250%,
04/01/30
57,445
46,000
Kaiser
Aluminum
Corp.*
5.875%,
03/01/34
46,433
61,000
Knife
River
Corp.*
7.750%,
05/01/31
63,635
Mercer
International,
Inc.
26,000
12.875%,
10/01/28*^
19,099
56,000
5.125%,
02/01/29
34,822
55,000
Qnity
Electronics,
Inc.*
6.250%,
08/15/33
56,830
61,000
Silgan
Holdings,
Inc.
4.125%,
02/01/28
60,490
55,000
Solstice
Advanced
Materials,
Inc.*
5.625%,
09/30/33
55,324
55,000
Terex
Corp.*
6.250%,
10/15/32
56,378
22,940
Trinseo
Luxco
Finance
SPV
SARL/
Trinseo
NA
Finance
SPV
LLC*
7.625%,
05/03/29
587
WR
Grace
Holdings
LLC*
15,000
7.000%,
08/01/33
15,032
55,000
6.625%,
08/15/32
54,765
976,269
Other
(2.8%)
43,000
Asurion
LLC
&
Asurion
Co-Issuer,
Inc.*
8.000%,
12/31/32
44,978
23,812
Claritev
Corp.
Series
B*
6.750%,
03/31/31
18,724
55,000
DBR
Land
Holdings
LLC*
6.250%,
12/01/30
56,382
EchoStar
Corp.
100,025
10.750%,
11/30/29
109,724
56,890
6.750%,
11/30/30
57,892
55,000
Enerflex,
Inc.*
6.875%,
01/15/31
56,921
27,000
Gen
Digital,
Inc.*
6.750%,
09/30/27
27,273
11,000
Graham
Holdings
Co.*
5.625%,
12/01/33
11,101
55,000
HA
Sustainable
Infrastructure
Capital,
Inc.‡
8.000%,
06/01/56
,
5
yr.
CMT
+
4.301%
57,631
PRINCIPAL
AMOUNT
a
a
VALUE
a
46,000
Mohegan
Tribal
Gaming
Authority/
MS
Digital
Entertainment
Holdings
LLC*
8.250%,
04/15/30
$
47,969
55,000
New
Gold,
Inc.*
6.875%,
04/01/32
58,529
27,000
Reinsurance
Group
of
America,
Inc.^‡
6.650%,
09/15/55
,
5
yr.
CMT
+
2.392%
27,882
55,000
SM
Energy
Co.*
7.000%,
08/01/32
55,174
11,000
Synergy
Infrastructure
Holdings
LLC*
7.875%,
12/01/30
11,489
641,669
Real
Estate
(0.5%)
28,000
Forestar
Group,
Inc.*
6.500%,
03/15/33
28,685
40,000
Global
Net
Lease,
Inc.*
4.500%,
09/30/28
39,190
43,000
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership
LP*
3.750%,
12/15/27
41,904
109,779
Special
Purpose
Acquisition
Companies
(0.6%)
16,000
Clydesdale
Acquisition
Holdings,
Inc.*
6.750%,
04/15/32
16,146
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.*
86,000
6.750%,
01/15/30^
81,325
28,000
4.625%,
01/15/29
27,115
124,586
Utilities
(1.4%)
30,000
CenterPoint
Energy,
Inc.‡
6.700%,
05/15/55
,
5
yr.
CMT
+
2.586%
30,813
27,000
Dominion
Energy,
Inc.‡
6.625%,
05/15/55
,
5
yr.
CMT
+
2.207%
27,786
61,000
Duke
Energy
Corp.^‡
6.450%,
09/01/54
,
5
yr.
CMT
+
2.588%
63,810
46,000
Entergy
Corp.‡
7.125%,
12/01/54
,
5
yr.
CMT
+
2.670%
48,162
43,000
Evergy,
Inc.‡
6.650%,
06/01/55
,
5
yr.
CMT
+
2.558%
44,234
45,000
NiSource,
Inc.‡
6.950%,
11/30/54
,
5
yr.
CMT
+
2.451%
46,893
21,000
PPL
Capital
Funding,
Inc.
Series
A‡
6.612%,
03/30/67
,
3
mo.
USD
Term
SOFR
+
2.927%
20,822
Calamos
High
Income
Opportunities
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
81
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
PRINCIPAL
AMOUNT
a
a
VALUE
a
Vistra
Corp.*‡
16,000
8.000%,
10/15/26
,
5
yr.
CMT
+
6.930%
$
16,312
27,000
7.000%,
12/15/26
,
5
yr.
CMT
+
5.740%
27,415
326,247
TOTAL
CORPORATE
BONDS
(Cost
$17,347,444)
17,239,559
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(0.7%)
Communication
Services
(0.1%)
1,699
Audacy,
Inc.#
8,495
1,273
Cumulus
Media,
Inc.
-
Class
A#
102
2,040
Optimum
Communications,
Inc.
-
Class
A#^
3,121
11,718
Consumer
Discretionary
(0.0%)
134
Rite
Aid
Corp.#
134
Energy
(0.6%)
385
Cheniere
Energy
Partners
LP
21,710
3,375
Energy
Transfer
LP
62,269
1,670
Enterprise
Products
Partners
LP
55,427
660
EP
Energy
Corp.#
1,073
140,479
Industrials
(0.0%)
1,000
Ardagh
Holdings
SA#
7,853
TOTAL
COMMON
STOCKS
(Cost
$215,927)
160,184
PREFERRED
STOCK
(0.2%)
Communication
Services
(0.2%)
1,652
Qwest
Corp.^
6.500%,
09/01/56
(Cost
$27,735)
31,652
WARRANTS
(0.0%)#
Communication
Services
(0.0%)
297
Audacy
Capital
Corp.
09/30/28,
Strike
$1.00
—
49
Audacy
Capital
Corp.
09/30/28,
Strike
$1.00
—
—
Energy
(0.0%)
4,455
Mcdermott
International
Ltd.
06/30/27,
Strike
$12.33
—
NUMBER
OF
SHARES
b
b
VALUE
b
4,950
Mcdermott
International
Ltd.
06/30/27,
Strike
$15.98
$
1
1
TOTAL
WARRANTS
(Cost
$1,910)
1
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(8.0%)
1,815,182
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.704%†***
(Cost
$1,815,182)
$
1,815,182
TOTAL
INVESTMENTS
(100.8%)
(Cost
$23,097,612)
22,728,536
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-8.0%)
(
1,815,182
)
OTHER
ASSETS,
LESS
LIABILITIES
(7.2%)
1,642,954
NET
ASSETS
(100.0%)
$
22,556,308
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
i
Bank
loans
generally
are
subject
to
mandatory
and/or
optional
prepayment.
As
a
result,
the
actual
remaining
maturity
of
bank
loans
may
be
substantially
less
than
the
stated
maturities
shown.
‡
Variable
rate
security.
The
rate
shown
is
the
rate
in
effect
at
January
31,
2026.
!
This
position
represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate,
which
will
be
adjusted
on
settlement
date.
^
Security,
or
portion
of
security,
is
on
loan.
@
In
default
status
and
considered
non-income
producing.
††
When-issued
security.
#
Non-income
producing
security.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
January
31,
2026.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
January
31,
2026.
ABBREVIATION
SOFR
Secured
Overnight
Financing
Rate
Calamos
High
Income
Opportunities
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
82
See
accompanying
Notes
to
Schedule
of
Investments
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
January
31,
2026
(see
Note
3):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Asset
Backed
Security
1
$
—
$
97,789
$
—
$
97,789
Bank
Loans
52
—
3,384,169
—
3,384,169
Corporate
Bonds
389
—
17,239,559
—
17,239,559
Common
Stocks
9
160,184
—
—
160,184
Preferred
Stock
1
31,652
—
—
31,652
Warrants
4
1
—
—
1
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
1,815,182
—
1,815,182
Total
$
191,837
$
22,536,699
$
—
$
22,728,536
Calamos
Short-Term
Bond
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
83
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
ASSET
BACKED
SECURITIES
(21.5%)
Communication
Services
(0.2%)
1,000,000
T-Mobile
U.S.
Trust
Series
2024-2A,
Class
A*
4.250%,
05/21/29
$
1,004,848
Consumer
Discretionary
(1.7%)
1,500,000
Avis
Budget
Rental
Car
Funding
AESOP
LLC
Series
2023-3A,
Class
A*
5.440%,
02/22/28
1,517,260
2,000,000
BMW
Vehicle
Lease
Trust
Series
2024-2,
Class
A3
4.180%,
10/25/27
2,005,052
1,000,000
CCG
Receivables
Trust
Series
2023-1,
Class
B*
5.990%,
09/16/30
1,009,424
1,000,000
CCG
Receivables
Trust
Series
2023-1,
Class
C*
6.280%,
09/16/30
1,011,793
690,312
Octane
Receivables
Trust
Series
2024-2A,
Class
A2*
5.800%,
07/20/32
696,629
668,619
Octane
Receivables
Trust
Series
2023-1A,
Class
B*
5.960%,
07/20/29
670,597
6,910,755
Financials
(8.9%)
500,000
American
Express
Credit
Account
Master
Trust
Series
2023-2,
Class
A
4.800%,
05/15/30
511,055
2,000,000
American
Express
Credit
Account
Master
Trust
Series
2024-2,
Class
A
5.240%,
04/15/31
2,082,144
2,000,000
American
Heritage
Auto
Receivables
Issuer
Trust
Series
2025-1A,
Class
A3*
4.400%,
11/15/30
2,012,582
40,921
Amur
Equipment
Finance
Receivables
XI
LLC
Series
2022-2A,
Class
A2*
5.300%,
06/21/28
40,981
1,104,872
Amur
Equipment
Finance
Receivables
XIII
LLC
Series
2024-1A,
Class
A2*
5.380%,
01/21/31
1,115,588
1,126,000
Bank
of
America
Auto
Trust
Series
2023-2A,
Class
A4*
5.660%,
11/15/29
1,145,982
31,734
Capital
One
Prime
Auto
Receivables
Trust
Series
2022-1,
Class
A3
3.170%,
04/15/27
31,722
860,666
CLI
Funding
VI
LLC
Series
2020-3A,
Class
A*
2.070%,
10/18/45
814,372
PRINCIPAL
AMOUNT
a
a
VALUE
a
2,400,000
CNH
Equipment
Trust
Series
2024-B,
Class
A3
5.190%,
09/17/29
$
2,422,421
421,935
Commonbond
Student
Loan
Trust
Series
2021-BGS,
Class
A*
1.170%,
09/25/51
370,005
268,296
Commonbond
Student
Loan
Trust
Series
2019-AGS,
Class
A1*
2.540%,
01/25/47
250,108
202,767
Commonbond
Student
Loan
Trust
Series
2017-BGS,
Class
A1*
2.680%,
09/25/42
191,778
72,035
Commonbond
Student
Loan
Trust
Series
2018-CGS,
Class
A1*
3.870%,
02/25/46
70,258
2,000,000
Credit
Acceptance
Auto
Loan
Trust
Series
2024-1A,
Class
A*
5.680%,
03/15/34
2,015,447
1,000,000
Dell
Equipment
Finance
Trust
Series
2025-2,
Class
B*
4.340%,
03/24/31
1,000,874
1,000,000
Dell
Equipment
Finance
Trust
Series
2024-2,
Class
B*
4.820%,
08/22/30
1,007,449
556,801
ELFI
Graduate
Loan
Program
LLC
Series
2021-A,
Class
A*
1.530%,
12/26/46
502,938
792,638
ELFI
Graduate
Loan
Program
LLC
Series
2022-A,
Class
A*
4.510%,
08/26/47
784,926
35,303
Enterprise
Fleet
Financing
LLC
Series
2022-4,
Class
A2*
5.760%,
10/22/29
35,396
1,500,000
Enterprise
Fleet
Financing
LLC
Series
2024-2,
Class
A3*
5.610%,
04/20/28
1,524,407
702,452
Kubota
Credit
Owner
Trust
Series
2023-2A,
Class
A3*
5.280%,
01/18/28
707,286
1,877,544
MMAF
Equipment
Finance
LLC
Series
2023-A,
Class
A3*
5.540%,
12/13/29
1,900,419
726,937
Navient
Private
Education
Refi
Loan
Trust
Series
2020-BA,
Class
A2*
2.120%,
01/15/69
699,660
51,783
Oscar
U.S.
Funding
XII
LLC
Series
2021-1A,
Class
A4*
1.000%,
04/10/28
51,693
1,000,000
Oscar
U.S.
Funding
XVII
LLC
Series
2024-2A,
Class
A3*
4.470%,
03/12/29
1,005,310
2,000,000
PenFed
Auto
Receivables
Owner
Trust
Series
2025-A,
Class
A3*
4.030%,
07/15/30
2,004,878
759,488
Porsche
Financial
Auto
Securitization
Trust
Series
2023-2A,
Class
A3*
Calamos
Short-Term
Bond
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
84
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
5.790%,
01/22/29
$
765,562
792,000
Progress
Residential
Trust
Series
2021-SFR5,
Class
B*
1.658%,
07/17/38
782,775
2,000,000
SCCU
Auto
Receivables
Trust
Series
2023-1A,
Class
B*
6.080%,
11/15/29
2,053,601
2,160,000
SoFi
Consumer
Loan
Program
Trust
Series
2025-1,
Class
B*
5.120%,
02/27/34
2,191,406
205,384
SoFi
Professional
Loan
Program
LLC
Series
2018-D,
Class
A2FX*
3.600%,
02/25/48
204,502
663,825
SoFi
Professional
Loan
Program
LLC
Series
2020-C,
Class
AFX*
1.950%,
02/15/46
632,534
2,000,000
Tesla
Auto
Lease
Trust
Series
2024-B,
Class
A3*
4.820%,
10/20/27
2,007,702
2,000,000
Toyota
Auto
Loan
Extended
Note
Trust
Series
2023-1A,
Class
A*
4.930%,
06/25/36
2,045,048
1,000,000
Volvo
Financial
Equipment
LLC
Series
2024-1A,
Class
A3*
4.290%,
10/16/28
1,005,010
1,090,000
Volvo
Financial
Equipment
LLC
Series
2024-1A,
Class
A4*
4.290%,
07/15/31
1,096,742
37,084,561
Other
(10.7%)
2,000,000
Aligned
Data
Centers
Issuer
LLC
Series
2021-1A,
Class
A2*
1.937%,
08/15/46
1,970,961
3,000,000
Alloya
Auto
Receivables
Trust
Series
2025-1A,
Class
A3*
4.690%,
12/26/28
3,011,024
1,962,806
Ansley
Park
Capital
LLC
Series
2025-A,
Class
A2*
4.430%,
04/20/35
1,974,012
2,000,000
Compass
Datacenters
Issuer
II
LLC
Series
2024-1A,
Class
A1*
5.250%,
02/25/49
2,009,665
2,000,000
CyrusOne
Data
Centers
Issuer
I
LLC
Series
2023-2A,
Class
A2*
5.560%,
11/20/48
2,020,767
2,000,000
DataBank
Issuer
II
LLC
Series
2025-1A,
Class
A2*
5.180%,
09/27/55
1,968,392
2,000,000
DLLAA
LLC
Series
2025-1A,
Class
A3*
4.950%,
09/20/29
2,034,149
1,016,483
DLLAD
LLC
Series
2023-1A,
Class
A3*
4.790%,
01/20/28
1,020,536
1,458,750
Domino's
Pizza
Master
Issuer
LLC
Series
2021-1A,
Class
A2I*
2.662%,
04/25/51
1,389,577
PRINCIPAL
AMOUNT
a
a
VALUE
a
2,000,000
Ford
Credit
Auto
Owner
Trust
Series
2024-1,
Class
A***
4.870%,
08/15/36
$
2,048,641
1,000,000
Ford
Credit
Floorplan
Master
Owner
Trust
A
Series
2025-1,
Class
B
4.840%,
04/15/30
1,012,835
2,000,000
GMF
Floorplan
Owner
Revolving
Trust
Series
2024-4A,
Class
A1*
4.730%,
11/15/29
2,029,073
2,000,000
GreatAmerica
Leasing
Receivables
Funding
LLC
Series
2025-1,
Class
A3*
4.490%,
04/16/29
2,020,672
1,000,000
HPEFS
Equipment
Trust
Series
2024-1A,
Class
B*
5.180%,
05/20/31
1,003,384
1,000,000
HPEFS
Equipment
Trust
Series
2024-1A,
Class
D*
5.820%,
11/20/31
1,010,962
384,168
Kubota
Credit
Owner
Trust
Series
2023-1A,
Class
A3*
5.020%,
06/15/27
385,327
1,500,000
NextGear
Floorplan
Master
Owner
Trust
Series
2023-1A,
Class
A2*
5.740%,
03/15/28
1,503,064
507,399
NMEF
Funding
LLC
Series
2024-A,
Class
A2*
5.150%,
12/15/31
510,841
1,895,774
PEAC
Solutions
Receivables
LLC
Series
2025-1A,
Class
A2*
4.940%,
10/20/28
1,909,143
470,814
Post
Road
Equipment
Finance
LLC
Series
2024-1A,
Class
A2*
5.590%,
11/15/29
472,626
850,000
Post
Road
Equipment
Finance
LLC
Series
2024-1A,
Class
B*
5.580%,
10/15/30
855,479
1,900,000
SCF
Equipment
Leasing
LLC
Series
2025-2A,
Class
A3*
4.330%,
06/20/36
1,902,453
482,791
SCF
Equipment
Leasing
LLC
Series
2023-1A,
Class
A3*
6.170%,
05/20/32
487,334
985,417
SVC
ABS
LLC
Series
2023-1A,
Class
A*
5.150%,
02/20/53
977,488
1,826,893
USAA
Auto
Owner
Trust
Series
2024-A,
Class
A3*
5.030%,
03/15/29
1,841,143
1,000,000
Vantage
Data
Centers
Issuer
LLC
Series
2021-1A,
Class
A2*
2.165%,
10/15/46
982,228
1,000,000
Vantage
Data
Centers
Issuer
LLC
Series
2024-1A,
Class
A2*
5.100%,
09/15/54
996,947
Calamos
Short-Term
Bond
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
85
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
535,329
Veridian
Auto
Receivables
Trust
Series
2023-1A,
Class
A3*
5.560%,
03/15/28
$
536,638
1,000,000
Verizon
Master
Trust
Series
2023-6,
Class
A*
5.350%,
09/22/31
1,035,152
1,500,000
Veros
Auto
Receivables
Trust
Series
2026-1,
Class
A*
4.530%,
08/15/28
1,500,092
2,000,000
Wheels
Fleet
Lease
Funding
1
LLC
Series
2025-2A,
Class
A1*
4.410%,
05/18/40
2,015,537
12,153
World
Omni
Auto
Receivables
Trust
Series
2022-B,
Class
A3
3.250%,
07/15/27
12,149
44,448,291
TOTAL
ASSET
BACKED
SECURITIES
(Cost
$89,052,571)
89,448,455
BANK
LOANS
(8.5%)i
Communication
Services
(0.5%)
855,764
APi
Group
DE,
Inc.‡
2025
Term
Loan,
5.422%,
01/03/29
1
mo.
USD
Term
SOFR
+
1.750%
858,883
495,000
Charter
Communications
Operating
LLC‡
2024
Term
Loan
B5,
5.911%,
12/15/31
3
mo.
USD
Term
SOFR
+
2.250%
494,945
60,852
DirecTV
Financing
LLC‡
Term
Loan,
8.928%,
08/02/27
3
mo.
USD
Term
SOFR
+
5.000%
61,026
500,000
TripAdvisor,
Inc.‡
Term
Loan,
6.422%,
07/08/31
1
mo.
USD
Term
SOFR
+
2.750%
487,033
1,901,887
Consumer
Discretionary
(1.8%)
1,026,388
Adient
U.S.
LLC‡
2024
Term
Loan
B2,
5.672%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.000%
1,026,789
663,704
American
Axle
&
Manufacturing,
Inc.‡
2022
Term
Loan
B,
6.674%,
12/13/29
1
mo.
USD
Term
SOFR
+
3.000%
665,987
296,296
American
Axle
&
Manufacturing,
Inc.‡
2022
Term
Loan
B,
7.060%,
12/13/29
6
mo.
USD
Term
SOFR
+
3.000%
297,316
497,361
Aramark
Services,
Inc.‡
2025
Term
Loan,
5.422%,
06/22/30
1
mo.
USD
Term
SOFR
+
1.750%
499,165
PRINCIPAL
AMOUNT
a
a
VALUE
a
990,025
Life
Time
Fitness,
Inc.‡
2025
Term
Loan,
5.688%,
11/05/31
1
mo.
USD
Term
SOFR
+
2.000%
$
995,079
985,031
Light
&
Wonder
International,
Inc.‡
2026
Term
Loan
B,
5.671%,
04/16/29
1
mo.
USD
Term
SOFR
+
2.000%
985,031
1,147,125
Murphy
USA,
Inc.‡
Term
Loan
B,
5.450%,
04/07/32
1
mo.
USD
Term
SOFR
+
1.750%
1,159,314
989,975
Raising
Cane's
Restaurants
LLC‡
2024
Term
Loan
B,
5.672%,
09/18/31
1
mo.
USD
Term
SOFR
+
2.000%
988,945
985,000
Six
Flags
Entertainment
Corp.‡
2024
Term
Loan
B,
5.672%,
05/01/31
1
mo.
USD
Term
SOFR
+
2.000%
976,179
7,593,805
Consumer
Staples
(0.8%)
995,000
Avis
Budget
Car
Rental
LLC‡
2025
Term
Loan
B,
6.172%,
07/16/32
1
mo.
USD
Term
SOFR
+
2.500%
995,000
498,747
Bausch
&
Lomb
Corp.‡
2025
Repriced
Term
Loan,
7.422%,
01/15/31
1
mo.
USD
Term
SOFR
+
3.750%
503,111
890,349
Energizer
Holdings,
Inc.‡
2025
Term
Loan
B,
5.671%,
03/19/32
1
mo.
USD
Term
SOFR
+
2.000%
890,349
1,000,000
Genmab
AS‡
Term
Loan
B,
6.733%,
12/13/32
3
mo.
USD
Term
SOFR
+
3.000%
1,004,910
3,393,370
Energy
(0.2%)
977,416
Par
Petroleum
LLC‡
2025
Term
Loan
B,
6.955%,
02/28/30
3
mo.
USD
Term
SOFR
+
3.250%
980,876
Financials
(0.9%)
1,000,000
Blackstone
Mortgage
Trust,
Inc.!
2025
Term
Loan
B,
0.000%,
12/20/32
1,000,005
982,333
Iron
Mountain,
Inc.‡
2023
Term
Loan
B,
5.672%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.000%
975,884
617,063
Jazz
Financing
Lux
SARL‡
2024
1st
Lien
Term
Loan
B2,
5.922%,
05/05/28
1
mo.
USD
Term
SOFR
+
2.250%
619,546
Calamos
Short-Term
Bond
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
86
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
997,500
Starwood
Property
Trust,
Inc.‡
2025
Term
Loan
B,
5.922%,
09/24/32
1
mo.
USD
Term
SOFR
+
2.250%
$
1,002,487
3,597,922
Health
Care
(0.6%)
952,937
DaVita,
Inc.‡
2025
Term
Loan
B,
5.422%,
05/09/31
1
mo.
USD
Term
SOFR
+
1.750%
954,195
541,724
Elanco
Animal
Health,
Inc.‡
2025
Term
Loan
B,
5.450%,
10/31/32
1
mo.
USD
Term
SOFR
+
1.750%
542,469
985,062
Medline
Borrower
LP‡
2025
Term
Loan
B,
5.422%,
10/23/28
1
mo.
USD
Term
SOFR
+
1.750%
988,574
2,485,238
Industrials
(0.9%)
992,500
Novelis
Corp.‡
2025
Term
Loan
B,
5.422%,
03/11/32
3
mo.
USD
Term
SOFR
+
1.750%
994,152
992,500
Quikrete
Holdings,
Inc.‡
2025
Term
Loan
B,
5.922%,
02/10/32
1
mo.
USD
Term
SOFR
+
2.250%
993,557
1,000,000
Stonepeak
Nile
Parent
LLC‡
2025
Term
Loan
B,
5.917%,
04/09/32
3
mo.
USD
Term
SOFR
+
2.250%
1,000,210
977,687
Vertiv
Group
Corp.‡
2025
Term
Loan,
5.450%,
08/12/32
1
mo.
USD
Term
SOFR
+
1.750%
981,969
3,969,888
Information
Technology
(1.1%)
482,143
Coherent
Corp.‡
2025
Term
Loan
B2,
5.422%,
07/02/29
1
mo.
USD
Term
SOFR
+
1.750%
484,554
982,500
KBR,
Inc.‡
2024
1st
Lien
Term
Loan
B,
5.672%,
01/17/31
1
mo.
USD
Term
SOFR
+
2.000%
987,339
451,204
Open
Text
Corp.‡
2023
Term
Loan
B,
5.422%,
01/31/30
1
mo.
USD
Term
SOFR
+
1.750%
445,311
732,626
SS&C
Technologies,
Inc.‡
2024
Term
Loan
B8,
5.672%,
05/09/31
1
mo.
USD
Term
SOFR
+
2.000%
733,457
855,022
TTM
Technologies,
Inc.‡
2024
Term
Loan
B,
5.950%,
05/30/30
1
mo.
USD
Term
SOFR
+
2.250%
862,503
PRINCIPAL
AMOUNT
a
a
VALUE
a
970,256
ZoomInfo
LLC‡
2024
Term
Loan
B,
5.422%,
02/28/30
1
mo.
USD
Term
SOFR
+
1.750%
$
958,132
4,471,296
Materials
(1.2%)
914,676
Axalta
Coating
Systems
U.S.
Holdings,
Inc.‡
2024
Term
Loan
B7,
5.422%,
12/20/29
3
mo.
USD
Term
SOFR
+
1.750%
916,396
977,114
Chemours
Co.‡
2025
Term
Loan
B,
7.172%,
10/15/32
1
mo.
USD
Term
SOFR
+
3.500%
973,694
332,488
Knife
River
HoldCo‡
Term
Loan,
5.738%,
03/08/32
3
mo.
USD
Term
SOFR
+
2.000%
334,567
1,000,000
Qnity
Electronics,
Inc.‡
Term
Loan
B,
5.804%,
11/01/32
6
mo.
USD
Term
SOFR
+
2.000%
1,005,940
1,000,000
Solstice
Advanced
Materials,
Inc.‡
Term
Loan
B,
5.417%,
10/29/32
3
mo.
USD
Term
SOFR
+
1.750%
1,005,940
995,000
Terex
Corp.‡
2025
Term
Loan,
5.422%,
10/08/31
1
mo.
USD
Term
SOFR
+
1.750%
998,935
5,235,472
Other
(0.5%)
1,000,000
Allison
Transmission,
Inc.‡
2025
Incremental
Term
Loan
B,
5.450%,
01/02/33
3
mo.
USD
Term
SOFR
+
1.750%
1,003,875
992,500
DK
Crown
Holdings,
Inc.‡
2025
Term
Loan
B,
5.425%,
03/04/32
1
mo.
USD
Term
SOFR
+
1.750%
994,515
1,998,390
TOTAL
BANK
LOANS
(Cost
$35,562,873)
35,628,144
CONVERTIBLE
BOND
(0.2%)
Health
Care
(0.2%)
1,000,000
CONMED
Corp.
2.250%,
06/15/27
(Cost
$968,609)
970,190
CORPORATE
BONDS
(57.4%)
Airlines
(0.6%)
1,091,465
Alaska
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A*
4.800%,
08/15/27
1,096,377
Calamos
Short-Term
Bond
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
87
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
British
Airways
Pass-Through
Trust*
248,273
Series
2018-1,
Class
A,
4.125%,
09/20/31
$
242,409
420,059
Series
2019-1,
Class
A,
3.350%,
06/15/29
409,410
597,884
JetBlue
Pass-Through
Trust
Series
2020-1,
Class
B
7.750%,
11/15/28
600,502
2,348,698
Communication
Services
(2.1%)
1,000,000
Alphabet,
Inc.^
4.100%,
11/15/30
1,001,440
1,000,000
Ashtead
Capital,
Inc.*
4.375%,
08/15/27
999,860
AT&T,
Inc.
1,000,000
4.700%,
08/15/30^
1,015,840
1,000,000
1.700%,
03/25/26
997,090
500,000
Frontier
California,
Inc.
Series
F
6.750%,
05/15/27
512,870
1,230,000
Frontier
North,
Inc.
Series
G
6.730%,
02/15/28
1,267,564
500,000
Gen
Digital,
Inc.*
6.750%,
09/30/27
505,055
500,000
Match
Group
Holdings
II
LLC*
4.625%,
06/01/28
495,650
500,000
Paramount
Global
3.700%,
10/04/26
496,930
500,000
Sirius
XM
Radio
LLC*
3.125%,
09/01/26
497,155
1,000,000
Uber
Technologies,
Inc.
4.150%,
01/15/31
991,970
8,781,424
Communications
(0.2%)
Orange
SA*
500,000
4.250%,
01/13/31
495,895
500,000
4.000%,
01/13/29^
500,110
996,005
Consumer
Discretionary
(7.5%)
222,000
Advance
Auto
Parts,
Inc.*
7.000%,
08/01/30
225,647
1,000,000
Aptiv
Swiss
Holdings
Ltd.^
4.650%,
09/13/29
1,021,150
1,000,000
AutoNation,
Inc.
4.450%,
01/15/29
1,001,970
AutoZone,
Inc.
500,000
5.050%,
07/15/26^
502,605
500,000
4.500%,
02/01/28
504,695
1,000,000
Bath
&
Body
Works,
Inc.*
6.625%,
10/01/30
1,024,190
1,000,000
BMW
U.S.
Capital
LLC*
5.050%,
08/11/28
1,024,010
1,000,000
BorgWarner,
Inc.
2.650%,
07/01/27
981,570
500,000
Brightstar
Lottery
PLC*
5.250%,
01/15/29
499,750
1,000,000
Caesars
Entertainment,
Inc.*
7.000%,
02/15/30
1,033,820
PRINCIPAL
AMOUNT
a
a
VALUE
a
Carnival
Corp.*
500,000
5.125%,
05/01/29
$
505,980
500,000
4.000%,
08/01/28
495,220
154,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*
5.125%,
05/01/27
154,265
Daimler
Truck
Finance
North
America
LLC*
500,000
5.125%,
09/25/27
508,375
500,000
5.000%,
01/15/27
505,600
252,000
Dana,
Inc.
4.250%,
09/01/30
242,147
1,000,000
Denso
Corp.*
4.282%,
09/17/30
999,480
1,000,000
DR
Horton,
Inc.^
4.850%,
10/15/30
1,023,760
1,000,000
Flutter
Treasury
DAC*
6.375%,
04/29/29
1,031,830
Ford
Motor
Credit
Co.
LLC
1,000,000
6.950%,
03/06/26
1,000,420
1,000,000
4.970%,
04/06/29
1,005,410
General
Motors
Financial
Co.,
Inc.
1,000,000
6.000%,
01/09/28
1,034,080
200,000
5.400%,
04/06/26
200,536
1,000,000
Gildan
Activewear,
Inc.*
4.700%,
10/07/30
997,320
750,000
goeasy
Ltd.*
9.250%,
12/01/28
772,365
500,000
Group
1
Automotive,
Inc.*
6.375%,
01/15/30
514,080
1,000,000
Honda
Motor
Co.
Ltd.
4.436%,
07/08/28
1,009,690
215,187
JetBlue
Pass-Through
Trust
Series
2019-1,
Class
B
8.000%,
05/15/29
216,431
500,000
Kia
Corp.*
3.500%,
10/25/27
494,540
1,000,000
Lennar
Corp.^
5.200%,
07/30/30
1,030,750
1,000,000
Lithia
Motors,
Inc.*
5.500%,
10/01/30
1,007,750
1,000,000
Lowe's
Cos.,
Inc.
4.250%,
03/15/31
995,790
1,000,000
M/I
Homes,
Inc.
4.950%,
02/01/28
998,620
500,000
Mattel,
Inc.*
5.875%,
12/15/27
500,800
1,000,000
Meritage
Homes
Corp.*
3.875%,
04/15/29
984,000
MGM
Resorts
International
500,000
6.125%,
09/15/29
511,700
500,000
5.500%,
04/15/27^
503,500
500,000
Nissan
Motor
Acceptance
Co.
LLC*
7.050%,
09/15/28
518,800
1,000,000
O'Reilly
Automotive,
Inc.
5.750%,
11/20/26
1,012,660
500,000
Royal
Caribbean
Cruises
Ltd.*
5.500%,
04/01/28
510,475
Calamos
Short-Term
Bond
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
88
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,000,000
Taylor
Morrison
Communities,
Inc.*
5.750%,
01/15/28
$
1,019,700
500,000
Whirlpool
Corp.
6.125%,
06/15/30
502,025
500,000
ZF
North
America
Capital,
Inc.*
6.875%,
04/14/28
516,595
31,144,101
Consumer
Staples
(1.6%)
500,000
Brink's
Co.*
6.500%,
06/15/29
516,300
1,000,000
Cintas
Corp.
No.
2^
4.200%,
05/01/28
1,006,640
300,000
McCormick
&
Co.,
Inc.
0.900%,
02/15/26
299,868
1,000,000
Mondelez
International,
Inc.^
2.625%,
03/17/27
985,760
1,000,000
Novartis
Capital
Corp.
4.100%,
11/05/30
1,000,240
1,000,000
Performance
Food
Group,
Inc.*
5.500%,
10/15/27
1,001,280
1,000,000
Sysco
Corp.
3.300%,
07/15/26
997,690
1,000,000
United
Rentals
North
America,
Inc.
3.875%,
11/15/27
991,850
6,799,628
Energy
(3.0%)
500,000
Buckeye
Partners
LP*
6.875%,
07/01/29
520,620
1,000,000
Enbridge,
Inc.^
5.250%,
04/05/27
1,013,940
500,000
EQT
Corp.
6.375%,
04/01/29
517,440
1,000,000
Hess
Midstream
Operations
LP*
6.500%,
06/01/29
1,035,540
1,000,000
Kinder
Morgan,
Inc.^
5.100%,
08/01/29
1,030,860
500,000
Oceaneering
International,
Inc.
6.000%,
02/01/28
508,890
ONEOK,
Inc.
1,000,000
5.550%,
11/01/26
1,010,210
500,000
4.850%,
07/15/26
501,260
500,000
Patterson-UTI
Energy,
Inc.^
3.950%,
02/01/28
495,505
1,000,000
Schlumberger
Holdings
Corp.*
5.000%,
05/29/27
1,012,770
1,000,000
South
Bow
USA
Infrastructure
Holdings
LLC
4.911%,
09/01/27
1,010,700
Sunoco
LP*
500,000
5.875%,
07/15/27
500,885
1,000,000
5.625%,
03/15/31
1,006,750
500,000
VOC
Escrow
Ltd.*
5.000%,
02/15/28
499,635
Williams
Cos.,
Inc.
1,000,000
5.400%,
03/02/26^
1,001,340
1,000,000
4.625%,
06/30/30
1,010,880
12,677,225
PRINCIPAL
AMOUNT
a
a
VALUE
a
Financials
(20.1%)
1,000,000
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust^
4.875%,
04/01/28
$
1,016,390
1,000,000
Affiliated
Managers
Group,
Inc.
3.300%,
06/15/30
954,200
1,000,000
African
Development
Bank
3.875%,
06/12/28
1,006,020
1,000,000
Allstate
Corp.
5.050%,
06/24/29
1,031,370
250,000
Ally
Financial,
Inc.^‡
5.737%,
05/15/29
,
1
day
USD
SOFR
Index
+
1.960%
256,707
American
Express
Co.‡
500,000
5.389%,
07/28/27
,
1
day
USD
SOFR
+
0.970%
503,380
1,000,000
5.085%,
01/30/31
,
1
day
USD
SOFR
Index
+
1.020%
1,028,220
500,000
American
Homes
4
Rent
LP
4.950%,
06/15/30
506,570
1,000,000
American
International
Group,
Inc.
4.850%,
05/07/30
1,025,030
1,000,000
Aon
North
America,
Inc.
5.125%,
03/01/27
1,012,380
500,000
ARES
Capital
Corp.^
5.250%,
04/12/31
492,175
Arthur
J
Gallagher
&
Co.
500,000
4.850%,
12/15/29^
511,910
500,000
4.600%,
12/15/27
506,045
2,000,000
Asian
Development
Bank
2.750%,
01/19/28
1,969,380
1,000,000
Asian
Infrastructure
Investment
Bank
4.000%,
01/18/28
1,007,740
750,000
Aviation
Capital
Group
LLC*
1.950%,
09/20/26
740,010
1,000,000
Avolon
Holdings
Funding
Ltd.*
4.700%,
01/30/31
994,630
1,000,000
AXIS
Specialty
Finance
PLC
4.000%,
12/06/27
998,960
Bank
of
America
Corp.‡
1,000,000
4.979%,
01/24/29
,
1
day
USD
SOFR
+
0.830%
1,018,610
250,000
Series
N,
1.658%,
03/11/27
,
1
day
USD
SOFR
+
0.910%
249,353
1,000,000
Bank
of
Montreal^‡
4.350%,
09/22/31
,
1
day
USD
SOFR
Index
+
1.080%
998,550
1,000,000
Bank
of
New
York
Mellon‡
4.729%,
04/20/29
,
1
day
USD
SOFR
+
1.135%
1,017,110
1,000,000
Bank
of
Nova
Scotia^
5.250%,
06/12/28
1,030,370
250,000
BlackRock
Funding,
Inc.^
4.600%,
07/26/27
253,212
500,000
Blackstone
Private
Credit
Fund
4.950%,
09/26/27
502,800
1,000,000
Boston
Properties
LP
6.750%,
12/01/27
1,045,630
Calamos
Short-Term
Bond
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
89
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,250,000
Capital
One
Financial
Corp.
4.100%,
02/09/27
$
1,251,300
1,000,000
CBRE
Services,
Inc.^
4.800%,
06/15/30
1,014,610
Charles
Schwab
Corp.
1,000,000
4.343%,
11/14/31‡
,
1
day
USD
SOFR
+
0.940%
999,310
250,000
0.900%,
03/11/26
249,248
1,000,000
Chubb
INA
Holdings
LLC
4.650%,
08/15/29
1,023,310
1,000,000
Citigroup,
Inc.^‡
3.887%,
01/10/28
,
3
mo.
USD
Term
SOFR
+
1.825%
998,810
1,000,000
Citizens
Bank
NA‡
4.192%,
01/29/29
,
1
day
USD
SOFR
+
0.700%
1,001,650
1,000,000
CNO
Global
Funding*
4.700%,
12/11/30
1,000,410
750,000
Comerica,
Inc.‡
5.982%,
01/30/30
,
1
day
USD
SOFR
+
2.155%
784,065
1,000,000
Cooperatieve
Rabobank
UA*‡
4.655%,
08/22/28
,
1
yr.
CMT
+
1.750%
1,009,270
1,000,000
COPT
Defense
Properties
LP
4.500%,
10/15/30
997,720
1,000,000
Council
of
Europe
Development
Bank
3.750%,
05/25/26
999,890
Credit
Acceptance
Corp.*
330,000
9.250%,
12/15/28
346,012
222,000
6.625%,
03/15/30
223,094
1,000,000
Danske
Bank
AS*‡
4.298%,
04/01/28
,
1
yr.
CMT
+
1.750%
1,002,750
1,000,000
Enact
Holdings,
Inc.
6.250%,
05/28/29
1,048,380
1,000,000
Essent
Group
Ltd.
6.250%,
07/01/29
1,047,110
European
Investment
Bank
1,000,000
4.000%,
02/15/29
1,010,600
1,000,000
3.250%,
11/15/27
994,800
500,000
Federal
Realty
OP
LP
1.250%,
02/15/26
499,545
1,000,000
Federation
des
Caisses
Desjardins
du
Quebec*
4.565%,
08/26/30
1,005,880
1,000,000
Fifth
Third
Bank
NA‡
4.967%,
01/28/28
,
1
day
USD
SOFR
+
0.810%
1,008,760
1,000,000
First
Industrial
LP
5.250%,
01/15/31
1,018,720
1,000,000
Fiserv,
Inc.
4.750%,
03/15/30
1,006,390
1,000,000
FNB
Corp.^‡
5.722%,
12/11/30
,
1
day
USD
SOFR
Index
+
1.930%
1,023,850
500,000
GGAM
Finance
Ltd.*
8.000%,
06/15/28
526,730
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,000,000
GLP
Capital
LP/GLP
Financing
II,
Inc.
5.750%,
06/01/28
$
1,025,390
500,000
Goldman
Sachs
BDC,
Inc.^
6.375%,
03/11/27
509,795
1,000,000
Goldman
Sachs
Group,
Inc.‡
4.148%,
01/21/29
,
1
day
USD
SOFR
+
0.710%
1,000,840
735,000
HAT
Holdings
I
LLC/HAT
Holdings
II
LLC*
8.000%,
06/15/27
762,202
1,000,000
Host
Hotels
&
Resorts
LP
Series
H^
3.375%,
12/15/29
962,800
1,000,000
Huntington
Bancshares,
Inc.‡
4.623%,
01/28/32
,
1
day
USD
SOFR
+
0.990%
1,001,740
500,000
Intercontinental
Exchange,
Inc.
3.950%,
12/01/28
500,600
JPMorgan
Chase
&
Co.‡
1,000,000
4.915%,
01/24/29
,
1
day
USD
SOFR
+
0.800%
1,018,120
250,000
1.578%,
04/22/27
,
1
day
USD
SOFR
+
0.885%
248,653
500,000
KeyCorp‡
5.121%,
04/04/31
,
1
day
USD
SOFR
Index
+
1.227%
512,395
Kreditanstalt
fuer
Wiederaufbau
1,000,000
3.750%,
02/15/28
1,003,460
300,000
1.000%,
10/01/26^
294,744
1,000,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.*
4.750%,
06/15/29
991,880
1,000,000
LPL
Holdings,
Inc.*
4.625%,
11/15/27
999,980
1,000,000
M&T
Bank
Corp.‡
4.833%,
01/16/29
,
1
day
USD
SOFR
+
0.930%
1,016,320
1,000,000
Macquarie
Airfinance
Holdings
Ltd.*
5.200%,
03/27/28
1,015,830
1,000,000
Metropolitan
Life
Global
Funding
I*^
4.350%,
01/12/31
999,940
500,000
Morgan
Stanley‡
5.042%,
07/19/30
,
1
day
USD
SOFR
+
1.215%
512,320
500,000
Morgan
Stanley
Bank
NA^‡
4.952%,
01/14/28
,
1
day
USD
SOFR
+
1.080%
504,520
1,000,000
MSCI,
Inc.*
4.000%,
11/15/29
979,930
1,000,000
Mutual
of
Omaha
Cos
Global
Funding*
5.350%,
04/09/27
1,014,140
531,000
Nasdaq,
Inc.
5.350%,
06/28/28
547,265
500,000
National
Bank
of
Canada
5.600%,
12/18/28
521,475
Calamos
Short-Term
Bond
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
90
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,000,000
National
Securities
Clearing
Corp.*
4.700%,
05/20/30
$
1,020,620
500,000
NatWest
Markets
PLC*
1.600%,
09/29/26
492,650
500,000
Nordea
Bank
Abp*
1.500%,
09/30/26
492,415
1,000,000
Northern
Trust
Corp.^
4.150%,
11/19/30
1,000,780
1,000,000
Nuveen
LLC*
5.550%,
01/15/30
1,037,630
1,000,000
Oesterreichische
Kontrollbank
AG^
3.625%,
09/09/27
1,000,060
500,000
OneMain
Finance
Corp.
3.500%,
01/15/27
494,020
1,000,000
PayPal
Holdings,
Inc.
2.650%,
10/01/26
992,530
500,000
Pinnacle
Bank/Nashville
TN
5.625%,
02/15/28
510,920
500,000
PNC
Financial
Services
Group,
Inc.‡
4.075%,
01/26/29
,
1
day
USD
SOFR
+
0.610%
500,780
500,000
Pricoa
Global
Funding
I*
1.200%,
09/01/26
492,340
Principal
Life
Global
Funding
II*
200,000
5.000%,
01/16/27^
202,124
1,000,000
4.950%,
11/27/29
1,023,760
1,000,000
Prologis
LP^
4.750%,
01/15/31
1,021,670
500,000
Prologis
Targeted
U.S.
Logistics
Fund
LP*
5.250%,
04/01/29
515,000
1,000,000
RGA
Global
Funding*
4.600%,
11/25/30
1,002,320
500,000
RLJ
Lodging
Trust
LP*
3.750%,
07/01/26
497,730
500,000
Rocket
Mortgage
LLC/Rocket
Mortgage
Co-Issuer,
Inc.*
2.875%,
10/15/26
493,660
750,000
Royal
Bank
of
Canada
6.000%,
11/01/27
777,480
SBA
Tower
Trust*
250,000
1.840%,
04/15/27
243,374
500,000
1.631%,
11/15/26
490,535
300,000
Skandinaviska
Enskilda
Banken
AB*^
1.200%,
09/09/26
295,296
500,000
SLM
Corp.
3.125%,
11/02/26
493,595
500,000
State
Street
Corp.^‡
4.530%,
02/20/29
,
1
day
USD
SOFR
+
1.018%
505,835
1,000,000
Toronto-Dominion
Bank^
4.808%,
06/03/30
1,020,620
1,000,000
Toyota
Motor
Credit
Corp.^
4.625%,
01/12/28
1,016,340
1,000,000
Truist
Bank
Series
BKNT‡
4.136%,
10/23/29
,
1
day
USD
SOFR
+
0.911%
999,520
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,000,000
U.S.
Bancorp^‡
5.100%,
07/23/30
,
1
day
USD
SOFR
+
1.250%
$
1,030,080
500,000
United
Wholesale
Mortgage
LLC*
5.500%,
04/15/29
494,485
1,000,000
VICI
Properties
LP
4.750%,
04/01/28
1,010,650
83,882,124
Health
Care
(3.1%)
1,000,000
180
Medical,
Inc.*
3.875%,
10/15/29
975,230
1,000,000
Agilent
Technologies,
Inc.^
2.750%,
09/15/29
956,580
1,000,000
Cardinal
Health,
Inc.
5.000%,
11/15/29
1,027,850
1,000,000
CVS
Health
Corp.
5.000%,
02/20/26
999,580
1,000,000
Elevance
Health,
Inc.^
4.101%,
03/01/28
1,001,890
1,000,000
Gilead
Sciences,
Inc.
1.200%,
10/01/27
960,020
1,000,000
Illumina,
Inc.
4.750%,
12/12/30
1,010,960
1,000,000
IQVIA,
Inc.
5.700%,
05/15/28
1,031,170
500,000
Laboratory
Corp.
of
America
Holdings
2.950%,
12/01/29
477,950
1,000,000
McKesson
Corp.
4.650%,
05/30/30
1,016,280
500,000
Sanofi
SA
3.800%,
11/03/28
500,545
Teva
Pharmaceutical
Finance
Netherlands
III
BV
1,000,000
5.125%,
05/09/29^
1,011,420
295,000
3.150%,
10/01/26
292,849
1,000,000
Thermo
Fisher
Scientific,
Inc.^
5.000%,
01/31/29
1,030,040
500,000
UnitedHealth
Group,
Inc.
5.250%,
02/15/28
512,660
12,805,024
Industrials
(7.7%)
500,000
AAR
Escrow
Issuer
LLC*
6.750%,
03/15/29
517,860
1,000,000
AGCO
Corp.
5.450%,
03/21/27
1,013,870
500,000
Air
Lease
Corp.
2.200%,
01/15/27
491,625
500,000
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.*
5.750%,
04/20/29
505,695
1,000,000
Amphenol
Corp.
5.050%,
04/05/27
1,013,700
1,000,000
Amrize
Finance
U.S.
LLC^
4.700%,
04/07/28
1,014,300
466,000
Berry
Global,
Inc.*
4.875%,
07/15/26
466,233
Calamos
Short-Term
Bond
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
91
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,000,000
Canadian
Pacific
Railway
Co.
4.000%,
06/01/28
$
1,001,350
500,000
Cascades,
Inc./Cascades
USA,
Inc.*
6.750%,
07/15/30
518,355
1,000,000
CNH
Industrial
Capital
LLC
4.500%,
10/08/27
1,006,930
1,100,000
CRH
SMW
Finance
DAC
5.125%,
01/09/30
1,134,144
932,875
Delta
Air
Lines
Pass-Through
Trust
Series
2020-1,
Class
AA
2.000%,
06/10/28
900,747
1,100,000
Eaton
Capital
ULC
4.450%,
05/09/30
1,109,361
608,000
EnerSys*
4.375%,
12/15/27
605,313
250,000
GATX
Corp.
5.400%,
03/15/27
253,563
500,000
Graphic
Packaging
International
LLC*
1.512%,
04/15/26
496,805
500,000
GXO
Logistics,
Inc.^
1.650%,
07/15/26
494,215
500,000
Herc
Holdings,
Inc.*
6.625%,
06/15/29
517,745
1,000,000
Ingersoll
Rand,
Inc.
5.400%,
08/14/28
1,033,860
1,000,000
Jabil,
Inc.
4.200%,
02/01/29
999,880
500,000
JB
Hunt
Transport
Services,
Inc.^
4.900%,
03/15/30
511,430
500,000
Johnson
Controls
International
PLC/
Tyco
Fire
&
Security
Finance
SCA
5.500%,
04/19/29
521,240
1,000,000
Lennox
International,
Inc.
5.500%,
09/15/28
1,032,600
1,000,000
Mohawk
Industries,
Inc.
5.850%,
09/18/28
1,043,100
1,000,000
Nordson
Corp.
5.600%,
09/15/28
1,035,360
1,000,000
Owens
Corning
5.500%,
06/15/27
1,019,510
1,000,000
Parker-Hannifin
Corp.
4.250%,
09/15/27
1,005,830
1,000,000
Paychex,
Inc.
5.100%,
04/15/30
1,028,710
1,000,000
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.*
5.250%,
02/01/30
1,029,820
1,000,000
Ryder
System,
Inc.
5.650%,
03/01/28
1,030,690
250,000
Sealed
Air
Corp.*
4.000%,
12/01/27
249,202
389,000
Sealed
Air
Corp./Sealed
Air
Corp.
U.S.*
6.125%,
02/01/28
395,317
309,000
Sensata
Technologies
BV*
4.000%,
04/15/29
302,647
PRINCIPAL
AMOUNT
a
a
VALUE
a
SMBC
Aviation
Capital
Finance
DAC*
500,000
5.100%,
04/01/30^
$
511,195
500,000
1.900%,
10/15/26
492,415
500,000
TransDigm,
Inc.*
6.375%,
03/01/29
514,770
Tyco
Electronics
Group
SA
1,000,000
4.500%,
02/13/26
1,000,160
200,000
4.500%,
02/09/31
201,886
United
Airlines
Pass-Through
Trust
547,965
Series
2019-1,
Class
A,
4.550%,
08/25/31
534,151
1,106,057
Series
2019-2,
Class
A,
2.900%,
05/01/28
1,062,622
314,454
Series
2018-1,
Class
B,
4.600%,
03/01/26
315,184
1,000,000
Veralto
Corp.
5.500%,
09/18/26
1,009,210
500,000
WESCO
Distribution,
Inc.*
6.375%,
03/15/29
516,355
500,000
Williams
Scotsman,
Inc.*
6.625%,
06/15/29
517,290
31,976,245
Information
Technology
(5.4%)
1,000,000
Accenture
Capital,
Inc.^
4.050%,
10/04/29
1,003,530
1,000,000
Applied
Materials,
Inc.
4.800%,
06/15/29
1,026,260
1,000,000
Block,
Inc.*
5.625%,
08/15/30
1,018,640
1,000,000
Booz
Allen
Hamilton,
Inc.*
3.875%,
09/01/28
984,520
1,000,000
Broadcom,
Inc.
4.200%,
10/15/30
997,180
715,000
Broadridge
Financial
Solutions,
Inc.
3.400%,
06/27/26
713,620
1,000,000
Cadence
Design
Systems,
Inc.
4.200%,
09/10/27
1,004,830
500,000
CDW
LLC/CDW
Finance
Corp.
3.250%,
02/15/29
482,800
500,000
CGI,
Inc.
1.450%,
09/14/26
492,470
1,000,000
Dell
International
LLC/EMC
Corp.
4.750%,
04/01/28
1,014,340
500,000
Fortinet,
Inc.
1.000%,
03/15/26
498,870
1,000,000
Hewlett
Packard
Enterprise
Co.
4.400%,
09/25/27
1,005,720
500,000
HP,
Inc.
1.450%,
06/17/26
495,480
505,000
International
Business
Machines
Corp.^
4.500%,
02/06/26
505,091
1,000,000
Intuit,
Inc.
5.250%,
09/15/26
1,007,730
1,000,000
Keysight
Technologies,
Inc.
3.000%,
10/30/29
959,100
Calamos
Short-Term
Bond
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
92
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,000,000
NVIDIA
Corp.
1.550%,
06/15/28
$
952,740
1,000,000
NXP
BV/NXP
Funding
LLC/NXP
USA,
Inc.
4.300%,
08/19/28
1,004,620
500,000
Open
Text
Corp.*
6.900%,
12/01/27
516,585
Oracle
Corp.
500,000
4.800%,
08/03/28
503,530
1,000,000
2.650%,
07/15/26
993,250
500,000
Roper
Technologies,
Inc.^
4.200%,
09/15/28
502,165
1,000,000
Synopsys,
Inc.
4.850%,
04/01/30
1,020,860
Take-Two
Interactive
Software,
Inc.
1,000,000
5.400%,
06/12/29
1,036,230
500,000
5.000%,
03/28/26
500,735
1,000,000
TD
SYNNEX
Corp.
4.300%,
01/17/29
1,000,310
Texas
Instruments,
Inc.
500,000
4.600%,
02/15/28
507,980
250,000
1.125%,
09/15/26^
246,130
500,000
Viavi
Solutions,
Inc.*
3.750%,
10/01/29
477,475
22,472,791
Materials
(0.3%)
500,000
Alumina
Pty.
Ltd.*
6.125%,
03/15/30
515,820
250,000
Genuine
Parts
Co.
4.950%,
08/15/29
254,105
500,000
Sherwin-Williams
Co.^
3.450%,
06/01/27
497,075
1,267,000
Other
(1.2%)
1,000,000
Element
Fleet
Management
Corp.*
5.037%,
03/25/30
1,021,870
1,000,000
Inter-American
Development
Bank^
4.000%,
01/12/28
1,007,850
1,000,000
International
Bank
for
Reconstruction
&
Development
1.375%,
04/20/28
953,480
1,000,000
International
Finance
Corp.
4.500%,
01/21/28
1,017,440
1,000,000
Nordic
Investment
Bank
3.750%,
05/09/30
999,090
4,999,730
Real
Estate
(2.2%)
1,000,000
American
Tower
Corp.
1.600%,
04/15/26
995,480
1,000,000
Brixmor
Operating
Partnership
LP
4.125%,
06/15/26
1,000,210
1,000,000
Camden
Property
Trust^
5.850%,
11/03/26
1,013,010
1,000,000
Crown
Castle,
Inc.
4.450%,
02/15/26
1,000,120
1,000,000
EPR
Properties
4.750%,
11/15/30
992,020
PRINCIPAL
AMOUNT
a
a
VALUE
a
750,000
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership
LP*
3.750%,
12/15/27
$
730,875
1,000,000
Public
Storage
Operating
Co.^
5.125%,
01/15/29
1,033,220
1,000,000
Realty
Income
Corp.
3.950%,
02/01/29
996,990
1,000,000
Simon
Property
Group
LP
4.375%,
10/01/30
1,004,970
167,000
Weyerhaeuser
Co.
4.750%,
05/15/26
167,411
8,934,306
Special
Purpose
Acquisition
Companies
(0.2%)
1,000,000
New
York
Life
Global
Funding*
4.150%,
07/25/28
1,005,860
Utilities
(2.2%)
1,000,000
Alliant
Energy
Finance
LLC*
5.400%,
06/06/27
1,014,100
1,000,000
Dayton
Power
&
Light
Co.
4.550%,
08/15/30
995,590
1,000,000
Duke
Energy
Carolinas
LLC^
4.850%,
03/15/30
1,028,630
500,000
Entergy
Texas,
Inc.
1.500%,
09/01/26
492,100
500,000
National
Rural
Utilities
Cooperative
Finance
Corp.
4.120%,
09/16/27
502,130
1,000,000
NextEra
Energy
Capital
Holdings,
Inc.
4.850%,
02/04/28
1,018,150
1,000,000
Niagara
Mohawk
Power
Corp.*^
4.647%,
10/03/30
1,006,690
1,000,000
NiSource,
Inc.
5.200%,
07/01/29
1,031,480
1,000,000
NSTAR
Electric
Co.
3.200%,
05/15/27
992,740
25,000
PPL
Capital
Funding,
Inc.
Series
A‡
6.612%,
03/30/67
,
3
mo.
USD
Term
SOFR
+
2.927%
24,788
1,000,000
Sempra
3.400%,
02/01/28
988,500
9,094,898
TOTAL
CORPORATE
BONDS
(Cost
$235,998,703)
239,185,059
MUNICIPAL
OBLIGATIONS
(2.7%)
Consumer
Discretionary
(0.1%)
200,000
Washington
State
Housing
Finance
Commission
5.285%,
06/01/27
204,348
300,000
Washington
State
Housing
Finance
Commission
5.345%,
12/01/27
308,998
513,346
Calamos
Short-Term
Bond
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
93
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
Other
(2.5%)
100,000
Alaska
Housing
Finance
Corp.
4.808%,
06/01/27
$
101,628
250,000
City
of
Carmel
Waterworks
Revenue
4.966%,
05/01/28
255,505
280,000
City
of
Mishawaka
4.680%,
02/15/26
280,073
205,000
City
of
Mishawaka
4.700%,
08/15/26
205,912
120,000
City
of
Omaha
0.983%,
04/15/26
119,325
400,000
Colorado
Housing
&
Finance
Authority
4.390%,
11/01/29
407,530
375,000
Colorado
Housing
&
Finance
Authority
5.402%,
05/01/27
380,766
370,000
Colorado
Housing
&
Finance
Authority
5.452%,
11/01/27
377,711
1,000,000
Commonwealth
of
Massachusetts
5.306%,
01/01/30
1,029,813
1,000,000
Connecticut
Housing
Finance
Authority
4.771%,
05/15/30
1,031,141
135,000
East
Montgomery
County
Improvement
District
Sales
Tax
Revenue
1.550%,
08/15/26
133,489
375,000
Florida
Housing
Finance
Corp.
5.077%,
07/01/26
376,534
190,000
Florida
Housing
Finance
Corp.
5.086%,
01/01/27
191,741
170,000
Florida
Housing
Finance
Corp.
5.136%,
07/01/27
172,360
200,000
Idaho
Housing
&
Finance
Association
4.398%,
07/01/29
202,263
235,000
Idaho
Housing
&
Finance
Association
4.418%,
01/01/30
237,646
115,000
Idaho
Housing
&
Finance
Association
4.478%,
07/01/30
116,323
250,000
Indiana
Housing
&
Community
Development
Authority
5.065%,
01/01/27
253,108
175,000
Indiana
Housing
&
Community
Development
Authority
5.095%,
07/01/26
175,972
350,000
Iowa
Finance
Authority
5.412%,
07/01/27
358,509
505,000
Iowa
Finance
Authority
5.502%,
07/01/28
525,349
250,000
Nevada
Housing
Division
5.251%,
10/01/26
252,675
450,000
Nevada
Housing
Division
5.268%,
04/01/27
458,580
PRINCIPAL
AMOUNT
a
a
VALUE
a
435,000
Nevada
Housing
Division
5.338%,
10/01/27
$
446,961
100,000
New
Mexico
Mortgage
Finance
Authority
4.447%,
03/01/30
101,896
390,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
1.250%,
05/01/26
387,697
390,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
3.430%,
08/01/26
389,390
255,000
New
York
State
Dormitory
Authority
2.438%,
02/15/26
254,879
125,000
Utah
Housing
Corp.
4.627%,
07/01/29
127,789
145,000
Victor
Valley
Community
College
District
2.878%,
08/01/26
144,302
300,000
West
Virginia
Housing
Development
Fund
4.510%,
05/01/30
304,003
200,000
West
Virginia
Housing
Development
Fund
4.560%,
11/01/30
202,545
170,000
Westminster
Public
Schools
0.906%,
12/01/26
166,142
115,000
Wisconsin
Housing
&
Economic
Development
Authority
Home
Ownership
Revenue
4.518%,
03/01/29
117,385
100,000
Wisconsin
Housing
&
Economic
Development
Authority
Home
Ownership
Revenue
4.568%,
09/01/29
102,284
10,389,226
Utilities
(0.1%)
505,000
Augusta
Water
&
Sewer
Revenue
4.300%,
10/01/26
505,235
TOTAL
MUNICIPAL
OBLIGATIONS
(Cost
$11,246,800)
11,407,807
RESIDENTIAL
MORTGAGE
BACKED
SECURITIES
(1.0%)
Financials
(0.4%)
28,495
Bank
Series
2019-BN16,
Class
A2
3.933%,
02/15/52
28,381
1,167,580
GS
Mortgage-Backed
Securities
Corp.
Trust
Series
2021-PJ4,
Class
A8*‡
2.500%,
09/25/51
1,061,425
467,487
GS
Mortgage-Backed
Securities
Trust
Series
2021-PJ11,
Class
A8*‡
2.500%,
04/25/52
422,704
1,512,510
Calamos
Short-Term
Bond
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
94
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
PRINCIPAL
AMOUNT
a
a
VALUE
a
Real
Estate
(0.6%)
2,652,255
GS
Mortgage
Securities
Corp.
Trust
Series
2023-SHIP,
Class
A*‡
4.322%,
09/10/38
$
2,649,580
TOTAL
RESIDENTIAL
MORTGAGE
BACKED
SECURITIES
(Cost
$4,295,841)
4,162,090
SOVEREIGN
BONDS
(1.6%)
Financials
(0.5%)
1,000,000
Development
Bank
of
Japan,
Inc.*
5.125%,
09/01/26
1,007,153
1,000,000
Kommunalbanken
AS*
3.625%,
10/16/28
998,442
200,000
Kommunalbanken
AS*
4.500%,
09/01/28
203,964
2,209,559
Other
(1.1%)
500,000
Export
Development
Canada
3.875%,
02/14/28
502,456
1,000,000
Export
Development
Canada
4.125%,
02/13/29
1,013,256
1,003,000
Export-Import
Bank
of
Korea
5.000%,
01/11/28
1,025,566
1,000,000
Japan
Bank
for
International
Cooperation
4.250%,
04/27/26
1,000,758
1,000,000
Svensk
Exportkredit
AB
4.125%,
06/14/28
1,010,099
4,552,135
TOTAL
SOVEREIGN
BONDS
(Cost
$6,733,459)
6,761,694
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(5.7%)
Other
(5.7%)
Federal
National
Mortgage
Association
3,779,254
3.500%,
05/01/35
3,732,721
1,054,337
3.500%,
07/01/35
1,032,604
849,080
2.500%,
04/01/31
825,812
U.S.
Treasury
Notes
6,000,000
4.250%,
02/28/29^
6,109,453
5,000,000
4.250%,
01/31/30
5,098,438
3,000,000
3.500%,
09/30/29
2,981,367
PRINCIPAL
AMOUNT
a
a
VALUE
a
4,000,000
3.375%,
09/15/28
$
3,979,531
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(Cost
$23,489,224)
23,759,926
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(4.3%)
17,887,138
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.704%†***
(Cost
$17,887,138)
$
17,887,138
TOTAL
INVESTMENTS
(102.9%)
(Cost
$425,235,218)
429,210,503
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-4.3%)
(
17,887,138
)
OTHER
ASSETS,
LESS
LIABILITIES
(1.4%)
5,674,689
NET
ASSETS
(100.0%)
$
416,998,054
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
**
Step
coupon
security.
Coupon
changes
periodically
based
upon
a
predetermined
schedule.
The
rate
shown
is
the
rate
in
effect
at
January
31,
2026.
i
Bank
loans
generally
are
subject
to
mandatory
and/or
optional
prepayment.
As
a
result,
the
actual
remaining
maturity
of
bank
loans
may
be
substantially
less
than
the
stated
maturities
shown.
‡
Variable
rate
security.
The
rate
shown
is
the
rate
in
effect
at
January
31,
2026.
!
This
position
represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate,
which
will
be
adjusted
on
settlement
date.
^
Security,
or
portion
of
security,
is
on
loan.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
January
31,
2026.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
January
31,
2026.
ABBREVIATION
SOFR
Secured
Overnight
Financing
Rate
FUTURES
CONTRACTS
Calamos
Short-Term
Bond
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
95
See
accompanying
Notes
to
Schedule
of
Investments
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
January
31,
2026
(see
Note
3):
NUMBER
OF
CONTRACTS
DESCRIPTION
EXPIRATION
DATE
NOTIONAL
VALUE
MARKET
VALUE/
UNREALIZED
APPRECIATION
(DEPRECIATION)
Buys
25,000,000
U.S.
Treasury
Note
5-Year
Mar
2026
$
27,232,422
$
(
195,921
)
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Asset
Backed
Securities
75
$
—
$
89,448,455
$
—
$
89,448,455
Bank
Loans
43
—
35,628,144
—
35,628,144
Convertible
Bond
1
—
970,190
—
970,190
Corporate
Bonds
307
—
239,185,059
—
239,185,059
Municipal
Obligations
41
—
11,407,807
—
11,407,807
Residential
Mortgage
Backed
Securities
4
—
4,162,090
—
4,162,090
Sovereign
Bonds
8
—
6,761,694
—
6,761,694
U.S.
Government
and
Agency
Securities
7
—
23,759,926
—
23,759,926
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
17,887,138
—
17,887,138
Total
$
—
$
429,210,503
$
—
$
429,210,503
Liabilities:
—
—
—
—
Futures
Contracts
1
$
195,921
$
—
$
—
$
195,921
Total
$
195,921
$
—
$
—
$
195,921
Notes
to
Schedule
of
Investments
(Unaudited)
96
Note
1
–
Organization
and
Significant
Accounting
Policies
Organization.
CALAMOS
INVESTMENT
TRUST,
a
Massachusetts
business
trust
organized
December
21,
1987
(the
“Trust”),
consists
of nineteen
series, 
Market
Neutral
Income
Fund,
Hedged
Equity
Fund,
Phineus
Long/Short
Fund,
Merger
Arbitrage
Fund,
Convertible
Fund,
Global
Convertible
Fund,
Timpani
Small
Cap
Growth
Fund,
Timpani
SMID
Growth
Fund,
Growth
Fund,
Growth
and
Income
Fund, Select
Fund,
International
Growth
Fund,
Evolving
World
Growth
Fund,
Global
Equity
Fund,
Global
Opportunities
Fund,
International
Small
Cap
Growth
Fund,
Total
Return
Bond
Fund,
High
Income
Opportunities
Fund,
and
Short-Term
Bond
Fund
(each
a
“Fund”
and
collectively
the
“Funds”).
The
Trust
is
registered
under
the
Investment
Company
Act
of
1940
as
amended
(the
“1940
Act”)
as
an
open-end
management
investment
company.
The
Trust
currently
offers
Class
A,
Class
C
(except
Timpani
SMID
Growth
Fund
and
Short-Term
Bond
Fund),
and
Class
I
shares
of
each
of
the
Funds.
Class
R6
shares
are
offered
in
Market
Neutral
Income
Fund,
Timpani
Small
Cap
Growth
Fund,
Timpani
SMID
Growth
Fund,
Growth
and
Income
Fund,
International
Growth
Fund,
Global
Equity
Fund,
and
International
Small
Cap
Growth
Fund
only.
Significant
Accounting
Policies.
The
Schedules
of
Investments
have
been
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(U.S.
GAAP)
and
the
Funds are each
considered
an investment
company
under
U.S.
GAAP
and
follow
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
The
following
summarizes
the
significant
accounting
policies
of
the
Funds:
Funds
Valuation.
The
Trust’s
Board
of
Trustees
(“Board”
or
“Trustees”),
including
a
majority
of
the
Trustees
who
are
not
“interested
persons”
of
the
Trust,
have
designated
Calamos
Advisors
LLC
(“Calamos
Advisors”,
or
the
“Advisor”)
to
perform
fair
valuation
determinations
related
to
all
Fund
investments
under
the
oversight
of
the
Board.
As
“valuation
designee”
the
Calamos
Advisors
has
adopted
procedures
to
guide
the
determination
of
the
net
asset
value
(“NAV”)
on
any
day
on
which
the
Fund’s
NAVs
are
determined.
The
valuation
of
the
Funds’
investments
is
in
accordance
with
these
procedures.
Fund
securities
that
are
traded
on
U.S.
securities
exchanges,
except
option
securities,
are
valued
at
the
official
closing
price,
which
is
the
last
current
reported
sales
price
on
its
principal
exchange
at
the
time
each
Fund
determines
its
NAV.
Securities
traded
in
the
over-the-counter
market
and
quoted
on
The
NASDAQ
Stock
Market
®
are
valued
at
the
NASDAQ
®
Official
Closing
Price,
as
determined
by
NASDAQ
®
,
or
lacking
a
NASDAQ
®
Official
Closing
Price,
the
last
current
reported
sale
price
on
NASDAQ
®
at
the
time
a
Fund
determines
its
NAV.
When
a
last
sale
or
closing
price
is
not
available,
equity
securities,
other
than
option
securities,
that
are
traded
on
a
U.S.
securities
exchange
and
other
equity
securities
traded
in
the
over-the-counter
market
are
valued
at
the
mean
between
the
most
recent
bid
and
asked
quotations
on
its
principal
exchange
in
accordance
with
guidelines
adopted
by
the
Board.
Each
option
security
traded
on
a
U.S.
securities
exchange
is
valued
at
the
mid-point
of
the
consolidated
bid/ask
quote
for
the
option
security,
also
in
accordance
with
guidelines
adopted
by
the
Board.
Each
over-the-counter
option
that
is
not
traded
through
the
Options
Clearing
Corporation
is
valued
either
by
an
independent
pricing
agent
approved
by
the
Board
or
based
on
a
quotation
provided
by
the
counterparty
to
such
option
under
the
ultimate
supervision
of
the
Board.
Fixed
income
securities,
bank
loans,
certain
convertible
preferred
securities,
and
non-exchange
traded
derivatives
are
normally
valued
by
independent
pricing
services
or
by
dealers
or
brokers
who
make
markets
in
such
securities.
Valuations
of
such
fixed
income
securities,
bank
loans,
certain
convertible
preferred
securities,
and
non-exchange
traded
derivatives
consider
yield
or
price
of
equivalent
securities
of
comparable
quality,
coupon
rate,
maturity,
type
of
issue,
trading
characteristics
and
other
market
data
and
do
not
rely
exclusively
upon
exchange
or
over-the-counter
prices.
New
purchases
in
Private
Funds
may
be
valued
at
acquisition
cost
until
an
NAV
is
provided
by
the
Private
Fund's
investment
manager.
Thereafter,
investments
in
Private
Funds
are
generally
valued
using
the
quarterly
(or
more
frequent)
NAV
provided
by
the
Private
Funds
(the
"practical
expedient")
to
determine
the
fair
value
of
such
interests.
Calamos
Advisors,
as
valuation
designee,
will
review
the
practical
expedient
and
determine
reasonableness
based
on
its
knowledge
of
current
market
conditions
and
the
individual
characteristics
of
the
applicable
Private
Fund.
In
circumstances
where
a
Fund's
valuation
date
is
in
between
a
date
in
which
a
Private
Fund
reports
its
NAV
or
such
NAV
is
otherwise
unavailable,
Calamos
Advisors
shall
consider
whether
an
adjustment
to
the
most
recent
NAV
per
share
is
appropriate,
considering
the
practical
expedient
and
adjusting
in
good
faith
based
on
factors
Calamos
Advisors
deems
appropriate.
Investments
in
equity
or
credit
of
privately
held
companies
may
be
valued
using
the
income
approach,
market
approach,
cost
approach,
option
pricing
approach,
recent
transaction
approach,
liquidation
approach,
or
any
other
method
of
valuation
deemed
reasonable
by
Calamos
Advisors,
as
valuation
designee,
to
assess
the
valuation
of
the
investment.
With
respect
to
private
equity
investments,
an
appropriate
discount
for
lack
of
marketability
will
be
applied
to
any
approach
which
does
not
reflect
such
a
discount.
The
security
will
be
monitored
daily
for
relevant
news
and
valuation-affecting
events.
Trading
on
European
and
Far
Eastern
exchanges
and
over-the-counter
markets
is
typically
completed
at
various
times
before
the
close
of
business
on
each
day
on
which
the
New
York
Stock
Exchange
(“NYSE”)
is
open.
Each
security
trading
on
these
exchanges
or
in
over-the-counter
markets
may
be
valued
utilizing
a
systematic
fair
valuation
model
provided
by
an
independent
pricing
service
approved
by
the
Board.
The
valuation
of
each
security
that
meets
certain
criteria
in
relation
to
the
valuation
model
is
systematically
adjusted
to
reflect
the
impact
of
movement
in
the
U.S.
market
after
the
foreign
markets
close.
Securities
that
do
not
meet
the
criteria,
or
that
are
principally
traded
in
other
foreign
markets,
are
valued
as
of
the
last
reported
sale
price
at
the
time
the
respective
Fund
determines
its
NAV,
or
when
reliable
market
prices
or
quotations
are
not
readily
available,
at
the
mean
between
the
most
recent
bid
and
asked
quotations
as
of
the
close
of
the
appropriate
exchange
or
other
designated
time.
Trading
of
foreign
securities
may
not
take
place
on
every
NYSE
business
day.
In
addition,
trading
may
take
place
in
various
foreign
markets
on
Saturdays
or
on
other
days
when
the
NYSE
is
not
open
and
on
which
the
respective
Fund’s
NAV
is
not
calculated.
If
the
Advisor’s
pricing
committee
determines
that
the
valuation
of
a
security
in
accordance
with
the
methods
described
above
is
not
reflective
of
a
fair
value
for
such
security,
the
security
is
valued
at
a
fair
value
by
the
pricing
committee.
Each
Fund
also
may
use
fair
value
pricing,
pursuant
to
guidelines
adopted
by
Calamos
Advisors,
if
trading
in
the
security
is
halted
or
if
the
value
of
a
security
it
holds
is
materially
affected
by
events
occurring
before
the
Fund’s
pricing
time
but
after
the
close
of
the
primary
market
or
exchange
on
which
the
security
is
listed.
Those
procedures
may
utilize
valuations
furnished
by
pricing
services
approved
by
the
Calamos
Advisors,
which
may
be
based
on
market
transactions
for
comparable
securities
and
various
relationships
between
securities
that
are
generally
recognized
by
institutional
traders,
a
computerized
matrix
system,
or
appraisals
derived
from
information
concerning
the
securities
or
similar
securities
received
from
recognized
dealers
in
those
securities.
97
When
fair
value
pricing
of
securities
is
employed,
the
prices
of
securities
used
by
the
Fund
to
calculate
its
NAV
may
differ
from
market
quotations
or
official
closing
prices.
There
can
be
no
assurance
that
the
Fund
could
purchase
or
sell
a
portfolio
security
at
the
price
used
to
calculate
the
Fund’s
NAV.
Private
Investment
Fund.
The
Funds
may
also
invest
in
privately
placed
securities,
including
in
third-party
private
funds
("Private
Funds")
that
themselves
invest
in
equity
securities
of
privately
held
companies
subject
to
applicable
limits
under
the
1940
Act.
Foreign
Currency
Translation.
Values
of
investments
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
a
rate
quoted
by
a
major
bank
or
dealer
in
the
particular
currency
market,
as
reported
by
a
recognized
quotation
dissemination
service. 
Option
Transactions.
For
hedging
and
investment
purposes,
each
Fund
may
purchase
or
write
(sell)
put
and
call
options.
One
of
the
risks
associated
with
purchasing
an
option
is
that
the
Fund
pays
a
premium
whether
or
not
the
option
is
exercised.
Additionally,
the
Fund
bears
the
risk
of
loss
of
premium
and
change
in
value
should
the
counterparty
not
perform
under
the
contract.
The
Fund
as
writer
of
an
option
bears
the
market
risk
of
an
unfavorable
change
in
the
price
of
the
security
underlying
the
written
option.
Forward
Foreign
Currency
Contracts.
Each
Fund
may
engage
in
portfolio
hedging
with
respect
to
changes
in
currency
exchange
rates
by
entering
into
forward
foreign
currency
contracts
to
purchase
or
sell
currencies.
A
forward
foreign
currency
contract
is
a
commitment
to
purchase
or
sell
a
foreign
currency
at
a
future
date
at
a
negotiated
forward
rate.
Risks
associated
with
such
contracts
include,
among
other
things,
movement
in
the
value
of
the
foreign
currency
relative
to
the
U.S.
dollar
and
the
ability
of
the
counterparty
to
perform.
The
net
unrealized
gain,
if
any,
represents
the
credit
risk
to
a
Fund
on
a
forward
foreign
currency
contract.
The
contracts
are
valued
daily
at
forward
foreign
exchange
rates.
As
of
January
31,
2026, a
Fund had
outstanding
forward
foreign
currency
contracts
as
listed
on
the
Schedule
of
Investments.
Note
2
–
Short
Sales
Securities
sold
short
represent
obligations
to
deliver
the
securities
at
a
future
date.
A Funds may
sell
a
security
it
does
not
own
in
anticipation
of
a
decline
in
the
value
of
that
security
before
the
delivery
date.
When
a
Fund
sells
a
security
short,
it
must
borrow
the
security
sold
short
and
deliver
it
to
the
broker-
dealer
through
which
it
made
the
short
sale.
To
secure
its
obligation
to
deliver
to
the
broker-dealer
the
securities
sold
short,
a
Fund
must
segregate
an
amount
of
cash
or
liquid
securities
with
its
custodian
equal
to
any
excess
of
the
current
market
value
of
the
securities
sold
short
over
any
cash
or
liquid
securities
deposited
as
collateral
with
the
broker
in
connection
with
the
short
sale
(not
including
the
proceeds
of
the
short
sale).
As
a
result
of
that
requirement,
a
Fund
will
not
gain
any
leverage
merely
by
selling
short,
except
to
the
extent
that
it
earns
interest
or
other
income
or
gains
on
the
segregated
cash
or
liquid
securities
while
also
being
subject
to
the
possibility
of
gain
or
loss
from
the
securities
sold
short.
Note
3
–
Fair
Value
Measurements
Various
inputs
are
used
to
determine
the
value
of
each
Fund’s
investments.
These
inputs
are
categorized
into
three
broad
levels
as
follows:
Level
1
–
Prices
are
determined
using
inputs
from
unadjusted
quoted
prices
from
active
markets
(including
securities
actively
traded
on
a
securities
exchange)
for
identical
assets.
Level
2
–
Prices
are
determined
using
significant
observable
market
inputs
other
than
unadjusted
quoted
prices,
including
quoted
prices
of
similar
securities,
fair
value
adjustments
to
quoted
foreign
securities,
interest
rates,
credit
risk,
prepayment
speeds,
and
other
relevant
data.
Level
3
–
Prices
reflect
unobservable
market
inputs
(including
each
Fund’s
own
judgments
about
assumptions
market
participants
would
use
in
determining
fair
value)
when
observable
inputs
are
unavailable.
Debt
securities
are
valued
based
upon
evaluated
prices
received
from
an
independent
pricing
service
or
from
a
dealer
or
broker
who
makes
markets
in
such
securities.
Pricing
services
utilize
various
observable
market
data
and
as
such,
debt
securities
are
generally
categorized
as
Level
2.
The
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
of
each
Fund’s
investments.
The
summary
of
the
inputs
used
in
valuing
each
Fund's
holdings
are
available
after each
Fund's
Portfolio.
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
fair
value
hierarchy
table
under
net
asset
value
in
order
to
reconcile
back
to
the
Schedule
of
Investments. 
The
following
description
of
investment
categories
should
be
read
in
conjunction
with
the
schedule
of
investment.
Primary
Investment
-
A
newly
established
fund
managed
by
a
third-party
manager
which
raises
capital
commitments
from
investors
to
invest
in
and
acquire
private
companies