UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER:	811-05443

EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER:	Calamos Investment Trust

ADDRESS OF PRINCIPAL EXECUTIVE OFFICES:	2020 Calamos Court, Naperville
	Illinois 60563-2787


NAME AND ADDRESS OF AGENT FOR SERVICE:	John P Calamos, Sr., Founder, Chairman and Global Chief Investment Officer
	Calamos Advisors LLC
	2020 Calamos Court,
	Naperville, Illinois
	60563-2787

REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE:

(630) 245-7200

DATE OF FISCAL YEAR END:

October 31, 2026

DATE OF REPORTING PERIOD:

November 1, 2025 through April 30, 2026

ITEM 1. REPORT TO SHAREHOLDERS.

TABLE OF CONTENTS

Calamos Convertible Fund Class A - CCVIX

Calamos Convertible Fund Class C - CCVCX

Calamos Convertible Fund Class I - CICVX

Calamos Evolving World Growth Fund Class A - CNWGX

Calamos Evolving World Growth Fund Class C - CNWDX

Calamos Evolving World Growth Fund Class I - CNWIX

Calamos Global Convertible Fund Class A - CAGCX

Calamos Global Convertible Fund Class C - CCGCX

Calamos Global Convertible Fund Class I - CXGCX

Calamos Global Equity Fund Class A - CAGEX

Calamos Global Equity Fund Class C - CCGEX

Calamos Global Equity Fund Class I - CIGEX

Calamos Global Equity Fund Class R6 - CGEOX

Calamos Global Opportunities Fund Class A - CVLOX

Calamos Global Opportunities Fund Class C - CVLCX

Calamos Global Opportunities Fund Class I - CGCIX

Calamos Growth and Income Fund Class A - CVTRX

Calamos Growth and Income Fund Class C - CVTCX

Calamos Growth and Income Fund Class I - CGIIX

Calamos Growth and Income Fund Class R6 - CGIOX

Calamos Growth Fund Class A - CVGRX

Calamos Growth Fund Class C - CVGCX

Calamos Growth Fund Class I - CGRIX

Calamos Hedged Equity Fund Class A - CAHEX

Calamos Hedged Equity Fund Class C - CCHEX

Calamos Hedged Equity Fund Class I - CIHEX

Calamos High Income Opportunities Fund Class A - CHYDX

Calamos High Income Opportunities Fund Class C - CCHYX

Calamos High Income Opportunities Fund Class I - CIHYX

Calamos International Growth Fund Class A - CIGRX

Calamos International Growth Fund Class C - CIGCX

Calamos International Growth Fund Class I - CIGIX

Calamos International Growth Fund Class R6 - CIGOX

Calamos International Small Cap Growth Fund Class A - CAISX

Calamos International Small Cap Growth Fund Class C - CCISX

Calamos International Small Cap Growth Fund Class I - CSGIX

Calamos International Small Cap Growth Fund Class R6 - CISOX

Calamos Market Neutral Income Fund Class A - CVSIX

Calamos Market Neutral Income Fund Class C - CVSCX

Calamos Market Neutral Income Fund Class I - CMNIX

Calamos Market Neutral Income Fund Class R6 - CVSOX

Calamos Merger Arbitrage Fund Class A - CMRAX

Calamos Merger Arbitrage Fund Class C - CMRCX

Calamos Merger Arbitrage Fund Class I - CMRGX

Calamos Phineus Long/Short Fund Class A - CPLSX

Calamos Phineus Long/Short Fund Class C - CPCLX

Calamos Phineus Long/Short Fund Class I - CPLIX

Calamos Select Fund Class A - CVAAX

Calamos Select Fund Class C - CVACX

Calamos Select Fund Class I - CVAIX

Calamos Short-Term Bond Fund Class A - CSTBX

Calamos Short-Term Bond Fund Class I - CSTIX

Calamos Timpani Small Cap Growth Fund Class A - CTASX

Calamos Timpani Small Cap Growth Fund Class C - CTCSX

Calamos Timpani Small Cap Growth Fund Class I - CTSIX

Calamos Timpani Small Cap Growth Fund Class R6 - CTSOX

Calamos Timpani SMID Growth Fund Class A - CTAGX

Calamos Timpani SMID Growth Fund Class I - CTIGX

Calamos Timpani SMID Growth Fund Class R6 - CTOGX

Calamos Total Return Bond Fund Class A - CTRAX

Calamos Total Return Bond Fund Class C - CTRCX

Calamos Total Return Bond Fund Class I - CTRIX

Calamos Convertible Fund

Class A: CCVIX

Semi-Annual Shareholder Report - April 30, 2026

This semi-annual shareholder report contains important information about the Calamos Convertible Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$59	1.12%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$1,070,158,589	114	51%

WHAT DID THE FUND INVEST IN?

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

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	42.0
Industrials	10.7
Utilities	9.0
Health Care	6.7
Communication Services	6.5
Financials	6.3
Consumer Discretionary	4.3
Real Estate	3.9
Materials	2.5
Other	2.5
Energy	2.4
Consumer Staples	1.6

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Western Digital Corp., 3.000%, 11/15/28	4.6
Lumentum Holdings, Inc., 0.375%, 03/15/32	4.4
Bloom Energy Corp., 0.000%, 11/15/30	2.8
MKS, Inc., 1.250%, 06/01/30	2.7
Boeing Co., 6.000%, 10/15/27	2.7
Akamai Technologies, Inc., 0.250%, 05/15/33	2.2
ON Semiconductor Corp., 0.500%, 03/01/29	2.1
CenterPoint Energy, Inc., 3.000%, 08/01/28	2.0
Oracle Corp., 6.500%, 01/15/29	1.9
Digital Realty Trust LP, 1.875%, 11/15/29	1.9

www.calamos.com

Calamos Convertible Fund

Class A: CCVIX

Semi-Annual Shareholder Report - April 30, 2026

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

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Convertible Fund

Class C: CCVCX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$98	1.87%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$1,070,158,589	114	51%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	42.0
Industrials	10.7
Utilities	9.0
Health Care	6.7
Communication Services	6.5
Financials	6.3
Consumer Discretionary	4.3
Real Estate	3.9
Materials	2.5
Other	2.5
Energy	2.4
Consumer Staples	1.6

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Western Digital Corp., 3.000%, 11/15/28	4.6
Lumentum Holdings, Inc., 0.375%, 03/15/32	4.4
Bloom Energy Corp., 0.000%, 11/15/30	2.8
MKS, Inc., 1.250%, 06/01/30	2.7
Boeing Co., 6.000%, 10/15/27	2.7
Akamai Technologies, Inc., 0.250%, 05/15/33	2.2
ON Semiconductor Corp., 0.500%, 03/01/29	2.1
CenterPoint Energy, Inc., 3.000%, 08/01/28	2.0
Oracle Corp., 6.500%, 01/15/29	1.9
Digital Realty Trust LP, 1.875%, 11/15/29	1.9

www.calamos.com

Calamos Convertible Fund

Class C: CCVCX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Convertible Fund

Class I: CICVX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$46	0.87%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$1,070,158,589	114	51%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	42.0
Industrials	10.7
Utilities	9.0
Health Care	6.7
Communication Services	6.5
Financials	6.3
Consumer Discretionary	4.3
Real Estate	3.9
Materials	2.5
Other	2.5
Energy	2.4
Consumer Staples	1.6

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Western Digital Corp., 3.000%, 11/15/28	4.6
Lumentum Holdings, Inc., 0.375%, 03/15/32	4.4
Bloom Energy Corp., 0.000%, 11/15/30	2.8
MKS, Inc., 1.250%, 06/01/30	2.7
Boeing Co., 6.000%, 10/15/27	2.7
Akamai Technologies, Inc., 0.250%, 05/15/33	2.2
ON Semiconductor Corp., 0.500%, 03/01/29	2.1
CenterPoint Energy, Inc., 3.000%, 08/01/28	2.0
Oracle Corp., 6.500%, 01/15/29	1.9
Digital Realty Trust LP, 1.875%, 11/15/29	1.9

www.calamos.com

Calamos Convertible Fund

Class I: CICVX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Evolving World Growth Fund

Class A: CNWGX

Semi-Annual Shareholder Report - April 30, 2026

This semi-annual shareholder report contains important information about the Calamos Evolving World Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$73	1.30%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$450,327,719	95	81%

WHAT DID THE FUND INVEST IN?

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

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	44.8
Industrials	18.2
Financials	16.4
Consumer Discretionary	6.4
Communication Services	4.8
Materials	4.0
Utilities	1.4
Energy	1.0
Consumer Staples	0.9
Real Estate	0.6
Other	0.5

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Taiwan Semiconductor Manufacturing Co. Ltd.	17.7
Samsung Electronics Co. Ltd.	5.3
Hyundai Motor Co.	3.8
Goldman Sachs Finance Corp. International Ltd. (Tencent Holdings Ltd.), 0.000%, 01/29/29	3.1
Hyosung Heavy Industries Corp.	2.6
SK Hynix, Inc., 1.750%, 04/11/30	2.3
SK Telecom Co. Ltd.	2.2
Alibaba Group Holding Ltd.	1.8
SK Square Co. Ltd.	1.8
Samsung Electro-Mechanics Co. Ltd.	1.6

www.calamos.com

Calamos Evolving World Growth Fund

Class A: CNWGX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Evolving World Growth Fund

Class C: CNWDX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$115	2.05%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$450,327,719	95	81%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	44.8
Industrials	18.2
Financials	16.4
Consumer Discretionary	6.4
Communication Services	4.8
Materials	4.0
Utilities	1.4
Energy	1.0
Consumer Staples	0.9
Real Estate	0.6
Other	0.5

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Taiwan Semiconductor Manufacturing Co. Ltd.	17.7
Samsung Electronics Co. Ltd.	5.3
Hyundai Motor Co.	3.8
Goldman Sachs Finance Corp. International Ltd. (Tencent Holdings Ltd.), 0.000%, 01/29/29	3.1
Hyosung Heavy Industries Corp.	2.6
SK Hynix, Inc., 1.750%, 04/11/30	2.3
SK Telecom Co. Ltd.	2.2
Alibaba Group Holding Ltd.	1.8
SK Square Co. Ltd.	1.8
Samsung Electro-Mechanics Co. Ltd.	1.6

www.calamos.com

Calamos Evolving World Growth Fund

Class C: CNWDX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Evolving World Growth Fund

Class I: CNWIX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$59	1.05%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$450,327,719	95	81%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	44.8
Industrials	18.2
Financials	16.4
Consumer Discretionary	6.4
Communication Services	4.8
Materials	4.0
Utilities	1.4
Energy	1.0
Consumer Staples	0.9
Real Estate	0.6
Other	0.5

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Taiwan Semiconductor Manufacturing Co. Ltd.	17.7
Samsung Electronics Co. Ltd.	5.3
Hyundai Motor Co.	3.8
Goldman Sachs Finance Corp. International Ltd. (Tencent Holdings Ltd.), 0.000%, 01/29/29	3.1
Hyosung Heavy Industries Corp.	2.6
SK Hynix, Inc., 1.750%, 04/11/30	2.3
SK Telecom Co. Ltd.	2.2
Alibaba Group Holding Ltd.	1.8
SK Square Co. Ltd.	1.8
Samsung Electro-Mechanics Co. Ltd.	1.6

www.calamos.com

Calamos Evolving World Growth Fund

Class I: CNWIX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Global Convertible Fund

Class A: CAGCX

Semi-Annual Shareholder Report - April 30, 2026

This semi-annual shareholder report contains important information about the Calamos Global Convertible Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$68	1.31%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$173,969,049	115	21%

WHAT DID THE FUND INVEST IN?

The Fund invests in global convertible securities, aiming to balance risk and reward while providing growth and income. The active strategy provides broadly diversified exposure to the global convertible bond universe by blending global investment themes and fundamental research.

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	31.0
Communication Services	13.3
Consumer Discretionary	13.1
Industrials	9.5
Health Care	7.0
Utilities	5.6
Energy	5.0
Materials	4.1
Financials	3.9
Consumer Staples	1.3
Real Estate	1.2
Other	0.6

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Boeing Co., 6.000%, 10/15/27	3.6
Eni SpA, Series ENI, 2.950%, 09/14/30	3.4
Seagate HDD Cayman, 3.500%, 06/01/28	3.4
JD.com, Inc., 0.250%, 06/01/29	3.1
Alibaba Group Holding Ltd., 0.500%, 06/01/31	2.8
Strategy, Inc., 0.000%, 12/01/29	2.8
Bloom Energy Corp., 0.000%, 11/15/30	2.4
Oracle Corp., 6.500%, 01/15/29	2.1
Duke Energy Corp., 3.000%, 03/15/29	1.8
Rivian Automotive, Inc., 4.625%, 03/15/29	1.7

www.calamos.com

Calamos Global Convertible Fund

Class A: CAGCX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Global Convertible Fund

Class C: CCGCX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$106	2.06%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$173,969,049	115	21%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	31.0
Communication Services	13.3
Consumer Discretionary	13.1
Industrials	9.5
Health Care	7.0
Utilities	5.6
Energy	5.0
Materials	4.1
Financials	3.9
Consumer Staples	1.3
Real Estate	1.2
Other	0.6

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Boeing Co., 6.000%, 10/15/27	3.6
Eni SpA, Series ENI, 2.950%, 09/14/30	3.4
Seagate HDD Cayman, 3.500%, 06/01/28	3.4
JD.com, Inc., 0.250%, 06/01/29	3.1
Alibaba Group Holding Ltd., 0.500%, 06/01/31	2.8
Strategy, Inc., 0.000%, 12/01/29	2.8
Bloom Energy Corp., 0.000%, 11/15/30	2.4
Oracle Corp., 6.500%, 01/15/29	2.1
Duke Energy Corp., 3.000%, 03/15/29	1.8
Rivian Automotive, Inc., 4.625%, 03/15/29	1.7

www.calamos.com

Calamos Global Convertible Fund

Class C: CCGCX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Global Convertible Fund

Class I: CXGCX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$55	1.06%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$173,969,049	115	21%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	31.0
Communication Services	13.3
Consumer Discretionary	13.1
Industrials	9.5
Health Care	7.0
Utilities	5.6
Energy	5.0
Materials	4.1
Financials	3.9
Consumer Staples	1.3
Real Estate	1.2
Other	0.6

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Boeing Co., 6.000%, 10/15/27	3.6
Eni SpA, Series ENI, 2.950%, 09/14/30	3.4
Seagate HDD Cayman, 3.500%, 06/01/28	3.4
JD.com, Inc., 0.250%, 06/01/29	3.1
Alibaba Group Holding Ltd., 0.500%, 06/01/31	2.8
Strategy, Inc., 0.000%, 12/01/29	2.8
Bloom Energy Corp., 0.000%, 11/15/30	2.4
Oracle Corp., 6.500%, 01/15/29	2.1
Duke Energy Corp., 3.000%, 03/15/29	1.8
Rivian Automotive, Inc., 4.625%, 03/15/29	1.7

www.calamos.com

Calamos Global Convertible Fund

Class I: CXGCX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Global Equity Fund

Class A: CAGEX

Semi-Annual Shareholder Report - April 30, 2026

This semi-annual shareholder report contains important information about the Calamos Global Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$72	1.40%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$183,316,149	73	63%

WHAT DID THE FUND INVEST IN?

The Fund seeks long-term capital appreciation by investing in global companies demonstrating compelling growth and quality characteristics, including attractive earnings growth and cash flow generation, strong balance sheets, and high returns on invested capital.

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	35.0
Industrials	15.7
Communication Services	9.3
Health Care	8.3
Consumer Discretionary	8.2
Financials	7.1
Energy	4.2
Utilities	3.3
Consumer Staples	3.3
Materials	2.1
Other	0.1

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
NVIDIA Corp.	7.0
Alphabet, Inc. - Class A	5.1
Taiwan Semiconductor Manufacturing Co. Ltd.	4.8
Amazon.com, Inc.	3.4
Samsung Electronics Co. Ltd.	3.2
GE Vernova, Inc.	3.1
Eli Lilly & Co.	2.4
TechnipFMC PLC	2.3
Lumentum Holdings, Inc.	2.2
Rolls-Royce Holdings PLC	2.2

www.calamos.com

Calamos Global Equity Fund

Class A: CAGEX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Global Equity Fund

Class C: CCGEX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$111	2.15%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$183,316,149	73	63%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	35.0
Industrials	15.7
Communication Services	9.3
Health Care	8.3
Consumer Discretionary	8.2
Financials	7.1
Energy	4.2
Utilities	3.3
Consumer Staples	3.3
Materials	2.1
Other	0.1

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
NVIDIA Corp.	7.0
Alphabet, Inc. - Class A	5.1
Taiwan Semiconductor Manufacturing Co. Ltd.	4.8
Amazon.com, Inc.	3.4
Samsung Electronics Co. Ltd.	3.2
GE Vernova, Inc.	3.1
Eli Lilly & Co.	2.4
TechnipFMC PLC	2.3
Lumentum Holdings, Inc.	2.2
Rolls-Royce Holdings PLC	2.2

www.calamos.com

Calamos Global Equity Fund

Class C: CCGEX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Global Equity Fund

Class I: CIGEX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$59	1.15%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$183,316,149	73	63%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	35.0
Industrials	15.7
Communication Services	9.3
Health Care	8.3
Consumer Discretionary	8.2
Financials	7.1
Energy	4.2
Utilities	3.3
Consumer Staples	3.3
Materials	2.1
Other	0.1

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
NVIDIA Corp.	7.0
Alphabet, Inc. - Class A	5.1
Taiwan Semiconductor Manufacturing Co. Ltd.	4.8
Amazon.com, Inc.	3.4
Samsung Electronics Co. Ltd.	3.2
GE Vernova, Inc.	3.1
Eli Lilly & Co.	2.4
TechnipFMC PLC	2.3
Lumentum Holdings, Inc.	2.2
Rolls-Royce Holdings PLC	2.2

www.calamos.com

Calamos Global Equity Fund

Class I: CIGEX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Global Equity Fund

Class R6: CGEOX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class R6	$56	1.09%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$183,316,149	73	63%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	35.0
Industrials	15.7
Communication Services	9.3
Health Care	8.3
Consumer Discretionary	8.2
Financials	7.1
Energy	4.2
Utilities	3.3
Consumer Staples	3.3
Materials	2.1
Other	0.1

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
NVIDIA Corp.	7.0
Alphabet, Inc. - Class A	5.1
Taiwan Semiconductor Manufacturing Co. Ltd.	4.8
Amazon.com, Inc.	3.4
Samsung Electronics Co. Ltd.	3.2
GE Vernova, Inc.	3.1
Eli Lilly & Co.	2.4
TechnipFMC PLC	2.3
Lumentum Holdings, Inc.	2.2
Rolls-Royce Holdings PLC	2.2

www.calamos.com

Calamos Global Equity Fund

Class R6: CGEOX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Global Opportunities Fund

Class A: CVLOX

Semi-Annual Shareholder Report - April 30, 2026

This semi-annual shareholder report contains important information about the Calamos Global Opportunities Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$63	1.22%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$350,123,966	103	66%

WHAT DID THE FUND INVEST IN?

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

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	31.4
Industrials	15.7
Financials	8.7
Health Care	8.7
Communication Services	8.3
Utilities	8.2
Consumer Discretionary	6.9
Energy	5.2
Consumer Staples	2.1
Materials	2.0
Real Estate	0.9
Other	0.1

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
NVIDIA Corp.	5.4
Alphabet, Inc. - Class A	5.1
Taiwan Semiconductor Manufacturing Co. Ltd.	4.4
Samsung Electronics Co. Ltd.	3.1
Boeing Co., 6.000%, 10/15/27	3.0
Amazon.com, Inc.	2.5
Iberdrola Finanzas SA, 1.500%, 03/27/30	2.1
GE Vernova, Inc.	2.1
Lumentum Holdings, Inc., 0.375%, 03/15/32	1.9
Intel Corp.	1.7

www.calamos.com

Calamos Global Opportunities Fund

Class A: CVLOX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Global Opportunities Fund

Class C: CVLCX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$102	1.97%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$350,123,966	103	66%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	31.4
Industrials	15.7
Financials	8.7
Health Care	8.7
Communication Services	8.3
Utilities	8.2
Consumer Discretionary	6.9
Energy	5.2
Consumer Staples	2.1
Materials	2.0
Real Estate	0.9
Other	0.1

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
NVIDIA Corp.	5.4
Alphabet, Inc. - Class A	5.1
Taiwan Semiconductor Manufacturing Co. Ltd.	4.4
Samsung Electronics Co. Ltd.	3.1
Boeing Co., 6.000%, 10/15/27	3.0
Amazon.com, Inc.	2.5
Iberdrola Finanzas SA, 1.500%, 03/27/30	2.1
GE Vernova, Inc.	2.1
Lumentum Holdings, Inc., 0.375%, 03/15/32	1.9
Intel Corp.	1.7

www.calamos.com

Calamos Global Opportunities Fund

Class C: CVLCX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Global Opportunities Fund

Class I: CGCIX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$50	0.97%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$350,123,966	103	66%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	31.4
Industrials	15.7
Financials	8.7
Health Care	8.7
Communication Services	8.3
Utilities	8.2
Consumer Discretionary	6.9
Energy	5.2
Consumer Staples	2.1
Materials	2.0
Real Estate	0.9
Other	0.1

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
NVIDIA Corp.	5.4
Alphabet, Inc. - Class A	5.1
Taiwan Semiconductor Manufacturing Co. Ltd.	4.4
Samsung Electronics Co. Ltd.	3.1
Boeing Co., 6.000%, 10/15/27	3.0
Amazon.com, Inc.	2.5
Iberdrola Finanzas SA, 1.500%, 03/27/30	2.1
GE Vernova, Inc.	2.1
Lumentum Holdings, Inc., 0.375%, 03/15/32	1.9
Intel Corp.	1.7

www.calamos.com

Calamos Global Opportunities Fund

Class I: CGCIX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Growth and Income Fund

Class A: CVTRX

Semi-Annual Shareholder Report - April 30, 2026

This semi-annual shareholder report contains important information about the Calamos Growth and Income Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$53	1.04%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$3,369,576,754	151	18%

WHAT DID THE FUND INVEST IN?

The Fund pursued lower-volatility equity participation through a multi-asset-class portfolio comprising stocks, convertible securities, US Treasuries, cash, and options. We believe the best positioning for this environment is a neutral risk posture, focusing on companies with growth tailwinds, improving returns on capital, and favorable valuations.

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	33.9
Industrials	10.6
Financials	10.2
Communication Services	10.0
Consumer Discretionary	9.6
Health Care	6.7
Consumer Staples	3.9
Energy	3.4
Utilities	3.0
Materials	2.7
Real Estate	1.6
Other	1.3

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
NVIDIA Corp.	6.6
Alphabet, Inc. - Class A	5.8
Apple, Inc.	5.7
Amazon.com, Inc.	4.3
Microsoft Corp.	4.3
Broadcom, Inc.	3.1
Meta Platforms, Inc. - Class A	1.9
JPMorgan Chase & Co.	1.6
Tesla, Inc.	1.5
GE Vernova, Inc.	1.4

www.calamos.com

Calamos Growth and Income Fund

Class A: CVTRX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Growth and Income Fund

Class C: CVTCX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$91	1.79%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$3,369,576,754	151	18%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	33.9
Industrials	10.6
Financials	10.2
Communication Services	10.0
Consumer Discretionary	9.6
Health Care	6.7
Consumer Staples	3.9
Energy	3.4
Utilities	3.0
Materials	2.7
Real Estate	1.6
Other	1.3

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
NVIDIA Corp.	6.6
Alphabet, Inc. - Class A	5.8
Apple, Inc.	5.7
Amazon.com, Inc.	4.3
Microsoft Corp.	4.3
Broadcom, Inc.	3.1
Meta Platforms, Inc. - Class A	1.9
JPMorgan Chase & Co.	1.6
Tesla, Inc.	1.5
GE Vernova, Inc.	1.4

www.calamos.com

Calamos Growth and Income Fund

Class C: CVTCX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Growth and Income Fund

Class I: CGIIX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$40	0.79%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$3,369,576,754	151	18%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	33.9
Industrials	10.6
Financials	10.2
Communication Services	10.0
Consumer Discretionary	9.6
Health Care	6.7
Consumer Staples	3.9
Energy	3.4
Utilities	3.0
Materials	2.7
Real Estate	1.6
Other	1.3

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
NVIDIA Corp.	6.6
Alphabet, Inc. - Class A	5.8
Apple, Inc.	5.7
Amazon.com, Inc.	4.3
Microsoft Corp.	4.3
Broadcom, Inc.	3.1
Meta Platforms, Inc. - Class A	1.9
JPMorgan Chase & Co.	1.6
Tesla, Inc.	1.5
GE Vernova, Inc.	1.4

www.calamos.com

Calamos Growth and Income Fund

Class I: CGIIX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Growth and Income Fund

Class R6: CGIOX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class R6	$37	0.72%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$3,369,576,754	151	18%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	33.9
Industrials	10.6
Financials	10.2
Communication Services	10.0
Consumer Discretionary	9.6
Health Care	6.7
Consumer Staples	3.9
Energy	3.4
Utilities	3.0
Materials	2.7
Real Estate	1.6
Other	1.3

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
NVIDIA Corp.	6.6
Alphabet, Inc. - Class A	5.8
Apple, Inc.	5.7
Amazon.com, Inc.	4.3
Microsoft Corp.	4.3
Broadcom, Inc.	3.1
Meta Platforms, Inc. - Class A	1.9
JPMorgan Chase & Co.	1.6
Tesla, Inc.	1.5
GE Vernova, Inc.	1.4

www.calamos.com

Calamos Growth and Income Fund

Class R6: CGIOX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Growth Fund

Class A: CVGRX

Semi-Annual Shareholder Report - April 30, 2026

This semi-annual shareholder report contains important information about the Calamos Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$63	1.27%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$1,705,619,838	140	34%

WHAT DID THE FUND INVEST IN?

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

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	47.0
Communication Services	15.5
Consumer Discretionary	14.6
Industrials	8.7
Health Care	6.4
Financials	5.5
Consumer Staples	1.2
Energy	0.2
Primary Investment	0.1

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
NVIDIA Corp.	11.9
Alphabet, Inc. - Class A	9.4
Amazon.com, Inc.	7.9
Apple, Inc.	7.3
Microsoft Corp.	6.3
Broadcom, Inc.	5.4
Meta Platforms, Inc. - Class A	3.8
Visa, Inc. - Class A	3.0
Eli Lilly & Co.	2.2
Arista Networks, Inc.	2.1

www.calamos.com

Calamos Growth Fund

Class A: CVGRX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Growth Fund

Class C: CVGCX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$101	2.02%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$1,705,619,838	140	34%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	47.0
Communication Services	15.5
Consumer Discretionary	14.6
Industrials	8.7
Health Care	6.4
Financials	5.5
Consumer Staples	1.2
Energy	0.2
Primary Investment	0.1

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
NVIDIA Corp.	11.9
Alphabet, Inc. - Class A	9.4
Amazon.com, Inc.	7.9
Apple, Inc.	7.3
Microsoft Corp.	6.3
Broadcom, Inc.	5.4
Meta Platforms, Inc. - Class A	3.8
Visa, Inc. - Class A	3.0
Eli Lilly & Co.	2.2
Arista Networks, Inc.	2.1

www.calamos.com

Calamos Growth Fund

Class C: CVGCX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Growth Fund

Class I: CGRIX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$51	1.02%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$1,705,619,838	140	34%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	47.0
Communication Services	15.5
Consumer Discretionary	14.6
Industrials	8.7
Health Care	6.4
Financials	5.5
Consumer Staples	1.2
Energy	0.2
Primary Investment	0.1

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
NVIDIA Corp.	11.9
Alphabet, Inc. - Class A	9.4
Amazon.com, Inc.	7.9
Apple, Inc.	7.3
Microsoft Corp.	6.3
Broadcom, Inc.	5.4
Meta Platforms, Inc. - Class A	3.8
Visa, Inc. - Class A	3.0
Eli Lilly & Co.	2.2
Arista Networks, Inc.	2.1

www.calamos.com

Calamos Growth Fund

Class I: CGRIX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Hedged Equity Fund

Class A: CAHEX

Semi-Annual Shareholder Report - April 30, 2026

This semi-annual shareholder report contains important information about the Calamos Hedged Equity Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$56	1.12%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$840,824,111	267	14%

WHAT DID THE FUND INVEST IN?

The Fund’s strategic approach is designed to balance risk and reward, seeking to participate in market gains while managing downside exposure. The Fund blends a core long-equity portfolio, which closely mirrors the S&P 500 Index, with an actively managed option overlay. Tactical management creates opportunities to capture alpha from option market dynamics and equity market volatility.

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	36.0
Financials	12.5
Communication Services	11.4
Consumer Discretionary	10.4
Industrials	9.0
Health Care	8.9
Consumer Staples	5.1
Energy	3.8
Other	3.6
Utilities	2.0
Real Estate	1.6
Materials	1.6

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
NVIDIA Corp.	8.4
Apple, Inc.	6.7
Microsoft Corp.	5.2
Amazon.com, Inc.	4.3
Alphabet, Inc. - Class A	3.5
Alphabet, Inc. - Class C	3.5
Broadcom, Inc.	3.3
S&P 500^® Index, Put, Strike Price $6,700, 06/17/27	2.9
Meta Platforms, Inc. - Class A	2.2
Tesla, Inc.	1.8

www.calamos.com

Calamos Hedged Equity Fund

Class A: CAHEX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Hedged Equity Fund

Class C: CCHEX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$94	1.87%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$840,824,111	267	14%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	36.0
Financials	12.5
Communication Services	11.4
Consumer Discretionary	10.4
Industrials	9.0
Health Care	8.9
Consumer Staples	5.1
Energy	3.8
Other	3.6
Utilities	2.0
Real Estate	1.6
Materials	1.6

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
NVIDIA Corp.	8.4
Apple, Inc.	6.7
Microsoft Corp.	5.2
Amazon.com, Inc.	4.3
Alphabet, Inc. - Class A	3.5
Alphabet, Inc. - Class C	3.5
Broadcom, Inc.	3.3
S&P 500^® Index, Put, Strike Price $6,700, 06/17/27	2.9
Meta Platforms, Inc. - Class A	2.2
Tesla, Inc.	1.8

www.calamos.com

Calamos Hedged Equity Fund

Class C: CCHEX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Hedged Equity Fund

Class I: CIHEX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$44	0.87%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$840,824,111	267	14%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	36.0
Financials	12.5
Communication Services	11.4
Consumer Discretionary	10.4
Industrials	9.0
Health Care	8.9
Consumer Staples	5.1
Energy	3.8
Other	3.6
Utilities	2.0
Real Estate	1.6
Materials	1.6

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
NVIDIA Corp.	8.4
Apple, Inc.	6.7
Microsoft Corp.	5.2
Amazon.com, Inc.	4.3
Alphabet, Inc. - Class A	3.5
Alphabet, Inc. - Class C	3.5
Broadcom, Inc.	3.3
S&P 500^® Index, Put, Strike Price $6,700, 06/17/27	2.9
Meta Platforms, Inc. - Class A	2.2
Tesla, Inc.	1.8

www.calamos.com

Calamos Hedged Equity Fund

Class I: CIHEX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos High Income Opportunities Fund

Class A: CHYDX

Semi-Annual Shareholder Report - April 30, 2026

This semi-annual shareholder report contains important information about the Calamos High Income Opportunities Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$50	1.00%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$22,795,347	452	24%

WHAT DID THE FUND INVEST IN?

Through its multi-sector fixed-income strategy, the Fund invests primarily in below-investment-grade bonds and loans issued by US issuers, aiming to generate high current income and total returns in excess of the benchmark index over full market cycles.

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Consumer Discretionary	18.1
Financials	14.4
Energy	12.4
Communication Services	10.0
Industrials	8.2
Consumer Staples	8.1
Materials	5.3
Health Care	4.9
Information Technology	4.3
Other	2.5
Utilities	1.6
Airlines	1.2
Special Purpose Acquisition Companies	0.5
Real Estate	0.5

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Ford Motor Co., 6.100%, 08/19/32	1.0
Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.125%, 04/30/31	0.9
Bausch Health Cos., Inc., 9.902%, 10/08/30	0.8
EchoStar Corp., 10.750%, 11/30/29	0.7
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.500%, 01/31/56	0.7
Amneal Pharmaceuticals LLC, 6.652%, 08/01/32	0.6
Par Petroleum LLC, 6.933%, 02/28/30	0.6
CSC Holdings LLC, 4.500%, 11/15/31	0.6
Dragon Buyer, Inc., 6.450%, 09/30/31	0.5
Star Parent, Inc., 7.700%, 09/27/30	0.5

www.calamos.com

Calamos High Income Opportunities Fund

Class A: CHYDX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos High Income Opportunities Fund

Class C: CCHYX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$88	1.75%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$22,795,347	452	24%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Consumer Discretionary	18.1
Financials	14.4
Energy	12.4
Communication Services	10.0
Industrials	8.2
Consumer Staples	8.1
Materials	5.3
Health Care	4.9
Information Technology	4.3
Other	2.5
Utilities	1.6
Airlines	1.2
Special Purpose Acquisition Companies	0.5
Real Estate	0.5

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Ford Motor Co., 6.100%, 08/19/32	1.0
Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.125%, 04/30/31	0.9
Bausch Health Cos., Inc., 9.902%, 10/08/30	0.8
EchoStar Corp., 10.750%, 11/30/29	0.7
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.500%, 01/31/56	0.7
Amneal Pharmaceuticals LLC, 6.652%, 08/01/32	0.6
Par Petroleum LLC, 6.933%, 02/28/30	0.6
CSC Holdings LLC, 4.500%, 11/15/31	0.6
Dragon Buyer, Inc., 6.450%, 09/30/31	0.5
Star Parent, Inc., 7.700%, 09/27/30	0.5

www.calamos.com

Calamos High Income Opportunities Fund

Class C: CCHYX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos High Income Opportunities Fund

Class I: CIHYX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$38	0.75%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$22,795,347	452	24%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Consumer Discretionary	18.1
Financials	14.4
Energy	12.4
Communication Services	10.0
Industrials	8.2
Consumer Staples	8.1
Materials	5.3
Health Care	4.9
Information Technology	4.3
Other	2.5
Utilities	1.6
Airlines	1.2
Special Purpose Acquisition Companies	0.5
Real Estate	0.5

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Ford Motor Co., 6.100%, 08/19/32	1.0
Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.125%, 04/30/31	0.9
Bausch Health Cos., Inc., 9.902%, 10/08/30	0.8
EchoStar Corp., 10.750%, 11/30/29	0.7
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.500%, 01/31/56	0.7
Amneal Pharmaceuticals LLC, 6.652%, 08/01/32	0.6
Par Petroleum LLC, 6.933%, 02/28/30	0.6
CSC Holdings LLC, 4.500%, 11/15/31	0.6
Dragon Buyer, Inc., 6.450%, 09/30/31	0.5
Star Parent, Inc., 7.700%, 09/27/30	0.5

www.calamos.com

Calamos High Income Opportunities Fund

Class I: CIHYX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos International Growth Fund

Class A: CIGRX

Semi-Annual Shareholder Report - April 30, 2026

This semi-annual shareholder report contains important information about the Calamos International Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$64	1.20%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$313,225,352	87	81%

WHAT DID THE FUND INVEST IN?

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

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	37.2
Industrials	26.2
Financials	13.0
Consumer Discretionary	6.1
Communication Services	5.8
Health Care	5.2
Materials	3.9
Utilities	2.7
Energy	2.1
Consumer Staples	1.0
Real Estate	0.9
Other	0.1

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Taiwan Semiconductor Manufacturing Co. Ltd.	6.8
Siemens Energy AG	3.3
Hyundai Motor Co.	3.1
Rolls-Royce Holdings PLC	2.7
ASML Holding NV	2.6
Hyosung Heavy Industries Corp.	2.5
Fujikura Ltd.	2.5
SK Hynix, Inc.	2.5
UniCredit SpA	2.4
Kioxia Holdings Corp.	2.2

www.calamos.com

Calamos International Growth Fund

Class A: CIGRX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos International Growth Fund

Class C: CIGCX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$104	1.95%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$313,225,352	87	81%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	37.2
Industrials	26.2
Financials	13.0
Consumer Discretionary	6.1
Communication Services	5.8
Health Care	5.2
Materials	3.9
Utilities	2.7
Energy	2.1
Consumer Staples	1.0
Real Estate	0.9
Other	0.1

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Taiwan Semiconductor Manufacturing Co. Ltd.	6.8
Siemens Energy AG	3.3
Hyundai Motor Co.	3.1
Rolls-Royce Holdings PLC	2.7
ASML Holding NV	2.6
Hyosung Heavy Industries Corp.	2.5
Fujikura Ltd.	2.5
SK Hynix, Inc.	2.5
UniCredit SpA	2.4
Kioxia Holdings Corp.	2.2

www.calamos.com

Calamos International Growth Fund

Class C: CIGCX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos International Growth Fund

Class I: CIGIX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$51	0.95%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$313,225,352	87	81%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	37.2
Industrials	26.2
Financials	13.0
Consumer Discretionary	6.1
Communication Services	5.8
Health Care	5.2
Materials	3.9
Utilities	2.7
Energy	2.1
Consumer Staples	1.0
Real Estate	0.9
Other	0.1

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Taiwan Semiconductor Manufacturing Co. Ltd.	6.8
Siemens Energy AG	3.3
Hyundai Motor Co.	3.1
Rolls-Royce Holdings PLC	2.7
ASML Holding NV	2.6
Hyosung Heavy Industries Corp.	2.5
Fujikura Ltd.	2.5
SK Hynix, Inc.	2.5
UniCredit SpA	2.4
Kioxia Holdings Corp.	2.2

www.calamos.com

Calamos International Growth Fund

Class I: CIGIX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos International Growth Fund

Class R6: CIGOX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class R6	$43	0.81%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$313,225,352	87	81%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	37.2
Industrials	26.2
Financials	13.0
Consumer Discretionary	6.1
Communication Services	5.8
Health Care	5.2
Materials	3.9
Utilities	2.7
Energy	2.1
Consumer Staples	1.0
Real Estate	0.9
Other	0.1

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Taiwan Semiconductor Manufacturing Co. Ltd.	6.8
Siemens Energy AG	3.3
Hyundai Motor Co.	3.1
Rolls-Royce Holdings PLC	2.7
ASML Holding NV	2.6
Hyosung Heavy Industries Corp.	2.5
Fujikura Ltd.	2.5
SK Hynix, Inc.	2.5
UniCredit SpA	2.4
Kioxia Holdings Corp.	2.2

www.calamos.com

Calamos International Growth Fund

Class R6: CIGOX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos International Small Cap Growth Fund

Class A: CAISX

Semi-Annual Shareholder Report - April 30, 2026

This semi-annual shareholder report contains important information about the Calamos International Small Cap Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$73	1.35%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$13,538,964	75	75%

WHAT DID THE FUND INVEST IN?

The Fund seeks long-term capital appreciation by investing in compelling international small-cap companies with exposure to our key secular themes, superior earnings growth potential, and financial flexibility.

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	30.6
Industrials	26.4
Financials	10.9
Communication Services	7.0
Consumer Discretionary	6.3
Materials	5.6
Energy	3.1
Health Care	2.3
Utilities	2.1
Consumer Staples	1.9
Real Estate	1.1
Other	0.1

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Hyosung Heavy Industries Corp.	3.6
LandMark Optoelectronics Corp.	3.0
Exosens SAS	2.6
Kandenko Co. Ltd.	2.6
Ibiden Co. Ltd.	2.5
AEM Holdings Ltd.	2.5
ASPEED Technology, Inc.	2.5
Millicom International Cellular SA	2.4
Harmonic Drive Systems, Inc.	2.2
CES Energy Solutions Corp.	2.2

www.calamos.com

Calamos International Small Cap Growth Fund

Class A: CAISX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos International Small Cap Growth Fund

Class C: CCISX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$114	2.10%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$13,538,964	75	75%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	30.6
Industrials	26.4
Financials	10.9
Communication Services	7.0
Consumer Discretionary	6.3
Materials	5.6
Energy	3.1
Health Care	2.3
Utilities	2.1
Consumer Staples	1.9
Real Estate	1.1
Other	0.1

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Hyosung Heavy Industries Corp.	3.6
LandMark Optoelectronics Corp.	3.0
Exosens SAS	2.6
Kandenko Co. Ltd.	2.6
Ibiden Co. Ltd.	2.5
AEM Holdings Ltd.	2.5
ASPEED Technology, Inc.	2.5
Millicom International Cellular SA	2.4
Harmonic Drive Systems, Inc.	2.2
CES Energy Solutions Corp.	2.2

www.calamos.com

Calamos International Small Cap Growth Fund

Class C: CCISX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos International Small Cap Growth Fund

Class I: CSGIX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$60	1.10%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$13,538,964	75	75%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	30.6
Industrials	26.4
Financials	10.9
Communication Services	7.0
Consumer Discretionary	6.3
Materials	5.6
Energy	3.1
Health Care	2.3
Utilities	2.1
Consumer Staples	1.9
Real Estate	1.1
Other	0.1

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Hyosung Heavy Industries Corp.	3.6
LandMark Optoelectronics Corp.	3.0
Exosens SAS	2.6
Kandenko Co. Ltd.	2.6
Ibiden Co. Ltd.	2.5
AEM Holdings Ltd.	2.5
ASPEED Technology, Inc.	2.5
Millicom International Cellular SA	2.4
Harmonic Drive Systems, Inc.	2.2
CES Energy Solutions Corp.	2.2

www.calamos.com

Calamos International Small Cap Growth Fund

Class I: CSGIX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos International Small Cap Growth Fund

Class R6: CISOX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class R6	$51	0.94%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$13,538,964	75	75%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	30.6
Industrials	26.4
Financials	10.9
Communication Services	7.0
Consumer Discretionary	6.3
Materials	5.6
Energy	3.1
Health Care	2.3
Utilities	2.1
Consumer Staples	1.9
Real Estate	1.1
Other	0.1

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Hyosung Heavy Industries Corp.	3.6
LandMark Optoelectronics Corp.	3.0
Exosens SAS	2.6
Kandenko Co. Ltd.	2.6
Ibiden Co. Ltd.	2.5
AEM Holdings Ltd.	2.5
ASPEED Technology, Inc.	2.5
Millicom International Cellular SA	2.4
Harmonic Drive Systems, Inc.	2.2
CES Energy Solutions Corp.	2.2

www.calamos.com

Calamos International Small Cap Growth Fund

Class R6: CISOX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Market Neutral Income Fund

Class A: CVSIX

Semi-Annual Shareholder Report - April 30, 2026

This semi-annual shareholder report contains important information about the Calamos Market Neutral Income Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$62	1.24%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$17,650,197,311	1,043	20%

WHAT DID THE FUND INVEST IN?

The Fund combined two core strategies, hedged equity and convertible arbitrage, with small allocations to merger arbitrage and special purpose acquisition company (SPAC) arbitrage. Hedged equity represented 52% of the Fund’s allocation at the end of the period, followed by convertible arbitrage (42%), merger arbitrage (4%), and SPAC arbitrage (2%).

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	36.1
Consumer Discretionary	11.7
Financials	10.4
Communication Services	9.7
Industrials	8.5
Health Care	8.3
Utilities	7.5
Consumer Staples	3.9
Other	3.8
Energy	3.0
Materials	1.9
Real Estate	1.5
Special Purpose Acquisition Companies	0.6
Communications	0.1

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
NVIDIA Corp.	4.8
Apple, Inc.	3.9
Microsoft Corp.	3.0
Western Digital Corp., 3.000%, 11/15/28	2.6
Amazon.com, Inc.	2.5
Alphabet, Inc. - Class C	2.0
Alphabet, Inc. - Class A	1.9
Calamos Short-Term Bond Fund - Class I	1.9
Broadcom, Inc.	1.9
Alibaba Group Holding Ltd., 0.500%, 06/01/31	1.4

www.calamos.com

Calamos Market Neutral Income Fund

Class A: CVSIX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Market Neutral Income Fund

Class C: CVSCX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$100	1.99%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$17,650,197,311	1,043	20%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	36.1
Consumer Discretionary	11.7
Financials	10.4
Communication Services	9.7
Industrials	8.5
Health Care	8.3
Utilities	7.5
Consumer Staples	3.9
Other	3.8
Energy	3.0
Materials	1.9
Real Estate	1.5
Special Purpose Acquisition Companies	0.6
Communications	0.1

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
NVIDIA Corp.	4.8
Apple, Inc.	3.9
Microsoft Corp.	3.0
Western Digital Corp., 3.000%, 11/15/28	2.6
Amazon.com, Inc.	2.5
Alphabet, Inc. - Class C	2.0
Alphabet, Inc. - Class A	1.9
Calamos Short-Term Bond Fund - Class I	1.9
Broadcom, Inc.	1.9
Alibaba Group Holding Ltd., 0.500%, 06/01/31	1.4

www.calamos.com

Calamos Market Neutral Income Fund

Class C: CVSCX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Market Neutral Income Fund

Class I: CMNIX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$50	0.99%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$17,650,197,311	1,043	20%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	36.1
Consumer Discretionary	11.7
Financials	10.4
Communication Services	9.7
Industrials	8.5
Health Care	8.3
Utilities	7.5
Consumer Staples	3.9
Other	3.8
Energy	3.0
Materials	1.9
Real Estate	1.5
Special Purpose Acquisition Companies	0.6
Communications	0.1

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
NVIDIA Corp.	4.8
Apple, Inc.	3.9
Microsoft Corp.	3.0
Western Digital Corp., 3.000%, 11/15/28	2.6
Amazon.com, Inc.	2.5
Alphabet, Inc. - Class C	2.0
Alphabet, Inc. - Class A	1.9
Calamos Short-Term Bond Fund - Class I	1.9
Broadcom, Inc.	1.9
Alibaba Group Holding Ltd., 0.500%, 06/01/31	1.4

www.calamos.com

Calamos Market Neutral Income Fund

Class I: CMNIX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Market Neutral Income Fund

Class R6: CVSOX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class R6	$46	0.91%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$17,650,197,311	1,043	20%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	36.1
Consumer Discretionary	11.7
Financials	10.4
Communication Services	9.7
Industrials	8.5
Health Care	8.3
Utilities	7.5
Consumer Staples	3.9
Other	3.8
Energy	3.0
Materials	1.9
Real Estate	1.5
Special Purpose Acquisition Companies	0.6
Communications	0.1

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
NVIDIA Corp.	4.8
Apple, Inc.	3.9
Microsoft Corp.	3.0
Western Digital Corp., 3.000%, 11/15/28	2.6
Amazon.com, Inc.	2.5
Alphabet, Inc. - Class C	2.0
Alphabet, Inc. - Class A	1.9
Calamos Short-Term Bond Fund - Class I	1.9
Broadcom, Inc.	1.9
Alibaba Group Holding Ltd., 0.500%, 06/01/31	1.4

www.calamos.com

Calamos Market Neutral Income Fund

Class R6: CVSOX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Merger Arbitrage Fund

Class A: CMRAX

Semi-Annual Shareholder Report - April 30, 2026

This semi-annual shareholder report contains important information about the Calamos Merger Arbitrage Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$92	1.82%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$2,472,916	47	75%

WHAT DID THE FUND INVEST IN?

The Fund seeks to capture the completion risk premium—the difference between a company’s stock price and the announced acquisition price. In addition to stocks, the Fund can hold convertible bonds and high-yield debt.

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	20.1
Communication Services	16.2
Utilities	12.1
Financials	11.9
Special Purpose Acquisition Companies	10.2
Consumer Staples	10.1
Industrials	8.3
Health Care	4.8
Materials	2.9
Consumer Discretionary	2.9
Other	0.7
Real Estate	0.7

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Norfolk Southern Corp.	8.3
Kenvue, Inc.	7.6
Electronic Arts, Inc.	6.7
TXNM Energy, Inc., 5.750%, 06/01/54	6.2
AES Corp.	5.9
FutureTech II Acquisition Corp. - Class A	5.9
Warner Bros Discovery, Inc.	5.0
Global Payments, Inc., 1.500%, 03/01/31	4.8
Brighthouse Financial, Inc.	4.5
Clearwater Analytics Holdings, Inc. - Class A	4.2

www.calamos.com

Calamos Merger Arbitrage Fund

Class A: CMRAX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Merger Arbitrage Fund

Class C: CMRCX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$129	2.57%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$2,472,916	47	75%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	20.1
Communication Services	16.2
Utilities	12.1
Financials	11.9
Special Purpose Acquisition Companies	10.2
Consumer Staples	10.1
Industrials	8.3
Health Care	4.8
Materials	2.9
Consumer Discretionary	2.9
Other	0.7
Real Estate	0.7

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Norfolk Southern Corp.	8.3
Kenvue, Inc.	7.6
Electronic Arts, Inc.	6.7
TXNM Energy, Inc., 5.750%, 06/01/54	6.2
AES Corp.	5.9
FutureTech II Acquisition Corp. - Class A	5.9
Warner Bros Discovery, Inc.	5.0
Global Payments, Inc., 1.500%, 03/01/31	4.8
Brighthouse Financial, Inc.	4.5
Clearwater Analytics Holdings, Inc. - Class A	4.2

www.calamos.com

Calamos Merger Arbitrage Fund

Class C: CMRCX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Merger Arbitrage Fund

Class I: CMRGX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$80	1.58%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$2,472,916	47	75%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	20.1
Communication Services	16.2
Utilities	12.1
Financials	11.9
Special Purpose Acquisition Companies	10.2
Consumer Staples	10.1
Industrials	8.3
Health Care	4.8
Materials	2.9
Consumer Discretionary	2.9
Other	0.7
Real Estate	0.7

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Norfolk Southern Corp.	8.3
Kenvue, Inc.	7.6
Electronic Arts, Inc.	6.7
TXNM Energy, Inc., 5.750%, 06/01/54	6.2
AES Corp.	5.9
FutureTech II Acquisition Corp. - Class A	5.9
Warner Bros Discovery, Inc.	5.0
Global Payments, Inc., 1.500%, 03/01/31	4.8
Brighthouse Financial, Inc.	4.5
Clearwater Analytics Holdings, Inc. - Class A	4.2

www.calamos.com

Calamos Merger Arbitrage Fund

Class I: CMRGX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Phineus Long/Short Fund

Class A (With Predecessor): CPLSX

Semi-Annual Shareholder Report - April 30, 2026

This semi-annual shareholder report contains important information about the Calamos Phineus Long/Short Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$117	2.35%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$1,099,731,549	65	213%

WHAT DID THE FUND INVEST IN?

The Fund maintained a higher level of diversification than broad equity indices, with more measured participation in mega-cap, AI-related stocks that investors continued to bid up. The Fund’s cyclical positioning captured AI spillover effects without direct exposure to the unsustainable capital spending dynamics at the ecosystem’s core.

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Industrials	37.6
Information Technology	25.0
Consumer Discretionary	14.6
Financials	8.9
Materials	5.4
Communication Services	4.9
Energy	2.2
Health Care	1.1
Other	0.3
Domestic Commodity	0.1

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Amazon.com, Inc.	6.4
Broadcom, Inc.	5.6
Microsoft Corp.	4.5
NVIDIA Corp.	4.4
Boeing Co.	4.1
Morgan Stanley	3.9
Union Pacific Corp.	3.7
United Airlines Holdings, Inc.	3.6
Wells Fargo & Co.	3.3
DR Horton, Inc.	3.2

www.calamos.com

Calamos Phineus Long/Short Fund

Class A (With Predecessor): CPLSX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Phineus Long/Short Fund

Class C (With Predecessor): CPCLX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$154	3.11%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$1,099,731,549	65	213%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Industrials	37.6
Information Technology	25.0
Consumer Discretionary	14.6
Financials	8.9
Materials	5.4
Communication Services	4.9
Energy	2.2
Health Care	1.1
Other	0.3
Domestic Commodity	0.1

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Amazon.com, Inc.	6.4
Broadcom, Inc.	5.6
Microsoft Corp.	4.5
NVIDIA Corp.	4.4
Boeing Co.	4.1
Morgan Stanley	3.9
Union Pacific Corp.	3.7
United Airlines Holdings, Inc.	3.6
Wells Fargo & Co.	3.3
DR Horton, Inc.	3.2

www.calamos.com

Calamos Phineus Long/Short Fund

Class C (With Predecessor): CPCLX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Phineus Long/Short Fund

Class I (With Predecessor): CPLIX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$104	2.10%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$1,099,731,549	65	213%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Industrials	37.6
Information Technology	25.0
Consumer Discretionary	14.6
Financials	8.9
Materials	5.4
Communication Services	4.9
Energy	2.2
Health Care	1.1
Other	0.3
Domestic Commodity	0.1

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Amazon.com, Inc.	6.4
Broadcom, Inc.	5.6
Microsoft Corp.	4.5
NVIDIA Corp.	4.4
Boeing Co.	4.1
Morgan Stanley	3.9
Union Pacific Corp.	3.7
United Airlines Holdings, Inc.	3.6
Wells Fargo & Co.	3.3
DR Horton, Inc.	3.2

www.calamos.com

Calamos Phineus Long/Short Fund

Class I (With Predecessor): CPLIX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Select Fund

Class A: CVAAX

Semi-Annual Shareholder Report - April 30, 2026

This semi-annual shareholder report contains important information about the Calamos Select Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$57	1.15%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$61,524,823	51	18%

WHAT DID THE FUND INVEST IN?

The Fund’s portfolio comprises approximately 50 large-cap stocks, reflecting our favorite names in the market and focusing on individual security selection rather than sector weights to generate performance.

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	33.3
Communication Services	14.1
Consumer Discretionary	12.4
Financials	10.0
Industrials	9.5
Health Care	8.1
Consumer Staples	2.6
Materials	2.3
Energy	2.2
Utilities	1.9
Real Estate	1.8

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Alphabet, Inc. - Class A	9.1
NVIDIA Corp.	7.7
Apple, Inc.	6.7
Amazon.com, Inc.	6.4
Microsoft Corp.	5.0
Broadcom, Inc.	4.4
Meta Platforms, Inc. - Class A	2.7
Chevron Corp.	2.2
Visa, Inc. - Class A	2.1
Johnson & Johnson	2.0

www.calamos.com

Calamos Select Fund

Class A: CVAAX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Select Fund

Class C: CVACX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$95	1.90%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$61,524,823	51	18%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	33.3
Communication Services	14.1
Consumer Discretionary	12.4
Financials	10.0
Industrials	9.5
Health Care	8.1
Consumer Staples	2.6
Materials	2.3
Energy	2.2
Utilities	1.9
Real Estate	1.8

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Alphabet, Inc. - Class A	9.1
NVIDIA Corp.	7.7
Apple, Inc.	6.7
Amazon.com, Inc.	6.4
Microsoft Corp.	5.0
Broadcom, Inc.	4.4
Meta Platforms, Inc. - Class A	2.7
Chevron Corp.	2.2
Visa, Inc. - Class A	2.1
Johnson & Johnson	2.0

www.calamos.com

Calamos Select Fund

Class C: CVACX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Select Fund

Class I: CVAIX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$45	0.90%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$61,524,823	51	18%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	33.3
Communication Services	14.1
Consumer Discretionary	12.4
Financials	10.0
Industrials	9.5
Health Care	8.1
Consumer Staples	2.6
Materials	2.3
Energy	2.2
Utilities	1.9
Real Estate	1.8

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Alphabet, Inc. - Class A	9.1
NVIDIA Corp.	7.7
Apple, Inc.	6.7
Amazon.com, Inc.	6.4
Microsoft Corp.	5.0
Broadcom, Inc.	4.4
Meta Platforms, Inc. - Class A	2.7
Chevron Corp.	2.2
Visa, Inc. - Class A	2.1
Johnson & Johnson	2.0

www.calamos.com

Calamos Select Fund

Class I: CVAIX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Short-Term Bond Fund

Class A: CSTBX

Semi-Annual Shareholder Report - April 30, 2026

This semi-annual shareholder report contains important information about the Calamos Short-Term Bond Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$31	0.63%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$415,261,368	473	18%

WHAT DID THE FUND INVEST IN?

Through its multi-sector fixed-income strategy, the Fund invests predominantly across government, corporate, and securitized asset classes of US issuers with a dollar-weighted-average portfolio duration of three years or less. The goal is to generate a high level of current income and total return.

Asset allocation weightings and top 10 holdings exclude, if any, cash or cash equivalents or derivatives.

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Corporate Bonds	57.1
Asset Backed Securities	21.8
Bank Loans	8.9
U.S. Government and Agency Securities	5.3
Municipal Obligations	2.6
Sovereign Bonds	1.4
Residential Mortgage Backed Securities	0.4
Convertible Bonds	0.2

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
U.S. Treasury Notes, 4.250%, 02/28/29	1.5
U.S. Treasury Notes, 4.250%, 01/31/30	1.2
Federal National Mortgage Association, 3.500%, 05/01/35	0.8
Alloya Auto Receivables Trust - Class A3, Series 2025-1A, 4.690%, 12/26/28	0.7
U.S. Treasury Notes, 3.375%, 09/15/28	0.7
U.S. Treasury Notes, 3.500%, 09/30/29	0.7
Avis Budget Rental Car Funding AESOP LLC - Class A, Series 2023-3A, 5.440%, 02/22/28	0.5
SoFi Consumer Loan Program Trust - Class B, Series 2025-1, 5.120%, 02/27/34	0.5
American Express Credit Account Master Trust - Class A, Series 2024-2, 5.240%, 04/15/31	0.5
SCCU Auto Receivables Trust - Class B, Series 2023-1A, 6.080%, 11/15/29	0.5

www.calamos.com

Calamos Short-Term Bond Fund

Class A: CSTBX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Short-Term Bond Fund

Class I: CSTIX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$19	0.38%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$415,261,368	473	18%

WHAT DID THE FUND INVEST IN?

Asset allocation weightings and top 10 holdings exclude, if any, cash or cash equivalents or derivatives.

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Corporate Bonds	57.1
Asset Backed Securities	21.8
Bank Loans	8.9
U.S. Government and Agency Securities	5.3
Municipal Obligations	2.6
Sovereign Bonds	1.4
Residential Mortgage Backed Securities	0.4
Convertible Bonds	0.2

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
U.S. Treasury Notes, 4.250%, 02/28/29	1.5
U.S. Treasury Notes, 4.250%, 01/31/30	1.2
Federal National Mortgage Association, 3.500%, 05/01/35	0.8
Alloya Auto Receivables Trust - Class A3, Series 2025-1A, 4.690%, 12/26/28	0.7
U.S. Treasury Notes, 3.375%, 09/15/28	0.7
U.S. Treasury Notes, 3.500%, 09/30/29	0.7
Avis Budget Rental Car Funding AESOP LLC - Class A, Series 2023-3A, 5.440%, 02/22/28	0.5
SoFi Consumer Loan Program Trust - Class B, Series 2025-1, 5.120%, 02/27/34	0.5
American Express Credit Account Master Trust - Class A, Series 2024-2, 5.240%, 04/15/31	0.5
SCCU Auto Receivables Trust - Class B, Series 2023-1A, 6.080%, 11/15/29	0.5

www.calamos.com

Calamos Short-Term Bond Fund

Class I: CSTIX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Timpani Small Cap Growth Fund

Class A: CTASX

Semi-Annual Shareholder Report - April 30, 2026

This semi-annual shareholder report contains important information about the Calamos Timpani Small Cap Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$71	1.29%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$742,826,978	98	105%

WHAT DID THE FUND INVEST IN?

We carefully pick stocks with specific characteristics: most importantly, sustainably fast and underestimated growth. The Fund is designed for investors seeking access to a disciplined strategy that provides exposure to small-cap businesses that are, in many cases, in the early stages of their growth trajectory.

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	35.5
Industrials	27.5
Health Care	14.2
Consumer Discretionary	9.6
Financials	7.0
Energy	2.5
Consumer Staples	2.1
Materials	1.2

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Lumentum Holdings, Inc.	5.0
Dave, Inc.	3.0
Ciena Corp.	2.8
Rush Street Interactive, Inc.	2.7
SiTime Corp.	2.7
NPK International, Inc.	2.6
Diodes, Inc.	2.5
Amprius Technologies, Inc.	2.5
Viavi Solutions, Inc.	2.2
Mama's Creations, Inc.	2.1

www.calamos.com

Calamos Timpani Small Cap Growth Fund

Class A: CTASX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Timpani Small Cap Growth Fund

Class C: CTCSX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$112	2.04%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$742,826,978	98	105%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	35.5
Industrials	27.5
Health Care	14.2
Consumer Discretionary	9.6
Financials	7.0
Energy	2.5
Consumer Staples	2.1
Materials	1.2

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Lumentum Holdings, Inc.	5.0
Dave, Inc.	3.0
Ciena Corp.	2.8
Rush Street Interactive, Inc.	2.7
SiTime Corp.	2.7
NPK International, Inc.	2.6
Diodes, Inc.	2.5
Amprius Technologies, Inc.	2.5
Viavi Solutions, Inc.	2.2
Mama's Creations, Inc.	2.1

www.calamos.com

Calamos Timpani Small Cap Growth Fund

Class C: CTCSX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Timpani Small Cap Growth Fund

Class I: CTSIX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$57	1.04%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$742,826,978	98	105%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	35.5
Industrials	27.5
Health Care	14.2
Consumer Discretionary	9.6
Financials	7.0
Energy	2.5
Consumer Staples	2.1
Materials	1.2

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Lumentum Holdings, Inc.	5.0
Dave, Inc.	3.0
Ciena Corp.	2.8
Rush Street Interactive, Inc.	2.7
SiTime Corp.	2.7
NPK International, Inc.	2.6
Diodes, Inc.	2.5
Amprius Technologies, Inc.	2.5
Viavi Solutions, Inc.	2.2
Mama's Creations, Inc.	2.1

www.calamos.com

Calamos Timpani Small Cap Growth Fund

Class I: CTSIX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Timpani Small Cap Growth Fund

Class R6: CTSOX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class R6	$52	0.94%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$742,826,978	98	105%

WHAT DID THE FUND INVEST IN?

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	35.5
Industrials	27.5
Health Care	14.2
Consumer Discretionary	9.6
Financials	7.0
Energy	2.5
Consumer Staples	2.1
Materials	1.2

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Lumentum Holdings, Inc.	5.0
Dave, Inc.	3.0
Ciena Corp.	2.8
Rush Street Interactive, Inc.	2.7
SiTime Corp.	2.7
NPK International, Inc.	2.6
Diodes, Inc.	2.5
Amprius Technologies, Inc.	2.5
Viavi Solutions, Inc.	2.2
Mama's Creations, Inc.	2.1

www.calamos.com

Calamos Timpani Small Cap Growth Fund

Class R6: CTSOX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Timpani SMID Growth Fund

Class A: CTAGX

Semi-Annual Shareholder Report - April 30, 2026

This semi-annual shareholder report contains important information about the Calamos Timpani SMID Growth Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$74	1.35%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$48,858,165	91	98%

WHAT DID THE FUND INVEST IN?

We carefully pick stocks with specific characteristics: most importantly, sustainably fast and underestimated growth. The Fund is designed for investors seeking access to a disciplined strategy that provides exposure to small-to-mid-cap businesses that are, in many cases, in the early stages of their growth trajectory.

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	31.1
Industrials	29.6
Health Care	13.8
Consumer Discretionary	11.9
Financials	7.3
Consumer Staples	1.2
Energy	1.2
Communication Services	0.2

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Lumentum Holdings, Inc.	5.0
Ciena Corp.	3.4
Monolithic Power Systems, Inc.	2.9
Dave, Inc.	2.8
Rush Street Interactive, Inc.	2.6
SiTime Corp.	2.4
Amprius Technologies, Inc.	2.4
XPO, Inc.	2.3
Five Below, Inc.	2.3
MasTec, Inc.	2.2

www.calamos.com

Calamos Timpani SMID Growth Fund

Class A: CTAGX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Timpani SMID Growth Fund

Class I: CTIGX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$60	1.10%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$48,858,165	91	98%

WHAT DID THE FUND INVEST IN?

We carefully pick stocks with specific characteristics: most importantly, sustainably fast and underestimated growth. The Fund is designed for investors seeking access to a disciplined strategy that provides exposure to small-to-mid-cap businesses that are, in many cases, in the early stages of their growth trajectory.

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	31.1
Industrials	29.6
Health Care	13.8
Consumer Discretionary	11.9
Financials	7.3
Consumer Staples	1.2
Energy	1.2
Communication Services	0.2

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Lumentum Holdings, Inc.	5.0
Ciena Corp.	3.4
Monolithic Power Systems, Inc.	2.9
Dave, Inc.	2.8
Rush Street Interactive, Inc.	2.6
SiTime Corp.	2.4
Amprius Technologies, Inc.	2.4
XPO, Inc.	2.3
Five Below, Inc.	2.3
MasTec, Inc.	2.2

www.calamos.com

Calamos Timpani SMID Growth Fund

Class I: CTIGX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Timpani SMID Growth Fund

Class R6: CTOGX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class R6	$58	1.05%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$48,858,165	91	98%

WHAT DID THE FUND INVEST IN?

We carefully pick stocks with specific characteristics: most importantly, sustainably fast and underestimated growth. The Fund is designed for investors seeking access to a disciplined strategy that provides exposure to small-to-mid-cap businesses that are, in many cases, in the early stages of their growth trajectory.

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

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	31.1
Industrials	29.6
Health Care	13.8
Consumer Discretionary	11.9
Financials	7.3
Consumer Staples	1.2
Energy	1.2
Communication Services	0.2

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Lumentum Holdings, Inc.	5.0
Ciena Corp.	3.4
Monolithic Power Systems, Inc.	2.9
Dave, Inc.	2.8
Rush Street Interactive, Inc.	2.6
SiTime Corp.	2.4
Amprius Technologies, Inc.	2.4
XPO, Inc.	2.3
Five Below, Inc.	2.3
MasTec, Inc.	2.2

www.calamos.com

Calamos Timpani SMID Growth Fund

Class R6: CTOGX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Total Return Bond Fund

Class A: CTRAX

Semi-Annual Shareholder Report - April 30, 2026

This semi-annual shareholder report contains important information about the Calamos Total Return Bond Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$45	0.90%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$23,536,029	171	12%

WHAT DID THE FUND INVEST IN?

Through its multi-sector fixed-income strategy, the Fund invests predominantly across government, corporate, and securitized asset classes, aiming to generate high current income and total returns in excess of the benchmark over full market cycles.

Asset allocation weightings and top 10 holdings exclude, if any, cash or cash equivalents or derivatives.

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
U.S. Government and Agency Securities	47.9
Corporate Bonds	46.2
Asset Backed Securities	3.9
Residential Mortgage Backed Securities	0.4

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
U.S. Treasury Notes, 4.000%, 11/15/35	2.6
Federal National Mortgage Association, 6.000%, 03/01/54	2.5
Federal National Mortgage Association, 4.500%, 02/01/53	2.5
Federal National Mortgage Association, 5.500%, 08/01/53	2.5
Federal National Mortgage Association, 2.500%, 07/01/51	2.4
Federal National Mortgage Association, 6.000%, 09/01/53	2.2
U.S. Treasury Bonds, 3.500%, 02/15/39	2.1
U.S. Treasury Notes, 3.750%, 08/31/31	2.1
U.S. Treasury Notes, 3.500%, 11/30/30	2.1
U.S. Treasury Notes, 3.875%, 08/15/34	2.1

www.calamos.com

Calamos Total Return Bond Fund

Class A: CTRAX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Total Return Bond Fund

Class C: CTRCX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$82	1.65%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$23,536,029	171	12%

WHAT DID THE FUND INVEST IN?

Asset allocation weightings and top 10 holdings exclude, if any, cash or cash equivalents or derivatives.

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
U.S. Government and Agency Securities	47.9
Corporate Bonds	46.2
Asset Backed Securities	3.9
Residential Mortgage Backed Securities	0.4

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
U.S. Treasury Notes, 4.000%, 11/15/35	2.6
Federal National Mortgage Association, 6.000%, 03/01/54	2.5
Federal National Mortgage Association, 4.500%, 02/01/53	2.5
Federal National Mortgage Association, 5.500%, 08/01/53	2.5
Federal National Mortgage Association, 2.500%, 07/01/51	2.4
Federal National Mortgage Association, 6.000%, 09/01/53	2.2
U.S. Treasury Bonds, 3.500%, 02/15/39	2.1
U.S. Treasury Notes, 3.750%, 08/31/31	2.1
U.S. Treasury Notes, 3.500%, 11/30/30	2.1
U.S. Treasury Notes, 3.875%, 08/15/34	2.1

www.calamos.com

Calamos Total Return Bond Fund

Class C: CTRCX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Total Return Bond Fund

Class I: CTRIX

Semi-Annual Shareholder Report - April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$32	0.65%^{Footnote Reference(1)}

Footnote	Description
Footnote⁽¹⁾	Annualized.

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate
$23,536,029	171	12%

WHAT DID THE FUND INVEST IN?

Asset allocation weightings and top 10 holdings exclude, if any, cash or cash equivalents or derivatives.

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
U.S. Government and Agency Securities	47.9
Corporate Bonds	46.2
Asset Backed Securities	3.9
Residential Mortgage Backed Securities	0.4

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
U.S. Treasury Notes, 4.000%, 11/15/35	2.6
Federal National Mortgage Association, 6.000%, 03/01/54	2.5
Federal National Mortgage Association, 4.500%, 02/01/53	2.5
Federal National Mortgage Association, 5.500%, 08/01/53	2.5
Federal National Mortgage Association, 2.500%, 07/01/51	2.4
Federal National Mortgage Association, 6.000%, 09/01/53	2.2
U.S. Treasury Bonds, 3.500%, 02/15/39	2.1
U.S. Treasury Notes, 3.750%, 08/31/31	2.1
U.S. Treasury Notes, 3.500%, 11/30/30	2.1
U.S. Treasury Notes, 3.875%, 08/15/34	2.1

www.calamos.com

Calamos Total Return Bond Fund

Class I: CTRIX

Semi-Annual Shareholder Report - April 30, 2026

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

SEMIANNUAL

FINANCIAL

STATEMENTS

AND

OTHER

INFORMATION

April

30,

2026

Visit

www.calamos.com/paperless

enroll.

You

can

view

shareholder

communications,

including

fund

prospectuses

and

other

shareholder

materials.

Family

Funds

TIMELY

INFORMATION

INSIDE

Alternative

Calamos

Market

Neutral

Income

Fund

Calamos

Hedged

Equity

Fund

Calamos

Phineus

Long/Short

Fund

Calamos

Merger

Arbitrage

Fund

Convertible

Calamos

Convertible

Fund

Calamos

Global

Convertible

Fund

Equity

Calamos

Timpani

Small

Cap

Growth

Fund

Calamos

Timpani

SMID

Growth

Fund

Calamos

Growth

Fund

Calamos

Growth

and

Income

Fund

Calamos

Select

Fund

Global

Equity

Calamos

International

Growth

Fund

Calamos

Evolving

World

Growth

Fund

Calamos

Global

Equity

Fund

Calamos

Global

Opportunities

Fund

Calamos

International

Small

Cap

Growth

Fund

Fixed

Income

Calamos

Total

Return

Bond

Fund

Calamos

High

Income

Opportunities

Fund

Calamos

Short-Term

Bond

Fund

Table

Contents

The

Funds

Statements

Assets

and

Liabilities

(unaudited)

Statements

Operations

(unaudited)

Statements

Changes

Net

Assets

Financial

Highlights

Schedules

Investments

(unaudited)

Notes

Financial

Statements

(unaudited)

181

Report

Independent

Registered

Public

Accounting

Firm

213

The

Funds

www.calamos.com

Fund

Class

Calamos

Market

Neutral

Income

Fund

CVSIX

CVSCX

CMNIX

CVSOX

Calamos

Hedged

Equity

Fund

CAHEX

CCHEX

CIHEX

Calamos

Phineus

Long/Short

Fund

CPLSX

CPCLX

CPLIX

Calamos

Merger

Arbitrage

Fund

CMRAX

CMRCX

CMRGX

Calamos

Convertible

Fund

CCVIX

CCVCX

CICVX

Calamos

Global

Convertible

Fund

CAGCX

CCGCX

CXGCX

Calamos

Timpani

Small

Cap

Growth

Fund

CTASX

CTCSX

CTSIX

CTSOX

Calamos

Timpani

SMID

Growth

Fund

CTAGX

CTIGX

CTOGX

Calamos

Growth

Fund

CVGRX

CVGCX

CGRIX

Calamos

Growth

and

Income

Fund

CVTRX

CVTCX

CGIIX

CGIOX

Calamos

Select

Fund

CVAAX

CVACX

CVAIX

Calamos

International

Growth

Fund

CIGRX

CIGCX

CIGIX

CIGOX

Calamos

Evolving

World

Growth

Fund

CNWGX

CNWDX

CNWIX

Calamos

Global

Equity

Fund

CAGEX

CCGEX

CIGEX

CGEOX

Calamos

Global

Opportunities

Fund

CVLOX

CVLCX

CGCIX

Calamos

International

Small

Cap

Growth

Fund

CAISX

CCISX

CSGIX

CISOX

Calamos

Total

Return

Bond

Fund

CTRAX

CTRCX

CTRIX

Calamos

High

Income

Opportunities

Fund

CHYDX

CCHYX

CIHYX

Calamos

Short-Term

Bond

Fund

CSTBX

CSTIX

Statements

Assets

and

Liabilities

April

30,

2026

(unaudited)

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

See

accompanying

Notes

Financial

Statements

CALAMOS

MARKET

NEUTRAL

INCOME

FUND

CALAMOS

HEDGED

EQUITY

FUND

CALAMOS

PHINEUS

LONG/SHORT

FUND

CALAMOS

MERGER

ARBITRAGE

FUND

ASSETS

Investments

securities,

value

18,871,308,485‌

897,080,333‌

1,107,556,793‌

2,495,805‌

Investments

affiliated

funds,

value

335,368,781‌

—‌

Cash

with

custodian

671,316,735‌

4,623,141‌

25,470,652‌

55,800‌

Cash

held

broker

7,375,396‌

30‌

399,597‌

—‌

Restricted

cash

for

short

positions

3,971,285,031‌

—‌

513,150,374‌

277,356‌

Foreign

currency

472,710‌

—‌

Cash

collateral

held

8,100,950‌

—‌

Cash

collateral

segregated

for

over-the-counter

derivatives

5,990,308‌

—‌

Cash

collateral

segregated

for

exchange

traded

derivatives

2,180,000‌

—‌

Foreign

currencies

held

broker

113,075,260‌

—‌

7,356‌

—‌

Unrealized

appreciation

total

return

swaps

5,998,227‌

—‌

Unrealized

appreciation

forward

foreign

currency

contracts

1,073,274‌

—‌

Receivables:

Investments

sold

1,168,530,798‌

—‌

4,355,782‌

—‌

Accrued

interest

and

dividends

30,089,304‌

345,820‌

651,197‌

3,590‌

Fund

sold

13,759,280‌

321,359‌

523,139‌

—‌

Due

from

Investment

adviser

—‌

10,513‌

Prepaid

expenses

1,054‌

—‌

9,558‌

Other

assets

9,536,155‌

—‌

1,367,725‌

228‌

Total

assets

25,215,461,748‌

902,370,683‌

1,653,482,615‌

2,852,850‌

LIABILITIES

Foreign

currency

due

broker,

value

99,423,045‌

—‌

296‌

—‌

Securities

sold

short,

value

4,170,971,715‌

—‌

525,640,588‌

286,440‌

Options

written,

value

1,532,077,763‌

49,928,750‌

8,808,302‌

1,925‌

Collateral

for

securities

loaned

326,057,329‌

6,647,525‌

6,325,659‌

—‌

Cash

due

broker

33,845,125‌

—‌

20,129‌

Restricted

cash

for

short

positions

due

broker

2,019‌

—‌

Cash

collateral

segregated

for

over-the-counter

derivatives—received

5,990,308‌

—‌

Cash

collateral

segregated

for

exchange

traded

derivatives—received

2,180,000‌

—‌

Unrealized

depreciation

total

return

swaps

6,956,225‌

—‌

Unrealized

depreciation

forward

foreign

currency

contracts

270,630‌

—‌

Payables:

Investments

purchased

1,360,969,742‌

—‌

10,704,852‌

43,737‌

Open

swap

contracts

946,511‌

—‌

Fund

redeemed

8,765,559‌

4,204,070‌

754,869‌

—‌

Affiliates:

Investment

advisory

fees

9,329,003‌

505,866‌

1,109,081‌

2,010‌

Distribution

fees

22,529‌

1,276‌

2,169‌

8‌

Deferred

compensation

Trustees

198,532‌

—‌

Trustees’

fees

and

officer

compensation

37,566‌

2,477‌

3,715‌

1,081‌

Other

accounts

payable

and

accrued

liabilities

7,220,836‌

256,608‌

401,535‌

24,604‌

Total

liabilities

7,565,264,437‌

61,546,572‌

553,751,066‌

379,934‌

NET

ASSETS

17,650,197,311‌

840,824,111‌

1,099,731,549‌

2,472,916‌

COMPOSITION

NET

ASSETS

Paid

capital

15,062,638,039‌

544,870,179‌

1,012,425,798‌

2,419,467‌

Accumulated

distributable

earnings

2,587,559,272‌

295,953,932‌

87,305,751‌

53,449‌

NET

ASSETS

17,650,197,311‌

840,824,111‌

1,099,731,549‌

2,472,916‌

www.calamos.com

See

accompanying

Notes

Financial

Statements

Assets

and

Liabilities

April

30,

2026

(unaudited)

CALAMOS

MARKET

NEUTRAL

INCOME

FUND

CALAMOS

HEDGED

EQUITY

FUND

CALAMOS

PHINEUS

LONG/SHORT

FUND

CALAMOS

MERGER

ARBITRAGE

FUND

CLASS

†

Net

assets

applicable

outstanding

877,684,257‌

31,125,567‌

71,863,531‌

124,676‌

outstanding

54,180,616‌

1,576,782‌

4,370,185‌

12,104‌

Net

asset

value

and

redemption

price

per

16.20‌

19.74‌

16.44‌

10.30‌

Maximum

offering

price

per

(Net

asset

value,

plus

4.75%

offering

price)

16.66‌#

20.72‌

17.26‌

10.59‌#

CLASS

†**

Net

assets

applicable

outstanding

191,186,728‌

15,617,013‌

21,400,710‌

114,359‌

outstanding

11,766,951‌

824,139‌

1,378,929‌

11,153‌

Net

asset

value

and

redemption

price

per

16.25‌

18.95‌

15.52‌

10.25‌

CLASS

†

Net

assets

applicable

outstanding

16,091,022,684‌

794,081,531‌

1,006,467,308‌

2,233,881‌

outstanding

1,006,836,763‌

40,110,567‌

60,179,366‌

216,762‌

Net

asset

value

and

redemption

price

per

15.98‌

19.80‌

16.72‌

10.31‌

CLASS

†

Net

assets

applicable

outstanding

490,303,642‌

—‌

outstanding

30,674,936‌

—‌

Net

asset

value

and

redemption

price

per

15.98‌

—‌

Investments

securities,

cost

12,060,152,439‌

493,781,521‌

983,448,677‌

2,470,212‌

Investments

affiliated

funds,

cost

350,000,000‌

—‌

Foreign

currency,

cost

476,072‌

—‌

Foreign

currencies

held

broker,

cost

112,344,552‌

—‌

7,261‌

—‌

Foreign

currency

due

broker,

cost

98,988,494‌

—‌

301‌

—‌

Securities

sold

short,

proceeds

3,147,242,972‌

—‌

463,328,844‌

264,766‌

Options

written,

premium

1,334,048,954‌

32,727,154‌

14,121,621‌

980‌

Includes

securities

loan

428,353,101‌

8,514,902‌

20,022,479‌

—‌

†

par

value;

unlimited

number

authorized.

For

Market

Neutral

Income

Fund

and

Merger

Arbitrage

Fund,

maximum

offering

price

per

Net

asset

value

plus

2.75%

offering

price.

Redemption

price

may

reduced

contingent

deferred

sales

charge.

See

accompanying

Notes

Financial

Statements

Assets

and

Liabilities

April

30,

2026

(unaudited)

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

CALAMOS

CONVERTIBLE

FUND

CALAMOS

GLOBAL

CONVERTIBLE

FUND

CALAMOS

TIMPANI

SMALL

CAP

GROWTH

FUND

CALAMOS

TIMPANI

SMID

GROWTH

FUND

ASSETS

Investments

securities,

value

1,105,538,094‌

171,214,307‌

740,066,998‌

47,033,055‌

Cash

with

custodian

16,968,621‌

2,698,880‌

9,535,011‌

896,569‌

Cash

held

broker

—‌

279‌

—‌

Foreign

currencies

held

broker

—‌

59‌

—‌

Unrealized

appreciation

forward

foreign

currency

contracts

28,244‌

—‌

Receivables:

Accrued

interest

and

dividends

2,278,527‌

438,586‌

4,918‌

2,140‌

Fund

sold

1,027,132‌

111,926‌

662,696‌

1,436,347‌

Investments

sold

1,021,326‌

6,382,183‌

1,655,145‌

328,213‌

Due

from

Investment

adviser

—‌

12‌

2,161‌

6,744‌

Prepaid

expenses

1,910‌

—‌

169‌

5,040‌

Other

assets

204,233‌

—‌

Total

assets

1,127,068,087‌

180,846,232‌

751,927,098‌

49,708,108‌

LIABILITIES

Options

written,

value

674,250‌

—‌

Collateral

for

securities

loaned

52,031,322‌

4,784,270‌

—‌

Cash

due

broker

118‌

—‌

Unrealized

depreciation

forward

foreign

currency

contracts

109,374‌

—‌

Payables:

Investments

purchased

2,512,945‌

1,858,209‌

8,242,212‌

781,882‌

Fund

redeemed

461,452‌

47,434‌

247,999‌

—‌

Affiliates:

Investment

advisory

fees

605,972‌

117,041‌

485,847‌

34,154‌

Distribution

fees

5,295‌

227‌

1,280‌

10‌

Deferred

compensation

Trustees

204,237‌

—‌

Trustees’

fees

and

officer

compensation

2,965‌

1,366‌

1,409‌

1,131‌

Other

accounts

payable

and

accrued

liabilities

301,568‌

68,636‌

121,373‌

32,766‌

Total

liabilities

56,909,498‌

6,877,183‌

9,100,120‌

849,943‌

NET

ASSETS

1,070,158,589‌

173,969,049‌

742,826,978‌

48,858,165‌

COMPOSITION

NET

ASSETS

Paid

capital

784,676,419‌

144,421,832‌

487,416,459‌

28,406,655‌

Accumulated

distributable

earnings

285,482,170‌

29,547,217‌

255,410,519‌

20,451,510‌

NET

ASSETS

1,070,158,589‌

173,969,049‌

742,826,978‌

48,858,165‌

www.calamos.com

See

accompanying

Notes

Financial

Statements

Assets

and

Liabilities

April

30,

2026

(unaudited)

CALAMOS

CONVERTIBLE

FUND

CALAMOS

GLOBAL

CONVERTIBLE

FUND

CALAMOS

TIMPANI

SMALL

CAP

GROWTH

FUND

CALAMOS

TIMPANI

SMID

GROWTH

FUND

CLASS

†

Net

assets

applicable

outstanding

282,172,661‌

8,001,784‌

49,340,906‌

2,192,387‌

outstanding

10,499,334‌

534,862‌

893,309‌

107,040‌

Net

asset

value

and

redemption

price

per

26.88‌

14.96‌

55.23‌

20.48‌

Maximum

offering

price

per

(Net

asset

value,

plus

4.75%

offering

price)

27.50‌#

15.30‌#

57.98‌

21.50‌

CLASS

†**

Net

assets

applicable

outstanding

28,025,850‌

2,175,085‌

12,220,230‌

—‌

outstanding

1,085,577‌

154,507‌

221,279‌

—‌

Net

asset

value

and

redemption

price

per

25.82‌

14.08‌

55.23‌

—‌

CLASS

†

Net

assets

applicable

outstanding

759,960,078‌

163,792,180‌

636,552,850‌

45,720,379‌

outstanding

33,885,156‌

10,866,567‌

11,062,631‌

2,192,287‌

Net

asset

value

and

redemption

price

per

22.43‌

15.07‌

57.54‌

20.86‌

CLASS

†

Net

assets

applicable

outstanding

—‌

44,712,992‌

945,399‌

outstanding

—‌

772,190‌

45,276‌

Net

asset

value

and

redemption

price

per

—‌

57.90‌

20.88‌

—‌

Investments

securities,

cost

899,336,494‌

156,040,371‌

442,369,435‌

29,435,484‌

Foreign

currencies

held

broker,

cost

—‌

54‌

—‌

Options

written,

premium

697,267‌

—‌

Includes

securities

loan

91,610,920‌

12,256,811‌

—‌

†

par

value;

unlimited

number

authorized.

For

Convertible

Fund

and

Global

Convertible

Fund,

maximum

offering

price

per

Net

asset

value

plus

2.25%

offering

price.

Redemption

price

may

reduced

contingent

deferred

sales

charge.

See

accompanying

Notes

Financial

Statements

Assets

and

Liabilities

April

30,

2026

(unaudited)

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

CALAMOS

GROWTH

FUND

CALAMOS

GROWTH

AND

INCOME

FUND

CALAMOS

SELECT

FUND

CALAMOS

INTERNATIONAL

GROWTH

FUND

ASSETS

Investments

securities,

value

1,735,578,821‌

3,317,262,612‌

60,410,599‌

369,726,408‌

Cash

with

custodian

17,779,190‌

102,795,097‌

1,497,918‌

934,693‌

Cash

held

broker

90‌

8,376‌

—‌

1,500‌

Restricted

cash

for

short

positions

—‌

6‌

Restricted

cash

for

open

forward

foreign

currency

contracts

—‌

371,100‌

Foreign

currency

—‌

11,452‌

Unrealized

appreciation

forward

foreign

currency

contracts

—‌

29,823‌

Receivables:

Investments

sold

1,500,622‌

—‌

5,682,776‌

Accrued

interest

and

dividends

217,321‌

3,005,122‌

10,540‌

1,041,493‌

Due

from

Investment

adviser

70,502‌

—‌

17,652‌

126,525‌

Fund

sold

14,817‌

1,599,821‌

83‌

90,520‌

Other

assets

989,947‌

427,460‌

106,129‌

66,800‌

Total

assets

1,756,151,310‌

3,425,098,488‌

62,042,921‌

378,083,096‌

LIABILITIES

Foreign

currency

overdraft,

value

—‌

59‌

—‌

Options

written,

value

—‌

484,488‌

—‌

Collateral

for

securities

loaned

43,994,269‌

50,747,274‌

—‌

43,199,411‌

Unrealized

depreciation

forward

foreign

currency

contracts

—‌

240,768‌

Payables:

Investments

purchased

3,352,351‌

—‌

309,982‌

5,787,047‌

Fund

redeemed

490,417‌

1,236,294‌

10,500‌

15,161,410‌

Affiliates:

Investment

advisory

fees

1,187,037‌

1,788,669‌

48,557‌

289,426‌

Distribution

fees

17,606‌

28,806‌

212‌

844‌

Deferred

compensation

Trustees

989,947‌

427,460‌

106,129‌

66,800‌

Trustees’

fees

and

officer

compensation

6,201‌

8,497‌

1,249‌

1,340‌

Other

accounts

payable

and

accrued

liabilities

493,644‌

800,187‌

41,469‌

110,698‌

Total

liabilities

50,531,472‌

55,521,734‌

518,098‌

64,857,744‌

NET

ASSETS

1,705,619,838‌

3,369,576,754‌

61,524,823‌

313,225,352‌

COMPOSITION

NET

ASSETS

Paid

capital

654,525,025‌

1,499,898,662‌

30,658,686‌

196,351,659‌

Accumulated

distributable

earnings

1,051,094,813‌

1,869,678,092‌

30,866,137‌

116,873,693‌

NET

ASSETS

1,705,619,838‌

3,369,576,754‌

61,524,823‌

313,225,352‌

www.calamos.com

See

accompanying

Notes

Financial

Statements

Assets

and

Liabilities

April

30,

2026

(unaudited)

CALAMOS

GROWTH

FUND

CALAMOS

GROWTH

AND

INCOME

FUND

CALAMOS

SELECT

FUND

CALAMOS

INTERNATIONAL

GROWTH

FUND

CLASS

†

Net

assets

applicable

outstanding

1,256,374,973‌

1,548,401,275‌

14,955,278‌

57,210,313‌

outstanding

25,686,190‌

27,443,105‌

633,457‌

2,212,100‌

Net

asset

value

and

redemption

price

per

48.91‌

56.42‌

23.61‌

25.86‌

Maximum

offering

price

per

(Net

asset

value,

plus

4.75%

offering

price)

51.35‌

59.23‌

24.79‌

27.15‌

CLASS

†**

Net

assets

applicable

outstanding

10,693,700‌

144,132,397‌

184,866‌

1,514,970‌

outstanding

870,848‌

2,567,067‌

10,049‌

75,196‌

Net

asset

value

and

redemption

price

per

12.28‌

56.15‌

18.40‌

20.15‌

CLASS

†

Net

assets

applicable

outstanding

438,551,165‌

1,628,254,910‌

46,384,679‌

242,186,267‌

outstanding

5,443,447‌

30,588,547‌

1,865,327‌

8,858,661‌

Net

asset

value

and

redemption

price

per

80.56‌

53.23‌

24.87‌

27.34‌

CLASS

†

Net

assets

applicable

outstanding

—‌

48,788,172‌

—‌

12,313,802‌

outstanding

—‌

915,655‌

—‌

443,707‌

Net

asset

value

and

redemption

price

per

—‌

53.28‌

—‌

27.75‌

—‌

Investments

securities,

cost

742,389,610‌

1,518,153,682‌

31,586,890‌

267,294,569‌

Foreign

currency,

cost

—‌

11,394‌

Foreign

currency

overdraft,

cost

—‌

59‌

—‌

Options

written,

premium

—‌

151,300‌

—‌

Includes

securities

loan

91,455,669‌

58,077,647‌

—‌

56,905,796‌

†

par

value;

unlimited

number

authorized.

Redemption

price

may

reduced

contingent

deferred

sales

charge.

See

accompanying

Notes

Financial

Statements

Assets

and

Liabilities

April

30,

2026

(unaudited)

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

CALAMOS

EVOLVING

WORLD

GROWTH

FUND

CALAMOS

GLOBAL

EQUITY

FUND

CALAMOS

GLOBAL

OPPORTUNITIES

FUND

CALAMOS

INTERNATIONAL

SMALL

CAP

GROWTH

FUND

ASSETS

Investments

securities,

value

451,447,926‌

186,930,606‌

355,676,184‌

13,192,534‌

Cash

with

custodian

—‌

6,849,687‌

2,001,587‌

401,408‌

Cash

held

broker

387‌

1‌

252,202‌

—‌

Restricted

cash

for

open

forward

foreign

currency

contracts

320,000‌

—‌

Foreign

currency

1,103,128‌

—‌

817‌

Unrealized

appreciation

forward

foreign

currency

contracts

102,834‌

44,675‌

86,676‌

5,849‌

Receivables:

Investments

sold

10,226,779‌

2,173,928‌

4,234,040‌

177,938‌

Accrued

interest

and

dividends

898,366‌

173,881‌

480,996‌

28,668‌

Fund

sold

275,724‌

289,395‌

383,073‌

—‌

Due

from

Investment

adviser

109,755‌

4,960‌

60,258‌

14,417‌

Prepaid

expenses

3,406‌

—‌

610‌

—‌

Other

assets

19,684‌

34,264‌

160,759‌

—‌

Total

assets

464,507,989‌

196,501,397‌

363,336,385‌

13,821,631‌

LIABILITIES

Cash

due

custodian

47,895‌

—‌

Collateral

for

securities

loaned

5,265,667‌

9,828,408‌

11,863,911‌

—‌

Restricted

cash

for

short

positions

—‌

1‌

252,163‌

—‌

Unrealized

depreciation

forward

foreign

currency

contracts

555,978‌

38,870‌

87,981‌

1,342‌

Payables:

Investments

purchased

5,933,146‌

2,630,722‌

341,860‌

129,963‌

Fund

redeemed

552,705‌

437,401‌

103,000‌

73,612‌

Dividends

—‌

5,837‌

Affiliates:

Investment

advisory

fees

381,396‌

146,931‌

274,632‌

9,687‌

Distribution

fees

780‌

522‌

2,324‌

8‌

Deferred

compensation

Trustees

19,684‌

34,264‌

160,759‌

—‌

Trustees’

fees

and

officer

compensation

1,839‌

1,349‌

1,681‌

1,045‌

Other

accounts

payable

and

accrued

liabilities

1,421,180‌

66,780‌

124,108‌

61,173‌

Total

liabilities

14,180,270‌

13,185,248‌

13,212,419‌

282,667‌

NET

ASSETS

450,327,719‌

183,316,149‌

350,123,966‌

13,538,964‌

COMPOSITION

NET

ASSETS

Paid

capital

281,562,505‌

109,326,917‌

229,421,314‌

10,089,426‌

Accumulated

distributable

earnings

168,765,214‌

73,989

,232‌

120,702,652‌

3,449,538‌

NET

ASSETS

450,327,719‌

183,316

,149‌

350,123,966‌

13,538,964‌

www.calamos.com

See

accompanying

Notes

Financial

Statements

Assets

and

Liabilities

April

30,

2026

(unaudited)

CALAMOS

EVOLVING

WORLD

GROWTH

FUND

CALAMOS

GLOBAL

EQUITY

FUND

CALAMOS

GLOBAL

OPPORTUNITIES

FUND

CALAMOS

INTERNATIONAL

SMALL

CAP

GROWTH

FUND

CLASS

†

Net

assets

applicable

outstanding

41,261,323‌

33,838,395‌

109,766,839‌

566,635‌

outstanding

1,407,458‌

1,802,846‌

7,677,680‌

39,679‌

Net

asset

value

and

redemption

price

per

29.32‌

18.77‌

14.30‌

14.28‌

Maximum

offering

price

per

(Net

asset

value,

plus

4.75%

offering

price)

30.78‌

19.71‌

15.01‌

14.99‌

CLASS

†**

Net

assets

applicable

outstanding

4,092,130‌

1,270,848‌

15,585,001‌

14,063‌

outstanding

154,257‌

93,265‌

1,357,971‌

1,009‌

Net

asset

value

and

redemption

price

per

26.53‌

13.63‌

11.48‌

13.94‌

CLASS

†

Net

assets

applicable

outstanding

404,974,266‌

148,009,634‌

224,772,126‌

12,943,581‌

outstanding

13,623,363‌

7,324,225‌

14,964,095‌

900,278‌

Net

asset

value

and

redemption

price

per

29.73‌

20.21‌

.02‌

14.38‌

CLASS

†

Net

assets

applicable

outstanding

—‌

197,272‌

—‌

14,685‌

outstanding

—‌

9,742‌

—‌

1,020‌

Net

asset

value

and

redemption

price

per

—‌

20.25‌

—‌

14.39‌

—‌

Investments

securities,

cost

275,201,591‌

116,252,574‌

240,564,610‌

9,743,502‌

Foreign

currency,

cost

1,103,128‌

—‌

818‌

Includes

securities

loan

16,428,841‌

18,876,775‌

26,545,563‌

—‌

†

par

value;

unlimited

number

authorized.

Redemption

price

may

reduced

contingent

deferred

sales

charge.

See

accompanying

Notes

Financial

Statements

Assets

and

Liabilities

April

30,

2026

(unaudited)

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

CALAMOS

TOTAL

RETURN

BOND

FUND

CALAMOS

HIGH

INCOME

OPPORTUNITIES

FUND

CALAMOS

SHORT-

TERM

BOND

FUND

ASSETS

Investments

securities,

value

23,472,469‌

22,882,364‌

422,292,710‌

Cash

with

custodian

176,415‌

1,854,135‌

11,237,864‌

Restricted

cash

for

futures

54,460‌

—‌

407,000‌

Variation

margin

open

futures

contracts

—‌

525,865‌

Receivables:

Accrued

interest

and

dividends

196,225‌

300,021‌

3,347,508‌

Due

from

Investment

adviser

9,565‌

13,811‌

—‌

Fund

sold

1,428‌

2,688‌

50,129‌

Investments

sold

—‌

138,649‌

500,000‌

Prepaid

expenses

212‌

621‌

4,696‌

Other

assets

38,555‌

116,954‌

—‌

Total

assets

23,949,329‌

25,309,243‌

438,365,772‌

LIABILITIES

Collateral

for

securities

loaned

295,000‌

1,910,317‌

16,734,068‌

Variation

margin

open

futures

contracts

—‌

421,872‌

Payables:

Investments

purchased

—‌

392,531‌

4,295,530‌

Fund

redeemed

26,908‌

38,095‌

56,424‌

Dividends

11,992‌

4,954‌

1,409,420‌

Affiliates:

Investment

advisory

fees

8,778‌

11,063‌

102,444‌

Distribution

fees

136‌

234‌

86‌

Deferred

compensation

Trustees

38,555‌

116,954‌

—‌

Trustees’

fees

and

officer

compensation

1,184‌

1,251‌

1,958‌

Other

accounts

payable

and

accrued

liabilities

30,747‌

38,497‌

82,602‌

Total

liabilities

413,300‌

2,513,896‌

23,104,404‌

NET

ASSETS

23,536,029‌

22,795,347‌

415,261,368‌

COMPOSITION

NET

ASSETS

Paid

capital

28,731,307‌

37,093,015‌

430,997,676‌

Accumulated

distributable

(loss)

(5,195,278‌)

(14,297,668‌)

(15,736,308‌)

NET

ASSETS

23,536,029‌

22,795,347‌

415,261,368‌

CLASS

†

Net

assets

applicable

outstanding

8,865,273‌

14,345,719‌

6,312,069‌

outstanding

982,032‌

1,848,542‌

660,198‌

Net

asset

value

and

redemption

price

per

9.03‌

7.76‌

9.56‌

Maximum

offering

price

per

(Net

asset

value,

plus

4.75%

offering

price)

9.24‌#

7.94‌#

9.78‌#

CLASS

†**

Net

assets

applicable

outstanding

271,075‌

679,107‌

—‌

outstanding

30,042‌

80,694‌

—‌

Net

asset

value

and

redemption

price

per

9.02‌

8.42‌

—‌

CLASS

†

Net

assets

applicable

outstanding

14,399,681‌

7,770,521‌

408,949,299‌

outstanding

1,594,505‌

1,000,994‌

42,810,821‌

Net

asset

value

and

redemption

price

per

9.03‌

7.76‌

9.55‌

—‌

Investments

securities,

cost

25,214,679‌

23,263,429‌

421,119,735‌

Includes

securities

loan

762,700‌

2,074,491‌

27,898,279‌

†

par

value;

unlimited

number

authorized.

For

Total

Return

Bond

Fund,

High

Income

Opportunities

Fund,

and

Short-Term

Bond

Fund,

maximum

offering

price

per

Net

asset

value

plus

2.25%

offering

price.

Redemption

price

may

reduced

contingent

deferred

sales

charge.

Statements

Operations

Six

Months

Ended

April

30,

2026

(unaudited)

www.calamos.com

See

accompanying

Notes

Financial

Statements

CALAMOS

MARKET

NEUTRAL

INCOME

FUND

CALAMOS

HEDGED

EQUITY

FUND

CALAMOS

PHINEUS

LONG/SHORT

FUND

CALAMOS

MERGER

ARBITRAGE

FUND

INVESTMENT

INCOME

Interest

49,053,403‌

245,817‌

1,161,983‌

8,920‌

Interest

short

sales

59,649,155‌

—‌

10,628,009‌

5,613‌

(Amortization)/accretion

investment

securities

(29,885,406‌)

—‌

(194‌)

Dividends

84,516,794‌

4,720,490‌

5,577,864‌

20,804‌

Dividends

from

affiliated

funds

7,525,170‌

—‌

Dividend

taxes

withheld

(130,267‌)

(1,537‌)

—‌

Securities

lending

income,

net

fees

596,070‌

8,789‌

31,322‌

—‌

Total

investment

income

171,324,919‌

4,973,559‌

17,399,178‌

35,143‌

EXPENSES

Investment

advisory

fees

55,669,845‌

2,930,972‌

6,834,743‌

13,074‌

Distribution

fees

–‌

Class

1,075,911‌

36,316‌

90,143‌

145‌

Class

974,187‌

74,055‌

115,995‌

560‌

Dividend

interest

expense

short

positions

18,456,788‌

—‌

4,129,348‌

4,273‌

Transfer

agent

fees

7,779,068‌

365,692‌

531,775‌

5,099‌

Fund

administration

fees

446,604‌

20,190‌

29,945‌

74‌

Accounting

fees

426,447‌

26,916‌

33,009‌

3,816‌

Trustees’

fees

and

officer

compensation

422,212‌

24,072‌

32,841‌

4,981‌

Printing

and

mailing

fees

396,913‌

33,069‌

39,843‌

5,356‌

Legal

fees

368,839‌

20,306‌

37,737‌

4,879‌

Tax

fees

261,953‌

12,127‌

19,691‌

791‌

Audit

fees

185,905‌

13,452‌

17,373‌

5,066‌

Custodian

fees

123,476‌

9,014‌

60,189‌

1,490‌

Registration

fees

102,453‌

33,116‌

33,152‌

21,994‌

Other

250,083‌

18,842‌

23,228‌

9,629‌

Total

expenses

86,940,684‌

3,618,139‌

12,029,012‌

81,227‌

Less

expense

reductions

(501,985‌)

—‌

(59,905‌)

Net

expenses

86,438,699‌

3,618,139‌

12,029,012‌

21,322‌

NET

INVESTMENT

INCOME

84,886,220‌

1,355,420‌

5,370,166‌

13,821‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments,

excluding

purchased

options

703,608,864‌

376,789‌

120,777,072‌

74,093‌

Purchased

options

(121,646,686‌)

1,662,219‌

(61,340,336‌)

—‌

Foreign

currency

transactions

(966,182‌)

—‌

101,970‌

—‌

Forward

foreign

currency

contracts

3,296,098‌

—‌

Written

options

(214,207,913‌)

11,315,921‌

47,443,987‌

1,664‌

Short

positions

(299,152,102‌)

—‌

(5,381,291‌)

(29,697‌)

Total

return

swaps

26,456,296‌

—‌

Change

net

unrealized

appreciation

(depreciation)

on:

Investments,

excluding

purchased

options

489,707,081‌

41,416,067‌

(76,596,956‌)

14,127‌

Affiliated

funds

(5,590,925‌)

—‌

Purchased

options

1,604,038‌

(15,121,822‌)

(3,692,793‌)

—‌

Foreign

currency

translations

3,933,787‌

—‌

6,668‌

—‌

Forward

foreign

currency

contracts

(4,129,014‌)

—‌

Written

options

19,527,532‌

(13,859,731‌)

16,982,000‌

(962‌)

Short

positions

(253,964,168‌)

—‌

(43,462,545‌)

2,539‌

Total

return

swaps

(6,793,060‌)

—‌

NET

GAIN

(LOSS)

341,683,646‌

25,789,443‌

(5,162,224‌)

61,764‌

NET

INCREASE

NET

ASSETS

RESULTING

FROM

OPERATIONS

426,569,866‌

27,144,863‌

207,942‌

75,585‌

See

accompanying

Notes

Financial

Statements

Operations

Six

Months

Ended

April

30,

2026

(unaudited)

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

CALAMOS

CONVERTIBLE

FUND

CALAMOS

GLOBAL

CONVERTIBLE

FUND

CALAMOS

TIMPANI

SMALL

CAP

GROWTH

FUND

CALAMOS

TIMPANI

SMID

GROWTH

FUND

INVESTMENT

INCOME

Interest

4,376,003‌

868,350‌

112,810‌

8,096‌

(Amortization)/accretion

investment

securities

(6,595,884‌)

(283,745‌)

—‌

Dividends

2,764,449‌

324,981‌

572,923‌

38,756‌

Dividend

taxes

withheld

—‌

(6,313‌)

—‌

(44‌)

Securities

lending

income,

net

fees

42,888‌

10,092‌

—‌

Total

investment

income

587,456‌

913,365‌

685,733‌

46,808‌

EXPENSES

Investment

advisory

fees

3,377,713‌

669,879‌

2,738,905‌

185,311‌

Distribution

fees

–‌

Class

324,345‌

9,679‌

51,823‌

765‌

Class

129,393‌

11,100‌

45,413‌

—‌

Transfer

agent

fees

429,831‌

78,637‌

311,569‌

12,845‌

Printing

and

mailing

fees

33,485‌

13,006‌

20,879‌

5,854‌

Accounting

fees

28,134‌

11,349‌

22,990‌

6,986‌

Trustees’

fees

and

officer

compensation

27,066‌

8,728‌

18,957‌

5,824‌

Registration

fees

26,300‌

23,347‌

39,851‌

22,412‌

Fund

administration

fees

23,529‌

4,084‌

14,376‌

968‌

Legal

fees

22,800‌

7,960‌

14,403‌

5,710‌

Audit

fees

14,831‌

6,889‌

10,867‌

5,441‌

Tax

fees

14,267‌

3,192‌

9,702‌

583‌

Custodian

fees

8,406‌

3,459‌

16,420‌

7,246‌

Other

16,247‌

6,792‌

9,917‌

4,689‌

Total

expenses

4,476,347‌

858,101‌

3,326,072‌

264,634‌

Less

expense

reductions

—‌

(12‌)

(13,526‌)

(49,492‌)

Net

expenses

4,476,347‌

858,089‌

3,312,546‌

215,142‌

NET

INVESTMENT

INCOME

(LOSS)

(3,888,891‌)

55,276‌

(2,626,813‌)

(168,334‌)

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments,

excluding

purchased

options

90,489,559‌

15,608,228‌

30,211,397‌

3,326,614‌

Purchased

options

4,079,100‌

(182,608‌)

—‌

Foreign

currency

transactions

(5,578‌)

15,255‌

—‌

Forward

foreign

currency

contracts

107,810‌

—‌

Change

net

unrealized

appreciation

(depreciation)

on:

Investments,

excluding

purchased

options

27,155,942‌

(2,170,117‌)

105,307,613‌

4,940,383‌

Purchased

options

1,047,018‌

(462,306‌)

—‌

Foreign

currency

translations

—‌

(146‌)

—‌

Forward

foreign

currency

contracts

(70,156‌)

—‌

Written

options

23,017‌

—‌

NET

GAIN

122,826,712‌

12,808,306‌

135,519,010‌

8,266,997‌

NET

INCREASE

NET

ASSETS

RESULTING

FROM

OPERATIONS

118,937,821‌

12,863,582‌

132,892,197‌

8,098,663‌

www.calamos.com

See

accompanying

Notes

Financial

Statements

Operations

Six

Months

Ended

April

30,

2026

(unaudited)

CALAMOS

GROWTH

FUND

CALAMOS

GROWTH

AND

INCOME

FUND

CALAMOS

SELECT

FUND

CALAMOS

INTERNATIONAL

GROWTH

FUND

INVESTMENT

INCOME

Interest

155,218‌

5,808,894‌

18,395‌

55,359‌

Interest

short

sales

56‌

—‌

(Amortization)/accretion

investment

securities

—‌

(5,522,313‌)

—‌

Dividends

3,014,012‌

14,459,315‌

244,857‌

2,344,149‌

Dividend

taxes

withheld

(28,061‌)

(12,243‌)

(225‌)

(10,496‌)

Securities

lending

income,

net

fees

62,654‌

112,454‌

331‌

50,432‌

Total

investment

income

3,203,879‌

14,846,107‌

263,358‌

2,439,444‌

EXPENSES

Investment

advisory

fees

7,283,343‌

10,762,580‌

298,182‌

1,423,425‌

Performance

fees

—‌

157,275‌

Distribution

fees

–‌

Class

1,517,893‌

1,858,973‌

18,332‌

64,118‌

Class

54,143‌

682,340‌

972‌

7,067‌

Transfer

agent

fees

669,719‌

1,177,789‌

14,908‌

152,347‌

Legal

fees

156,760‌

67,460‌

6,212‌

30,187‌

Printing

and

mailing

fees

52,286‌

70,576‌

6,012‌

12,791‌

Trustees’

fees

and

officer

compensation

46,834‌

84,301‌

6,425‌

11,550‌

Fund

administration

fees

45,116‌

84,727‌

1,622‌

7,162‌

Accounting

fees

44,252‌

79,580‌

8,053‌

15,009‌

Registration

fees

30,097‌

45,467‌

22,051‌

30,419‌

Tax

fees

29,703‌

50,336‌

936‌

17,372‌

Audit

fees

23,528‌

39,549‌

5,725‌

7,937‌

Custodian

fees

14,472‌

32,516‌

1,179‌

44,545‌

Other

26,578‌

48,753‌

5,243‌

8,069‌

Total

expenses

9,994,724‌

15,084,947‌

395,852‌

1,989,273‌

Less

expense

reductions

(70,502‌)

—‌

(108,185‌)

(573,429‌)

Net

expenses

9,924,222‌

15,084,947‌

287,667‌

1,415,844‌

NET

INVESTMENT

INCOME

(LOSS)

(6,720,343‌)

(238,840‌)

(24,309‌)

1,023,600‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments,

excluding

purchased

options

93,486,873‌

140,370,655‌

2,207,649‌

18,030,083‌

(a)

Purchased

options

1,993,039‌

500,558‌

—‌

(3,810,870‌)

Foreign

currency

transactions

—‌

46,677‌

—‌

31,334‌

Forward

foreign

currency

contracts

—‌

145,138‌

Written

options

446,737‌

(805,550‌)

—‌

458,991‌

Change

net

unrealized

appreciation

(depreciation)

on:

Investments,

excluding

purchased

options

(65,108,956‌)

53,210,588‌

(b)

(1,288,544‌)

26,187,528‌

(c)

Purchased

options

32,943‌

(5,177,535‌)

—‌

16,490‌

Foreign

currency

translations

510‌

2,378‌

—‌

30,719‌

Forward

foreign

currency

contracts

—‌

262,238‌

Written

options

(7,154‌)

(421,194‌)

—‌

NET

GAIN

30,843,992‌

187,726,577‌

919,105‌

41,351,651‌

NET

INCREASE

NET

ASSETS

RESULTING

FROM

OPERATIONS

24,123,649‌

187,487,737‌

894,796‌

42,375,251‌

(a)

Net

foreign

capital

gains

tax

$64,273.

(b)

Change

unrealized

appreciation/(depreciation)

Investments,

excluding

purchased

options

consists

$13,094,850,

which

were

adjusted

connection

with

the

reorganization

the

Calamos

Dividend

Growth

Fund.

(c)

Net

change

deferred

capital

gains

tax

$124,329.

See

accompanying

Notes

Financial

Statements

Operations

Six

Months

Ended

April

30,

2026

(unaudited)

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

CALAMOS

EVOLVING

WORLD

GROWTH

FUND

CALAMOS

GLOBAL

EQUITY

FUND

CALAMOS

GLOBAL

OPPORTUNITIES

FUND

CALAMOS

INTERNATIONAL

SMALL

CAP

GROWTH

FUND

INVESTMENT

INCOME

Interest

70,196‌

65,778‌

597,706‌

6,143‌

(Amortization)/accretion

investment

securities

(984,051‌)

1,865‌

(943,088‌)

—‌

Dividends

2,885,195‌

933,665‌

1,536,747‌

71,190‌

Dividend

taxes

withheld

(321,926‌)

(79,166‌)

(107,907‌)

(9,200‌)

Securities

lending

income,

net

fees

163,448‌

17,337‌

13,532‌

—‌

Total

investment

income

1,812,862‌

939,479‌

1,096,990‌

68,133‌

EXPENSES

Investment

advisory

fees

2,197,227‌

818,287‌

1,596,213‌

45,317‌

Performance

fees

—‌

43,188‌

—‌

Distribution

fees

–‌

Class

44,783‌

38,597‌

127,853‌

563‌

Class

17,646‌

5,818‌

70,111‌

59‌

Transfer

agent

fees

249,525‌

42,456‌

156,404‌

6,750‌

Custodian

fees

145,584‌

13,108‌

18,810‌

10,108‌

Registration

fees

26,853‌

28,371‌

25,664‌

28,615‌

Printing

and

mailing

fees

24,072‌

8,239‌

16,763‌

5,505‌

Tax

fees

22,552‌

12,940‌

15,232‌

13,160‌

Accounting

fees

16,201‌

12,242‌

14,588‌

4,260‌

Trustees’

fees

and

officer

compensation

14,492‌

8,858‌

12,657‌

5,086‌

Legal

fees

13,118‌

8,041‌

11,036‌

5,164‌

Fund

administration

fees

10,476‌

4,187‌

8,237‌

187‌

Audit

fees

9,361‌

6,760‌

8,374‌

5,111‌

Other

9,402‌

6,653‌

8,269‌

7,130‌

Total

expenses

2,801,292‌

1,057,745‌

2,090,211‌

137,015‌

Less

expense

reductions

(641,712‌)

(72,353‌)

(344,027‌)

(83,930‌)

Net

expenses

2,159,580‌

985,392‌

1,746,184‌

53,085‌

NET

INVESTMENT

INCOME

(LOSS)

(346,718‌)

(45,913‌)

(649,194‌)

15,048‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments,

excluding

purchased

options

39,048,147‌

(a)

5,054,710‌

10,497,255‌

(a)

97,374‌

(a)

Purchased

options

(6,988,635‌)

(24,030‌)

491,083‌

(7,055‌)

Foreign

currency

transactions

(230,074‌)

(46,663‌)

100,263‌

(2,046‌)

Forward

foreign

currency

contracts

804,966‌

245,328‌

(101,618‌)

(40,612‌)

Written

options

1,174,417‌

—‌

5,034‌

—‌

Change

net

unrealized

appreciation

(depreciation)

on:

Investments,

excluding

purchased

options

69,634,089‌

(b)

9,7

242‌

(b)

17,151,205‌

(b)

1,916,224‌

(b)

Purchased

options

(4,643,840‌)

(758,240‌)

(1,657,213‌)

(11,147‌)

Foreign

currency

translations

(40,820‌)

6,726‌

5,309‌

1,264‌

Forward

foreign

currency

contracts

(442,663‌)

104,325‌

476,950‌

31,138‌

NET

GAIN

98,315,587‌

14,

319

398‌

26,968,268‌

1,985,140‌

NET

INCREASE

NET

ASSETS

RESULTING

FROM

OPERATIONS

97,968,869‌

14,2

485‌

26,319,074‌

2,000,188‌

(a)

Net

foreign

capital

gains

tax

$438,894,

and

$(4,908).

(b)

Net

change

deferred

capital

gains

tax

$(244,794),

$23,804,

$34,958

and

$(23,596).

www.calamos.com

See

accompanying

Notes

Financial

Statements

Operations

Six

Months

Ended

April

30,

2026

(unaudited)

CALAMOS

TOTAL

RETURN

BOND

FUND

CALAMOS

HIGH

INCOME

OPPORTUNITIES

FUND

CALAMOS

SHORT-

TERM

BOND

FUND

INVESTMENT

INCOME

Interest

526,447‌

812,798‌

9,578,169‌

(Amortization)/accretion

investment

securities

7,874‌

9,993‌

411,606‌

Dividends

—‌

7,680‌

—‌

Securities

lending

income,

net

fees

516‌

6,100‌

19,504‌

Total

investment

income

534,837‌

836,571‌

10,009,279‌

EXPENSES

Investment

advisory

fees

56,336‌

74,740‌

617,679‌

Distribution

fees

–‌

Class

11,561‌

20,276‌

7,807‌

Class

1,344‌

2,611‌

—‌

Registration

fees

22,191‌

24,026‌

18,184‌

Transfer

agent

fees

15,982‌

19,169‌

41,303‌

Accounting

fees

10,366‌

17,495‌

23,334‌

Printing

and

mailing

fees

6,804‌

7,265‌

7,498‌

Legal

fees

5,912‌

5,732‌

13,139‌

Audit

fees

5,604‌

5,610‌

9,706‌

Trustees’

fees

and

officer

compensation

5,587‌

5,692‌

15,031‌

Custodian

fees

1,063‌

2,309‌

4,729‌

Fund

administration

fees

758‌

934‌

10,698‌

Tax

fees

412‌

479‌

7,082‌

Other

6,344‌

11,314‌

13,186‌

Total

expenses

150,264‌

197,652‌

789,376‌

Less

expense

reductions

(55,985‌)

(81,341‌)

—‌

Net

expenses

94,279‌

116,311‌

789,376‌

NET

INVESTMENT

INCOME

440,558‌

720,260‌

9,219,903‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

(303,700‌)

(378,197‌)

194,319‌

Futures

contracts

2,153‌

—‌

117,875‌

Change

net

unrealized

appreciation

(depreciation)

on:

Investments

(4,248‌)

246,502‌

(2,654,662‌)

Futures

contracts

(2,607‌)

—‌

(448,657‌)

NET

(LOSS)

(308,402‌)

(131,695‌)

(2,791,125‌)

NET

INCREASE

NET

ASSETS

RESULTING

FROM

OPERATIONS

132,156‌

588,565‌

6,428,778‌

Statements

Changes

Net

Assets

April

30,

2026

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

See

accompanying

Notes

Financial

Statements

CALAMOS

MARKET

NEUTRAL

INCOME

FUND

CALAMOS

HEDGED

EQUITY

FUND

CALAMOS

PHINEUS

LONG/SHORT

FUND

(UNAUDITED)

SIX

MONTHS

ENDED

APRIL

30,

2026

YEAR

ENDED

OCTOBER

31,

2025

(UNAUDITED)

SIX

MONTHS

ENDED

APRIL

30,

2026

YEAR

ENDED

OCTOBER

31,

2025

(UNAUDITED)

SIX

MONTHS

ENDED

APRIL

30,

2026

YEAR

ENDED

OCTOBER

31,

2025

OPERATIONS

Net

investment

income

84,886,220‌

235,782,491‌

1,355,420‌

2,942,059‌

5,370,166‌

17,013,573‌

Net

realized

gain

(loss)

97,388,375‌

(888,759,745‌)

13,354,929‌

(19,962,481‌)

101,601,402‌

42,853,855‌

Change

unrealized

appreciation/(depreciation)

244,295,271‌

1,811,040,471‌

12,434,514‌

109,176,905‌

(106,763,626‌)

30,221,848‌

Net

increase

net

assets

resulting

from

operations

426,569,866‌

1,158,063,217‌

27,144,863‌

92,156,483‌

207,942‌

90,089,276‌

DISTRIBUTIONS

SHAREHOLDERS

Class

(8,593,475‌)

(14,526,531‌)

(38,272‌)

(64,445‌)

(3,712,141‌)

(4,130,897‌)

Class

(1,465,871‌)

(2,010,046‌)

—‌

(4,955‌)

(1,098,245‌)

(1,856,238‌)

Class

(173,530,795‌)

(274,410,530‌)

(1,444,861‌)

(3,019,448‌)

(55,054,881‌)

(60,334,647‌)

Class

(5,481,399‌)

(5,148,753‌)

—‌

Total

distributions

(189,071,540‌)

(296,095,860‌)

(1,483,133‌)

(3,088,848‌)

(59,865,267‌)

(66,321,782‌)

CAPITAL

TRANSACTIONS

419,794,688‌

1,055,700,691‌

36,075,321‌

(7,176,955‌)

26,497,627‌

65,294,070‌

TOTAL

INCREASE

(DECREASE)

NET

ASSETS

657,293,014‌

1,917,668,048‌

61,737,051‌

81,890,680‌

(33,159,698‌)

89,061,564‌

NET

ASSETS

Beginning

period

16,992,904,297‌

15,075,236,249‌

779,087,060‌

697,196,380‌

1,132,891,247‌

1,043,829,683‌

End

period

17,650,197,311‌

16,992,904,297‌

840,824,111‌

779,087,060‌

1,099,731,549‌

1,132,891,247‌

www.calamos.com

See

accompanying

Notes

Financial

Statements

Changes

Net

Assets

April

30,

2026

CALAMOS

MERGER

ARBITRAGE

FUND

CALAMOS

CONVERTIBLE

FUND

CALAMOS

GLOBAL

CONVERTIBLE

FUND

(UNAUDITED)

SIX

MONTHS

ENDED

APRIL

30,

2026

YEAR

ENDED

OCTOBER

31,

2025

(UNAUDITED)

SIX

MONTHS

ENDED

APRIL

30,

2026

YEAR

ENDED

OCTOBER

31,

2025

(UNAUDITED)

SIX

MONTHS

ENDED

APRIL

30,

2026

YEAR

ENDED

OCTOBER

31,

2025

OPERATIONS

Net

investment

income

(loss)

13,821‌

8,484‌

(3,888,891‌)

(6,786,436‌)

55,276‌

125,005‌

Net

realized

gain

46,060‌

191,283‌

94,670,891‌

116,964,010‌

15,440,875‌

14,152,110‌

Change

unrealized

appreciation/(depreciation)

15,704‌

44,437‌

28,155,821‌

73,264,689‌

(2,632,569‌)

13,349,013‌

Net

increase

net

assets

resulting

from

operations

75,585‌

244,204‌

118,937,821‌

183,442,263‌

12,863,582‌

27,626,128‌

DISTRIBUTIONS

SHAREHOLDERS

Class

(8,004‌)

(3,252‌)

(22,962,864‌)

(3,229,355‌)

(368,519‌)

(6,268‌)

Class

(7,237‌)

(1,945‌)

(2,323,894‌)

(209,531‌)

(108,713‌)

—‌

Class

(184,742‌)

(55,048‌)

(67,542,784‌)

(11,008,878‌)

(7,030,812‌)

(243,898‌)

Total

distributions

(199,983‌)

(60,245‌)

(92,829,542‌)

(14,447,764‌)

(7,508,044‌)

(250,166‌)

CAPITAL

TRANSACTIONS

(243,911‌)

560,287‌

115,529,004‌

(111,682,085‌)

9,541,640‌

3,890,196‌

TOTAL

INCREASE

(DECREASE)

NET

ASSETS

(368,309‌)

744,246‌

141,637,283‌

57,312,414‌

14,897,178‌

31,266,158‌

NET

ASSETS

Beginning

period

2,841,225‌

2,096,979‌

928,521,306‌

871,208,892‌

159,071,871‌

127,805,713‌

End

period

2,472,916‌

2,841,225‌

1,070,158,589‌

928,521,306‌

173,969,049‌

159,071,871‌

See

accompanying

Notes

Financial

Statements

Changes

Net

Assets

April

30,

2026

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

CALAMOS

TIMPANI

SMALL

CAP

GROWTH

FUND

CALAMOS

TIMPANI

SMID

GROWTH

FUND

CALAMOS

GROWTH

FUND

(UNAUDITED)

SIX

MONTHS

ENDED

APRIL

30,

2026

YEAR

ENDED

OCTOBER

31,

2025

(UNAUDITED)

SIX

MONTHS

ENDED

APRIL

30,

2026

YEAR

ENDED

OCTOBER

31,

2025

(UNAUDITED)

SIX

MONTHS

ENDED

APRIL

30,

2026

YEAR

ENDED

OCTOBER

31,

2025

OPERATIONS

Net

investment

(loss)

(2,626,813‌)

(3,458,347‌)

(168,334‌)

(284,757‌)

(6,720,343‌)

(11,747,950‌)

Net

realized

gain

30,211,397‌

27,305,125‌

3,326,614‌

2,313,665‌

95,926,649‌

130,284,061‌

Change

unrealized

appreciation/(depreciation)

105,307,613‌

102,672,574‌

4,940,383‌

5,860,209‌

(65,082,657‌)

259,844,728‌

Net

increase

net

assets

resulting

from

operations

132,892,197‌

126,519,352‌

8,098,663‌

7,889,117‌

24,123,649‌

378,380,839‌

DISTRIBUTIONS

SHAREHOLDERS

Class

—‌

(667,937‌)

(26,206‌)

(10,262‌)

(103,129,660‌)

(76,755,481‌)

Class

—‌

(106,506‌)

—‌

(2,957,984‌)

(1,928,971‌)

Class

—‌

(9,011,089‌)

(1,597,593‌)

(751,396‌)

(21,490,034‌)

(15,327,414‌)

Class

—‌

(778,825‌)

(34,562‌)

(15,203‌)

—‌

Total

distributions

—‌

(10,564,357‌)

(1,658,361‌)

(776,861‌)

(127,577,678‌)

(94,011,866‌)

CAPITAL

TRANSACTIONS

53,683,312‌

92,923,838‌

5,195,992‌

3,860,220‌

47,207,695‌

(57,474,612‌)

TOTAL

INCREASE

(DECREASE)

NET

ASSETS

186,575,509‌

208,878,833‌

11,636,294‌

10,972,476‌

(56,246,334‌)

226,894,361‌

NET

ASSETS

Beginning

period

556,251,469‌

347,372,636‌

37,221,871‌

26,249,395‌

1,761,866,172‌

1,534,971,811‌

End

period

742,826,978‌

556,251,469‌

48,858,165‌

37,221,871‌

1,705,619,838‌

1,761,866,172‌

www.calamos.com

See

accompanying

Notes

Financial

Statements

Changes

Net

Assets

April

30,

2026

CALAMOS

GROWTH

AND

INCOME

FUND

CALAMOS

SELECT

FUND

(UNAUDITED)

SIX

MONTHS

ENDED

APRIL

30,

2026

YEAR

ENDED

OCTOBER

31,

2025

(UNAUDITED)

SIX

MONTHS

ENDED

APRIL

30,

2026

YEAR

ENDED

OCTOBER

31,

2025

OPERATIONS

Net

investment

income

(loss)

(238,840‌)

901,855‌

(24,309‌)

17,381‌

Net

realized

gain

140,112,340‌

227,897,724‌

2,207,649‌

3,234,405‌

Change

unrealized

appreciation/(depreciation)

47,614,237‌

370,732,033‌

(1,288,544‌)

7,625,306‌

Net

increase

net

assets

resulting

from

operations

187,487,737‌

599,531,612‌

894,796‌

10,877,092‌

DISTRIBUTIONS

SHAREHOLDERS

Class

(102,638,893‌)

(64,575,354‌)

(788,624‌)

(1,034,032‌)

Class

(9,066,433‌)

(4,657,369‌)

(14,385‌)

(30,129‌)

Class

(111,416,519‌)

(67,881,543‌)

(2,316,516‌)

(2,934,025‌)

Class

(3,349,366‌)

(1,963,529‌)

—‌

Total

distributions

(226,471,211‌)

(139,077,795‌)

(3,119,525‌)

(3,998,186‌)

CAPITAL

TRANSACTIONS

122,430,929‌

(7,288,942‌)

880,586‌

(107,176‌)

TOTAL

INCREASE

(DECREASE)

NET

ASSETS

83,447,455‌

453,164,875‌

(1,344,143‌)

6,771,730‌

NET

ASSETS

Beginning

period

3,286,129,299‌

2,832,964,424‌

62,868,966‌

56,097,236‌

End

period

3,369,576,754‌

3,286,129,299‌

61,524,823‌

62,868,966‌

See

accompanying

Notes

Financial

Statements

Changes

Net

Assets

April

30,

2026

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

CALAMOS

INTERNATIONAL

GROWTH

FUND

CALAMOS

EVOLVING

WORLD

GROWTH

FUND

CALAMOS

GLOBAL

EQUITY

FUND

(UNAUDITED)

SIX

MONTHS

ENDED

APRIL

30,

2026

YEAR

ENDED

OCTOBER

31,

2025

(UNAUDITED)

SIX

MONTHS

ENDED

APRIL

30,

2026

YEAR

ENDED

OCTOBER

31,

2025

(UNAUDITED)

SIX

MONTHS

ENDED

APRIL

30,

2026

YEAR

ENDED

OCTOBER

31,

2025

OPERATIONS

Net

investment

income

(loss)

1,023,600‌

966,046‌

(346,718‌)

(652,175‌)

(45,913‌)

(320,609‌)

Net

realized

gain

14,854,676‌

30,972,456‌

33,808,821‌

52,443,442‌

5,229,345‌

23,964,799‌

Change

unrealized

appreciation

26,496,975‌

19,857,071‌

64,506,766‌

14,800,477‌

9,0

053‌

9,774,477‌

Net

increase

net

assets

resulting

from

operations

42,375,251‌

51,795,573‌

97,968,869‌

66,591,744‌

14,

273

485‌

33,418,667‌

DISTRIBUTIONS

SHAREHOLDERS

Class

(6,026,560‌)

(2,178,884‌)

—‌

(4,372,103‌)

(2,386,470‌)

Class

(210,871‌)

(74,590‌)

—‌

(224,026‌)

(143,718‌)

Class

(24,238,469‌)

(7,822,008‌)

(214,465‌)

—‌

(17,211,515‌)

(8,479,430‌)

Class

(1,177,899‌)

(232,875‌)

—‌

(22,411‌)

(19,318‌)

Total

distributions

(31,653,799‌)

(10,308,357‌)

(214,465‌)

—‌

(21,830,055‌)

(11,028,936‌)

CAPITAL

TRANSACTIONS

15,165,704‌

3,370,455‌

(45,312,102‌)

(65,348,474‌)

24,583,079‌

10,319,628‌

TOTAL

INCREASE

(DECREASE)

NET

ASSETS

25,887,156‌

44,857,671‌

52,442,302‌

1,243,270‌

17,0

509‌

32,709,359‌

NET

ASSETS

Beginning

period

287,338,196‌

242,480,525‌

397,885,417‌

396,642,147‌

166,289,640‌

133,580,281‌

End

period

313,225,352‌

287,338,196‌

450,327,719‌

397,885,417‌

183,

316

149‌

166,289,640‌

www.calamos.com

See

accompanying

Notes

Financial

Statements

Changes

Net

Assets

April

30,

2026

CALAMOS

GLOBAL

OPPORTUNITIES

FUND

CALAMOS

INTERNATIONAL

SMALL

CAP

GROWTH

FUND

CALAMOS

TOTAL

RETURN

BOND

FUND

(UNAUDITED)

SIX

MONTHS

ENDED

APRIL

30,

2026

YEAR

ENDED

OCTOBER

31,

2025

(UNAUDITED)

SIX

MONTHS

ENDED

APRIL

30,

2026

YEAR

ENDED

OCTOBER

31,

2025

(UNAUDITED)

SIX

MONTHS

ENDED

APRIL

30,

2026

YEAR

ENDED

OCTOBER

31,

2025

OPERATIONS

Net

investment

income

(loss)

(649,194‌)

(865,462‌)

15,048‌

31,136‌

440,558‌

1,062,769‌

Net

realized

gain

(loss)

10,992,017‌

26,962,561‌

47,661‌

315,937‌

(301,547‌)

(158,673‌)

Change

unrealized

appreciation/(depreciation)

15,976,251‌

26,290,362‌

1,937,479‌

928,272‌

(6,855‌)

816,593‌

Net

increase

net

assets

resulting

from

operations

26,319,074‌

52,387,461‌

2,000,188‌

1,275,345‌

132,156‌

1,720,689‌

DISTRIBUTIONS

SHAREHOLDERS

Class

(8,350,431‌)

(7,376,025‌)

(4,088‌)

—‌

(157,317‌)

(379,676‌)

Class

(1,361,526‌)

(1,084,575‌)

(38‌)

—‌

(3,559‌)

(7,778‌)

Class

(15,778,537‌)

(13,112,375‌)

(77,885‌)

—‌

(285,047‌)

(768,114‌)

Class

—‌

(149‌)

—‌

Total

distributions

(25,490,494‌)

(21,572,975‌)

(82,160‌)

—‌

(445,923‌)

(1,155,568‌)

CAPITAL

TRANSACTIONS

23,365,988‌

15,713,406‌

4,315,708‌

309,904‌

(5,257,830‌)

(1,687,692‌)

TOTAL

INCREASE

(DECREASE)

NET

ASSETS

24,194,568‌

46,527,892‌

6,233,736‌

1,585,249‌

(5,571,597‌)

(1,122,571‌)

NET

ASSETS

Beginning

period

325,929,398‌

279,401,506‌

7,305,228‌

5,719,979‌

29,107,626‌

30,230,197‌

End

period

350,123,966‌

325,929,398‌

13,538,964‌

7,305,228‌

23,536,029‌

29,107,626‌

See

accompanying

Notes

Financial

Statements

Changes

Net

Assets

April

30,

2026

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

CALAMOS

HIGH

INCOME

OPPORTUNITIES

FUND

CALAMOS

SHORT-TERM

BOND

FUND

(UNAUDITED)

SIX

MONTHS

ENDED

APRIL

30,

2026

YEAR

ENDED

OCTOBER

31,

2025

(UNAUDITED)

SIX

MONTHS

ENDED

APRIL

30,

2026

YEAR

ENDED

OCTOBER

31,

2025

OPERATIONS

Net

investment

income

720,260‌

2,218,347‌

9,219,903‌

17,304,265‌

Net

realized

gain

(loss)

(378,197‌)

(617,632‌)

312,194‌

(73,329‌)

Change

unrealized

appreciation/(depreciation)

246,502‌

713,754‌

(3,103,319‌)

4,697,292‌

Net

increase

net

assets

resulting

from

operations

588,565‌

2,314,469‌

6,428,778‌

21,928,228‌

DISTRIBUTIONS

SHAREHOLDERS

Class

(483,047‌)

(1,690,758‌)

(134,171‌)

(188,329‌)

Class

(13,584‌)

(18,929‌)

—‌

Class

(262,462‌)

(566,572‌)

(9,218,179‌)

(17,708,188‌)

Total

distributions

(759,093‌)

(2,276,259‌)

(9,352,350‌)

(17,896,517‌)

CAPITAL

TRANSACTIONS

(12,320,923‌)

(2,187,002‌)

7,078,169‌

40,023,204‌

TOTAL

INCREASE

(DECREASE)

NET

ASSETS

(12,491,451‌)

(2,148,792‌)

4,154,597‌

44,054,915‌

NET

ASSETS

Beginning

period

35,286,798‌

37,435,590‌

411,106,771‌

367,051,856‌

End

period

22,795,347‌

35,286,798‌

415,261,368‌

411,106,771‌

www.calamos.com

Calamos

Market

Neutral

Income

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

15.98

15.14

14.72

13.84

14.63

13.77

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.06

0.19

0.13

0.01

(

0.04

)

(

0.45

)

Net

realized

and

unrealized

gain

(loss)

0.32

0.90

1.08

1.07

(

0.72

)

1.37

Total

from

investment

operations

0.38

1.09

1.21

1.08

(

0.76

)

0.92

Distributions:

Dividends

from

net

investment

income

(

0.16

)

(

0.25

)

(

0.28

)

(

0.20

)

(

0.03

)

(

0.06

)

Dividends

from

net

realized

gains

—

(

0.51

)

—

Total

distributions

(

0.16

)

(

0.25

)

(

0.79

)

(

0.20

)

(

0.03

)

(

0.06

)

Net

asset

value,

end

period

16.20

15.98

15.14

14.72

13.84

14.63

Ratios

and

supplemental

data:

Total

return

(b)

.39

.29

.61

.76

(

.22

)

.67

Net

assets,

end

period

(000)

877,684

862,541

905,712

1,009,976

1,244,117

1,334,984

Ratio

net

expenses

average

net

assets

.24

(c)

(d)

.24

(e)

.20

(f)

.20

(g)

.16

(h)

.14

(i)

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.25

(c)

.25

.21

.17

.14

Ratio

net

investment

income

(loss)

average

net

assets

.77

(c)

.26

.91

.06

(

.12

)

(

.15

)

Portfolio

turnover

rate

(j)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.03%

for

the

period

ended

April

30,

2026.

(e)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.04%

for

the

year

ended

October

31,

2025.

(f)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.02%

for

the

year

ended

October

31,

2024.

(g)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.03%

for

the

year

ended

October

31,

2023.

(h)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.01%

for

the

year

ended

October

31,

2022.

(i)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.03%

for

the

year

ended

October

31,

2021.

(j)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Market

Neutral

Income

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

16.05

15.22

14.79

13.92

14.80

13.98

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.00

0.08

0.02

(

0.10

)

(

0.27

)

(

0.57

)

Net

realized

and

unrealized

gain

(loss)

0.32

0.90

1.10

1.07

(

0.61

)

1.39

Total

from

investment

operations

0.32

0.98

1.12

0.97

(

0.88

)

0.82

Distributions:

Dividends

from

net

investment

income

(

0.12

)

(

0.15

)

(

0.18

)

(

0.10

)

—

(

0.00

)

Dividends

from

net

realized

gains

—

(

0.51

)

—

Total

distributions

(

0.12

)

(

0.15

)

(

0.69

)

(

0.10

)

—

(

0.00

)

Net

asset

value,

end

period

16.25

16.05

15.22

14.79

13.92

14.80

Ratios

and

supplemental

data:

Total

return

(b)

.06

.47

.80

.93

(

.95

)

.88

Net

assets,

end

period

(000)

191,187

202,380

215,591

254,478

306,312

322,432

Ratio

net

expenses

average

net

assets

.99

(c)

(d)

.99

(e)

.95

(f)

.95

(g)

.91

(h)

.89

(i)

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.00

(c)

.00

.96

.92

.89

Ratio

net

investment

income

(loss)

average

net

assets

.02

(c)

.51

.16

(

.69

)

(

.87

)

(

.92

)

Portfolio

turnover

rate

(j)

Amount

less

than

$0.005.

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.78%

for

the

period

ended

April

30,

2026.

(e)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.79%

for

the

year

ended

October

31,

2025.

(f)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.78%

for

the

year

ended

October

31,

2024.

(g)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.77%

for

the

year

ended

October

31,

2023.

(h)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.76%

for

the

year

ended

October

31,

2022.

(i)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.78%

for

the

year

ended

October

31,

2021.

(j)

Not

annualized.

www.calamos.com

Calamos

Market

Neutral

Income

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

15.77

14.95

14.54

13.68

14.45

13.60

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.08

0.23

0.17

0.04

(

0.12

)

(

0.41

)

Net

realized

and

unrealized

gain

(loss)

0.31

0.88

1.07

1.06

(

0.59

)

1.35

Total

from

investment

operations

0.39

1.11

1.24

1.10

(

0.71

)

0.94

Distributions:

Dividends

from

net

investment

income

(

0.18

)

(

0.29

)

(

0.32

)

(

0.24

)

(

0.06

)

(

0.09

)

Dividends

from

net

realized

gains

—

(

0.51

)

—

Total

distributions

(

0.18

)

(

0.29

)

(

0.83

)

(

0.24

)

(

0.06

)

(

0.09

)

Net

asset

value,

end

period

15.98

15.77

14.95

14.54

13.68

14.45

Ratios

and

supplemental

data:

Total

return

(b)

.49

.60

.86

.07

(

.01

)

.92

Net

assets,

end

period

(000)

16,091,023

15,464,588

13,793,265

12,620,874

14,470,090

14,780,637

Ratio

net

expenses

average

net

assets

.99

(c)

(d)

.00

(e)

.95

(f)

.95

(g)

.91

(h)

.89

(i)

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.00

(c)

.00

.96

.95

.92

.89

Ratio

net

investment

income

(loss)

average

net

assets

.02

(c)

.50

.16

.31

(

.87

)

(

.90

)

Portfolio

turnover

rate

(j)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

0.78%

for

the

period

ended

April

30,

2026.

(e)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

0.79%

for

the

year

ended

October

31,

2025.

(f)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

0.78%

for

the

year

ended

October

31,

2024.

(g)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

0.77%

for

the

year

ended

October

31,

2023.

(h)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

0.76%

for

the

year

ended

October

31,

2022.

(i)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

0.78%

for

the

year

ended

October

31,

2021.

(j)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Market

Neutral

Income

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

15.77

14.95

14.54

13.68

14.46

13.61

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.09

0.24

0.18

0.06

(

0.11

)

(

0.38

)

Net

realized

and

unrealized

gain

(loss)

0.31

0.88

1.07

1.05

(

0.60

)

1.33

Total

from

investment

operations

0.40

1.12

1.25

1.11

(

0.71

)

0.95

Distributions:

Dividends

from

net

investment

income

(

0.19

)

(

0.30

)

(

0.33

)

(

0.25

)

(

0.07

)

(

0.10

)

Dividends

from

net

realized

gains

—

(

0.51

)

—

Total

distributions

(

0.19

)

(

0.30

)

(

0.84

)

(

0.25

)

(

0.07

)

(

0.10

)

Net

asset

value,

end

period

15.98

15.77

14.95

14.54

13.68

14.46

Ratios

and

supplemental

data:

Total

return

(b)

.53

.70

.94

.08

(

.94

)

.99

Net

assets,

end

period

(000)

490,304

463,396

160,669

49,159

43,956

8,846

Ratio

net

expenses

average

net

assets

.91

(c)

(d)

.91

(e)

.86

(f)

.86

(g)

.86

(h)

.82

(i)

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.91

(c)

.92

.86

.87

.83

Ratio

net

investment

income

(loss)

average

net

assets

.11

(c)

.56

.24

.40

(

.82

)

(

.64

)

Portfolio

turnover

rate

(j)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

0.69%

for

the

period

ended

April

30,

2026.

(e)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

0.70%

for

the

year

ended

October

31,

2025.

(f)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

0.69%

for

the

year

ended

October

31,

2024.

(g)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

0.69%

for

the

year

ended

October

31,

2023.

(h)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

0.69%

for

the

year

ended

October

31,

2022.

(i)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

0.70%

for

the

year

ended

October

31,

2021.

(j)

Not

annualized.

www.calamos.com

Calamos

Hedged

Equity

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

19.17

17.00

14.05

13.08

14.66

12.35

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.01

0.03

0.05

0.08

0.06

Net

realized

and

unrealized

gain

(loss)

0.59

2.18

2.96

0.98

(

1.60

)

2.32

Total

from

investment

operations

0.60

2.21

3.01

1.06

(

1.54

)

2.38

Distributions:

Dividends

from

net

investment

income

(

0.03

)

(

0.04

)

(

0.06

)

(

0.09

)

(

0.04

)

(

0.07

)

Total

distributions

(

0.03

)

(

0.04

)

(

0.06

)

(

0.09

)

(

0.04

)

(

0.07

)

Net

asset

value,

end

period

19.74

19.17

17.00

14.05

13.08

14.66

Ratios

and

supplemental

data:

Total

return

(b)

.11

.03

.45

.10

(

.51

)

.20

Net

assets,

end

period

(000)

31,126

28,950

30,130

24,754

33,814

34,309

Ratio

net

expenses

average

net

assets

.12

(c)

.15

.17

.16

.17

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.12

(c)

.15

.17

.16

.17

Ratio

net

investment

income

(loss)

average

net

assets

.12

(c)

.18

.34

.58

.42

.44

Portfolio

turnover

rate

(d)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Hedged

Equity

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

18.45

16.45

13.67

12.78

14.39

12.18

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.06

)

(b)

(

0.10

)

(b)

(

0.07

)

(b)

(

0.03

)

(

0.04

)

(

0.04

)

Net

realized

and

unrealized

gain

(loss)

0.56

2.11

2.88

0.96

(

1.57

)

2.28

Total

from

investment

operations

0.50

2.01

2.81

0.93

(

1.61

)

2.24

Distributions:

Dividends

from

net

investment

income

—

(

0.01

)

(

0.03

)

(

0.04

)

—

(

0.03

)

Total

distributions

—

(

0.01

)

(

0.03

)

(

0.04

)

—

(

0.03

)

Net

asset

value,

end

period

18.95

18.45

16.45

13.67

12.78

14.39

Ratios

and

supplemental

data:

Total

return

(c)

.71

.20

.55

.28

(

.19

)

.43

Net

assets,

end

period

(000)

15,617

15,201

11,877

8,703

7,884

6,960

Ratio

net

expenses

average

net

assets

.87

(d)

.90

.92

.91

.92

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.87

(d)

.90

.92

.91

.92

Ratio

net

investment

income

(loss)

average

net

assets

(

.63

)

(d)

(

.57

)

(

.42

)

(

.20

)

(

.31

)

(

.30

)

Portfolio

turnover

rate

(e)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

net

investment

income

the

Statement

Operations

for

the

period

due

class

specific

expenses.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(d)

Annualized.

(e)

Not

annualized.

www.calamos.com

Calamos

Hedged

Equity

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

19.22

17.03

14.07

13.09

14.66

12.34

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.03

0.08

0.09

0.11

0.10

Net

realized

and

unrealized

gain

(loss)

0.59

2.19

2.96

0.99

(

1.61

)

2.31

Total

from

investment

operations

0.62

2.27

3.05

1.10

(

1.51

)

2.41

Distributions:

Dividends

from

net

investment

income

(

0.04

)

(

0.08

)

(

0.09

)

(

0.12

)

(

0.06

)

(

0.09

)

Total

distributions

(

0.04

)

(

0.08

)

(

0.09

)

(

0.12

)

(

0.06

)

(

0.09

)

Net

asset

value,

end

period

19.80

19.22

17.03

14.07

13.09

14.66

Ratios

and

supplemental

data:

Total

return

(b)

.22

.36

.75

.41

(

.33

)

.60

Net

assets,

end

period

(000)

794,082

734,936

655,189

527,423

547,166

514,903

Ratio

net

expenses

average

net

assets

.87

(c)

.90

.92

.91

.92

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.87

(c)

.90

.92

.91

.92

Ratio

net

investment

income

(loss)

average

net

assets

.37

(c)

.43

.58

.81

.69

.73

Portfolio

turnover

rate

(d)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Phineus

Long/Short

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

17.34

16.99

14.93

14.60

15.46

11.18

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.06

0.23

0.41

0.19

(

0.06

)

(

0.13

)

Net

realized

and

unrealized

gain

(loss)

(

0.07

)

1.19

1.91

0.14

(

0.80

)

4.41

Total

from

investment

operations

(

0.01

)

1.42

2.32

0.33

(

0.86

)

4.28

Distributions:

Dividends

from

net

investment

income

(

0.24

)

(

0.61

)

(

0.26

)

—

Dividends

from

net

realized

gains

(

0.65

)

(

0.46

)

—

Total

distributions

(

0.89

)

(

1.07

)

(

0.26

)

—

Net

asset

value,

end

period

16.44

17.34

16.99

14.93

14.60

15.46

Ratios

and

supplemental

data:

Total

return

(b)

(

.05

)

.81

.82

.12

(

.44

)

.19

Net

assets,

end

period

(000)

71,864

72,136

67,243

65,214

55,800

51,971

Ratio

net

expenses

average

net

assets

.35

(c)

(d)

.29

(e)

.43

(f)

.38

(g)

.38

(h)

.34

(i)

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.35

(c)

.29

.43

.38

.34

Ratio

net

investment

income

(loss)

average

net

assets

.73

(c)

.38

.49

.21

(

.43

)

(

.88

)

Portfolio

turnover

rate

(j)

213

347

342

194

214

211

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.62%

for

the

period

ended

April

30,

2026.

(e)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.64%

for

the

year

ended

October

31,

2025.

(f)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.63%

for

the

year

ended

October

31,

2024.

(g)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.64%

for

the

year

ended

October

31,

2023.

(h)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.64%

for

the

year

ended

October

31,

2022.

(i)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.67%

for

the

year

ended

October

31,

2021.

(j)

Not

annualized.

www.calamos.com

Calamos

Phineus

Long/Short

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

16.32

16.05

14.11

13.90

14.83

10.80

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.00

0.11

0.28

0.07

(

0.17

)

(

0.24

)

Net

realized

and

unrealized

gain

(loss)

(

0.06

)

1.10

1.80

0.14

(

0.76

)

4.27

Total

from

investment

operations

(

0.06

)

1.21

2.08

0.21

(

0.93

)

4.03

Distributions:

Dividends

from

net

investment

income

(

0.09

)

(

0.48

)

(

0.14

)

—

Dividends

from

net

realized

gains

(

0.65

)

(

0.46

)

—

Total

distributions

(

0.74

)

(

0.94

)

(

0.14

)

—

Net

asset

value,

end

period

15.52

16.32

16.05

14.11

13.90

14.83

Ratios

and

supplemental

data:

Total

return

(b)

(

.44

)

.08

.92

.37

(

.20

)

.31

Net

assets,

end

period

(000)

21,401

25,359

32,322

32,461

31,352

29,980

Ratio

net

expenses

average

net

assets

.11

(c)

(d)

.06

(e)

.17

(f)

.13

(g)

.12

(h)

.09

(i)

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.11

(c)

.06

.17

.13

.12

.09

Ratio

net

investment

income

(loss)

average

net

assets

.01

(c)

.67

.74

.46

(

.19

)

(

.63

)

Portfolio

turnover

rate

(j)

213

347

342

194

214

211

Amount

less

than

$0.005.

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

2.37%

for

the

period

ended

April

30,

2026.

(e)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

2.39%

for

the

year

ended

October

31,

2025.

(f)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

2.38%

for

the

year

ended

October

31,

2024.

(g)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

2.39%

for

the

year

ended

October

31,

2023.

(h)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

2.39%

for

the

year

ended

October

31,

2022.

(i)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

2.42%

for

the

year

ended

October

31,

2021.

(j)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Phineus

Long/Short

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

17.64

17.27

15.17

14.81

15.64

11.28

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.08

0.28

0.46

0.23

(

0.02

)

(

0.10

)

Net

realized

and

unrealized

gain

(loss)

(

0.07

)

1.20

1.94

0.13

(

0.81

)

4.46

Total

from

investment

operations

0.01

1.48

2.40

0.36

(

0.83

)

4.36

Distributions:

Dividends

from

net

investment

income

(

0.28

)

(

0.65

)

(

0.30

)

(

0.00

)

—

Dividends

from

net

realized

gains

(

0.65

)

(

0.46

)

—

Total

distributions

(

0.93

)

(

1.11

)

(

0.30

)

(

0.00

)

—

Net

asset

value,

end

period

16.72

17.64

17.27

15.17

14.81

15.64

Ratios

and

supplemental

data:

Total

return

(b)

.07

.09

.10

.40

(

.25

)

.69

Net

assets,

end

period

(000)

1,006,467

1,035,396

944,265

838,221

697,472

476,965

Ratio

net

expenses

average

net

assets

.10

(c)

(d)

.04

(e)

.18

(f)

.13

(g)

.14

(h)

.09

(i)

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.10

(c)

.04

.18

.13

.14

.09

Ratio

net

investment

income

(loss)

average

net

assets

.99

(c)

.63

.75

.48

(

.12

)

(

.63

)

Portfolio

turnover

rate

(j)

213

347

342

194

214

211

Amount

less

than

$0.005.

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.37%

for

the

period

ended

April

30,

2026.

(e)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.39%

for

the

year

ended

October

31,

2025.

(f)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.38%

for

the

year

ended

October

31,

2024.

(g)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.39%

for

the

year

ended

October

31,

2023.

(h)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.38%

for

the

year

ended

October

31,

2022.

(i)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.42%

for

the

year

ended

October

31,

2021.

(j)

Not

annualized.

www.calamos.com

Calamos

Merger

Arbitrage

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

September

29,

2023

•

through

October

31,

2023

2025

2024

Net

asset

value,

beginning

period

10.78

9.95

9.73

10.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.05

0.02

0.11

0.00

Net

realized

and

unrealized

gain

(loss)

0.24

1.07

0.16

(

0.27

)

Total

from

investment

operations

0.29

1.09

0.27

(

0.27

)

Distributions:

Dividends

from

net

investment

income

(

0.12

)

(

0.11

)

(

0.04

)

—

Dividends

from

net

realized

gains

(

0.65

)

(

0.15

)

(

0.01

)

—

Total

distributions

(

0.77

)

(

0.26

)

(

0.05

)

—

Net

asset

value,

end

period

10.30

10.78

9.95

9.73

Ratios

and

supplemental

data:

Total

return

(b)

.88

.31

.73

(

.70

)

Net

assets,

end

period

(000)

125

113

123

Ratio

net

expenses

average

net

assets

.82

(c)

(d)

.01

(e)

.16

(f)

.50

(c)

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.43

(c)

.61

.56

.06

(c)

Ratio

net

investment

income

(loss)

average

net

assets

.96

(c)

.19

.11

.52

(c)

Portfolio

turnover

rate

(g)

177

136

•

Commencement

operations.

Amount

less

than

$0.005.

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.50%

for

the

period

ended

April

30,

2026.

(e)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.50%

for

the

year

ended

October

31,

2025.

(f)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.50%

for

the

year

ended

October

31,

2024.

(g)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Merger

Arbitrage

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

September

29,

2023

•

through

October

31,

2023

2025

2024

Net

asset

value,

beginning

period

10.70

9.88

9.72

10.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.01

(

0.06

)

(b)

0.03

0.00

Net

realized

and

unrealized

gain

(loss)

0.24

1.07

0.17

(

0.28

)

Total

from

investment

operations

0.25

1.01

0.20

(

0.28

)

Distributions:

Dividends

from

net

investment

income

(

0.05

)

(

0.04

)

(

0.03

)

—

Dividends

from

net

realized

gains

(

0.65

)

(

0.15

)

(

0.01

)

—

Total

distributions

(

0.70

)

(

0.19

)

(

0.04

)

—

Net

asset

value,

end

period

10.25

10.70

9.88

9.72

Ratios

and

supplemental

data:

Total

return

(c)

.40

.58

.98

(

.80

)

Net

assets,

end

period

(000)

114

112

Ratio

net

expenses

average

net

assets

.57

(d)

(e)

.75

(f)

.91

(g)

.25

(d)

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.17

(d)

.36

.31

.81

(d)

Ratio

net

investment

income

(loss)

average

net

assets

.16

(d)

(

.56

)

.31

(

.23

)

(d)

Portfolio

turnover

rate

(h)

177

136

•

Commencement

operations.

Amount

less

than

$0.005.

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

net

investment

income

the

Statement

Operations

for

the

period

due

class

specific

expenses.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(d)

Annualized.

(e)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

2.25%

for

the

period

ended

April

30,

2026.

(f)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

2.25%

for

the

year

ended

October

31,

2025.

(g)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

2.25%

for

the

year

ended

October

31,

2024.

(h)

Not

annualized.

www.calamos.com

Calamos

Merger

Arbitrage

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

September

29,

2023

•

through

October

31,

2023

2025

2024

Net

asset

value,

beginning

period

10.80

9.97

9.73

10.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.06

0.04

0.13

0.01

Net

realized

and

unrealized

gain

(loss)

0.25

1.08

0.17

(

0.28

)

Total

from

investment

operations

0.31

1.12

0.30

(

0.27

)

Distributions:

Dividends

from

net

investment

income

(

0.15

)

(

0.14

)

(

0.05

)

—

Dividends

from

net

realized

gains

(

0.65

)

(

0.15

)

(

0.01

)

—

Total

distributions

(

0.80

)

(

0.29

)

(

0.06

)

—

Net

asset

value,

end

period

10.31

10.80

9.97

9.73

Ratios

and

supplemental

data:

Total

return

(b)

.07

.50

.07

(

.70

)

Net

assets,

end

period

(000)

2,234

2,617

1,875

1,864

Ratio

net

expenses

average

net

assets

.58

(c)

(d)

.73

(e)

.91

(f)

.25

(c)

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.16

(c)

.34

.31

.81

(c)

Ratio

net

investment

income

(loss)

average

net

assets

.10

(c)

.44

.31

.13

(c)

Portfolio

turnover

rate

(g)

177

136

•

Commencement

operations.

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.25%

for

the

period

ended

April

30,

2026.

(e)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.25%

for

the

year

ended

October

31,

2025.

(f)

Ratio

net

expenses,

excluding

dividend

expense

short

positions,

average

net

assets

was

1.25%

for

the

year

ended

October

31,

2024.

(g)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Convertible

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

26.26

21.45

18.18

18.57

27.25

22.78

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.12

)

(

0.21

)

(

0.09

)

(

0.08

)

(

0.27

)

(

0.61

)

Net

realized

and

unrealized

gain

(loss)

3.06

5.32

3.75

(

0.15

)

(

5.20

)

6.68

Total

from

investment

operations

2.94

5.11

3.66

(

0.23

)

(

5.47

)

6.07

Distributions:

Dividends

from

net

investment

income

(

0.07

)

(

0.19

)

(

0.17

)

(

0.16

)

(

0.02

)

(

0.06

)

Dividends

from

net

realized

gains

(

2.25

)

(

0.11

)

(

0.22

)

—

(

3.19

)

(

1.54

)

Total

distributions

(

2.32

)

(

0.30

)

(

0.39

)

(

0.16

)

(

3.21

)

(

1.60

)

Net

asset

value,

end

period

26.88

26.26

21.45

18.18

18.57

27.25

Ratios

and

supplemental

data:

Total

return

(b)

.54

.06

.35

(

.26

)

(

.29

)

.09

Net

assets,

end

period

(000)

282,173

263,044

248,573

243,516

294,233

422,476

Ratio

net

expenses

average

net

assets

.12

(c)

.14

.13

.10

.08

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.12

(c)

.14

.13

.10

.08

Ratio

net

investment

income

(loss)

average

net

assets

(

.99

)

(c)

(

.94

)

(

.47

)

(

.44

)

(

.30

)

(

.35

)

Portfolio

turnover

rate

(d)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

www.calamos.com

Calamos

Convertible

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

25.36

20.75

17.62

18.03

26.73

22.48

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.21

)

(

0.37

)

(

0.24

)

(

0.22

)

(

0.42

)

(

0.80

)

Net

realized

and

unrealized

gain

(loss)

2.94

5.14

3.64

(

0.13

)

(

5.09

)

6.59

Total

from

investment

operations

2.73

4.77

3.40

(

0.35

)

(

5.51

)

5.79

Distributions:

Dividends

from

net

investment

income

(

0.02

)

(

0.05

)

(

0.05

)

(

0.06

)

—

Dividends

from

net

realized

gains

(

2.25

)

(

0.11

)

(

0.22

)

—

(

3.19

)

(

1.54

)

Total

distributions

(

2.27

)

(

0.16

)

(

0.27

)

(

0.06

)

(

3.19

)

(

1.54

)

Net

asset

value,

end

period

25.82

25.36

20.75

17.62

18.03

26.73

Ratios

and

supplemental

data:

Total

return

(b)

.10

.13

.46

(

.01

)

(

.88

)

.16

Net

assets,

end

period

(000)

28,026

26,556

29,466

31,773

41,804

71,925

Ratio

net

expenses

average

net

assets

.87

(c)

.89

.88

.85

.83

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.87

(c)

.89

.88

.85

.83

Ratio

net

investment

income

(loss)

average

net

assets

(

.74

)

(c)

(

.69

)

(

.22

)

(

.19

)

(

.04

)

(

.10

)

Portfolio

turnover

rate

(d)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Convertible

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

22.32

18.28

15.55

15.91

23.82

20.05

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.08

)

(

0.13

)

(

0.04

)

(

0.03

)

(

0.19

)

(

0.48

)

Net

realized

and

unrealized

gain

(loss)

2.54

4.52

3.21

(

0.12

)

(

4.49

)

5.86

Total

from

investment

operations

2.46

4.39

3.17

(

0.15

)

(

4.68

)

5.38

Distributions:

Dividends

from

net

investment

income

(

0.10

)

(

0.24

)

(

0.22

)

(

0.21

)

(

0.04

)

(

0.07

)

Dividends

from

net

realized

gains

(

2.25

)

(

0.11

)

(

0.22

)

—

(

3.19

)

(

1.54

)

Total

distributions

(

2.35

)

(

0.35

)

(

0.44

)

(

0.21

)

(

3.23

)

(

1.61

)

Net

asset

value,

end

period

22.43

22.32

18.28

15.55

15.91

23.82

Ratios

and

supplemental

data:

Total

return

(b)

.74

.33

.67

(

.04

)

(

.09

)

.40

Net

assets,

end

period

(000)

759,960

638,922

593,170

559,907

680,441

1,161,030

Ratio

net

expenses

average

net

assets

.87

(c)

.89

.88

.85

.83

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.87

(c)

.89

.88

.85

.83

Ratio

net

investment

income

(loss)

average

net

assets

(

.74

)

(c)

(

.69

)

(

.22

)

(

.19

)

(

.04

)

(

.09

)

Portfolio

turnover

rate

(d)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

www.calamos.com

Calamos

Global

Convertible

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

14.53

12.00

10.01

9.59

14.85

13.48

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.01

)

(b)

(

0.02

)

(b)

(

0.06

)

(

0.15

)

(

0.01

)

(

0.44

)

Net

realized

and

unrealized

gain

(loss)

1.12

2.56

2.05

0.60

(

3.45

)

2.95

Total

from

investment

operations

1.11

2.54

1.99

0.45

(

3.46

)

2.51

Distributions:

Dividends

from

net

investment

income

(

0.04

)

(

0.01

)

—

(

0.03

)

(

0.01

)

(

0.01

)

Dividends

from

net

realized

gains

(

0.64

)

—

(

1.79

)

(

1.13

)

Total

distributions

(

0.68

)

(

0.01

)

—

(

0.03

)

(

1.80

)

(

1.14

)

Net

asset

value,

end

period

14.96

14.53

12.00

10.01

9.59

14.85

Ratios

and

supplemental

data:

Total

return

(c)

.09

.17

.88

.78

(

.01

)

.86

Net

assets,

end

period

(000)

8,002

8,289

8,122

8,455

10,698

17,865

Ratio

net

expenses

average

net

assets

.31

(d)

.33

.35

.34

.28

.25

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.31

(d)

.33

.35

.34

.28

.25

Ratio

net

investment

income

(loss)

average

net

assets

(

.16

)

(d)

(

.13

)

(

.52

)

(

.48

)

(

.11

)

(

.96

)

Portfolio

turnover

rate

(e)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

net

investment

income

the

Statement

Operations

for

the

period

due

class

specific

expenses.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(d)

Annualized.

(e)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Global

Convertible

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

13.74

11.42

9.60

9.23

14.47

13.25

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.06

)

(b)

(

0.11

)

(b)

(

0.14

)

(

0.22

)

(

0.09

)

(

0.54

)

Net

realized

and

unrealized

gain

(loss)

1.05

2.43

1.96

0.59

(

3.36

)

2.89

Total

from

investment

operations

0.99

2.32

1.82

0.37

(

3.45

)

2.35

Distributions:

Dividends

from

net

investment

income

(

0.01

)

—

Dividends

from

net

realized

gains

(

0.64

)

—

(

1.79

)

(

1.13

)

Total

distributions

(

0.65

)

—

(

1.79

)

(

1.13

)

Net

asset

value,

end

period

14.08

13.74

11.42

9.60

9.23

14.47

Ratios

and

supplemental

data:

Total

return

(c)

.68

.32

.96

.01

(

.58

)

.95

Net

assets,

end

period

(000)

2,175

2,335

2,086

2,615

3,425

5,448

Ratio

net

expenses

average

net

assets

.06

(d)

.08

.10

.09

.03

.00

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.06

(d)

.08

.10

.09

.03

.00

Ratio

net

investment

income

(loss)

average

net

assets

(

.90

)

(d)

(

.88

)

(

.28

)

(

.23

)

(

.85

)

(

.72

)

Portfolio

turnover

rate

(e)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

net

investment

income

the

Statement

Operations

for

the

period

due

class

specific

expenses.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(d)

Annualized.

(e)

Not

annualized.

www.calamos.com

Calamos

Global

Convertible

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

14.64

12.07

10.04

9.60

14.87

13.50

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.01

0.02

(

0.03

)

(

0.13

)

0.01

(

0.40

)

Net

realized

and

unrealized

gain

(loss)

1.11

2.57

2.06

0.61

(

3.46

)

2.94

Total

from

investment

operations

1.12

2.59

2.03

0.48

(

3.45

)

2.54

Distributions:

Dividends

from

net

investment

income

(

0.05

)

(

0.02

)

—

(

0.04

)

(

0.03

)

(

0.04

)

Dividends

from

net

realized

gains

(

0.64

)

—

(

1.79

)

(

1.13

)

Total

distributions

(

0.69

)

(

0.02

)

—

(

0.04

)

(

1.82

)

(

1.17

)

Net

asset

value,

end

period

15.07

14.64

12.07

10.04

9.60

14.87

Ratios

and

supplemental

data:

Total

return

(b)

.17

.50

.22

.00

(

.82

)

.09

Net

assets,

end

period

(000)

163,792

148,448

117,598

109,319

117,766

260,688

Ratio

net

expenses

average

net

assets

.06

(c)

.08

.10

.09

.03

.00

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.06

(c)

.08

.10

.09

.03

.00

Ratio

net

investment

income

(loss)

average

net

assets

.10

(c)

.12

(

.27

)

(

.23

)

.13

(

.71

)

Portfolio

turnover

rate

(d)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Timpani

Small

Cap

Growth

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

45.29

34.52

22.20

26.35

42.31

29.18

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.25

)

(

0.39

)

(

0.33

)

(

0.26

)

(

0.24

)

(

0.45

)

Net

realized

and

unrealized

gain

(loss)

10.19

12.05

12.65

(

3.89

)

(

15.72

)

14.95

Total

from

investment

operations

9.94

11.66

12.32

(

4.15

)

(

15.96

)

14.50

Distributions:

Dividends

from

net

investment

income

—

(

0.89

)

—

Dividends

from

net

realized

gains

—

(

1.37

)

Return

capital

—

(

0.00

)

Total

distributions

—

(

0.89

)

—

(

1.37

)

Net

asset

value,

end

period

55.23

45.29

34.52

22.20

26.35

42.31

Ratios

and

supplemental

data:

Total

return

(b)

.95

.34

.54

(

.75

)

(

.71

)

.42

Net

assets,

end

period

(000)

49,341

39,054

27,306

18,283

23,762

35,274

Ratio

net

expenses

average

net

assets

.29

(c)

.30

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.29

(c)

.34

.35

.37

Ratio

net

investment

income

(loss)

average

net

assets

(

.07

)

(c)

(

.03

)

(

.09

)

(

.03

)

(

.78

)

(

.15

)

Portfolio

turnover

rate

(d)

105

195

229

215

197

165

Amount

less

than

$0.005.

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

www.calamos.com

Calamos

Timpani

Small

Cap

Growth

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

June

25,

2021

•

through

October

31,

2021

2025

2024

2023

2022

Net

asset

value,

beginning

period

45.45

34.69

22.48

26.88

43.50

41.91

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.42

)

(

0.68

)

(

0.55

)

(

0.45

)

(

0.45

)

(

0.82

)

Net

realized

and

unrealized

gain

(loss)

10.20

12.11

12.76

(

3.95

)

(

16.17

)

2.41

Total

from

investment

operations

9.78

11.43

12.21

(

4.40

)

(

16.62

)

1.59

Distributions:

Dividends

from

net

investment

income

—

(

0.67

)

—

Total

distributions

—

(

0.67

)

—

Net

asset

value,

end

period

55.23

45.45

34.69

22.48

26.88

43.50

Ratios

and

supplemental

data:

Total

return

(b)

.50

.32

.40

(

.37

)

(

.18

)

.75

Net

assets,

end

period

(000)

12,220

7,892

5,035

3,648

4,425

3,165

Ratio

net

expenses

average

net

assets

.04

(c)

.05

(c)

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.04

(c)

.09

.10

.12

.06

(c)

Ratio

net

investment

income

(loss)

average

net

assets

(

.82

)

(c)

(

.78

)

(

.84

)

(

.79

)

(

.50

)

(

.00

)

(c)

Portfolio

turnover

rate

(d)

105

195

229

215

197

165

•

Commencement

operations.

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Timpani

Small

Cap

Growth

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

47.12

35.87

23.01

27.24

43.65

29.99

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.20

)

(

0.31

)

(

0.26

)

(

0.20

)

(

0.16

)

(

0.36

)

Net

realized

and

unrealized

gain

(loss)

10.62

12.53

13.12

(

4.03

)

(

16.25

)

15.39

Total

from

investment

operations

10.42

12.22

12.86

(

4.23

)

(

16.41

)

15.03

Distributions:

Dividends

from

net

investment

income

—

(

0.97

)

—

Dividends

from

net

realized

gains

—

(

1.37

)

Return

capital

—

(

0.00

)

Total

distributions

—

(

0.97

)

—

(

1.37

)

Net

asset

value,

end

period

57.54

47.12

35.87

23.01

27.24

43.65

Ratios

and

supplemental

data:

Total

return

(b)

.11

.69

.93

(

.53

)

(

.57

)

.80

Net

assets,

end

period

(000)

636,553

473,043

285,866

191,831

292,187

387,149

Ratio

net

expenses

average

net

assets

.04

(c)

.05

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.04

(c)

.09

.10

.12

.11

Ratio

net

investment

income

(loss)

average

net

assets

(

.82

)

(c)

(

.78

)

(

.84

)

(

.78

)

(

.52

)

(

.90

)

Portfolio

turnover

rate

(d)

105

195

229

215

197

165

Amount

less

than

$0.005.

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

www.calamos.com

Calamos

Timpani

Small

Cap

Growth

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

47.40

36.06

23.11

27.33

43.74

30.02

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.18

)

(

0.27

)

(

0.23

)

(

0.17

)

(

0.11

)

(

0.32

)

Net

realized

and

unrealized

gain

(loss)

10.68

12.61

13.18

(

4.05

)

(

16.30

)

15.41

Total

from

investment

operations

10.50

12.34

12.95

(

4.22

)

(

16.41

)

15.09

Distributions:

Dividends

from

net

investment

income

—

(

1.00

)

—

Dividends

from

net

realized

gains

—

(

1.37

)

Total

distributions

—

(

1.00

)

—

(

1.37

)

Net

asset

value,

end

period

57.90

47.40

36.06

23.11

27.33

43.74

Ratios

and

supplemental

data:

Total

return

(b)

.15

.85

.08

(

.41

)

(

.51

)

.96

Net

assets,

end

period

(000)

44,713

36,262

29,165

24,499

22,181

29,120

Ratio

net

expenses

average

net

assets

.94

(c)

.95

.92

.93

.96

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.94

(c)

.98

.00

.99

.00

.02

Ratio

net

investment

income

(loss)

average

net

assets

(

.72

)

(c)

(

.68

)

(

.74

)

(

.67

)

(

.37

)

(

.80

)

Portfolio

turnover

rate

(d)

105

195

229

215

197

165

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Timpani

SMID

Growth

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

17.72

14.06

9.09

10.14

18.17

12.34

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.10

)

(

0.17

)

(

0.14

)

(

0.10

)

(

0.08

)

(

0.20

)

Net

realized

and

unrealized

gain

(loss)

3.66

4.23

5.11

(

0.95

)

(

6.23

)

6.03

Total

from

investment

operations

3.56

4.06

4.97

(

1.05

)

(

6.31

)

5.83

Distributions:

Dividends

from

net

investment

income

—

(

0.37

)

—

Dividends

from

net

realized

gains

(

0.80

)

(

0.03

)

—

(

1.72

)

—

Total

distributions

(

0.80

)

(

0.40

)

—

(

1.72

)

—

Net

asset

value,

end

period

20.48

17.72

14.06

9.09

10.14

18.17

Ratios

and

supplemental

data:

Total

return

(b)

.92

.33

.68

(

.36

)

(

.07

)

.04

Net

assets,

end

period

(000)

2,192

576

293

341

305

162

Ratio

net

expenses

average

net

assets

.35

(c)

.35

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.60

(c)

.70

.83

.98

.93

.79

Ratio

net

investment

income

(loss)

average

net

assets

(

.11

)

(c)

(

.15

)

(

.14

)

(

.06

)

(

.68

)

(

.22

)

Portfolio

turnover

rate

(d)

192

220

231

205

188

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

www.calamos.com

Calamos

Timpani

SMID

Growth

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

18.00

14.27

9.20

10.23

18.28

12.38

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.08

)

(

0.14

)

(

0.11

)

(

0.08

)

(

0.06

)

(

0.16

)

Net

realized

and

unrealized

gain

(loss)

3.74

4.29

5.18

(

0.95

)

(

6.27

)

6.06

Total

from

investment

operations

3.66

4.15

5.07

(

1.03

)

(

6.33

)

5.90

Distributions:

Dividends

from

net

investment

income

—

(

0.39

)

—

Dividends

from

net

realized

gains

(

0.80

)

(

0.03

)

—

(

1.72

)

—

Total

distributions

(

0.80

)

(

0.42

)

—

(

1.72

)

—

Net

asset

value,

end

period

20.86

18.00

14.27

9.20

10.23

18.28

Ratios

and

supplemental

data:

Total

return

(b)

.10

.61

.11

(

.07

)

(

.95

)

.46

Net

assets,

end

period

(000)

45,720

35,866

25,448

15,495

16,497

25,793

Ratio

net

expenses

average

net

assets

.10

(c)

.10

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.35

(c)

.45

.56

.73

.65

.55

Ratio

net

investment

income

(loss)

average

net

assets

(

.86

)

(c)

(

.90

)

(

.90

)

(

.80

)

(

.48

)

(

.98

)

Portfolio

turnover

rate

(d)

192

220

231

205

188

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Timpani

SMID

Growth

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

18.02

14.28

9.21

10.23

18.28

12.38

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.07

)

(

0.13

)

(

0.11

)

(

0.08

)

(

0.05

)

(

0.18

)

Net

realized

and

unrealized

gain

(loss)

3.73

4.30

5.18

(

0.94

)

(

6.28

)

6.08

Total

from

investment

operations

3.66

4.17

5.07

(

1.02

)

(

6.33

)

5.90

Distributions:

Dividends

from

net

investment

income

—

(

0.40

)

—

Dividends

from

net

realized

gains

(

0.80

)

(

0.03

)

—

(

1.72

)

—

Total

distributions

(

0.80

)

(

0.43

)

—

(

1.72

)

—

Net

asset

value,

end

period

20.88

18.02

14.28

9.21

10.23

18.28

Ratios

and

supplemental

data:

Total

return

(b)

.13

.70

.05

(

.97

)

(

.95

)

.46

Net

assets,

end

period

(000)

945

779

508

320

355

499

Ratio

net

expenses

average

net

assets

.05

(c)

.05

.07

.08

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.31

(c)

.41

.53

.70

.63

.48

Ratio

net

investment

income

(loss)

average

net

assets

(

.81

)

(c)

(

.85

)

(

.87

)

(

.77

)

(

.43

)

(

.04

)

Portfolio

turnover

rate

(d)

192

220

231

205

188

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

www.calamos.com

Calamos

Growth

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

52.44

44.28

32.47

28.24

45.88

34.96

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.21

)

(

0.36

)

(

0.28

)

(

0.13

)

(

0.22

)

(

0.33

)

Net

realized

and

unrealized

gain

(loss)

0.85

11.47

13.69

4.36

(

12.47

)

15.44

Total

from

investment

operations

0.64

11.11

13.41

4.23

(

12.69

)

15.11

Distributions:

Dividends

from

net

realized

gains

(

4.17

)

(

2.95

)

(

1.60

)

—

(

4.95

)

(

4.19

)

Total

distributions

(

4.17

)

(

2.95

)

(

1.60

)

—

(

4.95

)

(

4.19

)

Net

asset

value,

end

period

48.91

52.44

44.28

32.47

28.24

45.88

Ratios

and

supplemental

data:

Total

return

(b)

.59

.16

.45

.98

(

.58

)

.00

Net

assets,

end

period

(000)

1,256,375

1,317,418

1,168,908

925,437

900,167

1,436,709

Ratio

net

expenses

average

net

assets

.27

(c)

.28

.29

.32

.30

.28

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.28

(c)

.28

.29

.32

.30

.28

Ratio

net

investment

income

(loss)

average

net

assets

(

.88

)

(c)

(

.79

)

(

.69

)

(

.43

)

(

.64

)

(

.80

)

Portfolio

turnover

rate

(d)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Growth

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

16.43

15.83

12.59

11.03

21.21

18.18

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.10

)

(

0.23

)

(

0.21

)

(

0.14

)

(

0.19

)

(

0.29

)

Net

realized

and

unrealized

gain

(loss)

0.12

3.78

5.05

1.70

(

5.04

)

7.51

Total

from

investment

operations

0.02

3.55

4.84

1.56

(

5.23

)

7.22

Distributions:

Dividends

from

net

realized

gains

(

4.17

)

(

2.95

)

(

1.60

)

—

(

4.95

)

(

4.19

)

Total

distributions

(

4.17

)

(

2.95

)

(

1.60

)

—

(

4.95

)

(

4.19

)

Net

asset

value,

end

period

12.28

16.43

15.83

12.59

11.03

21.21

Ratios

and

supplemental

data:

Total

return

(b)

.22

.19

.38

.14

(

.12

)

.94

Net

assets,

end

period

(000)

10,694

12,199

10,535

9,493

12,281

25,965

Ratio

net

expenses

average

net

assets

.02

(c)

.03

.04

.08

.05

.04

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.03

(c)

.03

.04

.08

.05

.04

Ratio

net

investment

income

(loss)

average

net

assets

(

.63

)

(c)

(

.54

)

(

.44

)

(

.16

)

(

.39

)

(

.53

)

Portfolio

turnover

rate

(d)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

www.calamos.com

Calamos

Growth

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

83.50

68.73

49.51

42.95

66.93

49.25

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.24

)

(

0.39

)

(

0.28

)

(

0.09

)

(

0.20

)

(

0.33

)

Net

realized

and

unrealized

gain

(loss)

1.47

18.11

21.10

6.65

(

18.83

)

22.20

Total

from

investment

operations

1.23

17.72

20.82

6.56

(

19.03

)

21.87

Distributions:

Dividends

from

net

realized

gains

(

4.17

)

(

2.95

)

(

1.60

)

—

(

4.95

)

(

4.19

)

Total

distributions

(

4.17

)

(

2.95

)

(

1.60

)

—

(

4.95

)

(

4.19

)

Net

asset

value,

end

period

80.56

83.50

68.73

49.51

42.95

66.93

Ratios

and

supplemental

data:

Total

return

(b)

.71

.46

.83

.27

(

.43

)

.40

Net

assets,

end

period

(000)

438,551

432,249

355,529

262,752

246,566

395,431

Ratio

net

expenses

average

net

assets

.02

(c)

.03

.04

.07

.05

.03

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.03

(c)

.03

.04

.07

.05

.03

Ratio

net

investment

income

(loss)

average

net

assets

(

.63

)

(c)

(

.54

)

(

.44

)

(

.18

)

(

.39

)

(

.56

)

Portfolio

turnover

rate

(d)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Growth

and

Income

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

57.16

49.06

39.42

38.33

48.18

36.26

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.03

)

(

0.03

)

(b)

0.08

0.19

0.08

0.07

Net

realized

and

unrealized

gain

(loss)

3.13

10.45

11.32

2.38

(

7.32

)

13.01

Total

from

investment

operations

3.10

10.42

11.40

2.57

(

7.24

)

13.08

Distributions:

Dividends

from

net

investment

income

(

0.10

)

(

0.33

)

(

0.26

)

(

0.44

)

(

0.24

)

(

0.27

)

Dividends

from

net

realized

gains

(

3.74

)

(

1.99

)

(

1.50

)

(

1.04

)

(

2.37

)

(

0.89

)

Total

distributions

(

3.84

)

(

2.32

)

(

1.76

)

(

1.48

)

(

2.61

)

(

1.16

)

Net

asset

value,

end

period

56.42

57.16

49.06

39.42

38.33

48.18

Ratios

and

supplemental

data:

Total

return

(c)

.87

.98

.65

.86

(

.77

)

.68

Net

assets,

end

period

(000)

1,548,401

1,544,688

1,387,946

1,182,667

1,199,491

1,531,445

Ratio

net

expenses

average

net

assets

.04

(d)

.05

.06

.05

.06

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.04

(d)

.05

.06

.05

.06

Ratio

net

investment

income

(loss)

average

net

assets

(

.11

)

(d)

(

.06

)

.18

.48

.19

.15

Portfolio

turnover

rate

(e)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

net

investment

income

the

Statement

Operations

for

the

period

due

class

specific

expenses.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(d)

Annualized.

(e)

Not

annualized.

www.calamos.com

Calamos

Growth

and

Income

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

57.00

49.11

39.57

38.57

48.55

36.57

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.23

)

(

0.41

)

(b)

(

0.26

)

(b)

(

0.11

)

(

0.24

)

(

0.25

)

Net

realized

and

unrealized

gain

(loss)

3.11

10.43

11.36

2.38

(

7.37

)

13.12

Total

from

investment

operations

2.88

10.02

11.10

2.27

(

7.61

)

12.87

Distributions:

Dividends

from

net

investment

income

(

0.00

)

(

0.14

)

(

0.06

)

(

0.23

)

—

Dividends

from

net

realized

gains

(

3.73

)

(

1.99

)

(

1.50

)

(

1.04

)

(

2.37

)

(

0.89

)

Total

distributions

(

3.73

)

(

2.13

)

(

1.56

)

(

1.27

)

(

2.37

)

(

0.89

)

Net

asset

value,

end

period

56.15

57.00

49.11

39.57

38.57

48.55

Ratios

and

supplemental

data:

Total

return

(c)

.46

.05

.70

.08

(

.41

)

.66

Net

assets,

end

period

(000)

144,132

137,276

106,421

79,895

84,104

98,647

Ratio

net

expenses

average

net

assets

.79

(d)

.80

.81

.80

.81

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.79

(d)

.80

.81

.80

.81

Ratio

net

investment

income

(loss)

average

net

assets

(

.86

)

(d)

(

.81

)

(

.57

)

(

.27

)

(

.56

)

(

.57

)

Portfolio

turnover

rate

(e)

Amount

less

than

$0.005.

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

net

investment

income

the

Statement

Operations

for

the

period

due

class

specific

expenses.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(d)

Annualized.

(e)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Growth

and

Income

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

54.12

46.54

37.47

36.50

46.02

34.68

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.04

(b)

0.09

0.19

0.27

0.17

Net

realized

and

unrealized

gain

(loss)

2.95

9.90

10.75

2.25

(

6.97

)

12.44

Total

from

investment

operations

2.99

9.99

10.94

2.52

(

6.80

)

12.61

Distributions:

Dividends

from

net

investment

income

(

0.15

)

(

0.42

)

(

0.37

)

(

0.51

)

(

0.35

)

(

0.38

)

Dividends

from

net

realized

gains

(

3.73

)

(

1.99

)

(

1.50

)

(

1.04

)

(

2.37

)

(

0.89

)

Total

distributions

(

3.88

)

(

2.41

)

(

1.87

)

(

1.55

)

(

2.72

)

(

1.27

)

Net

asset

value,

end

period

53.23

54.12

46.54

37.47

36.50

46.02

Ratios

and

supplemental

data:

Total

return

(c)

.98

.27

.00

.12

(

.55

)

.02

Net

assets,

end

period

(000)

1,628,255

1,558,224

1,301,172

978,583

977,765

1,211,985

Ratio

net

expenses

average

net

assets

.79

(d)

.80

.81

.80

.81

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.79

(d)

.80

.81

.80

.81

Ratio

net

investment

income

(loss)

average

net

assets

.14

(d)

.19

.43

.73

.44

.40

Portfolio

turnover

rate

(e)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

net

investment

income

the

Statement

Operations

for

the

period

due

class

specific

expenses.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(d)

Annualized.

(e)

Not

annualized.

www.calamos.com

Calamos

Growth

and

Income

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

54.16

46.57

37.49

36.51

46.04

34.69

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.05

(b)

0.12

0.22

0.30

0.21

0.16

Net

realized

and

unrealized

gain

(loss)

2.95

9.91

10.76

2.26

(

6.99

)

12.49

Total

from

investment

operations

3.00

10.03

10.98

2.56

(

6.78

)

12.65

Distributions:

Dividends

from

net

investment

income

(

0.15

)

(

0.45

)

(

0.40

)

(

0.54

)

(

0.38

)

(

0.41

)

Dividends

from

net

realized

gains

(

3.73

)

(

1.99

)

(

1.50

)

(

1.04

)

(

2.37

)

(

0.89

)

Total

distributions

(

3.88

)

(

2.44

)

(

1.90

)

(

1.58

)

(

2.75

)

(

1.30

)

Net

asset

value,

end

period

53.28

54.16

46.57

37.49

36.51

46.04

Ratios

and

supplemental

data:

Total

return

(c)

.03

.37

.07

.21

(

.50

)

.14

Net

assets,

end

period

(000)

48,788

45,941

37,425

27,965

16,688

5,968

Ratio

net

expenses

average

net

assets

.72

(d)

.73

.71

.73

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.72

(d)

.73

.71

.73

Ratio

net

investment

income

(loss)

average

net

assets

.21

(d)

.26

.51

.78

.55

.38

Portfolio

turnover

rate

(e)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

net

investment

income

the

Statement

Operations

for

the

period

due

class

specific

expenses.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(d)

Annualized.

(e)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Select

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

24.55

21.98

16.77

15.86

20.48

14.93

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.03

)

(

0.03

)

(b)

(

0.02

)

(b)

0.03

0.00

(

0.03

)

Net

realized

and

unrealized

gain

(loss)

0.36

4.21

5.99

1.29

(

3.12

)

6.39

Total

from

investment

operations

0.33

4.18

5.97

1.32

(

3.12

)

6.36

Distributions:

Dividends

from

net

realized

gains

(

1.27

)

(

1.61

)

(

0.76

)

(

0.41

)

(

1.50

)

(

0.81

)

Total

distributions

(

1.27

)

(

1.61

)

(

0.76

)

(

0.41

)

(

1.50

)

(

0.81

)

Net

asset

value,

end

period

23.61

24.55

21.98

16.77

15.86

20.48

Ratios

and

supplemental

data:

Total

return

(c)

.47

.95

.52

.60

(

.22

)

.93

Net

assets,

end

period

(000)

14,955

15,944

14,301

11,533

11,628

14,211

Ratio

net

expenses

average

net

assets

.15

(d)

.15

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.51

(d)

.52

.54

.62

.57

Ratio

net

investment

income

(loss)

average

net

assets

(

.27

)

(d)

(

.15

)

(

.09

)

.16

—

(

.19

)

Portfolio

turnover

rate

(e)

Amount

less

than

$0.005.

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

net

investment

income

the

Statement

Operations

for

the

period

due

class

specific

expenses.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(d)

Annualized.

(e)

Not

annualized.

www.calamos.com

Calamos

Select

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

19.48

17.88

13.86

13.28

17.52

12.97

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.09

)

(

0.16

)

(b)

(

0.14

)

(b)

(

0.08

)

(

0.12

)

(

0.14

)

Net

realized

and

unrealized

gain

(loss)

0.28

3.37

4.92

1.07

(

2.62

)

5.50

Total

from

investment

operations

0.19

3.21

4.78

0.99

(

2.74

)

5.36

Distributions:

Dividends

from

net

realized

gains

(

1.27

)

(

1.61

)

(

0.76

)

(

0.41

)

(

1.50

)

(

0.81

)

Total

distributions

(

1.27

)

(

1.61

)

(

0.76

)

(

0.41

)

(

1.50

)

(

0.81

)

Net

asset

value,

end

period

18.40

19.48

17.88

13.86

13.28

17.52

Ratios

and

supplemental

data:

Total

return

(c)

.07

.10

.56

.76

(

.85

)

.92

Net

assets,

end

period

(000)

185

292

347

120

170

887

Ratio

net

expenses

average

net

assets

.90

(d)

.90

.91

.90

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.26

(d)

.27

.29

.36

.33

Ratio

net

investment

income

(loss)

average

net

assets

(

.02

)

(d)

(

.90

)

(

.83

)

(

.57

)

(

.77

)

(

.92

)

Portfolio

turnover

rate

(e)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

net

investment

income

the

Statement

Operations

for

the

period

due

class

specific

expenses.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(d)

Annualized.

(e)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Select

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

25.77

22.97

17.45

16.45

21.15

15.36

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.00

)

0.02

0.03

0.07

0.05

0.01

Net

realized

and

unrealized

gain

(loss)

0.38

4.42

6.25

1.34

(

3.23

)

6.59

Total

from

investment

operations

0.38

4.44

6.28

1.41

(

3.18

)

6.60

Distributions:

Dividends

from

net

investment

income

(

0.01

)

(

0.03

)

(

0.00

)

—

(

0.02

)

—

Dividends

from

net

realized

gains

(

1.27

)

(

1.61

)

(

0.76

)

(

0.41

)

(

1.50

)

(

0.81

)

Total

distributions

(

1.28

)

(

1.64

)

(

0.76

)

(

0.41

)

(

1.52

)

(

0.81

)

Net

asset

value,

end

period

24.87

25.77

22.97

17.45

16.45

21.15

Ratios

and

supplemental

data:

Total

return

(b)

.61

.25

.92

.84

(

.00

)

.28

Net

assets,

end

period

(000)

46,385

46,632

41,449

31,663

30,660

38,585

Ratio

net

expenses

average

net

assets

.90

(c)

.90

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.26

(c)

.27

.29

.37

.32

Ratio

net

investment

income

(loss)

average

net

assets

(

.02

)

(c)

.10

.16

.41

.25

.07

Portfolio

turnover

rate

(d)

Amount

less

than

$0.005.

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

www.calamos.com

Calamos

International

Growth

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

25.54

21.94

16.25

15.43

28.83

22.96

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.06

0.04

(

0.04

)

0.05

0.21

0.05

Net

realized

and

unrealized

gain

(loss)

3.29

4.52

5.74

0.77

(

9.48

)

7.29

Total

from

investment

operations

3.35

4.56

5.70

0.82

(

9.27

)

7.34

Distributions:

Dividends

from

net

investment

income

(

0.05

)

—

(

0.01

)

—

(

0.00

)

—

Dividends

from

net

realized

gains

(

2.98

)

(

0.96

)

—

(

4.13

)

(

1.47

)

Total

distributions

(

3.03

)

(

0.96

)

(

0.01

)

—

(

4.13

)

(

1.47

)

Net

asset

value,

end

period

25.86

25.54

21.94

16.25

15.43

28.83

Ratios

and

supplemental

data:

Total

return

(b)

.79

.87

.07

.31

(

.67

)

.76

Net

assets,

end

period

(000)

57,210

51,533

50,314

41,631

46,993

79,503

Ratio

net

expenses

average

net

assets

.20

(c)

.20

.16

.10

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.60

(c)

.47

.40

.49

.64

.56

Ratio

net

investment

income

(loss)

average

net

assets

.50

(c)

.18

(

.21

)

.27

.04

.19

Portfolio

turnover

rate

(d)

170

127

131

129

Amount

less

than

$0.005.

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

International

Growth

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

20.61

18.02

13.44

12.86

24.94

20.17

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.03

)

(b)

(

0.11

)

(b)

(

0.17

)

(

0.07

)

0.05

(

0.16

)

Net

realized

and

unrealized

gain

(loss)

2.55

3.66

4.75

0.65

(

8.00

)

6.40

Total

from

investment

operations

2.52

3.55

4.58

0.58

(

7.95

)

6.24

Distributions:

Dividends

from

net

realized

gains

(

2.98

)

(

0.96

)

—

(

4.13

)

(

1.47

)

Total

distributions

(

2.98

)

(

0.96

)

—

(

4.13

)

(

1.47

)

Net

asset

value,

end

period

20.15

20.61

18.02

13.44

12.86

24.94

Ratios

and

supplemental

data:

Total

return

(c)

.38

.92

.15

.51

(

.18

)

.79

Net

assets,

end

period

(000)

1,515

1,478

1,452

1,339

1,989

3,953

Ratio

net

expenses

average

net

assets

.95

(d)

.95

.91

.85

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.35

(d)

.22

.15

.24

.39

.31

Ratio

net

investment

income

(loss)

average

net

assets

(

.29

)

(d)

(

.59

)

(

.97

)

(

.48

)

.27

(

.69

)

Portfolio

turnover

rate

(e)

170

127

131

129

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

net

investment

income

the

Statement

Operations

for

the

period

due

class

specific

expenses.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(d)

Annualized.

(e)

Not

annualized.

www.calamos.com

Calamos

International

Growth

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

26.86

22.96

17.00

16.10

29.92

23.73

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.10

0.01

(b)

0.09

0.27

0.12

Net

realized

and

unrealized

gain

(loss)

3.47

4.76

6.00

0.81

(

9.88

)

7.54

Total

from

investment

operations

3.57

4.86

6.01

0.90

(

9.61

)

7.66

Distributions:

Dividends

from

net

investment

income

(

0.11

)

—

(

0.05

)

—

(

0.08

)

(

0.00

)

Dividends

from

net

realized

gains

(

2.98

)

(

0.96

)

—

(

4.13

)

(

1.47

)

Total

distributions

(

3.09

)

(

0.96

)

(

0.05

)

—

(

4.21

)

(

1.47

)

Net

asset

value,

end

period

27.34

26.86

22.96

17.00

16.10

29.92

Ratios

and

supplemental

data:

Total

return

(c)

.94

.18

.44

.59

(

.54

)

.13

Net

assets,

end

period

(000)

242,186

224,014

184,336

141,782

120,520

216,723

Ratio

net

expenses

average

net

assets

.95

(d)

.95

.91

.85

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.35

(d)

.22

.15

.24

.39

.31

Ratio

net

investment

income

(loss)

average

net

assets

.77

(d)

.43

.03

.52

.28

.43

Portfolio

turnover

rate

(e)

170

127

131

129

Amount

less

than

$0.005.

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

net

investment

income

the

Statement

Operations

for

the

period

due

class

specific

expenses.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(d)

Annualized.

(e)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

International

Growth

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

27.22

23.24

17.21

16.28

30.20

23.93

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.12

0.14

0.03

(b)

0.11

0.31

0.15

Net

realized

and

unrealized

gain

(loss)

3.52

4.80

6.07

0.82

(

10.00

)

7.61

Total

from

investment

operations

3.64

4.94

6.10

0.93

(

9.69

)

7.76

Distributions:

Dividends

from

net

investment

income

(

0.13

)

—

(

0.07

)

—

(

0.10

)

(

0.02

)

Dividends

from

net

realized

gains

(

2.98

)

(

0.96

)

—

(

4.13

)

(

1.47

)

Total

distributions

(

3.11

)

(

0.96

)

(

0.07

)

—

(

4.23

)

(

1.49

)

Net

asset

value,

end

period

27.75

27.22

23.24

17.21

16.28

30.20

Ratios

and

supplemental

data:

Total

return

(c)

.97

.30

.55

.71

(

.47

)

.24

Net

assets,

end

period

(000)

12,314

10,313

6,378

4,829

4,332

1,921

Ratio

net

expenses

average

net

assets

.81

(d)

.86

.81

.75

.77

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.25

(d)

.14

.06

.13

.28

.22

Ratio

net

investment

income

(loss)

average

net

assets

.92

(d)

.57

.14

.61

.59

.51

Portfolio

turnover

rate

(e)

170

127

131

129

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

net

investment

income

the

Statement

Operations

for

the

period

due

class

specific

expenses.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(d)

Annualized.

(e)

Not

annualized.

www.calamos.com

Calamos

Evolving

World

Growth

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

23.23

19.61

14.87

14.51

22.25

19.60

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.05

)

(

0.08

)

(

0.06

)

0.01

0.12

(

0.05

)

Net

realized

and

unrealized

gain

(loss)

6.14

3.70

4.85

0.46

(

7.79

)

3.15

Total

from

investment

operations

6.09

3.62

4.79

0.47

(

7.67

)

3.10

Distributions:

Dividends

from

net

investment

income

—

(

0.05

)

(

0.11

)

(

0.07

)

—

Dividends

from

net

realized

gains

—

(

0.45

)

Total

distributions

—

(

0.05

)

(

0.11

)

(

0.07

)

(

0.45

)

Net

asset

value,

end

period

29.32

23.23

19.61

14.87

14.51

22.25

Ratios

and

supplemental

data:

Total

return

(b)

.29

.51

.27

.19

(

.55

)

.87

Net

assets,

end

period

(000)

41,261

37,707

42,336

36,830

36,890

54,731

Ratio

net

expenses

average

net

assets

.30

(c)

.30

.29

.30

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.62

(c)

.64

.65

.63

.60

Ratio

net

investment

income

(loss)

average

net

assets

(

.37

)

(c)

(

.40

)

(

.36

)

.09

.67

(

.21

)

Portfolio

turnover

rate

(d)

171

140

137

132

140

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Evolving

World

Growth

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

21.10

17.94

13.67

13.34

20.55

18.26

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.13

)

(

0.21

)

(

0.18

)

(

0.09

)

(

0.03

)

(

0.22

)

Net

realized

and

unrealized

gain

(loss)

5.56

3.37

4.45

0.42

(

7.18

)

2.96

Total

from

investment

operations

5.43

3.16

4.27

0.33

(

7.21

)

2.74

Distributions:

Dividends

from

net

realized

gains

—

(

0.45

)

Total

distributions

—

(

0.45

)

Net

asset

value,

end

period

26.53

21.10

17.94

13.67

13.34

20.55

Ratios

and

supplemental

data:

Total

return

(b)

.88

.61

.24

.40

(

.04

)

.05

Net

assets,

end

period

(000)

4,092

3,554

3,709

3,930

6,153

16,050

Ratio

net

expenses

average

net

assets

.05

(c)

.05

.04

.05

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.37

(c)

.39

.40

.38

.39

.34

Ratio

net

investment

income

(loss)

average

net

assets

(

.14

)

(c)

(

.14

)

(

.11

)

(

.63

)

(

.16

)

(

.04

)

Portfolio

turnover

rate

(d)

171

140

137

132

140

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

www.calamos.com

Calamos

Evolving

World

Growth

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

23.55

19.82

15.03

14.67

22.51

19.78

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.02

)

(

0.03

)

(

0.02

)

0.06

0.17

0.01

Net

realized

and

unrealized

gain

(loss)

6.21

3.76

4.90

0.45

(

7.87

)

3.18

Total

from

investment

operations

6.19

3.73

4.88

0.51

(

7.70

)

3.19

Distributions:

Dividends

from

net

investment

income

(

0.01

)

—

(

0.09

)

(

0.15

)

(

0.14

)

(

0.01

)

Dividends

from

net

realized

gains

—

(

0.45

)

Total

distributions

(

0.01

)

—

(

0.09

)

(

0.15

)

(

0.14

)

(

0.46

)

Net

asset

value,

end

period

29.73

23.55

19.82

15.03

14.67

22.51

Ratios

and

supplemental

data:

Total

return

(b)

.45

.82

.59

.44

(

.39

)

.17

Net

assets,

end

period

(000)

404,974

356,625

350,597

320,622

315,858

509,216

Ratio

net

expenses

average

net

assets

.05

(c)

.05

.04

.05

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.37

(c)

.39

.40

.38

.35

Ratio

net

investment

income

(loss)

average

net

assets

(

.14

)

(c)

(

.13

)

(

.11

)

.35

.90

.04

Portfolio

turnover

rate

(d)

171

140

137

132

140

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Global

Equity

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

20.19

17.58

12.08

11.50

18.40

14.05

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(0.02)

(0.07)

(0.08)

0.01

0.02

(0.08)

Net

realized

and

unrealized

gain

(loss)

1.36

4.20

5.58

1.07

(

4.94)

5.49

Total

from

investment

operations

1.34

4.13

5.50

1.08

(4.92)

5.41

Distributions:

Dividends

from

net

realized

gains

(2.76)

(1.52)

—

(0.50)

(1.98)

(1.06)

Total

distributions

(2.76)

(1.52)

—

(0.50)

(1.98)

(1.06)

Net

asset

value,

end

period

18.77

20.19

17.58

12.08

11.50

18.40

Ratios

and

supplemental

data:

Total

return

(b)

8.53%

25.21%

45.53%

9.68%

(29.36%)

39.89%

Net

assets,

end

period

(000)

33,838

32,293

28,482

20,462

21,143

32,511

Ratio

net

expenses

average

net

assets

1.40%

(c)

1.40%

1.39%

1.41%

1.40%

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

1.49%

(c)

1.50%

1.42%

1.52%

1.61%

1.58%

Ratio

net

investment

income

(loss)

average

net

assets

(0.25%)

(c)

(0.41%)

(0.49%)

0.04%

0.17%

(0.48%)

Portfolio

turnover

rate

(d)

63%

114%

78%

90%

77%

72%

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

www.calamos.com

Calamos

Global

Equity

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

15.50

13.93

9.64

9.35

15.45

12.03

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(0.06)

(0.16)

(0.07)

(0.18)

Net

realized

and

unrealized

gain

(loss)

0.95

3.25

4.45

0.86

(4.05)

4.66

Total

from

investment

operations

0.89

3.09

4.29

0.79

(4.12)

4.48

Distributions:

Dividends

from

net

realized

gains

(2.76)

(1.52)

—

(0.50)

(1.98)

(1.06)

Total

distributions

(2.76)

(1.52)

—

(0.50)

(1.98)

(1.06)

Net

asset

value,

end

period

13.63

15.50

13.93

9.64

9.35

15.45

Ratios

and

supplemental

data:

Total

return

(b)

8.15%

24.27%

44.35%

8.99%

(29.96%)

38.88%

Net

assets,

end

period

(000)

1,271

1,362

1,268

611

726

1,492

Ratio

net

expenses

average

net

assets

2.15%

(c)

2.15%

2.14%

2.16%

2.15%

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

2.24%

(c)

2.25%

2.18%

2.28%

2.37%

2.33%

Ratio

net

investment

income

(loss)

average

net

assets

(1.00%)

(c)

(1.16%)

(1.25%)

(0.71%)

(0.59%)

(1.32%)

Portfolio

turnover

rate

(d)

63%

114%

78%

90%

77%

72%

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Global

Equity

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

21.50

18.57

12.75

12.10

19.20

14.59

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(0.00)*

(0.03)

(0.04)

0.04

0.05

(0.04)

Net

realized

and

unrealized

gain

(loss)

1.47

4.48

5.87

1.13

(5.17)

5.71

Total

from

investment

operations

1.47

4.45

5.83

1.17

(5.12)

5.67

Distributions:

Dividends

from

net

investment

income

—

(0.01)

(0.02)

—

Dividends

from

net

realized

gains

(2.76)

(1.52)

—

(0.50)

(1.98)

(1.06)

Total

distributions

(2.76)

(1.52)

(0.01)

(0.52)

(1.98)

(1.06)

Net

asset

value,

end

period

20.21

21.50

18.57

12.75

12.10

19.20

Ratios

and

supplemental

data:

Total

return

(b)

8.63%

25.62%

45.79%

9.98%

(29.20%)

40.29%

Net

assets,

end

period

(000)

148,010

132,462

103,751

66,181

51,538

103,256

Ratio

net

expenses

average

net

assets

1.15%

(c)

1.15%

1.14%

1.15%

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

1.24%

(c)

1.25%

1.17%

1.25%

1.36%

1.33%

Ratio

net

investment

income

(loss)

average

net

assets

0.00%

(c)(d)

(0.17%)

(0.25%)

0.28%

0.37%

(0.23%)

Portfolio

turnover

rate

(e)

63%

114%

78%

90%

77%

72%

Amount

less

than

$0.005.

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Amount

less

than

0.005%

(e)

Not

annualized.

www.calamos.com

Calamos

Global

Equity

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

21.53

18.59

12.76

12.11

19.21

14.59

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.01

(b)

(0.02)

(0.03)

0.05

(0.02)

(0.03)

Net

realized

and

unrealized

gain

(loss)

1.47

4.48

5.88

1.13

(5.10)

5.71

Total

from

investment

operations

1.48

4.46

5.85

1.18

(5.12)

5.68

Distributions:

Dividends

from

net

investment

income

—

(0.02)

(0.03)

—

Dividends

from

net

realized

gains

(2.76)

(1.52)

—

(0.50)

(1.98)

(1.06)

Total

distributions

(2.76)

(1.52)

(0.02)

(0.53)

(1.98)

(1.06)

Net

asset

value,

end

period

20.25

21.53

18.59

12.76

12.11

19.21

Ratios

and

supplemental

data:

Total

return

(c)

8.66%

25.65%

45.88%

10.04%

(29.18%)

40.36%

Net

assets,

end

period

(000)

197

172

168

Ratio

net

expenses

average

net

assets

1.09%

(d)

1.10%

1.07%

1.06%

1.12%

1.09%

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

1.20%

(d)

1.19%

1.11%

1.14%

1.35%

1.27%

Ratio

net

investment

income

(loss)

average

net

assets

0.06%

(d)

(0.09%)

(0.16%)

0.35%

(0.12%)

(0.18%)

Portfolio

turnover

rate

(e)

63%

114%

78%

90%

77%

72%

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

net

investment

income

the

Statement

Operations

for

the

period

due

class

specific

expenses.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(d)

Annualized.

(e)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Global

Opportunities

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

14.41

13.00

9.57

9.15

12.72

10.02

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.04

)

(

0.05

)

(

0.02

)

0.00

(

0.03

)

(

0.04

)

Net

realized

and

unrealized

gain

(loss)

1.08

2.44

3.50

0.46

(

2.88

)

3.42

Total

from

investment

operations

1.04

2.39

3.48

0.46

(

2.91

)

3.38

Distributions:

Dividends

from

net

investment

income

(

0.02

)

(

0.07

)

(

0.05

)

(

0.04

)

—

(

0.05

)

Dividends

from

net

realized

gains

(

1.13

)

(

0.91

)

—

(

0.66

)

(

0.63

)

Total

distributions

(

1.15

)

(

0.98

)

(

0.05

)

(

0.04

)

(

0.66

)

(

0.68

)

Net

asset

value,

end

period

14.30

14.41

13.00

9.57

9.15

12.72

Ratios

and

supplemental

data:

Total

return

(b)

.26

.71

.38

.97

(

.93

)

.84

Net

assets,

end

period

(000)

109,767

105,093

98,640

81,821

86,403

119,261

Ratio

net

expenses

average

net

assets

.22

(c)

.22

.31

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.44

(c)

.46

.45

.49

.46

.45

Ratio

net

investment

income

(loss)

average

net

assets

(

.54

)

(c)

(

.42

)

(

.17

)

(

.05

)

(

.28

)

(

.33

)

Portfolio

turnover

rate

(d)

123

Amounts

are

less

than

$0.005.

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

www.calamos.com

Calamos

Global

Opportunities

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

11.82

10.87

8.05

7.73

10.92

8.71

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.07

)

(

0.12

)

(

0.09

)

(

0.07

)

(

0.09

)

(

0.11

)

Net

realized

and

unrealized

gain

(loss)

0.86

2.01

2.92

0.40

(

2.44

)

2.95

Total

from

investment

operations

0.79

1.89

2.83

0.33

(

2.53

)

2.84

Distributions:

Dividends

from

net

investment

income

—

(

0.03

)

(

0.01

)

(

0.01

)

—

Dividends

from

net

realized

gains

(

1.13

)

(

0.91

)

—

(

0.66

)

(

0.63

)

Total

distributions

(

1.13

)

(

0.94

)

(

0.01

)

(

0.01

)

(

0.66

)

(

0.63

)

Net

asset

value,

end

period

11.48

11.82

10.87

8.05

7.73

10.92

Ratios

and

supplemental

data:

Total

return

(b)

.84

.25

.22

(

.43

)

.77

Net

assets,

end

period

(000)

15,585

14,253

12,173

7,317

7,528

10,032

Ratio

net

expenses

average

net

assets

.97

(c)

.97

.07

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.19

(c)

.21

.20

.24

.21

.20

Ratio

net

investment

income

(loss)

average

net

assets

(

.28

)

(c)

(

.17

)

(

.92

)

(

.80

)

(

.03

)

(

.09

)

Portfolio

turnover

rate

(d)

123

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Global

Opportunities

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

15.07

13.55

9.98

9.53

13.18

10.36

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.02

)

(

0.02

)

0.01

(b)

0.02

(

0.02

)

(

0.01

)

Net

realized

and

unrealized

gain

(loss)

1.13

2.55

3.64

0.48

(

2.96

)

3.54

Total

from

investment

operations

1.11

2.53

3.65

0.50

(

2.98

)

3.53

Distributions:

Dividends

from

net

investment

income

(

0.03

)

(

0.10

)

(

0.08

)

(

0.05

)

(

0.01

)

(

0.08

)

Dividends

from

net

realized

gains

(

1.13

)

(

0.91

)

—

(

0.66

)

(

0.63

)

Total

distributions

(

1.16

)

(

1.01

)

(

0.08

)

(

0.05

)

(

0.67

)

(

0.71

)

Net

asset

value,

end

period

15.02

15.07

13.55

9.98

9.53

13.18

Ratios

and

supplemental

data:

Total

return

(c)

.41

.00

.70

.21

(

.66

)

.16

Net

assets,

end

period

(000)

224,772

206,583

168,589

107,198

117,790

152,596

Ratio

net

expenses

average

net

assets

.97

(d)

.97

.04

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.19

(d)

.21

.20

.24

.21

.20

Ratio

net

investment

income

(loss)

average

net

assets

(

.28

)

(d)

(

.17

)

.08

.20

(

.14

)

(

.09

)

Portfolio

turnover

rate

(e)

123

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

net

investment

income

the

Statement

Operations

for

the

period

due

class

specific

expenses.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(d)

Annualized.

(e)

Not

annualized.

www.calamos.com

Calamos

International

Small

Cap

Growth

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

March

31,

2022

•

through

October

31,

2022

2025

2024

2023

Net

asset

value,

beginning

period

12.16

9.95

7.54

7.65

10.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.00*

0.01

(0.05)

0.00*

0.05

Net

realized

and

unrealized

gain

(loss)

2.23

2.20

2.46

(0.06)

(2.40)

Total

from

investment

operations

2.23

2.21

2.41

(0.06)

(2.35)

Distributions:

Dividends

from

net

investment

income

(0.07)

—

(0.05)

—

Dividends

from

net

realized

gains

(0.04)

—

Total

distributions

(0.11)

—

(0.05)

—

Net

asset

value,

end

period

14.28

12.16

9.95

7.54

7.65

Ratios

and

supplemental

data:

Total

return

(b)

18.82%

22.11%

31.96%

(0.87%)

(23.50%)

Net

assets,

end

period

(000)

567

428

433

Ratio

net

expenses

average

net

assets

1.35%

(c)

1.35%

2.66%

(c)

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

3.19%

(c)

4.09%

4.96%

9.06%

11.03%

(c)

Ratio

net

investment

income

(loss)

average

net

assets

0.00%

(c)(d)

0.13%

(0.46%)

(0.04%)

(9.66%)

(c)

Portfolio

turnover

rate

(e)

75%

175%

117%

126%

64%

•

Commencement

operations.

Amount

less

than

$0.005.

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Amount

less

than

0.005%

(e)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

International

Small

Cap

Growth

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

March

31,

2022

•

through

October

31,

2022

2025

2024

2023

Net

asset

value,

beginning

period

11.84

9.76

7.46

7.62

10.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(0.05)

(b)

(0.05)

(b)

(0.12)

(0.07)

0.01

Net

realized

and

unrealized

gain

(loss)

2.19

2.13

2.42

(0.05)

(2.39)

Total

from

investment

operations

2.14

2.08

2.30

(0.12)

(2.38)

Distributions:

Dividends

from

net

investment

income

—

(0.04)

—

Dividends

from

net

realized

gains

(0.04)

—

Total

distributions

(0.04)

—

(0.04)

—

Net

asset

value,

end

period

13.94

11.84

9.76

7.46

7.62

Ratios

and

supplemental

data:

Total

return

(c)

18.33%

21.21%

30.83%

(1.62%)

(23.80%)

Net

assets,

end

period

(000)

Ratio

net

expenses

average

net

assets

2.10%

(d)

2.10%

2.09%

2.67%

(d)

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

3.94%

(d)

4.84%

5.71%

9.79%

11.03%

(d)

Ratio

net

investment

income

(loss)

average

net

assets

(0.79%)

(d)

(0.47%)

(1.22%)

(0.92%)

(9.66%)

(d)

Portfolio

turnover

rate

(e)

75%

175%

117%

126%

64%

•

Commencement

operations.

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

net

investment

income

the

Statement

Operations

for

the

period

due

class

specific

expenses.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(d)

Annualized.

(e)

Not

annualized.

www.calamos.com

Calamos

International

Small

Cap

Growth

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

March

31,

2022

•

through

October

31,

2022

2025

2024

2023

Net

asset

value,

beginning

period

12.25

10.01

7.56

7.66

10.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.02

0.06

(0.02)

0.01

0.06

Net

realized

and

unrealized

gain

(loss)

2.25

2.18

2.47

(0.05)

(2.40)

Total

from

investment

operations

2.27

2.24

2.45

(0.04)

(2.34)

Distributions:

Dividends

from

net

investment

income

(0.10)

—

(0.06)

—

Dividends

from

net

realized

gains

(0.04)

—

Total

distributions

(0.14)

—

(0.06)

—

Net

asset

value,

end

period

14.38

12.25

10.01

7.56

7.66

Ratios

and

supplemental

data:

Total

return

(b)

18.92%

22.50%

32.10%

(0.48%)

(23.40%)

Net

assets,

end

period

(000)

12,944

6,853

5,267

2,327

1,740

Ratio

net

expenses

average

net

assets

1.10%

(c)

1.10%

2.67%

(c)

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

2.86%

(c)

3.84%

4.71%

8.80%

11.03%

(c)

Ratio

net

investment

income

(loss)

average

net

assets

0.33%

(c)

0.52%

(0.20%)

0.17%

(9.66%)

(c)

Portfolio

turnover

rate

(d)

75%

175%

117%

126%

64%

•

Commencement

operations.

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

International

Small

Cap

Growth

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

March

31,

2022

•

through

October

31,

2022

2025

2024

2023

Net

asset

value,

beginning

period

12.26

10.01

7.56

7.66

10.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.02

0.07

(0.02)

0.01

0.06

Net

realized

and

unrealized

gain

(loss)

2.26

2.18

2.47

(0.05)

(2.40)

Total

from

investment

operations

2.28

2.25

2.45

(0.04)

(2.34)

Distributions:

Dividends

from

net

investment

income

(0.11)

—

(0.06)

—

Dividends

from

net

realized

gains

(0.04)

—

Total

distributions

(0.15)

—

(0.06)

—

Net

asset

value,

end

period

14.39

12.26

10.01

7.56

7.66

Ratios

and

supplemental

data:

Total

return

(b)

19.00%

22.60%

32.10%

(0.48%)

(23.40%)

Net

assets,

end

period

(000)

Ratio

net

expenses

average

net

assets

0.94%

(c)

1.02%

1.08%

1.07%

2.67%

(c)

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

2.87%

(c)

3.76%

.71%

8.78%

11.03%

(c)

Ratio

net

investment

income

(loss)

average

net

assets

0.37%

(c)

0.61%

(0.19%)

0.19%

(9.66%)

(c)

Portfolio

turnover

rate

(d)

75%

175%

117%

126%

64%

•

Commencement

operations.

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

www.calamos.com

Calamos

Total

Return

Bond

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

9.14

8.96

8.38

8.67

10.61

10.85

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.15

0.31

0.32

0.30

0.24

0.19

Net

realized

and

unrealized

gain

(loss)

(

0.11

)

0.21

0.60

(

0.27

)

(

1.81

)

(

0.19

)

Total

from

investment

operations

0.04

0.52

0.92

0.03

(

1.57

)

—

Distributions:

Dividends

from

net

investment

income

(

0.15

)

(

0.34

)

(

0.34

)

(

0.32

)

(

0.24

)

(

0.23

)

Dividends

from

net

realized

gains

—

(

0.13

)

(

0.01

)

Total

distributions

(

0.15

)

(

0.34

)

(

0.34

)

(

0.32

)

(

0.37

)

(

0.24

)

Net

asset

value,

end

period

9.03

9.14

8.96

8.38

8.67

10.61

Ratios

and

supplemental

data:

Total

return

(b)

.36

.05

.03

.18

(

.13

)

.01

Net

assets,

end

period

(000)

8,865

9,769

11,500

11,764

14,662

22,394

Ratio

net

expenses

average

net

assets

.90

(c)

.90

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.35

(c)

.26

.21

.24

.15

.01

Ratio

net

investment

income

(loss)

average

net

assets

.36

(c)

.48

.54

.36

.48

.77

Portfolio

turnover

rate

(d)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Total

Return

Bond

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

9.14

8.96

8.38

8.67

10.61

10.85

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.12

0.24

0.25

0.23

0.17

0.11

Net

realized

and

unrealized

gain

(loss)

(

0.12

)

0.21

0.60

(

0.27

)

(

1.81

)

(

0.19

)

Total

from

investment

operations

0.00

0.45

0.85

(

0.04

)

(

1.64

)

(

0.08

)

Distributions:

Dividends

from

net

investment

income

(

0.12

)

(

0.27

)

(

0.27

)

(

0.25

)

(

0.17

)

(

0.15

)

Dividends

from

net

realized

gains

—

(

0.13

)

(

0.01

)

Total

distributions

(

0.12

)

(

0.27

)

(

0.27

)

(

0.25

)

(

0.30

)

(

0.16

)

Net

asset

value,

end

period

9.02

9.14

8.96

8.38

8.67

10.61

Ratios

and

supplemental

data:

Total

return

(b)

(

.01

)

.15

.21

(

.57

)

(

.76

)

(

.74

)

Net

assets,

end

period

(000)

271

272

200

323

549

800

Ratio

net

expenses

average

net

assets

.65

(c)

.65

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.10

(c)

.01

.95

.99

.90

.76

Ratio

net

investment

income

(loss)

average

net

assets

.61

(c)

.72

.80

.60

.72

.02

Portfolio

turnover

rate

(d)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

www.calamos.com

Calamos

Total

Return

Bond

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

9.15

8.97

8.39

8.68

10.61

10.85

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.16

0.33

0.32

0.26

0.22

Net

realized

and

unrealized

gain

(loss)

(

0.11

)

0.21

0.61

(

0.27

)

(

1.79

)

(

0.20

)

Total

from

investment

operations

0.05

0.54

0.94

0.05

(

1.53

)

0.02

Distributions:

Dividends

from

net

investment

income

(

0.17

)

(

0.36

)

(

0.36

)

(

0.34

)

(

0.27

)

(

0.25

)

Dividends

from

net

realized

gains

—

(

0.13

)

(

0.01

)

Total

distributions

(

0.17

)

(

0.36

)

(

0.36

)

(

0.34

)

(

0.40

)

(

0.26

)

Net

asset

value,

end

period

9.03

9.15

8.97

8.39

8.68

10.61

Ratios

and

supplemental

data:

Total

return

(b)

.50

.31

.17

.55

(

.92

)

.17

Net

assets,

end

period

(000)

14,400

19,067

18,530

19,236

18,622

43,979

Ratio

net

expenses

average

net

assets

.65

(c)

.65

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.10

(c)

.01

.92

.99

.88

.76

Ratio

net

investment

income

(loss)

average

net

assets

.63

(c)

.73

.76

.61

.65

.02

Portfolio

turnover

rate

(d)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

High

Income

Opportunities

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

7.82

7.80

7.22

7.30

8.58

7.96

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.22

0.48

0.45

0.37

0.35

Net

realized

and

unrealized

gain

(loss)

(

0.04

)

0.03

0.59

(

0.07

)

(

1.27

)

0.66

Total

from

investment

operations

0.18

0.51

1.07

0.38

(

0.90

)

1.01

Distributions:

Dividends

from

net

investment

income

(

0.24

)

(

0.49

)

(

0.49

)

(

0.46

)

(

0.38

)

(

0.27

)

Return

capital

—

(

0.12

)

Total

distributions

(

0.24

)

(

0.49

)

(

0.49

)

(

0.46

)

(

0.38

)

(

0.39

)

Net

asset

value,

end

period

7.76

7.82

7.80

7.22

7.30

8.58

Ratios

and

supplemental

data:

Total

return

(b)

.47

.65

.18

.22

(

.67

)

.88

Net

assets,

end

period

(000)

14,346

26,252

27,554

25,252

26,775

34,550

Ratio

net

expenses

average

net

assets

.00

(c)

.00

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.64

(c)

.40

.37

.43

.40

.33

Ratio

net

investment

income

(loss)

average

net

assets

.73

(c)

.13

.27

.12

.71

.10

Portfolio

turnover

rate

(d)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

www.calamos.com

Calamos

High

Income

Opportunities

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

8.46

8.41

7.74

7.80

9.14

8.45

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.21

0.45

0.43

0.33

0.31

Net

realized

and

unrealized

gain

(loss)

(

0.04

)

0.03

0.65

(

0.09

)

(

1.35

)

0.71

Total

from

investment

operations

0.17

0.48

1.10

0.34

(

1.02

)

1.02

Distributions:

Dividends

from

net

investment

income

(

0.21

)

(

0.43

)

(

0.43

)

(

0.40

)

(

0.32

)

(

0.21

)

Return

capital

—

(

0.12

)

Total

distributions

(

0.21

)

(

0.43

)

(

0.43

)

(

0.40

)

(

0.32

)

(

0.33

)

Net

asset

value,

end

period

8.42

8.46

8.41

7.74

7.80

9.14

Ratios

and

supplemental

data:

Total

return

(b)

.96

.32

.35

(

.35

)

.11

Net

assets,

end

period

(000)

679

365

379

438

471

677

Ratio

net

expenses

average

net

assets

.75

(c)

.75

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.45

(c)

.15

.12

.18

.15

.08

Ratio

net

investment

income

(loss)

average

net

assets

.04

(c)

.38

.52

.37

.95

.38

Portfolio

turnover

rate

(d)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

High

Income

Opportunities

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

7.82

7.81

7.22

7.30

8.58

7.96

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.23

0.50

0.47

0.39

0.37

Net

realized

and

unrealized

gain

(loss)

(

0.04

)

0.02

0.60

(

0.07

)

(

1.27

)

0.67

Total

from

investment

operations

0.19

0.52

1.10

0.40

(

0.88

)

1.04

Distributions:

Dividends

from

net

investment

income

(

0.25

)

(

0.51

)

(

0.51

)

(

0.48

)

(

0.40

)

(

0.30

)

Return

capital

—

(

0.12

)

Total

distributions

(

0.25

)

(

0.51

)

(

0.51

)

(

0.48

)

(

0.40

)

(

0.42

)

Net

asset

value,

end

period

7.76

7.82

7.81

7.22

7.30

8.58

Ratios

and

supplemental

data:

Total

return

(b)

.47

.04

.46

.48

(

.45

)

.16

Net

assets,

end

period

(000)

7,771

8,669

9,503

7,786

9,150

9,267

Ratio

net

expenses

average

net

assets

.75

(c)

.75

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.43

(c)

.15

.12

.18

.15

.08

Ratio

net

investment

income

(loss)

average

net

assets

.93

(c)

.38

.52

.36

.98

.34

Portfolio

turnover

rate

(d)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

www.calamos.com

Calamos

Short-Term

Bond

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

9.63

9.53

9.30

9.28

9.91

10.23

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.20

0.41

0.37

0.28

0.13

0.15

Net

realized

and

unrealized

gain

(loss)

(

0.07

)

0.11

0.30

0.07

(

0.62

)

(

0.07

)

Total

from

investment

operations

0.13

0.52

0.67

0.35

(

0.49

)

0.08

Distributions:

Dividends

from

net

investment

income

(

0.20

)

(

0.42

)

(

0.44

)

(

0.33

)

(

0.14

)

(

0.31

)

Dividends

from

net

realized

gains

—

(

0.09

)

Total

distributions

(

0.20

)

(

0.42

)

(

0.44

)

(

0.33

)

(

0.14

)

(

0.40

)

Net

asset

value,

end

period

9.56

9.63

9.53

9.30

9.28

9.91

Ratios

and

supplemental

data:

Total

return

(b)

.41

.59

.28

.79

(

.99

)

.85

Net

assets,

end

period

(000)

6,312

6,084

3,825

3,523

2,128

2,661

Ratio

net

expenses

average

net

assets

.63

(c)

.63

.65

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.63

(c)

.64

.63

.65

Ratio

net

investment

income

(loss)

average

net

assets

.23

(c)

.25

.86

.94

.36

.51

Portfolio

turnover

rate

(d)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Short-Term

Bond

Fund

Financial

Highlights

Selected

data

for

outstanding

throughout

each

period

were

follows:

Class

(Unaudited)

Six

Months

Ended

April

30,

2026

Year

Ended

October

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

period

9.62

9.52

9.29

9.28

9.91

10.23

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.21

0.43

0.39

0.30

0.15

0.17

Net

realized

and

unrealized

gain

(loss)

(

0.06

)

0.12

0.30

0.06

(

0.62

)

(

0.06

)

Total

from

investment

operations

0.15

0.55

0.69

0.36

(

0.47

)

0.11

Distributions:

Dividends

from

net

investment

income

(

0.22

)

(

0.45

)

(

0.46

)

(

0.35

)

(

0.16

)

(

0.34

)

Dividends

from

net

realized

gains

—

(

0.09

)

Total

distributions

(

0.22

)

(

0.45

)

(

0.46

)

(

0.35

)

(

0.16

)

(

0.43

)

Net

asset

value,

end

period

9.55

9.62

9.52

9.29

9.28

9.91

Ratios

and

supplemental

data:

Total

return

(b)

.53

.85

.56

.93

(

.77

)

.11

Net

assets,

end

period

(000)

408,949

405,022

363,227

354,109

356,908

306,398

Ratio

net

expenses

average

net

assets

.38

(c)

.38

.39

.38

.40

Ratio

gross

expenses

average

net

assets

prior

expense

reductions

.38

(c)

.39

.38

.39

.38

.40

Ratio

net

investment

income

(loss)

average

net

assets

.48

(c)

.50

.10

.17

.58

.73

Portfolio

turnover

rate

(d)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

effect

taxes

shareholder

would

pay

fund

distributions

the

redemption

fund

shares,

sales

charges,

contingent

deferred

sales

charges,

applicable.

(c)

Annualized.

(d)

Not

annualized.

Calamos

Market

Neutral

Income

Fund

Schedule

Investments

April

30,

2026

(unaudited)

www.calamos.com

See

accompanying

Notes

Schedule

Investments

PRINCIPAL

AMOUNT

VALUE

CONVERTIBLE

BONDS

(36.0%)

Communication

Services

(2.5%)

AST

SpaceMobile,

Inc.*

3,905,000

2.375%,

10/15/32

5,449,232

10,000,000

2.250%,

04/15/36

9,300,100

15,036,000

2.000%,

01/15/36

15,220,492

2,500,000

Bandwidth,

Inc.

0.500%,

04/01/28

2,277,800

7,500,000

IMAX

Corp.*

0.750%,

11/15/30

8,400,450

37,190,000

JD.com,

Inc.~

0.250%,

06/01/29

37,954,254

Live

Nation

Entertainment,

Inc.

15,000,000

3.125%,

01/15/29^

23,515,050

5,996,000

2.875%,

01/15/30^

6,666,653

15,000,000

2.875%,

10/15/31*

15,565,800

Lyft,

Inc.

6,000,000

0.625%,

03/01/29

6,291,240

20,000,000

0.000%,

09/15/30*^

19,582,800

21,845,000

MakeMyTrip

Ltd.*^

0.000%,

07/01/30

19,223,818

15,000,000

Match

Group

Financeco

Inc.*~

0.875%,

06/15/26

14,934,000

40,000,000

Match

Group

Financeco

Inc.*~

2.000%,

01/15/30

36,456,800

66,589,000

Sea

Ltd.~

0.250%,

09/15/26

65,475,632

Snap,

Inc.

8,952,000

0.500%,

05/01/30

7,573,482

8,000,000

0.125%,

03/01/28~

7,336,240

10,383,000

Sphere

Entertainment

Co.~

3.500%,

12/01/28

42,118,639

25,000,000

Trip.com

Group

Ltd.^

0.750%,

06/15/29

26,883,500

27,000,000

Uber

Technologies,

Inc.

Series

2028~

0.875%,

12/01/28

33,073,110

4,000,000

Weibo

Corp.

1.375%,

12/01/30

4,269,680

15,000,000

Xiaomi

Best

Time

International

Ltd.*

0.000%,

12/17/27

15,258,750

20,000,000

Ziff

Davis,

Inc.

1.750%,

11/01/26

19,725,000

442,552,522

Consumer

Discretionary

(5.7%)

175,000,000

Alibaba

Group

Holding

Ltd.~

0.500%,

06/01/31

252,526,750

8,000,000

Cheesecake

Factory,

Inc.

2.000%,

03/15/30

8,851,440

7,000,000

Cracker

Barrel

Old

Country

Store,

Inc.*

1.750%,

09/15/30

5,662,930

75,000,000

DoorDash,

Inc.*~

0.000%,

05/15/30

71,710,500

40,000,000

DraftKings

Holdings,

Inc.~

0.000%,

03/15/28

36,415,200

PRINCIPAL

AMOUNT

VALUE

Etsy,

Inc.

15,000,000

1.000%,

06/15/30*^

16,297,050

50,000,000

0.250%,

06/15/28~

45,387,500

20,000,000

0.125%,

10/01/26~

20,063,000

18,500,000

Farfetch

Ltd.@

0.000%,

05/01/27

161,320

GameStop

Corp.

20,000,000

0.000%,

04/01/30

21,510,200

90,000,000

0.000%,

06/15/32*^

97,623,900

6,500,000

Groupon,

Inc.*

6.250%,

03/15/27

6,565,715

5,000,000

LCI

Industries

1.125%,

05/15/26

4,992,500

Lucid

Group,

Inc.*

15,000,000

7.000%,

11/01/31

8,562,600

55,000,000

5.000%,

04/01/30~

27,081,450

4,000,000

Luminar

Technologies,

Inc.&*

0.000%,

12/15/26

60,000

10,000,000

Marriott

Vacations

Worldwide

Corp.^

3.250%,

12/15/27

9,728,700

35,972,000

NCL

Corp.

Ltd.*~

0.750%,

09/15/30

33,729,506

NIO,

Inc.

15,000,000

4.625%,

10/15/30

15,759,750

25,000,000

3.875%,

10/15/29~

26,263,250

12,500,000

Peloton

Interactive,

Inc.

5.500%,

12/01/29

19,513,750

Rivian

Automotive,

Inc.

45,500,000

4.625%,

03/15/29^

52,178,490

62,000,000

3.625%,

10/15/30~

64,396,920

10,245,000

Shake

Shack,

Inc.~

0.000%,

03/01/28

10,070,015

25,833,000

Stride,

Inc.~

1.125%,

09/01/27

48,870,094

Wayfair,

Inc.

49,675,000

3.500%,

11/15/28~

76,335,573

12,245,000

3.250%,

09/15/27

15,310,168

7,029,000

Wynn

Macau

Ltd.*

4.500%,

03/07/29

7,026,962

1,002,655,233

Consumer

Staples

(0.5%)

6,472,000

Beyond

Meat,

Inc.

7.000%,

10/15/30

5,501,006

14,808,000

Euronet

Worldwide,

Inc.*

0.625%,

10/01/30

13,383,470

11,000,000

Hertz

Corp.*

5.500%,

10/01/30

9,494,540

10,000,000

Merit

Medical

Systems,

Inc.

3.000%,

02/01/29

10,750,700

10,000,000

Oddity

Finance

LLC*

0.000%,

06/15/30

7,062,000

5,000,000

Oscar

Health,

Inc.*

2.250%,

09/01/30

5,575,450

15,000,000

Post

Holdings,

Inc.^

2.500%,

08/15/27

16,768,800

5,458,000

Revolution

Medicines,

Inc.

0.500%,

05/01/33

6,044,135

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Market

Neutral

Income

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

7,000,000

Spectrum

Brands,

Inc.

3.375%,

06/01/29

7,166,740

81,746,841

Energy

(0.8%)

9,000,000

Atlas

Energy

Solutions,

Inc.*

0.500%,

04/15/31

12,523,950

15,000,000

Chesapeake

Energy

Corp.

0.000%,

09/15/26

1,500

12,500,000

Crescent

Energy

Co.*

2.750%,

03/15/31

14,442,375

10,000,000

Energy

Fuels,

Inc.*

0.750%,

11/01/31

13,251,900

4,500,000

Energy

Vault

Holdings,

Inc.*

5.250%,

03/01/31

5,221,260

23,000,000

EUR

Eni

SpA

Series

ENI*

2.950%,

09/14/30

37,616,329

12,500,000

Eos

Energy

Enterprises,

Inc.*

1.750%,

12/01/31

9,122,000

5,000,000

Golar

LNG

Ltd.*^

2.750%,

12/15/30

6,028,550

Liberty

Energy,

Inc.*

12,500,000

0.000%,

03/01/31

15,111,000

10,000,000

0.000%,

03/01/32

11,280,800

9,000,000

Northern

Oil

Gas,

Inc.^

3.625%,

04/15/29

9,576,840

4,000,000

Stem,

Inc.*~

0.500%,

12/01/28

1,503,320

6,000,000

World

Kinect

Corp.

3.250%,

07/01/28

6,894,600

142,574,424

Financials

(1.9%)

37,500,000

BofA

Finance

LLC~

0.600%,

05/25/27

42,229,125

10,000,000

Boston

Properties

LP*~

2.000%,

10/01/30

9,341,000

Coinbase

Global,

Inc.

45,468,000

0.250%,

04/01/30^

43,928,453

40,000,000

0.000%,

10/01/29*~

36,453,200

21,205,000

0.000%,

10/01/32*~

17,925,859

4,750,000

Dave,

Inc.*

0.000%,

04/01/31

5,889,810

11,000,000

Federal

Realty

LP*~

3.250%,

01/15/29

11,498,740

42,416,000

Global

Payments,

Inc.

1.500%,

03/01/31

38,138,346

100,000,000

HKD

Happy

Ever

Holdings

Ltd.*

0.500%,

07/16/30

13,137,951

75,000,000

HKD

Link

Ltd.*

4.500%,

12/12/27

9,733,865

20,000,000

Ping

Insurance

Group

Co.

China

Ltd.*

0.875%,

07/22/29

31,361,200

Rexford

Industrial

Realty

LP*^

7,500,000

4.375%,

03/15/27

7,494,975

7,500,000

4.125%,

03/15/29

7,423,050

5,000,000

Starwood

Property

Trust,

Inc.~

6.750%,

07/15/27

5,153,650

PRINCIPAL

AMOUNT

VALUE

15,060,000

Upstart

Holdings,

Inc.*

0.000%,

02/15/32

11,345,602

15,000,000

Ventas

Realty

LP~

3.750%,

06/01/26

24,012,300

WisdomTree,

Inc.

4,000,000

4.625%,

08/15/30*

4,743,080

5,000,000

4.500%,

10/01/31*

5,575,500

4,000,000

3.250%,

08/15/29

6,097,720

331,483,426

Health

Care

(2.5%)

12,401,000

Alnylam

Pharmaceuticals,

Inc.*~

0.000%,

09/15/28

11,488,534

10,000,000

Amphastar

Pharmaceuticals,

Inc.^

2.000%,

03/15/29

9,145,000

13,744,000

Arrowhead

Pharmaceuticals,

Inc.

0.000%,

01/15/32

15,666,648

Bridgebio

Pharma,

Inc.

5,000,000

2.250%,

02/01/29~

5,563,600

7,500,000

0.750%,

02/01/33*

7,412,325

27,500,000

CONMED

Corp.~

2.250%,

06/15/27

26,879,875

30,000,000

Dexcom,

Inc.~

0.375%,

05/15/28

27,839,100

5,000,000

Envista

Holdings

Corp.

1.750%,

08/15/28

5,003,250

10,000,000

Haemonetics

Corp.

2.500%,

06/01/29

9,677,700

Halozyme

Therapeutics,

Inc.

10,816,000

1.000%,

08/15/28^

13,807,706

23,190,000

0.875%,

11/15/32*

22,877,399

23,190,000

0.000%,

02/15/31*^

22,610,018

14,589,000

Hims

Hers

Health,

Inc.*

0.000%,

05/15/30

12,125,647

4,000,000

Indivior

Pharmaceuticals,

Inc.*

0.625%,

03/15/31

4,571,560

10,000,000

Innoviva,

Inc.~

2.125%,

03/15/28

10,828,800

13,276,000

Integer

Holdings

Corp.

1.875%,

03/15/30

12,843,601

Ionis

Pharmaceuticals,

Inc.

12,366,000

1.750%,

06/15/28~

18,439,314

17,238,000

0.000%,

12/01/30*

17,968,546

5,000,000

IRhythm

Holdings,

Inc.^

1.500%,

09/01/29

5,738,000

Jazz

Investments

Ltd.^

32,500,000

3.125%,

09/15/30

48,522,825

15,000,000

2.000%,

06/15/26

19,438,650

5,000,000

Lantheus

Holdings,

Inc.~

2.625%,

12/15/27

6,366,150

5,000,000

Ligand

Pharmaceuticals,

Inc.*

0.750%,

10/01/30

6,719,850

6,500,000

Pacira

BioSciences,

Inc.

2.125%,

05/15/29

6,558,825

15,000,000

Sarepta

Therapeutics,

Inc.~

1.250%,

09/15/27

13,922,250

12,500,000

SmileDirectClub,

Inc.&*@

0.000%,

02/01/26

2,250

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Market

Neutral

Income

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

Tandem

Diabetes

Care,

Inc.

8,550,000

Series

2024,

1.500%,

03/15/29

8,715,443

5,195,000

0.000%,

03/15/32*

4,614,563

16,250,000

Teladoc

Health,

Inc.^

1.250%,

06/01/27

15,652,812

14,219,000

Tempus

AI,

Inc.*^

0.750%,

07/15/30

14,832,692

30,000,000

Zoetis,

Inc.*~

0.250%,

06/15/29

29,688,000

435,520,933

Industrials

(2.5%)

6,489,000

AeroVironment,

Inc.

0.000%,

07/15/30

6,602,947

Bloom

Energy

Corp.~

11,000,000

3.000%,

06/01/28

165,182,270

35,000,000

0.000%,

11/15/30*

60,930,450

25,902,000

BWX

Technologies,

Inc.*

0.000%,

11/01/30

28,127,500

12,500,000

Fluor

Corp.~

1.125%,

08/15/29

16,799,000

7,000,000

Granite

Construction,

Inc.~

3.750%,

05/15/28

20,939,030

JBT

Marel

Corp.

14,795,000

0.375%,

09/15/30*

14,033,649

20,000,000

0.250%,

05/15/26~

19,968,600

7,500,000

Joby

Aviation,

Inc.

0.750%,

02/15/32

6,876,225

1,000,000,000

JPY

Nikkon

Holdings

Co.

Ltd.*

0.000%,

12/12/31

16,106,416

10,000,000

OSI

Systems,

Inc.*^

0.500%,

02/01/31

10,673,200

8,500,000

EUR

Rheinmetall

Series

2.250%,

02/07/30

43,717,225

7,000,000

Scorpio

Tankers,

Inc.*

1.750%,

04/15/31

7,854,140

10,000,000

Upwork,

Inc.~

0.250%,

08/15/26

9,851,300

12,500,000

Voyager

Technologies,

Inc.*

0.750%,

11/15/30

14,245,500

441,907,452

Information

Technology

(13.5%)

10,000,000

Advanced

Energy

Industries,

Inc.~

2.500%,

09/15/28

28,517,400

Akamai

Technologies,

Inc.~

65,000,000

1.125%,

02/15/29

72,395,700

28,500,000

0.375%,

09/01/27

31,712,805

23,422,000

0.250%,

05/15/33*

30,746,528

20,000,000

Alarm.com

Holdings,

Inc.~

2.250%,

06/01/29

18,834,800

14,956,000

Alkami

Technology,

Inc.

1.500%,

03/15/30

13,761,464

10,000,000

Avnet,

Inc.*

1.750%,

09/01/30

13,095,900

33,444,000

Bill

Holdings,

Inc.

0.000%,

04/01/30

29,762,484

39,921,000

BlackLine,

Inc.~

1.000%,

06/01/29

36,637,498

PRINCIPAL

AMOUNT

VALUE

Block,

Inc.

20,000,000

0.250%,

11/01/27^

18,875,600

41,000,000

0.000%,

05/01/26

40,982,780

11,951,000

Box,

Inc.

1.500%,

09/15/29

11,263,818

5,000,000

Camtek

Ltd.*~

0.000%,

09/15/30

9,557,350

20,000,000

Check

Point

Software

Technologies

Ltd.*^

0.000%,

12/15/30

18,139,400

22,895,000

Cipher

Digital,

Inc.*^

0.000%,

10/01/31

31,807,108

7,500,000

Cleanspark,

Inc.*

0.000%,

02/15/32

6,740,475

Cloudflare,

Inc.

25,000,000

0.000%,

08/15/26~

29,080,000

25,000,000

0.000%,

06/15/30*^

28,802,750

25,000,000

Commvault

Systems,

Inc.*~

0.000%,

09/15/30

22,131,000

43,527,000

CoreWeave,

Inc.*

1.750%,

10/01/32

52,489,645

29,963,000

CSG

Systems

International,

Inc.~

3.875%,

09/15/28

36,583,924

15,000,000

Datadog,

Inc.^

0.000%,

12/01/29

15,039,750

7,000,000

DigitalOcean

Holdings,

Inc.*^

0.000%,

08/15/30

18,054,540

16,000,000

Enphase

Energy,

Inc.^

0.000%,

03/01/28

14,516,640

22,086,000

Five9,

Inc.

1.000%,

03/15/29

19,181,249

15,000,000

Guidewire

Software,

Inc.^

1.250%,

11/01/29

14,730,300

10,000,000

InterDigital,

Inc.~

3.500%,

06/01/27

38,398,500

IREN

Ltd.*

4,000,000

Series

IREN,

3.500%,

12/15/29

14,133,680

40,000,000

0.250%,

06/01/32~

44,012,400

10,770,000

0.000%,

07/01/31~

9,328,436

Itron,

Inc.

25,000,000

1.375%,

07/15/30^

24,782,000

32,500,000

0.000%,

03/15/32*~

30,544,150

8,000,000

Lenovo

Group

Ltd.*

2.500%,

08/26/29

11,269,840

Lumentum

Holdings,

Inc.

53,000

1.500%,

12/15/29

685,706

30,000,000

0.375%,

03/15/32*~

146,250,900

MARA

Holdings,

Inc.

7,000,000

2.125%,

09/01/31

7,196,910

7,000,000

0.000%,

03/01/30

6,647,760

20,000,000

0.000%,

08/01/32*

18,281,200

Microchip

Technology,

Inc.

10,000,000

0.750%,

06/01/30

10,904,600

32,000,000

0.000%,

02/15/30*

36,620,160

Mirion

Technologies,

Inc.*

4,000,000

0.250%,

06/01/30^

4,512,640

7,500,000

0.000%,

10/01/31

7,420,200

15,000,000

MKS,

Inc.^

1.250%,

06/01/30

29,334,000

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Market

Neutral

Income

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

Nebius

Group

NV*

40,048,000

2.750%,

09/15/32~

50,844,540

20,000,000

2.625%,

03/15/33^

22,072,800

10,337,000

1.250%,

03/15/31

11,493,504

16,605,000

1.000%,

09/15/30

21,527,386

10,000,000

Nova

Ltd.*

0.000%,

09/15/30

17,231,200

Nutanix,

Inc.

45,903,000

0.500%,

12/15/29

42,334,960

8,960,000

0.250%,

10/01/27^

9,415,795

Semiconductor

Corp.~

50,000,000

0.500%,

03/01/29

60,887,500

25,000,000

0.000%,

05/01/27

48,058,500

17,466,000

PagerDuty,

Inc.

1.500%,

10/15/28

15,930,913

8,000,000

Pitney

Bowes,

Inc.*

1.500%,

08/15/30

9,848,720

10,000,000

Rapid7,

Inc.

1.250%,

03/15/29

8,167,800

25,404,000

Rubrik,

Inc.*

0.000%,

06/15/30

22,814,824

5,000,000

Semtech

Corp.*

0.000%,

10/15/30

6,642,350

Snowflake,

Inc.

20,000,000

0.000%,

10/01/27~

22,747,000

47,500,000

0.000%,

10/01/29

55,188,825

Strategy,

Inc.

42,500,000

2.250%,

06/15/32~

51,681,275

22,500,000

0.875%,

03/15/31

24,945,300

26,000,000

0.625%,

03/15/30

35,630,400

82,000,000

0.000%,

12/01/29^

70,891,460

Super

Micro

Computer,

Inc.^

55,000,000

3.500%,

03/01/29

48,090,350

40,000,000

0.000%,

06/15/30*

32,348,800

7,000,000

Synaptics,

Inc.

0.750%,

12/01/31

8,627,010

Terawulf,

Inc.*

8,123,000

1.000%,

09/01/31^

15,681,776

10,000,000

0.000%,

05/01/32

13,599,100

2,373,000

Unity

Software,

Inc.^

0.000%,

03/15/30

2,576,864

5,000,000

Vertex,

Inc.

0.750%,

05/01/29

4,442,750

10,000,000

Vishay

Intertechnology,

Inc.

2.250%,

09/15/30

12,186,000

40,000,000

Western

Digital

Corp.~

3.000%,

11/15/28

458,321,200

30,000,000

Wix.com

Ltd.*

0.000%,

09/15/30

24,135,900

Workiva,

Inc.

17,862,000

1.250%,

08/15/28

16,633,988

7,516,000

1.125%,

08/15/26

7,438,585

15,000,000

Xerox

Holdings

Corp.

3.750%,

03/15/30

4,004,400

25,000,000

Zscaler,

Inc.*

0.000%,

07/15/28

22,742,500

2,382,948,265

PRINCIPAL

AMOUNT

VALUE

Materials

(0.4%)

15,000,000

Amyris,

Inc.@

0.000%,

11/15/26

64,200

15,000,000

Centrus

Energy

Corp.*~

0.000%,

08/15/32

17,835,450

4,071,000

First

Majestic

Silver

Corp.*

0.125%,

01/15/31

4,980,380

10,000,000

Materials

Corp.*~

3.000%,

03/01/30

31,815,300

10,000,000

Stillwater

Mining

Co.*

4.250%,

11/28/28

23,048,300

77,743,630

Other

(0.3%)

30,000,000

CoreWeave,

Inc.*~

1.750%,

12/01/31

39,057,900

15,000,000

Ramaco

Resources,

Inc.

0.000%,

11/01/31

11,611,650

8,000,000

Sunnova

Energy

Corp.

0.000%,

02/15/28

32,560

50,702,110

Real

Estate

(0.5%)

12,467,000

Compass,

Inc.*^

0.250%,

04/15/31

11,017,337

11,254,000

Digital

Realty

Trust

LP*

1.875%,

11/15/29

12,636,892

10,000,000

Realty

Income

Corp.*

3.500%,

01/15/29

10,399,700

Welltower

LLC*

9,082,000

3.125%,

07/15/29

15,648,377

20,000,000

2.750%,

05/15/28^

45,631,800

95,334,106

Utilities

(4.9%)

15,000,000

Alliant

Energy

Corp.*

3.250%,

05/30/28

16,074,900

50,000,000

American

Water

Capital

Corp.^

3.625%,

06/15/26

49,880,500

CenterPoint

Energy,

Inc.

25,000,000

4.250%,

08/15/26~

29,910,500

25,000,000

3.000%,

08/01/28*^

26,527,500

26,000,000

2.875%,

05/15/29*^

26,216,060

CMS

Energy

Corp.

15,040,000

3.375%,

05/01/28^

16,835,475

15,000,000

3.125%,

05/01/31*

15,355,050

65,208,000

Duke

Energy

Corp.*^

3.000%,

03/15/29

65,389,930

60,000,000

Evergy,

Inc.^

4.500%,

12/15/27

81,842,400

30,000,000

Exelon

Corp.*^

3.250%,

03/15/29

30,396,600

55,000,000

FirstEnergy

Corp.*~

3.875%,

01/15/31

61,101,150

40,000,000

NextEra

Energy

Capital

Holdings,

Inc.~

3.000%,

03/01/27

58,008,400

Ormat

Technologies,

Inc.*

7,000,000

Series

1.500%,

03/15/31^

7,412,720

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Market

Neutral

Income

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

2,500,000

Series

0.000%,

03/15/31

2,641,625

12,752,000

PG&E

Corp.^

4.250%,

12/01/27

13,083,552

20,000,000

Pinnacle

West

Capital

Corp.^

4.750%,

06/15/27

23,358,000

PPL

Capital

Funding,

Inc.~

30,000,000

3.000%,

12/01/30*

31,044,300

42,922,000

2.875%,

03/15/28

49,517,395

65,932,000

Southern

Co.*

3.250%,

06/15/28

67,205,806

24,919,000

TXNM

Energy,

Inc.

5.750%,

06/01/54

33,673,792

20,000,000

UGI

Corp.^

5.000%,

06/01/28

28,100,000

WEC

Energy

Group,

Inc.

35,000,000

4.375%,

06/01/27^

42,914,200

40,000,000

4.375%,

06/01/29~

49,754,000

35,000,000

3.375%,

06/01/28*~

36,657,600

862,901,455

TOTAL

CONVERTIBLE

BONDS

(Cost

$5,165,015,176)

6,348,070,397

CORPORATE

BONDS

(0.1%)

Consumer

Discretionary

(0.0%)

5,000,000

AutoZone,

Inc.~

5.050%,

07/15/26

5,006,700

Financials

(0.0%)

5,000,000

PayPal

Holdings,

Inc.^

2.650%,

10/01/26

4,971,100

Information

Technology

(0.1%)

3,500,000

Broadridge

Financial

Solutions,

Inc.~

3.400%,

06/27/26

3,495,625

6,200,329

LivePerson,

Inc.*

10.000%,

12/15/29

3,968,210

4,088,481

Wolfspeed,

Inc.

7.000%,

06/15/31

3,342,456

10,806,291

TOTAL

CORPORATE

BONDS

(Cost

$31,582,864)

20,784,091

NUMBER

VALUE

COMMON

STOCKS

(62.6%)

Communication

Services

(7.2%)

889,670

Alphabet,

Inc.

Class

342,345,016

923,941

Alphabet,

Inc.

Class

352,890,026

191,401

AST

SpaceMobile,

Inc.#^

14,144,534

967,269

AT&T,

Inc.

25,274,739

792,992

Comcast

Corp.

Class

21,442,504

286,928

Electronic

Arts,

Inc.

58,065,619

NUMBER

VALUE

143,339

Fox

Corp.

Class

9,100,593

371,624

Meta

Platforms,

Inc.

Class

227,400,442

797,914

Netflix,

Inc.#

74,692,729

127,732

T-Mobile

U.S.,

Inc.

24,971,606

149,874

Trade

Desk,

Inc.

Class

3,535,528

738,139

Verizon

Communications,

Inc.~

35,452,816

358,024

Walt

Disney

Co.~

37,144,990

1,397,567

Warner

Bros

Discovery,

Inc.#

37,804,187

1,264,265,329

Consumer

Discretionary

(6.0%)

1,653,709

Amazon.com,

Inc.#~

438,332,108

825,000

Andretti

Acquisition

Corp.

Class

8,811,000

136,614

Aptiv

PLC#

8,232,360

166,150

Booking

Holdings,

Inc.~

27,973,014

572,793

Carnival

Corp.

15,184,742

422,047

Chipotle

Mexican

Grill,

Inc.#

14,345,377

50,672

Darden

Restaurants,

Inc.^

10,162,776

55,013

DoorDash,

Inc.

Class

9,277,942

153,937

Horton,

Inc.~

23,684,747

144,354

eBay,

Inc.

14,937,752

736,985

Ford

Motor

Co.~

8,902,779

276,692

General

Motors

Co.

21,274,848

191,638

Home

Depot,

Inc.~

63,010,574

164,666

Las

Vegas

Sands

Corp.

8,992,410

155,035

Lowe's

Cos.,

Inc.~

37,020,808

375,000

Lucid

Group,

Inc.#^

2,388,750

35,213

Lululemon

Athletica,

Inc.#

4,848,830

122,425

McDonald's

Corp.~

35,942,756

778

MKDWELL

Tech,

Inc.#

5,430

26,250

Next.e.GO

NV#

259,742

NIKE,

Inc.

Class

11,522,155

393,795

Norwegian

Cruise

Line

Holdings

Ltd.^

7,159,193

232,120

O'Reilly

Automotive,

Inc.#

23,072,728

87,501

Ross

Stores,

Inc.~

19,931,853

41,996

Royal

Caribbean

Cruises

Ltd.^

11,076,865

212,514

Starbucks

Corp.~

22,384,100

473,011

Tesla,

Inc.#~

180,515,188

240,474

TJX

Cos.,

Inc.~

37,694,299

197,241

Vine

Hill

Capital

Investment

Corp.

II#

1,976,355

1,068,661,742

Consumer

Staples

(3.4%)

144,895

Archer-Daniels-Midland

Co.~

10,800,473

3,400,000

Beyond

Meat,

Inc.#^

3,345,940

65,364

Boston

Beer

Co.,

Inc.

Class

15,493,883

93,118

Church

Dwight

Co.,

Inc.

9,038,033

617,841

Coca-Cola

Co.

48,661,157

143,575

Colgate-Palmolive

Co.~

12,255,562

71,968

Constellation

Brands,

Inc.

Class

11,268,749

57,020

Costco

Wholesale

Corp.~

57,848,501

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Market

Neutral

Income

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NUMBER

VALUE

43,953

Dollar

General

Corp.~

5,093,274

79,396

Dollar

Tree,

Inc.#^

7,710,146

54,629

Estee

Lauder

Cos.,

Inc.

Class

4,190,591

157,041

General

Mills,

Inc.^

5,545,118

3,351,000

Kenvue,

Inc.

58,743,030

86,268

Kimberly-Clark

Corp.^

8,491,359

206,784

Kroger

Co.

14,075,787

407,257

Mondelez

International,

Inc.

Class

25,021,870

179,284

Monster

Beverage

Corp.#

13,817,418

189,980

PepsiCo,

Inc.~

30,109,930

340,322

Philip

Morris

International,

Inc.~

56,176,952

334,242

Procter

Gamble

Co.~

49,163,656

155,361

Sysco

Corp.

11,607,020

96,138

Target

Corp.~

12,473,905

948,391

Walmart,

Inc.~

125,121,225

596,053,579

Energy

(2.2%)

497,662

Chevron

Corp.~

96,203,041

237,224

ConocoPhillips~

29,838,035

71,001

EOG

Resources,

Inc.~

9,980,611

752,127

Exxon

Mobil

Corp.~

116,075,760

491,384

Kinder

Morgan,

Inc.

16,151,792

148,517

Marathon

Petroleum

Corp.

36,875,286

152,506

Occidental

Petroleum

Corp.

9,238,814

98,503

ONEOK,

Inc.^

9,107,587

69,137

Phillips

66~

12,385,894

219,172

SLB

Ltd.^

12,466,503

66,887

Valero

Energy

Corp.~

16,894,318

247,935

Williams

Cos.,

Inc.

18,919,920

384,137,561

Financials

(7.6%)

213,890

Abony

Acquisition

Corp.

2,133,553

122,136

Aflac,

Inc.~

13,883,199

100,000

Aldabra

Liquidity

Opportunity

Vehicle,

Inc.#

1,003,000

95,286

Allstate

Corp.~

20,701,836

109,055

American

Express

Co.~

35,230,218

47,746

Ameriprise

Financial,

Inc.

22,669,323

124,000

Archimedes

Tech

SPAC

Partners

III

Co.#

1,240,620

85,177

Arthur

Gallagher

Co.

17,580,533

71,615

Assurant,

Inc.~

16,920,476

75,000

Averin

Capital

Acquisition

Corp.#

753,000

1,572,690

Bank

America

Corp.~

84,076,007

177,817

Bank

New

York

Mellon

Corp.

23,893,270

257,056

Berkshire

Hathaway,

Inc.

Class

B#~

121,741,722

18,449

BlackRock,

Inc.

19,659,254

93,682

Blackstone,

Inc.

11,764,586

391,771

Brighthouse

Financial,

Inc.#

24,391,662

109,990

Capital

One

Financial

Corp.

21,041,087

84,667

Cboe

Global

Markets,

Inc.^

25,407,720

NUMBER

VALUE

334,174

Charles

Schwab

Corp.~

30,623,705

109,781

Chubb

Ltd.~

35,898,387

269,474

Citigroup,

Inc.~

34,487,283

38,370

CME

Group,

Inc.

11,043,653

34,676

Coinbase

Global,

Inc.

Class

6,511,112

197,352

Colombier

Acquisition

Corp.

III#

2,003,123

75,000

Columbus

Circle

Capital

Corp.

II#

753,000

175,000

Boral

Acquisition

Corp.#

1,764,875

113,201

Fiserv,

Inc.#

7,092,043

64,164

Global

Payments,

Inc.

4,617,241

103,431

Goldman

Sachs

Group,

Inc.~

95,546,455

148,010

HCM

Acquisition

Corp.#

1,488,981

150,000

Hennessy

Capital

Investment

Corp.

VIII#

1,502,250

404,397

Huntington

Bancshares,

Inc.

6,777,694

900,000

Idea

Acquisition

Corp.#

8,964,000

42,775

Jack

Henry

Associates,

Inc.^

6,576,656

467,843

JPMorgan

Chase

Co.~

146,542,463

295,998

KRAKacquisition

Corp.#

2,971,820

248,000

Lafayette

Digital

Acquisition

Corp.

2,413,040

98,437

Legato

Merger

Corp.

IV#

986,831

98,670

Evo

Global

Acquisition

Corp.

II#

990,647

47,462

M&T

Bank

Corp.^

10,376,617

131,672

Marsh

McLennan

Cos.,

Inc.

22,082,711

162,003

Mastercard,

Inc.

Class

81,474,549

143,464

MetLife,

Inc.~

11,491,466

242,197

Morgan

Stanley~

46,160,326

783,000

Mountain

Lake

Acquisition

Corp.

II#

8,041,410

103,525

Muzero

Acquisition

Corp.#

1,036,803

76,022

Northern

Trust

Corp.

12,645,499

129,599

PayPal

Holdings,

Inc.

6,498,094

128,835

ProCap

Acquisition

Corp.

Class

1,316,694

148,010

Proem

Acquisition

Corp.

1,478,620

57,132

Prudential

Financial,

Inc.~

5,605,221

300,000

Acquisition

Corp.

III#

2,982,000

49,592

S&P

Global,

Inc.

21,385,558

500,000

Soren

Acquisition

Corp.#

4,985,000

147,999

Space

Asset

Acquisition

Corp.#

1,540,670

15,000

SPACSphere

Acquisition

Corp.#

154,275

110,000

Spartacus

Acquisition

Corp.

II#

1,116,500

71,800

State

Street

Corp.~

10,973,912

63,681

Travelers

Cos.,

Inc.~

19,431,620

145,195

U.S.

Bancorp

8,226,749

347,830

Visa,

Inc.

Class

114,728,247

903,012

Wells

Fargo

Co.~

74,254,677

140,000

White

Pearl

Acquisition

Corp.#

1,426,600

149,843

Acquisition

Corp.

Ltd.#

1,498,430

676,855

Xsolla

SPAC

6,755,013

1,351,313,586

Health

Care

(5.4%)

247,058

Abbott

Laboratories

22,430,396

309,907

AbbVie,

Inc.~

65,489,547

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Market

Neutral

Income

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NUMBER

VALUE

163,570

Agilent

Technologies,

Inc.

18,900,514

69,469

Amgen,

Inc.~

24,053,641

182,829

Baxter

International,

Inc.^

3,214,134

59,376

Becton

Dickinson

Co.

8,849,399

35,527

Biogen,

Inc.#~

6,724,551

556,803

Boston

Scientific

Corp.#

32,077,421

112,493

Centene

Corp.#

6,039,749

47,871

Cigna

Group

13,910,355

211,462

CVS

Health

Corp.~

17,612,670

143,505

Danaher

Corp.~

25,680,220

97,019

Dexcom,

Inc.#

5,777,481

162,372

Edwards

Lifesciences

Corp.#~

13,558,062

146,350

Eli

Lilly

Co.~

136,778,710

61,323

HealthCare

Technologies,

Inc.

3,730,891

224,605

Gilead

Sciences,

Inc.

29,387,318

48,373

HCA

Healthcare,

Inc.

21,015,650

29,340

Humana,

Inc.

6,937,150

80,881

Intuitive

Surgical,

Inc.#

37,011,954

49,266

IQVIA

Holdings,

Inc.#

7,802,256

359,204

Johnson

Johnson~

82,563,039

43,515

Labcorp

Holdings,

Inc.

11,174,652

30,485

McKesson

Corp.

24,851,372

258,579

Medtronic

PLC

20,937,142

489,358

Merck

Co.,

Inc.~

53,428,106

91,863

Penumbra,

Inc.#

29,991,432

1,770,668

Pfizer,

Inc.~

47,276,836

11,793

Regeneron

Pharmaceuticals,

Inc.~

8,338,359

17,893

Solventum

Corp.#

1,205,272

42,058

Stryker

Corp.~

13,253,738

84,277

Thermo

Fisher

Scientific,

Inc.~

40,365,312

180,152

UnitedHealth

Group,

Inc.~

66,742,713

43,937

Vertex

Pharmaceuticals,

Inc.#

18,777,795

8,036

Waters

Corp.#

2,484,972

45,478

Zimmer

Biomet

Holdings,

Inc.^

3,748,752

116,397

Zoetis,

Inc.

13,382,163

945,503,724

Industrials

(5.7%)

71,578

Co.

10,487,609

50,250

Allegion

PLC

6,908,370

95,826

Automatic

Data

Processing,

Inc.

20,309,362

127,931

Boeing

Co.#~

29,300,037

275,707

Carrier

Global

Corp.

18,519,239

95,505

Caterpillar,

Inc.~

85,009,956

96,775

Chart

Industries,

Inc.#

20,119,522

722,651

CSX

Corp.~

32,830,035

49,650

Deere

Co.

29,287,045

73,110

Eaton

Corp.

PLC

31,657,361

193,778

Emerson

Electric

Co.~

27,214,182

45,993

Vernova,

Inc.

49,831,576

52,851

Generac

Holdings,

Inc.#

13,700,565

42,589

General

Dynamics

Corp.

14,663,393

183,970

General

Electric

Co.~

53,338,422

161,227

Honeywell

International,

Inc.

34,555,783

NUMBER

VALUE

8,280

Hubbell,

Inc.^

4,207,648

60,762

Illinois

Tool

Works,

Inc.~

15,677,204

166,833

Johnson

Controls

International

PLC

24,362,623

64,147

L3Harris

Technologies,

Inc.

20,562,321

34,820

Lockheed

Martin

Corp.

18,035,715

143,496

Masco

Corp.

10,305,883

242,722

Norfolk

Southern

Corp.

76,658,889

34,609

Northrop

Grumman

Corp.

20,055,223

64,127

Otis

Worldwide

Corp.

4,994,211

151,336

PACCAR,

Inc.

17,978,717

89,936

Paychex,

Inc.

8,330,772

163,064

Pentair

PLC^

13,160,895

59,234

Quanta

Services,

Inc.

43,108,728

344,218

RTX

Corp.~

60,606,375

318,032

Southwest

Airlines

Co.~

12,059,773

454,568

Uber

Technologies,

Inc.

33,915,318

139,683

Union

Pacific

Corp.~

37,641,775

174,930

United

Airlines

Holdings,

Inc.#

15,743,700

115,675

United

Parcel

Service,

Inc.

Class

12,585,440

21,977

United

Rentals,

Inc.

21,094,404

47,833

Veralto

Corp.

4,218,871

56,567

Verisk

Analytics,

Inc.

10,436,046

15,000

Voyager

Technologies,

Inc.

Class

396,150

108,080

Waste

Management,

Inc.

25,134,004

79,580

Xylem,

Inc.

9,403,173

998,406,315

Information

Technology

(20.9%)

95,337

Accenture

PLC

Class

17,037,675

74,586

Adobe,

Inc.#

18,355,615

340,348

Advanced

Micro

Devices,

Inc.#~

120,649,963

294,644

Amphenol

Corp.

Class

43,392,222

100,505

Analog

Devices,

Inc.

40,429,141

2,518,341

Apple,

Inc.~

683,351,830

154,387

Applied

Materials,

Inc.~

60,904,128

39,163

AppLovin

Corp.

Class

17,480,405

165,451

Arista

Networks,

Inc.#

28,575,042

43,264

Autodesk,

Inc.#

10,253,568

133,042

Blackbaud,

Inc.#

4,945,171

802,181

Broadcom,

Inc.~

334,854,415

862,281

Cisco

Systems,

Inc.~

78,898,711

1,334,967

Clearwater

Analytics

Holdings,

Inc.

Class

32,306,201

124,613

Cognizant

Technology

Solutions

Corp.

Class

6,592,028

10,000

CoreWeave,

Inc.

Class

A#^

1,116,000

55,483

Crowdstrike

Holdings,

Inc.

Class

24,731,547

72,325

Datadog,

Inc.

Class

9,560,642

75,000

Fusemachines,

Inc.#

128,250

42,081

Gartner,

Inc.#^

6,248,608

242,495

HP,

Inc.^

5,058,446

705,017

Intel

Corp.#~

66,610,006

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Market

Neutral

Income

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NUMBER

VALUE

115,193

International

Business

Machines

Corp.

26,607,279

62,922

Intuit,

Inc.~

24,445,197

54,931

Keysight

Technologies,

Inc.#

19,220,906

179,444

Lam

Research

Corp.

46,271,430

11,805

Lumentum

Holdings,

Inc.

10,651,888

222,217

Micron

Technology,

Inc.~

114,921,744

1,278,131

Microsoft

Corp.~

521,196,259

69,185

NetApp,

Inc.

7,663,622

4,251,212

NVIDIA

Corp.~

848,414,379

68,256

NXP

Semiconductors

20,039,279

106,728

Semiconductor

Corp.#

10,759,250

316,688

Oracle

Corp.~

51,110,276

384,986

Palantir

Technologies,

Inc.

Class

A#~

53,555,402

154,523

Palo

Alto

Networks,

Inc.#

27,709,064

62,380

PTC,

Inc.#^

8,502,394

73,109

Qnity

Electronics,

Inc.

10,283,512

207,450

QUALCOMM,

Inc.~

37,253,871

197,028

Salesforce,

Inc.~

34,781,353

22,099

Sandisk

Corp.#

24,231,774

219,131

ServiceNow,

Inc.#

19,351,459

97,284

Skyworks

Solutions,

Inc.

6,826,418

76,130

Super

Micro

Computer,

Inc.#^

2,085,962

55,668

Synopsys,

Inc.#

26,865,377

62,447

Connectivity

PLC

13,217,532

98,080

Teradyne,

Inc.

33,687,538

147,438

Texas

Instruments,

Inc.~

41,441,873

28,283

Tyler

Technologies,

Inc.#

9,648,463

48,606

Western

Digital

Corp.^

21,120,279

338,411

Wolfspeed,

Inc.#^

9,993,277

36,450

Workday,

Inc.

Class

4,461,480

3,697,798,151

Materials

(1.0%)

57,135

Air

Products

Chemicals,

Inc.~

17,143,357

46,581

Avery

Dennison

Corp.

7,636,023

162,375

Corteva,

Inc.

13,153,999

146,218

DuPont

Nemours,

Inc.

6,676,314

444,931

Freeport-McMoRan,

Inc.

25,708,113

993,270

James

Hardie

Industries

PLC#

20,848,737

124,818

Linde

PLC~

62,551,293

70,159

PPG

Industries,

Inc.

7,612,251

15,000

Ramaco

Resources,

Inc.

Class

A#^

222,750

42,023

Sherwin-Williams

Co.

13,515,017

175,067,854

Other

(0.2%)

197,792

American

Drive

Acquisition

Co.

Class

1,982,865

98,324

Churchill

Capital

Corp.

XI#

1,014,704

197,406

Boral

ARC

Acquisition

Corp.#

2,135,933

98,317

Daedalus

Special

Acquisition

Corp.#

993,985

24,573

ITHAX

Acquisition

Corp.

III#

245,730

500,000

Jackson

Acquisition

Co.

II#

5,340,000

NUMBER

VALUE

197,792

Launchpad

Cadenza

Acquisition

Corp.

1,984,843

73,670

Leapfrog

Acquisition

Corp.#

742,593

600,000

Live

Oak

Acquisition

Corp.

6,990,000

980,100

Mak

Acquisition

Corp.#

9,712,791

300,000

NewHold

Investment

Corp.

III#

3,312,000

100,000

Safeguard

Acquisition

Corp.#

1,030,500

600,000

Stellar

Capital

Corp.#

6,417,000

41,902,944

Real

Estate

(1.0%)

48,661

Alexandria

Real

Estate

Equities,

Inc.

1,971,257

67,143

American

Tower

Corp.~

12,267,698

93,807

Camden

Property

Trust^

9,851,611

129,207

Crown

Castle,

Inc.

11,470,998

72,985

Digital

Realty

Trust,

Inc.

14,665,606

12,863

Equinix,

Inc.

13,928,442

491,784

Healthpeak

Properties,

Inc.^

7,952,147

58,011

Mid-America

Apartment

Communities,

Inc.

7,493,861

191,898

Prologis,

Inc.~

27,253,354

31,946

Public

Storage^

9,662,068

276,875

Realty

Income

Corp.

17,786,450

90,332

Regency

Centers

Corp.

7,032,346

140,536

UDR,

Inc.^

5,107,078

113,656

Welltower,

Inc.

24,701,995

171,144,911

Special

Purpose

Acquisition

Companies

(0.6%)

68,913

Alchemy

Investments

Acquisition

Corp.

824,889

300,000

Alussa

Energy

Acquisition

Corp.

II#

3,039,000

300,000

Apogee

Acquisition

Corp.#

3,016,500

345,000

ARC

Group

Acquisition

Corp.#

3,456,900

100,000

Axiom

Intelligence

Acquisition

Corp.

1,058,500

24,591

Black

Hawk

Acquisition

Corp.

Class

290,174

123,189

Blue

Acquisition

Corp.#

1,315,043

300,000

Blue

Water

Acquisition

Corp.

IV#

3,032,970

9,819

Cantor

Equity

Partners

Inc.

Class

100,448

73,866

ChampionsGate

Acquisition

Corp.#

774,854

100,000

Chenghe

Acquisition

III

Co.#

1,045,500

400,000

Collective

Acquisition

Corp.

II#

3,980,000

196,912

EQV

Ventures

Acquisition

Corp.

II#

2,019,332

250,000

Everest

Consolidator

Acquisition

Corp.#‡‡‡

2,880,000

24,640

FIGX

Capital

Acquisition

Corp.#

256,133

247,477

Forefront

Tech

Holdings

Acquisition

Corp.#

2,467,346

231,000

Four

Leaf

Acquisition

Corp.

Class

2,541,000

175,000

Future

Money

Acquisition

Corp.#

1,751,750

496,419

FutureTech

Acquisition

Corp.

Class

5,966,956

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Market

Neutral

Income

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NUMBER

VALUE

100,000

Galata

Acquisition

Corp.

II#

1,005,000

49,377

Globa

Terra

Acquisition

Corp.#

512,533

700,000

Gores

Holdings

Inc.#

7,420,000

175,000

Harvard

Ave

Acquisition

Corp.#

1,774,500

98,585

Highview

Merger

Corp.#

1,014,440

250,000

Indigo

Acquisition

Corp.#

2,585,000

27,329

Israel

Acquisitions

Corp.

Class

351,451

100,000

Keen

Vision

Acquisition

Corp.#

1,238,000

125,000

LaFayette

Acquisition

Corp.#

1,264,375

123,208

Lightwave

Acquisition

Corp.#

1,257,954

24,606

M3-Brigade

Acquisition

Corp.#

250,243

74,250

Mak

Acquisition

Corp.

Class

663

275,000

Maywood

Acquisition

Corp.

2,770,625

850,000

Mercer

Park

Opportunities

Corp.#

9,137,500

125,000

Miluna

Acquisition

Corp.#

1,262,500

150,000

Mountain

Crest

Acquisition

Corp.#

1,497,000

55,000

Oak

Woods

Acquisition

Corp.

Class

671,000

24,642

Oxley

Bridge

Acquisition

Ltd.#

258,125

123,093

Oyster

Enterprises

Acquisition

Corp.#

1,402,645

9,856

Pioneer

Acquisition

Corp.#

101,073

250,000

Plutonian

Acquisition

Corp.

II#

2,507,500

500,000

Pono

Capital

Four,

Inc.#

5,007,500

300,000

QDRO

Acquisition

Corp.#

2,980,500

14,770

Quetta

Acquisition

Corp.#

169,855

147,613

Range

Capital

Acquisition

Corp.

II#

1,507,129

750,000

Siddhi

Acquisition

Corp.#

7,980,000

500,000

Silverbox

Corp.

Class

5,370,000

197,506

Solarius

Capital

Acquisition

Corp.#

2,033,324

10,000

Trailblazer

Acquisition

Corp.#

102,300

375,000

Translational

Development

Acquisition

Corp.#

4,284,375

467,706

Vendome

Acquisition

Corp.

4,789,309

150,000

West

Enclave

Merger

Corp.#

1,498,500

49,244

Wintergreen

Acquisition

Corp.#

634,755

114,456,969

Utilities

(1.4%)

3,444,450

AES

Corp.^

49,772,302

135,218

American

Electric

Power

Co.,

Inc.

18,539,740

105,113

Consolidated

Edison,

Inc.

11,719,048

282,963

Dominion

Energy,

Inc.~

18,251,114

171,685

Duke

Energy

Corp.~

22,241,792

82,522

Edison

International

5,734,454

153,722

Entergy

Corp.

18,125,361

326,525

Exelon

Corp.

15,016,885

173,992

FirstEnergy

Corp.^~

8,268,100

283,731

NextEra

Energy,

Inc.

27,771,590

212,955

NiSource,

Inc.

10,281,467

133,683

Public

Service

Enterprise

Group,

Inc.~

10,916,554

191,093

Southern

Co.

18,478,693

NUMBER

VALUE

152,952

Xcel

Energy,

Inc.^

12,687,368

247,804,468

TOTAL

COMMON

STOCKS

(Cost

$5,528,154,677)

11,056,517,133

CONVERTIBLE

PREFERRED

STOCKS

(4.7%)

Financials

(0.9%)

849,428

Apollo

Global

Management,

Inc.~

6.750%,

07/31/26

55,832,902

975,000

ARES

Management

Corp.~

6.750%,

10/01/27

38,259,000

1,300,000

KKR

Co.,

Inc.^

6.250%,

03/01/28

57,694,000

151,785,902

Health

Care

(0.4%)

300,000

BrightSpring

Health

Services,

Inc.~

6.750%,

02/01/27

47,412,000

100,000

Bruker

Corp.#

6.375%,

09/01/28

29,317,000

76,729,000

Industrials

(0.3%)

220,000

Boeing

Co.^

6.000%,

10/15/27

15,884,000

500,000

QXO,

Inc.

5.500%,

05/15/28

28,290,000

158,887

VSE

Corp.#

5.750%,

02/01/29

7,343,757

51,517,757

Information

Technology

(1.6%)

1,050,000

Hewlett

Packard

Enterprise

Co.~

7.625%,

09/01/27

80,451,000

1,000,000

Microchip

Technology,

Inc.

7.500%,

03/15/28

78,670,000

1,882,732

Oracle

Corp.#

6.500%,

01/15/29

91,632,567

450,000

Shift4

Payments,

Inc.

6.000%,

05/01/28

25,191,000

200,000

Strategy,

Inc.^‡‡

8.000%

15,648,000

291,592,567

Materials

(0.3%)

600,000

Albemarle

Corp.~

7.250%,

03/01/27

46,764,000

Utilities

(1.2%)

NextEra

Energy,

Inc.

500,000

7.234%,

11/01/27

26,935,000

500,000

7.299%,

06/01/27

29,520,000

927,433

7.375%,

02/15/29#

48,708,781

571,201

PG&E

Corp.

6.000%,

12/01/27

24,024,714

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Market

Neutral

Income

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NUMBER

VALUE

550,000

PPL

Corp.#

7.000%,

02/15/29

27,742,000

900,000

Southern

Co.#^

7.125%,

12/15/28

46,827,000

203,757,495

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

(Cost

$732,601,294)

822,146,721

EXCHANGE-TRADED

FUND

(1.4%)

Other

(1.4%)

331,000

SPDR

S&P

500

ETF

Trust

(Cost

$220,440,843)

237,876,460

PRINCIPAL

AMOUNT

VALUE

INVESTMENT

AFFILIATED

FUND

(1.9%)

Other

(1.9%)

35,117,150

Calamos

Short-Term

Bond

Fund

(Cost

$350,000,000)

335,368,781

NUMBER

VALUE

RIGHTS

(0.0%)#

Consumer

Staples

(0.0%)

277,808

Mirati

Therapeutics,

Inc.#‡‡‡

(Expire

12/31/99)

277,808

Other

(0.0%)

125,125

Akero

Therapeutics,

Inc.#‡‡‡

(Expire

12/31/99)

93,844

Special

Purpose

Acquisition

Companies

(0.0%)

4,918

Black

Hawk

Acquisition

Corp.#

(Expire

06/20/25)

6,393

850,000

Mercer

Park

Opportunities

Corp.#

(Expire

01/22/27)

17,000

55,000

Oak

Woods

Acquisition

Corp.#

(Expire

12/31/49)

8,800

1,477

Quetta

Acquisition

Corp.#

(Expire

11/30/24)

1,758

33,951

TOTAL

RIGHTS

(Cost

$333,821)

405,603

NUMBER

VALUE

WARRANTS

(0.0%)#

Communication

Services

(0.0%)

200,000

PSQ

Holdings,

Inc.

07/19/28,

Strike

$11.50

11,380

625,000

TNL

Mediagene

12/05/29,

Strike

$11.50

5,750

17,130

Consumer

Discretionary

(0.0%)

22,968

Allurion

Technologies,

Inc.

08/01/30,

Strike

$8.10

566

412,500

Andretti

Acquisition

Corp.

10/24/29,

Strike

$11.50

49,541

83,333

Carbon

Revolution

PLC

11/03/28,

Strike

$11.50

1,033

750,000

Classover

Holdings,

Inc.

04/07/30,

Strike

$11.50

11,250

25,000

ECARX

Holdings,

Inc.

12/21/27,

Strike

$11.50

1,155

75,000

flyExclusive,

Inc.

05/28/28,

Strike

$11.50

18,375

250,000

FST

Corp.

10/15/29,

Strike

$11.50

20,000

Grove

Collaborative

Holdings

06/16/27,

Strike

$11.50

187

35,000

Lanvin

Group

Holdings

Ltd.

12/14/27,

Strike

$11.50

506

33,333

Lotus

Technology,

Inc.

02/23/29,

Strike

$11.50

2,000

140,000

MKDWELL

Tech,

Inc.

07/31/29,

Strike

$11.50

1,806

200,000

Nogin,

Inc.

08/26/27,

Strike

$11.50

183,737

Scage

Future

06/27/30,

Strike

$11.50

8,305

25,000

United

Homes

Group,

Inc.

03/30/28,

Strike

$11.50

4,750

99,519

Consumer

Staples

(0.0%)

83,333

African

Agriculture

Holdings,

Inc.

06/12/28,

Strike

$11.50

500,000

Psyence

Biomedical

Ltd.

01/25/29,

Strike

$11.50

14,900

14,908

Energy

(0.0%)

250,000

AleAnna,

Inc.

12/13/29,

Strike

$11.50

95,000

25,000

Crown

Lng

Holdings

Ltd.

10/18/28,

Strike

$11.50

250,000

New

Era

Energy

Digital,

Inc.

12/06/29,

Strike

$11.50

405,000

200,000

Vast

Renewables

Ltd.

07/01/28,

Strike

$11.50

100

87,500

Zeo

Energy

Corp.

03/14/29,

Strike

$11.50

4,594

504,719

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Market

Neutral

Income

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NUMBER

VALUE

Financials

(0.0%)

187,500

Beneficient

03/14/28,

Strike

$11.50

2,044

462,500

CoinShares

PLC

03/31/31,

Strike

$11.50

541,125

100,000

Content

Checked

Holdings,

Inc.

12/11/29,

Strike

$11.50

15,130

250,000

DigiAsia

Corp.

04/02/29,

Strike

$11.50

412,500

Innventure,

Inc.

10/02/29,

Strike

$11.50

825,000

1,383,324

Health

Care

(0.0%)

625,000

Abpro

Holdings,

Inc.

11/12/29,

Strike

$11.50

2,625

156,250

American

Oncology

Network,

Inc.

09/20/28,

Strike

$11.50

131,250

500,000

Baird

Medical

Investment

Holdings

Ltd.

10/02/29,

Strike

$11.50

38,000

100,000

Envoy

Medical,

Inc.

09/29/28,

Strike

$11.50

6,450

750,000

Holdco

Nuvo

Group

Ltd.

05/01/29,

Strike

$11.50

375

146,040

LakeShore

Biopharma

Co.

Ltd.

03/15/28,

Strike

$11.50

62,500

Ocean

Biomedical,

Inc.

07/19/26,

Strike

$11.50

200,000

OmniAb,

Inc.

11/01/27,

Strike

$11.50

19,010

200,000

Prenetics

Global

Ltd.

05/17/27,

Strike

$8.91

3,000

425,000

Imaging

Holdings,

Inc.

12/31/28,

Strike

$11.50

118,150

350,000

Semnur

Pharmaceuticals,

Inc.

09/22/30,

Strike

$11.50

8,855

81,526

Spectral

AI,

Inc.

12/31/27,

Strike

$11.50

60,321

1,000,000

Tevogen

Bio

Holdings,

Inc.

11/04/26,

Strike

$11.50

34,900

423,011

Industrials

(0.0%)

289,507

Aeries

Technology,

Inc.

10/20/26,

Strike

$11.50

6,253

285,000

AERWINS

Technologies,

Inc.

06/16/26,

Strike

$11.50

50,000

AirJoule

Technologies

Corp.

03/15/29,

Strike

$11.50

30,005

1,000,000

Bitcoin

Depot,

Inc.

06/30/28,

Strike

$11.50

31,000

25,000

Bridger

Aerospace

Group

Holdings,

Inc.

01/24/28,

Strike

$11.50

9,950

200,000

Electriq

Power

Holdings,

Inc.

07/31/28,

Strike

$11.50

600

10,000

‌

Falcon's

Beyond

Global,

Inc.

10/06/28,

Strike

$11.50

23,000

NUMBER

VALUE

250,000

Heramba

Electric

PLC

10/10/28,

Strike

$11.50

1,425

300,000

LanzaTech

Global,

Inc.

12/31/28,

Strike

$11.50

4,590

75,000

MultiSensor

Holdings,

Inc.

12/19/28,

Strike

$11.50

2,250

625,000

Murano

Global

Investments

PLC

03/30/29,

Strike

$11.50

25,000

166,666

Rain

Enhancement

Technologies

Holdco,

Inc.

01/02/30,

Strike

$11.50

36,458

350,000

Semilux

International

Ltd.

02/06/29,

Strike

$1.00

250,000

Solidion

Technology,

Inc.

03/15/27,

Strike

$1.00

22,500

750,000

Southland

Holdings,

Inc.

02/14/28,

Strike

$11.50

20,025

42,500

SunPower,

Inc.

07/31/28,

Strike

$11.50

10,625

750,000

Volato

Group,

Inc.

12/03/28,

Strike

$11.50

5,625

250,000

ZOOZ

Strategy

Ltd.

04/04/29,

Strike

$11.50

12,625

241,995

Information

Technology

(0.0%)

250,000

Airship

Holdings,

Inc.

12/26/28,

Strike

$11.50

150,000

350,000

Alpha

Modus

Holdings,

Inc.

12/16/29,

Strike

$11.50

10,430

1,000,000

Blaize

Holdings,

Inc.

01/08/30,

Strike

$11.50

450,000

166,666

Brand

Engagement

Network,

Inc.

03/14/29,

Strike

$11.50

38,317

1,000,000

CID

Holdco,

Inc.

11/17/26,

Strike

$11.50

16,100

375,000

Fusemachines,

Inc.

10/22/30,

Strike

$11.50

43,875

450,000

Helport

Ltd.

08/05/29,

Strike

$11.50

35,257

50,000

iLearningEngines

Holdings,

Inc.

04/16/29,

Strike

$11.50

6,250

Liminatus

Pharma

LLC

04/30/30,

Strike

$11.50

377

125,000

Nvni

Group

Ltd.

11/01/28,

Strike

$11.50

5,750

625,000

Roadzen,

Inc.

11/30/28,

Strike

$11.50

125,000

350,000

Rubicon

Technologies,

Inc.

04/01/27,

Strike

$11.50

257,038

SCHMID

Group

08/25/28,

Strike

$11.50

398,409

100,000

SMX

Security

Matters

PLC

03/07/28,

Strike

$11.50

4,950

192,245

Spectaire

Holdings,

Inc.

10/17/28,

Strike

$11.50

827

250,000

‌

SpringBig

Holdings,

Inc.

06/14/27,

Strike

$11.50

200

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Market

Neutral

Income

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NUMBER

VALUE

250,000

Syntec

Optics

Holdings,

Inc.

11/08/28,

Strike

$11.50

357,500

20,000

Veea,

Inc.

09/17/29,

Strike

$11.50

1,200

313,928

Xerox

Holdings

Corp.^

02/14/28,

Strike

$11.50

57,888

500,000

Zapata

Quantum,

Inc.

03/23/28,

Strike

$11.50

1,100

1,697,220

Materials

(0.0%)

1,179,322

Blue

Gold

Ltd.

06/25/30,

Strike

$11.50

412,645

126,666

Bolt

Projects

Holdings,

Inc.

08/13/29,

Strike

$11.50

963

500,000

Lifezone

Metals

Ltd.

07/05/28,

Strike

$11.50

375,000

788,608

Other

(0.0%)

525,800

Devvstream

Corp.

10/28/26,

Strike

$1.00

490,050

Mak

Acquisition

Corp.

10/29/30,

Strike

$11.50

176,418

150,000

SharonAI

Holdings,

Inc.

12/16/30,

Strike

$11.50

8,580

200,000

Zoomcar

Holdings,

Inc.

07/01/28,

Strike

$11.50

1,360

186,411

Special

Purpose

Acquisition

Companies

(0.0%)

500,000

Aetherium

Acquisition

Corp.

01/03/29,

Strike

$11.50

25,000

Alchemy

Investments

Acquisition

Corp.

06/26/28,

Strike

$11.50

2,502

750,000

AltEnergy

Acquisition

Corp.

11/02/28,

Strike

$11.50

825

250,000

Athena

Technology

Acquisition

Corp.

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

250,000

byNordic

Acquisition

Corp.

02/09/27,

Strike

$11.50

14,512

375,000

Cactus

Acquisition

Corp.

Ltd.

10/29/26,

Strike

$11.50

11,250

400,000

Canna-Global

Acquisition

Corp.

02/09/28,

Strike

$11.50

500,000

Cartesian

Growth

Corp.

07/12/28,

Strike

$11.50

67,500

12,500

CERo

Therapeutics

Holdings,

Inc.

02/14/29,

Strike

$11.50

750,000

‌

Chain

Bridge

12/31/28,

Strike

$11.50

1,125

NUMBER

VALUE

300,286

Clean

Energy

Special

Situations

Corp.

01/12/27,

Strike

$11.50

166,666

Compass

Digital

Acquisition

Corp.

10/15/28,

Strike

$11.50

92,316

Concord

Acquisition

Corp.

12/31/28,

Strike

$11.50

923

6,666

Constellation

Acquisition

Corp.

12/31/27,

Strike

$11.50

1,199

41,666

Corner

Growth

Acquisition

Corp.

06/17/26,

Strike

$11.50

1,317

133,333

Crown

PropTech

Acquisitions

03/11/27,

Strike

$11.50

750,000

Cap

Acquisition

Corp.

11/09/26,

Strike

$11.50

18,750

125,000

Energem

Corp.

03/10/23,

Strike

$11.50

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

1,258

60,000

Four

Leaf

Acquisition

Corp.

05/12/28,

Strike

$11.50

500,000

FutureTech

Acquisition

Corp.

02/16/27,

Strike

$11.50

300

225,000

GCT

Semiconductor

Holding,

Inc.

12/31/28,

Strike

$11.50

38,227

500,000

Genesis

Growth

Tech

Acquisition

Corp.

05/19/28,

Strike

$11.50

90,000

925,000

GigCapital7

Corp.

09/11/29,

Strike

$11.50

627,150

500,000

Healthcare

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.

12/14/28,

Strike

$11.50

1,875

154,135

Integrated

Wellness

Acquisition

Corp.

10/31/28,

Strike

$11.50

6,320

750,000

Investcorp

Europe

Acquisition

Corp.

11/23/28,

Strike

$11.50

15,900

30,000

Israel

Acquisitions

Corp.

02/28/28,

Strike

$11.50

1,950

250,000

Acquisition

Corp.

11/24/26,

Strike

$11.50

12,500

43,750

Jaws

Mustang

Acquisition

Corp.

06/01/30,

Strike

$11.50

3,067

100,000

Keen

Vision

Acquisition

Corp.

09/15/28,

Strike

$11.50

4,200

228,160

Marblegate

Capital

Corp.

04/07/30,

Strike

$11.50

32,171

850,000

Mercer

Park

Opportunities

Corp.

08/29/29,

Strike

$11.50

21,250

675,350

‌

Mountain

Co.

Acquisition

Corp.

08/24/23,

Strike

$11.50

675

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Market

Neutral

Income

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NUMBER

VALUE

55,000

Oak

Woods

Acquisition

Corp.

05/17/28,

Strike

$11.50

880

625,000

Papaya

Growth

Opportunity

Corp.

12/31/28,

Strike

$11.50

31,312

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

50,000

Pyrophyte

Acquisition

Corp.

05/03/28,

Strike

$11.50

22,000

133,333

Ross

Acquisition

Corp.

02/12/26,

Strike

$11.50

12,027

166,666

Silverbox

Corp.

09/24/29,

Strike

$11.50

21,200

7,500

Slam

Corp.

02/23/26,

Strike

$11.50

12,384

Spark

Acquisition

Corp.

11/27/28,

Strike

$11.50

2,457

250,000

Spree

Acquisition

Corp.

Ltd.

12/22/28,

Strike

$11.50

7,175

333,333

Target

Global

Acquisition

Corp.

12/31/27,

Strike

$11.50

3,933

328,694

TLGY

Acquisition

Corp.

01/14/28,

Strike

$11.50

128,191

1,321,291

TOTAL

WARRANTS

(Cost

$4,478,095)

6,678,136

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(0.0%)#

Other

(0.0%)

500

360,450,500

S&P

500

Index

Put,

05/29/26,

Strike

$6,000.00

205,000

8,000

5,767,208,000

S&P

500

Index

Put,

05/29/26,

Strike

$6,300.00

5,800,000

1,500

1,081,351,500

S&P

500

Index

Put,

05/29/26,

Strike

$6,400.00

1,357,500

7,362,500

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$31,362,730)

7,362,500

OVER

THE

COUNTER

PURCHASED

OPTIONS

(0.3%)#

Communications

(0.1%)

100

304,098,000,000

JPY

CyberAgent,

Inc.

Call,

03/14/31,

Strike

$91.31

12,932,219

130

127,522,200,000

JPY

CyberAgent,

Inc.

Call,

09/08/28,

Strike

$94.99

772,216

13,704,435

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

Consumer

Discretionary

(0.0%)

53,819,500,000

JPY

ANA

Holdings,

Inc.

Call,

11/16/29,

Strike

$89.46

799,698

100

106,636,000,000

JPY

Daiwa

House

Industry

Co.

Ltd.

Call,

12/08/28,

Strike

$86.09

1,907,570

96,875,100,000

JPY

Daiwa

House

Industry

Co.

Ltd.

Call,

11/16/29,

Strike

$88.81

1,479,323

100

1,957,500,000,000

JPY

Daiwa

House

Industry

Co.

Ltd.

Call,

12/17/27,

Strike

$92.68

628,383

4,814,974

Industrials

(0.0%)

500,000,000

51,228,500,000

JPY

Ibiden

Co.

Ltd.

Call,

03/30/29,

Strike

$94.87

508,487

150

153,685,500,000

JPY

INFRONEER

Holdings,

Inc.

Call,

03/30/29,

Strike

$93.88

1,492,861

52,597,000,000

JPY

Nagoya

Railroad

Co.

Ltd.

Call,

12/14/28,

Strike

$94.85

565,839

100

101,984,000,000

JPY

Nagoya

Railroad

Co.

Ltd.

Call,

09/14/28,

Strike

$95.37

1,065,395

83,358,400,000

JPY

Park24

Co.

Ltd.

Call,

06/16/28,

Strike

$95.68

638,054

4,270,636

Materials

(0.2%)

100

105,194,000,000

JPY

JFE

Holdings,

Inc

Call,

12/14/28,

Strike

$92.11

588,292

130

133,407,300,000

JPY

Kansai

Paint

Co.

Ltd

Call,

03/08/29,

Strike

$94.43

1,306,788

9,140,000,000

JPY

Kobe

Steel

Ltd.

Call,

02/24/28,

Strike

$92.03

406,561

300

401,784,000,000

JPY

Kobe

Steel

Ltd.

Call,

03/30/29,

Strike

$92.59

9,664,420

200

252,502,000,000

JPY

Kobe

Steel

Ltd.

Call,

04/24/29,

Strike

$96.74

4,853,975

150

157,791,000,000

JPY

Nippon

Steel

Corp.

Call,

12/14/28,

Strike

$93.03

1,721,807

18,541,843

Other

(0.0%)

340

348,353,800,000

JPY

Rohm

Co.

Ltd.

Call,

03/30/29,

Strike

$94.46

3,256,771

Real

Estate

(0.0%)

72,938,600,000

JPY

Relo

Group,

Inc.

Call,

06/15/29,

Strike

$93.29

821,456

TOTAL

OVER

THE

COUNTER

PURCHASED

OPTIONS

(Cost

$20,125,610)

45,410,115

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Market

Neutral

Income

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NUMBER

SHARES/

PRINCIPAL

AMOUNT

VALUE

INVESTMENT

CASH

COLLATERAL

FOR

SECURITIES

LOANED

(1.8%)

326,057,329

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio,

3.669%†***

(Cost

$326,057,329)

326,057,329

TOTAL

INVESTMENTS

(108.8%)

(Cost

$12,410,152,439)

19,206,677,266

PAYABLE

UPON

RETURN

SECURITIES

LOAN

(-1.8%)

(326,057,329)

LIABILITIES,

LESS

OTHER

ASSETS

(-7.0%)

(1,230,422,626)

NET

ASSETS

(100.0%)

17,650,197,311

NUMBER

VALUE

COMMON

STOCKS

SOLD

SHORT (-23.6%)

Communication

Services

(-0.5%)

(562,000)

JPY

CyberAgent,

Inc.

(4,481,856)

(120,500)

IMAX

Corp.

(4,581,410)

(174,913)

Live

Nation

Entertainment,

Inc.

(27,625,759)

(79,347)

Match

Group,

Inc.

(2,969,165)

(96,846)

Snap,

Inc.Class

(587,855)

(288,500)

Sphere

Entertainment

Co.

(41,096,825)

(243,948)

Weibo

Corp.

(2,051,603)

(83,394,473)

Consumer

Discretionary

(-2.9%)

(1,422,000)

Alibaba

Group

Holding

Ltd.

(187,533,360)

(77,100)

Cheesecake

Factory,

Inc.

(4,847,277)

(44,000)

Cracker

Barrel

Old

Country

Store,

Inc.

(1,378,080)

(132,000)

DoorDash,

Inc.Class

(22,261,800)

(154,559)

Etsy,

Inc.

(9,944,326)

(2,485,500)

GameStop

Corp.Class

(62,013,225)

(30,000)

Groupon,

Inc.

(426,300)

(160,000)

JD.com,

Inc.

(4,851,200)

(100)

Lucid

Group,

Inc.

(637)

(41,000)

MakeMyTrip

Ltd.

(1,935,610)

(1,766,400)

NIO,

Inc.

(11,287,296)

(539,930)

Norwegian

Cruise

Line

Holdings

Ltd.

(9,815,927)

(2,243,129)

Peloton

Interactive,

Inc.Class

(12,225,053)

(3,735,800)

Rivian

Automotive,

Inc.Class

(61,267,120)

(19,200)

Shake

Shack,

Inc.Class

(1,967,232)

(462,355)

Stride,

Inc.

(44,922,412)

(261,600)

Trip.com

Group

Ltd.

(14,181,336)

(1,069,854)

Wayfair,

Inc.Class

(68,395,766)

(1,730,000)

HKD

Wynn

Macau

Ltd.

(1,252,359)

(520,506,316)

Consumer

Staples

(-0.3%)

(371,748)

Kimberly-Clark

Corp.

(36,591,156)

(22,600)

Oddity

Tech

Ltd.Class

(323,632)

NUMBER

VALUE

(83,930)

Post

Holdings,

Inc.

(8,791,667)

(17,500)

Spectrum

Brands

Holdings,

Inc.

(1,445,500)

(47,151,955)

Energy

(-0.5%)

(51,709)

Centrus

Energy

Corp.Class

(10,908,530)

(580,000)

Crescent

Energy

Co.Class

(7,801,000)

(415,000)

Energy

Fuels,

Inc.

(8,980,600)

(1,103,594)

EUR

Eni

SpA

(31,085,586)

(58,000)

Golar

LNG

Ltd.

(3,189,420)

(480,500)

Liberty

Energy,

Inc.

(16,236,095)

(126,368)

Northern

Oil

Gas,

Inc.

(3,432,155)

(44,839)

Scorpio

Tankers,

Inc.

(3,646,756)

(146,467)

World

Kinect

Corp.

(3,950,215)

(89,230,357)

Financials

(-1.1%)

(429,130)

Apollo

Global

Management,

Inc.

(55,237,614)

(235,200)

ARES

Management

Corp.Class

(27,612,480)

(128,728)

Coinbase

Global,

Inc.Class

(24,171,257)

(13,800)

Dave,

Inc.

(3,753,462)

(55,846)

Euronet

Worldwide,

Inc.

(4,042,133)

(398,000)

KKR

Co.,

Inc.

(41,527,320)

(136,700)

Oscar

Health,

Inc.Class

(2,523,482)

(3,501,000)

HKD

Ping

Insurance

Group

Co.

China

Ltd.Class

(28,159,974)

(45,000)

Starwood

Property

Trust,

Inc.

(826,200)

(105,000)

Upstart

Holdings,

Inc.

(3,315,900)

(527,572)

WisdomTree,

Inc.

(8,968,724)

(200,138,546)

Health

Care

(-1.6%)

(4,500)

Alnylam

Pharmaceuticals,

Inc.

(1,392,705)

(30,580)

Amphastar

Pharmaceuticals,

Inc.

(671,537)

(117,000)

Arrowhead

Pharmaceuticals,

Inc.

(8,597,160)

(86,560)

Bridgebio

Pharma,

Inc.

(6,155,282)

(981,990)

BrightSpring

Health

Services,

Inc.

(47,106,060)

(695,340)

Bruker

Corp.

(25,525,931)

(35,257)

Dexcom,

Inc.

(2,099,554)

(49,406)

Envista

Holdings

Corp.

(1,281,592)

(36,400)

Haemonetics

Corp.

(2,187,276)

(500,224)

Halozyme

Therapeutics,

Inc.

(31,844,260)

(91,500)

Hims

Hers

Health,

Inc.

(2,486,055)

(59,766)

Indivior

Pharmaceuticals,

Inc.

(2,198,193)

(240,900)

Innoviva,

Inc.

(5,538,291)

(42,733)

Integer

Holdings

Corp.

(3,782,298)

(326,580)

Ionis

Pharmaceuticals,

Inc.

(24,415,121)

(24,800)

IRhythm

Holdings,

Inc.

(3,203,168)

(237,783)

Jazz

Pharmaceuticals

PLC

(48,274,705)

(34,580)

Lantheus

Holdings,

Inc.

(2,926,160)

(21,200)

Ligand

Pharmaceuticals,

Inc.

(4,864,340)

(248,400)

Merck

Co.,

Inc.

(27,120,312)

(73,500)

Merit

Medical

Systems,

Inc.

(5,011,230)

(87,198)

Pacira

BioSciences,

Inc.

(2,222,677)

(21,000)

Revolution

Medicines,

Inc.

(3,026,520)

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Market

Neutral

Income

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NUMBER

VALUE

(216,098)

Tandem

Diabetes

Care,

Inc.

(4,219,313)

(107,000)

Tempus

AI,

Inc.Class

(5,936,360)

(97,336)

Zoetis,

Inc.

(11,190,720)

(283,276,820)

Industrials

(-2.9%)

(12,000)

AeroVironment,

Inc.

(2,340,240)

(198,100)

JPY

ANA

Holdings,

Inc.

(3,291,860)

(742,964)

Bloom

Energy

Corp.Class

(210,526,279)

(64,149)

Boeing

Co.

(14,692,045)

(64,300)

BWX

Technologies,

Inc.

(13,913,877)

(127,015)

CSG

Systems

International,

Inc.

(10,213,276)

(691,505)

Energy

Vault

Holdings,

Inc.

(3,187,838)

(473,000)

Eos

Energy

Enterprises,

Inc.

(3,169,100)

(205,733)

Fluor

Corp.

(10,975,856)

(148,056)

Granite

Construction,

Inc.

(20,294,036)

(155,581)

Hertz

Global

Holdings,

Inc.

(989,495)

(1,424,500)

JPY

INFRONEER

Holdings,

Inc.

(19,394,601)

(36,493)

JBT

Marel

Corp.

(4,309,823)

(379,900)

Joby

Aviation,

Inc.

(3,491,281)

(695,270)

Lyft,

Inc.Class

(9,838,070)

(320,400)

JPY

Nagoya

Railroad

Co.

Ltd.

(3,623,444)

(483,400)

JPY

Nikkon

Holdings

Co.

Ltd.

(15,694,946)

(78,700)

JPY

Park24

Co.

Ltd.

(918,933)

(399,185)

Pitney

Bowes,

Inc.

(6,171,400)

(1,204,150)

QXO,

Inc.

(24,167,291)

(27,502)

EUR

Rheinmetall

(43,762,124)

(261,400)

Uber

Technologies,

Inc.

(19,503,054)

(204,500)

Union

Pacific

Corp.

(55,108,660)

(36,382)

Voyager

Technologies,

Inc.Class

(960,849)

(31,000)

VSE

Corp.

(5,322,080)

(505,860,458)

Information

Technology

(-9.2%)

(71,172)

Advanced

Energy

Industries,

Inc.

(27,323,643)

(633,791)

Akamai

Technologies,

Inc.

(65,267,797)

(71,700)

Alarm.com

Holdings,

Inc.

(3,184,197)

(80,000)

Amkor

Technology,

Inc.

(5,580,000)

(77,100)

Avnet,

Inc.

(6,361,521)

(60,700)

Bill

Holdings,

Inc.

(2,306,600)

(94,169)

BlackLine,

Inc.

(2,942,781)

(105,289)

Box,

Inc.Class

(2,547,994)

(42,700)

Camtek

Ltd.

(8,194,984)

(29,360)

Check

Point

Software

Technologies

Ltd.

(3,302,119)

(1,113,000)

Cipher

Digital,

Inc.

(19,744,620)

(273,400)

Cleanspark,

Inc.

(3,425,702)

(155,803)

Cloudflare,

Inc.Class

(31,934,941)

(42,500)

Commvault

Systems,

Inc.

(4,202,400)

(387,000)

CoreWeave,

Inc.Class

(43,189,200)

(35,300)

Datadog,

Inc.Class

(4,666,307)

(171,700)

DigitalOcean

Holdings,

Inc.

(16,557,031)

(21,000)

Five9,

Inc.

(361,200)

(28,864)

Guidewire

Software,

Inc.

(3,994,489)

(2,614,789)

Hewlett

Packard

Enterprise

Co.

(75,227,480)

NUMBER

VALUE

(222,700)

JPY

Ibiden

Co.

Ltd.

(19,175,344)

(129,041)

InterDigital,

Inc.

(38,268,399)

(870,400)

IREN

Ltd.

(39,611,904)

(280,824)

Itron,

Inc.

(23,533,051)

(5,383,000)

HKD

Lenovo

Group

Ltd.

(8,027,251)

(159,055)

Lumentum

Holdings,

Inc.

(143,518,508)

(1,040,000)

MARA

Holdings,

Inc.

(12,469,600)

(1,004,856)

Microchip

Technology,

Inc.

(93,361,171)

(304,700)

Mirion

Technologies,

Inc.

(6,017,825)

(90,100)

MKS,

Inc.

(25,565,875)

(454,500)

Nebius

Group

(62,825,535)

(27,500)

Nova

Ltd.

(13,761,825)

(148,321)

Nutanix,

Inc.Class

(6,064,846)

(793,200)

Semiconductor

Corp.

(79,962,492)

(445,200)

Oracle

Corp.

(71,850,828)

(19,288)

OSI

Systems,

Inc.

(5,534,113)

(455,800)

JPY

Rohm

Co.

Ltd.

(9,893,063)

(93,000)

Rubrik,

Inc.Class

(4,945,740)

(37,000)

Semtech

Corp.

(3,886,850)

(53,051)

Shift4

Payments,

Inc.Class

(2,349,098)

(278,858)

Snowflake,

Inc.

(38,055,751)

(447,503)

Strategy,

Inc.

(69,609,371)

(492,200)

Super

Micro

Computer,

Inc.

(13,486,280)

(54,572)

Synaptics,

Inc.

(5,107,393)

(1,001,000)

Terawulf,

Inc.

(21,751,730)

(44,000)

Unity

Software,

Inc.

(1,162,480)

(65,900)

Vertex,

Inc.Class

(815,183)

(192,721)

Vishay

Intertechnology,

Inc.

(5,583,127)

(1,059,800)

Western

Digital

Corp.

(460,504,296)

(24,191)

Wix.com

Ltd.

(1,806,826)

(67,100)

Workiva,

Inc.

(3,588,508)

(62,000)

Xerox

Holdings

Corp.

(139,500)

(1,600,000)

HKD

Xiaomi

Corp.*Class

(5,928,120)

(7,896)

Zscaler,

Inc.

(1,031,849)

(1,629,508,738)

Materials

(-0.7%)

(228,600)

Albemarle

Corp.

(44,965,620)

(135,500)

First

Majestic

Silver

Corp.

(2,670,705)

(128,100)

JPY

JFE

Holdings,

Inc.

(1,403,286)

(233,000)

JPY

Kansai

Paint

Co.

Ltd.

(3,486,331)

(716,100)

JPY

Kobe

Steel

Ltd.

(8,812,025)

(447,743)

Materials

Corp.

(29,568,948)

(566,700)

JPY

Nippon

Steel

Corp.

(2,071,620)

(305,000)

Ramaco

Resources,

Inc.Class

(4,529,250)

(1,778,500)

Sibanye

Stillwater

Ltd.

(21,377,570)

(118,885,355)

Real

Estate

(-0.7%)

(47,998)

BXP,

Inc.

(2,805,963)

(452,000)

Compass,

Inc.Class

(3,421,640)

(513,400)

JPY

Daiwa

House

Industry

Co.

Ltd.

(15,701,569)

(32,000)

Digital

Realty

Trust,

Inc.

(6,430,080)

(35,300)

Federal

Realty

Investment

Trust

(3,914,770)

100

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Market

Neutral

Income

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NOTES

SCHEDULE

INVESTMENTS

NUMBER

VALUE

(1,389,000)

HKD

Henderson

Land

Development

Co.

Ltd.

(5,458,464)

(100,000)

HKD

Link

REIT

(500,479)

(33,800)

Realty

Income

Corp.

(2,171,312)

(79,000)

JPY

Relo

Group,

Inc.

(987,784)

(19,500)

Rexford

Industrial

Realty,

Inc.

(699,855)

(265,459)

Ventas,

Inc.

(23,323,228)

(274,900)

Welltower,

Inc.

(59,746,766)

(125,161,910)

Utilities

(-3.2%)

(109,827)

Alliant

Energy

Corp.

(8,064,597)

(963,957)

CenterPoint

Energy,

Inc.

(42,076,723)

(197,000)

CMS

Energy

Corp.

(15,117,780)

(104,014)

Duke

Energy

Corp.

(13,475,014)

(888,050)

Evergy,

Inc.

(73,566,062)

(155,000)

Exelon

Corp.

(7,128,450)

(540,000)

FirstEnergy

Corp.

(25,660,800)

(1,283,650)

NextEra

Energy,

Inc.

(125,643,662)

(35,400)

Ormat

Technologies,

Inc.

(4,067,460)

(1,189,800)

PG&E

Corp.

(19,774,476)

(147,500)

Pinnacle

West

Capital

Corp.

(15,298,700)

(1,691,571)

PPL

Corp.

(63,332,418)

(587,409)

Southern

Co.

(56,802,450)

(538,700)

UGI

Corp.

(19,441,683)

(664,800)

WEC

Energy

Group,

Inc.

(78,406,512)

(567,856,787)

TOTAL

COMMON

STOCKS

SOLD

SHORT

(Proceeds

$3,147,242,972)

(4,170,971,715)

TOTAL

SECURITIES

SOLD

SHORT

(Proceeds

$3,147,242,972)

(4,170,971,715)

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTIONS (-8.7%)#

Communication

Services

(-0.1%)

(2,395)

(17,699,050)

AST

SpaceMobile,

Inc.

Call,

01/15/27,

Strike

$30.00

(11,274,463)

(800)

(5,912,000)

AST

SpaceMobile,

Inc.

Call,

01/21/28,

Strike

$120.00

(2,130,000)

(1,500)

(11,085,000)

AST

SpaceMobile,

Inc.

Call,

01/21/28,

Strike

$100.00

(4,560,000)

(17,964,463)

Consumer

Discretionary

(0.0%)

(5,000)

(3,185,000)

Lucid

Group,

Inc.

Call,

08/21/26,

Strike

$3.00

(67,500)

Information

Technology

(0.0%)

(2,000)

(5,480,000)

Super

Micro

Computer,

Inc.

Call,

08/21/26,

Strike

$50.00

(176,000)

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

(592)

(1,748,176)

Wolfspeed,

Inc.

Call,

05/15/26,

Strike

$20.00

(569,800)

(745,800)

Other

(-8.6%)

(6,000)

(4,325,406,000)

S&P

500

Index

Call,

05/29/26,

Strike

$6,900.00

(220,320,000)

(6,000)

(4,325,406,000)

S&P

500

Index

Call,

06/30/26,

Strike

$5,500.00

(1,047,930,000)

(2,500)

(1,802,252,500)

S&P

500

Index

Call,

06/30/26,

Strike

$6,300.00

(242,250,000)

(4,000)

(17,712,000)

Shift4

Payments,

Inc.

Call,

12/18/26,

Strike

$50.00

(2,800,000)

(1,513,300,000)

TOTAL

EXCHANGE-TRADED

WRITTEN

OPTIONS

(Premium

$1,334,048,954)

(1,532,077,763)

Securities

issued

and

sold

pursuant

Rule

144A

transaction

are

exempted

from

the

registration

requirement

the

Securities

Act

1933,

amended.

These

securities

may

only

sold

qualified

institutional

buyers

(“QIBs”),

such

the

Fund.

Any

resale

these

securities

must

generally

effected

through

sale

that

registered

under

the

Act

otherwise

exempted

from

such

registration

requirements.

Security,

portion

security,

segregated

collateral

(or

collateral

for

potential

future

transactions)

for

written

options,

swaps,

securities

sold

short.

The

aggregate

value

such

securities

$7,353,433,167.

Security,

portion

security,

loan.

default

status

and

considered

non-income

producing.

Illiquid

security.

Non-income

producing

security.

‡‡‡

Security

fair

valued

using

significant

unobservable

inputs

and

classified

Level

security.

‡‡

Perpetual

maturity.

†

Represents

investment

cash

collateral

received

from

securities

loan

April

30,

2026.

***

The

rate

disclosed

the

day

net

yield

April

30,

2026.

101

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Market

Neutral

Income

Fund

Schedule

Investments

April

30,

2026

(unaudited)

Amounts

relating

investments

affiliated

funds

April

30,

2026,

and

from

the

period

of November

2025 through

April

30,

2026 are

follows:

AFFILIATE

VALUE,

BEGINNING

PERIOD

PURCHASES

SALES

PROCEEDS

DIVIDEND

INCOME

NET

REALIZED

GAINS/(LOSS)

NET

INCREASE/

DECREASE

UNREALIZED

APPRECIATION/

DEPRECIATION

VALUE,

END

PERIOD

Calamos

Short-Term

Bond

Fund

337,826,981

—

7,391,234

—

(

2,458,200)

335,368,781

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

foreign

currencies

shown

U.S.

dollars.

The

date

options

represents

the

expiration

date

the

option

contract.

The

option

contract

may

exercised

any

date

before

the

date

shown.

The

principal

amount

for

such

securities

shown

the

respective

foreign

currency.

FORWARD

FOREIGN

CURRENCY

CONTRACTS

COUNTERPARTY

LONG

CONTRACTS

SETTLEMENT

DATE

LOCAL

CURRENCY

CURRENT

VALUE

UNREALIZED

GAIN/LOSS

State

Street

Bank

and

Trust

European

Monetary

Unit

5/21/26

6,097,000

7,161,113

97,776

State

Street

Bank

and

Trust

European

Monetary

Unit

5/21/26

4,735,000

5,561,402

10,756

108,532

COUNTERPARTY

SHORT

CONTRACTS

SETTLEMENT

DATE

LOCAL

CURRENCY

CURRENT

VALUE

UNREALIZED

GAIN/LOSS

Bank

New

York

Mellon

Japanese

Yen

5/21/26

262,770,000

1,680,434

(23,042)

Northern

Trust

Company

European

Monetary

Unit

5/21/26

4,331,000

5,086,892

(18,149)

Northern

Trust

Company

Japanese

Yen

5/21/26

696,787,000

4,456,005

(77,866)

State

Street

Bank

and

Trust

British

Pound

Sterling

5/21/26

8,569,000

11,660,069

(114,560)

State

Street

Bank

and

Trust

European

Monetary

Unit

5/21/26

72,807,000

85,514,048

462,879

State

Street

Bank

and

Trust

Japanese

Yen

5/21/26

3,947,982,000

25,247,642

336,202

State

Street

Bank

and

Trust

Japanese

Yen

5/21/26

366,273,000

2,342,343

(37,013)

State

Street

Bank

and

Trust

Singapore

Dollar

5/21/26

27,656,000

21,752,897

165,661

694,112

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

America

MOS

Equity

returns

448,212

MOS

day

USD

SOFR

Plus

1.000%

04/01/30

Monthly

$4,181,818

—

1,338,560

Citibank

IREN

Ltd.

Equity

returns

133,900

IREN

Ltd.

day

USD

SOFR

Plus

3.280%

12/12/29

Monthly

$5,767,073

—

(319,072)

Citibank

Lucid

Group,

Inc.

Equity

returns

728,750

Lucid

Group,

Inc.

day

USD

SOFR

Plus

1.000%

04/01/30

Monthly

$6,799,238

—

2,172,404

102

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Market

Neutral

Income

Fund

Schedule

Investments

April

30,

2026

(unaudited)

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

April

30,

2026

(see

Note

8):

TOTAL

RETURN

SWAPS

(continued)

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)

Citibank

Lucid

Group,

Inc.

Equity

returns

576,570

Lucid

Group,

Inc.

day

USD

SOFR

Plus

1.000%

11/03/31

Monthly

$5,327,507

—

1,662,484

JPMorgan

Securities

LLC

Atlas

Energy

Solutions,

Inc.

Equity

returns

423,900

Atlas

Energy

Solutions,

Inc.

day

USD

OBFR

Plus

1.000%

05/07/26

Monthly

$4,730,724

—

(2,626,147)

JPMorgan

Securities

LLC

Voyager

Technologies,

Inc.

Equity

returns

71,700

Voyager

Technologies,

Inc.

day

USD

OBFR

Plus

1.000%

05/07/26

Monthly

$1,956,693

—

67,444

JPMorgan

Securities

LLC

Voyager

Technologies,

Inc.

Equity

returns

214,500

Voyager

Technologies,

Inc.

day

USD

OBFR

Plus

1.000%

11/15/30

Monthly

$6,415,695

—

757,335

Morgan

Stanley

Co.

LLC

CoreWeave,

Inc.

Equity

returns

182,100

CoreWeave,

Inc.

Fed

Funds

Rate

Plus

1.000%

05/18/26

Monthly

$16,753,200

—

(3,540,363)

Morgan

Stanley

Co.

LLC

Hertz

Global

Holdings,

Inc.

Equity

returns

612,653

Hertz

Global

Holdings,

Inc.

Fed

Funds

Rate

Plus

1.000%

10/05/28

Monthly

$3,424,730

—

(470,643)

$—

(957,998)

LEVEL

TOTAL

Assets:

—

Convertible

Bonds

255

—

6,348,070,397

—

6,348,070,397

Corporate

Bonds

—

20,784,091

—

20,784,091

Common

Stocks

378

10,851,349,861

202,287,272

2,880,000

11,056,517,133

Convertible

Preferred

Stocks

822,146,721

—

822,146,721

Exchange-Traded

Fund

237,876,460

—

237,876,460

Investment

Affiliated

Fund

335,368,781

—

335,368,781

Rights

33,951

—

371,652

405,603

Warrants

138

4,361,562

2,316,574

—

6,678,136

Exchange-Traded

Purchased

Options

7,362,500

—

7,362,500

Investment

Cash

Collateral

for

Securities

Loaned

—

326,057,329

—

326,057,329

Forward

Foreign

Currency

Contracts

—

1,073,274

—

1,073,274

Total

Return

Swaps

–

—

5,998,227

—

5,998,227

Over

the

counter

Purchased

Options

—

45,410,115

—

45,410,115

Total

12,258,499,836

6,951,997,279

3,251,652

19,213,748,767

Liabilities:

—

Common

Stocks

Sold

Short

201

4,170,971,715

—

4,170,971,715

Exchange-Traded

Written

Options

1,532,077,763

—

1,532,077,763

Forward

Foreign

Currency

Contracts

—

270,630

—

270,630

Total

Return

Swaps

–

—

6,956,225

—

6,956,225

Total

5,703,049,478

7,226,855

—

5,710,276,333

103

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Market

Neutral

Income

Fund

Schedule

Investments

April

30,

2026

(unaudited)

The

following

reconciliation

the

fair

valuations

using

significant

unobservable

inputs

(Level

for

the

Fund’s

assets

and

liabilities

during

the

period

ended

April

30,

2026:

Investments

Securities

Balance

October

31,

2025

Accrued

Discounts/

(Premiums)

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Purchases

Sales

Proceeds

Transfers

into

Level

Transfers

out

Level

Balance

April

30,

2026

Net

change

Unrealized

Appreciation

(Depreciation)

from

investments

still

held

April

30,

2026

Common

Stocks

14,462,500

—

2,071,928

(1,521,736)

—

(12,132,692)

—

2,880,000

—

Rights

277,808

—

12,512

81,331

—

371,652

—

Total

$14,740,308

$—

$2,071,928

$(1,509,224)

$81,331

$(12,132,692)

$—

$3,251,652

$—

April

30,

2026,

Level

investments

were

valued

the

Company

using

unadjusted

pricing

quotes

obtained

from

dealers.

Calamos

Hedged

Equity

Fund

Schedule

Investments

April

30,

2026

(unaudited)

104

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

NUMBER

VALUE

COMMON

STOCKS

(102.3%)

Communication

Services

(11.4%)

76,472

Alphabet,

Inc.

Class

29,426,426

76,292

Alphabet,

Inc.

Class

29,138,966

76,679

AT&T,

Inc.

2,003,622

66,186

Comcast

Corp.

Class

1,789,669

12,238

Fox

Corp.

Class

776,991

30,691

Meta

Platforms,

Inc.

Class

18,780,130

63,274

Netflix,

Inc.#

5,923,079

10,125

T-Mobile

U.S.,

Inc.

1,979,438

63,172

Verizon

Communications,

Inc.

3,034,151

30,692

Walt

Disney

Co.

3,184,295

96,036,767

Consumer

Discretionary

(10.4%)

137,137

Amazon.com,

Inc.#~

36,349,533

10,828

Aptiv

PLC#

652,495

13,654

Booking

Holdings,

Inc.

2,298,787

48,830

Carnival

Corp.

1,294,483

32,764

Chipotle

Mexican

Grill,

Inc.#

1,113,648

4,233

Darden

Restaurants,

Inc.^

848,971

4,947

DoorDash,

Inc.

Class

834,312

13,155

Horton,

Inc.

2,024,028

11,477

eBay,

Inc.

1,187,640

58,412

Ford

Motor

Co.

705,617

21,930

General

Motors

Co.

1,686,198

16,106

Home

Depot,

Inc.

5,295,653

13,610

Las

Vegas

Sands

Corp.

743,242

13,150

Lowe's

Cos.,

Inc.

3,140,089

2,961

Lululemon

Athletica,

Inc.#

407,730

10,192

McDonald's

Corp.

2,992,269

20,587

NIKE,

Inc.

Class

913,239

31,211

Norwegian

Cruise

Line

Holdings

Ltd.#^

567,416

19,049

O'Reilly

Automotive,

Inc.#

1,893,471

7,297

Ross

Stores,

Inc.

1,662,184

3,774

Royal

Caribbean

Cruises

Ltd.

995,430

17,689

Starbucks

Corp.~

1,863,182

38,887

Tesla,

Inc.#~

14,840,446

20,393

TJX

Cos.,

Inc.

3,196,603

87,506,666

Consumer

Staples

(5.1%)

12,395

Archer-Daniels-Midland

Co.

923,923

7,949

Church

Dwight

Co.,

Inc.

771,530

51,410

Coca-Cola

Co.~

4,049,052

11,971

Colgate-Palmolive

Co.

1,021,845

5,649

Constellation

Brands,

Inc.

Class

884,520

4,889

Costco

Wholesale

Corp.

4,960,037

3,826

Dollar

General

Corp.

443,357

6,591

Dollar

Tree,

Inc.#

640,052

4,331

Estee

Lauder

Cos.,

Inc.

Class

332,231

13,075

General

Mills,

Inc.^

461,678

NUMBER

VALUE

7,392

Kimberly-Clark

Corp.^

727,595

17,210

Kroger

Co.

1,171,485

34,540

Mondelez

International,

Inc.

Class

2,122,138

14,933

Monster

Beverage

Corp.#

1,150,886

15,768

PepsiCo,

Inc.~

2,499,070

28,865

Philip

Morris

International,

Inc.~

4,764,746

28,348

Procter

Gamble

Co.

4,169,707

12,881

Sysco

Corp.

962,339

8,152

Target

Corp.

1,057,722

72,951

Walmart,

Inc.~

9,624,425

42,738,338

Energy

(3.8%)

42,269

Chevron

Corp.

8,171,020

21,603

ConocoPhillips

2,717,225

6,092

EOG

Resources,

Inc.

856,352

62,007

Exxon

Mobil

Corp.

9,569,540

40,979

Kinder

Morgan,

Inc.

1,346,980

12,378

Marathon

Petroleum

Corp.

3,073,334

12,167

Occidental

Petroleum

Corp.

737,077

8,214

ONEOK,

Inc.^

759,466

5,754

Phillips

1,030,829

17,335

SLB

Ltd.

986,015

5,727

Valero

Energy

Corp.

1,446,526

20,680

Williams

Cos.,

Inc.

1,578,091

32,272,455

Financials

(12.5%)

8,494

Aflac,

Inc.

965,513

6,524

Allstate

Corp.

1,417,404

9,087

American

Express

Co.

2,935,555

3,997

Ameriprise

Financial,

Inc.

1,897,736

7,276

Arthur

Gallagher

Co.

1,501,766

6,000

Assurant,

Inc.

1,417,620

130,528

Bank

America

Corp.~

6,978,027

14,808

Bank

New

York

Mellon

Corp.

1,989,751

21,992

Berkshire

Hathaway,

Inc.

Class

10,415,411

1,538

BlackRock,

Inc.

1,638,893

7,587

Blackstone,

Inc.

952,775

8,844

Capital

One

Financial

Corp.

1,691,857

6,761

Cboe

Global

Markets,

Inc.

2,028,909

28,362

Charles

Schwab

Corp.

2,599,094

9,035

Chubb

Ltd.

2,954,445

21,362

Citigroup,

Inc.

2,733,909

3,198

CME

Group,

Inc.

920,448

3,024

Coinbase

Global,

Inc.

Class

A#^

567,817

9,697

Fiserv,

Inc.#

607,517

5,371

Global

Payments,

Inc.

386,497

8,620

Goldman

Sachs

Group,

Inc.~

7,962,897

32,049

Huntington

Bancshares,

Inc.

537,141

3,665

Jack

Henry

Associates,

Inc.^

563,494

39,027

JPMorgan

Chase

Co.~

12,224,427

3,971

M&T

Bank

Corp.

868,180

105

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See

accompanying

Notes

Schedule

Investments

Calamos

Hedged

Equity

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NUMBER

VALUE

11,284

Marsh

McLennan

Cos.,

Inc.

1,892,440

12,842

Mastercard,

Inc.

Class

6,458,499

12,303

MetLife,

Inc.

985,470

20,001

Morgan

Stanley

3,811,991

6,362

Northern

Trust

Corp.

1,058,255

10,270

PayPal

Holdings,

Inc.

514,938

4,767

Prudential

Financial,

Inc.

467,690

4,133

S&P

Global,

Inc.

1,782,274

5,606

State

Street

Corp.

856,821

5,308

Travelers

Cos.,

Inc.

1,619,683

14,684

U.S.

Bancorp~

831,995

29,137

Visa,

Inc.

Class

9,610,548

75,509

Wells

Fargo

Co.

6,209,105

104,856,792

Health

Care

(8.9%)

21,084

Abbott

Laboratories

1,914,216

26,191

AbbVie,

Inc.

5,534,682

13,518

Agilent

Technologies,

Inc.

1,562,005

5,931

Amgen,

Inc.

2,053,609

14,800

Baxter

International,

Inc.^

260,184

4,951

Becton

Dickinson

Co.

737,897

3,084

Biogen,

Inc.#

583,740

43,671

Boston

Scientific

Corp.#

2,515,886

9,627

Centene

Corp.#

516,874

4,092

Cigna

Group

1,189,053

18,091

CVS

Health

Corp.

1,506,799

11,815

Danaher

Corp.

2,114,294

7,689

Dexcom,

Inc.#

457,880

13,780

Edwards

Lifesciences

Corp.#

1,150,630

12,129

Eli

Lilly

Co.~

11,335,763

5,073

HealthCare

Technologies,

Inc.

308,641

19,275

Gilead

Sciences,

Inc.

2,521,941

4,036

HCA

Healthcare,

Inc.

1,753,440

2,607

Humana,

Inc.

616,399

6,906

Intuitive

Surgical,

Inc.#

3,160,255

3,906

IQVIA

Holdings,

Inc.#

618,593

30,432

Johnson

6,994,795

3,820

Labcorp

Holdings,

Inc.

980,976

2,519

McKesson

Corp.

2,053,489

20,442

Medtronic

PLC

1,655,189

39,865

Merck

Co.,

Inc.

4,352,461

80,833

Pfizer,

Inc.

2,158,241

984

Regeneron

Pharmaceuticals,

Inc.

695,747

1,418

Solventum

Corp.#

95,517

3,600

Stryker

Corp.

1,134,468

7,059

Thermo

Fisher

Scientific,

Inc.~

3,380,979

14,559

UnitedHealth

Group,

Inc.

5,393,818

3,758

Vertex

Pharmaceuticals,

Inc.#

1,606,094

669

Waters

Corp.#

206,875

3,581

Zimmer

Biomet

Holdings,

Inc.

295,182

9,585

Zoetis,

Inc.

1,101,988

74,518,600

NUMBER

VALUE

Industrials

(9.0%)

5,674

Co.

831,355

4,295

Allegion

PLC

590,477

8,181

Automatic

Data

Processing,

Inc.

1,733,881

10,441

Boeing

Co.#

2,391,302

22,380

Carrier

Global

Corp.

1,503,265

7,884

Caterpillar,

Inc.~

7,017,627

60,529

CSX

Corp.~

2,749,832

4,117

Deere

Co.

2,428,495

5,646

Eaton

Corp.

PLC

2,444,774

16,153

Emerson

Electric

Co.

2,268,527

3,805

Vernova,

Inc.

4,122,565

4,188

Generac

Holdings,

Inc.#

1,085,655

3,572

General

Dynamics

Corp.

1,229,840

15,223

General

Electric

Co.

4,413,604

13,684

Honeywell

International,

Inc.

2,932,892

706

Hubbell,

Inc.^

358,768

5,090

Illinois

Tool

Works,

Inc.

1,313,271

13,129

Johnson

Controls

International

PLC

1,917,228

5,686

L3Harris

Technologies,

Inc.

1,822,647

2,867

Lockheed

Martin

Corp.

1,485,020

12,009

Masco

Corp.

862,486

3,266

Norfolk

Southern

Corp.

1,031,501

2,936

Northrop

Grumman

Corp.~

1,701,353

5,377

Otis

Worldwide

Corp.

418,761

12,602

PACCAR,

Inc.

1,497,118

7,690

Paychex,

Inc.

712,325

12,925

Pentair

PLC

1,043,177

4,824

Quanta

Services,

Inc.

3,510,763

29,193

RTX

Corp.

5,140,012

25,798

Southwest

Airlines

Co.

978,260

36,354

Uber

Technologies,

Inc.#

2,712,372

11,402

Union

Pacific

Corp.

3,072,611

14,901

United

Airlines

Holdings,

Inc.#

1,341,090

9,629

United

Parcel

Service,

Inc.

Class

1,047,635

1,792

United

Rentals,

Inc.

1,720,033

3,937

Veralto

Corp.

347,243

4,832

Verisk

Analytics,

Inc.

891,456

9,251

Waste

Management,

Inc.

2,151,320

6,646

Xylem,

Inc.

785,291

75,605,832

Information

Technology

(36.0%)

8,086

Accenture

PLC

Class

1,445,049

5,912

Adobe,

Inc.#

1,454,943

26,983

Advanced

Micro

Devices,

Inc.#

9,565,204

25,113

Amphenol

Corp.

Class

3,698,392

8,173

Analog

Devices,

Inc.

3,287,671

208,928

Apple,

Inc.~

56,692,613

12,240

Applied

Materials,

Inc.

4,828,558

3,952

AppLovin

Corp.

Class

1,763,975

14,090

Arista

Networks,

Inc.#

2,433,484

3,495

Autodesk,

Inc.#

828,315

66,456

Broadcom,

Inc.~

27,740,728

106

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Hedged

Equity

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NUMBER

VALUE

73,843

Cisco

Systems,

Inc.

6,756,634

9,801

Cognizant

Technology

Solutions

Corp.

Class

518,473

4,575

Crowdstrike

Holdings,

Inc.

Class

2,039,306

6,502

Datadog,

Inc.

Class

859,499

3,614

Gartner,

Inc.#

536,643

20,151

HP,

Inc.

420,350

62,357

Intel

Corp.#

5,891,489

9,861

International

Business

Machines

Corp.

2,277,694

5,171

Intuit,

Inc.~

2,008,934

4,938

Keysight

Technologies,

Inc.#

1,727,856

15,426

Lam

Research

Corp.

3,977,748

1,049

Lumentum

Holdings,

Inc.#

946,534

16,927

Micron

Technology,

Inc.~

8,753,967

106,213

Microsoft

Corp.~

43,311,537

5,428

NetApp,

Inc.

601,260

352,567

NVIDIA

Corp.

70,361,796

5,408

NXP

Semiconductors

1,587,735

8,458

Semiconductor

Corp.#

852,651

26,269

Oracle

Corp.~

4,239,554

31,203

Palantir

Technologies,

Inc.

Class

4,340,649

12,798

Palo

Alto

Networks,

Inc.#

2,294,937

5,181

PTC,

Inc.#

706,170

6,077

Qnity

Electronics,

Inc.

854,791

17,264

QUALCOMM,

Inc.

3,100,269

16,341

Salesforce,

Inc.

2,884,677

2,230

Sandisk

Corp.#

2,445,217

17,358

ServiceNow,

Inc.#

1,532,885

7,709

Skyworks

Solutions,

Inc.

540,941

6,885

Super

Micro

Computer,

Inc.#

188,649

2,943

Synopsys,

Inc.#

1,420,292

5,243

Connectivity

PLC

1,109,733

7,775

Teradyne,

Inc.

2,670,479

12,924

Texas

Instruments,

Inc.

3,632,678

2,360

Tyler

Technologies,

Inc.#

805,090

4,906

Western

Digital

Corp.^

2,131,755

3,077

Workday,

Inc.

Class

376,625

302,444,429

Materials

(1.6%)

4,744

Air

Products

Chemicals,

Inc.

1,423,437

3,880

Avery

Dennison

Corp.

636,048

13,522

Corteva,

Inc.

1,095,417

12,153

DuPont

Nemours,

Inc.

554,906

38,121

Freeport-McMoRan,

Inc.

2,202,631

10,603

Linde

PLC

5,313,588

6,012

PPG

Industries,

Inc.

652,302

3,681

Sherwin-Williams

Co.

1,183,847

13,062,176

Real

Estate

(1.6%)

4,130

Alexandria

Real

Estate

Equities,

Inc.

167,306

NUMBER

VALUE

5,195

American

Tower

Corp.

949,178

7,325

Camden

Property

Trust

769,272

10,299

Crown

Castle,

Inc.

914,345

5,786

Digital

Realty

Trust,

Inc.

1,162,639

950

Equinix,

Inc.

1,028,689

38,620

Healthpeak

Properties,

Inc.^

624,485

4,945

Mid-America

Apartment

Communities,

Inc.

638,795

15,210

Prologis,

Inc.

2,160,124

2,723

Public

Storage

823,571

22,706

Realty

Income

Corp.

1,458,633

7,709

Regency

Centers

Corp.

600,146

11,967

UDR,

Inc.^

434,881

9,684

Welltower,

Inc.

2,104,721

13,836,785

Utilities

(2.0%)

29,494

AES

Corp.

426,188

11,549

American

Electric

Power

Co.,

Inc.

1,583,483

8,996

Consolidated

Edison,

Inc.

1,002,964

23,245

Dominion

Energy,

Inc.

1,499,303

14,710

Duke

Energy

Corp.

1,905,681

6,507

Edison

International

452,171

13,172

Entergy

Corp.

1,553,111

25,579

Exelon

Corp.

1,176,378

14,896

FirstEnergy

Corp.^

707,858

23,662

NextEra

Energy,

Inc.

2,316,037

18,201

NiSource,

Inc.

878,744

11,440

Public

Service

Enterprise

Group,

Inc.

934,190

16,330

Southern

Co.

1,579,111

13,110

Xcel

Energy,

Inc.

1,087,475

17,102,694

TOTAL

COMMON

STOCKS

(Cost

$439,991,256)

859,981,534

EXCHANGE-TRADED

FUND

(0.7%)

Other

(0.7%)

8,900

SPDR

S&P

500

ETF

Trust

(Cost

$5,879,396)

6,396,074

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTION

(2.9%)#

Other

(2.9%)

780

562,302,780

S&P

500

Index

Put,

06/17/27,

Strike

$6,700.00

(Cost

$41,263,344)

24,055,200

107

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Hedged

Equity

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NOTES

SCHEDULE

INVESTMENTS

NUMBER

SHARES/

PRINCIPAL

AMOUNT

VALUE

INVESTMENT

CASH

COLLATERAL

FOR

SECURITIES

LOANED

(0.8%)

6,647,525

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio,

3.669%†***

(Cost

$6,647,525)

6,647,525

TOTAL

INVESTMENTS

(106.7%)

(Cost

$493,781,521)

897,080,333

PAYABLE

UPON

RETURN

SECURITIES

LOAN

(-0.8%)

(

6,647,525

)

LIABILITIES,

LESS

OTHER

ASSETS

(-5.9%)

(

49,608,697

)

NET

ASSETS

(100.0%)

840,824,111

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTIONS (-5.9%)#

Other

(-5.9%)

(50)

(36,045,050)

S&P

500

Index

Call,

06/30/26,

Strike

$7,300.00

(

707,750

)

(450)

(324,405,450)

S&P

500

Index

Call,

06/17/27,

Strike

$6,700.00

(

47,412,000

)

(300)

(216,270,300)

S&P

500

Index

Put,

06/17/27,

Strike

$4,500.00

(

1,809,000

)

(

49,928,750

)

TOTAL

EXCHANGE-TRADED

WRITTEN

OPTIONS

(Premium

$32,727,154)

(

49,928,750

)

Security,

portion

security,

segregated

collateral

(or

collateral

for

potential

future

transactions)

for

written

options.

The

aggregate

value

such

securities

$166,552,086.

Security,

portion

security,

loan.

Non-income

producing

security.

†

Represents

investment

cash

collateral

received

from

securities

loan

April

30,

2026.

***

The

rate

disclosed

the

day

net

yield

April

30,

2026.

Note:

The

date

options

represents

the

expiration

date

the

option

contract.

The

option

contract

may

exercised

any

date

before

the

date

shown.

108

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Hedged

Equity

Fund

Schedule

Investments

April

30,

2026

(unaudited)

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

April

30,

2026

(see

Note

8):

LEVEL

TOTAL

Assets:

—

Common

Stocks

264

859,981,534

—

859,981,534

Exchange-Traded

Fund

6,396,074

—

6,396,074

Exchange-Traded

Purchased

Option

24,055,200

—

24,055,200

Investment

Cash

Collateral

for

Securities

Loaned

—

6,647,525

—

6,647,525

Total

890,432,808

6,647,525

—

897,080,333

Liabilities:

—

Exchange-Traded

Written

Options

49,928,750

—

49,928,750

Total

49,928,750

—

49,928,750

Calamos

Phineus

Long/Short

Fund

Schedule

Investments

April

30,

2026

(unaudited)

109

www.calamos.com

See

accompanying

Notes

Schedule

Investments

NUMBER

VALUE

COMMON

STOCKS

(99.3%)

Communication

Services

(4.7%)

52,000

Meta

Platforms,

Inc.

Class

31,819,320

45,000

Spotify

Technology

SA#~

20,094,750

51,914,070

Consumer

Discretionary

(14.6%)

265,000

Amazon.com,

Inc.#~

70,240,900

184,500

DoorDash

Inc.

Class

A#~

31,115,925

226,000

Horton,

Inc.~

34,772,360

67,500

Marriott

International,

Inc.

Class

24,414,075

160,543,260

Energy

(2.2%)

355,500

Baker

Hughes

Co.~

24,767,685

Financials

(8.9%)

148,000

Citigroup,

Inc.~

18,941,040

223,000

Morgan

Stanley~

42,501,570

443,800

Wells

Fargo

Co.~

36,493,674

97,936,284

Health

Care

(1.0%)

165,000

Halozyme

Therapeutics,

Inc.#~

10,503,900

Industrials

(37.5%)

185,500

Co.~

27,179,460

577,000

GBP

BAE

Systems

PLC

16,048,416

196,000

Boeing

Co.#~

44,889,880

360,000

Booz

Allen

Hamilton

Holding

Corp.~

27,997,200

58,000

CACI

International,

Inc.

Class

A#^~

30,133,320

2,390,000

EUR

Deutsche

Lufthansa

20,478,574

79,000

Emerson

Electric

Co.~

11,094,760

232,000

Flowserve

Corp.^

17,084,480

180,000

Johnson

Controls

International

PLC~

26,285,400

105,000

L3Harris

Technologies,

Inc.~

33,657,750

119,000

Regal

Rexnord

Corp.~

25,588,570

71,000

EUR

Schneider

Electric

22,592,820

482,500

Southwest

Airlines

Co.

18,296,400

400,000

Toast,

Inc.

Class

11,408,000

149,932

Union

Pacific

Corp.~

40,403,675

437,000

United

Airlines

Holdings,

Inc.#~

39,330,000

412,468,705

Information

Technology

(25.0%)

147,000

Broadcom,

Inc.

61,362,210

91,500

Datadog,

Inc.

Class

A#~

12,095,385

491,000

EUR

Infineon

Technologies

33,022,325

70,000

Intuit,

Inc.~

27,195,000

121,000

Microsoft

Corp.~

49,341,380

NUMBER

VALUE

243,000

NVIDIA

Corp.~

48,495,510

16,500

KRW

Hynix,

Inc.

14,714,172

60,000

Synopsys,

Inc.#~

28,956,000

275,181,982

Materials

(5.4%)

555,100

Freeport-McMoRan,

Inc.~

32,073,678

84,000

Sherwin-Williams

Co.~

27,015,240

59,088,918

TOTAL

COMMON

STOCKS

(Cost

$964,968,054)

1,092,404,804

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(0.8%)#

Communication

Services

(0.2%)

350

21,416,850

Meta

Platforms,

Inc.

Put,

05/01/26,

Strike

$660.00

1,697,500

112

5,001,360

Spotify

Technology

Put,

05/01/26,

Strike

$500.00

605,920

2,303,420

Domestic

Commodity

(0.1%)

2,610

38,390,490

U.S.

Oil

Fund

Call,

05/01/26,

Strike

$147.00

636,840

Health

Care

(0.1%)

640

23,710,720

UnitedHealth

Group,

Inc.

Call,

05/15/26,

Strike

$350.00

1,515,200

Industrials

(0.1%)

27,900

32,670,900

American

Airlines

Group,

Inc.

Call,

05/15/26,

Strike

$15.00

41,850

2,875

25,001,000

Canadian

Pacific

Kansas

City

Ltd.

Call,

05/15/26,

Strike

$82.50

1,408,750

1,450,600

Other

(0.3%)

2,764

184,563,336

Invesco

QQQ

Trust

Put,

05/04/26,

Strike

$650.00

140,964

2,764

184,563,336

Invesco

QQQ

Trust

Call,

05/04/26,

Strike

$666.00

1,462,156

4,950

355,736,700

SPDR®

S&P

500®

ETF

Trust

Put,

05/01/26,

Strike

$695.00

17,325

4,770

342,800,820

SPDR®

S&P

500®

ETF

Trust

Put,

05/15/26,

Strike

$700.00

1,299,825

2,920,270

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$12,154,964)

8,826,330

110

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Phineus

Long/Short

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NOTES

SCHEDULE

INVESTMENTS

NUMBER

SHARES/

PRINCIPAL

AMOUNT

VALUE

INVESTMENT

CASH

COLLATERAL

FOR

SECURITIES

LOANED

(0.6%)

6,325,659

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio,

3.669%†***

(Cost

$6,325,659)

6,325,659

TOTAL

INVESTMENTS

(100.7%)

(Cost

$983,448,677)

1,107,556,793

PAYABLE

UPON

RETURN

SECURITIES

LOAN

(-0.6%)

(6,325,659)

LIABILITIES,

LESS

OTHER

ASSETS

(-0.1%)

(1,499,585)

NET

ASSETS

(100.0%)

1,099,731,549

NUMBER

VALUE

COMMON

STOCKS

SOLD

SHORT (-2.9%)#

Information

Technology

(-2.9%)

(23,000)

Ciena

Corp.

(12,134,340)

(35,700)

Coherent

Corp.

(11,413,647)

(47,500)

Marvell

Technology,

Inc.

(7,844,625)

TOTAL

COMMON

STOCKS

SOLD

SHORT

(Proceeds

$15,167,428)

(31,392,612)

EXCHANGE-TRADED

FUNDS

SOLD

SHORT (-44.9%)#

Other

(-44.9%)

(276,400)

Invesco

QQQ

Trust

Series

(184,563,336)

(377,500)

SPDR®

S&P

500®

ETF

Trust

(271,294,150)

(261,000)

U.S.

Oil

Fund

(38,390,490)

TOTAL

EXCHANGE-TRADED

FUNDS

SOLD

SHORT

(Proceeds

$448,161,416)

(494,247,976)

TOTAL

SECURITIES

SOLD

SHORT

(Proceeds

$463,328,844)

(525,640,588)

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTIONS (-0.8%)#

Communication

Services

(0.0%)

(700)

(42,833,700)

Meta

Platforms,

Inc.

Put,

06/18/26,

Strike

$550.00

(500,500)

Domestic

Commodity

(-0.1%)

(5,220)

(76,780,980)

U.S.

Oil

Fund

Call,

05/06/26,

Strike

$158.00

(1,203,210)

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

Industrials

(-0.1%)

(745)

(10,915,740)

Co.

Put,

05/01/26,

Strike

$145.00

(42,465)

(2,230)

(32,673,960)

Co.

Put,

07/17/26,

Strike

$130.00

(454,920)

(2,512)

(21,844,352)

Canadian

Pacific

Kansas

City

Ltd.

Put,

05/15/26,

Strike

$77.50

(213,520)

(710,905)

Information

Technology

(-0.1%)

(130)

(5,301,140)

Microsoft

Corp.

Call,

05/01/26,

Strike

$425.00

(2,470)

(1,860)

(18,069,900)

Zoom

Communications,

Inc.

Put,

09/18/26,

Strike

$80.00

(855,600)

(858,070)

Other

(-0.5%)

(4,146)

(276,845,004)

Invesco

QQQ

Trust

Call,

05/15/26,

Strike

$688.00

(1,063,449)

(5,528)

(369,126,672)

Invesco

QQQ

Trust

Put,

05/15/26,

Strike

$625.00

(834,728)

(4,950)

(355,736,700)

SPDR®

S&P

500®

ETF

Trust

Put,

05/01/26,

Strike

$675.00

(7,425)

(4,950)

(355,736,700)

SPDR®

S&P

500®

ETF

Trust

Put,

06/18/26,

Strike

$600.00

(591,525)

(9,540)

(685,601,640)

SPDR®

S&P

500®

ETF

Trust

Put,

06/30/26,

Strike

$640.00

(3,038,490)

(5,535,617)

TOTAL

EXCHANGE-TRADED

WRITTEN

OPTIONS

(Premium

$14,121,621)

(8,808,302)

Non-income

producing

security.

Security,

portion

security,

segregated

collateral

(or

collateral

for

potential

future

transactions)

for

written

options,

swaps,

securities

sold

short.

The

aggregate

value

such

securities

$601,951,389.

Security,

portion

security,

loan.

†

Represents

investment

cash

collateral

received

from

securities

loan

April

30,

2026.

***

The

rate

disclosed

the

day

net

yield

April

30,

2026.

FOREIGN

CURRENCY

ABBREVIATIONS

EUR

European

Monetary

Unit

GBP

British

Pound

Sterling

KRW

South

Korean

Won

Note:

Value

for

securities

denominated

foreign

currencies

shown

U.S.

dollars.

The

date

options

represents

the

expiration

date

the

option

contract.

The

option

contract

may

exercised

any

date

before

the

date

shown.

111

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Phineus

Long/Short

Fund

Schedule

Investments

April

30,

2026

(unaudited)

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

April

30,

2026

(see

Note

8):

COUNTRY

EXPOSURE

April

30,

2026

VALUE

TOTAL

INVESTMENTS

United

States

480,717,607

84.8‌%

Germany

53,500,899

9.4‌%

All

other

countries

less

than

32,563,738

5.8‌%

Total

Investments

$566,782,244

100.0‌%

Country

exposure

may

vary

over

time.

LEVEL

TOTAL

Assets:

—

Common

Stocks

985,548,497

106,856,307

—

1,092,404,804

Exchange-Traded

Purchased

Options

8,826,330

—

8,826,330

Investment

Cash

Collateral

for

Securities

Loaned

—

6,325,659

—

6,325,659

Total

994,374,827

113,181,966

—

1,107,556,793

Liabilities:

—

Common

Stocks

Sold

Short

31,392,612

—

31,392,612

Exchange-Traded

Funds

Sold

Short

494,247,976

—

494,247,976

Exchange-Traded

Written

Options

8,808,302

—

8,808,302

Total

534,448,890

—

534,448,890

Calamos

Merger

Arbitrage

Fund

Schedule

Investments

April

30,

2026

(unaudited)

112

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

PRINCIPAL

AMOUNT

VALUE

CONVERTIBLE

BONDS

(30.6%)

Communication

Services

(3.0%)

72,000

JD.com,

Inc.

0.250%,

06/01/29

73,479

Consumer

Discretionary

(2.9%)

65,000

GameStop

Corp.*~

0.000%,

06/15/32

70,506

Financials

(4.8%)

132,000

Global

Payments,

Inc.~

1.500%,

03/01/31

118,688

Information

Technology

(13.7%)

78,000

Alkami

Technology,

Inc.

1.500%,

03/15/30

71,770

56,000

Bill

Holdings,

Inc.

0.000%,

04/01/30

49,836

97,000

Nutanix,

Inc.

0.500%,

12/15/29

89,460

79,000

PagerDuty,

Inc.

1.500%,

10/15/28

72,057

65,000

Strategy,

Inc.

0.000%,

12/01/29

56,194

339,317

Utilities

(6.2%)

114,000

TXNM

Energy,

Inc.~

5.750%,

06/01/54

154,052

TOTAL

CONVERTIBLE

BONDS

(Cost

$769,535)

756,042

CORPORATE

BOND

(0.1%)

Information

Technology

(0.1%)

2,586

Wolfspeed,

Inc.

7.000%,

06/15/31

(Cost

$5,276)

2,114

NUMBER

VALUE

COMMON

STOCKS

(70.2%)

Communication

Services

(13.2%)

817

Electronic

Arts,

Inc.

165,336

644

Match

Group,

Inc.

24,098

525

Trade

Desk,

Inc.

Class

12,385

4,616

Warner

Bros

Discovery,

Inc.#

124,863

326,682

Consumer

Staples

(10.1%)

255

Boston

Beer

Co.,

Inc.

Class

A#~

60,445

NUMBER

VALUE

10,700

Kenvue,

Inc.

187,571

248,016

Financials

(7.1%)

2,000

Abony

Acquisition

Corp.

19,950

1,798

Brighthouse

Financial,

Inc.#

111,943

2,648

Colombier

Acquisition

Corp.

III#

26,877

Legato

Merger

Corp.

IV#

632

1,631

ProCap

Acquisition

Corp.

Class

16,669

176,071

Health

Care

(4.8%)

137

Penumbra,

Inc.#

44,728

2,745

Pfizer,

Inc.~

73,291

118,019

Industrials

(8.3%)

648

Norfolk

Southern

Corp.~

204,658

Information

Technology

(6.3%)

262

Blackbaud,

Inc.#~

9,739

4,324

Clearwater

Analytics

Holdings,

Inc.

Class

A#~

104,641

Synopsys,

Inc.#

35,712

214

Wolfspeed,

Inc.#

6,319

156,411

Materials

(2.9%)

3,391

James

Hardie

Industries

PLC#

71,177

Other

(0.7%)

1,676

Churchill

Capital

Corp.

XI#

17,296

Real

Estate

(0.7%)

1,728

RE/MAX

Holdings,

Inc.

Class

18,490

Special

Purpose

Acquisition

Companies

(10.2%)

1,087

Alchemy

Investments

Acquisition

Corp.

13,012

1,594

Everest

Consolidator

Acquisition

Corp.#‡‡‡

18,363

2,523

Forefront

Tech

Holdings

Acquisition

Corp.#

25,154

4,527

Four

Leaf

Acquisition

Corp.

Class

A#~

49,797

12,115

FutureTech

Acquisition

Corp.

Class

A#~

145,622

750

Mak

Acquisition

Corp.

Class

251,955

113

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Merger

Arbitrage

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NOTES

SCHEDULE

INVESTMENTS

NUMBER

VALUE

Utilities

(5.9%)

10,139

AES

Corp.

146,509

TOTAL

COMMON

STOCKS

(Cost

$1,694,093)

1,735,284

RIGHTS

(0.0%)#

Consumer

Staples

(0.0%)

755

Mirati

Therapeutics,

Inc.#‡‡‡

755

Other

(0.0%)

523

Akero

Therapeutics,

Inc.#‡‡‡

392

Special

Purpose

Acquisition

Companies

(0.0%)

Black

Hawk

Acquisition

Corp.#

(Expire

06/20/25)

105

Quetta

Acquisition

Corp.#

(Expire

11/30/24)

133

TOTAL

RIGHTS

(Cost

$997)

1,280

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

Acquisition

Corp.

11/27/28,

Strike

$11.50

TOTAL

WARRANTS

(Cost

$311)

1,085

TOTAL

INVESTMENTS

(100.9%)

(Cost

$2,470,212)

2,495,805

LIABILITIES,

LESS

OTHER

ASSETS

(-0.9%)

(

22,889

)

NET

ASSETS

(100.0%)

2,472,916

COMMON

STOCKS

SOLD

SHORT (-11.6%)#

Consumer

Staples

(-4.5%)

(1,136)

Kimberly-Clark

Corp.

(Proceeds

$117,151)

(

111,817

)

NUMBER

VALUE

Industrials

(-7.1%)

(648)

Union

Pacific

Corp.

(Proceeds

$147,615)

(

174,623

)

TOTAL

COMMON

STOCKS

SOLD

SHORT

(Proceeds

$264,766)

(

286,440

)

TOTAL

SECURITIES

SOLD

SHORT

(Proceeds

$264,766)

(

286,440

)

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTION (-0.1%)#

Information

Technology

(-0.1%)

(2)

(5,906)

Wolfspeed,

Inc.

Call,

05/15/26,

Strike

$20.00

(Premium

$980)

(

1,925

)

Security,

portion

security,

segregated

collateral

(or

collateral

for

potential

future

transactions)

for

written

options

and

securities

sold

short.

The

aggregate

value

such

securities

$571,487.

Securities

issued

and

sold

pursuant

Rule

144A

transaction

are

exempted

from

the

registration

requirement

the

Securities

Act

1933,

amended.

These

securities

may

only

sold

qualified

institutional

buyers

(“QIBs”),

such

the

Fund.

Any

resale

these

securities

must

generally

effected

through

sale

that

registered

under

the

Act

otherwise

exempted

from

such

registration

requirements.

Non-income

producing

security.

‡‡‡

Security

fair

valued

using

significant

unobservable

inputs

and

classified

Level

security.

Note:

The

date

options

represents

the

expiration

date

the

option

contract.

The

option

contract

may

exercised

any

date

before

the

date

shown.

114

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Merger

Arbitrage

Fund

Schedule

Investments

April

30,

2026

(unaudited)

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

April

30,

2026

(see

Note

8):

LEVEL

TOTAL

Assets:

—

Convertible

Bonds

—

756,042

—

756,042

Corporate

Bond

—

2,114

—

2,114

Common

Stocks

1,453,936

262,985

18,363

1,735,284

Rights

133

—

1,147

1,280

Warrants

1,062

—

1,085

Total

1,454,092

1,022,203

19,510

2,495,805

Liabilities:

—

Common

Stocks

Sold

Short

286,440

—

286,440

Exchange-Traded

Written

Option

1,925

—

1,925

Total

288,365

—

288,365

The

following

reconciliation

the

fair

valuations

using

significant

unobservable

inputs

(Level

for

the

Fund’s

assets

and

liabilities

during

the

period

ended

April

30,

2026:

Investments

Securities

Balance

October

31,

2025

Accrued

Discounts/

(Premiums)

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Purchases

Sales

Proceeds

Transfers

into

Level

Transfers

out

Level

Balance

April

30,

2026

Net

change

Unrealized

Appreciation

(Depreciation)

from

investments

still

held

April

30,

2026

Common

Stocks

92,213

—

6,839

(

3,331

)

—

77,358

—

18,363

(

3,331

)

Rights

755

—

340

—

1,147

Total

$92,968

$—

$6,839

$(3,279)

$340

$77,358

$—

$19,510

$(3,279)

April

30,

2026,

Level

investments

were

valued

the

Company

using

unadjusted

pricing

quotes

obtained

from

dealers.

Calamos

Convertible

Fund

Schedule

Investments

April

30,

2026

(unaudited)

115

www.calamos.com

See

accompanying

Notes

Schedule

Investments

PRINCIPAL

AMOUNT

VALUE

CONVERTIBLE

BONDS

(84.1%)

Communication

Services

(6.5%)

AST

SpaceMobile

Inc.*

3,750,000

2.250%,

04/15/36^

3,487,537

4,500,000

2.000%,

01/15/36

4,555,215

4,750,000

IMAX

Corp.*

0.750%,

11/15/30

5,320,285

5,250,000

Liberty

Media

Corp.-Liberty

Formula

One

2.250%,

08/15/27

6,114,518

16,250,000

Live

Nation

Entertainment,

Inc.^

2.875%,

01/15/30

18,067,562

12,250,000

Lyft,

Inc.*

0.000%,

09/15/30

11,994,465

4,750,000

Sirius

Holdings,

Inc.

3.750%,

03/15/28

5,202,058

12,250,000

Uber

Technologies,

Inc.

Series

2028

0.875%,

12/01/28

15,005,392

69,747,032

Consumer

Discretionary

(4.1%)

13,000,000

DoorDash

Inc.*

0.000%,

05/15/30

12,429,820

4,000,000

Etsy,

Inc.*^

1.000%,

06/15/30

4,345,880

3,500,000

Lucid

Group,

Inc.*

5.000%,

04/01/30

1,723,365

6,250,000

NCL

Corp.

Ltd.^

0.875%,

04/15/30

6,599,625

14,000,000

Rivian

Automotive,

Inc.

3.625%,

10/15/30

14,541,240

2,500,000

Wayfair,

Inc.

3.500%,

11/15/28

3,841,750

43,481,680

Consumer

Staples

(1.6%)

5,750,000

Alphatec

Holdings,

Inc.

0.750%,

03/15/30

5,709,232

1,750,000

KalVista

Pharmaceuticals,

Inc.*

3.250%,

10/01/31

3,005,468

3,500,000

Merit

Medical

Systems,

Inc.^

3.000%,

02/01/29

3,762,745

4,476,000

Revolution

Medicines,

Inc.^

0.500%,

05/01/33

4,956,678

17,434,123

Energy

(2.4%)

3,250,000

Energy

Fuels,

Inc.*

0.750%,

11/01/31

4,306,868

5,500,000

Eos

Energy

Enterprises,

Inc.*

1.750%,

12/01/31

4,013,680

Liberty

Energy,

Inc.*

6,750,000

0.000%,

03/01/31

8,159,940

2,567,000

0.000%,

03/01/32

2,895,781

3,750,000

Solaris

Energy

Infrastructure,

Inc.

0.250%,

10/01/31

5,733,075

25,109,344

PRINCIPAL

AMOUNT

VALUE

Financials

(3.7%)

7,500,000

Barclays

Bank

PLC

Series

MSFT

1.000%,

02/16/29

7,758,525

Coinbase

Global,

Inc.

10,750,000

0.250%,

04/01/30^

10,386,005

4,095,000

0.000%,

10/01/32*

3,461,749

4,750,000

Dave,

Inc.*

0.000%,

04/01/31

5,889,810

Galaxy

Digital

Holdings

LP*

1,750,000

2.500%,

12/01/29

2,503,165

5,500,000

0.500%,

05/01/31

4,682,040

4,250,000

WisdomTree,

Inc.*

4.625%,

08/15/30

5,039,523

39,720,817

Health

Care

(6.7%)

2,750,000

Arrowhead

Pharmaceuticals,

Inc.

0.000%,

01/15/32

3,134,697

Bridgebio

Pharma,

Inc.

3,750,000

2.500%,

03/15/27

6,503,588

5,250,000

0.750%,

02/01/33*

5,188,628

1,760,000

Cogent

Biosciences,

Inc.

1.625%,

11/15/31

2,098,184

4,750,000

Guardant

Health,

Inc.*^

0.000%,

05/15/33

4,964,890

9,250,000

Halozyme

Therapeutics,

Inc.*

0.875%,

11/15/32

9,125,310

4,750,000

Indivior

Pharmaceuticals,

Inc.*

0.625%,

03/15/31

5,428,727

9,250,000

Ionis

Pharmaceuticals,

Inc.*

0.000%,

12/01/30

9,642,015

8,000,000

Jazz

Investments

Ltd.

3.125%,

09/15/30

11,944,080

2,250,000

Ligand

Pharmaceuticals,

Inc.*

0.750%,

10/01/30

3,023,932

4,000,000

Repligen

Corp.

1.000%,

12/15/28

3,943,760

2,000,000

Tempus

AI,

Inc.*^

0.750%,

07/15/30

2,086,320

4,500,000

Zoetis,

Inc.*

0.250%,

06/15/29

4,453,200

71,537,331

Industrials

(7.2%)

6,000,000

AeroVironment,

Inc.^

0.000%,

07/15/30

6,105,360

17,000,000

Bloom

Energy

Corp.*

0.000%,

11/15/30

29,594,790

18,250,000

BWX

Technologies,

Inc.*

0.000%,

11/01/30

19,818,040

7,250,000

Fluor

Corp.^

1.125%,

08/15/29

9,743,420

4,750,000

JBT

Marel

Corp.*

0.375%,

09/15/30

4,505,565

4,750,000

Joby

Aviation,

Inc.

0.750%,

02/15/32

4,354,942

116

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Convertible

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

2,500,000

Voyager

Technologies,

Inc.*

0.750%,

11/15/30

2,849,100

76,971,217

Information

Technology

(38.5%)

6,500,000

Advanced

Energy

Industries,

Inc.

2.500%,

09/15/28

18,536,310

700,000,000

JPY

Advantest

Corp.*

0.000%,

03/28/31

5,318,131

17,750,000

Akamai

Technologies,

Inc.*

0.250%,

05/15/33

23,300,780

13,250,000

Cipher

Digital,

Inc.*

0.000%,

10/01/31

18,407,695

16,500,000

Cloudflare,

Inc.*

0.000%,

06/15/30

19,009,815

5,658,000

CoreWeave

Inc.*

1.750%,

10/01/32

6,823,039

18,500,000

CyberArk

Software

Ltd.*

0.000%,

06/15/30

20,157,230

2,250,000

Cytokinetics,

Inc.*^

1.750%,

10/01/31

2,869,515

12,750,000

Datadog,

Inc.^

0.000%,

12/01/29

12,783,788

IREN

Ltd.*

2,750,000

0.250%,

06/01/32

3,025,853

15,250,000

0.000%,

07/01/31

13,208,788

9,750,000

Lumentum

Holdings,

Inc.*

0.375%,

03/15/32

47,531,542

8,500,000

MACOM

Technology

Solutions

Holdings,

Inc.^

0.000%,

12/15/29

14,995,955

7,250,000

Microchip

Technology,

Inc.*

0.000%,

02/15/30

8,296,755

7,500,000

Mirion

Technologies,

Inc.*

0.250%,

06/01/30

8,461,200

15,000,000

MKS,

Inc.

1.250%,

06/01/30

29,334,000

5,072,000

Nebius

Group

NV*

1.250%,

03/15/31

5,639,455

18,750,000

Semiconductor

Corp.

0.500%,

03/01/29

22,832,813

1,500,000

Seagate

HDD

Cayman^

3.500%,

06/01/28

12,226,620

5,750,000

Semtech

Corp.*

0.000%,

10/15/30

7,638,702

9,000,000

Snowflake,

Inc.

0.000%,

10/01/29

10,456,830

4,800,000

STMicroelectronics

Series

0.000%,

08/04/27

6,132,336

8,750,000

Strategy,

Inc.^

2.250%,

06/15/32

10,640,263

Terawulf

Inc.*

7,000,000

1.000%,

09/01/31

13,513,780

3,500,000

0.000%,

05/01/32

4,759,685

14,250,000

Ultra

Clean

Holdings,

Inc.*

0.000%,

03/15/31

17,709,472

PRINCIPAL

AMOUNT

VALUE

4,250,000

Western

Digital

Corp.

3.000%,

11/15/28

48,696,627

412,306,979

Materials

(1.5%)

5,750,000

Centrus

Energy

Corp.*

0.000%,

08/15/32

6,836,923

2,903,000

i-80

Gold

Corp.*

3.750%,

04/15/31

3,261,346

2,000,000

Materials

Corp.*

3.000%,

03/01/30

6,363,060

16,461,329

Other

(0.9%)

7,000,000

CoreWeave

Inc.*^

1.750%,

12/01/31

9,113,510

Real

Estate

(3.9%)

4,609,000

Compass,

Inc.*

0.250%,

04/15/31

4,073,065

18,000,000

Digital

Realty

Trust

LP*

1.875%,

11/15/29

20,211,840

4,500,000

Realty

Income

Corp.*

3.500%,

01/15/29

4,679,865

7,250,000

Welltower

LLC*

3.125%,

07/15/29

12,491,823

41,456,593

Utilities

(7.1%)

20,000,000

CenterPoint

Energy,

Inc.*

3.000%,

08/01/28

21,222,000

11,000,000

CMS

Energy

Corp.^

3.375%,

05/01/28

12,313,180

4,750,000

Ormat

Technologies,

Inc.

Series

1.500%,

03/15/31

5,030,060

11,500,000

PPL

Capital

Funding,

Inc.

2.875%,

03/15/28

13,267,090

11,500,000

Southern

Co.

4.500%,

06/15/27

12,845,845

11,000,000

WEC

Energy

Group,

Inc.*

3.375%,

06/01/28

11,520,960

76,199,135

TOTAL

CONVERTIBLE

BONDS

(Cost

$710,124,572)

899,539,090

U.S.

GOVERNMENT

AND

AGENCY

SECURITY

(1.4%)

Other

(1.4%)

15,250,000

U.S.

Treasury

Notes^

3.875%,

03/31/28

(Cost

$15,270,951)

15,247,617

117

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Convertible

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NOTES

SCHEDULE

INVESTMENTS

NUMBER

VALUE

CONVERTIBLE

PREFERRED

STOCKS

(12.5%)

Financials

(2.6%)

78,550

Apollo

Global

Management,

Inc.^~

6.750%,

07/31/26

5,163,092

120,785

ARES

Management

Corp.

6.750%,

10/01/27

4,739,603

10,300

Bank

America

Corp.^~‡‡

7.250%

12,594,531

114,180

KKR

Co.,

Inc.^

6.250%,

03/01/28

5,067,308

27,564,534

Industrials

(3.5%)

397,810

Boeing

Co.^~

6.000%,

10/15/27

28,721,882

81,910

QXO,

Inc.^

5.500%,

05/15/28

4,634,468

95,000

VSE

Corp.#

5.750%,

02/01/29

4,390,900

37,747,250

Information

Technology

(3.5%)

73,155

Hewlett

Packard

Enterprise

Co.

7.625%,

09/01/27

5,605,136

148,765

Microchip

Technology,

Inc.

7.500%,

03/15/28

11,703,343

417,410

Oracle

Corp.#

6.500%,

01/15/29

20,315,345

37,623,824

Materials

(1.0%)

141,385

Albemarle

Corp.

7.250%,

03/01/27

11,019,547

Utilities

(1.9%)

380,000

NextEra

Energy,

Inc.

7.375%,

02/15/29#

19,957,600

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

(Cost

$117,494,560)

133,912,755

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(0.4%)#

Consumer

Discretionary

(0.2%)

490

12,987,940

Amazon.com,

Inc.

Call,

01/15/27,

Strike

$240.00

2,349,550

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

Information

Technology

(0.0%)

2,854,460

Microsoft

Corp.

Call,

05/15/26,

Strike

$540.00

735

Other

(0.2%)

1,450

104,205,700

SPDR®

S&P

500®

ETF

Trust

Put,

07/17/26,

Strike

$715.00

2,457,025

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$4,415,089)

4,807,310

NUMBER

SHARES/

PRINCIPAL

AMOUNT

VALUE

INVESTMENT

CASH

COLLATERAL

FOR

SECURITIES

LOANED

(4.9%)

52,031,322

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio,

3.669%†***

(Cost

$52,031,322)

52,031,322

TOTAL

INVESTMENTS

(103.3%)

(Cost

$899,336,494)

1,105,538,094

PAYABLE

UPON

RETURN

SECURITIES

LOAN

(-4.9%)

(52,031,322)

OTHER

ASSETS,

LESS

LIABILITIES

(1.6%)

16,651,817

NET

ASSETS

(100.0%)

1,070,158,589

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTION (-0.1%)#

Other

(-0.1%)

(1,450)

(104,205,700)

SPDR®

S&P

500®

ETF

Trust

Put,

07/17/26,

Strike

$640.00

(Premium

$697,267)

(674,250)

Securities

issued

and

sold

pursuant

Rule

144A

transaction

are

exempted

from

the

registration

requirement

the

Securities

Act

1933,

amended.

These

securities

may

only

sold

qualified

institutional

buyers

(“QIBs”),

such

the

Fund.

Any

resale

these

securities

must

generally

effected

through

sale

that

registered

under

the

Act

otherwise

exempted

from

such

registration

requirements.

118

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Convertible

Fund

Schedule

Investments

April

30,

2026

(unaudited)

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

April

30,

2026

(see

Note

8):

Security,

portion

security,

loan.

Security,

portion

security,

segregated

collateral

(or

collateral

for

potential

future

transactions)

for

written

options.

The

aggregate

value

such

securities

$27,311,852.

‡‡

Perpetual

maturity.

Non-income

producing

security.

†

Represents

investment

cash

collateral

received

from

securities

loan

April

30,

2026.

***

The

rate

disclosed

the

day

net

yield

April

30,

2026.

FOREIGN

CURRENCY

ABBREVIATION

JPY

Japanese

Yen

Note:

Value

for

securities

denominated

foreign

currencies

shown

U.S.

dollars.

The

date

options

represents

the

expiration

date

the

option

contract.

The

option

contract

may

exercised

any

date

before

the

date

shown.

FORWARD

FOREIGN

CURRENCY

CONTRACTS

COUNTERPARTY

LONG

CONTRACTS

SETTLEMENT

DATE

LOCAL

CURRENCY

CURRENT

VALUE

UNREALIZED

GAIN/LOSS

Bank

New

York

Mellon

Hong

Kong

Dollar

5/21/26

41,978,000

5,362,825

(13,116)

Northern

Trust

Company

Hong

Kong

Dollar

5/21/26

6,706,000

856,713

(3,485)

(16,601)

COUNTERPARTY

SHORT

CONTRACTS

SETTLEMENT

DATE

LOCAL

CURRENCY

CURRENT

VALUE

UNREALIZED

GAIN/LOSS

Bank

New

York

Mellon

European

Monetary

Unit

5/21/26

1,184,000

1,390,644

(515)

Bank

New

York

Mellon

Hong

Kong

Dollar

5/21/26

48,684,000

6,219,538

28,244

Northern

Trust

Company

Japanese

Yen

5/21/26

783,929,000

5,013,285

(87,604)

State

Street

Bank

and

Trust

European

Monetary

Unit

5/21/26

2,049,000

2,406,613

(4,654)

(64,529)

LEVEL

TOTAL

Assets:

—

Convertible

Bonds

—

899,539,090

—

899,539,090

U.S.

Government

and

Agency

Security

—

15,247,617

—

15,247,617

Convertible

Preferred

Stocks

133,912,755

—

133,912,755

Exchange-Traded

Purchased

Options

4,807,310

—

4,807,310

Investment

Cash

Collateral

for

Securities

Loaned

—

52,031,322

—

52,031,322

Forward

Foreign

Currency

Contracts

—

28,244

—

28,244

Total

138,720,065

966,846,273

—

1,105,566,338

Liabilities:

—

Exchange-Traded

Written

Option

674,250

—

674,250

Forward

Foreign

Currency

Contracts

—

109,374

—

109,374

Total

674,250

109,374

—

783,624

Calamos

Global

Convertible

Fund

Schedule

Investments

April

30,

2026

(unaudited)

119

www.calamos.com

See

accompanying

Notes

Schedule

Investments

PRINCIPAL

AMOUNT

VALUE

CONVERTIBLE

BONDS

(85.7%)

Communication

Services

(13.3%)

204,000

AST

SpaceMobile,

Inc.*

2.375%,

10/15/32

284,672

380,000,000

JPY

CyberAgent,

Inc.*

0.000%,

11/16/29

2,610,375

1,421,000

Grab

Holdings

Ltd.*

0.000%,

06/15/30

1,382,931

1,191,000

IMAX

Corp.*

0.750%,

11/15/30

1,333,991

5,323,000

JD.com,

Inc.

0.250%,

06/01/29

5,432,388

1,480,000

Lyft,

Inc.*

0.000%,

09/15/30

1,449,127

MakeMyTrip

Ltd.

1,345,000

0.000%,

02/15/28

1,877,042

1,893,000

0.000%,

07/01/30*

1,665,859

1,257,000

Snap,

Inc.

0.500%,

05/01/30

1,063,435

2,522,000

Trip.com

Group

Ltd.

0.750%,

06/15/29

2,712,007

1,196,000

Uber

Technologies,

Inc.

Series

2028

0.875%,

12/01/28

1,465,016

1,614,000

Uber

Technologies,

Inc.

(Aurora

Innovation,

Inc.)*§

0.000%,

05/15/28

1,768,234

23,045,077

Consumer

Discretionary

(13.1%)

2,363,200

EUR

Accor

SA*

0.700%,

12/07/27

1,480,198

3,386,000

Alibaba

Group

Holding

Ltd.

0.500%,

06/01/31

4,886,032

2,775,000

DoorDash,

Inc.*

0.000%,

05/15/30

2,653,288

1,411,000

Etsy,

Inc.*^

1.000%,

06/15/30

1,533,009

1,329,000

Farfetch

Ltd.@

0.000%,

05/01/27

11,589

970,000

Lucid

Group,

Inc.*

5.000%,

04/01/30

477,618

1,752,000

Meritage

Homes

Corp.^

1.750%,

05/15/28

1,719,711

1,492,000

NCL

Corp.

Ltd.*

0.750%,

09/15/30

1,398,989

646,000

NIO,

Inc.

4.625%,

10/15/30

678,720

2,569,000

Rivian

Automotive,

Inc.

4.625%,

03/15/29

2,946,078

160,000,000

JPY

Sanrio

Co.

Ltd.*

0.000%,

12/14/28

1,861,950

914,000

Wayfair,

Inc.

3.500%,

11/15/28

1,404,544

1,743,000

Wynn

Macau

Ltd.*

4.500%,

03/07/29

1,742,494

22,794,220

PRINCIPAL

AMOUNT

VALUE

Consumer

Staples

(1.3%)

600,000

EUR

Davide

Campari-Milano

NV*

2.375%,

01/17/29

688,550

1,208,000

Enovis

Corp.^

3.875%,

10/15/28

1,177,679

363,000

Revolution

Medicines,

Inc.

0.500%,

05/01/33

401,983

2,268,212

Energy

(5.0%)

276,000

Crescent

Energy

Co.*

2.750%,

03/15/31

318,888

3,600,000

EUR

Eni

SpA

Series

ENI*

2.950%,

09/14/30

5,887,773

289,000

Liberty

Energy,

Inc.*

0.000%,

03/01/31

349,366

670,000

Nabors

Industries,

Inc.

1.750%,

06/15/29

656,781

1,341,000

Northern

Oil

Gas,

Inc.

3.625%,

04/15/29

1,425,537

8,638,345

Financials

(1.8%)

720,000

Coinbase

Global,

Inc.*

0.000%,

10/01/32

608,659

622,000

Global

Payments,

Inc.^

1.500%,

03/01/31

559,271

2,037,000

Rexford

Industrial

Realty

LP*

4.125%,

03/15/29

2,016,101

3,184,031

Health

Care

(7.0%)

1,502,000

Alnylam

Pharmaceuticals,

Inc.*

0.000%,

09/15/28

1,391,483

105,000

Bridgebio

Pharma,

Inc.*

0.750%,

02/01/33

103,773

92,000

Cogent

Biosciences,

Inc.

1.625%,

11/15/31

109,678

841,000

CONMED

Corp.

2.250%,

06/15/27

822,035

623,000

Dexcom,

Inc.

0.375%,

05/15/28

578,125

Halozyme

Therapeutics,

Inc.

241,000

1.000%,

08/15/28

307,661

270,000

0.875%,

11/15/32*

266,360

622,000

0.250%,

03/01/27

642,582

1,168,000

0.000%,

02/15/31*

1,138,788

1,587,000

Ionis

Pharmaceuticals,

Inc.*

0.000%,

12/01/30

1,654,257

1,722,000

Jazz

Investments

Ltd.

2.000%,

06/15/26

2,231,557

415,000

Lantheus

Holdings,

Inc.

2.625%,

12/15/27

528,390

941,000

NeoGenomics,

Inc.

0.250%,

01/15/28

871,884

618,000

TransMedics

Group,

Inc.

1.500%,

06/01/28

811,965

120

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Global

Convertible

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

781,000

Zoetis,

Inc.*

0.250%,

06/15/29

772,878

12,231,416

Industrials

(5.5%)

370,000

AeroVironment,

Inc.

0.000%,

07/15/30

376,497

2,392,000

Bloom

Energy

Corp.*

0.000%,

11/15/30

4,164,161

1,581,000

BWX

Technologies,

Inc.*

0.000%,

11/01/30

1,716,840

241,000

Joby

Aviation,

Inc.

0.750%,

02/15/32

220,956

700,000

L&F

Co.

Ltd.*

2.500%,

04/26/30

616,630

600,000

EUR

SPIE

SA*

2.000%,

01/17/28

1,068,960

1,100,000

EUR

Vinci

SA*

0.700%,

02/18/30

1,401,203

9,565,247

Information

Technology

(27.8%)

230,000,000

JPY

Advantest

Corp.*

0.000%,

03/28/31

1,747,386

Akamai

Technologies,

Inc.

978,000

1.125%,

02/15/29

1,089,277

695,000

0.250%,

05/15/33*

912,340

996,000

Bitfarms

Ltd.*

1.375%,

01/15/31

837,337

1,553,000

Check

Point

Software

Technologies

Ltd.*

0.000%,

12/15/30

1,408,524

1,400,000

CyberArk

Software

Ltd.*

0.000%,

06/15/30

1,525,412

1,358,000

Datadog,

Inc.

0.000%,

12/01/29

1,361,599

718,000

DigitalOcean

Holdings,

Inc.*

0.000%,

08/15/30

1,851,880

1,374,000

Dropbox,

Inc.

0.000%,

03/01/28

1,329,634

637,000

Five9,

Inc.

1.000%,

03/15/29

553,222

600,000

Gigabyte

Technology

Co.

Ltd.*

0.000%,

07/27/28

614,658

649,000

Guidewire

Software,

Inc.

1.250%,

11/01/29

637,331

516,000

IREN

Ltd.*

0.000%,

07/01/31

446,933

Microchip

Technology,

Inc.

2,049,000

0.750%,

06/01/30

2,234,353

794,000

0.000%,

02/15/30*

908,638

633,000

MKS,

Inc.

1.250%,

06/01/30

1,237,895

Nebius

Group

NV*

1,505,000

2.750%,

09/15/32

1,910,733

449,000

1.000%,

09/15/30

582,102

2,252,000

Nutanix,

Inc.

0.500%,

12/15/29

2,076,952

PRINCIPAL

AMOUNT

VALUE

Semiconductor

Corp.

1,301,000

0.500%,

03/01/29

1,584,293

824,000

0.000%,

05/01/27^

1,584,008

621,000

Parsons

Corp.

2.625%,

03/01/29

610,232

1,395,000

Rubrik,

Inc.*

0.000%,

06/15/30

1,252,822

717,000

Seagate

HDD

Cayman

3.500%,

06/01/28

5,844,324

1,600,000

STMicroelectronics

Series

0.000%,

08/04/27

2,044,112

5,601,000

Strategy,

Inc.

0.000%,

12/01/29

4,842,232

409,000

Terawulf,

Inc.*

0.000%,

05/01/32

556,203

829,000

Ultra

Clean

Holdings,

Inc.*

0.000%,

03/15/31

1,030,256

1,354,000

Unity

Software,

Inc.^

0.000%,

03/15/30

1,470,322

1,253,000

Varonis

Systems,

Inc.

1.000%,

09/15/29

1,144,340

1,119,000

Wix.com

Ltd.*

0.000%,

09/15/30

900,269

Workiva,

Inc.

977,000

1.250%,

08/15/28

909,831

120,000

1.125%,

08/15/26

118,764

1,243,000

Xero

Investments

Ltd.*

1.625%,

06/12/31

1,160,452

48,318,666

Materials

(4.1%)

1,448,000

Amyris,

Inc.@

0.000%,

11/15/26

6,197

1,450,000

Centrus

Energy

Corp.*

0.000%,

08/15/32

1,724,094

700,000

Gold

Pole

Capital

Co.

Ltd.*

1.000%,

06/25/29

1,317,610

1,600,000

Jinkai

Investment

Holdings

Ltd.*

0.000%,

02/05/31

1,499,920

Kansai

Paint

Co.

Ltd.*

200,000,000

JPY

0.000%,

03/08/29

1,319,472

200,000,000

JPY

0.000%,

03/07/31

1,307,809

7,175,102

Real

Estate

(1.2%)

775,000

Compass,

Inc.*

0.250%,

04/15/31

684,883

1,290,000

Digital

Realty

Trust

LP*

1.875%,

11/15/29

1,448,515

2,133,398

Utilities

(5.6%)

1,282,000

American

Water

Capital

Corp.

3.625%,

06/15/26

1,278,936

1,430,000

CMS

Energy

Corp.

3.375%,

05/01/28

1,600,713

3,174,000

Duke

Energy

Corp.*

3.000%,

03/15/29

3,182,855

121

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Global

Convertible

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NOTES

SCHEDULE

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

1,792,000

PPL

Capital

Funding,

Inc.

2.875%,

03/15/28

2,067,359

1,539,000

Southern

Co.*

3.250%,

06/15/28

1,568,734

9,698,597

TOTAL

CONVERTIBLE

BONDS

(Cost

$136,274,210)

149,052,311

CORPORATE

BOND

(0.0%)

Information

Technology

(0.0%)

188,911

LivePerson,

Inc.*

10.000%,

12/15/29

(Cost

$148,682)

120,903

U.S.

GOVERNMENT

AND

AGENCY

SECURITY

(0.6%)

Other

(0.6%)

1,071,000

U.S.

Treasury

Notes

3.875%,

03/31/27

(Cost

$1,071,494)

1,072,150

NUMBER

VALUE

COMMON

STOCK

(0.0%)

Information

Technology

(0.0%)

Lumentum

Holdings,

Inc.#

(Cost

$693)

704

CONVERTIBLE

PREFERRED

STOCKS

(9.3%)

Financials

(2.1%)

32,723

Apollo

Global

Management,

Inc.

6.750%,

07/31/26

2,150,883

31,427

KKR

Co.,

Inc.^

6.250%,

03/01/28

1,394,730

3,545,613

Industrials

(4.0%)

85,895

Boeing

Co.^

6.000%,

10/15/27

6,201,619

13,927

QXO,

Inc.

5.500%,

05/15/28

787,990

6,989,609

Information

Technology

(3.2%)

24,968

Hewlett

Packard

Enterprise

Co.

7.625%,

09/01/27

1,913,048

NUMBER

VALUE

76,066

Oracle

Corp.#

6.500%,

01/15/29

3,702,132

5,615,180

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

(Cost

$13,530,522)

16,150,402

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTION

(0.0%)#

Industrials

(0.0%)

1,658,912

EUR

Airbus

Call,

06/19/26,

Strike

$190.00

(Cost

$230,500)

33,567

NUMBER

SHARES/

PRINCIPAL

AMOUNT

VALUE

INVESTMENT

CASH

COLLATERAL

FOR

SECURITIES

LOANED

(2.8%)

4,784,270

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio,

3.669%†***

(Cost

$4,784,270)

4,784,270

TOTAL

INVESTMENTS

(98.4%)

(Cost

$156,040,371)

171,214,307

PAYABLE

UPON

RETURN

SECURITIES

LOAN

(-2.8%)

(

4,784,270

)

OTHER

ASSETS,

LESS

LIABILITIES

(4.4%)

7,539,012

NET

ASSETS

(100.0%)

173,969,049

Securities

issued

and

sold

pursuant

Rule

144A

transaction

are

exempted

from

the

registration

requirement

the

Securities

Act

1933,

amended.

These

securities

may

only

sold

qualified

institutional

buyers

(“QIBs”),

such

the

Fund.

Any

resale

these

securities

must

generally

effected

through

sale

that

registered

under

the

Act

otherwise

exempted

from

such

registration

requirements.

Securities

exchangeable

convertible

into

securities

one

entities

that

are

different

than

the

issuer.

Each

entity

identified

the

parenthetical.

Security,

portion

security,

loan.

default

status

and

considered

non-income

producing.

Non-income

producing

security.

†

Represents

investment

cash

collateral

received

from

securities

loan

April

30,

2026.

***

The

rate

disclosed

the

day

net

yield

April

30,

2026.

122

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Global

Convertible

Fund

Schedule

Investments

April

30,

2026

(unaudited)

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

April

30,

2026

(see

Note

8):

FOREIGN

CURRENCY

ABBREVIATIONS

EUR

European

Monetary

Unit

JPY

Japanese

Yen

Note:

Value

for

securities

denominated

foreign

currencies

shown

U.S.

dollars.

The

date

options

represents

the

expiration

date

the

option

contract.

The

option

contract

may

exercised

any

date

before

the

date

shown.

The

principal

amount

for

such

securities

shown

the

respective

foreign

currency.

COUNTRY

EXPOSURE

April

30,

2026

VALUE

TOTAL

INVESTMENTS

United

States

114,131,788

China

15,026,757

Japan

8,846,992

All

other

countries

less

than

28,424,500

Total

Investments

$166,430,037

100

Country

exposure

may

vary

over

time.

LEVEL

TOTAL

Assets:

—

Convertible

Bonds

105

—

149,052,311

—

149,052,311

Corporate

Bond

—

120,903

—

120,903

U.S.

Government

and

Agency

Security

—

1,072,150

—

1,072,150

Common

Stock

704

—

704

Convertible

Preferred

Stocks

16,150,402

—

16,150,402

Exchange-Traded

Purchased

Option

33,567

—

33,567

Investment

Cash

Collateral

for

Securities

Loaned

—

4,784,270

—

4,784,270

Total

16,184,673

155,029,634

—

171,214,307

Calamos

Timpani

Small

Cap

Growth

Fund

Schedule

Investments

April

30,

2026

(unaudited)

123

www.calamos.com

See

accompanying

Notes

Schedule

Investments

NUMBER

VALUE

COMMON

STOCKS

(99.6%)

Consumer

Discretionary

(9.6%)

118,446

Cava

Group,

Inc.#

11,064,041

349,571

Figs,

Inc.

Class

5,229,582

51,124

Five

Below,

Inc.#

12,047,882

9,380

Installed

Building

Products,

Inc.

2,706,599

545,684

Lindblad

Expeditions

Holdings,

Inc.#

10,111,524

722,068

Rush

Street

Interactive,

Inc.#

20,290,111

43,267

Stride,

Inc.#

4,203,822

256,548

Super

Group

SGHC

Ltd.

3,324,862

126,211

Target

Hospitality

Corp.#

1,835,108

70,813,531

Consumer

Staples

(2.1%)

1,107,591

Mama's

Creations,

Inc.#

15,716,716

Energy

(2.5%)

172,573

Energy

Services

America

Corp.

2,933,741

86,890

National

Energy

Services

Reunited

Corp.#

2,167,037

144,877

Natural

Gas

Services

Group,

Inc.

5,895,045

87,379

Tidewater,

Inc.#

7,805,566

18,801,389

Financials

(7.0%)

82,334

Dave,

Inc.#

22,394,025

248,410

Marex

Group

PLC

13,252,673

62,681

Piper

Sandler

Cos.

5,465,783

647,149

WisdomTree,

Inc.

11,001,533

52,114,014

Health

Care

(14.2%)

216,390

Alignment

Healthcare,

Inc.#

4,877,431

53,814

Arrowhead

Pharmaceuticals,

Inc.#

3,954,253

117,282

Axogen,

Inc.#

5,066,582

18,837

Axsome

Therapeutics,

Inc.#

3,913,387

86,576

Bridgebio

Pharma,

Inc.#

6,156,419

52,247

BrightSpring

Health

Services,

Inc.#

2,506,289

107,602

Cogent

Biosciences,

Inc.#

3,851,076

51,879

Cytokinetics,

Inc.#

3,318,700

25,052

GeneDx

Holdings

Corp.#

1,575,520

67,082

Guardant

Health,

Inc.#

5,841,500

18,009

Insmed,

Inc.#

2,455,167

43,431

iRadimed

Corp.

3,623,883

157,655

Pharmaceuticals,

Inc.#

4,999,240

54,204

Ligand

Pharmaceuticals,

Inc.#

12,437,108

9,301

Madrigal

Pharmaceuticals,

Inc.#

4,812,244

33,090

Mirum

Pharmaceuticals,

Inc.#

3,219,988

31,895

Palvella

Therapeutics,

Inc.#

4,092,766

56,561

Phibro

Animal

Health

Corp.

Class

3,007,914

6,155

Praxis

Precision

Medicines,

Inc.#

1,962,399

58,239

Protagonist

Therapeutics,

Inc.#

5,763,914

28,996

Tarsus

Pharmaceuticals,

Inc.#

1,844,435

NUMBER

VALUE

170,961

Travere

Therapeutics,

Inc.#

7,200,877

49,095

Vera

Therapeutics,

Inc.#

1,748,273

208,724

Vir

Biotechnology,

Inc.#

2,132,116

39,582

Xenon

Pharmaceuticals,

Inc.#

2,218,175

102,546

Zymeworks,

Inc.#

2,824,117

105,403,773

Industrials

(27.5%)

888,168

Amprius

Technologies,

Inc.#

18,704,818

83,644

ArcBest

Corp.

10,670,465

15,097

Argan,

Inc.

10,114,688

25,481

Astronics

Corp.#

1,819,343

113,577

Babcock

Wilcox

Enterprises,

Inc.#

1,778,616

33,861

Bloom

Energy

Corp.

Class

9,594,853

19,231

Carpenter

Technology

Corp.

8,234,714

134,313

CECO

Environmental

Corp.#

9,957,966

57,633

Ducommun,

Inc.#

8,179,852

29,716

ESCO

Technologies,

Inc.

9,626,498

10,483

FTAI

Aviation

Ltd.

2,617,291

68,188

Gorman-Rupp

Co.

5,164,559

161,320

Graham

Corp.#

15,357,664

25,582

Helios

Technologies,

Inc.

1,749,809

409,072

Intuitive

Machines,

Inc.#

10,369,975

142,094

Kennametal,

Inc.

5,500,459

138,863

Knight-Swift

Transportation

Holdings,

Inc.

9,012,209

88,516

LSI

Industries,

Inc.

2,151,824

70,772

Mercury

Systems,

Inc.#

5,584,618

1,165,182

NPK

International,

Inc.#

19,050,726

60,476

Perma-Pipe

International

Holdings,

Inc.#

1,979,379

263,274

Planet

Labs

PBC#

9,733,240

207,180

Redwire

Corp.#

1,903,984

4,882

Saia,

Inc.#

2,191,139

579,585

Satellogic,

Inc.

Class

3,744,119

102,388

Spire

Global,

Inc.#

1,825,578

29,940

Sterling

Infrastructure,

Inc.#

15,437,663

20,002

Timken

Co.

2,218,022

204,274,071

Information

Technology

(35.5%)

30,980

Advanced

Energy

Industries,

Inc.

11,893,532

53,610

Alpha

Omega

Semiconductor

Ltd.#

2,328,282

17,190

Axcelis

Technologies,

Inc.#

2,391,301

31,219

AXT,

Inc.#

2,473,169

38,744

Ciena

Corp.#

20,440,560

105,470

DigitalOcean

Holdings,

Inc.#

10,170,472

175,395

Diodes,

Inc.#

18,793,574

15,241

Fabrinet#

10,416,766

27,731

FormFactor,

Inc.#

3,769,475

110,202

Frequency

Electronics,

Inc.#

5,527,732

231,733

Ichor

Holdings

Ltd.#

15,287,426

3,113,911

Kopin

Corp.#

13,888,043

124

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Timpani

Small

Cap

Growth

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

categorized

the

fair

value

hierarchy

April

30,

2026

(see

Note

8):

NUMBER

VALUE

1,085,712

LightPath

Technologies,

Inc.

Class

13,907,971

41,380

Lumentum

Holdings,

Inc.#

37,338,002

55,642

nLight,

Inc.#

3,886,594

170,459

Ondas,

Inc.#

1,711,408

56,088

Power

Integrations,

Inc.

4,078,159

80,034

Red

Violet,

Inc.#

2,995,673

67,035

Silicon

Motion

Technology

Corp.

(ADR)

14,665,917

35,289

SiTime

Corp.#

19,837,711

36,606

Tower

Semiconductor

Ltd.#

8,091,756

39,800

TTM

Technologies,

Inc.#

6,297,156

182,578

Ultra

Clean

Holdings,

Inc.#

14,268,471

305,231

Viavi

Solutions,

Inc.#

15,994,104

116,668

Vishay

Intertechnology,

Inc.

3,379,872

263,833,126

NUMBER

VALUE

Materials

(1.2%)

758,566

U.S.

Antimony

Corp.#

9,110,378

TOTAL

COMMON

STOCKS

(Cost

$442,369,435)

740,066,998

TOTAL

INVESTMENTS

(99.6%)

(Cost

$442,369,435)

740,066,998

OTHER

ASSETS,

LESS

LIABILITIES

(0.4%)

2,759,980

NET

ASSETS

(100.0%)

742,826,978

Non-income

producing

security.

ABBREVIATION

ADR

American

Depositary

Receipt

LEVEL

TOTAL

Assets:

—

Common

Stocks

740,066,998

—

740,066,998

Total

740,066,998

—

740,066,998

Calamos

Timpani

SMID

Growth

Fund

Schedule

Investments

April

30,

2026

(unaudited)

125

www.calamos.com

See

accompanying

Notes

Schedule

Investments

NUMBER

VALUE

COMMON

STOCKS

(96.3%)

Communication

Services

(0.2%)

996

AST

SpaceMobile,

Inc.#

73,604

Consumer

Discretionary

(11.9%)

11,329

Cava

Group,

Inc.#

1,058,242

4,709

Five

Below,

Inc.#

1,109,723

44,714

Rush

Street

Interactive,

Inc.#

1,256,463

7,488

SharkNinja,

Inc.#

865,089

1,821

Somnigroup

International,

Inc.

138,141

2,551

Stride,

Inc.#

247,855

14,629

Super

Group

SGHC

Ltd.

189,592

5,922

Tapestry,

Inc.

858,927

5,868

Target

Hospitality

Corp.#

85,321

5,809,353

Consumer

Staples

(1.2%)

42,549

Mama's

Creations,

Inc.#

603,770

Energy

(1.2%)

5,698

National

Energy

Services

Reunited

Corp.#

142,108

5,124

Tidewater,

Inc.#

457,727

599,835

Financials

(7.3%)

5,108

Dave,

Inc.#

1,389,325

998

Evercore,

Inc.

Class

320,648

15,937

Marex

Group

PLC

850,239

12,536

Stifel

Financial

Corp.

987,962

3,548,174

Health

Care

(13.8%)

11,790

Alignment

Healthcare,

Inc.#

265,747

2,821

Arrowhead

Pharmaceuticals,

Inc.#

207,287

6,919

Axogen,

Inc.#

298,901

847

Axsome

Therapeutics,

Inc.#

175,964

3,907

Bridgebio

Pharma,

Inc.#

277,827

2,436

BrightSpring

Health

Services,

Inc.#

116,855

5,789

Cogent

Biosciences,

Inc.#

207,188

3,026

Cytokinetics,

Inc.#

193,573

1,295

GeneDx

Holdings

Corp.#

81,443

3,305

Guardant

Health,

Inc.#

287,799

4,295

Insmed,

Inc.#

585,537

4,355

Ionis

Pharmaceuticals,

Inc.#

325,580

3,383

Ligand

Pharmaceuticals,

Inc.#

776,229

456

Madrigal

Pharmaceuticals,

Inc.#

235,930

1,716

Mirum

Pharmaceuticals,

Inc.#

166,984

1,565

Natera,

Inc.#

322,640

1,907

Palvella

Therapeutics,

Inc.#

244,706

3,335

Phibro

Animal

Health

Corp.

Class

177,355

331

Praxis

Precision

Medicines,

Inc.#

105,533

3,214

Protagonist

Therapeutics,

Inc.#

318,090

NUMBER

VALUE

3,405

Revolution

Medicines,

Inc.#

490,729

1,493

Tarsus

Pharmaceuticals,

Inc.#

94,970

10,484

Travere

Therapeutics,

Inc.#

441,586

2,529

Vera

Therapeutics,

Inc.#

90,058

1,694

Xenon

Pharmaceuticals,

Inc.#

94,932

5,751

Zymeworks,

Inc.#

158,382

6,741,825

Industrials

(29.6%)

2,847

Advanced

Drainage

Systems,

Inc.

424,915

55,018

Amprius

Technologies,

Inc.#

1,158,679

872

Argan,

Inc.

584,223

1,316

Astronics

Corp.#

93,962

1,306

Bloom

Energy

Corp.

Class

370,068

1,403

Carpenter

Technology

Corp.

600,765

8,243

CECO

Environmental

Corp.#

611,136

891

Robinson

Worldwide,

Inc.

161,993

407

Comfort

Systems

USA,

Inc.

748,982

1,844

Embraer

(ADR)

115,619

1,624

ESCO

Technologies,

Inc.

526,095

1,749

FTAI

Aviation

Ltd.

436,673

25,424

Intuitive

Machines,

Inc.#

644,498

2,543

Hunt

Transport

Services,

Inc.

639,641

9,179

Kennametal,

Inc.

355,319

6,877

Knight-Swift

Transportation

Holdings,

Inc.

446,317

2,742

MasTec,

Inc.#

1,080,485

4,245

Mercury

Systems,

Inc.#

334,973

45,893

NPK

International,

Inc.#

750,350

14,601

Planet

Labs

PBC#

539,799

777

RBC

Bearings,

Inc.#

465,493

9,218

Rocket

Lab

Corp.#

760,577

1,368

Saia,

Inc.#

613,986

1,686

Sterling

Infrastructure,

Inc.#

869,335

5,133

XPO,

Inc.#

1,129,927

14,463,810

Information

Technology

(31.1%)

1,698

Advanced

Energy

Industries,

Inc.

651,879

416

AppLovin

Corp.

Class

185,682

4,772

Arrow

Electronics,

Inc.#

896,325

2,015

AXT,

Inc.#

159,628

700

Celestica,

Inc.#

286,713

3,191

Ciena

Corp.#

1,683,508

6,025

DigitalOcean

Holdings,

Inc.#

580,991

1,951

Everpure,

Inc.

Class

139,399

677

Fabrinet#

462,709

1,240

FormFactor,

Inc.#

168,553

1,036

Jabil,

Inc.

349,640

2,687

Lumentum

Holdings,

Inc.#

2,424,534

874

Monolithic

Power

Systems,

Inc.

1,410,994

3,580

nLight,

Inc.#

250,063

9,409

Ondas,

Inc.#

94,466

3,205

Power

Integrations,

Inc.

233,035

126

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Timpani

SMID

Growth

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

categorized

the

fair

value

hierarchy

April

30,

2026

(see

Note

8):

NUMBER

VALUE

3,858

Silicon

Motion

Technology

Corp.

(ADR)

844,053

2,103

SiTime

Corp.#

1,182,201

7,741

STMicroelectronics

426,839

2,352

Tower

Semiconductor

Ltd.#

519,910

2,558

TTM

Technologies,

Inc.#

404,727

11,632

Ultra

Clean

Holdings,

Inc.#

909,041

17,706

Viavi

Solutions,

Inc.#

927,794

15,192,684

TOTAL

COMMON

STOCKS

(Cost

$29,435,484)

47,033,055

TOTAL

INVESTMENTS

(96.3%)

(Cost

$29,435,484)

47,033,055

OTHER

ASSETS,

LESS

LIABILITIES

(3.7%)

1,825,110

NET

ASSETS

(100.0%)

48,858,165

Non-income

producing

security.

ABBREVIATION

ADR

American

Depositary

Receipt

LEVEL

TOTAL

Assets:

—

Common

Stocks

47,033,055

—

47,033,055

Total

47,033,055

—

47,033,055

Calamos

Growth

Fund

Schedule

Investments

April

30,

2026

(unaudited)

127

www.calamos.com

See

accompanying

Notes

Schedule

Investments

NUMBER

VALUE

COMMON

STOCKS

(99.1%)

Communication

Services

(15.5%)

414,500

Alphabet,

Inc.

Class

159,499,600

4,350

AST

SpaceMobile,

Inc.#^

321,465

105,000

Meta

Platforms,

Inc.

Class

64,250,550

308,000

Netflix,

Inc.#

28,831,880

25,200

Spotify

Technology

SA#

11,253,060

264,156,555

Consumer

Discretionary

(14.6%)

53,700

Airbnb,

Inc.

Class

7,537,332

511,400

Amazon.com,

Inc.#~

135,551,684

49,505

Cava

Group,

Inc.#^

4,624,262

105,000

DoorDash,

Inc.

Class

17,708,250

20,703

Five

Below,

Inc.#

4,878,869

42,000

Lowe's

Cos.,

Inc.

10,029,180

71,800

O'Reilly

Automotive,

Inc.#

7,136,920

56,700

Royal

Caribbean

Cruises

Ltd.^

14,955,192

195,773

Rush

Street

Interactive,

Inc.#

5,501,221

32,917

SharkNinja,

Inc.#^

3,802,901

7,957

Somnigroup

International,

Inc.^

603,618

11,173

Stride,

Inc.#^

1,085,569

64,006

Super

Group

SGHC

Ltd.^

829,518

25,997

Tapestry,

Inc.

3,770,605

25,728

Target

Hospitality

Corp.#

374,085

79,200

Tesla,

Inc.#

30,225,096

248,614,302

Consumer

Staples

(1.2%)

186,408

Mama's

Creations,

Inc.#^

2,645,129

142,000

Walmart,

Inc.

18,734,060

21,379,189

Energy

(0.2%)

25,018

National

Energy

Services

Reunited

Corp.#

623,949

22,465

Tidewater,

Inc.#^

2,006,798

2,630,747

Financials

(5.5%)

23,600

American

Express

Co.~

7,623,980

22,400

Dave,

Inc.#^

6,092,576

4,373

Evercore,

Inc.

Class

1,405,001

69,878

Marex

Group

PLC

3,727,992

80,000

Nasdaq,

Inc.

7,352,800

14,000

S&P

Global,

Inc.

6,037,220

55,036

Stifel

Financial

Corp.

4,337,387

155,000

Visa,

Inc.

Class

51,125,200

80,000

Wells

Fargo

Co.

6,578,400

94,280,556

Health

Care

(6.4%)

51,517

Alignment

Healthcare,

Inc.#

1,161,193

12,380

Arrowhead

Pharmaceuticals,

Inc.#^

909,682

30,321

Axogen,

Inc.#

1,309,867

NUMBER

VALUE

3,708

Axsome

Therapeutics,

Inc.#

770,337

17,120

Bridgebio

Pharma,

Inc.#^

1,217,403

10,693

BrightSpring

Health

Services,

Inc.#^

512,943

25,415

Cogent

Biosciences,

Inc.#

909,603

13,269

Cytokinetics,

Inc.#^

848,818

40,600

Eli

Lilly

Co.

37,944,760

5,677

GeneDx

Holdings

Corp.#^

357,027

14,510

Guardant

Health,

Inc.#^

1,263,531

18,822

Insmed,

Inc.#

2,566,003

26,750

Intuitive

Surgical,

Inc.#

12,241,068

19,141

Ionis

Pharmaceuticals,

Inc.#^

1,430,981

40,900

IQVIA

Holdings,

Inc.#

6,477,333

14,780

Ligand

Pharmaceuticals,

Inc.#^

3,391,271

1,994

Madrigal

Pharmaceuticals,

Inc.#^

1,031,676

11,600

McKesson

Corp.

9,456,320

7,528

Mirum

Pharmaceuticals,

Inc.#^

732,550

6,871

Natera,

Inc.#

1,416,525

8,369

Palvella

Therapeutics,

Inc.#

1,073,910

14,641

Phibro

Animal

Health

Corp.

Class

778,608

1,453

Praxis

Precision

Medicines,

Inc.#^

463,260

14,103

Protagonist

Therapeutics,

Inc.#^

1,395,774

14,962

Revolution

Medicines,

Inc.#^

2,156,324

43,600

Stryker

Corp.

13,739,668

6,543

Tarsus

Pharmaceuticals,

Inc.#^

416,200

46,026

Travere

Therapeutics,

Inc.#

1,938,615

11,083

Vera

Therapeutics,

Inc.#^

394,666

7,422

Xenon

Pharmaceuticals,

Inc.#

415,929

25,128

Zymeworks,

Inc.#^

692,025

109,413,870

Industrials

(8.7%)

12,442

Advanced

Drainage

Systems,

Inc.^

1,856,968

241,370

Amprius

Technologies,

Inc.#^

5,083,252

3,824

Argan,

Inc.

2,562,003

5,752

Astronics

Corp.#^

410,693

5,735

Bloom

Energy

Corp.

Class

1,625,070

62,000

Boeing

Co.#

14,199,860

6,128

Carpenter

Technology

Corp.

2,624,010

13,300

Caterpillar,

Inc.

11,838,463

36,143

CECO

Environmental

Corp.#

2,679,642

3,892

Robinson

Worldwide,

Inc.

707,604

1,791

Comfort

Systems

USA,

Inc.

3,295,888

33,600

Eaton

Corp.

PLC

14,549,136

8,055

Embraer

(ADR)^

505,048

7,122

ESCO

Technologies,

Inc.

2,307,172

7,671

FTAI

Aviation

Ltd.^

1,915,219

14,100

Vernova,

Inc.

15,276,786

23,300

General

Electric

Co.

6,755,369

111,617

Intuitive

Machines,

Inc.#

2,829,491

11,159

Hunt

Transport

Services,

Inc.

2,806,823

73,500

Johnson

Controls

International

PLC

10,733,205

40,243

Kennametal,

Inc.

1,557,807

128

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Growth

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NOTES

SCHEDULE

INVESTMENTS

NUMBER

VALUE

30,181

Knight-Swift

Transportation

Holdings,

Inc.^

1,958,747

12,020

MasTec,

Inc.#

4,736,481

18,545

Mercury

Systems,

Inc.#^

1,463,386

200,536

NPK

International,

Inc.#

3,278,764

64,015

Planet

Labs

PBC#^

2,366,635

3,410

RBC

Bearings,

Inc.#

2,042,897

40,278

Rocket

Lab

Corp.#

3,323,338

6,003

Saia,

Inc.#

2,694,266

7,421

Sterling

Infrastructure,

Inc.#^

3,826,416

147,500

Uber

Technologies,

Inc.#

11,004,975

22,494

XPO,

Inc.#^

4,951,604

147,767,018

Information

Technology

(47.0%)

7,450

Advanced

Energy

Industries,

Inc.^

2,860,130

42,700

Advanced

Micro

Devices,

Inc.#

15,136,723

460,000

Apple,

Inc.

124,821,000

74,800

Applied

Materials,

Inc.

29,507,852

1,829

AppLovin

Corp.

Class

816,374

207,500

Arista

Networks,

Inc.#

35,837,325

20,852

Arrow

Electronics,

Inc.#

3,916,631

8,837

AXT,

Inc.#^

700,067

220,500

Broadcom,

Inc.

92,043,315

3,072

Celestica,

Inc.#

1,258,261

14,018

Ciena

Corp.#

7,395,617

86,800

Datadog,

Inc.

Class

11,474,092

26,328

DigitalOcean

Holdings,

Inc.#^

2,538,809

8,555

Everpure,

Inc.

Class

611,255

2,973

Fabrinet#^

2,031,956

5,417

FormFactor,

Inc.#^

736,333

18,300

Intuit,

Inc.

7,109,550

4,527

Jabil,

Inc.

1,527,817

11,795

Lumentum

Holdings,

Inc.#

10,642,864

263,700

Microsoft

Corp.

107,531,586

26,700

MongoDB,

Inc.#

6,697,161

3,842

Monolithic

Power

Systems,

Inc.

6,202,563

15,687

nLight,

Inc.#

1,095,737

1,019,500

NVIDIA

Corp.

203,461,615

41,277

Ondas,

Inc.#^

414,421

34,600

Oracle

Corp.

5,584,094

75,000

Palantir

Technologies,

Inc.

Class

10,433,250

56,900

Palo

Alto

Networks,

Inc.#

10,203,308

14,051

Power

Integrations,

Inc.^

1,021,648

22,400

Seagate

Technology

Holdings

PLC

15,089,536

59,000

Shopify,

Inc.

Class

7,146,670

16,882

Silicon

Motion

Technology

Corp.

(ADR)

3,693,444

9,225

SiTime

Corp.#^

5,185,834

67,360

Snowflake,

Inc.#

9,192,619

33,952

STMicroelectronics

NV^

1,872,113

16,400

Synopsys,

Inc.#

7,914,640

NUMBER

VALUE

60,400

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(ADR)

23,922,024

40,000

Texas

Instruments,

Inc.

11,243,200

10,356

Tower

Semiconductor

Ltd.#^

2,289,194

11,174

TTM

Technologies,

Inc.#

1,767,950

51,048

Ultra

Clean

Holdings,

Inc.#^

3,989,401

77,640

Viavi

Solutions,

Inc.#^

4,068,336

800,986,315

TOTAL

COMMON

STOCKS

(Cost

$695,895,341)

1,689,228,552

PRINCIPAL

AMOUNT

VALUE

PRIVATE

INVESTMENT

FUND

(0.1%)

Primary

Investment

(0.1%)

N/A

50T

Fund

LP#

,1,2,3,4

(Cost

$2,500,000)

2,356,000

NUMBER

SHARES/

PRINCIPAL

AMOUNT

VALUE

INVESTMENT

CASH

COLLATERAL

FOR

SECURITIES

LOANED

(2.6%)

43,994,269

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio,

3.669%†***

(Cost

$43,994,269)

43,994,269

TOTAL

INVESTMENTS

(101.8%)

(Cost

$742,389,610)

1,735,578,821

PAYABLE

UPON

RETURN

SECURITIES

LOAN

(-2.6%)

(

43,994,269

)

OTHER

ASSETS,

LESS

LIABILITIES

(0.8%)

14,035,286

NET

ASSETS

(100.0%)

1,705,619,838

Non-income

producing

security.

Security,

portion

security,

loan.

Security,

portion

security,

segregated

collateral

(or

collateral

for

potential

future

transactions)

for

written

options.

The

aggregate

value

such

securities

$53,228,056.

Investment

valued

using

net

asset

value

per

practical

expedient.

Private

investment

company

does

not

issue

units.

Investment

has

been

committed

but

has

not

been

fully

funded

the

Fund.

See

unfunded

commitments

and

redemption

restrictions

table

below.

129

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Growth

Fund

Schedule

Investments

April

30,

2026

(unaudited)

The

following

table

summarizes

the

Fund’s

investments

categorized

the

fair

value

hierarchy

April

30,

2026

(see

Note

8):

The

following

table

represents

unfunded

commitments

and

redemption

restrictions

investments

that

are

measured

NAV

per

(or

its

equivalent)

practical

expedient

April

30,

2026:

Private

Equity

Investments

are

generally

issued

private

placement

transactions

and

such

are

generally

restricted

resale.

The

investment

may

have

been

purchased

various

dates

and

for

different

amounts.

The

date

the

first

purchase

reflected

under

Original

Acquisition

Date

shown

the

unfunded

commitments

and

redemption

restrictions

table

below.

Total

fair

value

restricted

investments

April

30,

2026

was

$2,356,000,

0.1%

net

assets.

†

Represents

investment

cash

collateral

received

from

securities

loan

April

30,

2026.

***

The

rate

disclosed

the

day

net

yield

April

30,

2026.

ABBREVIATION

ADR

American

Depositary

Receipt

LEVEL

TOTAL

Assets:

—

Common

Stocks

139

1,689,228,552

—

1,689,228,552

Investment

Cash

Collateral

for

Securities

Loaned

—

43,994,269

—

43,994,269

Total

1,689,228,552

43,994,269

—

1,733,222,821

Investments

Valued

NAV

2,356,000

Total

1,735,578,821

April

30,

2026,

certain

the

Fund's

investments

were

valued

using

NAV

per

unit

practical

expedient

and

have

been

excluded

from

the

fair

value

hierarchy.

SECURITY

DESCRIPTION

UNFUNDED

COMMITMENTS

REDEMPTIONS

FREQUENCY

REDEMPTION

NOTICE

PERIOD

COST

FAIR

VALUE

ORIGINAL

ACQUISITION

DATE

50T

Fund

7,500,000

Not

Permitted

N/A

2,500,000

2,356,000

12/2/2025

Calamos

Growth

and

Income

Fund

Schedule

Investments

April

30,

2026

(unaudited)

130

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

PRINCIPAL

AMOUNT

VALUE

CONVERTIBLE

BONDS

(18.0%)

Communication

Services

(1.2%)

5,935,000

Live

Nation

Entertainment,

Inc.*

2.875%,

10/15/31

6,158,868

10,920,000

Lyft,

Inc.*

0.000%,

09/15/30

10,692,209

13,580,000

Uber

Technologies,

Inc.

Series

2028

0.875%,

12/01/28

16,634,550

7,145,000

Uber

Technologies,

Inc.

(Aurora

Innovation,

Inc.)*^§

0.000%,

05/15/28

7,827,776

41,313,403

Consumer

Discretionary

(0.9%)

21,325,000

DoorDash

Inc.*

0.000%,

05/15/30

20,389,685

8,644,000

Etsy,

Inc.*^

1.000%,

06/15/30

9,391,447

29,781,132

Consumer

Staples

(0.4%)

11,130,000

Revolution

Medicines,

Inc.

0.500%,

05/01/33

12,325,251

Energy

(0.6%)

4,430,000

Energy

Fuels,

Inc.*

0.750%,

11/01/31

5,870,592

5,835,000

Eos

Energy

Enterprises,

Inc.*^

1.750%,

12/01/31

4,258,149

9,525,000

Liberty

Energy,

Inc.*

0.000%,

03/01/31

11,514,582

21,643,323

Financials

(0.6%)

7,565,000

Coinbase

Global,

Inc.*

0.000%,

10/01/32

6,395,148

3,725,000

Federal

Realty

LP*

3.250%,

01/15/29

3,893,892

7,655,000

WisdomTree,

Inc.*^

4.625%,

08/15/30

9,077,069

19,366,109

Health

Care

(0.6%)

417,000

Arrowhead

Pharmaceuticals,

Inc.

0.000%,

01/15/32

475,334

8,205,000

Bridgebio

Pharma,

Inc.*^

0.750%,

02/01/33

8,109,084

6,945,000

Cogent

Biosciences,

Inc.

1.625%,

11/15/31

8,279,482

2,987,000

Indivior

Pharmaceuticals,

Inc.*^

0.625%,

03/15/31

3,413,812

20,277,712

Industrials

(2.0%)

14,885,000

Bloom

Energy

Corp.*

0.000%,

11/15/30

25,912,850

12,219,000

BWX

Technologies,

Inc.*

0.000%,

11/01/30

13,268,857

PRINCIPAL

AMOUNT

VALUE

7,200,000

Fluor

Corp.^

1.125%,

08/15/29

9,676,224

13,260,000

JBT

Marel

Corp.*^

0.375%,

09/15/30

12,577,640

8,225,000

Joby

Aviation,

Inc.

0.750%,

02/15/32

7,540,927

68,976,498

Information

Technology

(8.3%)

9,405,000

Advanced

Energy

Industries,

Inc.^

2.500%,

09/15/28

26,820,615

10,840,000

Akamai

Technologies,

Inc.*^

0.250%,

05/15/33

14,229,885

14,360,000

Cloudflare,

Inc.*

0.000%,

06/15/30

16,544,300

16,425,000

CyberArk

Software

Ltd.*

0.000%,

06/15/30

17,896,351

6,200,000

IREN

Ltd.*

0.250%,

06/01/32

6,821,922

3,280,000

Lumentum

Holdings,

Inc.*

0.375%,

03/15/32

15,990,098

7,260,000

MACOM

Technology

Solutions

Holdings,

Inc.^

0.000%,

12/15/29

12,808,310

15,325,000

Microchip

Technology,

Inc.*

0.000%,

02/15/30

17,537,624

8,805,000

Mirion

Technologies,

Inc.*^

0.000%,

10/01/31

8,711,315

10,765,000

MKS,

Inc.

1.250%,

06/01/30

21,052,034

7,920,000

Nebius

Group

NV*^

1.250%,

03/15/31

8,806,090

31,135,000

Semiconductor

Corp.

0.500%,

03/01/29

37,914,646

2,525,000

Seagate

HDD

Cayman

3.500%,

06/01/28

20,581,477

6,550,000

Snowflake,

Inc.

0.000%,

10/01/29

7,610,248

12,200,000

STMicroelectronics

Series

0.000%,

08/04/27

15,586,354

9,700,000

Ultra

Clean

Holdings,

Inc.*

0.000%,

03/15/31

12,054,869

1,680,000

Western

Digital

Corp.

3.000%,

11/15/28

19,249,490

280,215,628

Other

(0.3%)

7,108,000

CoreWeave

Inc.*

1.750%,

12/01/31

9,254,118

Real

Estate

(1.3%)

6,578,000

Compass,

Inc.*

0.250%,

04/15/31

5,813,110

9,155,000

Digital

Realty

Trust

LP*

1.875%,

11/15/29

10,279,967

7,570,000

Realty

Income

Corp.*

3.500%,

01/15/29

7,872,573

131

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See

accompanying

Notes

Schedule

Investments

Calamos

Growth

and

Income

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

11,030,000

Welltower

LLC*

3.125%,

07/15/29

19,004,800

42,970,450

Utilities

(1.8%)

15,140,000

CenterPoint

Energy,

Inc.*

3.000%,

08/01/28

16,065,054

15,830,000

CMS

Energy

Corp.

3.375%,

05/01/28

17,719,785

16,315,000

PPL

Capital

Funding,

Inc.

2.875%,

03/15/28

18,821,963

8,860,000

Southern

Co.

4.500%,

06/15/27

9,896,886

62,503,688

TOTAL

CONVERTIBLE

BONDS

(Cost

$492,648,391)

608,627,312

U.S.

GOVERNMENT

AND

AGENCY

SECURITY

(0.7%)

Other

(0.7%)

22,755,000

U.S.

Treasury

Notes

4.875%,

05/31/26

(Cost

$22,771,712)

22,774,111

NUMBER

VALUE

COMMON

STOCKS

(74.0%)

Communication

Services

(8.8%)

508,010

Alphabet,

Inc.

Class

195,482,248

4,385

Alphabet,

Inc.

Class

1,674,807

105,555

Meta

Platforms,

Inc.

Class

64,590,160

279,750

Netflix,

Inc.#

26,187,397

93,080

Walt

Disney

Co.

9,657,050

297,591,662

Consumer

Discretionary

(8.7%)

551,500

Amazon.com,

Inc.#

146,180,590

68,750

Booking

Holdings,

Inc.

11,574,750

50,845

Home

Depot,

Inc.

16,717,836

11,475

KRW

Hyundai

Motor

Co.

4,159,226

70,505

Lowe's

Cos.,

Inc.

16,835,889

39,815

McDonald's

Corp.

11,689,286

29,361

Royal

Caribbean

Cruises

Ltd.

7,744,257

137,140

Starbucks

Corp.

14,444,956

132,125

Tesla,

Inc.#

50,422,864

77,920

TJX

Cos.,

Inc.

12,213,960

291,983,614

Consumer

Staples

(3.5%)

270,070

Coca-Cola

Co.

21,270,713

18,465

Costco

Wholesale

Corp.

18,733,296

147,210

Dollar

General

Corp.

17,058,695

110,765

Philip

Morris

International,

Inc.

18,283,979

108,280

Procter

Gamble

Co.

15,926,905

NUMBER

VALUE

192,090

Walmart,

Inc.

25,342,434

116,616,022

Energy

(2.8%)

62,180

Chevron

Corp.

12,020,016

222,135

EQT

Corp.

13,345,871

195,105

Exxon

Mobil

Corp.

30,110,554

88,585

Marathon

Petroleum

Corp.

21,994,770

236,790

Williams

Cos.,

Inc.

18,069,445

95,540,656

Financials

(9.6%)

39,470

American

Express

Co.

12,750,783

44,243

Assurant,

Inc.

10,453,294

482,460

Bank

America

Corp.

25,792,312

9,170

BlackRock,

Inc.

9,771,552

29,670

Capital

One

Financial

Corp.

5,675,871

36,270

Chubb

Ltd.

11,860,290

212,885

Citigroup,

Inc.

27,245,022

32,680

Goldman

Sachs

Group,

Inc.

30,188,804

175,135

JPMorgan

Chase

Co.~

54,857,536

69,155

Mastercard,

Inc.

Class

34,779,433

96,000

JPY

Mizuho

Financial

Group,

Inc.

4,128,257

124,290

Morgan

Stanley

23,688,431

135,300

JPY

ORIX

Corp.

4,553,723

14,060

S&P

Global,

Inc.

6,063,094

114,120

Visa,

Inc.

Class

37,641,341

284,680

Wells

Fargo

Co.

23,409,236

322,858,979

Health

Care

(6.1%)

67,220

AbbVie,

Inc.

14,204,930

91,655

Boston

Scientific

Corp.#

5,280,245

117,500

CVS

Health

Corp.

9,786,575

56,460

Danaher

Corp.

10,103,517

43,015

Eli

Lilly

Co.

40,201,819

95,230

Gilead

Sciences,

Inc.

12,459,893

15,410

Intuitive

Surgical,

Inc.#

7,051,770

151,345

Johnson

34,786,648

121,475

Medtronic

PLC

9,835,831

119,640

Merck

Co.,

Inc.

13,062,295

30,970

Quest

Diagnostics,

Inc.^

6,014,374

17,880

Stryker

Corp.

5,634,524

22,850

Thermo

Fisher

Scientific,

Inc.

10,944,236

44,745

UnitedHealth

Group,

Inc.

16,577,128

22,615

Vertex

Pharmaceuticals,

Inc.#

9,665,199

205,608,984

Industrials

(7.2%)

29,535

Caterpillar,

Inc.

26,289,399

699,400

CSX

Corp.

31,773,742

272,350

Delta

Air

Lines,

Inc.

18,517,076

68,375

Emerson

Electric

Co.

9,602,585

43,065

Vernova

Inc.~

46,659,205

51,530

General

Electric

Co.

14,940,093

132

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Growth

and

Income

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NUMBER

VALUE

126,500

JPY

Mitsubishi

Electric

Corp.

5,076,568

23,315

Parker-Hannifin

Corp.

21,203,127

37,770

Quanta

Services,

Inc.

27,487,873

117,980

RTX

Corp.

20,772,739

69,965

Union

Pacific

Corp.

18,854,168

241,176,575

Information

Technology

(24.3%)

71,180

Advanced

Micro

Devices,

Inc.#

25,232,598

56,495

Amphenol

Corp.

Class

8,320,019

711,150

Apple,

Inc.

192,970,552

246,660

Broadcom,

Inc.

102,963,284

187,365

Cisco

Systems,

Inc.

17,143,897

22,630

Intuit,

Inc.

8,791,755

114,100

Lam

Research

Corp.

29,421,826

63,940

Micron

Technology,

Inc.

33,067,210

357,695

Microsoft

Corp.

145,860,867

1,107,945

NVIDIA

Corp.

221,112,584

31,050

Oracle

Corp.

5,011,160

144,460

Palantir

Technologies,

Inc.

Class

A#~

20,095,831

49,060

Salesforce,

Inc.

8,660,562

818,652,145

Materials

(2.4%)

371,240

Freeport-McMoRan,

Inc.

21,450,247

52,995

Linde

PLC

26,557,914

62,025

Sherwin-Williams

Co.

19,947,860

41,210

Vulcan

Materials

Co.

12,434,706

80,390,727

Real

Estate

(0.3%)

60,560

American

Tower

Corp.

11,064,918

Utilities

(0.3%)

71,770

Vistra

Corp.

11,328,177

TOTAL

COMMON

STOCKS

(Cost

$823,741,089)

2,492,812,459

CONVERTIBLE

PREFERRED

STOCKS

(3.9%)

Industrials

(1.4%)

412,205

Boeing

Co.^

6.000%,

10/15/27

29,761,201

179,100

QXO,

Inc.^

5.500%,

05/15/28

10,133,478

164,450

VSE

Corp.#^

5.750%,

02/01/29

7,600,879

47,495,558

Information

Technology

(1.3%)

275,800

Microchip

Technology,

Inc.

7.500%,

03/15/28

21,697,186

NUMBER

VALUE

448,500

Oracle

Corp.#

6.500%,

01/15/29

21,828,495

43,525,681

Materials

(0.3%)

112,640

Albemarle

Corp.

7.250%,

03/01/27

8,779,161

Utilities

(0.9%)

80,675

CenterPoint

Energy,

Inc.

(Warner

Media

LLC,

Charter

Communications

Time,

Inc.)#§

3.369%,

09/15/29

2,776,027

NextEra

Energy,

Inc.

126,115

7.299%,

06/01/27

7,445,829

388,230

7.375%,

02/15/29#

20,389,840

30,611,696

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

(Cost

$114,130,448)

130,412,096

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(0.3%)#

Consumer

Discretionary

(0.0%)

1,130

5,012,680

NIKE,

Inc.

Call,

06/18/26,

Strike

$67.50

7,910

Information

Technology

(0.0%)

495

7,988,805

Oracle

Corp.

Call,

06/18/26,

Strike

$230.00

67,320

Other

(0.3%)

1,670

111,512,580

Invesco

QQQ

Trust

Series

Put,

09/18/26,

Strike

$655.00

4,467,250

18,660

190,929,120

iShares

MSCI

EAFE

ETF

Call,

09/18/26,

Strike

$110.00

2,295,180

180

50,398,290

Russell

2000

Index

Call,

09/18/26,

Strike

$2,630.00

5,051,700

11,814,130

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$14,114,768)

11,889,360

133

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See

accompanying

Notes

Schedule

Investments

Calamos

Growth

and

Income

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

April

30,

2026

(see

Note

8):

NUMBER

SHARES/

PRINCIPAL

AMOUNT

VALUE

INVESTMENT

CASH

COLLATERAL

FOR

SECURITIES

LOANED

(1.5%)

50,747,274

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio,

3.669%†***

(Cost

$50,747,274)

50,747,274

TOTAL

INVESTMENTS

(98.4%)

(Cost

$1,518,153,682)

3,317,262,612

PAYABLE

UPON

RETURN

SECURITIES

LOAN

(-1.5%)

(50,747,274)

OTHER

ASSETS,

LESS

LIABILITIES

(3.1%)

103,061,416

NET

ASSETS

(100.0%)

3,369,576,754

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTION (0.0%)#

Consumer

Discretionary

(0.0%)

(565)

(2,506,340)

NIKE,

Inc.

Put,

06/18/26,

Strike

$52.50

(Premium

$151,300)

(484,488)

Securities

issued

and

sold

pursuant

Rule

144A

transaction

are

exempted

from

the

registration

requirement

the

Securities

Act

1933,

amended.

These

securities

may

only

sold

qualified

institutional

buyers

(“QIBs”),

such

the

Fund.

Any

resale

these

securities

must

generally

effected

through

sale

that

registered

under

the

Act

otherwise

exempted

from

such

registration

requirements.

Securities

exchangeable

convertible

into

securities

one

entities

that

are

different

than

the

issuer.

Each

entity

identified

the

parenthetical.

Security,

portion

security,

loan.

Non-income

producing

security.

Security,

portion

security,

segregated

collateral

(or

collateral

for

potential

future

transactions)

for

written

options.

The

aggregate

value

such

securities

$21,780,615.

†

Represents

investment

cash

collateral

received

from

securities

loan

April

30,

2026.

***

The

rate

disclosed

the

day

net

yield

April

30,

2026.

FOREIGN

CURRENCY

ABBREVIATIONS

JPY

Japanese

Yen

KRW

South

Korean

Won

Note:

Value

for

securities

denominated

foreign

currencies

shown

U.S.

dollars.

The

date

options

represents

the

expiration

date

the

option

contract.

The

option

contract

may

exercised

any

date

before

the

date

shown.

LEVEL

TOTAL

Assets:

—

Convertible

Bonds

—

608,627,312

—

608,627,312

U.S.

Government

and

Agency

Security

—

22,774,111

—

22,774,111

Common

Stocks

2,474,894,685

17,917,774

—

2,492,812,459

Convertible

Preferred

Stocks

127,636,069

2,776,027

—

130,412,096

Exchange-Traded

Purchased

Options

11,889,360

—

11,889,360

Investment

Cash

Collateral

for

Securities

Loaned

—

50,747,274

—

50,747,274

Total

2,614,420,114

702,842,498

—

3,317,262,612

Liabilities:

—

Exchange-Traded

Written

Option

484,488

—

484,488

Total

484,488

—

484,488

Calamos

Select

Fund

Schedule

Investments

April

30,

2026

(unaudited)

134

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

NOTES

SCHEDULE

INVESTMENTS

NUMBER

VALUE

COMMON

STOCKS

(98.2%)

Communication

Services

(14.1%)

14,490

Alphabet,

Inc.

Class

5,575,752

2,680

Meta

Platforms,

Inc.

Class

1,639,919

11,730

Netflix,

Inc.#

1,098,045

850

Spotify

Technology

SA#

379,568

8,693,284

Consumer

Discretionary

(12.4%)

5,730

Airbnb,

Inc.

Class

804,263

14,830

Amazon.com,

Inc.#

3,930,840

3,820

DoorDash,

Inc.

Class

644,243

2,620

Home

Depot,

Inc.

861,456

2,540

Royal

Caribbean

Cruises

Ltd.

669,950

4,710

TJX

Cos.,

Inc.

738,293

7,649,045

Consumer

Staples

(2.6%)

3,600

PepsiCo,

Inc.

570,564

7,920

Walmart,

Inc.

1,044,886

1,615,450

Energy

(2.2%)

6,860

Chevron

Corp.

1,326,107

Financials

(10.0%)

2,540

American

Express

Co.

820,547

3,110

Chubb

Ltd.

1,016,970

2,970

JPMorgan

Chase

Co.

930,293

4,520

Morgan

Stanley

861,467

1,130

S&P

Global,

Inc.

487,290

3,890

Visa,

Inc.

Class

1,283,077

9,330

Wells

Fargo

Co.

767,206

6,166,850

Health

Care

(8.1%)

3,610

Danaher

Corp.

646,009

1,270

Eli

Lilly

Co.

1,186,942

1,490

Intuitive

Surgical,

Inc.#

681,839

2,940

IQVIA

Holdings,

Inc.#

465,608

5,300

Johnson

1,218,205

2,470

Stryker

Corp.

778,371

4,976,974

Industrials

(9.5%)

4,800

Boeing

Co.#

1,099,344

570

Caterpillar,

Inc.

507,363

1,260

Deere

Co.

743,236

1,700

Eaton

Corp.

PLC

736,117

4,710

Johnson

Controls

International

PLC

687,801

7,750

Uber

Technologies,

Inc.#

578,227

2,320

Union

Pacific

Corp.

625,194

3,660

Waste

Management,

Inc.

851,133

5,828,415

NUMBER

VALUE

Information

Technology

(33.3%)

15,200

Apple,

Inc.

4,124,520

2,970

Applied

Materials,

Inc.

1,171,635

6,150

Arista

Networks,

Inc.#

1,062,167

6,500

Broadcom,

Inc.

2,713,295

3,390

Datadog,

Inc.

Class

448,124

7,560

Microsoft

Corp.

3,082,817

23,600

NVIDIA

Corp.

4,709,852

2,600

Palo

Alto

Networks,

Inc.#

466,232

475

Seagate

Technology

Holdings

PLC

319,979

2,690

Snowflake,

Inc.#

367,104

1,120

Synopsys,

Inc.#

540,512

3,250

Texas

Instruments,

Inc.

913,510

2,550

Zebra

Technologies

Corp.

Class

576,963

20,496,710

Materials

(2.3%)

1,700

Linde

PLC

851,938

1,700

Sherwin-Williams

Co.

546,737

1,398,675

Real

Estate

(1.8%)

7,920

Prologis,

Inc.

1,124,798

Utilities

(1.9%)

11,730

Southern

Co.

1,134,291

TOTAL

COMMON

STOCKS

(Cost

$31,586,890)

60,410,599

TOTAL

INVESTMENTS

(98.2%)

(Cost

$31,586,890)

60,410,599

OTHER

ASSETS,

LESS

LIABILITIES

(1.8%)

1,114,224

NET

ASSETS

(100.0%)

61,524,823

Non-income

producing

security.

135

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Select

Fund

Schedule

Investments

April

30,

2026

(unaudited)

The

following

table

summarizes

the

Fund’s

investments

categorized

the

fair

value

hierarchy

April

30,

2026

(see

Note

8):

LEVEL

TOTAL

Assets:

—

Common

Stocks

60,410,599

—

60,410,599

Total

60,410,599

—

60,410,599

Calamos

International

Growth

Fund

Schedule

Investments

April

30,

2026

(unaudited)

136

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

NUMBER

VALUE

COMMON

STOCKS

(104.1%)

Communication

Services

(5.8%)

38,860

AST

SpaceMobile,

Inc.#^

2,871,754

35,890

Millicom

International

Cellular

SA^

3,046,343

133,935

Telecom

Co.

Ltd.

(ADR)^

5,010,508

161,500

JPY

SKY

Perfect

JSAT

Corp.^

3,525,985

106,900

JPY

SoftBank

Group

Corp.

3,651,577

18,106,167

Consumer

Discretionary

(6.1%)

145,300

JPY

BuySell

Technologies

Co.

Ltd.

3,114,113

26,506

KRW

Hyundai

Motor

Co.

9,607,359

10,410

Royal

Caribbean

Cruises

Ltd.

2,745,741

43,350

Viking

Holdings

Ltd.#

3,550,798

19,018,011

Consumer

Staples

(1.0%)

20,560

PriceSmart,

Inc.^

3,226,275

Energy

(2.1%)

25,570

Cameco

Corp.

3,146,133

45,100

TechnipFMC

PLC

3,408,207

6,554,340

Financials

(13.0%)

26,380

EUR

BAWAG

Group

AG*

4,517,595

30,820

EUR

Erste

Group

Bank

3,405,487

138,100

EUR

ING

Groep

3,996,804

26,800

KRW

Financial

Group,

Inc.

2,934,737

71,900

JPY

Mizuho

Financial

Group,

Inc.

3,091,893

118,000

JPY

Nishi-Nippon

Financial

Holdings,

Inc.

2,962,876

177,400

JPY

ORIX

Corp.

5,970,661

53,960

GBP

Plus500

Ltd.

3,277,725

250,000

JPY

Shiga

Bank

Ltd.

3,082,192

96,630

EUR

UniCredit

SpA

7,467,795

40,707,765

Health

Care

(5.2%)

128,200

JPY

Asahi

Intecc

Co.

Ltd.

2,697,657

12,530

Ascendis

Pharma

(ADR)#

2,874,131

23,350

GBP

AstraZeneca

PLC

4,430,014

14,780

CHF

Galderma

Group

3,100,746

62,030

Royalty

Pharma

PLC

Class

3,107,083

16,209,631

Industrials

(26.2%)

120,700

GBP

Ceres

Power

Holdings

PLC#

1,016,661

35,000

HKD

Contemporary

Amperex

Technology

Co.

Ltd.

Class

2,766,259

11,800

DKK

DSV

2,902,090

13,280

EUR

Exail

Technologies

SA#

1,932,475

17,200

EUR

Exosens

SAS

1,313,482

95,800

JPY

FANUC

Corp.

4,231,780

199,500

JPY

Fujikura

Ltd.^

7,697,305

NUMBER

VALUE

177,500

JPY

Harmonic

Drive

Systems,

Inc.

6,051,247

8,800

EUR

HOCHTIEF

4,732,895

2,890

KRW

Hyosung

Heavy

Industries

Corp.

7,785,110

120,000

JPY

Kandenko

Co.

Ltd.

5,234,581

126,500

JPY

Mitsubishi

Electric

Corp.

5,076,568

147,930

JPY

Mitsubishi

Heavy

Industries

Ltd.

4,415,101

149,900

SEK

Munters

Group

AB*

3,304,671

13,000

JPY

Nitto

Boseki

Co.

Ltd.^

2,388,501

1,515

EUR

Rheinmetall

2,416,137

524,500

GBP

Rolls-Royce

Holdings

PLC

8,440,021

49,020

EUR

Siemens

Energy

10,388,405

82,093,289

Information

Technology

(37.2%)

29,100

JPY

Advantest

Corp.

5,433,509

851,000

SGD

AEM

Holdings

Ltd.#

4,937,651

3,520

EUR

ASM

International

3,443,530

5,635

EUR

ASML

Holding

8,145,650

10,770

EUR

Semiconductor

Industries

3,150,381

71,000

TWD

Delta

Electronics,

Inc.

4,978,907

60,540

EUR

Indra

Sistemas

SA^

3,481,919

49,800

EUR

Infineon

Technologies

3,349,311

7,000

JPY

Keyence

Corp.

3,210,662

28,400

JPY

Kioxia

Holdings

Corp.#^

6,871,623

28,600

HKD

Knowledge

Atlas

Technology

JSC

Ltd.

Class

H#^

3,268,624

581,850

CAD

Kraken

Robotics,

Inc.#^

3,345,418

23,480

HKD

Minimax

Group,

Inc.#^

2,193,708

42,800

CNY

NAURA

Technology

Group

Co.

Ltd.

Class

3,386,011

403,200

Nokia

OYJ

(ADR)

5,205,312

4,620

KRW

Samsung

Electro-Mechanics

Co.

Ltd.

2,650,425

42,320

KRW

Samsung

Electronics

Co.

Ltd.

6,372,867

8,620

KRW

Hynix,

Inc.

7,687,040

71,550

EUR

STMicroelectronics

NV^

3,898,782

308,000

TWD

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

21,381,929

11,400

JPY

Tokyo

Electron

Ltd.

3,359,382

30,488

Tower

Semiconductor

Ltd.#^

6,739,372

116,492,013

Materials

(3.9%)

62,350

CAD

Alamos

Gold,

Inc.

Class

2,487,849

125,520

CAD

Hudbay

Minerals,

Inc.^

2,903,404

273,720

AUD

Lynas

Rare

Earths

Ltd.#^

3,883,039

17,324

Southern

Copper

Corp.^

2,974,357

12,248,649

Real

Estate

(0.9%)

171,000

HKD

Sun

Hung

Kai

Properties

Ltd.

2,993,710

Utilities

(2.7%)

125,110

EUR

Iberdrola

SA^

2,933,105

137

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

International

Growth

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NOTES

SCHEDULE

INVESTMENTS

NUMBER

VALUE

43,600

EUR

RWE

3,174,625

65,830

GBP

SSE

PLC^

2,357,001

8,464,731

TOTAL

COMMON

STOCKS

(Cost

$223,410,657)

326,114,581

WARRANT

(0.0%)#

Information

Technology

(0.0%)

1,260

Constellation

Software,

Inc.^

03/31/40,

Strike

$1.00

(Cost

$–)

—

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTION

(0.1%)#

Other

(0.1%)

6,444

65,935,008

iShares

MSCI

EAFE

ETF

Put,

05/15/26,

Strike

$100.00

(Cost

$684,501)

412,416

NUMBER

SHARES/

PRINCIPAL

AMOUNT

VALUE

INVESTMENT

CASH

COLLATERAL

FOR

SECURITIES

LOANED

(13.8%)

43,199,411

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio,

3.669%†***

(Cost

$43,199,411)

43,199,411

TOTAL

INVESTMENTS

(118.0%)

(Cost

$267,294,569)

369,726,408

PAYABLE

UPON

RETURN

SECURITIES

LOAN

(-13.8%)

(43,199,411)

LIABILITIES,

LESS

OTHER

ASSETS

(-4.2%)

(13,301,645)

NET

ASSETS

(100.0%)

313,225,352

Non-income

producing

security.

Security,

portion

security,

loan.

Securities

issued

and

sold

pursuant

Rule

144A

transaction

are

exempted

from

the

registration

requirement

the

Securities

Act

1933,

amended.

These

securities

may

only

sold

qualified

institutional

buyers

(“QIBs”),

such

the

Fund.

Any

resale

these

securities

must

generally

effected

through

sale

that

registered

under

the

Act

otherwise

exempted

from

such

registration

requirements.

†

Represents

investment

cash

collateral

received

from

securities

loan

April

30,

2026.

***

The

rate

disclosed

the

day

net

yield

April

30,

2026.

FOREIGN

CURRENCY

ABBREVIATIONS

AUD

Australian

Dollar

CAD

Canadian

Dollar

CHF

Swiss

Franc

CNY

Chinese

Yuan

Renminbi

DKK

Danish

Krone

EUR

European

Monetary

Unit

GBP

British

Pound

Sterling

HKD

Hong

Kong

Dollar

JPY

Japanese

Yen

KRW

South

Korean

Won

SEK

Swedish

Krona

SGD

Singapore

Dollar

TWD

New

Taiwan

Dollar

ABBREVIATION

ADR

American

Depositary

Receipt

Note:

Value

for

securities

denominated

foreign

currencies

shown

U.S.

dollars.

The

date

options

represents

the

expiration

date

the

option

contract.

The

option

contract

may

exercised

any

date

before

the

date

shown.

COUNTRY

EXPOSURE

April

30,

2026

VALUE

TOTAL

INVESTMENTS

Japan

82,067,212

25.1‌%

South

Korea

42,048,045

12.8‌%

Taiwan

26,360,836

8.1‌%

Germany

24,061,373

7.3‌%

United

Kingdom

19,651,904

6.0‌%

Netherlands

18,736,364

5.8‌%

All

other

countries

less

than

113,601,263

34.9‌%

Total

Investments

$326,526,997

100.0‌%

Country

exposure

may

vary

over

time.

138

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

International

Growth

Fund

Schedule

Investments

April

30,

2026

(unaudited)

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

April

30,

2026

(see

Note

8):

FORWARD

FOREIGN

CURRENCY

CONTRACTS

COUNTERPARTY

LONG

CONTRACTS

SETTLEMENT

DATE

LOCAL

CURRENCY

CURRENT

VALUE

UNREALIZED

GAIN/LOSS

Northern

Trust

Company

Swiss

Franc

6/25/26

4,528,000

5,827,032

(68,616)

Northern

Trust

Company

Swiss

Franc

6/25/26

2,897,000

3,728,116

(43,901)

State

Street

Bank

and

Trust

Canadian

Dollar

6/25/26

4,691,000

3,461,416

(13,167)

Northern

Trust

Company

Swedish

Krona

6/25/26

23,825,000

2,587,367

(34,503)

State

Street

Bank

and

Trust

Canadian

Dollar

6/25/26

3,058,000

2,256,450

(8,583)

Northern

Trust

Company

South

African

Rand

6/25/26

28,903,000

1,728,467

(29,420)

Northern

Trust

Company

Swedish

Krona

6/25/26

14,883,000

1,616,276

(21,553)

Northern

Trust

Company

Australian

Dollar

6/25/26

1,971,000

1,417,655

17,981

Northern

Trust

Company

South

African

Rand

6/25/26

20,655,000

1,235,217

(21,025)

Northern

Trust

Company

Australian

Dollar

6/25/26

1,298,000

933,596

11,842

(210,945)

LEVEL

TOTAL

Assets:

—

Common

Stocks

57,659,346

268,455,235

—

326,114,581

Warrant

—

Exchange-Traded

Purchased

Option

412,416

—

412,416

Investment

Cash

Collateral

for

Securities

Loaned

—

43,199,411

—

43,199,411

Forward

Foreign

Currency

Contracts

—

29,823

—

29,823

Total

58,071,762

311,684,469

—

369,756,231

Liabilities:

—

Forward

Foreign

Currency

Contracts

—

240,768

—

240,768

Total

—

240,768

—

240,768

Calamos

Evolving

World

Growth

Fund

Schedule

Investments

April

30,

2026

(unaudited)

139

www.calamos.com

See

accompanying

Notes

Schedule

Investments

PRINCIPAL

AMOUNT

VALUE

CONVERTIBLE

BONDS

(12.3%)

Communication

Services

(0.9%)

4,268,000

AST

SpaceMobile,

Inc.*

2.000%,

01/15/36

4,320,368

Financials

(5.9%)

Goldman

Sachs

Finance

Corp.

International

Ltd.

(Tencent

Holdings

Ltd.)*§

10,000,000

0.000%,

01/29/29

14,023,300

3,800,000

Series

700H,

0.000%,

03/07/30

3,784,572

32,000,000

HKD

Happy

Ever

Holdings

Ltd.*

0.500%,

07/16/30

4,204,144

35,000,000

HKD

Huatai

Securities

Co.

Ltd.*

0.000%,

02/08/27

4,443,090

26,455,106

Industrials

(2.3%)

3,620,000

Bloom

Energy

Corp.*^

0.000%,

11/15/30

6,301,950

3,900,000

ZTO

Express

Cayman,

Inc.*

0.925%,

03/01/31

4,008,888

10,310,838

Information

Technology

(2.3%)

1,000,000

Hynix,

Inc.*

1.750%,

04/11/30

10,523,920

Materials

(0.9%)

4,300,000

Jinkai

Investment

Holdings

Ltd.*

0.000%,

02/05/31

4,031,035

TOTAL

CONVERTIBLE

BONDS

(Cost

$43,033,290)

55,641,267

NUMBER

VALUE

COMMON

STOCKS

(85.9%)

Communication

Services

(3.9%)

47,780

Millicom

International

Cellular

SA^

4,055,566

284,344

ZAR

MTN

Group

Ltd.

3,579,345

152,400

KRW

Telecom

Co.

Ltd.

9,875,836

17,510,747

Consumer

Discretionary

(6.3%)

503,300

HKD

Alibaba

Group

Holding

Ltd.

8,294,892

52,900

INR

Bharat

Forge

Ltd.

1,059,230

47,740

KRW

Hyundai

Motor

Co.

17,303,829

378,000

HKD

Minth

Group

Ltd.

1,653,098

28,311,049

Consumer

Staples

(0.9%)

25,800

PriceSmart,

Inc.

4,048,536

NUMBER

VALUE

Energy

(0.9%)

53,337

TechnipFMC

PLC~

4,030,677

Financials

(10.5%)

577,900

EUR

Alpha

Bank

2,319,245

512,195

Banco

Bradesco

(

ADR

)

1,987,317

15,515

ZAR

Capitec

Bank

Holdings

Ltd.

4,027,687

6,500

Credicorp

Ltd.

2,107,105

36,930

EUR

Erste

Group

Bank

4,080,617

362,700

EUR

Eurobank

1,578,126

27,640

Grupo

Cibest

(

ADR

)

1,884,772

405,272

Itau

Unibanco

Holding

(

ADR

)

3,525,866

34,325

KRW

Financial

Group,

Inc.

3,758,763

87,737

KRW

Mirae

Asset

Securities

Co.

Ltd.

3,897,099

34,000

INR

Multi

Commodity

Exchange

India

Ltd.

1,070,301

15,000

HUF

OTP

Bank

Nyrt

2,011,934

1,532,890

MYR

RHB

Bank

Bhd.

3,141,817

26,120

KRW

Samsung

Life

Insurance

Co.

Ltd.

4,442,469

352,000

INR

Shriram

Finance

Ltd.

3,505,146

358,565

INR

State

Bank

India

4,069,012

47,407,276

Industrials

(15.9%)

97,600

CNY

Contemporary

Amperex

Technology

Co.

Ltd.

Class

6,265,071

50,000

KRW

Daewoo

Engineering

Construction

Co.

Ltd.#

1,198,287

30,960

KRW

Doosan

Enerbility

Co.

Ltd.#

2,698,248

4,440

KRW

Hanwha

Aerospace

Co.

Ltd.

4,264,840

2,400

KRW

Hyundai

Heavy

Industries

Co.

Ltd.

1,117,671

13,530

INR

Hitachi

Energy

India

Ltd.

4,808,940

4,267

KRW

Hyosung

Heavy

Industries

Corp.

11,494,486

2,000,000

HKD

Impro

Precision

Industries

Ltd.*

2,663,951

247,950

PHP

International

Container

Terminal

Services,

Inc.

2,873,656

159,800

INR

KRN

Heat

Exchanger

Refrigeration

Ltd.#

2,202,744

93,500

INR

MTAR

Technologies

Ltd.#*

6,616,707

3,000

KRW

Rainbow

Robotics#

1,366,181

18,525

KRW

Samsung

C&T

Corp.

3,784,740

63,000

CNY

Sieyuan

Electric

Co.

Ltd.

Class

1,804,147

13,960

KRW

Square

Co.

Ltd.#

8,124,730

61,400

TWD

Syntec

Technology

Co.

Ltd.

4,986,112

1,175,800

CNY

Weichai

Power

Co.

Ltd.

Class

5,407,878

71,678,389

Information

Technology

(42.5%)

103,000

TWD

All

Ring

Tech

Co.

Ltd.

3,933,469

50,600

TWD

Asia

Vital

Components

Co.

Ltd.

4,632,596

8,800

TWD

ASPEED

Technology,

Inc.

4,730,637

73,800

TWD

Chroma

ATE,

Inc.

5,042,777

368,000

TWD

Compeq

Manufacturing

Co.

Ltd.

2,869,642

96,900

TWD

Delta

Electronics,

Inc.

6,795,156

140

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Evolving

World

Growth

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NOTES

SCHEDULE

INVESTMENTS

NUMBER

VALUE

30,650

TWD

Elite

Material

Co.

Ltd.

4,566,992

5,730

Fabrinet#~

3,916,283

57,700

HKD

Knowledge

Atlas

Technology

JSC

Ltd.

Class

H#^

6,594,391

41,700

TWD

LandMark

Optoelectronics

Corp.

3,617,184

3,910

Lumentum

Holdings,

Inc.#

3,528,071

57,000

TWD

MediaTek,

Inc.

4,758,452

47,260

HKD

Minimax

Group,

Inc.#^

4,415,445

92,080

CNY

Montage

Technology

Co.

Ltd.

Class

2,364,623

57,645

CNY

NAURA

Technology

Group

Co.

Ltd.

Class

4,560,435

9,600

KRW

Robotis

Co.

Ltd.#

2,088,421

12,860

KRW

Samsung

Electro-Mechanics

Co.

Ltd.

7,377,590

157,500

KRW

Samsung

Electronics

Co.

Ltd.

23,717,545

2,400

KRW

Samsung

SDI

Co.

Ltd.#

1,136,657

195,000

CNY

Shengyi

Technology

Co.

Ltd.

Class

2,210,525

65,900

CNY

Suzhou

TFC

Optical

Communication

Co.

Ltd.

Class

2,979,033

1,147,649

TWD

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

79,671,915

261,500

TWD

Tripod

Technology

Corp.

3,767,491

45,000

TWD

Universal

Microwave

Technology,

Inc.

2,238,937

191,514,267

Materials

(3.0%)

84,135

CAD

Alamos

Gold,

Inc.

Class

3,357,100

178,200

Cemex

SAB

(

ADR

)

2,191,860

598,500

HKD

China

Hongqiao

Group

Ltd.^

2,533,478

168,450

CAD

Hudbay

Minerals,

Inc.^

3,896,418

27,400

KRW

HVM

Co.

Ltd.#

1,654,039

13,632,895

Real

Estate

(0.6%)

2,450,000

MYR

IOI

Properties

Group

Bhd.

2,564,061

Utilities

(1.4%)

1,045,000

INR

Adani

Power

Ltd.#

2,461,492

284,940

BRL

Axia

Energia

3,570,525

6,032,017

TOTAL

COMMON

STOCKS

(Cost

$218,520,834)

386,729,914

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(0.8%)#

Consumer

Discretionary

(0.1%)

8,425,361

MercadoLibre,

Inc.

Call,

05/15/26,

Strike

$1,900.00

201,630

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

481

4,082,728

Sea

Ltd.

Call,

05/15/26,

Strike

$95.00

122,655

324,285

Energy

(0.1%)

2,117

4,663,751

Petroleo

Brasileiro

Petrobras

Call,

06/18/26,

Strike

$20.00

531,367

Materials

(0.1%)

464

7,966,416

Southern

Copper

Corp.

Call,

06/18/26,

Strike

$180.00

403,680

Other

(0.5%)

14,068

90,021,132

iShares

MSCI

Emerging

Markets

ETF

Put,

05/15/26,

Strike

$62.00

907,386

17,654

87,246,068

iShares

MSCI

India

ETF

Call,

06/18/26,

Strike

$52.00

926,835

28,701

82,572,777

KraneShares

CSI

China

Internet

ETF

Call,

06/18/26,

Strike

$33.00

717,525

2,551,746

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$8,381,800)

3,811,078

NUMBER

SHARES/

PRINCIPAL

AMOUNT

VALUE

INVESTMENT

CASH

COLLATERAL

FOR

SECURITIES

LOANED

(1.2%)

5,265,667

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio,

3.669%†***

(Cost

$5,265,667)

5,265,667

TOTAL

INVESTMENTS

(100.2%)

(Cost

$275,201,591)

451,447,926

PAYABLE

UPON

RETURN

SECURITIES

LOAN

(-1.2%)

(5,265,667)

OTHER

ASSETS,

LESS

LIABILITIES

(1.0%)

4,145,460

NET

ASSETS

(100.0%)

450,327,719

Securities

issued

and

sold

pursuant

Rule

144A

transaction

are

exempted

from

the

registration

requirement

the

Securities

Act

1933,

amended.

These

securities

may

only

sold

qualified

institutional

buyers

(“QIBs”),

such

the

Fund.

Any

resale

these

securities

must

generally

effected

through

sale

that

registered

under

the

Act

otherwise

exempted

from

such

registration

requirements.

Securities

exchangeable

convertible

into

securities

one

entities

that

are

different

than

the

issuer.

Each

entity

identified

the

parenthetical.

141

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Evolving

World

Growth

Fund

Schedule

Investments

April

30,

2026

(unaudited)

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

April

30,

2026

(see

Note

8):

Security,

portion

security,

loan.

Security,

portion

security,

segregated

collateral

(or

collateral

for

potential

future

transactions)

for

written

options.

The

aggregate

value

such

securities

$3,695,622.

Non-income

producing

security.

†

Represents

investment

cash

collateral

received

from

securities

loan

April

30,

2026.

***

The

rate

disclosed

the

day

net

yield

April

30,

2026.

FOREIGN

CURRENCY

ABBREVIATIONS

BRL

Brazilian

Real

CAD

Canadian

Dollar

CNY

Chinese

Yuan

Renminbi

EUR

European

Monetary

Unit

HKD

Hong

Kong

Dollar

HUF

Hungarian

Forint

INR

Indian

Rupee

KRW

South

Korean

Won

MYR

Malaysian

Ringgit

PHP

Philippine

Peso

TWD

New

Taiwan

Dollar

ZAR

South

African

Rand

ABBREVIATION

ADR

American

Depositary

Receipt

Note:

Value

for

securities

denominated

foreign

currencies

shown

U.S.

dollars.

The

date

options

represents

the

expiration

date

the

option

contract.

The

option

contract

may

exercised

any

date

before

the

date

shown.

COUNTRY

EXPOSURE

April

30,

2026

VALUE

TOTAL

INVESTMENTS

Taiwan

131,611,360

29.5‌%

South

Korea

119,825,351

26.9‌%

China

57,534,994

12.9‌%

United

States

41,827,804

9.4‌%

India

25,793,573

5.8‌%

All

other

countries

less

than

69,589,177

15.5‌%

Total

Investments

$446,182,259

100.0‌%

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

6/25/26

923,721,000

9,688,675

(254,457)

Northern

Trust

Company

Mexican

Peso

6/25/26

154,291,000

8,794,914

102,834

Northern

Trust

Company

South

African

Rand

6/25/26

135,199,000

8,085,216

(137,620)

State

Street

Bank

and

Trust

Thai

Baht

6/25/26

132,082,000

4,068,191

(90,508)

State

Street

Bank

and

Trust

Indonesian

Rupiah

6/25/26

70,152,298,000

4,042,559

(73,393)

(453,144)

LEVEL

TOTAL

Assets:

—

Convertible

Bonds

—

55,641,267

—

55,641,267

Common

Stocks

49,175,382

337,554,532

—

386,729,914

Exchange-Traded

Purchased

Options

3,811,078

—

3,811,078

Investment

Cash

Collateral

for

Securities

Loaned

—

5,265,667

—

5,265,667

Forward

Foreign

Currency

Contracts

—

102,834

—

102,834

Total

52,986,460

398,564,300

—

451,550,760

Liabilities:

—

Forward

Foreign

Currency

Contracts

—

555,978

—

555,978

Total

—

555,978

—

555,978

Calamos

Global

Equity

Fund

Schedule

Investments

April

30,

2026

(unaudited)

142

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

PRINCIPAL

AMOUNT

VALUE

CONVERTIBLE

BOND

(0.3%)

Communication

Services

(0.3%)

356,000

AST

SpaceMobile,

Inc.*

2.375%,

10/15/32

(Cost

$381,123)

496,780

NUMBER

VALUE

COMMON

STOCKS

(92.1%)

Communication

Services

(9.0%)

24,270

Alphabet,

Inc.

Class

9,339,096

18,080

AST

SpaceMobile,

Inc.#^

1,336,112

14,200

EchoStar

Corp.

Class

A#^

1,748,588

2,030

Meta

Platforms,

Inc.

Class

1,242,178

18,400

Millicom

International

Cellular

SA^

1,561,792

20,900

KRW

Telecom

Co.

Ltd.

1,354,363

16,582,129

Consumer

Discretionary

(8.2%)

23,340

Amazon.com,

Inc.#

6,186,500

57,800

JPY

BuySell

Technologies

Co.

Ltd.

1,238,787

9,490

KRW

Hyundai

Motor

Co.

3,439,743

4,670

Tesla,

Inc.#

1,782,212

29,300

Viking

Holdings

Ltd.#

2,399,963

15,047,205

Consumer

Staples

(3.3%)

38,300

Darling

Ingredients,

Inc.#

2,460,009

11,060

Philip

Morris

International,

Inc.

1,825,674

10,800

PriceSmart,

Inc.

1,694,736

5,980,419

Energy

(4.2%)

9,650

Exxon

Mobil

Corp.

1,489,284

45,300

Halliburton

Co.

1,916,190

55,810

TechnipFMC

PLC

4,217,562

7,623,036

Financials

(7.1%)

12,000

EUR

BAWAG

Group

AG*

2,055,009

10,700

EUR

Erste

Group

Bank

1,182,307

1,930

Goldman

Sachs

Group,

Inc.

1,782,876

13,700

KRW

Financial

Group,

Inc.

1,500,220

69,200

JPY

ORIX

Corp.

2,329,030

9,800

Robinhood

Markets,

Inc.

Class

714,322

43,670

EUR

UniCredit

SpA

3,374,921

12,938,685

Health

Care

(8.3%)

3,890

Ascendis

Pharma

(

ADR

892,288

12,730

GBP

AstraZeneca

PLC

2,415,164

11,100

Cardinal

Health,

Inc.

2,140,968

4,610

Eli

Lilly

Co.

4,308,506

14,100

Gilead

Sciences,

Inc.

1,844,844

7,910

Johnson

1,818,113

NUMBER

VALUE

36,900

Royalty

Pharma

PLC

Class

1,848,321

15,268,204

Industrials

(13.7%)

8,500

Bloom

Energy

Corp.

Class

2,408,560

1,100

Comfort

Systems

USA,

Inc.

2,024,275

40,400

JPY

FANUC

Corp.

1,784,592

5,255

Vernova,

Inc.

5,693,582

67,000

JPY

Harmonic

Drive

Systems,

Inc.

2,284,132

1,010

KRW

Hyosung

Heavy

Industries

Corp.

2,720,748

45,400

JPY

Kandenko

Co.

Ltd.

1,980,417

34,400

JPY

Mitsubishi

Electric

Corp.

1,380,506

4,800

JPY

Nitto

Boseki

Co.

Ltd.^

881,908

250,700

GBP

Rolls-Royce

Holdings

PLC

4,034,153

25,192,873

Information

Technology

(33.9%)

9,005

Advanced

Micro

Devices,

Inc.#

3,192,182

2,710

EUR

ASML

Holding

3,917,429

8,890

Broadcom,

Inc.

3,710,953

33,700

EUR

Indra

Sistemas

SA^

1,938,234

31,200

Intel

Corp.#

2,947,776

2,000

JPY

Keyence

Corp.

917,332

7,100

HKD

Knowledge

Atlas

Technology

JSC

Ltd.

Class

H#^

811,441

221,000

CAD

Kraken

Robotics,

Inc.#^

1,270,667

4,560

Lumentum

Holdings,

Inc.#

4,114,579

6,430

Microsoft

Corp.~

2,622,025

6,600

HKD

Minimax

Group,

Inc.#^

616,630

145,000

Nokia

OYJ

(

ADR

)

1,871,950

64,280

NVIDIA

Corp.

12,828,360

14,919

Palantir

Technologies,

Inc.

Class

2,075,382

38,800

KRW

Samsung

Electronics

Co.

Ltd.

5,842,798

26,530

EUR

STMicroelectronics

NV^

1,445,628

126,700

TWD

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

8,795,748

7,000

Tower

Semiconductor

Ltd.#

1,547,350

10,800

TTM

Technologies,

Inc.#

1,708,776

62,175,240

Materials

(2.1%)

34,000

CAD

Alamos

Gold,

Inc.

Class

1,356,646

69,600

CAD

Hudbay

Minerals,

Inc.^

1,609,918

4,739

Southern

Copper

Corp.

813,639

3,780,203

Utilities

(2.3%)

90,900

EUR

Iberdrola

SA^

2,131,079

56,700

GBP

SSE

PLC

2,030,107

4,161,186

TOTAL

COMMON

STOCKS

(Cost

$98,620,110)

168,749,180

143

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Global

Equity

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NOTES

SCHEDULE

INVESTMENTS

NUMBER

VALUE

CONVERTIBLE

PREFERRED

STOCKS

(3.9%)

Industrials

(2.0%)

51,366

Boeing

Co.^

6.000%,

10/15/27§

3,708,625

Information

Technology

(0.9%)

34,100

Oracle

Corp.

6.500%,

01/15/29#

1,659,647

Utilities

(1.0%)

35,300

NextEra

Energy,

Inc.

7.375%,

02/15/29#§

1,853,956

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

(Cost

$6,680,222)

7,222,228

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(0.3%)#

Information

Technology

(0.2%)

228

6,186,780

Apple,

Inc.

Call,

11/20/26,

Strike

$275.00

520,410

Other

(0.1%)

1,775

18,161,800

iShares

MSCI

EAFE

ETF

Put,

05/15/26,

Strike

$100.00

113,600

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$742,711)

634,010

NUMBER

SHARES/

PRINCIPAL

AMOUNT

VALUE

INVESTMENT

CASH

COLLATERAL

FOR

SECURITIES

LOANED

(5.4%)

9,828,408

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio,

3.669%†***

(Cost

$9,828,408)

9,828,408

TOTAL

INVESTMENTS

(102.0%)

(Cost

$116,252,574)

186,930,606

PAYABLE

UPON

RETURN

SECURITIES

LOAN

(-5.4%)

(9,828,408)

OTHER

ASSETS,

LESS

LIABILITIES

(3.4%)

6,213,951

NET

ASSETS

(100.0%)

183,316,149

Securities

issued

and

sold

pursuant

Rule

144A

transaction

are

exempted

from

the

registration

requirement

the

Securities

Act

1933,

amended.

These

securities

may

only

sold

qualified

institutional

buyers

(“QIBs”),

such

the

Fund.

Any

resale

these

securities

must

generally

effected

through

sale

that

registered

under

the

Act

otherwise

exempted

from

such

registration

requirements.

Non-income

producing

security.

Security,

portion

security,

loan.

Security,

portion

security,

segregated

collateral

(or

collateral

for

potential

future

transactions)

for

written

options.

The

aggregate

value

such

securities

$570,892.

Securities

exchangeable

convertible

into

securities

one

entities

that

are

different

than

the

issuer.

Each

entity

identified

the

parenthetical.

†

Represents

investment

cash

collateral

received

from

securities

loan

April

30,

2026.

***

The

rate

disclosed

the

day

net

yield

April

30,

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

foreign

currencies

shown

U.S.

dollars.

The

date

options

represents

the

expiration

date

the

option

contract.

The

option

contract

may

exercised

any

date

before

the

date

shown.

COUNTRY

EXPOSURE

April

30,

2026

VALUE

TOTAL

INVESTMENTS

United

States

99,557,962

56.1‌%

South

Korea

14,857,873

8.4‌%

Japan

12,796,702

7.2‌%

United

Kingdom

12,696,986

7.2‌%

All

other

countries

less

than

37,192,675

21.1‌%

Total

Investments

$177,102,198

100.0‌%

Country

exposure

may

vary

over

time.

144

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Global

Equity

Fund

Schedule

Investments

April

30,

2026

(unaudited)

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

April

30,

2026

(see

Note

8):

FORWARD

FOREIGN

CURRENCY

CONTRACTS

COUNTERPARTY

LONG

CONTRACTS

SETTLEMENT

DATE

LOCAL

CURRENCY

CURRENT

VALUE

UNREALIZED

GAIN/LOSS

Northern

Trust

Co.

Australian

Dollar

6/25/26

4,897,000

3,522,201

44,675

Northern

Trust

Co.

Swiss

Franc

6/25/26

2,565,000

3,300,869

(38,870)

5,805

LEVEL

TOTAL

Assets:

—

Convertible

Bond

—

496,780

—

496,780

Common

Stocks

106,346,754

62,402,426

—

168,749,180

Convertible

Preferred

Stocks

7,222,228

—

7,222,228

Exchange-Traded

Purchased

Options

634,010

—

634,010

Investment

Cash

Collateral

for

Securities

Loaned

—

9,828,408

—

9,828,408

Forward

Foreign

Currency

Contracts

—

44,675

—

44,675

Total

114,202,992

72,772,289

—

186,975,281

Liabilities:

—

Forward

Foreign

Currency

Contracts

—

38,870

—

38,870

Total

—

38,870

—

38,870

Calamos

Global

Opportunities

Fund

Schedule

Investments

April

30,

2026

(unaudited)

145

www.calamos.com

See

accompanying

Notes

Schedule

Investments

PRINCIPAL

AMOUNT

VALUE

CONVERTIBLE

BONDS

(28.9%)

Communication

Services

(0.3%)

739,000

AST

SpaceMobile

Inc.*

2.375%,

10/15/32

1,031,237

Consumer

Discretionary

(1.4%)

1,300,000

EUR

Deutsche

Lufthansa

AG*

0.000%,

09/10/32

1,532,748

3,070,000

NCL

Corp.

Ltd.^

0.875%,

04/15/30

3,241,736

4,774,484

Consumer

Staples

(0.5%)

1,463,000

Revolution

Medicines,

Inc.

0.500%,

05/01/33

1,620,112

Energy

(2.1%)

2,802,000

Liberty

Energy,

Inc.*

0.000%,

03/01/31

3,387,282

1,300,000

EUR

Saipem

SpA

2.875%,

09/11/29

4,125,506

7,512,788

Financials

(1.5%)

1,610,000

Dave,

Inc.*

0.000%,

04/01/31

1,996,336

24,000,000

HKD

Happy

Ever

Holdings

Ltd.*

0.500%,

07/16/30

3,153,108

5,149,444

Health

Care

(3.0%)

2,613,000

Bridgebio

Pharma,

Inc.*

0.750%,

02/01/33

2,582,454

598,000

Cogent

Biosciences,

Inc.

1.625%,

11/15/31

712,906

1,640,000

Guardant

Health,

Inc.*^

0.000%,

05/15/33

1,714,194

1,611,000

Ionis

Pharmaceuticals,

Inc.*

0.000%,

12/01/30

1,679,274

2,782,000

Ligand

Pharmaceuticals,

Inc.*

0.750%,

10/01/30

3,738,924

10,427,752

Industrials

(4.6%)

1,130,000

Astronics

Corp.*

0.000%,

01/15/31

1,668,818

3,026,000

Bloom

Energy

Corp.*

0.000%,

11/15/30

5,267,873

3,227,000

BWX

Technologies,

Inc.*^

0.000%,

11/01/30

3,504,264

1,000,000

EUR

Exail

Technologies

SA*

4.000%,

10/01/30

yr.

EUR

Swap

13.000%

1,612,642

1,570,000

OSI

Systems,

Inc.*^

0.500%,

02/01/31

1,675,692

PRINCIPAL

AMOUNT

VALUE

16,000,000

CNY

Zoomlion

Heavy

Industry

Science

Technology

Co.

Ltd.*

0.700%,

02/05/31

2,358,751

16,088,040

Information

Technology

(6.9%)

350,000,000

JPY

Advantest

Corp.*

0.000%,

03/28/31

2,659,066

1,800,000

EUR

AIXTRON

SE*

0.000%,

04/23/31

2,602,305

1,450,000

Avnet,

Inc.*

1.750%,

09/01/30

1,898,905

1,352,000

Lumentum

Holdings,

Inc.*

0.375%,

03/15/32

6,591,041

1,600,000

Microchip

Technology,

Inc.*

0.000%,

02/15/30

1,831,008

1,542,000

Nebius

Group

NV*

1.250%,

03/15/31

1,714,519

1,510,000

Semiconductor

Corp.

0.500%,

03/01/29

1,838,802

1,600,000

STMicroelectronics

Series

0.000%,

08/04/27

2,044,112

2,543,000

Ultra

Clean

Holdings,

Inc.*

0.000%,

03/15/31

3,160,364

24,340,122

Materials

(1.3%)

1,180,000

First

Majestic

Silver

Corp.*

0.125%,

01/15/31

1,443,588

1,700,000

Jinkai

Investment

Holdings

Ltd.*

0.000%,

02/05/31

1,593,665

1,400,000

KCC

Corp.*

1.750%,

07/10/30

1,713,516

4,750,769

Real

Estate

(0.9%)

3,009,000

Realty

Income

Corp.*

3.500%,

01/15/29

3,129,270

Utilities

(6.4%)

3,071,000

CenterPoint

Energy,

Inc.*

3.000%,

08/01/28

3,258,638

3,180,000

Duke

Energy

Corp.*

3.000%,

03/15/29

3,188,872

1,500,000

Exelon

Corp.*

3.250%,

03/15/29

1,519,830

5,500,000

EUR

Iberdrola

Finanzas

SA*

1.500%,

03/27/30

7,499,052

3,246,000

PPL

Capital

Funding,

Inc.

2.875%,

03/15/28

3,744,781

2,838,000

Southern

Co.

4.500%,

06/15/27

3,170,131

22,381,304

TOTAL

CONVERTIBLE

BONDS

(Cost

$86,739,184)

101,205,322

146

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Global

Opportunities

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NUMBER

VALUE

COMMON

STOCKS

(62.7%)

Communication

Services

(8.0%)

46,320

Alphabet,

Inc.

Class

17,823,936

37,592

AST

SpaceMobile

Inc.#^

2,778,049

3,915

Meta

Platforms,

Inc.

Class

2,395,627

896,000

SGD

Singapore

Telecommunications

Ltd.

3,245,131

27,100

KRW

Telecom

Co.

Ltd.

1,756,136

27,998,879

Consumer

Discretionary

(5.5%)

32,880

Amazon.com,

Inc.#

8,715,173

11,710

KRW

Hyundai

Motor

Co.

4,244,404

9,201

Tesla,

Inc.#

3,511,377

31,910

Viking

Holdings

Ltd.#

2,613,748

19,084,702

Consumer

Staples

(1.2%)

26,185

Philip

Morris

International,

Inc.

4,322,358

Energy

(3.1%)

24,865

Exxon

Mobil

Corp.

3,837,416

78,600

Halliburton

Co.

3,324,780

48,300

TechnipFMC

PLC

3,650,031

10,812,227

Financials

(7.2%)

14,300

EUR

BAWAG

Group

AG*

2,448,886

26,700

Citigroup,

Inc.

3,417,066

13,830

EUR

Erste

Group

Bank

1,528,160

3,760

Goldman

Sachs

Group,

Inc.

3,473,375

9,805

JPMorgan

Chase

Co.

3,071,220

17,930

KRW

Financial

Group,

Inc.

1,963,426

69,300

JPY

ORIX

Corp.

2,332,395

101,000

Sumitomo

Mitsui

Financial

Group,

Inc.

(

ADR

2,144,230

64,625

EUR

UniCredit

SpA

4,994,373

25,373,131

Health

Care

(5.7%)

16,900

GBP

AstraZeneca

PLC

3,206,306

14,650

Cardinal

Health,

Inc.

2,825,692

5,985

Eli

Lilly

Co.

5,593,581

11,200

Gilead

Sciences,

Inc.

1,465,408

14,825

Johnson

3,407,526

71,600

Royalty

Pharma

PLC

Class

3,586,444

20,084,957

Industrials

(8.1%)

1,130

Comfort

Systems

USA,

Inc.

2,079,483

39,000

JPY

FANUC

Corp.

1,722,750

6,765

Vernova

Inc.

7,329,607

65,500

JPY

Harmonic

Drive

Systems,

Inc.

2,232,995

1,009

KRW

Hyosung

Heavy

Industries

Corp.

2,718,054

43,800

JPY

Kandenko

Co.

Ltd.

1,910,622

64,700

JPY

Mitsubishi

Electric

Corp.

2,596,474

NUMBER

VALUE

262,091

GBP

Rolls-Royce

Holdings

PLC

4,217,452

14,490

Waste

Management,

Inc.

3,369,649

28,177,086

Information

Technology

(22.3%)

11,855

Advanced

Micro

Devices,

Inc.#

4,202,479

3,960

EUR

ASML

Holding

5,724,361

12,260

Broadcom,

Inc.

5,117,692

24,300

EUR

Indra

Sistemas

SA^

1,397,599

61,895

Intel

Corp.#

5,847,840

286,000

CAD

Kraken

Robotics,

Inc.#^

1,644,392

12,375

Microsoft

Corp.

5,046,277

95,405

NVIDIA

Corp.

19,039,976

11,799

Palantir

Technologies,

Inc.

Class

1,641,359

71,650

KRW

Samsung

Electronics

Co.

Ltd.

10,789,600

222,000

TWD

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

15,411,650

9,300

Tower

Semiconductor

Ltd.#

2,055,765

77,918,990

Materials

(0.7%)

64,650

CAD

Alamos

Gold,

Inc.

Class

2,579,622

Utilities

(0.9%)

91,400

GBP

SSE

PLC^

3,272,519

TOTAL

COMMON

STOCKS

(Cost

$121,917,699)

219,624,471

CONVERTIBLE

PREFERRED

STOCKS

(4.9%)

Industrials

(3.0%)

146,708

Boeing

Co.^

6.000%,

10/15/27

10,592,318

Information

Technology

(1.0%)

68,500

Oracle

Corp.

6.500%,

01/15/29#

3,333,895

Utilities

(0.9%)

63,400

NextEra

Energy,

Inc.

7.375%,

02/15/29#

3,329,768

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

(Cost

$15,245,541)

17,255,981

147

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Global

Opportunities

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NOTES

SCHEDULE

INVESTMENTS

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(1.7%)#

Consumer

Discretionary

(0.0%)

1,000

1,818,000

Norwegian

Cruise

Line

Holdings

Ltd.

Call,

05/15/26,

Strike

$25.00

4,000

Consumer

Staples

(0.4%)

760

4,881,480

Darling

Ingredients,

Inc.

Call,

07/17/26,

Strike

$45.00

1,451,600

Information

Technology

(1.2%)

442

11,993,670

Apple,

Inc.

Call,

11/20/26,

Strike

$275.00

1,008,865

172

7,179,796

Broadcom,

Inc.

Call,

06/18/26,

Strike

$400.00

697,460

3,828

4,941,948

Nokia

OYJ

Call,

06/18/26,

Strike

$8.00

1,875,720

340

6,785,380

NVIDIA

Corp.

Call,

06/18/26,

Strike

$200.00

430,100

4,012,145

Other

(0.1%)

801

53,485,974

Invesco

QQQ

Trust

Put,

05/15/26,

Strike

$595.00

40,450

3,411

34,901,352

iShares

MSCI

EAFE

ETF

Put,

05/15/26,

Strike

$100.00

218,304

258,754

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$4,798,275)

5,726,499

NUMBER

SHARES/

PRINCIPAL

AMOUNT

VALUE

INVESTMENT

CASH

COLLATERAL

FOR

SECURITIES

LOANED

(3.4%)

11,863,911

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio,

3.669%†***

(Cost

$11,863,911)

11,863,911

TOTAL

INVESTMENTS

(101.6%)

(Cost

$240,564,610)

355,676,184

PAYABLE

UPON

RETURN

SECURITIES

LOAN

(-3.4%)

(11,863,911)

OTHER

ASSETS,

LESS

LIABILITIES

(1.8%)

6,311,693

NET

ASSETS

(100.0%)

350,123,966

Securities

issued

and

sold

pursuant

Rule

144A

transaction

are

exempted

from

the

registration

requirement

the

Securities

Act

1933,

amended.

These

securities

may

only

sold

qualified

institutional

buyers

(“QIBs”),

such

the

Fund.

Any

resale

these

securities

must

generally

effected

through

sale

that

registered

under

the

Act

otherwise

exempted

from

such

registration

requirements.

Security,

portion

security,

loan.

Non-income

producing

security.

†

Represents

investment

cash

collateral

received

from

securities

loan

April

30,

2026.

***

The

rate

disclosed

the

day

net

yield

April

30,

2026.

FOREIGN

CURRENCY

ABBREVIATIONS

CAD

Canadian

Dollar

CNY

Chinese

Yuan

Renminbi

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

ABBREVIATION

ADR

American

Depositary

Receipt

Note:

Value

for

securities

denominated

foreign

currencies

shown

U.S.

dollars.

The

date

options

represents

the

expiration

date

the

option

contract.

The

option

contract

may

exercised

any

date

before

the

date

shown.

COUNTRY

EXPOSURE

April

30,

2026

VALUE

TOTAL

INVESTMENTS

United

States

218,092,643

63.4‌%

South

Korea

23,185,137

6.8‌%

All

other

countries

less

than

102,534,493

29.8‌%

Total

Investments

$343,812,273

100.0‌%

Country

exposure

may

vary

over

time.

148

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Global

Opportunities

Fund

Schedule

Investments

April

30,

2026

(unaudited)

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

April

30,

2026

(see

Note

8):

FORWARD

FOREIGN

CURRENCY

CONTRACTS

COUNTERPARTY

LONG

CONTRACTS

SETTLEMENT

DATE

LOCAL

CURRENCY

CURRENT

VALUE

UNREALIZED

GAIN/LOSS

Northern

Trust

Company

Australian

Dollar

6/25/26

9,501,000

6,833,659

86,676

Northern

Trust

Company

Swiss

Franc

6/25/26

4,977,000

6,404,845

(75,421)

State

Street

Bank

and

Trust

Canadian

Dollar

6/25/26

4,475,000

3,302,032

(12,560)

(1,305)

LEVEL

TOTAL

Assets:

—

Convertible

Bonds

—

101,205,322

—

101,205,322

Common

Stocks

141,911,178

77,713,293

—

219,624,471

Convertible

Preferred

Stocks

17,255,981

—

17,255,981

Exchange-Traded

Purchased

Options

5,726,499

—

5,726,499

Investment

Cash

Collateral

for

Securities

Loaned

—

11,863,911

—

11,863,911

Forward

Foreign

Currency

Contracts

—

86,676

—

86,676

Total

164,893,658

190,869,202

—

355,762,860

Liabilities:

—

Forward

Foreign

Currency

Contracts

—

87,981

—

87,981

Total

—

87,981

—

87,981

Calamos

International

Small

Cap

Growth

Fund

Schedule

Investments

April

30,

2026

(unaudited)

149

www.calamos.com

See

accompanying

Notes

Schedule

Investments

NUMBER

VALUE

COMMON

STOCKS

(97.3%)

Communication

Services

(7.0%)

3,770

Millicom

International

Cellular

319,998

4,400

KRW

Telecom

Co.

Ltd.

285,129

8,900

JPY

SKY

Perfect

JSAT

Corp.

194,311

27,500

BRL

TIM

143,003

942,441

Consumer

Discretionary

(6.3%)

8,400

JPY

BuySell

Technologies

Co.

Ltd.

180,031

16,000

HKD

Minth

Group

Ltd.

69,972

6,500

JPY

Nextage

Co.

Ltd.

142,677

2,100

JPY

Open

House

Group

Co.

Ltd.

123,593

12,600

EUR

Schaeffler

119,797

13,545

EUR

Westwing

Group

SE#

211,273

847,343

Consumer

Staples

(1.9%)

1,620

PriceSmart,

Inc.

254,210

Energy

(3.1%)

20,800

CAD

CES

Energy

Solutions

Corp.

296,148

33,100

Denison

Mines

Corp.#

126,773

422,921

Financials

(10.9%)

10,700

EUR

Bank

Cyprus

Holdings

PLC

115,954

1,480

EUR

BAWAG

Group

AG*

253,451

5,050

INR

Multi

Commodity

Exchange

India

Ltd.

158,971

4,700

JPY

Nishi-Nippon

Financial

Holdings,

Inc.

118,013

3,200

GBP

Plus500

Ltd.

194,380

3,400

EUR

Revo

Insurance

SpA

101,755

12,500

JPY

Shiga

Bank

Ltd.

154,110

6,600

CAD

Stack

Capital

Group,

Inc.#

129,925

5,020

ILS

Tel

Aviv

Stock

Exchange

Ltd.

252,596

1,479,155

Health

Care

(2.3%)

6,500

JPY

Asahi

Intecc

Co.

Ltd.

136,777

750

Ascendis

Pharma

(

ADR

172,035

308,812

Industrials

(26.4%)

34,088

GBP

Ceres

Power

Holdings

PLC#

288,418

860

EUR

Exail

Technologies

SA#

125,145

4,610

EUR

Exosens

SAS

352,044

1,420

DKK

FLSmidth

Co.

105,466

8,800

JPY

Harmonic

Drive

Systems,

Inc.

300,005

180

KRW

Hyosung

Heavy

Industries

Corp.

484,886

850

KRW

Hyundai

Glovis

Co.

Ltd.

131,243

4,160

GBP

IMI

PLC

158,446

56,000

HKD

Impro

Precision

Industries

Ltd.*

74,591

8,000

JPY

Kandenko

Co.

Ltd.

348,972

NUMBER

VALUE

6,200

TWD

Kinik

Co.

108,067

8,400

INR

KRN

Heat

Exchanger

Refrigeration

Ltd.#

115,789

3,810

INR

MTAR

Technologies

Ltd.#*

269,622

11,780

SEK

Munters

Group

AB*

259,700

700

JPY

Nitto

Boseki

Co.

Ltd.

128,612

1,100

EUR

Pfisterer

Holding

SE#

133,923

2,400

TWD

Syntec

Technology

Co.

Ltd.

194,897

3,579,826

Information

Technology

(30.6%)

58,400

SGD

AEM

Holdings

Ltd.#

338,847

4,500

TWD

All

Ring

Tech

Co.

Ltd.

171,851

620

TWD

ASPEED

Technology,

Inc.

333,295

2,343

CNY

Beijing

Huafeng

Test

Control

Technology

Co.

Ltd.

Class

120,564

2,250

TWD

Chroma

ATE,

Inc.

153,743

13,000

TWD

Compeq

Manufacturing

Co.

Ltd.

101,373

1,400

TWD

Elite

Material

Co.

Ltd.

208,606

290

KRW

Hyundai

Autoever

Corp.

89,607

4,000

JPY

Ibiden

Co.

Ltd.

342,121

3,550

EUR

Indra

Sistemas

204,176

6,700

EUR

Jenoptik

263,672

37,200

CAD

Kraken

Robotics,

Inc.#

213,886

4,620

TWD

LandMark

Optoelectronics

Corp.

400,753

3,000

JPY

Micronics

Japan

Co.

Ltd.

252,227

1,010

ILS

Vision

Stabilized

Systems

Ltd.

115,776

9,100

JPY

Optex

Group

Co.

Ltd.

169,276

1,750

TWD

Phison

Electronics

Corp.

109,508

390

KRW

Robotis

Co.

Ltd.#

84,842

700

JPY

Seikoh

Giken

Co.

Ltd.

130,173

2,000

TWD

Universal

Microwave

Technology,

Inc.

99,508

3,700

JPY

Yamaichi

Electronics

Co.

Ltd.

246,865

4,150,669

Materials

(5.6%)

8,800

JPY

Carlit

Co.

Ltd.

153,699

8,850

CAD

Hudbay

Minerals,

Inc.

204,709

1,390

KRW

HVM

Co.

Ltd.#

83,909

10,650

AUD

Lynas

Rare

Earths

Ltd.#

151,083

42,200

AUD

Westgold

Resources

Ltd.

167,584

760,984

Real

Estate

(1.1%)

47,500

HKD

Kerry

Properties

Ltd.

144,578

Utilities

(2.1%)

1,000

EUR

Grenergy

Renovables

SA#

141,915

11,820

EUR

Italgas

SpA

142,784

284,699

TOTAL

COMMON

STOCKS

(Cost

$9,715,459)

13,175,638

150

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

International

Small

Cap

Growth

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NOTES

SCHEDULE

INVESTMENTS

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTION

(0.1%)#

Other

(0.1%)

264

2,701,248

iShares

MSCI

EAFE

ETF

Put,

05/15/26,

Strike

$100.00

(Cost

$28,043)

16,896

TOTAL

INVESTMENTS

(97.4%)

(Cost

$9,743,502)

13,192,534

OTHER

ASSETS,

LESS

LIABILITIES

(2.6%)

346,430

NET

ASSETS

(100.0%)

13,538,964

Non-income

producing

security.

Securities

issued

and

sold

pursuant

Rule

144A

transaction

are

exempted

from

the

registration

requirement

the

Securities

Act

1933,

amended.

These

securities

may

only

sold

qualified

institutional

buyers

(“QIBs”),

such

the

Fund.

Any

resale

these

securities

must

generally

effected

through

sale

that

registered

under

the

Act

otherwise

exempted

from

such

registration

requirements.

FOREIGN

CURRENCY

ABBREVIATIONS

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CNY

Chinese

Yuan

Renminbi

DKK

Danish

Krone

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

SEK

Swedish

Krona

SGD

Singapore

Dollar

TWD

New

Taiwan

Dollar

ABBREVIATION

ADR

American

Depositary

Receipt

Note:

Value

for

securities

denominated

foreign

currencies

shown

U.S.

dollars.

The

date

options

represents

the

expiration

date

the

option

contract.

The

option

contract

may

exercised

any

date

before

the

date

shown.

COUNTRY

EXPOSURE

April

30,

2026

VALUE

TOTAL

INVESTMENTS

Japan

3,121,461

23.7‌%

Taiwan

1,881,601

14.3‌%

South

Korea

1,159,617

8.8‌%

Canada

971,441

7.4‌%

Germany

728,665

5.5‌%

All

other

countries

less

than

5,329,749

40.3‌%

Total

Investments

$13,192,534

100.0‌%

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

Japanese

Yen

6/25/26

74,397,000

476,836

1,616

Northern

Trust

Company

Australian

Dollar

6/25/26

497,000

356,729

3,793

State

Street

Bank

and

Trust

South

African

Rand

6/25/26

1,153,000

68,718

(1,342)

4,067

COUNTERPARTY

SHORT

CONTRACTS

SETTLEMENT

DATE

LOCAL

CURRENCY

CURRENT

VALUE

UNREALIZED

GAIN/LOSS

State

Street

Bank

and

Trust

Japanese

Yen

6/25/26

74,397,000

476,836

440

151

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

International

Small

Cap

Growth

Fund

Schedule

Investments

April

30,

2026

(unaudited)

The

following

table

summarizes

the

Fund’s

investments

categorized

the

fair

value

hierarchy

April

30,

2026

(see

Note

8):

LEVEL

TOTAL

Assets:

—

Common

Stocks

2,250,069

10,925,569

—

13,175,638

Exchange-Traded

Purchased

Option

16,896

—

16,896

Forward

Foreign

Currency

Contracts

—

5,849

—

5,849

Total

2,266,965

10,931,418

—

13,198,383

Liabilities:

—

Forward

Foreign

Currency

Contracts

—

1,342

—

1,342

Total

—

1,342

—

1,342

Calamos

Total

Return

Bond

Fund

Schedule

Investments

April

30,

2026

(unaudited)

152

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

PRINCIPAL

AMOUNT

VALUE

ASSET

BACKED

SECURITIES

(3.9%)

Financials

(2.1%)

1,740

Amur

Equipment

Finance

Receivables

LLC

Series

2022-2A,

Class

A2*

5.300%,

06/21/28

1,741

60,050

CLI

Funding

LLC

Series

2020-3A,

Class

2.070%,

10/18/45

56,424

62,475

ELFI

Graduate

Loan

Program

LLC

Series

2022-A,

Class

4.510%,

08/26/47

61,115

Enterprise

Fleet

Financing

LLC

Series

2022-4,

Class

A2*

5.760%,

10/22/29

150,000

Hertz

Vehicle

Financing

III

Series

2021-2A,

Class

1.680%,

12/27/27

148,233

237,000

Progress

Residential

Trust

Series

2021-SFR5,

Class

1.658%,

07/17/38

235,490

503,057

Other

(1.8%)

150,000

Aligned

Data

Centers

Issuer

LLC

Series

2021-1A,

Class

A2*

1.937%,

08/15/46

148,884

100,000

SCF

Equipment

Leasing

LLC

Series

2025-2A,

Class

A3*

4.330%,

06/20/36

99,271

98,417

SVC

ABS

LLC

Series

2023-1A,

Class

5.150%,

02/20/53

98,452

72,510

USAA

Auto

Owner

Trust

Series

2024-A,

Class

A3*

5.030%,

03/15/29

72,904

419,511

TOTAL

ASSET

BACKED

SECURITIES

(Cost

$931,316)

922,568

CORPORATE

BONDS

(46.2%)

Airlines

(1.3%)

81,285

Air

Canada

Pass-Through

Trust

Series

2015-2,

Class

AA*

3.750%,

06/15/29

79,961

71,108

Alaska

Airlines

Pass-Through

Trust

Series

2020-1,

Class

4.800%,

02/15/29

71,115

54,579

British

Airways

Pass-Through

Trust

Series

2019-1,

Class

3.350%,

12/15/30

53,393

107,935

JetBlue

Pass-Through

Trust

Series

2019,

Class

2.750%,

11/15/33

95,009

299,478

PRINCIPAL

AMOUNT

VALUE

Communication

Services

(2.4%)

100,000

AT&T,

Inc.

5.125%,

04/30/36

98,302

60,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

2.800%,

04/01/31

53,742

50,000

Comcast

Corp.

3.900%,

03/01/38

42,970

75,000

Frontier

North,

Inc.

Series

6.730%,

02/15/28

77,257

75,000

Paramount

Global

3.700%,

10/04/26

74,621

100,000

T-Mobile

USA,

Inc.

6.700%,

12/15/33

109,675

100,000

Verizon

Communications,

Inc.

4.016%,

12/03/29

98,647

555,214

Consumer

Discretionary

(3.3%)

50,000

Bath

Body

Works,

Inc.*

6.625%,

10/01/30

50,716

25,000

Caesars

Entertainment,

Inc.*

7.000%,

02/15/30

25,388

150,000

Cargill,

Inc.*^

3.125%,

05/25/51

98,724

50,000

goeasy

Ltd.*^

7.625%,

07/01/29

44,827

60,000

Lithia

Motors,

Inc.*

5.500%,

10/01/30

59,734

100,000

Lowe's

Cos.,

Inc.

4.250%,

03/15/31

98,519

60,000

M/I

Homes,

Inc.

3.950%,

02/15/30

57,044

60,000

Mattel,

Inc.

6.200%,

10/01/40

59,534

100,000

Meritage

Homes

Corp.*

3.875%,

04/15/29

97,430

100,000

NIKE,

Inc.

2.850%,

03/27/30

94,492

100,000

Tractor

Supply

Co.

5.250%,

05/15/33

100,929

787,337

Consumer

Staples

(3.2%)

125,000

Anheuser-Busch

InBev

Worldwide,

Inc.

3.500%,

06/01/30

120,933

125,000

Archer-Daniels-Midland

Co.

3.250%,

03/27/30

119,808

125,000

Costco

Wholesale

Corp.

1.600%,

04/20/30

113,267

60,000

Edgewell

Personal

Care

Co.*

4.125%,

04/01/29

57,362

125,000

Hershey

Co.

1.700%,

06/01/30

112,434

100,000

Kimberly-Clark

Corp.

3.100%,

03/26/30

95,397

153

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Total

Return

Bond

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

100,000

Novartis

Capital

Corp.

4.700%,

09/18/54

86,913

50,000

Pilgrim's

Pride

Corp.

4.250%,

04/15/31

48,077

754,191

Energy

(0.9%)

60,000

Energy

Transfer

LP‡

6.943%,

11/01/66

mo.

USD

Term

SOFR

3.279%

59,814

100,000

EQT

Corp.*

3.125%,

05/15/26

99,903

60,000

Sunoco

LP*

5.625%,

03/15/31

60,241

219,958

Financials

(18.4%)

60,000

Affiliated

Managers

Group,

Inc.

3.300%,

06/15/30

56,468

60,000

Ally

Financial,

Inc.

Series

B‡

4.700%,

05/15/26

yr.

CMT

3.868%

59,918

50,000

American

Homes

Rent

4.950%,

06/15/30

50,297

100,000

Arthur

Gallagher

Co.

5.000%,

02/15/32

100,300

100,000

Avolon

Holdings

Funding

Ltd.*

4.700%,

01/30/31

98,306

100,000

Bank

America

Corp.‡

2.087%,

06/14/29

day

USD

SOFR

1.060%

95,199

150,000

Bank

Montreal‡

3.088%,

01/10/37

yr.

CMT

1.400%

134,338

100,000

Bank

New

York

Mellon

Corp.‡

5.834%,

10/25/33

day

USD

SOFR

Index

2.074%

105,839

150,000

Berkshire

Hathaway

Finance

Corp.

4.250%,

01/15/49

122,928

100,000

BlackRock

Funding,

Inc.

5.250%,

03/14/54

93,538

125,000

Capital

Markets

PLC‡

4.875%,

03/22/30

yr.

CMT

4.398%

124,031

75,000

Brookfield

Finance,

Inc.

2.724%,

04/15/31

68,188

100,000

Brown

Brown,

Inc.

5.650%,

06/11/34

101,024

150,000

Capital

One

Financial

Corp.‡

2.359%,

07/29/32

day

USD

SOFR

1.337%

129,349

100,000

CBRE

Services,

Inc.

4.900%,

01/15/33

98,878

100,000

Charles

Schwab

Corp.

Series

I‡

4.000%,

06/01/26

yr.

CMT

3.168%

99,933

100,000

Chubb

INA

Holdings

LLC

4.150%,

03/13/43

84,204

PRINCIPAL

AMOUNT

VALUE

60,000

Citigroup,

Inc.

Series

HH‡

6.625%,

02/15/31

yr.

CMT

3.001%

60,699

100,000

Citizens

Financial

Group,

Inc.‡

5.718%,

07/23/32

day

USD

SOFR

1.910%

103,037

100,000

Essent

Group

Ltd.

6.250%,

07/01/29

103,506

100,000

Essential

Properties

2.950%,

07/15/31

90,649

115,000

Essex

Portfolio

2.650%,

03/15/32

101,683

75,000

First

Citizens

BancShares,

Inc.

Series

D‡

7.000%,

12/15/30

yr.

CMT

3.301%

75,455

100,000

FNB

Corp.‡

5.722%,

12/11/30

day

USD

SOFR

Index

1.930%

100,982

75,000

Gabx

Leasing

LLC*

4.625%,

04/15/31

74,095

125,000

Globe

Life,

Inc.

4.550%,

09/15/28

124,820

100,000

GLP

Capital

LP/GLP

Financing

II,

Inc.

3.250%,

01/15/32

89,607

35,000

Goldman

Sachs

Private

Credit

Corp.*

5.050%,

02/23/28

34,603

83,000

Huntington

Bancshares,

Inc.

Series

K^‡

6.250%,

10/15/30

yr.

CMT

2.653%

83,137

100,000

Intercontinental

Exchange,

Inc.^

4.200%,

03/15/31

98,774

125,000

JPMorgan

Chase

Co.

Series

KK^‡

3.650%,

06/01/26

yr.

CMT

2.850%

124,858

200,000

LSEG

Finance

PLC*

2.000%,

04/06/28

190,960

100,000

M&T

Bank

Corp.‡

4.833%,

01/16/29

day

USD

SOFR

0.930%

100,404

100,000

MetLife,

Inc.

6.400%,

12/15/66

102,661

100,000

Morgan

Stanley‡

5.042%,

07/19/30

day

USD

SOFR

1.215%

101,140

100,000

Northern

Trust

Corp.‡

5.117%,

11/19/40

yr.

CMT

1.050%

97,842

118,000

PartnerRe

Finance

LLC‡

4.500%,

10/01/50

yr.

CMT

3.815%

113,424

100,000

Primerica,

Inc.

2.800%,

11/19/31

90,012

100,000

Prologis

2.875%,

11/15/29

95,025

100,000

Toronto-Dominion

Bank^

4.456%,

06/08/32

98,527

154

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Total

Return

Bond

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

125,000

Travelers

Cos.,

Inc.

2.550%,

04/27/50

73,871

100,000

U.S.

Bancorp‡

5.100%,

07/23/30

day

USD

SOFR

1.250%

101,723

200,000

USAA

Capital

Corp.*

2.125%,

05/01/30

182,972

125,000

Wells

Fargo

Co.

4.400%,

06/14/46

100,400

4,337,604

Health

Care

(2.8%)

100,000

CVS

Health

Corp.

4.780%,

03/25/38

92,823

60,000

DaVita,

Inc.*

4.625%,

06/01/30

58,133

100,000

Elanco

Animal

Health,

Inc.

6.400%,

08/28/28

102,680

150,000

Johnson

3.400%,

01/15/38

129,994

100,000

Kaiser

Foundation

Hospitals

Series

2021

2.810%,

06/01/41

72,863

100,000

Royalty

Pharma

PLC

2.200%,

09/02/30

90,331

100,000

Zoetis,

Inc.

5.600%,

11/16/32

104,613

651,437

Industrials

(4.2%)

100,000

Burlington

Northern

Santa

LLC

4.950%,

09/15/41

95,738

100,000

Cummins,

Inc.

4.875%,

10/01/43

93,797

80,000

GXO

Logistics,

Inc.

1.650%,

07/15/26

79,505

75,000

Honeywell

Aerospace,

Inc.*

4.600%,

03/16/33

74,105

100,000

Honeywell

International,

Inc.

1.950%,

06/01/30

90,754

100,000

Illinois

Tool

Works,

Inc.

4.875%,

09/15/41

94,558

60,000

Paychex,

Inc.

5.100%,

04/15/30

60,632

250,000

SMBC

Aviation

Capital

Finance

DAC*

1.900%,

10/15/26

247,088

60,000

TransDigm,

Inc.*

6.375%,

03/01/29

61,299

105,371

United

Airlines

Pass-Through

Trust

Series

Class

4.550%,

02/25/33

101,725

999,201

Information

Technology

(4.3%)

150,000

Apple,

Inc.

4.375%,

05/13/45

130,793

125,000

Applied

Materials,

Inc.

4.350%,

04/01/47

105,731

PRINCIPAL

AMOUNT

VALUE

110,000

CGI,

Inc.

2.300%,

09/14/31

96,066

60,000

Fortinet,

Inc.

2.200%,

03/15/31

53,428

60,000

Intuit,

Inc.

5.200%,

09/15/33

60,766

125,000

NVIDIA

Corp.

3.500%,

04/01/40

104,219

60,000

Roper

Technologies,

Inc.

4.900%,

10/15/34

58,111

60,000

Synopsys,

Inc.

4.850%,

04/01/30

60,520

100,000

Take-Two

Interactive

Software,

Inc.

4.950%,

03/28/28

100,784

60,000

TTM

Technologies,

Inc.*

4.000%,

03/01/29

58,179

60,000

Twilio,

Inc.^

3.625%,

03/15/29

57,705

100,000

VMware

LLC

1.800%,

08/15/28

94,493

25,000

Zebra

Technologies

Corp.*

6.500%,

06/01/32

25,496

1,006,291

Other

(0.9%)

75,000

Sustainable

Infrastructure

Capital,

Inc.‡

8.000%,

06/01/56

yr.

CMT

4.301%

79,697

125,000

Intact

Financial

Corp.*

5.459%,

09/22/32

127,691

207,388

Real

Estate

(1.2%)

100,000

EPR

Properties

4.950%,

04/15/28

100,068

100,000

Global

Net

Lease,

Inc.*

4.500%,

09/30/28

97,637

100,000

Public

Storage

Operating

Co.

2.300%,

05/01/31

90,061

287,766

Utilities

(3.3%)

150,000

Berkshire

Hathaway

Energy

Co.

3.800%,

07/15/48

110,425

100,000

Consolidated

Edison

Co.

New

York,

Inc.

Series

20A

3.350%,

04/01/30

96,061

150,000

Duke

Energy

Carolinas

LLC

3.700%,

12/01/47

111,045

125,000

Entergy

Texas,

Inc.

1.750%,

03/15/31

109,623

150,000

Northern

States

Power

Co.

3.750%,

12/01/47

108,220

150,000

Public

Service

Electric

Gas

Co.

3.600%,

12/01/47

110,103

155

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Total

Return

Bond

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NOTES

SCHEDULE

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

125,000

Southern

Co.

Series

21-A‡

3.750%,

09/15/51

yr.

CMT

2.915%

124,479

769,956

TOTAL

CORPORATE

BONDS

(Cost

$11,541,775)

10,875,821

RESIDENTIAL

MORTGAGE

BACKED

SECURITY

(0.4%)

Other

(0.4%)

100,000

Trust

Series

2019-OC11,

Class

3.202%,

12/09/41

(Cost

$101,243)

94,757

U.S.

GOVERNMENT

AND

AGENCY

SECURITIES

(47.9%)

Other

(47.9%)

Federal

Home

Loan

Mortgage

Corp.

108,807

4.000%,

05/01/49

103,242

54,580

2.500%,

02/01/35

51,473

Federal

National

Mortgage

Association

499,156

6.000%,

09/01/53

511,276

581,579

6.000%,

03/01/54

594,466

351,918

5.500%,

12/01/52

356,463

573,011

5.500%,

08/01/53

578,120

64,960

4.500%,

04/01/48

63,612

213,543

4.500%,

06/01/52

206,804

389,681

4.500%,

11/01/52

377,203

601,870

4.500%,

02/01/53

582,391

37,216

4.000%,

03/01/47

35,424

83,633

4.000%,

06/01/48

79,490

446,006

4.000%,

11/01/52

420,227

115,219

3.500%,

08/01/47

106,523

54,823

3.500%,

02/01/49

50,612

96,422

3.500%,

11/01/49

88,736

330,235

3.500%,

04/01/50

303,814

56,797

3.000%,

02/01/33

54,997

32,960

3.000%,

01/01/35

31,603

206,917

3.000%,

07/01/46

186,111

134,653

3.000%,

03/01/47

121,114

50,294

3.000%,

07/01/49

44,579

419,233

3.000%,

04/01/50

372,278

60,774

2.500%,

09/01/31

58,722

496,017

2.500%,

04/01/50

422,040

661,468

2.500%,

07/01/51

559,649

Government

National

Mortgage

Association

111,189

3.500%,

10/20/47

102,643

84,532

3.000%,

10/20/47

76,201

U.S.

Treasury

Bonds

200,000

4.000%,

11/15/42

179,703

425,000

3.625%,

02/15/53

336,746

550,000

3.500%,

02/15/39

493,367

400,000

3.000%,

05/15/47

294,406

200,000

2.875%,

05/15/52

136,969

500,000

2.000%,

02/15/50

287,773

300,000

1.125%,

05/15/40

187,852

PRINCIPAL

AMOUNT

VALUE

U.S.

Treasury

Notes

635,000

4.000%,

11/15/35

616,347

500,000

3.875%,

08/15/34

485,273

500,000

3.750%,

08/31/31

492,481

500,000

3.500%,

11/30/30

489,492

400,000

3.375%,

11/30/27

396,945

350,000

3.375%,

12/31/27^

347,156

TOTAL

U.S.

GOVERNMENT

AND

AGENCY

SECURITIES

(Cost

$12,345,345)

11,284,323

NUMBER

SHARES/

PRINCIPAL

AMOUNT

VALUE

INVESTMENT

CASH

COLLATERAL

FOR

SECURITIES

LOANED

(1.3%)

295,000

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio,

3.669%†***

(Cost

$295,000)

295,000

TOTAL

INVESTMENTS

(99.7%)

(Cost

$25,214,679)

23,472,469

PAYABLE

UPON

RETURN

SECURITIES

LOAN

(-1.3%)

(

295,000

)

OTHER

ASSETS,

LESS

LIABILITIES

(1.6%)

358,560

NET

ASSETS

(100.0%)

23,536,029

Securities

issued

and

sold

pursuant

Rule

144A

transaction

are

exempted

from

the

registration

requirement

the

Securities

Act

1933,

amended.

These

securities

may

only

sold

qualified

institutional

buyers

(“QIBs”),

such

the

Fund.

Any

resale

these

securities

must

generally

effected

through

sale

that

registered

under

the

Act

otherwise

exempted

from

such

registration

requirements.

Security,

portion

security,

loan.

‡

Variable

rate

security.

The

rate

shown

the

rate

effect

April

30,

2026.

†

Represents

investment

cash

collateral

received

from

securities

loan

April

30,

2026.

***

The

rate

disclosed

the

day

net

yield

April

30,

2026.

ABBREVIATION

SOFR

Secured

Overnight

Financing

Rate

CMT

Constant

Maturity

Treasury

156

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Total

Return

Bond

Fund

Schedule

Investments

April

30,

2026

(unaudited)

The

following

table

summarizes

the

Fund’s

investments

categorized

the

fair

value

hierarchy

April

30,

2026

(see

Note

8):

LEVEL

TOTAL

Assets:

—

Asset

Backed

Securities

—

922,568

—

922,568

Corporate

Bonds

119

—

10,875,821

—

10,875,821

Residential

Mortgage

Backed

Security

—

94,757

—

94,757

U.S.

Government

and

Agency

Securities

—

11,284,323

—

11,284,323

Investment

Cash

Collateral

for

Securities

Loaned

—

295,000

—

295,000

Total

—

23,472,469

—

23,472,469

Calamos

High

Income

Opportunities

Fund

Schedule

Investments

April

30,

2026

(unaudited)

157

www.calamos.com

See

accompanying

Notes

Schedule

Investments

PRINCIPAL

AMOUNT

VALUE

ASSET

BACKED

SECURITY

(0.4%)

Other

(0.4%)

100,000

SVC

ABS

LLC

Series

2023-1A,

Class

6.700%,

02/20/53

(Cost

$96,807)

98,826

BANK

LOANS

(15.2%)i

Communication

Services

(2.6%)

55,000

Altice

France

SA!

2025

USD

Term

Loan

B14,

0.000%,

05/31/31

56,129

68,821

Altice

France

SA‡

2025

USD

Term

Loan

B14,

10.548%,

05/31/31

mo.

USD

Term

SOFR

6.875%

70,235

38,063

Audacy

Capital

Corp.‡

2024

Term

Loan

9.767%,

10/01/29

mo.

USD

Term

SOFR

6.000%

30,260

3,332

Audacy

Capital

Corp.‡

2024

Term

Loan

10.767%,

10/02/28

mo.

USD

Term

SOFR

7.000%

3,312

49,248

Cincinnati

Bell,

Inc.‡

2025

Term

Loan

B4,

5.902%,

11/22/28

mo.

USD

Term

SOFR

2.250%

49,301

41,983

Clear

Channel

Outdoor

Holdings,

Inc.‡

2024

Term

Loan,

7.767%,

08/23/28

mo.

USD

Term

SOFR

4.000%

42,197

30,673

DirecTV

Financing

LLC‡

2024

Term

Loan,

9.175%,

08/02/29

mo.

USD

Term

SOFR

5.250%

30,800

89,584

iHeartCommunications,

Inc.‡

2024

Term

Loan,

9.542%,

05/01/29

mo.

USD

Term

SOFR

5.775%

87,524

100,000

Level

Financing,

Inc.‡

2025

Repriced

Term

Loan

B4,

6.902%,

03/29/32

mo.

USD

Term

SOFR

3.250%

100,464

33,465

TripAdvisor,

Inc.‡

Term

Loan,

6.402%,

07/08/31

mo.

USD

Term

SOFR

2.750%

31,440

25,000

ViaSat,

Inc.!

2023

Term

Loan,

0.000%,

05/30/30

25,107

9,974

ViaSat,

Inc.‡

2023

Term

Loan,

8.267%,

05/30/30

mo.

USD

Term

SOFR

4.500%

10,017

PRINCIPAL

AMOUNT

VALUE

60,000

Virgin

Media

Bristol

LLC!

2020

USD

Term

Loan

0.000%,

01/31/29

58,900

595,686

Consumer

Discretionary

(2.3%)

89,775

Beach

Acquisition

Bidco

LLC‡

USD

Term

Loan

6.950%,

09/12/32

mo.

USD

Term

SOFR

3.250%

90,308

44,888

Boots

Group

Bidco

Ltd.‡

USD

Term

Loan,

6.924%,

08/30/32

mo.

USD

Term

SOFR

3.250%

45,203

59,250

Chinos

Intermediate

Holdings

Inc.‡

2024

Term

Loan

9.663%,

09/26/31

mo.

USD

Term

SOFR

6.000%

44,586

69,650

Clarios

Global

LP‡

2025

USD

Term

Loan

6.402%,

01/28/32

mo.

USD

Term

SOFR

2.750%

70,071

44,213

Peloton

Interactive,

Inc.‡

2024

Term

Loan

9.152%,

05/30/29

mo.

USD

Term

SOFR

5.500%

44,517

90,000

PetSmart,

Inc.‡

2025

USD

Term

Loan

7.652%,

08/18/32

mo.

USD

Term

SOFR

4.000%

90,478

54,863

Voyager

Parent

LLC‡

Repriced

Term

Loan

7.950%,

07/01/32

mo.

USD

Term

SOFR

4.250%

54,949

90,000

Weber-Stephen

Products

LLC‡

2025

Term

Loan

7.442%,

10/01/32

mo.

USD

Term

SOFR

3.750%

87,877

527,989

Consumer

Staples

(3.8%)

139,400

Amneal

Pharmaceuticals

LLC‡

2026

Term

Loan,

6.652%,

08/01/32

mo.

USD

Term

SOFR

3.000%

140,184

73,875

B&G

Foods,

Inc.‡

2024

Term

Loan

7.152%,

10/10/29

mo.

USD

Term

SOFR

3.500%

71,543

104,562

Bausch

Lomb

Corp.‡

2025

Repriced

Term

Loan,

7.402%,

01/15/31

mo.

USD

Term

SOFR

3.750%

105,298

175,673

Bausch

Health

Cos.,

Inc.‡

2025

Term

Loan

9.902%,

10/08/30

mo.

USD

Term

SOFR

6.250%

171,413

158

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

High

Income

Opportunities

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

8,866

MPH

Acquisition

Holdings

LLC‡

2025

Exchange

1st

Out

Term

Loan,

7.413%,

12/31/30

mo.

USD

Term

SOFR

3.750%

8,876

89,550

Opal

Bidco

SAS‡

USD

Term

Loan

B4,

6.700%,

04/28/32

mo.

USD

Term

SOFR

3.000%

90,017

112,823

Star

Parent,

Inc.‡

Term

Loan

7.700%,

09/27/30

mo.

USD

Term

SOFR

4.000%

113,000

89,326

Team

Health

Holdings,

Inc.‡

2026

Repriced

Term

Loan

7.663%,

06/30/28

mo.

USD

Term

SOFR

4.000%

89,570

30,000

TreeHouse

Foods,

Inc.‡

2026

Term

Loan

7.902%,

02/11/33

mo.

USD

Term

SOFR

4.250%

30,286

47,955

United

Natural

Foods,

Inc.‡

2024

Term

Loan,

8.402%,

05/01/31

mo.

USD

Term

SOFR

4.750%

48,303

868,490

Energy

(0.6%)

136,123

Par

Petroleum

LLC‡

2025

Term

Loan

6.933%,

02/28/30

mo.

USD

Term

SOFR

3.250%

136,654

Financials

(1.8%)

73,696

Amynta

Agency

Borrower,

Inc.‡

2026

Repriced

Term

Loan

6.152%,

12/29/31

mo.

USD

Term

SOFR

2.500%

73,282

58,953

Broadstreet

Partners,

Inc.‡

2024

Term

Loan

B4,

6.152%,

06/13/31

mo.

USD

Term

SOFR

2.500%

58,650

118,500

Dragon

Buyer,

Inc.‡

Term

Loan

6.450%,

09/30/31

mo.

USD

Term

SOFR

2.750%

113,642

68,425

Iron

Mountain,

Inc.‡

2023

Term

Loan

5.652%,

01/31/31

mo.

USD

Term

SOFR

2.000%

68,553

35,000

Jupiter

Borrower,

Inc.!

Term

Loan

0.000%,

03/25/33

35,175

10,000

Lockton,

Inc.!

Term

Loan

0.000%,

04/22/33

10,038

PRINCIPAL

AMOUNT

VALUE

55,000

Osaic

Holdings,

Inc.‡

2026

Term

Loan

6.200%,

07/30/32

mo.

USD

Term

SOFR

2.500%

55,067

414,407

Health

Care

(0.5%)

106,988

Padagis

LLC‡

Term

Loan

8.689%,

07/06/28

mo.

USD

Term

SOFR

4.750%

101,371

Industrials

(1.5%)

88,753

ACProducts,

Inc.‡

2021

Term

Loan

8.211%,

05/17/28

mo.

USD

Term

SOFR

4.250%

72,259

89,550

Blackfin

Pipeline

LLC‡

Term

Loan

6.688%,

09/29/32

mo.

USD

Term

SOFR

3.000%

90,371

84,437

Chamberlain

Group,

Inc.‡

2025

Term

Loan

6.402%,

09/08/32

mo.

USD

Term

SOFR

2.750%

84,450

39,736

Columbus

McKinnon

Corp.‡

2026

Term

Loan

7.200%,

02/03/33

mo.

USD

Term

SOFR

3.500%

39,852

60,000

TransDigm,

Inc.‡

2026

Term

Loan

6.152%,

02/13/33

mo.

USD

Term

SOFR

2.500%

60,167

347,099

Information

Technology

(1.0%)

100,581

Camelot

U.S.

Acquisition

LLC‡

2024

Term

Loan

6.402%,

01/31/31

mo.

USD

Term

SOFR

2.750%

94,703

55,000

Electronic

Arts,

Inc.!

USD

Term

Loan

0.000%,

03/24/33

55,083

68,814

Rocket

Software,

Inc.‡

2023

USD

Term

Loan

7.402%,

11/28/28

mo.

USD

Term

SOFR

3.750%

65,798

215,584

Materials

(0.5%)

44,888

Chemours

Co.‡

2025

USD

Term

Loan

7.152%,

10/15/32

mo.

USD

Term

SOFR

3.500%

44,865

62,086

Ineos

U.S.

Finance

LLC‡

2023

USD

Term

Loan

6.902%,

02/18/30

mo.

USD

Term

SOFR

3.250%

57,973

159

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

High

Income

Opportunities

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

63,255

Trinseo

Materials

Operating

SCA‡

2021

Term

Loan

B2,

6.434%,

05/03/28

mo.

USD

Term

SOFR

2.500%

9,032

111,870

Other

(0.4%)

89,594

Connect

Finco

SARL‡

2024

Extended

Term

Loan

8.152%,

09/27/29

mo.

USD

Term

SOFR

4.500%

90,002

Special

Purpose

Acquisition

Companies

(0.2%)

15,000

Sword

Purchaser

LLC!

USD

Term

Loan

0.000%,

04/11/33

14,588

30,000

Sword

Purchaser

LLC‡

USD

Term

Loan

7.652%,

04/11/33

mo.

USD

Term

SOFR

4.000%

29,175

43,763

TOTAL

BANK

LOANS

(Cost

$3,548,220)

3,452,915

CORPORATE

BONDS

(75.4%)

Airlines

(1.2%)

40,389

Alaska

Airlines

Pass-Through

Trust

Series

2020-1,

Class

4.800%,

02/15/29

40,393

82,200

American

Airlines

Pass-Through

Trust

Series

Class

3.950%,

01/11/32

78,356

66,224

British

Airways

Pass-Through

Trust

Series

2021-1,

Class

3.900%,

03/15/33

64,103

JetBlue

Pass-Through

Trust

15,121

Series

2019,

Class

8.000%,

05/15/29

14,905

71,268

Series

1B,

Class

7.750%,

05/15/30

71,519

269,276

Communication

Services

(7.1%)

64,000

APi

Group

DE,

Inc.*

4.750%,

10/15/29

62,774

21,000

Bell

Telephone

Co.

Canada

Bell

Canada‡

7.000%,

09/15/55

yr.

CMT

2.363%

21,814

87,000

Cincinnati

Bell

Telephone

Co.

LLC

6.300%,

12/01/28

88,563

Clear

Channel

Outdoor

Holdings,

Inc.*

31,000

7.875%,

04/01/30

32,314

31,000

7.500%,

03/15/33

32,583

CSC

Holdings

LLC*

200,000

4.625%,

12/01/30

71,116

220,000

4.500%,

11/15/31

129,901

PRINCIPAL

AMOUNT

VALUE

21,000

DirecTV

Financing

LLC*

8.875%,

02/01/30

21,412

DirecTV

Financing

LLC/DirecTV

Financing

Co-Obligor,

Inc.*

20,000

10.000%,

02/15/31

20,820

21,000

5.875%,

08/15/27

21,016

Discovery

Global

Holdings,

Inc.

28,000

5.050%,

03/15/42

20,107

13,000

4.279%,

03/15/32

11,780

27,000

Scripps

Co.*

9.875%,

08/15/30

27,099

89,000

Frontier

California,

Inc.

Series

6.750%,

05/15/27

90,618

15,000

Frontier

Communications

Holdings

LLC*

8.750%,

05/15/30

15,360

93,000

Frontier

Florida

LLC

Series

6.860%,

02/01/28

96,166

86,000

Frontier

North,

Inc.

Series

6.730%,

02/15/28

88,588

55,000

Daddy

Operating

Co.

LLC/GD

Finance

Co.,

Inc.*

3.500%,

03/01/29

51,478

Gray

Media,

Inc.*

27,000

7.250%,

08/15/33

27,526

27,000

5.375%,

11/15/31

21,159

41,000

Hughes

Satellite

Systems

Corp.^

5.250%,

08/01/26

37,270

15,000

iHeartCommunications,

Inc.*

7.750%,

08/15/30

14,444

15,000

Level

Financing,

Inc.*

7.000%,

03/31/34

15,605

34,000

Lumen

Technologies,

Inc.

Series

7.600%,

09/15/39

32,564

30,000

Neptune

Bidco

U.S.,

Inc.*

9.290%,

04/15/29

30,356

55,000

Paramount

Global

4.900%,

08/15/44

36,202

28,000

RNO

Property

Owner

LLC*††

6.500%,

05/01/31

27,769

Rogers

Communications,

Inc.‡

21,000

7.125%,

04/15/55

yr.

CMT

2.620%

21,692

37,000

7.000%,

04/15/55

yr.

CMT

2.653%

37,796

Scripps

Escrow

II,

Inc.*

15,000

5.375%,

01/15/31

11,638

28,000

3.875%,

01/15/29^

26,559

27,000

Sinclair

Television

Group,

Inc.*

8.125%,

02/15/33

27,979

Sirius

Radio

LLC*

25,000

5.875%,

04/15/32

24,618

76,000

3.875%,

09/01/31^

68,921

42,000

TELUS

Corp.‡

6.625%,

10/15/55

yr.

CMT

2.769%

42,529

Time

Warner

Cable

LLC

21,000

7.300%,

07/01/38

21,979

27,000

6.550%,

05/01/37

27,160

160

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

High

Income

Opportunities

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

23,000

T-Mobile

USA,

Inc.

6.700%,

12/15/33

25,225

61,000

Uniti

Group

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital

LLC*

6.500%,

02/15/29

59,965

27,000

Univision

Communications,

Inc.*

8.500%,

07/31/31

27,427

50,000

Versant

Media

Group,

Inc.*

7.250%,

01/30/31

51,937

1,621,829

Consumer

Discretionary

(15.8%)

83,000

Adams

Homes,

Inc.*

9.250%,

10/15/28

85,930

Adient

Global

Holdings

Ltd.*

46,000

8.250%,

04/15/31

48,081

1,000

7.500%,

02/15/33^

1,024

Advance

Auto

Parts,

Inc.*

15,000

7.375%,

08/01/33

15,472

24,000

7.000%,

08/01/30

24,775

35,000

American

Airlines

Pass-Through

Trust

Series

B††

5.750%,

11/10/36

35,036

American

Axle

Manufacturing,

Inc.*

41,000

7.750%,

10/15/33

40,117

55,000

6.375%,

10/15/32

54,922

Ashton

Woods

USA

LLC/Ashton

Woods

Finance

Co.*

28,000

6.875%,

08/01/33

27,593

51,000

4.625%,

08/01/29

48,850

Bath

Body

Works,

Inc.

16,000

7.500%,

06/15/29

16,259

27,000

6.875%,

11/01/35

26,658

40,000

6.625%,

10/01/30*

40,573

Caesars

Entertainment,

Inc.*

32,000

6.500%,

02/15/32

31,171

48,000

6.000%,

10/15/32^

43,055

38,000

4.625%,

10/15/29^

36,702

Carnival

Corp.*

70,000

6.125%,

02/15/33

71,084

27,000

4.000%,

08/01/28

26,399

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.*

55,000

7.000%,

02/01/33

54,285

35,000

5.125%,

05/01/27

35,018

58,000

4.750%,

03/01/30

55,034

29,000

4.750%,

02/01/32^

25,980

31,000

4.500%,

08/15/30

28,936

58,000

4.250%,

02/01/31

52,669

55,000

4.250%,

01/15/34^

46,143

55,000

Century

Communities,

Inc.*

6.625%,

09/15/33

54,794

Churchill

Downs,

Inc.*

31,000

6.750%,

05/01/31

31,729

29,000

5.750%,

04/01/30

28,967

70,000

Cyprium

Corp./Cyprium

Holdings

Luxembourg

SARL*

6.375%,

04/15/34

69,968

PRINCIPAL

AMOUNT

VALUE

31,000

Dana,

Inc.

4.500%,

02/15/32

29,292

DISH

DBS

Corp.

97,000

7.375%,

07/01/28

94,901

29,000

5.125%,

06/01/29

26,708

54,000

DISH

Network

Corp.*

11.750%,

11/15/27

55,735

215,000

Ford

Motor

Co.

6.100%,

08/19/32

219,147

27,000

General

Motors

Co.

5.200%,

04/01/45

23,644

goeasy

Ltd.*^

36,000

7.625%,

07/01/29

32,275

55,000

6.875%,

02/15/31

45,736

Goodyear

Tire

Rubber

Co.

86,000

5.625%,

04/30/33^

77,203

31,000

5.250%,

07/15/31

28,220

Group

Automotive,

Inc.*

34,000

6.375%,

01/15/30

34,546

25,000

4.000%,

08/15/28

24,356

58,544

Guitar

Center,

Inc.‡

12.000%,

08/19/32

17,563

29,000

Kohl's

Corp.

5.550%,

07/17/45

17,583

58,000

Liberty

Interactive

LLC@

0.000%,

02/01/30

3,455

110,000

Life

Time,

Inc.*

6.000%,

11/15/31

111,635

67,000

Light

Wonder

International,

Inc.*

6.250%,

10/01/33

66,607

61,000

Lindblad

Expeditions

LLC*

7.000%,

09/15/30

62,706

27,000

Lithia

Motors,

Inc.*

5.500%,

10/01/30

26,880

23,000

M/I

Homes,

Inc.

3.950%,

02/15/30

21,867

Macy's

Retail

Holdings

LLC

43,000

6.700%,

07/15/34*

41,055

71,000

4.300%,

02/15/43

47,630

111,000

MGM

Resorts

International^

6.500%,

04/15/32

112,588

61,000

Midwest

Gaming

Borrower

LLC/

Midwest

Gaming

Finance

Corp.*

4.875%,

05/01/29

59,675

46,000

Mohegan

Tribal

Gaming

Authority/

Digital

Entertainment

Holdings

LLC*

8.250%,

04/15/30

47,976

NCL

Corp.

Ltd.*

28,000

6.750%,

02/01/32

27,898

31,000

6.250%,

09/15/33^

30,024

27,000

5.875%,

01/15/31

26,300

Newell

Brands,

Inc.

28,000

8.500%,

06/01/28*

29,263

28,000

6.625%,

05/15/32^

27,198

18,000

6.375%,

05/15/30^

17,642

55,000

Nissan

Motor

Acceptance

Co.

LLC*

6.125%,

09/30/30

54,211

161

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

High

Income

Opportunities

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

Patrick

Industries,

Inc.*

27,000

6.375%,

11/01/32

27,227

50,000

4.750%,

05/01/29

49,150

Penn

Entertainment,

Inc.*

55,000

6.750%,

04/01/31

54,547

36,000

4.125%,

07/01/29^

34,251

27,000

QVC,

Inc.@^

0.000%,

08/15/34

13,058

9,116

Rite

Aid

Corp.

0.000%,

08/30/34

—

55,000

Rivers

Enterprise

Borrower

LLC*

6.250%,

10/15/30

56,007

55,000

Rivers

Enterprise

Borrower

LLC/

Rivers

Enterprise

Finance

Corp.*

6.625%,

02/01/33

56,144

29,750

Saks

Global

Enterprises

LLC*@

0.000%,

12/15/29

153

12,977

SGUS

LLC*@

0.000%,

12/15/29

2,263

46,000

Simmons

Foods,

Inc./Simmons

Prepared

Foods,

Inc./Simmons

Pet

Food,

Inc./Simmons

Feed*

4.625%,

03/01/29

44,445

53,000

Six

Flags

Entertainment

Corp.*^

7.250%,

05/15/31

52,299

46,000

Six

Flags

Entertainment

Corp./

Canada's

Wonderland

Co./Magnum

Management

Corp.

5.250%,

07/15/29

44,299

58,000

Six

Flags

Entertainment

Corp./

Canada's

Wonderland

Co./

Millennium

Operations

LLC*

8.625%,

01/15/32

59,036

34,000

Sonic

Automotive,

Inc.*

4.625%,

11/15/29

33,284

41,000

Speedway

Motorsports

LLC/

Speedway

Funding

II,

Inc.*

4.875%,

11/01/27

40,863

46,000

Staples,

Inc.*

10.750%,

09/01/29

44,071

95,000

Starz

Capital

Holdings

Inc.*

6.000%,

04/15/30

89,886

61,000

STL

Holding

Co.

LLC*

8.750%,

02/15/29

63,315

22,000

Taylor

Morrison

Communities,

Inc.*

5.750%,

11/15/32

22,260

16,000

Viking

Cruises

Ltd.*

9.125%,

07/15/31

16,865

27,000

Voyager

Parent

LLC*

9.250%,

07/01/32

28,778

55,000

Whirlpool

Corp.^

6.500%,

06/15/33

52,709

27,000

William

Carter

Co.*

7.375%,

02/15/31

27,788

3,611,441

PRINCIPAL

AMOUNT

VALUE

Consumer

Staples

(4.3%)

55,000

Albertsons

Cos.,

Inc./Safeway,

Inc./

New

Albertsons

LP/Albertsons

LLC*

5.750%,

03/31/34

53,694

56,000

Avis

Budget

Car

Rental

LLC/Avis

Budget

Finance,

Inc.*

8.375%,

06/15/32

56,337

Brink's

Co.*

31,000

6.750%,

06/15/32

31,821

31,000

6.500%,

06/15/29

31,725

66,000

Central

Garden

Pet

Co.*^

4.125%,

04/30/31

62,134

60,000

Dentsply

Sirona,

Inc.‡

8.375%,

09/12/55

yr.

CMT

4.379%

60,329

68,000

Edgewell

Personal

Care

Co.*

4.125%,

04/01/29

65,011

Energizer

Holdings,

Inc.*

27,000

6.000%,

09/15/33^

25,829

55,000

4.375%,

03/31/29

52,958

30,000

Industrial

F&B

Investments

III,

Inc.*

7.750%,

02/11/33

30,344

55,000

KeHE

Distributors

LLC/KeHE

Finance

Corp./NextWave

Distribution,

Inc.*

7.125%,

04/30/33

55,666

MPH

Acquisition

Holdings

LLC*

48,688

6.750%,

03/31/31

32,970

24,442

5.750%,

12/31/30

20,311

63,000

New

Albertsons

7.750%,

06/15/26

63,204

55,000

Performance

Food

Group,

Inc.*

5.625%,

03/01/34

53,884

Post

Holdings,

Inc.*

49,000

6.375%,

03/01/33^

49,030

61,000

6.250%,

02/15/32

62,322

55,000

Prestige

Brands,

Inc.*

3.750%,

04/01/31

50,836

83,000

Donnelley

Sons

Co.*

9.500%,

08/01/29

85,658

33,000

United

Rentals

North

America,

Inc.*

5.375%,

11/15/33

32,660

976,723

Energy

(11.1%)

41,000

Archrock

Services

LP/Archrock

Partners

Finance

Corp.*

6.000%,

02/01/34

41,275

Ascent

Resources

Utica

Holdings

LLC/ARU

Finance

Corp.*

55,000

6.625%,

10/15/32

56,521

28,000

6.625%,

07/15/33

28,811

Buckeye

Partners

22,000

6.875%,

07/01/29*

22,725

45,000

6.750%,

02/01/30*

46,555

31,000

5.850%,

11/15/43

28,410

55,000

CNX

Resources

Corp.*

5.875%,

03/01/34

54,590

68,000

Continental

Resources,

Inc.

4.900%,

06/01/44

54,490

162

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

High

Income

Opportunities

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

45,000

Crescent

Energy

Finance

LLC*

7.375%,

01/15/33

46,049

Enbridge,

Inc.^‡

42,000

7.375%,

03/15/55

yr.

CMT

3.122%

44,460

27,000

7.200%,

06/27/54

yr.

CMT

2.970%

28,901

Energy

Transfer

LP‡

27,000

7.125%,

10/01/54

yr.

CMT

2.829%

27,764

55,000

6.943%,

11/01/66

mo.

USD

Term

SOFR

3.279%

54,830

43,000

Series

6.500%,

11/15/26

yr.

CMT

5.694%

43,192

Genesis

Energy

LP/Genesis

Energy

Finance

Corp.

43,000

8.875%,

04/15/30

45,088

27,000

8.000%,

05/15/33

28,458

Hilcorp

Energy

LP/Hilcorp

Finance

Co.*

15,000

6.875%,

05/15/34

15,091

15,000

6.250%,

04/15/32

14,913

61,000

Howard

Midstream

Energy

Partners

LLC*

7.375%,

07/15/32

63,666

70,000

Infinity

Natural

Resources

LLC*

7.625%,

04/01/31

71,288

30,000

Kodiak

Gas

Services

LLC*

5.875%,

04/01/31

30,242

55,000

Magnolia

Oil

Gas

Operating

LLC/

Magnolia

Oil

Gas

Finance

Corp.*

6.875%,

12/01/32

56,949

56,000

Matador

Resources

Co.*

6.500%,

04/15/32

57,202

80,000

Nabors

Industries,

Inc.*

7.625%,

11/15/32

83,616

59,000

Oceaneering

International,

Inc.

6.000%,

02/01/28

59,232

27,000

Phillips

Co.

Series

A‡

5.875%,

03/15/56

yr.

CMT

2.283%

26,904

61,000

Plains

All

American

Pipeline

Series

B‡

8.024%,

05/30/26

mo.

USD

Term

SOFR

4.372%

61,031

61,000

South

Bow

Canadian

Infrastructure

Holdings

Ltd.‡

7.625%,

03/01/55

yr.

CMT

3.949%

63,661

83,000

Summit

Midstream

Holdings

LLC*

8.625%,

10/31/29

86,845

Sunoco

LP*

43,000

7.875%,

09/18/30‡

yr.

CMT

4.230%

44,582

83,000

6.625%,

08/15/32

84,875

55,000

6.250%,

07/01/33

56,210

55,000

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corp.*

6.750%,

03/15/34

56,228

PRINCIPAL

AMOUNT

VALUE

86,000

TGNR

Intermediate

Holdings

LLC*

5.500%,

10/15/29

84,923

TransCanada

PipeLines

Ltd.‡

15,000

6.375%,

10/17/56

yr.

CMT

2.117%

15,120

30,000

6.125%,

10/17/56^

yr.

CMT

2.250%

30,156

Transocean

International

Ltd.*

51,000

8.500%,

05/15/31^

54,005

42,000

7.875%,

10/15/32

45,039

Venture

Global

LNG,

Inc.*

27,000

9.875%,

02/01/32

28,989

27,000

9.500%,

02/01/29

29,482

101,000

9.000%,

09/30/29^‡

yr.

CMT

5.440%

99,902

74,000

8.375%,

06/01/31

77,140

46,000

8.125%,

06/01/28

47,087

29,000

7.000%,

01/15/30^

29,868

Venture

Global

Plaquemines

LNG

LLC*

55,000

6.500%,

01/15/34

57,652

40,000

6.500%,

06/15/34

41,780

15,000

6.125%,

12/15/30

15,480

55,000

VOC

Escrow

Ltd.*

5.000%,

02/15/28

54,872

86,000

WBI

Operating

LLC*

6.500%,

10/15/33

87,013

55,000

Weatherford

International

Ltd.*

6.750%,

10/15/33

57,082

76,000

Wildfire

Intermediate

Holdings

LLC*

7.500%,

10/15/29

78,305

2,518,549

Financials

(12.6%)

Acrisure

LLC/Acrisure

Finance,

Inc.*

46,000

8.250%,

02/01/29

46,177

45,000

6.750%,

07/01/32

44,392

150,000

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust‡

6.500%,

01/31/56

yr.

CMT

2.441%

152,774

Alliant

Holdings

Intermediate

LLC/

Alliant

Holdings

Co-Issuer*

90,000

7.375%,

10/01/32

88,531

55,000

6.500%,

10/01/31

55,525

Ally

Financial,

Inc.‡

55,000

Series

7.100%,

08/15/31††

yr.

CMT

3.148%

54,982

78,000

Series

4.700%,

05/15/26

yr.

CMT

3.868%

77,893

27,000

Series

4.700%,

05/15/28^

yr.

CMT

3.481%

25,951

58,000

AmWINS

Group,

Inc.*

4.875%,

06/30/29

56,134

27,000

Amynta

Agency

Borrower,

Inc.

Amynta

Warranty

Borrower,

Inc.*

7.500%,

07/15/33

26,414

163

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

High

Income

Opportunities

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

Asurion

LLC/Asurion

Co-Issuer,

Inc.*

55,000

8.375%,

02/01/34

54,338

43,000

8.000%,

12/31/32

44,989

55,000

Azorra

Finance

Ltd.*

7.250%,

01/15/31

56,332

91,000

Baldwin

Insurance

Group

Holdings

LLC/Baldwin

Insurance

Group

Holdings

Finance*

7.125%,

05/15/31

92,214

55,000

Blackstone

Mortgage

Trust,

Inc.*

7.750%,

12/01/29

58,409

Brandywine

Operating

Partnership

31,000

8.875%,

04/12/29

32,490

56,000

6.125%,

01/15/31^

52,159

69,000

Bread

Financial

Holdings,

Inc.*‡

8.375%,

06/15/35

yr.

CMT

4.300%

72,348

92,000

Broadstreet

Partners

Group

LLC*

5.875%,

04/15/29

90,637

45,000

Brookfield

Property

REIT,

Inc./BPR

Cumulus

LLC/BPR

Nimbus

LLC/

GGSI

Sellco

LLC*

4.500%,

04/01/27

44,066

57,000

Citigroup,

Inc.

Series

GG‡

6.875%,

08/15/30

yr.

CMT

2.890%

57,959

55,000

Corebridge

Financial,

Inc.^‡

6.375%,

09/15/54

yr.

CMT

2.646%

54,738

Credit

Acceptance

Corp.*

43,000

9.250%,

12/15/28

44,916

57,000

6.625%,

03/15/30

56,844

55,000

CrossCountry

Intermediate

HoldCo

LLC*

6.500%,

10/01/30

54,115

55,000

Cushman

Wakefield

U.S.

Borrower

LLC*

8.875%,

09/01/31

57,912

27,000

Enstar

Group

Ltd.*‡

7.500%,

04/01/45

yr.

CMT

3.186%

28,097

First

Citizens

BancShares,

Inc.‡

16,000

Series

7.908%,

01/04/27

mo.

USD

Term

SOFR

4.234%

16,115

43,000

Series

7.000%,

12/15/30

yr.

CMT

3.301%

43,261

27,000

GGAM

Finance

Ltd.*

5.875%,

03/15/30

27,217

HUB

International

Ltd.*

46,000

7.375%,

01/31/32

47,179

45,000

5.625%,

12/01/29

44,568

27,000

Huntington

Bancshares,

Inc.

Series

K^‡

6.250%,

10/15/30

yr.

CMT

2.653%

27,045

PRINCIPAL

AMOUNT

VALUE

66,000

Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.*

7.000%,

07/15/31

68,563

15,000

MetLife,

Inc.^‡

5.850%,

03/15/56

yr.

CMT

1.817%

14,806

31,000

Newmark

Group,

Inc.

7.500%,

01/12/29

32,663

OneMain

Finance

Corp.

27,000

6.750%,

03/15/32

27,027

55,000

6.750%,

09/15/33

54,205

57,000

6.500%,

03/15/33

55,876

30,000

Osaic

Holdings,

Inc.*

8.000%,

08/01/33

30,584

55,000

Park

Intermediate

Holdings

LLC/PK

Domestic

Property

LLC/PK

Finance

Co-Issuer*

7.000%,

02/01/30

56,234

70,000

Provident

Funding

Associates

LP/

PFG

Finance

Corp.*

9.750%,

09/15/29

72,890

Reinsurance

Group

America,

Inc.‡

27,000

6.650%,

09/15/55^

yr.

CMT

2.392%

27,488

30,000

6.375%,

09/15/56

yr.

CMT

2.344%

29,400

Rocket

Cos.,

Inc.*

42,000

6.375%,

08/01/33

42,668

27,000

6.125%,

08/01/30

27,440

56,000

Rocket

Mortgage

LLC/Rocket

Mortgage

Co-Issuer,

Inc.*

3.875%,

03/01/31

52,039

55,000

Starwood

Property

Trust,

Inc.*

6.000%,

04/15/30

55,599

15,000

Stonex

Escrow

Issuer

LLC*

6.875%,

07/15/32

15,540

77,000

StoneX

Group,

Inc.*

7.875%,

03/01/31

81,147

100,000

TrueNoord

Capital

DAC*

8.750%,

03/01/30

102,119

61,000

United

Wholesale

Mortgage

LLC*

5.500%,

04/15/29

58,214

27,000

UWM

Holdings

LLC*

6.250%,

03/15/31

25,101

31,000

VFH

Parent

LLC/Valor

Co-Issuer,

Inc.*

7.500%,

06/15/31

32,555

55,000

Wells

Fargo

Co.

Series

GG^‡

6.125%,

06/15/31

yr.

CMT

2.340%

55,222

55,000

XHR

LP*

6.625%,

05/15/30

56,372

2,860,473

Health

Care

(4.4%)

85,000

Acadia

Healthcare

Co.,

Inc.*^

7.375%,

03/15/33

87,070

164

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

High

Income

Opportunities

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

CHS/Community

Health

Systems,

Inc.*

36,000

10.875%,

01/15/32

38,712

30,000

6.875%,

04/15/29^

29,527

105,000

6.125%,

04/01/30^

93,414

8,000

5.250%,

05/15/30

7,561

DaVita,

Inc.*

55,000

6.875%,

09/01/32^

56,833

61,000

4.625%,

06/01/30

59,102

61,000

3.750%,

02/15/31

56,643

Embecta

Corp.*

15,000

6.750%,

02/15/30

14,223

45,000

5.000%,

02/15/30

42,331

Encompass

Health

Corp.

27,000

4.750%,

02/01/30

26,591

27,000

4.500%,

02/01/28

26,816

17,000

IQVIA,

Inc.*

6.250%,

06/01/32

17,364

83,000

Medline

Borrower

LP*

5.250%,

10/01/29

82,642

200,000

Organon

Co./Organon

Foreign

Debt

Co-Issuer

BV*

5.125%,

04/30/31

198,872

Tenet

Healthcare

Corp.

74,000

6.875%,

11/15/31

78,850

33,000

5.500%,

11/15/32*

32,983

55,000

Teva

Pharmaceutical

Finance

Co.

LLC

6.150%,

02/01/36

57,667

1,007,201

Industrials

(6.7%)

68,000

AAR

Escrow

Issuer

LLC*

6.750%,

03/15/29

69,868

61,000

ACCO

Brands

Corp.*^

4.250%,

03/15/29

54,533

Arcosa,

Inc.*

28,000

6.875%,

08/15/32

29,114

30,000

4.375%,

04/15/29

29,271

Bombardier,

Inc.*

31,000

8.750%,

11/15/30

32,962

19,000

7.250%,

07/01/31

20,004

24,000

7.000%,

06/01/32

25,082

16,000

6.750%,

06/15/33

16,714

53,000

BWX

Technologies,

Inc.*

4.125%,

04/15/29

51,608

86,000

Cascades,

Inc./Cascades

USA,

Inc.*

6.750%,

07/15/30

86,864

15,000

Columbus

McKinnon

Corp.*^

7.125%,

02/01/33

15,102

12,500

Delta

Air

Lines,

Inc./SkyMiles

Ltd.*

4.750%,

10/20/28

12,515

Deluxe

Corp.*

31,000

8.125%,

09/15/29

32,389

77,000

8.000%,

06/01/29

77,936

EnerSys*

27,000

6.625%,

01/15/32

27,785

27,000

4.375%,

12/15/27

26,727

PRINCIPAL

AMOUNT

VALUE

EquipmentShare.com,

Inc.*

40,000

8.625%,

05/15/32

42,440

21,000

8.000%,

03/15/33^

22,037

Graphic

Packaging

International

LLC*

37,000

4.750%,

07/15/27

36,761

27,000

3.500%,

03/01/29

25,603

Herc

Holdings,

Inc.*

27,000

7.250%,

06/15/33

28,283

27,000

7.000%,

06/15/30

28,112

31,000

6.625%,

06/15/29

31,792

46,000

JELD-WEN

Holding,

Inc.*^

7.000%,

09/01/32

23,326

89,000

Ken

Garff

Automotive

LLC*

4.875%,

09/15/28

88,090

55,000

Miter

Brands

Acquisition

Holdco,

Inc./MIWD

Borrower

LLC*

6.750%,

04/01/32

54,399

58,000

Novelis

Corp.*

4.750%,

01/30/30

55,621

110,000

Quikrete

Holdings,

Inc.*

6.375%,

03/01/32

111,751

52,000

Sensata

Technologies,

Inc.*

3.750%,

02/15/31

48,419

Standard

Building

Solutions,

Inc.*

16,000

6.500%,

08/15/32

16,184

42,000

6.250%,

08/01/33

42,017

55,000

Stonepeak

Nile

Parent

LLC*

7.250%,

03/15/32

57,622

TransDigm,

Inc.*

21,000

7.125%,

12/01/31

21,799

58,000

6.875%,

12/15/30

59,831

15,000

6.625%,

03/01/32

15,427

12,036

United

Airlines

Pass-Through

Trust

Series

Class

3.500%,

11/01/29

11,762

43,000

Waste

Pro

USA,

Inc.*

7.000%,

02/01/33

43,834

Williams

Scotsman,

Inc.*

21,000

6.625%,

06/15/29

21,570

34,000

4.625%,

08/15/28

33,649

1,528,803

Information

Technology

(3.3%)

Block,

Inc.*

15,000

6.000%,

08/15/33

15,004

27,000

5.625%,

08/15/30

27,040

43,000

CACI

International,

Inc.*

6.375%,

06/15/33

44,032

45,000

Cloud

Software

Group,

Inc.*

6.625%,

08/15/33

40,401

34,000

Coherent

Corp.*

5.000%,

12/15/29

33,662

Fair

Isaac

Corp.*

21,000

6.000%,

05/15/33

20,732

29,000

4.000%,

06/15/28

28,342

61,000

KBR,

Inc.*

4.750%,

09/30/28

60,059

165

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

High

Income

Opportunities

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

15,000

OAK-Eagle

Acquireco,

Inc.*

8.750%,

07/01/34

15,600

42,000

Semiconductor

Corp.*

3.875%,

09/01/28

40,943

27,000

Open

Text

Corp.*

6.900%,

12/01/27

27,626

Open

Text

Holdings,

Inc.*

16,000

4.125%,

02/15/30

14,426

35,000

4.125%,

12/01/31^

29,916

74,000

TTM

Technologies,

Inc.*

4.000%,

03/01/29

71,754

Twilio,

Inc.

15,000

3.875%,

03/15/31

14,046

40,000

3.625%,

03/15/29^

38,470

68,000

UKG,

Inc.*

6.875%,

02/01/31

66,215

77,000

Viavi

Solutions,

Inc.*

3.750%,

10/01/29

73,382

61,000

Zebra

Technologies

Corp.*

6.500%,

06/01/32

62,212

46,000

ZoomInfo

Technologies

LLC/

ZoomInfo

Finance

Corp.*

3.875%,

02/01/29

37,422

761,284

Materials

(4.8%)

55,000

Avient

Corp.*

6.250%,

11/01/31

55,816

55,000

Capstone

Copper

Corp.*

6.750%,

03/31/33

56,015

52,000

Celanese

U.S.

Holdings

LLC

7.379%,

07/15/32

55,189

55,000

Century

Aluminum

Co.*

6.875%,

08/01/32

57,016

Chemours

Co.*

50,000

8.000%,

01/15/33

51,632

28,000

7.875%,

03/15/34

28,663

105,000

Clearwater

Paper

Corp.*

4.750%,

08/15/28

92,568

55,000

Coeur

Mining,

Inc.*

6.875%,

04/01/32

56,849

93,000

FMC

Corp.‡

8.450%,

11/01/55

yr.

CMT

4.366%

61,671

55,000

Aluminum

Continuous

Cast

Co.*

10.250%,

04/01/30

57,259

68,000

Kaiser

Aluminum

Corp.*

5.875%,

03/01/34

68,196

61,000

Knife

River

Corp.*

7.750%,

05/01/31

63,451

Mercer

International,

Inc.

26,000

12.875%,

10/01/28*

13,092

56,000

5.125%,

02/01/29

22,802

55,000

Olin

Corp.*

6.625%,

04/01/33

54,608

55,000

Qnity

Electronics,

Inc.*

6.250%,

08/15/33

56,296

PRINCIPAL

AMOUNT

VALUE

61,000

Silgan

Holdings,

Inc.

4.125%,

02/01/28

60,022

55,000

Solstice

Advanced

Materials,

Inc.*

5.625%,

09/30/33

54,710

55,000

Terex

Corp.*

6.250%,

10/15/32

55,904

23,226

Trinseo

Luxco

Finance

SPV

SARL/

Trinseo

Finance

SPV

LLC*@

0.000%,

05/03/29

577

Grace

Holdings

LLC*

15,000

7.000%,

08/01/33

14,991

55,000

6.625%,

08/15/32

54,639

1,091,966

Other

(1.7%)

23,901

Claritev

Corp.

Series

6.750%,

03/31/31

15,663

EchoStar

Corp.

146,025

10.750%,

11/30/29

158,490

56,890

6.750%,

11/30/30

57,804

27,000

Gen

Digital,

Inc.*

6.750%,

09/30/27

27,165

11,000

Graham

Holdings

Co.*

5.625%,

12/01/33

10,898

55,000

Sustainable

Infrastructure

Capital,

Inc.‡

8.000%,

06/01/56

yr.

CMT

4.301%

58,445

55,000

Energy

Co.*^

7.000%,

08/01/32

56,487

11,000

Synergy

Infrastructure

Holdings

LLC*

7.875%,

12/01/30

11,573

396,525

Real

Estate

(0.5%)

28,000

Forestar

Group,

Inc.*

6.500%,

03/15/33

28,151

40,000

Global

Net

Lease,

Inc.*

4.500%,

09/30/28

39,055

43,000

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership

LP*

3.750%,

12/15/27

42,027

109,233

Special

Purpose

Acquisition

Companies

(0.3%)

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.*

46,000

6.750%,

01/15/30^

44,557

28,000

4.625%,

01/15/29

27,274

71,831

Utilities

(1.6%)

30,000

CenterPoint

Energy,

Inc.‡

6.700%,

05/15/55

yr.

CMT

2.586%

30,609

27,000

Dominion

Energy,

Inc.‡

6.625%,

05/15/55

yr.

CMT

2.207%

27,592

166

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

High

Income

Opportunities

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

41,000

Duke

Energy

Corp.^‡

6.450%,

09/01/54

yr.

CMT

2.588%

42,811

30,000

Emera

U.S.

Finance

LLC

Series

A‡

6.650%,

10/01/56

yr.

CMT

2.866%

30,108

46,000

Entergy

Corp.‡

7.125%,

12/01/54

yr.

CMT

2.670%

47,398

43,000

Evergy,

Inc.‡

6.650%,

06/01/55

yr.

CMT

2.558%

43,742

25,000

Eversource

Energy

Series

A‡

6.100%,

08/15/56

yr.

CMT

2.521%

24,899

45,000

NiSource,

Inc.‡

6.950%,

11/30/54

yr.

CMT

2.451%

46,593

21,000

PPL

Capital

Funding,

Inc.

Series

A‡

6.627%,

03/30/67

mo.

USD

Term

SOFR

2.927%

20,700

Vistra

Corp.*‡

16,000

8.000%,

10/15/26

yr.

CMT

6.930%

16,155

27,000

7.000%,

12/15/26

yr.

CMT

5.740%

27,124

15,000

Xcel

Energy,

Inc.‡

5.750%,

12/03/56

yr.

CMT

2.168%

14,843

372,574

TOTAL

CORPORATE

BONDS

(Cost

$17,445,356)

17,197,708

NUMBER

VALUE

COMMON

STOCKS

(0.8%)

Communication

Services

(0.1%)

1,699

Audacy,

Inc.#

5,097

1,273

Cumulus

Media,

Inc.

Class

2,040

Optimum

Communications,

Inc.

Class

A#^

3,223

8,324

Consumer

Discretionary

(0.0%)

134

Rite

Aid

Corp.#

134

Energy

(0.7%)

385

Cheniere

Energy

Partners

25,803

3,375

Energy

Transfer

68,141

1,670

Enterprise

Products

Partners

64,629

660

Energy

Corp.#

660

159,233

NUMBER

VALUE

Industrials

(0.0%)

1,000

Ardagh

Holdings

SA#

7,159

TOTAL

COMMON

STOCKS

(Cost

$215,927)

174,850

PREFERRED

STOCK

(0.2%)

Communication

Services

(0.2%)

2,602

Qwest

Corp.

6.500%,

09/01/56

(Cost

$44,893)

47,747

WARRANTS

(0.0%)#

Communication

Services

(0.0%)

297

Audacy

Capital

Corp.

09/30/28,

Strike

$1.00

—

Audacy

Capital

Corp.

09/30/28,

Strike

$1.00

—

Energy

(0.0%)

4,455

McDermott

International

Ltd.

06/30/27,

Strike

$12.33

—

4,950

McDermott

International

Ltd.

06/30/27,

Strike

$15.98

TOTAL

WARRANTS

(Cost

$1,909)

NUMBER

SHARES/

PRINCIPAL

AMOUNT

VALUE

INVESTMENT

CASH

COLLATERAL

FOR

SECURITIES

LOANED

(8.4%)

1,910,317

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio,

3.669%†***

(Cost

$1,910,317)

1,910,317

TOTAL

INVESTMENTS

(100.4%)

(Cost

$23,263,429)

22,882,364

PAYABLE

UPON

RETURN

SECURITIES

LOAN

(-8.4%)

(

1,910,317

)

OTHER

ASSETS,

LESS

LIABILITIES

(8.0%)

1,823,300

NET

ASSETS

(100.0%)

22,795,347

167

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

High

Income

Opportunities

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

categorized

the

fair

value

hierarchy

April

30,

2026

(see

Note

8):

Securities

issued

and

sold

pursuant

Rule

144A

transaction

are

exempted

from

the

registration

requirement

the

Securities

Act

1933,

amended.

These

securities

may

only

sold

qualified

institutional

buyers

(“QIBs”),

such

the

Fund.

Any

resale

these

securities

must

generally

effected

through

sale

that

registered

under

the

Act

otherwise

exempted

from

such

registration

requirements.

Bank

loans

generally

are

subject

mandatory

and/or

optional

prepayment.

result,

the

actual

remaining

maturity

bank

loans

may

substantially

less

than

the

stated

maturities

shown.

This

position

represents

unsettled

loan

commitment

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

the

settlement

date,

including

coupon

rate,

which

will

adjusted

settlement

date.

‡

Variable

rate

security.

The

rate

shown

the

rate

effect

April

30,

2026.

Security,

portion

security,

loan.

††

When-issued

security.

default

status

and

considered

non-income

producing.

Non-income

producing

security.

†

Represents

investment

cash

collateral

received

from

securities

loan

April

30,

2026.

***

The

rate

disclosed

the

day

net

yield

April

30,

2026.

ABBREVIATION

SOFR

Secured

Overnight

Financing

Rate

CMT

Constant

Maturity

Treasury

LEVEL

TOTAL

Assets:

—

Asset

Backed

Security

—

98,826

—

98,826

Bank

Loans

—

3,452,915

—

3,452,915

Corporate

Bonds

385

—

17,197,708

—

17,197,708

Common

Stocks

167,691

7,159

—

174,850

Preferred

Stock

47,747

—

47,747

Warrants

—

Investment

Cash

Collateral

for

Securities

Loaned

—

1,910,317

—

1,910,317

Total

215,439

22,666,925

—

22,882,364

Calamos

Short-Term

Bond

Fund

Schedule

Investments

April

30,

2026

(unaudited)

168

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

PRINCIPAL

AMOUNT

VALUE

ASSET

BACKED

SECURITIES

(21.8%)

Communication

Services

(0.2%)

1,000,000

T-Mobile

U.S.

Trust

Series

2024-2A,

Class

4.250%,

05/21/29

1,000,781

Consumer

Discretionary

(1.7%)

2,225,000

Avis

Budget

Rental

Car

Funding

AESOP

LLC

Series

2023-3A,

Class

5.440%,

02/22/28

2,240,777

1,880,483

BMW

Vehicle

Lease

Trust

Series

2024-2,

Class

4.180%,

10/25/27

1,881,412

1,000,000

CCG

Receivables

Trust

Series

2023-1,

Class

5.990%,

09/16/30

1,005,913

1,000,000

CCG

Receivables

Trust

Series

2023-1,

Class

6.280%,

09/16/30

1,006,588

512,407

Octane

Receivables

Trust

Series

2024-2A,

Class

A2*

5.800%,

07/20/32

515,717

268,723

Octane

Receivables

Trust

Series

2023-1A,

Class

5.960%,

07/20/29

269,000

6,919,407

Financials

(8.3%)

500,000

American

Express

Credit

Account

Master

Trust

Series

2023-2,

Class

4.800%,

05/15/30

506,062

2,000,000

American

Express

Credit

Account

Master

Trust

Series

2024-2,

Class

5.240%,

04/15/31

2,058,964

2,000,000

American

Heritage

Auto

Receivables

Issuer

Trust

Series

2025-1A,

Class

A3*

4.400%,

11/15/30

1,997,190

10,438

Amur

Equipment

Finance

Receivables

LLC

Series

2022-2A,

Class

A2*

5.300%,

06/21/28

10,444

896,347

Amur

Equipment

Finance

Receivables

XIII

LLC

Series

2024-1A,

Class

A2*

5.380%,

01/21/31

902,575

1,126,000

Bank

America

Auto

Trust

Series

2023-2A,

Class

A4*

5.660%,

11/15/29

1,138,168

800,666

CLI

Funding

LLC

Series

2020-3A,

Class

2.070%,

10/18/45

752,309

1,910,042

CNH

Equipment

Trust

Series

2024-B,

Class

‌

5.190%,

09/17/29

1,928,084

PRINCIPAL

AMOUNT

VALUE

396,965

Commonbond

Student

Loan

Trust

Series

2021-BGS,

Class

1.170%,

09/25/51

348,779

256,386

Commonbond

Student

Loan

Trust

Series

2019-AGS,

Class

A1*

2.540%,

01/25/47

236,783

188,432

Commonbond

Student

Loan

Trust

Series

2017-BGS,

Class

A1*

2.680%,

09/25/42

177,665

66,705

Commonbond

Student

Loan

Trust

Series

2018-CGS,

Class

A1*

3.870%,

02/25/46

64,879

1,765,272

Credit

Acceptance

Auto

Loan

Trust

Series

2024-1A,

Class

5.680%,

03/15/34

1,772,663

1,000,000

Dell

Equipment

Finance

Trust

Series

2025-2,

Class

4.340%,

03/24/31

994,951

1,000,000

Dell

Equipment

Finance

Trust

Series

2024-2,

Class

4.820%,

08/22/30

1,004,547

529,120

ELFI

Graduate

Loan

Program

LLC

Series

2021-A,

Class

1.530%,

12/26/46

475,169

765,314

ELFI

Graduate

Loan

Program

LLC

Series

2022-A,

Class

4.510%,

08/26/47

748,659

507

Enterprise

Fleet

Financing

LLC

Series

2022-4,

Class

A2*

5.760%,

10/22/29

508

1,500,000

Enterprise

Fleet

Financing

LLC

Series

2024-2,

Class

A3*

5.610%,

04/20/28

1,515,096

521,329

Kubota

Credit

Owner

Trust

Series

2023-2A,

Class

A3*

5.280%,

01/18/28

523,913

1,695,666

MMAF

Equipment

Finance

LLC

Series

2023-A,

Class

A3*

5.540%,

12/13/29

1,716,455

666,714

Navient

Private

Education

Refi

Loan

Trust

Series

2020-BA,

Class

A2*

2.120%,

01/15/69

636,928

1,000,000

Oscar

U.S.

Funding

XVII

LLC

Series

2024-2A,

Class

A3*

4.470%,

03/12/29

1,002,046

2,000,000

PenFed

Auto

Receivables

Owner

Trust

Series

2025-A,

Class

A3*

4.030%,

07/15/30

1,983,809

496,564

Porsche

Financial

Auto

Securitization

Trust

Series

2023-2A,

Class

A3*

5.790%,

01/22/29

499,149

792,000

Progress

Residential

Trust

Series

2021-SFR5,

Class

1.658%,

07/17/38

786,955

2,000,000

SCCU

Auto

Receivables

Trust

Series

2023-1A,

Class

‌

6.080%,

11/15/29

2,043,281

169

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Short-Term

Bond

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

2,160,000

SoFi

Consumer

Loan

Program

Trust

Series

2025-1,

Class

5.120%,

02/27/34

2,174,647

154,074

SoFi

Professional

Loan

Program

LLC

Series

2018-D,

Class

A2FX*

3.600%,

02/25/48

153,406

622,107

SoFi

Professional

Loan

Program

LLC

Series

2020-C,

Class

AFX*

1.950%,

02/15/46

583,455

1,648,321

Tesla

Auto

Lease

Trust

Series

2024-B,

Class

A3*

4.820%,

10/20/27

1,651,587

2,000,000

Toyota

Auto

Loan

Extended

Note

Trust

Series

2023-1A,

Class

4.930%,

06/25/36

2,025,064

1,000,000

Volvo

Financial

Equipment

LLC

Series

2024-1A,

Class

A3*

4.290%,

10/16/28

1,001,504

1,090,000

Volvo

Financial

Equipment

LLC

Series

2024-1A,

Class

A4*

4.290%,

07/15/31

1,089,852

34,505,546

Other

(11.6%)

2,000,000

Aligned

Data

Centers

Issuer

LLC

Series

2021-1A,

Class

A2*

1.937%,

08/15/46

1,985,122

3,000,000

Alloya

Auto

Receivables

Trust

Series

2025-1A,

Class

A3*

4.690%,

12/26/28

3,010,907

1,786,536

Ansley

Park

Capital

LLC

Series

2025-A,

Class

A2*

4.430%,

04/20/35

1,786,751

2,000,000

Compass

Datacenters

Issuer

LLC

Series

2024-1A,

Class

A1*

5.250%,

02/25/49

1,999,160

2,000,000

CyrusOne

Data

Centers

Issuer

LLC

Series

2023-2A,

Class

A2*

5.560%,

11/20/48

1,998,817

2,000,000

DataBank

Issuer

LLC

Series

2025-1A,

Class

A2*

5.180%,

09/27/55

1,971,703

2,000,000

DLLAA

LLC

Series

2025-1A,

Class

A3*

4.950%,

09/20/29

2,021,279

758,124

DLLAD

LLC

Series

2023-1A,

Class

A3*

4.790%,

01/20/28

760,149

1,458,750

Domino's

Pizza

Master

Issuer

LLC

Series

2021-1A,

Class

A2I*

2.662%,

04/25/51

1,383,633

2,000,000

Ford

Credit

Auto

Owner

Trust

Series

2024-1,

Class

A***

4.870%,

08/15/36

2,026,317

1,000,000

Ford

Credit

Floorplan

Master

Owner

Trust

Series

2025-1,

Class

‌

4.840%,

04/15/30

1,005,659

PRINCIPAL

AMOUNT

VALUE

2,000,000

GMF

Floorplan

Owner

Revolving

Trust

Series

2024-4A,

Class

A1*

4.730%,

11/15/29

2,014,529

2,000,000

GreatAmerica

Leasing

Receivables

Funding

LLC

Series

2025-1,

Class

A3*

4.490%,

04/16/29

2,006,629

1,038,000

Hertz

Vehicle

Financing

LLC

Series

2022-2A,

Class

2.330%,

06/26/28

1,017,751

1,000,000

HPEFS

Equipment

Trust

Series

2024-1A,

Class

5.180%,

05/20/31

1,000,934

1,000,000

HPEFS

Equipment

Trust

Series

2024-1A,

Class

5.820%,

11/20/31

1,009,605

218,187

Kubota

Credit

Owner

Trust

Series

2023-1A,

Class

A3*

5.020%,

06/15/27

218,553

2,000,000

NextGear

Floorplan

Master

Owner

Trust

Series

2026-1A,

Class

A2*

4.070%,

02/15/31

1,977,391

2,000,000

NMEF

Funding

LLC

Series

2026-A,

Class

A2*

4.090%,

02/15/34

1,995,384

389,992

NMEF

Funding

LLC

Series

2024-A,

Class

A2*

5.150%,

12/15/31

391,898

1,000,000

Oaktree

ABF

Equipment

LLC

Series

2026-1A,

Class

A2*

4.500%,

10/17/33

994,386

1,516,621

PEAC

Solutions

Receivables

LLC

Series

2025-1A,

Class

A2*

4.940%,

10/20/28

1,523,235

1,908,429

Post

Road

Equipment

Finance

LLC

Series

2025-1A,

Class

A2*

4.900%,

05/15/31

1,920,188

229,823

Post

Road

Equipment

Finance

LLC

Series

2024-1A,

Class

A2*

5.590%,

11/15/29

230,235

850,000

Post

Road

Equipment

Finance

LLC

Series

2024-1A,

Class

5.580%,

10/15/30

853,587

1,900,000

SCF

Equipment

Leasing

LLC

Series

2025-2A,

Class

A3*

4.330%,

06/20/36

1,886,157

228,292

SCF

Equipment

Leasing

LLC

Series

2023-1A,

Class

A3*

6.170%,

05/20/32

229,086

984,167

SVC

ABS

LLC

Series

2023-1A,

Class

5.150%,

02/20/53

984,516

1,450,193

USAA

Auto

Owner

Trust

Series

2024-A,

Class

A3*

5.030%,

03/15/29

1,458,079

1,000,000

Vantage

Data

Centers

Issuer

LLC

Series

2021-1A,

Class

A2*

‌

2.165%,

10/15/46

988,071

170

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Short-Term

Bond

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

1,000,000

Vantage

Data

Centers

Issuer

LLC

Series

2024-1A,

Class

A2*

5.100%,

09/15/54

985,346

182,914

Veridian

Auto

Receivables

Trust

Series

2023-1A,

Class

A3*

5.560%,

03/15/28

183,096

1,000,000

Verizon

Master

Trust

Series

2023-6,

Class

5.350%,

09/22/31

1,022,262

1,154,784

Veros

Auto

Receivables

Trust

Series

2026-1,

Class

4.530%,

08/15/28

1,154,888

2,000,000

Wheels

Fleet

Lease

Funding

LLC

Series

2025-2A,

Class

A1*

4.410%,

05/18/40

2,004,499

47,999,802

TOTAL

ASSET

BACKED

SECURITIES

(Cost

$90,439,911)

90,425,536

BANK

LOANS

(8.9%)i

Communication

Services

(0.4%)

855,764

APi

Group

DE,

Inc.‡

2025

Term

Loan,

5.402%,

01/03/29

mo.

USD

Term

SOFR

1.750%

859,332

493,750

Charter

Communications

Operating

LLC‡

2024

Term

Loan

B5,

5.911%,

12/15/31

mo.

USD

Term

SOFR

2.250%

494,034

498,735

TripAdvisor,

Inc.‡

Term

Loan,

6.402%,

07/08/31

mo.

USD

Term

SOFR

2.750%

468,561

1,821,927

Consumer

Discretionary

(2.3%)

1,023,777

Adient

U.S.

LLC‡

2024

Term

Loan

B2,

5.652%,

01/31/31

mo.

USD

Term

SOFR

2.000%

1,026,761

957,500

American

Axle

Manufacturing,

Inc.‡

2022

Term

Loan

6.674%,

12/13/29

mo.

USD

Term

SOFR

3.000%

958,400

485,793

Aramark

Services,

Inc.‡

2025

Term

Loan,

5.402%,

06/22/30

mo.

USD

Term

SOFR

1.750%

488,679

990,000

Crown

Holdings,

Inc.‡

2025

Term

Loan

5.411%,

03/04/32

mo.

USD

Term

SOFR

1.750%

992,747

987,538

Life

Time

Fitness,

Inc.‡

2025

Term

Loan,

5.657%,

11/05/31

mo.

USD

Term

SOFR

2.000%

991,705

PRINCIPAL

AMOUNT

VALUE

985,031

Light

Wonder

International,

Inc.‡

2026

Term

Loan

5.653%,

04/16/29

mo.

USD

Term

SOFR

2.000%

986,878

1,144,250

Murphy

USA,

Inc.‡

Term

Loan

5.415%,

04/07/32

mo.

USD

Term

SOFR

1.750%

1,154,262

1,000,000

Raising

Cane's

Restaurants

LLC!

2025

Term

Loan

0.000%,

11/03/32

1,002,190

987,469

Raising

Cane's

Restaurants

LLC‡

2024

Term

Loan

5.652%,

09/18/31

mo.

USD

Term

SOFR

2.000%

989,937

982,500

Six

Flags

Entertainment

Corp.‡

2024

Term

Loan

5.652%,

05/01/31

mo.

USD

Term

SOFR

2.000%

976,767

9,568,326

Consumer

Staples

(1.1%)

992,500

Avis

Budget

Car

Rental

LLC‡

2025

Term

Loan

6.152%,

07/16/32

mo.

USD

Term

SOFR

2.500%

987,121

498,747

Bausch

Lomb

Corp.‡

2025

Repriced

Term

Loan,

7.402%,

01/15/31

mo.

USD

Term

SOFR

3.750%

502,256

1,000,000

BioMarin

Pharmaceutical,

Inc.!

Term

Loan

0.000%,

04/27/33

1,004,065

887,849

Energizer

Holdings,

Inc.‡

2025

Term

Loan

5.652%,

03/19/32

mo.

USD

Term

SOFR

2.000%

890,805

975,000

Genmab

AS‡

Term

Loan

6.700%,

12/13/32

mo.

USD

Term

SOFR

3.000%

982,249

4,366,496

Energy

(0.2%)

974,910

Par

Petroleum

LLC‡

2025

Term

Loan

6.933%,

02/28/30

mo.

USD

Term

SOFR

3.250%

978,717

Financials

(1.1%)

997,500

Blackstone

Mortgage

Trust,

Inc.‡

2025

Term

Loan

6.152%,

12/20/32

mo.

USD

Term

SOFR

2.500%

1,000,313

979,827

Iron

Mountain,

Inc.‡

2023

Term

Loan

5.652%,

01/31/31

mo.

USD

Term

SOFR

2.000%

981,664

171

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Short-Term

Bond

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

959,944

Jazz

Financing

Lux

SARL‡

2024

1st

Lien

Term

Loan

B2,

5.902%,

05/05/28

mo.

USD

Term

SOFR

2.250%

965,478

600,000

Jupiter

Borrower,

Inc.!

Term

Loan

0.000%,

03/25/33

603,000

200,000

Lockton,

Inc.!

Term

Loan

0.000%,

04/22/33

200,750

995,000

Starwood

Property

Trust,

Inc.‡

2025

Term

Loan

5.902%,

09/24/32

mo.

USD

Term

SOFR

2.250%

999,975

4,751,180

Health

Care

(0.6%)

950,543

DaVita,

Inc.‡

2025

Term

Loan

5.402%,

05/09/31

mo.

USD

Term

SOFR

1.750%

955,890

540,370

Elanco

Animal

Health,

Inc.‡

2025

Term

Loan

5.415%,

10/31/32

mo.

USD

Term

SOFR

1.750%

542,650

982,587

Medline

Borrower

LP‡

2025

Term

Loan

5.402%,

10/23/28

mo.

USD

Term

SOFR

1.750%

987,107

2,485,647

Industrials

(0.7%)

990,000

Novelis

Corp.‡

2025

Term

Loan

5.450%,

03/11/32

mo.

USD

Term

SOFR

1.750%

994,019

990,000

Quikrete

Holdings,

Inc.‡

2025

Term

Loan

5.902%,

02/10/32

mo.

USD

Term

SOFR

2.250%

991,950

997,500

Stonepeak

Nile

Parent

LLC‡

2025

Term

Loan

5.919%,

04/09/32

mo.

USD

Term

SOFR

2.250%

1,002,024

2,987,993

Information

Technology

(1.0%)

500,000

CACI

International,

Inc.‡

2026

Incremental

Term

Loan

B2,

5.402%,

03/09/33

mo.

USD

Term

SOFR

1.750%

502,500

482,143

Coherent

Corp.‡

2025

Term

Loan

B2,

5.402%,

07/02/29

mo.

USD

Term

SOFR

1.750%

483,951

980,000

KBR,

Inc.‡

2024

1st

Lien

Term

Loan

5.652%,

01/17/31

mo.

USD

Term

SOFR

2.000%

983,415

PRINCIPAL

AMOUNT

VALUE

449,186

Open

Text

Corp.‡

2023

Term

Loan

5.402%,

01/31/30

mo.

USD

Term

SOFR

1.750%

438,359

732,626

SS&C

Technologies,

Inc.‡

2024

Term

Loan

B8,

5.672%,

05/09/31

mo.

USD

Term

SOFR

2.000%

733,538

852,852

TTM

Technologies,

Inc.‡

2024

Term

Loan

5.915%,

05/30/30

mo.

USD

Term

SOFR

2.250%

859,960

4,001,723

Materials

(1.3%)

880,453

Axalta

Coating

Systems

U.S.

Holdings,

Inc.‡

2024

Term

Loan

B7,

5.450%,

12/20/29

mo.

USD

Term

SOFR

1.750%

883,054

974,671

Chemours

Co.‡

2025

USD

Term

Loan

7.152%,

10/15/32

mo.

USD

Term

SOFR

3.500%

974,184

331,650

Knife

River

HoldCo‡

Term

Loan,

5.669%,

03/08/32

mo.

USD

Term

SOFR

2.000%

334,035

997,500

Qnity

Electronics,

Inc.‡

Term

Loan

5.652%,

11/01/32

mo.

USD

Term

SOFR

2.000%

1,002,697

1,000,000

Solstice

Advanced

Materials,

Inc.‡

Term

Loan

5.413%,

10/29/32

mo.

USD

Term

SOFR

1.750%

1,008,285

992,500

Terex

Corp.‡

2025

Term

Loan,

5.402%,

10/08/31

mo.

USD

Term

SOFR

1.750%

999,016

5,201,271

Other

(0.2%)

1,000,000

Allison

Transmission,

Inc.‡

2025

Incremental

Term

Loan

5.402%,

01/02/33

mo.

USD

Term

SOFR

1.750%

1,007,235

TOTAL

BANK

LOANS

(Cost

$37,059,912)

37,170,515

172

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Short-Term

Bond

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

CONVERTIBLE

BOND

(0.2%)

Health

Care

(0.2%)

1,000,000

CONMED

Corp.

2.250%,

06/15/27

(Cost

$974,094)

977,450

CORPORATE

BONDS

(57.1%)

Airlines

(0.6%)

1,021,112

Alaska

Airlines

Pass-Through

Trust

Series

2020-1,

Class

4.800%,

02/15/29

1,021,214

British

Airways

Pass-Through

Trust*

237,014

Series

2018-1,

Class

4.125%,

03/20/33

230,705

390,054

Series

2019-1,

Class

3.350%,

12/15/30

381,582

JetBlue

Pass-Through

Trust

215,187

Series

2019,

Class

8.000%,

05/15/29

212,106

597,884

Series

1B,

Class

7.750%,

05/15/30

599,988

2,445,595

Communication

Services

(2.1%)

1,000,000

Airbnb,

Inc.

4.400%,

03/16/29

998,640

1,000,000

Alphabet,

Inc.

4.100%,

11/15/30

991,120

1,000,000

Ashtead

Capital,

Inc.*

4.375%,

08/15/27

996,120

1,000,000

AT&T,

Inc.

4.700%,

08/15/30

1,007,210

500,000

Frontier

California,

Inc.

Series

6.750%,

05/15/27

509,090

1,000,000

Frontier

North,

Inc.

Series

6.730%,

02/15/28

1,030,090

500,000

Match

Group

Holdings

LLC*

4.625%,

06/01/28

494,260

Orange

SA*

500,000

4.250%,

01/13/31

490,675

500,000

4.000%,

01/13/29^

495,495

500,000

Paramount

Global

3.700%,

10/04/26

497,470

1,000,000

Uber

Technologies,

Inc.

4.150%,

01/15/31

980,160

8,490,330

Consumer

Discretionary

(7.0%)

222,000

Advance

Auto

Parts,

Inc.*

7.000%,

08/01/30

229,166

1,000,000

Mileage

Plan

Ltd.*^

5.308%,

10/20/31

986,170

AutoZone,

Inc.

500,000

5.050%,

07/15/26

500,670

500,000

4.500%,

02/01/28

501,220

1,000,000

Bath

Body

Works,

Inc.*

6.625%,

10/01/30

1,014,330

PRINCIPAL

AMOUNT

VALUE

1,000,000

BMW

U.S.

Capital

LLC*

5.050%,

08/11/28

1,012,610

1,000,000

BorgWarner,

Inc.

2.650%,

07/01/27

980,430

500,000

Brightstar

Lottery

PLC*

5.250%,

01/15/29

498,140

1,000,000

Caesars

Entertainment,

Inc.*

7.000%,

02/15/30

1,015,530

Carnival

Corp.*

500,000

5.125%,

05/01/29

498,635

500,000

4.000%,

08/01/28

488,880

154,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.*

5.125%,

05/01/27

154,080

500,000

Cyprium

Corp./Cyprium

Holdings

Luxembourg

SARL*

6.125%,

04/15/31

505,505

Daimler

Truck

Finance

North

America

LLC*

500,000

5.125%,

09/25/27

503,950

500,000

5.000%,

01/15/27

502,700

252,000

Dana,

Inc.

4.250%,

09/01/30

241,457

1,000,000

Denso

Corp.*

4.282%,

09/17/30

989,880

1,000,000

Horton,

Inc.

4.850%,

10/15/30

1,009,560

1,000,000

Flutter

Treasury

DAC*

6.375%,

04/29/29

1,016,230

1,000,000

Ford

Motor

Credit

Co.

LLC

4.970%,

04/06/29

991,970

1,000,000

General

Motors

Financial

Co.,

Inc.

6.000%,

01/09/28

1,022,190

1,000,000

Gildan

Activewear,

Inc.*

4.700%,

10/07/30

990,280

500,000

Group

Automotive,

Inc.*

6.375%,

01/15/30

508,025

1,000,000

Honda

Motor

Co.

Ltd.

4.436%,

07/08/28

998,340

500,000

Kia

Corp.*

3.500%,

10/25/27

493,055

1,000,000

Lennar

Corp.

5.200%,

07/30/30

1,014,210

1,000,000

Lithia

Motors,

Inc.*

5.500%,

10/01/30

995,560

1,000,000

Lowe's

Cos.,

Inc.

4.250%,

03/15/31

985,190

1,000,000

M/I

Homes,

Inc.

4.950%,

02/01/28

995,290

500,000

Mattel,

Inc.*^

5.875%,

12/15/27

500,225

1,000,000

Mercedes-Benz

Finance

North

America

LLC*^

4.250%,

03/10/29

993,140

1,000,000

Meritage

Homes

Corp.*^

3.875%,

04/15/29

974,300

MGM

Resorts

International

500,000

6.125%,

09/15/29

507,190

500,000

5.500%,

04/15/27

501,405

173

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Short-Term

Bond

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

500,000

Nissan

Motor

Acceptance

Co.

LLC*

7.050%,

09/15/28

512,845

1,000,000

O'Reilly

Automotive,

Inc.^

5.750%,

11/20/26

1,008,020

500,000

Royal

Caribbean

Cruises

Ltd.*

5.500%,

04/01/28

505,420

1,000,000

Taylor

Morrison

Communities,

Inc.*

5.750%,

01/15/28

1,009,870

500,000

Whirlpool

Corp.^

6.125%,

06/15/30

490,320

500,000

North

America

Capital,

Inc.*

6.875%,

04/14/28

511,830

29,157,818

Consumer

Staples

(1.7%)

500,000

Brink's

Co.*

6.500%,

06/15/29

511,690

1,000,000

Cencora,

Inc.

3.950%,

02/13/29

986,150

1,000,000

Cintas

Corp.

No.

4.200%,

05/01/28

999,550

441,000

Land

O'Lakes

Capital

Trust

7.450%,

03/15/28

451,941

1,000,000

Mondelez

International,

Inc.

2.625%,

03/17/27

987,140

1,000,000

Novartis

Capital

Corp.

4.100%,

11/05/30

987,160

1,000,000

Sysco

Corp.

3.300%,

07/15/26

998,430

1,000,000

United

Rentals

North

America,

Inc.

3.875%,

11/15/27

987,180

6,909,241

Energy

(2.6%)

500,000

Buckeye

Partners

LP*

6.875%,

07/01/29

516,480

1,000,000

Enbridge,

Inc.

5.250%,

04/05/27

1,008,680

1,000,000

Hess

Midstream

Operations

LP*

6.500%,

06/01/29

1,025,280

1,000,000

Kinder

Morgan,

Inc.

5.100%,

08/01/29

1,018,880

500,000

Oceaneering

International,

Inc.

6.000%,

02/01/28

501,965

1,000,000

ONEOK,

Inc.

5.550%,

11/01/26

1,005,930

500,000

Patterson-UTI

Energy,

Inc.

3.950%,

02/01/28

492,255

1,000,000

Schlumberger

Holdings

Corp.*

5.000%,

05/29/27

1,008,280

1,000,000

South

Bow

USA

Infrastructure

Holdings

LLC

4.911%,

09/01/27

1,004,090

Sunoco

LP*

500,000

5.875%,

07/15/27

500,435

1,000,000

5.625%,

03/15/31

1,004,020

500,000

VOC

Escrow

Ltd.*

5.000%,

02/15/28

498,835

PRINCIPAL

AMOUNT

VALUE

1,000,000

Williams

Cos.,

Inc.

4.625%,

06/30/30

998,980

10,584,110

Financials

(19.8%)

1,000,000

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

4.875%,

04/01/28

1,006,320

1,000,000

Affiliated

Managers

Group,

Inc.

3.300%,

06/15/30

941,130

1,000,000

African

Development

Bank

3.875%,

06/12/28

998,880

1,000,000

Allstate

Corp.

5.050%,

06/24/29

1,019,040

250,000

Ally

Financial,

Inc.‡

5.737%,

05/15/29

day

USD

SOFR

Index

1.960%

253,920

American

Express

Co.‡

500,000

5.389%,

07/28/27

day

USD

SOFR

0.970%

501,300

1,000,000

5.085%,

01/30/31

day

USD

SOFR

Index

1.020%

1,017,750

500,000

American

Homes

Rent

4.950%,

06/15/30

502,965

1,000,000

American

International

Group,

Inc.

4.850%,

05/07/30

1,010,740

1,000,000

Aon

North

America,

Inc.^

5.125%,

03/01/27

1,006,890

500,000

ARES

Capital

Corp.^

5.250%,

04/12/31

486,760

Arthur

Gallagher

Co.

500,000

4.850%,

12/15/29

504,865

500,000

4.600%,

12/15/27^

501,535

2,000,000

Asian

Development

Bank

2.750%,

01/19/28

1,962,040

1,000,000

Asian

Infrastructure

Investment

Bank

4.000%,

01/18/28

1,001,430

750,000

Aviation

Capital

Group

LLC*

1.950%,

09/20/26

743,145

1,000,000

Avolon

Holdings

Funding

Ltd.*

4.700%,

01/30/31

983,060

1,000,000

AXIS

Specialty

Finance

PLC

4.000%,

12/06/27

992,300

1,000,000

Bank

America

Corp.‡

4.979%,

01/24/29

day

USD

SOFR

0.830%

1,008,160

1,000,000

Bank

Montreal^‡

4.350%,

09/22/31

day

USD

SOFR

Index

1.080%

988,330

1,000,000

Bank

New

York

Mellon‡

4.729%,

04/20/29

day

USD

SOFR

1.135%

1,008,200

1,000,000

Bank

Nova

Scotia^

5.250%,

06/12/28

1,020,410

1,000,000

Barclays

PLC‡

4.219%,

05/24/30

day

USD

SOFR

0.930%

986,160

174

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Short-Term

Bond

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

250,000

BlackRock

Funding,

Inc.^

4.600%,

07/26/27

251,605

500,000

Blackstone

Private

Credit

Fund

4.950%,

09/26/27

496,665

1,000,000

Boston

Properties

6.750%,

12/01/27

1,032,610

1,250,000

Capital

One

Financial

Corp.

4.100%,

02/09/27

1,248,650

1,000,000

CBRE

Services,

Inc.

4.800%,

06/15/30

1,002,970

1,000,000

Charles

Schwab

Corp.‡

4.343%,

11/14/31

day

USD

SOFR

0.940%

987,690

1,000,000

Chubb

INA

Holdings

LLC

4.650%,

08/15/29

1,010,280

1,000,000

Citigroup,

Inc.‡

3.887%,

01/10/28

mo.

USD

Term

SOFR

1.825%

996,310

1,000,000

Citizens

Bank

NA‡

4.192%,

01/29/29

day

USD

SOFR

0.700%

993,440

1,000,000

CNO

Global

Funding*

4.700%,

12/11/30

990,890

1,000,000

Cooperatieve

Rabobank

UA*‡

4.655%,

08/22/28

yr.

CMT

1.750%

1,001,850

1,000,000

COPT

Defense

Properties

4.500%,

10/15/30

988,860

1,000,000

Council

Europe

Development

Bank

3.750%,

05/25/26

999,960

Credit

Acceptance

Corp.*

330,000

9.250%,

12/15/28

344,705

222,000

6.625%,

03/15/30

221,394

1,000,000

Danske

Bank

AS*‡

4.298%,

04/01/28

yr.

CMT

1.750%

998,840

1,000,000

Depository

Trust

Co.*

4.550%,

03/27/31

1,001,650

1,000,000

Enact

Holdings,

Inc.

6.250%,

05/28/29

1,033,860

1,000,000

Essent

Group

Ltd.

6.250%,

07/01/29

1,035,060

1,000,000

European

Investment

Bank

3.250%,

11/15/27

990,460

1,000,000

Federation

des

Caisses

Desjardins

Quebec*

4.565%,

08/26/30

998,020

1,000,000

Fifth

Third

Bank

NA‡

4.967%,

01/28/28

day

USD

SOFR

0.810%

1,003,030

750,000

Fifth

Third

Financial

Corp.‡

5.982%,

01/30/30

day

USD

SOFR

2.155%

773,535

1,000,000

First

Industrial

5.250%,

01/15/31

1,012,890

1,000,000

FNB

Corp.‡

5.722%,

12/11/30

day

USD

SOFR

Index

1.930%

1,009,820

PRINCIPAL

AMOUNT

VALUE

1,000,000

Gabx

Leasing

LLC*

4.625%,

04/15/31

987,930

1,000,000

GGAM

Finance

Ltd.*

8.000%,

06/15/28

1,041,730

1,000,000

GLP

Capital

LP/GLP

Financing

II,

Inc.

5.750%,

06/01/28

1,013,640

500,000

Goldman

Sachs

BDC,

Inc.

6.375%,

03/11/27

505,510

1,000,000

Goldman

Sachs

Group,

Inc.‡

4.148%,

01/21/29

day

USD

SOFR

0.710%

992,970

465,000

Goldman

Sachs

Private

Credit

Corp.*

5.050%,

02/23/28

459,722

1,000,000

Huntington

Bancshares,

Inc.‡

4.623%,

01/28/32

day

USD

SOFR

0.990%

988,570

500,000

Intercontinental

Exchange,

Inc.

3.950%,

12/01/28

496,025

1,000,000

JPMorgan

Chase

Co.‡

4.915%,

01/24/29

day

USD

SOFR

0.800%

1,008,360

500,000

KeyCorp^‡

5.121%,

04/04/31

day

USD

SOFR

Index

1.227%

505,325

Kreditanstalt

fuer

Wiederaufbau

1,000,000

3.750%,

02/15/28

997,440

300,000

1.000%,

10/01/26

296,568

1,000,000

Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.*

4.750%,

06/15/29

979,280

1,000,000

LPL

Holdings,

Inc.*

4.625%,

11/15/27

995,680

1,000,000

Lseg

U.S.

Fin

Corp.*

4.250%,

03/23/29

992,490

1,000,000

M&T

Bank

Corp.‡

4.833%,

01/16/29

day

USD

SOFR

0.930%

1,004,040

1,000,000

Macquarie

Airfinance

Holdings

Ltd.*

5.200%,

03/27/28

1,004,270

1,000,000

Metropolitan

Life

Global

Funding

I*^

4.350%,

01/12/31

988,180

500,000

Morgan

Stanley‡

5.042%,

07/19/30

day

USD

SOFR

1.215%

505,700

500,000

Morgan

Stanley

Bank

NA‡

4.952%,

01/14/28

day

USD

SOFR

1.080%

501,990

1,000,000

Mutual

Omaha

Cos

Global

Funding*

5.350%,

04/09/27

1,011,000

531,000

Nasdaq,

Inc.

5.350%,

06/28/28

541,073

500,000

National

Bank

Canada

5.600%,

12/18/28

514,745

1,000,000

National

Securities

Clearing

Corp.*

4.700%,

05/20/30

1,014,100

175

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Short-Term

Bond

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

500,000

NatWest

Markets

PLC*

1.600%,

09/29/26

495,125

500,000

Nordea

Bank

Abp*

1.500%,

09/30/26

494,625

1,000,000

Northern

Trust

Corp.

4.150%,

11/19/30

992,230

1,000,000

Nuveen

LLC*

5.550%,

01/15/30

1,026,150

1,000,000

Oesterreichische

Kontrollbank

AG^

3.625%,

09/09/27

995,500

500,000

OneMain

Finance

Corp.

3.500%,

01/15/27

493,760

1,000,000

PayPal

Holdings,

Inc.^

2.650%,

10/01/26

994,220

500,000

Pinnacle

Bank/Nashville

5.625%,

02/15/28

503,935

500,000

PNC

Financial

Services

Group,

Inc.‡

4.075%,

01/26/29

day

USD

SOFR

0.610%

497,455

500,000

Pricoa

Global

Funding

1.200%,

09/01/26

495,325

Principal

Life

Global

Funding

II*

200,000

5.000%,

01/16/27

201,204

1,000,000

4.950%,

11/27/29^

1,009,260

1,000,000

Prologis

4.750%,

01/15/31

1,010,850

500,000

Prologis

Targeted

U.S.

Logistics

Fund

LP*

5.250%,

04/01/29

509,835

1,000,000

RGA

Global

Funding*

4.600%,

11/25/30

993,310

500,000

RLJ

Lodging

Trust

LP*

3.750%,

07/01/26

499,105

500,000

Rocket

Mortgage

LLC/Rocket

Mortgage

Co-Issuer,

Inc.*

2.875%,

10/15/26

496,090

Royal

Bank

Canada

750,000

6.000%,

11/01/27^

769,590

1,000,000

4.612%,

05/03/32‡

day

USD

SOFR

1.010%

994,140

SBA

Tower

Trust*

250,000

1.840%,

04/15/27

244,332

500,000

1.631%,

05/15/51

493,139

300,000

Skandinaviska

Enskilda

Banken

AB*^

1.200%,

09/09/26

296,979

500,000

SLM

Corp.

3.125%,

11/02/26

494,520

500,000

State

Street

Corp.‡

4.530%,

02/20/29

day

USD

SOFR

1.018%

502,140

1,000,000

Toronto-Dominion

Bank^

4.808%,

06/03/30

1,008,640

1,000,000

Toyota

Motor

Credit

Corp.^

4.625%,

01/12/28

1,008,820

1,000,000

Truist

Bank

Series

BKNT‡

4.136%,

10/23/29

day

USD

SOFR

0.911%

990,860

PRINCIPAL

AMOUNT

VALUE

1,000,000

U.S.

Bancorp‡

5.100%,

07/23/30

day

USD

SOFR

1.250%

1,017,230

500,000

United

Wholesale

Mortgage

LLC*

5.500%,

04/15/29

477,165

82,222,246

Health

Care

(2.8%)

1,000,000

180

Medical,

Inc.*^

3.875%,

10/15/29

965,930

1,000,000

Agilent

Technologies,

Inc.

2.750%,

09/15/29

947,940

1,000,000

Cardinal

Health,

Inc.

5.000%,

11/15/29

1,014,400

1,000,000

Elevance

Health,

Inc.

4.101%,

03/01/28

994,910

1,000,000

Gilead

Sciences,

Inc.

1.200%,

10/01/27

960,680

1,000,000

Illumina,

Inc.

4.750%,

12/12/30

995,270

1,000,000

IQVIA,

Inc.

5.700%,

05/15/28

1,018,870

500,000

Laboratory

Corp.

America

Holdings

2.950%,

12/01/29

474,970

1,000,000

McKesson

Corp.

4.650%,

05/30/30

1,006,860

500,000

Sanofi

3.800%,

11/03/28

496,540

Teva

Pharmaceutical

Finance

Netherlands

III

1,000,000

5.125%,

05/09/29^

1,003,320

295,000

3.150%,

10/01/26

293,086

1,000,000

Thermo

Fisher

Scientific,

Inc.^

5.000%,

01/31/29

1,018,940

500,000

UnitedHealth

Group,

Inc.

5.250%,

02/15/28

508,620

11,700,336

Industrials

(7.4%)

500,000

AAR

Escrow

Issuer

LLC*

6.750%,

03/15/29

513,735

1,000,000

AGCO

Corp.

5.450%,

03/21/27

1,008,090

1,000,000

Amcor

Flexibles

North

America,

Inc.

4.250%,

03/08/29

991,710

500,000

American

Airlines,

Inc./AAdvantage

Loyalty

Ltd.*

5.750%,

04/20/29

500,630

1,000,000

Amphenol

Corp.^

5.050%,

04/05/27

1,009,240

1,000,000

Amrize

Finance

U.S.

LLC

4.700%,

04/07/28

1,003,960

1,000,000

Canadian

Pacific

Railway

Co.

4.000%,

06/01/28

993,460

500,000

Cascades,

Inc./Cascades

USA,

Inc.*

6.750%,

07/15/30

505,025

1,000,000

CNH

Industrial

Capital

LLC

4.500%,

10/08/27

1,001,030

176

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Short-Term

Bond

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

1,100,000

CRH

SMW

Finance

DAC

5.125%,

01/09/30

1,119,910

932,875

Delta

Air

Lines

Pass-Through

Trust

Series

AA,

Class

2.000%,

12/10/29

902,716

500,000

Deluxe

Corp.*

8.125%,

09/15/29

522,410

1,100,000

Eaton

Capital

ULC

4.450%,

05/09/30

1,099,615

608,000

EnerSys*

4.375%,

12/15/27

601,853

250,000

GATX

Corp.

5.400%,

03/15/27

252,067

500,000

GXO

Logistics,

Inc.^

1.650%,

07/15/26

496,905

500,000

Herc

Holdings,

Inc.*

6.625%,

06/15/29

512,770

1,000,000

Honeywell

Aerospace,

Inc.*

4.000%,

03/16/29

989,530

1,000,000

Ingersoll

Rand,

Inc.

5.400%,

08/14/28

1,022,440

1,000,000

Jabil,

Inc.

4.200%,

02/01/29

988,370

500,000

Johnson

Controls

International

PLC/

Tyco

Fire

Security

Finance

SCA^

5.500%,

04/19/29

516,065

1,000,000

Lennox

International,

Inc.

5.500%,

09/15/28

1,020,730

1,000,000

Mohawk

Industries,

Inc.^

5.850%,

09/18/28

1,028,780

1,000,000

Nordson

Corp.

5.600%,

09/15/28

1,022,760

1,000,000

Owens

Corning

5.500%,

06/15/27

1,012,110

1,000,000

Parker-Hannifin

Corp.

4.250%,

09/15/27

1,000,530

1,000,000

Paychex,

Inc.

5.100%,

04/15/30

1,010,540

1,000,000

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.*

5.250%,

02/01/30

1,015,130

1,000,000

Ryder

System,

Inc.

5.650%,

03/01/28

1,021,960

309,000

Sensata

Technologies

BV*

4.000%,

04/15/29

301,093

SMBC

Aviation

Capital

Finance

DAC*^

500,000

5.100%,

04/01/30

504,535

500,000

1.900%,

10/15/26

494,175

500,000

Sumisho

Air

Lease

Corp.

2.200%,

01/15/27

492,325

500,000

TransDigm,

Inc.*

6.375%,

03/01/29

510,825

200,000

Tyco

Electronics

Group

4.500%,

02/09/31

199,328

United

Airlines

Pass-Through

Trust

528,078

Series

Class

4.550%,

02/25/33

509,807

PRINCIPAL

AMOUNT

VALUE

1,106,057

Series

Class

2.900%,

11/01/29

1,059,160

1,000,000

Veralto

Corp.

5.500%,

09/18/26

1,003,680

500,000

WESCO

Distribution,

Inc.*

6.375%,

03/15/29

510,730

500,000

Williams

Scotsman,

Inc.*

6.625%,

06/15/29

513,560

30,783,289

Information

Technology

(5.7%)

1,000,000

Accenture

Capital,

Inc.^

4.050%,

10/04/29

992,330

1,000,000

Applied

Materials,

Inc.

4.800%,

06/15/29

1,017,450

1,000,000

Block,

Inc.*

5.625%,

08/15/30

1,001,480

1,000,000

Booz

Allen

Hamilton,

Inc.*

3.875%,

09/01/28

979,200

1,000,000

Broadcom,

Inc.

4.200%,

10/15/30

988,510

715,000

Broadridge

Financial

Solutions,

Inc.

3.400%,

06/27/26

714,106

1,000,000

Cadence

Design

Systems,

Inc.

4.200%,

09/10/27

999,440

500,000

CDW

LLC/CDW

Finance

Corp.

3.250%,

02/15/29

478,050

500,000

CGI,

Inc.^

1.450%,

09/14/26

495,035

1,000,000

Dell

International

LLC/EMC

Corp.

4.750%,

04/01/28

1,006,120

1,000,000

Hewlett

Packard

Enterprise

Co.

4.400%,

09/25/27

999,310

500,000

HP,

Inc.^

1.450%,

06/17/26

498,190

1,000,000

Intuit,

Inc.^

5.250%,

09/15/26

1,003,220

1,000,000

Keysight

Technologies,

Inc.

3.000%,

10/30/29

952,390

1,000,000

Leidos,

Inc.

4.100%,

03/15/29

987,920

1,000,000

MSCI,

Inc.*

4.000%,

11/15/29

971,770

1,000,000

NVIDIA

Corp.

1.550%,

06/15/28

950,170

1,000,000

NXP

BV/NXP

Funding

LLC/NXP

USA,

Inc.

4.300%,

08/19/28

996,990

500,000

Open

Text

Corp.*

6.900%,

12/01/27

511,600

Oracle

Corp.

500,000

4.800%,

08/03/28

499,450

1,000,000

2.650%,

07/15/26

996,580

500,000

Roper

Technologies,

Inc.

4.200%,

09/15/28

496,185

1,000,000

Salesforce,

Inc.

4.500%,

03/15/28

1,001,240

1,000,000

Synopsys,

Inc.

4.850%,

04/01/30

1,008,670

177

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Short-Term

Bond

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

1,000,000

Take-Two

Interactive

Software,

Inc.

5.400%,

06/12/29

1,019,830

1,000,000

SYNNEX

Corp.

4.300%,

01/17/29

989,290

Texas

Instruments,

Inc.^

500,000

4.600%,

02/15/28

504,015

250,000

1.125%,

09/15/26

247,545

500,000

Viavi

Solutions,

Inc.*

3.750%,

10/01/29

476,505

23,782,591

Materials

(0.1%)

500,000

Sherwin-Williams

Co.

3.450%,

06/01/27

495,630

Other

(2.5%)

500,000

Alumina

Pty.

Ltd.*

6.125%,

03/15/30

511,610

1,000,000

AutoNation,

Inc.

4.450%,

01/15/29

992,090

1,000,000

Element

Fleet

Management

Corp.*

5.037%,

03/25/30

1,010,650

1,000,000

European

Investment

Bank

4.000%,

02/15/29

1,002,030

500,000

Gen

Digital,

Inc.*

6.750%,

09/30/27

503,050

1,000,000

Host

Hotels

Resorts

Series

3.375%,

12/15/29

952,500

1,000,000

Inter-American

Development

Bank^

4.000%,

01/12/28

1,001,400

1,000,000

International

Bank

for

Reconstruction

Development

1.375%,

04/20/28

952,450

1,000,000

International

Finance

Corp.

4.500%,

01/21/28

1,009,680

500,000

Hunt

Transport

Services,

Inc.^

4.900%,

03/15/30

505,085

1,000,000

Nordic

Investment

Bank

3.750%,

05/09/30

990,640

1,000,000

VICI

Properties

4.750%,

04/01/28

1,001,190

10,432,375

Real

Estate

(1.7%)

—

American

Tower

Corp.

1.600%,

04/15/26

—

1,000,000

Brixmor

Operating

Partnership

4.125%,

06/15/26

999,780

1,000,000

Camden

Property

Trust

5.850%,

11/03/26

1,007,340

1,000,000

EPR

Properties

4.750%,

11/15/30

982,980

750,000

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership

LP*

3.750%,

12/15/27

733,027

1,000,000

Public

Storage

Operating

Co.^

5.125%,

01/15/29

1,021,820

PRINCIPAL

AMOUNT

VALUE

1,000,000

Realty

Income

Corp.

3.950%,

02/01/29

988,270

1,000,000

Simon

Property

Group

LP^

4.375%,

10/01/30

993,820

167,000

Weyerhaeuser

Co.

4.750%,

05/15/26

167,042

6,894,079

Special

Purpose

Acquisition

Companies

(0.2%)

1,000,000

New

York

Life

Global

Funding*

4.150%,

07/25/28

997,080

Utilities

(2.9%)

1,000,000

Alliant

Energy

Finance

LLC*

5.400%,

06/06/27

1,008,030

1,000,000

Dayton

Power

Light

Co.

4.550%,

08/15/30

986,190

1,000,000

Duke

Energy

Carolinas

LLC^

4.850%,

03/15/30

1,017,180

500,000

Entergy

Texas,

Inc.

1.500%,

09/01/26

495,395

1,000,000

Evergy,

Inc.

4.250%,

03/15/29

992,160

National

Rural

Utilities

Cooperative

Finance

Corp.

1,000,000

4.400%,

05/11/29††

1,000,770

500,000

4.120%,

09/16/27

499,125

1,000,000

NextEra

Energy

Capital

Holdings,

Inc.

4.850%,

02/04/28

1,008,630

1,000,000

Niagara

Mohawk

Power

Corp.*^

4.647%,

10/03/30

997,890

1,000,000

NiSource,

Inc.

5.200%,

07/01/29

1,019,980

1,000,000

NSTAR

Electric

Co.

3.200%,

05/15/27

990,590

25,000

PPL

Capital

Funding,

Inc.

Series

A‡

6.627%,

03/30/67

mo.

USD

Term

SOFR

2.927%

24,643

1,000,000

Public

Service

Co.

Colorado

4.150%,

03/13/29

994,850

1,000,000

Sempra

3.400%,

02/01/28

981,430

12,016,863

TOTAL

CORPORATE

BONDS

(Cost

$235,841,079)

236,911,583

MUNICIPAL

OBLIGATIONS

(2.6%)

Consumer

Discretionary

(0.1%)

200,000

Washington

State

Housing

Finance

Commission

5.285%,

06/01/27

202,884

300,000

Washington

State

Housing

Finance

Commission

5.345%,

12/01/27

306,113

508,997

178

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Short-Term

Bond

Fund

Schedule

Investments

April

30,

2026

(unaudited)

PRINCIPAL

AMOUNT

VALUE

Other

(2.4%)

100,000

Alaska

Housing

Finance

Corp.

4.808%,

06/01/27

100,989

250,000

City

Carmel

Waterworks

Revenue

4.966%,

05/01/28

253,422

205,000

City

Mishawaka

4.700%,

08/15/26

205,527

400,000

Colorado

Housing

Finance

Authority

4.390%,

11/01/29

402,873

375,000

Colorado

Housing

Finance

Authority

5.402%,

05/01/27

379,892

370,000

Colorado

Housing

Finance

Authority

5.452%,

11/01/27

376,652

1,000,000

Commonwealth

Massachusetts

5.306%,

01/01/30

1,012,292

1,000,000

Connecticut

Housing

Finance

Authority

4.771%,

05/15/30

1,019,625

135,000

East

Montgomery

County

Improvement

District

Sales

Tax

Revenue

1.550%,

08/15/26

134,081

375,000

Florida

Housing

Finance

Corp.

5.077%,

07/01/26

375,739

190,000

Florida

Housing

Finance

Corp.

5.086%,

01/01/27

191,405

170,000

Florida

Housing

Finance

Corp.

5.136%,

07/01/27

171,974

200,000

Idaho

Housing

Finance

Association

4.398%,

07/01/29

199,811

235,000

Idaho

Housing

Finance

Association

4.418%,

01/01/30

234,197

115,000

Idaho

Housing

Finance

Association

4.478%,

07/01/30

114,487

250,000

Indiana

Housing

Community

Development

Authority

5.065%,

01/01/27

251,972

175,000

Indiana

Housing

Community

Development

Authority

5.095%,

07/01/26

175,361

350,000

Iowa

Finance

Authority

5.412%,

07/01/27

355,449

505,000

Iowa

Finance

Authority

5.502%,

07/01/28

518,527

250,000

Nevada

Housing

Division

5.251%,

10/01/26

251,489

450,000

Nevada

Housing

Division

5.268%,

04/01/27

455,524

435,000

Nevada

Housing

Division

5.338%,

10/01/27

443,027

100,000

New

Mexico

Mortgage

Finance

Authority

4.447%,

03/01/30

100,966

PRINCIPAL

AMOUNT

VALUE

390,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

1.250%,

05/01/26

389,974

390,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

3.430%,

08/01/26

389,573

125,000

Utah

Housing

Corp.

4.627%,

07/01/29

126,789

145,000

Victor

Valley

Community

College

District

2.878%,

08/01/26

144,688

300,000

West

Virginia

Housing

Development

Fund

4.510%,

05/01/30

302,960

200,000

West

Virginia

Housing

Development

Fund

4.560%,

11/01/30

202,056

170,000

Westminster

Public

Schools

0.906%,

12/01/26

167,191

115,000

Wisconsin

Housing

Economic

Development

Authority

Home

Ownership

Revenue

4.518%,

03/01/29

116,040

100,000

Wisconsin

Housing

Economic

Development

Authority

Home

Ownership

Revenue

4.568%,

09/01/29

101,071

9,665,623

Utilities

(0.1%)

505,000

Augusta

Water

Sewer

Revenue

4.300%,

10/01/26

505,156

TOTAL

MUNICIPAL

OBLIGATIONS

(Cost

$10,597,364)

10,679,776

RESIDENTIAL

MORTGAGE

BACKED

SECURITIES

(0.4%)

Financials

(0.4%)

28,495

Bank

Series

2019-BN16,

Class

3.933%,

02/15/52

(Cost

$28,495)

28,262

1,142,289

Mortgage-Backed

Securities

Corp.

Trust

Series

2021-PJ4,

Class

A8*‡

2.500%,

09/25/51

(Cost

$1,138,040)

1,029,806

453,316

Mortgage-Backed

Securities

Trust

Series

2021-PJ11,

Class

A8*‡

‌

179

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Short-Term

Bond

Fund

Schedule

Investments

April

30,

2026

(unaudited)

NOTES

SCHEDULE

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

2.500%,

04/25/52

(Cost

$453,006)

404,945

1,463,013

TOTAL

RESIDENTIAL

MORTGAGE

BACKED

SECURITIES

(Cost

$1,619,541)

1,463,013

SOVEREIGN

BONDS

(1.4%)

Financials

(0.5%)

1,000,000

Development

Bank

Japan,

Inc.*

5.125%,

09/01/26

1,003,781

1,000,000

Kommunalbanken

AS*

3.625%,

10/16/28

991,858

200,000

Kommunalbanken

AS*

4.500%,

09/01/28

202,295

2,197,934

Other

(0.9%)

500,000

Export

Development

Canada

3.875%,

02/14/28

499,503

1,000,000

Export

Development

Canada

4.125%,

02/13/29

1,004,960

1,003,000

Export-Import

Bank

Korea

5.000%,

01/11/28

1,017,335

1,000,000

Svensk

Exportkredit

4.125%,

06/14/28

1,002,880

3,524,678

TOTAL

SOVEREIGN

BONDS

(Cost

$5,730,474)

5,722,612

U.S.

GOVERNMENT

AND

AGENCY

SECURITIES

(5.3%)

Other

(5.3%)

Federal

National

Mortgage

Association

3,515,597

3.500%,

05/01/35

3,454,583

1,011,373

3.500%,

07/01/35

980,949

772,096

2.500%,

04/01/31

746,922

U.S.

Treasury

Notes

6,000,000

4.250%,

02/28/29^

6,053,906

5,000,000

4.250%,

01/31/30

5,049,024

3,000,000

3.500%,

09/30/29

2,958,164

3,000,000

3.375%,

09/15/28

2,964,609

TOTAL

U.S.

GOVERNMENT

AND

AGENCY

SECURITIES

(Cost

$22,123,292)

22,208,157

NUMBER

SHARES/

PRINCIPAL

AMOUNT

VALUE

INVESTMENT

CASH

COLLATERAL

FOR

SECURITIES

LOANED

(4.0%)

16,734,068

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio,

3.669%†***

(Cost

$16,734,068)

16,734,068

TOTAL

INVESTMENTS

(101.7%)

(Cost

$421,119,735)

422,292,710

PAYABLE

UPON

RETURN

SECURITIES

LOAN

(-4.0%)

(16,734,068)

OTHER

ASSETS,

LESS

LIABILITIES

(2.3%)

9,702,726

NET

ASSETS

(100.0%)

415,261,368

Securities

issued

and

sold

pursuant

Rule

144A

transaction

are

exempted

from

the

registration

requirement

the

Securities

Act

1933,

amended.

These

securities

may

only

sold

qualified

institutional

buyers

(“QIBs”),

such

the

Fund.

Any

resale

these

securities

must

generally

effected

through

sale

that

registered

under

the

Act

otherwise

exempted

from

such

registration

requirements.

Step

coupon

security.

Coupon

changes

periodically

based

upon

predetermined

schedule.

The

rate

shown

the

rate

effect

April

30,

2026.

Bank

loans

generally

are

subject

mandatory

and/or

optional

prepayment.

result,

the

actual

remaining

maturity

bank

loans

may

substantially

less

than

the

stated

maturities

shown.

‡

Variable

rate

security.

The

rate

shown

the

rate

effect

April

30,

2026.

This

position

represents

unsettled

loan

commitment

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

the

settlement

date,

including

coupon

rate,

which

will

adjusted

settlement

date.

Security,

portion

security,

loan.

††

When-issued

security.

†

Represents

investment

cash

collateral

received

from

securities

loan

April

30,

2026.

***

The

rate

disclosed

the

day

net

yield

April

30,

2026.

ABBREVIATION

SOFR

Secured

Overnight

Financing

Rate

CMT

Constant

Maturity

Treasury

180

See

accompanying

Notes

Schedule

Investments

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Calamos

Short-Term

Bond

Fund

Schedule

Investments

April

30,

2026

(unaudited)

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

April

30,

2026

(see

Note

8):

FUTURES

CONTRACTS

NUMBER

CONTRACTS

DESCRIPTION

EXPIRATION

DATE

NOTIONAL

VALUE

MARKET

VALUE/

UNREALIZED

APPRECIATION

(DEPRECIATION)

Buys

100

U.S.

Treasury

Note

2-Year

Jun

2026

20,712,500‌

(22,097‌)

200

U.S.

Treasury

Note

5-Year

Jun

2026

21,567,188‌

(400,486‌)

(422,583‌)

This

amount

represents

the

cumulative

appreciation/depreciation

futures

contracts.

Current

day’s

variation

margin

reported

within

the

Statement

Assets

and

Liabilities

for

futures

contracts.

LEVEL

TOTAL

Assets:

—

Asset

Backed

Securities

—

90,425,536

—

90,425,536

Bank

Loans

—

37,170,515

—

37,170,515

Convertible

Bond

—

977,450

—

977,450

Corporate

Bonds

298

—

236,911,583

—

236,911,583

Municipal

Obligations

—

10,679,776

—

10,679,776

Residential

Mortgage

Backed

Securities

—

1,463,013

—

1,463,013

Sovereign

Bonds

—

5,722,612

—

5,722,612

U.S.

Government

and

Agency

Securities

—

22,208,157

—

22,208,157

Investment

Cash

Collateral

for

Securities

Loaned

—

16,734,068

—

16,734,068

Total

—

422,292,710

—

422,292,710

Liabilities:

—

Futures

Contracts

422,583

—

422,583

Total

422,583

—

422,583

Notes

Financial

Statements

(unaudited)

181

www.calamos.com

Note

–

Organization

and

Significant

Accounting

Policies

Organization.

CALAMOS

INVESTMENT

TRUST,

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

“Fund”

and

collectively

the

“Funds”).

The

Trust

registered

under

the

Investment

Company

Act

1940

amended

(the

“1940

Act”)

open-end

management

investment

company.

The

Trust

currently

offers

Class

(except

Timpani

SMID

Growth

Fund

and

Short-Term

Bond

Fund),

and

Class

each

the

Funds.

Class

are

offered

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.

April

2026,

The

Trust's

Board

Trustees

(“Board”

“Trustees”)

approved

the

conversion

Calamos

Timpani

SMID

Growth

Fund

(“Timpani

SMID

Growth

Fund")

into

newly-created

exchange-traded

fund,

Calamos

Timpani

Active

SMID

Growth

ETF

(the

“New

ETF”),

which

series

Calamos

ETF

Trust.

The

proposed

conversion

into

the

New

ETF

subject

approval

the

shareholders

Timpani

SMID

Growth

Fund.

proxy

statement/prospectus

detailing

the

proposed

conversion

expected

mailed

Timpani

SMID

Growth

Fund's

shareholders

about

July

2026,

and

shareholder

meeting

scheduled

held

about

August

24,

2026.

shareholder

approval

the

proposed

conversion

obtained,

expected

that

the

proposed

conversion

will

take

place

the

business

about

September

18,

2026.

connection

with

the

proposed

conversion

the

Fund

into

ETF,

Class

and

Class

the

Fund

will

consolidated

into

Class

the

Fund

about

September

11,

2026.

Significant

Accounting

Policies.

The

financial

statements

have

been

prepared

conformity

with

accounting

principles

generally

accepted

the

United

States

America

("U.S.

GAAP"),

and

each

Fund

considered

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

investment

companies.

Under

U.S.

GAAP,

management

required

make

certain

estimates

and

assumptions

the

date

the

financial

statements

and

actual

results

may

differ

from

those

estimates.

The

following

summarizes

the

significant

accounting

policies

the

Funds.

Fund

Valuation.

The

Trustees,

including

majority

the

Trustees

who

are

not

“interested

persons”

the

Funds,

have

designated

Calamos

Advisors

LLC

(“Calamos

Advisors”,

the

“Adviser”)

perform

fair

valuation

determinations

all

Fund

investments

under

the

oversight

the

Board.

“valuation

designee” Calamos

Advisors

has

adopted

procedures

consistent

with

ASC

Topic

820:

Fair

Value

Measurement

guide

the

determination

the

net

asset

value

(“NAV”)

any

day

which

Fund’s

NAV is

determined.

The

valuation

the

Funds’

investments

accordance

with

these

procedures.

Fund

securities

that

are

traded

U.S.

securities

exchanges,

except

option

securities,

are

valued

the

official

closing

price,

which

the

last

current

reported

sales

price

its

principal

exchange

the

time

each

Fund

determines

its

NAV.

Securities

traded

the

over-the-counter

market

and

quoted

The

NASDAQ

Stock

Market

are

valued

the

NASDAQ

Official

Closing

Price,

determined

NASDAQ

lacking

NASDAQ

Official

Closing

Price,

the

last

current

reported

sale

price

NASDAQ

the

time

Fund

determines

its

NAV.

When

last

sale

closing

price

not

available,

equity

securities,

other

than

option

securities,

that

are

traded

U.S.

securities

exchange

and

other

equity

securities

traded

the

over-the-counter

market

are

valued

the

mean

between

the

most

recent

bid

and

asked

quotations

its

principal

exchange

accordance

with

guidelines

adopted

the

Board.

Each

option

security

traded

U.S.

securities

exchange

valued

the

mid-point

the

consolidated

bid/ask

quote

for

the

option

security,

also

accordance

with

guidelines

adopted

the

Board.

Each

over-the-counter

option

that

not

traded

through

the

Options

Clearing

Corporation

valued

either

independent

pricing

agent

approved

the

Board

based

quotation

provided

the

counterparty

such

option

under

the

ultimate

supervision

the

Board.

Fixed

income

securities,

bank

loans,

certain

convertible

preferred

securities,

and

non-exchange

traded

derivatives

are

normally

valued

independent

pricing

services

dealers

brokers

who

make

markets

such

securities.

Valuations

such

fixed

income

securities,

bank

loans,

certain

convertible

preferred

securities,

and

non-exchange

traded

derivatives

consider

yield

price

equivalent

securities

comparable

quality,

coupon

rate,

maturity,

type

issue,

trading

characteristics

and

other

market

data

and

not

rely

exclusively

upon

exchange

over-the-counter

prices.

New

purchases

third-party

private

funds

("Private

Funds")

may

valued

acquisition

cost

until

NAV

provided

the

Private

Fund's

investment

manager.

Thereafter,

investments

Private

Funds

are

generally

valued

using

the

quarterly

(or

frequent)

NAV

provided

the

Private

Funds

(the

"practical

expedient"),

whose

underlying

investments

are

valued

Notes

Financial

Statements

(unaudited)

182

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

manner

consistent

with

ASC

820:

Fair

Value

Measurement

determine

the

fair

value

such

interests.

Calamos

Advisors,

valuation

designee,

will

review

the

practical

expedient

and

determine

reasonableness

based

its

knowledge

current

market

conditions

and

the

individual

characteristics

the

applicable

Private

Fund.

circumstances

where

Fund's

valuation

date

between

date

which

Private

Fund

reports

its

NAV

such

NAV

otherwise

unavailable,

Calamos

Advisors

shall

consider

whether

adjustment

the

most

recent

NAV

per

appropriate,

considering

the

practical

expedient

and

adjusting

good

faith

based

factors

Calamos

Advisors

deems

appropriate.

Investments

equity

credit

privately

held

companies

may

valued

using

the

income

approach,

market

approach,

cost

approach,

option

pricing

approach,

recent

transaction

approach,

liquidation

approach,

any

other

method

valuation

deemed

reasonable

Calamos

Advisors,

valuation

designee,

assess

the

valuation

the

investment.

With

respect

private

equity

investments,

appropriate

discount

for

lack

marketability

will

applied

any

approach

which

does

not

reflect

such

discount.

The

security

will

monitored

daily

for

relevant

news

and

valuation-affecting

events.

Trading

European

and

Far

Eastern

exchanges

and

over-the-counter

markets

typically

completed

various

times

before

the

business

each

day

which

the

New

York

Stock

Exchange

(“NYSE”)

open.

Each

security

trading

these

exchanges

over-the-counter

markets

may

valued

utilizing

systematic

fair

valuation

model

provided

independent

pricing

service

approved

the

Board.

The

valuation

each

security

that

meets

certain

criteria

relation

the

valuation

model

systematically

adjusted

reflect

the

impact

movement

the

U.S.

market

after

the

foreign

markets

close.

Securities

that

not

meet

the

criteria,

that

are

principally

traded

other

foreign

markets,

are

valued

the

last

reported

sale

price

the

time

the

respective

Fund

determines

its

NAV,

when

reliable

market

prices

quotations

are

not

readily

available,

the

mean

between

the

most

recent

bid

and

asked

quotations

the

appropriate

exchange

other

designated

time.

Trading

foreign

securities

may

not

take

place

every

NYSE

business

day.

addition,

trading

may

take

place

various

foreign

markets

Saturdays

other

days

when

the

NYSE

not

open

and

which

the

respective

Fund’s

NAV

not

calculated.

the

Adviser’s

pricing

committee

determines

that

the

valuation

security

accordance

with

the

methods

described

above

not

reflective

fair

value

for

such

security,

the

security

valued

fair

value

the

pricing

committee.

Each

Fund

also

may

use

fair

value

pricing,

pursuant

guidelines

adopted

Calamos

Advisors,

trading

the

security

halted

the

value

security

holds

materially

affected

events

occurring

before

the

Fund’s

pricing

time

but

after

the

primary

market

exchange

which

the

security

listed.

Those

procedures

may

utilize

valuations

furnished

pricing

services

approved

Calamos

Advisors,

which

may

based

market

transactions

for

comparable

securities

and

various

relationships

between

securities

that

are

generally

recognized

institutional

traders,

computerized

matrix

system,

appraisals

derived

from

information

concerning

the

securities

similar

securities

received

from

recognized

dealers

those

securities.

When

fair

value

pricing

securities

employed,

the

prices

securities

used

the

Fund

calculate

its

NAV

may

differ

from

market

quotations

official

closing

prices.

There

can

assurance

that

the

Fund

could

purchase

sell

portfolio

security

the

price

used

calculate

the

Fund’s

NAV.

Investment

Transactions.

Investment

transactions

are

recorded

trade

date

basis

April

30,

2026.

Net

realized

gains

and

losses

from

investment

transactions

are

reported

identified

cost

basis.

Interest

income

recognized

using

the

accrual

method

and

includes

accretion

original

issue

and

market

discount

and

amortization

premium.

Dividend

income

recognized

the

ex-dividend

date,

except

that

certain

dividends

from

foreign

securities

are

recorded

soon

the

information

becomes

available

after

the

ex-dividend

date.

Foreign

Currency

Translation.

Values

investments

and

other

assets

and

liabilities

denominated

foreign

currencies

are

translated

into

U.S.

dollars

using

rate

quoted

major

bank

dealer

the

particular

currency

market,

reported

recognized

quotation

dissemination

service.

The

Funds do

not

isolate

that

portion

the

results

operations

resulting

from

changes

foreign

exchange

rates

investments

from

the

fluctuations

arising

from

changes

market

prices

securities

held.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

loss

from

investments.

Reported

net

realized

foreign

currency

gains

losses

arise

from

the disposition

foreign

currency,

the

difference

the

foreign

exchange

rates

between

the

trade

and

settlement

dates

securities

transactions,

and

the

difference

between

the

amounts

dividends,

interest

and

foreign

withholding

taxes

recorded

the

ex-date

accrual

date

and

the

U.S.

dollar

equivalent

the

amounts

actually

received

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

Notes

Financial

Statements

(unaudited)

183

www.calamos.com

(due

the

changes

the

exchange

rate)

the

value

foreign

currency

and

other

assets

and

liabilities

denominated

foreign

currencies

held

at period end.

Allocation

Expenses

Among

Funds

and

Classes.

Expenses

directly

attributable

Fund

are

charged

that

Fund;

certain

other

common

expenses

the

Trust,

Calamos

Advisors

Trust,

Calamos

Convertible

Opportunities

and

Income

Fund,

Calamos

Convertible

and

High

Income

Fund,

Calamos

Strategic

Total

Return

Fund,

Calamos

Global

Total

Return

Fund,

Calamos

Global

Dynamic

Income

Fund,

Calamos

Dynamic

Convertible

and

Income

Fund,

Calamos

Long/Short

Equity

and

Dynamic

Income

Trust,

Calamos

Antetokounmpo

Sustainable

Equities

Trust, Calamos

ETF

Trust,

Calamos

Aksia

Alternative

Credit

and

Income

Fund,

Calamos

Aksia

Private

Equity

and

Alternatives

Fund,

and

Calamos

Aksia

Hedged

Strategies

Fund,

are

allocated

proportionately

among

each

fund

which

the

expenses

relate

relation

the

net

assets

each

fund

another

reasonable

basis.

Expenses

directly

attributable

particular

class

fund

the

Trust

are

charged

directly

such

class.

calculating

the

NAV

per

each

class,

investment

income,

realized

and

unrealized

gains

and

losses

and

expenses

other

than

class

specific

expenses

are

allocated

daily

each

class

based

upon

the

proportion

net

assets

each

class

the

beginning

each

day

plus

current

day

fund

activity.

Income

Taxes.

provision

has

been

made

for

U.S.

income

taxes

because

the

Trust’s

policy

continue

qualify

regulated

investment

company

under

the

Internal

Revenue

Code

1986,

amended,

and

distribute

shareholders

substantially

all

the

Funds’

taxable

income

and

net

realized

gains.

Dividends

and

distributions

paid

shareholders

are

recorded

the

ex-dividend

date.

The

amount

dividends

and

distributions

from

net

investment

income

and

net

realized

capital

gains

determined

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

generally

accepted

accounting

principles.

the

extent

these

“book/tax”

differences

are

permanent

nature,

such

amounts

are

reclassified

within

the

capital

accounts

based

their

federal

tax-basis

treatment.

These

differences

are

primarily

due

differing

treatments

for

foreign

currency

transactions,

contingent

payment

debt

instruments

and

methods

amortizing

and

accreting

for

fixed

income

securities.

The

financial

statements

are

not

adjusted

for

temporary

differences.

The

Funds

recognized

liability

for

uncertain

tax

positions.

reconciliation

not

provided

the

beginning

and

ending

amounts

unrecognized

benefits

are

zero,

with

interim

additions,

reductions

settlements.

Generally,

the

federal

returns

are

subject

examination

the

Internal

Revenue

Service

for

period

three

years

from

date

filing,

while

the

state

returns

may

remain

open

for

additional

year

depending

upon

jurisdiction.

Indemnifications.

Under

the Trust’s

organizational

documents,

the

Trust

obligated

indemnify

its

officers

and

trustees

against

certain

liabilities

incurred

them

reason

having

been

officer

trustee

the

Trust.

addition,

the

normal

course

business,

the

Trust

may

enter

into

contracts

that

provide

general

indemnifications

other

parties.

Each

Fund’s

maximum

exposure

under

these

arrangements

unknown

this

would

involve

future

claims

that

may

made

against

the

Funds

that

have

not

yet

occurred.

Currently,

the

Funds’

management

expects

the

risk

material

loss

connection

potential

claim

remote.

Segment

Reporting.

operating

segment

defined

component

public

entity

that

engages

business

activities

from

which

may

recognize

revenues

and

incur

expenses,

has

operating

results

that

are

regularly

reviewed

the

chief

operating

decision

maker,

and

for

which

discrete

financial

information

available.

Consistent

with

the

definition

chief

operating

decision

maker

(“CODM”)

provided

Financial

Accounting

Standards

Board

("FASB")

“Accounting

Standards

Update

(ASU)

2023-07-Segment

Reporting

(Topic

280):

Improvements

Reportable

Segment

Disclosures,”

the

Funds'

CODM

Calamos

Advisors'

Chief

Executive

Officer,

who

also

serves

Trustee

and

Vice

President

the

Funds.

The

Funds

operate

single

reportable

segment,

which

reflects

how

the

CODM

monitors

and

manages

the

operating

results

the

Funds.

The

financial

information

used

the

CODM

assess

the

segment’s

performance

and

allocate

resources,

including

total

return,

expense

ratios,

changes

net

assets

from

operations

and

portfolio

composition,

consistent

with

that

presented

within

the

Funds'

financial

statements

and

financial

highlights.

Notes

Financial

Statements

(unaudited)

184

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Note

–

Investment

Advisor

and

Transactions

with

Affiliates

Certain

Other

Parties

Pursuant

investment

advisory

agreement

with

Calamos

Advisors,

each

Fund

pays

monthly

investment

advisory

fee

based

the

average

daily

net

assets

the

Fund,

shown

below:

International

Growth

Fund

and

Global

Equity

Fund

are

subject

possible

adjustment

based

performance

described

below.

AVERAGE

DAILY

NET

ASSETS

GROWTH

FUND

ANNUAL

RATE

EVOLVING

WORLD

GROWTH

FUND

ANNUAL

RATE

TOTAL

RETURN

BOND

FUND

ANNUAL

RATE

SELECT

FUND,

INTERNATIONAL

GROWTH

FUND*,

GLOBAL

EQUITY

FUND*,

GLOBAL

OPPORTUNITIES

FUND

ANNUAL

RATE

First

$500

million

1.00%

1.10%

0.45%

1.00%

$500

million

0.90%

1.05%

0.43%

0.95%

billion

0.80%

1.00%

0.41%

0.90%

Over

billion

0.70%

0.90%

0.35%

0.80%

AVERAGE

DAILY

NET

ASSETS

GLOBAL

CONVERTIBLE

FUND

ANNUAL

RATE

TIMPANI

SMALL

CAP

GROWTH

FUND

ANNUAL

RATE

TIMPANI

SMID

GROWTH

FUND

ANNUAL

RATE

SHORT-TERM

BOND

FUND

ANNUAL

RATE

GROWTH

AND

INCOME

FUND,

CONVERTIBLE

FUND,

MARKET

NEUTRAL

INCOME

FUND,

HEDGED

EQUITY

FUND

ANNUAL

RATE

HIGH

INCOME

OPPORTUNITIES

FUND

ANNUAL

RATE

PHINEUS

LONG/SHORT

FUND

ANNUAL

RATE

First

$500

million

0.85%

0.90%

0.95%

0.30%

0.75%

0.60%

1.25%

$500

million

0.80%

0.85%

0.27%

0.70%

0.55%

1.20%

Over

billion

0.75%

0.80%

0.25%

0.65%

0.50%

1.15%

AVERAGE

DAILY

NET

ASSETS

MERGER

ARBITRAGE

FUND

ANNUAL

RATE

INTERNATIONAL

SMALL

CAP

GROWTH

FUND

ANNUAL

RATE

First

$500

million

1.00%

0.95%

$500

million

0.95%

0.90%

Over

billion

0.90%

0.85%

Notes

Financial

Statements

(unaudited)

185

www.calamos.com

The

average

investment

advisory

fee

the

period

ended

April

30,

2026

was

follows:

Each

International

Growth

Fund

and

Global

Equity

Fund

pays

fee

based

average

daily

net

assets

the

Fund

that

accrued

daily

and

paid

monthly

basis,

subject

possible

adjustment

based

the

Fund’s

investment

performance

(since

March

2006

for

International

Growth

Fund

and

since

February

2008

for

Global

Equity

Fund).

The

performance

adjustment

increases

decreases

the

management

fee,

monthly

basis,

1/12

0.03%

Fund’s

average

daily

net

assets

over

the

performance

period

for

each

full

increment

amount

which

Fund

outperforms

underperforms

the

benchmark

index

(“Index”),

annualized

basis,

over

the

performance

measurement

period.

The

benchmark

indexes

are

the

MSCI

EAFE

Growth

Index

and

the

MSCI

World

Index

for

the

International

Growth

Fund

and

Global

Equity

Fund,

respectively

The

base

fee

shown

the

table

above.

The

performance

adjustment

rate

calculated

comparing

over

the

performance

measurement

period

the

Fund’s

Class

performance

that

the

respective

Index.

The

performance

measurement

period

commenced

the

beginning

each

Fund’s

first

full

month

operation

(April

2005

and

March

2007

for

the

International

Growth

Fund

and

Global

Equity

Fund

respectively).

The

first

performance

adjustment

was

applied

the

advisory

fee

the

end

the

twelfth

month.

Each

month

subsequent

the

twelfth

month,

new

month

added

the

performance

measurement

period

until

the

performance

measurement

period

includes

months.

Thereafter,

the

performance

measurement

period

consists

the

most

recent

month

plus

the

months.

The

performance

comparison

made

the

end

each

month.

The

maximum

annualized

performance

adjustment

rate

+/-

0.30%

the

Fund’s

average

daily

net

assets

over

the

performance

measurement

period.

The

performance

adjustment

rate

divided

twelve

and

multiplied

the

Fund’s

average

daily

net

assets

over

the

performance

measurement

period,

and

the

resulting

dollar

amount

then

added

subtracted

from

the

base

fee.

Calamos

Advisors

may

receive

positive

performance

adjustment

even

the

Fund

has

negative

return

over

performance

measurement

period

otherwise

outperforms

the

Index

during

that

period.

Each

Fund

(an

"Acquiring

Fund") may

invest

another

Fund

(an

"Acquired

Fund")

the

Calamos

Family

Funds.

Calamos

Advisors

has

contractually

agreed

waive

portion

its

advisory

fee

charged

the

Acquiring

Fund

equal

the

advisory

fee

paid

the

Acquired

Fund

that

attributable

the

Acquiring

Fund's

investment

the

Acquired

Fund,

based

daily

net

assets.

For

the

period

ended

April

30,

2026,

the

total

advisory

fees

waived

pursuant

such

agreement

were

$501,985

for

the

Market

Neutral

Income

Fund

and

are

included

the

Statements

Operations

under

the

caption

“Expense

reductions”.

FUND

PERCENTAGE

001

Calamos

Market

Neutral

Income

Fund

0.65‌%

005

Calamos

Hedged

Equity

Fund

0.73‌%

010

Calamos

Phineus

Long/Short

Fund

1.22‌%

015

Calamos

Merger

Arbitrage

Fund

1.00‌%

020

Calamos

Convertible

Fund

0.73‌%

025

Calamos

Global

Convertible

Fund

0.85‌%

030

Calamos

Timpani

Small

Cap

Growth

Fund

0.88‌%

035

Calamos

Timpani

SMID

Growth

Fund

0.95‌%

040

Calamos

Growth

Fund

0.89‌%

045

Calamos

Growth

and

Income

Fund

0.67‌%

060

Calamos

Select

Fund

1.00‌%

065

Calamos

International

Growth

Fund

1.00‌%

070

Calamos

Evolving

World

Growth

Fund

1.10‌%

075

Calamos

Global

Equity

Fund

1.00‌%

080

Calamos

Global

Opportunities

Fund

1.00‌%

085

Calamos

International

Small

Cap

Growth

Fund

0.95‌%

090

Calamos

Total

Return

Bond

Fund

0.45‌%

095

Calamos

High

Income

Opportunities

Fund

0.60‌%

100

Calamos

Short-Term

Bond

Fund

0.30‌%

Notes

Financial

Statements

(unaudited)

186

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

April

30,

2026,

the

Market

Neutral

Income

Fund

had

holdings

$335

million

the

Short-Term

Bond

Fund

During

the

period

from

November

2025

through

April

30,

2026,

the

Market

Neutral

Income

Fund

had

subscriptions

redemptions

and

earned $8

million

dividends.

Each

Fund

reimburses

Calamos

Advisors

for

portion

compensation

paid

the

Trust’s

Chief

Compliance

Officer.

This

compensation

reported

part

the

“Trustees’

fees

and

officer

compensation”

expense

the

Statements of

Operations.

Calamos

Advisors

has

contractually

agreed

limit

the

annual

ordinary

operating

expenses

each

Fund

percentage

the

average

daily

net

assets

through

March

2027

(except

noted)

follows:

FUND

CLASS

001

Calamos

Market

Neutral

Income

Fund

1.75%

2.50%

1.50%

less

the

annual

sub-transfer

agency

ratio

005

Calamos

Hedged

Equity

Fund

1.25%

2.00%

1.00%

—

010

Calamos

Phineus

Long/Short

Fund

2.00%

2.75%

1.75%

—

015

Calamos

Merger

Arbitrage

Fund

1.50%

2.25%

1.25%

—

020

Calamos

Convertible

Fund

1.75%

2.50%

1.50%

—

025

Calamos

Global

Convertible

Fund

1.35%

2.10%

1.10%

—

030

Calamos

Timpani

Small

Cap

Growth

Fund

1.30%

2.05%

1.05%

less

the

annual

sub-transfer

agency

ratio

035

Calamos

Timpani

SMID

Growth

Fund

1.35%

—

1.10%

less

the

annual

sub-transfer

agency

ratio

040

Calamos

Growth

Fund

1.75%

2.50%

1.50%

—

045

Calamos

Growth

and

Income

Fund

1.75%

2.50%

1.50%

less

the

annual

sub-transfer

agency

ratio

060

Calamos

Select

Fund

1.15%

1.90%

0.90%

—

065

Calamos

International

Growth

Fund

1.20%

1.95%

0.95%

less

the

annual

sub-transfer

agency

ratio

070

Calamos

Evolving

World

Growth

Fund

1.30%

2.05%

1.05%

—

075

Calamos

Global

Equity

Fund

1.40%

2.15%

1.15%

less

the

annual

sub-transfer

agency

ratio

080

Calamos

Global

Opportunities

Fund

1.22%

1.97%

0.97%

—

085

Calamos

International

Small

Cap

Growth

Fund

1.35%

2.10%

1.10%

less

the

annual

sub-transfer

agency

ratio

090

Calamos

Total

Return

Bond

Fund

0.90%

1.65%

0.65%

—

095

Calamos

High

Income

Opportunities

Fund

1.00%

1.75%

0.75%

—

100

Calamos

Short-Term

Bond

Fund

0.65%

—

0.40%

—

The

annual

sub-transfer

agency

ratio

equal

the

aggregate

sub-transfer

agency

expenses

common

the

other

classes

the

Fund

divided

the

aggregated

average

annual

net

assets

the

Fund’s

other

classes.

Notes

Financial

Statements

(unaudited)

187

www.calamos.com

For

the

period

ended

April

30,

2026,

Calamos

Advisors

waived

absorbed

the

following

expenses:

These

amounts

are

included

the

Statements

Operations

under

the

caption

“Expense

reductions”.

Distributor,

Calamos

Financial

Services

LLC

(“CFS”)

assumed

all

expenses

personnel,

office

space,

office

facilities

and

equipment

incidental

such

service.

Each

Fund

has

adopted

Distribution

Plan

pursuant

Rule

12b-1

under

the

1940

Act

whereby

the

Fund

pays

CFS

distribution

and/or

service

fee

the

annual

rate

0.25%

the

average

daily

net

assets

the

Fund’s

Class

shares;

service

fee

the

annual

rate

0.25%

and

distribution

fee

the

rate

0.75%

the

average

daily

net

assets

the

Fund’s

Class

shares.

such

fees

are

paid

each

Fund's

Class

shares.

CFS

also

receives

sales

commission

and/or

underwriting

fee

certain

sales

each

Fund’s

Class

shares.

During

the

period

ended

April

30,

2026,

CFS

received

commissions

and

underwriting

fees

follows:

Two

Trustees

and

certain

officers

the

Trust

are

also

officers

and

directors

CFS

and

Calamos

Advisors.

Such

trustees

and

officers

serve

without

direct

compensation

from

the

Trust.

The

Trust’s

Statement

Additional

Information

contains

additional

information

about

the

Trust’s

Trustees

and

Officers

and

available

without

charge,

upon

request,

www.calamos.com

calling

800.582.6959.

FUND

AMOUNT

001

Calamos

Market

Neutral

Income

Fund

501,985‌

015

Calamos

Merger

Arbitrage

Fund

59,905‌

025

Calamos

Global

Convertible

Fund

12‌

030

Calamos

Timpani

Small

Cap

Growth

Fund

13,526‌

035

Calamos

Timpani

SMID

Growth

Fund

49,492‌

040

Calamos

Growth

Fund

70,502‌

060

Calamos

Select

Fund

108,185‌

065

Calamos

International

Growth

Fund

573,429‌

070

Calamos

Evolving

World

Growth

Fund

641,712‌

075

Calamos

Global

Equity

Fund

72,353‌

080

Calamos

Global

Opportunities

Fund

344,027‌

085

Calamos

International

Small

Cap

Growth

Fund

83,930‌

090

Calamos

Total

Return

Bond

Fund

55,985‌

095

Calamos

High

Income

Opportunities

Fund

81,341‌

FUND

AMOUNT

001

Calamos

Market

Neutral

Income

Fund

13,387‌

005

Calamos

Hedged

Equity

Fund

1,728‌

010

Calamos

Phineus

Long/Short

Fund

3,408‌

020

Calamos

Convertible

Fund

3,858‌

025

Calamos

Global

Convertible

Fund

46‌

030

Calamos

Timpani

Small

Cap

Growth

Fund

5,908‌

035

Calamos

Timpani

SMID

Growth

Fund

71‌

040

Calamos

Growth

Fund

20,773‌

045

Calamos

Growth

and

Income

Fund

68,023‌

060

Calamos

Select

Fund

552‌

065

Calamos

International

Growth

Fund

1,438‌

070

Calamos

Evolving

World

Growth

Fund

1,361‌

075

Calamos

Global

Equity

Fund

2,073‌

080

Calamos

Global

Opportunities

Fund

1,879‌

085

Calamos

International

Small

Cap

Growth

Fund

57‌

090

Calamos

Total

Return

Bond

Fund

15‌

095

Calamos

High

Income

Opportunities

Fund

136‌

100

Calamos

Short-Term

Bond

Fund

124‌

Notes

Financial

Statements

(unaudited)

188

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

April

30,

2026,

certain

affiliates

Calamos

Advisors

hold

material

investments

the

Funds

follows:

April

30,

2026,

the

Market

Neutral

Income

Fund

held

91.1%

the

outstanding

Short-Term

Bond

Fund

The

Trust

has

adopted

deferred

compensation

plan

(the

“Plan”).

Under

the

Plan,

trustee

who

not

“interested

person”

(as

defined

the

1940

Act)

and

has

elected

participate

the

Plan

“participating

trustee”)

may

defer

receipt

all

portion

his

compensation

from

the

Trust.

The

deferred

compensation

payable

the

participating

trustee

credited

the

trustee’s

deferral

account

the

business

day

such

compensation

would

have

been

paid

the

participating

trustee.

The

value

amounts

deferred

for

participating

trustee

determined

reference

the

change

value

Class

one

funds

the

Trust

designated

the

participant.

The

value

the

account

increases

with

contributions

the

account

with

increases

the

value

the

measuring

shares,

and

the

value

the

account

decreases

with

withdrawals

from

the

account

with

declines

the

value

the

measuring

shares.

April

30,

2026,

the

Funds

had

deferred

compensation

balances,

which

are

included

“Other

assets”

the

Statements

Assets

and

Liabilities,

follows:

Each

Fund's

obligation

make

payments

under

the

Plan

general

obligation

the

Fund

and

included

“Deferred

compensation

Trustees”

the

Statements

Assets

and

Liabilities

April

30,

2026.

InterFund

Lending

Program

and

Joint

Credit

Agreement

The

SEC

has

granted

exemptive

order

the

Funds

permitting

the

Funds

participate

interfund

lending

facility

whereby

participating

Funds

may

directly

lend

and

borrow

money

from

each

other

(an

“InterFund

Loan”)

for

temporary

purposes

(e.g.,

satisfy

redemption

requests

when

sale

securities

“fails,”

resulting

unanticipated

cash

shortfall)

(the

“InterFund

Program”).

The

InterFund

Program

subject

number

conditions,

which

are

discussed

detail

the

Funds’

Statement

Additional

Information.

Any

loan

made

through

the

InterFund

Program

expected

beneficial

borrowing

Fund

(i.e.,

lower

interest

rate)

than

borrowing

from

bank

and

beneficial

lending

Fund

(i.e.,

higher

rate

return)

than

alternative

short-term

investment.

The

duration

InterFund

Loan

will

limited

the

time

required

receive

payment

for

securities

sold,

but

event

than

seven

days.

addition,

each

InterFund

Loan

may

called

one

business

day’s

notice

lending

Fund

and

may

repaid

any

day

borrowing

Fund.

InterFund

Loans

were

made

during

the

period.

April

30,

2021,

the

Trust,

behalf

of certain

Funds,

entered

into

$50,000,000

Demand

Discretionary

Credit

Agreement

with

State

Street

Bank

and

Trust

Company

(the

“Credit

Agreement”).

November

30,

2022,

the

Credit

Agreement

was

increased

$100,000,000.

Each

Fund

that

party

the

Credit

Agreement

may

borrow

under

the

Credit

Agreement

meet

shareholder

redemptions

and

for

other

lawful

temporary

purposes.

Borrowing

results

interest

expense

and

other

fees

and

expenses,

which

may

increase

Fund’s

net

expenses

and

reduce

Fund’s

return.

addition,

borrowing

Fund

may

create

leverage

increasing

Fund’s

investment

exposure.

This

will

result

changes

Fund’s

NAV,

either

positive

negative,

being

greater

than

would

have

been

the

Fund

had

not

borrowed.

Administration,

legal,

and

arrangement

FUND

PERCENTAGE

015

Calamos

Merger

Arbitrage

Fund

46‌

035

Calamos

Timpani

SMID

Growth

Fund

54‌

060

Calamos

Select

Fund

39‌

FUND

AMOUNT

001

Calamos

Market

Neutral

Income

Fund

198,532‌

020

Calamos

Convertible

Fund

204,237‌

040

Calamos

Growth

Fund

989,947‌

045

Calamos

Growth

and

Income

Fund

427,460‌

060

Calamos

Select

Fund

106,129‌

065

Calamos

International

Growth

Fund

66,800‌

070

Calamos

Evolving

World

Growth

Fund

19,684‌

075

Calamos

Global

Equity

Fund

34,264‌

080

Calamos

Global

Opportunities

Fund

160,759‌

090

Calamos

Total

Return

Bond

Fund

38,555‌

095

Calamos

High

Income

Opportunities

Fund

116,954‌

Notes

Financial

Statements

(unaudited)

189

www.calamos.com

fees,

applicable,

under

the

Credit

Agreement

are

allocated

among

Funds

based

upon

factors

deemed

relevant

Calamos

Advisors

and

the

Board

each

Fund,

while

fees

any

amounts

drawn

Fund

under

the

Credit

Agreement

are

borne

that

Fund.

April

30,

2026,

there

were

borrowings

under

the

Credit

Agreement.

Please

see

the

supplement

the

Prospectus

and

Statement

Additional

Information

for

information

about

the

Credit

Agreement.

Note

–

Investments

The

cost

purchases

and

proceeds

from

sales

long-term

investments,

excluding

investments

sold

short,

for

the

period

ended

April

30,

2026

are

shown

the

table

below.

Furthermore,

the

cost

purchases

cover

short

sales

and

the

proceeds

short

sales

were $1,940,546,333

and $1,911,753,997

for

Market

Neutral

Income

Fund

, $2,220,797,985 and $2,118,019,552

for

Phineus

Long/Short

Fund

, and $124,333

and $192,254

for

Merger

Arbitrage

Fund

, respectively.

Note

–

Income

Taxes

The

following

information

presented

federal

income

tax

basis

April

30,

2026.

Differences

between

the

cost

basis

under

U.S.

GAAP

and

federal

income

tax

purposes

are

primarily

due

temporary

differences.

The

cost

basis

investments

for

federal

income

tax

purposes

April

30,

2026

was

follows*:

COST

PURCHASES

PROCEEDS

FROM

SALES

FUND

U.S.

GOV’T

SECURITIES

OTHER

U.S.

GOV’T

SECURITIES

OTHER

001

Calamos

Market

Neutral

Income

Fund

—‌

2,633,613,520‌

—‌

2,621,964,994‌

005

Calamos

Hedged

Equity

Fund

—‌

206,823,772‌

—‌

113,998,137‌

010

Calamos

Phineus

Long/Short

Fund

—‌

1,502,152,937‌

—‌

1,644,628,622‌

015

Calamos

Merger

Arbitrage

Fund

—‌

2,098,011‌

—‌

1,954,085‌

020

Calamos

Convertible

Fund

15,271,445‌

490,938,501‌

—‌

460,921,638‌

025

Calamos

Global

Convertible

Fund

—‌

38,908,304‌

—‌

32,429,240‌

030

Calamos

Timpani

Small

Cap

Growth

Fund

—‌

711,700,712‌

—‌

660,454,531‌

035

Calamos

Timpani

SMID

Growth

Fund

—‌

40,102,237‌

—‌

38,443,407‌

040

Calamos

Growth

Fund

—‌

564,245,133‌

—‌

654,021,076‌

045

Calamos

Growth

and

Income

Fund

—‌

550,314,534‌

—‌

669,528,916‌

060

Calamos

Select

Fund

—‌

10,953,551‌

—‌

13,204,017‌

065

Calamos

International

Growth

Fund

—‌

233,777,652‌

—‌

237,578,995‌

070

Calamos

Evolving

World

Growth

Fund

—‌

324,500,185‌

—‌

381,783,241‌

075

Calamos

Global

Equity

Fund

—‌

102,364,327‌

—‌

104,221,970‌

080

Calamos

Global

Opportunities

Fund

—‌

208,204,877‌

—‌

215,300,212‌

085

Calamos

International

Small

Cap

Growth

Fund

—‌

11,387,762‌

—‌

7,241,683‌

090

Calamos

Total

Return

Bond

Fund

1,867,889‌

1,235,233‌

2,779,191‌

4,936,370‌

095

Calamos

High

Income

Opportunities

Fund

—‌

5,913,590‌

—‌

18,648,923‌

100

Calamos

Short-Term

Bond

Fund

5,732,434‌

73,946,964‌

6,615,725‌

66,873,509‌

FUND

COST

BASIS

INVESTMENTS

GROSS

UNREALIZED

APPRECIATION

GROSS

UNREALIZED

DEPRECIATION

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

001

Calamos

Market

Neutral

Income

Fund

7,928,860,513‌

7,561,259,971‌

(1,986,648,050‌)

5,574,611,921‌

005

Calamos

Hedged

Equity

Fund

461,054,366‌

439,577,730‌

(53,480,513‌)

386,097,217‌

010

Calamos

Phineus

Long/Short

Fund

969,327,055‌

163,036,799‌

(33,615,363‌)

129,421,436‌

015

Calamos

Merger

Arbitrage

Fund

2,204,466‌

83,956‌

(80,981‌)

2,975‌

020

Calamos

Convertible

Fund

898,639,226‌

227,154,189‌

(20,791,954‌)

206,362,235‌

025

Calamos

Global

Convertible

Fund

156,040,371‌

23,168,015‌

(7,994,079‌)

15,173,936‌

030

Calamos

Timpani

Small

Cap

Growth

Fund

442,369,435‌

300,348,788‌

(2,651,226‌)

297,697,563‌

035

Calamos

Timpani

SMID

Growth

Fund

29,435,484‌

17,830,448‌

(232,877‌)

17,597,571‌

040

Calamos

Growth

Fund

742,389,610‌

999,674,365‌

(6,485,154‌)

993,189,211‌

Notes

Financial

Statements

(unaudited)

190

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Because

tax

adjustments

are

calculated

annually,

the

above

table

does

not

reflect

tax

adjustments.

For

the

fiscal

year’s

federal

income

tax

information,

please

refer

the

Notes

Financial

Statements

section

the

Funds’

most

recent

annual

report.

The

tax

character

distributions

for

the

period

ended

April

30,

2026

will

determined

the

end

each

Fund’s

current

fiscal

year.

Distributions

during

the

fiscal

year

ended

October

31,

2025

were

characterized

for

federal

income

tax

purposes

follows:

October

31,

2025,

the

components

accumulated

earnings/(loss)

tax

basis

were

follows:

FUND

COST

BASIS

INVESTMENTS

GROSS

UNREALIZED

APPRECIATION

GROSS

UNREALIZED

DEPRECIATION

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

045

Calamos

Growth

and

Income

Fund

1,518,002,382‌

1,837,733,923‌

(38,958,181‌)

1,798,775,742‌

060

Calamos

Select

Fund

31,586,890‌

29,379,079‌

(555,370‌)

28,823,709‌

065

Calamos

International

Growth

Fund

267,294,569‌

106,374,588‌

(4,153,694‌)

102,220,894‌

070

Calamos

Evolving

World

Growth

Fund

275,201,591‌

186,968,783‌

(11,175,592‌)

175,793,191‌

075

Calamos

Global

Equity

Fund

116,252,574‌

72,913,019‌

(2,229,182‌)

70,683,837‌

080

Calamos

Global

Opportunities

Fund

240,564,610‌

120,508,008‌

(5,397,739‌)

115,110,269‌

085

Calamos

International

Small

Cap

Growth

Fund

9,743,502‌

3,708,358‌

(254,819‌)

3,453,539‌

090

Calamos

Total

Return

Bond

Fund

25,214,679‌

151,111‌

(1,893,321‌)

(1,742,210‌)

095

Calamos

High

Income

Opportunities

Fund

23,263,429‌

384,182‌

(765,247‌)

(381,065‌)

100

Calamos

Short-Term

Bond

Fund

421,119,735‌

2,614,144‌

(1,863,752‌)

750,392‌

YEAR

ENDED

OCTOBER

31,

2025

FUND

ORDINARY

INCOME

LONG-TERM

CAPITAL

GAIN

RETURN

CAPITAL

001

Calamos

Market

Neutral

Income

Fund

296,095,860‌

—‌

005

Calamos

Hedged

Equity

Fund

3,088,848‌

—‌

010

Calamos

Phineus

Long/Short

Fund

52,463,731‌

13,858,051‌

—‌

015

Calamos

Merger

Arbitrage

Fund

60,245‌

—‌

020

Calamos

Convertible

Fund

9,638,032‌

4,809,732‌

—‌

025

Calamos

Global

Convertible

Fund

250,166‌

—‌

030

Calamos

Timpani

Small

Cap

Growth

Fund

10,564,357‌

—‌

035

Calamos

Timpani

SMID

Growth

Fund

729,029‌

47,832‌

—‌

040

Calamos

Growth

Fund

40,125,936‌

53,885,930‌

—‌

045

Calamos

Growth

and

Income

Fund

21,589,927‌

117,487,868‌

—‌

060

Calamos

Select

Fund

384,953‌

3,613,233‌

—‌

065

Calamos

International

Growth

Fund

—‌

10,308,357‌

—‌

075

Calamos

Global

Equity

Fund

2,781,152‌

8,247,784‌

—‌

080

Calamos

Global

Opportunities

Fund

1,874,396‌

19,698,579‌

—‌

090

Calamos

Total

Return

Bond

Fund

1,155,568‌

—‌

095

Calamos

High

Income

Opportunities

Fund

2,276,259‌

—‌

100

Calamos

Short-Term

Bond

Fund

17,896,517‌

—‌

001

CALAMOS

MARKET

NEUTRAL

INCOME

FUND

005

CALAMOS

HEDGED

EQUITY

FUND

010

CALAMOS

PHINEUS

LONG/SHORT

FUND

015

CALAMOS

MERGER

ARBITRAGE

FUND

Undistributed

ordinary

income

108,044,544‌

661,486‌

56,158,517‌

175,019‌

Undistributed

capital

gains

—‌

1,795,468‌

20,457‌

Total

undistributed

earnings

108,044,544‌

661,486‌

57,953,985‌

195,476‌

Accumulated

capital

and

other

losses

(2,463,314,791‌)

(108,820,362‌)

—‌

Net

unrealized

gains/(losses)

4,939,197,218‌

379,172,716‌

126,447,293‌

(17,481‌)

Notes

Financial

Statements

(unaudited)

191

www.calamos.com

001

CALAMOS

MARKET

NEUTRAL

INCOME

FUND

005

CALAMOS

HEDGED

EQUITY

FUND

010

CALAMOS

PHINEUS

LONG/SHORT

FUND

015

CALAMOS

MERGER

ARBITRAGE

FUND

Total

accumulated

earnings/(losses)

2,583,926,971‌

271,013,840‌

184,401,278‌

177,995‌

Other

(233,866,025‌)

(721,638‌)

(37,438,202‌)

(148‌)

Paid-in-capital

14,642,843,351‌

508,794,858‌

985,928,171‌

2,663,378‌

Net

assets

applicable

common

shareholders

16,992,904,297‌

779,087,060‌

1,132,891,247‌

2,841,225‌

020

CALAMOS

CONVERTIBLE

FUND

025

CALAMOS

GLOBAL

CONVERTIBLE

FUND

030

CALAMOS

TIMPANI

SMALL

CAP

GROWTH

FUND

035

CALAMOS

TIMPANI

SMID

GROWTH

FUND

Undistributed

ordinary

income

28,485,057‌

477,689‌

—‌

Undistributed

capital

gains

63,401,117‌

6,930,210‌

—‌

1,658,357‌

Total

undistributed

earnings

91,886,174‌

7,407,899‌

—‌

1,658,357‌

Accumulated

capital

and

other

losses

—‌

(64,779,023‌)

—‌

Net

unrealized

gains/(losses)

168,418,874‌

16,783,780‌

187,297,345‌

12,352,851‌

Total

accumulated

earnings/(losses)

260,305,048‌

24,191,679‌

122,518,322‌

14,011,208‌

Other

(931,157‌)

—‌

Paid-in-capital

669,147,415‌

134,880,192‌

433,733,147‌

23,210,663‌

Net

assets

applicable

common

shareholders

928,521,306‌

159,071,871‌

556,251,469‌

37,221,871‌

040

CALAMOS

GROWTH

FUND

045

CALAMOS

GROWTH

AND

INCOME

FUND

060

CALAMOS

SELECT

FUND

065

CALAMOS

INTERNATIONAL

GROWTH

FUND

Undistributed

ordinary

income

—‌

34,338,481‌

19,663‌

1,039,266‌

Undistributed

capital

gains

127,577,489‌

189,614,465‌

3,099,844‌

30,614,472‌

Total

undistributed

earnings

127,577,489‌

223,952,946‌

3,119,507‌

31,653,738‌

Net

unrealized

gains/(losses)

1,056,826,554‌

1,710,429,279‌

30,097,588‌

74,734,613‌

Total

accumulated

earnings/(losses)

1,184,404,043‌

1,934,382,225‌

33,217,095‌

106,388,351‌

Other

(29,855,201‌)

(25,720,659‌)

(126,229‌)

(236,110‌)

Paid-in-capital

607,317,330‌

1,377,467,733‌

29,778,100‌

181,185,955‌

Net

assets

applicable

common

shareholders

1,761,866,172‌

3,286,129,299‌

62,868,966‌

287,338,196‌

070

CALAMOS

EVOLVING

WORLD

GROWTH

FUND

075

CALAMOS

GLOBAL

EQUITY

FUND

080

CALAMOS

GLOBAL

OPPORTUNITIES

FUND

085

CALAMOS

INTERNATIONAL

SMALL

CAP

GROWTH

FUND

Undistributed

ordinary

income

214,389‌

4,217,573‌

1,119,537‌

59,209‌

Undistributed

capital

gains

—‌

17,612,406‌

24,270,350‌

22,945‌

Total

undistributed

earnings

214,389‌

21,829,979‌

25,389,887‌

82,154‌

Accumulated

capital

and

other

losses

(35,162,433‌)

—‌

Net

unrealized

gains/(losses)

106,149,215‌

61,662,366‌

97,281,273‌

1,449,356‌

Total

accumulated

earnings/(losses)

71,201,171‌

83,492,345‌

122,671,160‌

1,531,510‌

Other

(190,361‌)

(1,946,543‌)

(2,797,088‌)

—‌

Paid-in-capital

326,874,607‌

84,743,838‌

206,055,326‌

5,773,718‌

Net

assets

applicable

common

shareholders

397,885,417‌

166,289,640‌

325,929,398‌

7,305,228‌

090

CALAMOS

TOTAL

RETURN

BOND

FUND

095

CALAMOS

HIGH

INCOME

OPPORTUNITIES

FUND

100

CALAMOS

SHORT-TERM

BOND

FUND

Undistributed

ordinary

income

—‌

30,564‌

51,802‌

Total

undistributed

earnings

—‌

30,564‌

51,802‌

Notes

Financial

Statements

(unaudited)

192

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

The

following

Funds

had

capital

loss

carryforwards

for

the

period

ended

October

31,

2025,

with

expiration

date,

available

offset

future

realized

capital

gains:

The

following

funds

had

capital

loss

carryforwards

utilized

the

period

ended

October

31,

2025:

Note

–

Short

Sales

Securities

sold

short

represent

obligations

deliver

the

securities

future

date.

A Fund may

sell

security

does

not

own

anticipation

decline

the

value

that

security

before

the

delivery

date.

When

Fund

sells

security

short,

must

borrow

the

security

sold

short

and

deliver

the

broker-dealer

through

which

made

the

short

sale.

Accrued

dividends

securities

sold

short

are

disclosed

within

other

accounts

payable

and

accrued

liabilities

the

Statements

Assets

and

Liabilities.

Dividends

paid

securities

sold

short

are

disclosed

expense

the

Statements

Operations.

gain,

limited

the

price

which

Fund

sold

the

security

short,

loss,

unlimited

size,

will

realized

upon

the

termination

short

sale.

secure

its

obligation

deliver

the

broker-dealer

the

securities

sold

short,

Fund

must

segregate

amount

cash

liquid

securities

with

its

custodian

equal

any

excess

the

current

market

value

the

securities

sold

short

over

any

cash

liquid

securities

deposited

collateral

with

the

broker

connection

with

the

short

sale

(not

including

the

proceeds

the

short

sale).

result

that

requirement,

Fund

will

not

gain

any

leverage

merely

selling

short,

except

the

extent

that

earns

interest

other

income

gains

the

segregated

cash

liquid

securities

while

also

being

subject

the

possibility

gain

loss

from

the

securities

sold

short.

Note

–

Derivative

Instruments

Foreign

Currency

Risk.

Each

Fund

may

engage

portfolio

hedging

with

respect

changes

currency

exchange

rates

entering

into

forward

foreign

currency

contracts

purchase

sell

currencies.

forward

foreign

currency

contract

commitment

purchase

sell

foreign

currency

future

date

negotiated

forward

rate.

Risks

associated

with

such

contracts

include,

among

other

things,

movement

the

value

the

foreign

currency

relative

the

U.S.

dollar

and

the

ability

the

counterparty

perform.

mitigate

the

counterparty

risk,

the

Fund

may

enter

into

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

similar

agreement

with

its

derivative

contract

counterparties.

ISDA

Master

090

CALAMOS

TOTAL

RETURN

BOND

FUND

095

CALAMOS

HIGH

INCOME

OPPORTUNITIES

FUND

100

CALAMOS

SHORT-TERM

BOND

FUND

Accumulated

capital

and

other

losses

(2,804,207‌)

(13,377,486‌)

(12,778,632‌)

Net

unrealized

gains/(losses)

(1,956,782‌)

(651,924‌)

(84,756‌)

Total

accumulated

earnings/(losses)

(4,760,989‌)

(13,998,846‌)

(12,811,586‌)

Other

(120,522‌)

(128,294‌)

(1,150‌)

Paid-in-capital

33,989,137‌

49,413,938‌

423,919,507‌

Net

assets

applicable

common

shareholders

29,107,626‌

35,286,798‌

411,106,771‌

FUND

SHORT-TERM

LONG-TERM

001

Calamos

Market

Neutral

Income

Fund

1,191,311,556‌

1,272,003,235‌

005

Calamos

Hedged

Equity

Fund

52,471,443‌

56,348,919‌

030

Calamos

Timpani

Small

Cap

Growth

Fund

64,779,023‌

—‌

070

Calamos

Evolving

World

Growth

Fund

35,162,433‌

—‌

095

Calamos

Total

Return

Bond

Fund

1,204,118‌

1,600,089‌

095

Calamos

High

Income

Opportunities

Fund

1,208,762‌

12,168,724‌

100

Calamos

Short-Term

Bond

Fund

3,999,756‌

8,778,876‌

FUND

UTILIZED

025

Calamos

Global

Convertible

Fund

6,153,760‌

030

Calamos

Timpani

Small

Cap

Growth

Fund

22,688,524‌

070

Calamos

Evolving

World

Growth

Fund

55,411,282‌

085

Calamos

International

Small

Cap

Growth

Fund

278,245‌

Notes

Financial

Statements

(unaudited)

193

www.calamos.com

Agreement

bilateral

agreement

between

Fund

and

counterparty

that

governs

over-the-counter

derivatives

and

foreign

exchange

contracts

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

the

event

default

and/or

termination

event.

Under

ISDA

Master

Agreement,

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instrument’s

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

the

ISDA

Master

Agreement

typically

permit

single

net

payment

the

event

default

(close-out

netting)

including

the

bankruptcy

insolvency

the

counterparty.

Generally,

collateral

exchanged

between

Fund

and

the

counterparty

and

the

amount

collateral

due

from

Fund

counterparty

has

exceed

minimum

transfer

amount

threshold

before

transfer

has

made.

the

extent

amounts

due

the

Fund

from

its

counterparties

are

not

fully

collateralized,

contractually

otherwise,

the

Fund

bears

the

risk

loss

from

counterparty

nonperformance.

When

Fund

required

post

collateral

under

the

terms

derivatives

transaction

and

master

netting

agreement,

Fund’s

custodian

holds

the

collateral

segregated

account,

subject

the

terms

tri-party

agreement

among

Fund,

the

custodian

and

the

counterparty.

The

master

netting

agreement

and

tri-party

agreement

provide,

relevant

part,

that

the

counterparty

may

have

rights

the

amounts

the

segregated

account

the

event

that

Fund

defaults

its

obligation

with

respect

the

derivative

instrument

that

subject

the

collateral

requirement.

When

counterparty

required

post

collateral

under

the

terms

derivatives

transaction

and

master

netting

agreement,

the

counterparty

delivers

such

amount

Fund’s

custodian.

The

master

netting

agreement

provides,

relevant

part,

that

the

Fund

may

have

rights

such

collateral

the

event

that

the

counterparty

defaults

its

obligation

with

respect

the

derivative

instrument

that

subject

the

collateral

requirement.

Generally

before

default,

neither

Fund

nor

the

counterparty

may

resell,

rehypothecate,

repledge

any

collateral

that

receives.

For

financial

reporting

purposes,

the

Funds

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

netting

arrangements

the

Statements

Assets

and

Liabilities.

Fund’s

net

counterparty

exposure

reflected

the

counterparty

table

below.

The

net

unrealized

gain,

any,

represents

the

credit

risk

the

respective Fund

forward

foreign

currency

contract.

The

contracts

are

valued

daily

forward

foreign

exchange

rates.

The

Funds

realize

gain

loss

when

position

closed

upon

settlement

the

contracts.

April

30,

2026,

the

Funds

had

outstanding

forward

foreign

currency

contracts

listed

the

Schedules

Investments.

Equity

Risk.

Each

Fund

may

engage

option

transactions

and

doing

achieves

similar

objectives

what

would

achieve

through

the

sale

purchase

individual

securities.

call

option,

upon

payment

premium,

gives

the

purchaser

the

option

the

right

buy,

and

the

seller

the

option

the

obligation

sell,

the

underlying

security,

index

other

instrument

the

exercise

price.

put

option

gives

the

purchaser

the

option,

upon

payment

premium,

the

right

sell,

and

the

seller

the

obligation

buy,

the

underlying

security,

index,

other

instrument

the

exercise

price.

seek

offset

some

the

risk

potential

decline

value

certain

long

positions,

each

Fund

may

also

purchase

put

options

individual

securities,

broad-based

securities

indexes

certain

exchange-traded

funds

(“ETFs”).

Each

Fund

may

also

seek

generate

income

from

option

premiums

writing

(selling)

options

portion

the

equity

securities

(including

securities

that

are

convertible

into

equity

securities)

Fund's

portfolio,

broad-based

securities

indexes,

certain

ETFs.

When

Fund

purchases

option,

pays

premium

and

amount

equal

that

premium

recorded

asset.

When

Fund

writes

option,

receives

premium

and

amount

equal

that

premium

recorded

liability.

The

asset

liability

adjusted

daily

reflect

the

current

market

value

the

option.

option

expires

unexercised,

Fund

realizes

gain

loss

the

extent

the

premium

received

paid.

option

exercised,

the

premium

received

paid

recorded

adjustment

the

proceeds

from

the

sale

the

cost

basis

the

purchase.

The

difference

between

the

premium

and

the

amount

received

paid

closing

purchase

sale

transaction

also

treated

realized

gain

loss.

The

cost

securities

acquired

through

the

exercise

call

options

increased

premiums

paid.

The

proceeds

from

securities

sold

through

the

exercise

put

options

are

decreased

the

premiums

paid.

Gain

loss

written

options

and

purchased

options

presented

separately

the

Statements

Operations

net

realized

gain

loss

written

options

and

net

realized

gain

loss

purchased

options,

respectively.

Options

written

each

Fund

not

typically

give

rise

counterparty

credit

risk

since

options

written

obligate

each

Fund

and

not

the

counterparty

perform.

Exchange

traded

purchased

options

have

minimal

counterparty

credit

risk

each

Fund

since

the

exchange’s

clearinghouse,

counterparty

such

instruments,

guarantees

against

possible

default.

April

30,

2026,

the

Funds had

outstanding

purchased

options

and/or

written

options

listed

the

Schedule

Investments.

Notes

Financial

Statements

(unaudited)

194

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

April

30,

2026,

the

Funds

had

outstanding

derivative

contracts

which

are

reflected

the

Statements

Assets

and

Liabilities

follows:

ASSET

DERIVATIVES

LIABILITY

DERIVATIVES

CALAMOS

MARKET

NEUTRAL

INCOME

FUND

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(3)

7,362,500‌

—‌

Over

the

Counter

Purchased

Options

(3)

45,410,115‌

—‌

Exchange-Traded

Written

Options

(5)

—‌

1,532,077,763‌

Forward

Foreign

Currency

Contracts

(1)

1,073,274‌

270,630‌

Total

Return

Swaps

(4)

5,998,227‌

6,956,225‌

59,844,116‌

1,539,304,618‌

59,844,116‌

1,539,304,618‌

CALAMOS

HEDGED

EQUITY

FUND

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(3)

24,055,200‌

—‌

Exchange-Traded

Written

Options

(5)

—‌

49,928,750‌

24,055,200‌

49,928,750‌

24,055,200‌

49,928,750‌

CALAMOS

PHINEUS

LONG/SHORT

FUND

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(3)

8,826,330‌

—‌

Exchange-Traded

Written

Options

(5)

—‌

8,808,302‌

8,826,330‌

8,808,302‌

8,826,330‌

8,808,302‌

CALAMOS

MERGER

ARBITRAGE

FUND

Gross

amounts

fair

value:

Exchange-Traded

Written

Options

(5)

—‌

1,925‌

—‌

1,925‌

—‌

1,925‌

CALAMOS

CONVERTIBLE

FUND

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(3)

4,807,310‌

—‌

Exchange-Traded

Written

Options

(5)

—‌

674,250‌

Forward

Foreign

Currency

Contracts

(1)

28,244‌

109,374‌

4,835,554‌

783,624‌

4,835,554‌

783,624‌

CALAMOS

GLOBAL

CONVERTIBLE

FUND

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(3)

33,567‌

—‌

33,567‌

—‌

33,567‌

—‌

Notes

Financial

Statements

(unaudited)

195

www.calamos.com

ASSET

DERIVATIVES

LIABILITY

DERIVATIVES

CALAMOS

GROWTH

AND

INCOME

FUND

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(3)

11,889,360‌

—‌

Exchange-Traded

Written

Options

(5)

—‌

484,488‌

11,889,360‌

484,488‌

11,889,360‌

484,488‌

CALAMOS

INTERNATIONAL

GROWTH

FUND

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(3)

412,416‌

—‌

Forward

Foreign

Currency

Contracts

(1)

29,823‌

240,768‌

442,239‌

240,768‌

442,239‌

240,768‌

CALAMOS

EVOLVING

WORLD

GROWTH

FUND

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(3)

3,811,078‌

—‌

Forward

Foreign

Currency

Contracts

(1)

102,834‌

555,978‌

3,913,912‌

555,978‌

3,913,912‌

555,978‌

CALAMOS

GLOBAL

EQUITY

FUND

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(3)

634,010‌

—‌

Forward

Foreign

Currency

Contracts

(1)

44,675‌

38,870‌

678,685‌

38,870‌

678,685‌

38,870‌

CALAMOS

GLOBAL

OPPORTUNITIES

FUND

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(3)

5,726,499‌

—‌

Forward

Foreign

Currency

Contracts

(1)

86,676‌

87,981‌

5,813,175‌

87,981‌

5,813,175‌

87,981‌

CALAMOS

INTERNATIONAL

SMALL

CAP

GROWTH

FUND

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(3)

16,896‌

—‌

Forward

Foreign

Currency

Contracts

(1)

5,849‌

1,342‌

22,745‌

1,342‌

22,745‌

1,342‌

CALAMOS

SHORT-TERM

BOND

FUND

Gross

amounts

fair

value:

Future

Contracts

(2)

—‌

422,583‌

—‌

422,583‌

—‌

422,583‌

Notes

Financial

Statements

(unaudited)

196

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

GROSS

AMOUNTS

NOT

OFFSET

THE

STATEMENT

ASSETS

AND

LIABILITIES

CALAMOS

MARKET

NEUTRAL

INCOME

FUND

GROSS

AMOUNTS

PRESENTED

THE

STATEMENT

ASSETS

AND

LIABILITIES

COLLATERAL

NET

AMOUNT

RECEIVABLE

THE

EVENT

NET

AMOUNT

PAYABLE

THE

EVENT

Counterparty

ASSETS

LIABILITIES

PLEDGED

(a)

DEFAULT

Bank

America

ISDA

1,338,560

—

1,338,560

—

Bank

New

York

Mellon

ISDA

—

23,041

—

23,041

Citibank

ISDA

3,834,888

319,072

—

3,515,816

—

JPMorgan

Securities

LLC

ISDA

824,779

2,626,147

1,801,368

—

Morgan

Stanley

Co.

LLC

ISDA

—

4,011,006

—

4,011,006

Northern

Trust

Company

ISDA

—

96,015

—

96,015

State

Street

Bank

and

Trust

ISDA

1,073,274

151,573

—

921,701

—

$7,071,501

$7,226,854

$1,801,368

$5,776,077

$4,130,062

(a)

Collateral

disclosed

limited

amount

not

exceed

100%

the

net

amount

assets

(liabilities)

presented

the

Statements

Assets

and

Liabilities,

for

each

respective

counterparty.

GROSS

AMOUNTS

NOT

OFFSET

THE

STATEMENT

ASSETS

AND

LIABILITIES

CALAMOS

CONVERTIBLE

FUND

GROSS

AMOUNTS

PRESENTED

THE

STATEMENT

ASSETS

AND

LIABILITIES

COLLATERAL

NET

AMOUNT

RECEIVABLE

THE

EVENT

NET

AMOUNT

PAYABLE

THE

EVENT

Counterparty

ASSETS

LIABILITIES

PLEDGED

DEFAULT

Bank

New

York

Mellon

ISDA

28,244

13,631

—

14,613

—

Northern

Trust

Company

ISDA

—

91,090

—

91,090

State

Street

Bank

and

Trust

ISDA

—

4,654

—

4,654

$28,244

$109,375

$—

$14,613

$95,744

GROSS

AMOUNTS

NOT

OFFSET

THE

STATEMENT

ASSETS

AND

LIABILITIES

CALAMOS

INTERNATIONAL

GROWTH

FUND

GROSS

AMOUNTS

PRESENTED

THE

STATEMENT

ASSETS

AND

LIABILITIES

COLLATERAL

NET

AMOUNT

RECEIVABLE

THE

EVENT

NET

AMOUNT

PAYABLE

THE

EVENT

Counterparty

ASSETS

LIABILITIES

PLEDGED

(a)

DEFAULT

Northern

Trust

Company

ISDA

29,823

219,018

189,195

—

State

Street

Bank

and

Trust

ISDA

—

21,750

—

21,750

$29,823

$240,768

$189,195

$—

$21,750

(a)

Collateral

disclosed

limited

amount

not

exceed

100%

the

net

amount

assets

(liabilities)

presented

the

Statements

Assets

and

Liabilities,

for

each

respective

counterparty.

GROSS

AMOUNTS

NOT

OFFSET

THE

STATEMENT

ASSETS

AND

LIABILITIES

CALAMOS

EVOLVING

WORLD

GROWTH

FUND

GROSS

AMOUNTS

PRESENTED

THE

STATEMENT

ASSETS

AND

LIABILITIES

COLLATERAL

NET

AMOUNT

RECEIVABLE

THE

EVENT

NET

AMOUNT

PAYABLE

THE

EVENT

Counterparty

ASSETS

LIABILITIES

PLEDGED

DEFAULT

Northern

Trust

Company

ISDA

102,834

137,620

—

34,786

State

Street

Bank

and

Trust

ISDA

—

418,358

320,000

—

98,358

$102,834

$555,978

$320,000

$—

$133,144

Notes

Financial

Statements

(unaudited)

197

www.calamos.com

For

the

period

ended

April

30,

2026,

the

volume

derivative

activity

for

the

Fund

reflected

below:*

Activity

during

the

period

measured

opened

number

contracts

for

options

purchased

written,

opened

forward

foreign

currency

contracts

(measured

notional),

opened

number

contracts

for

futures

contracts,

and

opened

total

return

swaps

(measured

notional).

GROSS

AMOUNTS

NOT

OFFSET

THE

STATEMENT

ASSETS

AND

LIABILITIES

CALAMOS

GLOBAL

EQUITY

FUND

GROSS

AMOUNTS

PRESENTED

THE

STATEMENT

ASSETS

AND

LIABILITIES

COLLATERAL

NET

AMOUNT

RECEIVABLE

THE

EVENT

NET

AMOUNT

PAYABLE

THE

EVENT

Counterparty

ASSETS

LIABILITIES

PLEDGED

DEFAULT

Northern

Trust

Co.

ISDA

44,675

38,870

—

5,805

—

$44,675

$38,870

$—

$5,805

$—

GROSS

AMOUNTS

NOT

OFFSET

THE

STATEMENT

ASSETS

AND

LIABILITIES

CALAMOS

GLOBAL

OPPORTUNITIES

FUND

GROSS

AMOUNTS

PRESENTED

THE

STATEMENT

ASSETS

AND

LIABILITIES

COLLATERAL

NET

AMOUNT

RECEIVABLE

THE

EVENT

NET

AMOUNT

PAYABLE

THE

EVENT

Counterparty

ASSETS

LIABILITIES

PLEDGED

DEFAULT

Northern

Trust

Company

ISDA

86,676

75,421

—

11,255

—

State

Street

Bank

and

Trust

ISDA

—

12,560

—

12,560

$86,676

$87,981

$—

$11,255

$12,560

GROSS

AMOUNTS

NOT

OFFSET

THE

STATEMENT

ASSETS

AND

LIABILITIES

CALAMOS

INTERNATIONAL

SMALL

CAP

GROWTH

FUND

GROSS

AMOUNTS

PRESENTED

THE

STATEMENT

ASSETS

AND

LIABILITIES

COLLATERAL

NET

AMOUNT

RECEIVABLE

THE

EVENT

NET

AMOUNT

PAYABLE

THE

EVENT

Counterparty

ASSETS

LIABILITIES

PLEDGED

DEFAULT

Northern

Trust

Company

ISDA

3,793

—

3,793

—

State

Street

Bank

and

Trust

ISDA

2,056

1,342

—

714

—

$5,849

$1,342

$—

$4,507

$—

FUND

FORWARD

FOREIGN

CURRENCY

CONTRACTS

(1)

PURCHASED

OPTIONS

(3)

WRITTEN

OPTIONS

(5)

SWAPS

(4)

FUTURES

CONTRACTS

(2)

001

Calamos

Market

Neutral

Income

Fund

333,673,239‌

45,900‌

99,681‌

340,502,542‌

—‌

005

Calamos

Hedged

Equity

Fund

—‌

928‌

1,038‌

—‌

010

Calamos

Phineus

Long/Short

Fund

—‌

561,053‌

562,797‌

—‌

015

Calamos

Merger

Arbitrage

Fund

—‌

10‌

—‌

020

Calamos

Convertible

Fund

39,576,205‌

6,940‌

1,450‌

—‌

040

Calamos

Growth

Fund

—‌

5,100‌

3,100‌

—‌

045

Calamos

Growth

and

Income

Fund

—‌

35,290‌

7,870‌

—‌

065

Calamos

International

Growth

Fund

56,860,508‌

42,700‌

2,432‌

—‌

070

Calamos

Evolving

World

Growth

Fund

82,684,811‌

167,767‌

6,346‌

—‌

075

Calamos

Global

Equity

Fund

13,334,298‌

2,459‌

—‌

080

Calamos

Global

Opportunities

Fund

38,497,293‌

19,744‌

—‌

085

Calamos

International

Small

Cap

Growth

Fund

1,862,843‌

446‌

—‌

090

Calamos

Total

Return

Bond

Fund

—‌

20‌

100

Calamos

Short-Term

Bond

Fund

—‌

600‌

(1)

Generally,

the

Statement

Assets

and

Liabilities

location

for

Forward

contracts

Unrealized

appreciation

forward

foreign

currency

contracts

for

asset

derivatives

and

Unrealized

depreciation

forward

foreign

currency

contracts

for

liability

derivatives.

Notes

Financial

Statements

(unaudited)

198

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Note

–

Securities

Lending

The

Funds

may

loan

one

their

securities

broker-dealers

and

banks

through

the

Securities

Loan

Agreements.

Securities

Loan

Agreements,

the

"collateral"

are

the

loaned

securities

themselves.

Additionally,

the

set-off

and

netting

provisions

Securities

Loan

Agreement

may

not

extend

the

obligations

the

counterparty's

affiliates

across

varying

types

transactions.

Any

such

loan

must

secured

collateral

cash

equivalents

maintained

current

basis

amount

least

equal

the

value

the

securities

loaned

the

Funds.

The

Funds continue to

receive

the

equivalent

the

interest

dividends

paid

the

issuer

the

securities

loaned

and

also

receive

additional

return

that

may

the

form

fixed

fee

percentage

the

collateral.

The

additional

return

disclosed

net

basis

Securities

lending

income

the

Statement

Operations.

Upon

receipt

cash

equivalent

collateral,

the

Funds’

securities

lending

agent

invests

any

cash

collateral

into

short

term

investments

following

investment

guidelines

approved

Calamos

Advisors.

The

Funds record

the

investment

collateral

asset

and

the

value

the

collateral

liability

the

Statements

Assets

and

Liabilities

and

the

Schedule

Investments.

The

contractual

maturity

the

collateral

received

under

the

securities

lending

agreement

classified

overnight

and

continuous. If

the

value

the

invested

collateral

declines

below

the

value

the

collateral

deposited

the

borrower,

the

Funds

will

record

unrealized

depreciation

equal

the

decline

value

the

invested

collateral.

The

Funds

will

pay

reasonable

fees

persons

unaffiliated

with

the

Funds

for

services

arranging

these

loans.

The

Funds have

the

right

call

loan

and

obtain

the

securities

loaned

any

time.

The

Funds do

not

have

the

right

vote

the

securities

during

the

existence

the

loan

but

could

call

the

loan

attempt

permit

voting

the

securities

certain

circumstances.

Upon

return

the

securities

loaned,

the

cash

equivalent

collateral

will

returned

the

borrower.

the

event

bankruptcy

other

default

the

borrower,

the

Funds

could

experience

both

delays

liquidating

the

loan

collateral

recovering

the

loaned

securities

and

losses,

including

(a)

possible

decline

the

value

the

collateral

the

value

the

securities

loaned

during

the

period

while

the

Funds seek

enforce their

rights

thereto,

(b)

possible

subnormal

levels

income

and

lack

access

income

during

this

period,

and

(c)

the

expenses

enforcing

their

rights.

effort

reduce

these

risks,

the

Funds’

security

lending

agent

monitors

and

reports

Calamos

Advisors

the

creditworthiness

the

firms

which

Fund

lends

securities.

The

following

table

indicates

the

total

amount

securities

loaned

asset

class,

reconciled

the

gross

liability

payable

upon

return

the

securities

loaned

the

Funds

April

30,

2026.

(2)

Generally,

the

Statement

Assets

and

Liabilities

location

for

Futures

contracts

Variation

margin

open

futures

contracts

for

asset

derivatives

and

Variation

margin

open

futures

contracts

for

liability

derivatives.

Includes

cumulative

appreciation/depreciation

futures

contracts

reported

the

Fund's

Schedule

Investments.

(3)

Generally,

the

Statement

Assets

and

Liabilities

location

for

Purchased

Options

"Investments

securities,

value".

(4)

Generally,

the

Statement

Assets

and

Liabilities

location

for

Swap

contracts

Unrealized

appreciation

total

return

swaps

for

asset

derivatives

and

Unrealized

depreciation

total

return

swaps

for

liability

derivatives.

(5)

Generally,

the

Statement

Assets

and

Liabilities

location

for

Written

Options

"Options

written,

value".

AMOUNT

COLLATERAL

HELD

SHORT

TERM

INVESTMENTS

AND

RESTRICTED

AMOUNT

NON-CASH

TOTAL

VALUE

SECURITIES

LOAN

BROKER-DEALERS

AND

BANKS

ASSET

CLASS

LOAN

EXCESS

AMOUNT

DUE

TO/(FROM)

FUND

CASH

COLLATERAL

EQUITY

FIXED

INCOME

TOTAL

COUNTERPARTY

001

Calamos

Market

Neutral

Income

Fund

326,057,329‌

112,224,390‌

438,281,719‌

278,175,666‌

150,177,435‌

428,353,101‌

9,928,618‌

005

Calamos

Hedged

Equity

Fund

6,647,525‌

2,056,100‌

8,703,625‌

8,514,902‌

—‌

8,514,902‌

188,723‌

010

Calamos

Phineus

Long/Short

Fund

6,325,659‌

14,129,491‌

20,455,150‌

20,022,479‌

—‌

20,022,479‌

432,672‌

020

Calamos

Convertible

Fund

52,031,322‌

41,537,558‌

93,568,880‌

15,889,758‌

75,721,162‌

91,610,920‌

1,957,960‌

025

Calamos

Global

Convertible

Fund

4,784,270‌

7,740,237‌

12,524,507‌

7,596,349‌

4,660,462‌

12,256,811‌

267,696‌

040

Calamos

Growth

Fund

43,994,269‌

49,379,324‌

93,373,593‌

91,455,669‌

—‌

91,455,669‌

1,917,924‌

045

Calamos

Growth

and

Income

Fund

50,747,274‌

8,562,188‌

59,309,462‌

28,545,257‌

29,532,390‌

58,077,647‌

1,231,814‌

065

Calamos

International

Growth

Fund

43,199,411‌

16,085,292‌

59,284,703‌

56,905,796‌

—‌

56,905,796‌

2,378,907‌

070

Calamos

Evolving

World

Growth

Fund

5,265,667‌

11,863,935‌

17,129,602‌

16,251,290‌

177,551‌

16,428,841‌

700,761‌

075

Calamos

Global

Equity

Fund

9,828,408‌

9,760,936‌

19,589,344‌

18,876,775‌

—‌

18,876,775‌

712,569‌

080

Calamos

Global

Opportunities

Fund

11,863,911‌

15,473,416‌

27,337,327‌

19,238,619‌

7,306,944‌

26,545,563‌

791,764‌

Notes

Financial

Statements

(unaudited)

199

www.calamos.com

Note

–

Fair

Value

Measurements

Various

inputs

are

used

determine

the

value

the Funds’

investments.

These

inputs

are

categorized

into

three

broad

levels

follows:

Level

–

Prices

are

determined

using

inputs

from

unadjusted

quoted

prices

from

active

markets

(including

securities

actively

traded

securities

exchange)

for

identical

assets.

Level

–

Prices

are

determined

using

significant

observable

market

inputs

other

than

unadjusted

quoted

prices,

including

quoted

prices

similar

securities,

fair

value

adjustments

quoted

foreign

securities,

interest

rates,

credit

risk,

prepayment

speeds,

and

other

relevant

data.

Level

–

Prices

reflect

unobservable

market

inputs

(including

the Funds’

own

judgments

about

assumptions

market

participants

would

use

determining

fair

value)

when

observable

inputs

are

unavailable.

Debt

securities

are

valued

based

upon

evaluated

prices

received

from

independent

pricing

service

from

dealer

broker

who

makes

markets

such

securities.

Pricing

services

utilize

various

observable

market

data

and

such,

debt

securities

are

generally

categorized

Level

The

levels

are

not

necessarily

indication

the

risk

liquidity

the

Fund's

investments.

Investments

Private

Funds

measured

based

upon

NAV

practical

expedient

determine

fair

value

are

not

required

categorized

the

fair

value

hierarchy.

However,

these

amounts

are

shown

the

fair

value

hierarchy

table

under

NAV

order

reconcile

back

the

total

market

value

investments.

The

following

description

investment

category

should

read

conjunction

with

the

schedule

investment.

Primary

Investment

newly

established

fund

managed

third-party

manager

which

raises

capital

commitments

from

investors

invest

and

acquire

private

companies

The summary

the

inputs

used

valuing

the

Funds’

holdings

are

available

after each

Fund's

Schedule

Investments.

AMOUNT

COLLATERAL

HELD

SHORT

TERM

INVESTMENTS

AND

RESTRICTED

AMOUNT

NON-CASH

TOTAL

VALUE

SECURITIES

LOAN

BROKER-DEALERS

AND

BANKS

ASSET

CLASS

LOAN

EXCESS

AMOUNT

DUE

TO/(FROM)

FUND

CASH

COLLATERAL

EQUITY

FIXED

INCOME

TOTAL

COUNTERPARTY

090

Calamos

Total

Return

Bond

Fund

295,000‌

483,625‌

778,625‌

—‌

762,700‌

15,925‌

095

Calamos

High

Income

Opportunities

Fund

1,910,317‌

208,016‌

2,118,333‌

3,223‌

2,071,268‌

2,074,491‌

43,841‌

100

Calamos

Short-Term

Bond

Fund

16,734,068‌

11,747,905‌

28,481,973‌

—‌

27,898,279‌

583,694‌

Notes

Financial

Statements

(unaudited)

200

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Note

–

Capital

Transactions

The

following

table

summarizes

the

activity

capital

the

Funds

for

the

six

months

ended

April

30,

2026:

001

CALAMOS

MARKET

NEUTRAL

INCOME

FUND

005

CALAMOS

HEDGED

EQUITY

FUND

010

CALAMOS

PHINEUS

LONG/SHORT

FUND

Class

Dollars

sold

6,727,553‌

107,662,764‌

139,638‌

2,685,366‌

482,299‌

8,121,469‌

issued

reinvestment

distributions

437,380‌

6,945,206‌

1,858‌

35,472‌

223,399‌

3,710,658‌

Less

redeemed

(6,962,081‌)

(111,449,389‌)

(74,767‌)

(1,432,852‌)

(495,611‌)

(8,314,549‌)

Net

increase

(decrease)

202,852‌

3,158,581‌

66,729‌

1,287,986‌

210,087‌

3,517,578‌

Class

Dollars

sold

880,819‌

14,150,988‌

72,454‌

1,335,239‌

84,068‌

1,323,045‌

issued

reinvestment

distributions

81,019‌

1,293,059‌

—‌

69,863‌

1,098,245‌

Less

redeemed

(1,807,397‌)

(29,049,505‌)

(72,303‌)

(1,328,565‌)

(328,626‌)

(5,215,216‌)

Net

increase

(decrease)

(845,559‌)

(13,605,458‌)

151‌

6,674‌

(174,695‌)

(2,793,926‌)

Class

Dollars

sold

135,393,105‌

2,138,198,470‌

7,486,628‌

143,539,536‌

7,912,471‌

135,612,521‌

issued

reinvestment

distributions

9,463,293‌

148,348,593‌

75,484‌

1,444,010‌

3,245,504‌

54,784,113‌

Less

redeemed

(118,828,857‌)

(1,876,676,745‌)

(5,698,884‌)

(110,202,885‌)

(9,672,184‌)

(164,622,659‌)

Net

increase

(decrease)

26,027,541‌

409,870,318‌

1,863,228‌

34,780,661‌

1,485,791‌

25,773,975‌

Class

Dollars

sold

3,019,981‌

47,715,644‌

—‌

issued

reinvestment

distributions

112,411‌

1,762,456‌

—‌

Less

redeemed

(1,843,036‌)

(29,106,853‌)

—‌

Net

increase

(decrease)

1,289,356‌

20,371,247‌

—‌

Notes

Financial

Statements

(unaudited)

201

www.calamos.com

015

CALAMOS

MERGER

ARBITRAGE

FUND

020

CALAMOS

CONVERTIBLE

FUND

025

CALAMOS

GLOBAL

CONVERTIBLE

FUND

Class

Dollars

sold

977‌

9,947‌

574,135‌

14,066,203‌

27,293‌

382,313‌

issued

reinvestment

distributions

794‌

8,004‌

896,494‌

20,816,970‌

26,953‌

365,487‌

Less

redeemed

(145‌)

(1,496‌)

(987,879‌)

(24,388,938‌)

(89,687‌)

(1,269,165‌)

Net

increase

(decrease)

1,626‌

16,455‌

482,750‌

10,494,235‌

(35,441‌)

(521,365‌)

Class

Dollars

sold

—‌

98,941‌

2,354,611‌

3,368‌

44,300‌

issued

reinvestment

distributions

719‌

7,235‌

103,885‌

2,323,894‌

8,493‌

108,713‌

Less

redeemed

—‌

(164,504‌)

(3,943,538‌)

(27,253‌)

(358,836‌)

Net

increase

(decrease)

719‌

7,235‌

38,322‌

734,967‌

(15,392‌)

(205,823‌)

Class

Dollars

sold

9,135‌

93,283‌

6,853,364‌

140,620,731‌

1,101,601‌

15,686,141‌

issued

reinvestment

distributions

18,328‌

184,741‌

3,456,441‌

66,974,524‌

514,150‌

7,026,267‌

Less

redeemed

(53,037‌)

(545,625‌)

(5,056,116‌)

(103,295,453‌)

(889,419‌)

(12,443,580‌)

Net

increase

(decrease)

(25,574‌)

(267,601‌)

5,253,689‌

104,299,802‌

726,332‌

10,268,828‌

Notes

Financial

Statements

(unaudited)

202

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

030

CALAMOS

TIMPANI

SMALL

CAP

GROWTH

FUND

035

CALAMOS

TIMPANI

SMID

GROWTH

FUND

040

CALAMOS

GROWTH

FUND

Class

Dollars

sold

232,001‌

10,949,723‌

74,816‌

1,523,189‌

267,110‌

12,471,236‌

issued

reinvestment

distributions

—‌

1,516‌

26,206‌

2,056,861‌

96,075,973‌

Less

redeemed

(201,034‌)

(9,455,082‌)

(1,820‌)

(31,827‌)

(1,758,357‌)

(83,013,089‌)

Net

increase

(decrease)

30,967‌

1,494,641‌

74,512‌

1,517,568‌

565,614‌

25,534,120‌

Class

Dollars

sold

61,433‌

2,905,664‌

—‌

78,415‌

975,381‌

issued

reinvestment

distributions

—‌

250,735‌

2,948,642‌

Less

redeemed

(13,792‌)

(629,998‌)

—‌

(200,706‌)

(2,545,613‌)

Net

increase

(decrease)

47,641‌

2,275,666‌

—‌

128,444‌

1,378,410‌

Class

Dollars

sold

4,082,304‌

198,149,583‌

160,073‌

2,958,475‌

203,174‌

15,542,707‌

issued

reinvestment

distributions

—‌

90,876‌

1,597,593‌

275,091‌

21,143,492‌

Less

redeemed

(3,058,157‌)

(148,641,784‌)

(50,904‌)

(913,512‌)

(211,272‌)

(16,391,034‌)

Net

increase

(decrease)

1,024,147‌

49,507,799‌

200,045‌

3,642,556‌

266,993‌

20,295,165‌

Class

Dollars

sold

38,722‌

1,964,045‌

87‌

1,568‌

—‌

issued

reinvestment

distributions

—‌

1,964‌

34,562‌

—‌

Less

redeemed

(31,595‌)

(1,558,839‌)

(15‌)

(262‌)

—‌

Net

increase

(decrease)

7,127‌

405,206‌

2,036‌

35,868‌

—‌

Notes

Financial

Statements

(unaudited)

203

www.calamos.com

045

CALAMOS

GROWTH

AND

INCOME

FUND

060

CALAMOS

SELECT

FUND

065

CALAMOS

INTERNATIONAL

GROWTH

FUND

Class

Dollars

sold

574,028‌

31,079,940‌

4,821‌

112,183‌

134,121‌

3,177,262‌

issued

reinvestment

distributions

1,766,272‌

93,612,436‌

32,882‌

755,299‌

259,103‌

5,529,262‌

Less

redeemed

(1,921,973‌)

(104,167,586‌)

(53,816‌)

(1,256,999‌)

(198,591‌)

(4,664,728‌)

Net

increase

(decrease)

418,327‌

20,524,790‌

(16,113‌)

(389,517‌)

194,633‌

4,041,796‌

Class

Dollars

sold

225,772‌

12,278,595‌

552‌

10,050‌

5,722‌

107,334‌

issued

reinvestment

distributions

169,837‌

8,982,670‌

801‌

14,385‌

12,600‌

210,047‌

Less

redeemed

(237,095‌)

(12,761,293‌)

(6,319‌)

(118,126‌)

(14,805‌)

(272,618‌)

Net

increase

(decrease)

158,514‌

8,499,972‌

(4,966‌)

(93,691‌)

3,517‌

44,763‌

Class

Dollars

sold

2,184,907‌

112,085,894‌

12,316‌

312,281‌

2,025,233‌

51,028,155‌

issued

reinvestment

distributions

2,213,879‌

110,583,264‌

95,839‌

2,316,429‌

1,072,357‌

24,170,914‌

Less

redeemed

(2,604,220‌)

(132,668,561‌)

(52,660‌)

(1,264,916‌)

(2,580,405‌)

(65,674,520‌)

Net

increase

(decrease)

1,794,566‌

90,000,597‌

55,495‌

1,363,794‌

517,185‌

9,524,549‌

Class

Dollars

sold

104,271‌

5,406,856‌

—‌

53,382‌

1,407,683‌

issued

reinvestment

distributions

67,001‌

3,349,366‌

—‌

51,504‌

1,177,899‌

Less

redeemed

(103,923‌)

(5,350,652‌)

—‌

(40,128‌)

(1,030,986‌)

Net

increase

(decrease)

67,349‌

3,405,570‌

—‌

64,758‌

1,554,596‌

Notes

Financial

Statements

(unaudited)

204

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

070

CALAMOS

EVOLVING

WORLD

GROWTH

FUND

075

CALAMOS

GLOBAL

EQUITY

FUND

080

CALAMOS

GLOBAL

OPPORTUNITIES

FUND

Class

Dollars

sold

170,647‌

4,409,408‌

101,157‌

1,759,338‌

283,626‌

3,830,833‌

issued

reinvestment

distributions

—‌

241,334‌

3,984,431‌

607,037‌

7,727,576‌

Less

redeemed

(386,061‌)

(9,228,818‌)

(138,763‌)

(2,413,002‌)

(508,379‌)

(6,826,197‌)

Net

increase

(decrease)

(215,414‌)

(4,819,410‌)

203,728‌

3,330,767‌

382,284‌

4,732,212‌

Class

Dollars

sold

6,571‌

156,104‌

13,962‌

174,582‌

154,096‌

1,656,080‌

issued

reinvestment

distributions

—‌

18,638‌

224,026‌

132,360‌

1,356,692‌

Less

redeemed

(20,729‌)

(461,296‌)

(27,203‌)

(352,823‌)

(134,078‌)

(1,433,757‌)

Net

increase

(decrease)

(14,158‌)

(305,192‌)

5,397‌

45,785‌

152,378‌

1,579,015‌

Class

Dollars

sold

1,226,328‌

30,702,193‌

760,756‌

14,678,171‌

1,471,580‌

20,886,353‌

issued

reinvestment

distributions

9,565‌

212,918‌

968,110‌

17,193,640‌

1,173,785‌

15,696,115‌

Less

redeemed

(2,758,791‌)

(71,102,611‌)

(566,746‌)

(10,697,415‌)

(1,386,873‌)

(19,527,707‌)

Net

increase

(decrease)

(1,522,898‌)

(40,187,500‌)

1,162,120‌

21,174,396‌

1,258,492‌

17,054,761‌

Class

Dollars

sold

—‌

815‌

15,451‌

—‌

issued

reinvestment

distributions

—‌

1,260‌

22,411‌

—‌

Less

redeemed

—‌

(316‌)

(5,731‌)

—‌

Net

increase

(decrease)

—‌

1,759‌

32,131‌

—‌

Notes

Financial

Statements

(unaudited)

205

www.calamos.com

085

CALAMOS

INTERNATIONAL

SMALL

CAP

GROWTH

FUND

090

CALAMOS

TOTAL

RETURN

BOND

FUND

095

CALAMOS

HIGH

INCOME

OPPORTUNITIES

FUND

Class

Dollars

sold

5,443‌

66,323‌

19,805‌

179,868‌

193,022‌

1,500,781‌

issued

reinvestment

distributions

368‌

4,088‌

15,899‌

145,045‌

58,236‌

452,690‌

Less

redeemed

(1,367‌)

(17,029‌)

(122,073‌)

(1,111,968‌)

(1,761,640‌)

(13,750,155‌)

Net

increase

(decrease)

4,444‌

53,382‌

(86,369‌)

(787,055‌)

(1,510,382‌)

(11,796,684‌)

Class

Dollars

sold

—‌

332‌

3,000‌

38,477‌

326,258‌

issued

reinvestment

distributions

4‌

38‌

390‌

3,559‌

1,615‌

13,584‌

Less

redeemed

—‌

(410‌)

(3,741‌)

(2,546‌)

(21,262‌)

Net

increase

(decrease)

4‌

38‌

312‌

2,818‌

37,546‌

318,580‌

Class

Dollars

sold

356,475‌

4,462,970‌

45,555‌

414,856‌

27,797‌

216,084‌

issued

reinvestment

distributions

6,966‌

77,885‌

30,302‌

276,542‌

32,842‌

255,293‌

Less

redeemed

(22,514‌)

(278,716‌)

(565,241‌)

(5,164,991‌)

(168,207‌)

(1,314,196‌)

Net

increase

(decrease)

340,927‌

4,262,139‌

(489,384‌)

(4,473,593‌)

(107,568‌)

(842,819‌)

Class

Dollars

sold

—‌

issued

reinvestment

distributions

13‌

149‌

—‌

Less

redeemed

—‌

Net

increase

(decrease)

13‌

149‌

—‌

Notes

Financial

Statements

(unaudited)

206

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

100

CALAMOS

SHORT-TERM

BOND

FUND

Class

Dollars

sold

77,185‌

743,583‌

issued

reinvestment

distributions

10,550‌

101,428‌

Less

redeemed

(59,473‌)

(571,205‌)

Net

increase

(decrease)

28,262‌

273,806‌

Class

Dollars

sold

1,064,633‌

10,233,068‌

issued

reinvestment

distributions

144,255‌

1,385,699‌

Less

redeemed

(501,270‌)

(4,814,404‌)

Net

increase

(decrease)

707,618‌

6,804,363‌

Notes

Financial

Statements

(unaudited)

207

www.calamos.com

The

following

table

summarizes

the

activity

capital

the

Funds

for

the

year

ended

October

31,

2025:

001

CALAMOS

MARKET

NEUTRAL

INCOME

FUND

005

CALAMOS

HEDGED

EQUITY

FUND

010

CALAMOS

PHINEUS

LONG/SHORT

FUND

Class

Dollars

sold

12,489,843‌

192,920,315‌

271,893‌

4,829,745‌

1,087,902‌

18,422,055‌

issued

reinvestment

distributions

774,783‌

11,839,645‌

3,442‌

60,151‌

259,642‌

4,130,897‌

Less

redeemed

(19,096,583‌)

(294,272,803‌)

(537,951‌)

(9,407,570‌)

(1,145,096‌)

(19,300,958‌)

Net

increase

(decrease)

(5,831,957‌)

(89,512,843‌)

(262,616‌)

(4,517,674‌)

202,448‌

3,251,994‌

Class

Dollars

sold

1,593,918‌

24,709,913‌

160,275‌

2,791,764‌

144,948‌

2,311,760‌

issued

reinvestment

distributions

113,711‌

1,735,642‌

292‌

4,927‌

123,154‌

1,855,926‌

Less

redeemed

(3,263,771‌)

(50,659,670‌)

(58,747‌)

(1,008,274‌)

(728,672‌)

(11,616,979‌)

Net

increase

(decrease)

(1,556,142‌)

(24,214,115‌)

101,820‌

1,788,417‌

(460,570‌)

(7,449,293‌)

Class

Dollars

sold

253,558,408‌

3,862,999,729‌

10,552,165‌

186,620,905‌

14,429,385‌

248,597,554‌

issued

reinvestment

distributions

15,316,090‌

231,465,896‌

170,800‌

3,018,552‌

3,715,602‌

60,006,976‌

Less

redeemed

(210,921,652‌)

(3,207,818,204‌)

(10,949,181‌)

(194,087,155‌)

(14,120,322‌)

(239,113,161‌)

Net

increase

(decrease)

57,952,846‌

886,647,421‌

(226,216‌)

(4,447,698‌)

4,024,665‌

69,491,369‌

Class

Dollars

sold

23,505,849‌

356,505,354‌

—‌

issued

reinvestment

distributions

188,902‌

2,851,592‌

—‌

Less

redeemed

(5,055,440‌)

(76,576,718‌)

—‌

Net

increase

(decrease)

18,639,311‌

282,780,228‌

—‌

Notes

Financial

Statements

(unaudited)

208

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

015

CALAMOS

MERGER

ARBITRAGE

FUND

020

CALAMOS

CONVERTIBLE

FUND

025

CALAMOS

GLOBAL

CONVERTIBLE

FUND

Class

Dollars

sold

126‌

1,295‌

537,583‌

12,347,239‌

92,459‌

1,210,951‌

issued

reinvestment

distributions

336‌

3,252‌

131,359‌

2,905,694‌

437‌

6,220‌

Less

redeemed

(2,344‌)

(25,100‌)

(2,239,514‌)

(50,231,143‌)

(199,211‌)

(2,618,220‌)

Net

increase

(decrease)

(1,882‌)

(20,553‌)

(1,570,572‌)

(34,978,210‌)

(106,315‌)

(1,401,049‌)

Class

Dollars

sold

190‌

2,000‌

66,600‌

1,470,175‌

1,713‌

19,888‌

issued

reinvestment

distributions

201‌

1,945‌

9,889‌

209,449‌

—‌

Less

redeemed

—‌

(449,324‌)

(9,777,406‌)

(14,364‌)

(175,094‌)

Net

increase

(decrease)

391‌

3,945‌

(372,835‌)

(8,097,782‌)

(12,651‌)

(155,206‌)

Class

Dollars

sold

61,309‌

647,846‌

5,604,645‌

108,225,847‌

1,729,066‌

22,615,652‌

issued

reinvestment

distributions

5,681‌

55,048‌

572,669‌

10,791,471‌

17,319‌

243,737‌

Less

redeemed

(12,699‌)

(125,999‌)

(9,995,123‌)

(187,623,411‌)

(1,347,303‌)

(17,412,938‌)

Net

increase

(decrease)

54,291‌

576,895‌

(3,817,809‌)

(68,606,093‌)

399,082‌

5,446,451‌

030

CALAMOS

TIMPANI

SMALL

CAP

GROWTH

FUND

035

CALAMOS

TIMPANI

SMID

GROWTH

FUND

040

CALAMOS

GROWTH

FUND

Class

Dollars

sold

363,442‌

14,849,152‌

21,116‌

326,713‌

458,907‌

20,878,920‌

issued

reinvestment

distributions

18,255‌

667,937‌

681‌

10,262‌

1,573,431‌

71,386,547‌

Less

redeemed

(310,476‌)

(11,956,315‌)

(10,116‌)

(140,670‌)

(3,312,711‌)

(151,154,536‌)

Net

increase

(decrease)

71,221‌

3,560,774‌

11,681‌

196,305‌

(1,280,373‌)

(58,889,069‌)

Class

Dollars

sold

70,306‌

2,777,784‌

—‌

172,565‌

2,482,887‌

issued

reinvestment

distributions

2,881‌

106,506‌

—‌

134,222‌

1,920,722‌

Less

redeemed

(44,684‌)

(1,677,400‌)

—‌

(229,938‌)

(3,356,888‌)

Net

increase

(decrease)

28,503‌

1,206,890‌

—‌

76,849‌

1,046,721‌

Class

Dollars

sold

6,519,362‌

261,792,369‌

715,824‌

10,793,277‌

233,587‌

17,011,982‌

issued

reinvestment

distributions

237,113‌

9,007,924‌

49,207‌

751,396‌

208,814‌

15,053,427‌

Less

redeemed

(4,687,377‌)

(180,940,931‌)

(556,125‌)

(8,002,154‌)

(438,866‌)

(31,697,673‌)

Net

increase

(decrease)

2,069,098‌

89,859,362‌

208,906‌

3,542,519‌

3,535‌

367,736‌

Class

Dollars

sold

32,457‌

1,263,956‌

6,715‌

107,194‌

—‌

issued

reinvestment

distributions

20,399‌

778,825‌

995‌

15,203‌

—‌

Less

redeemed

(96,546‌)

(3,745,969‌)

(68‌)

(1,001‌)

—‌

Net

increase

(decrease)

(43,690‌)

(1,703,188‌)

7,642‌

121,396‌

—‌

Notes

Financial

Statements

(unaudited)

209

www.calamos.com

045

CALAMOS

GROWTH

AND

INCOME

FUND

060

CALAMOS

SELECT

FUND

065

CALAMOS

INTERNATIONAL

GROWTH

FUND

Class

Dollars

sold

1,132,464‌

57,316,695‌

26,605‌

584,680‌

195,483‌

4,225,708‌

issued

through

acquisition

157,212‌

8,450,139‌

—‌

issued

reinvestment

distributions

1,187,234‌

58,739,623‌

46,037‌

993,472‌

98,358‌

2,015,346‌

Less

redeemed

(3,743,143‌)

(188,679,191‌)

(73,679‌)

(1,629,418‌)

(569,748‌)

(12,654,887‌)

Net

increase

(decrease)

(1,266,233‌)

(64,172,734‌)

(1,037‌)

(51,266‌)

(275,907‌)

(6,413,833‌)

Class

Dollars

sold

510,168‌

26,016,713‌

1,677‌

26,642‌

1,902‌

34,603‌

issued

through

acquisition

55,349‌

2,967,277‌

—‌

issued

reinvestment

distributions

93,535‌

4,623,442‌

1,749‌

30,129‌

4,483‌

74,590‌

Less

redeemed

(417,490‌)

(21,077,690‌)

(7,840‌)

(140,503‌)

(15,238‌)

(270,053‌)

Net

increase

(decrease)

241,562‌

12,529,742‌

(4,414‌)

(83,732‌)

(8,853‌)

(160,860‌)

Class

Dollars

sold

3,904,364‌

188,085,792‌

32,234‌

750,698‌

2,212,233‌

50,623,006‌

issued

through

acquisition

213,203‌

10,854,143‌

—‌

issued

reinvestment

distributions

1,438,096‌

67,421,861‌

129,816‌

2,933,847‌

362,534‌

7,794,490‌

Less

redeemed

(4,719,463‌)

(224,200,522‌)

(156,733‌)

(3,656,723‌)

(2,262,037‌)

(50,751,860‌)

Net

increase

(decrease)

836,200‌

42,161,274‌

5,317‌

27,822‌

312,730‌

7,665,636‌

Class

Dollars

sold

191,960‌

9,282,821‌

—‌

203,893‌

4,614,935‌

issued

reinvestment

distributions

41,835‌

1,963,529‌

—‌

10,697‌

232,875‌

Less

redeemed

(189,201‌)

(9,053,574‌)

—‌

(110,149‌)

(2,568,298‌)

Net

increase

(decrease)

44,594‌

2,192,776‌

—‌

104,441‌

2,279,512‌

Notes

Financial

Statements

(unaudited)

210

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

070

CALAMOS

EVOLVING

WORLD

GROWTH

FUND

075

CALAMOS

GLOBAL

EQUITY

FUND

080

CALAMOS

GLOBAL

OPPORTUNITIES

FUND

Class

Dollars

sold

140,171‌

2,741,681‌

143,399‌

2,529,900‌

475,653‌

6,040,839‌

issued

reinvestment

distributions

—‌

126,694‌

2,133,527‌

554,026‌

6,827,820‌

Less

redeemed

(676,431‌)

(13,598,168‌)

(291,471‌)

(5,159,132‌)

(1,324,735‌)

(16,612,026‌)

Net

increase

(decrease)

(536,260‌)

(10,856,487‌)

(21,378‌)

(495,705‌)

(295,056‌)

(3,743,367‌)

Class

Dollars

sold

15,440‌

290,551‌

18,531‌

254,769‌

262,674‌

2,770,242‌

issued

reinvestment

distributions

—‌

11,024‌

143,418‌

106,417‌

1,080,132‌

Less

redeemed

(53,730‌)

(990,240‌)

(32,762‌)

(446,429‌)

(282,825‌)

(2,925,369‌)

Net

increase

(decrease)

(38,290‌)

(699,689‌)

(3,207‌)

(48,242‌)

86,266‌

925,005‌

Class

Dollars

sold

2,877,312‌

57,726,869‌

2,083,335‌

38,053,042‌

4,110,957‌

55,878,434‌

issued

reinvestment

distributions

—‌

473,675‌

8,469,312‌

1,010,786‌

13,038,037‌

Less

redeemed

(5,419,392‌)

(111,519,167‌)

(1,981,231‌)

(35,716,601‌)

(3,856,263‌)

(50,384,703‌)

Net

increase

(decrease)

(2,542,080‌)

(53,792,298‌)

575,779‌

10,805,753‌

1,265,480‌

18,531,768‌

Class

Dollars

sold

—‌

10,345‌

198,534‌

—‌

issued

reinvestment

distributions

—‌

1,079‌

19,318‌

—‌

Less

redeemed

—‌

(7,685‌)

(160,030‌)

—‌

Net

increase

(decrease)

—‌

3,739‌

57,822‌

—‌

Notes

Financial

Statements

(unaudited)

211

www.calamos.com

085

CALAMOS

INTERNATIONAL

SMALL

CAP

GROWTH

FUND

090

CALAMOS

TOTAL

RETURN

BOND

FUND

095

CALAMOS

HIGH

INCOME

OPPORTUNITIES

FUND

Class

Dollars

sold

18,896‌

212,921‌

65,645‌

595,245‌

237,210‌

1,852,564‌

issued

reinvestment

distributions

—‌

38,672‌

348,004‌

208,543‌

1,623,098‌

Less

redeemed

(27,180‌)

(280,697‌)

(319,401‌)

(2,857,410‌)

(617,902‌)

(4,802,378‌)

Net

increase

(decrease)

(8,284‌)

(67,776‌)

(215,084‌)

(1,914,161‌)

(172,149‌)

(1,326,716‌)

Class

Dollars

sold

—‌

13,763‌

123,772‌

2,085‌

17,537‌

issued

reinvestment

distributions

—‌

863‌

7,770‌

2,252‌

18,929‌

Less

redeemed

—‌

(7,250‌)

64,721‌

(6,242‌)

(52,652‌)

Net

increase

(decrease)

—‌

7,376‌

66,821‌

(1,905‌)

(16,186‌)

Class

Dollars

sold

52,188‌

598,758‌

332,075‌

2,975,062‌

158,471‌

1,242,133‌

issued

reinvestment

distributions

—‌

84,237‌

758,680‌

70,848‌

551,842‌

Less

redeemed

(19,247‌)

(221,078‌)

(399,242‌)

(3,574,094‌)

(338,283‌)

(2,638,075‌)

Net

increase

(decrease)

32,941‌

377,680‌

17,070‌

159,648‌

(108,964‌)

(844,100‌)

Notes

Financial

Statements

(unaudited)

212

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

Note

–

Subsequent

Events

Subsequent

events,

any,

through

the

date

that

the

financial

statements

were

issued,

have

been

evaluated

the

preparation

the

financial

statements.

There

have

been

subsequent

events

that

occurred

during

such

period

that

would

require

additional

disclosure

would

required

recognized

the

financial

statements.

100

CALAMOS

SHORT-TERM

BOND

FUND

Class

Dollars

sold

370,996‌

3,559,469‌

issued

reinvestment

distributions

19,013‌

182,147‌

Less

redeemed

(159,448‌)

(1,526,934‌)

Net

increase

(decrease)

230,561‌

2,214,682‌

Class

Dollars

sold

6,640,939‌

63,509,791‌

issued

reinvestment

distributions

210,697‌

2,017,223‌

Less

redeemed

(2,900,560‌)

(27,718,492‌)

Net

increase

(decrease)

3,951,076‌

37,808,522‌

Report

Independent

Registered

Public

Accounting

Firm

213

www.calamos.com

the

shareholders

and

the

Board

Trustees

Calamos

Investment

Trust

Opinion

the

Financial

Statements

and

Financial

Highlights

have

reviewed

the

accompanying

statements

assets

and

liabilities

Calamos

Investment

Trust

comprising

the

Calamos

Market

Neutral

Income

Fund,

Calamos

Hedged

Equity

Fund,

Calamos

Phineus

Long/Short

Fund,

Calamos

Merger

Arbitrage

Fund,

Calamos

Convertible

Fund,

Calamos

Global

Convertible

Fund,

Calamos

Timpani

Small

Cap

Growth

Fund,

Calamos

Timpani

SMID

Growth

Fund,

Calamos

Growth

Fund,

Calamos

Growth

and

Income

Fund,

Calamos

Select

Fund,

Calamos

International

Growth

Fund,

Calamos

Evolving

World

Growth

Fund,

Calamos

Global

Equity

Fund,

Calamos

Global

Opportunities

Fund,

Calamos

International

Small

Cap

Growth

Fund,

Calamos

Total

Return

Bond

Fund,

Calamos

High

Income

Opportunities

Fund,

and

Calamos

Short-Term

Bond

Fund

(the

“Funds”),

including

the

schedules

investments,

April

30,

2026,

the

statements

operations,

changes

net

assets,

and

the

financial

highlights

for

the

six

month

period

then

ended,

and

the

notes

(collectively

referred

the

"interim

financial

information").

Based

our

reviews,

are

not

aware

any

material

modifications

that

should

made

the

accompanying

interim

financial

information

for

conformity

with

accounting

principles

generally

accepted

the

United

States

America.

have

previously

audited,

accordance

with

the

standards

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB),

the

statements

changes

net

assets

the

Funds

and

the

financial

highlights

for

each

the

periods

listed

the

table

below;

and

our

report

dated

December

18,

2025,

expressed

unqualified

opinion

such

statements

changes

net

assets

and

financial

highlights.

Basis

for

Opinion

This

interim

financial

information

the

responsibility

the

Funds’

management.

are

public

accounting

firm

registered

with

the

PCAOB

and

are

required

independent

with

respect

the

Funds

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

the

Securities

and

Exchange

Commission

and

the

PCAOB.

conducted

our

reviews

accordance

with

standards

the

PCAOB.

review

interim

financial

information

consists

principally

applying

analytical

procedures

and

making

inquiries

persons

responsible

for

financial

and

accounting

matters.

substantially

less

scope

than

audit

conducted

accordance

with

the

standards

the

PCAOB,

the

objective

which

Individual

Fund

Comprising

the

Calamos

Investment

Trust

Statement

Changes

Net

Assets

Financial

Highlights

Calamos

Market

Neutral

Income

Fund,

Calamos

Hedged

Equity

Fund,

Calamos

Phineus

Long/Short

Fund,

Calamos

Convertible

Fund,

Calamos

Global

Convertible

Fund,

Calamos

Timpani

Small

Cap

Growth

Fund,

Calamos

Timpani

SMID

Growth

Fund,

Calamos

Growth

Fund,

Calamos

Growth

and

Income

Fund,

Calamos

Select

Fund,

Calamos

International

Growth

Fund,

Calamos

Evolving

World

Growth

Fund,

Calamos

Global

Equity

Fund,

Calamos

Global

Opportunities

Fund,

Calamos

Total

Return

Bond

Fund,

Calamos

High

Income

Opportunities

Fund,

and

Calamos

Short-Term

Bond

Fund

For

the

years

ended

October

31,

2025

and

2024

For

the

years

ended

October

31,

2025,

2024,

2023,

2022,

and

2021

Calamos

International

Small

Cap

Growth

Fund

For

the

years

ended

October

31,

2025

and

2024

For

the

years

ended

October

31,

2025,

2024

and

2023,

and

the

period

from

March

31,

2022

(commencement

operations)

through

October

31,

2022

Calamos

Merger

Arbitrage

Fund

For

the

years

ended

October

31,

2025

and

2024

For

the

years

ended

October

31,

2025

and

2024,

and

the

period

from

September

29,

2023

(commencement

operations)

through

October

31,

2023

Report

Independent

Registered

Public

Accounting

Firm

214

CALAMOS

OPEN-END

FAMILY

FUNDS

SEMIANNUAL

REPORT

the

expression

opinion

regarding

the

financial

statements

and

financial

highlights

taken

whole.

Accordingly,

not

express

such

opinion.

June

25,

2026

Chicago,

Illinois

have

served

the

auditor

one

Calamos

Advisors

LLC

investment

companies

since

2003.

By:	/s/ John P. Calamos, Sr.
Name:	John P. Calamos, Sr.
Title:	Principal Executive Officer
Date:	July 2, 2026

By:	/s/ Thomas E. Herman
Name:	Thomas E. Herman
Title:	Principal Financial Officer
Date:	July 2, 2026

Calamos Convertible Fund

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

KEY FUND STATISTICS

WHAT DID THE FUND INVEST IN?

Calamos Convertible Fund

©2026 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

Calamos Convertible Fund

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

KEY FUND STATISTICS

WHAT DID THE FUND INVEST IN?

Calamos Convertible Fund

©2026 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

Calamos Convertible Fund

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

KEY FUND STATISTICS

WHAT DID THE FUND INVEST IN?

Calamos Convertible Fund

©2026 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

Calamos Evolving World Growth Fund

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

KEY FUND STATISTICS

WHAT DID THE FUND INVEST IN?

Calamos Evolving World Growth Fund

©2026 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

Calamos Evolving World Growth Fund

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

KEY FUND STATISTICS

WHAT DID THE FUND INVEST IN?

Calamos Evolving World Growth Fund

©2026 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

Calamos Evolving World Growth Fund

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

KEY FUND STATISTICS

WHAT DID THE FUND INVEST IN?

Calamos Evolving World Growth Fund

©2026 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

Calamos Global Convertible Fund

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

KEY FUND STATISTICS

WHAT DID THE FUND INVEST IN?

Calamos Global Convertible Fund

©2026 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

Calamos Global Convertible Fund

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

KEY FUND STATISTICS

WHAT DID THE FUND INVEST IN?

Calamos Global Convertible Fund

©2026 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

Calamos Global Convertible Fund

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

KEY FUND STATISTICS

WHAT DID THE FUND INVEST IN?

Calamos Global Convertible Fund

©2026 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

Calamos Global Equity Fund

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

KEY FUND STATISTICS

WHAT DID THE FUND INVEST IN?

Calamos Global Equity Fund

©2026 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

Calamos Global Equity Fund

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

KEY FUND STATISTICS

WHAT DID THE FUND INVEST IN?

Calamos Global Equity Fund

©2026 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

Calamos Global Equity Fund

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

KEY FUND STATISTICS

WHAT DID THE FUND INVEST IN?

Calamos Global Equity Fund

©2026 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

Calamos Global Equity Fund

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

KEY FUND STATISTICS

WHAT DID THE FUND INVEST IN?

Calamos Global Equity Fund

©2026 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

Calamos Global Opportunities Fund

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.