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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
              <name>Microsoft Corp.</name>
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        <name>BLOOM ENERGY CORP</name>
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        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
              <name>Bloom Energy Corp.</name>
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      <invstOrSec>
        <name>BOEING CO/THE</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BRIDGEBIO PHARMA INC</name>
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        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
              <name>Bridgebio Pharma, Inc.</name>
              <title>Bridgebio Pharma, Inc.</title>
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      <invstOrSec>
        <name>BRUKER CORP</name>
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        <title>Bruker Corp</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CMS ENERGY CORP</name>
        <lei>549300IA9XFBAGNIBW29</lei>
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        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
              <name>CMS Energy Corp.</name>
              <title>CMS Energy Corp.</title>
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        <name>CENTERPOINT ENERGY INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CENTRUS ENERGY CORP</name>
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        <title>Centrus Energy Corp</title>
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        <fairValLevel>2</fairValLevel>
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              <name>Centrus Energy Corp.</name>
              <title>Centrus Energy Corp.</title>
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        <name>CIPHER DIGITAL INC</name>
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        <fairValLevel>2</fairValLevel>
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              <name>Cipher Mining, Inc.</name>
              <title>Cipher Mining, Inc.</title>
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        <name>CLEANSPARK INC</name>
        <lei>254900VO7KBRJQDGY810</lei>
        <title>Cleanspark Inc</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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          <isDefault>N</isDefault>
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          <isContngtConvrtbl>Y</isContngtConvrtbl>
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              <name>Cleanspark, Inc.</name>
              <title>Cleanspark, Inc.</title>
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          <delta>XXXX</delta>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CLOUDFLARE INC</name>
        <lei>5493007DY18BGNLDWU14</lei>
        <title>Cloudflare Inc</title>
        <cusip>18915MAF4</cusip>
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        <balance>16500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>22846560.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Cloudflare, Inc.</name>
              <title>Cloudflare, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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          <delta>XXXX</delta>
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        <name>CYBERARK SOFTWARE LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
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              <title>Palo Alto Networks, Inc.</title>
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      <invstOrSec>
        <name>CYTOKINETICS INC</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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            <dbtSecRefInstrument>
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              <title>Cytokinetics, Inc.</title>
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          <delta>XXXX</delta>
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      <invstOrSec>
        <name>DATADOG INC</name>
        <lei>549300F6JNO0KRPO1K63</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DIGITAL REALTY TRUST LP</name>
        <lei>CD4SPTZ3YBTHY0C1AH38</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>DOORDASH INC</name>
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        <fairValLevel>2</fairValLevel>
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          <isContngtConvrtbl>N</isContngtConvrtbl>
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        <name>State Street Bank &amp; Trust Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>State Street Bank &amp; Trust Co.</name>
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        <name>State Street Bank &amp; Trust Co.</name>
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      <invstOrSec>
        <name>Bank of New York Mellon</name>
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        <name>State Street Bank &amp; Trust Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
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        <name>GALAXY DIGITAL HOLDIN LP</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>HALOZYME THERAPEUTICS IN</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HP ENTERPRISE CO</name>
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        <fairValLevel>1</fairValLevel>
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        <name>IMAX CORP</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>INDIVIOR PHARMACEUTICALS</name>
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        <title>Indivior Pharmaceuticals Inc</title>
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        <fairValLevel>2</fairValLevel>
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              <title>Indivior Pharmaceuticals, Inc.</title>
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        <name>IONIS PHARMACEUTICALS IN</name>
        <lei>549300SI4ZGLG0BLUZ92</lei>
        <title>Ionis Pharmaceuticals Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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              <name>Ionis Pharmaceuticals, Inc.</name>
              <title>Ionis Pharmaceuticals, Inc.</title>
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      <invstOrSec>
        <name>IREN LTD</name>
        <lei>254900FZF02RB3NNGB71</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>LIBERTY ENERGY INC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>LIBERTY MEDIA CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LIGAND PHARMACEUTICALS I</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LIVE NATION ENTERTAINMEN</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LUCID GROUP INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LUMENTUM HOLDINGS INC</name>
        <lei>549300JLWRRC38DWEF52</lei>
        <title>Lumentum Holdings Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>MERIT MEDICAL SYSTEMS IN</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MICROCHIP TECHNOLOGY INC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>NCL CORPORATION LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>ON SEMICONDUCTOR CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ONTO INNOVATION INC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
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        <name>REALTY INCOME CORP</name>
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        <fairValLevel>2</fairValLevel>
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              <name>Realty Income Corp.</name>
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        <name>REPLIGEN CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>REVOLUTION MEDICINES INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RIVIAN AUTO INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ROBINHOOD MARKETS INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SEAGATE HDD CAYMAN</name>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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              <title>Seagate Technology Holdings PLC</title>
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        <name>SEMTECH CORP</name>
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        <fairValLevel>2</fairValLevel>
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              <title>Semtech Corp.</title>
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        <name>QXO INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SNOWFLAKE INC</name>
        <lei>254900CJNSY1K7T53Z16</lei>
        <title>Snowflake Inc</title>
        <cusip>833445AD1</cusip>
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        <balance>9000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
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              <name>Snowflake, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>SUPER MICRO COMPUTER INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TERAWULF INC</name>
        <lei>254900CVMW1SX2T78A64</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>TERAWULF INC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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            <dbtSecRefInstrument>
              <name>Terawulf, Inc.</name>
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            <currencyInfo convRatio="50.15670000" curCd="USD"/>
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          <delta>XXXX</delta>
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      <invstOrSec>
        <name>TRAVERE THERAPEUTICS INC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
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              <name>Travere Therapeutics, Inc.</name>
              <title>Travere Therapeutics, Inc.</title>
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        <name>UBER TECHNOLOGIES INC</name>
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        <fairValLevel>2</fairValLevel>
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              <title>Uber Technologies, Inc.</title>
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            <currencyInfo convRatio="13.78480000" curCd="USD"/>
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        <name>ULTRA CLEAN HOLDINGS INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury</name>
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        <title>U.S. Treasury Notes</title>
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        <fairValLevel>2</fairValLevel>
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        <name>VSE CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>VOYAGER SPACE HOLDINGS I</name>
        <lei>254900DDCLSP240FE187</lei>
        <title>Voyager Technologies Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>WEC ENERGY GROUP INC</name>
        <lei>549300IGLYTZUK3PVP70</lei>
        <title>WEC Energy Group Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>WELLTOWER OP LLC</name>
        <lei>T6IZ0MBEG5ACZDTR7D06</lei>
        <title>Welltower OP LLC</title>
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        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-15</maturityDt>
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              <name>Welltower, Inc.</name>
              <title>Welltower, Inc.</title>
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      <invstOrSec>
        <name>WESTERN DIGITAL CORP</name>
        <lei>549300QQXOOYEF89IC56</lei>
        <title>Western Digital Corp</title>
        <cusip>958102AT2</cusip>
        <identifiers>
          <isin value="US958102AT29"/>
        </identifiers>
        <balance>2115000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30532584.15000000</valUSD>
        <pctVal>2.793722222698</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Western Digital Corp.</name>
              <title>Western Digital Corp.</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="958102105"/>
                <isin value="US9581021055"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="26.49500000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WISDOMTREE INC</name>
        <lei>549300WIU8IS7UFO7871</lei>
        <title>WisdomTree Inc</title>
        <cusip>97717PAJ3</cusip>
        <identifiers>
          <isin value="US97717PAJ30"/>
        </identifiers>
        <balance>4250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5441742.50000000</valUSD>
        <pctVal>0.497917794241</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.63000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>WisdomTree, Inc.</name>
              <title>WisdomTree, Inc.</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="97717P104"/>
                <isin value="US97717P1049"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="52.20710000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ADVANTEST CORPORATION</name>
        <lei>353800EMK32PDKS9XR54</lei>
        <title>Advantest Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3304376851"/>
        </identifiers>
        <balance>700000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="JPY" exchangeRt="159.10500000"/>
        <valUSD>5683328.62000000</valUSD>
        <pctVal>0.520022851213</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-28</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Advantest Corp.</name>
              <title>Advantest Corp.</title>
              <curCd>JPY</curCd>
              <identifiers>
                <isin value="JP3122400009"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="277.77780000" curCd="JPY"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street Global Advisors</name>
        <lei>5493008BJIBKQ5KTIF74</lei>
        <title>State Street Navigator Securities Lending Government Money Market Portfolio</title>
        <cusip>857509301</cusip>
        <identifiers>
          <isin value="US8575093013"/>
        </identifiers>
        <balance>66352512.50000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>66352512.50000000</valUSD>
        <pctVal>6.071234841847</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="66352512.50000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Total returns reported in Item B.5(a) do not reflect the effect of sales loads or contingent deferred sales charges." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-09-10</ncom:dateSigned>
      <ncom:nameOfApplicant>CALAMOS INVESTMENT TRUST/IL</ncom:nameOfApplicant>
      <ncom:signature>Stephen Atkins</ncom:signature>
      <ncom:signerName>Stephen Atkins</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
