Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
1
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
CONVERTIBLE
BONDS
(33.1%)
Communication
Services
(1.8%)
AST
SpaceMobile,
Inc.*
3,905,000
2.375%,
10/15/32
$
4,517,616
35,036,000
2.000%,
01/15/36
30,219,601
12,500,000
EUR
Delivery
Hero
SE
Series
B*
2.125%,
03/10/29
13,992,176
7,500,000
IMAX
Corp.*
0.750%,
11/15/30
9,657,525
37,190,000
JD.com,
Inc.~
0.250%,
06/01/29
38,835,658
Live
Nation
Entertainment,
Inc.
15,000,000
3.125%,
01/15/29~
25,543,200
5,996,000
2.875%,
01/15/30^
6,937,612
15,000,000
2.875%,
10/15/31*
16,193,250
Lyft,
Inc.
6,000,000
0.625%,
03/01/29
6,470,160
20,000,000
0.000%,
09/15/30*
20,230,400
40,000,000
Match
Group
Financeco
3,
Inc.*~
2.000%,
01/15/30
37,018,000
8,952,000
Snap,
Inc.
0.500%,
05/01/30
7,379,939
10,383,000
Sphere
Entertainment
Co.~
3.500%,
12/01/28
42,354,749
25,000,000
Trip.com
Group
Ltd.~
0.750%,
06/15/29
25,668,000
4,000,000
Weibo
Corp.
1.375%,
12/01/30
4,161,440
15,000,000
Xiaomi
Best
Time
International
Ltd.*
0.000%,
12/17/27
15,669,600
Ziff
Davis,
Inc.
10,000,000
3.625%,
03/01/28*
10,115,300
20,000,000
1.750%,
11/01/26
19,869,000
334,833,226
Consumer
Discretionary
(5.1%)
175,000,000
Alibaba
Group
Holding
Ltd.^~
0.500%,
06/01/31
241,626,000
19,000,000
Cheesecake
Factory,
Inc.~
2.000%,
03/15/30
29,034,850
7,000,000
Cracker
Barrel
Old
Country
Store,
Inc.
1.750%,
09/15/30
7,435,960
50,000,000
DoorDash,
Inc.~
0.000%,
05/15/30
50,419,500
40,000,000
DraftKings
Holdings,
Inc.~
0.000%,
03/15/28
37,206,000
Etsy,
Inc.
15,000,000
1.000%,
06/15/30^
18,298,500
50,000,000
0.250%,
06/15/28~
45,873,500
20,000,000
0.125%,
10/01/26~
20,513,200
18,500,000
Farfetch
Ltd.@
0.000%,
05/01/27
161,320
GameStop
Corp.
20,000,000
0.000%,
04/01/30
20,075,200
50,000,000
0.000%,
06/15/32^
49,987,000
6,500,000
Groupon,
Inc.*
6.250%,
03/15/27
7,590,245
PRINCIPAL
AMOUNT
a
a
VALUE
a
Lucid
Group,
Inc.*
15,000,000
7.000%,
11/01/31
$
8,337,600
55,000,000
5.000%,
04/01/30~
24,440,350
4,000,000
Luminar
Technologies,
Inc.*
0.000%,
12/15/26
60,000
9,345,000
MakeMyTrip
Ltd.^
0.000%,
07/01/30
8,689,822
20,000,000
Marriott
Vacations
Worldwide
Corp.^~
3.250%,
12/15/27
19,720,200
35,972,000
NCL
Corp.
Ltd.*~
0.750%,
09/15/30
33,158,270
NIO,
Inc.
15,000,000
4.625%,
10/15/30
15,030,900
25,000,000
3.875%,
10/15/29~
25,288,250
12,500,000
Peloton
Interactive,
Inc.
5.500%,
12/01/29
21,285,125
Rivian
Automotive,
Inc.~
45,500,000
4.625%,
03/15/29
51,025,065
62,000,000
3.625%,
10/15/30
64,365,920
66,589,000
Sea
Ltd.~
0.250%,
09/15/26
66,252,060
10,245,000
Shake
Shack,
Inc.~
0.000%,
03/01/28
9,549,262
25,833,000
Stride,
Inc.~
1.125%,
09/01/27
40,828,023
12,245,000
Wayfair,
Inc.^
3.250%,
09/15/27
17,520,758
7,029,000
Wynn
Macau
Ltd.*
4.500%,
03/07/29
7,013,396
940,786,276
Consumer
Staples
(0.2%)
6,806,746
Beyond
Meat,
Inc.
7.000%,
10/15/30
4,082,074
11,000,000
Hertz
Corp.*
5.500%,
10/01/30
2,983,530
10,000,000
Oddity
Finance
LLC*
0.000%,
06/15/30
7,070,500
15,000,000
Post
Holdings,
Inc.^~
2.500%,
08/15/27
15,661,800
7,000,000
Spectrum
Brands,
Inc.^
3.375%,
06/01/29
7,346,430
37,144,334
Energy
(0.7%)
15,000,000
Chesapeake
Energy
Corp.
0.000%,
09/15/26
1,500
12,500,000
Crescent
Energy
Co.*^
2.750%,
03/15/31
13,198,250
10,000,000
Energy
Fuels,
Inc.*
0.750%,
11/01/31
9,104,200
23,000,000
EUR
Eni
SpA
Series
ENI*
2.950%,
09/14/30
37,245,736
5,000,000
Golar
LNG
Ltd.^
2.750%,
12/15/30
5,639,500
Liberty
Energy,
Inc.*
12,500,000
0.000%,
03/01/31
10,960,500
10,000,000
0.000%,
03/01/32^
8,223,900
2
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
9,000,000
Northern
Oil
&
Gas,
Inc.~
3.625%,
04/15/29
$
8,903,610
7,473,000
Sable
Offshore
Corp.
6.500%,
07/01/31
11,218,617
14,000,000
Scorpio
Tankers,
Inc.*
1.750%,
04/15/31
14,619,780
4,000,000
Stem,
Inc.*~
0.500%,
12/01/28
1,317,080
6,000,000
World
Kinect
Corp.
3.250%,
07/01/28
8,941,440
129,374,113
Financials
(1.8%)
37,500,000
BofA
Finance
LLC~
0.600%,
05/25/27
47,561,625
10,000,000
Boston
Properties
LP*~
2.000%,
10/01/30
9,825,000
Coinbase
Global,
Inc.~
45,468,000
0.250%,
04/01/30
40,405,593
40,000,000
0.000%,
10/01/29*^
34,548,800
21,205,000
0.000%,
10/01/32*
16,378,530
4,750,000
Dave,
Inc.*
0.000%,
04/01/31
7,311,913
14,808,000
Euronet
Worldwide,
Inc.*~
0.625%,
10/01/30
13,387,172
11,000,000
Federal
Realty
OP
LP*~
3.250%,
01/15/29
12,147,630
42,416,000
Global
Payments,
Inc.
1.500%,
03/01/31
39,293,334
100,000,000
HKD
Happy
Ever
Holdings
Ltd.*
0.500%,
07/16/30
12,831,531
10,000,000
Healthcare
Realty
Holdings
LP*
3.000%,
01/15/32
10,481,300
75,000,000
HKD
Link
CB
Ltd.*
4.500%,
12/12/27
9,617,241
20,000,000
Ping
An
Insurance
Group
Co.
of
China
Ltd.*
0.875%,
07/22/29
30,032,600
Rexford
Industrial
Realty
LP*
7,500,000
4.375%,
03/15/27^~
7,487,250
7,500,000
4.125%,
03/15/29
7,428,075
15,060,000
Upstart
Holdings,
Inc.*
0.000%,
02/15/32
10,691,847
WisdomTree,
Inc.
4,000,000
4.625%,
08/15/30*
5,121,640
5,000,000
4.500%,
10/01/31*
6,080,600
4,000,000
3.250%,
08/15/29
6,729,320
327,361,001
Health
Care
(2.5%)
12,401,000
Alnylam
Pharmaceuticals,
Inc.*^~
0.000%,
09/15/28
11,306,984
5,000,000
Amphastar
Pharmaceuticals,
Inc.
2.000%,
03/15/29
4,541,150
13,744,000
Arrowhead
Pharmaceuticals,
Inc.
0.000%,
01/15/32
17,081,181
Bridgebio
Pharma,
Inc.
5,000,000
2.250%,
02/01/29~
5,689,900
7,500,000
0.750%,
02/01/33*
7,761,375
PRINCIPAL
AMOUNT
a
a
VALUE
a
27,500,000
CONMED
Corp.~
2.250%,
06/15/27
$
26,928,275
30,000,000
Dexcom,
Inc.~
0.375%,
05/15/28
28,584,600
5,000,000
Envista
Holdings
Corp.
1.750%,
08/15/28
4,968,300
10,000,000
Haemonetics
Corp.
2.500%,
06/01/29
10,530,600
Halozyme
Therapeutics,
Inc.
10,816,000
1.000%,
08/15/28^
16,470,388
23,190,000
0.875%,
11/15/32*^
26,253,167
23,190,000
0.000%,
02/15/31*~
25,704,724
Hims
&
Hers
Health,
Inc.*
14,589,000
0.000%,
05/15/30
12,147,239
7,583,000
0.000%,
06/01/32
9,105,515
4,000,000
Indivior
Pharmaceuticals,
Inc.*
0.625%,
03/15/31
4,774,080
10,000,000
Innoviva,
Inc.~
2.125%,
03/15/28
10,434,900
13,276,000
Integer
Holdings
Corp.
1.875%,
03/15/30
14,071,498
17,238,000
Ionis
Pharmaceuticals,
Inc.*
0.000%,
12/01/30
15,257,699
5,000,000
IRhythm
Holdings,
Inc.
1.500%,
09/01/29
5,480,900
32,500,000
Jazz
Investments
I
Ltd.~
3.125%,
09/15/30
57,391,425
5,000,000
Lantheus
Holdings,
Inc.~
2.625%,
12/15/27
6,560,800
Ligand
Pharmaceuticals,
Inc.*
5,000,000
0.750%,
10/01/30
7,965,050
7,500,000
0.000%,
09/15/31
8,005,650
10,000,000
Merit
Medical
Systems,
Inc.
3.000%,
02/01/29
11,729,400
3,000,000
NeoGenomics,
Inc.*
0.750%,
07/01/32
3,939,870
6,500,000
Pacira
BioSciences,
Inc.
2.125%,
05/15/29
6,649,825
15,000,000
Sarepta
Therapeutics,
Inc.~
1.250%,
09/15/27
14,235,300
12,500,000
SmileDirectClub,
Inc.*@
0.000%,
02/01/26
2,250
Tandem
Diabetes
Care,
Inc.
8,550,000
Series
2024,
1.500%,
03/15/29
8,668,674
5,195,000
0.000%,
03/15/32*^
4,642,927
16,250,000
Teladoc
Health,
Inc.^~
1.250%,
06/01/27
15,776,962
Tempus
AI,
Inc.
14,219,000
0.750%,
07/15/30
13,525,966
5,854,000
0.000%,
05/15/32*
5,701,796
7,500,000
Travere
Therapeutics,
Inc.
0.500%,
05/15/32
8,762,250
30,000,000
Zoetis,
Inc.*~
0.250%,
06/15/29
27,528,900
458,179,520
Industrials
(1.3%)
6,489,000
AeroVironment,
Inc.
0.000%,
07/15/30
5,912,063
3
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
35,000,000
Bloom
Energy
Corp.*~
0.000%,
11/15/30
$
49,193,550
25,902,000
BWX
Technologies,
Inc.*
0.000%,
11/01/30
25,005,791
4,500,000
Energy
Vault
Holdings,
Inc.*
5.250%,
03/01/31
4,135,185
12,500,000
Eos
Energy
Enterprises,
Inc.*
1.750%,
12/01/31
7,548,375
12,500,000
Fluor
Corp.~
1.125%,
08/15/29
16,234,250
7,000,000
Granite
Construction,
Inc.
3.750%,
05/15/28
20,854,610
14,795,000
JBT
Marel
Corp.*
0.375%,
09/15/30
14,881,255
7,500,000
Joby
Aviation,
Inc.
0.750%,
02/15/32
6,063,900
1,000,000,000
JPY
Nikkon
Holdings
Co.
Ltd.*
0.000%,
12/12/31
15,724,144
8,000,000
Pitney
Bowes,
Inc.*
1.500%,
08/15/30
10,781,120
27,000,000
Uber
Technologies,
Inc.
Series
2028~
0.875%,
12/01/28
31,803,840
10,000,000
Upwork,
Inc.
0.250%,
08/15/26
9,979,100
12,500,000
Voyager
Technologies,
Inc.*
0.750%,
11/15/30
13,826,250
231,943,433
Information
Technology
(14.5%)
12,500,000
Advanced
Energy
Industries,
Inc.*^
0.000%,
05/15/31
12,198,500
Akamai
Technologies,
Inc.
65,000,000
1.125%,
02/15/29~
76,824,150
28,500,000
0.375%,
09/01/27~
33,910,155
23,422,000
0.250%,
05/15/33~
33,529,530
17,500,000
0.000%,
05/15/30*
16,377,550
35,000,000
0.000%,
05/15/32*~
31,896,200
20,000,000
Alarm.com
Holdings,
Inc.~
2.250%,
06/01/29
19,690,600
14,956,000
Alkami
Technology,
Inc.
1.500%,
03/15/30
14,344,898
10,000,000
Avnet,
Inc.*
1.750%,
09/01/30
14,005,500
15,944,000
Bill
Holdings,
Inc.
0.000%,
04/01/30
14,069,783
39,921,000
BlackLine,
Inc.~
1.000%,
06/01/29
37,312,562
20,000,000
Block,
Inc.^~
0.250%,
11/01/27
19,011,600
11,951,000
Box,
Inc.
1.500%,
09/15/29
12,459,635
20,000,000
Check
Point
Software
Technologies
Ltd.*~
0.000%,
12/15/30
18,528,000
23,124,000
Ciena
Corp.*
0.000%,
09/15/31
21,955,544
22,895,000
Cipher
Digital,
Inc.*~
0.000%,
10/01/31
37,862,606
PRINCIPAL
AMOUNT
a
a
VALUE
a
7,500,000
Cleanspark,
Inc.*
0.000%,
02/15/32
$
7,478,025
Cloudflare,
Inc.
25,000,000
0.000%,
08/15/26
35,773,750
25,000,000
0.000%,
06/15/30
34,616,000
25,000,000
Commvault
Systems,
Inc.*~
0.000%,
09/15/30
22,204,250
CoreWeave,
Inc.*~
30,000,000
1.750%,
12/01/31
28,272,300
43,527,000
1.750%,
10/01/32^
38,424,765
15,000,000
Datadog,
Inc.
0.000%,
12/01/29
21,801,150
16,000,000
Enphase
Energy,
Inc.^~
0.000%,
03/01/28
14,929,600
9,577,000
Five9,
Inc.
1.000%,
03/15/29
8,780,960
15,000,000
Guidewire
Software,
Inc.
1.250%,
11/01/29
15,252,300
10,000,000
InterDigital,
Inc.~
3.500%,
06/01/27
39,544,700
IREN
Ltd.
4,000,000
Series
IREN,
3.500%,
12/15/29
11,694,800
59,584,000
1.000%,
12/01/33*~
45,162,884
40,000,000
0.250%,
06/01/32*~
37,428,400
10,770,000
0.000%,
07/01/31*~
8,327,902
Itron,
Inc.~
25,000,000
1.375%,
07/15/30
26,291,750
32,500,000
0.000%,
03/15/32*
33,346,300
Lenovo
Group
Ltd.*
8,000,000
2.500%,
08/26/29
22,445,840
25,000,000
0.000%,
06/25/33
24,710,000
Lumentum
Holdings,
Inc.
53,000
1.500%,
12/15/29
541,673
30,000,000
0.375%,
03/15/32*~
116,994,300
MARA
Holdings,
Inc.
7,000,000
2.125%,
09/01/31
7,128,870
7,000,000
0.000%,
03/01/30
6,744,780
20,000,000
0.000%,
08/01/32*
17,893,000
Microchip
Technology,
Inc.
10,000,000
0.750%,
06/01/30
10,399,900
32,000,000
0.000%,
02/15/30*
34,159,040
Mirion
Technologies,
Inc.*
4,000,000
0.250%,
06/01/30
3,916,520
7,500,000
0.000%,
10/01/31
6,460,950
15,000,000
MKS,
Inc.^
1.250%,
06/01/30
30,779,850
Nebius
Group
NV*
40,048,000
2.750%,
09/15/32^~
62,970,274
45,000,000
2.625%,
03/15/33
59,805,900
30,337,000
1.250%,
03/15/31
39,919,245
16,605,000
1.000%,
09/15/30^~
26,556,376
10,000,000
Nova
Ltd.*
0.000%,
09/15/30
14,548,600
Nutanix,
Inc.
45,903,000
0.500%,
12/15/29
47,819,909
8,960,000
0.250%,
10/01/27^~
10,795,008
ON
Semiconductor
Corp.
50,000,000
0.500%,
03/01/29~
56,631,500
25,000,000
0.000%,
05/01/27~
39,834,000
4
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
17,500,000
0.000%,
05/01/31*
$
16,414,650
22,000,000
Onto
Innovation,
Inc.*
0.000%,
06/01/31
23,896,180
10,000,000
OSI
Systems,
Inc.*
0.500%,
02/01/31
9,407,200
17,466,000
PagerDuty,
Inc.
1.500%,
10/15/28
16,467,818
10,000,000
Penguin
Solutions,
Inc.*
0.000%,
08/01/31
8,904,800
25,404,000
Rubrik,
Inc.
0.000%,
06/15/30
25,212,962
5,000,000
Semtech
Corp.*
0.000%,
10/15/30
7,402,300
Snowflake,
Inc.
20,000,000
0.000%,
10/01/27~
37,856,400
47,500,000
0.000%,
10/01/29
94,128,850
Strategy,
Inc.
37,500,000
2.250%,
06/15/32^~
37,062,000
22,500,000
0.875%,
03/15/31
21,068,325
21,000,000
0.625%,
03/15/30
21,865,620
58,681,000
0.000%,
12/01/29
51,905,105
Super
Micro
Computer,
Inc.
30,000,000
3.500%,
03/01/29^
26,710,500
40,000,000
0.000%,
06/15/30
34,436,000
7,000,000
Synaptics,
Inc.^
0.750%,
12/01/31
9,361,660
Terawulf,
Inc.*
8,123,000
1.000%,
09/01/31
13,371,189
10,000,000
0.000%,
05/01/32^
11,976,800
25,000,000
Tyler
Technologies,
Inc.*
0.500%,
07/15/31
25,480,500
2,373,000
Unity
Software,
Inc.
0.000%,
03/15/30
2,826,148
20,000,000
Varonis
Systems,
Inc.
1.000%,
09/15/29
19,098,200
10,000,000
Vishay
Intertechnology,
Inc.
2.250%,
09/15/30
14,182,500
40,000,000
Western
Digital
Corp.~
3.000%,
11/15/28
577,448,400
30,000,000
Wix.com
Ltd.*
0.000%,
09/15/30
23,478,300
Workiva,
Inc.
17,862,000
1.250%,
08/15/28
17,004,624
7,516,000
1.125%,
08/15/26
7,498,037
15,000,000
Xerox
Holdings
Corp.
3.750%,
03/15/30
5,571,150
25,000,000
Zscaler,
Inc.
0.000%,
07/15/28
23,193,500
2,667,591,902
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
15,748,200
4,071,000
First
Majestic
Silver
Corp.*
0.125%,
01/15/31
4,314,365
10,000,000
MP
Materials
Corp.*~
3.000%,
03/01/30
20,411,000
PRINCIPAL
AMOUNT
a
a
VALUE
a
15,000,000
Ramaco
Resources,
Inc.
0.000%,
11/01/31
$
9,900,450
10,000,000
Stillwater
Mining
Co.*
4.250%,
11/28/28
17,157,600
67,595,815
Other
(0.0%)
8,000,000
Sunnova
Energy
Corp.
0.000%,
02/15/28
32,560
Real
Estate
(0.5%)
12,467,000
Compass,
Inc.*^
0.250%,
04/15/31
13,001,834
10,000,000
Realty
Income
Corp.*
3.500%,
01/15/29
10,387,000
Welltower
OP
LLC*
9,082,000
3.125%,
07/15/29
16,818,320
20,000,000
2.750%,
05/15/28~
49,012,800
89,219,954
Utilities
(4.3%)
15,000,000
Alliant
Energy
Corp.
3.250%,
05/30/28
15,906,600
CenterPoint
Energy,
Inc.^
25,000,000
4.250%,
08/15/26
29,341,250
25,000,000
3.000%,
08/01/28*
26,046,250
26,000,000
2.875%,
05/15/29*
25,824,760
CMS
Energy
Corp.
15,040,000
3.375%,
05/01/28^~
16,258,390
15,000,000
3.125%,
05/01/31*
14,950,200
65,208,000
Duke
Energy
Corp.*~
3.000%,
03/15/29
64,416,375
60,000,000
Evergy,
Inc.~
4.500%,
12/15/27
82,089,600
30,000,000
Exelon
Corp.*^~
3.250%,
03/15/29
30,217,500
55,000,000
FirstEnergy
Corp.~
3.875%,
01/15/31
61,569,750
40,000,000
NextEra
Energy
Capital
Holdings,
Inc.~
3.000%,
03/01/27
52,037,600
12,752,000
PG&E
Corp.~
4.250%,
12/01/27
13,083,042
20,000,000
Pinnacle
West
Capital
Corp.^
4.750%,
06/15/27
22,761,400
PPL
Capital
Funding,
Inc.~
30,000,000
3.000%,
12/01/30*
30,120,000
42,922,000
2.875%,
03/15/28^
47,621,959
65,932,000
Southern
Co.^
3.250%,
06/15/28
66,490,444
32,419,000
TXNM
Energy,
Inc.
5.750%,
06/01/54
43,093,604
20,000,000
UGI
Corp.^
5.000%,
06/01/28
27,524,800
WEC
Energy
Group,
Inc.
35,000,000
4.375%,
06/01/27~
40,166,350
40,000,000
4.375%,
06/01/29~
47,301,200
5
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
35,000,000
3.375%,
06/01/28
$
35,596,050
792,417,124
TOTAL
CONVERTIBLE
BONDS
(Cost
$5,057,839,184)
6,076,479,258
CORPORATE
BONDS
(0.1%)
Financials
(0.0%)
5,000,000
PayPal
Holdings,
Inc.~
2.650%,
10/01/26
4,987,500
Information
Technology
(0.1%)
6,200,329
LivePerson,
Inc.*
10.000%,
12/15/29
4,340,231
4,088,481
Wolfspeed,
Inc.
7.000%,
06/15/31
3,508,448
7,848,679
TOTAL
CORPORATE
BONDS
(Cost
$22,843,028)
12,836,179
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(62.6%)
Communication
Services
(6.4%)
873,433
Alphabet,
Inc.
-
Class
A~
311,055,694
907,079
Alphabet,
Inc.
-
Class
C~
323,509,725
92,601
AST
SpaceMobile,
Inc.#^
5,461,607
949,615
AT&T,
Inc.
22,078,549
778,519
Comcast
Corp.
-
Class
A
18,653,315
273,784
Electronic
Arts,
Inc.
57,456,310
140,722
Fox
Corp.
-
Class
A^
8,194,242
364,842
Meta
Platforms,
Inc.
-
Class
A~
203,111,190
783,352
Netflix,
Inc.#
56,174,172
325,000
Roku,
Inc.#
47,128,250
125,401
T-Mobile
U.S.,
Inc.
21,658,007
149,874
Trade
Desk,
Inc.
-
Class
A#
2,703,727
724,667
Verizon
Communications,
Inc.~
33,921,662
351,490
Walt
Disney
Co.~
33,809,823
1,605,712
Warner
Bros
Discovery,
Inc.#
42,230,226
1,187,146,499
Consumer
Discretionary
(5.6%)
1,623,529
Amazon.com,
Inc.#~
440,918,006
825,000
Andretti
Acquisition
Corp.
II
-
Class
A#
8,918,250
134,121
Aptiv
PLC#
7,573,813
163,118
Booking
Holdings,
Inc.~
31,465,462
562,338
Carnival
Corp.
Ltd.
15,638,620
414,344
Chipotle
Mexican
Grill,
Inc.#
15,421,884
49,747
Darden
Restaurants,
Inc.^~
10,127,494
54,009
DoorDash,
Inc.
-
Class
A#
10,594,405
151,128
Dr.
Horton,
Inc.~
21,620,372
141,720
eBay,
Inc.
16,157,497
723,533
Ford
Motor
Co.~
10,621,464
271,642
General
Motors
Co.
24,138,108
NUMBER
OF
SHARES
b
b
VALUE
b
188,141
Home
Depot,
Inc.~
$
62,455,286
161,660
Las
Vegas
Sands
Corp.
7,903,557
152,206
Lowe's
Cos.,
Inc.~
31,629,929
300,000
Lucid
Group,
Inc.#^
2,214,000
34,570
Lululemon
Athletica,
Inc.#
4,109,336
120,191
McDonald's
Corp.~
32,528,492
778
MKDWELL
Tech,
Inc.#
9,212
26,250
Next.e.GO
NV#
3
255,001
NIKE,
Inc.
-
Class
B~
10,636,092
386,607
Norwegian
Cruise
Line
Holdings
Ltd.^
7,163,828
227,884
O'Reilly
Automotive,
Inc.#
20,361,435
85,904
Ross
Stores,
Inc.~
21,567,917
41,230
Royal
Caribbean
Cruises
Ltd.^
13,123,509
208,636
Starbucks
Corp.~
21,958,939
464,379
Tesla,
Inc.#~
144,519,389
236,085
TJX
Cos.,
Inc.~
37,145,614
1,030,521,913
Consumer
Staples
(3.2%)
142,251
Archer-Daniels-Midland
Co.~
11,276,237
3,400,000
Beyond
Meat,
Inc.#^
1,924,400
65,364
Boston
Beer
Co.,
Inc.
-
Class
A#
11,974,685
91,419
Church
&
Dwight
Co.,
Inc.
9,033,111
606,565
Coca-Cola
Co.
53,129,028
140,955
Colgate-Palmolive
Co.~
12,869,191
70,655
Constellation
Brands,
Inc.
-
Class
A^
9,201,401
55,979
Costco
Wholesale
Corp.~
53,285,850
43,151
Dollar
General
Corp.~
5,482,335
77,947
Dollar
Tree,
Inc.#
9,915,638
53,632
Estee
Lauder
Cos.,
Inc.
-
Class
A
4,499,725
154,174
General
Mills,
Inc.^
5,511,720
3,351,000
Kenvue,
Inc.
64,473,240
84,694
Kimberly-Clark
Corp.^
9,257,901
203,009
Kroger
Co.
11,721,740
399,824
Mondelez
International,
Inc.
-
Class
A
24,913,033
176,012
Monster
Beverage
Corp.#
16,964,037
186,513
PepsiCo,
Inc.~
26,029,754
334,111
Philip
Morris
International,
Inc.~
63,755,061
328,142
Procter
&
Gamble
Co.~
47,413,238
152,526
Sysco
Corp.
13,001,316
94,383
Target
Corp.~
13,637,400
931,083
Walmart,
Inc.~
103,536,430
582,806,471
Energy
(2.1%)
488,580
Chevron
Corp.~
96,167,201
232,895
ConocoPhillips~
28,059,190
69,705
EOG
Resources,
Inc.~
10,364,437
738,401
ExxonMobil
Holdings
Corp.
114,777,051
482,415
Kinder
Morgan,
Inc.
15,524,115
145,807
Marathon
Petroleum
Corp.
46,143,541
149,722
Occidental
Petroleum
Corp.
8,544,635
6
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
96,705
ONEOK,
Inc.
$
8,781,781
67,875
Phillips
66~
14,367,780
215,171
SLB
Ltd.
10,670,330
65,666
Valero
Energy
Corp.~
20,546,891
243,409
Williams
Cos.,
Inc.
17,413,480
391,360,432
Financials
(8.3%)
213,890
Abony
Acquisition
Corp.
I#
2,151,733
119,907
Aflac,
Inc.~
15,285,744
100,000
Aldabra
4
Liquidity
Opportunity
Vehicle,
Inc.#
1,003,000
93,547
Allstate
Corp.~
24,703,892
107,065
American
Express
Co.~
36,000,606
46,875
Ameriprise
Financial,
Inc.
25,586,250
430,999
Apollo
Global
Management,
Inc.
54,129,164
124,000
Archimedes
Tech
SPAC
Partners
III
Co.#
1,264,800
83,623
Arthur
J
Gallagher
&
Co.
20,857,249
70,308
Assurant,
Inc.^~
19,629,291
75,000
Averin
Capital
Acquisition
Corp.#
755,250
1,543,987
Bank
of
America
Corp.~
95,649,995
174,572
Bank
of
New
York
Mellon
Corp.
27,290,841
252,365
Berkshire
Hathaway,
Inc.
-
Class
B#~
129,094,792
18,112
BlackRock,
Inc.
19,749,144
91,972
Blackstone,
Inc.
11,749,423
391,771
Brighthouse
Financial,
Inc.#
24,254,543
107,983
Capital
One
Financial
Corp.
22,569,527
83,122
Cboe
Global
Markets,
Inc.
25,786,938
328,075
Charles
Schwab
Corp.~
34,526,613
107,777
Chubb
Ltd.~
37,795,238
264,556
Citigroup,
Inc.~
35,040,442
37,670
CME
Group,
Inc.
10,087,649
34,043
Coinbase
Global,
Inc.
-
Class
A^
4,979,129
197,352
Colombier
Acquisition
Corp.
III#
2,074,170
75,000
Columbus
Circle
Capital
Corp.
II#
797,250
175,000
D
Boral
Acquisition
I
Corp.#
1,766,625
232,624
DigitalBridge
Group,
Inc.
3,691,743
111,134
Fiserv,
Inc.#
5,994,568
62,993
Global
Payments,
Inc.^
5,296,451
101,543
Goldman
Sachs
Group,
Inc.~
103,409,360
148,010
HCM
IV
Acquisition
Corp.#
1,511,182
150,000
Hennessy
Capital
Investment
Corp.
VIII#
1,519,500
397,015
Huntington
Bancshares,
Inc.
6,765,136
900,000
Idea
Acquisition
Corp.#
9,036,000
41,994
Jack
Henry
&
Associates,
Inc.^
6,468,756
459,305
JPMorgan
Chase
&
Co.~
161,578,906
295,998
KRAKacquisition
Corp.#
2,996,980
248,000
Lafayette
Digital
Acquisition
Corp.
I#
2,487,440
98,437
Legato
Merger
Corp.
IV#
998,151
98,670
M
Evo
Global
Acquisition
Corp.
II#
993,607
46,596
M&T
Bank
Corp.
11,476,129
NUMBER
OF
SHARES
b
b
VALUE
b
129,269
Marsh
&
McLennan
Cos.,
Inc.
$
24,521,037
159,046
Mastercard,
Inc.
-
Class
A~
91,149,263
140,846
MetLife,
Inc.~
13,539,526
237,777
Morgan
Stanley~
50,033,036
783,000
Mountain
Lake
Acquisition
Corp.
II#
7,927,875
103,525
Muzero
Acquisition
Corp.#
1,043,532
30,500
NCR
Atleos
Corp.#
1,434,415
74,635
Northern
Trust
Corp.
13,597,751
127,233
PayPal
Holdings,
Inc.
7,279,000
128,835
ProCap
Acquisition
Corp.
-
Class
A#
1,330,866
148,010
Proem
Acquisition
Corp.
I#
1,524,503
56,089
Prudential
Financial,
Inc.~
6,847,345
300,000
RF
Acquisition
Corp.
III#
3,013,500
48,687
S&P
Global,
Inc.
20,055,636
200,000
Samos
Energy
Acquisition
Corp.#
1,986,000
500,000
Soren
Acquisition
Corp.#
5,020,000
147,999
Space
Asset
Acquisition
Corp.#
1,567,309
15,000
SPACSphere
Acquisition
Corp.#
153,375
110,000
Spartacus
Acquisition
Corp.
II#
1,135,750
70,490
State
Street
Corp.~
12,981,438
62,519
Travelers
Cos.,
Inc.~
23,404,613
142,544
U.S.
Bancorp
8,981,697
197,241
Vine
Hill
Capital
Investment
Corp.
II#
2,029,610
341,482
Visa,
Inc.
-
Class
A~
125,026,805
886,532
Wells
Fargo
&
Co.~
76,640,691
140,000
White
Pearl
Acquisition
Corp.#
1,469,300
149,843
X3
Acquisition
Corp.
Ltd.#
1,538,138
676,855
Xsolla
SPAC
1#
6,785,471
1,520,820,689
Health
Care
(5.6%)
242,549
Abbott
Laboratories
25,637,429
304,251
AbbVie,
Inc.~
76,348,746
160,585
Agilent
Technologies,
Inc.
22,220,146
68,201
Amgen,
Inc.~
26,268,297
179,491
Baxter
International,
Inc.^
4,695,485
58,292
Becton
Dickinson
&
Co.
9,654,321
34,879
Biogen,
Inc.#~
7,078,693
546,640
Boston
Scientific
Corp.#
25,544,487
110,439
Centene
Corp.#
6,871,515
46,997
Cigna
Group
13,114,513
207,603
CVS
Health
Corp.~
21,679,981
140,886
Danaher
Corp.~
27,469,952
95,248
Dexcom,
Inc.#
7,948,446
159,409
Edwards
Lifesciences
Corp.#~
13,720,333
143,679
Eli
Lilly
&
Co.~
165,064,182
60,203
GE
HealthCare
Technologies,
Inc.
4,095,008
220,506
Gilead
Sciences,
Inc.
28,712,086
47,490
HCA
Healthcare,
Inc.
19,118,999
28,805
Humana,
Inc.
10,480,987
79,405
Intuitive
Surgical,
Inc.#
28,056,169
48,367
IQVIA
Holdings,
Inc.#
11,367,212
352,648
Johnson
&
Johnson~
90,401,315
7
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
42,721
Labcorp
Holdings,
Inc.^
$
13,209,333
29,929
McKesson
Corp.
25,624,911
253,860
Medtronic
PLC
21,677,105
480,427
Merck
&
Co.,
Inc.~
62,551,595
91,863
Penumbra,
Inc.#
29,505,477
1,753,548
Pfizer,
Inc.~
43,856,235
11,578
Regeneron
Pharmaceuticals,
Inc.~
8,829,730
17,566
Solventum
Corp.#
1,500,839
41,290
Stryker
Corp.~
13,448,153
82,739
Thermo
Fisher
Scientific,
Inc.~
47,517,008
176,864
UnitedHealth
Group,
Inc.~
73,292,442
43,135
Vertex
Pharmaceuticals,
Inc.#
20,579,709
7,889
Waters
Corp.#
2,976,599
44,648
Zimmer
Biomet
Holdings,
Inc.^~
4,193,787
114,273
Zoetis,
Inc.
8,832,160
1,023,143,385
Industrials
(5.5%)
70,272
3M
Co.
12,387,548
49,333
Allegion
PLC^
7,765,014
94,077
Automatic
Data
Processing,
Inc.
25,067,757
125,596
Boeing
Co.#~
27,146,319
270,674
Carrier
Global
Corp.
16,730,360
93,762
Caterpillar,
Inc.~
76,398,215
280,137
Copart,
Inc.#
8,157,589
709,462
CSX
Corp.~
35,756,885
197,406
D
Boral
ARC
Acquisition
I
Corp.
-
Class
A#
1,002,823
48,744
Deere
&
Co.
28,889,107
71,776
Eaton
Corp.
PLC
29,801,395
190,242
Emerson
Electric
Co.~
28,502,057
45,154
GE
Vernova,
Inc.
44,715,555
51,886
Generac
Holdings,
Inc.#
10,227,250
41,812
General
Dynamics
Corp.
16,031,557
180,613
General
Electric
Co.~
65,033,323
79,142
Honeywell
Aerospace,
Inc.#
16,361,817
79,142
Honeywell
International,
Inc.
19,235,463
8,129
Hubbell,
Inc.^
3,841,359
59,653
Illinois
Tool
Works,
Inc.~
17,117,428
163,788
Johnson
Controls
International
PLC
24,021,148
62,976
L3Harris
Technologies,
Inc.
17,448,131
34,185
Lockheed
Martin
Corp.
19,920,967
140,876
Masco
Corp.
10,069,817
274,024
Norfolk
Southern
Corp.
91,929,572
33,977
Northrop
Grumman
Corp.
18,431,843
62,956
Otis
Worldwide
Corp.
4,529,684
148,574
PACCAR,
Inc.
19,712,798
88,295
Paychex,
Inc.^
10,316,388
160,087
Pentair
PLC
10,476,093
58,153
Quanta
Services,
Inc.
38,808,986
337,936
RTX
Corp.~
72,730,478
312,227
Southwest
Airlines
Co.~
14,040,848
446,272
Uber
Technologies,
Inc.
31,399,698
137,134
Union
Pacific
Corp.~
40,060,955
NUMBER
OF
SHARES
b
b
VALUE
b
171,738
United
Airlines
Holdings,
Inc.#
$
20,836,972
113,564
United
Parcel
Service,
Inc.
-
Class
B
11,835,640
21,576
United
Rentals,
Inc.
23,286,114
46,960
Veralto
Corp.
4,422,223
55,535
Verisk
Analytics,
Inc.
10,820,995
15,000
Voyager
Technologies,
Inc.
-
Class
A^
367,950
106,108
Waste
Management,
Inc.
24,038,767
78,128
Xylem,
Inc.
9,138,632
1,018,813,520
Information
Technology
(21.5%)
93,597
Accenture
PLC
-
Class
A~
15,529,614
73,225
Adobe,
Inc.#
18,336,272
334,137
Advanced
Micro
Devices,
Inc.#~
159,099,333
289,267
Amphenol
Corp.
-
Class
A~
46,485,207
98,671
Analog
Devices,
Inc.
36,252,712
2,472,381
Apple,
Inc.~
763,743,215
151,569
Applied
Materials,
Inc.~
76,947,034
38,448
AppLovin
Corp.
-
Class
A#
15,221,563
162,432
Arista
Networks,
Inc.#
29,294,611
42,474
Autodesk,
Inc.#
9,947,411
787,541
Broadcom,
Inc.~
306,573,960
6,446
Ciena
Corp.#
2,430,464
846,544
Cisco
Systems,
Inc.~
98,190,639
122,338
Cognizant
Technology
Solutions
Corp.
-
Class
A~
6,771,408
8,709
Coherent
Corp.#
2,289,509
10,000
CoreWeave,
Inc.
-
Class
A#^
717,700
35,923
Corning,
Inc.
4,966,355
217,880
Crowdstrike
Holdings,
Inc.
-
Class
A#
41,584,577
71,005
Datadog,
Inc.
-
Class
A#
19,027,210
51,124
Flex
Ltd.#
5,815,355
75,000
Fusemachines,
Inc.#
58,800
41,313
Gartner,
Inc.#
6,239,089
238,068
HP,
Inc.
6,492,114
692,150
Intel
Corp.#~
62,431,930
113,091
International
Business
Machines
Corp.
25,292,802
61,774
Intuit,
Inc.~
19,524,908
53,929
Keysight
Technologies,
Inc.#
17,207,665
176,169
Lam
Research
Corp.
51,621,040
11,590
Lumentum
Holdings,
Inc.
8,274,565
122,529
Marvell
Technology,
Inc.
22,981,539
218,162
Micron
Technology,
Inc.~
179,553,871
1,254,805
Microsoft
Corp.~
583,132,980
67,922
NetApp,
Inc.
12,124,077
4,173,627
NVIDIA
Corp.~
837,855,620
67,010
NXP
Semiconductors
NV
15,356,012
104,780
ON
Semiconductor
Corp.
8,551,096
310,908
Oracle
Corp.~
40,377,622
377,960
Palantir
Technologies,
Inc.
-
Class
A#~
46,511,758
8
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
151,703
Palo
Alto
Networks,
Inc.#
$
50,339,606
61,242
PTC,
Inc.#^
8,402,402
71,775
Qnity
Electronics,
Inc.
9,415,445
203,664
QUALCOMM,
Inc.~
30,062,843
193,432
Salesforce,
Inc.~
35,595,357
21,696
Sandisk
Corp.#
26,356,952
215,132
ServiceNow,
Inc.#
23,929,132
95,509
Skyworks
Solutions,
Inc.
5,948,301
74,740
Super
Micro
Computer,
Inc.#^
2,122,616
50,624
Synopsys,
Inc.#
19,680,586
61,307
TE
Connectivity
PLC
12,610,237
96,290
Teradyne,
Inc.
35,404,870
144,747
Texas
Instruments,
Inc.~
39,912,538
27,767
Tyler
Technologies,
Inc.#^
8,596,663
47,719
Western
Digital
Corp.^
25,999,220
279,148
Wolfspeed,
Inc.#^
6,593,476
35,785
Workday,
Inc.
-
Class
A#^
5,737,767
3,949,519,648
Materials
(0.9%)
56,092
Air
Products
&
Chemicals,
Inc.~
16,540,970
221,754
CAD
Allied
Gold
Corp.#
4,024,269
45,731
Avery
Dennison
Corp.
7,761,923
159,412
Corteva,
Inc.
12,547,318
47,849
DuPont
de
Nemours,
Inc.
6,555,313
436,811
Freeport-McMoRan,
Inc.
27,357,473
295,911
James
Hardie
Industries
PLC#
7,779,500
122,540
Linde
PLC~
58,620,685
68,879
PPG
Industries,
Inc.
7,612,507
15,000
Ramaco
Resources,
Inc.
-
Class
A#^
137,550
41,256
Sherwin-Williams
Co.
14,062,108
162,999,616
Other
(0.1%)
197,792
American
Drive
Acquisition
Co.
-
Class
C#
2,047,147
98,317
Daedalus
Special
Acquisition
Corp.#
1,016,598
24,573
ITHAX
Acquisition
Corp.
III#
252,610
500,000
Jackson
Acquisition
Co.
II#
5,587,500
197,792
Launchpad
Cadenza
Acquisition
Corp.
I#
1,983,854
73,670
Leapfrog
Acquisition
Corp.#
756,591
100,000
Safeguard
Acquisition
Corp.#
1,038,500
12,682,800
Real
Estate
(0.9%)
47,772
Alexandria
Real
Estate
Equities,
Inc.
2,457,869
65,918
American
Tower
Corp.~
11,427,544
92,095
Camden
Property
Trust
10,205,047
126,849
Crown
Castle,
Inc.
9,678,579
71,653
Digital
Realty
Trust,
Inc.
13,508,023
12,628
Equinix,
Inc.
12,871,468
482,808
Healthpeak
Properties,
Inc.
10,539,699
56,952
Mid-America
Apartment
Communities,
Inc.
7,537,028
NUMBER
OF
SHARES
b
b
VALUE
b
188,396
Prologis,
Inc.~
$
27,243,946
31,363
Public
Storage^~
10,166,944
271,821
Realty
Income
Corp.^
17,361,207
88,683
Regency
Centers
Corp.
7,120,358
137,970
UDR,
Inc.
5,264,935
111,582
Welltower,
Inc.
26,159,284
171,541,931
Special
Purpose
Acquisition
Companies
(1.1%)
90,000
Aeon
Acquisition
I
Corp.#
911,250
68,913
Alchemy
Investments
Acquisition
Corp.
1#
816,619
200,000
Alpex
Acquisition
Corp.#
2,026,000
300,000
Alussa
Energy
Acquisition
Corp.
II#
3,064,500
150,000
AmperCap
Acquisition
Co.#
1,502,250
150,000
Aperture
AC
-
Class
A#
1,497,000
300,000
Apogee
Acquisition
Corp.#
3,076,500
345,000
ARC
Group
Acquisition
I
Corp.#
3,562,125
100,000
Axiom
Intelligence
Acquisition
Corp.
1#
1,067,000
24,591
Black
Hawk
Acquisition
Corp.
-
Class
A#
302,223
50,000
Bleichroeder
Acquisition
Corp.
III#
505,000
123,189
Blue
Acquisition
Corp.#
1,393,884
300,000
Blue
Water
Acquisition
Corp.
IV#
3,015,000
9,819
Cantor
Equity
Partners
V,
Inc.
-
Class
A#
102,069
9,912
Cantor
Equity
Partners
VII,
Inc.
-
Class
A#
99,913
225,000
Cartesian
Growth
Corp.
IV#
2,246,625
200,000
CH4
Natural
Solutions
Corp.#
2,012,000
73,866
ChampionsGate
Acquisition
Corp.#
794,059
100,000
Chenghe
Acquisition
III
Co.#
1,047,500
9,915
Churchill
Capital
Corp.
XIII#
102,719
400,000
Collective
Acquisition
Corp.
II#
4,012,000
50,000
Columbus
Circle
Capital
Corp.
III#
499,500
300,000
East
West
Ave
Acquisition
Corp.#
2,973,000
300,000
Energy
Transition
Special
Opportunities#
3,000,000
196,912
EQV
Ventures
Acquisition
Corp.
II#
2,049,854
250,000
Everest
Consolidator
Acquisition
Corp.#‡‡‡
2,880,000
24,640
FIGX
Capital
Acquisition
Corp.#
261,677
247,477
Forefront
Tech
Holdings
Acquisition
Corp.#
2,516,841
175,000
FortuneX
Acquisition
Corp.#
1,765,750
231,000
Four
Leaf
Acquisition
Corp.
-
Class
A#
2,541,000
300,000
Freedom
Metals
Acquisition
Corp.
-
Class
C#
2,992,500
175,000
Future
Money
Acquisition
Corp.#
1,783,250
49,561
FutureCorp
Space
Acquisition
1#
500,566
496,419
FutureTech
II
Acquisition
Corp.
-
Class
A#
5,966,956
125,000
Futurewave
Acquisition
Corp.#
1,261,250
100,000
Galata
Acquisition
Corp.
II#
1,047,500
9
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
49,377
Globa
Terra
Acquisition
Corp.#
$
516,237
700,000
Gores
Holdings
X,
Inc.
-
Class
A#
7,301,000
300,000
Gores
Holdings
XI,
Inc.#
3,049,500
585,000
GSR
V
Acquisition
Corp.#
6,230,250
175,000
Harvard
Ave
Acquisition
Corp.#
1,835,750
98,585
Highview
Merger
Corp.#
1,025,777
250,000
Indigo
Acquisition
Corp.#
2,582,500
250,000
InterPrivate
Investment
Partners
V,
Inc.#
2,485,000
250,000
Iron
Dome
Acquisition
I
Corp.#
2,530,000
26,570
Israel
Acquisitions
Corp.
-
Class
A#
344,214
175,000
JAB
Acquisition
Corp.
I#
1,762,250
100,000
Keen
Vision
Acquisition
Corp.#
1,151,000
200,000
Keystone
Acquisition
Corp.#
2,036,000
125,000
LaFayette
Acquisition
Corp.#
1,270,000
123,208
Lightwave
Acquisition
Corp.#
1,312,165
200,000
Long
Table
Growth
Corp.#
2,010,000
24,606
M3-Brigade
Acquisition
VI
Corp.#
252,827
980,100
Mak
Acquisition
Corp.#
10,085,229
74,250
Mak
Acquisition
Corp.
-
Class
B#
663
275,000
Maywood
Acquisition
Corp.
2#
2,796,750
150,000
Meridian3
Industrials
Acquisition
Corp.#
1,498,500
125,000
Miluna
Acquisition
Corp.#
1,325,000
150,000
Mountain
Crest
Acquisition
6
Corp.#
1,527,000
300,000
NewHold
Investment
Corp.
III
-
Class
A#
3,216,000
275,000
Oceanhawk
Acquisition
Corp.#
2,800,875
24,642
Oxley
Bridge
Acquisition
Ltd.#
261,452
123,093
Oyster
Enterprises
II
Acquisition
Corp.
-
Class
A#
1,270,320
200,000
Patriot
Acquisition
Corp.#
2,014,000
60,000
Peace
Acquisition
Corp.#
625,200
225,000
Pelican
Acquisition
II
Corp.#
2,238,750
9,856
Pioneer
Acquisition
I
Corp.#
102,453
250,000
Plutonian
Acquisition
Corp.
II#
2,537,500
500,000
Pono
Capital
Four,
Inc.#
5,212,500
300,000
QDRO
Acquisition
Corp.#
3,078,000
750,000
Quantum
Leap
Acquisition
Corp.
-
Class
A#
7,492,500
14,770
Quetta
Acquisition
Corp.#
171,184
147,613
Range
Capital
Acquisition
Corp.
II#
1,535,175
200,000
Shreya
Acquisition
Group#
2,061,000
750,000
Siddhi
Acquisition
Corp.
-
Class
A#
7,845,000
500,000
Silverbox
Corp.
IV
-
Class
A#
5,435,000
250,000
Snow
Rothschild
Acquisition
Corp.#
2,508,750
197,506
Solarius
Capital
Acquisition
Corp.#
2,042,212
250,000
Southern
Cross
Acquisition
I
Corp.#
2,512,500
445,959
Starlink
AI
Acquisition
Corp.#
4,526,484
600,000
Stellar
V
Capital
Corp.
-
Class
A#
6,360,000
75,000
Texas
Ventures
Acquisition
IV
Corp.#
753,750
10,000
Trailblazer
Acquisition
Corp.#
102,350
NUMBER
OF
SHARES
b
b
VALUE
b
371,532
Translational
Development
Acquisition
Corp.#
$
4,023,692
467,706
Vendome
Acquisition
Corp.
I#
4,981,069
300,000
Vernal
Capital
Acquisition
Corp.#
3,138,000
150,000
West
Enclave
Merger
Corp.#
1,563,000
49,244
Wintergreen
Acquisition
Corp.#
516,077
198,568
Yorkville
International
Capital
Corp.#
2,001,565
203,049,850
Utilities
(1.4%)
3,438,138
AES
Corp.~
50,471,866
132,750
American
Electric
Power
Co.,
Inc.
16,972,087
103,195
Consolidated
Edison,
Inc.
11,232,776
277,798
Dominion
Energy,
Inc.~
19,215,288
168,552
Duke
Energy
Corp.~
21,141,477
81,015
Edison
International
5,944,071
150,917
Entergy
Corp.^
16,241,688
320,565
Exelon
Corp.
14,688,288
170,816
FirstEnergy
Corp.^~
8,252,121
278,553
NextEra
Energy,
Inc.
24,211,827
209,068
NiSource,
Inc.^
9,288,891
131,243
Public
Service
Enterprise
Group,
Inc.~
10,063,713
187,606
Southern
Co.
17,736,271
380,686
TXNM
Energy,
Inc.
22,049,333
150,161
Xcel
Energy,
Inc.^
11,742,590
259,252,287
TOTAL
COMMON
STOCKS
(Cost
$5,579,483,095)
11,513,659,041
CONVERTIBLE
PREFERRED
STOCKS
(5.7%)
Communication
Services
(1.2%)
4,300,000
Alphabet,
Inc.~
6.250%,
05/15/29#
215,766,000
Financials
(0.5%)
975,000
ARES
Management
Corp.^~
6.750%,
10/01/27
40,092,000
1,300,000
KKR
&
Co.,
Inc.^
6.250%,
03/01/28
56,407,000
96,499,000
Health
Care
(0.6%)#
300,000
BrightSpring
Health
Services,
Inc.^~
6.750%,
02/01/27
59,844,000
100,000
Bruker
Corp.
6.375%,
09/01/28
46,690,000
106,534,000
Industrials
(0.3%)
370,000
Boeing
Co.#~
6.000%,
10/15/27
24,719,700
500,000
QXO,
Inc.^
5.500%,
05/15/28
20,250,000
10
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
158,887
VSE
Corp.#^
5.750%,
02/01/29
$
8,068,282
53,037,982
Information
Technology
(1.9%)
1,050,000
Hewlett
Packard
Enterprise
Co.~
7.625%,
09/01/27
130,756,500
1,000,000
Microchip
Technology,
Inc.
7.500%,
03/15/28
64,280,000
1,132,732
Oracle
Corp.#^~
6.500%,
01/15/29
47,438,816
450,000
Shift4
Payments,
Inc.
6.000%,
05/01/28
29,529,000
200,000
Strategy,
Inc.#‡‡
8.000%
11,912,000
1,500,000
Super
Micro
Computer,
Inc.#^
7.000%,
06/01/29
75,555,000
359,471,316
Materials
(0.2%)
600,000
Albemarle
Corp.~
7.250%,
03/01/27
29,868,000
Utilities
(1.0%)
NextEra
Energy,
Inc.
500,000
7.234%,
11/01/27#
24,465,000
500,000
7.299%,
06/01/27
26,600,000
927,433
7.375%,
02/15/29#
44,238,554
571,201
PG&E
Corp.
6.000%,
12/01/27
24,224,635
550,000
PPL
Corp.#
7.000%,
02/15/29
25,839,000
900,000
Southern
Co.#^
7.125%,
12/15/28
44,685,000
190,052,189
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$950,471,614)
1,051,228,487
EXCHANGE-TRADED
FUND
(1.0%)
Other
(1.0%)
251,909
SPDR
®
S&P
500
®
ETF
Trust^
(Cost
$185,641,178)
188,183,580
PRINCIPAL
AMOUNT
a
a
VALUE
a
INVESTMENT
IN
AFFILIATED
FUND
(1.8%)
Other
(1.8%)
35,117,150
Calamos
Short-Term
Bond
Fund
(Cost
$350,000,000)
333,261,752
NUMBER
OF
SHARES
b
b
VALUE
b
PREFERRED
STOCK
(0.1%)
Information
Technology
(0.1%)
150,000
Strategy,
Inc.^
10.000%
‡‡
(Cost
$13,454,391)
$
14,214,000
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%)
150,000
Aperture
AC
(Expire
01/31/32)
33,000
4,918
Black
Hawk
Acquisition
Corp.
(Expire
06/20/25)
7,131
55,000
Oak
Woods
Acquisition
Corp.
(Expire
12/31/49)
8,800
123,093
Oyster
Enterprises
II
Acquisition
Corp.
(Expire
03/31/30)
17,233
1,477
Quetta
Acquisition
Corp.
(Expire
11/30/24)
960
750,000
Siddhi
Acquisition
Corp.
(Expire
09/15/29)
131,287
198,411
TOTAL
RIGHTS
(Cost
$492,644)
570,063
WARRANTS
(0.0%)#
Communication
Services
(0.0%)
200,000
PSQ
Holdings,
Inc.
07/19/28,
Strike
$11.50
7,740
625,000
TNL
Mediagene
12/05/29,
Strike
$11.50
688
8,428
Consumer
Discretionary
(0.0%)
22,968
Allurion
Technologies,
Inc.
08/01/30,
Strike
$8.10
263
412,500
Andretti
Acquisition
Corp.
II
10/24/29,
Strike
$11.50
90,750
83,333
Carbon
Revolution
PLC
11/03/28,
Strike
$11.50
1,033
25,000
ECARX
Holdings,
Inc.
12/21/27,
Strike
$11.50
1,081
75,000
flyExclusive,
Inc.
05/28/28,
Strike
$11.50
14,078
250,000
‌
FST
Corp.
10/15/29,
Strike
$11.50
25
11
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
20,000
Grove
Collaborative
Holdings,
Inc.
06/16/27,
Strike
$57.50
$
161
750,000
KIDZ
AI,
Inc.
04/07/30,
Strike
$57.50
9,750
35,000
Lanvin
Group
Holdings
Ltd.
12/14/27,
Strike
$11.50
25
33,333
Lotus
Technology,
Inc.
02/23/29,
Strike
$11.50
1,865
140,000
MKDWELL
Tech,
Inc.
07/31/29,
Strike
$11.50
1,491
200,000
Nogin,
Inc.
08/26/27,
Strike
$11.50
20
183,737
Scage
Future
06/27/30,
Strike
$11.50
4,869
125,411
Consumer
Staples
(0.0%)
83,333
African
Agriculture
Holdings,
Inc.
06/12/28,
Strike
$11.50
8
500,000
Psyence
Biomedical
Ltd.
01/25/29,
Strike
$11.50
17,500
17,508
Energy
(0.0%)
250,000
AleAnna,
Inc.
12/13/29,
Strike
$11.50
57,500
25,000
Crown
Lng
Holdings
Ltd.
10/18/28,
Strike
$11.50
25
250,000
New
Era
Energy
&
Digital,
Inc.
12/06/29,
Strike
$11.50
500,000
200,000
Vast
Renewables
Ltd.
07/01/28,
Strike
$11.50
100
87,500
Zeo
Energy
Corp.
03/14/29,
Strike
$11.50
2,362
559,987
Financials
(0.0%)
187,500
Beneficient
03/14/28,
Strike
$11.50
2,231
462,500
CoinShares
PLC
03/31/31,
Strike
$11.50
286,750
100,000
Content
Checked
Holdings,
Inc.
12/11/29,
Strike
$11.50
26,315
250,000
DigiAsia
Corp.
04/02/29,
Strike
$11.50
25
412,500
Innventure,
Inc.
10/02/29,
Strike
$11.50
408,375
723,696
Health
Care
(0.0%)
625,000
Abpro
Holdings,
Inc.
11/12/29,
Strike
$11.50
1,625
156,250
American
Oncology
Network,
Inc.
09/20/28,
Strike
$11.50
109
500,000
Baird
Medical
Investment
Holdings
Ltd.
10/02/29,
Strike
$11.50
21,925
100,000
‌
Envoy
Medical,
Inc.
09/29/28,
Strike
$11.50
3,445
NUMBER
OF
SHARES
b
b
VALUE
b
750,000
Holdco
Nuvo
Group
DG
Ltd.
05/01/29,
Strike
$11.50
$
375
146,040
LakeShore
Biopharma
Co.
Ltd.
03/15/28,
Strike
$11.50
891
62,500
Ocean
Biomedical,
Inc.
02/14/28,
Strike
$11.50
6
200,000
OmniAb,
Inc.
11/01/27,
Strike
$11.50
11,760
200,000
Prenetics
Global
Ltd.
05/17/27,
Strike
$8.91
2,880
425,000
QT
Imaging
Holdings,
Inc.
12/31/28,
Strike
$11.50
51,000
350,000
Semnur
Pharmaceuticals,
Inc.
09/22/30,
Strike
$11.50
27,650
81,526
Spectral
AI,
Inc.
12/31/27,
Strike
$11.50
40,763
1,000,000
Tevogen,
Inc.
11/04/26,
Strike
$57.50
39,700
202,129
Industrials
(0.0%)
289,507
Aeries
Technology,
Inc.
10/20/26,
Strike
$11.50
6,138
285,000
AERWINS
Technologies,
Inc.
02/03/28,
Strike
$11.50
28
50,000
AirJoule
Technologies
Corp.
03/15/29,
Strike
$11.50
56,000
1,000,000
Bitcoin
Depot,
Inc.
06/30/28,
Strike
$11.50
100
25,000
Bridger
Aerospace
Group
Holdings,
Inc.
01/24/28,
Strike
$11.50
6,658
98,703
D
Boral
ARC
Acquisition
I
Corp.
05/06/30,
Strike
$11.50
68,105
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
12,700
250,000
Heramba
Electric
PLC
10/10/28,
Strike
$11.50
1,425
300,000
LanzaTech
Global,
Inc.
12/31/28,
Strike
$11.50
5,310
75,000
MultiSensor
AI
Holdings,
Inc.
12/19/28,
Strike
$11.50
1,605
625,000
Murano
Global
Investments
PLC
03/30/29,
Strike
$11.50
3,813
166,666
Rain
Enhancement
Technologies
Holdco,
Inc.
01/02/30,
Strike
$11.50
26,100
350,000
Semilux
International
Ltd.
02/06/29,
Strike
$1.00
35
250,000
Solidion
Technology,
Inc.
03/15/27,
Strike
$1.00
22,500
750,000
Southland
Holdings,
Inc.
02/14/28,
Strike
$11.50
17,700
42,500
SunPower,
Inc.
07/31/28,
Strike
$11.50
1,657
750,000
‌
Volato
Group,
Inc.
12/03/28,
Strike
$11.50
6,187
12
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
250,000
ZOOZ
Strategy
Ltd.
04/04/29,
Strike
$11.50
$
5,025
241,686
Information
Technology
(0.0%)
250,000
Airship
AI
Holdings,
Inc.
12/26/28,
Strike
$11.50
102,500
350,000
Alpha
Modus
Holdings,
Inc.
12/16/29,
Strike
$11.50
7,595
1,000,000
Blaize
Holdings,
Inc.
01/08/30,
Strike
$11.50
190,000
166,666
Brand
Engagement
Network,
Inc.
03/14/29,
Strike
$11.50
18,400
1,000,000
CID
Holdco,
Inc.
11/17/26,
Strike
$11.50
7,400
375,000
Fusemachines,
Inc.
10/22/30,
Strike
$11.50
20,531
450,000
Helport
AI
Ltd.
08/05/29,
Strike
$11.50
10,170
50,000
iLearningEngines
Holdings,
Inc.
04/16/29,
Strike
$11.50
5
6,250
Liminatus
Pharma
LLC
04/30/30,
Strike
$11.50
462
125,000
Nvni
Group
Ltd.
11/01/28,
Strike
$11.50
2,137
625,000
Roadzen,
Inc.
11/30/28,
Strike
$11.50
73,188
350,000
Rubicon
Technologies,
Inc.
04/01/27,
Strike
$11.50
35
257,038
SCHMID
Group
NV
08/25/28,
Strike
$11.50
300,734
100,000
SMX
Security
Matters
PLC
03/07/28,
Strike
$11.50
1,940
192,245
Spectaire
Holdings,
Inc.
10/17/28,
Strike
$11.50
827
250,000
SpringBig
Holdings,
Inc.
06/14/27,
Strike
$11.50
125
250,000
Syntec
Optics
Holdings,
Inc.
11/08/28,
Strike
$11.50
243,050
20,000
Veea,
Inc.
09/17/29,
Strike
$11.50
990
313,928
Xerox
Holdings
Corp.^
02/14/28,
Strike
$8.00
96,910
500,000
Zapata
Quantum,
Inc.
03/23/28,
Strike
$11.50
1,100
1,078,099
Materials
(0.0%)
1,179,322
Blue
Gold
Ltd.
06/25/30,
Strike
$11.50
94,346
126,666
Bolt
Projects
Holdings,
Inc.
08/13/29,
Strike
$11.50
266
500,000
Lifezone
Metals
Ltd.
07/05/28,
Strike
$11.50
135,025
229,637
Other
(0.0%)
525,800
‌
Devvstream
Corp.
10/28/26,
Strike
$1.00
52
NUMBER
OF
SHARES
b
b
VALUE
b
150,000
SharonAI
Holdings,
Inc.
12/16/30,
Strike
$11.50
$
20,250
328,694
Stablecoinx,
Inc.
06/26/32,
Strike
$11.50
121,617
300,000
Teamshares,
Inc.
04/17/30,
Strike
$11.50
420,000
200,000
Zoomcar
Holdings,
Inc.
07/01/28,
Strike
$11.50
420
562,339
Special
Purpose
Acquisition
Companies
(0.0%)
500,000
Aetherium
Acquisition
Corp.
01/03/29,
Strike
$11.50
50
25,000
Alchemy
Investments
Acquisition
Corp.
1
06/26/28,
Strike
$11.50
400
750,000
AltEnergy
Acquisition
Corp.
11/02/28,
Strike
$11.50
825
250,000
Athena
Technology
Acquisition
Corp.
II
10/17/28,
Strike
$11.50
17,500
500,000
Aura
FAT
Projects
Acquisition
Corp.
06/02/27,
Strike
$11.50
14,400
33,333
BlueRiver
Acquisition
Corp.
01/04/26,
Strike
$11.50
7
250,000
byNordic
Acquisition
Corp.
02/09/27,
Strike
$11.50
29,500
375,000
Cactus
Acquisition
Corp.
1
Ltd.
10/29/26,
Strike
$11.50
11,250
400,000
Canna-Global
Acquisition
Corp.
02/09/28,
Strike
$11.50
40
500,000
Cartesian
Growth
Corp.
II
07/12/28,
Strike
$11.50
180,000
12,500
CERo
Therapeutics
Holdings,
Inc.
02/14/29,
Strike
$11.50
45
750,000
Chain
Bridge
I
12/31/28,
Strike
$11.50
1,125
300,286
Clean
Energy
Special
Situations
Corp.
01/12/27,
Strike
$11.50
30
166,666
Compass
Digital
Acquisition
Corp.
10/15/28,
Strike
$11.50
17
92,316
Concord
Acquisition
Corp.
II
12/31/28,
Strike
$11.50
988
6,666
Constellation
Acquisition
Corp.
I
12/31/27,
Strike
$11.50
2,069
133,333
Crown
PropTech
Acquisitions
03/11/27,
Strike
$11.50
13
750,000
DP
Cap
Acquisition
Corp.
I
11/09/26,
Strike
$11.50
18,750
125,000
Energem
Corp.
03/10/23,
Strike
$11.50
13
625,000
Everest
Consolidator
Acquisition
Corp.
07/19/28,
Strike
$11.50
12,562
8,600
Fold
Holdings,
Inc.
02/14/30,
Strike
$11.50
759
60,000
‌
Four
Leaf
Acquisition
Corp.
05/12/28,
Strike
$11.50
6
13
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
500,000
FutureTech
II
Acquisition
Corp.
02/16/27,
Strike
$11.50
$
300
225,000
GCT
Semiconductor
Holding,
Inc.
12/31/28,
Strike
$11.50
69,750
500,000
Genesis
Growth
Tech
Acquisition
Corp.
05/19/28,
Strike
$11.50
90,000
175,000
Gores
Holdings
X,
Inc.
06/20/31,
Strike
$11.50
130,489
925,000
Hadron
Energy,
Inc.
09/11/29,
Strike
$11.50
129,500
500,000
Healthcare
AI
Acquisition
Corp.
12/14/26,
Strike
$11.50
5,600
438,223
InFinT
Acquisition
Corp.
05/19/27,
Strike
$11.50
3,550
125,000
Integral
Acquisition
Corp.
1
12/14/28,
Strike
$11.50
1,875
154,135
Integrated
Wellness
Acquisition
Corp.
10/31/28,
Strike
$11.50
6,320
750,000
Investcorp
Europe
Acquisition
Corp.
I
11/23/28,
Strike
$11.50
15,900
30,000
Israel
Acquisitions
Corp.
02/28/28,
Strike
$11.50
220
250,000
IX
Acquisition
Corp.
11/24/26,
Strike
$11.50
2,500
43,750
Jaws
Mustang
Acquisition
Corp.
06/01/30,
Strike
$11.50
1,750
100,000
Keen
Vision
Acquisition
Corp.
09/15/28,
Strike
$11.50
2,020
490,050
Mak
Acquisition
Corp.
10/29/30,
Strike
$11.50
475,348
228,160
Marblegate
Capital
Corp.
04/07/30,
Strike
$11.50
11,619
150,000
NewHold
Investment
Corp.
III
04/17/30,
Strike
$11.50
259,500
55,000
Oak
Woods
Acquisition
Corp.
05/17/28,
Strike
$11.50
880
625,000
Papaya
Growth
Opportunity
Corp.
I
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
75,000
50,000
Pyrophyte
Acquisition
Corp.
05/03/28,
Strike
$11.50
22,000
750,000
Quantum
Leap
Acquisition
Corp.
06/05/31,
Strike
$11.50
119,925
133,333
Ross
Acquisition
Corp.
II
02/12/26,
Strike
$11.50
12,027
166,666
Silverbox
Corp.
IV
09/24/29,
Strike
$11.50
23,383
7,500
Slam
Corp.
02/23/26,
Strike
$11.50
1
12,384
‌
Spark
I
Acquisition
Corp.
11/27/28,
Strike
$11.50
14,737
NUMBER
OF
SHARES
b
b
VALUE
b
250,000
Spree
Acquisition
Corp.
1
Ltd.
12/22/28,
Strike
$11.50
$
7,175
300,000
Stellar
V
Capital
Corp.
03/24/30,
Strike
$11.50
91,350
333,333
Target
Global
Acquisition
I
Corp.
12/31/27,
Strike
$11.50
3,933
185,766
Translational
Development
Acquisition
Corp.
02/13/30,
Strike
$11.50
351,098
2,260,961
TOTAL
WARRANTS
(Cost
$6,834,463)
6,009,881
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(0.1%)#
Communication
Services
(0.0%)
13,975
36,754,250
Warner
Bros
Discovery,
Inc.
Call,
08/21/26,
Strike
$29.00
181,675
Other
(0.1%)
9,500
7,115,234,000
S&P
500
®
Index
Put,
08/31/26,
Strike
$6,800.00
11,637,500
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$30,577,927)
11,819,175
OVER
THE
COUNTER
PURCHASED
OPTIONS
(0.2%)#
Communication
Services
(0.0%)
90
103,981,500,000
JPY
CyberAgent,
Inc.
Call,
11/16/29,
Strike
$88.81
1,866,053
50
57,767,500,000
JPY
CyberAgent,
Inc.
Call,
11/16/29,
Strike
$89.46
1,014,982
130
2,362,750,000,000
JPY
JFE
Holdings,
Inc.
Call,
09/08/28,
Strike
$94.99
800,934
3,681,969
Consumer
Discretionary
(0.0%)
100
117,785,000,000
JPY
ANA
Holdings,
Inc.
Call,
12/08/28,
Strike
$86.09
2,501,371
150
7,017,000,000,000
JPY
Daiwa
House
Industry
Co.
Ltd.
Call,
03/30/29,
Strike
$93.88
1,254,359
340
JPY
Daiwa
House
Industry
Co.
Ltd.
Call,
03/30/29,
Strike
$94.46
2,718,203
500,000,000
2,339,000,000,000
JPY
Daiwa
House
Industry
Co.
Ltd.
Call,
03/30/29,
Strike
$94.87
425,159
50
9,875,000,000
JPY
Park24
Company,
Ltd.
Call,
02/24/28,
Strike
$92.03
425,627
7,324,719
Industrials
(0.1%)
300
477,177,000,000
JPY
INFRONEER
Holdings,
Inc.
Call,
03/30/29,
Strike
$92.59
13,941,248
14
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
70
75,011,300,000
JPY
Nagoya
Railroad
Co.
Ltd.
Call,
06/15/29,
Strike
$93.29
$
954,912
80
85,727,200,000
JPY
Nagoya
Railroad
Co.
Ltd.
Call,
06/16/28,
Strike
$95.68
790,084
15,686,244
Materials
(0.0%)
130
3,681,600,000,000
JPY
Kansai
Paint
Co.
Ltd
Call,
03/08/29,
Strike
$94.43
2,025,280
150
3,115,500,000,000
JPY
Kobe
Steel
Ltd.
Call,
12/14/28,
Strike
$93.03
2,078,376
50
1,038,500,000,000
JPY
Kobe
Steel
Ltd.
Call,
12/14/28,
Strike
$94.85
680,063
100
2,077,000,000,000
JPY
Kobe
Steel,
Ltd.
Call,
12/14/28,
Strike
$92.11
760,504
100
107,117,000,000
JPY
Nippon
Steel
Corp.
Call,
09/14/28,
Strike
$95.37
1,302,886
6,847,109
Other
(0.1%)
200
311,106,000,000
JPY
Rohm
Co.
Ltd.
Call,
04/24/29,
Strike
$96.74
8,328,802
TOTAL
OVER
THE
COUNTER
PURCHASED
OPTIONS
(Cost
$19,195,732)
41,868,843
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(1.8%)
338,344,434
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.674%†***
(Cost
$338,344,434)
$
338,344,434
TOTAL
INVESTMENTS
(106.5%)
(Cost
$12,555,177,690)
19,588,474,693
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-1.8%)
(338,344,434)
LIABILITIES,
LESS
OTHER
ASSETS
(-4.7%)
(855,323,425)
NET
ASSETS
(100.0%)
$
18,394,806,834
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
SOLD
SHORT  (-23.1%)
Communication
Services
(-1.6%)
(243,500)
Alphabet,
Inc.Class
A,
(86,717,655)
(205,000)
Alphabet,
Inc.Class
C,
(73,113,250)
(634,000)
JPY
CyberAgent,
Inc.
(5,799,862)
(315,022)
Fox
Corp.Class
A,
(18,343,731)
(134,500)
IMAX
Corp.
(6,434,480)
(175,000)
JD.com,
Inc.
(ADR)
(5,776,750)
(182,913)
Live
Nation
Entertainment,
Inc.
(31,850,641)
NUMBER
OF
SHARES
b
b
VALUE
b
(695,270)
Lyft,
Inc.Class
A,
$
(11,026,982)
(79,347)
Match
Group,
Inc.
(3,127,065)
(96,846)
Snap,
Inc.Class
A,
(454,208)
(288,500)
Sphere
Entertainment
Co.
(41,327,625)
(161,600)
Trip.com
Group
Ltd.
(ADR)
(7,596,816)
(231,448)
Weibo
Corp.
(ADR)
(1,886,301)
(15,000)
Ziff
Davis,
Inc.
(796,200)
(294,251,566)
Consumer
Discretionary
(-2.2%)
(1,382,000)
Alibaba
Group
Holding
Ltd.
(ADR)
(168,949,500)
(217,100)
Cheesecake
Factory,
Inc.
(22,018,282)
(52,500)
Cracker
Barrel
Old
Country
Store,
Inc.
(2,960,475)
(102,000)
DoorDash,
Inc.Class
A,
(20,008,320)
(144,559)
Etsy,
Inc.
(11,807,579)
(1,337,800)
GameStop
Corp.Class
A,
(29,057,016)
(70,000)
Groupon,
Inc.
(1,930,600)
(100)
Lucid
Group,
Inc.
(738)
(16,000)
MakeMyTrip
Ltd.
(911,200)
(2,000)
Marriott
Vacations
Worldwide
Corp.
(195,020)
(1,716,400)
NIO,
Inc.
(ADR)
(8,376,032)
(574,930)
Norwegian
Cruise
Line
Holdings
Ltd.
(10,653,453)
(2,293,129)
Peloton
Interactive,
Inc.Class
A,
(14,653,094)
(3,585,800)
Rivian
Automotive,
Inc.Class
A,
(54,575,876)
(10,200)
Shake
Shack,
Inc.Class
A,
(640,050)
(452,355)
Stride,
Inc.
(36,319,583)
(172,333)
Wayfair,
Inc.Class
A,
(14,631,072)
(1,430,000)
HKD
Wynn
Macau
Ltd.
(1,035,703)
(398,723,593)
Consumer
Staples
(-0.3%)
(4,801)
Brink's
Co.
(568,679)
(490,251)
Kimberly-Clark
Corp.
(53,589,337)
(18,600)
Oddity
Tech
Ltd.Class
A,
(263,748)
(68,930)
Post
Holdings,
Inc.
(6,300,891)
(17,500)
Spectrum
Brands
Holdings,
Inc.
(1,553,475)
(62,276,130)
Energy
(-0.4%)
(520,000)
Crescent
Energy
Co.Class
A,
(5,964,400)
(355,000)
Energy
Fuels,
Inc.
(4,061,200)
(1,103,594)
EUR
Eni
SpA
(30,517,169)
(58,000)
Golar
LNG
Ltd.
(2,850,700)
(380,500)
Liberty
Energy,
Inc.
(7,119,155)
(106,368)
Northern
Oil
&
Gas,
Inc.
(2,249,683)
(1,147,740)
Sable
Offshore
Corp.
(6,071,545)
(93,839)
Scorpio
Tankers,
Inc.
(7,306,304)
(170,467)
World
Kinect
Corp.
(6,794,815)
(72,934,971)
Financials
(-1.0%)
(423,870)
Apollo
Global
Management,
Inc.
(53,233,833)
(235,200)
ARES
Management
Corp.Class
A,
(30,126,768)
(98,728)
Coinbase
Global,
Inc.Class
A,
(14,439,957)
15
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
(15,800)
Dave,
Inc.
$
(5,888,502)
(55,846)
Euronet
Worldwide,
Inc.
(3,983,495)
(398,000)
KKR
&
Co.,
Inc.
(40,369,140)
(3,456,000)
HKD
Ping
An
Insurance
Group
Co.
of
China
Ltd.Class
H,
(25,845,966)
(97,500)
Upstart
Holdings,
Inc.
(2,675,400)
(415,964)
WisdomTree,
Inc.
(8,057,223)
(184,620,284)
Health
Care
(-1.8%)
(3,000)
Alnylam
Pharmaceuticals,
Inc.
(616,560)
(15,480)
Amphastar
Pharmaceuticals,
Inc.
(308,671)
(123,000)
Arrowhead
Pharmaceuticals,
Inc.
(10,411,950)
(94,060)
Bridgebio
Pharma,
Inc.
(7,533,265)
(981,990)
BrightSpring
Health
Services,
Inc.
(58,634,623)
(695,340)
Bruker
Corp.
(43,695,166)
(40,257)
Dexcom,
Inc.
(3,359,447)
(34,406)
Envista
Holdings
Corp.
(939,628)
(46,400)
Haemonetics
Corp.
(3,969,056)
(540,224)
Halozyme
Therapeutics,
Inc.
(44,590,089)
(288,500)
Hims
&
Hers
Health,
Inc.
(8,011,645)
(63,766)
Indivior
Pharmaceuticals,
Inc.
(2,551,278)
(240,900)
Innoviva,
Inc.
(5,051,673)
(42,733)
Integer
Holdings
Corp.
(5,179,667)
(78,059)
Ionis
Pharmaceuticals,
Inc.
(4,041,114)
(24,800)
IRhythm
Holdings,
Inc.
(2,905,816)
(192,057)
Jazz
Pharmaceuticals
PLC
(48,563,533)
(53,580)
Lantheus
Holdings,
Inc.
(5,338,711)
(39,450)
Ligand
Pharmaceuticals,
Inc.
(11,343,453)
(323,400)
Merck
&
Co.,
Inc.
(42,106,680)
(73,500)
Merit
Medical
Systems,
Inc.
(6,248,235)
(169,200)
NeoGenomics,
Inc.
(2,587,068)
(87,198)
Pacira
BioSciences,
Inc.
(2,302,899)
(206,098)
Tandem
Diabetes
Care,
Inc.
(4,018,911)
(156,000)
Tempus
AI,
Inc.Class
A,
(6,843,720)
(93,100)
Travere
Therapeutics,
Inc.
(5,203,359)
(69,336)
Zoetis,
Inc.
(5,358,979)
(341,715,196)
Industrials
(-1.4%)
(11,000)
AeroVironment,
Inc.
(1,643,070)
(218,100)
JPY
ANA
Holdings,
Inc.
(4,271,390)
(141,995)
Bloom
Energy
Corp.Class
A,
(29,223,991)
(104,649)
Boeing
Co.
(22,618,835)
(52,300)
BWX
Technologies,
Inc.
(8,823,010)
(651,505)
Energy
Vault
Holdings,
Inc.
(1,856,789)
(448,000)
Eos
Energy
Enterprises,
Inc.
(1,514,240)
(205,733)
Fluor
Corp.
(10,321,625)
(34,226)
Granite
Construction,
Inc.
(4,140,319)
(5,581)
Hertz
Global
Holdings,
Inc.
(8,846)
(1,606,600)
JPY
INFRONEER
Holdings,
Inc.
(26,223,816)
(46,493)
JBT
Marel
Corp.
(6,437,886)
(379,900)
Joby
Aviation,
Inc.
(2,716,285)
(440,400)
JPY
Nagoya
Railroad
Co.
Ltd.
(5,245,328)
(494,500)
JPY
Nikkon
Holdings
Co.
Ltd.
(15,673,697)
NUMBER
OF
SHARES
b
b
VALUE
b
(81,200)
JPY
Park24
Co.
Ltd.
$
(1,007,951)
(439,185)
Pitney
Bowes,
Inc.
(7,698,913)
(1,134,150)
QXO,
Inc.
(15,084,195)
(241,400)
Uber
Technologies,
Inc.
(16,984,904)
(236,500)
Union
Pacific
Corp.
(69,088,745)
(94,312)
Voyager
Technologies,
Inc.Class
A,
(2,313,473)
(32,000)
VSE
Corp.
(6,220,480)
(259,117,788)
Information
Technology
(-10.5%)
(15,098)
Advanced
Energy
Industries,
Inc.
(4,371,173)
(846,991)
Akamai
Technologies,
Inc.
(97,556,423)
(64,200)
Alarm.com
Holdings,
Inc.
(3,514,950)
(102,100)
Avnet,
Inc.
(9,070,564)
(86,669)
BlackLine,
Inc.
(2,721,407)
(130,289)
Box,
Inc.Class
A,
(4,110,618)
(32,360)
Check
Point
Software
Technologies
Ltd.
(4,113,927)
(18,600)
Ciena
Corp.
(7,013,130)
(1,238,000)
Cipher
Digital,
Inc.
(27,632,160)
(288,400)
Cleanspark,
Inc.
(3,968,384)
(150,055)
Cloudflare,
Inc.Class
A,
(41,862,344)
(50,500)
Commvault
Systems,
Inc.
(5,948,900)
(519,100)
CoreWeave,
Inc.Class
A,
(37,255,807)
(52,800)
Datadog,
Inc.Class
A,
(14,148,816)
(27,000)
Five9,
Inc.
(742,770)
(30,864)
Guidewire
Software,
Inc.
(4,689,476)
(2,614,789)
Hewlett
Packard
Enterprise
Co.
(125,248,393)
(129,041)
InterDigital,
Inc.
(39,334,923)
(1,356,400)
IREN
Ltd.
(49,915,520)
(290,824)
Itron,
Inc.
(28,983,520)
(10,117,000)
HKD
Lenovo
Group
Ltd.
(30,780,325)
(158,805)
Lumentum
Holdings,
Inc.
(113,377,242)
(1,040,000)
MARA
Holdings,
Inc.
(11,772,800)
(1,004,856)
Microchip
Technology,
Inc.
(74,650,752)
(289,700)
Mirion
Technologies,
Inc.
(4,339,706)
(93,600)
MKS,
Inc.
(27,841,320)
(711,555)
Nebius
Group
NV
(135,487,188)
(26,000)
Nova
Ltd.
(10,162,620)
(198,321)
Nutanix,
Inc.Class
A,
(11,702,922)
(814,807)
ON
Semiconductor
Corp.
(66,496,399)
(40,000)
Onto
Innovation,
Inc.
(10,343,200)
(250,200)
Oracle
Corp.
(32,493,474)
(15,688)
OSI
Systems,
Inc.
(3,473,166)
(49,000)
Penguin
Solutions,
Inc.
(2,578,870)
(535,800)
JPY
Rohm
Co.
Ltd.
(14,585,021)
(109,000)
Rubrik,
Inc.Class
A,
(7,887,240)
(39,000)
Semtech
Corp.
(4,594,980)
(53,051)
Shift4
Payments,
Inc.Class
A,
(2,811,703)
(403,858)
Snowflake,
Inc.
(118,443,474)
(292,403)
Strategy,
Inc.
(27,275,352)
(2,659,986)
Super
Micro
Computer,
Inc.
(75,543,603)
(60,572)
Synaptics,
Inc.
(6,500,587)
(976,000)
Terawulf,
Inc.
(17,236,160)
16
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
(40,900)
Tyler
Technologies,
Inc.
$
(12,662,640)
(44,000)
Unity
Software,
Inc.
(1,395,240)
(261,646)
Vishay
Intertechnology,
Inc.
(8,953,526)
(1,059,800)
Western
Digital
Corp.
(577,421,432)
(20,691)
Wix.com
Ltd.
(1,138,626)
(49,100)
Workiva,
Inc.
(2,936,180)
(62,000)
Xerox
Holdings
Corp.
(182,900)
(1,400,000)
HKD
Xiaomi
Corp.*Class
B,
(5,137,713)
(7,896)
Zscaler,
Inc.
(1,193,875)
(1,933,603,441)
Materials
(-0.5%)
(217,000)
Albemarle
Corp.
(25,527,880)
(51,709)
Centrus
Energy
Corp.Class
A,
(9,148,873)
(128,000)
First
Majestic
Silver
Corp.
(1,923,840)
(105,100)
JPY
JFE
Holdings,
Inc.
(1,200,586)
(308,000)
JPY
Kansai
Paint
Co.
Ltd.
(5,482,267)
(756,100)
JPY
Kobe
Steel
Ltd.
(9,870,335)
(445,743)
MP
Materials
Corp.
(18,440,388)
(566,700)
JPY
Nippon
Steel
Corp.
(2,313,745)
(290,000)
Ramaco
Resources,
Inc.Class
A,
(2,659,300)
(1,703,500)
Sibanye
Stillwater
Ltd.
(ADR)
(15,058,940)
(91,626,154)
Real
Estate
(-0.6%)
(51,998)
BXP,
Inc.
(3,646,100)
(512,000)
Compass,
Inc.Class
A,
(5,831,680)
(474,000)
JPY
Daiwa
House
Industry
Co.
Ltd.
(13,936,532)
(38,800)
Federal
Realty
Investment
Trust
(4,814,692)
(216,800)
Healthcare
Realty
Trust,
Inc.
(4,554,968)
(1,389,000)
HKD
Henderson
Land
Development
Co.
Ltd.
(5,030,042)
(100,000)
HKD
Link
REIT
(498,827)
(38,800)
Realty
Income
Corp.
(2,478,156)
(19,500)
Rexford
Industrial
Realty,
Inc.
(736,515)
(277,400)
Welltower,
Inc.
(65,033,656)
(106,561,168)
Utilities
(-2.8%)
(109,827)
Alliant
Energy
Corp.
(7,773,555)
(520,317)
CenterPoint
Energy,
Inc.
(21,874,127)
(182,000)
CMS
Energy
Corp.
(13,102,180)
(84,014)
Duke
Energy
Corp.
(10,537,876)
(913,050)
Evergy,
Inc.
(75,792,280)
(155,000)
Exelon
Corp.
(7,102,100)
(540,000)
FirstEnergy
Corp.
(26,087,400)
(1,283,650)
NextEra
Energy,
Inc.
(111,574,858)
(1,189,800)
PG&E
Corp.
(20,678,724)
(147,500)
Pinnacle
West
Capital
Corp.
(14,896,025)
(1,616,571)
PPL
Corp.
(56,919,465)
(557,409)
Southern
Co.
(52,697,447)
(538,700)
UGI
Corp.
(19,457,844)
NUMBER
OF
SHARES
b
b
VALUE
b
(639,800)
WEC
Energy
Group,
Inc.
$
(70,006,916)
(508,500,797)
TOTAL
COMMON
STOCKS
SOLD
SHORT
(Proceeds
$3,418,551,715)
(4,253,931,088)
TOTAL
SECURITIES
SOLD
SHORT
(Proceeds
$3,418,551,715)
(4,253,931,088)
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTIONS  (-8.7%)#
Communication
Services
(-0.1%)
(2,390)
(14,096,220)
AST
SpaceMobile,
Inc.
Call,
01/15/27,
Strike
$30.00
$
(7,815,300)
(1,500)
(8,847,000)
AST
SpaceMobile,
Inc.
Call,
01/21/28,
Strike
$100.00
(3,097,500)
(800)
(4,718,400)
AST
SpaceMobile,
Inc.
Call,
01/21/28,
Strike
$120.00
(1,388,000)
(27,950)
(73,508,500)
Warner
Bros
Discovery,
Inc.
Call,
08/21/26,
Strike
$30.00
(139,750)
(12,440,550)
Energy
(0.0%)
(2,800)
(1,481,200)
Sable
Offshore
Corp.
Put,
08/28/26,
Strike
$5.00
(184,800)
(2,800)
(1,481,200)
Sable
Offshore
Corp.
Call,
08/28/26,
Strike
$5.00
(285,600)
(470,400)
Information
Technology
(0.0%)
(1,000)
(3,680,000)
IREN
Ltd.
Call,
01/15/27,
Strike
$80.00
(286,500)
(250)
(4,760,250)
Nebius
Group
NV
Put,
12/15/28,
Strike
$200.00
(2,768,750)
(4,000)
(21,200,000)
Shift4
Payments,
Inc.
Call,
12/18/26,
Strike
$50.00
(3,800,000)
(2,000)
(5,680,000)
Super
Micro
Computer,
Inc.
Call,
08/21/26,
Strike
$50.00
(19,000)
(6,874,250)
Other
(-8.6%)
(1,000)
(748,972,000)
S&P
500
®
Index
Put,
08/31/26,
Strike
$6,500.00
(660,000)
(5,100)
(3,819,757,200)
S&P
500
®
Index
Call,
08/31/26,
Strike
$7,400.00
(93,942,000)
(2,400)
(1,797,532,800)
S&P
500
®
Index
Call,
08/31/26,
Strike
$6,300.00
(290,952,000)
(250)
(187,243,000)
S&P
500
®
Index
Call,
08/31/26,
Strike
$7,600.00
(1,573,750)
17
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
Amounts
relating
to
investments
in
affiliated
funds
at
July
31,
2026,
and
for
the
period
of November
1,
2025 through
July
31,
2026 are
as
follows:
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
(6,000)
(4,493,832,000)
S&P
500
®
Index
Call,
08/31/26,
Strike
$5,500.00
$
(1,203,840,000)
(1,590,967,750)
TOTAL
EXCHANGE-TRADED
WRITTEN
OPTIONS
(Premium
$1,664,534,319)
$
(1,610,752,950)
#
Non-income
producing
security.
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
July
31,
2026.
@
In
default
status
and
considered
non-income
producing.
^
Security,
or
portion
of
security,
is
on
loan.
~
Security,
or
portion
of
security,
is
segregated
as
collateral
(or
collateral
for
potential
future
transactions)
for
written
options,
swaps,
or
securities
sold
short.
The
aggregate
value
of
such
securities
is
$7,695,085,354.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
July
31,
2026.
‡‡
Perpetual
maturity.
‡‡‡
Security
fair
valued
using
significant
unobservable
inputs
and
classified
as
a
Level
3
security.
AFFILIATE
VALUE,
BEGINNING
OF
PERIOD
PURCHASES
SALES
PROCEEDS
DIVIDEND
INCOME
NET
REALIZED
GAINS/(LOSS)
NET
INCREASE/
DECREASE
IN
UNREALIZED
APPRECIATION/
DEPRECIATION
VALUE,
END
OF
PERIOD
Calamos
Short-Term
Bond
Fund
$
337,826,981
$
—
$
—
$
11,416,342
$
—
(
$
4,565,229)
$
333,261,752
FOREIGN
CURRENCY
ABBREVIATIONS
CAD
Canadian
Dollar
EUR
European
Monetary
Unit
HKD
Hong
Kong
Dollar
JPY
Japanese
Yen
ABBREVIATION
ADR
American
Depositary
Receipt
OBFR
Overnight
Bank
Funding
Rate
SOFR
Secured
Overnight
Financing
Rate
Note:
Value
for
securities
denominated
in
foreign
currencies
is
shown
in
U.S.
dollars.
The
principal
amount
for
such
securities
is
shown
in
the
respective
foreign
currency.
The
date
on
options
represents
the
expiration
date
of
the
option
contract.
The
option
contract
may
be
exercised
at
any
date
on
or
before
the
date
shown.
For
purchased
options
denominated
in
JPY,
the
strike
price
shown
is
a
percentage
of
the
par
value
of
the
underlying.
18
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
The
following
table
summarizes
the
Fund’s investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
July
31,
2026
(see
Note
3):
FORWARD
FOREIGN
CURRENCY
CONTRACTS
COUNTERPARTY
LONG
CONTRACTS
SETTLEMENT
DATE
LOCAL
CURRENCY
CURRENT
VALUE
UNREALIZED
GAIN/LOSS
State
Street
Bank
and
Trust
European
Monetary
Unit
8/21/26
33,526,000
$
38,686,510
$
(446,834)
Northern
Trust
Company
European
Monetary
Unit
8/21/26
2,120,000
2,446,322
19,878
State
Street
Bank
and
Trust
Japanese
Yen
8/21/26
301,901,000
1,899,976
54,875
$
(372,081)
COUNTERPARTY
SHORT
CONTRACTS
SETTLEMENT
DATE
LOCAL
CURRENCY
CURRENT
VALUE
UNREALIZED
GAIN/LOSS
Northern
Trust
Company
European
Monetary
Unit
8/21/26
1,698,000
$
1,959,365
$
(9,455)
Northern
Trust
Company
Singapore
Dollar
8/21/26
27,656,000
21,590,951
179,115
State
Street
Bank
and
Trust
British
Pound
Sterling
8/21/26
8,569,000
11,548,673
(80,099)
State
Street
Bank
and
Trust
European
Monetary
Unit
8/21/26
59,309,000
68,438,173
926,150
State
Street
Bank
and
Trust
European
Monetary
Unit
8/21/26
3,526,000
4,068,742
34,167
State
Street
Bank
and
Trust
European
Monetary
Unit
8/21/26
1,702,000
1,963,981
(27,203)
State
Street
Bank
and
Trust
Japanese
Yen
8/21/26
5,273,812,000
33,190,071
288,804
State
Street
Bank
and
Trust
Japanese
Yen
8/21/26
343,520,000
2,161,900
10,901
$
1,322,380
TOTAL
RETURN
SWAPS
COUNTERPARTY
UNDERLYING
REFERENCE
INSTRUMENT
FIXED
RATE
(FUND
PAYS)
FLOATING
RATE
(FUND
RECEIVES)
TERMINATION
DATE
PERIODIC
PAYMENT
FREQUENCY
NOTIONAL
AMOUNT
UPFRONT
PAYMENTS
(PAID)/
RECEIVED
MARKET
VALUE
UNREALIZED
APPRECIATION
(DEPRECIATION)
Bank
of
America
NA
Lucid
Group,
Inc.
Equity
returns
on
448,212
shares
of
Lucid
Group,
Inc.
1
day
USD
SOFR
Plus
1.000%
04/01/30
Monthly
$2,985,092
—
$
(315,220)
$
(315,220)
Citibank
NA
Ligand
Pharmaceuticals,
Inc.
Equity
returns
on
15,250
shares
of
Ligand
Pharmaceuticals,
Inc.
1
day
USD
SOFR
Plus
1.000%
08/04/26
Annually
$3,998,092
—
(373,448)
(373,448)
Citibank
NA
IREN
Ltd.
Equity
returns
on
133,900
shares
of
IREN
Ltd.
1
day
USD
SOFR
Plus
3.280%
12/12/29
Monthly
$5,219,422
—
299,103
299,103
Citibank
NA
Lucid
Group,
Inc.
Equity
returns
on
728,750
shares
of
Lucid
Group,
Inc.
1
day
USD
SOFR
Plus
1.000%
04/01/30
Monthly
$4,853,475
—
(514,655)
(514,655)
Citibank
NA
Lucid
Group,
Inc.
Equity
returns
on
576,570
shares
of
Lucid
Group,
Inc.
1
day
USD
SOFR
Plus
1.000%
11/03/31
Monthly
$3,176,901
—
(1,073,384)
(1,073,384)
JPMorgan
Securities
LLC
Voyager
Technologies,
Inc.
Equity
returns
on
214,500
shares
of
Voyager
Technologies,
Inc.
1
day
USD
OBFR
Plus
1.000%
11/15/30
Monthly
$5,705,700
—
450,680
450,680
Morgan
Stanley
&
Co.
LLC
Hertz
Global
Holdings,
Inc.
Equity
returns
on
612,653
shares
of
Hertz
Global
Holdings,
Inc.
Fed
Funds
Rate
Plus
1.000%
10/05/28
Monthly
$1,225,306
—
254,741
254,741
$—
$
(1,272,183)
$
(1,272,183)
19
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Market
Neutral
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Convertible
Bonds
248
$
—
$
6,076,479,258
$
—
$
6,076,479,258
Corporate
Bonds
3
—
12,836,179
—
12,836,179
Common
Stocks
423
11,264,308,588
246,470,453
2,880,000
11,513,659,041
Convertible
Preferred
Stocks
24
1,051,228,487
—
—
1,051,228,487
Exchange-Traded
Fund
1
188,183,580
—
—
188,183,580
Investment
in
Affiliated
Fund
1
333,261,752
—
—
333,261,752
Preferred
Stock
1
14,214,000
—
—
14,214,000
Rights
8
—
198,411
371,652
570,063
Warrants
141
2,604,859
3,405,022
—
6,009,881
Exchange-Traded
Purchased
Options
2
11,819,175
—
—
11,819,175
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
338,344,434
—
338,344,434
Forward
Foreign
Currency
Contracts
7
—
1,513,890
—
1,513,890
Total
Return
Swaps
–
—
1,004,524
—
1,004,524
Over
the
Counter
Purchased
Options
17
—
41,868,843
—
41,868,843
Total
$
12,865,620,441
$
6,722,121,014
$
3,251,652
$
19,590,993,107
Liabilities:
—
—
—
—
Common
Stocks
Sold
Short
199
$
4,253,931,088
$
—
$
—
$
4,253,931,088
Exchange-Traded
Written
Options
17
1,610,752,950
—
—
1,610,752,950
Forward
Foreign
Currency
Contracts
4
—
563,591
—
563,591
Total
Return
Swaps
–
—
2,276,707
—
2,276,707
Total
$
5,864,684,038
$
2,840,298
$
—
$
5,867,524,336
The
following
is
a
reconciliation
of
the
fair
valuations
using
significant
unobservable
inputs
(Level
3)
for
the
Fund’s
assets
and
liabilities
during
the
period
ended
July
31,
2026:
Investments
in
Securities
Balance
as
of
October
31,
2025
Accrued
Discounts/
(Premiums)
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Purchases
Sales
Proceeds
Transfers
into
Level
3
Transfers
out
of
Level
3
Balance
as
of
July
31,
2026
Net
change
in
Unrealized
Appreciation
(Depreciation)
from
investments
still
held
as
of
July
31,
2026
Common
Stocks
$
14,462,500
$
—
$
2,071,928
$
(1,521,736)
$
—
$
(12,132,692)
$
—
$
—
$
2,880,000
$
(1,521,736)
Rights
277,808
—
—
12,512
81,331
—
—
—
371,652
12,512
Total
$14,740,308
$—
$2,071,928
$(1,509,224)
$81,331
$(12,132,692)
$—
$—
$3,251,652
$(1,509,224)
As
of
July
31,
2026,
Level
3
investments
were
valued
by
the
Company
using
unadjusted
pricing
quotes
obtained
from
dealers
or
with
an
expected
corporate
action
value.
Calamos
Hedged
Equity
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
20
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(98.8%)
Communication
Services
(9.6%)
72,817
Alphabet,
Inc.
-
Class
A~
$
25,932,318
72,646
Alphabet,
Inc.
-
Class
C
25,909,196
73,014
AT&T,
Inc.
1,697,576
63,023
Comcast
Corp.
-
Class
A
1,510,031
11,653
Fox
Corp.
-
Class
A^
678,554
29,224
Meta
Platforms,
Inc.
-
Class
A~
16,269,293
60,250
Netflix,
Inc.#
4,320,527
9,641
T-Mobile
U.S.,
Inc.
1,665,097
60,153
Verizon
Communications,
Inc.
2,815,762
29,225
Walt
Disney
Co.
2,811,153
83,609,507
Consumer
Discretionary
(9.4%)
130,583
Amazon.com,
Inc.#~
35,463,731
10,311
Aptiv
PLC#
582,262
13,001
Booking
Holdings,
Inc.
2,507,893
46,496
Carnival
Corp.
Ltd.
1,293,054
31,198
Chipotle
Mexican
Grill,
Inc.#
1,161,190
4,031
Darden
Restaurants,
Inc.^
820,631
4,711
DoorDash,
Inc.
-
Class
A#
924,110
12,526
Dr.
Horton,
Inc.
1,791,970
10,929
eBay,
Inc.
1,246,015
55,620
Ford
Motor
Co.
816,502
20,882
General
Motors
Co.
1,855,574
15,336
Home
Depot,
Inc.
5,090,939
12,960
Las
Vegas
Sands
Corp.
633,614
12,522
Lowe's
Cos.,
Inc.
2,602,197
2,819
Lululemon
Athletica,
Inc.#
335,094
9,705
McDonald's
Corp.
2,626,561
19,603
NIKE,
Inc.
-
Class
B~
817,641
29,719
Norwegian
Cruise
Line
Holdings
Ltd.#
550,693
18,139
O'Reilly
Automotive,
Inc.#
1,620,720
6,948
Ross
Stores,
Inc.
1,744,434
3,594
Royal
Caribbean
Cruises
Ltd.
1,143,970
16,844
Starbucks
Corp.~
1,772,831
37,029
Tesla,
Inc.#~
11,523,795
19,418
TJX
Cos.,
Inc.
3,055,228
81,980,649
Consumer
Staples
(4.7%)
11,803
Archer-Daniels-Midland
Co.
935,624
7,569
Church
&
Dwight
Co.,
Inc.
747,893
48,953
Coca-Cola
Co.~
4,287,793
11,399
Colgate-Palmolive
Co.
1,040,729
5,379
Constellation
Brands,
Inc.
-
Class
A^
700,507
4,655
Costco
Wholesale
Corp.
4,431,048
3,643
Dollar
General
Corp.
462,843
6,276
Dollar
Tree,
Inc.#
798,370
4,124
Estee
Lauder
Cos.,
Inc.
-
Class
A
346,004
12,450
General
Mills,
Inc.^
445,087
NUMBER
OF
SHARES
b
b
VALUE
b
7,039
Kimberly-Clark
Corp.^
$
769,433
16,388
Kroger
Co.
946,243
32,889
Mondelez
International,
Inc.
-
Class
A
2,049,314
14,219
Monster
Beverage
Corp.#
1,370,427
15,014
PepsiCo,
Inc.~
2,095,354
27,486
Philip
Morris
International,
Inc.~
5,244,878
26,993
Procter
&
Gamble
Co.
3,900,219
12,265
Sysco
Corp.
1,045,469
7,762
Target
Corp.
1,121,531
69,465
Walmart,
Inc.~
7,724,508
40,463,274
Energy
(3.7%)
40,249
Chevron
Corp.
7,922,210
20,571
ConocoPhillips
2,478,394
5,801
EOG
Resources,
Inc.
862,551
59,044
ExxonMobil
Holdings
Corp.
9,177,799
39,021
Kinder
Morgan,
Inc.
1,255,696
11,786
Marathon
Petroleum
Corp.
3,729,915
11,586
Occidental
Petroleum
Corp.
661,213
7,821
ONEOK,
Inc.
710,225
5,479
Phillips
66
1,159,795
16,507
SLB
Ltd.
818,582
5,453
Valero
Energy
Corp.
1,706,244
19,692
Williams
Cos.,
Inc.
1,408,766
31,891,390
Financials
(12.6%)
8,088
Aflac,
Inc.
1,031,058
6,212
Allstate
Corp.
1,640,465
8,653
American
Express
Co.
2,909,571
3,806
Ameriprise
Financial,
Inc.
2,077,467
6,928
Arthur
J
Gallagher
&
Co.
1,727,982
5,713
Assurant,
Inc.
1,595,012
124,290
Bank
of
America
Corp.
7,699,765
14,100
Bank
of
New
York
Mellon
Corp.
2,204,253
20,941
Berkshire
Hathaway,
Inc.
-
Class
B#
10,712,159
1,464
BlackRock,
Inc.
1,596,331
7,224
Blackstone,
Inc.
922,866
8,421
Capital
One
Financial
Corp.
1,760,073
6,438
Cboe
Global
Markets,
Inc.
1,997,261
27,007
Charles
Schwab
Corp.
2,842,217
8,604
Chubb
Ltd.
3,017,251
20,341
Citigroup,
Inc.
2,694,165
3,045
CME
Group,
Inc.
815,421
2,879
Coinbase
Global,
Inc.
-
Class
A#
421,083
9,234
Fiserv,
Inc.#
498,082
5,114
Global
Payments,
Inc.
429,985
8,209
Goldman
Sachs
Group,
Inc.~
8,359,881
30,517
Huntington
Bancshares,
Inc.
520,010
3,490
Jack
Henry
&
Associates,
Inc.^
537,600
37,162
JPMorgan
Chase
&
Co.
13,073,220
3,781
M&T
Bank
Corp.
931,222
21
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Hedged
Equity
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
10,745
Marsh
&
McLennan
Cos.,
Inc.
$
2,038,219
12,228
Mastercard,
Inc.
-
Class
A~
7,007,867
11,715
MetLife,
Inc.
1,126,163
19,045
Morgan
Stanley
4,007,449
6,058
Northern
Trust
Corp.
1,103,707
9,779
PayPal
Holdings,
Inc.
559,457
4,539
Prudential
Financial,
Inc.
554,121
3,935
S&P
Global,
Inc.
1,620,945
5,338
State
Street
Corp.
983,046
5,054
Travelers
Cos.,
Inc.
1,892,015
13,982
U.S.
Bancorp~
881,006
27,745
Visa,
Inc.
-
Class
A
10,158,277
71,900
Wells
Fargo
&
Co.~
6,215,755
110,162,427
Health
Care
(9.0%)
20,076
Abbott
Laboratories
2,122,033
24,939
AbbVie,
Inc.
6,258,193
12,872
Agilent
Technologies,
Inc.
1,781,099
5,648
Amgen,
Inc.
2,175,384
14,093
Baxter
International,
Inc.^
368,673
4,714
Becton
Dickinson
&
Co.
780,733
2,937
Biogen,
Inc.#
596,064
41,584
Boston
Scientific
Corp.#
1,943,220
9,167
Centene
Corp.#
570,371
3,896
Cigna
Group
1,087,179
17,226
CVS
Health
Corp.
1,798,911
11,250
Danaher
Corp.
2,193,525
7,322
Dexcom,
Inc.#
611,021
13,121
Edwards
Lifesciences
Corp.#
1,129,324
11,550
Eli
Lilly
&
Co.~
13,269,102
4,831
GE
HealthCare
Technologies,
Inc.
328,605
18,354
Gilead
Sciences,
Inc.
2,389,874
3,843
HCA
Healthcare,
Inc.
1,547,153
2,482
Humana,
Inc.
903,101
6,576
Intuitive
Surgical,
Inc.#
2,323,498
3,719
IQVIA
Holdings,
Inc.#
874,039
28,978
Johnson
&
Johnson
7,428,510
3,637
Labcorp
Holdings,
Inc.
1,124,560
2,399
McKesson
Corp.
2,054,000
19,465
Medtronic
PLC
1,662,116
37,960
Merck
&
Co.,
Inc.
4,942,392
76,970
Pfizer,
Inc.
1,925,020
937
Regeneron
Pharmaceuticals,
Inc.
714,584
1,350
Solventum
Corp.#
115,344
3,428
Stryker
Corp.
1,116,500
6,722
Thermo
Fisher
Scientific,
Inc.~
3,860,445
13,863
UnitedHealth
Group,
Inc.
5,744,827
3,578
Vertex
Pharmaceuticals,
Inc.#
1,707,064
637
Waters
Corp.#
240,346
3,410
Zimmer
Biomet
Holdings,
Inc.^
320,301
9,127
Zoetis,
Inc.
705,426
78,712,537
NUMBER
OF
SHARES
b
b
VALUE
b
Industrials
(8.6%)
5,403
3M
Co.
$
952,441
4,090
Allegion
PLC^
643,766
7,790
Automatic
Data
Processing,
Inc.
2,075,723
9,942
Boeing
Co.#
2,148,864
21,310
Carrier
Global
Corp.
1,317,171
7,507
Caterpillar,
Inc.~
6,116,779
57,636
CSX
Corp.~
2,904,854
3,920
Deere
&
Co.
2,323,266
5,376
Eaton
Corp.
PLC
2,232,115
15,381
Emerson
Electric
Co.
2,304,381
3,623
GE
Vernova,
Inc.
3,587,821
3,988
Generac
Holdings,
Inc.#
786,075
3,401
General
Dynamics
Corp.
1,304,011
14,495
General
Electric
Co.
5,219,215
6,515
Honeywell
Aerospace,
Inc.#
1,346,911
6,515
Honeywell
International,
Inc.
1,583,471
672
Hubbell,
Inc.^
317,554
4,847
Illinois
Tool
Works,
Inc.
1,390,847
12,502
Johnson
Controls
International
PLC
1,833,543
5,414
L3Harris
Technologies,
Inc.
1,500,003
2,730
Lockheed
Martin
Corp.
1,590,880
11,435
Masco
Corp.
817,374
3,110
Norfolk
Southern
Corp.
1,043,343
2,796
Northrop
Grumman
Corp.~
1,516,774
5,120
Otis
Worldwide
Corp.
368,384
12,000
PACCAR,
Inc.
1,592,160
7,322
Paychex,
Inc.
855,502
12,307
Pentair
PLC
805,370
4,593
Quanta
Services,
Inc.
3,065,185
27,798
RTX
Corp.
5,982,686
24,565
Southwest
Airlines
Co.
1,104,688
34,617
Uber
Technologies,
Inc.#
2,435,652
10,857
Union
Pacific
Corp.
3,171,655
14,189
United
Airlines
Holdings,
Inc.#
1,721,551
9,169
United
Parcel
Service,
Inc.
-
Class
B
955,593
1,706
United
Rentals,
Inc.
1,841,218
3,749
Veralto
Corp.
353,043
4,601
Verisk
Analytics,
Inc.
896,505
8,809
Waste
Management,
Inc.
1,995,679
6,328
Xylem,
Inc.
740,186
74,742,239
Information
Technology
(36.4%)
7,700
Accenture
PLC
-
Class
A
1,277,584
5,629
Adobe,
Inc.#
1,409,558
25,693
Advanced
Micro
Devices,
Inc.#
12,233,722
23,913
Amphenol
Corp.
-
Class
A
3,842,819
7,782
Analog
Devices,
Inc.
2,859,185
198,943
Apple,
Inc.
61,455,482
11,655
Applied
Materials,
Inc.
5,916,894
3,763
AppLovin
Corp.
-
Class
A#
1,489,772
13,417
Arista
Networks,
Inc.#
2,419,756
3,328
Autodesk,
Inc.#
779,418
22
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Hedged
Equity
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
63,280
Broadcom,
Inc.~
$
24,633,638
597
Ciena
Corp.#
225,099
70,314
Cisco
Systems,
Inc.
8,155,721
9,333
Cognizant
Technology
Solutions
Corp.
-
Class
A
516,582
807
Coherent
Corp.#
212,152
3,326
Corning,
Inc.
459,819
17,424
Crowdstrike
Holdings,
Inc.
-
Class
A#
3,325,545
6,191
Datadog,
Inc.
-
Class
A#
1,659,002
4,876
Flex
Ltd.#
554,645
3,441
Gartner,
Inc.#
519,660
19,188
HP,
Inc.
523,257
59,377
Intel
Corp.#
5,355,805
9,390
International
Business
Machines
Corp.
2,100,074
4,924
Intuit,
Inc.~
1,556,329
4,702
Keysight
Technologies,
Inc.#
1,500,314
14,689
Lam
Research
Corp.
4,304,171
999
Lumentum
Holdings,
Inc.#
713,226
11,688
Marvell
Technology,
Inc.
2,192,201
16,118
Micron
Technology,
Inc.~
13,265,598
101,137
Microsoft
Corp.~
47,000,387
5,169
NetApp,
Inc.
922,666
335,717
NVIDIA
Corp.
67,395,188
5,150
NXP
Semiconductors
NV
1,180,174
8,054
ON
Semiconductor
Corp.#
657,287
25,014
Oracle
Corp.~
3,248,568
29,712
Palantir
Technologies,
Inc.
-
Class
A#
3,656,359
12,186
Palo
Alto
Networks,
Inc.#
4,043,680
4,933
PTC,
Inc.#^
676,808
5,787
Qnity
Electronics,
Inc.
759,139
16,439
QUALCOMM,
Inc.
2,426,561
15,560
Salesforce,
Inc.
2,863,351
2,124
Sandisk
Corp.#
2,580,299
16,528
ServiceNow,
Inc.#
1,838,409
7,341
Skyworks
Solutions,
Inc.
457,197
6,556
Super
Micro
Computer,
Inc.#^
186,190
2,802
Synopsys,
Inc.#
1,089,306
4,992
TE
Connectivity
PLC
1,026,804
7,403
Teradyne,
Inc.
2,722,009
12,306
Texas
Instruments,
Inc.
3,393,256
2,247
Tyler
Technologies,
Inc.#^
695,671
4,672
Western
Digital
Corp.
2,545,492
2,930
Workday,
Inc.
-
Class
A#^
469,796
317,291,625
Materials
(1.4%)
4,517
Air
Products
&
Chemicals,
Inc.
1,332,018
3,695
Avery
Dennison
Corp.
627,152
12,876
Corteva,
Inc.
1,013,470
3,857
DuPont
de
Nemours,
Inc.
528,409
36,299
Freeport-McMoRan,
Inc.
2,273,407
NUMBER
OF
SHARES
b
b
VALUE
b
10,096
Linde
PLC
$
4,829,725
5,725
PPG
Industries,
Inc.
632,727
3,505
Sherwin-Williams
Co.
1,194,679
12,431,587
Real
Estate
(1.6%)
3,933
Alexandria
Real
Estate
Equities,
Inc.
202,353
4,947
American
Tower
Corp.
857,612
6,975
Camden
Property
Trust
772,900
9,807
Crown
Castle,
Inc.
748,274
5,509
Digital
Realty
Trust,
Inc.
1,038,557
905
Equinix,
Inc.
922,448
36,774
Healthpeak
Properties,
Inc.
802,776
4,709
Mid-America
Apartment
Communities,
Inc.
623,189
14,483
Prologis,
Inc.
2,094,387
2,593
Public
Storage^
840,573
21,621
Realty
Income
Corp.^
1,380,933
7,341
Regency
Centers
Corp.
589,409
11,395
UDR,
Inc.
434,833
9,221
Welltower,
Inc.
2,161,771
13,470,015
Utilities
(1.8%)
28,084
AES
Corp.
412,273
10,997
American
Electric
Power
Co.,
Inc.
1,405,966
8,566
Consolidated
Edison,
Inc.
932,409
22,134
Dominion
Energy,
Inc.
1,531,009
14,007
Duke
Energy
Corp.
1,756,898
6,196
Edison
International
454,601
12,542
Entergy
Corp.^
1,349,770
24,357
Exelon
Corp.
1,116,038
14,184
FirstEnergy
Corp.^
685,229
22,531
NextEra
Energy,
Inc.
1,958,395
17,331
NiSource,
Inc.^
770,016
10,893
Public
Service
Enterprise
Group,
Inc.
835,275
15,550
Southern
Co.
1,470,097
12,483
Xcel
Energy,
Inc.
976,171
15,654,147
TOTAL
COMMON
STOCKS
(Cost
$405,172,082)
860,409,397
EXCHANGE-TRADED
FUND
(0.7%)
Other
(0.7%)
8,454
SPDR
®
S&P
500
®
ETF
Trust
(Cost
$6,277,184)
6,315,392
23
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Hedged
Equity
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
July
31,
2026
(see
Note
3):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTION
(4.4%)#
Other
(4.4%)
800
599,177,600
S&P
500
®
Index
Put,
12/17/27,
Strike
$7,500.00
(Cost
$40,836,979)
$
38,060,000
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(1.1%)
9,702,600
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.674%†***
(Cost
$9,702,600)
$
9,702,600
TOTAL
INVESTMENTS
(105.0%)
(Cost
$461,988,845)
914,487,389
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-1.1%)
(
9,702,600
)
LIABILITIES,
LESS
OTHER
ASSETS
(-3.9%)
(
33,484,314
)
NET
ASSETS
(100.0%)
$
871,300,475
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTIONS  (-4.2%)#
Other
(-4.2%)
(400)
(299,588,800)
S&P
500
®
Index
Call,
12/17/27,
Strike
$7,500.00
$
(
33,646,000
)
(290)
(217,201,880)
S&P
500
®
Index
Put,
12/17/27,
Strike
$5,300.00
(
3,237,850
)
(
36,883,850
)
TOTAL
EXCHANGE-TRADED
WRITTEN
OPTIONS
(Premium
$39,860,822)
$
(
36,883,850
)
~
Security,
or
portion
of
security,
is
segregated
as
collateral
(or
collateral
for
potential
future
transactions)
for
written
options.
The
aggregate
value
of
such
securities
is
$139,040,703.
^
Security,
or
portion
of
security,
is
on
loan.
#
Non-income
producing
security.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
July
31,
2026.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
July
31,
2026.
Note:
The
date
on
options
represents
the
expiration
date
of
the
option
contract.
The
option
contract
may
be
exercised
at
any
date
on
or
before
the
date
shown.
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Common
Stocks
270
$
860,409,397
$
—
$
—
$
860,409,397
Exchange-Traded
Fund
1
6,315,392
—
—
6,315,392
Exchange-Traded
Purchased
Option
1
38,060,000
—
—
38,060,000
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
9,702,600
—
9,702,600
Total
$
904,784,789
$
9,702,600
$
—
$
914,487,389
Liabilities:
—
—
—
—
Exchange-Traded
Written
Options
3
$
36,883,850
$
—
$
—
$
36,883,850
Total
$
36,883,850
$
—
$
—
$
36,883,850
Calamos
Phineus
Long/Short
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
24
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(95.8%)
Communication
Services
(5.3%)
68,000
Meta
Platforms,
Inc.
-
Class
A
$
37,856,280
42,800
Spotify
Technology
SA#~
21,397,432
59,253,712
Consumer
Discretionary
(12.3%)
265,000
Amazon.com,
Inc.#
71,968,700
184,500
DoorDash,
Inc.
-
Class
A#~
36,191,520
194,500
Dr.
Horton,
Inc.~
27,825,170
135,985,390
Financials
(8.4%)
148,000
Citigroup,
Inc.
19,602,600
194,000
Morgan
Stanley
40,821,480
381,000
Wells
Fargo
&
Co.~
32,937,450
93,361,530
Health
Care
(1.2%)
165,000
Halozyme
Therapeutics,
Inc.#~
13,619,100
Industrials
(30.6%)
200,000
3M
Co.~
35,256,000
196,000
Boeing
Co.#~
42,363,440
287,500
Canadian
Pacific
Kansas
City
Ltd.^
25,555,875
155,000
Emerson
Electric
Co.~
23,222,100
223,500
Jacobs
Solutions,
Inc.^
30,156,855
180,000
Johnson
Controls
International
PLC~
26,398,800
138,000
L3Harris
Technologies,
Inc.~
38,234,280
119,000
Regal
Rexnord
Corp.^~
24,422,370
415,000
Southwest
Airlines
Co.
18,662,550
104,500
Union
Pacific
Corp.~
30,527,585
370,500
United
Airlines
Holdings,
Inc.#~
44,952,765
339,752,620
Information
Technology
(31.2%)
112,500
Broadcom,
Inc.~
43,794,000
65,100
CACI
International,
Inc.
-
Class
A#^~
32,403,525
67,500
Celestica,
Inc.#
22,372,200
113,000
Datadog,
Inc.
-
Class
A#~
30,280,610
134,500
Intuit,
Inc.~
42,511,415
24,000
Lumentum
Holdings,
Inc.#
17,134,560
121,000
Microsoft
Corp.~
56,231,120
36,000
MongoDB,
Inc.#
12,149,280
268,000
NVIDIA
Corp.~
53,801,000
122,000
Oracle
Corp.
15,844,140
49,000
Synopsys,
Inc.#~
19,049,240
345,571,090
Materials
(6.8%)
669,000
Freeport-McMoRan,
Inc.~
41,899,470
NUMBER
OF
SHARES
b
b
VALUE
b
97,000
Sherwin-Williams
Co.~
$
33,062,450
74,961,920
TOTAL
COMMON
STOCKS
(Cost
$940,024,516)
1,062,505,362
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(2.2%)#
Consumer
Discretionary
(0.1%)
1,845
36,191,520
DoorDash,
Inc.
Put,
08/07/26,
Strike
$190.00
1,360,687
Domestic
Commodity
(0.1%)
4,500
58,126,500
U.S.
Oil
Fund
LP
Call,
08/05/26,
Strike
$136.00
668,250
Information
Technology
(1.0%)
1,210
56,231,120
Microsoft
Corp.
Put,
08/07/26,
Strike
$370.00
9,680
1,210
56,231,120
Microsoft
Corp.
Call,
08/21/26,
Strike
$400.00
8,064,650
6,030
121,052,250
NVIDIA
Corp.
Put,
08/21/26,
Strike
$190.00
1,914,525
1,900
21,133,700
ServiceNow,
Inc.
Call,
08/21/26,
Strike
$115.00
921,500
10,910,355
Other
(1.0%)
2,200
151,357,800
Invesco
QQQ
Trust
Series
1
Put,
08/21/26,
Strike
$720.00
7,480,000
3,700
276,401,100
SPDR
®
S&P
500
®
ETF
Trust
Put,
08/14/26,
Strike
$740.00
1,607,650
3,700
276,401,100
SPDR
®
S&P
500
®
ETF
Trust
Call,
08/07/26,
Strike
$745.00
2,306,950
11,394,600
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$18,593,185)
24,333,892
25
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Phineus
Long/Short
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(4.7%)
51,744,802
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.674%†***
(Cost
$51,744,802)
$
51,744,802
TOTAL
INVESTMENTS
(102.7%)
(Cost
$1,010,362,503)
$
1,138,584,056
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-4.7%)
(
51,744,802
)
OTHER
ASSETS,
LESS
LIABILITIES
(2.0%)
21,687,517
NET
ASSETS
(100.0%)
$
1,108,526,771
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
SOLD
SHORT  (-10.3%)#
Communication
Services
(-0.2%)
(39,634)
Liberty
Broadband
Corp.Class
C,
(
1,349,142
)
(140,219)
Paramount
Skydance
Corp.Class
B,
(
1,116,143
)
(
2,465,285
)
Consumer
Discretionary
(-1.8%)
(19,853)
Carvana
Co.
(
1,238,033
)
(20,971)
Cava
Group,
Inc.
(
1,367,938
)
(73,725)
Chewy,
Inc.Class
A,
(
1,666,185
)
(77,847)
Coupang,
Inc.
(
1,272,799
)
(6,064)
Dick's
Sporting
Goods,
Inc.
(
1,187,998
)
(51,477)
DraftKings,
Inc.Class
A,
(
1,208,680
)
(25,686)
Gildan
Activewear,
Inc.
(
1,422,491
)
(29,782)
NIKE,
Inc.Class
B,
(
1,242,207
)
(19,055)
Ollie's
Bargain
Outlet
Holdings,
Inc.
(
1,399,971
)
(6,410)
Pool
Corp.
(
1,190,401
)
(87,192)
Rivian
Automotive,
Inc.Class
A,
(
1,327,062
)
(4,478)
Royal
Caribbean
Cruises
Ltd.
(
1,425,347
)
(19,158)
Somnigroup
International,
Inc.
(
1,251,592
)
(238,668)
Stellantis
NV
(
1,374,728
)
(43,398)
Tractor
Supply
Co.
(
1,335,357
)
(
19,910,789
)
Consumer
Staples
(-0.3%)
(49,160)
Celsius
Holdings,
Inc.
(
1,435,963
)
(16,686)
Sprouts
Farmers
Market,
Inc.
(
1,454,352
)
(
2,890,315
)
Financials
(-2.2%)
(12,236)
ARES
Management
Corp.Class
A,
(
1,567,309
)
(23,014)
Brown
&
Brown,
Inc.
(
1,620,186
)
(29,273)
Carlyle
Group,
Inc.
(
1,347,143
)
(9,149)
Coinbase
Global,
Inc.Class
A,
(
1,338,133
)
(6,015)
Erie
Indemnity
Co.Class
A,
(
1,455,871
)
(5,274)
FactSet
Research
Systems,
Inc.
(
1,388,117
)
(50,502)
Figure
Technology
Solutions,
Inc.
Class
A,
(
1,258,005
)
NUMBER
OF
SHARES
b
b
VALUE
b
(54,281)
Galaxy
Digital,
Inc.Class
A,
$
(
1,140,444
)
(15,347)
Hamilton
Lane,
Inc.Class
A,
(
1,364,502
)
(9,450)
Houlihan
Lokey,
Inc.
(
1,185,881
)
(4,408)
Kinsale
Capital
Group,
Inc.
(
1,571,099
)
(98,174)
NU
Holdings
Ltd.Class
A,
(
1,406,833
)
(13,917)
Robinhood
Markets,
Inc.Class
A,
(
1,204,656
)
(92,828)
Rocket
Cos.,
Inc.Class
A,
(
1,197,481
)
(36,252)
Ryan
Specialty
Holdings,
Inc.
(
1,600,888
)
(73,414)
SoFi
Technologies,
Inc.
(
1,197,382
)
(30,723)
TPG,
Inc.
(
1,341,366
)
(84,114)
XP,
Inc.Class
A,
(
1,434,985
)
(
24,620,281
)
Health
Care
(-1.4%)
(4,182)
Bio-Rad
Laboratories,
Inc.Class
A,
(
1,361,157
)
(30,662)
Boston
Scientific
Corp.
(
1,432,835
)
(20,387)
Bridgebio
Pharma,
Inc.
(
1,632,795
)
(15,991)
Cytokinetics,
Inc.
(
1,233,386
)
(19,947)
GE
HealthCare
Technologies,
Inc.
(
1,356,795
)
(12,371)
Insmed,
Inc.
(
1,219,781
)
(8,396)
Insulet
Corp.
(
1,388,279
)
(23,061)
Ionis
Pharmaceuticals,
Inc.
(
1,193,868
)
(2,414)
Madrigal
Pharmaceuticals,
Inc.
(
1,128,110
)
(5,006)
Natera,
Inc.
(
1,340,406
)
(9,370)
Repligen
Corp.
(
1,321,264
)
(3,645)
Waters
Corp.
(
1,375,295
)
(
15,983,971
)
Industrials
(-1.0%)
(9,566)
AeroVironment,
Inc.
(
1,428,873
)
(5,344)
FTAI
Aviation
Ltd.
(
1,100,864
)
(36,211)
GFL
Environmental,
Inc.
(
1,496,239
)
(186,228)
Joby
Aviation,
Inc.
(
1,331,530
)
(29,274)
Karman
Holdings,
Inc.
(
1,409,543
)
(27,794)
Kratos
Defense
&
Security
Solutions,
Inc.
(
1,295,200
)
(95,639)
QXO,
Inc.
(
1,271,999
)
(20,387)
Rocket
Lab
Corp.
(
1,324,136
)
(
10,658,384
)
Information
Technology
(-2.2%)
(20,000)
Advanced
Micro
Devices,
Inc.
(
9,523,000
)
(99,928)
BitMine
Immersion
Technologies,
Inc.
(
1,726,756
)
(21,197)
Circle
Internet
Group,
Inc.
(
1,327,144
)
(80,968)
D-Wave
Quantum,
Inc.
(
1,463,901
)
(11,277)
Guidewire
Software,
Inc.
(
1,713,427
)
(39,934)
IonQ,
Inc.
(
1,455,195
)
(91,948)
Rigetti
Computing,
Inc.
(
1,374,623
)
(19,377)
ServiceTitan,
Inc.Class
A,
(
1,609,454
)
(11,130)
Shopify,
Inc.Class
A,
(
1,303,880
)
(16,025)
Strategy,
Inc.
(
1,494,812
)
(44,300)
Super
Micro
Computer,
Inc.
(
1,258,120
)
(
24,250,312
)
26
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Phineus
Long/Short
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
SHARES
b
b
VALUE
b
Materials
(-0.6%)
(33,907)
Amcor
PLC
$
(
1,521,746
)
(50,495)
James
Hardie
Industries
PLC
(
1,327,514
)
(2,243)
Martin
Marietta
Materials,
Inc.
(
1,177,889
)
(56,883)
Mosaic
Co.
(
1,258,252
)
(31,814)
MP
Materials
Corp.
(
1,316,145
)
(
6,601,546
)
Real
Estate
(-0.1%)
(26,030)
Alexandria
Real
Estate
Equities,
Inc.
(
1,339,243
)
Utilities
(-0.5%)
(4,776)
Constellation
Energy
Corp.
(
1,254,894
)
(10,319)
NRG
Energy,
Inc.
(
1,385,738
)
(32,607)
Oklo,
Inc.
(
1,266,130
)
(16,490)
Xcel
Energy,
Inc.
(
1,289,518
)
(
5,196,280
)
TOTAL
COMMON
STOCKS
SOLD
SHORT
(Proceeds
$115,439,913)
(
113,916,406
)
EXCHANGE-TRADED
FUNDS
SOLD
SHORT  (-50.8%)#
Other
(-50.8%)
(323,500)
Invesco
QQQ
Trust
Series
1
(
222,564,765
)
(377,500)
SPDR
®
S&P
500
®
ETF
Trust
(
282,003,825
)
(450,000)
U.S.
Oil
Fund
LP
(
58,126,500
)
TOTAL
EXCHANGE-TRADED
FUNDS
SOLD
SHORT
(Proceeds
$532,829,696)
(
562,695,090
)
TOTAL
SECURITIES
SOLD
SHORT
(Proceeds
$648,269,609)
(
676,611,496
)
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTIONS  (-1.3%)#
Communication
Services
(0.0%)
(618)
(34,404,678)
Meta
Platforms,
Inc.
Call,
09/18/26,
Strike
$700.00
(
169,950
)
Consumer
Discretionary
(-0.1%)
(1,845)
(36,191,520)
DoorDash,
Inc.
Put,
09/18/26,
Strike
$165.00
(
848,700
)
Domestic
Commodity
(-0.1%)
(4,500)
(58,126,500)
U.S.
Oil
Fund
LP
Put,
08/05/26,
Strike
$125.00
$
(
801,000
)
(4,500)
(58,126,500)
U.S.
Oil
Fund
LP
Call,
08/05/26,
Strike
$150.00
(
78,750
)
(4,500)
(58,126,500)
U.S.
Oil
Fund
LP
Call,
08/07/26,
Strike
$150.00
(
220,500
)
(
1,100,250
)
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
Industrials
(0.0%)
(1,350)
(23,797,800)
3M
Co.
Call,
08/21/26,
Strike
$175.00
$
(
685,125
)
(3,400)
(41,252,200)
United
Airlines
Holdings,
Inc.
Call,
08/14/26,
Strike
$150.00
(
136,000
)
(
821,125
)
Information
Technology
(-0.8%)
(675)
(22,372,200)
Celestica,
Inc.
Call,
08/21/26,
Strike
$400.00
(
394,875
)
(240)
(17,134,560)
Lumentum
Holdings,
Inc.
Put,
08/07/26,
Strike
$630.00
(
279,600
)
(460)
(8,627,760)
Marvell
Technology,
Inc.
Call,
08/21/26,
Strike
$240.00
(
143,520
)
(450)
(37,036,350)
Micron
Technology,
Inc.
Put,
08/21/26,
Strike
$750.00
(
1,805,625
)
(605)
(28,115,560)
Microsoft
Corp.
Call,
08/21/26,
Strike
$450.00
(
1,377,887
)
(1,210)
(56,231,120)
Microsoft
Corp.
Call,
09/18/26,
Strike
$470.00
(
2,256,650
)
(525)
(10,539,375)
NVIDIA
Corp.
Call,
08/21/26,
Strike
$210.00
(
195,563
)
(1,340)
(26,900,500)
NVIDIA
Corp.
Call,
08/21/26,
Strike
$240.00
(
36,850
)
(4,500)
(90,337,500)
NVIDIA
Corp.
Put,
08/21/26,
Strike
$185.00
(
933,750
)
(240)
(20,547,120)
Seagate
Technology
Holdings
PLC
Put,
08/21/26,
Strike
$600.00
(
152,400
)
(2,500)
(27,807,500)
ServiceNow,
Inc.
Call,
08/21/26,
Strike
$150.00
(
68,750
)
(1,900)
(21,133,700)
ServiceNow,
Inc.
Call,
09/18/26,
Strike
$140.00
(
413,250
)
(375)
(10,340,250)
Texas
Instruments,
Inc.
Put,
08/21/26,
Strike
$290.00
(
805,312
)
(
8,864,032
)
Other
(-0.3%)
(2,200)
(151,357,800)
Invesco
QQQ
Trust
Series
1
Put,
08/21/26,
Strike
$640.00
(
710,600
)
(4,400)
(302,715,600)
Invesco
QQQ
Trust
Series
1
Put,
09/18/26,
Strike
$600.00
(
1,727,000
)
(3,700)
(276,401,100)
SPDR
®
S&P
500
®
ETF
Trust
Put,
08/31/26,
Strike
$690.00
(
604,950
)
(
3,042,550
)
TOTAL
EXCHANGE-TRADED
WRITTEN
OPTIONS
(Premium
$17,110,269)
$
(
14,846,607
)
#
Non-income
producing
security.
~
Security,
or
portion
of
security,
is
segregated
as
collateral
(or
collateral
for
potential
future
transactions)
for
written
options,
swaps,
or
securities
sold
short.
The
aggregate
value
of
such
securities
is
$406,625,599.
^
Security,
or
portion
of
security,
is
on
loan.
27
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Phineus
Long/Short
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
The
following
table
summarizes
the
Fund’s investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
July
31,
2026
(see
Note
3):
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
July
31,
2026.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
July
31,
2026.
Note:
The
date
on
options
represents
the
expiration
date
of
the
option
contract.
The
option
contract
may
be
exercised
at
any
date
on
or
before
the
date
shown.
COUNTRY
EXPOSURE
July
31,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
United
States
$
356,305,239
90
.1‌
%
Canada
43,342,928
11
.0‌
%
All
other
countries
less
than
5%
$
(
4,267,016
)
(
1
.1‌
)
%
Total
Investments
$395,381,151
100
.0‌
%
Country
exposure
may
vary
over
time.
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Common
Stocks
33
$
1,062,505,362
$
—
$
—
$
1,062,505,362
Exchange-Traded
Purchased
Options
9
24,333,892
—
—
24,333,892
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
51,744,802
—
51,744,802
Total
$
1,086,839,254
$
51,744,802
$
—
$
1,138,584,056
Liabilities:
—
—
—
—
Common
Stocks
Sold
Short
78
$
113,916,406
$
—
$
—
$
113,916,406
Exchange-Traded
Funds
Sold
Short
3
562,695,090
—
—
562,695,090
Exchange-Traded
Written
Options
25
14,846,607
—
—
14,846,607
Total
$
691,458,103
$
—
$
—
$
691,458,103
Calamos
Merger
Arbitrage
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
28
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
PRINCIPAL
AMOUNT
a
a
VALUE
a
CONVERTIBLE
BONDS
(29.5%)
Communication
Services
(2.9%)
72,000
JD.com,
Inc.
0.250%,
06/01/29
$
75,186
Consumer
Discretionary
(2.6%)
65,000
GameStop
Corp.
0.000%,
06/15/32
64,983
Energy
(1.6%)
27,000
Sable
Offshore
Corp.
6.500%,
07/01/31
40,533
Financials
(4.8%)
132,000
Global
Payments,
Inc.~
1.500%,
03/01/31
122,282
Information
Technology
(11.7%)
78,000
Alkami
Technology,
Inc.~
1.500%,
03/15/30
74,813
56,000
Bill
Holdings,
Inc.
0.000%,
04/01/30
49,417
97,000
Nutanix,
Inc.~
0.500%,
12/15/29
101,051
79,000
PagerDuty,
Inc.
1.500%,
10/15/28
74,485
299,766
Utilities
(5.9%)
114,000
TXNM
Energy,
Inc.~
5.750%,
06/01/54
151,537
TOTAL
CONVERTIBLE
BONDS
(Cost
$741,931)
754,287
CORPORATE
BOND
(0.1%)
Information
Technology
(0.1%)
2,586
Wolfspeed,
Inc.
7.000%,
06/15/31
(Cost
$4,681)
2,219
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(70.7%)
Communication
Services
(13.0%)
274
Electronic
Arts,
Inc.
57,502
925
Roku,
Inc.#~
134,134
525
Trade
Desk,
Inc.
-
Class
A#~
9,471
4,996
Warner
Bros
Discovery,
Inc.#
131,395
332,502
Consumer
Staples
(9.9%)
255
Boston
Beer
Co.,
Inc.
-
Class
A#~
46,716
NUMBER
OF
SHARES
b
b
VALUE
b
10,700
Kenvue,
Inc.
$
205,868
252,584
Financials
(7.8%)
459
Abony
Acquisition
Corp.
I#
4,618
2,211
Brighthouse
Financial,
Inc.#
136,883
2,648
Colombier
Acquisition
Corp.
III#
27,830
816
DigitalBridge
Group,
Inc.
12,950
63
Legato
Merger
Corp.
IV#
639
1,631
ProCap
Acquisition
Corp.
-
Class
A#
16,848
199,768
Health
Care
(5.9%)
2,616
Inmode
Ltd.#
39,606
137
Penumbra,
Inc.#
44,003
2,745
Pfizer,
Inc.~
68,653
152,262
Industrials
(11.4%)
951
Copart,
Inc.#
27,693
788
Norfolk
Southern
Corp.~
264,358
292,051
Information
Technology
(1.1%)
69
Synopsys,
Inc.#
26,824
Materials
(1.8%)
1,158
CAD
Allied
Gold
Corp.#
21,015
999
James
Hardie
Industries
PLC#
26,263
47,278
Real
Estate
(2.1%)
5,911
RE/MAX
Holdings,
Inc.
-
Class
A#
53,554
Special
Purpose
Acquisition
Companies
(8.9%)
1,087
Alchemy
Investments
Acquisition
Corp.
1#
12,881
88
Cantor
Equity
Partners
VII,
Inc.
-
Class
A#
887
85
Churchill
Capital
Corp.
XIII#
881
1,594
Everest
Consolidator
Acquisition
Corp.#‡‡‡
18,363
4,527
Four
Leaf
Acquisition
Corp.
-
Class
A#
49,797
12,115
FutureTech
II
Acquisition
Corp.
-
Class
A#
145,622
750
Mak
Acquisition
Corp.
-
Class
B#
7
228,438
Utilities
(8.8%)
10,876
AES
Corp.
159,660
1,113
TXNM
Energy,
Inc.~
64,465
224,125
TOTAL
COMMON
STOCKS
(Cost
$1,756,843)
1,809,386
29
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Merger
Arbitrage
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
SHARES
b
b
VALUE
b
CONVERTIBLE
PREFERRED
STOCK
(1.5%)
Information
Technology
(1.5%)
645
Strategy,
Inc.
8.000%
#‡‡
(Cost
$38,889)
$
38,416
RIGHTS
(0.0%)#
Consumer
Staples
(0.0%)
755
Mirati
Therapeutics,
Inc.‡‡‡
(Expire
12/31/99)
755
Other
(0.0%)
523
Akero
Therapeutics,
Inc.‡‡‡
(Expire
12/31/99)
392
Special
Purpose
Acquisition
Companies
(0.0%)
81
Black
Hawk
Acquisition
Corp.
(Expire
06/20/25)
118
23
Quetta
Acquisition
Corp.
(Expire
11/30/24)
15
133
TOTAL
RIGHTS
(Cost
$997)
1,280
WARRANTS
(0.1%)#
Special
Purpose
Acquisition
Companies
(0.1%)
2,950
Mak
Acquisition
Corp.
10/29/30,
Strike
$11.50
2,861
115
Spark
I
Acquisition
Corp.
11/27/28,
Strike
$11.50
137
TOTAL
WARRANTS
(Cost
$311)
2,998
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTION
(0.0%)#
Communication
Services
(0.0%)
46
120,980
Warner
Bros
Discovery,
Inc.
Call,
08/21/26,
Strike
$29.00
(Cost
$3,448)
598
TOTAL
INVESTMENTS
(101.9%)
(Cost
$2,547,100)
2,609,184
LIABILITIES,
LESS
OTHER
ASSETS
(-1.9%)
(
48,794
)
NET
ASSETS
(100.0%)
$
2,560,390
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
SOLD
SHORT  (-18.5%)
Communication
Services
(-2.0%)
(895)
Fox
Corp.Class
A,
$
(
52,116
)
Consumer
Staples
(-6.7%)
(1,565)
Kimberly-Clark
Corp.
(
171,070
)
Energy
(-0.8%)
(4,143)
Sable
Offshore
Corp.
(
21,917
)
Industrials
(-9.0%)
(788)
Union
Pacific
Corp.
(
230,198
)
TOTAL
COMMON
STOCKS
SOLD
SHORT
(Proceeds
$411,710)
(
475,301
)
TOTAL
SECURITIES
SOLD
SHORT
(Proceeds
$411,710)
(
475,301
)
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTIONS  (-0.1%)#
Communication
Services
(0.0%)
(92)
(241,960)
Warner
Bros
Discovery,
Inc.
Call,
08/21/26,
Strike
$30.00
(
460
)
Energy
(-0.1%)
(10)
(5,290)
Sable
Offshore
Corp.
Put,
08/28/26,
Strike
$5.00
$
(
660
)
(10)
(5,290)
Sable
Offshore
Corp.
Call,
08/28/26,
Strike
$5.00
(
1,020
)
(
1,680
)
TOTAL
EXCHANGE-TRADED
WRITTEN
OPTIONS
(Premium
$4,322)
$
(
2,140
)
~
Security,
or
portion
of
security,
is
segregated
as
collateral
(or
collateral
for
potential
future
transactions)
for
written
options
and
securities
sold
short.
The
aggregate
value
of
such
securities
is
$666,131.
#
Non-income
producing
security.
‡‡‡
Security
fair
valued
using
significant
unobservable
inputs
and
classified
as
a
Level
3
security.
‡‡
Perpetual
maturity.
30
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Merger
Arbitrage
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
The
following
table
summarizes
the
Fund’s investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
July
31,
2026
(see
Note
3):
FOREIGN
CURRENCY
ABBREVIATION
CAD
Canadian
Dollar
Note:
Value
for
securities
denominated
in
foreign
currencies
is
shown
in
U.S.
dollars.
The
principal
amount
for
such
securities
is
shown
in
the
respective
foreign
currency.
The
date
on
options
represents
the
expiration
date
of
the
option
contract.
The
option
contract
may
be
exercised
at
any
date
on
or
before
the
date
shown.
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Convertible
Bonds
9
$
—
$
754,287
$
—
$
754,287
Corporate
Bond
1
—
2,219
—
2,219
Common
Stocks
30
1,544,775
246,248
18,363
1,809,386
Convertible
Preferred
Stock
1
38,416
—
—
38,416
Rights
4
—
133
1,147
1,280
Warrants
2
137
2,861
—
2,998
Exchange-Traded
Purchased
Option
1
598
—
—
598
Total
$
1,583,926
$
1,005,748
$
19,510
$
2,609,184
Liabilities:
—
—
—
—
Common
Stocks
Sold
Short
4
$
475,301
$
—
$
—
$
475,301
Exchange-Traded
Written
Options
5
2,140
—
—
2,140
Total
$
477,441
$
—
$
—
$
477,441
The
following
is
a
reconciliation
of
the
fair
valuations
using
significant
unobservable
inputs
(Level
3)
for
the
Fund’s
assets
and
liabilities
during
the
period
ended
July
31,
2026:
Investments
in
Securities
Balance
as
of
October
31,
2025
Accrued
Discounts/
(Premiums)
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Purchases
Sales
Proceeds
Transfers
into
Level
3
Transfers
out
of
Level
3
Balance
as
of
July
31,
2026
Net
change
in
Unrealized
Appreciation
(Depreciation)
from
investments
still
held
as
of
July
31,
2026
Common
Stocks
$
92,213
$
—
$
6,839
$
(
3,331
)
$
—
$
(
77,358
)
$
—
$
—
$
18,363
$
(
3,331
)
Rights
755
—
—
52
340
—
—
—
1,147
52
Total
$92,968
$—
$6,839
$(3,279)
$340
$(77,358)
$—
$—
$19,510
$(3,279)
As
of
July
31,
2026,
Level
3
investments
were
valued
by
the
Company
using
unadjusted
pricing
quotes
obtained
from
dealers
or
with
an
expected
corporate
action
value.
Calamos
Convertible
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
31
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
CONVERTIBLE
BONDS
(78.6%)
Communication
Services
(5.3%)
8,500,000
AST
SpaceMobile,
Inc.*^
1.625%,
02/01/34
$
8,636,085
4,750,000
IMAX
Corp.*
0.750%,
11/15/30
6,116,432
5,250,000
Liberty
Media
Corp.-Liberty
Formula
One^
2.250%,
08/15/27
6,637,103
16,250,000
Live
Nation
Entertainment,
Inc.^
2.875%,
01/15/30
18,801,900
12,250,000
Lyft,
Inc.*
0.000%,
09/15/30
12,391,120
4,750,000
Sirius
XM
Holdings,
Inc.
3.750%,
03/15/28
5,434,095
58,016,735
Consumer
Discretionary
(4.4%)
13,000,000
DoorDash,
Inc.
0.000%,
05/15/30
13,109,070
10,000,000
Etsy,
Inc.^
1.000%,
06/15/30
12,199,000
3,500,000
Lucid
Group,
Inc.*
5.000%,
04/01/30
1,555,295
6,250,000
NCL
Corp.
Ltd.^
0.875%,
04/15/30
6,527,187
14,000,000
Rivian
Automotive,
Inc.
3.625%,
10/15/30
14,534,240
47,924,792
Consumer
Staples
(0.5%)
4,750,000
Adaptive
Biotechnologies
Corp.*
0.000%,
07/01/31
5,741,040
Energy
(1.8%)
3,250,000
Energy
Fuels,
Inc.*
0.750%,
11/01/31
2,958,865
Liberty
Energy,
Inc.*
6,750,000
0.000%,
03/01/31
5,918,670
2,567,000
0.000%,
03/01/32^
2,111,075
5,500,000
ProPetro
Holding
Corp.*^
0.000%,
11/15/31
4,577,155
3,750,000
Solaris
Energy
Infrastructure,
Inc.
0.250%,
10/01/31
4,464,450
20,030,215
Financials
(3.1%)
7,500,000
Barclays
Bank
PLC
Series
MSFT
1.000%,
02/16/29
8,126,175
12,500,000
Galaxy
Digital
Holdings
LP*
0.500%,
05/01/31
9,409,500
11,750,000
Robinhood
Markets,
Inc.*
0.000%,
10/01/29
11,275,535
4,250,000
WisdomTree,
Inc.*
4.625%,
08/15/30
5,441,743
34,252,953
PRINCIPAL
AMOUNT
a
a
VALUE
a
Health
Care
(10.4%)
2,750,000
Arrowhead
Pharmaceuticals,
Inc.^
0.000%,
01/15/32
$
3,417,727
12,750,000
Bridgebio
Pharma,
Inc.*
0.750%,
02/01/33
13,194,338
1,760,000
Cogent
Biosciences,
Inc.
1.625%,
11/15/31
2,177,085
2,250,000
Cytokinetics,
Inc.*
1.750%,
10/01/31
3,148,020
7,000,000
Guardant
Health,
Inc.*^
0.000%,
05/15/33
10,770,480
9,250,000
Halozyme
Therapeutics,
Inc.*
0.875%,
11/15/32
10,471,833
4,750,000
Indivior
Pharmaceuticals,
Inc.*
0.625%,
03/15/31
5,669,220
9,250,000
Ionis
Pharmaceuticals,
Inc.*
0.000%,
12/01/30
8,187,360
8,000,000
Jazz
Investments
I
Ltd.
3.125%,
09/15/30
14,127,120
11,750,000
Ligand
Pharmaceuticals,
Inc.*
0.000%,
09/15/31
12,542,185
7,000,000
Merit
Medical
Systems,
Inc.
3.000%,
02/01/29
8,210,580
5,500,000
Mirum
Pharmaceuticals,
Inc.*
0.000%,
06/01/32
5,605,600
4,000,000
Repligen
Corp.
1.000%,
12/15/28
4,175,520
4,476,000
Revolution
Medicines,
Inc.^
0.500%,
05/01/33
5,551,090
5,500,000
Travere
Therapeutics,
Inc.
0.500%,
05/15/32
6,425,650
113,673,808
Industrials
(6.7%)
10,250,000
Bloom
Energy
Corp.*
0.000%,
11/15/30
14,406,683
18,250,000
BWX
Technologies,
Inc.*
0.000%,
11/01/30
17,618,550
7,250,000
Fluor
Corp.^
1.125%,
08/15/29
9,415,865
4,750,000
JBT
Marel
Corp.*
0.375%,
09/15/30
4,777,692
10,000,000
Knight-Swift
Transportation
Holdings,
Inc.*
1.000%,
11/15/31
10,926,400
12,250,000
Uber
Technologies,
Inc.
Series
2028
0.875%,
12/01/28
14,429,520
1,250,000
Voyager
Technologies,
Inc.*
0.750%,
11/15/30
1,382,625
72,957,335
Information
Technology
(33.3%)
740,000,000
JPY
Advantest
Corp.*
0.000%,
03/28/31
6,008,090
Akamai
Technologies,
Inc.
12,750,000
0.250%,
05/15/33
18,252,135
11,000,000
0.000%,
05/15/30*
10,294,460
7,500,000
Amkor
Technology,
Inc.*^
0.000%,
07/15/31
7,000,200
32
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Convertible
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
13,250,000
Cipher
Digital,
Inc.*
0.000%,
10/01/31
$
21,912,188
3,000,000
Cleanspark,
Inc.*
0.000%,
02/15/32
2,991,210
16,500,000
Cloudflare,
Inc.^
0.000%,
06/15/30
22,846,560
CoreWeave,
Inc.*^
7,000,000
1.750%,
12/01/31
6,596,870
8,250,000
1.750%,
10/01/32
7,282,935
12,750,000
CyberArk
Software
Ltd.
0.000%,
06/15/30
20,896,485
12,750,000
Datadog,
Inc.
0.000%,
12/01/29
18,530,977
28,657,000
IREN
Ltd.*
1.000%,
12/01/33
21,721,146
4,605,000
Lumentum
Holdings,
Inc.*
0.375%,
03/15/32
17,958,625
5,250,000
MACOM
Technology
Solutions
Holdings,
Inc.^
0.000%,
12/15/29
8,533,140
19,750,000
Microchip
Technology,
Inc.*^
0.000%,
02/15/30
21,082,533
7,500,000
Mirion
Technologies,
Inc.*
0.250%,
06/01/30
7,343,475
9,000,000
MKS,
Inc.
1.250%,
06/01/30
18,467,910
16,500,000
ON
Semiconductor
Corp.
0.500%,
03/01/29
18,688,395
9,750,000
Onto
Innovation,
Inc.*
0.000%,
06/01/31
10,590,353
5,750,000
Penguin
Solutions,
Inc.*^
0.000%,
08/01/31
5,120,260
525,000
Seagate
HDD
Cayman
3.500%,
06/01/28
5,456,745
4,000,000
Semtech
Corp.*
0.000%,
10/15/30
5,921,840
9,000,000
Snowflake,
Inc.
0.000%,
10/01/29
17,834,940
Terawulf,
Inc.*^
7,000,000
1.000%,
09/01/31
11,522,630
3,500,000
0.000%,
05/01/32
4,191,880
12,250,000
Ultra
Clean
Holdings,
Inc.*
0.000%,
03/15/31
16,013,322
2,115,000
Western
Digital
Corp.
3.000%,
11/15/28
30,532,584
363,591,888
Materials
(1.2%)
8,500,000
Centrus
Energy
Corp.*^
0.000%,
08/15/32
8,923,980
2,000,000
MP
Materials
Corp.*
3.000%,
03/01/30
4,082,200
13,006,180
Real
Estate
(4.5%)
23,000,000
Digital
Realty
Trust
LP*^
1.875%,
11/15/29
25,072,530
10,750,000
Realty
Income
Corp.*
3.500%,
01/15/29
11,166,025
PRINCIPAL
AMOUNT
a
a
VALUE
a
7,250,000
Welltower
OP
LLC*^
3.125%,
07/15/29
$
13,425,767
49,664,322
Utilities
(7.4%)
25,250,000
CenterPoint
Energy,
Inc.*
3.000%,
08/01/28
26,306,712
16,250,000
CMS
Energy
Corp.^
3.375%,
05/01/28
17,566,413
11,500,000
PPL
Capital
Funding,
Inc.
2.875%,
03/15/28
12,759,250
11,500,000
Southern
Co.
4.500%,
06/15/27
12,539,140
11,000,000
WEC
Energy
Group,
Inc.
3.375%,
06/01/28
11,187,330
80,358,845
TOTAL
CONVERTIBLE
BONDS
(Cost
$733,768,027)
859,218,113
U.S.
GOVERNMENT
AND
AGENCY
SECURITY
(1.4%)
Other
(1.4%)
15,250,000
U.S.
Treasury
Notes^
3.875%,
03/31/28
(Cost
$15,268,279)
15,157,964
NUMBER
OF
SHARES
b
b
VALUE
b
CONVERTIBLE
PREFERRED
STOCKS
(16.3%)
Communication
Services
(4.8%)
1,038,314
Alphabet,
Inc.
6.250%,
05/15/29#
52,100,397
Financials
(2.9%)
120,785
ARES
Management
Corp.^
6.750%,
10/01/27
4,966,679
17,335
Bank
of
America
Corp.#^‡‡
7.250%
22,360,417
114,180
KKR
&
Co.,
Inc.^
6.250%,
03/01/28
4,954,270
32,281,366
Health
Care
(0.3%)
7,025
Bruker
Corp.
6.375%,
09/01/28#
3,279,973
Industrials
(2.9%)
347,530
Boeing
Co.#
6.000%,
10/15/27
23,218,480
81,910
QXO,
Inc.
5.500%,
05/15/28
3,317,355
95,000
VSE
Corp.#^
5.750%,
02/01/29
4,824,100
31,359,935
Information
Technology
(3.1%)
116,950
Hewlett
Packard
Enterprise
Co.
7.625%,
09/01/27
14,563,783
33
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
July
31,
2026
(see
Note
3):
NUMBER
OF
SHARES
b
b
VALUE
b
278,510
Oracle
Corp.#^
6.500%,
01/15/29
$
11,663,999
157,000
Super
Micro
Computer,
Inc.#
7.000%,
06/01/29
7,908,090
34,135,872
Materials
(0.6%)
141,385
Albemarle
Corp.
7.250%,
03/01/27
7,038,145
Utilities
(1.7%)
380,000
NextEra
Energy,
Inc.
7.375%,
02/15/29#
18,126,000
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$174,607,014)
178,321,688
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(6.1%)
66,352,513
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.674%†***
(Cost
$66,352,513)
$
66,352,513
TOTAL
INVESTMENTS
(102.4%)
(Cost
$989,995,833)
1,119,050,278
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-6.1%)
(
66,352,513
)
OTHER
ASSETS,
LESS
LIABILITIES
(3.7%)
39,977,336
NET
ASSETS
(100.0%)
$
1,092,675,101
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
^
Security,
or
portion
of
security,
is
on
loan.
#
Non-income
producing
security.
‡‡
Perpetual
maturity.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
July
31,
2026.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
July
31,
2026.
FOREIGN
CURRENCY
ABBREVIATION
JPY
Japanese
Yen
Note:
Value
for
securities
denominated
in
foreign
currencies
is
shown
in
U.S.
dollars.
The
principal
amount
for
such
securities
is
shown
in
the
respective
foreign
currency.
FORWARD
FOREIGN
CURRENCY
CONTRACTS
COUNTERPARTY
LONG
CONTRACTS
SETTLEMENT
DATE
LOCAL
CURRENCY
CURRENT
VALUE
UNREALIZED
GAIN/LOSS
State
Street
Bank
and
Trust
European
Monetary
Unit
8/21/26
6,890,000
$
7,950,547
$
53,978
State
Street
Bank
and
Trust
Japanese
Yen
8/21/26
52,249,000
328,823
2,834
$
56,812
COUNTERPARTY
SHORT
CONTRACTS
SETTLEMENT
DATE
LOCAL
CURRENCY
CURRENT
VALUE
UNREALIZED
GAIN/LOSS
Bank
of
New
York
Mellon
European
Monetary
Unit
8/21/26
1,912,000
$
2,206,306
$
24,046
Bank
of
New
York
Mellon
Japanese
Yen
8/21/26
116,308,000
731,969
(
9,388
)
State
Street
Bank
and
Trust
European
Monetary
Unit
8/21/26
4,637,000
5,350,753
72,410
State
Street
Bank
and
Trust
European
Monetary
Unit
8/21/26
341,000
393,489
3,304
State
Street
Bank
and
Trust
Japanese
Yen
8/21/26
783,929,000
4,933,558
42,930
$
133,302
34
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Convertible
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Convertible
Bonds
80
$
—
$
859,218,113
$
—
$
859,218,113
U.S.
Government
and
Agency
Security
1
—
15,157,964
—
15,157,964
Convertible
Preferred
Stocks
16
178,321,688
—
—
178,321,688
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
66,352,513
—
66,352,513
Forward
Foreign
Currency
Contracts
6
—
199,502
—
199,502
Total
$
178,321,688
$
940,928,092
$
—
$
1,119,249,780
Liabilities:
—
—
—
—
Forward
Foreign
Currency
Contracts
1
$
—
$
9,388
$
—
$
9,388
Total
$
—
$
9,388
$
—
$
9,388
Calamos
Global
Convertible
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
35
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
CONVERTIBLE
BONDS
(80.2%)
Communication
Services
(9.6%)
1,381,000
AST
SpaceMobile,
Inc.*
1.625%,
02/01/34
$
1,403,110
380,000,000
JPY
CyberAgent,
Inc.*
0.000%,
11/16/29
2,753,230
1,421,000
Grab
Holdings
Ltd.*^
0.000%,
06/15/30
1,357,765
1,191,000
IMAX
Corp.*
0.750%,
11/15/30
1,533,615
5,323,000
JD.com,
Inc.
0.250%,
06/01/29
5,558,543
1,480,000
Lyft,
Inc.*
0.000%,
09/15/30
1,497,049
1,257,000
Snap,
Inc.
0.500%,
05/01/30
1,036,258
2,522,000
Trip.com
Group
Ltd.
0.750%,
06/15/29
2,589,388
17,728,958
Consumer
Discretionary
(14.1%)
2,363,200
EUR
Accor
SA*
0.700%,
12/07/27
1,540,267
3,386,000
Alibaba
Group
Holding
Ltd.^
0.500%,
06/01/31
4,675,118
2,775,000
DoorDash,
Inc.
0.000%,
05/15/30
2,798,282
1,411,000
Etsy,
Inc.
1.000%,
06/15/30
1,721,279
1,329,000
Farfetch
Ltd.@
0.000%,
05/01/27
11,589
970,000
Lucid
Group,
Inc.*
5.000%,
04/01/30
431,039
MakeMyTrip
Ltd.
1,345,000
0.000%,
02/15/28
2,159,532
1,893,000
0.000%,
07/01/30
1,760,282
1,752,000
Meritage
Homes
Corp.
1.750%,
05/15/28
1,741,155
1,492,000
NCL
Corp.
Ltd.*
0.750%,
09/15/30
1,375,296
646,000
NIO,
Inc.
4.625%,
10/15/30
647,331
2,569,000
Rivian
Automotive,
Inc.^
4.625%,
03/15/29
2,880,954
160,000,000
JPY
Sanrio
Co.
Ltd.*
0.000%,
12/14/28
2,539,686
1,743,000
Wynn
Macau
Ltd.*
4.500%,
03/07/29
1,739,130
26,020,940
Consumer
Staples
(1.2%)
258,000
Adaptive
Biotechnologies
Corp.*
0.000%,
07/01/31
311,829
600,000
EUR
Davide
Campari-Milano
NV*
2.375%,
01/17/29
672,988
1,208,000
Enovis
Corp.
3.875%,
10/15/28
1,212,204
2,197,021
PRINCIPAL
AMOUNT
a
a
VALUE
a
Energy
(5.5%)
276,000
Crescent
Energy
Co.*
2.750%,
03/15/31
$
291,417
14,000,000
HKD
Deep
Development
Ltd.*
0.750%,
05/20/32
1,868,767
3,600,000
EUR
Eni
SpA
Series
ENI*
2.950%,
09/14/30
5,829,768
289,000
Liberty
Energy,
Inc.*
0.000%,
03/01/31
253,407
670,000
Nabors
Industries,
Inc.
1.750%,
06/15/29
636,915
1,341,000
Northern
Oil
&
Gas,
Inc.
3.625%,
04/15/29
1,326,638
10,206,912
Financials
(1.7%)
720,000
Coinbase
Global,
Inc.*
0.000%,
10/01/32
556,121
622,000
Global
Payments,
Inc.
1.500%,
03/01/31
576,208
2,037,000
Rexford
Industrial
Realty
LP*^
4.125%,
03/15/29
2,017,465
3,149,794
Health
Care
(7.1%)
1,502,000
Alnylam
Pharmaceuticals,
Inc.*
0.000%,
09/15/28
1,369,494
105,000
Bridgebio
Pharma,
Inc.*
0.750%,
02/01/33
108,659
92,000
Cogent
Biosciences,
Inc.
1.625%,
11/15/31
113,802
841,000
CONMED
Corp.
2.250%,
06/15/27
823,516
623,000
Dexcom,
Inc.
0.375%,
05/15/28
593,607
Halozyme
Therapeutics,
Inc.
241,000
1.000%,
08/15/28
366,990
270,000
0.875%,
11/15/32*
305,664
622,000
0.250%,
03/01/27
707,911
1,168,000
0.000%,
02/15/31*
1,294,658
894,000
Hims
&
Hers
Health,
Inc.*
0.000%,
06/01/32
1,073,497
1,587,000
Ionis
Pharmaceuticals,
Inc.*
0.000%,
12/01/30
1,404,685
415,000
Lantheus
Holdings,
Inc.
2.625%,
12/15/27
544,546
1,855,000
Ligand
Pharmaceuticals,
Inc.*
0.000%,
09/15/31
1,980,064
168,000
NeoGenomics,
Inc.
0.250%,
01/15/28
157,949
363,000
Revolution
Medicines,
Inc.
0.500%,
05/01/33
450,189
618,000
TransMedics
Group,
Inc.^
1.500%,
06/01/28
711,071
315,000
Travere
Therapeutics,
Inc.
0.500%,
05/15/32
368,015
36
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Global
Convertible
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
781,000
Zoetis,
Inc.*
0.250%,
06/15/29
$
716,669
13,090,986
Industrials
(5.9%)
1,735,000
AeroVironment,
Inc.^
0.000%,
07/15/30
1,580,741
1,031,000
Bloom
Energy
Corp.*
0.000%,
11/15/30
1,449,102
1,581,000
BWX
Technologies,
Inc.*
0.000%,
11/01/30
1,526,297
241,000
Joby
Aviation,
Inc.
0.750%,
02/15/32
194,853
700,000
L&F
Co.
Ltd.*
2.500%,
04/26/30
615,580
600,000
EUR
SPIE
SA*
2.000%,
01/17/28
1,000,321
Uber
Technologies,
Inc.
1,196,000
Series
2028,
0.875%,
12/01/28
1,408,792
1,614,000
0.000%,
05/15/28^
1,807,954
1,100,000
EUR
Vinci
SA*
0.700%,
02/18/30
1,347,833
10,931,473
Information
Technology
(25.6%)
680,000
Advanced
Energy
Industries,
Inc.*
0.000%,
05/15/31
663,598
230,000,000
JPY
Advantest
Corp.*
0.000%,
03/28/31
1,867,379
Akamai
Technologies,
Inc.
978,000
1.125%,
02/15/29
1,155,908
695,000
0.250%,
05/15/33
994,920
1,774,000
0.000%,
05/15/32*
1,616,682
330,000
Amkor
Technology,
Inc.*
0.000%,
07/15/31
308,009
1,553,000
Check
Point
Software
Technologies
Ltd.*
0.000%,
12/15/30
1,438,699
1,797,000
Ciena
Corp.*
0.000%,
09/15/31
1,706,198
1,400,000
CyberArk
Software
Ltd.
0.000%,
06/15/30
2,294,516
1,358,000
Datadog,
Inc.
0.000%,
12/01/29
1,973,731
1,374,000
Dropbox,
Inc.
0.000%,
03/01/28
1,510,727
637,000
Five9,
Inc.
1.000%,
03/15/29
584,052
600,000
Gigabyte
Technology
Co.
Ltd.*
0.000%,
07/27/28
620,016
649,000
Guidewire
Software,
Inc.
1.250%,
11/01/29
659,916
IREN
Ltd.*
1,804,000
1.000%,
12/01/33
1,367,378
516,000
0.000%,
07/01/31^
398,997
1,929,000
Lenovo
Group
Ltd.*
0.000%,
06/25/33
1,906,624
Microchip
Technology,
Inc.
2,049,000
0.750%,
06/01/30
2,130,939
PRINCIPAL
AMOUNT
a
a
VALUE
a
794,000
0.000%,
02/15/30*
$
847,571
14,000,000
HKD
Minimax
Innovations
Ltd.*
0.000%,
07/14/27
1,874,640
1,505,000
Nebius
Group
NV*^
2.750%,
09/15/32
2,366,417
2,252,000
Nutanix,
Inc.
0.500%,
12/15/29
2,346,043
ON
Semiconductor
Corp.
1,301,000
0.500%,
03/01/29
1,473,552
2,667,000
0.000%,
05/01/31*
2,501,593
894,000
Onto
Innovation,
Inc.*
0.000%,
06/01/31
971,054
621,000
Parsons
Corp.
2.625%,
03/01/29
599,246
1,395,000
Rubrik,
Inc.
0.000%,
06/15/30
1,384,510
277,000
Seagate
HDD
Cayman
3.500%,
06/01/28
2,879,083
829,000
Ultra
Clean
Holdings,
Inc.*
0.000%,
03/15/31
1,083,677
1,354,000
Unity
Software,
Inc.
0.000%,
03/15/30
1,612,560
1,253,000
Varonis
Systems,
Inc.
1.000%,
09/15/29
1,196,502
1,119,000
Wix.com
Ltd.*
0.000%,
09/15/30
875,741
Workiva,
Inc.
977,000
1.250%,
08/15/28
930,104
120,000
1.125%,
08/15/26
119,713
1,243,000
Xero
Investments
Ltd.*
1.625%,
06/12/31
1,130,322
47,390,617
Materials
(3.9%)
1,448,000
Amyris,
Inc.@
0.000%,
11/15/26
6,197
1,450,000
Centrus
Energy
Corp.*
0.000%,
08/15/32
1,522,326
700,000
Gold
Pole
Capital
Co.
Ltd.*
1.000%,
06/25/29
1,260,994
1,600,000
Jinkai
Investment
Holdings
Ltd.*
0.000%,
02/05/31
1,515,072
Kansai
Paint
Co.
Ltd.*
200,000,000
JPY
0.000%,
03/08/29
1,410,327
200,000,000
JPY
0.000%,
03/07/31
1,431,143
7,146,059
Real
Estate
(1.2%)
775,000
Compass,
Inc.*^
0.250%,
04/15/31
808,247
1,290,000
Digital
Realty
Trust
LP*
1.875%,
11/15/29
1,406,242
2,214,489
Utilities
(4.4%)
1,430,000
CMS
Energy
Corp.
3.375%,
05/01/28
1,545,844
3,174,000
Duke
Energy
Corp.*
3.000%,
03/15/29
3,135,468
37
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Convertible
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,792,000
PPL
Capital
Funding,
Inc.
2.875%,
03/15/28
$
1,988,224
1,539,000
Southern
Co.^
3.250%,
06/15/28
1,552,035
8,221,571
TOTAL
CONVERTIBLE
BONDS
(Cost
$139,712,186)
148,298,820
CORPORATE
BOND
(0.1%)
Information
Technology
(0.1%)
188,911
LivePerson,
Inc.*
10.000%,
12/15/29
(Cost
$150,718)
132,238
U.S.
GOVERNMENT
AND
AGENCY
SECURITY
(0.6%)
Other
(0.6%)
1,071,000
U.S.
Treasury
Notes
3.875%,
03/31/27
(Cost
$1,071,360)
1,069,975
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCK
(1.1%)
Financials
(1.1%)
16,603
Apollo
Global
Management,
Inc.
(Cost
$1,714,498)
2,085,172
CONVERTIBLE
PREFERRED
STOCKS
(11.6%)
Communication
Services
(4.5%)
166,518
Alphabet,
Inc.
6.250%,
05/15/29#
8,355,873
Financials
(0.8%)
31,427
KKR
&
Co.,
Inc.^
6.250%,
03/01/28
1,363,618
Industrials
(3.4%)
85,895
Boeing
Co.#
6.000%,
10/15/27
5,738,645
13,927
QXO,
Inc.
5.500%,
05/15/28
564,043
6,302,688
Information
Technology
(2.9%)
17,485
Hewlett
Packard
Enterprise
Co.
7.625%,
09/01/27
2,177,407
76,066
Oracle
Corp.#^
6.500%,
01/15/29
3,185,644
5,363,051
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$19,818,096)
21,385,230
NUMBER
OF
SHARES
b
b
VALUE
b
PREFERRED
STOCK
(1.0%)
Information
Technology
(1.0%)
19,287
Strategy,
Inc.^
10.000%
‡‡
(Cost
$1,873,994)
$
1,827,636
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(10.5%)
19,457,885
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.674%†***
(Cost
$19,457,885)
$
19,457,885
TOTAL
INVESTMENTS
(105.1%)
(Cost
$183,798,737)
194,256,956
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-10.5%)
(
19,457,885
)
OTHER
ASSETS,
LESS
LIABILITIES
(5.4%)
9,977,099
NET
ASSETS
(100.0%)
$
184,776,170
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
^
Security,
or
portion
of
security,
is
on
loan.
@
In
default
status
and
considered
non-income
producing.
#
Non-income
producing
security.
‡‡
Perpetual
maturity.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
July
31,
2026.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
July
31,
2026.
FOREIGN
CURRENCY
ABBREVIATIONS
EUR
European
Monetary
Unit
HKD
Hong
Kong
Dollar
JPY
Japanese
Yen
Note:
Value
for
securities
denominated
in
foreign
currencies
is
shown
in
U.S.
dollars.
The
principal
amount
for
such
securities
is
shown
in
the
respective
foreign
currency.
38
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Global
Convertible
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
The
following
table
summarizes
the
Fund’s investments
categorized
in
the
fair
value
hierarchy
as
of
July
31,
2026
(see
Note
3):
COUNTRY
EXPOSURE
July
31,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
United
States
$
116,668,204
66
.7‌
%
China
20,381,406
11
.7‌
%
Japan
10,001,765
5
.7‌
%
All
other
countries
less
than
5%
$
27,747,696
15
.9‌
%
Total
Investments
$174,799,071
100
.0‌
%
Country
exposure
may
vary
over
time.
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Convertible
Bonds
108
$
—
$
148,298,820
$
—
$
148,298,820
Corporate
Bond
1
—
132,238
—
132,238
U.S.
Government
and
Agency
Security
1
—
1,069,975
—
1,069,975
Common
Stock
1
2,085,172
—
—
2,085,172
Convertible
Preferred
Stocks
9
21,385,230
—
—
21,385,230
Preferred
Stock
1
1,827,636
—
—
1,827,636
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
19,457,885
—
19,457,885
Total
$
25,298,038
$
168,958,918
$
—
$
194,256,956
Calamos
Timpani
Small
Cap
Growth
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
39
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(99.3%)
Consumer
Discretionary
(10.3%)
111,271
Life
Time
Group
Holdings,
Inc.#
$
5,018,322
105,271
Lincoln
Educational
Services
Corp.#
4,402,433
640,946
Lindblad
Expeditions
Holdings,
Inc.#
18,959,183
121,073
OneSpaWorld
Holdings
Ltd.
3,118,841
816,109
Rush
Street
Interactive,
Inc.#
21,961,493
1,240,457
Super
Group
SGHC
Ltd.
17,366,398
309,137
Target
Hospitality
Corp.#
4,698,882
92,589
Universal
Technical
Institute,
Inc.#
3,639,674
79,165,226
Consumer
Staples
(3.1%)
1,307,117
Mama's
Creations,
Inc.#
24,090,166
Energy
(2.6%)
211,443
Energy
Services
of
America
Corp.
3,040,550
326,894
National
Energy
Services
Reunited
Corp.#
8,813,062
219,343
Natural
Gas
Services
Group,
Inc.
8,036,728
19,890,340
Financials
(13.3%)
497,484
Chime
Financial,
Inc.
-
Class
A#
11,437,157
106,769
Dave,
Inc.#
39,791,739
25,477
Enova
International,
Inc.#
6,474,725
351,800
Ethos
Technologies,
Inc.
-
Class
A#
7,183,756
318,122
Marex
Group
Ltd.
20,652,480
143,460
PROG
Holdings,
Inc.
6,315,109
532,434
WisdomTree,
Inc.
10,313,246
102,168,212
Health
Care
(23.6%)
50,483
Arrowhead
Pharmaceuticals,
Inc.#
4,273,386
229,150
Axogen,
Inc.#
9,672,421
14,491
Axsome
Therapeutics,
Inc.#
3,158,893
73,421
BrightSpring
Health
Services,
Inc.#
4,383,968
1,359,788
Butterfly
Network,
Inc.#
9,668,093
187,019
Cogent
Biosciences,
Inc.#
7,280,650
742,856
CryoPort,
Inc.#
11,209,697
131,335
Cytokinetics,
Inc.#
10,129,869
56,759
GeneDx
Holdings
Corp.#
3,695,578
119,882
Guardant
Health,
Inc.#
19,419,685
51,211
Hinge
Health,
Inc.
-
Class
A#
3,825,974
62,657
iRadimed
Corp.
5,693,015
15,450
Krystal
Biotech,
Inc.#
5,270,304
144,326
LB
Pharmaceuticals,
Inc.#
5,784,586
58,048
Ligand
Pharmaceuticals,
Inc.#
16,691,122
4,901
Madrigal
Pharmaceuticals,
Inc.#
2,290,335
51,615
Mirum
Pharmaceuticals,
Inc.#
5,468,609
39,054
Palvella
Therapeutics,
Inc.#
5,430,068
62,997
Protagonist
Therapeutics,
Inc.#
8,607,910
25,681
PTC
Therapeutics,
Inc.#
1,746,565
104,841
Spyre
Therapeutics,
Inc.#
10,309,016
284,043
Travere
Therapeutics,
Inc.#
15,875,163
NUMBER
OF
SHARES
b
b
VALUE
b
77,672
Twist
Bioscience
Corp.#
$
7,110,872
97,953
UroGen
Pharma
Ltd.#
3,745,723
180,741,502
Industrials
(22.8%)
71,310
ArcBest
Corp.
10,293,598
15,964
Argan,
Inc.
9,106,344
32,197
Astronics
Corp.#
2,237,370
9,802
Bloom
Energy
Corp.
-
Class
A#
2,017,350
19,304
Carpenter
Technology
Corp.
10,031,517
158,312
CECO
Environmental
Corp.#
10,431,178
97,993
Civeo
Corp.#
3,087,759
60,774
Ducommun,
Inc.#
10,879,761
202,607
Electrovaya,
Inc.#
1,665,430
18,724
ESCO
Technologies,
Inc.
5,903,490
169,692
Graham
Corp.#
16,273,463
187,882
Heartland
Express,
Inc.
2,297,797
181,339
Knight-Swift
Transportation
Holdings,
Inc.
12,608,501
230,403
LSI
Industries,
Inc.
5,389,126
112,180
Mercury
Systems,
Inc.#
10,892,678
989,308
NPK
International,
Inc.#
12,356,457
39,215
Sterling
Infrastructure,
Inc.#
23,402,336
23,850
Timken
Co.
3,280,567
299,083
Wabash
National
Corp.
3,756,482
216,397
Xometry,
Inc.
-
Class
A#
18,549,551
174,460,755
Information
Technology
(23.0%)
20,571
Agilysys,
Inc.#
2,163,246
176,496
Appian
Corp.
-
Class
A#
4,758,332
17,830
Ciena
Corp.#
6,722,802
37,945
DigitalOcean
Holdings,
Inc.#
4,458,537
95,238
Diodes,
Inc.#
7,839,992
147,166
Frequency
Electronics,
Inc.#
8,531,213
106,381
Ichor
Holdings
Ltd.#
8,007,298
136,740
JFrog
Ltd.#
10,910,485
902,981
Kopin
Corp.#
3,178,493
554,159
LightPath
Technologies,
Inc.
-
Class
A#
5,746,629
42,575
Lumentum
Holdings,
Inc.#
30,395,995
22,004
Manhattan
Associates,
Inc.#
4,210,685
165,407
Porch
Group,
Inc.#
2,390,131
30,565
Q2
Holdings,
Inc.#
1,860,492
289,697
Red
Violet,
Inc.#
20,099,178
107,762
ServiceTitan,
Inc.
-
Class
A#
8,950,712
64,130
Silicon
Motion
Technology
Corp.
(ADR)
16,263,368
37,059
SiTime
Corp.#
19,833,977
118,986
Ultra
Clean
Holdings,
Inc.#
9,912,724
176,234,289
40
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Timpani
Small
Cap
Growth
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s investments
categorized
in
the
fair
value
hierarchy
as
of
July
31,
2026
(see
Note
3):
NUMBER
OF
SHARES
b
b
VALUE
b
Materials
(0.6%)
189,086
Flotek
Industries,
Inc.#
$
4,451,084
TOTAL
COMMON
STOCKS
(Cost
$520,624,455)
761,201,574
TOTAL
INVESTMENTS
(99.3%)
(Cost
$520,624,455)
761,201,574
OTHER
ASSETS,
LESS
LIABILITIES
(0.7%)
5,108,633
NET
ASSETS
(100.0%)
$
766,310,207
#
Non-income
producing
security.
ABBREVIATION
ADR
American
Depositary
Receipt
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Common
Stocks
83
$
761,201,574
$
—
$
—
$
761,201,574
Total
$
761,201,574
$
—
$
—
$
761,201,574
Calamos
Timpani
SMID
Growth
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
41
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(99.5%)
Consumer
Discretionary
(11.5%)
6,868
Dutch
Bros,
Inc.
-
Class
A#
$
452,121
994
Five
Below,
Inc.#
215,827
6,522
Life
Time
Group
Holdings,
Inc.#
294,142
736
Murphy
USA,
Inc.
447,311
46,078
Rush
Street
Interactive,
Inc.#
1,239,959
70,939
Super
Group
SGHC
Ltd.
993,146
1,075
Tapestry,
Inc.
163,798
16,579
Target
Hospitality
Corp.#
252,001
10,637
Viking
Holdings
Ltd.#
1,109,971
5,168,276
Consumer
Staples
(1.9%)
46,954
Mama's
Creations,
Inc.#
865,362
Energy
(0.7%)
12,185
National
Energy
Services
Reunited
Corp.#
328,508
Financials
(12.2%)
2,002
Affirm
Holdings,
Inc.#
143,163
29,111
Chime
Financial,
Inc.
-
Class
A#
669,262
6,213
Dave,
Inc.#
2,315,523
1,170
Enova
International,
Inc.#
297,344
18,010
Marex
Group
Ltd.
1,169,209
3,026
SEI
Investments
Co.
311,618
3,009
Stifel
Financial
Corp.
249,476
17,219
WisdomTree,
Inc.
333,532
5,489,127
Health
Care
(23.5%)
3,938
Arrowhead
Pharmaceuticals,
Inc.#
333,352
12,743
Axogen,
Inc.#
537,882
1,698
Axsome
Therapeutics,
Inc.#
370,147
5,177
Bridgebio
Pharma,
Inc.#
414,626
3,571
BrightSpring
Health
Services,
Inc.#
213,224
9,172
Cogent
Biosciences,
Inc.#
357,066
7,406
Cytokinetics,
Inc.#
571,225
9,179
Guardant
Health,
Inc.#
1,486,906
1,892
Insmed,
Inc.#
186,551
1,902
Jazz
Pharmaceuticals
PLC#
480,940
621
Krystal
Biotech,
Inc.#
211,836
3,209
Ligand
Pharmaceuticals,
Inc.#
922,716
672
Madrigal
Pharmaceuticals,
Inc.#
314,039
2,412
Mirum
Pharmaceuticals,
Inc.#
255,551
1,007
Natera,
Inc.#
269,634
2,201
Neurocrine
Biosciences,
Inc.#
367,127
2,105
Palvella
Therapeutics,
Inc.#
292,679
2,953
Protagonist
Therapeutics,
Inc.#
403,498
4,422
Revolution
Medicines,
Inc.#
829,258
5,380
Spyre
Therapeutics,
Inc.#
529,015
15,516
Travere
Therapeutics,
Inc.#
867,189
NUMBER
OF
SHARES
b
b
VALUE
b
3,802
Twist
Bioscience
Corp.#
$
348,073
10,562,534
Industrials
(24.6%)
874
Argan,
Inc.
498,556
1,578
Astronics
Corp.#
109,655
2,542
ATI,
Inc.#
476,472
1,726
Axon
Enterprise,
Inc.#
910,914
575
Bloom
Energy
Corp.
-
Class
A#
118,341
1,476
Carpenter
Technology
Corp.
767,018
8,612
CECO
Environmental
Corp.#
567,445
410
Comfort
Systems
USA,
Inc.
709,173
1,028
ESCO
Technologies,
Inc.
324,118
706
FTAI
Aviation
Ltd.
145,436
2,356
JB
Hunt
Transport
Services,
Inc.
640,243
8,716
Knight-Swift
Transportation
Holdings,
Inc.
606,023
6,072
Mercury
Systems,
Inc.#
589,591
20,428
NPK
International,
Inc.#
255,146
779
RBC
Bearings,
Inc.#
429,470
2,888
Sterling
Infrastructure,
Inc.#
1,723,472
2,130
Timken
Co.
292,982
12,078
Xometry,
Inc.
-
Class
A#
1,035,326
4,127
XPO,
Inc.#
829,403
11,028,784
Information
Technology
(25.1%)
721
Agilysys,
Inc.#
75,820
429
AppLovin
Corp.
-
Class
A#
169,841
5,015
Arrow
Electronics,
Inc.#
1,086,099
4,292
Block,
Inc.#
348,682
1,310
Ciena
Corp.#
493,935
3,766
DigitalOcean
Holdings,
Inc.#
442,505
2,127
Everpure,
Inc.
-
Class
A#
164,141
1,462
GoDaddy,
Inc.
-
Class
A#
120,966
1,531
Guidewire
Software,
Inc.#
232,620
433
HubSpot,
Inc.#
102,777
2,242
Ichor
Holdings
Ltd.#
168,755
6,510
JFrog
Ltd.#
519,433
2,701
Lumentum
Holdings,
Inc.#
1,928,352
2,291
Manhattan
Associates,
Inc.#
438,406
692
Monolithic
Power
Systems,
Inc.
986,813
11,936
Samsara,
Inc.
-
Class
A#
444,855
5,739
ServiceTitan,
Inc.
-
Class
A#
476,681
3,748
Silicon
Motion
Technology
Corp.
(ADR)
950,493
2,107
SiTime
Corp.#
1,127,666
1,940
Twilio,
Inc.
-
Class
A#
382,859
42
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Timpani
SMID
Growth
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s investments
categorized
in
the
fair
value
hierarchy
as
of
July
31,
2026
(see
Note
3):
NUMBER
OF
SHARES
b
b
VALUE
b
7,074
Ultra
Clean
Holdings,
Inc.#
$
589,335
11,251,034
TOTAL
COMMON
STOCKS
(Cost
$30,950,936)
44,693,625
TOTAL
INVESTMENTS
(99.5%)
(Cost
$30,950,936)
44,693,625
OTHER
ASSETS,
LESS
LIABILITIES
(0.5%)
211,735
NUMBER
OF
SHARES
b
b
VALUE
b
NET
ASSETS
(100.0%)
$
44,905,360
#
Non-income
producing
security.
ABBREVIATION
ADR
American
Depositary
Receipt
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Common
Stocks
81
$
44,693,625
$
—
$
—
$
44,693,625
Total
$
44,693,625
$
—
$
—
$
44,693,625
Calamos
Growth
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
43
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(99.7%)
Communication
Services
(13.3%)
396,000
Alphabet,
Inc.
-
Class
A
$
141,027,480
111,400
Meta
Platforms,
Inc.
-
Class
A
62,017,494
213,800
Netflix,
Inc.#
15,331,598
16,250
Spotify
Technology
SA#
8,124,025
226,500,597
Consumer
Discretionary
(13.4%)
53,700
Airbnb,
Inc.
-
Class
A#
8,136,624
468,246
Amazon.com,
Inc.#
127,166,249
21,500
Burlington
Stores,
Inc.#
7,922,320
105,000
DoorDash,
Inc.
-
Class
A#
20,596,800
29,898
Dutch
Bros,
Inc.
-
Class
A#^
1,968,185
4,331
Five
Below,
Inc.#
940,390
28,397
Life
Time
Group
Holdings,
Inc.#
1,280,705
3,228
Murphy
USA,
Inc.
1,961,849
56,700
Royal
Caribbean
Cruises
Ltd.
18,047,610
200,634
Rush
Street
Interactive,
Inc.#^
5,399,061
311,118
Super
Group
SGHC
Ltd.
4,355,652
4,714
Tapestry,
Inc.
718,272
72,758
Target
Hospitality
Corp.#
1,105,922
79,200
Tesla,
Inc.#
24,647,832
46,347
Viking
Holdings
Ltd.#
4,836,309
229,083,780
Consumer
Staples
(1.1%)
204,471
Mama's
Creations,
Inc.#^
3,768,400
142,000
Walmart,
Inc.
15,790,400
19,558,800
Energy
(0.1%)
53,360
National
Energy
Services
Reunited
Corp.#
1,438,585
Financials
(5.2%)
8,782
Affirm
Holdings,
Inc.#
628,001
23,600
American
Express
Co.
7,935,500
127,751
Chime
Financial,
Inc.
-
Class
A#^
2,936,996
27,249
Dave,
Inc.#^
10,155,430
5,131
Enova
International,
Inc.#
1,303,992
78,518
Marex
Group
Ltd.
5,097,389
13,276
SEI
Investments
Co.
1,367,162
13,106
Stifel
Financial
Corp.
1,086,618
155,000
Visa,
Inc.
-
Class
A
56,750,150
75,524
WisdomTree,
Inc.^
1,462,900
88,724,138
Health
Care
(7.6%)
17,273
Arrowhead
Pharmaceuticals,
Inc.#
1,462,159
55,891
Axogen,
Inc.#^
2,359,159
7,445
Axsome
Therapeutics,
Inc.#
1,622,936
22,723
Bridgebio
Pharma,
Inc.#
1,819,885
15,566
BrightSpring
Health
Services,
Inc.#
929,446
40,158
Cogent
Biosciences,
Inc.#^
1,563,351
NUMBER
OF
SHARES
b
b
VALUE
b
32,256
Cytokinetics,
Inc.#^
$
2,487,905
40,600
Eli
Lilly
&
Co.
46,642,904
40,282
Guardant
Health,
Inc.#
6,525,281
8,232
Insmed,
Inc.#
811,675
21,250
Intuitive
Surgical,
Inc.#
7,508,263
8,348
Jazz
Pharmaceuticals
PLC#
2,110,875
2,722
Krystal
Biotech,
Inc.#^
928,529
13,963
Ligand
Pharmaceuticals,
Inc.#^
4,014,921
2,948
Madrigal
Pharmaceuticals,
Inc.#^
1,377,659
10,540
Mirum
Pharmaceuticals,
Inc.#^
1,116,713
4,395
Natera,
Inc.#
1,176,805
9,651
Neurocrine
Biosciences,
Inc.#
1,609,787
9,197
Palvella
Therapeutics,
Inc.#^
1,278,751
12,931
Protagonist
Therapeutics,
Inc.#^
1,766,892
19,073
Revolution
Medicines,
Inc.#
3,576,760
145,000
Royalty
Pharma
PLC
-
Class
A
8,472,350
23,555
Spyre
Therapeutics,
Inc.#^
2,316,163
18,750
Stryker
Corp.
6,106,875
67,714
Travere
Therapeutics,
Inc.#^
3,784,536
16,684
Twist
Bioscience
Corp.#^
1,527,420
36,900
UnitedHealth
Group,
Inc.
15,291,360
130,189,360
Industrials
(8.6%)
3,824
Argan,
Inc.^
2,181,325
6,902
Astronics
Corp.#^
479,620
11,148
ATI,
Inc.#
2,089,581
7,516
Axon
Enterprise,
Inc.#
3,966,644
2,521
Bloom
Energy
Corp.
-
Class
A#
518,847
62,000
Boeing
Co.#
13,400,680
6,452
Carpenter
Technology
Corp.
3,352,847
21,200
Caterpillar,
Inc.
17,273,972
37,779
CECO
Environmental
Corp.#
2,489,258
1,791
Comfort
Systems
USA,
Inc.
3,097,875
17,200
Cummins,
Inc.
10,908,240
33,600
Eaton
Corp.
PLC
13,950,720
4,487
ESCO
Technologies,
Inc.^
1,414,706
3,098
FTAI
Aviation
Ltd.
638,188
14,100
GE
Vernova,
Inc.
13,963,089
23,300
General
Electric
Co.
8,389,631
10,338
JB
Hunt
Transport
Services,
Inc.
2,809,352
73,500
Johnson
Controls
International
PLC
10,779,510
38,157
Knight-Swift
Transportation
Holdings,
Inc.
2,653,056
26,493
Mercury
Systems,
Inc.#^
2,572,470
89,027
NPK
International,
Inc.#
1,111,947
3,410
RBC
Bearings,
Inc.#
1,879,967
12,673
Sterling
Infrastructure,
Inc.#
7,562,866
9,329
Timken
Co.
1,283,204
147,500
Uber
Technologies,
Inc.#
10,378,100
52,975
Xometry,
Inc.
-
Class
A#^
4,541,017
17,967
XPO,
Inc.#^
3,610,828
147,297,540
44
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Growth
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
SHARES
b
b
VALUE
b
Information
Technology
(50.4%)
57,100
Advanced
Micro
Devices,
Inc.#
$
27,188,165
3,163
Agilysys,
Inc.#
332,621
460,000
Apple,
Inc.
142,098,600
79,400
Applied
Materials,
Inc.
40,308,998
1,883
AppLovin
Corp.
-
Class
A#
745,480
151,400
Arista
Networks,
Inc.#
27,304,990
21,908
Arrow
Electronics,
Inc.#
4,744,616
18,813
Block,
Inc.#
1,528,368
197,000
Broadcom,
Inc.
76,688,160
5,750
Ciena
Corp.#
2,168,037
48,200
Coherent
Corp.#
12,671,298
86,800
Datadog,
Inc.
-
Class
A#
23,259,796
16,508
DigitalOcean
Holdings,
Inc.#^
1,939,690
9,260
Everpure,
Inc.
-
Class
A#
714,594
6,416
GoDaddy,
Inc.
-
Class
A#
530,860
6,716
Guidewire
Software,
Inc.#
1,020,429
1,902
HubSpot,
Inc.#
451,459
9,835
Ichor
Holdings
Ltd.#
740,280
54,000
Intel
Corp.#
4,870,800
28,410
JFrog
Ltd.#
2,266,834
11,780
Lumentum
Holdings,
Inc.#
8,410,213
10,049
Manhattan
Associates,
Inc.#
1,922,977
12,850
Micron
Technology,
Inc.
10,575,936
250,800
Microsoft
Corp.
116,551,776
26,700
MongoDB,
Inc.#
9,010,716
3,021
Monolithic
Power
Systems,
Inc.
4,308,037
939,500
NVIDIA
Corp.
188,604,625
81,000
Oracle
Corp.
10,519,470
75,000
Palantir
Technologies,
Inc.
-
Class
A#
9,229,500
56,900
Palo
Alto
Networks,
Inc.#
18,881,127
52,361
Samsara,
Inc.
-
Class
A#^
1,951,494
25,300
Seagate
Technology
Holdings
PLC
21,660,089
25,187
ServiceTitan,
Inc.
-
Class
A#^
2,092,032
16,442
Silicon
Motion
Technology
Corp.
(ADR)
4,169,691
9,225
SiTime
Corp.#
4,937,220
90,000
Snowflake,
Inc.#
26,395,200
60,400
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
(ADR)
24,416,700
49,000
Texas
Instruments,
Inc.
13,511,260
8,509
Twilio,
Inc.
-
Class
A#
1,679,251
30,963
Ultra
Clean
Holdings,
Inc.#^
2,579,528
13,600
Western
Digital
Corp.
7,409,824
860,390,741
TOTAL
COMMON
STOCKS
(Cost
$719,857,407)
1,703,183,541
PRINCIPAL
AMOUNT
a
a
VALUE
a
PRIVATE
INVESTMENT
FUND
(0.1%)
Primary
Investment
(0.1%)
N/A
50T
Fund
A
LP1,2,3,4
(Cost
$2,500,000)
$
2,326,750
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(1.8%)
30,407,282
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.674%†***
(Cost
$30,407,282)
$
30,407,282
TOTAL
INVESTMENTS
(101.6%)
(Cost
$752,764,689)
1,735,917,573
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-1.8%)
(
30,407,282
)
OTHER
ASSETS,
LESS
LIABILITIES
(0.2%)
2,854,987
NET
ASSETS
(100.0%)
$
1,708,365,278
#
Non-income
producing
security.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
July
31,
2026.
^
Security,
or
portion
of
security,
is
on
loan.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
July
31,
2026.
1
Investment
valued
using
net
asset
value
per
share
as
practical
expedient.
2
Private
investment
company
does
not
issue
shares
or
units.
3
Investment
has
been
committed
to
but
has
not
been
fully
funded
by
the
Fund.
See
unfunded
commitments
and
redemption
restrictions
table
below.
4
Private
Equity
Investments
are
generally
issued
in
private
placement
transactions
and
as
such
are
generally
restricted
as
to
resale.
The
investment
may
have
been
purchased
on
various
dates
and
for
different
amounts.
The
date
of
the
first
purchase
is
reflected
under
Original
Acquisition
Date
as
shown
in
the
unfunded
commitments
and
redemption
restrictions
table
below.
Total
fair
value
of
restricted
investments
as
of
July
31,
2026
was
$2,326,750,
or
0.1%
of
net
assets.
ABBREVIATION
ADR
American
Depositary
Receipt
45
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Growth
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
The
following
table
summarizes
the
Fund’s investments
categorized
in
the
fair
value
hierarchy
as
of
July
31,
2026
(see
Note
3):
The
following
table
represents
unfunded
commitments
and
redemption
restrictions
of
investments
that
are
measured
at
NAV
per
share
(or
its
equivalent)
as
a
practical
expedient
as
of
July
31,
2026:
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Common
Stocks
127
$
1,703,183,541
$
—
$
—
$
1,703,183,541
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
30,407,282
—
30,407,282
Total
$
1,703,183,541
$
30,407,282
$
—
$
1,733,590,823
Investments
Valued
at
NAV
1
$
2,326,750
Total
$
1,735,917,573
1
As
of
July
31,
2026,
certain
of
the
Fund's
investments
were
valued
using
NAV
per
unit
as
a
practical
expedient
and
have
been
excluded
from
the
fair
value
hierarchy.
SECURITY
DESCRIPTION
UNFUNDED
COMMITMENTS
REDEMPTIONS
FREQUENCY
REDEMPTION
NOTICE
PERIOD
COST
FAIR
VALUE
ORIGINAL
ACQUISITION
DATE
50T
Fund
A
LP
2,500,000
Not
permitted
N/A
2,500,000
2,326,750
12/2/2025
Calamos
Growth
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
46
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
PRINCIPAL
AMOUNT
a
a
VALUE
a
CONVERTIBLE
BONDS
(16.5%)
Communication
Services
(0.5%)
5,935,000
Live
Nation
Entertainment,
Inc.*
2.875%,
10/15/31
$
6,407,129
10,920,000
Lyft,
Inc.*
0.000%,
09/15/30
11,045,799
17,452,928
Consumer
Discretionary
(1.2%)
21,325,000
DoorDash,
Inc.
0.000%,
05/15/30
21,503,917
15,240,000
Etsy,
Inc.
1.000%,
06/15/30
18,591,276
40,095,193
Consumer
Staples
(0.2%)
7,000,000
Adaptive
Biotechnologies
Corp.*
0.000%,
07/01/31
8,460,480
Energy
(0.2%)
9,525,000
Liberty
Energy,
Inc.*^
0.000%,
03/01/31
8,351,901
Financials
(0.9%)
3,725,000
Federal
Realty
OP
LP*
3.250%,
01/15/29
4,113,629
8,172,000
Kite
Realty
Group
LP*
3.250%,
04/15/32
8,145,278
7,660,000
Robinhood
Markets,
Inc.*
0.000%,
10/01/29
7,350,689
7,655,000
WisdomTree,
Inc.*
4.625%,
08/15/30
9,801,539
29,411,135
Health
Care
(2.2%)
8,205,000
Bridgebio
Pharma,
Inc.*
0.750%,
02/01/33
8,490,944
6,945,000
Cogent
Biosciences,
Inc.
1.625%,
11/15/31
8,590,826
2,987,000
Indivior
Pharmaceuticals,
Inc.*
0.625%,
03/15/31
3,565,044
14,055,000
Ligand
Pharmaceuticals,
Inc.*
0.000%,
09/15/31
15,002,588
5,995,000
Merit
Medical
Systems,
Inc.
3.000%,
02/01/29
7,031,775
10,390,000
Mirum
Pharmaceuticals,
Inc.*
0.000%,
06/01/32
10,589,488
11,130,000
Revolution
Medicines,
Inc.^
0.500%,
05/01/33
13,803,315
6,885,000
Travere
Therapeutics,
Inc.^
0.500%,
05/15/32
8,043,746
75,117,726
Industrials
(2.4%)
5,360,000
Bloom
Energy
Corp.*
0.000%,
11/15/30
7,533,641
PRINCIPAL
AMOUNT
a
a
VALUE
a
12,219,000
BWX
Technologies,
Inc.*
0.000%,
11/01/30
$
11,796,222
7,200,000
Fluor
Corp.^
1.125%,
08/15/29
9,350,928
13,260,000
JBT
Marel
Corp.*^
0.375%,
09/15/30
13,337,306
15,570,000
Knight-Swift
Transportation
Holdings,
Inc.*
1.000%,
11/15/31
17,012,405
Uber
Technologies,
Inc.
13,580,000
Series
2028,
0.875%,
12/01/28
15,996,153
7,145,000
0.000%,
05/15/28
8,003,615
83,030,270
Information
Technology
(6.0%)
10,840,000
Akamai
Technologies,
Inc.
0.250%,
05/15/33
15,517,894
14,360,000
Cloudflare,
Inc.^
0.000%,
06/15/30
19,883,430
13,895,000
CyberArk
Software
Ltd.
0.000%,
06/15/30
22,773,071
8,590,000
Datadog,
Inc.
0.000%,
12/01/29
12,484,792
10,347,000
IREN
Ltd.*^
1.000%,
12/01/33
7,842,716
2,040,000
Lumentum
Holdings,
Inc.*
0.375%,
03/15/32
7,955,612
15,325,000
Microchip
Technology,
Inc.*
0.000%,
02/15/30
16,358,978
8,805,000
Mirion
Technologies,
Inc.*
0.000%,
10/01/31
7,585,155
13,730,000
ON
Semiconductor
Corp.^
0.500%,
03/01/29
15,551,010
8,795,000
Onto
Innovation,
Inc.*
0.000%,
06/01/31
9,553,041
5,260,000
Penguin
Solutions,
Inc.*^
0.000%,
08/01/31
4,683,925
2,905,000
Seagate
HDD
Cayman
3.500%,
06/01/28
30,193,989
6,550,000
Snowflake,
Inc.
0.000%,
10/01/29
12,979,873
1,680,000
Western
Digital
Corp.
3.000%,
11/15/28
24,252,833
207,616,319
Real
Estate
(1.1%)
9,155,000
Digital
Realty
Trust
LP*^
1.875%,
11/15/29
9,979,957
7,570,000
Realty
Income
Corp.*
3.500%,
01/15/29
7,862,959
11,030,000
Welltower
OP
LLC*^
3.125%,
07/15/29
20,425,685
38,268,601
Utilities
(1.8%)
15,140,000
CenterPoint
Energy,
Inc.*^
3.000%,
08/01/28
15,773,609
15,830,000
CMS
Energy
Corp.
3.375%,
05/01/28
17,112,388
47
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Growth
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
16,315,000
PPL
Capital
Funding,
Inc.
2.875%,
03/15/28
$
18,101,492
8,860,000
Southern
Co.
4.500%,
06/15/27
9,660,590
60,648,079
TOTAL
CONVERTIBLE
BONDS
(Cost
$472,980,046)
568,452,632
U.S.
GOVERNMENT
AND
AGENCY
SECURITY
(0.5%)
Other
(0.5%)
17,295,000
U.S.
Treasury
Notes
4.125%,
01/31/27
(Cost
$17,316,737)
17,307,498
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(75.9%)
Communication
Services
(7.8%)
508,010
Alphabet,
Inc.
-
Class
A
180,917,601
4,385
Alphabet,
Inc.
-
Class
C
1,563,910
105,555
Meta
Platforms,
Inc.
-
Class
A
58,763,524
279,750
Netflix,
Inc.#
20,060,873
93,080
Walt
Disney
Co.
8,953,365
270,259,273
Consumer
Discretionary
(8.3%)
551,500
Amazon.com,
Inc.#
149,776,370
68,750
Booking
Holdings,
Inc.
13,261,875
50,845
Home
Depot,
Inc.
16,878,506
11,475
KRW
Hyundai
Motor
Co.
3,040,381
70,505
Lowe's
Cos.,
Inc.
14,651,644
39,815
McDonald's
Corp.
10,775,532
29,361
Royal
Caribbean
Cruises
Ltd.
9,345,606
137,140
Starbucks
Corp.
14,433,985
132,125
Tesla,
Inc.#
41,118,621
77,920
TJX
Cos.,
Inc.
12,259,933
285,542,453
Consumer
Staples
(3.4%)
270,070
Coca-Cola
Co.
23,655,431
18,465
Costco
Wholesale
Corp.
17,576,649
147,210
Dollar
General
Corp.
18,703,031
110,765
Philip
Morris
International,
Inc.
21,136,177
108,280
Procter
&
Gamble
Co.
15,645,377
192,090
Walmart,
Inc.
21,360,408
118,077,073
Energy
(2.9%)
62,180
Chevron
Corp.
12,238,889
222,135
EQT
Corp.
11,837,574
195,105
ExxonMobil
Holdings
Corp.
30,327,121
88,585
Marathon
Petroleum
Corp.
28,034,495
236,790
Williams
Cos.,
Inc.
16,939,957
99,378,036
NUMBER
OF
SHARES
b
b
VALUE
b
Financials
(10.7%)
39,470
American
Express
Co.
$
13,271,788
44,243
Assurant,
Inc.
12,352,203
482,460
Bank
of
America
Corp.
29,888,397
9,170
BlackRock,
Inc.
9,998,876
29,670
Capital
One
Financial
Corp.
6,201,327
36,270
Chubb
Ltd.
12,719,164
212,885
Citigroup,
Inc.
28,196,618
32,680
Goldman
Sachs
Group,
Inc.
33,280,658
175,135
JPMorgan
Chase
&
Co.
61,610,742
69,155
Mastercard,
Inc.
-
Class
A
39,632,731
96,000
JPY
Mizuho
Financial
Group,
Inc.
4,977,042
124,290
Morgan
Stanley
26,153,102
135,300
JPY
ORIX
Corp.
5,460,617
14,060
S&P
Global,
Inc.
5,791,736
77,890
State
Street
Corp.
14,344,222
114,120
Visa,
Inc.
-
Class
A
41,782,756
284,680
Wells
Fargo
&
Co.
24,610,586
370,272,565
Health
Care
(7.7%)
67,220
AbbVie,
Inc.
16,868,187
91,655
Boston
Scientific
Corp.#
4,283,038
117,500
CVS
Health
Corp.
12,270,525
56,460
Danaher
Corp.
11,008,571
43,015
Eli
Lilly
&
Co.
49,417,353
95,230
Gilead
Sciences,
Inc.
12,399,898
15,410
Intuitive
Surgical,
Inc.#
5,444,815
151,345
Johnson
&
Johnson
38,797,291
121,475
Medtronic
PLC
10,372,750
176,815
Merck
&
Co.,
Inc.
23,021,313
60,990
Quest
Diagnostics,
Inc.
14,211,280
17,880
Stryker
Corp.
5,823,516
36,000
Thermo
Fisher
Scientific,
Inc.
20,674,800
68,510
UnitedHealth
Group,
Inc.
28,390,544
22,615
Vertex
Pharmaceuticals,
Inc.#
10,789,617
263,773,498
Industrials
(5.9%)
29,535
Caterpillar,
Inc.
24,065,413
699,400
CSX
Corp.
35,249,760
136,175
Delta
Air
Lines,
Inc.
11,907,142
31,525
GE
Vernova,
Inc.
31,218,892
51,530
General
Electric
Co.
18,554,407
14,060
Mobility
Global,
Inc.#
286,543
23,315
Parker-Hannifin
Corp.
22,767,797
18,885
Quanta
Services,
Inc.
12,603,094
117,980
RTX
Corp.
25,391,656
69,965
Union
Pacific
Corp.
20,438,875
202,483,579
Information
Technology
(26.6%)
71,180
Advanced
Micro
Devices,
Inc.#
33,892,357
56,495
Amphenol
Corp.
-
Class
A
9,078,746
711,150
Apple,
Inc.
219,681,346
48
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Growth
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
36,500
Applied
Materials,
Inc.
$
18,529,955
223,560
Broadcom,
Inc.
87,027,437
231,530
Cisco
Systems,
Inc.
26,855,165
207,025
Intel
Corp.#
18,673,655
114,100
Lam
Research
Corp.
33,433,582
57,370
Micron
Technology,
Inc.
47,217,231
337,840
Microsoft
Corp.
157,001,005
1,107,945
NVIDIA
Corp.
222,419,959
31,050
Oracle
Corp.
4,032,463
144,460
Palantir
Technologies,
Inc.
-
Class
A#
17,777,248
49,060
Salesforce,
Inc.
9,028,021
8,695
Sandisk
Corp.#
10,562,947
915,211,117
Materials
(2.3%)
371,240
Freeport-McMoRan,
Inc.
23,250,761
52,995
Linde
PLC
25,351,748
62,025
Sherwin-Williams
Co.
21,141,221
41,210
Vulcan
Materials
Co.
11,067,770
80,811,500
Utilities
(0.3%)
71,770
Vistra
Corp.
10,635,596
TOTAL
COMMON
STOCKS
(Cost
$877,866,132)
2,616,444,690
CONVERTIBLE
PREFERRED
STOCKS
(3.3%)
Communication
Services
(0.5%)
354,120
Alphabet,
Inc.
6.250%,
05/15/29#
17,769,742
Industrials
(1.0%)
270,245
Boeing
Co.#
6.000%,
10/15/27
18,055,068
179,100
QXO,
Inc.
5.500%,
05/15/28
7,253,550
164,450
VSE
Corp.#^
5.750%,
02/01/29
8,350,771
33,659,389
Information
Technology
(1.0%)
86,115
Hewlett
Packard
Enterprise
Co.
7.625%,
09/01/27
10,723,901
275,800
Microchip
Technology,
Inc.
7.500%,
03/15/28
17,728,424
168,475
Oracle
Corp.#^
6.500%,
01/15/29
7,055,733
35,508,058
Materials
(0.2%)
112,640
Albemarle
Corp.
7.250%,
03/01/27
5,607,219
NUMBER
OF
SHARES
b
b
VALUE
b
Utilities
(0.6%)#
80,675
CenterPoint
Energy,
Inc.
(Warner
Media
LLC,
Charter
Communications
Time,
Inc.)§
3.369%,
09/15/29
$
2,495,278
388,230
NextEra
Energy,
Inc.
7.375%,
02/15/29
18,518,571
21,013,849
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$114,423,160)
113,558,257
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(0.3%)#
Other
(0.3%)
21,850
230,692,300
iShares
MSCI
EAFE
ETF
Call,
09/18/26,
Strike
$110.00
1,573,200
83
234,675,860
NASDAQ
100
Stock
Index
Put,
10/16/26,
Strike
$27,250.00
6,250,315
45
13,191,026
Russell
2000
Index
Call,
09/18/26,
Strike
$2,630.00
1,442,475
9,265,990
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$13,254,651)
9,265,990
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(1.8%)
62,167,950
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.674%†***
(Cost
$62,167,950)
$
62,167,950
TOTAL
INVESTMENTS
(98.3%)
(Cost
$1,558,008,676)
3,387,197,017
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-1.8%)
(
62,167,950
)
OTHER
ASSETS,
LESS
LIABILITIES
(3.5%)
121,316,088
NET
ASSETS
(100.0%)
$
3,446,345,155
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (-0.1%)#
Other
(-0.1%)
(83)
(234,675,860)
NASDAQ
100
Stock
Index
Put,
10/16/26,
Strike
$25,000.00
(Premium
$3,158,796)
$
(
2,647,700
)
49
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Growth
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
July
31,
2026
(see
Note
3):
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
^
Security,
or
portion
of
security,
is
on
loan.
#
Non-income
producing
security.
§
Securities
exchangeable
or
convertible
into
securities
of
one
or
more
entities
that
are
different
than
the
issuer.
Each
entity
is
identified
in
the
parenthetical.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
July
31,
2026.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
July
31,
2026.
FOREIGN
CURRENCY
ABBREVIATIONS
JPY
Japanese
Yen
KRW
South
Korean
Won
Note:
Value
for
securities
denominated
in
foreign
currencies
is
shown
in
U.S.
dollars.
The
date
on
options
represents
the
expiration
date
of
the
option
contract.
The
option
contract
may
be
exercised
at
any
date
on
or
before
the
date
shown.
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Convertible
Bonds
46
$
—
$
568,452,632
$
—
$
568,452,632
U.S.
Government
and
Agency
Security
1
—
17,307,498
—
17,307,498
Common
Stocks
90
2,602,966,650
13,478,040
—
2,616,444,690
Convertible
Preferred
Stocks
13
111,062,979
2,495,278
—
113,558,257
Exchange-Traded
Purchased
Options
3
9,265,990
—
—
9,265,990
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
62,167,950
—
62,167,950
Total
$
2,723,295,619
$
663,901,398
$
—
$
3,387,197,017
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
$
2,647,700
$
—
$
—
$
2,647,700
Total
$
2,647,700
$
—
$
—
$
2,647,700
Calamos
Select
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
50
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(98.2%)
Communication
Services
(10.8%)
11,890
Alphabet,
Inc.
-
Class
A
$
4,234,386
3,045
Meta
Platforms,
Inc.
-
Class
A
1,695,182
7,760
Netflix,
Inc.#
556,469
850
Spotify
Technology
SA#
424,949
6,910,986
Consumer
Discretionary
(12.0%)
5,730
Airbnb,
Inc.
-
Class
A#
868,210
11,890
Amazon.com,
Inc.#
3,229,086
3,820
DoorDash,
Inc.
-
Class
A#
749,331
2,620
Home
Depot,
Inc.
869,735
2,540
Royal
Caribbean
Cruises
Ltd.
808,482
1,170
Tesla,
Inc.#
364,116
4,710
TJX
Cos.,
Inc.
741,071
7,630,031
Consumer
Staples
(2.2%)
3,600
PepsiCo,
Inc.
502,416
7,920
Walmart,
Inc.
880,704
1,383,120
Energy
(1.7%)
5,490
Chevron
Corp.
1,080,597
Financials
(9.7%)
2,540
American
Express
Co.
854,075
3,110
Chubb
Ltd.
1,090,615
2,970
JPMorgan
Chase
&
Co.
1,044,816
4,520
Morgan
Stanley
951,098
3,890
Visa,
Inc.
-
Class
A
1,424,246
9,330
Wells
Fargo
&
Co.
806,579
6,171,429
Health
Care
(9.3%)
3,610
Danaher
Corp.
703,878
1,270
Eli
Lilly
&
Co.
1,459,027
1,490
Intuitive
Surgical,
Inc.#
526,461
5,300
Johnson
&
Johnson
1,358,655
5,800
Royalty
Pharma
PLC
-
Class
A
338,894
2,470
Stryker
Corp.
804,479
1,770
UnitedHealth
Group,
Inc.
733,488
5,924,882
Industrials
(10.1%)
4,800
Boeing
Co.#
1,037,472
905
Caterpillar,
Inc.
737,403
710
Cummins,
Inc.
450,282
1,260
Deere
&
Co.
746,764
1,700
Eaton
Corp.
PLC
705,840
4,710
Johnson
Controls
International
PLC
690,769
7,750
Uber
Technologies,
Inc.#
545,290
2,320
Union
Pacific
Corp.
677,742
NUMBER
OF
SHARES
b
b
VALUE
b
3,660
Waste
Management,
Inc.
$
829,173
6,420,735
Information
Technology
(36.7%)
1,650
Advanced
Micro
Devices,
Inc.#
785,648
15,200
Apple,
Inc.
4,695,432
2,970
Applied
Materials,
Inc.
1,507,780
4,450
Arista
Networks,
Inc.#
802,558
5,780
Broadcom,
Inc.
2,250,038
2,030
Coherent
Corp.#
533,667
2,440
Datadog,
Inc.
-
Class
A#
653,847
3,740
Intel
Corp.#
337,348
415
Micron
Technology,
Inc.
341,557
6,700
Microsoft
Corp.
3,113,624
23,600
NVIDIA
Corp.
4,737,700
1,440
Palo
Alto
Networks,
Inc.#
477,835
860
Seagate
Technology
Holdings
PLC
736,272
2,600
ServiceNow,
Inc.#
289,198
2,690
Snowflake,
Inc.#
788,923
1,120
Synopsys,
Inc.#
435,411
3,250
Texas
Instruments,
Inc.
896,155
23,382,993
Materials
(2.2%)
1,700
Linde
PLC
813,246
1,700
Sherwin-Williams
Co.
579,445
1,392,691
Real
Estate
(1.8%)
7,920
Prologis,
Inc.
1,145,311
Utilities
(1.7%)
11,730
Southern
Co.
1,108,954
TOTAL
COMMON
STOCKS
(Cost
$33,761,976)
62,551,729
TOTAL
INVESTMENTS
(98.2%)
(Cost
$33,761,976)
62,551,729
OTHER
ASSETS,
LESS
LIABILITIES
(1.8%)
1,163,608
NET
ASSETS
(100.0%)
$
63,715,337
#
Non-income
producing
security.
51
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Select
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
The
following
table
summarizes
the
Fund’s investments
categorized
in
the
fair
value
hierarchy
as
of
July
31,
2026
(see
Note
3):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Common
Stocks
57
$
62,551,729
$
—
$
—
$
62,551,729
Total
$
62,551,729
$
—
$
—
$
62,551,729
Calamos
International
Growth
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
52
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(98.6%)
Communication
Services
(1.5%)
56,590
Millicom
International
Cellular
SA^
$
5,403,213
Consumer
Discretionary
(9.6%)
30,650
Alibaba
Group
Holding
Ltd.
(ADR)^
3,746,962
314,500
PLN
Allegro.eu
SA#*
3,788,518
246,500
JPY
BuySell
Technologies
Co.
Ltd.
4,553,145
237,410
EUR
Deutsche
Lufthansa
AG
2,491,150
12,946
KRW
Hyundai
Motor
Co.
3,430,132
10,210
EUR
Kering
SA
3,370,049
39,200
SEK
MIPS
AB*
1,733,151
32,380
Sea
Ltd.
(ADR)#
3,456,241
65,430
Viking
Holdings
Ltd.#
6,827,621
33,396,969
Consumer
Staples
(3.0%)
16,310
Philip
Morris
International,
Inc.
3,112,274
37,080
PriceSmart,
Inc.^
7,190,183
10,302,457
Energy
(2.0%)
99,770
TechnipFMC
PLC
7,149,518
Financials
(23.5%)
752,500
EUR
Alpha
Bank
SA
3,731,445
87,739
SEK
Avarda
Bank
AB*
1,734,953
398,250
EUR
Banco
Santander
SA
5,664,018
37,240
EUR
BAWAG
Group
AG*
7,552,106
14,770
Chubb
Ltd.
5,179,544
41,220
EUR
Erste
Group
Bank
AG
5,388,405
452,000
INR
Federal
Bank
Ltd.
1,698,345
19,300
Grupo
Cibest
SA
(ADR)
1,785,636
168,050
EUR
ING
Groep
NV
5,905,537
26,800
KRW
KB
Financial
Group,
Inc.
3,136,585
105,700
JPY
Mizuho
Financial
Group,
Inc.
5,479,931
250,100
JPY
Nishi-Nippon
Financial
Holdings,
Inc.
6,609,600
177,400
JPY
ORIX
Corp.
7,159,745
4,095
GBP
Plus500
Ltd.
215,794
410,000
JPY
Shiga
Bank
Ltd.^
6,092,055
105,620
CHF
UBS
Group
AG
5,582,823
96,630
EUR
UniCredit
SpA
9,113,352
82,029,874
Health
Care
(4.1%)
162,600
JPY
Asahi
Intecc
Co.
Ltd.
3,668,442
23,890
CHF
Galderma
Group
AG
5,198,734
91,380
Royalty
Pharma
PLC
-
Class
A
5,339,333
14,206,509
Industrials
(24.5%)
59,500
JPY
BayCurrent,
Inc.
2,683,694
40,320
CAD
Canadian
Pacific
Kansas
City
Ltd.
3,581,443
41,700
HKD
Contemporary
Amperex
Technology
Co.
Ltd.
-
Class
H^
3,301,170
NUMBER
OF
SHARES
b
b
VALUE
b
75,900
JPY
Daifuku
Co.
Ltd.^
$
2,795,866
82,720
EUR
Deutsche
Post
AG
5,525,841
95,800
JPY
FANUC
Corp.
3,860,306
2,080,000
GBP
Hays
PLC
1,581,073
8,800
EUR
HOCHTIEF
AG
4,510,215
1,860
KRW
Hyosung
Heavy
Industries
Corp.
3,022,913
29,570
CHF
Implenia
AG
2,346,219
78,100
DKK
ISS
AS
3,461,495
59,450
SEK
Loomis
AB
3,280,718
126,500
JPY
Mitsubishi
Electric
Corp.
4,556,921
25,470
EUR
Prysmian
SpA
3,514,687
129,200
EUR
Randstad
NV
5,462,044
71,100
JPY
Recruit
Holdings
Co.
Ltd.
5,622,646
524,500
GBP
Rolls-Royce
Holdings
PLC
10,463,597
13,050
EUR
Safran
SA
5,128,406
49,020
EUR
Siemens
Energy
AG
8,374,722
173,500
JPY
SMS
Co.
Ltd.
2,408,962
85,482,938
Information
Technology
(25.2%)
28,900
JPY
Advantest
Corp.
5,710,118
490,000
SGD
AEM
Holdings
Ltd.
3,152,146
5,580
EUR
ASM
International
NV
5,167,910
5,825
EUR
ASML
Holding
NV
9,599,279
71,000
TWD
Delta
Electronics,
Inc.
3,493,031
9,500
JPY
Keyence
Corp.
4,765,073
42,800
CNY
NAURA
Technology
Group
Co.
Ltd.
-
Class
A
4,348,179
5,170
KRW
Samsung
Electro-Mechanics
Co.
Ltd.
3,950,639
42,630
KRW
Samsung
Electronics
Co.
Ltd.
7,419,956
20,400
EUR
SAP
SE
3,739,220
444,200
JPY
SHIFT,
Inc.#
2,495,943
6,670
KRW
SK
Hynix,
Inc.
7,574,819
308,000
TWD
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
22,781,293
10,400
JPY
Tokyo
Electron
Ltd.
3,477,105
87,674,711
Materials
(4.2%)
114,320
CAD
Alamos
Gold,
Inc.
-
Class
A
3,177,164
153,120
CAD
Hudbay
Minerals,
Inc.
3,474,514
8,760
Linde
PLC
4,190,609
20,775
Southern
Copper
Corp.^
3,795,800
14,638,087
Utilities
(1.0%)
52,900
EUR
RWE
AG
3,479,918
TOTAL
COMMON
STOCKS
(Cost
$267,370,488)
343,764,194
53
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
International
Growth
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
SHARES
b
b
VALUE
b
WARRANT
(0.0%)#
Information
Technology
(0.0%)
1,260
Constellation
Software,
Inc.^
03/31/40,
Strike
$1.00
(Cost
$–)
$
—
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(0.4%)#
Communication
Services
(0.2%)
137
6,849,178
Spotify
Technology
SA
Call,
08/21/26,
Strike
$500.00
384,628
131
6,549,214
Spotify
Technology
SA
Call,
08/21/26,
Strike
$550.00
136,895
521,523
Consumer
Discretionary
(0.1%)
36
6,760,620
MercadoLibre,
Inc.
Call,
08/21/26,
Strike
$1,850.00
395,640
Information
Technology
(0.1%)
541
6,337,815
Shopify,
Inc.
Call,
08/21/26,
Strike
$125.00
327,305
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$1,769,021)
1,244,468
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(2.8%)
9,666,527
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.674%†***
(Cost
$9,666,527)
$
9,666,527
TOTAL
INVESTMENTS
(101.8%)
(Cost
$278,806,036)
354,675,189
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-2.8%)
(
9,666,527
)
OTHER
ASSETS,
LESS
LIABILITIES
(1.0%)
3,458,269
NET
ASSETS
(100.0%)
$
348,466,931
#
Non-income
producing
security.
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
July
31,
2026.
^
Security,
or
portion
of
security,
is
on
loan.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
July
31,
2026.
FOREIGN
CURRENCY
ABBREVIATIONS
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
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
PLN
Polish
Zloty
SEK
Swedish
Krona
SGD
Singapore
Dollar
TWD
New
Taiwan
Dollar
ABBREVIATION
ADR
American
Depositary
Receipt
Note:
Value
for
securities
denominated
in
foreign
currencies
is
shown
in
U.S.
dollars.
The
date
on
options
represents
the
expiration
date
of
the
option
contract.
The
option
contract
may
be
exercised
at
any
date
on
or
before
the
date
shown.
COUNTRY
EXPOSURE
July
31,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
Japan
$
71,939,551
20
.8‌
%
United
States
32,235,204
9
.3‌
%
South
Korea
28,535,043
8
.3‌
%
Germany
28,121,066
8
.1‌
%
Taiwan
26,274,324
7
.6‌
%
Netherlands
26,134,770
7
.6‌
%
United
Kingdom
19,194,189
5
.5‌
%
All
other
countries
less
than
5%
$
112,574,515
32
.8‌
%
Total
Investments
$345,008,662
100
.0‌
%
Country
exposure
may
vary
over
time.
54
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
International
Growth
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
The
following
table
summarizes
the
Fund’s investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
July
31,
2026
(see
Note
3):
FORWARD
FOREIGN
CURRENCY
CONTRACTS
COUNTERPARTY
LONG
CONTRACTS
SETTLEMENT
DATE
LOCAL
CURRENCY
CURRENT
VALUE
UNREALIZED
GAIN/LOSS
State
Street
Bank
and
Trust
British
Pound
Sterling
9/18/26
6,365,000
$
8,578,248
$
29,218
State
Street
Bank
and
Trust
Canadian
Dollar
9/18/26
11,321,000
8,091,544
66,355
Northern
Trust
Company
Swiss
Franc
9/18/26
6,456,000
8,024,820
(
27,631
)
State
Street
Bank
and
Trust
Canadian
Dollar
9/18/26
8,123,000
5,805,813
47,610
Northern
Trust
Company
Swiss
Franc
9/18/26
4,632,000
5,757,585
(
19,824
)
State
Street
Bank
and
Trust
British
Pound
Sterling
9/18/26
4,030,000
5,431,318
18,500
Northern
Trust
Company
Australian
Dollar
9/18/26
3,050,000
2,144,449
8,487
Northern
Trust
Company
Australian
Dollar
9/18/26
1,925,000
1,353,463
5,357
$
128,072
COUNTERPARTY
SHORT
CONTRACTS
SETTLEMENT
DATE
LOCAL
CURRENCY
CURRENT
VALUE
UNREALIZED
GAIN/LOSS
Northern
Trust
Company
Swiss
Franc
9/18/26
3,228,000
$
4,012,410
$
43,674
Northern
Trust
Company
Swiss
Franc
9/18/26
2,316,000
2,878,792
31,335
State
Street
Bank
and
Trust
Canadian
Dollar
9/18/26
5,660,000
4,045,415
(
40,947
)
State
Street
Bank
and
Trust
Canadian
Dollar
9/18/26
4,061,000
2,902,549
(
29,379
)
$
4,683
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Common
Stocks
72
$
69,206,922
$
274,557,272
$
—
$
343,764,194
Warrant
1
—
—
*
—
—
*
Exchange-Traded
Purchased
Options
4
1,244,468
—
—
1,244,468
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
9,666,527
—
9,666,527
Forward
Foreign
Currency
Contracts
8
—
250,536
—
250,536
Total
$
70,451,390
$
284,474,335
$
—
$
354,925,725
Liabilities:
—
—
—
—
Forward
Foreign
Currency
Contracts
4
$
—
$
117,781
$
—
$
117,781
Total
$
—
$
117,781
$
—
$
117,781
*
Amount
rounds
to
less
than
$1
Calamos
Evolving
World
Growth
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
55
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
CONVERTIBLE
BONDS
(14.0%)
Communication
Services
(2.0%)
1,975,000
JD.com,
Inc.
0.250%,
06/01/29
$
2,062,394
6,200,000
Xiaomi
Best
Time
International
Ltd.*
0.000%,
12/17/27
6,476,768
8,539,162
Consumer
Discretionary
(6.5%)
Alibaba
Group
Holding
Ltd.
10,275,000
0.500%,
06/01/31^
14,186,898
4,460,000
0.000%,
09/15/32*
4,307,245
62,000,000
HKD
Midea
Investment
Development
Co.
Ltd.
Series
2*
0.000%,
05/13/33
8,624,138
27,118,281
Financials
(4.0%)
Goldman
Sachs
Finance
Corp.
International
Ltd.
(Tencent
Holdings
Ltd.)*§
10,000,000
0.000%,
01/29/29
16,240,200
700,000
Series
700H,
0.000%,
03/07/30
702,877
16,943,077
Information
Technology
(1.5%)
6,280,000
Lenovo
Group
Ltd.*
0.000%,
06/25/33
6,207,152
TOTAL
CONVERTIBLE
BONDS
(Cost
$53,133,809)
58,807,672
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(84.4%)
Communication
Services
(3.2%)
56,380
Millicom
International
Cellular
SA^
5,383,162
322,344
ZAR
MTN
Group
Ltd.
3,996,120
69,500
HKD
Tencent
Holdings
Ltd.
4,246,658
13,625,940
Consumer
Discretionary
(5.0%)
576,000
PLN
Allegro.eu
SA#*
6,938,590
116,080
INR
Bharat
Forge
Ltd.
2,680,408
15,590
KRW
Hyundai
Motor
Co.
4,130,678
155,000
INR
Kalyan
Jewellers
India
Ltd.
995,666
27,500
KRW
LG
Electronics,
Inc.
3,048,148
173,000
HKD
Meituan
-
Class
B#*
2,042,520
20,100
INR
Titan
Co.
Ltd.
1,028,270
20,864,280
Consumer
Staples
(4.1%)
51,600
BBB
Foods,
Inc.
-
Class
A#
2,132,628
47,000
Coca-Cola
Co.
4,116,730
16,000
Fomento
Economico
Mexicano
SAB
de
CV
(ADR)
2,047,840
NUMBER
OF
SHARES
b
b
VALUE
b
45,900
PriceSmart,
Inc.
$
8,900,469
17,197,667
Financials
(14.1%)
1,033,250
EUR
Alpha
Bank
SA
5,123,609
24,715
ZAR
Capitec
Bank
Holdings
Ltd.
7,056,997
2,600,000
HKD
China
Construction
Bank
Corp.
-
Class
H
3,050,907
5,400
Credicorp
Ltd.
2,163,132
607,880
AED
Emirates
NBD
Bank
PJSC
4,992,640
75,630
EUR
Erste
Group
Bank
AG
9,886,586
759,700
EUR
Eurobank
SA
3,925,784
1,694,400
INR
Federal
Bank
Ltd.
6,366,538
47,900
Grupo
Cibest
SA
(ADR)
4,431,708
34,325
KRW
KB
Financial
Group,
Inc.
4,017,287
33,790
HUF
OTP
Bank
Nyrt
5,005,711
1,532,890
MYR
RHB
Bank
Bhd.
3,206,151
59,227,050
Industrials
(14.4%)
2,250
PLN
Benefit
Systems
SA#
3,261,068
86,400
CNY
Contemporary
Amperex
Technology
Co.
Ltd.
-
Class
A
5,065,175
20,000
INR
Cummins
India
Ltd.
1,155,136
9,130
INR
Hitachi
Energy
India
Ltd.
3,070,372
3,745
KRW
Hyosung
Heavy
Industries
Corp.
6,086,456
247,950
PHP
International
Container
Terminal
Services,
Inc.
3,893,692
159,800
INR
KRN
Heat
Exchanger
&
Refrigeration
Ltd.#
1,966,651
1,548,430
INR
Shadowfax
Technologies
Ltd.#*
3,942,238
32,260
KRW
SK
Square
Co.
Ltd.
22,182,393
61,400
TWD
Syntec
Technology
Co.
Ltd.
3,789,656
1,460,800
CNY
Weichai
Power
Co.
Ltd.
-
Class
A
6,050,325
60,463,162
Information
Technology
(39.1%)
46,220
CNY
Advanced
Micro-Fabrication
Equipment,
Inc.
China
-
Class
A
2,351,653
50,600
TWD
Asia
Vital
Components
Co.
Ltd.
3,558,588
9,680
TWD
ASPEED
Technology,
Inc.
4,227,696
96,900
TWD
Delta
Electronics,
Inc.
4,767,249
30,650
TWD
Elite
Material
Co.
Ltd.
4,399,887
179,000
HKD
Hua
Hong
Grace
Semiconductor
Ltd.#*
2,917,174
48,000
CNY
Hygon
Information
Technology
Co.
Ltd.
-
Class
A
1,969,518
68,700
TWD
MediaTek,
Inc.
7,318,452
107,080
CNY
Montage
Technology
Co.
Ltd.
-
Class
A
3,245,738
71,045
CNY
NAURA
Technology
Group
Co.
Ltd.
-
Class
A
7,217,673
11,720
KRW
Samsung
Electro-Mechanics
Co.
Ltd.
8,955,800
157,500
KRW
Samsung
Electronics
Co.
Ltd.
27,413,629
56
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Evolving
World
Growth
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
SHARES
b
b
VALUE
b
1,147,649
TWD
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
$
84,886,132
9,200
CNY
Zhongji
Innolight
Co.
Ltd.
-
Class
A
1,225,119
164,454,308
Materials
(3.5%)
127,335
CAD
Alamos
Gold,
Inc.
-
Class
A^
3,538,875
26,250
ZAR
Anglogold
Ashanti
PLC
1,985,099
258,300
Cemex
SAB
de
CV
(ADR)
3,053,106
183,450
CAD
Hudbay
Minerals,
Inc.
4,162,745
11,500
Southern
Copper
Corp.
2,101,165
14,840,990
Real
Estate
(0.5%)
2,450,000
MYR
IOI
Properties
Group
Bhd.
2,271,858
Utilities
(0.5%)
1,045,000
INR
Adani
Power
Ltd.#
2,306,023
TOTAL
COMMON
STOCKS
(Cost
$211,704,294)
355,251,278
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(1.7%)#
Consumer
Discretionary
(0.4%)
44
8,262,980
MercadoLibre,
Inc.
Call,
08/21/26,
Strike
$1,850.00
483,560
864
9,222,336
Sea
Ltd.
Call,
09/18/26,
Strike
$100.00
1,146,960
1,630,520
Energy
(0.4%)
6,645
12,891,300
Petroleo
Brasileiro
SA
-
Petrobras
Call,
09/18/26,
Strike
$17.00
1,681,185
Financials
(0.0%)
3,448
8,251,064
HDFC
Bank
Ltd.
Call,
10/16/26,
Strike
$27.50
112,060
Materials
(0.1%)
515
9,409,565
Southern
Copper
Corp.
Call,
09/18/26,
Strike
$200.00
345,050
Other
(0.8%)
14,298
71,204,040
iShares
MSCI
India
ETF
Call,
09/18/26,
Strike
$52.00
464,685
12,932
36,843,268
KraneShares
CSI
China
Internet
ETF
Call,
09/18/26,
Strike
$27.00
2,812,710
3,277,395
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$6,767,854)
7,046,210
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(3.4%)
14,386,912
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.674%†***
(Cost
$14,386,912)
$
14,386,912
TOTAL
INVESTMENTS
(103.5%)
(Cost
$285,992,869)
$
435,492,072
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-3.4%)
(
14,386,912
)
LIABILITIES,
LESS
OTHER
ASSETS
(-0.1%)
(
418,210
)
NET
ASSETS
(100.0%)
$
420,686,950
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
^
Security,
or
portion
of
security,
is
on
loan.
§
Securities
exchangeable
or
convertible
into
securities
of
one
or
more
entities
that
are
different
than
the
issuer.
Each
entity
is
identified
in
the
parenthetical.
#
Non-income
producing
security.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
July
31,
2026.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
July
31,
2026.
FOREIGN
CURRENCY
ABBREVIATIONS
AED
UAE
Dirham
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
PLN
Polish
Zloty
TWD
New
Taiwan
Dollar
ZAR
South
African
Rand
ABBREVIATION
ADR
American
Depositary
Receipt
Note:
Value
for
securities
denominated
in
foreign
currencies
is
shown
in
U.S.
dollars.
The
principal
amount
for
such
securities
is
shown
in
the
respective
foreign
currency.
The
date
on
options
represents
the
expiration
date
of
the
option
contract.
The
option
contract
may
be
exercised
at
any
date
on
or
before
the
date
shown.
57
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Evolving
World
Growth
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
The
following
table
summarizes
the
Fund’s investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
July
31,
2026
(see
Note
3):
COUNTRY
EXPOSURE
July
31,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
Taiwan
$
112,947,659
26
.8
%
China
81,247,056
19
.3
%
South
Korea
75,834,391
18
.0
%
United
States
34,066,281
8
.2
%
India
23,623,361
5
.6
%
All
other
countries
less
than
5%
$
93,386,412
22
.1
%
Total
Investments
$421,105,160
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
9/18/26
1,347,832,000
$
14,071,881
$
(
75,875
)
State
Street
Bank
and
Trust
Brazilian
Real
9/18/26
47,937,000
9,354,824
235,344
Northern
Trust
Company
Mexican
Peso
9/18/26
162,365,000
9,339,351
44,552
$
204,021
COUNTERPARTY
SHORT
CONTRACTS
SETTLEMENT
DATE
LOCAL
CURRENCY
CURRENT
VALUE
UNREALIZED
GAIN/LOSS
State
Street
Bank
and
Trust
Indian
Rupee
9/18/26
1,347,832,000
$
14,071,881
$
(
5,590
)
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Convertible
Bonds
8
$
—
$
58,807,672
$
—
$
58,807,672
Common
Stocks
58
42,031,560
313,219,718
—
355,251,278
Exchange-Traded
Purchased
Options
7
7,046,210
—
—
7,046,210
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
14,386,912
—
14,386,912
Forward
Foreign
Currency
Contracts
2
—
279,896
—
279,896
Total
$
49,077,770
$
386,694,198
$
—
$
435,771,968
Liabilities:
—
—
—
—
Forward
Foreign
Currency
Contracts
2
$
—
$
81,465
$
—
$
81,465
Total
$
—
$
81,465
$
—
$
81,465
Calamos
Global
Equity
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
58
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(97.3%)
Communication
Services
(6.8%)
24,270
Alphabet,
Inc.
-
Class
A
$
8,643,275
4,030
Meta
Platforms,
Inc.
-
Class
A
2,243,541
20,500
Millicom
International
Cellular
SA^
1,957,340
12,844,156
Consumer
Discretionary
(8.0%)
23,340
Amazon.com,
Inc.#
6,338,677
89,800
JPY
BuySell
Technologies
Co.
Ltd.
1,658,712
4,990
KRW
Hyundai
Motor
Co.
1,322,135
8,900
Sea
Ltd.
(ADR)#
949,986
12,700
TJX
Cos.,
Inc.
1,998,218
26,600
Viking
Holdings
Ltd.#
2,775,710
15,043,438
Consumer
Staples
(4.6%)
20,600
Coca-Cola
Co.
1,804,354
18,010
Philip
Morris
International,
Inc.
3,436,668
17,900
PriceSmart,
Inc.^
3,470,989
8,712,011
Energy
(3.8%)
9,650
ExxonMobil
Holdings
Corp.
1,499,996
45,300
Halliburton
Co.
1,460,925
57,310
TechnipFMC
PLC
4,106,835
7,067,756
Financials
(17.5%)
152,100
EUR
Banco
Santander
SA
2,163,207
12,000
EUR
BAWAG
Group
AG*
2,433,546
8,100
Chubb
Ltd.
2,840,508
14,490
Citigroup,
Inc.
1,919,200
33,910
Citizens
Financial
Group,
Inc.
2,429,651
10,700
EUR
Erste
Group
Bank
AG
1,398,737
2,730
Goldman
Sachs
Group,
Inc.
2,780,177
47,840
EUR
ING
Groep
NV
1,681,172
13,700
KRW
KB
Financial
Group,
Inc.
1,603,404
69,200
JPY
ORIX
Corp.
2,792,866
82,000
JPY
Shiga
Bank
Ltd.
1,218,411
13,500
State
Street
Corp.
2,486,160
119,100
Sumitomo
Mitsui
Financial
Group,
Inc.
(ADR)^
3,082,308
43,670
EUR
UniCredit
SpA
4,118,598
32,947,945
Health
Care
(15.2%)
10,560
GBP
AstraZeneca
PLC
1,796,365
35,250
BrightSpring
Health
Services,
Inc.#
2,104,777
131,500
Butterfly
Network,
Inc.#^
934,965
12,200
Cardinal
Health,
Inc.
2,806,366
6,620
Eli
Lilly
&
Co.
7,605,321
44,700
Fortrea
Holdings,
Inc.#
856,899
8,800
Guardant
Health,
Inc.#
1,425,512
6,900
Illumina,
Inc.#
1,415,190
NUMBER
OF
SHARES
b
b
VALUE
b
10,960
Johnson
&
Johnson
$
2,809,596
49,750
Royalty
Pharma
PLC
-
Class
A
2,906,892
28,150
Travere
Therapeutics,
Inc.#
1,573,304
5,375
UnitedHealth
Group,
Inc.
2,227,400
28,462,587
Industrials
(9.2%)
1,100
Comfort
Systems
USA,
Inc.
1,902,659
49,000
CSX
Corp.
2,469,600
40,400
JPY
FANUC
Corp.
1,627,937
2,195
GE
Vernova,
Inc.
2,173,687
40,528
ManpowerGroup,
Inc.
2,124,478
25,200
JPY
Recruit
Holdings
Co.
Ltd.
1,992,836
250,700
GBP
Rolls-Royce
Holdings
PLC
5,001,380
17,292,577
Information
Technology
(27.4%)
7,500
Advanced
Micro
Devices,
Inc.#
3,571,125
1,800
Applied
Materials,
Inc.
913,806
2,120
EUR
ASML
Holding
NV
3,493,643
7,630
Broadcom,
Inc.
2,970,206
21,300
Intel
Corp.#
1,921,260
4,800
JPY
Keyence
Corp.
2,407,616
1,990
Lumentum
Holdings,
Inc.#
1,420,741
5,050
Marvell
Technology,
Inc.
947,178
6,430
Microsoft
Corp.
2,988,150
64,280
NVIDIA
Corp.
12,904,210
4,480
Palo
Alto
Networks,
Inc.#
1,486,598
5,300
Salesforce,
Inc.
975,306
34,600
KRW
Samsung
Electronics
Co.
Ltd.
6,022,296
126,700
TWD
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
9,371,396
51,393,531
Materials
(3.6%)
34,000
CAD
Alamos
Gold,
Inc.
-
Class
A^
944,923
69,600
CAD
Hudbay
Minerals,
Inc.^
1,579,324
4,560
Linde
PLC
2,181,413
11,286
Southern
Copper
Corp.
2,062,065
6,767,725
Utilities
(1.2%)
90,900
EUR
Iberdrola
SA
2,159,201
TOTAL
COMMON
STOCKS
(Cost
$117,577,850)
182,690,927
CONVERTIBLE
PREFERRED
STOCK
(0.8%)
Industrials
(0.8%)
21,851
Boeing
Co.
6.000%,
10/15/27#
(Cost
$1,194,984)
1,459,865
59
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Equity
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTION
(0.5%)#
Information
Technology
(0.5%)
228
7,043,148
Apple,
Inc.
Call,
11/20/26,
Strike
$275.00
(Cost
$564,816)
$
993,510
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(2.7%)
5,152,077
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.674%†***
(Cost
$5,152,077)
$
5,152,077
TOTAL
INVESTMENTS
(101.3%)
(Cost
$124,489,727)
190,296,379
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-2.7%)
(
5,152,077
)
OTHER
ASSETS,
LESS
LIABILITIES
(1.4%)
2,752,142
NET
ASSETS
(100.0%)
$
187,896,444
#
Non-income
producing
security.
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
July
31,
2026.
^
Security,
or
portion
of
security,
is
on
loan.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
July
31,
2026.
FOREIGN
CURRENCY
ABBREVIATIONS
CAD
Canadian
Dollar
EUR
European
Monetary
Unit
GBP
British
Pound
Sterling
JPY
Japanese
Yen
KRW
South
Korean
Won
TWD
New
Taiwan
Dollar
ABBREVIATION
ADR
American
Depositary
Receipt
Note:
Value
for
securities
denominated
in
foreign
currencies
is
shown
in
U.S.
dollars.
The
date
on
options
represents
the
expiration
date
of
the
option
contract.
The
option
contract
may
be
exercised
at
any
date
on
or
before
the
date
shown.
COUNTRY
EXPOSURE
July
31,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
United
States
$
116,198,065
62
.7‌
%
Japan
14,780,686
8
.0‌
%
United
Kingdom
10,904,580
5
.9‌
%
All
other
countries
less
than
5%
$
43,260,971
23
.4‌
%
Total
Investments
$185,144,302
100
.0‌
%
Country
exposure
may
vary
over
time.
FORWARD
FOREIGN
CURRENCY
CONTRACTS
COUNTERPARTY
LONG
CONTRACTS
SETTLEMENT
DATE
LOCAL
CURRENCY
CURRENT
VALUE
UNREALIZED
GAIN/LOSS
Northern
Trust
Company
Australian
Dollar
9/18/26
4,897,000
$
3,443,069
$
16,115
Northern
Trust
Company
Swiss
Franc
9/18/26
2,565,000
3,188,302
(
10,978
)
$
5,137
60
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Global
Equity
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
The
following
table
summarizes
the
Fund’s investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
July
31,
2026
(see
Note
3):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Common
Stocks
67
$
128,427,469
$
54,263,458
$
—
$
182,690,927
Convertible
Preferred
Stock
1
1,459,865
—
—
1,459,865
Exchange-Traded
Purchased
Option
1
993,510
—
—
993,510
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
5,152,077
—
5,152,077
Forward
Foreign
Currency
Contracts
1
—
16,115
—
16,115
Total
$
130,880,844
$
59,431,650
$
—
$
190,312,494
Liabilities:
—
—
—
—
Forward
Foreign
Currency
Contracts
1
$
—
$
10,978
$
—
$
10,978
Total
$
—
$
10,978
$
—
$
10,978
Calamos
Global
Opportunities
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
61
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
CONVERTIBLE
BONDS
(25.8%)
Consumer
Discretionary
(3.5%)
3,910,000
Alibaba
Group
Holding
Ltd.*
0.000%,
09/15/32
$
3,776,083
2,900,000
EUR
Deutsche
Lufthansa
AG*
0.000%,
09/10/32
3,710,953
1,875,000
DoorDash,
Inc.
0.000%,
05/15/30
1,890,731
26,000,000
HKD
Midea
Investment
Development
Co.
Ltd.
Series
2*
0.000%,
05/13/33
3,616,574
12,994,341
Consumer
Staples
(0.5%)
1,477,000
Adaptive
Biotechnologies
Corp.*
0.000%,
07/01/31
1,785,161
Financials
(4.5%)
2,500,000
EUR
Cara
Obligations
SAS*
1.500%,
12/01/30
3,596,040
2,700,000
EUR
JPMorgan
Chase
Financial
Co.
LLC*
0.500%,
03/27/30
3,875,784
7,520,000
Robinhood
Markets,
Inc.*^
0.000%,
10/01/29
7,216,342
1,575,000
WisdomTree,
Inc.*
4.500%,
10/01/31
1,915,389
16,603,555
Health
Care
(4.4%)
598,000
Cogent
Biosciences,
Inc.
1.625%,
11/15/31
739,714
1,260,000
Guardant
Health,
Inc.*^
0.000%,
05/15/33
1,938,686
5,297,000
Ligand
Pharmaceuticals,
Inc.*
0.000%,
09/15/31
5,654,124
901,000
Mirum
Pharmaceuticals,
Inc.*
0.000%,
06/01/32
918,299
1,463,000
Revolution
Medicines,
Inc.^
0.500%,
05/01/33
1,814,398
4,310,000
Travere
Therapeutics,
Inc.^
0.500%,
05/15/32
5,035,373
16,100,594
Industrials
(2.0%)
490,000,000
JPY
ANA
Holdings,
Inc.*
0.000%,
12/10/31
3,627,549
3,350,000
Knight-Swift
Transportation
Holdings,
Inc.*^
1.000%,
11/15/31
3,660,344
7,287,893
Information
Technology
(3.2%)
540,000,000
JPY
Advantest
Corp.*
0.000%,
03/28/31
4,384,282
3,830,000
Lenovo
Group
Ltd.*
0.000%,
06/25/33
3,785,572
461,000
Lumentum
Holdings,
Inc.*
0.375%,
03/15/32
1,797,813
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,600,000
Microchip
Technology,
Inc.*
0.000%,
02/15/30
$
1,707,952
11,675,619
Real
Estate
(1.0%)
3,609,000
Realty
Income
Corp.*
3.500%,
01/15/29
3,748,668
Utilities
(6.7%)
4,341,000
CenterPoint
Energy,
Inc.*^
3.000%,
08/01/28
4,522,671
3,740,000
Duke
Energy
Corp.*
3.000%,
03/15/29
3,694,596
1,500,000
Exelon
Corp.*
3.250%,
03/15/29
1,510,875
5,500,000
EUR
Iberdrola
Finanzas
SA*
1.500%,
03/27/30
7,683,916
3,246,000
PPL
Capital
Funding,
Inc.
2.875%,
03/15/28
3,601,437
3,368,000
Southern
Co.^
4.500%,
06/15/27
3,672,333
24,685,828
TOTAL
CONVERTIBLE
BONDS
(Cost
$90,158,792)
94,881,659
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(68.6%)
Communication
Services
(5.7%)
46,320
Alphabet,
Inc.
-
Class
A
16,495,941
7,815
Meta
Platforms,
Inc.
-
Class
A
4,350,689
20,846,630
Consumer
Discretionary
(4.4%)
32,880
Amazon.com,
Inc.#
8,929,550
6,655
KRW
Hyundai
Motor
Co.
1,763,288
12,400
TJX
Cos.,
Inc.
1,951,016
31,910
Viking
Holdings
Ltd.#
3,329,809
15,973,663
Consumer
Staples
(3.6%)
40,700
Coca-Cola
Co.
3,564,913
30,685
Philip
Morris
International,
Inc.
5,855,312
19,800
PriceSmart,
Inc.
3,839,418
13,259,643
Energy
(2.7%)
24,865
ExxonMobil
Holdings
Corp.
3,865,015
78,600
Halliburton
Co.
2,534,850
48,300
TechnipFMC
PLC
3,461,178
9,861,043
Financials
(14.5%)
283,550
EUR
Banco
Santander
SA
4,032,724
14,300
EUR
BAWAG
Group
AG*
2,899,976
7,900
Chubb
Ltd.
2,770,372
62
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Global
Opportunities
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
26,700
Citigroup,
Inc.
$
3,536,415
55,200
Citizens
Financial
Group,
Inc.
3,955,080
28,230
EUR
Erste
Group
Bank
AG
3,690,313
5,095
Goldman
Sachs
Group,
Inc.
5,188,646
119,000
EUR
ING
Groep
NV
4,181,844
9,805
JPMorgan
Chase
&
Co.
3,449,301
17,930
KRW
KB
Financial
Group,
Inc.
2,098,469
69,300
JPY
ORIX
Corp.
2,796,902
15,900
State
Street
Corp.
2,928,144
222,750
Sumitomo
Mitsui
Financial
Group,
Inc.
(ADR)^
5,764,770
64,625
EUR
UniCredit
SpA
6,094,902
53,387,858
Health
Care
(9.3%)
19,700
GBP
AstraZeneca
PLC
3,351,173
27,600
BrightSpring
Health
Services,
Inc.#
1,647,996
130,900
Butterfly
Network,
Inc.#^
930,699
14,650
Cardinal
Health,
Inc.
3,369,940
9,285
Eli
Lilly
&
Co.
10,666,979
9,000
Illumina,
Inc.#
1,845,900
14,825
Johnson
&
Johnson
3,800,389
86,800
Royalty
Pharma
PLC
-
Class
A
5,071,724
8,400
UnitedHealth
Group,
Inc.
3,480,960
34,165,760
Industrials
(5.8%)
1,130
Comfort
Systems
USA,
Inc.
1,954,550
38,200
CSX
Corp.
1,925,280
39,000
JPY
FANUC
Corp.
1,571,523
3,410
GE
Vernova,
Inc.
3,376,889
37,619
ManpowerGroup,
Inc.
1,971,988
25,100
JPY
Recruit
Holdings
Co.
Ltd.
1,984,928
262,091
GBP
Rolls-Royce
Holdings
PLC
5,228,627
14,490
Waste
Management,
Inc.
3,282,710
21,296,495
Information
Technology
(21.1%)
10,955
Advanced
Micro
Devices,
Inc.#
5,216,223
3,400
Applied
Materials,
Inc.
1,726,078
3,960
EUR
ASML
Holding
NV
6,525,862
12,260
Broadcom,
Inc.
4,772,573
39,900
Intel
Corp.#
3,598,980
6,300
Marvell
Technology,
Inc.
1,181,628
12,375
Microsoft
Corp.
5,750,910
95,405
NVIDIA
Corp.
19,152,553
8,500
Palo
Alto
Networks,
Inc.#
2,820,555
59,850
KRW
Samsung
Electronics
Co.
Ltd.
10,417,179
222,000
TWD
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
16,420,283
77,582,824
Materials
(1.5%)
64,650
CAD
Alamos
Gold,
Inc.
-
Class
A^
1,796,743
3,600
Linde
PLC
1,722,168
NUMBER
OF
SHARES
b
b
VALUE
b
10,500
Southern
Copper
Corp.
$
1,918,455
5,437,366
TOTAL
COMMON
STOCKS
(Cost
$150,901,324)
251,811,282
CONVERTIBLE
PREFERRED
STOCKS
(2.3%)
Industrials
(1.5%)
81,168
Boeing
Co.
6.000%,
10/15/27#
5,422,834
Utilities
(0.8%)
63,400
NextEra
Energy,
Inc.
7.375%,
02/15/29#
3,024,180
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$7,488,556)
8,447,014
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(1.0%)#
Information
Technology
(0.5%)
442
13,653,822
Apple,
Inc.
Call,
11/20/26,
Strike
$275.00
1,926,015
Other
(0.5%)
528
36,325,872
Invesco
QQQ
Trust
Put,
09/30/26,
Strike
$680.00
1,123,584
497
37,127,391
SPDR
®
S&P
500
®
ETF
Trust
Put,
09/30/26,
Strike
$725.00
473,144
1,596,728
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$2,799,662)
3,522,743
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(2.9%)
10,580,259
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.674%†***
(Cost
$10,580,259)
$
10,580,259
TOTAL
INVESTMENTS
(100.6%)
(Cost
$261,928,593)
369,242,957
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-2.9%)
(
10,580,259
)
OTHER
ASSETS,
LESS
LIABILITIES
(2.3%)
8,365,771
NET
ASSETS
(100.0%)
$
367,028,469
63
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Opportunities
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
July
31,
2026
(see
Note
3):
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
#
Non-income
producing
security.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
July
31,
2026.
^
Security,
or
portion
of
security,
is
on
loan.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
July
31,
2026.
FOREIGN
CURRENCY
ABBREVIATIONS
CAD
Canadian
Dollar
EUR
European
Monetary
Unit
GBP
British
Pound
Sterling
HKD
Hong
Kong
Dollar
JPY
Japanese
Yen
KRW
South
Korean
Won
TWD
New
Taiwan
Dollar
ABBREVIATION
ADR
American
Depositary
Receipt
Note:
Value
for
securities
denominated
in
foreign
currencies
is
shown
in
U.S.
dollars.
The
date
on
options
represents
the
expiration
date
of
the
option
contract.
The
option
contract
may
be
exercised
at
any
date
on
or
before
the
date
shown.
COUNTRY
EXPOSURE
July
31,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
United
States
$
238,482,590
66
.4‌
%
Japan
20,129,955
5
.6‌
%
All
other
countries
less
than
5%
$
100,050,153
28
.0‌
%
Total
Investments
$358,662,698
100
.0‌
%
Country
exposure
may
vary
over
time.
FORWARD
FOREIGN
CURRENCY
CONTRACTS
COUNTERPARTY
LONG
CONTRACTS
SETTLEMENT
DATE
LOCAL
CURRENCY
CURRENT
VALUE
UNREALIZED
GAIN/LOSS
Northern
Trust
Company
Australian
Dollar
9/18/26
9,501,000
$
6,680,132
$
31,265
Northern
Trust
Company
Swiss
Franc
9/18/26
4,977,000
6,186,424
(
21,301
)
State
Street
Bank
and
Trust
Canadian
Dollar
9/18/26
4,475,000
3,198,451
26,229
$
36,193
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Convertible
Bonds
28
$
—
$
94,881,659
$
—
$
94,881,659
Common
Stocks
57
178,753,289
73,057,993
—
251,811,282
Convertible
Preferred
Stocks
2
8,447,014
—
—
8,447,014
Exchange-Traded
Purchased
Options
3
3,522,743
—
—
3,522,743
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
10,580,259
—
10,580,259
Forward
Foreign
Currency
Contracts
2
—
57,494
—
57,494
Total
$
190,723,046
$
178,577,405
$
—
$
369,300,451
Liabilities:
—
—
—
—
Forward
Foreign
Currency
Contracts
1
$
—
$
21,301
$
—
$
21,301
Total
$
—
$
21,301
$
—
$
21,301
Calamos
International
Small
Cap
Growth
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
64
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(94.5%)
Communication
Services
(3.5%)
4,800
Millicom
International
Cellular
SA
$
458,304
Consumer
Discretionary
(12.6%)
28,100
PLN
Allegro.eu
SA#*
338,497
4,600
EUR
Auto1
Group
SE#
120,800
10,300
JPY
BuySell
Technologies
Co.
Ltd.
190,253
3,600
SEK
MIPS
AB*
159,167
12,200
JPY
Nextage
Co.
Ltd.
254,224
12,600
EUR
Schaeffler
AG
103,858
16,400
EUR
Tonies
SE
-
Class
A#
233,424
15,145
EUR
Westwing
Group
SE#
233,428
1,633,651
Consumer
Staples
(5.3%)
6,300
EUR
Kri-Kri
Milk
Industry
SA
204,505
2,500
PriceSmart,
Inc.
484,775
689,280
Energy
(2.1%)
23,400
CAD
CES
Energy
Solutions
Corp.
272,751
Financials
(19.3%)
47,170
EUR
Alpha
Bank
SA
233,903
10,260
SEK
Avarda
Bank
AB*
202,881
12,320
EUR
Bank
of
Cyprus
Holdings
PLC
146,169
1,650
EUR
BAWAG
Group
AG*
334,613
3,900
EUR
Edenred
SE
128,407
34,700
INR
Federal
Bank
Ltd.
130,382
5,050
INR
Multi
Commodity
Exchange
of
India
Ltd.
142,517
9,600
JPY
Nishi-Nippon
Financial
Holdings,
Inc.
253,707
246
GBP
Plus500
Ltd.
12,963
6,700
EUR
Revo
Insurance
SpA
198,974
25,100
GBP
Saga
PLC#
227,921
20,300
JPY
Shiga
Bank
Ltd.
301,631
5,020
ILS
Tel
Aviv
Stock
Exchange
Ltd.
193,355
2,507,423
Health
Care
(3.5%)
8,350
JPY
Asahi
Intecc
Co.
Ltd.
188,386
10,570
CAD
Extendicare,
Inc.
267,520
455,906
Industrials
(26.6%)
2,630
TWD
Acter
Group
Corp.
Ltd.
74,003
3,100
JPY
BayCurrent,
Inc.
139,823
3,110
CAD
Bird
Construction,
Inc.
148,351
2,300
EUR
Exosens
SAS
152,595
4,600
JPY
Harmonic
Drive
Systems,
Inc.
172,729
280,700
GBP
Hays
PLC
213,369
153
KRW
Hyosung
Heavy
Industries
Corp.
248,659
2,420
CHF
Implenia
AG
192,014
3,750
DKK
ISS
AS
166,205
NUMBER
OF
SHARES
b
b
VALUE
b
3,700
JPY
Kandenko
Co.
Ltd.
$
123,070
2,250
GBP
Keller
Group
PLC
91,962
6,200
TWD
Kinik
Co.
120,620
4,400
INR
Kirloskar
Oil
Engines
Ltd.
100,361
13,400
INR
KRN
Heat
Exchanger
&
Refrigeration
Ltd.#
164,913
3,450
SEK
Loomis
AB
190,386
1,700
CAD
MDA
Space
Ltd.#
51,466
3,570
EUR
Porr
AG
155,047
4,930
EUR
Randstad
NV
208,420
62,730
INR
Shadowfax
Technologies
Ltd.#*
159,708
14,000
JPY
SMS
Co.
Ltd.
194,383
2,400
TWD
Syntec
Technology
Co.
Ltd.
148,130
3,100
JPY
THK
Co.
Ltd.
127,563
16,200
GBP
Volex
PLC
111,640
3,455,417
Information
Technology
(17.2%)
43,700
SGD
AEM
Holdings
Ltd.
281,120
324
TWD
ASPEED
Technology,
Inc.
141,505
3,288
CNY
Beijing
Huafeng
Test
&
Control
Technology
Co.
Ltd.
-
Class
A
173,594
1,100
TWD
Elite
Material
Co.
Ltd.
157,908
1,600
JPY
Ibiden
Co.
Ltd.
160,068
3,550
EUR
Indra
Sistemas
SA
233,400
7,650
EUR
Jenoptik
AG
331,444
1,600
JPY
Micronics
Japan
Co.
Ltd.
130,468
1,450
EUR
Nemetschek
SE
97,737
9,100
JPY
Optex
Group
Co.
Ltd.
194,688
19,800
EUR
Profile
Systems
&
Software
SA
205,596
22,300
JPY
SHIFT,
Inc.#
125,303
2,232,831
Materials
(3.5%)
10,250
CAD
Hudbay
Minerals,
Inc.
232,587
1,700
JPY
PILLAR
Corp.
98,263
3,250
CAD
Torex
Gold
Resources,
Inc.
125,076
455,926
Utilities
(0.9%)
11,820
EUR
Italgas
SpA
121,936
TOTAL
COMMON
STOCKS
(Cost
$10,637,003)
12,283,425
TOTAL
INVESTMENTS
(94.5%)
(Cost
$10,637,003)
12,283,425
OTHER
ASSETS,
LESS
LIABILITIES
(5.5%)
719,837
NET
ASSETS
(100.0%)
$
13,003,262
#
Non-income
producing
security.
65
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
International
Small
Cap
Growth
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
The
following
table
summarizes
the
Fund’s investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
July
31,
2026
(see
Note
3):
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
FOREIGN
CURRENCY
ABBREVIATIONS
CAD
Canadian
Dollar
CHF
Swiss
Franc
CNY
Chinese
Yuan
Renminbi
DKK
Danish
Krone
EUR
European
Monetary
Unit
GBP
British
Pound
Sterling
ILS
Israeli
New
Shekel
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
PLN
Polish
Zloty
SEK
Swedish
Krona
SGD
Singapore
Dollar
TWD
New
Taiwan
Dollar
Note:
Value
for
securities
denominated
in
foreign
currencies
is
shown
in
U.S.
dollars.
COUNTRY
EXPOSURE
July
31,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
Japan
$
2,654,558
21
.6‌
%
Germany
1,120,691
9
.1‌
%
Canada
1,097,752
8
.9‌
%
India
697,880
5
.7‌
%
United
Kingdom
644,892
5
.3‌
%
Greece
644,004
5
.3‌
%
Taiwan
642,166
5
.2‌
%
All
other
countries
less
than
5%
$
4,781,482
38
.9‌
%
Total
Investments
$12,283,425
100
.0‌
%
Country
exposure
may
vary
over
time.
FORWARD
FOREIGN
CURRENCY
CONTRACTS
COUNTERPARTY
LONG
CONTRACTS
SETTLEMENT
DATE
LOCAL
CURRENCY
CURRENT
VALUE
UNREALIZED
GAIN/LOSS
Northern
Trust
Company
Australian
Dollar
9/18/26
497,000
$
348,819
$
1,015
Northern
Trust
Company
South
African
Rand
9/18/26
1,153,000
69,487
(
296
)
Northern
Trust
Company
Australian
Dollar
9/18/26
95,000
66,676
146
$
865
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Common
Stocks
66
$
2,593,603
$
9,689,822
$
—
$
12,283,425
Forward
Foreign
Currency
Contracts
2
—
1,161
—
1,161
Total
$
2,593,603
$
9,690,983
$
—
$
12,284,586
Liabilities:
—
—
—
—
Forward
Foreign
Currency
Contracts
1
$
—
$
296
$
—
$
296
Total
$
—
$
296
$
—
$
296
Calamos
Total
Return
Bond
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
66
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
PRINCIPAL
AMOUNT
a
a
VALUE
a
ASSET
BACKED
SECURITIES
(2.1%)
Financials
(1.0%)
55,175
CLI
Funding
VI
LLC
Series
2020-3A,
Class
A*
2.070%,
10/18/45                    
$
51,618
60,201
ELFI
Graduate
Loan
Program
LLC
Series
2022-A,
Class
A*
4.510%,
08/26/47                    
58,242
125,000
Hertz
Vehicle
Financing
III
LP
Series
2021-2A,
Class
A*
1.680%,
12/27/27                    
124,251
234,111
Other
(1.1%)
100,000
SCF
Equipment
Leasing
LLC
Series
2025-2A,
Class
A3*
4.330%,
06/20/36                    
98,551
98,292
SVC
ABS
LLC
Series
2023-1A,
Class
A*
5.150%,
02/20/53                    
98,163
55,653
USAA
Auto
Owner
Trust
Series
2024-A,
Class
A3*
5.030%,
03/15/29                    
55,875
252,589
TOTAL
ASSET
BACKED
SECURITIES
(Cost
$493,464)
486,700
CORPORATE
BONDS
(45.5%)
Airlines
(1.3%)
77,668
Air
Canada
Pass-Through
Trust
Series
2015-2,
Class
AA*
3.750%,
06/15/29
76,383
71,108
Alaska
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A*
4.800%,
02/15/29
71,097
50,380
British
Airways
Pass-Through
Trust
Series
2019-1,
Class
A*
3.350%,
12/15/30
48,746
104,277
JetBlue
Pass-Through
Trust
Series
2019,
Class
AA
2.750%,
11/15/33
91,469
287,695
Communication
Services
(2.3%)
100,000
AT&T,
Inc.
5.125%,
04/30/36
95,297
60,000
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
2.800%,
04/01/31
52,578
50,000
Comcast
Corp.
3.900%,
03/01/38
40,836
75,000
Paramount
Global
3.700%,
10/04/26
74,767
100,000
T-Mobile
USA,
Inc.
6.700%,
12/15/33
107,235
PRINCIPAL
AMOUNT
a
a
VALUE
a
Verizon
Communications,
Inc.
50,000
6.200%,
05/14/56‡
,
5
yr.
CMT
+
2.042%
$
48,928
100,000
4.016%,
12/03/29
97,620
517,261
Consumer
Discretionary
(3.3%)
50,000
Bath
&
Body
Works,
Inc.*
6.625%,
10/01/30
50,858
150,000
Cargill,
Inc.*
3.125%,
05/25/51
95,151
50,000
goeasy
Ltd.*
7.625%,
07/01/29
47,631
60,000
Lithia
Motors,
Inc.*
5.500%,
10/01/30
59,347
100,000
Lowe's
Cos.,
Inc.
4.250%,
03/15/31
97,006
60,000
M/I
Homes,
Inc.
3.950%,
02/15/30
56,584
60,000
Mattel,
Inc.
6.200%,
10/01/40
58,847
100,000
Meritage
Homes
Corp.*
3.875%,
04/15/29
96,826
100,000
NIKE,
Inc.
2.850%,
03/27/30
93,777
100,000
Tractor
Supply
Co.^
5.250%,
05/15/33
99,348
755,375
Consumer
Staples
(3.3%)
125,000
Anheuser-Busch
InBev
Worldwide,
Inc.
3.500%,
06/01/30
119,626
125,000
Archer-Daniels-Midland
Co.
3.250%,
03/27/30
118,561
125,000
Costco
Wholesale
Corp.
1.600%,
04/20/30
112,330
60,000
Edgewell
Personal
Care
Co.*
4.125%,
04/01/29
57,810
125,000
Hershey
Co.
1.700%,
06/01/30
111,819
100,000
Kimberly-Clark
Corp.
3.100%,
03/26/30
94,487
100,000
Novartis
Capital
Corp.
4.700%,
09/18/54
83,496
50,000
Pilgrim's
Pride
Corp.^
4.250%,
04/15/31
47,555
745,684
Energy
(0.5%)
60,000
Energy
Transfer
LP‡
7.090%,
11/01/66
,
3
mo.
USD
Term
SOFR
+
3.279%
59,708
60,000
Sunoco
LP*
5.625%,
03/15/31
59,281
118,989
67
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Total
Return
Bond
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
Financials
(17.9%)
60,000
Affiliated
Managers
Group,
Inc.
3.300%,
06/15/30
$
56,432
50,000
Ally
Financial,
Inc.
Series
D‡
7.100%,
08/15/31
,
5
yr.
CMT
+
3.148%
50,250
50,000
American
Homes
4
Rent
LP
4.950%,
06/15/30
49,698
100,000
Arthur
J
Gallagher
&
Co.
5.000%,
02/15/32
99,179
100,000
Avolon
Holdings
Funding
Ltd.*
4.700%,
01/30/31
97,339
100,000
Bank
of
America
Corp.‡
2.087%,
06/14/29
,
1
day
USD
SOFR
+
1.060%
95,303
150,000
Bank
of
Montreal‡
3.088%,
01/10/37
,
5
yr.
CMT
+
1.400%
132,964
100,000
Bank
of
New
York
Mellon
Corp.‡
5.834%,
10/25/33
,
1
day
USD
SOFR
Index
+
2.074%
103,805
150,000
Berkshire
Hathaway
Finance
Corp.
4.250%,
01/15/49
117,671
100,000
BlackRock,
Inc.
5.250%,
03/14/54
89,274
125,000
BP
Capital
Markets
PLC‡
4.875%,
03/22/30
,
5
yr.
CMT
+
4.398%
122,216
75,000
Brookfield
Finance,
Inc.^
2.724%,
04/15/31
67,607
100,000
Brown
&
Brown,
Inc.
5.650%,
06/11/34
99,397
150,000
Capital
One
Financial
Corp.‡
2.359%,
07/29/32
,
1
day
USD
SOFR
+
1.337%
128,856
100,000
CBRE
Services,
Inc.
4.900%,
01/15/33
97,333
100,000
Chubb
INA
Holdings
LLC
4.150%,
03/13/43
81,813
60,000
Citigroup,
Inc.
Series
HH‡
6.625%,
02/15/31
,
5
yr.
CMT
+
3.001%
60,192
100,000
Citizens
Financial
Group,
Inc.‡
5.718%,
07/23/32
,
1
day
USD
SOFR
+
1.910%
101,572
100,000
Essent
Group
Ltd.
6.250%,
07/01/29
102,882
100,000
Essential
Properties
LP
2.950%,
07/15/31
89,917
115,000
Essex
Portfolio
LP
2.650%,
03/15/32
100,963
75,000
First
Citizens
BancShares,
Inc.
Series
D^‡
7.000%,
12/15/30
,
5
yr.
CMT
+
3.301%
75,371
100,000
FNB
Corp.‡
5.722%,
12/11/30
,
1
day
USD
SOFR
Index
+
1.930%
100,307
PRINCIPAL
AMOUNT
a
a
VALUE
a
75,000
Gabx
Leasing
LLC*
4.625%,
04/15/31
$
73,211
125,000
Globe
Life,
Inc.
4.550%,
09/15/28
124,540
100,000
GLP
Capital
LP/GLP
Financing
II,
Inc.
3.250%,
01/15/32
88,601
35,000
Goldman
Sachs
Private
Credit
Corp.
5.050%,
02/23/28
34,806
83,000
Huntington
Bancshares,
Inc.
Series
K^‡
6.250%,
10/15/30
,
5
yr.
CMT
+
2.653%
82,773
100,000
Intercontinental
Exchange,
Inc.
4.200%,
03/15/31
96,940
50,000
JPMorgan
Chase
&
Co.
Series
PP‡
6.100%,
07/01/31
,
5
yr.
CMT
+
2.080%
49,827
200,000
LSEG
Finance
PLC*
2.000%,
04/06/28
191,532
100,000
M&T
Bank
Corp.‡
4.833%,
01/16/29
,
1
day
USD
SOFR
+
0.930%
100,074
100,000
MetLife,
Inc.
6.400%,
12/15/66
100,985
100,000
Morgan
Stanley‡
5.042%,
07/19/30
,
1
day
USD
SOFR
+
1.215%
100,238
100,000
Northern
Trust
Corp.‡
5.117%,
11/19/40
,
5
yr.
CMT
+
1.050%
95,673
118,000
PartnerRe
Finance
B
LLC‡
4.500%,
10/01/50
,
5
yr.
CMT
+
3.815%
112,668
100,000
Primerica,
Inc.
2.800%,
11/19/31
89,033
100,000
Prologis
LP
2.875%,
11/15/29
94,233
100,000
Toronto-Dominion
Bank
4.456%,
06/08/32
96,981
125,000
Travelers
Cos.,
Inc.
2.550%,
04/27/50
70,987
100,000
U.S.
Bancorp‡
5.100%,
07/23/30
,
1
day
USD
SOFR
+
1.250%
100,725
200,000
USAA
Capital
Corp.*
2.125%,
05/01/30
181,570
125,000
Wells
Fargo
&
Co.
4.400%,
06/14/46
97,684
4,103,422
Health
Care
(2.8%)
100,000
CVS
Health
Corp.
4.780%,
03/25/38
91,366
60,000
DaVita,
Inc.*
4.625%,
06/01/30
57,860
100,000
Elanco
Animal
Health,
Inc.
6.400%,
08/28/28
102,366
68
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Total
Return
Bond
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
150,000
Johnson
&
Johnson
3.400%,
01/15/38
$
127,395
100,000
Kaiser
Foundation
Hospitals
Series
2021
2.810%,
06/01/41
71,596
100,000
Royalty
Pharma
PLC
2.200%,
09/02/30
89,770
100,000
Zoetis,
Inc.
5.600%,
11/16/32
102,399
642,752
Industrials
(4.0%)
100,000
Burlington
Northern
Santa
Fe
LLC
4.950%,
09/15/41
93,032
100,000
Cummins,
Inc.
4.875%,
10/01/43
90,663
75,000
Honeywell
Aerospace,
Inc.*
4.600%,
03/16/33
72,540
100,000
Honeywell
International,
Inc.
1.950%,
06/01/30
90,063
100,000
Illinois
Tool
Works,
Inc.
4.875%,
09/15/41
91,651
60,000
Paychex,
Inc.
5.100%,
04/15/30
60,030
250,000
SMBC
Aviation
Capital
Finance
DAC*
1.900%,
10/15/26
248,798
60,000
TransDigm,
Inc.*
6.375%,
03/01/29
60,750
105,371
United
Airlines
Pass-Through
Trust
Series
A,
Class
A
4.550%,
02/25/33
101,266
908,793
Information
Technology
(4.3%)
150,000
Apple,
Inc.
4.375%,
05/13/45
124,504
125,000
Applied
Materials,
Inc.
4.350%,
04/01/47
101,639
110,000
CGI,
Inc.
2.300%,
09/14/31
94,611
60,000
Fortinet,
Inc.
2.200%,
03/15/31
53,036
60,000
Intuit,
Inc.
5.200%,
09/15/33
59,469
125,000
NVIDIA
Corp.
3.500%,
04/01/40
99,279
60,000
Roper
Technologies,
Inc.
4.900%,
10/15/34
57,052
60,000
Synopsys,
Inc.
4.850%,
04/01/30
59,675
100,000
Take-Two
Interactive
Software,
Inc.
4.950%,
03/28/28
100,455
60,000
TTM
Technologies,
Inc.*
4.000%,
03/01/29
57,632
60,000
Twilio,
Inc.
3.625%,
03/15/29
57,653
100,000
VMware
LLC
1.800%,
08/15/28
94,524
PRINCIPAL
AMOUNT
a
a
VALUE
a
25,000
Zebra
Technologies
Corp.*
6.500%,
06/01/32
$
25,304
984,833
Other
(0.9%)
75,000
HA
Sustainable
Infrastructure
Capital,
Inc.‡
8.000%,
06/01/56
,
5
yr.
CMT
+
4.301%
78,632
125,000
Intact
Financial
Corp.*
5.459%,
09/22/32
127,061
205,693
Real
Estate
(1.2%)
100,000
EPR
Properties
4.950%,
04/15/28
99,743
100,000
Global
Net
Lease,
Inc.*
4.500%,
09/30/28
97,660
100,000
Public
Storage
Operating
Co.
2.300%,
05/01/31
89,033
286,436
Utilities
(3.7%)
150,000
Berkshire
Hathaway
Energy
Co.
3.800%,
07/15/48
107,448
100,000
Consolidated
Edison
Co.
of
New
York,
Inc.
Series
20A
3.350%,
04/01/30
94,995
100,000
Consumers
Energy
Co.††
6.100%,
08/15/56
99,813
150,000
Duke
Energy
Carolinas
LLC
3.700%,
12/01/47
107,421
125,000
Entergy
Texas,
Inc.
1.750%,
03/15/31
108,616
150,000
Northern
States
Power
Co.
3.750%,
12/01/47
104,256
150,000
Public
Service
Electric
&
Gas
Co.
3.600%,
12/01/47
106,326
125,000
Southern
Co.
Series
21-A‡
3.750%,
09/15/51
,
5
yr.
CMT
+
2.915%
124,879
853,754
TOTAL
CORPORATE
BONDS
(Cost
$11,216,894)
10,410,687
RESIDENTIAL
MORTGAGE
BACKED
SECURITY
(0.4%)
Other
(0.4%)
100,000
BX
Trust
Series
2019-OC11,
Class
A*
3.202%,
12/09/41
(Cost
$101,168)
94,018
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(48.2%)
Other
(48.2%)
Federal
Home
Loan
Mortgage
Corp.
104,831
4.000%,
05/01/49
97,142
51,715
2.500%,
02/01/35
48,253
69
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Total
Return
Bond
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
PRINCIPAL
AMOUNT
a
a
VALUE
a
Federal
National
Mortgage
Association
467,664
6.000%,
09/01/53
$
474,776
536,945
6.000%,
03/01/54
544,675
337,620
5.500%,
12/01/52
337,068
545,318
5.500%,
08/01/53
543,345
63,231
4.500%,
04/01/48
60,544
207,642
4.500%,
06/01/52
196,814
379,706
4.500%,
11/01/52
359,729
583,680
4.500%,
02/01/53
552,863
36,919
4.000%,
03/01/47
34,292
81,344
4.000%,
06/01/48
75,404
436,447
4.000%,
11/01/52
400,036
111,940
3.500%,
08/01/47
100,927
52,785
3.500%,
02/01/49
47,550
93,769
3.500%,
11/01/49
84,029
321,901
3.500%,
04/01/50
288,699
53,254
3.000%,
02/01/33
51,144
31,458
3.000%,
01/01/35
29,831
201,571
3.000%,
07/01/46
176,674
131,492
3.000%,
03/01/47
115,251
49,181
3.000%,
07/01/49
42,436
409,074
3.000%,
04/01/50
352,751
55,444
2.500%,
09/01/31
53,301
485,288
2.500%,
04/01/50
401,394
647,170
2.500%,
07/01/51
532,199
Government
National
Mortgage
Association
108,054
3.500%,
10/20/47
97,457
81,930
3.000%,
10/20/47
72,163
U.S.
Treasury
Bonds
245,000
4.750%,
02/15/56
226,491
200,000
4.000%,
11/15/42
173,719
425,000
3.625%,
02/15/53
323,398
550,000
3.500%,
02/15/39
481,078
400,000
3.000%,
05/15/47
283,656
200,000
2.875%,
05/15/52
131,469
500,000
2.000%,
02/15/50
276,602
300,000
1.125%,
05/15/40
183,164
U.S.
Treasury
Notes
635,000
4.000%,
11/15/35
602,109
500,000
3.875%,
08/15/34
474,961
500,000
3.750%,
08/31/31
484,453
500,000
3.500%,
11/30/30
482,266
400,000
3.375%,
11/30/27
395,664
350,000
3.375%,
12/31/27^
345,885
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(Cost
$12,329,714)
11,035,662
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(1.4%)
314,035
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.674%†***
(Cost
$314,035)
$
314,035
TOTAL
INVESTMENTS
(97.6%)
(Cost
$24,455,275)
$
22,341,102
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-1.4%)
(
314,035
)
OTHER
ASSETS,
LESS
LIABILITIES
(3.8%)
867,267
NET
ASSETS
(100.0%)
$
22,894,334
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
‡
Variable
rate
security.
The
rate
shown
is
the
rate
in
effect
at
July
31,
2026.
^
Security,
or
portion
of
security,
is
on
loan.
††
When-issued
security.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
July
31,
2026.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
July
31,
2026.
ABBREVIATION
SOFR
Secured
Overnight
Financing
Rate
CMT
Constant
Maturity
Treasury
70
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Total
Return
Bond
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
The
following
table
summarizes
the
Fund’s investments
categorized
in
the
fair
value
hierarchy
as
of
July
31,
2026
(see
Note
3):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Asset
Backed
Securities
6
$
—
$
486,700
$
—
$
486,700
Corporate
Bonds
116
—
10,410,687
—
10,410,687
Residential
Mortgage
Backed
Security
1
—
94,018
—
94,018
U.S.
Government
and
Agency
Securities
42
—
11,035,662
—
11,035,662
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
314,035
—
314,035
Total
$
—
$
22,341,102
$
—
$
22,341,102
Calamos
High
Income
Opportunities
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
71
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
ASSET
BACKED
SECURITY
(0.4%)
Other
(0.4%)
100,000
SVC
ABS
LLC
Series
2023-1A,
Class
C*
6.700%,
02/20/53
(Cost
$97,352)
$
98,956
BANK
LOANS
(17.8%)i
Communication
Services
(3.9%)
123,407
Altice
France
SA‡
2025
USD
Term
Loan
B14,
10.628%,
05/31/31
3
mo.
USD
Term
SOFR
+
6.875%
125,761
37,967
Audacy
Capital
Corp.‡
2024
Term
Loan
B,
9.845%,
10/01/29
1
mo.
USD
Term
SOFR
+
6.000%
32,699
3,332
Audacy
Capital
Corp.‡
2024
Term
Loan
A,
10.845%,
10/02/28
1
mo.
USD
Term
SOFR
+
7.000%
3,332
55,000
Cengage
Learning,
Inc.!
2026
Term
Loan
B,
0.000%,
03/24/31
54,669
49,124
Cincinnati
Bell,
Inc.‡
2025
Term
Loan
B4,
5.981%,
11/22/28
1
mo.
USD
Term
SOFR
+
2.250%
49,151
41,983
Clear
Channel
Outdoor
Holdings,
Inc.‡
2024
Term
Loan,
7.845%,
08/23/28
1
mo.
USD
Term
SOFR
+
4.000%
42,151
40,000
DirecTV
Financing
LLC!
2025
Term
Loan
B,
0.000%,
02/17/31
40,259
29,808
DirecTV
Financing
LLC‡
2026
Term
Loan
B,
8.323%,
08/02/29
3
mo.
USD
Term
SOFR
+
4.500%
30,027
28,941
DirecTV
Financing
LLC‡
2025
Term
Loan
B,
9.323%,
02/17/31
3
mo.
USD
Term
SOFR
+
5.500%
29,129
54,327
Discovery
Global
Holdings,
Inc.‡
2026
USD
Term
Loan
B,
6.231%,
06/03/33
1
mo.
USD
Term
SOFR
+
2.500%
54,435
55,000
Electronic
Arts,
Inc.!
USD
Term
Loan
B,
0.000%,
03/24/33
55,402
89,357
iHeartCommunications,
Inc.‡
2024
Term
Loan,
9.620%,
05/01/29
1
mo.
USD
Term
SOFR
+
5.775%
83,074
100,000
Level
3
Financing,
Inc.‡
2026
Term
Loan
B,
6.481%,
03/29/32
1
mo.
USD
Term
SOFR
+
2.750%
100,479
PRINCIPAL
AMOUNT
a
a
VALUE
a
5,000
QTS
Thunder
Managing
Issuer
LLC!
Term
Loan
B,
0.000%,
07/22/33
$
4,938
20,000
QTS
Thunder
Managing
Issuer
LLC‡
Term
Loan
B,
6.025%,
07/22/33
3
mo.
USD
Term
SOFR
+
2.250%
19,750
33,380
TripAdvisor,
Inc.‡
Term
Loan,
6.481%,
07/08/31
1
mo.
USD
Term
SOFR
+
2.750%
32,316
34,821
ViaSat,
Inc.‡
2023
Term
Loan,
8.290%,
05/30/30
1
mo.
USD
Term
SOFR
+
4.500%
35,106
60,000
Virgin
Media
Bristol
LLC‡
2020
USD
Term
Loan
Q,
7.041%,
01/31/29
1
mo.
USD
Term
SOFR
+
3.250%
54,429
847,107
Consumer
Discretionary
(2.7%)
89,551
Beach
Acquisition
Bidco
LLC‡
USD
Term
Loan
B,
6.481%,
09/12/32
1
mo.
USD
Term
SOFR
+
2.750%
90,079
44,775
Boots
Group
Bidco
Ltd.‡
USD
Term
Loan,
6.920%,
08/30/32
3
mo.
USD
Term
SOFR
+
3.250%
44,990
59,100
Chinos
Intermediate
Holdings
A,
Inc.‡
2024
Term
Loan
B,
9.823%,
09/26/31
3
mo.
USD
Term
SOFR
+
6.000%
49,116
69,650
Clarios
Global
LP‡
2026
USD
Term
Loan
B,
6.231%,
01/28/32
1
mo.
USD
Term
SOFR
+
2.500%
69,890
44,100
Peloton
Interactive,
Inc.‡
2024
Term
Loan
B,
9.231%,
05/30/29
1
mo.
USD
Term
SOFR
+
5.500%
44,321
89,775
PetSmart,
Inc.‡
2025
USD
Term
Loan
B,
7.724%,
08/18/32
1
mo.
USD
Term
SOFR
+
4.000%
90,100
5,000
Pioneer
Opco
LLC‡
Term
Loan
B,
6.999%,
05/16/33
1
mo.
USD
Term
SOFR
+
3.250%
5,035
55,000
Stonepeak
Motion
Finco
LLC!
USD
Term
Loan
B,
0.000%,
06/24/33
55,100
54,725
Voyager
Parent
LLC‡
Repriced
Term
Loan
B,
7.982%,
07/01/32
3
mo.
USD
Term
SOFR
+
4.250%
54,872
72
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
High
Income
Opportunities
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
89,775
Weber-Stephen
Products
LLC‡
2025
Term
Loan
B,
7.475%,
10/01/32
3
mo.
USD
Term
SOFR
+
3.750%
$
89,200
592,703
Consumer
Staples
(3.9%)
139,050
Amneal
Pharmaceuticals
LLC‡
2026
Term
Loan,
6.731%,
08/01/32
1
mo.
USD
Term
SOFR
+
3.000%
139,680
104,301
Bausch
&
Lomb
Corp.‡
2025
Repriced
Term
Loan,
7.481%,
01/15/31
1
mo.
USD
Term
SOFR
+
3.750%
104,770
175,231
Bausch
Health
Cos.,
Inc.‡
2025
Term
Loan
B,
9.981%,
10/08/30
1
mo.
USD
Term
SOFR
+
6.250%
170,451
15,000
Charlotte
Buyer,
Inc.!
2026
Term
Loan
B,
0.000%,
06/30/31
15,037
55,000
McKesson
Medical-Surgical
Top
Holdings,
Inc.‡
Term
Loan
B,
5.982%,
06/09/32
3
mo.
USD
Term
SOFR
+
2.250%
55,121
8,844
MPH
Acquisition
Holdings
LLC‡
2025
Exchange
1st
Out
Term
Loan,
7.573%,
12/31/30
3
mo.
USD
Term
SOFR
+
3.750%
8,869
89,326
Opal
Bidco
SAS‡
2026
USD
Term
Loan
B,
6.232%,
04/28/32
3
mo.
USD
Term
SOFR
+
2.500%
89,589
5,000
Prestige
Brands,
Inc.‡
2026
Term
Loan
B,
5.731%,
06/13/33
1
mo.
USD
Term
SOFR
+
2.000%
5,020
99,518
Star
Parent,
Inc.‡
Term
Loan
B,
7.232%,
09/27/30
3
mo.
USD
Term
SOFR
+
3.500%
100,002
89,102
Team
Health
Holdings,
Inc.‡
2026
Repriced
Term
Loan
B,
7.823%,
06/30/28
3
mo.
USD
Term
SOFR
+
4.000%
89,370
30,000
TreeHouse
Foods,
Inc.‡
2026
Term
Loan
B,
7.981%,
02/11/33
1
mo.
USD
Term
SOFR
+
4.250%
30,135
47,835
United
Natural
Foods,
Inc.‡
2026
Term
Loan
B,
7.731%,
05/01/31
1
mo.
USD
Term
SOFR
+
4.000%
48,358
856,402
PRINCIPAL
AMOUNT
a
a
VALUE
a
Financials
(2.1%)
73,512
Amynta
Agency
Borrower,
Inc.‡
2026
Repriced
Term
Loan
B,
6.231%,
12/29/31
1
mo.
USD
Term
SOFR
+
2.500%
$
73,200
58,820
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.231%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
57,933
35,000
Cushman
&
Wakefield
U.S.
Borrower
LLC‡
2026
Term
Loan
B,
5.981%,
06/13/33
1
mo.
USD
Term
SOFR
+
2.250%
35,058
118,200
Dragon
Buyer,
Inc.‡
Term
Loan
B,
6.482%,
09/30/31
3
mo.
USD
Term
SOFR
+
2.750%
94,659
68,250
Iron
Mountain,
Inc.‡
2023
Term
Loan
B,
5.731%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.000%
68,216
55,000
Jupiter
Borrower,
Inc.‡
Term
Loan
B,
6.504%,
06/30/33
3
mo.
USD
Term
SOFR
+
2.750%
55,401
10,000
Lockton,
Inc.‡
Term
Loan
B,
5.823%,
05/09/33
3
mo.
USD
Term
SOFR
+
2.000%
10,013
54,863
Osaic
Holdings,
Inc.‡
2026
Term
Loan
B,
6.232%,
07/30/32
3
mo.
USD
Term
SOFR
+
2.500%
54,595
449,075
Health
Care
(0.5%)
105,878
Padagis
LLC‡
Term
Loan
B,
8.742%,
07/06/28
3
mo.
USD
Term
SOFR
+
4.750%
101,908
Industrials
(2.4%)
5,990
ACProducts,
Inc.‡
2026
First
Lien
First
Out
Term
Loan,
9.232%,
11/14/31
3
mo.
USD
Term
SOFR
+
5.500%
6,149
83,751
ACProducts,
Inc.‡
2026
First
Lien
Second
Out
Term
Loan,
9.232%,
11/14/31
3
mo.
USD
Term
SOFR
+
5.500%
71,816
89,325
Blackfin
Pipeline
LLC‡
Term
Loan
B,
6.750%,
09/29/32
1
mo.
USD
Term
SOFR
+
3.000%
89,586
84,225
Chamberlain
Group,
Inc.‡
2025
Term
Loan
B,
6.731%,
09/08/32
1
mo.
USD
Term
SOFR
+
3.000%
84,435
73
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
High
Income
Opportunities
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
39,624
Columbus
McKinnon
Corp.‡
2026
Term
Loan
B,
7.232%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.500%
$
39,764
114,707
TransDigm,
Inc.‡
2023
Term
Loan
J,
6.231%,
02/28/31
1
mo.
USD
Term
SOFR
+
2.500%
114,987
59,850
TransDigm,
Inc.‡
2026
Term
Loan
N,
6.231%,
02/13/33
1
mo.
USD
Term
SOFR
+
2.500%
59,980
57,500
Worthington
Steel,
Inc.‡
Term
Loan
B,
7.731%,
06/01/33
1
mo.
USD
Term
SOFR
+
4.000%
57,795
524,512
Information
Technology
(0.9%)
50,581
Camelot
U.S.
Acquisition
LLC‡
2024
Term
Loan
B,
6.481%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.750%
47,317
25,000
Cloud
Software
Group,
Inc.!
2025
Term
Loan
B
(2032),
0.000%,
08/13/32
22,462
10,000
CoreWeave
Financing
DDTL
V
LLC!
1st
Lien
Delayed
Draw
Term
Loan,
0.000%,
09/30/31
10,037
40,000
CoreWeave
Financing
DDTL
V
LLC!
Delayed
Draw
Term
Loan,
0.000%,
11/17/31
40,025
14,161
CoreWeave
Financing
DDTL
V
LLC¡¡‡
Delayed
Draw
Term
Loan,
0.500%,
11/17/31
3
mo.
USD
Term
SOFR
+
0.500%
14,170
1,960
CoreWeave
Financing
DDTL
V
LLC‡
Delayed
Draw
Term
Loan,
8.120%,
11/17/31
1
mo.
USD
Term
SOFR
+
4.500%
1,961
8,879
CoreWeave
Financing
DDTL
V
LLC‡
Delayed
Draw
Term
Loan,
8.140%,
11/17/31
1
mo.
USD
Term
SOFR
+
4.500%
8,885
53,679
Rocket
Software,
Inc.‡
2023
USD
Term
Loan
B,
7.481%,
11/28/28
1
mo.
USD
Term
SOFR
+
3.750%
51,817
196,674
Materials
(0.8%)
80,000
BASF
Coatings‡
USD
Term
Loan
B,
7.244%,
06/29/33
3
mo.
USD
Term
SOFR
+
3.500%
80,450
44,775
Chemours
Co.‡
2025
USD
Term
Loan
B,
7.231%,
10/15/32
1
mo.
USD
Term
SOFR
+
3.500%
44,733
PRINCIPAL
AMOUNT
a
a
VALUE
a
25,000
Ineos
Finance
PLC‡
2026
USD
Term
Loan,
8.731%,
06/25/32
1
mo.
USD
Term
SOFR
+
5.000%
$
23,250
32,207
Ineos
U.S.
Finance
LLC‡
2023
USD
Term
Loan
B,
6.981%,
02/18/30
1
mo.
USD
Term
SOFR
+
3.250%
30,607
63,255
Trinseo
Materials
Operating
SCA‡
2021
Term
Loan
B2,
6.258%,
05/03/28
1
mo.
USD
Term
SOFR
+
2.500%
4,111
183,151
Other
(0.4%)
89,365
Connect
Finco
SARL‡
2024
Extended
Term
Loan
B,
8.231%,
09/27/29
1
mo.
USD
Term
SOFR
+
4.500%
89,907
Special
Purpose
Acquisition
Companies
(0.2%)
45,000
Sword
Purchaser
LLC‡
USD
Term
Loan
B,
7.731%,
04/11/33
1
mo.
USD
Term
SOFR
+
4.000%
43,465
TOTAL
BANK
LOANS
(Cost
$3,996,976)
3,884,904
CORPORATE
BONDS
(76.9%)
Airlines
(1.3%)
40,389
Alaska
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A*
4.800%,
02/15/29
40,383
American
Airlines
Pass-Through
Trust
35,000
Series
B,
Class
B,
5.750%,
11/10/36
34,399
76,800
Series
B,
Class
B,
3.950%,
01/11/32
72,627
63,207
British
Airways
Pass-Through
Trust
Series
2021-1,
Class
B*
3.900%,
03/15/33
60,629
JetBlue
Pass-Through
Trust
12,950
Series
2019,
Class
B,
8.000%,
05/15/29
12,655
63,495
Series
1B,
Class
B,
7.750%,
05/15/30
63,781
284,474
Communication
Services
(7.0%)
45,000
AMC
Global
Media,
Inc.
4.250%,
02/15/29
39,750
41,000
APLD
ComputeCo
3
LLC*
7.000%,
06/15/31
40,058
30,000
Arches
Buyer,
Inc.*††
9.000%,
08/15/31
30,166
74
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
High
Income
Opportunities
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
21,000
Bell
Telephone
Co.
of
Canada
or
Bell
Canada‡
7.000%,
09/15/55
,
5
yr.
CMT
+
2.363%
$
21,175
Clear
Channel
Outdoor
Holdings,
Inc.*
31,000
7.875%,
04/01/30
32,224
31,000
7.500%,
03/15/33
32,567
CSC
Holdings
LLC*
200,000
4.625%,
12/01/30
42,918
220,000
4.500%,
11/15/31
125,022
21,000
DirecTV
Financing
LLC*
8.875%,
02/01/30
21,423
20,000
DirecTV
Financing
LLC/DirecTV
Financing
Co-Obligor,
Inc.*
10.000%,
02/15/31
20,918
Discovery
Global
Holdings,
Inc.
28,000
5.050%,
03/15/42
19,587
13,000
4.279%,
03/15/32
11,556
27,000
EW
Scripps
Co.*
9.875%,
08/15/30
23,619
55,000
Go
Daddy
Operating
Co.
LLC/GD
Finance
Co.,
Inc.*
3.500%,
03/01/29
51,693
Gray
Media,
Inc.*
27,000
7.250%,
08/15/33
26,712
27,000
5.375%,
11/15/31
19,997
41,000
Hughes
Satellite
Systems
Corp.^
5.250%,
08/01/26
30,044
15,000
iHeartCommunications,
Inc.*
7.750%,
08/15/30
13,168
15,000
Level
3
Financing,
Inc.*
7.000%,
03/31/34
15,277
34,000
Lumen
Technologies,
Inc.
Series
P
7.600%,
09/15/39
31,543
75,000
McGraw-Hill
Education,
Inc.*
8.000%,
08/01/29
74,499
30,000
Neptune
Bidco
U.S.,
Inc.*
9.290%,
04/15/29
30,588
55,000
Paramount
Global
4.900%,
08/15/44
34,308
43,000
PR
RNO
Property
Owner
1
LLC*
6.500%,
05/01/31
40,478
65,050
Qwest
Corp.
6.500%,
09/01/51
48,919
Rogers
Communications,
Inc.‡
21,000
7.125%,
04/15/55
,
5
yr.
CMT
+
2.620%
21,109
37,000
7.000%,
04/15/55
,
5
yr.
CMT
+
2.653%
37,230
Scripps
Escrow
II,
Inc.*
15,000
5.375%,
01/15/31
8,808
28,000
3.875%,
01/15/29
25,604
57,000
Sinclair
Television
Group,
Inc.*
8.125%,
02/15/33
58,787
Sirius
XM
Radio
LLC*
25,000
5.875%,
04/15/32
24,560
76,000
3.875%,
09/01/31
68,647
PRINCIPAL
AMOUNT
a
a
VALUE
a
40,000
Stingray
Compute
LLC*
6.000%,
06/15/31
$
39,119
30,000
SV
RNO
Property
Owner
1
LLC*
5.875%,
03/01/31
27,912
42,000
TELUS
Corp.‡
6.625%,
10/15/55
,
5
yr.
CMT
+
2.769%
41,915
Time
Warner
Cable
LLC
21,000
7.300%,
07/01/38
20,791
27,000
6.550%,
05/01/37
25,670
61,000
Uniti
Group
LP/Uniti
Group
Finance
2019,
Inc./CSL
Capital
LLC*
6.500%,
02/15/29
60,225
27,000
Univision
Communications,
Inc.*
8.500%,
07/31/31
26,977
Verizon
Communications,
Inc.‡
45,000
6.200%,
05/14/56
,
5
yr.
CMT
+
2.042%
44,036
45,000
6.050%,
05/14/58
,
5
yr.
CMT
+
1.813%
44,295
50,000
Versant
Media
Group,
Inc.*
7.250%,
01/30/31
51,606
25,000
Viasat,
Inc.*
7.500%,
05/30/31
25,032
1,530,532
Consumer
Discretionary
(16.4%)
30,000
Academy
Ltd.*
5.875%,
05/15/31
29,722
83,000
Adams
Homes,
Inc.*
9.250%,
10/15/28
85,545
Adient
Global
Holdings
Ltd.*
46,000
8.250%,
04/15/31
47,900
1,000
7.500%,
02/15/33^
1,033
Advance
Auto
Parts,
Inc.*
15,000
7.375%,
08/01/33
15,492
24,000
7.000%,
08/01/30
24,612
55,000
Allegiant
Travel
Co.*
7.125%,
07/01/31
55,819
American
Axle
&
Manufacturing,
Inc.*
41,000
7.750%,
10/15/33
40,380
55,000
6.375%,
10/15/32
54,749
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.*
28,000
6.875%,
08/01/33
27,978
51,000
4.625%,
08/01/29
49,059
Bath
&
Body
Works,
Inc.
8,000
7.500%,
06/15/29
8,112
27,000
6.875%,
11/01/35^
27,315
40,000
6.625%,
10/01/30*
40,686
30,000
Beach
Acquisition
Bidco
LLC*
10.000%,
07/15/33
32,231
Caesars
Entertainment,
Inc.*
32,000
6.500%,
02/15/32
30,650
38,000
4.625%,
10/15/29
36,202
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*
55,000
7.000%,
02/01/33^
52,733
75
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
High
Income
Opportunities
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
35,000
5.125%,
05/01/27
$
34,948
58,000
4.750%,
03/01/30
54,239
29,000
4.750%,
02/01/32^
25,366
31,000
4.500%,
08/15/30
28,319
58,000
4.250%,
02/01/31
51,383
55,000
4.250%,
01/15/34^
45,028
55,000
Century
Communities,
Inc.*
6.625%,
09/15/33
55,251
Churchill
Downs,
Inc.*
31,000
6.750%,
05/01/31
31,471
29,000
5.750%,
04/01/30
28,959
90,000
Cyprium
Corp./Cyprium
Holdings
Luxembourg
SARL*
6.375%,
04/15/34
88,928
31,000
Dana,
Inc.
4.500%,
02/15/32
30,949
DISH
DBS
Corp.@
97,000
0.000%,
07/01/28
93,127
25,000
0.000%,
12/01/28*
24,138
29,000
0.000%,
06/01/29
26,299
55,000
Dorman
Products,
Inc.*
6.250%,
06/15/34
55,284
215,000
Ford
Motor
Co.
6.100%,
08/19/32
217,580
27,000
General
Motors
Co.
5.200%,
04/01/45
23,079
goeasy
Ltd.*
36,000
7.625%,
07/01/29
34,294
55,000
6.875%,
02/15/31^
49,161
Goodyear
Tire
&
Rubber
Co.
86,000
5.625%,
04/30/33^
75,080
31,000
5.250%,
07/15/31
27,573
Group
1
Automotive,
Inc.*
34,000
6.375%,
01/15/30
34,226
25,000
4.000%,
08/15/28
24,143
58,544
Guitar
Center,
Inc.‡
12.000%,
08/19/32
17,563
29,000
Kohl's
Corp.
5.550%,
07/17/45
19,989
58,000
Liberty
Interactive
LLC@
0.000%,
02/01/30
3,598
110,000
Life
Time,
Inc.*
6.000%,
11/15/31
111,054
67,000
Light
&
Wonder
International,
Inc.*
6.250%,
10/01/33
65,896
61,000
Lindblad
Expeditions
LLC*
7.000%,
09/15/30
62,795
27,000
Lithia
Motors,
Inc.*
5.500%,
10/01/30
26,706
23,000
M/I
Homes,
Inc.
3.950%,
02/15/30
21,690
Macy's
Retail
Holdings
LLC
43,000
6.700%,
07/15/34*
41,736
71,000
4.300%,
02/15/43
50,769
56,000
MGM
Resorts
International^
6.500%,
04/15/32
55,685
61,000
Midwest
Gaming
Borrower
LLC/
Midwest
Gaming
Finance
Corp.*
4.875%,
05/01/29
59,283
PRINCIPAL
AMOUNT
a
a
VALUE
a
46,000
Mohegan
Tribal
Gaming
Authority/
MS
Digital
Entertainment
Holdings
LLC*
8.250%,
04/15/30
$
47,872
NCL
Corp.
Ltd.*
28,000
6.750%,
02/01/32
27,474
31,000
6.250%,
09/15/33
29,496
27,000
5.875%,
01/15/31
25,860
Newell
Brands,
Inc.
28,000
8.500%,
06/01/28*
29,254
28,000
6.625%,
05/15/32^
28,331
18,000
6.375%,
05/15/30^
18,196
55,000
Nissan
Motor
Acceptance
Co.
LLC*
6.125%,
09/30/30
53,732
Patrick
Industries,
Inc.*
27,000
6.375%,
11/01/32
26,681
50,000
4.750%,
05/01/29
48,950
Penn
Entertainment,
Inc.*
55,000
6.750%,
04/01/31
55,205
36,000
4.125%,
07/01/29
34,341
35,000
Pioneer
Opco
LLC*
7.000%,
05/15/33
35,434
27,000
QVC,
Inc.@
0.000%,
08/15/34
13,543
9,116
Rite
Aid
Corp.
0.000%,
08/30/34
—
55,000
Rivers
Enterprise
Borrower
LLC*
6.250%,
10/15/30
55,300
55,000
Rivers
Enterprise
Borrower
LLC/
Rivers
Enterprise
Finance
Corp.*
6.625%,
02/01/33
55,371
29,750
Saks
Global
Enterprises
LLC*@
0.000%,
12/15/29
69
53,000
Six
Flags
Entertainment
Corp.*
7.250%,
05/15/31
52,003
46,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./Magnum
Management
Corp.
5.250%,
07/15/29
44,247
58,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./
Millennium
Operations
LLC*
8.625%,
01/15/32
58,693
41,000
Speedway
Motorsports
LLC/
Speedway
Funding
II,
Inc.*
4.875%,
11/01/27
40,807
46,000
Staples,
Inc.*
10.750%,
09/01/29
44,069
95,000
Starz
Capital
Holdings
1,
Inc.*
6.000%,
04/15/30
91,820
61,000
STL
Holding
Co.
LLC*
8.750%,
02/15/29
63,251
22,000
Taylor
Morrison
Communities,
Inc.*
5.750%,
11/15/32
22,548
16,000
Viking
Cruises
Ltd.*
9.125%,
07/15/31
16,770
27,000
Voyager
Parent
LLC*
9.250%,
07/01/32
28,712
76
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
High
Income
Opportunities
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
Whirlpool
Corp.
20,000
7.875%,
07/01/34*
$
18,981
20,000
7.500%,
07/01/31*
19,891
55,000
6.500%,
06/15/33^
46,628
27,000
William
Carter
Co.*^
7.375%,
02/15/31
27,737
55,000
Windsor
Holdings
III
LLC*
8.500%,
06/15/30
57,350
3,574,423
Consumer
Staples
(4.6%)
55,000
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC*
5.750%,
03/31/34
51,188
64,000
APi
Group
DE,
Inc.*
4.750%,
10/15/29
62,584
56,000
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.*
8.375%,
06/15/32
55,862
31,000
Brink's
Co.*
6.750%,
06/15/32
31,608
66,000
Central
Garden
&
Pet
Co.*^
4.125%,
04/30/31
61,651
20,000
Charlotte
Buyer,
Inc.*
8.000%,
06/30/31
20,233
75,000
Dentsply
Sirona,
Inc.‡
8.375%,
09/12/55
,
5
yr.
CMT
+
4.379%
74,788
68,000
Edgewell
Personal
Care
Co.*
4.125%,
04/01/29
65,518
Energizer
Holdings,
Inc.*
27,000
6.000%,
09/15/33^
25,673
55,000
4.375%,
03/31/29
53,047
55,000
KeHE
Distributors
LLC/KeHE
Finance
Corp./NextWave
Distribution,
Inc.*
7.125%,
04/30/33
55,955
MPH
Acquisition
Holdings
LLC*
48,870
6.750%,
03/31/31
29,454
24,442
5.750%,
12/31/30
18,841
55,000
Performance
Food
Group,
Inc.*
5.625%,
03/01/34
53,388
Post
Holdings,
Inc.*
49,000
6.375%,
03/01/33
48,306
61,000
6.250%,
02/15/32
61,409
Prestige
Brands,
Inc.*
15,000
6.250%,
07/15/34
15,050
55,000
3.750%,
04/01/31
50,498
RR
Donnelley
&
Sons
Co.*
25,000
10.875%,
08/01/29
25,516
83,000
9.500%,
08/01/29
86,132
Synergy
Infrastructure
Holdings
LLC*
11,000
7.875%,
12/01/30
11,513
15,000
7.000%,
07/15/34
15,141
33,000
United
Rentals
North
America,
Inc.*
5.375%,
11/15/33
32,151
1,005,506
PRINCIPAL
AMOUNT
a
a
VALUE
a
Energy
(11.8%)
56,000
Archrock
Services
LP/Archrock
Partners
Finance
Corp.*
6.000%,
02/01/34
$
54,864
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.*
55,000
6.625%,
10/15/32
55,399
28,000
6.625%,
07/15/33
28,133
Buckeye
Partners
LP
22,000
6.875%,
07/01/29*
22,523
45,000
6.750%,
02/01/30*
46,202
31,000
5.850%,
11/15/43
27,741
55,000
CNX
Resources
Corp.*
5.875%,
03/01/34
53,374
68,000
Continental
Resources,
Inc.
4.900%,
06/01/44
54,170
45,000
Crescent
Energy
Finance
LLC*
7.375%,
01/15/33
45,235
Enbridge,
Inc.‡
42,000
7.375%,
03/15/55
,
5
yr.
CMT
+
3.122%
43,817
27,000
7.200%,
06/27/54
,
5
yr.
CMT
+
2.970%
28,432
Energy
Transfer
LP‡
27,000
7.125%,
10/01/54
,
5
yr.
CMT
+
2.829%
27,575
55,000
7.090%,
11/01/66
,
3
mo.
USD
Term
SOFR
+
3.279%
54,733
15,000
6.700%,
01/15/57
,
5
yr.
CMT
+
2.219%
14,793
15,000
6.550%,
01/15/57
,
5
yr.
CMT
+
2.336%
14,812
43,000
Series
H,
6.500%,
08/17/26
,
5
yr.
CMT
+
5.694%
43,043
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.
43,000
8.875%,
04/15/30
44,917
27,000
8.000%,
05/15/33
28,105
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.*
45,000
6.875%,
05/15/34
44,083
45,000
6.250%,
04/15/32
43,797
61,000
Howard
Midstream
Energy
Partners
LLC*
7.375%,
07/15/32
63,163
85,000
Infinity
Natural
Resources
LLC*
7.625%,
04/01/31
85,089
Magnolia
Oil
&
Gas
Operating
LLC/
Magnolia
Oil
&
Gas
Finance
Corp.*
55,000
6.875%,
12/01/32
56,051
30,000
6.625%,
08/15/34††
30,028
56,000
Matador
Resources
Co.*
6.500%,
04/15/32
56,017
80,000
Nabors
Industries,
Inc.*
7.625%,
11/15/32
81,651
55,000
Oceaneering
International,
Inc.*
6.875%,
07/15/34
56,302
55,000
Par
Petroleum
LLC*
7.375%,
06/01/34
56,971
77
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
High
Income
Opportunities
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
37,000
Phillips
66
Co.
Series
A‡
5.875%,
03/15/56
,
5
yr.
CMT
+
2.283%
$
36,551
61,000
Plains
All
American
Pipeline
LP
Series
B^‡
8.023%,
08/30/26
,
3
mo.
USD
Term
SOFR
+
4.372%
61,057
61,000
South
Bow
Canadian
Infrastructure
Holdings
Ltd.‡
7.625%,
03/01/55
,
5
yr.
CMT
+
3.949%
63,445
83,000
Summit
Midstream
Holdings
LLC*
8.625%,
10/31/29
86,187
Sunoco
LP*
43,000
7.875%,
09/18/30‡
,
5
yr.
CMT
+
4.230%
44,171
83,000
6.625%,
08/15/32
83,920
55,000
6.250%,
07/01/33
55,187
55,000
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corp.*
6.750%,
03/15/34
55,383
86,000
TGNR
Intermediate
Holdings
LLC*
5.500%,
10/15/29
84,341
TransCanada
PipeLines
Ltd.‡
15,000
6.375%,
10/17/56
,
5
yr.
CMT
+
2.117%
15,013
30,000
6.125%,
10/17/56^
,
5
yr.
CMT
+
2.250%
29,997
84,000
Transocean
International
Ltd.*
7.875%,
10/15/32
87,557
Venture
Global
LNG,
Inc.*
27,000
9.875%,
02/01/32
28,758
27,000
9.500%,
02/01/29
28,953
101,000
9.000%,
09/30/29^‡
,
5
yr.
CMT
+
5.440%
100,442
74,000
8.375%,
06/01/31
76,535
29,000
7.000%,
01/15/30
29,483
15,000
6.625%,
06/15/36
14,717
30,000
6.375%,
12/15/34
29,243
Venture
Global
Plaquemines
LNG
LLC*
55,000
6.500%,
01/15/34
56,810
40,000
6.500%,
06/15/34
41,306
15,000
6.125%,
12/15/30
15,244
55,000
VOC
Escrow
Ltd.*
5.000%,
02/15/28
54,859
86,000
WBI
Operating
LLC*
6.500%,
10/15/33
85,861
55,000
Weatherford
International
Ltd.*
6.750%,
10/15/33
55,711
2,581,751
Financials
(12.9%)
Acrisure
LLC/Acrisure
Finance,
Inc.*
46,000
8.250%,
02/01/29
44,135
45,000
6.750%,
07/01/32
41,444
150,000
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust‡
6.500%,
01/31/56
,
5
yr.
CMT
+
2.441%
150,795
PRINCIPAL
AMOUNT
a
a
VALUE
a
Alliant
Holdings
Intermediate
LLC/
Alliant
Holdings
Co-Issuer*
90,000
7.375%,
10/01/32
$
90,716
55,000
6.500%,
10/01/31
55,046
Ally
Financial,
Inc.‡
55,000
Series
D,
7.100%,
08/15/31
,
5
yr.
CMT
+
3.148%
55,275
27,000
Series
C,
4.700%,
05/15/28^
,
7
yr.
CMT
+
3.481%
26,087
27,000
Amynta
Agency
Borrower,
Inc.
&
Amynta
Warranty
Borrower,
Inc.*
7.500%,
07/15/33
26,411
Asurion
LLC/Asurion
Co-Issuer,
Inc.*
55,000
8.375%,
02/01/34
50,188
43,000
8.000%,
12/31/32
43,543
55,000
Azorra
Finance
Ltd.*
7.250%,
01/15/31
56,695
91,000
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance*
7.125%,
05/15/31
91,921
55,000
Blackstone
Mortgage
Trust,
Inc.*
6.250%,
06/01/31
52,732
Brandywine
Operating
Partnership
LP
31,000
8.875%,
04/12/29
32,596
56,000
6.125%,
01/15/31^
53,808
69,000
Bread
Financial
Holdings,
Inc.*‡
8.375%,
06/15/35
,
5
yr.
CMT
+
4.300%
71,415
92,000
Broadstreet
Partners
Group
LLC*
5.875%,
04/15/29
90,270
45,000
Brookfield
Property
REIT,
Inc./BPR
Cumulus
LLC/BPR
Nimbus
LLC/
GGSI
Sellco
LLC*
4.500%,
04/01/27
44,438
57,000
Citigroup,
Inc.
Series
GG‡
6.875%,
08/15/30
,
5
yr.
CMT
+
2.890%
57,593
55,000
Corebridge
Financial,
Inc.‡
6.375%,
09/15/54
,
5
yr.
CMT
+
2.646%
54,008
Credit
Acceptance
Corp.*
43,000
9.250%,
12/15/28
44,600
57,000
6.625%,
03/15/30
57,046
55,000
CrossCountry
Intermediate
HoldCo
LLC*
6.500%,
10/01/30
53,228
25,000
Cushman
&
Wakefield
U.S.
Borrower
LLC*
8.875%,
09/01/31
26,194
Enstar
Group
Ltd.*‡
30,000
7.500%,
04/01/45
,
5
yr.
CMT
+
3.186%
31,203
20,000
6.693%,
07/15/37
,
1
day
USD
SOFR
+
2.540%
19,565
78
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
High
Income
Opportunities
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
First
Citizens
BancShares,
Inc.‡
16,000
Series
B,
7.898%,
01/04/27
,
3
mo.
USD
Term
SOFR
+
4.234%
$
16,106
43,000
Series
D,
7.000%,
12/15/30^
,
5
yr.
CMT
+
3.301%
43,213
27,000
GGAM
Finance
Ltd.*
5.875%,
03/15/30
26,989
30,000
Goldman
Sachs
Group,
Inc.
Series
AA‡
6.500%,
08/10/31
,
5
yr.
CMT
+
2.175%
29,795
HUB
International
Ltd.*
46,000
7.375%,
01/31/32
47,075
45,000
5.625%,
12/01/29
45,008
27,000
Huntington
Bancshares,
Inc.
Series
K^‡
6.250%,
10/15/30
,
5
yr.
CMT
+
2.653%
26,926
115,000
JPMorgan
Chase
&
Co.
Series
PP‡
6.100%,
07/01/31
,
5
yr.
CMT
+
2.080%
114,602
66,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.*
7.000%,
07/15/31
68,301
31,000
Newmark
Group,
Inc.
7.500%,
01/12/29
32,329
OneMain
Finance
Corp.
27,000
6.750%,
03/15/32
26,940
55,000
6.750%,
09/15/33
54,204
57,000
6.500%,
03/15/33
55,700
30,000
Osaic
Holdings,
Inc.*
8.000%,
08/01/33
30,432
55,000
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co-Issuer*
7.000%,
02/01/30
55,942
70,000
Provident
Funding
Associates
LP/
PFG
Finance
Corp.*
9.750%,
09/15/29
72,222
Reinsurance
Group
of
America,
Inc.‡
27,000
6.650%,
09/15/55^
,
5
yr.
CMT
+
2.392%
26,987
30,000
6.375%,
09/15/56
,
5
yr.
CMT
+
2.344%
29,296
Rocket
Cos.,
Inc.*
42,000
6.375%,
08/01/33
42,305
27,000
6.125%,
08/01/30
27,235
55,000
Starwood
Property
Trust,
Inc.*
6.000%,
04/15/30
55,145
55,000
Stonebriar
ABF
Issuer
LLC*
7.000%,
08/15/31
55,056
15,000
Stonex
Escrow
Issuer
LLC*
6.875%,
07/15/32
15,238
77,000
StoneX
Group,
Inc.*
7.875%,
03/01/31
80,282
100,000
TrueNoord
Capital
DAC*
8.750%,
03/01/30
103,830
PRINCIPAL
AMOUNT
a
a
VALUE
a
61,000
United
Wholesale
Mortgage
LLC*
5.500%,
04/15/29
$
57,065
27,000
UWM
Holdings
LLC*
6.250%,
03/15/31
24,123
31,000
VFH
Parent
LLC/Valor
Co-Issuer,
Inc.*
7.500%,
06/15/31
32,184
40,000
Wells
Fargo
&
Co.
Series
GG,
Class
A‡
6.125%,
06/15/31
,
5
yr.
CMT
+
2.340%
39,959
55,000
XHR
LP*
6.625%,
05/15/30
56,152
2,811,593
Health
Care
(4.1%)
85,000
Acadia
Healthcare
Co.,
Inc.*^
7.375%,
03/15/33
87,872
CHS/Community
Health
Systems,
Inc.*
36,000
10.875%,
01/15/32
38,013
30,000
6.875%,
04/15/29
28,951
105,000
6.125%,
04/01/30^
88,534
8,000
5.250%,
05/15/30
7,408
DaVita,
Inc.*
55,000
6.875%,
09/01/32
56,555
61,000
4.625%,
06/01/30
58,824
61,000
3.750%,
02/15/31
56,363
Embecta
Corp.*
15,000
6.750%,
02/15/30
11,538
45,000
5.000%,
02/15/30^
34,824
Encompass
Health
Corp.
27,000
4.750%,
02/01/30
26,437
13,000
4.500%,
02/01/28
12,872
17,000
IQVIA,
Inc.*
6.250%,
06/01/32
17,246
83,000
Medline
Borrower
LP*
5.250%,
10/01/29
82,299
200,000
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV*
5.125%,
04/30/31
198,210
Tenet
Healthcare
Corp.
59,000
6.875%,
11/15/31
62,658
33,000
5.500%,
11/15/32*
32,524
901,128
Industrials
(6.6%)
68,000
AAR
Escrow
Issuer
LLC*
6.750%,
03/15/29
69,596
61,000
ACCO
Brands
Corp.*^
4.250%,
03/15/29
57,497
Arcosa,
Inc.*
28,000
6.875%,
08/15/32
28,931
30,000
4.375%,
04/15/29
29,372
Bombardier,
Inc.*
31,000
8.750%,
11/15/30
32,720
19,000
7.250%,
07/01/31
19,835
24,000
7.000%,
06/01/32
24,808
16,000
6.750%,
06/15/33
16,490
79
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
High
Income
Opportunities
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
86,000
Cascades,
Inc./Cascades
USA,
Inc.*
6.750%,
07/15/30
$
87,513
15,000
Columbus
McKinnon
Corp.*^
7.125%,
02/01/33
15,140
11,250
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.*
4.750%,
10/20/28
11,232
Deluxe
Corp.*
31,000
8.125%,
09/15/29
32,126
77,000
8.000%,
06/01/29
77,701
27,000
EnerSys*
6.625%,
01/15/32
27,362
EquipmentShare.com,
Inc.*
40,000
8.625%,
05/15/32
40,985
40,000
7.125%,
07/01/34
38,266
35,000
Granite
Construction,
Inc.*
6.375%,
06/15/34
35,048
Graphic
Packaging
International
LLC*
37,000
4.750%,
07/15/27
36,800
27,000
3.500%,
03/01/29
25,642
Herc
Holdings,
Inc.*
27,000
7.250%,
06/15/33
27,881
27,000
7.000%,
06/15/30
27,857
31,000
6.625%,
06/15/29
31,585
46,000
JELD-WEN
Holding,
Inc.*^
7.000%,
09/01/32
28,120
89,000
Ken
Garff
Automotive
LLC*
4.875%,
09/15/28
88,214
55,000
Miter
Brands
Acquisition
Holdco,
Inc./MIWD
Borrower
LLC*
6.750%,
04/01/32
54,227
58,000
Novelis
Corp.*
4.750%,
01/30/30
55,755
110,000
Quikrete
Holdings,
Inc.*
6.375%,
03/01/32
111,398
Standard
Building
Solutions,
Inc.*
16,000
6.500%,
08/15/32
16,065
42,000
6.250%,
08/01/33
41,565
55,000
Stonepeak
Nile
Parent
LLC*
7.250%,
03/15/32
56,744
TransDigm,
Inc.*
21,000
7.125%,
12/01/31
21,673
58,000
6.875%,
12/15/30
59,471
15,000
6.625%,
03/01/32
15,269
9,989
United
Airlines
Pass-Through
Trust
Series
B,
Class
B
3.500%,
11/01/29
9,732
43,000
Waste
Pro
USA,
Inc.*
7.000%,
02/01/33
43,791
Williams
Scotsman,
Inc.*
21,000
6.625%,
06/15/29
21,390
34,000
4.625%,
08/15/28
33,657
1,451,458
Information
Technology
(3.6%)
Block,
Inc.*
15,000
6.000%,
08/15/33
14,900
27,000
5.625%,
08/15/30
26,888
PRINCIPAL
AMOUNT
a
a
VALUE
a
43,000
CACI
International,
Inc.*
6.375%,
06/15/33
$
43,342
Cloud
Software
Group
LLC*
25,000
8.250%,
06/30/32
23,689
45,000
6.625%,
08/15/33
39,341
34,000
Coherent
Corp.*
5.000%,
12/15/29
33,278
Fair
Isaac
Corp.*
21,000
6.000%,
05/15/33
20,346
29,000
4.000%,
06/15/28
28,153
61,000
KBR,
Inc.*
4.750%,
09/30/28
60,120
15,000
OAK-Eagle
Acquireco,
Inc.*
8.750%,
07/01/34
15,798
42,000
ON
Semiconductor
Corp.*
3.875%,
09/01/28
40,544
27,000
Open
Text
Corp.*
6.900%,
12/01/27
27,553
Open
Text
Holdings,
Inc.*
16,000
4.125%,
02/15/30
14,783
35,000
4.125%,
12/01/31
30,905
25,000
Qnity
Electronics,
Inc.*
6.250%,
08/15/33
25,140
74,000
TTM
Technologies,
Inc.*
4.000%,
03/01/29
71,080
Twilio,
Inc.
15,000
3.875%,
03/15/31
14,024
40,000
3.625%,
03/15/29
38,435
68,000
UKG,
Inc.*
6.875%,
02/01/31
66,673
77,000
Viavi
Solutions,
Inc.*
3.750%,
10/01/29
72,853
61,000
Zebra
Technologies
Corp.*
6.500%,
06/01/32
61,741
26,000
ZoomInfo
Technologies
LLC/
ZoomInfo
Finance
Corp.*^
3.875%,
02/01/29
21,683
791,269
Materials
(4.5%)
55,000
Avient
Corp.*
6.250%,
11/01/31
55,481
70,000
Capstone
Copper
Corp.*
6.750%,
03/31/33
70,406
52,000
Celanese
U.S.
Holdings
LLC
7.379%,
07/15/32
54,422
55,000
Century
Aluminum
Co.*
6.875%,
08/01/32
56,044
Chemours
Co.*
50,000
8.000%,
01/15/33
49,316
28,000
7.875%,
03/15/34
27,268
75,000
Clearwater
Paper
Corp.*
4.750%,
08/15/28
66,811
55,000
Coeur
Mining,
Inc.*
6.875%,
04/01/32
56,345
93,000
FMC
Corp.‡
8.450%,
11/01/55
,
5
yr.
CMT
+
4.366%
69,941
80
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
High
Income
Opportunities
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
55,000
JW
Aluminum
Continuous
Cast
Co.*
10.250%,
04/01/30
$
57,502
68,000
Kaiser
Aluminum
Corp.*
5.875%,
03/01/34
66,579
61,000
Knife
River
Corp.*
7.750%,
05/01/31
63,002
26,000
Mercer
International,
Inc.*
12.875%,
10/01/28
11,617
70,000
Olin
Corp.*
6.625%,
04/01/33
68,568
61,000
Silgan
Holdings,
Inc.
4.125%,
02/01/28
60,187
55,000
Solstice
Advanced
Materials,
Inc.*
5.625%,
09/30/33
53,873
55,000
Terex
Corp.*
6.250%,
10/15/32
55,284
23,226
Trinseo
Luxco
Finance
SPV
SARL/
Trinseo
NA
Finance
SPV
LLC*@
0.000%,
05/03/29
276
WR
Grace
Holdings
LLC*
15,000
7.000%,
08/01/33
14,401
25,000
6.625%,
08/15/32
23,814
981,137
Other
(1.7%)
23,990
Claritev
Corp.
Series
B*
6.750%,
03/31/31
14,356
EchoStar
Corp.
146,025
10.750%,
11/30/29
158,034
56,890
6.750%,
11/30/30
57,739
27,000
Gen
Digital,
Inc.*
6.750%,
09/30/27
27,058
11,000
Graham
Holdings
Co.*
5.625%,
12/01/33
10,775
55,000
HA
Sustainable
Infrastructure
Capital,
Inc.‡
8.000%,
06/01/56
,
5
yr.
CMT
+
4.301%
57,663
55,000
SM
Energy
Co.*
7.000%,
08/01/32
55,932
381,557
Real
Estate
(0.5%)
28,000
Forestar
Group,
Inc.*
6.500%,
03/15/33
28,120
40,000
Global
Net
Lease,
Inc.*
4.500%,
09/30/28
39,064
38,000
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership
LP*
3.750%,
12/15/27
37,190
104,374
Special
Purpose
Acquisition
Companies
(0.3%)
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.*
46,000
6.750%,
01/15/30^
45,205
28,000
4.625%,
01/15/29
27,228
72,433
PRINCIPAL
AMOUNT
a
a
VALUE
a
Utilities
(1.6%)
30,000
CenterPoint
Energy,
Inc.‡
6.700%,
05/15/55
,
5
yr.
CMT
+
2.586%
$
30,527
12,000
Dominion
Energy,
Inc.‡
6.625%,
05/15/55
,
5
yr.
CMT
+
2.207%
12,108
41,000
Duke
Energy
Corp.^‡
6.450%,
09/01/54
,
5
yr.
CMT
+
2.588%
42,016
30,000
Emera
U.S.
Finance
LLC
Series
A^‡
6.650%,
10/01/56
,
5
yr.
CMT
+
2.866%
30,201
46,000
Entergy
Corp.‡
7.125%,
12/01/54
,
5
yr.
CMT
+
2.670%
47,197
43,000
Evergy,
Inc.‡
6.650%,
06/01/55
,
5
yr.
CMT
+
2.558%
43,667
25,000
Eversource
Energy
Series
A‡
6.100%,
08/15/56
,
5
yr.
CMT
+
2.521%
24,843
45,000
NiSource,
Inc.‡
6.950%,
11/30/54
,
5
yr.
CMT
+
2.451%
46,295
21,000
PPL
Capital
Funding,
Inc.
Series
A‡
6.659%,
03/30/67
,
3
mo.
USD
Term
SOFR
+
2.927%
20,753
Vistra
Corp.*‡
16,000
8.000%,
10/15/26
,
5
yr.
CMT
+
6.930%
16,083
27,000
7.000%,
12/15/26
,
5
yr.
CMT
+
5.740%
27,161
340,851
TOTAL
CORPORATE
BONDS
(Cost
$17,210,904)
16,812,486
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(0.8%)
Communication
Services
(0.0%)
1,699
Audacy,
Inc.#
5,097
1,273
Cumulus
Media,
Inc.
-
Class
A#
9
1,048
Optimum
Communications,
Inc.
-
Class
A#
799
5,905
Consumer
Discretionary
(0.0%)
134
Rite
Aid
Corp.#
134
Energy
(0.7%)
385
Cheniere
Energy
Partners
LP
25,371
3,375
Energy
Transfer
LP
68,715
1,670
Enterprise
Products
Partners
LP
63,544
660
EP
Energy
Corp.#
660
158,290
81
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
High
Income
Opportunities
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
SHARES
b
b
VALUE
b
Materials
(0.1%)
1,000
Ardagh
Holdings
SA#
$
6,342
TOTAL
COMMON
STOCKS
(Cost
$195,450)
170,671
EXCHANGE-TRADED
FUND
(0.6%)
Other
(0.6%)
1,690
iShares
®
iBoxx
USD
High
Yield
Corporate
Bond
ETF^
(Cost
$134,170)
134,321
PREFERRED
STOCK
(0.0%)
Communication
Services
(0.0%)
542
Telephone
&
Data
Systems,
Inc.^
6.000%,
09/30/26
(Cost
$10,108)
10,352
WARRANTS
(0.0%)#
Communication
Services
(0.0%)
297
Audacy
Capital
Corp.
09/30/28,
Strike
$1.00
—
49
Audacy
Capital
Corp.
09/30/28,
Strike
$1.00
—
—
Energy
(0.0%)
4,455
McDermott
International
Ltd.
06/30/27,
Strike
$12.33
—
4,950
McDermott
International
Ltd.
06/30/27,
Strike
$15.98
1
1
TOTAL
WARRANTS
(Cost
$1,910)
1
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(6.3%)
1,367,957
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.674%†***
(Cost
$1,367,957)
$
1,367,957
TOTAL
INVESTMENTS
(102.8%)
(Cost
$23,014,827)
22,479,648
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-6.3%)
(
1,367,957
)
OTHER
ASSETS,
LESS
LIABILITIES
(3.5%)
749,124
NET
ASSETS
(100.0%)
$
21,860,815
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
i
Bank
loans
generally
are
subject
to
mandatory
and/or
optional
prepayment.
As
a
result,
the
actual
remaining
maturity
of
bank
loans
may
be
substantially
less
than
the
stated
maturities
shown.
‡
Variable
rate
security.
The
rate
shown
is
the
rate
in
effect
at
July
31,
2026.
!
This
position
represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate,
which
will
be
adjusted
on
settlement
date.
¡¡
As
of
July
31,
2026,
the
value
of
unfunded
loan
commitments
was
$14,170
for
the
Calamos
High
Income
Opportunities
Fund.
††
When-issued
security.
^
Security,
or
portion
of
security,
is
on
loan.
@
In
default
status
and
considered
non-income
producing.
#
Non-income
producing
security.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
July
31,
2026.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
July
31,
2026.
ABBREVIATION
SOFR
Secured
Overnight
Financing
Rate
CMT
Constant
Maturity
Treasury
82
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
High
Income
Opportunities
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
The
following
table
summarizes
the
Fund’s investments
categorized
in
the
fair
value
hierarchy
as
of
July
31,
2026
(see
Note
3):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Asset
Backed
Security
1
$
—
$
98,956
$
—
$
98,956
Bank
Loans
74
—
3,884,904
—
3,884,904
Corporate
Bonds
389
—
16,812,486
—
16,812,486
Common
Stocks
9
158,438
12,233
—
170,671
Exchange-Traded
Fund
1
134,321
—
—
134,321
Preferred
Stock
1
10,352
—
—
10,352
Warrants
4
—
1
—
1
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
1,367,957
—
1,367,957
Total
$
303,111
$
22,176,537
$
—
$
22,479,648
Calamos
Short-Term
Bond
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
83
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
ASSET
BACKED
SECURITIES
(21.1%)
Communication
Services
(0.2%)
1,000,000
T-Mobile
U.S.
Trust
Series
2024-2A,
Class
A*
4.250%,
05/21/29                    
$
1,000,240
Consumer
Discretionary
(1.7%)
2,225,000
Avis
Budget
Rental
Car
Funding
AESOP
LLC
Series
2023-3A,
Class
A*
5.440%,
02/22/28                    
2,233,214
1,299,472
BMW
Vehicle
Lease
Trust
Series
2024-2,
Class
A3
4.180%,
10/25/27                    
1,299,555
1,000,000
CCG
Receivables
Trust
Series
2026-1,
Class
B*
4.970%,
01/17/34                    
994,963
1,000,000
CCG
Receivables
Trust
Series
2023-1,
Class
B*
5.990%,
09/16/30                    
1,002,974
1,000,000
CCG
Receivables
Trust
Series
2023-1,
Class
C*
6.280%,
09/16/30                    
1,003,783
341,689
Octane
Receivables
Trust
Series
2024-2A,
Class
A2*
5.800%,
07/20/32                    
343,192
6,877,681
Financials
(7.5%)
500,000
American
Express
Credit
Account
Master
Trust
Series
2023-2,
Class
A
4.800%,
05/15/30                    
503,154
2,000,000
American
Express
Credit
Account
Master
Trust
Series
2024-2,
Class
A
5.240%,
04/15/31                    
2,037,215
2,000,000
American
Heritage
Auto
Receivables
Issuer
Trust
Series
2025-1A,
Class
A3*
4.400%,
11/15/30                    
1,993,817
704,187
Amur
Equipment
Finance
Receivables
XIII
LLC
Series
2024-1A,
Class
A2*
5.380%,
01/21/31                    
707,469
1,126,000
Bank
of
America
Auto
Trust
Series
2023-2A,
Class
A4*
5.660%,
11/15/29                    
1,133,283
735,666
CLI
Funding
VI
LLC
Series
2020-3A,
Class
A*
2.070%,
10/18/45                    
688,238
1,620,245
CNH
Equipment
Trust
Series
2024-B,
Class
A3
5.190%,
09/17/29                    
1,630,807
245,167
Commonbond
Student
Loan
Trust
Series
2019-AGS,
Class
A1*
2.540%,
01/25/47                    
222,528
176,678
Commonbond
Student
Loan
Trust
Series
2017-BGS,
Class
A1*
‌
PRINCIPAL
AMOUNT
a
a
VALUE
a
2.680%,
09/25/42                    
$
165,878
60,161
Commonbond
Student
Loan
Trust
Series
2018-CGS,
Class
A1*
3.870%,
02/25/46                    
58,265
1,156,495
Credit
Acceptance
Auto
Loan
Trust
Series
2024-1A,
Class
A*
5.680%,
03/15/34                    
1,159,494
1,000,000
Dell
Equipment
Finance
Trust
Series
2025-2,
Class
B*
4.340%,
03/24/31                    
991,468
1,000,000
Dell
Equipment
Finance
Trust
Series
2024-2,
Class
B*
4.820%,
08/22/30                    
1,002,860
504,210
ELFI
Graduate
Loan
Program
LLC
Series
2021-A,
Class
A*
1.530%,
12/26/46                    
449,105
737,459
ELFI
Graduate
Loan
Program
LLC
Series
2022-A,
Class
A*
4.510%,
08/26/47                    
713,465
1,300,995
Enterprise
Fleet
Financing
LLC
Series
2024-2,
Class
A3*
5.610%,
04/20/28                    
1,310,071
60,434
Kubota
Credit
Owner
Trust
Series
2023-1A,
Class
A3*
5.020%,
06/15/27                    
60,462
353,436
Kubota
Credit
Owner
Trust
Series
2023-2A,
Class
A3*
5.280%,
01/18/28                    
354,611
1,352,920
MMAF
Equipment
Finance
LLC
Series
2023-A,
Class
A3*
5.540%,
12/13/29                    
1,363,516
608,500
Navient
Private
Education
Refi
Loan
Trust
Series
2020-BA,
Class
A2*
2.120%,
01/15/69                    
582,828
1,000,000
Oscar
U.S.
Funding
XVII
LLC
Series
2024-2A,
Class
A3*
4.470%,
03/12/29                    
1,000,623
2,000,000
PenFed
Auto
Receivables
Owner
Trust
Series
2025-A,
Class
A3*
4.030%,
07/15/30                    
1,982,784
282,748
Porsche
Financial
Auto
Securitization
Trust
Series
2023-2A,
Class
A3*
5.790%,
01/22/29                    
283,678
2,000,000
SCCU
Auto
Receivables
Trust
Series
2023-1A,
Class
B*
6.080%,
11/15/29                    
2,030,838
1,000,000
SoFi
Consumer
Loan
Program
Trust
Series
2026-2,
Class
B*
4.800%,
03/25/36                    
997,019
2,160,000
SoFi
Consumer
Loan
Program
Trust
Series
2025-1,
Class
B*
5.120%,
02/27/34                    
2,168,111
108,447
SoFi
Professional
Loan
Program
LLC
Series
2018-D,
Class
A2FX*
3.600%,
02/25/48                    
108,144
583,469
SoFi
Professional
Loan
Program
LLC
Series
2020-C,
Class
AFX*
‌
84
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Short-Term
Bond
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
1.950%,
02/15/46                    
$
546,601
968,391
Tesla
Auto
Lease
Trust
Series
2024-B,
Class
A3*
4.820%,
10/20/27                    
969,452
2,000,000
Toyota
Auto
Loan
Extended
Note
Trust
Series
2023-1A,
Class
A*
4.930%,
06/25/36                    
2,013,066
955,274
Volvo
Financial
Equipment
LLC
Series
2024-1A,
Class
A3*
4.290%,
10/16/28                    
955,251
1,090,000
Volvo
Financial
Equipment
LLC
Series
2024-1A,
Class
A4*
4.290%,
07/15/31                    
1,085,511
31,269,612
Other
(11.7%)
3,000,000
Alloya
Auto
Receivables
Trust
Series
2025-1A,
Class
A3*
4.690%,
12/26/28                    
3,005,171
1,642,013
Ansley
Park
Capital
LLC
Series
2025-A,
Class
A2*
4.430%,
04/20/35                    
1,637,303
2,000,000
Auxilior
Term
Funding
LLC
Series
2026-1A,
Class
A2*
4.640%,
02/15/29                    
2,000,972
2,000,000
Compass
Datacenters
Issuer
II
LLC
Series
2024-1A,
Class
A1*
5.250%,
02/25/49                    
1,998,497
2,000,000
CyrusOne
Data
Centers
Issuer
I
LLC
Series
2023-2A,
Class
A2*
5.560%,
11/20/48                    
1,990,291
2,000,000
DataBank
Issuer
II
LLC
Series
2025-1A,
Class
A2*
5.180%,
09/27/55                    
1,940,449
2,000,000
DLLAA
LLC
Series
2025-1A,
Class
A3*
4.950%,
09/20/29                    
2,011,871
490,708
DLLAD
LLC
Series
2023-1A,
Class
A3*
4.790%,
01/20/28                    
491,538
1,458,750
Domino's
Pizza
Master
Issuer
LLC
Series
2021-1A,
Class
A2I*
2.662%,
04/25/51                    
1,383,292
2,000,000
Ford
Credit
Auto
Owner
Trust
Series
2024-1,
Class
A***
4.870%,
08/15/36                    
2,011,975
1,000,000
Ford
Credit
Floorplan
Master
Owner
Trust
A
Series
2025-1,
Class
B
4.840%,
04/15/30                    
999,993
2,000,000
GMF
Floorplan
Owner
Revolving
Trust
Series
2024-4A,
Class
A1*
4.730%,
11/15/29                    
2,007,591
2,000,000
GreatAmerica
Leasing
Receivables
Funding
LLC
Series
2025-1,
Class
A3*
‌
4.490%,
04/16/29                    
2,000,365
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,038,000
Hertz
Vehicle
Financing
LLC
Series
2022-2A,
Class
A*
2.330%,
06/26/28                    
$
1,021,771
1,000,000
HPEFS
Equipment
Trust
Series
2024-1A,
Class
D*
5.820%,
11/20/31                    
1,006,547
2,000,000
M&T
Bank
Auto
Receivables
Trust
Series
2026-1A,
Class
A3*
4.660%,
06/16/31                    
2,002,160
2,000,000
NextGear
Floorplan
Master
Owner
Trust
Series
2026-1A,
Class
A2*
4.070%,
02/15/31                    
1,965,772
2,000,000
NMEF
Funding
LLC
Series
2026-A,
Class
A2*
4.090%,
02/15/34                    
1,993,862
301,364
NMEF
Funding
LLC
Series
2024-A,
Class
A2*
5.150%,
12/15/31                    
302,360
1,000,000
Oaktree
ABF
Equipment
ST
1
LLC
Series
2026-1A,
Class
A2*
4.500%,
10/17/33                    
998,694
235,000
OCCU
Auto
Receivables
Trust
Series
2025-1A,
Class
A4*
4.790%,
01/15/31                    
235,388
1,188,652
PEAC
Solutions
Receivables
LLC
Series
2025-1A,
Class
A2*
4.940%,
10/20/28                    
1,192,078
1,649,178
Post
Road
Equipment
Finance
LLC
Series
2025-1A,
Class
A2*
4.900%,
05/15/31                    
1,654,148
35,451
Post
Road
Equipment
Finance
LLC
Series
2024-1A,
Class
A2*
5.590%,
11/15/29                    
35,467
850,000
Post
Road
Equipment
Finance
LLC
Series
2024-1A,
Class
B*
5.580%,
10/15/30                    
851,455
1,900,000
SCF
Equipment
Leasing
LLC
Series
2025-2A,
Class
A3*
4.330%,
06/20/36                    
1,872,476
175,898
SCF
Equipment
Leasing
LLC
Series
2023-1A,
Class
A3*
6.170%,
05/20/32                    
176,396
982,917
SVC
ABS
LLC
Series
2023-1A,
Class
A*
5.150%,
02/20/53                    
981,634
1,113,053
USAA
Auto
Owner
Trust
Series
2024-A,
Class
A3*
5.030%,
03/15/29                    
1,117,486
1,000,000
Vantage
Data
Centers
Issuer
LLC
Series
2021-1A,
Class
A2*
2.165%,
10/15/46                    
994,687
1,000,000
Vantage
Data
Centers
Issuer
LLC
Series
2024-1A,
Class
A2*
5.100%,
09/15/54                    
980,776
1,000,000
Verizon
Master
Trust
Series
2023-6,
Class
A*
5.350%,
09/22/31                    
1,015,354
830,399
Veros
Auto
Receivables
Trust
Series
2026-1,
Class
A*
‌
85
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Short-Term
Bond
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
4.530%,
08/15/28                    
$
830,371
2,000,000
Veros
Auto
Receivables
Trust
Series
2026-2,
Class
A*
4.650%,
03/12/29                    
2,000,183
1,824,729
Wheels
Fleet
Lease
Funding
1
LLC
Series
2025-2A,
Class
A1*
4.410%,
05/18/40                    
1,821,776
48,530,149
TOTAL
ASSET
BACKED
SECURITIES
(Cost
$87,900,956)
87,677,682
BANK
LOANS
(10.3%)i
Communication
Services
(0.7%)
492,500
Charter
Communications
Operating
LLC‡
2024
Term
Loan
B5,
5.975%,
12/15/31
3
mo.
USD
Term
SOFR
+
2.250%
474,923
987,981
Discovery
Global
Holdings,
Inc.‡
2026
USD
Term
Loan
B,
6.231%,
06/03/33
1
mo.
USD
Term
SOFR
+
2.500%
989,937
200,000
QTS
Thunder
Managing
Issuer
LLC!
Term
Loan
B,
0.000%,
07/22/33
197,500
800,000
QTS
Thunder
Managing
Issuer
LLC‡
Term
Loan
B,
6.025%,
07/22/33
3
mo.
USD
Term
SOFR
+
2.250%
790,000
497,469
TripAdvisor,
Inc.‡
Term
Loan,
6.481%,
07/08/31
1
mo.
USD
Term
SOFR
+
2.750%
481,614
2,933,974
Consumer
Discretionary
(2.8%)
1,021,165
Adient
U.S.
LLC‡
2024
Term
Loan
B2,
5.731%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.000%
1,022,896
955,000
American
Axle
&
Manufacturing,
Inc.‡
2022
Term
Loan
B,
6.675%,
12/13/29
1
mo.
USD
Term
SOFR
+
3.000%
957,789
485,793
Aramark
Services,
Inc.‡
2025
Term
Loan,
5.481%,
06/22/30
1
mo.
USD
Term
SOFR
+
1.750%
487,007
1,000,000
Beach
Acquisition
Bidco
LLC‡
USD
Term
Loan
B,
6.481%,
09/12/32
1
mo.
USD
Term
SOFR
+
2.750%
1,005,905
997,462
Burlington
Coat
Factory
Warehouse
Corp.‡
2024
Term
Loan
B,
5.481%,
09/24/31
1
mo.
USD
Term
SOFR
+
1.750%
997,462
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,000,000
Chewy,
Inc.‡
Term
Loan
B,
5.446%,
06/23/33
3
mo.
USD
Term
SOFR
+
1.750%
$
999,375
987,500
DK
Crown
Holdings,
Inc.‡
2025
Term
Loan
B,
5.425%,
03/04/32
1
mo.
USD
Term
SOFR
+
1.750%
986,187
985,050
Life
Time
Fitness,
Inc.‡
2025
Term
Loan,
5.667%,
11/05/31
1
mo.
USD
Term
SOFR
+
2.000%
988,251
982,569
Light
&
Wonder
International,
Inc.‡
2026
Term
Loan
B,
5.667%,
04/16/29
1
mo.
USD
Term
SOFR
+
2.000%
985,025
1,141,375
Murphy
USA,
Inc.‡
Term
Loan
B,
5.397%,
04/07/32
1
mo.
USD
Term
SOFR
+
1.750%
1,150,649
1,000,000
Raising
Cane's
Restaurants
LLC!
2025
Term
Loan
B,
0.000%,
11/03/32
998,000
980,000
Six
Flags
Entertainment
Corp.‡
2024
Term
Loan
B,
5.731%,
05/01/31
1
mo.
USD
Term
SOFR
+
2.000%
973,262
11,551,808
Consumer
Staples
(1.5%)
853,624
APi
Group
DE,
Inc.‡
2026
Term
Loan
B,
5.481%,
05/16/33
1
mo.
USD
Term
SOFR
+
1.750%
856,270
990,000
Avis
Budget
Car
Rental
LLC‡
2025
Term
Loan
B,
6.231%,
07/16/32
1
mo.
USD
Term
SOFR
+
2.500%
982,575
497,500
Bausch
&
Lomb
Corp.‡
2025
Repriced
Term
Loan,
7.481%,
01/15/31
1
mo.
USD
Term
SOFR
+
3.750%
499,739
1,000,000
BioMarin
Pharmaceutical,
Inc.‡
Term
Loan
B,
5.428%,
04/27/33
6
mo.
USD
Term
SOFR
+
1.750%
1,000,190
885,349
Energizer
Holdings,
Inc.‡
2025
Term
Loan
B,
5.667%,
03/19/32
1
mo.
USD
Term
SOFR
+
2.000%
886,460
1,000,000
McKesson
Medical-Surgical
Top
Holdings,
Inc.‡
Term
Loan
B,
5.982%,
06/09/32
3
mo.
USD
Term
SOFR
+
2.250%
1,002,190
835,000
Prestige
Brands,
Inc.!
2026
Term
Loan
B,
0.000%,
06/13/33
838,394
86
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Short-Term
Bond
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
165,000
Prestige
Brands,
Inc.‡
2026
Term
Loan
B,
5.731%,
06/13/33
1
mo.
USD
Term
SOFR
+
2.000%
$
165,671
6,231,489
Financials
(1.6%)
995,000
Blackstone
Mortgage
Trust,
Inc.‡
2025
Term
Loan
B,
6.231%,
12/20/32
1
mo.
USD
Term
SOFR
+
2.500%
992,513
765,000
Cushman
&
Wakefield
U.S.
Borrower
LLC‡
2026
Term
Loan
B,
5.981%,
06/13/33
1
mo.
USD
Term
SOFR
+
2.250%
766,274
977,321
Iron
Mountain,
Inc.‡
2023
Term
Loan
B,
5.731%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.000%
976,832
956,034
Jazz
Financing
Lux
SARL‡
2024
1st
Lien
Term
Loan
B2,
5.981%,
05/05/28
1
mo.
USD
Term
SOFR
+
2.250%
959,710
1,000,000
Jupiter
Borrower,
Inc.‡
Term
Loan
B,
6.504%,
06/30/33
3
mo.
USD
Term
SOFR
+
2.750%
1,007,290
1,000,000
Lockton,
Inc.‡
Term
Loan
B,
5.823%,
05/09/33
3
mo.
USD
Term
SOFR
+
2.000%
1,001,250
992,513
Starwood
Property
Trust,
Inc.‡
2026
Term
Loan
B,
5.731%,
09/24/32
1
mo.
USD
Term
SOFR
+
2.000%
992,671
6,696,540
Health
Care
(0.4%)
948,148
DaVita,
Inc.‡
2025
Term
Loan
B,
5.481%,
05/09/31
1
mo.
USD
Term
SOFR
+
1.750%
949,111
539,015
Elanco
Animal
Health,
Inc.‡
2025
Term
Loan
B,
5.397%,
10/31/32
1
mo.
USD
Term
SOFR
+
1.750%
539,756
1,488,867
Industrials
(0.9%)
829,571
Knife
River
HoldCo‡
2026
Term
Loan
B,
5.401%,
03/08/32
3
mo.
USD
Term
SOFR
+
1.750%
829,919
987,500
Novelis
Corp.‡
2025
Term
Loan
B,
5.482%,
03/11/32
3
mo.
USD
Term
SOFR
+
1.750%
986,019
PRINCIPAL
AMOUNT
a
a
VALUE
a
987,500
Quikrete
Holdings,
Inc.‡
2025
Term
Loan
B,
5.981%,
02/10/32
1
mo.
USD
Term
SOFR
+
2.250%
$
989,351
997,500
Stonepeak
Nile
Parent
LLC‡
2026
Term
Loan
B,
5.657%,
04/09/32
3
mo.
USD
Term
SOFR
+
2.000%
996,408
3,801,697
Information
Technology
(1.3%)
997,500
CACI
International,
Inc.‡
2026
Incremental
Term
Loan
B2,
5.481%,
03/09/33
1
mo.
USD
Term
SOFR
+
1.750%
997,295
482,143
Coherent
Corp.‡
2025
Term
Loan
B2,
5.481%,
07/02/29
1
mo.
USD
Term
SOFR
+
1.750%
483,247
977,500
KBR,
Inc.‡
2024
1st
Lien
Term
Loan
B,
5.731%,
01/17/31
1
mo.
USD
Term
SOFR
+
2.000%
980,173
345,873
Open
Text
Corp.‡
2023
Term
Loan
B,
5.481%,
01/31/30
1
mo.
USD
Term
SOFR
+
1.750%
343,193
995,000
Qnity
Electronics,
Inc.‡
2026
Term
Loan
B,
5.397%,
11/01/32
1
mo.
USD
Term
SOFR
+
1.750%
996,453
723,140
SS&C
Technologies,
Inc.‡
2024
Term
Loan
B8,
5.731%,
05/09/31
1
mo.
USD
Term
SOFR
+
2.000%
723,231
850,720
TTM
Technologies,
Inc.‡
2026
Term
Loan,
5.397%,
05/30/30
1
mo.
USD
Term
SOFR
+
1.750%
853,200
5,376,792
Materials
(0.9%)
846,230
Axalta
Coating
Systems
U.S.
Holdings,
Inc.‡
2024
Term
Loan
B7,
5.482%,
12/20/29
3
mo.
USD
Term
SOFR
+
1.750%
848,282
972,228
Chemours
Co.‡
2025
USD
Term
Loan
B,
7.231%,
10/15/32
1
mo.
USD
Term
SOFR
+
3.500%
971,319
997,500
Solstice
Advanced
Materials,
Inc.‡
Term
Loan
B,
5.573%,
10/29/32
3
mo.
USD
Term
SOFR
+
1.750%
999,580
990,000
Terex
Corp.‡
2025
Term
Loan,
5.481%,
10/08/31
1
mo.
USD
Term
SOFR
+
1.750%
992,633
3,811,814
87
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Short-Term
Bond
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
Other
(0.2%)
997,500
Allison
Transmission,
Inc.‡
2025
Incremental
Term
Loan
B,
5.425%,
01/02/33
1
mo.
USD
Term
SOFR
+
1.750%
$
1,000,408
TOTAL
BANK
LOANS
(Cost
$42,893,588)
42,893,389
CONVERTIBLE
BOND
(0.2%)
Health
Care
(0.2%)
1,000,000
CONMED
Corp.
2.250%,
06/15/27
(Cost
$979,804)
979,210
CORPORATE
BONDS
(53.9%)
Airlines
(0.6%)
1,021,112
Alaska
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A*
4.800%,
02/15/29
1,020,948
British
Airways
Pass-Through
Trust*
225,639
Series
2018-1,
Class
A,
4.125%,
03/20/33
217,651
360,050
Series
2019-1,
Class
A,
3.350%,
12/15/30
348,374
JetBlue
Pass-Through
Trust
184,295
Series
2019,
Class
B,
8.000%,
05/15/29
180,084
532,672
Series
1B,
Class
B,
7.750%,
05/15/30
535,080
2,302,137
Communication
Services
(1.2%)
1,000,000
Alphabet,
Inc.
4.100%,
11/15/30
972,080
1,000,000
Ashtead
Capital,
Inc.*
4.375%,
08/15/27
998,610
1,000,000
AT&T,
Inc.
4.700%,
08/15/30
987,380
500,000
Match
Group
Holdings
II
LLC*
4.625%,
06/01/28
492,900
Orange
SA*
500,000
4.250%,
01/13/31
483,365
500,000
4.000%,
01/13/29
491,165
500,000
Paramount
Global
3.700%,
10/04/26
498,445
4,923,945
Consumer
Discretionary
(7.4%)
750,000
Academy
Ltd.*
5.875%,
05/15/31
743,047
222,000
Advance
Auto
Parts,
Inc.*
7.000%,
08/01/30
227,661
1,000,000
Airbnb,
Inc.
4.400%,
03/16/29
991,000
500,000
Allegiant
Travel
Co.*
7.125%,
07/01/31
507,445
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,000,000
AS
Mileage
Plan
IP
Ltd.*^
5.308%,
10/20/31
$
971,220
500,000
AutoZone,
Inc.
4.500%,
02/01/28
499,340
1,000,000
Bath
&
Body
Works,
Inc.*
6.625%,
10/01/30
1,017,150
1,000,000
BMW
U.S.
Capital
LLC*^
5.050%,
08/11/28
1,005,630
1,000,000
BorgWarner,
Inc.
2.650%,
07/01/27
984,290
500,000
Brightstar
Lottery
PLC*
5.250%,
01/15/29
494,400
Carnival
Corp.
Ltd.*
500,000
5.125%,
05/01/29
496,640
500,000
4.000%,
08/01/28
489,960
154,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*
5.125%,
05/01/27
153,771
500,000
Cyprium
Corp./Cyprium
Holdings
Luxembourg
SARL*
6.125%,
04/15/31
497,325
Daimler
Truck
Finance
North
America
LLC*
500,000
5.125%,
09/25/27
502,705
500,000
5.000%,
01/15/27
501,420
252,000
Dana,
Inc.
4.250%,
09/01/30
251,753
1,000,000
Denso
Corp.*
4.282%,
09/17/30
977,130
1,000,000
Dick's
Sporting
Goods,
Inc.^
4.000%,
10/01/29
970,940
1,000,000
Dr.
Horton,
Inc.
4.850%,
10/15/30
995,810
1,000,000
Flutter
Treasury
DAC*
6.375%,
04/29/29
1,012,920
1,000,000
Ford
Motor
Credit
Co.
LLC
4.970%,
04/06/29
988,000
1,000,000
General
Motors
Financial
Co.,
Inc.
6.000%,
01/09/28
1,016,490
1,000,000
Gildan
Activewear,
Inc.*
4.700%,
10/07/30
977,320
500,000
Group
1
Automotive,
Inc.*
6.375%,
01/15/30
503,330
1,000,000
Honda
Motor
Co.
Ltd.
4.436%,
07/08/28
994,620
500,000
Kia
Corp.*
3.500%,
10/25/27
493,390
1,000,000
Lennar
Corp.
5.200%,
07/30/30
1,005,170
1,000,000
Lithia
Motors,
Inc.*
5.500%,
10/01/30
989,120
1,000,000
Lowe's
Cos.,
Inc.
4.250%,
03/15/31
970,060
1,000,000
M/I
Homes,
Inc.
4.950%,
02/01/28
992,150
500,000
Mattel,
Inc.*
5.875%,
12/15/27
500,445
88
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Short-Term
Bond
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,000,000
Mercedes-Benz
Finance
North
America
LLC*
4.250%,
03/10/29
$
984,780
1,000,000
Meritage
Homes
Corp.*
3.875%,
04/15/29
968,260
MGM
Resorts
International
500,000
6.125%,
09/15/29
503,545
500,000
5.500%,
04/15/27
501,050
500,000
Nissan
Motor
Acceptance
Co.
LLC*
7.050%,
09/15/28
510,540
1,000,000
O'Reilly
Automotive,
Inc.
5.750%,
11/20/26
1,003,270
500,000
Royal
Caribbean
Cruises
Ltd.*
5.500%,
04/01/28
504,120
1,000,000
Taylor
Morrison
Communities,
Inc.*
5.750%,
01/15/28
1,010,820
500,000
Whirlpool
Corp.
6.125%,
06/15/30
455,135
500,000
ZF
North
America
Capital,
Inc.*
6.875%,
04/14/28
510,010
30,673,182
Consumer
Staples
(1.4%)
500,000
Brink's
Co.*
6.500%,
06/15/29
509,670
1,000,000
Cencora,
Inc.
3.950%,
02/13/29
981,170
1,000,000
Cintas
Corp.
No.
2
4.200%,
05/01/28
993,960
535,000
Land
O'Lakes
Capital
Trust
I*
7.450%,
03/15/28
546,438
1,000,000
Mondelez
International,
Inc.^
2.625%,
03/17/27
989,350
1,000,000
Novartis
Capital
Corp.
4.100%,
11/05/30
973,790
1,000,000
United
Rentals
North
America,
Inc.
3.875%,
11/15/27
989,630
5,984,008
Energy
(2.3%)
500,000
Buckeye
Partners
LP*
6.875%,
07/01/29
511,880
1,000,000
Enbridge,
Inc.
5.250%,
04/05/27
1,005,270
1,000,000
Hess
Midstream
Operations
LP*
6.500%,
06/01/29
1,018,960
1,000,000
Kinder
Morgan,
Inc.
5.100%,
08/01/29
1,009,410
1,000,000
ONEOK,
Inc.
5.550%,
11/01/26
1,002,360
1,000,000
Schlumberger
Holdings
Corp.*
5.000%,
05/29/27
1,004,730
1,000,000
South
Bow
USA
Infrastructure
Holdings
LLC
4.911%,
09/01/27
1,001,760
Sunoco
LP*
500,000
5.875%,
07/15/27
500,620
1,000,000
5.625%,
03/15/31
988,020
PRINCIPAL
AMOUNT
a
a
VALUE
a
500,000
VOC
Escrow
Ltd.*
5.000%,
02/15/28
$
498,715
1,000,000
Williams
Cos.,
Inc.
4.625%,
06/30/30
987,110
9,528,835
Financials
(18.6%)
1,000,000
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust
4.875%,
04/01/28
1,001,530
1,000,000
Affiliated
Managers
Group,
Inc.
3.300%,
06/15/30
940,530
1,000,000
Allstate
Corp.
5.050%,
06/24/29
1,008,360
250,000
Ally
Financial,
Inc.^‡
5.737%,
05/15/29
,
1
day
USD
SOFR
Index
+
1.960%
252,843
1,000,000
American
Express
Co.‡
5.085%,
01/30/31
,
1
day
USD
SOFR
Index
+
1.020%
1,005,010
500,000
American
Homes
4
Rent
LP
4.950%,
06/15/30
496,980
1,000,000
American
International
Group,
Inc.
4.850%,
05/07/30
999,090
1,000,000
Aon
North
America,
Inc.
5.125%,
03/01/27
1,003,700
500,000
ARES
Capital
Corp.^
5.250%,
04/12/31
483,565
Arthur
J
Gallagher
&
Co.
500,000
4.850%,
12/15/29
500,295
500,000
4.600%,
12/15/27^
500,140
750,000
Aviation
Capital
Group
LLC*
1.950%,
09/20/26
747,562
1,000,000
Avolon
Holdings
Funding
Ltd.*
4.700%,
01/30/31
973,390
1,000,000
AXIS
Specialty
Finance
PLC
4.000%,
12/06/27
990,470
1,000,000
Bank
of
America
Corp.‡
4.979%,
01/24/29
,
1
day
USD
SOFR
+
0.830%
1,004,020
1,000,000
Bank
of
Montreal‡
4.350%,
09/22/31
,
1
day
USD
SOFR
Index
+
1.080%
975,860
1,000,000
Bank
of
New
York
Mellon‡
4.729%,
04/20/29
,
1
day
USD
SOFR
+
1.135%
1,002,520
1,000,000
Bank
of
Nova
Scotia
5.250%,
06/12/28
1,012,820
1,000,000
Barclays
PLC‡
4.219%,
05/24/30
,
1
day
USD
SOFR
+
0.930%
978,120
250,000
BlackRock,
Inc.^
4.600%,
07/26/27
250,745
500,000
Blackstone
Private
Credit
Fund
4.950%,
09/26/27
498,935
1,000,000
Boston
Properties
LP
6.750%,
12/01/27
1,025,280
1,250,000
Capital
One
Financial
Corp.
4.100%,
02/09/27
1,248,875
89
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Short-Term
Bond
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,000,000
CBRE
Services,
Inc.
4.800%,
06/15/30
$
990,810
1,000,000
Charles
Schwab
Corp.‡
4.343%,
11/14/31
,
1
day
USD
SOFR
+
0.940%
975,880
1,000,000
Chubb
INA
Holdings
LLC
4.650%,
08/15/29
998,240
1,000,000
Citigroup,
Inc.‡
3.887%,
01/10/28
,
3
mo.
USD
Term
SOFR
+
1.825%
997,160
1,000,000
Citizens
Bank
NA^‡
4.192%,
01/29/29
,
1
day
USD
SOFR
+
0.700%
991,110
1,000,000
CNO
Global
Funding*
4.700%,
12/11/30
975,960
1,000,000
Cooperatieve
Rabobank
UA*‡
4.655%,
08/22/28
,
1
yr.
CMT
+
1.750%
1,000,930
1,000,000
COPT
Defense
Properties
LP
4.500%,
10/15/30
976,670
Credit
Acceptance
Corp.*
330,000
9.250%,
12/15/28
342,279
222,000
6.625%,
03/15/30
222,180
1,000,000
Danske
Bank
AS*‡
4.298%,
04/01/28
,
1
yr.
CMT
+
1.750%
998,030
1,000,000
Depository
Trust
Co.*
4.550%,
03/27/31
986,560
1,000,000
Enact
Holdings,
Inc.
6.250%,
05/28/29
1,025,320
1,000,000
Essent
Group
Ltd.
6.250%,
07/01/29
1,028,820
1,000,000
Extra
Space
Storage
LP
2.550%,
06/01/31
888,880
1,000,000
Federation
des
Caisses
Desjardins
du
Quebec*^
4.565%,
08/26/30
984,950
1,000,000
Fifth
Third
Bank
NA‡
4.967%,
01/28/28
,
1
day
USD
SOFR
+
0.810%
1,001,900
1,000,000
First
Industrial
LP
5.250%,
01/15/31
999,680
1,000,000
First-Citizens
Bank
&
Trust
Co.‡
5.097%,
07/13/29
,
1
day
USD
SOFR
+
1.146%
997,510
1,000,000
FNB
Corp.‡
5.722%,
12/11/30
,
1
day
USD
SOFR
Index
+
1.930%
1,003,070
1,000,000
Gabx
Leasing
LLC*
4.625%,
04/15/31
976,140
1,000,000
GGAM
Finance
Ltd.*
8.000%,
06/15/28
1,036,040
1,000,000
GLP
Capital
LP/GLP
Financing
II,
Inc.
5.750%,
06/01/28
1,008,760
500,000
Goldman
Sachs
BDC,
Inc.
6.375%,
03/11/27
505,460
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,000,000
Goldman
Sachs
Group,
Inc.‡
4.148%,
01/21/29
,
1
day
USD
SOFR
+
0.710%
$
990,660
465,000
Goldman
Sachs
Private
Credit
Corp.
5.050%,
02/23/28
462,424
1,000,000
Huntington
Bancshares,
Inc.‡
4.623%,
01/28/32
,
1
day
USD
SOFR
+
0.990%
973,250
500,000
Intercontinental
Exchange,
Inc.^
3.950%,
12/01/28
492,545
1,000,000
JPMorgan
Chase
&
Co.‡
4.915%,
01/24/29
,
1
day
USD
SOFR
+
0.800%
1,003,630
500,000
KeyCorp^‡
5.121%,
04/04/31
,
1
day
USD
SOFR
Index
+
1.227%
499,975
Kreditanstalt
fuer
Wiederaufbau
1,000,000
3.750%,
02/15/28
992,270
300,000
1.000%,
10/01/26
298,638
1,000,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.*
4.750%,
06/15/29
974,960
1,000,000
LPL
Holdings,
Inc.*
4.625%,
11/15/27
995,620
1,000,000
Lseg
U.S.
Fin
Corp.*^
4.250%,
03/23/29
986,350
1,000,000
M&T
Bank
Corp.‡
4.833%,
01/16/29
,
1
day
USD
SOFR
+
0.930%
1,000,740
1,000,000
Metropolitan
Life
Global
Funding
I*^
4.350%,
01/12/31
977,050
500,000
Morgan
Stanley‡
5.042%,
07/19/30
,
1
day
USD
SOFR
+
1.215%
501,190
500,000
Morgan
Stanley
Bank
NA‡
4.952%,
01/14/28
,
1
day
USD
SOFR
+
1.080%
501,370
1,000,000
Mutual
of
Omaha
Cos
Global
Funding*
5.350%,
04/09/27
1,006,450
531,000
Nasdaq,
Inc.
5.350%,
06/28/28
537,335
500,000
National
Bank
of
Canada
5.600%,
12/18/28
510,330
1,000,000
National
Securities
Clearing
Corp.*^
4.700%,
06/09/31
991,720
500,000
NatWest
Markets
PLC*
1.600%,
09/29/26
498,150
500,000
Nordea
Bank
Abp*
1.500%,
09/30/26
498,025
1,000,000
Northern
Trust
Corp.
4.150%,
11/19/30
975,810
1,000,000
Nuveen
LLC*
5.550%,
01/15/30
1,008,860
1,000,000
Oesterreichische
Kontrollbank
AG^
3.625%,
09/09/27
992,570
90
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Short-Term
Bond
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
500,000
OneMain
Finance
Corp.
3.500%,
01/15/27
$
496,365
1,000,000
PayPal
Holdings,
Inc.
2.650%,
10/01/26
997,500
500,000
Pinnacle
Bank/Nashville
TN
5.625%,
02/15/28
503,465
PNC
Financial
Services
Group,
Inc.‡
500,000
4.618%,
10/26/29^
,
1
day
USD
SOFR
+
0.681%
498,465
500,000
4.075%,
01/26/29
,
1
day
USD
SOFR
+
0.610%
495,440
Pricoa
Global
Funding
I*
1,000,000
5.000%,
05/27/31
995,580
500,000
1.200%,
09/01/26
498,940
Principal
Life
Global
Funding
II*
200,000
5.000%,
01/16/27
200,578
1,000,000
4.950%,
11/27/29
998,900
1,000,000
Prologis
LP
4.750%,
01/15/31
996,280
500,000
Prologis
Targeted
U.S.
Logistics
Fund
LP*
5.250%,
04/01/29
504,825
1,000,000
RGA
Global
Funding*
4.600%,
11/25/30
978,060
1,000,000
Royal
Bank
of
Canada‡
4.612%,
05/03/32
,
1
day
USD
SOFR
+
1.010%
979,180
SBA
Tower
Trust*
250,000
1.840%,
04/15/27
245,074
500,000
1.631%,
05/15/51
495,608
300,000
Skandinaviska
Enskilda
Banken
AB*^
1.200%,
09/09/26
299,178
500,000
SLM
Corp.
6.500%,
01/31/30
505,780
1,000,000
Starwood
Property
Trust,
Inc.*
5.875%,
08/15/29
1,003,280
500,000
State
Street
Corp.‡
4.530%,
02/20/29
,
1
day
USD
SOFR
+
1.018%
499,650
1,000,000
Toronto-Dominion
Bank
4.808%,
06/03/30
997,740
1,000,000
Toyota
Motor
Credit
Corp.^
4.625%,
01/12/28
1,003,150
1,000,000
Travelers
Cos.,
Inc.
4.950%,
07/24/31
999,570
1,000,000
Truist
Bank
Series
BKNT‡
4.136%,
10/23/29
,
1
day
USD
SOFR
+
0.911%
985,120
1,000,000
U.S.
Bancorp^‡
5.100%,
07/23/30
,
1
day
USD
SOFR
+
1.250%
1,007,250
500,000
United
Wholesale
Mortgage
LLC*
5.500%,
04/15/29
467,750
77,135,629
Health
Care
(3.3%)
1,000,000
180
Medical,
Inc.*^
3.875%,
10/15/29
961,610
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,000,000
Agilent
Technologies,
Inc.
2.750%,
09/15/29
$
940,380
1,000,000
Cardinal
Health,
Inc.
5.000%,
11/15/29
1,004,330
1,000,000
Elevance
Health,
Inc.
4.101%,
03/01/28
991,970
1,000,000
Gilead
Sciences,
Inc.
1.200%,
10/01/27
963,960
1,000,000
Illumina,
Inc.
4.750%,
12/12/30
985,100
1,000,000
IQVIA,
Inc.
5.700%,
05/15/28
1,013,260
500,000
Laboratory
Corp.
of
America
Holdings
2.950%,
12/01/29
471,375
1,000,000
McKesson
Corp.
4.650%,
05/30/30
993,210
1,000,000
Medline
Borrower
LP*
5.250%,
10/01/29
991,550
500,000
Sanofi
SA
3.800%,
11/03/28
492,740
1,000,000
Tenet
Healthcare
Corp.
4.375%,
01/15/30
964,900
Teva
Pharmaceutical
Finance
Netherlands
III
BV
1,000,000
5.125%,
05/09/29^
998,120
295,000
3.150%,
10/01/26
294,236
1,000,000
Thermo
Fisher
Scientific,
Inc.^
5.000%,
01/31/29
1,009,230
500,000
UnitedHealth
Group,
Inc.
5.250%,
02/15/28
505,715
13,581,686
Industrials
(7.1%)
500,000
AAR
Escrow
Issuer
LLC*
6.750%,
03/15/29
511,735
1,000,000
AGCO
Corp.
5.450%,
03/21/27
1,004,750
1,000,000
Amcor
Flexibles
North
America,
Inc.
4.250%,
03/08/29
985,920
458,333
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.*
5.750%,
04/20/29
456,495
1,000,000
Amrize
Finance
U.S.
LLC
4.700%,
04/07/28
999,750
1,000,000
Canadian
Pacific
Railway
Co.
4.000%,
06/01/28
990,320
500,000
Cascades,
Inc./Cascades
USA,
Inc.*
6.750%,
07/15/30
508,795
1,000,000
CNH
Industrial
Capital
LLC
4.500%,
10/08/27
999,310
1,100,000
CRH
SMW
Finance
DAC
5.125%,
01/09/30
1,107,150
891,319
Delta
Air
Lines
Pass-Through
Trust
Series
AA,
Class
AA
2.000%,
12/10/29
860,363
500,000
Deluxe
Corp.*
8.125%,
09/15/29
518,165
91
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Short-Term
Bond
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,100,000
Eaton
Capital
ULC
4.450%,
05/09/30
$
1,085,106
608,000
EnerSys*
4.375%,
12/15/27
601,099
250,000
GATX
Corp.
5.400%,
03/15/27
251,313
500,000
Herc
Holdings,
Inc.*
6.625%,
06/15/29
509,435
1,000,000
Honeywell
Aerospace,
Inc.*
4.000%,
03/16/29
981,630
1,000,000
Ingersoll
Rand,
Inc.
5.400%,
08/14/28
1,013,690
500,000
JB
Hunt
Transport
Services,
Inc.
4.900%,
03/15/30
498,895
500,000
Johnson
Controls
International
PLC/
Tyco
Fire
&
Security
Finance
SCA
5.500%,
04/19/29
508,800
1,000,000
Lennox
International,
Inc.
5.500%,
09/15/28
1,014,330
1,000,000
Mohawk
Industries,
Inc.^
5.850%,
09/18/28
1,020,520
1,000,000
Nordson
Corp.
5.600%,
09/15/28
1,016,960
1,000,000
Owens
Corning
5.500%,
06/15/27
1,007,960
1,000,000
Parker-Hannifin
Corp.^
4.250%,
09/15/27
997,720
1,000,000
Paychex,
Inc.
5.100%,
04/15/30
1,000,500
1,000,000
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.*
5.250%,
02/01/30
1,004,060
1,000,000
Ryder
System,
Inc.
5.650%,
03/01/28
1,014,340
SMBC
Aviation
Capital
Finance
DAC*
500,000
5.100%,
04/01/30^
498,485
500,000
1.900%,
10/15/26
497,595
500,000
TransDigm,
Inc.*
6.375%,
03/01/29
506,250
200,000
Tyco
Electronics
Group
SA
4.500%,
02/09/31
196,998
1,000,000
Uber
Technologies,
Inc.^
4.150%,
01/15/31
966,010
United
Airlines
Pass-Through
Trust
528,078
Series
A,
Class
A,
4.550%,
02/25/33
507,510
1,067,017
Series
A,
Class
A,
2.900%,
11/01/29
1,026,332
Veralto
Corp.
1,000,000
5.500%,
09/18/26
1,000,570
1,000,000
5.350%,
09/18/28
1,011,710
500,000
WESCO
Distribution,
Inc.*
6.375%,
03/15/29
507,600
500,000
Williams
Scotsman,
Inc.*
6.625%,
06/15/29
509,285
29,697,456
PRINCIPAL
AMOUNT
a
a
VALUE
a
Information
Technology
(5.4%)
1,000,000
Accenture
Capital,
Inc.
4.050%,
10/04/29
$
980,030
1,000,000
Applied
Materials,
Inc.
4.800%,
06/15/29
1,005,580
1,000,000
Block,
Inc.*
5.625%,
08/15/30
995,840
1,000,000
Booz
Allen
Hamilton,
Inc.*^
3.875%,
09/01/28
975,590
1,000,000
Broadcom,
Inc.
4.200%,
10/15/30
965,070
1,000,000
Cadence
Design
Systems,
Inc.
4.200%,
09/10/27
996,240
500,000
CDW
LLC/CDW
Finance
Corp.
3.250%,
02/15/29
476,455
500,000
CGI,
Inc.
1.450%,
09/14/26
498,275
1,000,000
Dell
International
LLC/EMC
Corp.
4.750%,
07/15/31
983,460
1,000,000
Hewlett
Packard
Enterprise
Co.
4.400%,
09/25/27
997,350
Intuit,
Inc.
1,000,000
5.250%,
09/15/26
1,000,420
1,000,000
4.950%,
06/15/31^
990,740
1,000,000
Jabil,
Inc.
4.200%,
02/01/29
981,890
1,000,000
Keysight
Technologies,
Inc.
3.000%,
10/30/29
944,320
1,000,000
Leidos,
Inc.
4.100%,
03/15/29
980,410
1,000,000
MSCI,
Inc.*
4.000%,
11/15/29
965,240
1,000,000
NXP
BV/NXP
Funding
LLC/NXP
USA,
Inc.
4.300%,
08/19/28
991,180
500,000
Open
Text
Corp.*
6.900%,
12/01/27
510,240
500,000
Oracle
Corp.^
4.800%,
08/03/28
495,585
500,000
Roper
Technologies,
Inc.
4.200%,
09/15/28
494,765
1,000,000
Salesforce,
Inc.
4.500%,
03/15/28
998,340
1,000,000
Synopsys,
Inc.
4.850%,
04/01/30
994,580
1,000,000
Take-Two
Interactive
Software,
Inc.
5.400%,
06/12/29
1,013,250
1,000,000
TD
SYNNEX
Corp.
4.300%,
01/17/29
983,360
Texas
Instruments,
Inc.
500,000
4.600%,
02/15/28^
500,895
250,000
1.125%,
09/15/26
249,235
500,000
Viavi
Solutions,
Inc.*
3.750%,
10/01/29
473,070
22,441,410
92
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Short-Term
Bond
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
Materials
(0.1%)
500,000
Sherwin-Williams
Co.
3.450%,
06/01/27
$
496,155
Other
(1.2%)
500,000
Alumina
Pty.
Ltd.*
6.125%,
03/15/30
504,440
1,000,000
AutoNation,
Inc.
4.450%,
01/15/29
987,170
1,000,000
Element
Fleet
Management
Corp.*
5.037%,
03/25/30
997,650
500,000
Gen
Digital,
Inc.*
6.750%,
09/30/27
501,070
1,000,000
Host
Hotels
&
Resorts
LP
Series
H
3.375%,
12/15/29
948,130
1,000,000
VICI
Properties
LP
4.750%,
04/01/28
997,680
4,936,140
Real
Estate
(1.6%)
1,000,000
Camden
Property
Trust
5.850%,
11/03/26
1,002,790
1,000,000
EPR
Properties
4.750%,
11/15/30
973,240
1,000,000
Equinix,
Inc.††
5.000%,
08/15/29
997,300
750,000
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership
LP*
3.750%,
12/15/27
734,010
1,000,000
Public
Storage
Operating
Co.^
5.125%,
01/15/29
1,012,540
1,000,000
Realty
Income
Corp.
3.950%,
02/01/29
982,790
1,000,000
Simon
Property
Group
LP^
4.375%,
10/01/30
982,020
6,684,690
Special
Purpose
Acquisition
Companies
(0.2%)
1,000,000
New
York
Life
Global
Funding*^
4.150%,
07/25/28
992,300
Utilities
(3.5%)
1,000,000
Alliant
Energy
Finance
LLC*
5.400%,
06/06/27
1,006,450
1,000,000
Commonwealth
Edison
Co.
4.550%,
06/01/31
983,660
1,000,000
Constellation
Energy
Generation
LLC
4.550%,
06/01/29
992,570
500,000
Consumers
Energy
Co.††
4.900%,
08/15/31
498,250
1,000,000
Dayton
Power
&
Light
Co.
4.550%,
08/15/30
980,000
1,000,000
Duke
Energy
Carolinas
LLC
4.850%,
03/15/30
1,000,990
500,000
Entergy
Texas,
Inc.
1.500%,
09/01/26
498,915
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,000,000
Evergy,
Inc.
4.250%,
03/15/29
$
985,720
National
Rural
Utilities
Cooperative
Finance
Corp.
1,000,000
4.400%,
05/11/29^
991,880
500,000
4.120%,
09/16/27
498,155
1,000,000
NextEra
Energy
Capital
Holdings,
Inc.
4.850%,
02/04/28
1,003,860
1,000,000
Niagara
Mohawk
Power
Corp.*
4.647%,
10/03/30
984,460
1,000,000
NiSource,
Inc.^
4.750%,
05/18/31
988,500
1,000,000
NSTAR
Electric
Co.
3.200%,
05/15/27
991,300
25,000
PPL
Capital
Funding,
Inc.
Series
A‡
6.659%,
03/30/67
,
3
mo.
USD
Term
SOFR
+
2.927%
24,707
1,000,000
Public
Service
Co.
of
Colorado
4.150%,
03/13/29
986,650
1,000,000
Sempra
3.400%,
02/01/28
980,910
14,396,977
TOTAL
CORPORATE
BONDS
(Cost
$224,385,702)
223,774,550
MUNICIPAL
OBLIGATIONS
(2.3%)
Consumer
Discretionary
(0.1%)
200,000
Washington
State
Housing
Finance
Commission
5.285%,
06/01/27
201,770
300,000
Washington
State
Housing
Finance
Commission
5.345%,
12/01/27
303,871
505,641
Other
(2.1%)
100,000
Alaska
Housing
Finance
Corp.
4.808%,
06/01/27
100,418
250,000
City
of
Carmel
Waterworks
Revenue
4.966%,
05/01/28
251,819
205,000
City
of
Mishawaka
4.700%,
08/15/26
205,040
400,000
Colorado
Housing
&
Finance
Authority
4.390%,
11/01/29
397,456
375,000
Colorado
Housing
&
Finance
Authority
5.402%,
05/01/27
378,026
370,000
Colorado
Housing
&
Finance
Authority
5.452%,
11/01/27
374,304
1,000,000
Commonwealth
of
Massachusetts
5.306%,
01/01/30
1,006,701
1,000,000
Connecticut
Housing
Finance
Authority
4.771%,
05/15/30
1,006,152
93
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Short-Term
Bond
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
135,000
East
Montgomery
County
Improvement
District
Sales
Tax
Revenue
1.550%,
08/15/26
$
134,887
170,000
Florida
Housing
Finance
Corp.
5.086%,
01/01/27
170,747
150,000
Florida
Housing
Finance
Corp.
5.136%,
07/01/27
151,174
195,000
Idaho
Housing
&
Finance
Association
4.398%,
07/01/29
192,729
235,000
Idaho
Housing
&
Finance
Association
4.418%,
01/01/30
231,799
115,000
Idaho
Housing
&
Finance
Association
4.478%,
07/01/30
113,404
250,000
Indiana
Housing
&
Community
Development
Authority
5.065%,
01/01/27
251,049
350,000
Iowa
Finance
Authority
5.412%,
07/01/27
353,574
505,000
Iowa
Finance
Authority
5.502%,
07/01/28
514,376
250,000
Nevada
Housing
Division
5.251%,
10/01/26
250,561
450,000
Nevada
Housing
Division
5.268%,
04/01/27
453,549
435,000
Nevada
Housing
Division
5.338%,
10/01/27
440,442
100,000
New
Mexico
Mortgage
Finance
Authority
4.447%,
03/01/30
99,606
390,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
3.430%,
08/01/26
390,000
125,000
Utah
Housing
Corp.
4.627%,
07/01/29
125,441
145,000
Victor
Valley
Community
College
District
2.878%,
08/01/26
145,000
300,000
West
Virginia
Housing
Development
Fund
4.510%,
05/01/30
300,140
200,000
West
Virginia
Housing
Development
Fund
4.560%,
11/01/30
199,976
170,000
Westminster
Public
Schools
0.906%,
12/01/26
168,377
115,000
Wisconsin
Housing
&
Economic
Development
Authority
Home
Ownership
Revenue
4.518%,
03/01/29
114,964
100,000
Wisconsin
Housing
&
Economic
Development
Authority
Home
Ownership
Revenue
4.568%,
09/01/29
99,938
8,621,649
PRINCIPAL
AMOUNT
a
a
VALUE
a
Utilities
(0.1%)
505,000
Augusta
Water
&
Sewer
Revenue
4.300%,
10/01/26
$
504,979
TOTAL
MUNICIPAL
OBLIGATIONS
(Cost
$9,614,647)
9,632,269
RESIDENTIAL
MORTGAGE
BACKED
SECURITIES
(0.3%)
Financials
(0.3%)
28,495
Bank
Series
2019-BN16,
Class
A2
3.933%,
02/15/52                    
28,172
1,108,747
GS
Mortgage-Backed
Securities
Corp.
Trust
Series
2021-PJ4,
Class
A8*‡
2.500%,
09/25/51                    
980,493
427,132
GS
Mortgage-Backed
Securities
Trust
Series
2021-PJ11,
Class
A8*‡
2.500%,
04/25/52                    
377,379
1,386,044
TOTAL
RESIDENTIAL
MORTGAGE
BACKED
SECURITIES
(Cost
$1,561,874)
1,386,044
SOVEREIGN
BONDS
(3.8%)
Financials
(2.0%)
1,000,000
African
Development
Bank
3.875%,
06/12/28
992,458
2,000,000
Asian
Development
Bank
2.750%,
01/19/28
1,957,229
1,000,000
Asian
Infrastructure
Investment
Bank
4.000%,
01/18/28
996,121
1,000,000
Development
Bank
of
Japan,
Inc.*
5.125%,
09/01/26
1,000,855
1,000,000
European
Investment
Bank
3.250%,
11/15/27
987,769
1,000,000
European
Investment
Bank
4.000%,
02/15/29
991,988
1,000,000
Kommunalbanken
AS*
3.625%,
10/16/28
985,252
200,000
Kommunalbanken
AS*
4.500%,
09/01/28
200,647
8,112,319
Other
(1.8%)
500,000
Export
Development
Canada
3.875%,
02/14/28
496,957
1,000,000
Export
Development
Canada
4.125%,
02/13/29
994,711
1,003,000
Export-Import
Bank
of
Korea
5.000%,
01/11/28
1,010,751
1,000,000
Inter-American
Development
Bank^
4.000%,
01/12/28
996,150
94
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
OPEN-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Short-Term
Bond
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,000,000
International
Bank
for
Reconstruction
&
Development
1.375%,
04/20/28
$
952,465
1,000,000
International
Finance
Corp.
4.500%,
01/21/28
1,003,002
1,000,000
Nordic
Investment
Bank
3.750%,
05/09/30
977,882
1,000,000
Svensk
Exportkredit
AB
4.125%,
06/14/28
996,029
7,427,947
TOTAL
SOVEREIGN
BONDS
(Cost
$15,652,180)
15,540,266
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(4.5%)
Other
(4.5%)
Federal
National
Mortgage
Association
3,255,390
3.500%,
05/01/35
3,175,694
948,056
3.500%,
07/01/35
912,098
689,640
2.500%,
04/01/31
664,686
U.S.
Treasury
Notes
6,000,000
4.250%,
02/28/29^
5,991,328
5,000,000
4.250%,
01/31/30^
4,981,055
3,000,000
3.375%,
09/15/28
2,944,805
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(Cost
$18,778,750)
18,669,666
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(2.9%)
12,060,375
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.674%†***
(Cost
$12,060,375)
$
12,060,375
TOTAL
INVESTMENTS
(99.3%)
(Cost
$413,827,876)
412,613,451
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-2.9%)
(
12,060,375
)
OTHER
ASSETS,
LESS
LIABILITIES
(3.6%)
14,946,626
NET
ASSETS
(100.0%)
$
415,499,702
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
**
Step
coupon
security.
Coupon
changes
periodically
based
upon
a
predetermined
schedule.
The
rate
shown
is
the
rate
in
effect
at
July
31,
2026.
i
Bank
loans
generally
are
subject
to
mandatory
and/or
optional
prepayment.
As
a
result,
the
actual
remaining
maturity
of
bank
loans
may
be
substantially
less
than
the
stated
maturities
shown.
‡
Variable
rate
security.
The
rate
shown
is
the
rate
in
effect
at
July
31,
2026.
!
This
position
represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate,
which
will
be
adjusted
on
settlement
date.
^
Security,
or
portion
of
security,
is
on
loan.
††
When-issued
security.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
July
31,
2026.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
July
31,
2026.
ABBREVIATION
SOFR
Secured
Overnight
Financing
Rate
CMT
Constant
Maturity
Treasury
95
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Short-Term
Bond
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
The
following
table
summarizes
the
Fund’s investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
July
31,
2026
(see
Note
3):
FUTURES
CONTRACTS
NUMBER
OF
CONTRACTS
DESCRIPTION
EXPIRATION
DATE
NOTIONAL
VALUE
MARKET
VALUE/
UNREALIZED
APPRECIATION
(DEPRECIATION)
Buys
100
U.S.
Treasury
Note
2-Year
Sep
2026
$
20,560,938
$
(
79,144
)
200
U.S.
Treasury
Note
5-Year
Sep
2026
21,195,313
(
173,142
)
$
(
252,286
)
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Asset
Backed
Securities
74
$
—
$
87,677,682
$
—
$
87,677,682
Bank
Loans
50
—
42,893,389
—
42,893,389
Convertible
Bond
1
—
979,210
—
979,210
Corporate
Bonds
281
—
223,774,550
—
223,774,550
Municipal
Obligations
32
—
9,632,269
—
9,632,269
Residential
Mortgage
Backed
Securities
3
—
1,386,044
—
1,386,044
Sovereign
Bonds
16
—
15,540,266
—
15,540,266
U.S.
Government
and
Agency
Securities
6
—
18,669,666
—
18,669,666
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
12,060,375
—
12,060,375
Total
$
—
$
412,613,451
$
—
$
412,613,451
Liabilities:
—
—
—
—
Futures
Contracts
2
$
252,286
$
—
$
—
$
252,286
Total
$
252,286
$
—
$
—
$
252,286
Notes
to
Schedule
of
Investments
(Unaudited)
96
Note
1
–
Organization
and
Significant
Accounting
Policies
Organization.
CALAMOS
INVESTMENT
TRUST,
a
Massachusetts
business
trust
organized
December
21,
1987
(the
“Trust”),
consists
of nineteen
series, 
Market
Neutral
Income
Fund,
Hedged
Equity
Fund,
Phineus
Long/Short
Fund,
Merger
Arbitrage
Fund,
Convertible
Fund,
Global
Convertible
Fund,
Timpani
Small
Cap
Growth
Fund,
Timpani
SMID
Growth
Fund,
Growth
Fund,
Growth
and
Income
Fund, Select
Fund,
International
Growth
Fund,
Evolving
World
Growth
Fund,
Global
Equity
Fund,
Global
Opportunities
Fund,
International
Small
Cap
Growth
Fund,
Total
Return
Bond
Fund,
High
Income
Opportunities
Fund,
and
Short-Term
Bond
Fund
(each
a
“Fund”
and
collectively
the
“Funds”).
The
Trust
is
registered
under
the
Investment
Company
Act
of
1940
as
amended
(the
“1940
Act”)
as
an
open-end
management
investment
company.
The
Trust
currently
offers
Class
A,
Class
C
(except
Timpani
SMID
Growth
Fund
and
Short-Term
Bond
Fund),
and
Class
I
shares
of
each
of
the
Funds.
Class
R6
shares
are
offered
in
Market
Neutral
Income
Fund,
Timpani
Small
Cap
Growth
Fund,
Timpani
SMID
Growth
Fund,
Growth
and
Income
Fund,
International
Growth
Fund,
Global
Equity
Fund,
and
International
Small
Cap
Growth
Fund
only.
On
April
8,
2026,
The
Trust's
Board
of
Trustees
(“Board”
or
“Trustees”)
approved
the
conversion
of
Calamos
Timpani
SMID
Growth
Fund
(“Timpani
SMID
Growth
Fund")
into
a
newly-created
exchange-traded
fund,
Calamos
Timpani
Active
SMID
Growth
ETF
(the
“New
ETF”),
which
is
a
series
of
Calamos
ETF
Trust.
The
proposed
conversion
into
the
New
ETF
is
subject
to
approval
by
the
shareholders
of
Timpani
SMID
Growth
Fund.
A
proxy
statement/prospectus
detailing
the
proposed
conversion
is
expected
to
be
mailed
to
Timpani
SMID
Growth
Fund's
shareholders
on
or
about
July
9,
2026,
and
a
shareholder
meeting
is
scheduled
to
be
held
on
or
about
August
24,
2026.
If
shareholder
approval
of
the
proposed
conversion
is
obtained,
it
is
expected
that
the
proposed
conversion
will
take
place
at
the
close
of
business
on
or
about
September
18,
2026.
In
connection
with
the
proposed
conversion
of
the
Fund
into
an
ETF,
Class
A
and
Class
R6
shares
of
the
Fund
will
be
consolidated
into
Class
I
shares
of
the
Fund
on
or
about
September
11,
2026. 
Fund
Valuation.
The
Trustees,
including
a
majority
of
the
Trustees
who
are
not
“interested
persons”
of
the
Funds,
have
designated
Calamos
Advisors
LLC
(“Calamos
Advisors”,
or
the
“Adviser”)
to
perform
fair
valuation
determinations
related
to
all
Fund
investments
under
the
oversight
of
the
Board.
As
“valuation
designee” Calamos
Advisors
has
adopted
procedures
consistent
with
ASC
Topic
820:
Fair
Value
Measurement 
to
guide
the
determination
of
the
net
asset
value
(“NAV”)
on
any
day
on
which
a
Fund’s
NAV is
determined.
The
valuation
of
the
Funds’
investments
is
in
accordance
with
these
procedures.
Fund
securities
that
are
traded
on
U.S.
securities
exchanges,
except
option
securities,
are
valued
at
the
official
closing
price,
which
is
the
last
current
reported
sales
price
on
its
principal
exchange
at
the
time
each
Fund
determines
its
NAV.
Securities
traded
in
the
over-the-counter
market
and
quoted
on
The
NASDAQ
Stock
Market
®
are
valued
at
the
NASDAQ
®
Official
Closing
Price,
as
determined
by
NASDAQ
®
,
or
lacking
a
NASDAQ
®
Official
Closing
Price,
the
last
current
reported
sale
price
on
NASDAQ
®
at
the
time
a
Fund
determines
its
NAV.
When
a
last
sale
or
closing
price
is
not
available,
equity
securities,
other
than
option
securities,
that
are
traded
on
a
U.S.
securities
exchange
and
other
equity
securities
traded
in
the
over-the-counter
market
are
valued
at
the
mean
between
the
most
recent
bid
and
asked
quotations
on
its
principal
exchange
in
accordance
with
guidelines
adopted
by
the
Board.
Each
option
security
traded
on
a
U.S.
securities
exchange
is
valued
at
the
mid-point
of
the
consolidated
bid/ask
quote
for
the
option
security,
also
in
accordance
with
guidelines
adopted
by
the
Board.
Each
over-the-counter
option
that
is
not
traded
through
the
Options
Clearing
Corporation
is
valued
either
by
an
independent
pricing
agent
approved
by
the
Board
or
based
on
a
quotation
provided
by
the
counterparty
to
such
option
under
the
ultimate
supervision
of
the
Board.
Fixed
income
securities,
bank
loans,
certain
convertible
preferred
securities,
and
non-exchange
traded
derivatives
are
normally
valued
by
independent
pricing
services
or
by
dealers
or
brokers
who
make
markets
in
such
securities.
Valuations
of
such
fixed
income
securities,
bank
loans,
certain
convertible
preferred
securities,
and
non-exchange
traded
derivatives
consider
yield
or
price
of
equivalent
securities
of
comparable
quality,
coupon
rate,
maturity,
type
of
issue,
trading
characteristics
and
other
market
data
and
do
not
rely
exclusively
upon
exchange
or
over-the-counter
prices.
New
purchases
in
third-party
private
funds
("Private
Funds")
may
be
valued
at
acquisition
cost
until
a
NAV
is
provided
by
the
Private
Fund's
investment
manager.
Thereafter,
investments
in
Private
Funds
are
generally
valued
using
the
quarterly
(or
more
frequent)
NAV
provided
by
the
Private
Funds
(the
"practical
expedient"),
whose
underlying
investments
are
valued
in
a
manner
consistent
with
ASC
820:
Fair
Value
Measurement
,
to
determine
the
fair
value
of
such
interests.
Calamos
Advisors,
as
valuation
designee,
will
review
the
practical
expedient
and
determine
reasonableness
based
on
its
knowledge
of
current
market
conditions
and
the
individual
characteristics
of
the
applicable
Private
Fund.
In
circumstances
where
a
Fund's
valuation
date
is
in
between
a
date
in
which
a
Private
Fund
reports
its
NAV
or
such
NAV
is
otherwise
unavailable,
Calamos
Advisors
shall
consider
whether
an
adjustment
to
the
most
recent
NAV
per
share
is
appropriate,
considering
the
practical
expedient
and
adjusting
in
good
faith
based
on
factors
Calamos
Advisors
deems
appropriate.
Investments
in
equity
or
credit
of
privately
held
companies
may
be
valued
using
the
income
approach,
market
approach,
cost
approach,
option
pricing
approach,
recent
transaction
approach,
liquidation
approach,
or
any
other
method
of
valuation
deemed
reasonable
by
Calamos
Advisors,
as
valuation
designee,
to
assess
the
valuation
of
the
investment.
With
respect
to
private
equity
investments,
an
appropriate
discount
for
lack
of
marketability
will
be
applied
to
any
approach
which
does
not
reflect
such
a
discount.
The
security
will
be
monitored
daily
for
relevant
news
and
valuation-affecting
events.
Trading
on
European
and
Far
Eastern
exchanges
and
over-the-counter
markets
is
typically
completed
at
various
times
before
the
close
of
business
on
each
day
on
which
the
New
York
Stock
Exchange
(“NYSE”)
is
open.
Each
security
trading
on
these
exchanges
or
in
over-the-counter
markets
may
be
valued
utilizing
a
systematic
fair
valuation
model
provided
by
an
independent
pricing
service
approved
by
the
Board.
The
valuation
of
each
security
that
meets
certain
criteria
in
relation
to
the
valuation
model
is
systematically
adjusted
to
reflect
the
impact
of
movement
in
the
U.S.
market
after
the
foreign
markets
close.
Securities
that
do
not
meet
the
criteria,
or
that
are
principally
traded
in
other
foreign
markets,
are
valued
as
of
the
last
reported
sale
price
at
the
time
the
respective
Fund
determines
its
NAV,
or
when
reliable
market
prices
or
quotations
are
not
readily
available,
at
the
mean
between
the
most
recent
bid
and
asked
quotations
as
of
the
close
of
the
appropriate
exchange
or
other
designated
time.
Trading
of
foreign
securities
may
not
take
place
on
every
NYSE
business
day.
In
addition,
trading
may
take
place
in
various
foreign
markets
on
Saturdays
or
on
other
days
when
the
NYSE
is
not
open
and
on
which
the
respective
Fund’s
NAV
is
not
calculated.
If
the
Adviser’s
pricing
committee
determines
that
the
valuation
of
a
security
in
accordance
with
the
methods
described
above
is
not
reflective
of
a
fair
value
for
such
security,
the
security
is
valued
at
a
fair
value
by
the
pricing
committee.
Each
Fund
also
may
use
fair
value
pricing,
pursuant
to
guidelines
adopted
by
Calamos
Advisors,
if
trading
in
the
security
is
halted
or
if
the
value
of
a
security
it
holds
is
materially
affected
by
events
occurring
before
the
Fund’s
pricing
time
but
after
the
close
of
the
primary
market
or
exchange
on
which
the
security
is
listed.
Those
procedures
may
utilize
valuations
furnished
by
pricing
services
approved
by
Calamos
Advisors,
which
may
be
based
on
market
97
transactions
for
comparable
securities
and
various
relationships
between
securities
that
are
generally
recognized
by
institutional
traders,
a
computerized
matrix
system,
or
appraisals
derived
from
information
concerning
the
securities
or
similar
securities
received
from
recognized
dealers
in
those
securities.
When
fair
value
pricing
of
securities
is
employed,
the
prices
of
securities
used
by
the
Fund
to
calculate
its
NAV
may
differ
from
market
quotations
or
official
closing
prices.
There
can
be
no
assurance
that
the
Fund
could
purchase
or
sell
a
portfolio
security
at
the
price
used
to
calculate
the
Fund’s
NAV.
Private
Investment
Fund.
The
Funds
may
also
invest
in
privately
placed
securities,
including
in
third-party
private
funds
("Private
Funds")
that
themselves
invest
in
equity
securities
of
privately
held
companies
subject
to
applicable
limits
under
the
1940
Act.
Foreign
Currency
Translation.
Values
of
investments
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
a
rate
quoted
by
a
major
bank
or
dealer
in
the
particular
currency
market,
as
reported
by
a
recognized
quotation
dissemination
service. 
Option
Transactions.
For
hedging
and
investment
purposes,
each
Fund
may
purchase
or
write
(sell)
put
and
call
options.
One
of
the
risks
associated
with
purchasing
an
option
is
that
the
Fund
pays
a
premium
whether
or
not
the
option
is
exercised.
Additionally,
the
Fund
bears
the
risk
of
loss
of
premium
and
change
in
value
should
the
counterparty
not
perform
under
the
contract.
The
Fund
as
writer
of
an
option
bears
the
market
risk
of
an
unfavorable
change
in
the
price
of
the
security
underlying
the
written
option.
Forward
Foreign
Currency
Contracts.
Each
Fund
may
engage
in
portfolio
hedging
with
respect
to
changes
in
currency
exchange
rates
by
entering
into
forward
foreign
currency
contracts
to
purchase
or
sell
currencies.
A
forward
foreign
currency
contract
is
a
commitment
to
purchase
or
sell
a
foreign
currency
at
a
future
date
at
a
negotiated
forward
rate.
Risks
associated
with
such
contracts
include,
among
other
things,
movement
in
the
value
of
the
foreign
currency
relative
to
the
U.S.
dollar
and
the
ability
of
the
counterparty
to
perform.
As
of
July
31,
2026, a
Fund had
outstanding
forward
foreign
currency
contracts
as
listed
on
the
Schedule
of
Investments.
Note
2
–
Short
Sales
Securities
sold
short
represent
obligations
to
deliver
the
securities
at
a
future
date.
A Fund may
sell
a
security
it
does
not
own
in
anticipation
of
a
decline
in
the
value
of
that
security
before
the
delivery
date.
When
a
Fund
sells
a
security
short,
it
must
borrow
the
security
sold
short
and
deliver
it
to
the
broker-
dealer
through
which
it
made
the
short
sale.
Accrued
dividends
on
securities
sold
short
are
disclosed
within
other
accounts
payable
and
accrued
liabilities
on
the
Statements
of
Assets
and
Liabilities.
Dividends
paid
on
securities
sold
short
are
disclosed
as
an
expense
on
the
Statements
of
Operations.
A
gain,
limited
to
the
price
at
which
a
Fund
sold
the
security
short,
or
a
loss,
unlimited
in
size,
will
be
realized
upon
the
termination
of
a
short
sale.
To
secure
its
obligation
to
deliver
to
the
broker-dealer
the
securities
sold
short,
a
Fund
must
segregate
an
amount
of
cash
or
liquid
securities
with
its
custodian
equal
to
any
excess
of
the
current
market
value
of
the
securities
sold
short
over
any
cash
or
liquid
securities
deposited
as
collateral
with
the
broker
in
connection
with
the
short
sale
(not
including
the
proceeds
of
the
short
sale).
As
a
result
of
that
requirement,
a
Fund
will
not
gain
any
leverage
merely
by
selling
short,
except
to
the
extent
that
it
earns
interest
or
other
income
or
gains
on
the
segregated
cash
or
liquid
securities
while
also
being
subject
to
the
possibility
of
gain
or
loss
from
the
securities
sold
short.
Note
3
–
Fair
Value
Measurements
Various
inputs
are
used
to
determine
the
value
of
each
Fund’s
investments.
These
inputs
are
categorized
into
three
broad
levels
as
follows:
Level
1
–
Prices
are
determined
using
inputs
from
unadjusted
quoted
prices
from
active
markets
(including
securities
actively
traded
on
a
securities
exchange)
for
identical
assets.
Level
2
–
Prices
are
determined
using
significant
observable
market
inputs
other
than
unadjusted
quoted
prices,
including
quoted
prices
of
similar
securities,
fair
value
adjustments
to
quoted
foreign
securities,
interest
rates,
credit
risk,
prepayment
speeds,
and
other
relevant
data.
Level
3
–
Prices
reflect
unobservable
market
inputs
(including
each
Fund’s
own
judgments
about
assumptions
market
participants
would
use
in
determining
fair
value)
when
observable
inputs
are
unavailable.
Debt
securities
are
valued
based
upon
evaluated
prices
received
from
an
independent
pricing
service
or
from
a
dealer
or
broker
who
makes
markets
in
such
securities.
Pricing
services
utilize
various
observable
market
data
and
as
such,
debt
securities
are
generally
categorized
as
Level
2.
The
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
of
each
Fund’s
investments.
The
summary
of
the
inputs
used
in
valuing
each
Fund's
holdings
are
available
after each
Fund's
Portfolio.
Investments
in
Private
Investment
Funds
measured
based
upon
NAV
as
a
practical
expedient
to
determine
fair
value
are
not
required
to
be
categorized
in
the
fair
value
hierarchy,
however
these
amounts
are
shown
in
the
fair
value
hierarchy
table
under
net
asset
value
in
order
to
reconcile
back
to
the
Schedule
of
Investments. 
The
following
description
of
investment
categories
should
be
read
in
conjunction
with
the
Schedule
of
Investment.
Primary
Investment
-
A
newly
established
fund
managed
by
a
third-party
manager
which
raises
capital
commitments
from
investors
to
invest
in
and
acquire
private
companies