N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER: 811-05443

EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER:	Calamos Investment Trust
ADDRESS OF PRINCIPAL EXECUTIVE OFFICES:	2020 Calamos Court, Naperville
	Illinois 60563
NAME AND ADDRESS OF AGENT FOR SERVICE:	John P. Calamos Sr., President
	Calamos Advisors LLC,
	2020 Calamos Court,
	Naperville, Illinois
	60563

REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE: (630) 245-7200

DATE OF FISCAL YEAR END: October 31, 2009

DATE OF REPORTING PERIOD: July 31, 2009

ITEM 1. SCHEDULE OF INVESTMENTS July 31, 2009 (UNAUDITED)

Calamos Growth Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

NUMBER OF
SHARES				VALUE
COMMON STOCKS (96.1%)
			Consumer Discretionary (10.0%)
	2,250,000		Amazon.com, Inc.#	$	192,960,000
	1,250,000		American Eagle Outfitters, Inc.		17,987,500
	500,000		American Public Education, Inc.#		17,685,000
	1,400,000		CarMax, Inc.#Ù		22,582,000
	4,100,000		Coach, Inc.		121,319,000
	3,650,000		GameStop Corp.#Ù		79,898,500
	2,439,900		Guess?, Inc.		70,927,893
	2,150,000		LKQ Corp.#		38,571,000
	800,000		New Oriental Education & Technology Group, Inc.#Ù		58,800,000
	1,350,000		Nike, Inc. - Class B		76,464,000
	2,500,000		Starbucks Corp.#		44,250,000
	700,000		WMS Industries, Inc.#Ù		25,312,000
	400,000		Wynn Resorts, Ltd.#Ù		20,468,000
					787,224,893
			Consumer Staples (1.6%)
	1,500,000		Avon Products, Inc.		48,570,000
	750,000		Coca-Cola Company		37,380,000
	600,000		Hansen Natural Corp.#		18,606,000
	850,000		Whole Foods Market, Inc.#Ù		20,561,500
					125,117,500
			Energy (15.3%)
	1,100,000		Apache Corp.		92,345,000
	750,000		Atwood Oceanics, Inc.#Ù		21,630,000
	900,000		Berry Petroleum Company - Class AÙ		21,348,000
	2,500,000		Cameron International Corp.#Ù		78,075,000
	500,000		Comstock Resources, Inc.#		19,250,000
	1,200,000		Devon Energy Corp.		69,708,000
	2,138,254		ENSCO International, Inc.		81,018,444
	1,250,000		EXCO Resources, Inc.#		17,175,000
	3,300,000		Halliburton Company		72,897,000
	449,781		Mariner Energy, Inc.#Ù		5,392,874
	4,450,000		National Oilwell Varco, Inc.#		159,933,000
	2,400,000		Noble Corp.		81,264,000
	1,250,000		Noble Energy, Inc.		76,400,000
	3,000,000		Pride International, Inc.#Ù		75,210,000
	1,300,000		Schlumberger, Ltd.		69,550,000
	1,400,000		Suncor Energy, Inc.Ù		45,472,000
	1,100,000	CAD	Suncor Energy, Inc.		35,575,772
	385,000		Tidewater, Inc.		17,325,000
	1,949,500		Transocean, Ltd.#		155,355,655
					1,194,924,745
			Financials (6.1%)
	575,000		BlackRock, Inc.Ù		109,560,500
	375,000		CME Group, Inc.		104,561,250
	250,000		Goldman Sachs Group, Inc.		40,825,000
	560,000		IntercontinentalExchange, Inc.#		52,673,600
	850,000		Investment Technology Group, Inc.#		18,997,500
	3,750,000		Janus Capital Group, Inc.Ù		51,225,000
	1,000,000		Raymond James Financial, Inc.Ù		20,520,000
	1,650,000		T. Rowe Price Group, Inc.Ù		77,071,500
					475,434,350
			Health Care (9.1%)
	800,000		Alexion Pharmaceuticals, Inc.#		35,240,000
	400,000		Allergan, Inc.		21,372,000
	550,000		Amedisys, Inc.#Ù		24,590,500
	1,250,000		American Medical Systems Holdings, Inc.#		19,112,500
	1,400,000		Celgene Corp.#		79,744,000
	1,100,000		DENTSPLY International, Inc.Ù		36,685,000
	15,598		Dionex Corp.#Ù		1,028,064
	700,000		Emergent Biosolutions, Inc.#Ù		10,052,000
	1,250,000		Gen-Probe, Inc.#		46,400,000
	550,000		HMS Holdings Corp.#Ù		21,120,000
	1,008,855		Human Genome Sciences, Inc.#		14,426,626
	800,000		Illumina, Inc.#Ù		28,912,000
	165,000		Immucor, Inc.#		2,748,900
	1,200,000		IMS Health, Inc.		14,400,000
	350,000		Intuitive Surgical, Inc.#Ù		79,562,000
	500,000		LHC Group, Inc.#Ù		14,675,000
	500,000		Mettler-Toledo International, Inc.#		42,030,000
	800,000		Mindray Medical International, Ltd.Ù		23,776,000
	130,091		NuVasive, Inc.#Ù		5,384,467
	1,100,000		PerkinElmer, Inc.		19,393,000
	1,094,000		Regeneron Pharmaceuticals, Inc.#		23,455,360
	1,396,508		Stryker Corp.Ù		54,296,231
	800,000		Thoratec Corp.#Ù		20,112,000
	1,000,000		Varian Medical Systems, Inc.#Ù		35,270,000
	1,200,000		Volcano Corp.#Ù		18,228,000
	475,000		Waters Corp.#		23,868,750
					715,882,398
			Industrials (13.1%)
	2,150,000	CHF	ABB, Ltd.#		39,298,396
	3,325,000		AGCO Corp.#		104,604,500
	475,000		Allegiant Travel Company#Ù		20,572,250
	852,094		AMETEK, Inc.		27,573,762
	1,950,000		Bucyrus International, Inc.		57,486,000
	1,650,000		Emerson Electric Company		60,027,000

See accompanying Notes to Schedule of Investments

Calamos Growth Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

NUMBER OF
SHARES				VALUE
	447,111		Expeditors International of Washington, Inc.	$	15,170,476
	400,000		First Solar, Inc.#Ù		61,756,000
	1,297,300		Fluor Corp.		68,497,440
	400,000		FTI Consulting, Inc.#		21,772,000
	2,000,000		GrafTech International, Ltd.#		27,460,000
	2,975,000		Honeywell International, Inc.		103,232,500
	475,000		ITT Corp.		23,465,000
	2,450,000		Jacobs Engineering Group, Inc.#		100,401,000
	900,000		Parker-Hannifin Corp.		39,852,000
	875,000		SunPower Corp. - Class A#		28,175,000
	685,680		SunPower Corp. - Class B#Ù		18,719,064
	2,150,000		United Technologies Corp.		117,110,500
	300,000		Valmont Industries, Inc.		21,546,000
	275,000	DKK	Vestas Wind Systems, A/S#		19,356,643
	1,000,000		Westinghouse Air Brake Technologies Corp.		33,650,000
	1,300,000		Yingli Green Energy Holding Company, Ltd.#Ù		17,251,000
					1,026,976,531
			Information Technology (34.3%)
	850,000		Akamai Technologies, Inc.#		13,974,000
	3,600,000		Altera Corp.		67,284,000
	1,550,000		Amphenol Corp. - Class AÙ		51,692,500
	1,750,000		ANSYS, Inc.#		54,705,000
	2,250,000		Apple, Inc.#		367,627,500
	2,000,000		Atheros Communications, Inc.#		50,000,000
	575,000		Baidu.com, Inc.#Ù		200,180,500
	2,450,000		Broadcom Corp. - Class A#		69,163,500
	4,499,200		Brocade Communications Systems, Inc.#		35,363,712
	700,000		Check Point Software Technologies, Ltd.#		18,683,000
	6,050,000		Cisco Systems, Inc.#		133,160,500
	1,000,000		Cognizant Technology Solutions Corp.#		29,590,000
	500,000		Dolby Laboratories, Inc.#		20,815,000
	5,000,000		eBay, Inc.#		106,250,000
	2,025,000		FLIR Systems, Inc.#		43,517,250
	800,000		Google, Inc.#		354,440,000
	2,000,000		Jabil Circuit, Inc.		18,320,000
	1,150,000		Juniper Networks, Inc.#		30,049,500
	650,000	KRW	LG Display Company, Ltd.		18,734,408
	1,250,000		Linear Technology Corp.		33,587,500
	5,500,000		LSI Logic Corp.#		28,490,000
	3,300,000		Marvell Technology Group, Ltd.#Ù		44,022,000
	2,700,000	TWD	MediaTek, Inc.		38,794,876
	2,350,000		MEMC Electronic Materials, Inc.#		41,407,000
	800,000		Microchip Technology, Inc.Ù		21,544,000
	2,500,000		Network Appliance, Inc.#Ù		56,150,000
	3,200,000		Nintendo Company, Ltd.		107,526,720
	4,700,000		Nuance Communications, Inc.#Ù		62,040,000
	4,000,000		Oracle Corp.		88,520,000
	2,500,000		Parametric Technologies Corp.#		32,275,000
	1,200,000		Plexus Corp.#		30,828,000
	1,500,000		Quest Software, Inc.#Ù		22,110,000
	1,750,000		Research In Motion, Ltd.#		133,000,000
	800,000		Rofin-Sinar Technologies, Inc.#		17,368,000
	1,500,000		Seagate Technology		18,060,000
	1,100,000		Silicon Laboratories, Inc.#Ù		47,113,000
	950,000		SINA Corp.#Ù		31,521,000
	700,000		Solera Holdings, Inc.#		18,851,000
	750,000		Starent Networks Corp.#		17,985,000
	1,950,000		Trimble Navigation, Ltd.#Ù		46,234,500
	2,000,000		Varian Semiconductor Equipment Associates, Inc.#Ù		64,080,000
					2,685,057,966
			Materials (4.7%)
	800,000		Agrium, Inc.Ù		36,952,000
	2,700,000	GBP	Anglo American, PLC		87,075,842
	2,300,000		Barrick Gold Corp.		80,270,000
	636,785		Cliffs Natural Resources, Inc.		17,441,541
	600,000		Mosaic Company		31,290,000
	500,000		Nucor Corp.		22,235,000
	3,100,000		Sterlite Industries, Ltd.#Ù		41,686,630
	1,825,000		Terra Industries, Inc.		53,217,000
					370,168,013
			Telecommunication Services (1.9%)
	2,825,000		América Móvil, SAB de CV		121,503,250
	650,000		Neutral Tandem, Inc.#		20,150,000
	457,364		NII Holdings, Inc.#		10,528,519
					152,181,769
			TOTAL COMMON STOCKS (Cost $7,523,386,380)		7,532,968,165
SHORT-TERM INVESTMENT (2.7%)
	211,142,894		Fidelity Prime Money Market Fund - Institutional Class (Cost $211,142,894)		211,142,894
INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (10.4%)
	8,615,578		Bank of New York Institutional Cash Reserve Series Bπ		1,378,493
	799,885,000		Goldman Sachs Financial Square Prime Obligations Fund		799,885,000

See accompanying Notes to Schedule of Investments

Calamos Growth Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT			VALUE
	12,065,000	Bank of America Corp., repurchase agreement, 0.210%, dated 07/31/09, due 08/03/09, repurchase price $12,065,211, collateralized by various U.S. Government Agency Securities 0.000% - 5.480%, 10/09/09 - 04/12/35 with a value of $12,212,038	$	12,065,000
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (Cost $820,565,578)		813,328,493
TOTAL INVESTMENTS (109.2%) (Cost $8,555,094,852)				8,557,439,552
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-10.5%)				(820,565,578	)
OTHER ASSETS, LESS LIABILITIES (1.3%)				99,332,801
NET ASSETS (100.0%)			$	7,836,206,775

NOTES TO SCHEDULE OF INVESTMENTS

#	Non-income producing security.
Ù	Security, or portion of security, is on loan.
π	On September 15, 2008, Lehman Brothers Holdings, Inc., the sole holding of the Bank of New York Institutional Cash Reserve Fund Series B (a series of such fund created to isolate such Lehman exposure), filed for bankruptcy protection. Such securities are being valued in accordance with valuation procedures approved by the board of trustees.

FOREIGN CURRENCY ABBREVIATIONS

CAD	Canadian Dollar
CHF	Swiss Franc
DKK	Danish Krone
GBP	British Pound Sterling
KRW	South Korean Won
TWD	New Taiwanese Dollar

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars.

See accompanying Notes to Schedule of Investments

Calamos Growth and Income Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT			VALUE
CONVERTIBLE BONDS (36.7%)
		Consumer Discretionary (1.6%)
	16,000,000	Aristocrat Leisure, Ltd.** 5.000%, 05/31/06	$	18,651,200
	16,109,000	Best Buy Company, Inc.~ 2.250%, 01/15/22		16,330,499
	16,150,000	International Game Technology* 3.250%, 05/01/14		19,985,625
				54,967,324
		Energy (5.3%)
	14,800,000	Cameron International Corp.Ù 2.500%, 06/15/26		17,501,000
		Chesapeake Energy Corp.
	28,163,000	2.500%, 05/15/37		21,650,306
	27,000,000	2.750%, 11/15/35Ù		24,097,500
	7,669,000	2.500%, 05/15/37		5,895,544
	30,000,000	Schlumberger, Ltd. - Series BÙ~ 2.125%, 06/01/23		44,100,000
	45,000,000	Superior Energy Services, Inc.‡ 1.500%, 12/15/26		37,462,500
	36,000,000	Transocean, Ltd. - Series C 1.500%, 12/15/37		33,075,000
				183,781,850
		Financials (1.2%)
	25,500,000	Affiliated Managers Group, Inc.* 3.950%, 08/15/38		22,822,500
	16,747,000	Leucadia National Corp. 3.750%, 04/15/14		20,703,479
				43,525,979
		Health Care (7.7%)
	52,659,000	Amgen, Inc. 0.375%, 02/01/13		53,185,590
	46,000,000	Gilead Sciences, Inc. 0.500%, 05/01/11		60,547,500
	43,459,000	Kinetic Concepts, Inc.* 3.250%, 04/15/15		38,080,949
	14,595,000	Mylan, Inc.Ù 1.250%, 03/15/12		13,171,987
		Teva Pharmaceutical Industries, Ltd.
	42,000,000	0.250%, 02/01/26		49,402,500
	20,500,000	0.500%, 02/01/24		29,289,375
	15,000,000	0.250%, 02/01/24~		23,100,000
				266,777,901
		Industrials (3.5%)
	33,000,000	AGCO Corp. 1.250%, 12/15/36		31,927,500
	40,700,000	Danaher Corp. 0.000%, 01/22/21		36,986,125
	16,500,000	L-3 Communications Holdings, Inc. 3.000%, 08/01/35		16,623,750
	23,015,000	Suntech Power Holdings Company, Ltd. 3.000%, 03/15/13		18,555,844
	14,600,000	Terex Corp. 4.000%, 06/01/15		16,972,500
				121,065,719
		Information Technology (13.6%)
	16,000,000	CommScope, Inc. 3.250%, 07/01/15		18,540,000
	98,780,000	EMC Corp. 1.750%, 12/01/13		111,744,875
		Intel Corp.
	22,000,000	3.250%, 08/01/39*		22,247,500
	12,980,000	2.950%, 12/15/35		11,389,950
	90,943,000	Network Appliance, Inc. 1.750%, 06/01/13		88,783,104
	47,654,000	Nuance Communications, Inc. 2.750%, 08/15/27		43,543,842
	36,500,000	ON Semiconductor Corp. 2.625%, 12/15/26		34,675,000
		Symantec Corp.
	52,000,000	1.000%, 06/15/13		52,520,000
	51,500,000	0.750%, 06/15/11~		52,916,250
	45,000,000	VeriSign, Inc. 3.250%, 08/15/37		34,425,000
				470,785,521
		Materials (3.8%)
	14,340,000	Allegheny Technologies, Inc. 4.250%, 06/01/14		14,734,350
	13,000,000	Anglo American, PLC 4.000%, 05/07/14		18,369,000
		Newmont Mining Corp.
	33,689,000	1.250%, 07/15/14Ù		38,152,792
	28,500,000	1.625%, 07/15/17		31,456,875
	25,460,000	3.000%, 02/15/12		29,565,425
				132,278,442
		TOTAL CONVERTIBLE BONDS (Cost $1,195,510,292)		1,273,182,736
NUMBER OF
SHARES			VALUE
CONVERTIBLE PREFERRED STOCKS (13.8%)
		Consumer Staples (4.2%)
	2,241,000	Archer Daniels Midland Company 6.250%		88,407,450
		Bunge, Ltd.
	485,375	4.875%		44,654,500
	19,600	5.125%		13,401,500
				146,463,450

See accompanying Notes to Schedule of Investments

Calamos Growth and Income Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

NUMBER OF
SHARES				VALUE
			Financials (2.3%)
	690,000		Affiliated Managers Group, Inc. 5.150%	$	19,320,000
	495,000		American International Group, Inc. 8.500%		3,960,000
	68,500		Bank of America Corp.Ù 7.250%		57,540,000
					80,820,000
			Health Care (2.8%)
	51,310		Mylan, Inc. 6.500%		45,255,420
	214,400		Schering-Plough Corp. 6.000%		50,006,656
					95,262,076
			Materials (4.5%)
	838,000		Freeport-McMoRan Copper & Gold, Inc. 6.750%		77,297,120
	1,921,105		Vale Capital, Ltd. (Companhia Vale do Rio Doce)Δ 5.500%		79,418,481
					156,715,601
			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $424,347,744)		479,261,127
NUMBER OF
UNITS				VALUE
STRUCTURED EQUITY-LINKED SECURITY (0.2%)
			Energy (0.2%)
	110,000		Deutsche Bank, AG (Transocean, Ltd.)* 7.230%, 12/15/09 (Cost $7,800,705)		8,709,800
NUMBER OF
SHARES				VALUE
COMMON STOCKS (48.7%)
			Consumer Discretionary (3.8%)
	654,986		Amazon.com, Inc.#		56,171,599
	620,000		Apollo Group, Inc. - Series A#		42,804,800
	570,000		Nike, Inc. - Series B		32,284,800
					131,261,199
			Consumer Staples (2.8%)
	1,055,000		Coca-Cola Company		52,581,200
	798,225		PepsiCo, Inc.		45,299,269
					97,880,469
			Energy (13.4%)
	713,000		Apache Corp.		59,856,350
	1,217,988		Cameron International Corp.#		38,037,765
	525,000		Devon Energy Corp.		30,497,250
	1,094,980		ENSCO International, Inc.		41,488,792
	1,868,835		Halliburton Company		41,282,565
	1,646,000		Noble Corp.		55,733,560
	890,000		Noble Energy, Inc.		54,396,800
	1,909,137		Pride International, Inc.#		47,862,065
	400,000		Schlumberger, Ltd.		21,400,000
	650,000		Smith International, Inc.		16,334,500
	500,000	CAD	Suncor Energy, Inc.		16,170,805
	520,000		Transocean, Ltd.#		41,438,800
					464,499,252
			Financials (5.5%)
	122,000		BlackRock, Inc.		23,245,880
	30,889,795		Citigroup, Inc.		97,920,650
	212,000		Goldman Sachs Group, Inc.		34,619,600
	784,100		T. Rowe Price Group, Inc.		36,625,311
					192,411,441
			Health Care (4.1%)
	250,000		Alcon, Inc.		31,900,000
	325,000		Amgen, Inc.#		20,250,750
	680,000		Johnson & Johnson		41,405,200
	300,000		Novo Nordisk, A/S		17,517,000
	760,000		Stryker Corp.		29,548,800
					140,621,750
			Industrials (5.0%)
	980,000	CHF	ABB, Ltd.#		17,912,758
	1,050,000		Emerson Electric Company		38,199,000
	990,000		Honeywell International, Inc.		34,353,000
	235,000		L-3 Communications Holdings, Inc.		17,742,500
	1,213,000		United Technologies Corp.		66,072,110
					174,279,368
			Information Technology (13.3%)
	1,100,000		Accenture, Ltd.		38,577,000
	3,223,425		Cisco Systems, Inc.#		70,947,584
	3,120,000		eBay, Inc.#		66,300,000
	1,390,930		Infosys Technologies, Ltd.		59,851,718
	1,214,000		Intuit, Inc.#		36,055,800
	2,270,325		Microsoft Corp.		53,398,044
	1,839,825		Nintendo Company, Ltd.		61,821,984
	3,318,600		Oracle Corp.		73,440,618
					460,392,748

See accompanying Notes to Schedule of Investments

Calamos Growth and Income Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

NUMBER OF
SHARES			VALUE
		Telecommunication Services (0.8%)
	650,000	América Móvil, SAB de CV	$	27,956,500
		TOTAL COMMON STOCKS (Cost $1,766,062,439)		1,689,302,727
NUMBER OF
CONTRACTS			VALUE
PURCHASED OPTIONS (0.0%)#
		Information Technology (0.0%)
		EMC Corp.
	5,300	Call, 01/16/10, Strike $15.00		800,300
	4,000	Call, 01/16/10, Strike $17.50		226,000
		TOTAL PURCHASED OPTIONS (Cost $3,635,900)		1,026,300
NUMBER OF
SHARES			VALUE
SHORT-TERM INVESTMENT (0.9%)
	31,130,130	Fidelity Prime Money Market Fund - Institutional Class (Cost $31,130,130)		31,130,130
INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (1.6%)
	533,042	Bank of New York Institutional Cash Reserve Series Bπ		85,287
	56,201,000	Goldman Sachs Financial Square Prime Obligations Fund		56,201,000
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (Cost $56,734,042)		56,286,287
TOTAL INVESTMENTS (101.9%) (Cost $3,485,221,252)				3,538,899,107
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.6%)				(56,734,042	)
LIABILITIES, LESS OTHER ASSETS (-0.3%)				(10,199,867	)
NET ASSETS (100.0%)			$	3,471,965,198

NOTES TO SCHEDULE OF INVESTMENTS

**	In default status, such order being entered by a court in August 2005, and considered illiquid and non-income producing. The fund received a partial payment of $16,000,000 on August 10, 2006. The instrument has been priced at fair value following procedures approved by the board of trustees, and at July 31, 2009, involved the use of estimates and assumptions as determined by management personnel after evaluating information provided in the aforementioned court order and other relevant data.
~	Security, or portion of security, is held in a segregated account as collateral for written options aggregating a total market value of $48,242,999.
*	Securities issued and sold pursuant to a Rule 144A transaction are excepted 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. At July 31, 2009, the value of 144A securities that could not be exchanged to the registered form is $50,942,925 or 1.5% of net assets.
Ù	Security, or portion of security, is on loan.
‡	Variable rate or step bond security. The rate shown is the rate in effect at July 31, 2009.
Δ	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.
π	On September 15, 2008, Lehman Brothers Holdings, Inc., the sole holding of the Bank of New York Institutional Cash Reserve Fund Series B (a series of such fund created to isolate such Lehman exposure), filed for bankruptcy protection. Such securities are being valued in accordance with valuation procedures approved by the board of trustees.

FOREIGN CURRENCY ABBREVIATIONS

CAD	Canadian Dollar
CHF	Swiss Franc

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The date shown on options represents the expiration date on the option contract. The option contract may be exercised at any date on or before the date shown.

See accompanying Notes to Schedule of Investments

Calamos Value Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

NUMBER OF
SHARES				VALUE
COMMON STOCKS (99.3%)
			Consumer Discretionary (16.1%)
	12,000		Apollo Group, Inc. - Class A#	$	828,480
	40,000		Carnival Corp.		1,119,600
	120,000		International Game Technology		2,370,000
	15,000		Nike, Inc. - Class B		849,600
	68,000	JPY	Panasonic Corp.		1,074,835
	112,000		Starbucks Corp.#		1,982,400
	63,000		Walt Disney Company		1,582,560
					9,807,475
			Consumer Staples (7.9%)
	53,000		Coca-Cola Company		2,641,520
	15,000	CHF	Nestlé, SA		616,417
	16,000		PepsiCo, Inc.		908,000
	22,000		Walgreen Company		683,100
					4,849,037
			Energy (14.6%)
	110,000	GBP	BP, PLC		912,196
	17,000		Chevron Corp.		1,180,990
	15,000		Devon Energy Corp.		871,350
	15,000		Exxon Mobil Corp.		1,055,850
	60,000		Halliburton Company		1,325,400
	55,000		Pride International, Inc.#		1,378,850
	26,000		Schlumberger, Ltd.		1,391,000
	15,000	EUR	TOTAL, SA		831,910
					8,947,546
			Financials (14.8%)
	1,900		American International Group, Inc.#Ù		24,966
	57,000		Bank of America Corp.		843,030
	114,422		Citigroup, Inc.		362,718
	24,000		Franklin Resources, Inc.		2,128,320
	7,000		Goldman Sachs Group, Inc.		1,143,100
	37,000		JPMorgan Chase & Company		1,430,050
	48,000		Leucadia National Corp.#		1,176,000
	80,000		Wells Fargo & Company		1,956,800
					9,064,984
			Health Care (6.6%)
	18,000		Alcon, Inc.		2,296,800
	20,000		Johnson & Johnson		1,217,800
	17,500		Merck & Company, Inc.		525,175
					4,039,775
			Industrials (12.3%)
	30,000		Boeing Company		1,287,300
	25,000		FedEx Corp.		1,696,000
	115,000		General Electric Company		1,541,000
	180,000	HKD	Hutchison Whampoa, Ltd.		1,345,461
	17,000		Illinois Tool Works, Inc.		689,350
	17,000		United Technologies Corp.		925,990
					7,485,101
			Information Technology (27.0%)
	110,000		Cisco Systems, Inc.#		2,421,100
	150,000		Dell, Inc.#		2,007,000
	150,000		eBay, Inc.#		3,187,500
	36,000		Electronic Arts, Inc.#		772,920
	185,000	SEK	LM Ericsson Telephone Company		1,821,351
	70,000		Microsoft Corp.		1,646,400
	120,000	EUR	Nokia, OYJ		1,613,577
	60,000		Oracle Corp.		1,327,800
	23,000	EUR	SAP, AG		1,083,234
	105,000		Tellabs, Inc.#		609,000
					16,489,882
			TOTAL COMMON STOCKS (Cost $62,685,509)		60,683,800
SHORT-TERM INVESTMENT (0.7%)
	436,268		Fidelity Prime Money Market Fund - Institutional Class (Cost $436,268)		436,268
INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (0.0%)
	4,503		Bank of New York Institutional Cash Reserve Series Bπ		721
	21,000		Goldman Sachs Financial Square Prime Obligations Fund		21,000
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (Cost $25,503)		21,721
TOTAL INVESTMENTS (100.0%) (Cost $63,147,280)					61,141,789
PAYABLE UPON RETURN OF SECURITIES ON LOAN (0.0%)					(25,503	)
OTHER ASSETS, LESS LIABILITIES (0.0%)					29,329
NET ASSETS (100.0%)				$	61,145,615

NOTES TO SCHEDULE OF INVESTMENTS

#	Non-income producing security.
Ù	Security, or portion of security, is on loan.
π	On September 15, 2008, Lehman Brothers Holdings, Inc., the sole holding of the Bank of New York Institutional Cash Reserve Fund Series B (a series of such fund created to isolate such Lehman exposure), filed for bankruptcy protection. Such securities are being valued in accordance with valuation procedures approved by the board of trustees.

See accompanying Notes to Schedule of Investments

Calamos Value Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

FOREIGN CURRENCY ABBREVIATIONS

CHF	Swiss Franc
EUR	European Monetary Unit
GBP	British Pound Sterling
HKD	Hong Kong Dollar
JPY	Japanese Yen
SEK	Swedish Krona

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars.

See accompanying Notes to Schedule of Investments

Calamos Blue Chip Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

NUMBER OF
SHARES				VALUE
COMMON STOCKS (98.5%)
			Consumer Discretionary (5.0%)
	30,000		Amazon.com, Inc.#Ù	$	2,572,800
	14,000		Nike, Inc. - Class B		792,960
					3,365,760
			Consumer Staples (6.2%)
	42,000		Archer Daniels Midland Company		1,265,040
	14,000		Coca-Cola Company		697,760
	14,000		PepsiCo, Inc.		794,500
	17,000		Sysco Corp.		403,920
	31,000		Walgreen Company		962,550
					4,123,770
			Energy (15.5%)
	18,000		Apache Corp.		1,511,100
	12,000		Chevron Corp.		833,640
	20,000		ConocoPhillips		874,200
	11,000		Devon Energy Corp.		638,990
	8,000		Exxon Mobil Corp.		563,120
	71,000		Halliburton Company		1,568,390
	11,000		Noble Energy, Inc.		672,320
	33,000		Schlumberger, Ltd.		1,765,500
	10,000	CAD	Suncor Energy, Inc.		323,416
	20,500		Transocean, Ltd.#		1,633,645
					10,384,321
			Financials (6.7%)
	3,500		BlackRock, Inc.		666,890
	8,200		Franklin Resources, Inc.		727,176
	6,000		Goldman Sachs Group, Inc.		979,800
	25,000		JPMorgan Chase & Company		966,250
	17,000	GBP	Standard Chartered, PLC		403,593
	16,000		T. Rowe Price Group, Inc.		747,360
					4,491,069
			Health Care (8.5%)
	7,000		Abbott Laboratories		314,930
	13,000		Alcon, Inc.		1,658,800
	11,000		Amgen, Inc.#		685,410
	14,000		Johnson & Johnson		852,460
	14,000		St. Jude Medical, Inc.#		527,940
	34,000		Stryker Corp.		1,321,920
	8,000		Thermo Fisher Scientific, Inc.#		362,240
					5,723,700
			Industrials (10.7%)
	11,000		3M Company		775,720
	31,000		ABB, Ltd.#Ù		566,680
	25,000		Danaher Corp.		1,531,000
	21,000		Emerson Electric Company		763,980
	40,000		Honeywell International, Inc.		1,388,000
	14,000		Illinois Tool Works, Inc.		567,700
	29,000		United Technologies Corp.		1,579,630
					7,172,710
			Information Technology (37.2%)
	11,000		Accenture, Ltd.		385,770
	20,000		Apple, Inc.#		3,267,800
	96,000		Cisco Systems, Inc.#		2,112,960
	54,000		eBay, Inc.#		1,147,500
	130,000		EMC Corp.#		1,957,800
	6,500		Google, Inc.#		2,879,825
	28,000		Infosys Technologies, Ltd.		1,204,840
	81,000		Intel Corp.		1,559,250
	11,000		International Business Machines Corp.		1,297,230
	26,000		Juniper Networks, Inc.#		679,380
	2,500		MasterCard, Inc.		485,075
	75,000		Microsoft Corp.		1,764,000
	38,000		Nintendo Company, Ltd.Ù		1,276,880
	102,000		Oracle Corp.		2,257,260
	14,000		QUALCOMM, Inc.		646,940
	9,000		Research In Motion, Ltd.#		684,000
	12,000		SAP, AG		567,000
	53,000		Symantec Corp.#		791,290
					24,964,800
			Materials (5.7%)
	21,000		Anglo American, PLC		338,520
	23,500		Barrick Gold Corp.		820,150
	32,000		Freeport-McMoRan Copper & Gold, Inc.#		1,929,600
	18,500		Newmont Mining Corp.		764,975
					3,853,245
			Telecommunication Services (3.0%)
	47,000		América Móvil, SAB de CV		2,021,470
			TOTAL COMMON STOCKS (Cost $61,295,009)		66,100,845
SHORT-TERM INVESTMENT (1.7%)
	1,133,248		Fidelity Prime Money Market Fund - Institutional Class (Cost $1,133,248)		1,133,248

See accompanying Notes to Schedule of Investments

Calamos Blue Chip Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

NUMBER OF
SHARES			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (1.3%)
	107,498	Bank of New York Institutional Cash Reserve Series Bπ	$	17,200
	893,000	Goldman Sachs Financial Square Prime Obligations Fund		893,000
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (Cost $1,000,498)		910,200
TOTAL INVESTMENTS (101.5%) (Cost $63,428,755)				68,144,293
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.5%)				(1,000,498	)
LIABILITIES, LESS OTHER ASSETS (0.0%)				(21,404	)
NET ASSETS (100.0%)			$	67,122,391

NOTES TO SCHEDULE OF INVESTMENTS

#	Non-income producing security.
Ù	Security, or portion of security, is on loan.
π	On September 15, 2008, Lehman Brothers Holdings, Inc., the sole holding of the Bank of New York Institutional Cash Reserve Fund Series B (a series of such fund created to isolate such Lehman exposure), filed for bankruptcy protection. Such securities are being valued in accordance with valuation procedures approved by the Board of Trustees.

FOREIGN CURRENCY ABBREVIATIONS

CAD	Canadian Dollar
GBP	British Pound Sterling

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars.

See accompanying Notes to Schedule of Investments

Calamos Multi-Fund Blend

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

NUMBER OF
SHARES			VALUE
INVESTMENTS IN AFFILIATED FUNDS (99.6%)
	580,534	Calamos Global Growth and Income Fund - Class I Shares (cost $6,223,939)	$	5,097,084
	142,665	Calamos Growth Fund - Class I Shares# (cost $7,759,629)		5,834,981
	515,343	Calamos Value Fund - Class I Shares (cost $6,818,658)		5,137,972
		TOTAL INVESTMENTS IN AFFILIATED FUNDS (Cost $20,802,226)		16,070,037
TOTAL INVESTMENTS (99.6%) (Cost $20,802,226)				16,070,037
OTHER ASSETS, LESS LIABILITIES (0.4%)				61,395
NET ASSETS (100.0%)			$	16,131,432

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

Investments in Affiliated Funds. The fund held the following investments in affiliated funds as of July 31, 2009. Purchases, sales, and dividend income are shown during the period from November 1, 2008, through July 31, 2009.

	VALUE				PROCEEDS FROM		DIVIDEND
	OCTOBER 31, 2008		PURCHASES		SALES		INCOME
Calamos Global Growth and Income Fund	$	5,612,255	$	1,573,277	$	2,773,818	$	151,828
Calamos Growth Fund		4,686,281		2,310,542		2,036,554		—
Calamos Value Fund		5,359,509		1,573,277		2,036,554		23,000
Total	$	15,658,045	$	5,457,096	$	6,846,926	$	174,828

See accompanying Notes to Schedule of Investments

Calamos 130/30 Equity Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

NUMBER OF
SHARES			VALUE
COMMON STOCKS (88.4%)
		Consumer Discretionary (10.5%)
	2,550	Aaron’s, Inc.	$	70,049
	640	Apollo Group, Inc. - Class A#		44,186
	1,510	Autoliv, Inc.		54,073
	1,590	Bed Bath & Beyond, Inc.#		55,253
	1,620	Buckle, Inc.		50,123
	3,660	Cato Corp.		72,761
	2,230	Dollar Tree, Inc.#		102,848
	1,930	Family Dollar Stores, Inc.		60,641
	3,470	Gentex Corp.		51,946
	3,320	Home Depot, Inc.		86,121
	660	ITT Educational Services, Inc.#		64,251
	3,700	Lincoln Educational Services Corp.#		75,332
	3,170	Marvel Entertainment, Inc.#		125,405
	2,840	Mattel, Inc.		49,927
	2,110	Monro Muffler Brake, Inc.		56,105
	90	NVR, Inc.#		54,104
	1,680	Panera Bread Company#		92,333
	3,530	RadioShack Corp.		54,750
	1,670	Ross Stores, Inc.		73,630
	240	Strayer Education, Inc.		50,971
	2,000	Tupperware Brands Corp.		68,140
	1,300	UniFirst Corp.		50,596
	780	VF Corp.		50,456
				1,514,001
		Consumer Staples (1.9%)
	1,410	Hershey Company		56,330
	700	Lorillard, Inc.		51,604
	1,720	Usana Health Sciences, Inc.#		57,362
	2,280	WD-40 Company		68,924
	1,400	Weis Markets, Inc.		46,298
				280,518
		Energy (14.4%)
	4,740	Buckeye Partners, LP		217,424
	1,520	Cabot Oil & Gas Corp.		53,398
	2,520	Dresser-Rand Group, Inc.#		73,357
	1,260	Enbridge Energy Management, LLC#		55,226
	3,160	EnCana Corp.		169,534
	11,180	EXCO Resources, Inc.#		153,613
	16,717	Gulfport Energy Corp.#		116,517
	2,730	Noble Energy, Inc.		166,858
	2,270	Occidental Petroleum Corp.		161,942
	1,460	Oceaneering International, Inc.#		74,343
	2,730	Pioneer Natural Resources Company		77,942
	7,220	Quicksilver Resources Inc.#		82,741
	2,440	SEACOR Holdings, Inc.#		193,931
	5,350	Southwestern Energy Company#		221,651
	1,290	Sunoco Logistics Partners, LP		76,407
	4,180	World Fuel Services Corp.		183,334
				2,078,218
		Financials (3.7%)
	3,320	AllianceBernstein Holding, LP		68,525
	1,630	Digital Realty Trust, Inc.		66,097
	960	First Financial Bankshares, Inc.		50,563
	2,620	Invesco, Ltd.		51,745
	3,890	Janus Capital Group, Inc.		53,137
	2,910	Knight Capital Group, Inc.#		54,039
	1,450	RenaissanceRe Holdings, Ltd.		72,863
	1,680	Simmons First National Corp.		50,366
	2,900	Wells Fargo & Company		70,934
				538,269
		Health Care (11.7%)
	2,860	AmerisourceBergen Corp.		56,399
	2,550	Amsurg Corp.#		52,581
	3,640	athenahealth, Inc.#		134,462
	1,090	Biogen Idec, Inc.#		51,830
	4,270	BioMimetic Therapeutics, Inc.#		44,280
	4,540	Centene Corp.#		87,667
	2,410	Community Health Systems, Inc.#		68,251
	1,330	Express Scripts, Inc.#		93,153
	2,020	Gen-Probe, Inc.#		74,982
	1,090	Gilead Sciences, Inc.#		53,334
	5,160	Healthsouth Corp.#		74,304
	3,960	HMS Holdings Corp.#		152,064
	1,970	Illumina, Inc.#		71,196
	1,060	Laboratory Corporation of America Holdings#		71,221
	1,890	Life Technologies Corp.#		86,052
	4,660	Mylan, Inc.#		61,465
	3,840	Myriad Genetics, Inc.#		105,293
	1,360	NuVasive, Inc.#		56,290
	3,720	Omnicell, Inc.#		46,426
	1,770	Quest Diagnostics, Inc.		96,677
	4,270	Sepracor, Inc.#		74,085
	2,060	Watson Pharmaceuticals, Inc.#		71,544
				1,683,556
		Industrials (10.7%)
	3,640	ABM Industries, Inc.		76,695
	2,850	AZZ, Inc.#		110,438
	7,110	Beacon Roofing Supply, Inc.#		119,235
	1,790	Bucyrus International, Inc.		52,769

See accompanying Notes to Schedule of Investments

Calamos 130/30 Equity Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

NUMBER OF
SHARES			VALUE
	940	C.H. Robinson Worldwide, Inc.	$	51,258
	3,930	Consolidated Graphics, Inc.#		71,919
	1,900	CoStar Group, Inc.#		69,787
	3,580	Deluxe Corp.		56,027
	10,490	Ener1, Inc.#		66,926
	4,310	Ennis, Inc.		63,486
	1,730	Expeditors International of Washington, Inc.		58,699
	380	First Solar, Inc.#		58,668
	3,010	Genco Shipping & Trading, Ltd.		71,969
	2,480	Iron Mountain, Inc.#		72,441
	2,780	Knight Transportation, Inc.		50,429
	1,760	Nordson Corp.		79,024
	2,240	Powell Industries, Inc.#		79,856
	3,460	Stanley, Inc.#		106,360
	1,850	United Stationers, Inc.#		85,877
	5,460	USG Corp.#		77,204
	790	Valmont Industries, Inc.		56,738
				1,535,805
		Information Technology (27.1%)
	2,110	Adtran, Inc.		50,978
	3,040	Amdocs, Ltd.#		72,717
	420	Apple, Inc.#		68,624
	6,260	Ariba, Inc.#		65,793
	2,040	BMC Software, Inc.#		69,421
	2,810	CA, Inc.		59,403
	1,620	Cabot Microelectronics Corp.#		54,950
	11,590	Cadence Design Systems, Inc.#		68,381
	7,040	Celestica, Inc.#		56,109
	6,122	CEVA, Inc.#		53,690
	2,070	Check Point Software Technologies, Ltd.#		55,248
	3,400	Cisco Systems, Inc.#		74,834
	4,000	Compellent Technologies, Inc.#		63,560
	4,490	Corning, Inc.		76,330
	3,240	Cybersource Corp.#		56,182
	3,160	eBay, Inc.#		67,150
	6,670	Echelon Corp.#		56,562
	4,800	EMC Corp.#		72,288
	760	Equinix, Inc.#		62,115
	1,460	F5 Networks, Inc.#		54,195
	1,300	FactSet Research Systems Inc.		73,710
	8,140	Fairchild Semiconductor International, Inc.#		71,876
	2,690	FEI Company#		65,905
	2,040	Forrester Research, Inc.#		46,043
	690	Fundtech, Ltd.#		6,762
	140	Google, Inc.#		62,027
	3,240	Informatica Corp.#		59,584
	780	International Business Machines Corp.		91,985
	3,000	Linear Technology Corp.		80,610
	2,130	Monolithic Power Systems, Inc.#		47,265
	5,360	National Semiconductor Corp.		80,722
	3,580	Network Appliance, Inc.#		80,407
	3,610	NeuStar, Inc. - Class A#		81,875
	5,440	Omniture, Inc.#		74,419
	1,480	Oplink Communications, Inc.#		18,826
	3,220	Oracle Corp.		71,259
	2,370	OSI Systems, Inc.#		46,950
	3,190	Power Integrations, Inc.		93,435
	1,510	QUALCOMM, Inc.		69,777
	5,510	Radisys Corp.#		43,639
	2,780	Radvision, Ltd.#		23,547
	8,210	S1 Corp.#		58,209
	2,070	salesforce.com, Inc.#		89,714
	2,790	ScanSource, Inc.#		79,599
	2,070	Silicon Laboratories, Inc.#		88,658
	8,840	SkillSoft, PLC#		75,670
	4,260	Solera Holdings, Inc.#		114,722
	3,810	SRA International, Inc. - Class A#		75,057
	5,220	SuccessFactors, Inc.#		55,071
	1,590	Sybase, Inc.#		56,922
	1,990	Syntel, Inc.		78,764
	2,980	Texas Instruments, Inc.		71,669
	3,340	Tyco Electronics, Ltd.		71,710
	5,460	Tyler Technologies, Inc.#		84,084
	7,310	ValueClick, Inc.#		84,065
	8,470	VeriFone Holdings, Inc.#		76,315
	4,710	Volterra Semiconductor Corp.#		78,139
	3,080	Western Union Company		53,838
	4,220	Yahoo!, Inc.#		60,427
				3,901,786
		Materials (6.2%)
	1,290	Agnico-Eagle Mines, Ltd.		75,530
	2,760	Bemis Company, Inc.		72,643
	9,020	Crown Holdings, Inc.#		226,402
	3,780	H.B. Fuller Company		76,205
	3,640	Pan American Silver Corp.#		71,744
	1,400	Silgan Holdings, Inc.		70,364
	2,790	Southern Copper Corp.		71,870
	4,490	Steel Dynamics, Inc.		73,456
	3,060	Valspar Corp.		77,479
	3,330	Westlake Chemical Corp.		83,217
				898,910

See accompanying Notes to Schedule of Investments

Calamos 130/30 Equity Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

NUMBER OF
SHARES			VALUE
		Utilities (2.2%)
	1,730	AmeriGas Partners, LP	$	62,072
	4,350	CMS Energy Corp.		56,289
	1,610	ITC Holdings Corp.		76,797
	1,190	Sempra Energy		62,392
	1,320	Suburban Propane Partners, LP		59,255
				316,805
		TOTAL COMMON STOCKS (Cost $11,703,029)		12,747,868
EXCHANGE TRADED FUNDS (8.6%)
		Financials (8.6%)
	12,000	ProShares Short MidCap400		633,600
	10,000	ProShares Short S&P500		607,900
				1,241,500
		TOTAL EXCHANGE TRADED FUNDS (Cost $1,382,078)		1,241,500
SHORT-TERM INVESTMENT (4.4%)
	631,939	Fidelity Prime Money Market Fund - Institutional Class (Cost $631,939)		631,939
TOTAL INVESTMENTS (101.4%) (Cost $13,717,045)				14,621,307
LIABILITIES, LESS OTHER ASSETS (-1.4%)				(201,815	)
NET ASSETS (100.0%)			$	14,419,492

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

See accompanying Notes to Schedule of Investments

Calamos Global Growth and Income Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT				VALUE
CONVERTIBLE BONDS (41.0%)
			Consumer Discretionary (3.7%)
	2,700,000	EUR	Adidas, AG 2.500%, 10/08/18	$	4,825,290
	2,700,000		Aristocrat Leisure, Ltd.** 5.000%, 05/31/06		3,147,390
	3,000,000		International Game Technology* 3.250%, 05/01/14		3,712,500
	670,000,000	JPY	NC International, Ltd. (Nikon Corp.)Δ 0.000%, 03/15/11		7,811,793
	620,000,000	JPY	Suzuki Motor Corp. 0.000%, 03/29/13		6,896,169
					26,393,142
			Consumer Staples (1.1%)
	740,000,000	JPY	Asahi Breweries, Ltd. 0.000%, 05/26/28		7,644,386
			Energy (7.6%)
	6,200,000		Acergy, SA 2.250%, 10/11/13		5,272,109
	5,710,000		Cameron International Corp. 2.500%, 06/15/26		6,752,075
			Chesapeake Energy Corp.
	8,990,000		2.500%, 05/15/37		6,911,062
	7,000,000		2.750%, 11/15/35		6,247,501
	45,500,000	HKD	China Petroleum & Chemical Corp. 0.000%, 04/24/14		6,421,336
	5,000,000		Petrobank Energy and Resources, Ltd.* 5.125%, 07/10/15		5,312,500
	4,500,000		Petroplus Holdings, AG 3.375%, 03/26/13		4,023,273
	7,100,000		Superior Energy Services, Inc.‡~ 1.500%, 12/15/26		5,910,750
	8,000,000		Transocean, Ltd. - Series C 1.500%, 12/15/37		7,350,000
					54,200,606
			Financials (1.2%)
	5,260,000		Affiliated Managers Group, Inc.* 3.950%, 08/15/38		4,707,700
	3,310,000		Leucadia National Corp. 3.750%, 04/15/14		4,091,987
					8,799,687
			Health Care (5.2%)
	6,000,000	CHF	Actelion Finance, Ltd. 0.000%, 11/22/11		6,488,045
	8,090,000		Amgen, Inc. 0.375%, 02/01/13		8,170,900
	8,700,000		China Medical Technologies, Inc. 4.000%, 08/15/13		5,665,875
	4,800,000		Kinetic Concepts, Inc.* 3.250%, 04/15/15		4,206,000
	10,350,000		Teva Pharmaceutical Industries, Ltd.Ù 1.750%, 02/01/26		12,497,625
					37,028,445
			Industrials (4.3%)
	3,800,000		AGCO Corp. 1.250%, 12/15/36		3,676,500
	6,900,000		Danaher Corp. 0.000%, 01/22/21		6,270,375
	9,430,000		JA Solar Holdings Company, Ltd. 4.500%, 05/15/13		7,131,438
	5,300,000	EUR	SGL Carbon, AG 0.750%, 05/16/13		6,563,394
	9,150,000		Suntech Power Holdings Company, Ltd.~ 3.000%, 03/15/13		7,377,187
					31,018,894
			Information Technology (11.1%)
	19,600,000	EUR	Cap Gemini, SA 1.000%, 01/01/12		12,291,782
	6,700,000		Compal Electronics, Inc. 0.000%, 08/19/10		7,542,107
	19,900,000		EMC Corp. 1.750%, 12/01/13		22,511,875
			Intel Corp.
	6,000,000		3.250%, 08/01/39*		6,067,500
	1,250,000		2.950%, 12/15/35		1,096,875
	9,260,000		Network Appliance, Inc. 1.750%, 06/01/13		9,040,075
	16,500,000		Symantec Corp.~ 0.750%, 06/15/11		16,953,750
	800,000	CHF	Temenos Group, AG 1.500%, 03/21/13		931,462
	4,250,000		VeriSign, Inc. 3.250%, 08/15/37		3,251,250
					79,686,676
			Materials (6.1%)
	8,200,000		Anglo American, PLC 4.000%, 05/07/14		11,586,600
	6,500,000		AngloGold Ashanti, Ltd. 3.500%, 05/22/14		6,938,750
			Newmont Mining Corp.
	9,866,000		1.625%, 07/15/17		10,889,597
	5,740,000		3.000%, 02/15/12		6,665,575
	3,250,000		1.250%, 07/15/14		3,680,625
	3,210,000		Xstrata, PLC 4.000%, 08/14/17		3,779,775
					43,540,922
			Telecommunication Services (0.7%)
	4,500,000		SK Telecom Company, Ltd. 1.750%, 04/07/14		5,112,772
			TOTAL CONVERTIBLE BONDS (Cost $284,532,296)		293,425,530

See accompanying Notes to Schedule of Investments

Calamos Global Growth and Income Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

NUMBER OF
SHARES				VALUE
CONVERTIBLE PREFERRED STOCKS (8.3%)
			Consumer Staples (3.6%)
	391,000		Archer Daniels Midland Company 6.250%	$	15,424,950
			Bunge, Ltd.
	57,000		4.875%		5,244,000
	7,500		5.125%		5,128,125
					25,797,075
			Financials (1.1%)
	110,000		American International Group, Inc. 8.500%		880,000
	8,100		Bank of America Corp. 7.250%		6,804,000
					7,684,000
			Health Care (0.9%)
	28,000		Schering-Plough Corp. 6.000%		6,530,720
			Materials (2.7%)
	79,000		Freeport-McMoRan Copper & Gold, Inc. 6.750%		7,286,960
	295,000		Vale Capital, Ltd. (Companhia Vale do Rio Doce)Δ 5.500%		12,195,300
					19,482,260
			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $56,204,669)		59,494,055
NUMBER OF
UNITS				VALUE
STRUCTURED EQUITY-LINKED SECURITY (0.2%)
			Energy (0.2%)
	23,000		Deutsche Bank, AG (Transocean, Inc.)* 7.230%, 12/15/09 (Cost $1,631,056)		1,821,140
NUMBER OF
SHARES				VALUE
COMMON STOCKS (50.2%)
			Consumer Discretionary (6.2%)
	137,000		Apollo Group, Inc. - Class A#		9,458,480
	230,000	JPY	Nikon Corp.		4,595,178
	571,000	JPY	Panasonic Corp.		9,025,455
	574,957	CHF	Swatch Group, AG		21,368,184
					44,447,297
			Consumer Staples (1.3%)
	185,000		Coca-Cola Company		9,220,400
			Energy (13.3%)
	490,000	NOK	Acergy, SA		5,236,054
	1,450,000	GBP	BP, PLC		12,024,395
	188,000		Cameron International Corp.#		5,871,240
	3,900,000	HKD	China Petroleum & Chemical Corp.		3,476,832
	340,000		Halliburton Company		7,510,600
	527,000	CAD	Nexen , Inc.		10,924,029
	230,000		Noble Corp.		7,787,800
	187,000		Schlumberger, Ltd.		10,004,500
	385,000	CAD	Suncor Energy, Inc.		12,451,520
	202,000	EUR	TOTAL, SA		11,203,056
	106,000		Transocean, Ltd.#		8,447,140
					94,937,166
			Financials (4.9%)
	2,484,611		Citigroup, Inc.		7,876,217
	55,000		Goldman Sachs Group, Inc.		8,981,500
	605,000	GBP	Standard Chartered, PLC		14,363,158
	90,000		T. Rowe Price Group, Inc.		4,203,900
					35,424,775
			Health Care (4.2%)
	210,000		Alcon, Inc.		26,796,000
	61,000	DKK	Novo Nordisk, A/S - Class B		3,569,411
					30,365,411
			Industrials (3.9%)
	550,000	CHF	ABB, Ltd.#		10,053,078
	90,000	EUR	ALSTOM		6,180,136
	1,030,000	HKD	Hutchison Whampoa, Ltd.		7,699,031
	50,000	EUR	Siemens, AG		3,984,612
					27,916,857
			Information Technology (14.3%)
	1,165,000	GBP	Autonomy Corp., PLC#		22,877,126
	115,000	JPY	Canon, Inc.		4,262,555
	394,000		Cisco Systems, Inc.#		8,671,940
	425,000		eBay, Inc.#		9,031,250
	235,000		Infosys Technologies, Ltd.		10,112,050
	490,000	TWD	MediaTek, Inc.		7,040,551
	72,300	JPY	Nintendo Company, Ltd.		19,425,129
	265,000	EUR	Nokia, OYJ		3,563,317
	6,500	KRW	Samsung Electronics Company, Ltd.		3,827,243
	285,000	EUR	SAP, AG		13,422,687
					102,233,848
			Materials (1.0%)
	31,000	CHF	Syngenta, AG		7,133,963
			Telecommunication Services (1.1%)
	175,000		América Móvil, SAB de CV		7,526,750
			TOTAL COMMON STOCKS (Cost $350,242,147)		359,206,467

See accompanying Notes to Schedule of Investments

Calamos Global Growth and Income Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

NUMBER OF
SHARES			VALUE
SHORT-TERM INVESTMENT (0.0%)
	3,306	Fidelity Prime Money Market Fund - Institutional Class (Cost $3,306)	$	3,306
INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (0.5%)
	34,018	Bank of New York Institutional Cash Reserve Series Bπ		5,443
	3,366,000	Goldman Sachs Financial Square Prime Obligations Fund		3,366,000
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (Cost $3,400,018)		3,371,443
TOTAL INVESTMENTS (100.2%) (Cost $696,013,492)				717,321,941
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.5%)				(3,400,018	)
OTHER ASSETS, LESS LIABILITIES (0.3%)				1,969,076
NET ASSETS (100.0%)			$	715,890,999

FORWARD FOREIGN CURRENCY CONTRACTS
	Settlement		Local		Current		Unrealized
Short Contracts	Date		Currency		Value		Gain/Loss
British Pound Sterling		10/22/09		32,972,000	$	55,069,106	$	(845,498	)
Canadian Dollar		10/22/09		19,809,000		18,393,754		(402,419	)
Danish Krone		10/22/09		17,308,000		3,308,021		(8,116	)
European Monetary Unit		10/22/09		57,915,000		82,550,439		(232,665	)
Hong Kong Dollar		10/22/09		94,263,000		12,172,250		(256	)
Indian Rupee		10/22/09		210,728,000		4,369,080		(25,068	)
Japanese Yen		10/22/09		5,077,525,000		53,699,290		556,757
Mexican Peso		10/22/09		47,040,000		3,523,279		(21,833	)
New Taiwan Dollar		10/22/09		116,907,000		3,586,746		(20,878	)
Norwegian Krone		10/22/09		46,564,000		7,581,045		(191,576	)
South Korean Won		10/22/09		6,065,441,000		4,936,531		(77,570	)
Swiss Franc		10/22/09		45,909,000		42,992,731		92,061
							$	(1,177,061	)
	Settlement		Local		Current		Unrealized
Long Contract	Date		Currency		Value		Gain/Loss
European Monetary Unit		10/22/09		12,997,000		18,525,564	$	98,015

NOTES TO SCHEDULE OF INVESTMENTS

**	In default status, such order being entered by a court in August 2005, and considered illiquid and non-income producing. The fund received a partial payment of $2,700,000 as of August 10, 2006. The instrument has been priced at a fair value following procedures approved by the board of trustees, and at July 31, 2009, involved the use of estimates and assumptions as determined by management personnel after evaluating information provided in the aforementioned court order and other relevant data.
*	Securities issued and sold pursuant to a Rule 144A transaction are excepted 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. At July 31, 2009, the value of 144A securities that could not be exchanged to the registered form is $11,601,140 or 1.6% of net assets.
Δ	Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.
‡	Variable rate or step bond security. The rate shown is the rate in effect at July 31, 2009.
~	Security, or portion of security, is held in a segregated account as collateral, aggregating a total value of $29,314,500.
Ù	Security, or portion of security, is on loan.
#	Non-income producing security.
π	On September 15, 2008, Lehman Brothers Holdings, Inc., the sole holding of the Bank of New York Institutional Cash Reserve Fund Series B (a series of such fund created to isolate such Lehman exposure), filed for bankruptcy protection. Such securities are being valued in accordance with valuation procedures approved by the board of trustees.

FOREIGN CURRENCY ABBREVIATIONS

CAD	Canadian Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	European Monetary Unit
GBP	British Pound Sterling
HKD	Hong Kong Dollar
JPY	Japanese Yen
KRW	South Korean Won
NOK	Norwegian Krone
TWD	New Taiwanese 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.

See accompanying Notes to Schedule of Investments

Calamos Global Growth and Income Fund

	JULY 31, 2009 (UNAUDITED)
CURRENCY EXPOSURE	Value		% of Total Investments
US Dollar	$	439,741,583		61.3%
European Monetary Unit		62,034,274		8.6%
Japanese Yen		59,660,665		8.3%
British Pound Sterling		49,264,679		6.9%
Swiss Franc		45,974,733		6.4%
Canadian Dollar		23,375,549		3.3%
Hong Kong Dollar		17,597,199		2.5%
New Taiwanese Dollar		7,040,551		1.0%
Norwegian Krone		5,236,054		0.7%
South Korean Won		3,827,243		0.5%
Danish Krone		3,569,411		0.5%
Total Investments	$	717,321,941		100.0%
Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

Calamos International Growth Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

NUMBER OF
SHARES				VALUE
COMMON STOCKS (99.5%)
			Consumer Discretionary (9.7%)
	524,213	HKD	Li & Fung, Ltd.	$	1,544,541
	28,000		New Oriental Education & Technology Group, Inc.#		2,058,000
	87,000	JPY	Nikon Corp.		1,738,176
	25,000	EUR	Puma, AG Rudolf Dassler Sport		6,353,421
	215,000	CHF	Swatch Group, AG		7,990,440
					19,684,578
			Consumer Staples (3.0%)
	27,000	EUR	Beiersdorf, AG		1,359,445
	1,365,000	MXN	Wal-Mart de Mexico, SAB de CV		4,652,305
					6,011,750
			Energy (16.8%)
	330,000	GBP	AMEC, PLC		3,886,048
	3,700,000	HKD	CNOOC, Ltd.		4,922,943
	210,000	CAD	Nexen , Inc.		4,353,029
	200,000	BRL	Petróleo Brasileiro, SA		4,132,386
	80,000	ZAR	Sasol, Ltd.		2,863,802
	125,000	NOK	StatoilHydro, ASA		2,672,606
	155,000	CAD	Suncor Energy, Inc.		5,012,950
	67,000	EUR	Technip, SA		4,056,171
	55,000	AUD	Woodside Petroleum, Ltd.		2,107,990
					34,007,925
			Financials (8.0%)
	300,000	BRL	BM&F BOVESPA, SA		1,939,167
	120,000	HKD	Hong Kong Exchanges and Clearing, Ltd.		2,253,244
	150,000	GBP	Schroders, PLC		2,443,058
	550,000	SGD	Singapore Exchange, Ltd.		3,326,103
	260,000	GBP	Standard Chartered, PLC		6,172,597
					16,134,169
			Health Care (7.7%)
	65,000		Alcon, Inc.		8,294,000
	190,000	SEK	Elekta, AB - Class B		2,986,687
	40,000	DKK	Novo Nordisk, A/S - Class B		2,340,597
	250,000	GBP	Smith & Nephew, PLC		1,980,725
					15,602,009
			Industrials (8.8%)
	240,000	CHF	ABB, Ltd.#		4,386,798
	80,000	EUR	ALSTOM		5,493,454
	130,000	JPY	JGC Corp.		2,243,665
	80,000	DKK	Vestas Wind Systems, A/S#		5,631,023
					17,754,940
			Information Technology (32.1%)
	450,000	GBP	Autonomy Corp., PLC#		8,836,658
	15,000		Baidu.com, Inc.#		5,222,100
	135,000		Check Point Software Technologies, Ltd.#		3,603,150
	53,000	EUR	Gemalto, NV#		1,980,011
	535,000	TWD	Hon Hai Precision Industry Company, Ltd.		1,847,212
	190,000	TWD	HTC Corp.		2,591,391
	100,000		Infosys Technologies, Ltd.		4,303,000
	35,000	KRW	LG Display Company, Ltd.		1,008,776
	275,000	TWD	MediaTek, Inc.		3,951,330
	26,000	JPY	Nintendo Company, Ltd.		6,985,524
	110,000	EUR	Nokia, OYJ		1,479,112
	85,000		Perfect World Company, Ltd.#		3,041,300
	250,000	BRL	Redecard, SA		3,718,344
	6,000	KRW	Samsung Electronics Company, Ltd.		3,532,839
	45,000	EUR	SAP, AG		2,119,372
	165,000	NOK	Tandberg, ASA		3,506,246
	330,000	HKD	Tencent Holdings, Ltd.		4,447,991
	400,000	HKD	VTech Holdings, Ltd.		2,849,108
					65,023,464
			Materials (9.5%)
	115,000	GBP	Anglo American, PLC		3,708,786
	35,000	ZAR	AngloGold Ashanti, Ltd.		1,353,219
	180,000	BRL	Fertilizantes Fosfatados, SA Fosfertil		1,697,012
	75,000		Sterlite Industries, Ltd.#		1,008,548
	17,500	CHF	Syngenta, AG		4,027,237
	120,000		Vale, SA		2,367,600
	95,000	NOK	Yara International, ASA		2,951,430
	2,300,000	HKD	Zijin Mining Group Company, Ltd.		2,137,145
					19,250,977
			Telecommunication Services (3.9%)
	145,000		América Móvil, SAB de CV		6,236,450
	75,000	BRL	Vivo Participações, SA		1,708,428
					7,944,878
			TOTAL COMMON STOCKS (Cost $186,041,960)		201,414,690
SHORT-TERM INVESTMENT (0.4%)
	837,676		Fidelity Prime Money Market Fund - Institutional Class (Cost $837,676)		837,676
TOTAL INVESTMENTS (99.9%) (Cost $186,879,636)					202,252,366
OTHER ASSETS, LESS LIABILITIES (0.1%)					164,224
NET ASSETS (100.0%)				$	202,416,590

See accompanying Notes to Schedule of Investments

Calamos International Growth Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

FOREIGN CURRENCY ABBREVIATIONS

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	European Monetary Unit
GBP	British Pound Sterling
HKD	Hong Kong Dollar
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
SEK	Swedish Krona
SGD	Singapore Dollar
TWD	New Taiwanese Dollar
ZAR	South African Rand

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars.

See accompanying Notes to Schedule of Investments

Calamos International Growth Fund

	JULY 31, 2009 (UNAUDITED)
CURRENCY EXPOSURE	Value		% of Total Investments
US Dollar	$	36,134,148		17.9%
British Pound Sterling		27,027,872		13.4%
European Monetary Unit		22,840,986		11.3%
Hong Kong Dollar		18,154,972		9.0%
Swiss Franc		16,404,475		8.1%
Brazilian Real		13,195,337		6.6%
Japanese Yen		10,967,365		5.4%
Canadian Dollar		9,365,979		4.7%
Norwegian Krone		9,130,282		4.5%
New Taiwanese Dollar		8,389,933		4.2%
Danish Krone		7,971,620		4.0%
Mexican Peso		4,652,305		2.3%
South Korean Won		4,541,615		2.3%
South African Rand		4,217,021		2.1%
Singapore Dollar		3,326,103		1.7%
Swedish Krona		2,986,687		1.5%
Australian Dollar		2,107,990		1.0%
Total Investments	$	201,414,690		100.0%
Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

Calamos Global Equity Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

NUMBER OF
SHARES				VALUE
COMMON STOCKS (98.7%)
			Consumer Discretionary (10.2%)
	10,500		Amazon.com, Inc.#	$	900,480
	5,500		Coach, Inc.		162,745
	5,000		Guess?, Inc.		145,350
	2,000		New Oriental Education & Technology Group, Inc.#		147,000
	5,150		Nike, Inc. - Class B		291,696
	9,000	JPY	Nikon Corp.		179,811
	2,100	EUR	Puma, AG Rudolf Dassler Sport		533,687
	20,000	CHF	Swatch Group, AG		743,297
					3,104,066
			Consumer Staples (2.4%)
	4,500		Coca-Cola Company		224,280
	150,000	MXN	Wal-Mart de Mexico, SAB de CV		511,242
					735,522
			Energy (20.3%)
	37,000	GBP	AMEC, PLC		435,708
	5,500		Apache Corp.		461,725
	11,000		Cameron International Corp.#		343,530
	325,000	HKD	CNOOC, Ltd.		432,421
	6,000		ENSCO International, Inc.		227,340
	20,000		Halliburton Company		441,800
	14,000		National Oilwell Varco, Inc.#		503,160
	28,500	CAD	Nexen, Inc.		590,768
	11,300		Noble Corp.		382,618
	4,700		Noble Energy, Inc.		287,264
	12,000	BRL	Petróleo Brasileiro, SA		247,943
	4,500	ZAR	Sasol, Ltd.		161,089
	8,000	NOK	StatoilHydro, ASA		171,047
	21,000	CAD	Suncor Energy, Inc.		679,174
	7,250	EUR	Technip, SA		438,914
	4,600		Transocean, Ltd.#		366,574
					6,171,075
			Financials (6.7%)
	2,000		BlackRock, Inc.		381,080
	45,000	BRL	BM&F BOVESPA, SA		290,875
	1,800		Goldman Sachs Group, Inc.		293,940
	31,000	GBP	Standard Chartered, PLC		735,964
	7,000		T. Rowe Price Group, Inc.		326,970
					2,028,829
			Health Care (5.7%)
	7,800		Alcon, Inc.		995,280
	2,700		Celgene Corp.#		153,792
	1,250		Intuitive Surgical, Inc.#		284,150
	2,500	DKK	Novo Nordisk, A/S - Class B		146,287
	3,700		Stryker Corp.		143,856
					1,723,365
			Industrials (8.5%)
	28,400	CHF	ABB, Ltd.#		519,104
	5,100		AGCO Corp.#		160,446
	6,200	EUR	ALSTOM		425,743
	3,700		Fluor Corp.		195,360
	6,300		Honeywell International, Inc.		218,610
	7,800		Jacobs Engineering Group, Inc.#		319,644
	6,000		United Technologies Corp.		326,820
	6,000	DKK	Vestas Wind Systems, A/S#		422,327
					2,588,054
			Information Technology (36.3%)
	9,000		Apple, Inc.#		1,470,510
	60,000	GBP	Autonomy Corp., PLC#		1,178,221
	2,200		Baidu.com, Inc.#		765,908
	9,200		Check Point Software Technologies, Ltd.#		245,548
	27,000		eBay, Inc.#		573,750
	2,800		Google, Inc.#		1,240,540
	9,900	TWD	HTC Corp.		135,025
	15,500		Infosys Technologies, Ltd.		666,965
	12,000		Marvell Technology Group, Ltd.#		160,080
	1,150		MasterCard, Inc.		223,135
	31,000	TWD	MediaTek, Inc.		445,423
	3,400	JPY	Nintendo Company, Ltd.		913,492
	11,000	EUR	Nokia, OYJ		147,911
	7,000		Oracle Corp.		154,910
	12,000		Parametric Technologies Corp.#		154,920
	8,500		Perfect World Company, Ltd.#		304,130
	5,000		QUALCOMM, Inc.		231,050
	23,000	BRL	Redecard, SA		342,088
	615	KRW	Samsung Electronics Company, Ltd.		362,116
	6,900	EUR	SAP, AG		324,970
	23,000	NOK	Tandberg, ASA		488,749
	7,300		Trimble Navigation, Ltd.#		173,083
	48,000	HKD	VTech Holdings, Ltd.		341,893
					11,044,417
			Materials (6.5%)
	14,000	GBP	Anglo American, PLC		451,504
	6,000		Barrick Gold Corp.		209,400
	19,000	BRL	Fertilizantes Fosfatados, SA Fosfertil		179,129
	1,250	CHF	Syngenta, AG		287,660
	18,000		Vale, SA		355,140
	6,000	NOK	Yara International, ASA		186,406

See accompanying Notes to Schedule of Investments

Calamos Global Equity Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

NUMBER OF
SHARES				VALUE
	335,000	HKD	Zijin Mining Group Company, Ltd.	$	311,280
					1,980,519
			Telecommunication Services (2.1%)
	15,000		América Móvil, SAB de CV		645,150
			TOTAL COMMON STOCKS (Cost $30,711,840)		30,020,997
SHORT-TERM INVESTMENT (0.0%)
	120		Fidelity Prime Money Market Fund - Institutional Class (Cost $120)		120
TOTAL INVESTMENTS (98.7%) (Cost $30,711,960)					30,021,117
OTHER ASSETS, LESS LIABILITIES (1.3%)					393,686
NET ASSETS (100.0%)				$	30,414,803

FORWARD FOREIGN CURRENCY CONTRACTS
	Settlement		Local		Current		Unrealized
Short Contracts	Date		Currency		Value		Gain/Loss
British Pound Sterling		10/22/09		1,397,000	$	2,333,239	$	(35,823	)
Danish Krone		10/22/09		2,947,000		563,250		(1,382	)
European Monetary Unit		10/22/09		1,477,000		2,105,275		(5,933	)
Norwegian Krone		10/22/09		4,725,000		769,273		(19,440	)
Swiss Franc		10/22/09		1,712,000		1,603,249		3,433
							$	(59,145	)
	Settlement		Local		Current		Unrealized
Long Contracts	Date		Currency		Value		Gain/Loss
European Monetary Unit		10/22/09		192,000		273,671	$	1,448
Swiss Franc		10/22/09		207,000		193,851		1,148
							$	2,596

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

FOREIGN CURRENCY ABBREVIATIONS

BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	European Monetary Unit
GBP	British Pound Sterling
HKD	Hong Kong Dollar
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
TWD	New Taiwanese Dollar
ZAR	South African Rand

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars.

See accompanying Notes to Schedule of Investments

Calamos Global Equity Fund

	JULY 31, 2009 (UNAUDITED)
CURRENCY EXPOSURE	Value		% of Total Investments
US Dollar	$	16,259,849		54.3%
British Pound Sterling		2,801,397		9.4%
European Monetary Unit		1,871,225		6.2%
Swiss Franc		1,550,061		5.2%
Canadian Dollar		1,269,942		4.2%
Japanese Yen		1,093,303		3.6%
Hong Kong Dollar		1,085,594		3.6%
Brazilian Real		1,060,035		3.5%
Norwegian Krone		846,202		2.8%
New Taiwanese Dollar		580,448		1.9%
Danish Krone		568,614		1.9%
Mexican Peso		511,242		1.7%
South Korean Won		362,116		1.2%
South African Rand		161,089		0.5%
Total Investments	$	30,021,117		100.0%
Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

Calamos Evolving World Growth Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT				VALUE
CONVERTIBLE BONDS (18.3%)
			Consumer Discretionary (1.5%)
	50,000,000	JPY	Suzuki Motor Corp. 6.000%, 03/29/13	$	556,143
			Energy (3.7%)
	200,000		Acergy, SA 2.250%, 10/11/13		170,068
	300,000		Cameron International Corp. 2.500%, 06/15/26		354,750
	1,600,000	HKD	China Petroleum & Chemical Corp. 0.000%, 04/24/14		225,805
	300,000		Petrobank Energy and Resources, Ltd.* 5.125%, 07/10/15		318,750
	300,000		Transocean, Ltd. - Series C 1.500%, 12/15/37		275,625
					1,344,998
			Health Care (2.3%)
			China Medical Technologies, Inc.
	630,000		4.000%, 08/15/13		410,287
	230,000		3.500%, 11/15/11		186,013
	220,000		Teva Pharmaceutical Industries, Ltd. 1.750%, 02/01/26		265,650
					861,950
			Industrials (3.5%)
	2,200,000		China High Speed Transmission Equipment Group Company, Ltd. 0.000%, 05/14/11		384,903
	610,000		JA Solar Holdings Company, Ltd. 4.500%, 05/15/13		461,312
	530,000		Suntech Power Holdings Company, Ltd. 3.000%, 03/15/13		427,313
					1,273,528
			Information Technology (1.6%)
	235,000		Compal Electronics, Inc. 0.000%, 08/19/10		264,537
	250,000		Quanta Computer, Inc. 0.000%, 07/26/10		329,375
					593,912
			Materials (4.4%)
	300,000		Anglo American, PLC 4.000%, 05/07/14		423,900
	400,000		AngloGold Ashanti, Ltd. 3.500%, 05/22/14		427,000
			Newmont Mining Corp.
	280,000		1.625%, 07/15/17		309,050
	240,000		3.000%, 02/15/12		278,700
	1,150,000	HKD	Sinochem Hong Kong Holdings, Ltd. 0.000%, 08/07/11		191,399
					1,630,049
			Telecommunication Services (1.3%)
	240,000		NII Holdings, Inc. 2.750%, 08/15/25	$	230,700
	220,000		SK Telecom Company, Ltd. 1.750%, 04/07/14		249,958
					480,658
			TOTAL CONVERTIBLE BONDS (Cost $6,506,554)		6,741,238
NUMBER OF
SHARES				VALUE
CONVERTIBLE PREFERRED STOCKS (2.9%)
			Consumer Staples (0.7%)
	2,700		Bunge, Ltd. 4.875%		248,400
			Financials (0.0%)
	2,500		American International Group, Inc. 8.500%		20,000
			Materials (2.2%)
	12,300		Vale Capital, Ltd. (Companhia Vale do Rio Doce)Δ 5.500%		508,482
	5,000		Vale, SA 6.750%		304,100
					812,582
			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $1,166,475)		1,080,982
COMMON STOCKS (74.1%)
			Consumer Discretionary (4.7%)
	139,787	HKD	Li & Fung, Ltd.		411,868
	7,200		New Oriental Education & Technology Group, Inc.#		529,200
	16,000	JPY	Nikon Corp.		319,665
	13,000	CHF	Swatch Group, AG		483,143
					1,743,876
			Consumer Staples (5.5%)
	4,000	EUR	Beiersdorf, AG		201,399
	9,300		Coca-Cola Company		463,512
	16,500	BRL	Natura Cosméticos, SA		235,683
	5,200	CHF	Nestlé, SA		213,691
	270,000	MXN	Wal-Mart de Mexico, SAB de CV		920,236
					2,034,521
			Energy (13.2%)
	26,000	NOK	Acergy, SA		277,831
	4,000		Cameron International Corp.#		124,920
	275,000	HKD	China Petroleum & Chemical Corp.		245,161
	635,000	HKD	CNOOC, Ltd.		844,884

See accompanying Notes to Schedule of Investments

Calamos Evolving World Growth Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

NUMBER OF
SHARES				VALUE
	12,000		Halliburton Company	$	265,080
	7,300		Noble Corp.		247,178
	40,000	BRL	Petróleo Brasileiro, SA		826,477
	16,000	ZAR	Sasol, Ltd.		572,760
	7,000		Schlumberger, Ltd.		374,500
	7,500	EUR	Technip, SA		454,049
	5,000	EUR	TOTAL, SA		277,303
	4,600		Transocean, Ltd.#		366,574
					4,876,717
			Financials (7.6%)
	92,000	BRL	BM&F BOVESPA, SA		594,678
	87,615		Citigroup, Inc.		277,739
	19,000	HKD	Hong Kong Exchanges and Clearing, Ltd.		356,764
	85,000	SGD	Singapore Exchange, Ltd.		514,034
	45,000	GBP	Standard Chartered, PLC		1,068,334
					2,811,549
			Health Care (0.9%)
	5,500	DKK	Novo Nordisk, A/S - Class B		321,832
			Industrials (4.3%)
	21,000	CHF	ABB, Ltd.#		383,845
	28,000	ZAR	Aveng, Ltd.		133,457
	70,000	HKD	Hutchison Whampoa, Ltd.		523,235
	16,000	JPY	JGC Corp.		276,143
	3,150	EUR	Siemens, AG		251,031
					1,567,711
			Information Technology (25.7%)
	123,220	TWD	Acer, Inc.		259,787
	85,000	HKD	Alibaba.com, Ltd.#		194,690
	2,700		Baidu.com, Inc.#		939,978
	27,000		Check Point Software Technologies, Ltd.#		720,630
	182,250	TWD	Hon Hai Precision Industry Company, Ltd.		629,260
	31,000	TWD	HTC Corp.		422,806
	19,000		Infosys Technologies, Ltd.		817,570
	13,000	KRW	LG Display Company, Ltd.		374,688
	48,000	TWD	MediaTek, Inc.		689,687
	1,700	KRW	NHN, Corp.#		246,599
	25,000	EUR	Nokia, OYJ		336,162
	20,000		Perfect World Company, Ltd.#		715,600
	5,000		QUALCOMM, Inc.		231,050
	47,000	BRL	Redecard, SA		699,049
	1,125	KRW	Samsung Electronics Company, Ltd.		662,407
	210,648	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		375,111
	53,000	HKD	Tencent Holdings, Ltd.		714,374
	65,000	HKD	VTech Holdings, Ltd.		462,980
					9,492,428
			Materials (5.8%)
	12,000	GBP	Anglo American, PLC		387,004
	66,000	BRL	Fertilizantes Fosfatados, SA Fosfertil		622,238
	25,000		Sterlite Industries, Ltd.#		336,182
	1,600	CHF	Syngenta, AG		368,205
	450,000	HKD	Zijin Mining Group Company, Ltd.		418,137
					2,131,766
			Telecommunication Services (6.4%)
	600,000	MXN	América Móvil, SAB de CV		1,290,030
	3,000		Millicom International Cellular, SA#		222,450
	20,000	ZAR	MTN Group, Ltd.		329,154
	23,500	BRL	Vivo Participações, SA		535,308
					2,376,942
			TOTAL COMMON STOCKS (Cost $25,033,244)		27,357,342
SHORT-TERM INVESTMENT (8.9%)
	3,301,135		Fidelity Prime Money Market Fund - Institutional Class (Cost $3,301,135)		3,301,135
TOTAL INVESTMENTS (104.2%) (Cost $36,007,408)					38,480,697
LIABILITIES, LESS OTHER ASSETS (-4.2%)					(1,555,606	)
NET ASSETS (100.0%)				$	36,925,091

NOTES TO SCHEDULE OF INVESTMENTS

*	Securities issued and sold pursuant to a Rule 144A transaction are excepted 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. At July 31, 2009, there were no 144A securities that could not be exchanged to the registered form.
Δ	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.

See accompanying Notes to Schedule of Investments

Calamos Evolving World Growth Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

FOREIGN CURRENCY ABBREVIATIONS

BRL	Brazilian Real
CHF	Swiss Franc
DKK	Danish Krone
EUR	European Monetary Unit
GBP	British Pound Sterling
HKD	Hong Kong Dollar
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
SGD	Singapore Dollar
TWD	New Taiwanese Dollar
ZAR	South African Rand

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.

See accompanying Notes to Schedule of Investments

Calamos Evolving World Growth Fund

	JULY 31, 2009 (UNAUDITED)
CURRENCY EXPOSURE	Value		% of Total Investments
US Dollar	$	16,782,171		43.7%
Hong Kong Dollar		4,589,297		12.0%
Brazilian Real		3,513,433		9.1%
New Taiwanese Dollar		2,376,651		6.2%
Mexican Peso		2,210,266		5.7%
European Monetary Unit		1,519,944		3.9%
British Pound Sterling		1,455,338		3.8%
Swiss Franc		1,448,884		3.8%
South Korean Won		1,283,694		3.3%
Japanese Yen		1,151,951		3.0%
South African Rand		1,035,371		2.7%
Singapore Dollar		514,034		1.3%
Danish Krone		321,832		0.8%
Norwegian Krone		277,831		0.7%
Total Investments	$	38,480,697		100.0%
Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

Calamos Convertible Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT				VALUE
CONVERTIBLE BONDS (63.8%)
			Consumer Discretionary (5.6%)
	6,825,000		Best Buy Company, Inc. 2.250%, 01/15/22	$	6,918,844
	23,000,000		Carnival Corp. 2.000%, 04/15/21		22,856,250
	20,000,000		International Game Technology* 3.250%, 05/01/14		24,750,000
			Interpublic Group of Companies, Inc.
	18,000,000		4.750%, 03/15/23		16,267,500
	5,500,000		4.250%, 03/15/23		4,998,125
	1,100,000,000	JPY	NC International, Ltd. (Nikon Corp)Δ 0.000%, 03/15/11		12,825,332
	3,250,000,000	JPY	Suzuki Motor Corp. 0.000%, 03/29/13		36,149,273
	10,500,000	CHF	Swatch Group, AG 2.625%, 10/15/10		10,160,093
					134,925,417
			Consumer Staples (1.3%)
	10,000,000		Archer Daniels Midland Company 0.875%, 02/15/14		9,925,000
	19,000,000		Molson Coors Brewing Company 2.500%, 07/30/13		20,995,000
					30,920,000
			Energy (7.5%)
	12,500,000		Acergy, SA 2.250%, 10/11/13		10,629,252
	18,000,000		Cameron International Corp. 2.500%, 06/15/26		21,285,000
			Chesapeake Energy Corp.
	26,500,000		2.750%, 11/15/35Ù		23,651,250
	7,830,000		2.500%, 05/15/37		6,019,313
	6,300,000		2.250%, 12/15/38		4,008,375
	70,000,000	HKD	China Petroleum & Chemical Corp. 0.000%, 04/24/14		9,878,978
	25,000,000		Hornbeck Offshore Services, Inc.~‡ 1.625%, 11/15/26		20,502,500
	12,000,000		Oil States International, Inc. 2.375%, 07/01/25		13,065,000
	5,080,000		Schlumberger, Ltd. - Series BÙ 2.125%, 06/01/23		7,467,600
	17,000,000		SEACOR Holdings, Inc. 2.875%, 12/15/24		19,210,000
	16,000,000		St. Mary Land & Exploration Company 3.500%, 04/01/27		14,180,000
	36,000,000		Transocean, Ltd. - Series C 1.500%, 12/15/37		33,075,000
					182,972,268
			Financials (3.9%)
	8,275,000		Affiliated Managers Group, Inc.* 3.950%, 08/15/38		7,406,125
	4,194,000		BlackRock, Inc. 2.625%, 02/15/35		8,047,238
	22,500,000		Health Care REIT, Inc. 4.750%, 12/01/26		23,540,625
	16,000,000		Host Hotels & Resorts, Inc.* 2.625%, 04/15/27		13,940,000
	9,115,000		Janus Capital Group, Inc. 3.250%, 07/15/14		11,006,363
	14,250,000		Leucadia National Corp. 3.750%, 04/15/14		17,616,562
	16,575,000		NASDAQ OMX Group, Inc. 2.500%, 08/15/13		14,088,750
					95,645,663
			Health Care (14.6%)
	12,000,000	CHF	Actelion Finance, Ltd. 0.000%, 11/22/11		12,976,091
	27,500,000		Amgen, Inc. 0.375%, 02/01/13		27,775,000
	17,800,000		Beckman Coulter, Inc. 2.500%, 12/15/36		19,135,000
	21,000,000		Biovail Corp.* 5.375%, 08/01/14		23,677,500
	9,940,000		Cephalon, Inc. 2.500%, 05/01/14		10,387,300
	18,000,000		Charles River Laboratories International, Inc. 2.250%, 06/15/13		16,560,000
	13,500,000		Endo Pharmaceuticals Holdings, Inc.*Ù 1.750%, 04/15/15		12,352,500
	13,150,000		Gilead Sciences, Inc.~ 0.500%, 05/01/11		17,308,688
	18,000,000		Henry Schein, Inc. 3.000%, 08/15/34		21,352,500
	44,000,000		Kinetic Concepts, Inc.* 3.250%, 04/15/15		38,555,000
	9,000,000		Life Technologies Corp. 1.500%, 02/15/24		9,675,000
	2,100,000		LifePoint Hospitals, Inc. 3.500%, 05/15/14		1,798,125
			Medtronic, Inc.
	21,000,000		1.625%, 04/15/13		20,343,750
	6,000,000		1.500%, 04/15/11		5,940,000
			Mylan, Inc.Ù
	22,816,000		3.750%, 09/15/15*		27,179,560
	8,720,000		1.250%, 03/15/12		7,869,800
			Teva Pharmaceutical Industries, Ltd.
	53,500,000		0.250%, 02/01/26		62,929,375
	7,500,000		1.750%, 02/01/26Ù		9,056,250

See accompanying Notes to Schedule of Investments

Calamos Convertible Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT				VALUE
	6,000,000		Thermo Fisher Scientific, Inc.‡ 0.000%, 12/15/33	$	9,273,600
					354,145,039
			Industrials (7.8%)
	15,000,000		AGCO Corp. 1.750%, 12/31/33		22,200,000
			Alliant Techsystems, Inc.
	18,000,000		2.750%, 09/15/11		18,517,500
	11,500,000		2.750%, 02/15/24		12,046,250
	12,500,000		Barnes Group, Inc. 3.375%, 03/15/27		9,968,750
	26,000,000		Danaher Corp. 0.000%, 01/22/21		23,627,500
	35,000,000		Energy Conversion Devices, Inc. 3.000%, 06/15/13		22,925,000
	16,275,000		EnerSys‡ 3.375%, 06/01/38		12,938,625
	22,500,000		General Cable Corp. 0.875%, 11/15/13		21,909,375
	19,000,000		L-3 Communications Holdings, Inc. 3.000%, 08/01/35		19,142,500
	12,102,000		Quanta Services, Inc. 3.750%, 04/30/26		14,144,212
	4,400,000		Trinity Industries, Inc. 3.875%, 06/01/36		2,634,500
	10,500,000		Triumph Group, Inc. 2.625%, 10/01/26		10,198,125
					190,252,337
			Information Technology (18.1%)
			Anixter International, Inc.
	7,950,000		1.000%, 02/15/13		6,638,250
	6,000,000		0.000%, 07/07/33		3,465,000
	14,500,000		ARRIS Group, Inc. 2.000%, 11/15/26		14,173,750
	17,070,000		CA, Inc. 1.625%, 12/15/09		18,841,012
	16,000,000		CACI International, Inc. 2.125%, 05/01/14		16,300,000
	20,866,000	EUR	Cap Gemini, SA 1.000%, 01/01/12		13,085,730
	8,439,000		DST Systems, Inc. - Series A‡ 4.125%, 08/15/23		8,744,914
	84,000,000		EMC Corp. 1.750%, 12/01/13		95,025,000
	3,168,000		FEI Company 2.875%, 06/01/13		3,263,040
	10,300,000		Informatica Corp. 3.000%, 03/15/26		11,420,125
			Intel Corp.
	23,500,000		3.250%, 08/01/39*		23,764,375
	14,500,000		2.950%, 12/15/35		12,723,750
	12,000,000		Macrovision Solutions Corp. 2.625%, 08/15/11		13,200,000
	46,940,000		Network Appliance, Inc. 1.750%, 06/01/13		45,825,175
	11,000,000		ON Semiconductor Corp. 2.625%, 12/15/26		10,450,000
			Sybase, Inc.
	33,305,000		3.500%, 08/15/29*		34,762,094
	11,350,000		1.750%, 02/22/25		16,485,875
			Symantec Corp.
	39,000,000		1.000%, 06/15/13		39,390,000
	34,000,000		0.750%, 06/15/11		34,935,000
	24,000,000		VeriSign, Inc. 3.250%, 08/15/37		18,360,000
					440,853,090
			Materials (4.4%)
	17,725,000		Allegheny Technologies, Inc. 4.250%, 06/01/14		18,212,437
	10,000,000		Anglo American, PLC 4.000%, 05/07/14		14,130,000
	10,000,000		AngloGold Ashanti, Ltd. 3.500%, 05/22/14		10,675,000
			Newmont Mining Corp.
	27,000,000		1.625%, 07/15/17		29,801,250
	27,000,000		1.250%, 07/15/14Ù		30,577,500
	3,180,000		3.000%, 02/15/12		3,692,775
					107,088,962
			Telecommunication Services (0.6%)
	12,000,000		SK Telecom Company, Ltd. 1.750%, 04/07/14		13,634,058
			TOTAL CONVERTIBLE BONDS (Cost $1,428,815,221)		1,550,436,834
NUMBER OF
SHARES				VALUE
CONVERTIBLE PREFERRED STOCKS (13.9%)
			Consumer Discretionary (0.2%)
	5,365		Stanley Works‡ 5.125%		3,870,848
			Consumer Staples (4.0%)
	1,300,000		Archer Daniels Midland Company 6.250%		51,285,000
			Bunge, Ltd.
	200,000		4.875%		18,400,000
	39,600		5.125%		27,076,500
					96,761,500
			Energy (1.1%)
	220,000		Whiting Petroleum Corp. 6.250%		26,901,600
			Financials (2.2%)
			Affiliated Managers Group, Inc.
	670,000		5.100%		21,858,750
	425,000		5.150%		11,900,000

See accompanying Notes to Schedule of Investments

Calamos Convertible Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

NUMBER OF
SHARES				VALUE
	55,000		American International Group, Inc. 8.500%	$	440,000
	24,500		Bank of America Corp.Ù 7.250%		20,580,000
					54,778,750
			Health Care (2.2%)
	7,000		Mylan, Inc. 6.500%		6,174,000
	200,000		Schering-Plough Corp. 6.000%		46,648,000
					52,822,000
			Materials (4.2%)
	550,000		Freeport-McMoRan Copper & Gold, Inc. 6.750%		50,732,000
	1,050,000		Vale Capital, Ltd. (Companhia Vale do Rio Doce)Δ 5.500%		43,407,000
	138,020		Vale, SA 6.750%		8,394,376
					102,533,376
			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $263,677,768)		337,668,074
NUMBER OF
UNITS				VALUE
STRUCTURED EQUITY-LINKED SECURITY (0.2%)
			Energy (0.2%)
	65,000		Deutsche Bank, AG (Transocean, Ltd.)* 7.230%, 12/15/09 (Cost $4,609,507)		5,146,700
NUMBER OF
SHARES				VALUE
COMMON STOCKS (18.4%)
			Consumer Discretionary (1.9%)
	90,000		Amazon.com, Inc.#		7,718,400
	52,000		Apollo Group, Inc. - Class A#		3,590,080
	375,000		Carnival Corp.		10,496,250
	700,000	JPY	Nikon Corp.		13,985,325
	300,000	CHF	Swatch Group, AG		11,149,452
					46,939,507
			Consumer Staples (0.5%)
	235,000		Coca-Cola Company		11,712,400
			Energy (9.4%)
	1,000,000	NOK	Acergy, SA		10,685,825
	315,000		Apache Corp.		26,444,250
	233,798		Cameron International Corp.#		7,301,511
	12,000,000	HKD	China Petroleum & Chemical Corp.		10,697,945
	175,000		Devon Energy Corp.		10,165,750
	600,000		ENSCO International, Inc.		22,734,000
	875,000		Halliburton Company		19,328,750
	1,100,000		Noble Corp.		37,246,000
	390,000		Noble Energy, Inc.		23,836,800
	400,000		Schlumberger, Ltd.		21,400,000
	450,000	CAD	Suncor Energy, Inc.		14,553,725
	300,000		Transocean, Ltd.#		23,907,000
					228,301,556
			Financials (1.5%)
	8,173,062		Citigroup, Inc.		25,908,606
	72,000		Goldman Sachs Group, Inc.		11,757,600
					37,666,206
			Health Care (1.9%)
	90,000		Alcon, Inc.		11,484,000
	200,000		Amgen, Inc.#		12,462,000
	320,000		Medtronic, Inc.		11,334,400
	270,000		Stryker Corp.		10,497,600
					45,778,000
			Industrials (0.7%)
	480,000		Honeywell International, Inc.		16,656,000
			Information Technology (2.5%)
	585,000		Cisco Systems, Inc.#		12,875,850
	610,000		eBay, Inc.#		12,962,500
	27,000		Google, Inc.#		11,962,350
	460,000		Oracle Corp.		10,179,800
	260,000		QUALCOMM, Inc.		12,014,600
					59,995,100
			TOTAL COMMON STOCKS (Cost $390,736,876)		447,048,769
NUMBER OF
CONTRACTS				VALUE
PURCHASED OPTIONS (0.2%)#
			Consumer Discretionary (0.0%)
	760		Nike, Inc. - Series B Call, 01/16/10, Strike $60.00		239,400
			Industrials (0.2%)
	3,250		L-3 Communications Holdings, Inc. Call, 01/22/11, Strike $70.00		4,403,750

See accompanying Notes to Schedule of Investments

Calamos Convertible Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

NUMBER OF
CONTRACTS			VALUE
		Information Technology (0.0%)
		Linear Technology Corp.
	1,000	Call, 01/16/10, Strike $35.00	$	15,000
	275	Call, 01/16/10, Strike $30.00		24,750
				39,750
		TOTAL PURCHASED OPTIONS (Cost $5,015,453)		4,682,900
NUMBER OF
SHARES			VALUE
SHORT-TERM INVESTMENT (3.7%)
	90,857,627	Fidelity Prime Money Market Fund - Institutional Class (Cost $90,857,627)		90,857,627
INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (0.9%)
	166,357	Bank of New York Institutional Cash Reserve Series Bπ		26,619
	22,361,000	Goldman Sachs Financial Square Prime Obligations Fund		22,361,000
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (Cost $22,527,357)		22,387,619
TOTAL INVESTMENTS (101.1%) (Cost $2,206,239,809)				2,458,228,523
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.9%)				(22,527,357	)
LIABILITIES, LESS OTHER ASSETS (-0.2%)				(5,630,888	)
NET ASSETS (100.0%)			$	2,430,070,278

FORWARD FOREIGN CURRENCY CONTRACTS
	Settlement		Local		Current		Unrealized
Short Contracts	Date		Currency		Value		Gain/Loss
British Pound Sterling		10/22/09		7,869,000	$	13,142,630	$	(201,784	)
Canadian Dollar		10/22/09		11,085,000		10,293,037		(225,191	)
European Monetary Unit		10/22/09		10,237,000		14,591,537		(41,126	)
Hong Kong Dollar		10/22/09		106,398,000		13,739,251		(514	)
Japanese Yen		10/22/09		4,058,545,000		42,922,681		445,024
Norwegian Krone		10/22/09		94,642,000		15,408,582		(389,380	)
South Korean Won		10/22/09		7,996,213,000		6,507,944		(102,262	)
Swiss Franc		10/22/09		33,305,000		31,189,373		66,786
							$	(448,447	)
	Settlement		Local		Current		Unrealized
Long Contract	Date		Currency		Value		Gain/Loss
European Monetary Unit		10/22/09		2,764,000		3,939,729	$	20,844

NOTES TO SCHEDULE OF INVESTMENTS

*	Securities issued and sold pursuant to a Rule 144A transaction are excepted 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. At July 31, 2009, the value of 144A securities that could not be exchanged to the registered form is $139,280,229 or 5.7% of net assets.
Δ	Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.
Ù	Security, or portion of security, is on loan.
~	Security, or portion of security, is held in a segregated account as collateral for written options, aggregating a total value of $10,681,750.
‡	Variable rate or step bond security. The rate shown is the rate in effect at July 31, 2009.
#	Non-income producing security.
π	On September 15, 2008, Lehman Brothers Holdings, Inc., the sole holding of the Bank of New York Institutional Cash Reserve Fund Series B (a series of such fund created to isolate such Lehman exposure), filed for bankruptcy protection. Such securities are being valued in accordance with valuation procedures approved by the board of trustees.

FOREIGN CURRENCY ABBREVIATIONS

CAD	Canadian Dollar
CHF	Swiss Franc
EUR	European Monetary Unit
HKD	Hong Kong Dollar
JPY	Japanese Yen
NOK	Norwegian Krone

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 shown on options represents the expiration date on the option contract. The option contract may be exercised at any date on or before the date shown.

See accompanying Notes to Schedule of Investments

Calamos Market Neutral Income Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT			VALUE
CONVERTIBLE BONDS (31.6%)
		Consumer Discretionary (1.8%)
	3,600,000	D.R. Horton, Inc.Ù 2.000%, 05/15/14	$	4,045,500
	3,200,000	Eddie Bauer Holdings, Inc.** 5.250%, 04/01/14		424,000
	9,750,000	Interpublic Group of Companies, Inc. 4.250%, 03/15/23		8,860,313
	7,125,000	Wyndham Worldwide Corp. 3.500%, 05/01/12		9,022,031
				22,351,844
		Consumer Staples (2.7%)
	6,900,000	Archer Daniels Midland Company~ 0.875%, 02/15/14		6,848,250
	4,700,000	Central European Distribution Corp.~ 3.000%, 03/15/13		3,619,000
	10,650,000	Smithfield Foods, Inc.~ 4.000%, 06/30/13		9,505,125
	6,800,000	Spartan Stores, Inc.~ 3.375%, 05/15/27		4,811,000
	9,900,000	Tyson Foods, Inc. - Series A~ 3.250%, 10/15/13		10,036,125
				34,819,500
		Energy (0.6%)
	4,000,000	Alpha Natural Resources, Inc.~ 2.375%, 04/15/15		3,590,000
	5,400,000	Hornbeck Offshore Services, Inc.‡~ 1.625%, 11/15/26		4,428,540
				8,018,540
		Financials (0.8%)
	7,000,000	Affiliated Managers Group, Inc.* 3.950%, 08/15/38		6,265,000
	5,000,000	NASDAQ OMX Group, Inc. 2.500%, 08/15/13		4,250,000
				10,515,000
		Health Care (5.0%)
	2,300,000	Cephalon, Inc. 2.500%, 05/01/14		2,403,500
	9,100,000	Charles River Laboratories International, Inc. 2.250%, 06/15/13		8,372,000
	4,000,000	Conceptus, Inc.~ 2.250%, 02/15/27		3,605,000
	6,700,000	Henry Schein, Inc. 3.000%, 08/15/34		7,947,875
	5,050,000	HLTH Corp. 3.125%, 09/01/25		5,252,000
	4,000,000	Integra LifeSciences Holdings Corp.* 2.375%, 06/01/12		3,470,000
	17,250,000	Millipore Corp.~ 3.750%, 06/01/26		17,745,938
	6,900,000	Mylan, Inc. 1.250%, 03/15/12		6,227,250
	2,900,000	SonoSite, Inc. 3.750%, 07/15/14		2,606,375
	7,000,000	Thoratec Corp.‡ 1.380%, 05/16/34		5,547,500
				63,177,438
		Industrials (5.2%)
	12,100,000	Alliant Techsystems, Inc.~ 2.750%, 09/15/11		12,447,875
	12,000,000	Covanta Holding Corp.~ 1.000%, 02/01/27		10,635,000
	8,670,000	Energy Conversion Devices, Inc.~ 3.000%, 06/15/13		5,678,850
	7,400,000	General Cable Corp.~ 0.875%, 11/15/13		7,205,750
	4,500,000	Hertz Global Holdings, Inc. 5.250%, 06/01/14		5,940,000
	5,400,000	Orbital Sciences Corp. 2.440%, 01/15/27		4,725,000
	9,700,000	School Specialty, Inc. 3.750%, 11/30/26		8,475,375
		Suntech Power Holdings Company, Ltd.
	5,000,000	3.000%, 03/15/13*		4,031,250
	2,000,000	3.000%, 03/15/13		1,612,500
	5,200,000	WESCO International, Inc.~ 2.625%, 10/15/25		5,148,000
				65,899,600
		Information Technology (11.3%)
	8,700,000	Ciena Corp. 0.875%, 06/15/17		4,850,250
	2,800,000	CommScope, Inc. 3.250%, 07/01/15		3,244,500
	4,425,000	Comtech Telecommunications Corp.* 3.000%, 05/01/29		4,701,563
	16,800,000	EMC Corp.~ 1.750%, 12/01/11		19,026,000
		Equinix, Inc.
	9,500,000	4.750%, 06/15/16		11,423,750
	820,000	2.500%, 04/15/12		787,200
	6,400,000	FEI Company 2.875%, 06/01/13		6,592,000
	13,100,000	Informatica Corp.~ 3.000%, 03/15/26		14,524,625
	10,050,000	Lawson Software Americas, Inc.~ 2.500%, 04/15/12		9,132,937
	8,900,000	Macrovision Solutions Corp. 2.625%, 08/15/11		9,790,000
		Mentor Graphics Corp.
	7,160,000	6.250%, 03/01/26		6,291,850
	3,150,000	2.121%, 08/06/23‡		3,008,250

See accompanying Notes to Schedule of Investments

Calamos Market Neutral Income Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT			VALUE
	13,800,000	Network Appliance, Inc. 1.750%, 06/01/13	$	13,472,250
	5,300,000	Rambus, Inc. 5.000%, 06/15/14		6,154,625
	4,250,000	SPSS, Inc.~ 2.500%, 03/15/12		5,115,937
	3,600,000	Take-Two Interactive Software, Inc. 4.375%, 06/01/14		4,018,500
	5,250,000	Teradyne, Inc. 4.500%, 03/15/14		8,610,000
	1,500,000	THQ, Inc.* 5.000%, 08/15/14		1,575,000
	5,000,000	Verigy, Ltd.* 5.250%, 07/15/14		6,112,500
	6,000,000	VeriSign, Inc.~ 3.250%, 08/15/37		4,590,000
				143,021,737
		Materials (3.4%)
	17,000,000	Goldcorp, Inc.* 2.000%, 08/01/14		18,020,000
	13,200,000	Kinross Gold Corp.Ù 1.750%, 03/15/28		12,870,000
	5,000,000	Sino-Forest Corp.* 5.000%, 08/01/13		4,618,750
	5,500,000	United States Steel Corp. 4.000%, 05/15/14		7,981,875
				43,490,625
		Telecommunication Services (0.8%)
		SBA Communications Corp.*
	5,200,000	4.000%, 10/01/14		5,622,500
	5,000,000	1.875%, 05/01/13		4,450,000
				10,072,500
		TOTAL CONVERTIBLE BONDS (Cost $406,436,136)		401,366,784
SYNTHETIC CONVERTIBLE SECURITIES (3.3%)
Corporate Bonds (3.3%)
		Consumer Staples (0.9%)
	5,000,000	Anheuser-Busch InBev, NV*~ 7.200%, 01/15/14		5,562,615
	1,357,000	Constellation Brands, Inc. 8.125%, 01/15/12		1,377,355
	4,700,000	Reynolds American, Inc.~ 7.250%, 06/01/12		5,008,616
				11,948,586
		Energy (0.9%)
	3,900,000	Arch Western Finance, LLC 6.750%, 07/01/13		3,802,500
	2,300,000	Chesapeake Energy Corp. 7.500%, 09/15/13		2,300,000
	5,000,000	Williams Companies, Inc.*~ 6.375%, 10/01/10		5,101,000
				11,203,500
		Health Care (0.3%)
	2,900,000	Amgen, Inc. 5.700%, 02/01/19		3,167,519
		Information Technology (0.9%)
	3,000,000	Anixter International, Inc. 10.000%, 03/15/14		3,120,000
	5,000,000	Jabil Circuit, Inc.~ 5.875%, 07/15/10		5,162,500
	2,800,000	Xerox Corp.~ 6.875%, 08/15/11		2,910,721
				11,193,221
		Materials (0.2%)
	2,000,000	Anglo American, PLC* 9.375%, 04/08/14		2,242,146
		Utilities (0.1%)
	1,900,000	Edison Mission Energy 7.500%, 06/15/13		1,743,250
		TOTAL CORPORATE BONDS		41,498,222
NUMBER OF
CONTRACTS			VALUE
Purchased Options (0.0%)#
		Consumer Staples (0.0%)
	500	Central European Distribution Corp. Call, 01/16/10, Strike $70.00		5,000
		Health Care (0.0%)
		Gen-Probe, Inc.
	440	Call, 01/16/10, Strike $60.00		3,300
	440	Call, 01/16/10, Strike $50.00		11,000
				14,300
		Information Technology (0.0%)
	1,300	Altera Corp. Call, 01/16/10, Strike $20.00		149,500
		TOTAL PURCHASED OPTIONS		168,800
		TOTAL SYNTHETIC CONVERTIBLE SECURITIES (Cost $41,762,425)		41,667,022

See accompanying Notes to Schedule of Investments

Calamos Market Neutral Income Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

NUMBER OF
SHARES			VALUE
CONVERTIBLE PREFERRED STOCKS (3.0%)
		Consumer Staples (0.6%)
	20,000	Archer Daniels Midland Company 6.250%	$	789,000
	10,500	Bunge, Ltd. 5.125%		7,179,375
				7,968,375
		Energy (0.9%)
	241,000	Bristow Group, Inc. 5.500%		10,914,890
		Financials (0.9%)
	387,500	Legg Mason, Inc. 7.000%		12,035,750
		Telecommunication Services (0.4%)
	95,000	Crown Castle International Corp.~ 6.250%		4,821,250
		Utilities (0.2%)
	50,000	Great Plains Energy, Inc. 12.000%		2,921,500
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $35,118,417)		38,661,765
COMMON STOCKS (60.0%)
		Consumer Discretionary (3.4%)
	80,000	Amazon.com, Inc.#		6,860,800
	22,500	Apollo Group, Inc. - Class A#		1,553,400
	235,000	Coach, Inc.		6,953,650
	273,500	Comcast Corp. - Class A		4,064,210
	250,000	Home Depot, Inc.		6,485,000
	168,700	Nike, Inc. - Class B		9,555,168
	27,903	Time Warner Cable, Inc.#		922,473
	111,166	Time Warner, Inc.		2,963,686
	169,300	Walt Disney Company		4,252,816
				43,611,203
		Consumer Staples (5.7%)
	204,500	Altria Group, Inc.		3,584,885
	205,000	Coca-Cola Company		10,217,200
	57,300	Colgate-Palmolive Company		4,150,812
	150,000	CVS Caremark Corp.		5,022,000
	156,800	PepsiCo, Inc.		8,898,400
	199,500	Philip Morris International, Inc.		9,296,700
	282,800	Procter & Gamble Company		15,698,228
	239,500	Wal-Mart Stores, Inc.		11,946,260
	100,000	Walgreen Company		3,105,000
				71,919,485
		Energy (10.1%)
	100,000	Apache Corp.		8,395,000
	85,000	Cameron International Corp.#		2,654,550
	268,500	Chevron Corp.		18,652,695
	155,000	ConocoPhillips		6,775,050
	93,200	Devon Energy Corp.		5,413,988
	80,000	ENSCO International, Inc.		3,031,200
	510,550	Exxon Mobil Corp.		35,937,614
	312,000	Halliburton Company		6,892,080
	80,000	Noble Corp.		2,708,800
	60,000	Noble Energy, Inc.		3,667,200
	155,000	Occidental Petroleum Corp.		11,057,700
	304,200	Schlumberger, Ltd.		16,274,700
	120,000	Smith International, Inc.		3,015,600
	42,984	Transocean, Ltd.#		3,425,395
				127,901,572
		Financials (5.9%)
	7,255	American International Group, Inc.#Ù		95,331
	85,000	Aon Corp.		3,353,250
	225,900	Bank of America Corp.		3,341,061
	470,768	Citigroup, Inc.		1,492,334
	65,600	Franklin Resources, Inc.		5,817,408
	43,500	Goldman Sachs Group, Inc.		7,103,550
	387,700	JPMorgan Chase & Company		14,984,605
	134,140	MetLife, Inc.		4,554,053
	126,000	Morgan Stanley		3,591,000
	45,000	Prudential Financial, Inc.		1,992,150
	115,000	T. Rowe Price Group, Inc.		5,371,650
	560,000	US Bancorp		11,429,600
	505,000	Wells Fargo & Company		12,352,300
				75,478,292
		Health Care (8.6%)
	347,800	Abbott Laboratories		15,647,522
	90,000	Baxter International, Inc.		5,073,300
	430,200	Bristol-Myers Squibb Company		9,352,548
	205,000	Eli Lilly and Company		7,152,450
	150,000	Gilead Sciences, Inc.#		7,339,500
	439,500	Johnson & Johnson		26,761,155
	230,000	Medtronic, Inc.		8,146,600
	194,200	Merck & Company, Inc.		5,827,942
	693,600	Pfizer, Inc.		11,049,048
	120,000	St. Jude Medical, Inc.#		4,525,200
	85,000	Stryker Corp.		3,304,800
	65,000	Thermo Fisher Scientific, Inc.#		2,943,200

See accompanying Notes to Schedule of Investments

Calamos Market Neutral Income Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

NUMBER OF
SHARES			VALUE
	55,000	Zimmer Holdings, Inc.#	$	2,563,000
				109,686,265
		Industrials (6.7%)
	170,000	3M Company		11,988,400
	209,600	Boeing Company		8,993,936
	30,000	Burlington Northern Santa Fe Corp.		2,357,700
	35,000	Caterpillar, Inc.		1,542,100
	100,000	Emerson Electric Company		3,638,000
	58,000	FedEx Corp.		3,934,720
	60,000	Fluor Corp.		3,168,000
	66,000	General Dynamics Corp.		3,655,740
	727,500	General Electric Company		9,748,500
	229,000	Honeywell International, Inc.		7,946,300
	70,000	Jacobs Engineering Group, Inc.#		2,868,600
	58,400	Lockheed Martin Corp.		4,365,984
	48,800	Raytheon Company		2,291,160
	45,000	Union Pacific Corp.		2,588,400
	82,500	United Parcel Service, Inc.		4,432,725
	205,000	United Technologies Corp.		11,166,350
				84,686,615
		Information Technology (14.3%)
	180,000	Adobe Systems, Inc.#		5,835,600
	138,000	Apple, Inc.#		22,547,820
	570,000	Cisco Systems, Inc.#		12,545,700
	150,000	Corning, Inc.		2,550,000
	665,000	Dell, Inc.#		8,897,700
	280,000	eBay, Inc.#		5,950,000
	37,000	Google, Inc.#		16,392,850
	198,400	Hewlett-Packard Company		8,590,720
	715,500	Intel Corp.		13,773,375
	209,700	International Business Machines Corp.		24,729,921
	1,078,400	Microsoft Corp.		25,363,968
	517,000	Oracle Corp.		11,441,210
	402,100	QUALCOMM, Inc.		18,581,041
	270,000	Symantec Corp.#		4,031,100
				181,231,005
		Materials (2.6%)
	415,000	E.I. du Pont de Nemours and Company		12,835,950
	120,000	Freeport-McMoRan Copper & Gold, Inc.#		7,236,000
	166,300	Newmont Mining Corp.		6,876,505
	90,000	Nucor Corp.		4,002,300
	45,000	PPG Industries, Inc.		2,475,000
				33,425,755
		Telecommunication Services (1.6%)
	405,100	AT&T Inc.		10,625,773
	305,000	Verizon Communications, Inc.		9,781,350
				20,407,123
		Utilities (1.1%)
	244,600	Duke Energy Corp.		3,786,408
	55,000	Entergy Corp.		4,418,150
	117,000	Exelon Corp.		5,950,620
				14,155,178
		TOTAL COMMON STOCKS (Cost $917,102,276)		762,502,493
NUMBER OF
CONTRACTS			VALUE
PURCHASED OPTIONS (0.5%)#
		Financials (0.5%)
		S & P 500 Index
	1,000	Put, 09/19/09, Strike $890.00		900,000
	750	Put, 10/17/09, Strike $875.00		1,110,000
	600	Put, 09/19/09, Strike $870.00		426,000
	400	Put, 12/19/09, Strike $875.00		1,162,000
	300	Put, 11/21/09, Strike $950.00		1,315,500
	300	Put, 12/19/09, Strike $925.00		1,276,500
	300	Put, 09/19/09, Strike $920.00		435,000
	250	Put, 10/17/09, Strike $850.00		282,500
		TOTAL PURCHASED OPTIONS (Cost $15,940,331)		6,907,500
NUMBER OF
SHARES			VALUE
SHORT-TERM INVESTMENT (5.0%)
	63,689,489	Fidelity Prime Money Market Fund - Institutional Class (Cost $63,689,489)		63,689,489
INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (0.3%)
	130,808	Bank of New York Institutional Cash Reserve Fund Series Bπ		20,929
	3,661,000	Goldman Sachs Financial Square Prime Obligations Fund		3,661,000
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (Cost $3,791,808)		3,681,929
TOTAL INVESTMENTS (103.7%) (Cost $1,483,840,882)				1,318,476,982
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.3%)				(3,791,808	)
LIABILITIES, LESS OTHER ASSETS (-3.4%)				(42,891,706	)
NET ASSETS (100.0%)			$	1,271,793,468

See accompanying Notes to Schedule of Investments

Calamos Market Neutral Income Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

NUMBER OF
SHARES				VALUE
COMMON STOCKS SOLD SHORT (-14.8%)
			Consumer Discretionary (-0.6%)
	(175,200	)	D.R. Horton, Inc.	$	(2,030,568	)
	(196,000	)	Interpublic Group of Companies, Inc.		(1,021,160	)
	(341,300	)	Wyndham Worldwide Corp.		(4,761,135	)
					(7,812,863	)
			Consumer Staples (-1.4%)
	(115,100	)	Archer Daniels Midland Company		(3,466,812	)
	(83,900	)	Bunge, Ltd.		(5,870,483	)
	(30,000	)	Central European Distribution Corp.		(861,300	)
	(290,700	)	Smithfield Foods, Inc.		(3,938,985	)
	(57,500	)	Spartan Stores, Inc.		(741,175	)
	(250,300	)	Tyson Foods, Inc. - Class A		(2,860,929	)
					(17,739,684	)
			Energy (-0.9%)
	(44,200	)	Alpha Natural Resources, Inc.		(1,472,302	)
	(272,950	)	Bristow Group, Inc.		(9,034,645	)
	(45,400	)	Hornbeck Offshore Services, Inc.		(988,812	)
					(11,495,759	)
			Financials (-0.8%)
	(25,740	)	Affiliated Managers Group, Inc.		(1,699,355	)
	(281,100	)	Legg Mason, Inc.		(7,910,154	)
					(9,609,509	)
			Health Care (-2.1%)
	(21,000	)	Cephalon, Inc.		(1,231,650	)
	(74,125	)	Charles River Laboratories International, Inc.		(2,451,314	)
	(80,900	)	Conceptus, Inc.		(1,358,311	)
	(15,700	)	Gen-Probe, Inc.		(582,784	)
	(89,000	)	Henry Schein, Inc.		(4,572,820	)
	(163,865	)	HLTH Corp.		(2,405,538	)
	(23,000	)	Integra LifeSciences Holdings Corp.		(728,180	)
	(86,900	)	Millipore Corp.		(6,048,240	)
	(155,600	)	Mylan, Inc.		(2,052,364	)
	(46,135	)	SonoSite, Inc.		(1,087,402	)
	(164,544	)	Thoratec Corp.		(4,136,636	)
					(26,655,239	)
			Industrials (-1.7%)
	(75,000	)	Alliant Techsystems, Inc.		(5,904,000	)
	(185,030	)	Covanta Holding Corp.		(3,125,157	)
	(18,750	)	Energy Conversion Devices, Inc.		(267,000	)
	(100,900	)	General Cable Corp.		(3,911,893	)
	(434,000	)	Hertz Global Holdings, Inc.		(4,096,960	)
	(106,250	)	Orbital Sciences Corp.		(1,438,625	)
	(45,805	)	School Specialty, Inc.		(1,024,658	)
	(54,000	)	Suntech Power Holdings Company, Ltd.		(993,060	)
	(30,600	)	WESCO International, Inc.		(755,514	)
					(21,516,867	)
			Information Technology (-5.0%)
	(26,000	)	Altera Corp.		(485,940	)
	(114,100	)	Ciena Corp.		(1,273,356	)
	(82,000	)	CommScope, Inc.		(2,099,200	)
	(86,000	)	Comtech Telecommunications Corp.		(2,740,820	)
	(420,500	)	EMC Corp.		(6,332,730	)
	(78,700	)	Equinix, Inc.		(6,432,151	)
	(164,500	)	FEI Company		(4,030,250	)
	(410,665	)	Informatica Corp.		(7,552,129	)
	(337,150	)	Lawson Software Americas, Inc.		(2,002,671	)
	(61,150	)	Mentor Graphics Corp.		(424,381	)
	(283,300	)	Network Appliance, Inc.		(6,362,918	)
	(151,600	)	Rambus, Inc.		(2,566,588	)
	(181,300	)	Rovi Corp.		(4,742,808	)
	(45,800	)	SPSS, Inc.		(2,266,184	)
	(218,600	)	Take-Two Interactive Software, Inc.		(2,081,072	)
	(811,010	)	Teradyne, Inc.		(6,390,759	)
	(87,000	)	THQ, Inc.		(583,770	)
	(236,400	)	Verigy, Ltd.		(3,141,756	)
	(121,200	)	VeriSign, Inc.		(2,477,328	)
					(63,986,811	)
			Materials (-1.6%)
	(178,400	)	Goldcorp Inc.		(6,723,896	)
	(283,000	)	Kinross Gold Corp.		(5,558,120	)
	(135,300	) CAD	Sino-Forest Corp.		(1,846,284	)
	(147,700	)	United States Steel Corp.		(5,871,075	)
					(19,999,375	)
			Telecommunication Services (-0.5%)
	(70,200	)	Crown Castle International Corp.		(2,017,548	)
	(185,200	)	SBA Communications Corp.		(4,831,868	)
					(6,849,416	)
			Utilities (-0.2%)
	(133,900	)	Great Plains Energy, Inc.		(2,133,027	)
			TOTAL COMMON STOCKS SOLD SHORT (Proceeds $170,826,433)		(187,798,550	)

See accompanying Notes to Schedule of Investments

Calamos Market Neutral Income Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

NUMBER OF
CONTRACTS			VALUE
WRITTEN OPTIONS (-4.3%)#
		Consumer Discretionary (0.0%)
	550	D.R. Horton, Inc. Call, 11/21/09, Strike $11.00	$	(99,000	)
	1,150	Wyndham Worldwide Corp. Call, 11/21/09, Strike $15.00		(161,000	)
				(260,000	)
		Consumer Staples (0.1%)
	985	Tyson Foods, Inc. - Class A Call, 01/16/10, Strike $7.50		(408,775	)
		Financials (-4.2%)
	870	MetLife, Inc. Call, 09/19/09, Strike $25.00		(800,400	)
		S & P 500 Index
	1,400	Call, 10/17/09, Strike $920.00		(11,795,000	)
	1,100	Call, 12/19/09, Strike $925.00		(10,400,500	)
	1,000	Call, 08/22/09, Strike $940.00		(5,265,000	)
	1,000	Call, 09/19/09, Strike $930.00		(6,815,000	)
	800	Call, 12/19/09, Strike $1,000.00		(4,004,000	)
	600	Call, 10/17/09, Strike $925.00		(4,833,000	)
	500	Call, 09/19/09, Strike $975.00		(1,887,500	)
	500	Call, 12/19/09, Strike $950.00		(3,912,500	)
	200	Call, 11/21/09, Strike $1,025.00		(651,000	)
	200	Call, 11/21/09, Strike $1,000.00		(875,000	)
	3,500	US Bancorp Call, 09/19/09, Strike $15.00		(1,907,500	)
	1,000	Wells Fargo & Company Call, 10/17/09, Strike $30.00		(40,000	)
				(53,186,400	)
		Industrials (0.0%)
	150	General Cable Corp. Call, 01/16/10, Strike $50.00		(35,250	)
	600	Hertz Global Holdings, Inc. Call, 12/19/09, Strike $10.00		(79,500	)
		Suntech Power Holdings Company, Ltd.
	185	Call, 01/16/10, Strike $10.00		(164,650	)
	125	Call, 01/16/10, Strike $12.50		(85,000	)
				(364,400	)
		Information Technology (0.0%)
	450	Ciena Corp. Call, 01/16/10, Strike $12.50		(56,250	)
		Rambus, Inc.
	825	Call, 01/16/10, Strike $22.50		(202,125	)
	150	Call, 02/20/10, Strike $22.50		(41,625	)
	700	Take-Two Interactive Software, Inc. Call, 12/19/09, Strike $12.50		(33,250	)
				(333,250	)
		TOTAL WRITTEN OPTIONS (Premium $28,346,081)		(54,552,825	)

NOTES TO SCHEDULE OF INVESTMENTS

Ù	Security, or portion of security, is on loan.
**	Eddie Bauer Holdings, Inc. filed for bankruptcy protection on June 17, 2009.
~	Security, or portion of security, is held in a segregated account as collateral for written options, or securities sold short aggregating a total market value of $148,312,938.
‡	Variable rate or step bond security. The rate shown is the rate in effect at July 31, 2009.
*	Securities issued and sold pursuant to a Rule 144A transaction are excepted 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. At July 31, 2009, the value of 144A securities that could not be exchanged to the registered form is $53,556,074 or 4.2% of net assets.
#	Non-income producing security.
π	On September 15, 2008, Lehman Brothers Holdings, Inc., the sole holding of the Bank of New York Institutional Reserve Fund Series B (a series of such fund created to isolate such Lehman exposure), filed for bankruptcy protection. Such securities are being valued in accordance with valuation procedures approved by the board of trustees.

FOREIGN CURRENCY ABBREVIATIONS

CAD Canadian Dollar

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The date shown on options represents the expiration date on the option contract. The option contract may be exercised at any date on or before the date shown.

See accompanying Notes to Schedule of Investments

Calamos High Yield Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT				VALUE
CORPORATE BONDS (69.3%)
			Consumer Discretionary (12.6%)
	3,796,000		Brinker International, Inc. 5.750%, 06/01/14	$	3,511,334
	2,997,000		DISH Network Corp. 7.750%, 05/31/15		3,019,478
	3,147,000		Expedia, Inc. 7.456%, 08/15/18		3,147,000
			General Motors Corp.**
	2,498,000		7.200%, 01/15/11		374,700
	199,000		7.125%, 07/15/13		29,353
			Goodyear Tire & Rubber Company
	1,798,000		7.857%, 08/15/11Ù		1,798,000
	1,798,000		7.000%, 03/15/28		1,501,330
	2,747,000		Hanesbrands, Inc.‡ 4.593%, 12/15/14		2,334,950
	2,997,000		J.C. Penney Company, Inc. 5.750%, 02/15/18		2,745,869
	1,998,000		Liberty Media Corp. 8.250%, 02/01/30		1,448,550
	2,997,000		Mandalay Resort Group 7.625%, 07/15/13		1,768,230
	299,000		Phillips-Van Heusen Corp. 8.125%, 05/01/13		302,738
	1,199,000		Pulte Homes, Inc. 8.125%, 03/01/11		1,234,970
			Royal Caribbean Cruises, Ltd.
	2,747,000		7.500%, 10/15/27		1,909,165
	999,000		7.250%, 03/15/18		794,205
	2,747,000		Service Corp. International 7.500%, 04/01/27		2,231,938
	499,000		Sotheby’s Holdings, Inc. 7.750%, 06/15/15		404,190
	2,498,000		Speedway Motorsports, Inc.* 8.750%, 06/01/16		2,566,695
	2,248,000		Warnaco Group, Inc.~ 8.875%, 06/15/13		2,315,440
	999,000	GBP	Warner Music Group Corp. 8.125%, 04/15/14		1,209,865
					34,648,000
			Consumer Staples (5.3%)
	1,324,000		Chattem, Inc. 7.000%, 03/01/14		1,300,830
	2,747,000		Constellation Brands, Inc. 7.250%, 09/01/16		2,705,795
	1,199,000		NBTY, Inc. 7.125%, 10/01/15		1,157,035
	2,997,000		Pilgrim’s Pride Corp.** 7.625%, 05/01/15		2,779,718
	3,996,000		Reynolds American, Inc. 7.625%, 06/01/16		4,155,536
	2,997,000		Smithfield Foods, Inc. 7.750%, 05/15/13		2,562,435
					14,661,349
			Energy (13.2%)
	699,000		Arch Coal, Inc.* 8.750%, 08/01/16		709,485
	999,000		Arch Western Finance, LLC 6.750%, 07/01/13		974,025
	999,000		Berry Petroleum Company 10.250%, 06/01/14		1,048,950
	1,449,000		Bristow Group, Inc. 7.500%, 09/15/17		1,362,060
	1,998,000		Chesapeake Energy Corp. 9.500%, 02/15/15		2,130,367
	2,897,000		Complete Production Services, Inc. 8.000%, 12/15/16		2,491,420
	1,499,000		Comstock Resources, Inc. 6.875%, 03/01/12		1,476,515
	3,377,000		Frontier Oil Corp.Ù 8.500%, 09/15/16		3,469,867
	3,097,000		GulfMark Offshore, Inc. 7.750%, 07/15/14		2,911,180
	1,389,000		Helix Energy Solutions Group, Inc.* 9.500%, 01/15/16		1,284,825
	3,737,000		Hornbeck Offshore Services, Inc. 6.125%, 12/01/14		3,494,095
	2,598,000		Mariner Energy, Inc. 11.750%, 06/30/16		2,727,900
	2,398,000		Petrohawk Energy Corp. 7.125%, 04/01/12		2,368,025
	3,297,000		Pride International, Inc. 8.500%, 06/15/19		3,544,275
			Range Resources Corp.
	1,499,000		7.500%, 10/01/17		1,495,253
	629,000		8.000%, 05/15/19		643,153
	1,998,000		Superior Energy Services, Inc. 6.875%, 06/01/14		1,898,100
	1,998,000		Williams Companies, Inc. 8.750%, 03/15/32		2,258,651
					36,288,146
			Financials (3.0%)
	2,248,000		Ford Motor Credit Company, LLC 7.875%, 06/15/10		2,215,352
	999,000		Host Hotels & Resorts, Inc. 7.125%, 11/01/13		974,025
	2,972,000		Leucadia National Corp. 7.000%, 08/15/13		2,860,550
	2,797,000		Nuveen Investments, Inc.* 10.500%, 11/15/15		1,999,855

See accompanying Notes to Schedule of Investments

Calamos High Yield Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT				VALUE
	349,000		Omega Healthcare Investors, Inc. 7.000%, 04/01/14	$	330,678
					8,380,460
			Health Care (1.7%)
			Bio-Rad Laboratories, Inc.
	2,498,000		7.500%, 08/15/13		2,547,960
	999,000		8.000%, 09/15/16*		1,023,975
	999,000		Community Health Systems, Inc. 8.875%, 07/15/15		1,033,965
					4,605,900
			Industrials (10.9%)
	3,297,000		BE Aerospace, Inc. 8.500%, 07/01/18		3,288,757
	2,747,000		Belden, Inc. 7.000%, 03/15/17		2,431,095
	2,323,000		Cummins, Inc. 7.125%, 03/01/28		1,863,499
	3,662,000		Deluxe Corp. 7.375%, 06/01/15		3,167,630
	999,000		Gardner Denver, Inc. 8.000%, 05/01/13		911,588
	4,421,000		General Cable Corp. 7.125%, 04/01/17		4,222,055
	1,848,000		Interline Brands, Inc. 8.125%, 06/15/14		1,852,620
	1,074,000		Joy Global, Inc. 6.625%, 11/15/36		881,151
	3,082,000		Kansas City Southern 13.000%, 12/15/13		3,467,250
	2,498,000		SPX Corp. 7.625%, 12/15/14		2,498,000
			Terex Corp.
	1,728,000		7.375%, 01/15/14		1,654,560
	799,000		8.000%, 11/15/17		665,168
	4,021,000		Wesco Distribution, Inc.~ 7.500%, 10/15/17		3,236,905
					30,140,278
			Information Technology (10.6%)
	1,848,000		Affiliated Computer Services, Inc. 5.200%, 06/01/15		1,584,660
	2,198,000		Agilent Technologies, Inc. 6.500%, 11/01/17		2,010,759
	1,798,000		Amkor Technology, Inc. 9.250%, 06/01/16		1,842,950
			Anixter International, Inc.
	3,072,000		10.000%, 03/15/14		3,194,880
	799,000		5.950%, 03/01/15		703,120
	999,000		Celestica, Inc. 7.625%, 07/01/13		1,013,985
	2,362,000		Flextronics International, Ltd. 6.500%, 05/15/13		2,279,330
	4,276,000		Jabil Circuit, Inc. 8.250%, 03/15/18		4,211,860
	1,998,000		Lender Processing Services, Inc. 8.125%, 07/01/16		2,027,970
	737,000		Lexmark International, Inc. 6.650%, 06/01/18		678,051
	1,249,000		Motorola, Inc. 8.000%, 11/01/11		1,319,044
			National Semiconductor Corp.
	1,698,000		6.150%, 06/15/12		1,685,812
	1,129,000		6.600%, 06/15/17		1,029,887
	1,499,000		Seagate Technology 6.800%, 10/01/16		1,416,555
			SunGard Data Systems, Inc.
	1,499,000		10.625%, 05/15/15*		1,611,425
	1,014,000		9.125%, 08/15/13		1,039,350
	1,998,000		Xerox Corp.~ 8.000%, 02/01/27		1,680,058
					29,329,696
			Materials (8.1%)
	399,000		Airgas, Inc.* 7.125%, 10/01/18		399,998
	499,000		Allegheny Technologies, Inc. 9.375%, 06/01/19		547,643
	2,897,000		Anglo American, PLC* 9.375%, 04/08/14		3,247,748
	719,000		Ashland, Inc.* 9.125%, 06/01/17		760,343
	1,492,000		Boise Cascade Holdings, LLC 7.125%, 10/15/14		969,800
	1,089,000		Century Aluminum Company 7.500%, 08/15/14		797,692
	2,682,000		Greif, Inc.* 7.750%, 08/01/19		2,675,295
			Nalco Holding Company
	1,738,000		8.250%, 05/15/17*		1,816,210
	499,000	EUR	9.000%, 11/15/13		729,005
	2,757,000		Silgan Holdings, Inc.* 7.250%, 08/15/16		2,770,785
	2,797,000		Southern Copper Corp. 7.500%, 07/27/35		2,668,198
	1,948,000		Steel Dynamics, Inc.* 7.750%, 04/15/16		1,938,260
	2,408,000		Terra Industries, Inc. 7.000%, 02/01/17		2,263,520
			Union Carbide Corp.
	644,000		7.875%, 04/01/23		494,176
	349,000		7.500%, 06/01/25		259,968
					22,338,641

See accompanying Notes to Schedule of Investments

Calamos High Yield Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT			VALUE
		Telecommunication Services (2.6%)
	99,000	Frontier Communications Corp. 9.000%, 08/15/31	$	91,575
	999,000	Leap Wireless International, Inc. 9.375%, 11/01/14		1,018,980
	2,997,000	Qwest Communications International, Inc. 7.750%, 02/15/31		2,322,675
	3,931,000	Syniverse Technologies, Inc. 7.750%, 08/15/13		3,596,865
				7,030,095
		Utilities (1.3%)
	3,147,000	Edison Mission Energy 7.500%, 06/15/13		2,887,373
	999,000	Energy Future Holdings Corp.Ù 10.250%, 11/01/15		789,210
				3,676,583
		TOTAL CORPORATE BONDS (Cost $192,304,820)		191,099,148
CONVERTIBLE BONDS (11.6%)
		Consumer Discretionary (1.6%)
	1,500,000	Ford Motor Company 4.250%, 12/15/36		1,614,375
	3,000,000	Interpublic Group of Companies, Inc. 4.750%, 03/15/23		2,711,250
				4,325,625
		Energy (2.1%)
	1,680,000	Bristow Group, Inc. 3.000%, 06/15/38		1,369,200
	100,000	Petrobank Energy and Resources, Ltd.* 5.125%, 07/10/15		106,250
	1,500,000	Petroplus Holdings, AG 3.375%, 03/26/13		1,341,091
	3,390,000	St. Mary Land & Exploration Company 3.500%, 04/01/27		3,004,388
				5,820,929
		Health Care (2.2%)
		China Medical Technologies, Inc.
	2,000,000	4.000%, 08/15/13		1,302,500
	1,400,000	3.500%, 11/15/11		1,132,250
	4,000,000	Kinetic Concepts, Inc.* 3.250%, 04/15/15		3,505,000
				5,939,750
		Industrials (2.0%)
	2,500,000	Energy Conversion Devices, Inc. 3.000%, 06/15/13		1,637,500
	1,700,000	Suntech Power Holdings Company, Ltd. 3.000%, 03/15/13		1,370,625
	4,300,000	Trinity Industries, Inc. 3.875%, 06/01/36		2,574,625
				5,582,750
		Information Technology (1.1%)
	2,620,000	ADC Telecommunications, Inc. 3.500%, 07/15/15		1,830,725
	1,300,000	ON Semiconductor Corp. 2.625%, 12/15/26		1,235,000
				3,065,725
		Materials (2.6%)
	700,000	Anglo American, PLC 4.000%, 05/07/14		989,100
	1,700,000	AngloGold Ashanti, Ltd. 3.500%, 05/22/14		1,814,750
	3,770,000	Newmont Mining Corp. 3.000%, 02/15/12		4,377,912
				7,181,762
		TOTAL CONVERTIBLE BONDS (Cost $31,169,508)		31,916,541
SYNTHETIC CONVERTIBLE SECURITIES (0.1%)
Corporate Bonds (0.1%)
		Consumer Discretionary (0.1%)
	4,000	Brinker International, Inc. 5.750%, 06/01/14		3,700
	3,000	DISH Network Corp. 7.750%, 05/31/15		3,022
	3,000	Expedia, Inc. 7.456%, 08/15/18		3,000
		General Motors Corp. **
	2,000	7.200%, 01/15/11		300
	1,000	7.125%, 07/15/13		148
		Goodyear Tire & Rubber Company
	2,000	7.857%, 08/15/11Ù		2,000
	2,000	7.000%, 03/15/28		1,670
	3,000	Hanesbrands, Inc.‡ 4.593%, 12/15/14		2,550
	3,000	J.C. Penney Company, Inc. 5.750%, 02/15/18		2,749
	2,000	Liberty Media Corp. 8.250%, 02/01/30		1,450
	3,000	Mandalay Resort Group 7.625%, 07/15/13		1,770
	1,000	Phillips-Van Heusen Corp. 8.125%, 05/01/13		1,013

See accompanying Notes to Schedule of Investments

Calamos High Yield Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT				VALUE
	1,000		Pulte Homes, Inc. 8.125%, 03/01/11	$	1,030
			Royal Caribbean Cruises, Ltd.
	3,000		7.500%, 10/15/27		2,085
	1,000		7.250%, 03/15/18		795
	3,000		Service Corp. International 7.500%, 04/01/27		2,438
	1,000		Sotheby’s Holdings, Inc. 7.750%, 06/15/15		810
	2,000		Speedway Motorsports, Inc.* 8.750%, 06/01/16		2,055
	2,000		Warnaco Group, Inc.~ 8.875%, 06/15/13		2,060
	1,000	GBP	Warner Music Group Corp. 8.125%, 04/15/14		1,211
					35,856
			Consumer Staples (0.0%)
	1,000		Chattem, Inc. 7.000%, 03/01/14		983
	3,000		Constellation Brands, Inc. 7.250%, 09/01/16		2,955
	1,000		NBTY, Inc. 7.125%, 10/01/15		965
	3,000		Pilgrim’s Pride Corp.** 7.625%, 05/01/15		2,782
	4,000		Reynolds American, Inc. 7.625%, 06/01/16		4,160
	3,000		Smithfield Foods, Inc. 7.750%, 05/15/13		2,565
					14,410
			Energy (0.0%)
	1,000		Arch Coal, Inc.* 8.750%, 08/01/16		1,015
	1,000		Arch Western Finance, LLC 6.750%, 07/01/13		975
	1,000		Berry Petroleum Company 10.250%, 06/01/14		1,050
	1,000		Bristow Group, Inc. 7.500%, 09/15/17		940
	2,000		Chesapeake Energy Corp. 9.500%, 02/15/15		2,132
	3,000		Complete Production Services, Inc. 8.000%, 12/15/16		2,580
	1,000		Comstock Resources, Inc. 6.875%, 03/01/12		985
	3,000		Frontier Oil Corp.Ù 8.500%, 09/15/16		3,082
	3,000		GulfMark Offshore, Inc. 7.750%, 07/15/14		2,820
	1,000		Helix Energy Solutions Group, Inc.* 9.500%, 01/15/16		925
	3,000		Hornbeck Offshore Services, Inc. 6.125%, 12/01/14		2,805
	2,000		Mariner Energy, Inc. 11.750%, 06/30/16		2,100
	2,000		Petrohawk Energy Corp. 7.125%, 04/01/12		1,975
	3,000		Pride International, Inc. 8.500%, 06/15/19		3,225
			Range Resources Corp.
	1,000		8.000%, 05/15/19		1,023
	1,000		7.500%, 10/01/17		998
	2,000		Superior Energy Services, Inc. 6.875%, 06/01/14		1,900
	2,000		Williams Companies, Inc. 8.750%, 03/15/32		2,261
					32,791
			Financials (0.0%)
	2,000		Ford Motor Credit Company, LLC 7.875%, 06/15/10		1,971
	1,000		Host Hotels & Resorts, Inc. 7.125%, 11/01/13		975
	3,000		Leucadia National Corp. 7.000%, 08/15/13		2,887
	3,000		Nuveen Investments, Inc.* 10.500%, 11/15/15		2,145
	1,000		Omega Healthcare Investors, Inc. 7.000%, 04/01/14		948
					8,926
			Health Care (0.0%)
			Bio-Rad Laboratories, Inc.
	2,000		7.500%, 08/15/13		2,040
	1,000		8.000%, 09/15/16*		1,025
	1,000		Community Health Systems, Inc. 8.875%, 07/15/15		1,035
					4,100
			Industrials (0.0%)
	3,000		BE Aerospace, Inc. 8.500%, 07/01/18		2,992
	3,000		Belden, Inc. 7.000%, 03/15/17		2,655
	2,000		Cummins, Inc. 7.125%, 03/01/28		1,604
	3,000		Deluxe Corp. 7.375%, 06/01/15		2,595
	1,000		Gardner Denver, Inc. 8.000%, 05/01/13		913
	4,000		General Cable Corp. 7.125%, 04/01/17		3,820
	2,000		Interline Brands, Inc. 8.125%, 06/15/14		2,005
	1,000		Joy Global, Inc. 6.625%, 11/15/36		820

See accompanying Notes to Schedule of Investments

Calamos High Yield Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT				VALUE
	3,000		Kansas City Southern 13.000%, 12/15/13	$	3,375
	2,000		SPX Corp. 7.625%, 12/15/14		2,000
			Terex Corp.
	2,000		7.375%, 01/15/14		1,915
	1,000		8.000%, 11/15/17		833
	4,000		Wesco Distribution, Inc.~ 7.500%, 10/15/17		3,220
					28,747
			Information Technology (0.0%)
	2,000		Affiliated Computer Services, Inc. 5.200%, 06/01/15		1,715
	2,000		Agilent Technologies, Inc. 6.500%, 11/01/17		1,829
	2,000		Amkor Technology, Inc. 9.250%, 06/01/16		2,050
			Anixter International, Inc.
	3,000		10.000%, 03/15/14		3,120
	1,000		5.950%, 03/01/15		880
	1,000		Celestica, Inc. 7.625%, 07/01/13		1,015
	2,000		Flextronics International, Ltd. 6.500%, 05/15/13		1,930
	4,000		Jabil Circuit, Inc. 8.250%, 03/15/18		3,940
	2,000		Lender Processing Services, Inc. 8.125%, 07/01/16		2,030
	1,000		Lexmark International, Inc. 6.650%, 06/01/18		920
	1,000		Motorola, Inc. 8.000%, 11/01/11		1,056
			National Semiconductor Corp.
	2,000		6.150%, 06/15/12		1,986
	1,000		6.600%, 06/15/17		912
	1,000		Seagate Technology 6.800%, 10/01/16		945
			SunGard Data Systems, Inc.
	1,000		10.625%, 05/15/15*		1,075
	1,000		9.125%, 08/15/13		1,025
	2,000		Xerox Corp.~ 8.000%, 02/01/27		1,682
					28,110
			Materials (0.0%)
	1,000		Airgas, Inc.* 7.125%, 10/01/18		1,003
	1,000		Allegheny Technologies, Inc. 9.375%, 06/01/19		1,097
	3,000		Anglo American, PLC* 9.375%, 04/08/14		3,363
	1,000		Ashland, Inc.* 9.125%, 06/01/17		1,058
	1,000		Boise Cascade Holdings, LLC 7.125%, 10/15/14		650
	1,000		Century Aluminum Company 7.500%, 08/15/14		733
	3,000		Greif, Inc.* 7.750%, 08/01/19		2,992
			Nalco Holding Company
	2,000		8.250%, 05/15/17*		2,090
	1,000	EUR	9.000%, 11/15/13		1,461
	3,000		Silgan Holdings, Inc.* 7.250%, 08/15/16		3,015
	3,000		Southern Copper Corp. 7.500%, 07/27/35		2,862
	2,000		Steel Dynamics, Inc.* 7.750%, 04/15/16		1,990
	2,000		Terra Industries, Inc. 7.000%, 02/01/17		1,880
			Union Carbide Corp.
	1,000		7.875%, 04/01/23		767
	1,000		7.500%, 06/01/25		745
					25,706
			Telecommunication Services (0.0%)
	1,000		Frontier Communications Corp. 9.000%, 08/15/31		925
	1,000		Leap Wireless International, Inc. 9.375%, 11/01/14		1,020
	3,000		Qwest Communications International, Inc. 7.750%, 02/15/31		2,325
	4,000		Syniverse Technologies, Inc. 7.750%, 08/15/13		3,660
					7,930
			Utilities (0.0%)
	3,000		Edison Mission Energy 7.500%, 06/15/13		2,752
	1,000		Energy Future Holdings Corp.Ù 10.250%, 11/01/15		790
					3,542
			TOTAL CORPORATE BONDS		190,118
NUMBER OF
CONTRACTS				VALUE
Purchased Options (0.0%)#
			Consumer Discretionary (0.0%)
	100		Nike, Inc. - Class B Call, 01/16/10, Strike $60.00		31,500
			TOTAL PURCHASED OPTIONS		31,500
			TOTAL SYNTHETIC CONVERTIBLE SECURITIES (Cost $290,695)		221,618

See accompanying Notes to Schedule of Investments

Calamos High Yield Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

NUMBER OF
SHARES			VALUE
CONVERTIBLE PREFERRED STOCKS (12.7%)
		Consumer Staples (3.1%)
	120,000	Archer Daniels Midland Company 6.250%	$	4,734,000
		Bunge, Ltd.
	14,000	4.875%		1,288,000
	3,900	5.125%		2,666,625
				8,688,625
		Financials (3.5%)
	160,000	Affiliated Managers Group, Inc. 5.150%		4,480,000
	27,000	American International Group, Inc. 8.500%		216,000
	2,950	Bank of America Corp.Ù 7.250%		2,478,000
	2,850	Wells Fargo & Company 7.500%		2,393,886
				9,567,886
		Health Care (2.5%)
	3,500	Mylan, Inc. 6.500%		3,087,000
	16,500	Schering-Plough Corp. 6.000%		3,848,460
				6,935,460
		Materials (3.6%)
	55,750	Freeport-McMoRan Copper & Gold, Inc. 6.750%		5,142,380
	115,000	Vale Capital, Ltd. (Companhia Vale do Rio Doce) Δ 5.500%		4,754,100
				9,896,480
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $32,827,013)		35,088,451
NUMBER OF
UNITS			VALUE
STRUCTURED EQUITY-LINKED SECURITIES (2.2%)
		Energy (2.2%)
	33,000	Barclays Capital, Inc. (Noble Corp.)* 12.000%, 01/29/10		1,195,260
	30,000	BNP Paribas (ENSCO International, Inc.)* 12.000%, 01/29/10		1,177,200
	20,000	Credit Suisse Group (Noble Energy, Inc.)* 12.000%, 06/18/10		1,268,600
	41,000	Goldman Sachs Group, Inc. (Cameron International Corp.)* 12.000%, 02/16/10		1,272,640
	52,000	Goldman Sachs Group, Inc. (Halliburton Company)* 12.000%, 12/23/09		1,171,560
				6,085,260
		TOTAL STRUCTURED EQUITY-LINKED SECURITIES (Cost $6,214,240)		6,085,260
NUMBER OF
SHARES			VALUE
COMMON STOCK (1.2%)
		Financials (1.2%)
	1,090,613	Citigroup, Inc. (Cost $3,777,798)		3,457,243
SHORT-TERM INVESTMENT (2.1%)
	5,669,943	Fidelity Prime Money Market Fund - Institutional Class (Cost $5,669,943)		5,669,943
INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (1.5%)
	22,675	Bank of New York Institutional Cash Reserve Series Bπ		3,628
	4,029,000	Goldman Sachs Financial Square Prime Obligations Fund		4,029,000
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (Cost $4,051,675)		4,032,628
TOTAL INVESTMENTS (100.7%) (Cost $276,305,692)				277,570,832
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.5%)				(4,051,675	)
OTHER ASSETS, LESS LIABILITIES (0.8%)				2,188,855
NET ASSETS (100.0%)			$	275,708,012
NUMBER OF
CONTRACTS			VALUE
WRITTEN OPTION (-0.4%)#
		Materials (-0.4%)
	388	Freeport-McMoRan Copper & Gold, Inc. Call,08/22/09, Strike $35.00 (Premium $135,251)		(982,610	)

NOTES TO SCHEDULE OF INVESTMENTS

Ù	Security, or portion of security, is on loan.
‡	Variable rate or step bond security. The rate shown is the rate in effect at July 31, 2009.
*	Securities issued and sold pursuant to a Rule 144A transaction are excepted 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. At July 31, 2009, the

See accompanying Notes to Schedule of Investments

Calamos High Yield Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

	value of 144A securities that could not be exchanged to the registered form is $9,336,372 or 3.4% of net assets.
~	Security, or portion of security, is held in a segregated account as collateral aggregating a total market value of $7,239,365.
**	Security is in default. Pilgrim’s Pride Corp filed for bankruptcy protection on December 1, 2008.
Δ	Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.
π	On September 15, 2008, Lehman Brothers Holdings, Inc., the sole holding of the Bank of New York Institutional Cash Reserve Fund Series B (a series of such fund created to isolate such Lehman exposure), filed for bankruptcy protection. Such securities are being valued in accordance with valuation procedures approved by the board of trustees.

FOREIGN CURRENCY ABBREVIATIONS

EUR	European Monetary Unit
GBP	British Pound Sterling

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The principal amount for such securities is shown in the respective foreign currency. The date shown on options represents the expiration date on the option contract. The option contract may be exercised at any date on or before the date shown.

See accompanying Notes to Schedule of Investments

Calamos Total Return Bond Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT			VALUE
CORPORATE BONDS (53.3%)
		Consumer Discretionary (3.9%)
	500,000	DIRECTV Financing Company, Inc. 8.375%, 03/15/13	$	513,125
	1,500,000	Hasbro, Inc. 6.125%, 05/15/14		1,549,245
	1,500,000	International Game Technology 7.500%, 06/15/19		1,599,342
	250,000	J.C. Penney Company, Inc. 9.000%, 08/01/12		262,749
	1,500,000	McDonald’s Corp. 6.300%, 10/15/37		1,674,256
	1,500,000	Walt Disney Company 6.375%, 03/01/12		1,654,205
				7,252,922
		Consumer Staples (9.4%)
	1,000,000	Altria Group, Inc. 9.250%, 08/06/19		1,197,907
	1,500,000	Anheuser-Busch InBev, NV* 8.200%, 01/15/39		1,892,686
	2,000,000	Coca-Cola Company 3.625%, 03/15/14		2,063,422
	2,000,000	Costco Wholesale Corp. 5.300%, 03/15/12		2,147,394
	1,700,000	General Mills, Inc. 5.250%, 08/15/13		1,843,079
	1,000,000	Kellogg Company 4.450%, 05/30/16		1,026,102
	1,500,000	Kimberly-Clark Corp. 7.500%, 11/01/18		1,840,140
		Kraft Foods, Inc.
	1,000,000	6.250%, 06/01/12		1,087,557
	1,000,000	6.000%, 02/11/13		1,083,325
	1,000,000	PepsiCo, Inc. 7.900%, 11/01/18		1,260,645
	1,000,000	Philip Morris International, Inc. 6.875%, 03/17/14		1,138,789
	1,000,000	Procter & Gamble Company 4.600%, 01/15/14		1,070,120
				17,651,166
		Energy (7.3%)
	500,000	Chesapeake Energy Corp. 7.500%, 09/15/13		500,000
	2,000,000	Chevron Corp. 3.450%, 03/03/12		2,073,744
	1,000,000	ConocoPhillips 5.750%, 02/01/19		1,097,696
	438,000	Dresser-Rand Group, Inc. 7.375%, 11/01/14		427,050
	750,000	Frontier Oil Corp. 6.625%, 10/01/11		757,500
	1,000,000	Hess Corp. 8.125%, 02/15/19		1,198,798
	1,000,000	Nexen , Inc. 7.500%, 07/30/39		1,076,502
	1,000,000	Rowan Companies, Inc. 7.875%, 08/01/19		1,063,892
	500,000	Tennessee Gas Pipeline Company 8.000%, 02/01/16		557,500
	1,500,000	Transocean, Inc. 6.000%, 03/15/18		1,617,316
	1,607,000	Virginia Electric and Power Company 8.875%, 11/15/38		2,271,432
	1,000,000	XTO Energy, Inc. 4.625%, 06/15/13		1,027,111
				13,668,541
		Financials (6.6%)
	1,000,000	Bank of America Corp. 5.650%, 05/01/18		955,424
	1,500,000	Berkshire Hathaway Finance Corp. 5.000%, 08/15/13		1,586,049
	1,500,000	BP Capital Markets, PLC 5.250%, 11/07/13		1,645,136
	1,500,000	Bunge, Ltd. 8.500%, 06/15/19		1,662,448
	2,000,000	CME Group, Inc. 5.750%, 02/15/14		2,177,406
	1,500,000	JPMorgan Chase & Company 6.000%, 10/01/17		1,561,122
	1,500,000	Shell International Finance, BV 6.375%, 12/15/38		1,780,870
	1,000,000	US Bancorp 4.200%, 05/15/14		1,022,536
				12,390,991
		Health Care (5.6%)
	1,500,000	Beckman Coulter, Inc. 6.000%, 06/01/15		1,590,828
	500,000	Bio-Rad Laboratories, Inc. 6.125%, 12/15/14		480,000
	1,500,000	Biogen Idec, Inc. 6.000%, 03/01/13		1,550,891
	500,000	Boston Scientific Corp. 6.000%, 06/15/11		510,000
	2,000,000	Express Scripts, Inc. 5.250%, 06/15/12		2,113,680
	2,000,000	Pfizer, Inc. 5.350%, 03/15/15		2,216,222
	2,000,000	Roche Holding, AG* 4.500%, 03/01/12		2,098,386
				10,560,007

See accompanying Notes to Schedule of Investments

Calamos Total Return Bond Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT				VALUE
			Industrials (6.0%)
	1,500,000		Emerson Electric Company 4.125%, 04/15/15	$	1,543,761
	2,000,000		ITT Corp. 6.125%, 05/01/19		2,081,600
	805,000		Joy Global, Inc. 6.000%, 11/15/16		768,063
	2,000,000		Northrop Grumman Corp. 3.700%, 08/01/14		2,014,920
	500,000		Tyco International, Ltd. 8.500%, 01/15/19		580,242
	2,000,000		United Parcel Service, Inc. 3.875%, 04/01/14		2,076,766
	1,000,000		United Technologies Corp. 6.125%, 02/01/19		1,126,025
	1,000,000		Waste Management Inc. 7.375%, 08/01/10		1,041,292
					11,232,669
			Information Technology (5.0%)
	500,000		Affiliated Computer Services, Inc. 4.700%, 06/01/10		498,125
	500,000		Agilent Technologies, Inc. 6.500%, 11/01/17		457,407
	1,500,000		Cisco Systems, Inc. 5.900%, 02/15/39		1,599,658
	1,500,000		Hewlett-Packard Company 6.125%, 03/01/14		1,686,222
	500,000		Jabil Circuit, Inc. 5.875%, 07/15/10		516,250
	500,000		Lexmark International, Inc. 6.650%, 06/01/18		460,008
	1,500,000		Nokia Corp. 5.375%, 05/15/19		1,569,522
	1,500,000		Oracle Corp. 6.125%, 07/08/39		1,659,232
	1,000,000		Xerox Corp. 7.625%, 06/15/13		1,041,760
					9,488,184
			Materials (4.3%)
	1,000,000		Allegheny Technologies, Inc. 9.375%, 06/01/19		1,097,479
	1,000,000		Anglo American, PLC* 9.375%, 04/08/14		1,121,073
	1,000,000		Barrick Gold Corp. 6.950%, 04/01/19		1,163,152
	2,000,000		BHP Billiton, Ltd. 6.500%, 04/01/19		2,280,288
	500,000		Mosaic Company* 7.375%, 12/01/14		533,585
	750,000		Sealed Air Corp.* 7.875%, 06/15/17		793,206
	1,000,000		Vulcan Materials Company 6.300%, 06/15/13		1,037,213
					8,025,996
			Telecommunication Services (4.6%)
	2,000,000		AT&T Inc. 5.800%, 02/15/19		2,171,216
	2,150,000		Deutsche Telekom, AG 8.500%, 06/15/10		2,265,188
	2,000,000		Telefonica Europe, BV 7.750%, 09/15/10		2,121,016
	2,000,000		Verizon Wireless Capital, Inc.* 3.750%, 05/20/11		2,061,110
					8,618,530
			Utilities (0.6%)
	1,000,000		Consolidated Edison, Inc. 6.750%, 04/01/38		1,180,305
			TOTAL CORPORATE BONDS (Cost $92,984,553)		100,069,311
U.S. GOVERNMENT AND AGENCY SECURITIES (8.0%)
	2,000,000		Federal National Mortgage Association 2.500%, 02/17/12		2,006,250
			United States Treasury Note
	6,000,000		1.875%, 06/15/12		6,054,858
	4,000,000		2.625%, 06/30/14		4,022,492
	3,000,000		1.125%, 06/30/11		3,003,519
			TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $15,030,522)		15,087,119
SOVEREIGN BONDS (3.0%)
	2,000,000	EUR	Federal Republic of Germany 2.250%, 04/11/14		2,833,658
	3,000,000	CAD	Government of Canada 3.000%, 06/01/14		2,834,857
			TOTAL SOVEREIGN BONDS (Cost $5,443,557)		5,668,515
ASSET BACKED SECURITIES (3.7%)
	1,000,000		Ford Credit Auto Owner Trust 4.500%, 07/15/14		1,017,970
	1,145,000		Honda Auto Receivables Owner Trust 4.880%, 09/18/14		1,200,065
	2,000,000		MetLife Global Funding Trust* 5.125%, 06/10/14		2,011,042
	2,750,000		Volkswagen Auto Lease Trust 2009 Class A 3.410%, 04/16/12		2,791,333
			TOTAL ASSET BACKED SECURITIES (Cost $6,886,880)		7,020,410

See accompanying Notes to Schedule of Investments

Calamos Total Return Bond Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT			VALUE
COMMERCIAL MORTGAGE BACKED SECURITIES (2.6%)
	3,000,000	Bear Stearns Commercial Mortgage Securities, Inc.‡ 4.750%, 02/13/46	$	2,890,404
	2,000,000	LB-UBS Commercial Mortgage Trust‡ 4.559%, 09/15/27		1,962,500
		TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (Cost $4,522,208)		4,852,904
RESIDENTIAL MORTGAGE BACKED SECURITIES (28.1%)
	5,604,455	Federal Home Loan Mortgage Corp. 6.000%, 04/01/38		5,880,069
		Federal National Mortgage Association
	7,000,000	4.500%, 08/01/24¹		7,188,125
	6,000,000	5.500%, 08/01/39¹		6,216,564
	6,000,000	5.000%, 08/01/24¹		6,231,564
	5,833,675	6.000%, 06/01/37		6,125,447
	5,000,000	5.000%, 08/01/39¹		5,116,405
	4,771,078	5.652%, 11/01/37‡		5,022,561
	3,590,906	5.500%, 06/01/37		3,725,619
	2,643,328	5.000%, 05/01/37		2,708,505
	1,759,201	4.709%, 05/01/38‡		1,824,979
	1,587,606	6.000%, 05/01/37		1,667,010
	922,449	6.500%, 06/01/36		988,392
		TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $51,706,468)		52,695,240
NUMBER OF
SHARES			VALUE
SHORT-TERM INVESTMENT (13.4%)
	25,051,838	Fidelity Prime Money Market Fund - Institutional Class (Cost $25,051,838)		25,051,838
TOTAL INVESTMENTS (112.1%) (Cost $201,626,026)				210,445,337
LIABILITIES, LESS OTHER ASSETS (-12.1%)				(22,784,667	)
NET ASSETS (100.0%)			$	187,660,670

NOTES TO SCHEDULE OF INVESTMENTS

*	Securities issued and sold pursuant to a Rule 144A transaction are excepted 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. At July 31, 2009, the value of 144A securities that could not be exchanged to the registered form is $7,916,394 or 4.2% of net assets.
‡	Variable rate or step bond security. The rate shown is the rate in effect at July 31, 2009.
¹	Security or a portion of the security purchased on a delayed delivery or when-issued basis.

FOREIGN CURRENCY ABBREVIATIONS

CAD	Canadian Dollar
EUR	European Monetary Unit

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.

See accompanying Notes to Schedule of Investments

NOTE 1

Organization. Calamos Investment Trust, a Massachusetts business trust organized December 21, 1987 (the “Trust”), consists of fourteen series, Growth Fund, Growth and Income Fund, Value Fund, Blue Chip Fund, Multi-Fund Blend, 130/30 Equity Fund, Global Growth and Income Fund, International Growth Fund, Global Equity Fund, Evolving World Growth Fund, Convertible Fund, Market Neutral Income Fund, High Yield Fund and Total Return Bond Fund (each a “Fund”, and collectively the “Funds”). The Trust is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company. The Trust currently offers Class A, Class B, Class C, Class I and Class R shares of each of the Funds. The 130/30 Equity Fund closed to new investors and additional purchases by existing investors at the close of business on September 18, 2009. The 130/30 Equity Fund will be liquidated as of the close of business on or about September 30, 2009.

Fund Valuation. The valuation of the Funds’ portfolio securities is in accordance with policies and procedures adopted by and under the ultimate supervision of the board of trustees.

Fund securities that are traded on U.S. securities exchanges, except option securities, are valued at the last current reported sales price at the time a Fund determines its net asset value (“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 most recent 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 in accordance with guidelines adopted by the board of trustees. 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 of trustees. Each over-the-counter option that is not traded through the Options Clearing Corporation is valued based on a quotation provided by the counterparty to such option under the ultimate supervision of the board of trustees.

Fixed income securities are generally traded in the over-the-counter market and are valued by independent pricing services or by dealers who make markets in such securities. Valuations of fixed income securities consider yield or price of bonds 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.

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 over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the board of trustees. 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 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 Fund’s NAV is not calculated.

If the 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, under the ultimate supervision of the board of trustees, following the guidelines and/or procedures adopted by the board of trustees.

Each Fund also may use fair value pricing, pursuant to guidelines adopted by the board of trustees and under the ultimate supervision of the board of trustees, if trading in the security is halted or if the value of a security it holds is materially affected by events occurring before the Fund’s pricing time but after the close of the primary market or exchange on which the security is listed. Those procedures may utilize valuations furnished by pricing services approved by the board of trustees, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional

traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.

When fair value pricing of securities is employed, the prices of securities used by a Fund to calculate its NAV may differ from market quotations or official closing prices. In light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security is accurate.

Investment Transactions. Investment transactions are recorded on a trade date basis as of July 31, 2009.

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 foreign currency contracts to purchase or sell currencies. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Risks associated with such contracts include, among other things, movement in the value of the foreign currency relative to the U.S. dollar and the ability of the counterparty to perform. The net unrealized gain, if any, represents the credit risk to the Fund on a forward foreign currency contract. The contracts are valued daily at forward foreign exchange rates. The counterparties to all forward foreign currency contracts at July 31, 2009, were multinational banks.

NOTE 2

Investments. The following information is presented on a federal income tax basis as of July 31, 2009. Differences between the cost basis under U.S. generally accepted accounting principles and federal income tax purposes are primarily due to temporary differences.

The cost basis of investments for federal income tax purposes at July 31, 2009 was as follows:

	Growth			Growth and			Value			Blue Chip			Multi-Fund
	Fund			Income Fund			Fund			Fund			Blend
Cost basis of investments		$8,555,091,947			$3,465,884,637			$65,686,754			$63,702,355			$21,426,138
Gross unrealized appreciation		$1,150,766,090			$359,356,291			$5,214,028			$10,261,025			$331,028
Gross unrealized depreciation		$(1,148,418,485	)		$(286,341,821	)		$(9,758,993	)		$(5,819,087	)		$(5,687,129	)
Net unrealized appreciation (depreciation)		$2,347,605			$73,014,470			$(4,544,965	)		$4,441,938			$(5,356,101	)
				Global Growth			International						Evolving
	130/30 Equity			and Income			Growth			Global Equity			World Growth
	Fund			Fund			Fund			Fund			Fund
Cost basis of investments		$13,763,391			$693,723,732			$187,230,173			$31,003,693			$35,919,999
Gross unrealized appreciation		$1,204,281			$79,438,348			$30,136,873			$3,535,843			$4,496,619
Gross unrealized depreciation		$(346,365	)		$(55,840,139	)		$(15,114,680	)		$(4,518,419	)		$(1,935,921	)
Net unrealized appreciation (depreciation)		$857,916			$23,598,209			$15,022,193			$(982,576	)		$2,560,698
				Convertible			Market Neutral			High Yield			Total Return
				Fund			Income Fund			Fund			Bond Fund
Cost basis of investments					$2,206,043,768			$1,497,067,379			$277,549,430			$201,924,688
Gross unrealized appreciation					$299,389,024			$70,472,410			$21,410,794			$8,562,708
Gross unrealized depreciation					$(47,204,269	)		$(249,062,807	)		$(21,389,392	)		$(42,059	)
Net unrealized appreciation (depreciation)					$252,184,755			$(178,590,397	)		$21,402			$8,520,649

NOTE 3

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.

To secure its obligation to deliver to the broker-dealer the securities sold short, the 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, the 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 4

Synthetic Convertible Instruments. The Funds may establish a “synthetic” convertible instrument by combining separate securities that possess the economic characteristics similar to a convertible security, i.e., fixed-income securities (“fixed-income component”), which may be a convertible or non-convertible security and the right to acquire equity securities (“convertible component”). The fixed-income component is achieved by investing in fixed income securities such as bonds, preferred stocks, and money market instruments. The convertible component is achieved by investing in warrants or options to buy common stock at a certain exercise price, or options on a stock index. In establishing a synthetic instrument, the Funds may pool a basket of fixed-income securities and a basket of warrants or purchased options that produce the economic characteristics similar to a convertible security. Within each basket of fixed-income securities and warrants or purchased options, different companies may issue the fixed-income and convertible components, which may be purchased separately and at different times.

The Funds may also purchase synthetic securities created by other parties, typically investment banks, including convertible structured notes. Convertible structured notes are fixed-income debentures linked to equity. Convertible structured notes have the attributes of a convertible security; however, the investment bank that issued the convertible note assumes the credit risk associated with the investment, rather than the issuer of the underlying common stock into which the note is convertible. Purchasing synthetic convertible securities may offer more flexibility than purchasing a convertible security.

NOTE 5

When-Issued and Delayed Delivery Securities. A Fund may purchase securities on a when-issued or delayed-delivery basis. Although the payment and interest terms of these securities are established at the time the Fund enters into the commitment, the securities may be delivered and paid for a month or more after the date of purchase, when their value may have changed. A Fund makes such commitments only with the intention of actually acquiring the securities, but may sell the securities before the settlement date if Calamos Advisors deems it advisable for investment reasons. A Fund may utilize spot and forward foreign currency exchange transactions to reduce the risk inherent in fluctuations in the exchange rate between one currency and another when securities are purchased or sold on a when-issued or delayed-delivery basis.

At the time when a Fund enters into a binding obligation to purchase securities on a when-issued basis, liquid assets (cash, U.S. Government securities or other “high-grade” debt obligations) of the Fund having a value at least as great as the purchase price of the securities to be purchased will be segregated on the books of the Fund and held by the custodian throughout the period of the obligation. The use of this investment strategy may increase net asset value fluctuation.

NOTE 6

Securities Lending. The Funds may loan one or more of their securities to broker-dealers and banks. Any such loan must be secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the value of the securities loaned by the Funds. The Funds continue to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned and also receive an additional return that may be in the form of a fixed fee or a percentage of the collateral. Upon receipt of cash or cash equivalent collateral, the Funds’ securities lending agent invests the collateral into short term investments following investment guidelines approved by Calamos Advisors. If the value of the invested collateral declines below the value of the collateral deposited by the borrower, the Funds will record unrealized depreciation equal to the decline in value of the invested collateral. The Funds may pay reasonable fees to persons unaffiliated with the Funds for services in arranging these loans. The Funds have the right to call a loan and obtain the securities loaned at any time. The Funds do not have the right to vote the securities during the existence of the loan but could call the loan in an attempt to permit voting of the securities in certain circumstances. Upon return of the securities loaned, the cash or cash equivalent collateral will be returned to the borrower. In the event of bankruptcy or other default of the borrower, the Funds could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Funds seek to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during

this period, and (c) the expenses of enforcing their rights. In an effort to reduce these risks, the Funds’ security lending agent monitors and reports to Calamos Advisors on the creditworthiness of the firms to which a Fund lends securities. At July 31, 2009, Growth Fund, Growth and Income Fund, Value Fund, Blue Chip Fund, Global Growth and Income Fund, Convertible Fund, Market Neutral Income Fund and High Yield Fund held securities valued at $792,187,671; $56,027,540; $24,966; $938,091; $3,337,530; $22,218,103; $3,750,104; and $3,885,820; respectively, on loan to broker-dealers and banks, received $820,565,578; $56,734,042; $25,503; $1,000,498; $3,400,018; $22,527,357; $3,791,808; and $4,051,675; respectively, in cash or cash equivalent collateral which is currently valued at $813,328,493; $56,286,287; $21,721; $910,200; $3,371,443; $22,387,619; $3,681,929; and $4,032,628; respectively.

On September 15th, 2008, Lehman Brothers Holdings, Inc. (LBHI) and certain of its affiliates sought protection under the insolvency laws of their jurisdictions of organization, including the United States, the United Kingdom, and Japan. The Bank of New York Institutional Cash Reserve Fund (“BNY Institutional Cash Reserve Fund”), an investment vehicle utilized by the Funds for securities lending collateral investment, had exposure to LBHI debt. The BNY Institutional Cash Reserve Fund subsequently distributed Series B shares of the BNY Institutional Cash Reserve Fund to investors with positions as of September 15, 2008. The Series B shares were allocated based upon the LBHI exposure and the respective investment in the BNY Institutional Cash Reserve Fund. Series B holdings consist entirely of the BNY Institutional Cash Reserve Fund LBHI debt. The Funds’ holdings of the Series B shares are disclosed on the Schedules of Investments.

NOTE 7

Structured Equity-Linked Securities. The Fund may also invest in structured equity-linked securities created by third parties, typically investment banks. Structured equity linked securities created by such parties may be designed to simulate the characteristics of traditional convertible securities or may be designed to alter or emphasize a particular feature. Traditional convertible securities typically offer stable cash flows with the ability to participate in capital appreciation of the underlying common stock. Because traditional convertible securities are exercisable at the option of the holder, the holder is protected against downside risk. Structured equity-linked securities may alter these characteristics by offering enhanced yields in exchange for reduced capital appreciation or less downside protection, or any combination of these features. Structured equity-linked instruments may include structured notes, equity-linked notes, mandatory convertibles and combinations of securities and instruments, such as a debt instrument combined with a forward contract.

NOTE 8

Valuations. Effective November 1, 2008, the Trust has adopted the provisions of the Statement of Financial Accounting Standard No. 157, Fair Value Measurements (“SFAS 157”). SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements.

Various inputs are used to determine the value of the Funds’ investments. These inputs are categorized into three broad levels as follows:

•  Level 1 holdings use inputs from unadjusted quoted prices from active markets (including securities actively traded on a securities exchange).

•  Level 2 holdings reflect inputs other than quoted prices, but use observable market data (including quoted prices of similar securities, interest rates, credit risk, ect.).

•  Level 3 holdings are valued using unobservable inputs (including the Funds’ own judgments about assumptions market participants would use in determining fair value).

The following is a summary of the inputs used in valuing the Fund’s holdings at fair value:

 GROWTH FUND

	Value of
	Investment
Valuation Inputs	Securities
Level 1 – Quoted Prices
Common Stocks	$	7,329,708,000
Short Term Investments		1,023,092,894
Level 2 – Other significant observable inputs
Common Stocks		203,260,165
Short Term Investments		1,378,493
Level 3 – Significant unobservable inputs		—
Total	$	8,557,439,552

 GROWTH AND INCOME FUND

	Value of
	Investment
Valuation Inputs	Securities
Level 1 – Quoted Prices
Common Stocks	$	1,671,389,970
Convertible Preferred Stocks		401,885,127
Purchased Options		1,026,300
Short Term Investments		87,331,130
Level 2 – Other significant observable inputs
Common Stocks		17,912,757
Convertible Bonds		1,254,531,536
Convertible Preferred Stocks		77,376,000
Structured Equity-Linked Securities		8,709,800
Short Term Investments		85,287
Level 3 – Significant unobservable inputs
Convertible Bonds		18,651,200
Total	$	3,538,899,107

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

	Investment
	Securities
Beginning Balance (as of November 1, 2008)	$	18,379,200
Net realized gain (loss)		—
Change in net unrealized appreciation/depreciation		272,000
Purchases, issuances, and settlements		—
Transfers in and/or out of Level 3		—
Ending Balance (as of July 31, 2009)	$	18,651,200

 VALUE FUND

	Value of
	Investment
Valuation Inputs	Securities
Level 1 – Quoted Prices
Common Stocks	$	51,384,818
Short Term Investments		457,268
Level 2 – Other significant observable inputs
Common Stocks		9,298,982
Short Term Investments		721
Level 3 – Significant unobservable inputs		—
Total	$	61,141,789

 BLUE CHIP FUND

	Value of
	Investment
Valuation Inputs	Securities
Level 1 – Quoted Prices
Common Stocks	$	65,697,252
Short Term Investments		2,026,248
Level 2 – Other significant observable inputs
Common Stocks		403,593
Short Term Investments		17,200
Level 3 – Significant unobservable inputs		—
Total	$	68,144,293

 MULTI-FUND BLEND

	Value of
	Investment
Valuation Inputs	Securities
Level 1 – Quoted Prices
Mutual Funds	$	16,070,037
Level 2 – Other significant observable inputs		—
Level 3 – Significant unobservable inputs		—
Total	$	16,070,037

 130/30 EQUITY FUND

	Value of
	Investment
Valuation Inputs	Securities
Level 1 – Quoted Prices
Common Stocks	$	12,747,868
Exchange Traded Funds		1,241,500
Short Term Investments		631,939
Level 2 – Other significant observable inputs		—
Level 3 – Significant unobservable inputs		—
Total	$	14,621,307

 GLOBAL GROWTH AND INCOME FUND

	Value of		Other
	Investment		Financial
Valuation Inputs	Securities		Instruments
Level 1 – Quoted Prices
Common Stocks	$	164,875,316		—
Convertible Preferred Stocks		49,121,930		—
Forward Contracts		—	($	1,079,046	)
Short Term Investments		3,369,306		—
Level 2 – Other significant observable inputs
Common Stocks		194,331,151		—
Convertible Bonds		290,278,140		—
Convertible Preferred Stocks		10,372,125		—
Structured Equity-Linked Securities		1,821,140		—
Short Term Investments		5,443		—
Level 3 – Significant unobservable inputs
Convertible Bonds		3,147,390		—
Total	$	717,321,941	($	1,079,046	)

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

	Investment
	Securities
Beginning Balance (as of November 1, 2008)	$	3,101,490
Net realized gain (loss)		—
Change in net unrealized appreciation/depreciation		45,900
Purchases, issuances, and settlements		—
Transfers in and/or out of Level 3		—
Ending Balance (as of July 31, 2009)	$	3,147,390

 INTERNATIONAL GROWTH FUND

	Value of
	Investment
Valuation Inputs	Securities
Level 1 – Quoted Prices
Common Stocks	$	63,347,768
Short Term Investments		837,676
Level 2 – Other significant observable inputs
Common Stocks		138,066,922
Level 3 – Significant unobservable inputs		—
Total	$	202,252,366

 GLOBAL EQUITY FUND

	Value of		Other
	Investment		Financial
Valuation Inputs	Securities		Instruments
Level 1 – Quoted Prices
Common Stocks	$	19,100,948		—
Forward Contracts		—	($	56,549	)
Short Term Investments		120		—
Level 2 – Other significant observable inputs
Common Stocks		10,920,049		—
Level 3 – Significant unobservable inputs		—		—
Total	$	30,021,117	($	56,549	)

 EVOLVING WORLD GROWTH FUND

	Value of
	Investment
Valuation Inputs	Securities
Level 1 – Quoted Prices
Common Stocks	$	12,355,862
Convertible Preferred Stocks		832,582
Short Term Investments		3,301,135
Level 2 – Other significant observable inputs
Common Stocks		15,001,480
Convertible Bonds		6,741,238
Convertible Preferred Stocks		248,400
Level 3 – Significant unobservable inputs		—
Total	$	38,480,697

 CONVERTIBLE FUND

	Value of		Other
	Investment		Financial
Valuation Inputs	Securities		Instruments
Level 1 – Quoted Prices
Common Stocks	$	393,228,711		—
Convertible Preferred Stocks		254,561,976		—
Purchased Options		4,682,900		—
Forward Contracts		—	($	427,603	)
Short Term Investments		113,218,627		—
Level 2 – Other significant observable inputs
Common Stocks		53,820,058		—
Convertible Bonds		1,550,436,834		—
Convertible Preferred Stocks		83,106,098		—
Structured Equity-Linked Securities		5,146,700		—
Short Term Investments		26,619		—
Level 3 – Significant unobservable inputs		—		—
Total	$	2,458,228,523	($	427,603	)

 MARKET NEUTRAL INCOME FUND

			Value of
	Value of		Investment			Other
	Investment		Securities			Financial
Valuation Inputs	Securities		Sold Short			Instruments
Level 1 – Quoted Prices
Common Stocks	$	762,502,493	($	187,798,550	)		—
Convertible Preferred Stocks		26,661,140		—			—
Purchased Options		6,176,300		—			—
Written Options		—		—		($	49,287,825	)
Short Term Investments		67,350,489		—			—
Level 2 – Other significant observable inputs
Convertible Bonds		401,366,784		—			—
Corporate Bonds		41,498,222		—			—
Convertible Preferred Stocks		12,000,625		—			—
Purchased Options		900,000		—			—
Written Options		—		—			(5,265,000	)
Short Term Investments		20,929		—			—
Level 3 – Significant unobservable inputs		—		—			—
Total	$	1,318,476,982	($	187,798,550	)	($	54,552,825	)

 HIGH YIELD FUND

	Value of		Other
	Investment		Financial
Valuation Inputs	Securities		Instruments
Level 1 – Quoted Prices
Common Stocks	$	3,457,243		—
Convertible Preferred Stocks		26,653,826		—
Synthetic Convertible Securities (Purchased Options)		31,500		—
Written Options		—	($	982,610	)
Short Term Investments		9,698,943		—
Level 2 – Other significant observable inputs
Convertible Bonds		31,916,541		—
Corporate Bonds		191,099,148		—
Convertible Preferred Stocks		8,434,625		—
Synthetic Convertible Securities (Corporate Bonds)		190,118		—
Structured Equity-Linked Securities		6,085,260		—
Short Term Investments		3,628		—
Level 3 – Significant unobservable inputs		—		—
Total	$	277,570,832	($	982,610	)

 TOTAL RETURN BOND FUND

	Value of
	Investment
Valuation Inputs	Securities
Level 1 – Quoted Prices
U.S. Government and Agency Securities	$	15,087,119
Short Term Investments		25,051,838
Level 2 – Other significant observable inputs
Corporate Bonds		100,069,311
Commercial Mortgage Backed Securities		4,852,904
Asset Backed Securities		7,020,410
Residential Mortgage Backed Securities		52,695,240
Sovereign Bonds		5,668,515
Level 3 – Significant unobservable inputs		—
Total	$	210,445,337

ITEM 2. CONTROLS AND PROCEDURES.

a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3. EXHIBITS.

     (a) Certification of Principal Executive Officer.

     (b) Certification of Principal Financial Officer.

SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Calamos Investment Trust
By:	/s/ John P. Calamos, Sr.
Name:	John P. Calamos, Sr.
Title:	Principal Executive Officer
Date:	September 24, 2009
By:	/s/ Nimish S. Bhatt
Name:	Nimish S. Bhatt
Title:	Principal Financial Officer
Date:	September 24, 2009

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

Calamos Investment Trust
By: Name:	/s/ John P. Calamos, Sr. John P. Calamos, Sr.
Title:	Principal Executive Officer
Date:	September 24, 2009
By: Name:	/s/ Nimish S. Bhatt Nimish S. Bhatt
Title:	Principal Financial Officer
Date:	September 24, 2009

EX-99.CERT

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, John P. Calamos, Sr., certify that:

1. I have reviewed this report on Form N-Q of Calamos Investment Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based, on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

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

Date: September 24, 2009

/s/ John P. Calamos, Sr.

Principal Executive Officer

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Nimish S. Bhatt, certify that:

1. I have reviewed this report on Form N-Q of Calamos Investment Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based, on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

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

Date: September 24, 2009

/s/ Nimish S. Bhatt

Principal Financial Officer