UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER:	811-05443
EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER:	Calamos Investment Trust
ADDRESS OF PRINCIPAL EXECUTIVE OFFICES:	2020 Calamos Court, Naperville
	Illinois 60563-2787
NAME AND ADDRESS OF AGENT FOR SERVICE:	John P Calamos, Sr., Founder, Chairman and
	Global Chief Investment Officer
	Calamos Advisors LLC
	2020 Calamos Court,
	Naperville, Illinois
	60563-2787

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

DATE OF FISCAL YEAR END: October 31, 2022

DATE OF REPORTING PERIOD:  November 1, 2021 through October 31, 2022

ITEM 1. REPORT TO SHAREHOLDERS.

TIMELY INFORMATION INSIDE

Visit www.calamos.com/paperless to enroll. You can view shareholder communications, including fund prospectuses, annual reports and other shareholder materials online long before the printed publications arrive by traditional mail.

Family of Funds

ANNUAL REPORT OCTOBER 31, 2022

Alternative

Calamos Market Neutral Income Fund

Calamos Hedged Equity Fund

Calamos Phineus Long/Short Fund

Convertible

Calamos Convertible Fund

Calamos Global Convertible Fund

US Equity

Calamos Timpani Small Cap Growth Fund

Calamos Timpani SMID Growth Fund

Calamos Growth Fund

Calamos Growth and Income Fund

Calamos Dividend Growth Fund

Calamos Select Fund

Global Equity

Calamos International Growth Fund

Calamos Evolving World Growth Fund

Calamos Global Equity Fund

Calamos Global Opportunities Fund

Calamos International Small Cap Growth Fund

Sustainable Equities

Calamos Global Sustainable Equities Fund

Fixed Income

Calamos Total Return Bond Fund

Calamos High Income Opportunities Fund

Calamos Short-Term Bond Fund

Experience and Foresight

About Calamos Investments

For over 40 years, we have helped investors like you manage and build wealth to meet long-term objectives. Because investors have different time horizons, risk tolerances and goals, we offer funds to suit a variety of asset allocation needs. Our 20 mutual funds include equity, fixed income, convertible and alternative funds. We offer US funds as well as global and international choices.

We are dedicated to helping our clients build and protect wealth. We understand when you entrust us with your assets, you also entrust us with your achievements, goals and aspirations. We believe we best honor this trust by making investment decisions guided by integrity, discipline and our conscientious research.

We believe an active, risk-conscious approach is essential for wealth creation. In our early years, we pioneered the use of convertible securities as a means to control risk in volatile markets. We followed with strategies that combine convertibles and stocks, with the aim of participating in equity market upside with potentially less volatility than an all-stock portfolio. In 1990, we introduced our first stock fund, which invests in growth companies both large and small. Across our funds, our investment process seeks to manage risk at multiple levels and draws upon our experience investing through many market cycles. In a rapidly changing environment, we believe that this active management is essential.

We are global in our perspective. We believe globalization offers tremendous opportunities for countries and companies all over the world. In our US, global and international portfolios, we are seeking to capitalize on the potential growth of the global economy.

We believe there are opportunities in all markets. Our history traces back to the 1970s, a period of significant volatility and economic concerns. Since then, we have invested through the ebb and flow of multiple markets, each with its own set of challenges. Out of this experience comes our belief that the flipside of volatility is opportunity.

TABLE OF CONTENTS

Letter to Shareholders	1
The Funds
Calamos Market Neutral Income Fund	4
Calamos Hedged Equity Fund	9
Calamos Phineus Long/Short Fund	12
Calamos Convertible Fund	19
Calamos Global Convertible Fund	23
Calamos Timpani Small Cap Growth Fund	26
Calamos Timpani SMID Growth Fund	30
Calamos Growth Fund	34
Calamos Growth and Income Fund	38
Calamos Dividend Growth Fund	42
Calamos Select Fund	45
Calamos International Growth Fund	49
Calamos Evolving World Growth Fund	53
Calamos Global Equity Fund	57
Calamos Global Opportunities Fund	62
Calamos International Small Cap Growth Fund	66
Calamos Global Sustainable Equities Fund	69
Calamos Total Return Bond Fund	74
Calamos High Income Opportunities Fund	79
Calamos Short-Term Bond Fund	84
Expense Overview	88
Schedules of Investments	92
Statements of Assets and Liabilities	191
Statements of Operations	196
Statements of Changes In Net Assets	200
Notes to Financial Statements	207
Financial Highlights	242
Report of Independent Registered Public Accounting Firm	308
Trustee Approval of Management Agreement	310
Trustees and Officers	318
Tax Information	321

Letter to Shareholders

JOHN P. CALAMOS, SR.

Founder, Chairman, and Global Chief Investment Officer

Dear Fellow Shareholder:

Welcome to your annual report for the 12 months ending October 31, 2022. In this report, you will find commentary from our portfolio management teams, a listing of portfolio holdings, financial statements and highlights, and detailed information about the performance and positioning of the Calamos Funds. Global markets have faced many challenges over the reporting period, and we understand investors have questions. Our teams have sought to address the key topics in the markets and how they have influenced the Funds, and it is our hope that you find this report informative.

When markets are volatile and economic conditions are uncertain, many investors find it difficult to stay invested. What I have learned during more than 50 years as an investor is that there are opportunities in all economic environments for active investors who follow disciplined processes. Especially during challenging markets, it's helpful to remember that market volatility and economic uncertainty are always part of the investment landscape—but short-term volatility sets the stage for long-term opportunities. For example, our teams seek to use short-term sell-offs to actively rebalance the Funds to gain exposure to investments with compelling long-term potential.

Market Review

During the 12-month reporting period, heightened investor anxiety buffeted global markets. Market participants worried about the Federal Reserve's interest rate increases, inflation, recessionary pressures, fiscal policy and geopolitical uncertainty. Although unemployment remained low in the US, well-publicized layoffs began to make their way into the headlines and corporate earnings expectations started to decline as companies confronted inflation and an array of unknowns related to regulations and taxes. Investors who were long accustomed to abnormally low interest rates faced a new reality: As the Fed dug into its tightening cycle and global central banks followed suit, the yield of the US 10-year Treasury crossed 4% for the first time since 2010. Although conditions began to stabilize as the reporting period closed—particularly for smaller-cap stocks—major equity, fixed-income and convertible market benchmarks closed the reporting period with losses.

Outlook

There are times when macro or geopolitical concerns—such as Fed policy, inflation or the war in Ukraine—drive most of the market's activity. This is the sort of the environment we find ourselves in today. We expect heightened volatility as markets seek clarity about whether a recession is indeed on the horizon or has perhaps

www.calamos.com
1

Letter to Shareholders

already begun. In the US, the fiscal policy backdrop remains uncertain, which is likely to contribute to volatility as market participants pay increasing attention to the 2024 election.

Investing through periods of rapid change is never easy, but it's important to maintain long-term perspective. For example, a 10-year Treasury yield above 4.0% feels ominous to many people today and is significantly higher on a percentage basis from its pandemic lows, but it's far less disconcerting relative to its long-term history. Similarly, the year-over-year inflation increases that are being reported are reflective of low starting points ("base effects"). We're also seeing indications that the worst may be behind us in terms of inflation.

That said, we remain highly attuned to potential risks—monetary policy errors and geopolitics are top of mind. Fiscal policy in the United States will be highly consequential for the markets and the economy. Business confidence is flagging, with real implications not only for corporate profits but also for individuals. Regulations that unduly disincentivize entrepreneurial activity create headwinds that may be felt by businesses first but eventually ripple over to households. Policies that encourage unchecked and excessive demand without a corresponding increase in supply ultimately come home to roost, including in the inflation we see today.

Here's another important point: Despite the big-picture challenges and uncertainties, over the long term, fundamentals win out. The Calamos Funds do not invest in the economy or the markets. Rather, our teams are focused on identifying individual securities that offer compelling risk-and-reward characteristics and on managing risk through a range of strategies. Our investment professionals are looking through the short-term noise to identify pockets of opportunity—including among innovative companies with quality fundamentals, those in thematic niches, and those that can demonstrate long-term resilience regardless of the macro backdrop. In a rising interest rate environment, price-to-earnings multiples can come down even if earnings are good, so our teams remain particularly mindful of valuations.

Thoughts on Asset Allocation

The "new normal" of the past decade was characterized by stable but low growth, low inflation and therefore, very low rates. In a zero-interest rate environment, the traditional 60% equity/40% fixed income asset allocation came up short, leading many investors to seek out the "bond surrogate trade" to create some yield. Now that interest rates have risen and are more likely to remain high, it makes sense to ask if we are returning to the "old normal"—built around owning stocks for capital appreciation and bonds for yield. Certainly, we see traditional fixed income as becoming more important in asset allocation. Because managing interest rate risk within fixed income allocations is paramount, we see especially attractive tailwinds for short-term bonds, the mainstay of Calamos Short-Term Bond Fund, as interest rates continue to adjust upward.

Asset allocation is always evolving, and today investors have new alternatives to consider for "old normal"-type problems. There are new approaches for investors to consider. For example, we believe the case for establishing or increasing allocations to liquid alternatives remains strong, to complement either traditional fixed income or equity allocations. (To learn more, see our fixed income alternative, Calamos Market Neutral Income Fund, and our equity alternatives, Calamos Phineus Long/Short Fund and Calamos Hedged Equity Fund).

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
2

Letter to Shareholders

Returning to traditional asset classes, we also see opportunities in the small- and mid-cap segment of the market. Many small-cap and mid-cap stocks provide a compelling blend of fundamental strength and valuations with healthy upside potential (for more, see our commentaries on Calamos Timpani Small Cap Growth Fund and Calamos Timpani SMID Growth Fund). Convertible securities, which are often issued by small cap and mid cap companies, offer another way to tap into this opportunity—with fixed-income characteristics providing the potential advantage of downside equity risk mitigation. Many of our funds utilize convertibles, including Calamos Growth and Income Fund (a multi-asset class fund) and Calamos Convertible Fund (a dedicated convertible offering).

Conclusion

As always, thank you for your trust. We are honored to serve you and help you achieve your asset allocation goals. I invite you to visit our website, www.calamos.com, for ongoing updates about the markets and thought leadership from our teams. We also provide information about asset allocation strategies for investors seeking income, capital appreciation, or both.

Sincerely,

John P. Calamos, Sr.
Founder, Chairman and Global Chief Investment Officer

Before investing, carefully consider a fund's investment objectives, risks, charges and expenses. Please see the prospectus containing this and other information or call 800-582-6959. Please read the prospectus carefully. Performance data represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted.

Diversification and asset allocation do not guarantee a profit or protection against a loss. Investments in alternative strategies may not be suitable for all investors.

*  Returns for the 12 months ended October 31, 2022: The S&P 500 Index, a measure of the US stock market, returned -14.61%. The MSCI All Country World Index, a measure of global stock market performance, returned -19.58%. The ICE BofA All US Convertibles Index, a measure of the US convertible securities market, returned -20.26%. The Refinitiv Global Convertible Bond Index, a measure of the global convertible bond market, returned -23.85%%. The Bloomberg US High Yield 2% Issuer Capped Index, a measure of the performance of high-yield corporate bonds with a maximum allocation of 2% to any one issuer, returned -11.76%. The Bloomberg US Aggregate Bond Index, a measure of the US investment-grade bond market, returned -15.68%.

Source: Calamos Advisors LLC.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index. Returns are in US dollar terms.

Investments in overseas markets pose special risks, including currency fluctuation and political risks. These risks are generally intensified for investments in emerging markets. Countries, regions, and sectors mentioned are presented to illustrate countries, regions, and sectors in which a fund may invest. There are certain risks involved with investing in convertible securities in addition to market risk, such as call risk, dividend risk, liquidity risk and default risk, which should be carefully considered prior to investing. Investments in alternative strategies may not be suitable for all investors.

Fund holdings are subject to change daily. The Funds are actively managed. The information contained herein is based on internal research derived from various sources and does not purport to be statements of all material facts relating to the securities mentioned. The information contained herein, while not guaranteed as to accuracy or completeness, has been obtained from sources we believe to be reliable.

Opinions are as of the publication date, subject to change and may not come to pass.

This information is being provided for informational purposes only and should not be considered investment advice or an offer to buy or sell any security in the portfolio.

www.calamos.com
3

Calamos Market Neutral Income Fund   (Unaudited)

OVERVIEW

The Fund combines two complementary strategies with different responses to volatility: arbitrage seeks alpha and uncorrelated returns, while hedged equity provides income from options writing and upside participation.

KEY FEATURES

^◼  Generates returns not dependent on interest rates, a key differentiator from traditional bond strategies.

^◼  Employs an absolute-return strategy with historically lower beta to fixed income and equity markets as well as lower volatility and limited drawdowns.

^◼  As one of the first alternative mutual funds, capitalizes on more than four decades of experience in the convertible space.

PORTFOLIO FIT

The Fund may provide potential diversification, particularly in a rising interest rate environment.

FUND NASDAQ SYMBOLS

A Shares	CVSIX
C Shares	CVSCX
I Shares	CMNIX
R6 Shares	CVSOX

FUND CUSIP NUMBERS

A Shares	128119203
C Shares	128119849
I Shares	128119880
R6 Shares	128120342

CALAMOS MARKET NEUTRAL INCOME FUND

INVESTMENT TEAM DISCUSSION

Please discuss the Fund's strategy and role within an asset allocation.

Launched more than 30 years ago, Calamos Market Neutral Income Fund represents one of the first liquid alternative mutual funds and blends two main strategies—convertible arbitrage and hedged equity—with the aim of monetizing volatility. The Fund also uses opportunistic strategies to augment the main strategies: Special Purpose Acquisition Company ("SPAC") arbitrage offers a source of cheap optionality, and merger arbitrage offers a high probability of positive returns over a longer time horizon. Calamos Market Neutral Income Fund is designed to do the following:

^◼  Potentially enhance an investor's fixed-income allocation.

^◼  Actively pursue equity market upside while hedging downside risk.

^◼  Provide consistent absolute total return over varying market cycles.

In addition to seeking an attractive historical risk/reward profile, the Fund may enhance long-term portfolio diversification potential, a vital benefit given recent bouts of elevated equity volatility.

How has the Fund performed?

For the 12 months ended October 31, 2022 ("annual period"), Calamos Market Neutral Income Fund returned -5.01% (Class I Shares at net asset value), strongly outperforming the -16.04% loss for the Bloomberg US Government/Credit Bond Index while trailing the 0.85% return of the Bloomberg Short Treasury 1-3 Month Index.

What factors influenced performance during the annual period?

During the annual period, the equity and credit markets were challenged by global recession concerns, inflation, elevated oil prices, rising interest rates, and supply chain disruptions in the wake of the Covid-19 pandemic. Against this volatile backdrop, both stocks and bonds saw significant declines as represented by the S&P 500 Index (-14.61%) and Bloomberg US Government/Credit Bond Index (-16.04%).

During the period, the Federal Reserve (the Fed) raised its fed funds target rate from 0.00% – 0.25% to 3.00% – 3.25%. The Bloomberg US Aggregate Bond Index yield to maturity increased 334 basis points to 5.01%. In addition, according to Bloomberg, high yield corporate credit spreads widened 151 basis points to 483 basis points over US Treasuries. Rising interest rates and widening credit spreads impeded the bond component of convertibles during the annual period. At the same time, the rise in overnight interest rates improved the opportunity carry on cash received from short positions (our custodian rebates us overnight interest in excess of short borrowing costs).

During the annual period, the Fund's hedged equity strategy was held back by the S&P 500 Index market decline, given that the strategy's equity basket declined toward its put strike price. The elevated volatility provided attractive option-rebalancing opportunities, and the higher level of implied volatility in the options

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
4

Calamos Market Neutral Income Fund   (Unaudited)

market also benefitted the Fund. However, it was not enough to overcome the magnitude of the decline during the annual period. It is important to note that the options market gave rise to highly unusual conditions during the past year. Typically, in a large market sell-off, the implied volatility of put options would increase, causing an increase in the value of the option. However, during the annual period, the implied volatility of puts actually declined. As a result, the performance of the put hedge in the strategy underperformed expectations. This was not unique to the Fund and was evident in other option trading strategies too. For example, if an investor had tried to hedge their position in the S&P 500 Index using one-month, 5% out-of-the money puts, their hedged portfolio would still be down 20% year-to-date (as represented by the Cboe S&P 500 5% Put Protection Index).

The convertible arbitrage portion of the portfolio held up well and benefited from periods of volatility, which provided opportunities to profit from convertible hedge rebalancing. New convertible issuance cooled during the period, as the extreme volatility inhibited IPO activity across all asset classes. As of the year-to-date at the end of October, new global convertible issuance totaled $27.5 billion, far from the near record pace of issuance seen in 2020 and 2021.

The Fund's SPAC Arbitrage and Merger Arbitrage sleeves also held up well relative to the market declines.

How is the Fund positioned?

At the end of the annual period, the Fund had 49.7% in its hedged equity strategy and 50.3% in its arbitrage strategies. The arbitrage strategies included 38.1% in convertible arbitrage, 9.6% in SPAC arbitrage, and 2.6% in merger arbitrage.

Calamos Market Neutral Income Fund's hedged equity strategy declined slightly from 50.2% to 49.7% and finished the period with a delta hedge* on the higher side of our historical range. The strategy is positioned with a smaller call-write allocation along with a larger put purchase and the use of put spreads to enhance our hedge, which is above and beyond the outright long put allocation we always maintain in the Fund. However, the call-write allocation is smaller than our traditional trade. The current positioning provides for greater downside risk mitigation while also creating a favorable upside runway should the equity market rebound.

The allocation to convertible arbitrage was trimmed the most during the period (from 43.0% at the beginning of the period to 38.1%), and these assets were used to take advantage of attractive opportunities in the SPAC Arbitrage strategy, which provides a return and risk profile similar to convertible arbitrage.

The SPAC arbitrage sleeve increased from 5.6% to 9.6% during the annual period and reflected attractive opportunities to purchase SPACs below the value of the cash held in trust. These SPACs provided an attractive yield to expiration and a potential for upside should any of the SPAC sponsors announce an acquisition. We utilized SPAC arbitrage as a way to support the Fund's historically lower risk profile and steady returns; in essence, the strategy creates a cheap option with a risk-reward opportunity similar to convertible arbitrage. This said, the recent market environment has seen few SPACs issued and few merger announcements. Should the current SPAC environment persist, we expect the SPAC Arbitrage allocation may decline in favor of convertible arbitrage.

SECTOR WEIGHTINGS

Information Technology	26.7	%
Consumer Discretionary	11.0
Health Care	10.5
Other	19.3
Communication Services	8.3
Financials	6.2
Industrials	5.2
Energy	3.7
Consumer Staples	3.3
Utilities	2.3
Materials	1.5
Real Estate	1.5

Sector weightings are subject to change daily and are calculated as a percentage of net assets. The table excludes cash or cash equivalents, any government/sovereign bonds or broad based index hedging securities the Fund may hold.

A note concerning Morningstar Ratings for Calamos Market Neutral Income Fund Morningstar recently sought to refine its categorization of alternative funds, splitting large heterogeneous categories into smaller, more-focused peer sets. Calamos applauds Morningstar's continuous commitment to improving investor understanding of mutual fund offerings. As of April 30, 2021, Morningstar assigned the Fund to a new category, Relative Value Arbitrage, a group of only eight funds. With such a small set of data points, Morningstar has determined that funds in this category will not be assigned a star rating. The Fund's move to the Relative Value Arbitrage category has no bearing on the management of the fund itself, nor was it made in response to a change in the management of the Fund.

*  An options trading strategy that aims to reduce, or hedge, the risk associated with price movements in the underlying asset.

www.calamos.com
5

Calamos Market Neutral Income Fund   (Unaudited)

What are your closing thoughts for Fund shareholders?

The annual period was challenging across asset classes but provided a proof point for the Calamos Market Neutral Income Fund's diversification benefit within an asset allocation. The period brought turbulent volatility and rising interest rates, and the Fund was able to hold up significantly better than both the stock and bond markets.

Investors continue to be anxious about a myriad of headlines highlighting geopolitical strife, persistent supply chain disruptions, high oil prices, rising interest rates, and the effects of the US midterm elections. The Calamos Market Neutral Income Fund seeks to provide a stable positive return with a low standard deviation by monetizing the volatility of the markets.

If there is a silver lining behind the recent rise in interest rates, it is that higher rates have improved the performance outlook for the Fund. Those investors attracted to shorter-term bonds with their higher yields should also understand that the higher interest rates also support the Market Neutral Income Fund. In convertible arbitrage, the higher the overnight interest rate, the greater the carry on cash receives from the short sale of the convertibles' underlying stocks. In addition, new convertible issues are being brought to market with higher average coupons. The Fund's hedged equity sleeve may also benefit from an expected higher option premium capture. Finally, with SPAC Arbitrage, the SPACs cash in trust is also earning higher interest (after earning virtually no interest during the Fed's zero interest rate policy).

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
6

Calamos Market Neutral Income Fund   (Unaudited)

ANNUALIZED RETURN: SINCE INCEPTION (5/10/00) THROUGH 10/31/22

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted.

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund's Class I shares at net asset value. The Fund also offers Class A, Class C and Class R6 shares, the performance of which may vary. Source: State Street Corporation and Morningstar Direct.

*  Annual returns for Class I shares are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

www.calamos.com
7

Calamos Market Neutral Income Fund   (Unaudited)

GROWTH OF $1,000,000: FOR THE 10-YEAR PERIOD ENDED 10/31/22

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/22

	1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 9/4/90
Without Sales Charge		-5.22	%		2.48	%		2.98	%
With Sales Charge		-7.37			2.01			2.49
Class C Shares – Inception 2/16/00
Without Sales Charge		-5.95			1.71			2.21
With Sales Charge		-6.89			1.71			2.21
Class I Shares – Inception 5/10/00		-5.01			2.73			3.24
Class R6 Shares – Inception 6/23/20^		-4.94			—			1.55

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

As of the prospectus dated 3/1/22, the Fund's gross expense ratio for Class A shares is 1.15%, Class C shares is 1.90%, Class I shares is 0.90% and Class R6 shares is 0.84%. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

†  Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Load-adjusted returns are adjusted for the maximum front-end sales load of 2.75% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graphs do not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes.

The Bloomberg US Government/Credit Index is comprised of long-term government and investment-grade corporate debt securities and is generally considered representative of the performance of the broad US bond market. The Bloomberg Short Treasury 1-3 Month Index is generally considered representative of the performance of short-term money market investments and is provided to show how the Fund's performance compares to public obligations of the US Treasury with maturities of 1-3 months.

The Cboe Volatility Index (VIX) is a leading measure of market expectations of near-term volatility conveyed by S&P 500 Index (SPX) option prices.

The Morningstar Market Neutral Category represents funds that attempt to eliminate the risks of the market by holding 50% of assets in long positions in stocks and 50% of assets in short positions.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

The Fund's use of derivative instruments involves investment risks and transaction costs to which the Fund would not be subject absent the use of these instruments and, accordingly, may result in losses greater than if they had not been used. Derivative instruments can be illiquid, may disproportionately increase losses and may have a potentially large impact on Fund performance.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
8

Calamos Hedged Equity Fund   (Unaudited)

CALAMOS HEDGED EQUITY FUND

INVESTMENT TEAM DISCUSSION

The Fund's Strategic Approach and Role in a Portfolio

We believe the Calamos Hedged Equity Fund is an excellent portfolio diversifier. The Fund's investment approach seeks to be highly responsive to dynamic market conditions, blending a core long-equity portfolio with an actively managed options overlay. The Fund is often compared with more systematic or defined outcome product peers. Defined outcome products are designed to capture a certain amount of downside or upside each quarter, depending on where the market moves. However, there are disadvantages to not being nimble in these turbulent markets, such as having a capped upside that cannot offset successive losses on the downside.

Unlike our "mechanistic" peers, the Calamos tactical management approach seeks opportunities to generate alpha via option market dynamics and equity market volatility. The Fund seeks to take advantage of these opportunities by being favorably positioned for many outcomes.

How has the Fund performed?

The investment climate in 2022 is a far cry from what occurred during the 2008 collapse. While it is helpful to study the past, it is important to recognize that this investment climate is nothing like the Great Financial Crisis. In fact, it is the exact opposite. Markets will continue to deal with higher inflation, rising rates and volatility for some time to come, and it is our opinion that active risk management—seen as almost defunct from 2010 to 2020—is now imperative.

The Fund has been and will continue to seek to be well positioned to capture the equity market's upside with less risk than capped hedged equity funds and long-only equities. For the 12 months ended October 31, 2022 ("annual period"), Calamos Hedged Equity Fund was down -10.33% (Class I shares at net asset value) versus the S&P 500 Index -14.61% return and the Bloomberg US Aggregate Bond Index decrease of -15.68%. Since its inception on December 31, 2014, the Fund has gained 4.90% (Class I shares at net asset value) on an annualized basis versus 10.46% for the S&P 500 Index and 0.46% for the Bloomberg US Aggregate Bond Index.

The Fund maintained a beta of 0.52 for the annual period, which is in line with its historical beta of 0.50, versus the S&P 500 Index as of October 31, 2022. The Fund did a better job participating in the rally that occurred near the end of the annual period when the S&P 500 Index gained 8%. However, we still see this as a bear market rally similar to last summer's market action, and it is not unusual for these violent rallies to occur during bear markets. At the end of October, the S&P 500 Index was still deep in the red for the year-to-date period at -17.70%.

What factors influenced performance during the annual period?

The Federal Reserve (the Fed) continues to act aggressively to put a lid on inflation, which has pressured equity earnings and led to weaker economic performance. We expect that markets will continue to be challenged, though the recent oversold conditions in the equity markets have kept sellers at bay. The current volatility is far more settled than it was during the previous three quarters of 2022. The Cboe Volatility Index (VIX), known as the fear index, is trading around 22.5, still off the VIX mean of 19.5% but well under the Covid-19 mean of 23.5%. What would

OVERVIEW

The Fund blends a core long-equity portfolio with an actively managed option overlay. Tactical management creates opportunities to add alpha from option market dynamics and equity market volatility.

KEY FEATURES

^◼  Our investment approach is highly responsive to dynamic market conditions, unlike many less-active option-based strategies.

^◼  The investment team seeks to take advantage of opportunities the market presents, with a focus on being favorably positioned for as many outcomes as possible.

PORTFOLIO FIT

The Fund's options-based risk-management strategy can provide upside participation in equity markets while limiting downside exposure, thereby improving the quality of the ride.

FUND NASDAQ SYMBOLS

A Shares	CAHEX
C Shares	CCHEX
I Shares	CIHEX

FUND CUSIP NUMBERS

A Shares	128120698
C Shares	128120680
I Shares	128120672

www.calamos.com
9

Calamos Hedged Equity Fund   (Unaudited)

SECTOR WEIGHTINGS

Information Technology	25.0	%
Health Care	15.3
Financials	11.2
Consumer Discretionary	10.9
Industrials	8.2
Communication Services	7.0
Consumer Staples	6.7
Energy	5.6
Other	4.2
Utilities	2.6
Materials	2.6
Real Estate	2.3

Sector weightings are subject to change daily and are calculated as a percentage of net assets. The table excludes cash or cash equivalents, any government/sovereign bonds or broad based index hedging securities the Fund may hold.

be notable and needs monitoring is a challenge to a 35 VIX; if the market can break 35 and reach a 40 VIX, it may signal the end of the bear market. Until those levels are tested, we are still firmly in the grip of a bear market and subject to additional volatility.

How is the Fund positioned?

The Fund's active strategy management approach has generated equal or better results compared to long-only stocks or bonds. The options market's current landscape has allowed us to structure our hedge to emphasize better potential performance on the tails. This positioning provided additional mitigation over and above our average of 40% to 50% put notional minimum while also adding upside participation potential. The tradeoff was a reduction in the net income the Fund received from selling calls above our put cost. We felt this tradeoff was warranted and opportunistic given the Fund's defensive mandate, moderate volatility, and flattening skew* in the options market. Higher volatility (with the VIX at 27) and a flat option skew made our "North Star" baseline trade more appealing toward the end of the annual period. We use rallies to replace some of our put hedges with outright long puts, which appear attractive. At the end of the period, the Fund's net put representation was 79% with an average strike of 3596.

Our call positioning included a call write of -44%, gross short calls of -77%, and gross long calls of 33% as of October 31, 2022. In this case, gross long calls were in line with past positioning. At the end of the annual period and relative to the S&P 500 Index, our sector positioning was slightly overweight in the consumer discretionary and information technology sectors. The portfolio was slightly underweight in the materials, financials, and real estate sectors. Relative to the S&P 500 Index, the Fund's market-cap positioning maintained a heavier relative weight to larger capitalization (>$25 billion) holdings and a lighter weight to small- and mid-capitalization ($1 to $25 billion) holdings.

What closing thoughts do you have for Fund shareholders?

If the VIX increases to 40 and the S&P 500 Index holds above the October low of 3491, we believe equities can achieve higher-than-average returns in the following months based on historical precedence. As in June when the S&P 500 Index was challenging market lows before rallying, the period-end market of 2022 presents a similar setup with the Index back up at 3860. The opportunity cost of exiting the market outweighs the cost of additional short-term pain. At this point in the S&P 500 Index, we are taking a more constructive long-term view. Strategically, one of the key near-term drivers moving forward will be liquidity. There is no Fed put holding up the market, and because we do not have that central bank backstop, it is doubtful that the equity market recovery will look like a "V." Subsequently, there will probably be much backing and filling short-term. Time will tell whether the shift in implied volatility represents investors' overshooting because of inflation and rising rates. Presently, growth momentum remains strong in the United States. We expect earnings, Fed tapering, rate hikes, inflation, and war to continue spurring a spike in volatility, which is not unexpected or unprecedented. Some of the volatility spikes seem to be synchronized with the

*  Skew describes asymmetry from the normal distribution as a statistical data set. Option skew is the difference in implied volatility between out-of-the-money options, at-the-money options, and in-the-money options. Volatility skew, which is affected by sentiment and the supply-and-demand relationship, provides information that helps fund managers determine whether to write calls or puts. The Cboe SKEW Index ("SKEW") is an index derived from the price of S&P 500 tail risk. Similar to the VIX®, the S&P 500 tail risk price is calculated from the S&P 500 out-of-the-money options prices.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
10

Calamos Hedged Equity Fund   (Unaudited)

GROWTH OF $1,000,000: SINCE INCEPTION (12/31/14) THROUGH 10/31/22

Fed tapering asset purchases and can be characterized as overreactions whereas other spikes usher in phases of above-average volatility. In our opinion the Fund is poised to participate in any upside while providing an enhanced income stream from well-positioned call spreads and our tracking portfolio's equity dividends. Should markets retreat, the dividend income stream, the put spreads, and outright long puts used in the Fund may mitigate any potential downside.

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/22

	1 YEAR			5 YEARS			SINCE INCEPTION
Class A Shares – Inception 12/31/2014
Without Sales Charge		-10.51	%		4.83	%		4.62	%
With Sales Charge		-14.75			3.82			3.97
Class C Shares – Inception 12/31/2014
Without Sales Charge		-11.19			4.09			3.88
With Sales Charge		-12.08			4.09			3.88
Class I Shares – Inception 12/31/2014		-10.33			5.11			4.90

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

As of the prospectus dated 3/1/22, the Fund's gross expense ratio for Class A shares is 1.18%, Class C shares is 1.93% and Class I shares is 0.93%.

†  Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown includes the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum frontend sales load of 4.75% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The S&P 500 Index is an unmanaged index generally considered representative of the US stock market.

The Bloomberg US Aggregate Bond Index is considered generally representative of the investment-grade bond market.

The Cboe Volatility Index (VIX) is a leading measure of market expectations of near-term volatility conveyed by S&P 500 Index (SPX) option prices.

The Cboe SKEW Index essentially tracks the willingness of investors to pay up for downside protection on the S&P 500 Index.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

The Fund's use of derivative instruments involves investment risks and transaction costs to which the Fund would not be subject absent the use of these instruments and, accordingly, may result in losses greater than if they had not been used. Derivative instruments can be illiquid, may disproportionately increase losses and may have a potentially large impact on Fund performance.

www.calamos.com
11

Calamos Phineus Long/Short Fund   (Unaudited)

OVERVIEW

The Fund seeks strong risk-adjusted and absolute returns across the global equity universe. The Fund uses a global long/short strategy to invest in publicly listed equity securities.

KEY FEATURES

^◼  Fundamental global approach blends top-down and bottom-up considerations.

^◼  Flexible asset allocation allows for all investment styles, market caps and geographic regions depending on the market environment.

^◼  Comprehensive approach assesses stock, industry, style, country and market factors.

^◼  Knowledge-based industry concentration includes technology, communications, media, financials and health care.

PORTFOLIO FIT

The Fund seeks to provide strong risk-adjusted returns via an alternative solution that complements and diversifies a global or US equity allocation.

FUND NASDAQ SYMBOLS

A Shares	CPLSX
C Shares	CPCLX
I Shares	CPLIX

FUND CUSIP NUMBERS

A Shares	128120656
C Shares	128120649
I Shares	128120631

CALAMOS PHINEUS LONG/SHORT FUND

INVESTMENT TEAM DISCUSSION

What is the essence of the investment approach?

Through a global long/short structure, Calamos Phineus Long/Short Fund invests in publicly listed equity securities. Components of that strategy include the following:

^◼  A fundamental global approach that blends top-down and bottom-up considerations. Company analysis is integrated with industry, thematic and macro research.

^◼  An inclusive framework for identifying potential returns and associated risks. The framework accounts for company, industry, style, country and market factors.

^◼  Flexible capital allocation allowing for all investment styles, market caps and geographic regions. The investment universe is global, liquid and scalable. Exposure levels and investment styles depend upon market conditions and the economic cycle.

How has the Fund performed?

For the 12 months ended October 31, 2022 ("annual period"), Calamos Phineus Long/Short Fund returned -5.25% (Class I shares at net asset value), outperforming the S&P 500 Index -14.61% return and the MSCI World Index -18.09% return over the same period.

Since its inception on May 1, 2002, the Fund has returned 9.93% on an annualized basis (Class I shares at net asset value), which markedly outperformed both the S&P 500 Index and MSCI World Index returns of 8.56% and 7.42%, respectively, since the inception period.

What factors influenced performance during the annual period?

The Fund's outperformance relative to the global indices largely reflected the Fund's underweight exposure to the equity derivatives of long duration and positive returns on general market hedges. The Fund concluded the period with an average net equity delta-adjusted exposure of 59.89%, which compares to its average net equity exposure of approximately 28% (on a cash basis)^† since inception in 2002.

The annual period was extraordinary by most standards. It was marked by a European war, supply chain challenges, the lowest labor participation rate in decades, and over $5 trillion in federal fiscal stimulus spending, all of which contributed to an annual CPI in September of 8.25% that was highlighted by a year-over-year increase in gasoline prices of 18.2%. This situation prompted the Federal Reserve (the Fed) to increase short-term rates six times through early November 2022, bringing the target rate to 3.75% – 4.00%, while consequently fueling speculation that more rate hikes were likely in 2023. All of these events

†  When the portfolio management team evaluates the Fund's exposures and related risks, it includes calculations based on a delta-adjusted basis that measures the price sensitivity of an option or portfolio to changes in the price of an underlying security. Delta-adjusted basis exposure is calculated by Calamos Advisors LLC and is specific only to that point in time since a security's delta changes continuously with market activity. The investment team began calculating the Fund's exposure on a delta-adjusted basis in August 2008.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
12

Calamos Phineus Long/Short Fund   (Unaudited)

have contributed to a broad and deep sell-off of financial assets during the period as market volatility, at times stoked by varied interpretations of Fed messaging, has been rampant.

Most investors agree that the path of inflation will dictate the direction of financial markets in 2023. Disinflation will almost certainly lead to higher equity and bond prices as well as improved prospects for the US economy.

Two arguments support this view. The first is history itself, which highlights that an inflection in the inflation cycle is commonly coincident with the direction of equity prices. The second is monetary policy under the Federal Reserve. Today, investors fear the Federal Reserve because they know the Fed fears inflation.

The gap between projected versus actual monetary policy in 2022 has created considerable dissonance. Through the post-2008 era, the Fed offered considerable transparency to markets. For the past three quarters, policy visibility has become obscure in the extreme. Market volatility reflects this uncertainty as much as the absolute level of interest rates.

Fund performance amid all of these developments was respectable in both absolute and relative terms. First, we have been wary of the equity derivatives of long duration for much of the past year. In December 2021 we further distanced the portfolio from long-duration growth and defensive areas.

We then added additional index hedges in early 2022 that cushioned the Fund from the initial stages of the market retreat with the result that both the long and short books have been additive to performance over the period. The reorientation of the Federal Reserve that effectively ended the "Fed put" became apparent with the release of the December FOMC minutes, which signaled that we should no longer lean aggressively into equity risk.

What helped and hurt performance over the annual period?

Early in the period we focused on cyclicals that we believed were poised to outperform, given the post-pandemic pent-up demand in airlines, hotels, gaming, transportation, and defensive stocks. Although many of these areas proved to be accretive, several long holdings in consumer discretionary did not meet expectations. Although we had little exposure at the end of the period, we did capture profits in energy earlier in the year. Given the market volatility and the overall equity market declines, our hedges on US equity markets have been helpful to us over the course of the year.

The Fund's long position in energy and materials, as well as both long and short positions on market indexes, were the largest contributors. Conversely, long positions in information technology, industrials, and communication service companies hindered performance. Notable contributors during the period included a short position on the S&P 500 ETF Trust -35.22% average of net exposure over the period (hedge), long positions on Snowflake 0.43% average over the period (information technology) and Itaú Unibanco 1.90% average over the period (financials). Notable detractors during the period included long positions on Caesars Entertainment Inc. 2.06% as of period end (consumer discretionary), Twilio Inc. 1.38% average over the period (information technology) and The Boeing Company 1.65% average over the period (industrials).

SECTOR WEIGHTINGS

Industrials	35.2	%
Information Technology	17.0
Financials	13.1
Consumer Discretionary	8.6
Communication Services	6.6
Other	7.2
Health Care	5.4
Energy	3.3
Materials	3.1

Sector weightings are subject to change daily and are calculated as a percentage of net assets. The table excludes cash or cash equivalents, any government/sovereign bonds or broad based index hedging securities the Fund may hold.

www.calamos.com
13

Calamos Phineus Long/Short Fund   (Unaudited)

How is the Fund positioned in the context of the global economic cycle?

Net equity exposure (delta-adjusted) concluded the annual period at 59.9% versus 57.2% at the start of the period. This compares with the average net equity exposure of approximately 28% (cash basis) since inception in 2002. The Fund leaned modestly into equity risk throughout the period as markets became unsettled by higher interest rates, rapid inflation, Fed policy mixed signals, the continuing war in Ukraine, energy concerns in Europe, and increasing economic challenges in China due to its "zero tolerance" Covid-19 policy.

Our continuing conviction has been our cautious view on duration and its equity derivatives. This translates into the continued bias toward shorter duration, more profitable businesses versus those with less support from earnings, cash flow and tangible assets or book value. We have been wary of stocks where the bulk of their value depends on assumptions about growth in the far future. This positioning sheltered the Fund from some of the most egregious stock disappointments of the period as markets struggled to price these assets in an increasingly inflationary environment. The Fund continued to favor names perceived as more cyclical with recovery potential during the year. The broadest exposures for the long book are industrials and transports, followed by financials. The Fund currently maintains, and had maintained throughout the period, a US bias.

Early in July the Fund selectively reengaged opportunities that we view as QGARP, or quality growth at a reasonable price. This appeared to be the right move as the market recovered in the first part of the third calendar quarter off June lows.

Many of our cyclical themes have anticipated the shift from goods to services as the world slowly emerges from the pandemic. This implies a sustained recovery in travel and entertainment along with a return to the office. In contrast, producers and retailers of goods will struggle with less volume and less pricing power into 2023 as the "stay at home" bubble pulled forward years of demand. Investors are in the process of recognizing this thematic shift, and we might worry it has become consensus positioning were it not overshadowed by recession fears.

Technology stocks have been materially derated. The list of companies that have announced workforce reductions or lowered outlooks grows daily, though material resets have been largely focused on semiconductors and PC-related names. With few exceptions, software and internet names have yet to revise outlooks, apart from currency impacts. Until forward estimates come down broadly and the stocks stabilize in response, we are reluctant to engage names that are not supported by quality earnings and cash flow.

After profit taking, energy was moved to an underweight in Q2 2022, though the Fund maintains a small position. Although oil fundamentals are underpinned by years of supply underinvestment, prices continued to decline from March and June peaks as Chinese economic disruption and lower seasonal demand reduced near-term fears of shortages. Despite the war in Ukraine conflict, it looks as though Europeans have a great deal more capacity to manage their situation than earlier feared.

Financials are a conflicted group. Revenue and earnings are benefiting from high growth rates of net interest income, yet this is generating macro fears of a harder economic landing. Consumer credit has been resilient, and we favor regional banks over their larger money center peers.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
14

Calamos Phineus Long/Short Fund   (Unaudited)

In industrials our focus is on aerospace, airlines and select defense names. An eventual reopening in China and travel recovery in the broader Asia Pacific region are other catalysts that will draw attention in late 2023.

We are optimistic that the demand and pricing outlook for airfares is constructive because of the changing capacity outlook. Higher oil prices, higher financing costs, pilot shortages and equipment delays are making it difficult for the lowest cost players in the market to add undisciplined flights. The recovery in corporate and international travel has gained steam, which bodes well for the higher quality carriers with lower leverage ratios.

The Fund is underweight in the non-US economies. Within its US holdings, the Fund maintains a bias toward those with a higher percentage of domestic revenue. Europe will be challenged by energy concerns heading into the winter. Finally, and after years of denial, investors are turning downbeat on Chinese growth prospects and equity market performance—and with good reason. The catalyst for improved China sentiment requires changes to the zero-Covid -19 policy, but China has painted itself into a corner. Beijing would need to go overboard with stimulative policy to shift the grave winds blowing over the Chinese economy, but such a policy shift is unlikely.

What is your macro perspective heading into 2023?

The monetary setting is troubling, yet fundamentals are resilient. The enemy of equities is not inflation but deflation in output and profits, which we believe is unlikely until late 2023 at the earliest.

Policy uncertainty argues for diversification across the long portfolio, which is balanced between select quality GARP¹ opportunities and cyclicals that have become "too cheap" on recession fears.

Markets are dealing with multiple headwinds to economic growth rather than the momentous conditions for a severe financial recession. As inflation risks ebb, tail risks will diminish accordingly.

Today's negative sentiment is infectious, driving broad de-risking by investors. Yet we believe the medium-term outlook for equities is improving, and the Fed will "pause to assess the outlook" before year-end.

Turning points in inflation are veiled in uncertainty. This is especially true in a post-Covid -19 era that has bifurcated the winning and losing industries across an economy that is still absorbing the footprint of the pandemic. Some sectors of the economy have begun to disinflate rapidly, whereas others are still struggling to normalize supply.

We are firmly in the disinflation camp. It is our opinion that the inflation surge of the past five quarters will reverse symmetrically over the next four to five quarters. Pricing pressures are easing broadly—in some places modestly—but in others decisively.

If we do not see further incremental policy tightness by the Fed, the bad news on policy is almost certainly priced into markets. Traditional analysis implies we should not see the consequences of this tighter policy on the economy until much later in 2023. This creates a window of opportunity for investors that opened at some point in October 2022 and, possibly, extends into spring of 2023.

www.calamos.com
15

Calamos Phineus Long/Short Fund   (Unaudited)

Today, investors are positioned for heightened volatility as everyone awaits more clarity on policy. At the same time, the medium-term outlook for equities appears more favorable. Corporate profitability remains resilient, and valuation excesses have been wrung out of most stocks. Investor sentiment is at negative extremes, underscoring that many of today's concerns are already "in the price."

Although the risks of recession have heightened, we believe an actual downturn is neither imminent nor likely to be severe. Whether one looks at the yield curve (3-month to 10-year yields), growth in money aggregates, the housing cycle, or corporate margins, the message is the same. Material demand risk may not appear until much later in 2023.

And when recession does appear, there is a good chance it will be mild. First, the balance sheets of households and the corporate sector remain strikingly healthy based on key metrics like debt-to-income ratios and liquidity levels. The seeds of the end of any expansion are normally behaviors that lead to excessive spending and borrowing, which has not happened in the current cycle.

Another reason for optimism is that many recessions have been exacerbated by a banking crisis, which is another way of saying that private sector balance sheets came under stress. Yet the current US banking industry is squeaky clean. Finally, the footprint of the pandemic implies that any downturn in demand could feel relatively mild because the supply side of the economy is still catching up with demand.

Although the economy faces headwinds in key sectors like housing, the nuanced query may be what kind of slowdown will it be, as opposed to the binary question of whether a recession will come or not. And here, the nature of risks to housing, consumers and corporate balance sheets as well as the role of inflation versus deflation become paramount.

Today's problem is inflation not deflation, which is a radically different setting for incomes and balance sheets across the private sector. This reality implies that it would be nearly impossible to have the kind of deleterious collapse in the economy that occurred in late 2008.

What are your closing thoughts for Fund shareholders?

We expect equities to find key support in the coming weeks. Before the infamous "Fed put" became embedded in investor psychology, equity bottoms were a process that typically included double bottoms or a retest of important lows, just as the June low is now being tested. Today's pattern is consistent with a gradual stabilization of equity values into year-end.

This constructive setting at the margin assumes no incremental policy tightness by the Federal Reserve and, thus, the bad news on the policy side is priced into markets. This is consistent with a stabilization in equity values. The skew of risk will be more to the upside if the mix of inflation and employment data can highlight a gradual post-pandemic normalization in the structure of economic growth.

We are balancing heightened uncertainty in the short-term—reflected in investor pessimism and broad de-risking—with improving medium-term prospects for equities. For the portfolio, this has implied more tactical positioning shifts and the execution of option strategies that can mitigate further downside without limiting the upside opportunity.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
16

Calamos Phineus Long/Short Fund   (Unaudited)

What is not embedded in today's markets is the possibility that the Fed manages to thread this narrow needle of policy normalization, leading to moderating economic growth, stable interest rates, and sustained corporate profits as nominal measures of economic activity remain comfortably positive. This is the story for 2023 if a window of disinflation emerges.

Looking beyond this, the long bull market in financial prices ended in December 2021. We believe the major indices will move in a broad range-bound pattern between today's levels and the former highs for much of the current decade. This amounts to a reconstitution of the investment landscape as the long era of price stability is replaced by a new experience of quasi price instability.

We are committed to the view that equities will bottom through late autumn with the setting becoming more constructive as disinflation takes hold in 2023.

ANNUALIZED RETURN: SINCE INCEPTION (5/1/02) THROUGH 10/31/22

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted.

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund's Class I shares at net asset value. The Fund also offers Class A and Class C shares, the performance of which may vary. Source: State Street Corporation and Morningstar Direct.

The performance shown for periods prior to April 6, 2016 is the performance of a predecessor investment vehicle (the "Predecessor Fund"). The Predecessor Fund was reorganized into the Fund on April 6, 2016, the date upon which the Fund commenced operations. On October 1, 2015, the parent company of Calamos Advisors, purchased Phineus Partners LP, the prior investment adviser to the Predecessor Fund ("Phineus"), and Calamos Advisors served as the Predecessor Fund's investment adviser between October 1, 2015 until it was reorganized into the Fund. Phineus and Calamos Advisors managed the Predecessor Fund using investment policies, objectives, guidelines and restrictions that were in all material respects equivalent to those of the Fund. Phineus and Calamos Advisors managed the Predecessor Fund in this manner either directly or indirectly by investing all of the Predecessor Fund's assets in a master fund structure. The Predecessor Fund performance information has been adjusted to reflect Class A, Class C and Class I shares, expenses. However, the Predecessor Fund was not a registered mutual fund and thus was not subject to the same investment and tax restrictions as the Fund. If it had been, the Predecessor Fund's performance may have been lower.

*  Annual returns for Class I shares are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

www.calamos.com
17

Calamos Phineus Long/Short Fund   (Unaudited)

GROWTH OF $1,000,000: FOR THE 10-YEAR PERIOD ENDED 10/31/22

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/22

	1 YEAR			5 YEARS			10 YEARS
Class A Shares (With Predecessor) – Inception 5/1/2002
Without Sales Charge		-5.44	%		4.52	%		7.06	%
With Sales Charge		-9.93			3.52			6.54
Class C Shares (With Predecessor) – Inception 5/1/2002
Without Sales Charge		-6.20			3.74			6.26
With Sales Charge		-7.14			3.74			6.26
Class I Shares (With Predecessor) – Inception 5/1/2002		-5.25			4.77			7.33

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

As of the prospectus dated 3/1/22, the Fund's gross expense ratio for Class A shares is 2.36%, Class C shares is 3.11% and Class I shares is 2.11%. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

†  Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares. Returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graph does not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes.

The S&P 500 Index is an unmanaged index generally considered representative of the US stock market.

The MSCI World Index (US Dollars) is a market-capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe and the Asia/Pacific region.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

The Fund's use of derivative instruments involves investment risks and transaction costs to which the Fund would not be subject absent the use of these instruments and, accordingly, may result in losses greater than if they had not been used. Derivative instruments can be illiquid, may disproportionately increase losses and may have a potentially large impact on Fund performance.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
18

Calamos Convertible Fund   (Unaudited)

CALAMOS CONVERTIBLE FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

The convertible and equity markets were challenged during the 12 months ("annual period") that ended October 31, 2022, by recession concerns, inflation, elevated oil prices, rising interest rates and supply chain disruptions from the Covid-19 pandemic. Against this volatile backdrop, the US convertible market, represented by the ICE BofA All US Convertibles Index (VXA0), declined -20.26% and lagged behind the S&P 500 Index return of -14.61%. Calamos Convertible Fund returned -22.09% (Class I shares at net asset value), moderately trailing the convertible index.

Since the Class I shares inception on June 25, 1997, the Fund has returned 7.80% on an annualized basis in line with an annualized gain of 7.96% for the ICE BofA All US Convertibles Index (VXA0) and a 7.98% annualized return for the S&P 500 Index.

What factors influenced performance during the annual period?

The convertible market is well represented by small and mid-sized growth issuers. The annual period was especially challenging for these issuers as evidenced by the -27.38% decline of the Russell 2500 Growth Index. Given that the underlying stocks of the convertible market declined -34.50%, convertibles provided downside risk mitigation by participating in only 58% of the decline of their underlying stocks. The equity market decline also meant that convertibles moved closer to their bond floor.

From an economic sector perspective, the Calamos Convertible Fund benefited from its underweight allocation in the real estate sector and its favorable selection in the information technology and materials sectors. In information technology, the Fund benefited from its relatively overweight position within the strong-performing semiconductor equipment industry. In addition, selection in the semiconductor equipment, semiconductors, and data processing & outsourced services industries held up better than index peers. In materials, the Fund benefited from strong security selection in the steel industry. Conversely, selection in the health care sector, an underweight allocation and selection in utilities, and an overweight allocation in the consumer discretionary sector detracted from results. The Fund's holdings in biotechnology, life sciences tools and services, and healthcare technology lagged within health care. In the utilities sector, selection in the electric utilities industry was a drag on performance.

How is the Fund positioned?

During this environment of uncertainty and volatility, we remain focused on managing the risk/reward trade-offs within a portfolio. Convertibles are hybrid securities that can act like equities or bonds, depending on movements in the markets. Although the asset class is diversified across market caps and sectors, small and mid-cap companies are well represented, as we mentioned earlier. Equity valuations have declined markedly among small and mid caps, including many companies that issued convertibles to fund their growth initiatives. To take advantage of the reset in the equity markets, we have maintained our emphasis on balanced convertibles with favorable asymmetric risk/reward profiles. Because this segment offers a healthy blend of equity and fixed income characteristics,

OVERVIEW

The Fund invests primarily in convertible securities of US companies that are diversified across market sectors and credit quality.

KEY FEATURES

^◼  Leverages more than four decades of research and experience in convertible security investing.

^◼  Provides diversification across market sectors and credit quality, emphasizing midsize companies with higher-quality balance sheets.

^◼  Seeks to provide upside participation in equity markets with less exposure to downside than an equity-only portfolio over a full market cycle.

^◼  Takes environmental, social and governance (ESG) factors into account, evaluating whether they impact a company's cash flow, risk profile and long-term returns.

PORTFOLIO FIT

When used in conjunction with an equity allocation, the Fund offers a potential way to manage risk by employing securities that engage in upside equity movements with limited downside participation.

FUND NASDAQ SYMBOLS

A Shares	CCVIX
C Shares	CCVCX
I Shares	CICVX

FUND CUSIP NUMBERS

A Shares	128119401
C Shares	128119823
I Shares	128119864

www.calamos.com
19

Calamos Convertible Fund   (Unaudited)

SECTOR WEIGHTINGS

Information Technology	33.7	%
Health Care	20.4
Consumer Discretionary	15.6
Communication Services	7.6
Industrials	6.3
Utilities	4.9
Energy	3.4
Materials	2.6
Financials	2.3
Consumer Staples	0.6
Real Estate	0.5

Sector weightings are subject to change daily and are calculated as a percentage of net assets. The table excludes cash or cash equivalents, any government/sovereign bonds or broad based index hedging securities the Fund may hold.

balanced convertibles can provide upside equity participation while potentially dampening downside volatility.

Additionally, as credit spreads have widened across fixed income markets, we have selectively invested in convertibles with more pronounced fixed income attributes ("busted convertibles") that we believe can benefit from spread improvement and provide a positive yield to maturity. However, consistent with our focus on risk management, we seek to avoid the most distressed portion of the busted convertible market.

Growth sectors such as technology, health care and consumer discretionary remain the largest allocations in the portfolio. We favor companies that are executing well despite macro uncertainties and can potentially benefit from increased demand for products and services that enhance productivity to offset rising corporate costs. We are also emphasizing companies positioned to benefit from longer-term secular themes such as energy efficiency and cybersecurity. Financials are the largest relative underweight in the Fund. Convertible structures in the sector tend to have unfavorable risk/reward characteristics, and many issuers are susceptible to the negative impact of higher interest rates.

What closing thoughts do you have for Fund shareholders?

Persistent inflationary pressures and monetary policy tightening are expected to contribute to high levels of uncertainty across the financial markets. This heightened volatility is likely to persist until there is greater clarity on the path of these risks, but we believe that short-term volatility can create longer-term opportunity and that the Calamos Convertible Fund is well positioned to participate in a market rebound while offering downside risk mitigation should the market look to retest recent lows.

To say that the equity and credit markets have experienced turbulence because of rising inflation and interest rates as well as intense geopolitical risks is stating the obvious. Convertibles have not been immune to this increase in volatility, which has also contributed to the subdued pace of new convertible issuance. While we anticipated a deceleration in the annual volume of new convertibles after back-to-back years of near-record amounts, issuance during the annual period was impacted by heightened global uncertainty fomented by multiple factors. Issuance accelerated toward the latter part of the annual period, and we expect the pace of new issuance to achieve a brisk clip once macro uncertainty subsides. Typically, after periods of volatility-induced slowdowns in new capital market issuance, the convertible market tends to be one of the first to reopen, and the initial deals tend to be attractively priced. We also anticipate—and would welcome—higher cash coupons given the overall rise in interest rates across markets. Despite the issuance slowdown, the strong issuance from 2020 and 2021 expanded the market and pushed back the maturity wall in the existing convertible market, which provides attractive opportunities in our view.

While this is a short window, we have been encouraged by the positive convexity convertibles have shown late in the annual period. Having participated in the July through mid-August rally, convertibles also held up better relative to other risk assets during the late August through September decline.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
20

Calamos Convertible Fund   (Unaudited)

ANNUALIZED RETURN: SINCE INCEPTION (6/25/97) THROUGH 10/31/22

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted.

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund's Class I shares at net asset value. The Fund also offers Class A and Class C shares, the performance of which may vary. Source: State Street Corporation and Morningstar Direct.

*  Annual returns for Class I shares are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

www.calamos.com
21

Calamos Convertible Fund   (Unaudited)

GROWTH OF $1,000,000: FOR THE 10-YEAR PERIOD ENDED 10/31/22

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/22

	1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 6/21/85
Without Sales Charge		-22.29	%		8.14	%		8.12	%
With Sales Charge		-24.04			7.65			7.59
Class C Shares – Inception 7/5/96
Without Sales Charge		-22.88			7.33			7.31
With Sales Charge		-23.55			7.33			7.31
Class I Shares – Inception 6/25/97		-22.09			8.42			8.39

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

As of the prospectus dated 3/1/22, the Fund's gross expense ratio for Class A shares is 1.08%, Class C shares is 1.83% and Class I shares is 0.83%. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

†  Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Load-adjusted returns are adjusted for the maximum front-end sales load of 2.25% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graphs do not reflect the income of taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes.

The ICE BofA All US Convertibles Index is comprised of approximately 700 issues of only convertible bonds and preferreds of all qualities. Since inception data for the index is shown from 6/30/97, since data is only available for full monthly periods.

The S&P 500 Index is an unmanaged index generally considered representative of the US stock market.

Due to their structural complexities, the attributes of convertibles may vary. Therefore, they are typically categorized as Yield Alternatives represented by the US CV Index (VYLD), Total Return Alternatives represented by the US CV Index (VTOT), or Equity Alternatives represented by the US CV Index (VEQU).

The ICE BofA Total Return US Convertibles Index is a subset of ICE BofA All US Convertibles Index including securities with a delta greater than or equal to 0.4 and less than 0.8 (VTOT).

The ICE BofA Yield Alternative US Convertibles Index (VYLD) is a subset of ICE BofA All US Convertibles Index including securities with a delta less than 0.4 (exhibiting bond-like characteristics).

The ICE BofA Equity Alternative US Convertibles Index (VEQU) is a subset of ICE BofA All US Convertibles Index including securities with a delta of 0.8 and greater (exhibiting stock-like characteristics).

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
22

Calamos Global Convertible Fund   (Unaudited)

CALAMOS GLOBAL CONVERTIBLE FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

The convertible and equity markets were challenged during the 12 months ("annual period") ended October 31, 2022, by recession concerns, inflation, elevated oil prices, rising interest rates and supply chain disruptions from the Covid-19 pandemic. Against this volatile backdrop, the global convertible market, represented by the Refinitiv Global Convertible Bond Index, declined -23.85% and lagged behind global equities in developed markets as represented by the MSCI World Index's -18.09% return. Calamos Global Convertible Fund returned -25.82% (Class I shares at net asset value), moderately underperforming the convertible benchmark index.

What factors influenced performance during the annual period?

Small- and mid-cap growth issuers are well represented in the global convertible market, and the annual period proved to be especially challenging for convertibles issued by these smaller companies. The underlying stocks of the Refinitiv Global Convertible Bond Index were down -38.72% on average, significantly underperforming the broader equity market. Although convertibles underperformed the MSCI World Index, they demonstrated their resilience on the downside by participating in only 62% of their underlying stocks' decline. As the equity market moved lower, convertibles moved closer to their bond floor, further improving their downside resilience. At the end of the annual period, more than half of the global convertible market was priced below par.

During the period, the Federal Reserve (the Fed) raised its fed funds target rate from 0.00% – 0.25% to 3.00% – 3.25%. The Bloomberg Global Aggregate Bond Index yield to maturity also increased 252 basis points to 3.82%. In addition, global high yield corporate credit spreads widened 180 basis points to 559 basis points, according to Bloomberg. Rising interest rates and widening credit spreads impeded the bond component of convertibles during the annual period.

From an economic sector attribution perspective, the Calamos Global Convertible Fund benefited from security selection in the consumer discretionary sector, where holdings in the internet & direct marketing retail and hotels, resorts & cruise lines industries held up better than index names. Favorable security selection in the communication services sector also added value. Specifically, the portfolio benefited from a relatively heavy position in the strong-performing wireless telecommunication services sector in addition to a strong selection in the cable & satellite industry. The sectors that most detracted from performance were health care and information technology. Within health care, an underweight allocation and security selection in the biotechnology industry held back the relative return as did holdings within the health care equipment industry. In information technology, the relative return was hindered by security selection within the application software, semiconductor equipment, and systems software industries.

From a geographic perspective, the Fund benefitted from favorable selection in Emerging Latin America and Emerging Europe & South Africa. Security selection within Europe, the United States and Japan held back the relative result.

How is the Fund positioned?

We remain focused on maintaining an attractive risk/reward profile in the Fund. Convertible securities vary in their levels of equity and fixed income sensitivity, and

OVERVIEW

The Fund invests in global convertible securities, striving to balance risk/reward while providing growth and income.

KEY FEATURES

^◼  Provides broadly diversified exposure to the global convertible bond universe.

^◼  Leverages more than 40 years of research in convertible security investing.

^◼  Seeks to provide upside participation in equity markets with less exposure to downside than an equity-only portfolio over a full market cycle.

^◼  Blends global investment themes and fundamental research via active management.

^◼  Takes environmental, social and governance (ESG) factors into account, evaluating whether they impact a company's cash flow, risk profile and long-term returns.

PORTFOLIO FIT

Consisting of convertible securities that can participate in upside equity movements with potentially limited downside exposure, the Fund can provide a means to manage risk in conjunction with an equity allocation. The Fund can also serve a role within a fixed-income allocation, as convertibles have performed well during periods of rising interest rates and inflation.

FUND NASDAQ SYMBOLS

A Shares	CAGCX
C Shares	CCGCX
I Shares	CXGCX

FUND CUSIP NUMBERS

A Shares	128120748
C Shares	128120730
I Shares	128120722

www.calamos.com
23

Calamos Global Convertible Fund   (Unaudited)

SECTOR WEIGHTINGS

Information Technology	29.3	%
Consumer Discretionary	18.9
Health Care	14.1
Communication Services	11.4
Financials	8.6
Utilities	4.8
Industrials	3.8
Materials	3.0
Energy	2.6
Real Estate	1.9
Consumer Staples	0.5

Sector weightings are subject to change daily and are calculated as a percentage of net assets. The table excludes cash or cash equivalents, any government/sovereign bonds or broad based index hedging securities the Fund may hold.

we adjust the Fund's overall exposures on an ongoing basis. During the annual period, the delta or equity sensitivity of convertibles declined as convertibles retreated closer to their bond floors when their underlying equities dropped in value. Although we added equity exposure through investments in new issues, this was offset by the decline in the delta. As a result, the Fund's overall level of equity sensitivity declined during the annual period and is currently in line with the global convertible market as measured by the Refinitiv Global Convertible Bond Index.

Despite the slowdown in issuance and the challenging market environment, we have found opportunities to put cash to work and rebalance the portfolio in response to evolving market conditions. This includes investing in convertibles with balanced risk/reward attributes as well as select convertibles trading near their bond floor ("busted convertibles") that offer favorable yield-to-maturity characteristics.

From a sector standpoint, the Fund's largest sector weightings include information technology, consumer discretionary and health care. The lightest allocations reside in the consumer staples, energy and materials sectors. Relative to the Refinitiv Global Convertible Bond Index benchmark, information technology, consumer discretionary and health care represent the largest overweights, whereas the industrials, communication services and materials sectors make up the most significant relative underweight allocations.

From a regional perspective, the United States and Europe constitute the largest allocations, and Emerging Europe & South Africa and Canada represent the lightest allocations. The Fund is underweight in Europe, reflecting both the paucity of bottom-up opportunities and the concerning macro environment.

What closing thoughts do you have for Fund shareholders?

The global outlook is murky given rising interest rates in the United States. The Federal Reserve is determined to break the back of inflation; although this should be good news in the long run, we worry that the Fed may break something else in the process—perhaps the most over-leveraged parts of the UK pension industry that the Bank of England essentially bailed out recently. The US labor market has remained surprisingly resilient, but conditions point to a recession on the horizon. In Europe, the outlook is bleaker, given the continued war waged by Russia on Ukraine. The strength of the US dollar is also not making it any easier for Europe to get through its energy crisis.

After two years of near-record issuance, global convertible issuance, and IPO activity in other asset classes, has been slow in 2022. This slowdown in convertible issuance normally occurs during periods of equity market volatility. For example, after Lehman Brothers went under in 2008, we did not see a new convertible issued until March 2009. Although we do not expect that long a lull in issuance and we saw issuance begin to pick up late in the annual period, it may be a bit longer before the taps fully reopen. When they do, we expect to see a deluge of paper. Usually when equity capital markets are closed, convertibles are the first to reopen, and the early deals are often attractively priced.

We believe that convertibles provide an attractive way for investors to take some risk off the table while staying invested in the equity market. The recent pullback in the underlying stocks of convertible issuers has resulted in overall equity sensitivity toward the lower end of the post-Covid-era range. Convertibles have also moved closer to their bond values, as evidenced by the fact that more than half of the convertible market traded below par at the end of the annual period.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
24

Calamos Global Convertible Fund   (Unaudited)

Although we view convertibles to be strategic allocations that should be held over full market, economic and interest rate cycles, the pullback and volatility in the market fomented by rising rates may provide tactical opportunities in addition to strategic ones. For many investors, it's tough to buy equities when volatility is occurring, and convertibles are a way to have equity exposure with less equity market sensitivity.

GROWTH OF $1,000,000: SINCE INCEPTION (12/31/14) THROUGH 10/31/22

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/22

	1 YEAR			5 YEARS			SINCE INCEPTION
Class A Shares – Inception 12/31/2014
Without Sales Charge		-26.01	%		3.28	%		4.07	%
With Sales Charge		-27.67			2.81			3.42
Class C Shares – Inception 12/31/2014
Without Sales Charge		-26.58			2.51			3.30
With Sales Charge		-27.22			2.51			3.30
Class I Shares – Inception 12/31/2014		-25.82			3.55			4.34

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

As of the prospectus dated 3/1/22, the Fund's gross expense ratio for Class A shares is 1.25%, Class C shares is 2.00% and Class I shares is 1.00%. The Fund's Investment Adviser has contractually agreed to reimburse Fund expenses through 3/1/23 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) of Class A, Class C and Class I shares are limited to 1.35%, 2.10%, 1.10% of average net assets, respectively. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

†  Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown includes the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 2.25% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The Refinitiv Global Convertible Bond Index (USD) is designed to represent the global convertible market.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

www.calamos.com
25

Calamos Timpani Small Cap Growth Fund   (Unaudited)

OVERVIEW

The Fund invests in the equity securities of small-capitalization companies with high, sustainable growth potential, which may exceed market expectations.

KEY FEATURES

^◼  Combines fundamental research with the analysis of market estimates to identify the underestimated growth differential between a company's business strength and market expectations of that strength.

^◼  Pursues active management in a less-followed investment space.

^◼  Analyzes secular trends to uncover exploitable investment opportunities specific to small-cap companies.

PORTFOLIO FIT

Investing in small-cap companies is an important component of a diversified investment strategy. Smaller companies tend to experience greater growth and outperform larger companies.

FUND NASDAQ SYMBOLS

A Shares	CTASX
C Shares	CTCSX
I Shares	CTSIX
R6 Shares	CTSOX

FUND CUSIP NUMBERS

A Shares	128120417
C Shares	128120318
I Shares	128120391
R6 Shares	128120383

CALAMOS TIMPANI SMALL CAP
GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12 months ended October 31, 2022 ("annual period"), Calamos Timpani Small Cap Growth Fund posted a return of -37.57% (Class I Shares at net asset value), underperforming the -26.02% loss of the Russell 2000 Growth Index.

Since Class I shares inception on March 23, 2011, the Fund has returned 10.67% on an annualized basis, while the Russell 2000 Growth Index returned 8.53% over the same period. We believe these comparisons demonstrate the Fund's ability to outdistance its benchmark over full market cycles.

What factors influenced performance during the annual period?

During the annual period, equity markets were overwhelmed with a steady diet of concerning news. Perhaps the biggest source of worry was the US Federal Reserve (the Fed) and the path it might take to tame inflation. Before the start of this annual period, the Fed increased its inflation forecasts, in turn raising the level of concern for market participants. As the Fed continued to raise inflation expectations while speaking more aggressively about interest rate hikes, longer duration equities (businesses whose value significantly depends on high and growing cash flows over longer time frames) began to struggle in mid-to-late November 2021.

In February 2022, Russia invaded Ukraine, further adding to macroeconomic distress, in addition to the human tragedies associated with the conflict. The war disrupted many facets of life, but notably from an economic perspective, it led to reductions in energy and food supplies, further adding to global inflation woes. The Fed began interest rate hikes on March 17, 2022, and, by the end of the annual period, had raised rates five times for a total of 300 basis points, while pointing to additional aggressive hikes still to come.

The US equity market, as measured by the S&P 500 Index, peaked in early January, though the decline has been interrupted by several strong rallies, which offered hope the worst economic fears may have already been priced into the market. At the end of the annual period, equity markets were in the midst of another solid rally, in advance of a significant and contentious midterm election in the United States. Adding to investors' woes over the annual period, the bond market delivered difficult performance as evidenced by the Bloomberg US Aggregate Bond Index's -15.68% return.

Small-cap stocks started their decline in November, which was a bit earlier than the broad market as represented by the S&P 500 Index. Macro concerns dominated investor sentiment as many small company stocks, especially growth stocks, saw share prices decline despite favorable earnings reports and positive company guidance. Companies that had exhibited strong growth and stock performance previously were punished as investors took a doubtful view of earnings and stock valuations in light of potential increases to interest rates and the cost of capital going forward. Small caps lagged large caps, and within the small-cap space, growth stocks lagged value stocks. The Russell 2000 Growth Index -26.02% decline trailed the Russell 2000 Value Index's -10.73% return. That said, small-cap growth stocks outperformed the S&P 500 Index over the last

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
26

Calamos Timpani Small Cap Growth Fund   (Unaudited)

six months of the annual period—perhaps an indication that the sell-off in the space was overdone relative to the broad market.

For the full annual period within the Russell 2000 Growth Index, energy was the big winner with a 33% gain because of global supply concerns. The defensively oriented consumer staples (-7%) sector, materials (-8%), utilities (-13%) and industrials (-16%) each outperformed the benchmark, whereas financials (-27%), consumer discretionary (-30%), health care (-33%), information technology (-33%), real estate (-38%), and communication services (-41%) all lagged the index.

The Fund's performance received a boost from sector allocation decisions. The portfolio began the period with an overweight to the energy sector and maintained it over the course of the annual period, though we selectively added or reduced individual names throughout the course of the year. Because energy was the top-performing sector for the period, the overweight was strongly positive. Our view that long periods of underinvestment in energy business would create strong demand for equipment and services businesses as well as drillers came to fruition. The portfolio's underweight to the lackluster health care sector was also additive to relative performance, most notably an underweight to the biotechnology industry.

Security selection most negatively affected relative performance for the period. Market sentiment changed dramatically around high-growth businesses at the start of the annual period. Companies that had seen strong relative outperformance largely because of strong growth were punished most significantly during the annual period. Often, these businesses delivered strong earnings and revenues during their quarterly announcements, but the market grew skeptical about the prospects for higher growth businesses going forward. Security selection within health care, industrials, and information technology detracted from performance relative to the Russell 2000 Growth Index, though selection within financials was strongly additive. The market assigned a massive and negative rerating to growth businesses across equity markets but was most negative within the small-cap growth space. Broadly speaking, small-cap growth companies that delivered strong quarterly earnings announcements saw their stock prices tumble, and those that did not deliver or gave cautious outlooks were discounted even more significantly. As mentioned previously, the tide began to shift in the second half of the annual period as the Fund and small-cap growth stocks outperformed the broad market represented by the S&P 500 Index.

How is the Fund positioned?

For sector positioning, the most notable changes that occurred from the beginning of the annual period until its close involved increases to health care and consumer staples, with a decrease to consumer discretionary. In addition, energy went from a significant overweight at the start of the period to a modest overweight. Thanks to new additions within health care, the sector migrated from a significant underweight at the beginning of the period to a significant overweight. Health care additions included new, disruptive devices or treatments, which further spurred on already favorable growth in these spaces. Although consumer staples can be thought of as more defensive, we have selectively added to the sector in more dynamic growth areas rather than traditional, defensive, and low-growth consumer staples names.

We continue to hold investments in both long-term secular growth stocks and certain cyclical growth stocks that should benefit meaningfully from a continued economic uptick.

SECTOR WEIGHTINGS

Information Technology	27.0	%
Health Care	26.4
Industrials	13.8
Energy	9.6
Consumer Staples	9.4
Consumer Discretionary	8.5
Financials	5.0
Materials	0.3

Sector weightings are subject to change daily and are calculated as a percentage of net assets. The table excludes cash or cash equivalents, any government/sovereign bonds or broad based index hedging securities the Fund may hold.

www.calamos.com
27

Calamos Timpani Small Cap Growth Fund   (Unaudited)

What closing thoughts do you have for Fund shareholders?

There are many signs the economy is slowing. The ongoing debate relates to the potential magnitude of future weakness. There are some bright spots for the broad market, especially relating to small-cap growth stocks. For one, we believe that inflation has likely peaked, and typically that has triggered a rally in stocks over the next 12 months, with or without a recession. Specifically, since 1942, there have been 17 spikes in inflation and the S&P 500 Index has rallied an average of 13.2% over the following 12 months after each spike, gaining 17.2% in the absence of a recession (nine of 17 occasions) and 8.8% with a recession (eight of 17 occasions).

In addition, seasonality has moved from negative to positive, although we expect volatility to continue. Since 1982, stocks have typically rallied beginning 26 business days prior to the November midterm elections (source: RBC). This year, we saw the market move upward starting in mid-October. Also, stocks historically have tended to rally over the six-month and 12-month periods after the midterm elections, with small caps and micro caps leading. This time, according to data from the Leuthold Group, small caps and microcaps also happen to be entering this period with extremely low relative valuations.

Another important point is we have invested through big drawdowns like this before and believe we are advantageously positioned for a snapback over the long term. Our portfolio is also smaller cap than our benchmark. Therefore, if conditions normalize and small caps assume a leadership role in line with the long-term historical trend, we believe our portfolio will be well positioned.

These are certainly intriguing statistics, but we would note that each cycle brings its own dynamics. This time, for the rally to begin and be sustained, we likely need bond yields to settle down and the Federal Reserve to become less hawkish at the margin.

ANNUALIZED RETURN: SINCE INCEPTION (3/23/11) THROUGH 10/31/22

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted.

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund's Class I shares at net asset value. The Fund also offers Class A, Class C and Class R6 shares, the performance of which may vary. Source: State Street Corporation and Morningstar Direct.

*  Annual returns for Class I shares are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
28

Calamos Timpani Small Cap Growth Fund   (Unaudited)

GROWTH OF $1,000,000: SINCE INCEPTION (3/23/11) THROUGH 10/31/22

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/22

	1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares (With Predecessor) – Inception 1/6/14^
Without Sales Charge		-37.71	%		8.71	%		7.46	%
With Sales Charge		-40.67			7.66			6.87
Class C Shares – Inception 6/28/21^
Without Sales Charge		-38.18						-28.12
With Sales Charge		-38.80						-28.12
Class I Shares (With Predecessor) – Inception 3/23/11
Without Sales Charge		-37.57			9.03			11.85
Class R6 Shares – Inception 6/1/19^		-37.51						7.81

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

As of the prospectus dated 3/1/22, the Fund's gross expense ratio for Class A shares is 1.37%, Class C shares is 2.11%, Class I shares is 1.11% and Class R6 shares is 1.02%. The Fund's investment adviser has contractually agreed to reimburse Fund expenses through March 1, 2023, to the extent necessary so that Total Annual Fund Operating Expenses of Class A, Class C and Class I shares are limited to 1.30%, 2.05%, 1.05% of average net assets, respectively. The Fund's investment adviser has contractually agreed to limit the Fund's annual ordinary operating expenses for Class R6 shares (as a percentage of average net assets) to 1.05% less the Fund's annual sub-transfer agency ratio (the aggregate sub-transfer agency fees of the Fund's other share classes divided by the aggregate average annual net assets of the Fund's other share classes). For purposes of these expense limitations, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective share class's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

†  Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

Effective as of the close of business on May 31, 2019, the Fund acquired all of the assets, subject to the liabilities, of the Timpani Small Cap Growth Fund (the "Predecessor Fund") through a tax-free reorganization (the "Reorganization"). Pursuant to the Reorganization of the Predecessor Fund into the Fund, Class Y shareholders of the Predecessor Fund received Class A shares of the Fund, and Service Class and Institutional Class shareholders of the Predecessor Fund each received Class I shares of the Fund. As a result of the Reorganization, the Fund adopted the performance and financial history of the Predecessor Fund. Accordingly, the performance shown in the average annual total return table above for periods prior to the commencement of the Fund's operations on June 1, 2019 is the performance of the Predecessor Fund. The Fund has the same investment objective, strategy and portfolio manager as the Predecessor Fund. As a result, the performance of the Fund would have been substantially similar to that of the Predecessor Fund.

The graphs do not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes.

The Russell 2000 Growth Index is a composite of small-cap companies located in the US that also exhibit a growth probability.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

www.calamos.com
29

Calamos Timpani SMID Growth Fund   (Unaudited)

OVERVIEW

The Fund invests in the equity securities of small- and mid-capitalization (SMID) companies with high, sustainable growth potential, which may exceed market expectations.

KEY FEATURES

^◼  Combines fundamental research with the analysis of market estimates to identify the underestimated growth differential between a company's business strength and market expectations of that strength.

^◼  Pursues active management in a less-followed investment space.

^◼  Analyzes secular trends to uncover exploitable investment opportunities specific to small- and mid-cap companies.

PORTFOLIO FIT

Investing in SMID companies is an important component of a diversified investment strategy. Small-to-midsize companies tend to experience greater growth and outperform larger companies, yet this greater potential also raises the potential for greater volatility—which is why we believe active management is crucial.

FUND NASDAQ SYMBOLS

A Shares	CTAGX
I Shares	CTIGX
R6 Shares	CTOGX

FUND CUSIP NUMBERS

A Shares	128120375
I Shares	128120367
R6 Shares	128120359

CALAMOS TIMPANI SMID GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12-months ended October 31, 2022 ("annual period"), Calamos Timpani SMID Growth Fund posted a return of -36.95% (Class I Shares at net asset value), trailing the -27.38% loss for the Russell 2500 Growth Index.

What factors influenced performance during the annual period?

During the annual period, equity markets were overwhelmed with a steady diet of concerning news. Perhaps the biggest source of worry was the US Federal Reserve (the Fed) and the path it might take in an effort to tame inflation. Prior to the start of this annual period, the Fed had increased its inflation forecasts, raising the level of concern for market participants. As the Fed continued to raise inflation expectations while speaking more aggressively about interest rate hikes, longer duration equities (businesses whose values significantly depend on high and growing cash flows over longer time frames) began to struggle in mid-to-late November 2021.

In February 2022, Russia invaded Ukraine, further adding to macroeconomic distress, in addition to the human tragedies associated with the conflict. The war disrupted many facets of life, but notably from an economic perspective, it led to reductions in energy and food supplies, further adding to global inflation woes. The Fed began interest rate hikes on March 17, 2022, and by the end of the annual period had raised rates five times for a total of 300 basis points while pointing to additional aggressive hikes still to come.

The US equity market, as measured by the S&P 500 Index, peaked in early January, although the decline has been interrupted by several strong rallies, which offered hope that the worst of economic fears may have already been priced into the market. At the end of the annual period, equity markets were in the midst of another solid rally, in advance of a significant and contentious midterm election in the United States. Adding to investors' woes over the annual period, the bond market delivered difficult performance as evidenced by the Bloomberg US Aggregate Bond Index's -15.68% return.

Small-cap stocks started their decline in November, a bit earlier than the broad market as represented by the S&P 500 Index. Macro concerns dominated investor sentiment as many small company stocks, especially growth stocks, saw share prices decline despite favorable earnings reports and positive company guidance. Companies that had exhibited strong growth and stock performance previously were punished as investors took a doubtful view of earnings and stock valuations in light of potential increases to interest rates and the cost of capital going forward. Small caps lagged large caps, and within the small-cap space, growth stocks lagged value stocks. The Russell 2500 Growth Index -27.38% decline trailed the Russell 2500 Value Index's -10.66% return. That said, small-cap growth stocks did outperform the S&P 500 Index over the last six months of the annual period—perhaps an indication that the sell-off in the space was overdone relative to the broad market.

For the full annual period within the Russell 2500 Growth Index, energy was the big winner with a 39% gain because of global supply concerns. The defensively

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
30

Calamos Timpani SMID Growth Fund   (Unaudited)

oriented utilities (-7%) and consumer staples (-15%) sectors also fared better than market, whereas materials (-16%), industrials (-20%), and financials (-22%) each outperformed the benchmark, and real estate (-28%), information technology (-31%), consumer discretionary (-32%), health care (-36%) and communication services (-42%) all lagged the index.

The Fund's performance received a boost from sector allocation decisions. The portfolio began the period with an overweight to the energy sector and maintained it over the course of the annual period, although we selectively added or reduced individual names throughout the course of the year. Because energy was the top-performing sector for the period, the overweight was strongly positive. Our view that long periods of underinvestment in energy business would create strong demand for equipment & services businesses as well as drillers served the portfolio well, even before the Russia-Ukraine war and supply disruptions came to the fore. The portfolio's underweight to the lackluster health care sector was also additive to relative performance, most notably an underweight to the biotechnology industry.

Security selection was the overarching detractor to relative performance for the period. Market sentiment changed dramatically around high-growth businesses at the start of the annual period. Companies that had seen strong relative outperformance largely because of strong growth were punished most significantly during the annual period. Often these businesses were able to deliver strong earnings and revenues during their quarterly announcements, but the market grew skeptical about the prospects for higher growth businesses going forward. Security selection within information technology, health care and industrials detracted from performance relative to the Russell 2500 Growth Index, although selection within financials was strongly additive. The market assigned a massive and negative rerating to growth businesses across equity markets but was most negative within the small-cap growth space. Broadly speaking, small-cap growth companies that delivered strong quarterly earnings announcements saw their stock prices tumble, and those that did not deliver or gave cautious outlooks were discounted even more significantly. As mentioned previously, the tide began to shift in the second half of the annual period as the Fund and small-cap growth stocks outperformed the broad market represented by the S&P 500 Index.

How is the Fund positioned?

Regarding sector positioning, the most notable changes that occurred from the beginning of the annual period until its close involved increases to health care and consumer staples with a decrease to consumer discretionary and information technology. In addition, energy grew as an absolute weight but remained fairly stable as an overweight during the period. Within health care, the sector migrated from a significant underweight at the beginning of the period to a significant overweight. Health care additions included new and disruptive devices or treatments, and this follows on the heels of already favorable growth in these spaces. Although consumer staples can be thought of as more defensive, we have selectively added to the sector in more dynamic growth areas rather than traditional, defensive and low-growth consumer staples names.

We continue to hold investments in both long-term secular growth stocks and certain cyclical growth stocks that should benefit meaningfully from a continued economic uptick.

SECTOR WEIGHTINGS

Health Care	21.7	%
Industrials	20.8
Information Technology	19.9
Consumer Discretionary	10.6
Energy	10.0
Consumer Staples	8.6
Financials	7.6
Materials	0.3

Sector weightings are subject to change daily and are calculated as a percentage of net assets. The table excludes cash or cash equivalents, any government/sovereign bonds or broad based index hedging securities the Fund may hold.

www.calamos.com
31

Calamos Timpani SMID Growth Fund   (Unaudited)

What closing thoughts do you have for Fund shareholders?

There are many signs the economy is slowing. The ongoing debate relates to the potential magnitude of future weakness. There are some bright spots for the broad market, especially relating to small-cap growth stocks. For one, inflation has likely peaked; and typically, that has triggered a rally in stocks over the next 12 months, with or without a recession. Specifically, since 1942, there have been 17 spikes in inflation and the S&P 500 Index has rallied an average of 13.2% over the following 12 months after each spike, gaining 17.2% in the absence of a recession (nine of 17 occasions) and 8.8% with a recession (eight of 17 occasions).

In addition, seasonality has moved from negative to positive, although we expect volatility to continue. Since 1982, stocks have typically rallied beginning 26 business days prior to the November midterm elections (source: RBC). This year, we saw the market move upward beginning in mid-October. Also, stocks historically have tended to rally over the 6-mnth and 12-month periods after the midterm elections, with small caps and micro caps leading. This time, according to data from the Leuthold Group, small caps and microcaps also happen to be entering this period with extremely low relative valuations.

Another important point is that we have invested through big drawdowns like this before and believe we are advantageously positioned for a snapback in the long term. Our portfolio is also smaller cap than our benchmark. Therefore, if conditions normalize and small caps assume a leadership role in line with the long-term historical trend, we believe our portfolio will be well positioned.

These are certainly intriguing statistics, but we would note that each cycle brings its own dynamics. This time, for the rally to begin and be sustained, we likely need bond yields to settle down and the Federal Reserve to become less hawkish at the margin.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
32

Calamos Timpani SMID Growth Fund   (Unaudited)

GROWTH OF $1,000,000: SINCE INCEPTION (7/31/19) THROUGH 10/31/22

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/22

	1 YEAR			SINCE INCEPTION
Class A Shares – Inception 7/31/19
Without Sales Charge		-37.07	%		4.19	%
With Sales Charge		-40.07			2.64
Class I Shares – Inception 7/31/19
Without Sales Charge		-36.95			4.45
Class R6 Shares – Inception 7/31/19		-36.95			4.45

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

As of the prospectus dated 3/1/22, the Fund's gross expense ratio for Class A shares is 1.79%, Class I shares is 1.55% and Class R6 shares is 1.48%. The Fund's investment adviser has contractually agreed to reimburse Fund expenses through March 1, 2023 to the extent necessary so that Total Annual Fund Operating Expenses of Class A shares and Class I shares are limited to 1.35% and 1.10% of average net assets, respectively. The Fund's investment adviser has contractually agreed to limit the Fund's annual ordinary operating expenses for Class R6 shares (as a percentage of average net assets) to 1.10% less the Fund's annual sub-transfer agency ratio (the aggregate subtransfer agency fees of the Fund's other share classes divided by the aggregate average annual net assets of the Fund's other share classes). For purposes of these expense limitations, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective share class's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

†  Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares.

NOTES:

The graphs do not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes.

The Russell 2500 Growth Index measures the performance of the small to mid-cap growth segment of the US equity universe. It includes those Russell 2500 companies with higher growth earning potential. The Russell 2500 Growth Index is published and maintained by FTSE Russell.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

www.calamos.com
33

Calamos Growth Fund   (Unaudited)

OVERVIEW

A broad, flexible strategy enables the Fund to invest in the equities of US companies across all market capitalizations and sectors in order to attain the best potential for long-term capital growth.

KEY FEATURES

^◼  Seeks to provide attractive returns through an emphasis on higher-growth US companies spanning the full range of market capitalizations and sectors. Draws on more than three decades of experience in growth investing.

^◼  The portfolio reflects top-down, secular thematic views along with high-conviction, fundamentally researched stocks of companies with advantaged business models, high returns on capital, solid free-cash-flow generation, and stewardship-minded management.

^◼  Combines secular and cyclical growth to help manage the dynamics of the economy.

PORTFOLIO FIT

May be an attractive option for investors seeking higher growth and diversification that spans all caps of US companies across sectors and industries.

FUND NASDAQ SYMBOLS

A Shares	CVGRX
C Shares	CVGCX
I Shares	CGRIX

FUND CUSIP NUMBERS

A Shares	128119302
C Shares	128119856
I Shares	128119807

CALAMOS GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12-month period ended October 31, 2022 ("annual period"), Calamos Growth Fund returned -30.43% (Class I shares at net asset value), lagging the S&P 1500 Growth Index return of -23.88%. Market conditions changed dramatically from the prior one-year period, during which the Fund returned 46.40%.

Since the inception of Class I shares on September 18, 1997, the Fund has returned 10.36% on an annualized basis. The S&P 1500 Growth Index, the primary benchmark, returned 8.21% over the same period, and the S&P 500 Index returned 7.75%. We believe these comparisons demonstrate the Fund's ability to outdistance the growth and broad indices over full market cycles.

What factors influenced performance during the annual period?

During the annual period, equity markets were overwhelmed with a steady diet of concerning news. Perhaps the biggest source of worry was the US Federal Reserve (the Fed) and the path it might take to tame inflation. Prior to the start of this annual period, the Fed had increased its inflation forecasts, raising the level of concern for market participants. As the Fed continued to raise inflation expectations while speaking more aggressively about interest rate hikes, longer duration equities (those businesses whose values significantly depend on high and growing cash flows over longer time frames) began to struggle in mid-to-late November 2021.

In February 2022, Russia invaded Ukraine, further adding to macroeconomic distress, in addition to the human tragedies associated with the conflict. The war disrupted many facets of life, but most notably from an economic perspective, it led to reductions in energy and food supplies, further adding to global inflation woes. The Fed began interest rate hikes on March 17, 2022, and by the end of the annual period, it had raised rates five times for a total of 300 basis points while pointing to additional aggressive hikes still to come.

The US equity market, as measured by the S&P 500 Index, peaked in early January, though the decline has been interrupted by several strong rallies, which offered hope that the worst economic fears might have already been priced into the market. At the end of the annual period, equity markets were in the midst of another solid rally, in advance of a significant and contentious midterm election in the United States. Adding to investors' woes over the annual period, the bond market delivered stomach-churning performance as evidenced by the Bloomberg US Aggregate Bond Index's -15.68% return.

Within the S&P 1500 Growth Index, only three sectors were able to post positive returns for the period: energy (though little more than 1% of the index weight) gained 52% on supply concerns, whereas more defensively oriented utilities (+5%) and consumer staples (+2%) also gained as investors sought to reduce risk. Materials (-7%), health care (-12%), industrials (-15%), financials (-18%), real estate (-21%) and information technology (-22%) each outperformed the index, while consumer discretionary (-33%) and communication services (-48%) significantly lagged.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
34

Calamos Growth Fund   (Unaudited)

Security selection within the financials sector was additive to relative Fund performance for the period. Specifically, our holdings in regional banks and consumer finance represented major contributors. Security selection within the health care sector also boosted results, notably holdings in pharmaceuticals and managed health care. The Fund's average overweight to the health care sector was also supportive on a relative basis. The Fund started the period at an underweight relative to the benchmark index but saw its health care weight increase over the course of the year.

Individual position selection within information technology was the Fund's biggest detractor to relative performance. Holdings in the internet services & infrastructure and the technology hardware, storage & peripherals industries lagged on a relative basis. Additionally, an underweight to the sector over the course of the period slightly detracted because the sector was a marginal outperformer for the period, despite the market's general preference away from growthier and long-duration sectors. Communication services holdings slightly lagged those of the benchmark. Security selection within the movies & entertainment and the interactive media & services industries of the sector hurt relative returns. Selection in the industrials sector also hindered performance over the period.

How is the Fund positioned?

As we have noted previously, we continue to see many attractive opportunities in what we call "fortress growth" companies that have been unduly caught up in the broader sell-off. These are industry champions that offer well-established economic moats and should provide reliable cash flow generation for years to come. We are also maintaining our investments in a handful of smaller-cap, dynamic growth names that should generate outsized revenue and profit growth, despite a potentially weakening US economy. In many cases these smaller-cap names have been sold off to extremely low relative valuations yet still offer strong growth opportunities.

The Fund did raise its allocation to more defensive consumer staples during the period and also saw an increase to health care—a sector in which many companies' cash flows are less dependent on high or accelerating GDP growth. That said, it should be noted that the valuations of defensive areas of the market are trading at premiums relative to cyclical areas based on forward price-to-earnings ratios. As such, the Fund continues to own a mix of growth opportunities. As always, we continue to believe that prudent stock selection, constant risk management, and patience are the keys to success in markets such as these.

What closing thoughts do you have for Fund shareholders?

Volatile markets are never easy, and we expect many investors will be surprised that, despite the ups and downs and tremendous negative sentiment, the last third of the annual period saw a marginally positive yet volatile period for Fund and market performance. Looking ahead, we are confident the current wall of worry will be less severe than feared. Interest rates are expected to end the year around 4.00% to 4.25%, but we believe that future rate hikes should be more modest from there. Supply chains are healing rapidly, and inventory levels are now healthy. At the same time, consumers still have relatively strong balance sheets, and the job market remains healthy overall. All these conditions should lay the foundation for solid, even if more muted, earnings growth going forward.

SECTOR WEIGHTINGS

Information Technology	37.4	%
Consumer Discretionary	15.4
Health Care	12.8
Communication Services	8.0
Financials	6.7
Industrials	6.6
Energy	3.2
Consumer Staples	3.1
Materials	1.8
Other	1.7

Sector weightings are subject to change daily and are calculated as a percentage of net assets. The table excludes cash or cash equivalents, any government/sovereign bonds or broad based index hedging securities the Fund may hold.

www.calamos.com
35

Calamos Growth Fund   (Unaudited)

At the time of this writing, we've just passed the midterm elections. Though the final outcomes are still to be determined, it appears that the US will have a divided or balanced Congress, which typically translates to more moderate government actions—traditionally a positive from the market's point of view. Historically, this is seasonally a stronger period for equity markets—the period just before and well after midterm elections. While these factors both speak well for markets, we believe volatility will remain elevated as the European energy crisis and broader economic impacts from a still-recovering, zero-Covid-19 China plays out. Inflation appears to have peaked, though it will likely take a few months or quarters to return to more normal levels. We believe that long-term investors will look back and realize that the earnings power of US growth companies were not permanently damaged. America remains one of the most dynamic financial markets in the world, and we don't believe that will change. As interest rates stabilize and earnings growth resumes, we believe the rally in growth stocks will as well.

ANNUALIZED RETURN: SINCE INCEPTION (9/18/97) THROUGH 10/31/22

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted.

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund's Class I shares at net asset value. The Fund also offers Class A and Class C shares, the performance of which may vary. Source: State Street Corporation and Morningstar Direct.

*  Annual returns for Class I shares are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
36

Calamos Growth Fund   (Unaudited)

GROWTH OF $1,000,000: FOR THE 10-YEAR PERIOD ENDED 10/31/22

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/22

	1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 9/4/90
Without Sales Charge		-30.58	%		7.86	%		10.15	%
With Sales Charge		-33.88			6.82			9.62
Class C Shares – Inception 9/3/96
Without Sales Charge		-31.12			7.07			9.33
With Sales Charge		-31.64			7.07			9.33
Class I Shares – Inception 9/18/97		-30.43			8.13			10.42

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

Performance results do not include adjustments made for financial reporting purposes in accordance with US generally accepted accounting principles and may differ from amounts reported in the financial highlights.

As of the prospectus dated 3/1/22, the Fund's gross expense ratio for Class A shares is 1.28%, Class C shares is 2.04% and Class I shares is 1.03%. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

†  Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graphs do not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes.

The S&P 1500 Growth Index consists of the growth segment of the securities found in the S&P 1500 Index. The S&P 1500 combines the S&P 500, S&P MidCap 400 and the S&P SmallCap 600.

The S&P 500 Index is an unmanaged index generally considered representative of the US stock market.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

www.calamos.com
37

Calamos Growth and Income Fund   (Unaudited)

OVERVIEW

The Fund invests primarily in US equity and convertible securities in an attempt to balance risk/reward while providing growth and income.

KEY FEATURES

^◼  Leverages more than four decades of research experience combining equities and convertible holdings to provide equity-like participation.

^◼  Provides a core holding option that aims to maintain a consistent risk posture throughout the market cycle.

^◼  Research-driven approach identifies opportunities by combining top-down analysis with a focus on key growth characteristics.

PORTFOLIO FIT

The Fund can provide a long-term core equity allocation, which exhibits potentially lower volatility and delivers attractive income.

FUND NASDAQ SYMBOLS

A Shares	CVTRX
C Shares	CVTCX
I Shares	CGIIX
R6 Shares	CGIOX

FUND CUSIP NUMBERS

A Shares	128119104
C Shares	128119831
I Shares	128119872
R6 Shares	128120326

CALAMOS GROWTH AND INCOME FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12 months ended October 31, 2022 ("annual period"), Calamos Growth and Income Fund posted a return of -15.55% (Class I Shares at net asset value). In comparison, the S&P 500 Index returned -14.61%, and the ICE BofA All US Convertibles ex Mandatory Index registered a loss of -21.86% for the annual period. We manage this Fund with the goal of achieving upside equity participation and potential downside risk mitigation over full market cycles. For the annual period, Calamos Growth and Income Fund captured 86% of the all-equity index's returns. Since its Class I shares inception on September 18, 1997, the Fund has returned 9.38% on an annualized basis versus a 7.75% gain for the S&P 500 Index and an 8.03% return for the ICE BofA All US Convertibles ex Mandatory Index.

Please discuss the Fund's lower-volatility characteristics.

We believe the Fund's historical lower volatility characteristics are a by-product of our investment style and focus on participating in equity market upside with less volatility than the market as a whole. Beta is one popular statistic for measuring volatility. Beta considers a fund's historic volatility versus the market, which is assigned a beta of 1.0. A fund with half the volatility of the market would have a beta of 0.5, whereas a fund with a beta of 2.0 would have been twice as volatile as the market. Since its inception, the Fund has had a beta of 0.76 (Class I shares) versus the S&P 500 Index. The Fund, therefore, outperformed the broader equity market as measured by the S&P 500 Index and with less volatility. Please note that past performance does not indicate future results and that beta is one of many measures of risk.

What factors influenced performance during the annual period?

During the annual period, equity markets were overwhelmed with a steady diet of concerning news. Perhaps the biggest source of worry was the US Federal Reserve (the Fed) and the path it might take in an effort to tame inflation. Prior to the start of this annual period, the Fed had increased its inflation forecasts, raising the level of concern for market participants. As the Fed continued to raise inflation expectations while speaking more aggressively about interest rate hikes, longer duration equities (those businesses whose values significantly depend on high and growing cash flows over longer time frames) began to struggle in mid-to-late November 2021.

In February 2022, Russia invaded Ukraine, further adding to macroeconomic distress, in addition to the human tragedies associated with the conflict. The war disrupted many facets of life, but notably from an economic perspective, it led to reductions in energy and food supplies, further adding to global inflation woes. The Fed began interest rate hikes on March 17, 2022, and by the end of the annual period had raised rates five times for a total of 300 basis points while pointing to additional aggressive hikes still to come.

The US equity market, as measured by the S&P 500 Index, peaked in early January, although the decline has been interrupted by several strong rallies that offered hope that the worst economic fears may have already been priced into the market. At the end of the annual period, equity markets were in the midst of another solid rally in advance of a significant and contentious US midterm election. Adding to investors' woes over the period, the bond market delivered a difficult performance as evidenced by the Bloomberg US Aggregate Bond Index's -15.68% return.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
38

Calamos Growth and Income Fund   (Unaudited)

Convertible securities also saw a precipitous decline of -17.07% for the period, as reported above. Although convertible securities historically haven't declined more than the broad equity market, investors were highly averse to small to mid-sized growth companies during the annual period, and the underlying equities of convertible issuers (which lean heavier toward small and mid caps) saw a drop of approximately -37% during the 12-month period—similar to the performance of small-cap or mid-cap growth equity indices. When measured against the underlying equities, convertible securities did offer more traditional downside resilience. More recently, convertible securities have participated to a higher degree in a more traditional pattern relative to the broad equity market as small and mid-sized growth businesses have been under less intense selling pressure than they were during the first few months of this annual period.

Within the equity market, value stocks were more in favor over the period, as noted earlier. The S&P 500 Value Index declined -3.66% for the past 12 months, whereas the S&P 500 Growth Index fell -24.43%, and the overall S&P 500 Index returned -14.61%. In the S&P 500 Index, energy was the big winner with a 65% return as a result of global supply concerns. More defensively oriented areas, such as consumer staples (+5%) and utilities (+3%) fared well, whereas health care (+1%) also finished in positive territory for the period. Industrials (-8%), materials (-11%) and financials (-14%) led the overall index, whereas information technology (-20%), real estate (-21%), consumer discretionary (-29%) and communication services (-41%) lagged.

For the 12-month annual period, the Fund slightly lagged the all-equity index because of issue selection with a slight bias toward quality growth stocks versus a market that rewarded more value-oriented stocks. As mentioned, the period was an uncharacteristically difficult period for convertible bonds relative to the broad equity market, although convertible preferred securities held in the portfolio did contribute to relative performance. From a sector allocation perspective, the portfolio's overweight to energy, the equity market's leading sector, was additive as was an underweight to information technology and a temporarily higher level of cash in light of difficult market conditions. Conversely, an underweight to health care and an overweight to communication services detracted from a sector perspective. At the individual position level, selection within health care and financials lagged those of the all-equity index. Health care holdings in pharmaceuticals gained handsomely but lagged those of the all-equity index, and financials sector investments in multi-sector holdings life & health insurance held back return.

How is the Fund positioned?

We believe the best positioning for this environment remains a defensive posture with a focus on lower-risk businesses that offer lower beta, high-quality balance sheets and higher return on capital. Areas such as health care, lower beta staples, defense, software (cyber defense and system software) and parts of telecom provide some of those attributes. We have been positive on the supply/demand environment for energy, but we are turning somewhat cautious as global growth slows. From an asset class perspective, cash and short-term Treasuries are now a useful tool to lower volatility in a multi-asset class portfolio, given their current positive yields. Despite elevated absolute volatility, we are selectively using options to gain some cyclical exposure in case our watch factors surprise to the upside.

What closing thoughts do you have for Fund shareholders?

In challenging economic and market environments, we believe that balancing the long- and short-term outlooks provides the best insights for portfolio positioning.

SECTOR WEIGHTINGS

Information Technology	23.7	%
Health Care	14.6
Consumer Discretionary	10.4
Financials	8.9
Communication Services	8.2
Industrials	7.3
Energy	6.2
Consumer Staples	5.5
Utilities	3.2
Materials	1.9
Real Estate	1.3
Other	0.2

Sector weightings are subject to change daily and are calculated as a percentage of net assets. The table excludes cash or cash equivalents, any government/sovereign bonds or broad based index hedging securities the Fund may hold.

www.calamos.com
39

Calamos Growth and Income Fund   (Unaudited)

Focusing on either one exclusively can lead to overly optimistic or pessimistic positioning that may not be warranted in the volatile markets.

We remain confident that the positive long-term growth trajectory of the US economy and the cash flow generation capabilities of US companies remain intact. The ability of management teams to seek to identify emerging short- and long-term trends and the adaptability of business models and cost structures are central to our long-term favorable view. We see attractive long-term upside in the US equity market from current market levels, which we view at fair value or below fair value for a majority of US companies.

In the short term, the extreme conditions (both positive and negative) that occurred during the past two years dominated by the pandemic have not yet reverted to a more normal environment or to the long-term mean. Since mid-2021 our expectation has been for a lower growth environment in 2022 and 2023. This slower growth outlook has been exacerbated by the war in Ukraine and China's Covid-19 shutdowns. These two factors also have worsened the inflation environment, causing most central banks around the world to raise interest rates, which should further slow growth. As we have seen so far in 2022, slowing growth, high inflation and rising interest rates have led to significant declines in asset prices. We have yet to see significant reductions in earnings estimates, but we can expect that to occur in the near term for any number of reasons.

A mean reversion transition needs to occur for the challenging short-term environment to migrate to the more normalized long-term trend. We are watching several factors that would indicate this trend is occurring. Those factors include improved labor market participation; a normalization of consumer spending versus income, including lower real goods consumption; lower retail inventory levels; improved supply chains for certain areas of manufacturing; improved supply/demand for commodities (oil and food); central banks slowing their restrictive policies; resumption of activity in China; and a reduction in military activity in Ukraine. This list is long, and many of these factors may take a long time to sort out. However, the equity markets are forward looking, so improvement in any of these factors should be positive for asset markets.

ANNUALIZED RETURN: SINCE INCEPTION (9/18/97) THROUGH 10/31/22

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted.

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund's Class I shares at net asset value. The Fund also offers Class A, Class C and Class R6 shares, the performance of which may vary. Source: State Street Corporation and Morningstar Direct.

*  Annual returns for Class I shares are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
40

Calamos Growth and Income Fund   (Unaudited)

GROWTH OF $1,000,000: FOR THE 10-YEAR PERIOD ENDED 10/31/22

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/22

	1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 9/22/88
Without Sales Charge		-15.77	%		8.71	%		9.00	%
With Sales Charge		-19.76			7.66			8.47
Class C Shares – Inception 8/5/96
Without Sales Charge		-16.41			7.90			8.18
With Sales Charge		-17.21			7.90			8.18
Class I Shares – Inception 9/18/97		-15.55			8.99			9.27
Class R6 Shares – Inception 6/23/20^		-15.50						8.52

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

As of the prospectus dated 3/1/22, the Fund's gross expense ratio for Class A shares is 1.06%, Class C shares is 1.81%, Class I shares is 0.81% and Class R6 shares is 0.73%. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

†  Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares. Returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graphs do not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes.

The S&P 500 Index is an unmanaged index generally considered representative of the US stock market.

The ICE BofA All US Convertibles EX Mandatory Index represents the US convertibles securities market excluding mandatory convertibles.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

The Fund's use of derivative instruments involves investment risks and transaction costs to which the Fund would not be subject absent the use of these instruments and, accordingly, may result in losses greater than if they had not been used. Derivative instruments can be illiquid, may disproportionately increase losses and may have a potentially large impact on Fund performance.

www.calamos.com
41

Calamos Dividend Growth Fund   (Unaudited)

OVERVIEW

The Fund invests in companies that we believe have the ability to increase dividends over time, either through increasing profits or more efficient use of capital.

KEY FEATURES

^◼  Employs bottom-up stock picking and a benchmark-agnostic approach.

^◼  Focuses on good businesses with solid cash flows and value prices.

PORTFOLIO FIT

The Fund may be suitable for investors seeking a regular stream of income and dividend-paying equity investments that tend to be less volatile than non-dividend payers.

FUND NASDAQ SYMBOLS

A Shares	CADVX
C Shares	CCDVX
I Shares	CIDVX

FUND CUSIP NUMBERS

A Shares	128120839
C Shares	128120821
I Shares	128120813

CALAMOS DIVIDEND GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12 months ended October 31, 2022 ("annual period"), Calamos Dividend Growth Fund returned -14.76% (Class I shares at net asset value), in line with the S&P 500 Index return of -14.61%.

What factors influenced performance during the annual period?

During the annual period, equity markets were overwhelmed with a steady diet of concerning news. Perhaps the biggest source of worry was the US Federal Reserve (the Fed) and the path it might take in an effort to tame inflation. Prior to the start of this annual period, the Fed had increased its inflation forecasts, raising the level of concern for market participants. As the Fed continued to raise inflation expectations while speaking more aggressively about interest rate hikes, longer-duration equities (those businesses whose values significantly depend on high and growing cash flows over longer time frames) began to struggle in mid-to-late November 2021.

In February 2022, Russia invaded Ukraine, further adding to macroeconomic distress, notwithstanding the human tragedies associated with the armed conflict. The war disrupted many facets of life, but most notably, from an economic perspective, it led to reductions in energy and food supplies, further adding to global inflation woes. The Fed began interest rate hikes on March 17, 2022, and by the end of the annual period had raised rates five times for a total of 300 basis points while pointing toward additional aggressive hikes still to come.

The US equity market, as measured by the S&P 500 Index, peaked in early January, but the decline has been interrupted by several strong rallies, which offered hope that the worst economic fears may have already been priced into the market. At the end of the annual period, equity markets were in the midst of another solid rally in advance of a significant and contentious US midterm election. Adding to investors' woes, the bond market delivered difficult performance as evidenced by the Bloomberg US Aggregate Bond Index, registering a -15.68% return for the period.

Within the equity market, value stocks were more in favor over the period, as noted earlier. The S&P 500 Value Index declined -3.66% for the past 12 months, whereas the S&P 500 Growth Index fell -24.43%, and the overall S&P 500 Index returned -14.61%. In the S&P 500 Index, energy was the big winner with a 65% return on account of global supply concerns. More defensively oriented areas such as consumer staples (+5%) and utilities (+3%) fared well, whereas health care (+1%) also finished in positive territory for the period. Industrials (-8%), materials (-11%) and financials (-14%) led the overall index, whereas information technology (-20%), real estate (-21%), consumer discretionary (-29%) and communication services (-41%) all lagged.

The Fund's focus on higher cash flows and higher dividend yielding securities was a positive contributor to performance over the period, but a slight bias toward stocks with higher growth attributes as a result of sector decisions hindered performance in light of the market's preference for value stocks. From a sector perspective, decisions were a net positive to relative performance. The Fund was smartly overweight in the energy sector, which was the top-performing sector, and underweight in communication services, the worst-performing sector, which was also a positive relative contributor. A slight overweight to consumer discretionary

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
42

Calamos Dividend Growth Fund   (Unaudited)

stocks detracted from a sector perspective. Individual security selections were a net drag on relative performance. Selections in consumer discretionary hindered relative performance as growthier names struggled relative to the market, and holdings in the auto parts & equipment and general merchandise stores industries hurt relative returns. Selection in financials lagged those of the market, and multi-sector holdings and our nonparticipation in life & health insurance held back return.

How is the Fund positioned?

The Fund remains broadly diversified by sector, favoring investments in dividend-paying equities. Allocations to health care and energy rose during the period, with increased weights in pharmaceuticals and integrated oil & gas. By contrast, allocations to consumer discretionary and communication services decreased over the period with reductions to internet & direct marketing retail and interactive media & services. We continue to seek higher-quality businesses with dividends or dividend growth potential, which in our view should continue to serve the portfolio well in an uncertain market environment.

What closing thoughts do you have for Fund shareholders?

In challenging economic and market environments, we believe that balancing the long- and short-term outlooks provides the best insights for portfolio positioning. Focusing on either one exclusively can lead to overly optimistic or pessimistic positioning that may not be warranted in the volatile markets.

We remain confident that the positive long-term growth trajectory of the US economy and the cash flow generation capabilities of US companies remain intact. The ability of management teams to seek to identify emerging short- and long-term trends along with the adaptability of business models and cost structures are central to our long-term favorable view. We see attractive long-term upside in the US equity market from current market levels, which we view at fair value or below fair value for a majority of US companies.

In the short term, the extreme conditions (both positive and negative) of the past two years, dominated by the pandemic, have not yet reverted to a more normal environment or to the long-term mean. Since mid-2021, our expectation has been for a lower growth environment in 2022 and 2023. This slower growth outlook has been exacerbated by the war in Ukraine and China's Covid-19 shutdowns. These two factors have also worsened the inflation environment, causing most central banks around the world to raise interest rates, which should further slow growth. As we have seen so far in 2022, slowing growth, high inflation and rising interest rates have led to significant declines in asset prices. We have yet to see significant reductions in earnings estimates, but we can expect that to occur in the near term for any number of reasons.

A mean reversion transition needs to occur for the challenging short-term environment to migrate to a more normalized long-term trend. We are watching several factors that would indicate this trend is occurring. These include improved labor market participation; a normalization of consumer spending versus income, including lower real goods consumption; lower retail inventory levels; improved supply chains for certain areas of manufacturing; improved supply/demand for commodities (oil and food); central banks slowing their restrictive policies; resumption of activity in China; and a reduction in military activity in Ukraine. This list is daunting, and many of these factors may take a long time to sort out. However, the equity markets are forward looking, so improvement in any of these factors should be positive for asset markets.

SECTOR WEIGHTINGS

Information Technology	25.7	%
Health Care	15.8
Financials	10.5
Consumer Discretionary	10.2
Consumer Staples	7.6
Communication Services	6.4
Industrials	6.4
Energy	6.2
Utilities	3.2
Other	2.8
Materials	1.8
Real Estate	0.6

Sector weightings are subject to change daily and are calculated as a percentage of net assets. The table excludes cash or cash equivalents, any government/sovereign bonds or broad based index hedging securities the Fund may hold.

www.calamos.com
43

Calamos Dividend Growth Fund   (Unaudited)

GROWTH OF $1,000,000: SINCE INCEPTION (8/05/13) THROUGH 10/31/22

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/22

	1 YEAR			5 YEARS			SINCE INCEPTION
Class A Shares – Inception 8/5/2013
Without Sales Charge		-15.01	%		9.60	%		8.86	%
With Sales Charge		-19.02			8.54			8.29
Class C Shares – Inception 8/5/2013
Without Sales Charge		-15.63			8.78			8.05
With Sales Charge		-16.41			8.78			8.05
Class I Shares – Inception 8/5/2013		-14.76			9.89			9.14

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

As of the prospectus dated 3/1/22, the Fund's gross expense ratio for Class A shares is 2.04%, Class C shares is 2.78% and Class I shares is 1.80%. The Fund's Investment Adviser has contractually agreed to reimburse Fund expenses through 3/1/23 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) of Class A, Class C and Class I shares are limited to 1.35%, 2.10%,1.10% of average net assets, respectively. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

†  Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum frontend sales load of 4.75% for Class A shares. Returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graph does not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes.

The S&P 500 Index is an unmanaged index generally considered representative of the US stock market.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
44

Calamos Select Fund   (Unaudited)

CALAMOS SELECT FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12-months ended October 31, 2022 ("annual period"), Calamos Select Fund returned -16.00% (Class I shares at net asset value), trailing the S&P 500 Index return of -14.61%.

What factors influenced performance during the annual period?

During the annual period, equity markets were overwhelmed with a steady diet of concerning news. Perhaps the biggest source of worry was the US Federal Reserve (the Fed) and the path it might take in an effort to tame inflation. Prior to the start of this annual period, the Fed had increased its inflation forecasts, raising the level of concern for market participants. As the Fed continued to raise inflation expectations while speaking more aggressively about interest rate hikes, longer duration equities (those businesses whose values significantly depend on high and growing cash flows over longer time frames) began to struggle in mid-to-late November 2021.

In February 2022, Russia invaded Ukraine, further adding to macroeconomic distress, in addition to the human tragedies associated with the conflict. The war disrupted many facets of life, but notably from an economic perspective, it led to reductions in energy and food supplies, further adding to global inflation woes. The Fed began interest rate hikes on March 17, 2022, and by the end of the annual period, it had raised rates five times, totaling 300 basis points while pointing to additional aggressive hikes still to come.

The US equity market, as measured by the S&P 500 Index, peaked in early January, though the decline has been interrupted by several strong rallies, which offered hope that the worst economic fears may have already been priced into the market. At the end of the annual period, equity markets were in the midst of another solid rally in advance of a significant and contentious midterm election in the United States. Adding to investors' woes over the annual period, the bond market delivered difficult performance, as evidenced by the Bloomberg US Aggregate Bond Index's -15.68% return.

Within the equity market, value stocks were more in favor over the period, seen in the S&P 500 Value Index's modest -3.66% decline over the past 12 months, whereas the S&P 500 Growth Index fell -24.43%, and the overall S&P 500 Index declined -14.61%. Energy was the big winner in the S&P 500 Index because of global supply concerns, with a 65% return. More defensively oriented areas such as consumer staples (+5%) and utilities (+3%) fared well, and health care (+1%) also finished in positive territory for the period. Industrials (-8%), materials (-11%) and financials (-14%) led the overall index, whereas information technology (-20%), real estate (-21%), consumer discretionary (-29%) and communication services (-41%) lagged.

Overall, sector allocations were additive to the Fund's relative performance over the annual period, highlighted by an overweight to consumer staples and underweight to information technology. Although sector positioning was helpful, security selection within sectors caused a relative drag on performance. The portfolio favored names with higher growth opportunities and was not

OVERVIEW

The Fund primarily invests in a concentrated portfolio of large-cap US equities with broad representation across sectors and industries. In addition, the Fund can invest across investment styles in the US equity market.

KEY FEATURES

^◼  Security selection is based mainly on Calamos analysts' highest conviction ideas. We leverage the collective expertise of the firm's research analysts, who average 15+ years of experience in their areas of expertise.

^◼  The investment process is driven by rigorous fundamental and sector-specific research. The goal is to maximize exposure to opportunities the team believes are compelling.

^◼  Quantitative tools help minimize systematic risks across both sectors and factors. We use quantitative tools to minimize unintended bets and maximize the impact of security selection.

PORTFOLIO FIT

Because the Fund pairs a high-conviction approach with a broad investment universe, we believe it is an attractive choice for investors seeking a long-term core equity allocation to US stocks.

FUND NASDAQ SYMBOLS

A Shares	CVAAX
C Shares	CVACX
I Shares	CVAIX

FUND CUSIP NUMBERS

A Shares	128119666
C Shares	128119641
I Shares	128119633

www.calamos.com
45

Calamos Select Fund   (Unaudited)

SECTOR WEIGHTINGS

Information Technology	20.7	%
Health Care	15.8
Financials	11.0
Consumer Discretionary	10.5
Industrials	9.6
Consumer Staples	7.9
Communication Services	7.6
Energy	7.0
Utilities	2.4
Materials	1.6
Other	1.3

Sector weightings are subject to change daily and are calculated as a percentage of net assets. The table excludes cash or cash equivalents, any government/sovereign bonds or broad based index hedging securities the Fund may hold.

overweight toward the outright cheap names in the index, which the market favored during the period. Security selection within the information technology sector, notably holdings in the internet services & infrastructure and semiconductors industries, underperformed during the period, given that investors shied away from higher growth stocks. Additionally, selection within the footwear and auto parts & equipment industries of the consumer discretionary sector lagged.

How is the Fund positioned?

At the end of the period, in terms of economic sectors, the largest portfolio weight resides in information technology. Yet this sector also represents our largest underweight to the S&P 500 Index because we remain selective within this commonly long-duration equity sector. At the period's end, we hold no names within the real estate sector. The Fund maintains its overweight allocations to consumer staples and industrials relative to the index. Food distributors and railroads represent the largest industry overweights within the respective sectors. Allocations to health care and energy rose during the period, with increased weights in pharmaceuticals and integrated oil & gas. By contrast, allocations to information technology and communication services decreased over the period, with reductions to application software and interactive media & services.

What closing thoughts do you have for Fund shareholders?

Volatile markets are never easy, and we expect many investors will be surprised that, despite the ups and downs and tremendous negative sentiment, the last third of the annual period was marginally positive yet volatile for Fund and market performance. Looking ahead, we are confident the current wall of worry will be less severe than feared. Interest rates are expected to end the year around 4.00% to 4.25%, but future rate hikes should be more modest from there. Supply chains are healing rapidly, and inventory levels are now healthy. At the same time, consumers still have relatively strong balance sheets, and the job market remains healthy overall. All of these conditions should lay the foundation for solid, if more muted, earnings growth going forward.

At the time of this writing, we've just passed the midterm elections. Though the final outcomes are still to be determined, it appears that the United States will have a divided or balanced Congress, which typically translates to more moderate government actions—traditionally a positive from the market's point of view. Historically, this is a seasonally stronger period for equity markets—the period just before and well after midterm elections. Despite these potentially helpful developments, volatility will likely remain elevated as the European energy crisis and broader economic impact from a still-recovering zero-Covid China play out. Inflation appears to have peaked, though it will likely take a few months or quarters to return to more normal levels. We believe that long-term investors will look back and realize that the earnings power of US growth companies was not permanently damaged. America remains one of the most dynamic financial markets in the world. As interest rates stabilize and earnings growth resumes, we believe the rally in growth stocks will as well.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
46

Calamos Select Fund   (Unaudited)

ANNUALIZED RETURN: SINCE INCEPTION (3/1/02) THROUGH 10/31/22

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted.

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund's Class I shares at net asset value. The Fund also offers Class A and Class C shares, the performance of which may vary. Performance shown reflects an expense reimbursement that improved results. Source: State Street Corporation and Morningstar Direct.

*  Annual returns for Class I shares are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

www.calamos.com
47

Calamos Select Fund   (Unaudited)

GROWTH OF $1,000,000: FOR THE 10-YEAR PERIOD ENDED 10/31/22

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/22

	1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 1/2/02
Without Sales Charge		-16.22	%		7.97	%		9.16	%
With Sales Charge		-20.20			6.93			8.63
Class C Shares – Inception 1/2/02
Without Sales Charge		-16.85			7.17			8.36
With Sales Charge		-17.61			7.17			8.36
Class I Shares – Inception 3/1/02		-16.00			8.23			9.43

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

As of the prospectus dated 3/1/22, the Fund's gross expense ratio for Class A shares is 1.57%, Class C shares is 2.33% and Class I shares is 1.32%. The Fund's investment adviser has contractually agreed to reimburse Fund expenses through March 1, 2023, to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C, and Class I are limited to 1.15%, 1.90%, and 0.90% of average net assets, respectively. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

†  Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graphs do not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes.

The S&P 500 Index is an unmanaged index generally considered representative of the US stock market.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
48

Calamos International Growth Fund   (Unaudited)

CALAMOS INTERNATIONAL GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12 months ended October 31, 2022 ("annual period"), Calamos International Growth Fund returned -36.54% (Class I shares at net asset value), versus a -29.35% return for the MSCI EAFE Growth Index and 24.35% return for the MSCI ACWI ex USA Index for the period. The Fund's return landed within the 78th percentile of the Morningstar Foreign Large Growth category during the annual period.*

Since its inception on March 17, 2005, the Fund has returned 6.12% on an annualized basis (Class I shares at net asset value) ahead of the 4.89% return for the MSCI EAFE Growth Index and the 4.32% return for the MSCI ACWI ex USA Index. We believe this demonstrates the Fund's ability to generate long-term excess returns over complete market cycles.

What factors influenced performance during the annual period?

International stocks faced a challenging environment over the annual period amid a backdrop of persistently higher inflation, rising interest rates, and heightened geopolitical tension. Looking forward, investors and companies have lowered expectations, reflecting risks around interest rates, high commodity costs, and slowing demand fundamentals. The Calamos International Growth Fund lagged the MSCI EAFE Growth Index over the period due to trailing relative security selection. Our holdings in foreign companies with secular and cyclical growth characteristics trailed the more defensive and dividend-oriented areas that held up relatively better amid the broad global equity sell-off.

The Fund's average overweight stance and favorable security selection in energy helped relative performance. In particular, positions in the integrated oil & gas industry and names in the oil & gas exploration & production industry delivered gains. Security selection in materials added to the Fund's performance, especially in the diversified metals & mining and copper industries.

Over the period, security selection and an average overweight allocation within the information technology sector hampered relative results. Holdings in the semiconductors and application software industries notably underperformed. Selection and an average overweight stance within the internet & direct marketing retail and auto parts & equipment industries of the consumer discretionary sector also curbed return.

From a geographic standpoint, the Fund's relative underweight in emerging markets contributed to performance over the period. Specifically, the Fund's underweight position in Emerging Asia and EMEA added value. On the flipside, the Fund's relative security selection in Emerging Asia and Japan detracted from relative results, as growth-oriented businesses in those markets trailed the benchmark.

*  Data as of 10/31/22. Morningstar category percentile ranking is based on annualized total return for the 1-year, 3-year, 5-year and 10-year periods. Calamos International Growth Fund Class I Shares were in the 78th, 11th, 36th and 57th percentiles of 444, 387, 346 and 223 funds for the 1-year, 3-year, 5-year and 10-year periods, respectively, for the Morningstar Foreign Large Growth category.

OVERVIEW

The Fund offers a dynamic approach to accessing international growth opportunities. We apply our active investment approach to build a portfolio of companies with superior growth and quality attributes across developed and emerging market.

KEY FEATURES

^◼  Identifies companies with compelling growth, competitive advantages and financial strength.

^◼  Identifies durable secular themes that provide a tailwind for sustainable growth and a franchise premium.

^◼  Investment universe spans geographies and market caps, providing a wide breadth of opportunities.

^◼  Takes environmental, social and governance (ESG) factors into account, evaluating the effects on a company's risk profile, cash flow and long-term returns.

PORTFOLIO FIT

As an active, true growth offering with a differentiated return profile, the Fund can potentially help investors optimize capital appreciation within their international allocation.

FUND NASDAQ SYMBOLS

A Shares	CIGRX
C Shares	CIGCX
I Shares	CIGIX
R6 Shares	CIGOX

FUND CUSIP NUMBERS

A Shares	128119575
C Shares	128119559
I Shares	128119542
R6 Shares	128120425

www.calamos.com
49

Calamos International Growth Fund   (Unaudited)

SECTOR WEIGHTINGS

Information Technology	19.1	%
Consumer Discretionary	17.5
Industrials	15.9
Health Care	14.6
Financials	14.1
Consumer Staples	6.8
Energy	4.3
Communication Services	3.0
Materials	2.4
Other	2.2

Sector weightings are subject to change daily and are calculated as a percentage of net assets. The table excludes cash or cash equivalents, any government/sovereign bonds or broad based index hedging securities the Fund may hold.

How is the Fund positioned?

The Fund's regional and country positioning reflects the combined inputs from our top-down global framework and our bottom-up security analysis. Our investment team evaluates macroeconomic factors and growth opportunities, actively integrating them into the investment decision-making process.

^◼  We positioned the Fund with a combination of secular and cyclical growth companies, commodity exposures, select defensives, and reopening opportunities. We are emphasizing companies with pricing power, positive earnings momentum, quality balance sheets, and attractive valuations.

^◼  Information technology, consumer discretionary and industrials are the largest sector weights. Key industry positions include pharmaceuticals, apparel & luxury goods, semiconductor equipment, diversified banks, aerospace & defense, internet retail, and integrated oil & gas.

^◼  We own holdings in energy and materials, with companies positioned to benefit from favorable supply-and-demand dynamics, attractive capital efficiency, and cash flow characteristics.

^◼  We have an underweight stance in more defensive areas, including utilities, real estate, consumer staples and traditional telecoms.

From a geographic perspective, we own diversified holdings in Europe with a blend of end markets and business types. Our positioning largely consists of higher-quality global businesses that sustain strong balance sheets and demonstrate less reliance on demand in Europe. We own companies in Japan with durable business models, positioned to benefit from improving exports and relative earnings momentum. We own positions in emerging markets across a diverse set of economies and within key demand areas, including semiconductor equipment, interactive media, and higher-quality financials.

What closing thoughts do you have for Fund shareholders?

International stocks continue to confront a set of complex crosscurrents. We are analyzing many aspects of economic activity, alongside evolving policy actions, corporate earnings, and geopolitical factors. With persistent global inflation and tighter monetary policy, the financial markets remain uncertain, and we expect global volatility will continue until these risks resolve. Within this complicated environment, we seek to identify ways to capitalize on volatility, including a range of opportunities at the thematic, regional and market-cap level.

In terms of Fund positioning, we emphasize companies with favorable pricing power, stronger earnings momentum, quality balance sheets and attractive valuations. From a sector perspective, we see opportunities in technology, industrials, health care, financials, consumer discretionary, and energy with compelling fundamentals. We believe our active investment approach and long-term perspective positions us to take advantage of the volatility and opportunities in international markets.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
50

Calamos International Growth Fund   (Unaudited)

ANNUALIZED RETURN: SINCE INCEPTION (3/16/05) THROUGH 10/31/22

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted.

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund's Class I shares at net asset value. The Fund also offers Class A, Class C and Class R6 shares, the performance of which may vary. Source: State Street Corporation and Morningstar Direct.

*  Annual returns for Class I shares are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

www.calamos.com
51

Calamos International Growth Fund   (Unaudited)

GROWTH OF $1,000,000: FOR THE 10-YEAR PERIOD ENDED 10/31/22

AVERAGE ANNUAL TOTAL RETURN^†

	1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 3/16/05
Without Sales Charge		-36.67	%		1.18	%		4.15	%
With Sales Charge		-39.68			0.20			3.64
Class C Shares – Inception 3/16/05
Without Sales Charge		-37.18			0.42			3.37
With Sales Charge		-37.70			0.42			3.37
Class I Shares – Inception 3/16/05		-36.54			1.42			4.41
AVERAGE ANNUAL TOTAL RETURN† AS OF 10/31/22		-36.47						2.33

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

As of the prospectus dated 3/1/22, the Fund's gross expense ratio for Class A shares is 1.56%, Class C shares is 2.31%, Class I shares is 1.31% and Class R6 shares is 1.22%. The Fund's investment adviser has contractually agreed to reimburse Fund expenses through March 1, 2023 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C, and Class I are limited to 1.10%, 1.85%, and 0.85% of average net assets, respectively. The Fund's investment adviser has contractually agreed to limit the Fund's annual ordinary operating expenses for Class R6 shares (as a percentage of average net assets) to 0.85% less the annual sub-transfer agency ratio for the Fund. The annual sub-transfer agency ratio is equal to the aggregate sub-transfer agency expenses common to the other share classes of the Fund divided by the aggregate average annual net assets of the Fund's other share classes. For purposes of these expense limitations, operating expenses do not include taxes, interest, short interest, short dividend expenses, all commissions and other normal charges incident to the purchase and sale of portfolio securities, and extraordinary expenses, if any. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

†  Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graphs do not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes.

The MSCI EAFE Growth Index measures developed market growth equity performance (excluding the US and Canada).

The MSCI ACWI ex USA Index represents the performance of large- and mid-cap stocks across developed and emerging markets excluding the United States. The MSCI ACWI ex USA Index is provided to show how the Fund's performance compares with the returns of an index of securities similar to those in which the Fund invests.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

The Fund's use of derivative instruments involves investment risks and transaction costs to which the Fund would not be subject absent the use of these instruments and, accordingly, may result in losses greater than if they had not been used. Derivative instruments can be illiquid, may disproportionately increase losses and may have a potentially large impact on Fund performance.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
52

Calamos Evolving World Growth Fund   (Unaudited)

CALAMOS EVOLVING WORLD GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12 months ended October 31, 2022 ("annual period"), Calamos Evolving World Growth Fund returned -34.39% (Class I shares at net asset value) versus a -30.73% return for the MSCI Emerging Markets Index. Since its Class I shares inception on August 15, 2008, the Fund has returned 3.53% on an annualized basis compared with the 1.31% return of the MSCI Emerging Markets Index. We believe this demonstrates the Fund's ability to access emerging market opportunities and deliver leading returns while pursuing a risk-managed investment approach over complete market cycles

What factors influenced performance during the annual period?

Emerging markets struggled during the annual period against a backdrop of persistently higher inflation, tighter monetary policy, a strong dollar and geopolitical tension. Looking forward, investors and companies have lowered expectations in response to risks concerning interest rates, high commodity costs, and slowing demand fundamentals.

Pursuant to our strategies, the Calamos Evolving World Growth Fund navigated the volatile global markets by employing an active blend of economic cohorts across a wide investment universe. The Fund's return trailed the index over the 12-month period due primarily to relative security selection. Our holdings in emerging market companies with secular and cyclical growth characteristics trailed the more defensive and value-oriented market areas that held up relatively better amid the significant sell-off in emerging markets.

The Fund's favorable security selection in energy helped buoy relative returns. In particular, our holdings in the integrated oil & gas and oil & gas exploration & production industries represented major contributors. Leading security selection in consumer staples added to the Fund's performance. Holdings in soft drinks and hypermarkets & super centers were the main contributors.

Over the period, security selection and an average underweight stance within the information technology sector detracted from relative performance. Holdings in semiconductors and IT consulting & other services lost ground on a relative basis. Selection in communication services held back return. Specifically, holdings in interactive home entertainment and our lack of representation in integrated telecommunication services hindered results.

From a geographic standpoint, the Fund benefitted from leading security selection and an underweight allocation in EMEA. In contrast, the Fund's security selection in Emerging Asia hampered returns. Specifically, our holdings in Taiwan and China trailed their peers in the benchmark, as growth-oriented names underperformed in the period. In addition, security selection in Emerging Latin America dampened relative results, while our average overweight position was supportive.

OVERVIEW

The Fund offers an active, risk-managed strategy to access growth opportunities in emerging markets. The Fund invests in emerging market-domiciled and developed market-domiciled companies with significant revenue exposures attributable to emerging markets.

KEY FEATURES

^◼  Focuses on higher-quality companies with compelling growth attributes.

^◼  Conducts research across the capital structure and utilizes Calamos' experience in convertible securities to dynamically manage the risk profile.

^◼  Emphasizes countries enacting structural reforms and improving economic freedoms, which we believe enhances growth prospects and mitigates risk.

^◼  Identifies durable secular themes that provide a tailwind for sustainable growth and a franchise premium.

PORTFOLIO FIT

Because of its focus on risk management, the fund can serve as a long-term emerging-market allocation.

FUND NASDAQ SYMBOLS

A Shares	CNWGX
C Shares	CNWDX
I Shares	CNWIX

FUND CUSIP NUMBERS

A Shares	128119161
C Shares	128119146
I Shares	128119138

www.calamos.com
53

Calamos Evolving World Growth Fund   (Unaudited)

SECTOR WEIGHTINGS

Financials	20.7	%
Consumer Discretionary	18.3
Information Technology	17.1
Industrials	13.8
Consumer Staples	8.4
Energy	7.9
Materials	4.2
Health Care	4.0
Communication Services	2.7
Real Estate	1.9
Other	0.8
Utilities	0.6

Sector weightings are subject to change daily and are calculated as a percentage of net assets. The table excludes cash or cash equivalents, any government/sovereign bonds or broad based index hedging securities the Fund may hold.

How is the Fund positioned?

We maintain a vigilant but constructive view on medium-term opportunities in emerging markets. Our Fund positioning favors a blend of secular and cyclical growth companies, in addition to commodity exposures, reopening opportunities and select defensives. From a sector perspective, the largest weights reside in financials, consumer discretionary and information technology. We own holdings within key demand areas, including high-quality financials, internet retail, semiconductors, interactive media & services, apparel & luxury goods, and aerospace. We hold low weights or underweights in utilities and traditional telecoms. From a geographic perspective, we favor investments in India, Brazil, select names in China and increased opportunities in Southeast Asia and the Middle East.

What closing thoughts do you have for Fund shareholders?

Emerging markets continue to navigate a set of complex crosscurrents. We are analyzing many aspects of economic activity, evolving central bank policy, corporate earnings, and geopolitical factors. With inflationary pressures persisting and monetary policy tightening, markets remain uncertain, and we expect equity volatility to continue until these risks resolve. Despite this complicated backdrop, we seek to identify ways to capitalize on volatility, including a range of opportunities at the sector and thematic levels.

In terms of Fund positioning, we favor companies with pricing power, strong earnings momentum and high-quality balance sheets. From a sector perspective, we see opportunities in consumer discretionary, financials, information technology, industrials, and energy with attractive bottom-up fundamentals. We believe that our active investment approach and long-term perspective position us to take advantage of the volatility and opportunities in emerging markets.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
54

Calamos Evolving World Growth Fund   (Unaudited)

ANNUALIZED RETURN: SINCE INCEPTION (8/15/08) THROUGH 10/31/22

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted.

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund's Class I shares at net asset value. The Fund also offers Class A and Class C shares, the performance of which may vary. Source: State Street Corporation and Morningstar Direct.

*  Annual returns for Class I shares are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

www.calamos.com
55

Calamos Evolving World Growth Fund   (Unaudited)

GROWTH OF $1,000,000: FOR THE 10-YEAR PERIOD ENDED 10/31/22

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/22

	1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 8/15/08
Without Sales Charge		-34.55	%		0.19	%		1.91	%
With Sales Charge		-37.66			-0.78			1.42
Class C Shares – Inception 8/15/08
Without Sales Charge		-35.04			-0.55			1.15
With Sales Charge		-35.69			-0.55			1.15
Class I Shares – Inception 8/15/08		-34.39			0.45			2.17

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

As of the prospectus dated 3/1/22, the Fund's gross expense ratio for Class A shares is 1.60%, Class C shares is 2.34% and Class I shares is 1.35%. The Fund's investment adviser has contractually agreed to reimburse Fund expenses through March 1, 2023 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C, and Class I are limited to 1.30%, 2.05%, and 1.05% of average net assets, respectively. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

†  Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graph does not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index considered broadly representative of emerging market equity performance. The index represents companies within the constituent emerging markets that are available to investors worldwide. The index is calculated on a total return basis, which includes reinvestment of gross dividends before deduction of withholding taxes.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

The Fund's use of derivative instruments involves investment risks and transaction costs to which the Fund would not be subject absent the use of these instruments and, accordingly, may result in losses greater than if they had not been used. Derivative instruments can be illiquid, may disproportionately increase losses and may have a potentially large impact on Fund performance.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
56

Calamos Global Equity Fund   (Unaudited)

CALAMOS GLOBAL EQUITY FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12 months ended October 31, 2022 ("annual period"), Calamos Global Equity Fund returned -29.20% (Class I shares at net asset value) versus an -18.09% return for the MSCI World Index and -19.58% return for the MSCI ACWI Index. The Fund's return finished ahead of its category peer average in the period, landing in the 49th percentile of the Morningstar Global Large Stock Growth category.*

We believe the Fund's compelling medium and long-term performance record demonstrates its ability to generate excess returns over complete market cycles and varied investment environments. Since its inception on March 2, 2007, the Fund has returned 7.66% on an annualized basis (Class I shares at net asset value) compared with a 6.12% return for the MSCI World Index and 5.66% return for the MSCI ACWI Index.

What factors influenced performance during the annual period?

Global stocks struggled over the annual period amid a backdrop of higher inflation, rising interest rates and heightened geopolitical tension. Looking forward, investors and companies have lowered expectations in light of risks concerning interest rates, high commodity costs, and slowing demand fundamentals. The Fund trailed the index over the period due to trailing relative security selection. Many of our Fund holdings in global companies with cyclical and secular growth characteristics trailed the more defensive and dividend-oriented market areas that held up relatively better amid the broad sell-off.

The Fund's average overweight stance and favorable security selection in energy promoted relative results. Our holdings in the oil & gas exploration & production and integrated oil & gas industries added to return. An average underweight allocation in industrials also helped performance. The main contributors within this sector were construction & engineering and industrial machinery positions.

Over the period, security selection and an average overweight allocation within the information technology sector held back relative returns. Holdings in the semiconductors and semiconductor equipment industries lagged on a relative basis. Selection and an average overweight position in consumer discretionary, specifically in the apparel, accessories & luxury goods and the casinos & gaming industries, lost ground on a relative basis.

From a geographic standpoint, favorable security selection in Emerging Latin America aided results. Specifically, our holdings in Brazil promoted returns. In contrast, security selection in Emerging Asia hindered relative performance.

OVERVIEW

The Fund invests in equities of companies around the globe. We seek firms demonstrating what we believe to be key growth characteristics, including increasing profit margins and high returns on invested capital.

KEY FEATURES

^◼  Flexibly seeks growth globally, searching for the best risk/reward opportunities across countries, market capitalizations and sectors.

^◼  Seeks global growth companies that may benefit from long-term secular themes, including a burgeoning global middle class and increasing demand for information and entertainment.

PORTFOLIO FIT

The Fund can serve as a growth-oriented addition to a strategic global equity allocation and may complement or provide an alternative to value or blended styles.

FUND NASDAQ SYMBOLS

A Shares	CAGEX
C Shares	CCGEX
I Shares	CIGEX
R6 Shares	CGEOX

FUND CUSIP NUMBERS

A Shares	128119484
C Shares	128119468
I Shares	128119450
R6 Shares	128120334

*  Data is as of 10/31/22. The Morningstar category percentile ranking is based on annualized total return for the 1-year, 3-year, 5-year and 10-year periods. Calamos Global Equity Fund Class I Shares were in the 49th, 5th, 37th and 52nd percentiles of 359, 305, 266 and 177 funds for the 1-year, 3-year, 5-year and 10-year periods, respectively, for the Morningstar Global Large-Stock category.

www.calamos.com
57

Calamos Global Equity Fund   (Unaudited)

SECTOR WEIGHTINGS

Information Technology	23.5	%
Health Care	15.4
Industrials	14.8
Financials	12.9
Consumer Discretionary	9.8
Energy	8.7
Communication Services	5.2
Consumer Staples	4.7
Materials	3.3
Other	1.0

Sector weightings are subject to change daily and are calculated as a percentage of net assets. The table excludes cash or cash equivalents, any government/sovereign bonds or broad based index hedging securities the Fund may hold.

How is the Fund positioned?

The Fund is positioned with a combination of secular growth, cyclicals, commodities exposure, reopening opportunities and select defensives. Information technology, health care, industrials, financials, and consumer discretionary constitute the largest sector weights in the Fund. We hold key industry positions in pharmaceuticals, diversified banks, construction & engineering, aerospace & defense, software, and oil & gas. In addition, we own a range of holdings in energy and materials spanning companies we believe are positioned to benefit from supply-and-demand dynamics and attractive capital efficiency. We maintain an underweight stance in more defensive areas, including utilities, real estate, consumer staples and traditional telecoms.

From a geographic perspective, we own names within secular growth, cyclicals, and commodity businesses in the United States that prioritize earnings growth and advantaged business models. We own diversified holdings in Europe with a blend of end markets and business types. Our positioning largely consists of higher-quality global businesses that sustain strong balance sheets and demonstrate little reliance on demand in Europe. We have a modest weight in Japan, and we own multiple companies with attractive business models and relative earnings momentum. We own positions in emerging markets within key demand areas such as interactive media, apparel, and high-quality financials.

What closing thoughts do you have for Fund shareholders?

Global stocks continue to confront a set of complex crosscurrents. We are analyzing many aspects of economic activity alongside evolving policy actions, corporate earnings, and geopolitical factors. With persistent global inflation and tighter monetary policy, financial markets remain uncertain, and we expect global volatility will continue until these risks resolve. Within this complicated environment, we seek to identify ways to capitalize on volatility, including various opportunities at the thematic, regional and market-cap levels.

In terms of Fund positioning, we emphasize companies with favorable pricing power, strong earnings momentum, quality balance sheets and attractive valuations. From a sector perspective, we see opportunities in technology, industrials, health care, financials, energy and consumer discretionary with compelling fundamentals. We believe that our active investment approach and long-term perspective position us to take advantage of the volatility and opportunities in global markets.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
58

Calamos Global Equity Fund   (Unaudited)

ANNUALIZED RETURN: SINCE INCEPTION (3/1/07) THROUGH 10/31/22

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted.

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund's Class I shares at net asset value. The Fund also offers Class A, Class C and Class R6 shares, the performance of which may vary. Source: State Street Corporation and Morningstar Direct.

*  Annual returns for Class I shares are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

www.calamos.com
59

Calamos Global Equity Fund   (Unaudited)

GROWTH OF $1,000,000: FOR THE 10-YEAR PERIOD ENDED 10/31/22

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/22

	1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 3/1/07
Without Sales Charge		-29.36	%		6.22	%		8.35	%
With Sales Charge		-32.72			5.19			7.82
Class C Shares – Inception 3/1/07
Without Sales Charge		-29.96			5.41			7.53
With Sales Charge		-30.57			5.41			7.53
Class I Shares – Inception 3/1/07		-29.20			6.49			8.62
Class R6 Shares – Inception 6/23/20^		-29.18						4.11

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

As of the prospectus dated 3/1/22, the Fund's gross expense ratio for Class A shares is 1.58%, Class C shares is 2.33%, Class I shares is 1.33% and Class R6 shares 1.27%. The Fund's investment adviser has contractually agreed to reimburse Fund expenses through March 1, 2023 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C, and Class I are limited to 1.40%, 2.15%, and 1.15% of average net assets, respectively. The Fund's investment advisor has contractually agreed to limit the Fund's annual ordinary operating expenses for Class R6 shares (as a percentage of average net assets) to 1.15% less the annual sub-transfer agency ratio for the Fund. The annual sub-transfer agency ratio is equal to the aggregate sub-transfer agency expenses common to the other share classes of the Fund divided by the aggregate average annual net assets of the Fund's other share classes. For purposes of this expense limitation, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

†  Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graph does not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
60

Calamos Global Equity Fund   (Unaudited)

The MSCI World Index (USD) is a free float-adjusted market-capitalization-weighted index composed of companies representative of the market structure of developed market countries in North America, Europe and the Asia/Pacific region.

The MSCI ACWI (USD) Index is a free float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of companies in developed and emerging markets. The MSCI ACWI (USD) Index is provided to show how the Fund's performance compares with the returns of an index of securities similar to those in which the Fund invests.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

www.calamos.com
61

Calamos Global Opportunities Fund   (Unaudited)

OVERVIEW

The Fund invests primarily in global equity and convertible securities with an aim to balance risk/reward while providing growth and income.

KEY FEATURES

^◼  Combines equity and convertible holdings in order to limit downside risk while potentially capturing upside equity participation.

^◼  Provides a core holding option that strives to maintain a consistent risk posture throughout the market cycle.

^◼  Seeks to participate in the upside movements of the global equity market while lessening the impact of down periods.

PORTFOLIO FIT

The Fund can provide a long-term core allocation to global equities with the potential for lower volatility over full market cycles.

FUND NASDAQ SYMBOLS

A Shares	CVLOX
C Shares	CVLCX
I Shares	CGCIX

FUND CUSIP NUMBERS

A Shares	128119500
C Shares	128119708
I Shares	128119609

CALAMOS GLOBAL OPPORTUNITIES FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12-months ended October 31, 2022 ("annual period"), Calamos Global Opportunities Fund returned -23.66% (Class I shares at net asset value), versus the MSCI ACWI Index's -19.58% return and MSCI World Index's -18.09% decline.

We believe the Fund's compelling medium and long-term performance record demonstrates its ability to generate excess returns over complete market cycles and varied investment environments. Since its inception on September 18, 1997, the Fund has returned 6.99% on an annualized basis (Class I shares at net asset value), compared to the 6.09% return of the MSCI ACWI Index and 6.34% return of the MSCI World Index. We manage the Fund with the goal of achieving upside equity participation and potential downside risk mitigation over full market cycles. We believe these figures demonstrate the Fund's ability to generate attractive long-term returns while pursuing a risk-managed investment approach.

What factors influenced performance during the annual period?

Global stocks struggled over the 12-month period amid a backdrop of persistently high inflation, rising interest rates, and heightened geopolitical tension. Looking forward, investors and companies have lowered their expectations in response to potential risks related to interest rates, high commodity costs and slowing demand fundamentals.

Pursuant to our risk-managed equity strategy, the Global Opportunities Fund navigated volatile markets while employing an active blend of common stocks, convertibles, and options. The Fund's performance over the period reflected the widespread declines across each of these asset classes. The Fund's relative return also trailed due to individual security selection. Our holdings in global companies with cyclical and secular growth characteristics trailed the more defensive and value-oriented market areas that held up relatively better amid the broad sell-off across markets.

The Fund's average overweight stance and favorable security selection in energy helped buoy relative returns. In particular, our holdings in the integrated oil & gas and oil & gas exploration & production industries supported relative results. Leading security selection in consumer discretionary added to the Fund's performance. The main contributors within this sector were automobile manufacturers and internet & direct marketing retail.

Over the annual period, selection within the information technology sector, primarily holdings in the semiconductors and data processing & outsourced services industries, dampened return. Security selection and an average underweight stance within the diversified banks and property & casualty insurance industries of the financials sector lagged on a relative basis.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
62

Calamos Global Opportunities Fund   (Unaudited)

From a regional standpoint, our leading security selection in Canada contributed to performance. Our security selection and an underweight stance in EMEA also bolstered return. In particular, our lack of exposure to Russia contributed to relative performance. In contrast, selection in Emerging Asia hampered relative results, given that growth-oriented names underperformed the benchmark. In addition, security selection and an overweight allocation in Europe detracted from results in the period.

How is the Fund positioned?

In terms of Fund positioning, we emphasize companies with favorable pricing power, stronger earnings momentum, quality balance sheets, and attractive valuations. From a sector perspective, we see opportunities in technology, industrials, health care, financials, energy, and consumer discretionary companies with compelling fundamentals.

^◼  We have positioned the Fund with a combination of secular growth, cyclicals and commodities exposures, recovery opportunities, and select defensives.

^◼  Information technology, health care and industrials constitute the largest sector weights in the Fund. Key industry positions include pharmaceuticals, diversified banks, software, semiconductors, aerospace & defense, and oil & gas.

^◼  We own a range of holdings in energy and materials, spanning companies positioned to benefit from favorable supply and demand dynamics and attractive capital efficiency.

^◼  We maintain an underweight stance in certain defensive areas, including utilities, real estate, and more traditional telecoms.

^◼  Through a geographic lens, we own secular growth, cyclical and commodity businesses in the United States, which reflects our earnings growth, pricing power, and relative valuation.

^◼  We own diverse holdings in Europe with a blend of end markets and business types. Positioning largely consists of high-quality global businesses that sustain strong balance sheets and demonstrate less reliance on demand in Europe.

^◼  We have modest weight in Japan. We own multiple companies with better earnings momentum and more attractive business models.

^◼  We own positions in emerging markets within key demand areas such as interactive media, retail, semiconductors, and higher-quality financials.

What are your closing thoughts for Fund shareholders?

Global markets continue to confront a set of complex crosscurrents. We are analyzing many aspects of economic activity alongside evolving policy actions, corporate earnings, and geopolitical factors. With persistent global inflation and tighter monetary policy, financial markets remain uncertain, and we expect global volatility will continue until these risks resolve. Within this complicated environment, we seek to identify ways to capitalize on volatility, including a range of opportunities at the thematic, regional, and market cap levels. We believe that our active, risk-managed investment approach and long-term perspective positions us to take advantage of the volatility and opportunities in global markets.

SECTOR WEIGHTINGS

Information Technology	20.7	%
Health Care	15.2
Industrials	12.9
Financials	10.2
Consumer Discretionary	7.8
Consumer Staples	7.3
Communication Services	6.5
Energy	5.4
Materials	5.0
Other	2.3
Utilities	1.1

Sector weightings are subject to change daily and are calculated as a percentage of net assets. The table excludes cash or cash equivalents, any government/sovereign bonds or broad based index hedging securities the Fund may hold.

www.calamos.com
63

Calamos Global Opportunities Fund   (Unaudited)

ANNUALIZED RETURN: SINCE INCEPTION (9/18/97) THROUGH 10/31/22

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted.

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund's Class I shares at net asset value. The Fund also offers Class A and Class C shares, the performance of which may vary. Source: State Street Corporation and Morningstar Direct.

*  Annual returns for Class I shares are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
64

Calamos Global Opportunities Fund   (Unaudited)

GROWTH OF $1,000,000: FOR THE 10-YEAR PERIOD ENDED 10/31/22

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/22

	1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 9/9/96
Without Sales Charge		-23.93	%		4.81	%		5.80	%
With Sales Charge		-27.52			3.80			5.29
Class C Shares – Inception 9/24/96
Without Sales Charge		-24.43			4.05			5.02
With Sales Charge		-25.14			4.05			5.02
Class I Shares – Inception 9/18/97		-23.66			5.09			6.07

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

As of the prospectus dated 3/1/22, the Fund's gross expense ratio for Class A shares is 1.45%, Class C shares is 2.20% and Class I shares is 1.20%. The Fund's investment adviser has contractually agreed to reimburse Fund expenses through March 1, 2023 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C, and Class I are limited to 1.22%, 1.97%, and 0.97% of average net assets, respectively. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

†  Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graphs do not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes.

The MSCI ACWI Index is a free float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets.

The MSCI World Index (US Dollars) is a market-capitalization-weighted index composed of companies representative of the market structure of developed market countries in North America, Europe and the Asia/Pacific region. Since inception data for the index is shown from 9/30/97 since data is only available for full monthly periods.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

www.calamos.com
65

Calamos International Small Cap Growth Fund   (Unaudited)

OVERVIEW

The Fund seeks long-term capital appreciation by investing in compelling international small capitalization companies with superior earnings growth potential coupled with financial strength and flexibility.

KEY FEATURES

^◼  Provides access to an expansive opportunity set of small cap investments outside the United States, including businesses in emerging and frontier markets.

^◼  Our long-tenured Investment team has experience managing portfolios across multiple market cycles.

PORTFOLIO FIT

The Fund can provide an attractive asset-allocation building block often under-represented in US investors' portfolios. By diversifying into this less correlated asset class, investors may be able to offset declines in the overall market and reduce their portfolio's volatility with the potential for significant equity upside.

FUND NASDAQ SYMBOLS

A Shares	CAISX
C Shares	CCISX
I Shares	CSGIX
R6 Shares	CISOX

FUND CUSIP NUMBERS

A Shares	128120250
C Shares	128120243
I Shares	128120235
R6 Shares	128120227

CALAMOS INTERNATIONAL SMALL CAP GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

The recently launched Calamos International Small Cap Growth Fund (CSGIX) provides investors exposure to an asset class often underrepresented in portfolios with the potential for diversification and alpha opportunities. Since its inception on March 31, 2022, the Fund has returned -23.40% (Class I shares at net asset value) versus the -21.99% return of the MSCI ACWI ex USA Small Cap Index (Net).

What factors influenced performance during the annual period?

International stocks faced a challenging environment over the period amid a backdrop of persistent higher inflation, rising interest rates, a strong dollar, and geopolitical tension. Looking forward, investors and companies have lowered expectations in response to potential risks related to interest rates, high commodity costs, and slowing demand fundamentals.

The Fund trailed the index over the period due to trailing relative security selection. Our holdings in small- to mid-capitalization companies with secular and cyclical growth characteristics trailed the more defensive and value-oriented market areas that held up relatively better amid the broad international equity selloff.

Introduction to the Fund

The recently launched Calamos International Small Cap Growth Fund (CSGIX) provides investors the following potential benefits:

^◼  Meaningful diversification. International small-cap stocks are less correlated to the US large- and small-cap markets, which we believe makes them excellent candidates for diversifying a portfolio. Non-US small caps are tied more closely to their local economy, serve different customers, and operate in different macroeconomic environments, thereby providing a different source of earnings. The Fund seeks investments in companies with superior earnings growth potential coupled with financial strength and flexibility.

^◼  The potential to add alpha. The international small-cap universe has the greatest number of stocks and fewest analysts per stock. This relative lack of coverage creates an opportunity for the Calamos team to uncover misunderstood or less followed companies, recognizing potential catalysts in advance of the broader market.

^◼  Access to an experienced investment team. The Fund builds on the team's historical success in identifying high-potential companies within key secular themes such as mobility and connectivity; mass digitization; artificial intelligence and automation; global demographic shifts; and advances in nanotech, biotech, and genetics, to name a few.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
66

Calamos International Small Cap Growth Fund   (Unaudited)

What closing thoughts do you have for Fund shareholders?

International stocks continue to confront a set of complex crosscurrents. We are analyzing many aspects of economic activity alongside evolving policy actions, corporate earnings, and geopolitical factors. With persistent global inflation and tighter monetary policy, the financial markets remain uncertain, and we expect global volatility will continue until these risks resolve. Against this complicated backdrop, we seek to identify ways to capitalize on volatility, including a range of opportunities at the thematic, regional and market-cap levels.

In terms of fund positioning, we are emphasizing companies with strong earnings momentum, pricing power, flexible balance sheets, and attractive valuations. From a sector perspective, we see opportunities for compelling fundamentals in industrials, consumer discretionary, technology, health care, and energy. We believe that our active investment approach positions us to take advantage of volatility and opportunities in international small caps.

SECTOR WEIGHTINGS

Industrials	25.0	%
Consumer Discretionary	16.4
Information Technology	15.7
Consumer Staples	9.8
Health Care	8.8
Financials	7.8
Energy	7.6
Materials	5.8
Communication Services	3.1

Sector weightings are subject to change daily and are calculated as a percentage of net assets. The table excludes cash or cash equivalents, any government/sovereign bonds or broad based index hedging securities the Fund may hold.

www.calamos.com
67

Calamos International Small Cap Growth Fund   (Unaudited)

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/22

	SINCE INCEPTION
Class A Shares – Inception 3/31/22
Without Sales Charge		-23.50	%
With Sales Charge		-27.14
Class C Shares – Inception 3/31/22
Without Sales Charge		-23.80
With Sales Charge		-24.56
Class I Shares – Inception 3/31/22		-23.40
Class R6 Shares – Inception 3/31/22		-23.40

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

As of the prospectus dated 3/30/22, the Fund's gross expense ratio for Class A shares is 2.07%, Class C shares is 2.82%, Class I shares is 1.82% and Class R6 shares is 1.71%. The Fund's investment advisor has contractually agreed to reimburse Fund expenses through March 31, 2025 to the extent necessary so that Total Annual Fund Operating Expenses of Class A shares, Class C shares and Class I shares are limited to 1.35%, 2.10% and 1.10% of average net assets, respectively. The Fund's investment advisor has contractually agreed to limit the Fund's annual ordinary operating expenses through March 31, 2025 for Class R6 shares (as a percentage of average net assets) to 1.10% less the Fund's annual sub-transfer agency ratio (the aggregate sub-transfer agency fees of the Fund's other share classes divided by the aggregate average annual net assets of the Fund's other share classes). For purposes of these expense limitations, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. Calamos Advisors LLC ("Calamos Advisors") may recapture previously waived expense amounts within the same fiscal year for any day where the respective share class's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

†  Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The benchmark MSCI ACWI ex USA Small Cap Index captures small cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 25 Emerging Markets (EM) countries.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
68

Calamos Global Sustainable Equities Fund   (Unaudited)

CALAMOS GLOBAL SUSTAINABLE EQUITIES FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the period from Fund inception on December 17, 2021, through October 31, 2022, Calamos Global Sustainable Equities Fund returned -24.40% (Class I shares at net asset value) in line with the MSCI All Country World Index (ACWI) Net return of -21.14%.

What factors influenced performance over the annual period?

During the annual period, equity markets were overwhelmed with a steady diet of concerning news. Perhaps the biggest source of worry was the US Federal Reserve (the Fed) and the path it might take to tame inflation. Prior to the start of this annual period, the Fed had increased its inflation forecasts, raising the level of concern for market participants.

In February 2022, Russia invaded Ukraine, further adding to macroeconomic distress, in addition to the human tragedies associated with the conflict. The war disrupted many facets of life, but most notably from an economic perspective, it led to reductions in energy and food supplies, further adding to global inflation woes. The Fed began interest rate hikes on March 17, 2022, and by the end of the annual period, it had raised rates five times for a total of 300 basis points while pointing to additional aggressive hikes still to come. Globally, interest rates have likewise climbed, tightening financial conditions.

Global equity markets sold off throughout the annual period as market sentiment declined with concerns of stagflation—a combination of inflation and stagnant or negative economic growth, but the decline has been interrupted by several strong rallies, which offered hope the worst economic fears may have already been priced into the market. Adding to investors' woes, the bond market delivered difficult performance as evidenced by the higher-quality bond index, the Bloomberg US Aggregate Bond Index, registering a -15.68% return for the period.

Within the global equity market, the energy sector was the big winner with gains over 35% on global supply concerns. More defensively oriented areas such as health care, utilities and consumer staples fared well, though saw negative returns for the period. Growthier areas of the market, such as information technology, consumer discretionary and communication services, all lagged the market significantly.

The Fund's performance was most negatively affected by the absence of energy investments over the period. It's quite rare for the energy sector to display such outperformance over the entire market, besides the fact that the energy sector and its accompanying volatility is not suitable for our investment approach and mandate. In total, sector allocations were a net drag on relative performance, but sector allocations excluding energy were positive to relative performance,

OVERVIEW

The Fund seeks high-quality growth companies with strong environmental, social and governance (ESG) characteristics. Employing an integrated, fundamental and proprietary screening process, the Fund can invest in developed and developing economies across market capitalizations.

KEY FEATURES

^◼  Aims for above-average returns with lower volatility by focusing on companies that generate higher returns on capital, offer better growth prospects, and maintain a competitive edge.

^◼  Invests in companies with strong ESG characteristics, which we believe are better equipped to adapt to change while avoiding liabilities, thereby contributing to return potential and risk reduction.

^◼  Managed according to a time-tested proprietary process developed by our seasoned investment team, who established one of the first sustainable research platforms and helped set standards for ESG portfolios.

PORTFOLIO FIT

The Fund can serve as a global equity allocation for investors seeking above-average returns with potentially lower volatility from a portfolio of high-quality, ESG-principled companies offering enhanced prospects for growth.

FUND NASDAQ SYMBOLS

A Shares	CAGSX
C Shares	CGCSX
I Shares	CGSIX
R6 Shares	CGSOX

FUND CUSIP NUMBERS

A Shares	128120292
C Shares	128120284
I Shares	128120276
R6 Shares	128120268

www.calamos.com
69

Calamos Global Sustainable Equities Fund   (Unaudited)

SECTOR WEIGHTINGS

Information Technology	19.6	%
Industrials	14.8
Financials	14.4
Health Care	12.5
Consumer Discretionary	11.5
Materials	6.1
Consumer Staples	5.8
Communication Services	5.3
Utilities	3.6
Real Estate	2.2

Sector weightings are subject to change daily and are calculated as a percentage of net assets. The table excludes cash or cash equivalents, any government/sovereign bonds or broad based index hedging securities the Fund may hold.

highlighted by our underweight to the underperforming communication services sector. At the individual issue selection level, the Fund was hurt by the market's strong bias to value-oriented and cheaper stocks, as opposed to our bias toward quality growth. Selection within health care lagged, notably in the health care equipment and pharmaceuticals industries. Fund holdings in industrials also trailed, largely within the electrical components & equipment industry.

How is the Fund positioned?

The portfolio remains broadly diversified and anticipates a low turnover in higher-quality businesses. It's our philosophy that companies with strong ESG characteristics are better equipped to adapt to change and to avoid unnecessary liabilities, thereby contributing to investor return potential and risk reduction—integrating ESG analysis with traditional financial analysis produces better financial and societal results. The Fund seeks to achieve above-average returns with lower volatility by focusing on companies that generate higher returns on capital, possess better growth prospects, and maintain sustainable competitive advantages over their peers. We believe a well-diversified portfolio of high-quality stocks can produce above-average market returns with lower volatility over the long term.

The fund maintained its overweight to western European markets, while holding an underweight to US holdings. As of the end of the period, the Fund's largest sector overweights reside in industrials and materials with energy and consumer staples comprising the largest underweights.

What closing thoughts do you have for Fund shareholders?

Inflation data continues to dominate the investing ecosystem. The stock market reflects the cost of inflation, and central banks are increasingly willing to pay for it at the expense of the economy. We believe we are closer to the end than the start of this tightening cycle, but the drainage of liquidity hasn't fully taken hold yet. As such, inflation and volatility are likely to stick around for a while longer.

We all know that the stock market isn't the economy, but it's a decent proxy for the growth outlook. Economists are slashing their growth forecasts while boosting inflation outlooks. Wall Street analysts are cutting earnings estimates as higher costs and rate pressures weigh on corporate margins. How should investors respond? How about concentrating on high-quality global leaders with strong balance sheets and environmental, social and governance (ESG) characteristics that can withstand tougher times. These global leaders will emerge from the downturn in a position of competitive strength with increased market share and shareholder returns.

We are fiduciaries seeking superior financial returns with less risk. ESG investing clearly aligns with this goal. ESG is not an asset class or an investment style. It is an enhancement to the investment process that provides a more holistic and complete view of risk and opportunity. ESG integration is the consideration of material nonfinancial factors, which are often unpriced externalities with long term risk-and-reward implications. We use this material nonfinancial information as we seek to make better investment decisions and build stronger portfolios.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
70

Calamos Global Sustainable Equities Fund   (Unaudited)

It is our opinion that companies with strong ESG management and oversight are less likely to experience disruptions to their growth trajectory, cash flows, and earnings visibility. These are the primary drivers of stocks prices and valuation multiples. If companies don't manage their ESG risks and opportunities well, they won't keep up with their competitors. Firms that don't adapt to rising environmental constraints, changing consumer preferences, and societal shifts will face significant challenges. In addition, raising capital, attracting talent, and maintaining a positive brand image will be more difficult.

On October 31, 2022, the Board of Trustees approved a proposal to liquidate the Calamos Global Sustainable Equities Fund (the "Fund"). It is expected that the Fund will be liquidated in the first quarter of 2023. Additional information will be provided to shareholders regarding the timing of the liquidation, including the date on which the Fund will close to new investors and the date on which it will close to investments from current investors.

www.calamos.com
71

Calamos Global Sustainable Equities Fund   (Unaudited)

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/22

	SINCE INCEPTION
Class A Shares – Inception 12/17/21
Without Sales Charge		-24.60	%
With Sales Charge		-24.60
Class C Shares – Inception 12/17/21
Without Sales Charge		-25.10
With Sales Charge		-25.85
Class I Shares – Inception 12/17/21		-24.40
Class R6 Shares – Inception 12/17/21		-24.40

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

As of the prospectus dated 3/1/22, the Fund's gross expense ratio for Class A shares is 2.11%, Class C shares is 2.86%, Class I shares is 1.86% and Class R6 shares is 1.80%. The Fund's investment adviser has contractually agreed to reimburse Fund expenses through March 1, 2025 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C, and Class I are limited to 1.20%, 1.95%, and 0.95% of average net assets, respectively. The Fund's investment advisor has contractually agreed to limit the Fund's annual ordinary operating expenses for Class R6 shares (as a percentage of average net assets) to 0.95% less the annual sub-transfer agency ratio for the Fund. The annual sub-transfer agency ratio is equal to the aggregate sub-transfer agency expenses common to the other share classes of the Fund divided by the aggregate average annual net assets of the Fund's other share classes. For purposes of this expense limitation, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

†  Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
72

Calamos Global Sustainable Equities Fund   (Unaudited)

NOTES:

The MSCI ACWI Index (Net) is a free float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets and emerging markets. The index is calculated in both US dollars and local currencies. Net return basis approximates the minimum possible reinvestment of regular cash distributions by deducting withholding tax based on the maximum rate of the company's country of incorporation applicable to institutional investors.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

www.calamos.com
73

Calamos Total Return Bond Fund   (Unaudited)

OVERVIEW

Through its multi-sector fixed-income strategy, the Fund invests predominantly in US issuers with the goal of generating a high level of both current income and total return in excess of the benchmark over full market cycles.

KEY FEATURES

^◼  Employs bond-by-bond portfolio construction with a focus on being well compensated for risks taken. We believe a disciplined process, grounded in fundamental research, enables us to achieve higher total returns with less volatility.

^◼  Draws on a broader investable universe to enhance portfolio construction and risk management. The inclusion of high-yield bonds, bank loans and preferreds provides additional opportunities.

^◼  Utilizes robust, independent credit research. Our fixed-income investment process unites quantitative and qualitative analyses into historical and forward-looking models. The result is a credit rating reflective of where a company is heading.

^◼  Applies a macro overlay to capitalize on misunderstood industries and sectors. The overlay acts as a risk control that also considers the business cycle, geopolitical factors, inflation and real-rate expectations.

PORTFOLIO FIT

The Fund may be suitable as the cornerstone of a fixed-income allocation, with investments diversified across the major sectors of the US bond market. Allocations to specialized fixed-income strategies seek to enhance return potential and better manage risk.

FUND NASDAQ SYMBOLS

A Shares	CTRAX
C Shares	CTRCX
I Shares	CTRIX

CALAMOS TOTAL RETURN BOND FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12 months ended October 31, 2022 ("annual period"), Calamos Total Return Bond Fund returned -14.92% (Class I shares at net asset value), outperforming the -15.68% return of the Bloomberg US Aggregate Bond Index and the -16.12% return of peers in the Morningstar Intermediate Core-Plus Bond Category.

Since its Class I shares inception on June 27, 2007, the Fund gained 2.87% on an annualized basis versus the 2.78% return for the Bloomberg US Aggregate Bond Index.

What factors influenced performance?

Economic and market conditions deteriorated rapidly during the second half of the annual period. Equity markets traded to all-time highs near the end of the 2021 calendar year as inexpensive capital and a pandemic-weary populace joined forces in lifting investment and spending across a variety of industries. By June, however, the S&P 500 Index entered bear market territory as rotating inflation and revised corporate earnings outlooks began taking hold.

From a nominal perspective, some areas such as retail sales and personal spending indicate that consumer activity is growing even as inflation related to food and energy has driven up the cost of essentials to uncomfortable highs. Meanwhile, purchasing manager indices related to services, calibrated to indicate growth when above 50, have not fallen below that critical level. In stark contrast, consumer confidence levels hover near all-time lows, primarily driven by gloomy expectations for the future. Further, the housing sector has slowed to a crawl. All this points to a significant deceleration in economic activity—and although time will tell whether this leads to a domestic or global recession, the risk of one is clearly increasing.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
74

Calamos Total Return Bond Fund   (Unaudited)

Inflation measures have continued to reflect price increases across a wide range of goods and services. The Producer Price Index (PPI), a measure of the price change in goods as they leave their place of production, grew at greater than 8% annualized in September. PPI sometimes serves as a leading indicator for consumer prices because producers will pass along the higher cost of raw materials to consumers in future months. This only raises the level of concern as consumer prices continue to register near multi-decade highs.

The Federal Reserve (the Fed) has turned its focus entirely to fighting persistent inflation and anchoring its decision-making to long-term inflation expectations. A severe decoupling of inflation expectations from the Fed's stated target of 2% over time may lead to changes in consumer behavior and a greater likelihood of a price-wage spiral. Having already hiked its overnight interest rate from the zero-lower bound to a range of 3.75% to 4.00%, markets are anticipating five more 25-basis-point Fed hikes to take effect before midyear 2023. The actual amount of policy tightening from here will be largely driven by how the inflation environment unfolds in the coming months. In addition, quantitative tightening has officially begun, with the Fed allowing balance sheet holdings of Treasury and mortgage-backed securities to roll off as opposed to reinvesting proceeds.

Covid-19 is far from gone, but its influence on markets has waned as governments attempt to strike a balance between public health and economic normalcy. A lack of future fiscal stimulus will also translate to a deceleration in spending because Covid-era transfer payments are unlikely to reemerge.

Domestic equity markets delivered deeply negative returns across market capitalizations and styles. Historically, defensive sectors such as consumer nondiscretionary, utilities and health care have outperformed, whereas the consumer discretionary and technology sectors fared worse. The strongest performing sector across asset classes has been energy, which is unusual given the sector's unclear growth outlook. Energy's recent leadership likely reflects the strength of both the commodity complex and structural issues in the sector.

Corporate credit markets have exhibited less volatility than stocks indicate. After beginning the annual period near historic all-time tights, investment-grade spreads closed the period close to cycle wides of 158 basis points. The velocity of the move wider was strongest during the first calendar quarter of 2022 and has settled into a slower migration since, but the prevailing direction is consistent. Given the Fed's policy tightening and spread widening, there are now frequent opportunities to buy investment-grade bonds with 6% coupons, territory that would have been reserved for B-rated credits only a year ago. Issuance volumes dropped precipitously for several months, leading to a contraction in the size of the corporate debt market for the first time in over a decade during the third calendar quarter because borrowers are less eager to lock in funding at higher rates.

Entering the annual period, the Treasury curve did not have a single point on it above 2%, reflecting the effective lower-bound policy rate from the Federal Reserve and sanguine inflation expectations based on a general interpretation that price increases were transitory and limited to select areas of the economy affected by supply chain issues. In short order, however, Treasury yields moved substantially higher with short maturities inside of five years climbing by more than 3%, while long-dated maturities of 10 and 30 years rose by more than 2%. All this, coupled with the aforementioned spread widening across risk sectors, drove negative investor returns in core bond strategies. The government-related components of

FUND CUSIP NUMBERS

A Shares	128119310
C Shares	128119286
I Shares	128119278

ASSET ALLOCATION

Corporate Bonds	43.6	%
U.S. Government and Agency Securities	28.2
Bank Loans	9.6
Residential Mortgage Backed Securities	7.7
Asset Backed Securities	7.4
Sovereign Bonds	1.0

Asset Allocation weightings are subject to change daily and are calculated as a percentage of net assets. The table excludes cash or cash equivalents, any government/sovereign bonds or broad based index hedging securities the Fund may hold.

www.calamos.com
75

Calamos Total Return Bond Fund   (Unaudited)

the Bloomberg US Aggregate Bond Index led sectors with a -13.5% return, Treasuries returned -14.1%, securitized products returned -14.8%, and corporate bonds returned -19.6%.

The Fund held an overweight allocation in corporate debt over the annual review period. Although the overweight position in industrial sector corporate debt detracted from performance, security selection among those same issuers significantly offset the allocation drag and contributed to performance. Security selection among the Fund's positions in the Treasury sector hindered returns, whereas selection among mortgage-backed securities was additive. The team materially decreased the corporate bond allocation during the year. Over the full market cycle, we continued to favor an overweight to corporate bonds and asset-backed securities in the Fund, given that the additional yield has historically generated superior long-term returns.

How is the Fund positioned?

The Fund has a duration of 5.9 years, short of the 6.1 year duration of the Bloomberg US Aggregate Bond Index.

The Fund continues to hold an overweight in corporate bonds in both the investment-grade and out-of-benchmark high yield ratings categories. These overweights led to a lower overall credit quality of A- when compared with the AA- quality of the benchmark. The rapid move higher in Treasury rates coupled with the widening of spreads in risk assets led to negative returns during the annual period—though the Fund finished ahead of both the Bloomberg US Aggregate Bond Index and the Morningstar Intermediate Core-Plus Bond Category peer group average. The Fund continues to hold overweight positions in corporate and asset-backed securities and underweight positions in Treasuries and mortgages following the year's activity. Within corporate bonds, our largest overweight allocations are in the transportation and consumer non-cyclical sectors.

What are your closing thoughts for Fund shareholders?

Risk premia are back, and investors are demanding a higher level of compensation for any level of assumed risk across asset classes and securities. This includes higher requirements for equity investments in the form of lower multiples, higher spread compensation for credit risk, and higher term premia for duration risks. Some of these shifts were bound to happen with the Fed unwinding years of extraordinarily easy monetary policy as we emerge from the Covid-19 pandemic. These shifts are related to an outlook for weaker growth and employment data to follow on the heels of persistent, generationally high inflation. We expect the uncertainty and the associated higher levels of compensation to endure.

The probability of left-tail risk (for example, a recession, supply chain issues, return to Covid-19 lockdowns) is also increasing along with the median expectation for growth moving materially lower. This has led to a risk-off environment with lower asset prices. We believe that some of the Fed's activity has transmitted to the real economy as monetary policy moves through financial markets near the short end of its historical 6- to 18-month range. In addition, market reactions ahead of the widely anticipated Fed policy "catch-up" are tightening financial conditions, particularly via higher mortgage rates.

Inflation is rotating away from goods and toward services as more consumer dollars are spent on experiences outside the home post-pandemic, including travel. From our perspective, this is a negative development because goods are largely produced outside the United States, whereas services are almost entirely produced

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
76

Calamos Total Return Bond Fund   (Unaudited)

and consumed domestically, leading to a greater likelihood of a price-wage spiral. In addition, the massive moves higher in shelter components of the consumer price index will continue to play out over the coming quarters as those measurements are gradually included in the calculation. The Fed's inflation fight will likely be longer and more difficult than most market participants are acknowledging. Elevated volatility, which is being stirred up by a wide range of potential outcomes, is likely here to stay.

Given that economic growth at the aggregate level is all about marginal activity, we also expect real economic growth to roll over much more quickly and prominently than broad market expectations. Many individuals in the bottom income quartile have exhausted pandemic savings and are faced with costs of essentials that are hundreds of dollars a month higher than they were a year ago. Although a technical recession may be avoided, this level of deterioration in economic activity will feel like a recession to many Americans.

The broad market outlook appears to be migrating closer to the reality depicted in economic data. We expect additional data deterioration as the Fed accepts weaker employment conditions to defeat inflation before it becomes further entrenched in consumer expectations. Even so, yields have increased significantly, and fixed income securities now offer investors a return for taking risks. In addition, quality assets should provide more of their traditional safe haven status if our bear case does occur.

ANNUALIZED RETURN: SINCE INCEPTION (6/27/07) THROUGH 10/31/22

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted.

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measure net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund's Class I shares at net asset value. The Fund also offers Class A and Class C shares, the performance of which may vary. Source: State Street Corporation and Morningstar Direct.

Duration is useful in measuring a bond fund's sensitivity to changes in interest rates. The longer the duration, the more a bond fund's price will fluctuate when interest rates change.

*  Annual returns for Class I shares are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

www.calamos.com
77

Calamos Total Return Bond Fund   (Unaudited)

GROWTH OF $1,000,000: FOR THE 10-YEAR PERIOD ENDED 10/31/22

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/22

	1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 6/27/07
Without Sales Charge		-15.13	%		-0.78	%		0.74	%
With Sales Charge		-17.01			-1.23			0.36
Class C Shares – Inception 6/27/07
Without Sales Charge		-15.76			-1.52			-0.01
With Sales Charge		-16.58			-1.52			-0.01
Class I Shares – Inception 6/27/07		-14.92			-0.53			0.99

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

As of the prospectus dated 3/1/22, the Fund's gross expense ratio for Class A shares is 1.01%, Class C shares is 1.76% and Class I shares is 0.76%. The Fund's investment adviser has contractually agreed to reimburse Fund expenses through March 1, 2023 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C, and Class I are limited to 0.90%, 1.65%, and 0.65% of average net assets, respectively. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

†  Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 2.25% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graph does not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes.

The Bloomberg US Aggregate Bond Index is considered generally representative of the investment-grade bond market.

Morningstar Intermediate-term Core-Plus Bond Category funds invest primarily in investment-grade US fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold noncore sectors such as corporate high yield, bank loan, emergingmarkets debt, and non-US currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
78

Calamos High Income Opportunities Fund   (Unaudited)

CALAMOS HIGH INCOME
OPPORTUNITIES FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12 months ended October 31, 2022 ("annual period"), Calamos High Income Opportunities Fund returned -10.45% (Class I shares at net asset value), outperforming the -11.76% return of the Bloomberg US Corporate High Yield 2% Capped Index.

Since its Class I shares inception on June 27, 2007, the Fund gained 5.53% on an annualized basis versus the 6.96% return of the Bloomberg US Corporate High Yield 2% Capped Index.

What factors influenced performance during the annual period?

Economic and market conditions deteriorated rapidly during the second half of the annual period. Equity markets traded to all-time highs near the end of the 2021 calendar year as inexpensive capital and a pandemic-weary populace joined forces to lift investments and spending across a variety of industries. By June, however, the S&P 500 Index entered bear market territory as rotating inflation and revised corporate earnings outlooks began to take hold.

From a nominal perspective, some areas such as retail sales and personal spending indicate that consumer activity is growing, even as inflation related to food and energy has driven up the cost of essentials to uncomfortable highs. Meanwhile, purchasing manager indices related to services, calibrated to indicate growth when above 50, have not fallen below that critical level. In stark contrast, consumer confidence levels hover near all-time lows, primarily driven by gloomy expectations for the future. Further, the housing sector has slowed to a crawl. All this points to a significant deceleration in economic activity—and although time will tell whether this leads to a domestic or global recession, the risk of one is clearly increasing.

OVERVIEW

Through its multi-sector fixed-income strategy, the Fund invests mainly in high-yield securities from US issuers with the goal of generating a high level of current income and total return in excess of the benchmark index over full market cycles.

KEY FEATURES

^◼  Employs bond-by-bond portfolio construction with a focus on being well compensated for risks taken. We believe a disciplined process, grounded in fundamental research, enables us to achieve higher total returns with less volatility.

^◼  Draws on broader investable universe to enhance portfolio construction and risk management. Expanding the universe to include bank loans and preferred securities provides additional opportunities.

^◼  Utilizes robust, independent credit research. Our fixed-income investment process unites quantitative and qualitative analyses into historical and forward-looking models. The result is a credit rating that reflects where a company is heading.

^◼  Applies a macro overlay to capitalize on opportunities in misunderstood industries and sectors. The overlay acts as a risk control that also considers the business cycle, geopolitics, inflation and real rate expectations.

PORTFOLIO FIT

The Fund can complement investment-grade credit exposure, providing attractive income and total return potential for more risk-tolerant investors.

FUND NASDAQ SYMBOLS

A Shares	CHYDX
C Shares	CCHYX
I Shares	CIHYX

www.calamos.com
79

Calamos High Income Opportunities Fund   (Unaudited)

FUND CUSIP NUMBERS

A Shares	128119815
C Shares	128119799
I Shares	128119781

SECTOR WEIGHTINGS

Consumer Discretionary	18.0	%
Financials	16.6
Industrials	16.2
Energy	11.1
Communication Services	10.7
Health Care	8.5
Information Technology	5.0
Materials	4.4
Consumer Staples	3.9
Real Estate	1.1
Other	2.3
Utilities	0.6

Sector weightings are subject to change daily and are calculated as a percentage of net assets. The table excludes cash or cash equivalents, any government/sovereign bonds or broad based index hedging securities the Fund may hold.

Inflation measures have continued to reflect price increases across a wide range of goods and services. The Producer Price Index (PPI), a measure of the price change in goods as they leave their place of production, grew at greater than 8% annualized in September. The PPI sometimes serves as a leading indicator for consumer prices, considering that producers will pass along the cost of higher raw materials to consumers in future months. This only raises the level of concern as consumer prices continue to register near multi-decade highs.

The Federal Reserve (the Fed) has largely turned its focus toward fighting persistent inflation and anchoring its decision-making to long-term inflation expectations. A severe decoupling of inflation expectations from the Fed's stated target of 2% over time may lead to changes in consumer behavior and a greater likelihood of a price-wage spiral. Having already hiked its overnight interest rate from the zero lower bound to a range of 3.75 – 4.00%, markets are anticipating five additional 25 basis-points hikes to take effect before midyear 2023. The implemented policy tightening will be largely driven by how the inflation environment unfolds in the coming months. In addition, quantitative tightening has officially begun, with the Fed allowing balance sheet holdings of Treasury and mortgage-backed securities to roll off as opposed to reinvesting proceeds.

The effects of Covid-19 are far from gone, but their influence on markets has waned as governments attempt to strike a balance between public health and economic normalcy. A lack of future fiscal stimulus may also translate to deceleration in spending, considering that Covid-19-era transfer payments are unlikely to reemerge.

Domestic equity markets have delivered significantly negative returns across market capitalizations and styles. Historically, defensive sectors such as consumer nondiscretionary, utilities and health care have outperformed, whereas the consumer discretionary and technology sectors fared worse. The strongest performing sector across asset classes has been energy, which is unusual given the sector's uncertain growth outlook. Energy's recent leadership likely reflects the strength of both the commodity complex and structural issues in the sector.

Corporate credit markets have exhibited less volatility than indicated by stocks. After beginning the annual period near historic all-time tights, high yield spreads reached a local wide near 600 basis points greater than similar maturity Treasuries in June. Since then, the market has settled into a trading range of 400 – 550 basis points over the last few months. Although spreads do not indicate particularly high stress or default expectations, issuance volumes have dropped precipitously in recent months because borrowers are less eager to lock in higher funding rates. The Bloomberg Barclays US High Yield 2% Issuer Capped Index closed the annual period with option-adjusted spreads at 466 basis points over like maturity Treasuries and a yield of 9.13%.

Performance across credit quality during the annual period was mixed, with B-rated issuers returning -10.8%, BB-rated paper returning -11.7%, and CCC-rated issuers returning -15.5%. At the beginning of the annual period, the trailing 12-month default rate was 0.4%, near all-time lows. At the end of the annual period, default rates had increased to 1.6%, still well below the long-term average of 3%. Regarding our credit quality positioning, security selection among BB-rated bonds contributed to performance, whereas security selection among our CCC-rated holdings hindered performance.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
80

Calamos High Income Opportunities Fund   (Unaudited)

From a sector perspective, security selection within the energy and insurance sectors contributed to return. Conversely, the Fund's underweight to the energy sector and overweight to the consumer non-cyclical sector weighed negatively on performance.

How is the Fund positioned?

The Fund currently has an overweight position in the property and casualty insurance, pharmaceuticals, and airlines; the property and casualty insurance overweight is related to favorable consolidation trends in the industry, and the pharmaceuticals overweight is a result of the team's idiosyncratic positioning among a small number of companies with improving fundamental results. Our largest underweights are those in the consumer cyclical services, electric utilities, and leisure industries. The underweight in the consumer cyclical services industry resulted largely from our decision to favor higher income opportunities in other industries that offered better values.

From a credit-quality perspective, the Fund holds a relative underweight in all below investment grade categories in addition to a corresponding out-of-benchmark allocation to BBB-rated debt. The Fund is positioned short (3.5 years) in comparison with the option-adjusted duration of the Bloomberg Barclays US High Yield 2% Issuer Capped Index (4.0 years).

Over the annual period, the team added to positions in the midstream, airlines and automotive industries and reduced the portfolio's exposure to pharmaceuticals, cable satellite, and other REITs. The increases in the midstream and airlines industries resulted from adding to existing positions and investing in new issues, and the reduction in pharmaceuticals was primarily due to a reduction in positions wherein fundamental deterioration altered our investment theses.

What are your closing thoughts for Fund shareholders?

Risk premia have returned, and investors are demanding a higher level of compensation for any level of assumed risk across asset classes and securities. This includes higher requirements for equity investments in the form of lower multiples, higher spread compensation for credit risk, and higher term premia for duration risks. Some of these shifts were expected considering the unwinding of years of extraordinarily easy monetary policy necessary as we emerge from the Covid-19 pandemic. These shifts are related to an outlook of weaker growth and employment data to follow on the heels of persistent, generationally high inflation. We expect the uncertainty and the associated higher levels of compensation to endure.

The probability of left-tail risk (for example, a recession, supply chain issues, and return to pandemic lockdowns) is increasing while the median expectation for growth materially decreases, which has led to a risk-off environment with lower asset prices. We believe that some of the Fed's activity has transmitted to the real economy as monetary policy moves through financial markets near the short end of its historical 6- to 18-month range. In addition, market reactions ahead of the widely anticipated Fed policy "catch-up" have tightened financial conditions, particularly via higher mortgage rates.

Inflation is rotating away from goods and toward services as more consumer dollars are spent on experiences outside the home post-pandemic, including travel. From our perspective, this is a negative development because goods are largely produced outside the United States, whereas services are almost entirely produced

www.calamos.com
81

Calamos High Income Opportunities Fund   (Unaudited)

and consumed domestically, therefore leading to a greater likelihood of a price-wage spiral. In addition, significant increases in shelter components of the Consumer Price Index will continue to play out over coming quarters, and those measurements will be gradually included in our calculation. The Fed's inflation fight will likely be longer and more difficult than most market participants acknowledge. Elevated volatility—stirred up by a wide range of potential outcomes—is likely here to stay.

Given that economic growth at the aggregate level is all about marginal activity, we also expect real economic growth to roll over much more quickly and prominently than broad market expectations indicate. Many individuals in the bottom income quartile have exhausted pandemic savings and are faced with costs of essentials that are hundreds of dollars a month higher than they were a year ago. Although a technical recession may be avoided, this level of deterioration in economic activity will feel like a recession to many Americans.

The broad market outlook appears to migrate closer to the reality depicted in economic data. We expect additional data deterioration as the Fed accepts weaker employment conditions to address inflation before it becomes further entrenched in consumer expectations. Even so, yields have increased significantly, and fixed income securities now offer investors a return for taking risks. In addition, quality assets should provide more of their traditional safe haven status if our bear case does occur.

ANNUALIZED RETURN: SINCE INCEPTION (3/1/02) THROUGH 10/31/22

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted.

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund's Class I shares at net asset value. The Fund also offers Class A and Class C shares, the performance of which may vary. Source: State Street Corporation and Morningstar Direct.

*  Annual returns for Class I shares are provided because Class I shares represent the largest percentage of assets in the Calamos Family of Funds.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
82

Calamos High Income Opportunities Fund   (Unaudited)

GROWTH OF $1,000,000: FOR THE 10-YEAR PERIOD ENDED 10/31/22

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/22

	1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 8/2/99
Without Sales Charge		-10.67	%		1.59	%		2.96	%
With Sales Charge		-12.70			1.14			2.47
Class C Shares – Inception 12/21/00
Without Sales Charge		-11.35			0.86			2.19
With Sales Charge		-12.20			0.86			2.19
Class I Shares – Inception 3/1/02		-10.45			1.87			3.22

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

As of the prospectus dated 3/1/22, the Fund's gross expense ratio for Class A shares is 1.33%, Class C shares is 2.08% and Class I shares is 1.08%. The Fund's investment adviser has contractually agreed to reimburse Fund expenses through March 1, 2023, to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C, and Class I are limited to 1.00%, 1.75%, and 0.75% of average net assets, respectively. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective Fund's expense ratio falls below the contractual expenses limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

†  Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 2.25% for Class A shares and returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graphs do not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes.

The Bloomberg US Corporate High Yield 2% Issuer Capped Index measures the performance of high-yield corporate bonds with a maximum allocation of 2% to any one issuer.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

www.calamos.com
83

Calamos Short-Term Bond Fund   (Unaudited)

OVERVIEW

Through its multi-sector fixed-income strategy, the fund invests predominantly in US issuers with the goal of generating a high level of current income and total return in excess of the benchmark over full market cycles.

KEY FEATURES

^◼  Employs bond-by-bond portfolio construction with a focus on being well compensated for risks taken. We believe a disciplined process, grounded in fundamental research, enables us to achieve higher total returns with less volatility.

^◼  Draws on a broader investable universe to enhance portfolio construction and risk management. Expanding the universe to include high-yield bonds, bank loans and preferreds provides additional opportunities.

^◼  Utilizes robust, independent credit research. Our fixed-income investment process unites quantitative and qualitative analyses into historical and forward-looking models. The result is a credit rating reflective of where a company is heading.

^◼  Applies a macro overlay to capitalize on misunderstood industries and sectors. The overlay acts as a risk control that also considers the business cycle, geopolitics, inflation and real rate expectations.

PORTFOLIO FIT

The Fund may be suitable for investors seeking current income accompanied by lower volatility over a one-year to two-year time horizon.

FUND NASDAQ SYMBOLS

A Shares	CSTBX
I Shares	CSTIX

CALAMOS SHORT-TERM BOND FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 12 months ended October 31, 2022 ("annual period"), Calamos Short-Term Bond Fund returned -4.77% (Class I shares at net asset value) in line with the -4.88% return of the Bloomberg 1-3 Year Government/Credit Index and outperforming the -6.75% return of the Morningstar Short-Term Bond Category peer group.

Since its Class I shares inception on September 19, 2018, the Fund gained 1.17% on an annualized basis, modestly outperforming the 0.78% return for the Bloomberg 1-3 Year Government/Credit Index.

What factors influenced performance during the annual period?

Economic and market conditions deteriorated rapidly during the second half of the annual period. Equity markets had traded to all-time highs near the end of the calendar year 2021 as inexpensive capital and a pandemic-weary populace joined forces in lifting investment and spending across a variety of industries. By June, however, the S&P 500 Index had entered bear market territory as rotating inflation and revised corporate earnings outlooks began taking hold.

From a nominal perspective, some areas like retail sales and personal spending indicate that consumer activity is growing even as inflation related to food and energy has driven the cost of essentials to uncomfortably high levels. Meanwhile, purchasing manager indices related to services, which are calibrated to indicate growth when above 50, have not fallen below that critical level. In stark contrast, consumer confidence levels hover near all-time lows, primarily driven by gloomy expectations for the future. Further, the housing sector has slowed to a crawl. All this points to a serious deceleration in economic activity. Although time will tell if all this equates to a domestic or global recession, the risk of one is clearly increasing.

Inflation measures continued to reflect increases in prices across a wide range of goods and services. The Producer Price Index (PPI), a measure of the price change in goods as they leave their place of production, grew at greater than 8% annualized in September. PPI sometimes serves as a leading indicator for consumer prices because producers will pass along the higher cost of raw materials to consumers in future months. This only raises the level of concern as consumer prices continue to register near multi-decade highs.

The Federal Reserve (the Fed) has turned its focus entirely to fighting persistent inflation and anchoring its decision-making to long-term inflation expectations. A severe decoupling of inflation expectations from the Fed's stated target of 2% over time could lead to changes in consumer behavior and a greater likelihood of a price-wage spiral. Having already hiked its overnight interest rate from the zero-lower bound to a range of 3.75% to 4.00%, markets are anticipating five more 25-basis-points Fed hikes to take effect before midyear 2023. The actual amount of policy tightening from here will be largely driven by how the inflation

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
84

Calamos Short-Term Bond Fund   (Unaudited)

environment unfolds in the coming months. In addition, quantitative tightening has also officially begun, with the Fed allowing balance sheet holdings of Treasury and mortgage-backed securities to roll off as opposed to reinvesting proceeds.

Covid-19 is far from gone, but its influence on markets has waned as governments attempt to strike the appropriate balance between public health and economic normalcy. A lack of future fiscal stimulus will also translate to a deceleration in spending because Covid-19-era transfer payments are unlikely to reemerge.

Domestic equity markets delivered deeply negative returns across market capitalizations and styles. Historically defensive sectors such as consumer non-discretionary, utilities and healthcare outperformed, whereas consumer discretionary and technology sectors fared worse. The strongest performing sector across asset classes has been energy, which is unusual given the sector's unclear growth outlook. Energy's recent leadership likely reflects the strength of both the commodity complex and structural issues in the sector.

With the Fed engaged in active tightening, short-duration Treasury yields were more volatile than at any time in the past decade, with one-year T-bill yields increasing nearly 450 basis points and three-year note yields increasing over 350 basis points. The Fed had to rapidly adjust its policy path in recognition of stickier forms of inflation threatening to take hold, and Treasury markets logically followed. Short-duration, investment-grade corporate bonds held up better than their intermediate and long-duration counterparts but still more than doubled to close the annual period at 101 basis points above like-maturity Treasuries.

Performance among security types of the Bloomberg 1-3 Year Government/Credit Index was fairly consistent, with the government-related and Treasury sectors returning -4.8%, while short corporate debt returned -5.0%. The Fund held an overweight in corporate debt over the 12-month period. As a result of the slightly lower returns among corporate bonds, this overweight allocation detracted from performance. The out-of-benchmark allocation to term loans supported returns. Over the long-term, we continue to favor an overweight to corporate bonds, asset-backed securities, and taxable municipal bonds in the Fund, given that the additional yield in short-duration securities has historically generated superior long-term returns.

How is the Fund positioned?

The Fund has a duration of 1.9 years versus the 1.8 years duration of the Bloomberg 1-3 Year Government/Credit Index.

The Fund continues to hold an overweight in corporate bonds in both the investment grade and out-of-benchmark high yield categories. These overweights led to a lower overall credit quality of A- compared with the AA quality of the benchmark. The sell-off of short-dated Treasury rates coupled with the widening of credit spreads in risk assets during the annual period led to negative Fund returns, though slightly ahead of the benchmark and measurably ahead of the Morningstar peer group average return. The Fund remains overweight in corporate bonds and asset-backed securities. However, the weighting of corporate bonds decreased over the annual period in favor of increasing the Fund's allocation to asset-backed securities. The term loan positions are floating rates in nature, which has helped mitigate exposure to increases in short-term interest rates. The

FUND CUSIP NUMBERS

A Shares	128120441
I Shares	128120433

ASSET ALLOCATION

Corporate Bonds	59.8	%
Asset Backed Securities	17.8
Bank Loans	9.0
U.S. Government and Agency Securities	5.4
Municipal Obligations	4.2
Residential Mortgage Backed Securities	1.0
Sovereign Bonds	1.0

Asset Allocation weightings are subject to change daily and are calculated as a percentage of net assets. The table excludes cash or cash equivalents, any government/sovereign bonds or broad based index hedging securities the Fund may hold.

www.calamos.com
85

Calamos Short-Term Bond Fund   (Unaudited)

Fund continues to hold underweight positions in both Treasuries and agencies. Our largest overweight allocations within the corporate bond allocation reside in the consumer noncyclical and consumer cyclical sectors.

What are your closing thoughts for Fund shareholders?

Risk premia are back. Investors are demanding a higher level of compensation for any level of assumed risk across asset classes and securities. This includes higher requirements for equity investments in the form of lower multiples, higher spread compensation for credit risk, and higher term premia for duration risks. Some of these shifts were bound to happen with the Fed unwinding years of extraordinarily easy monetary policy as we emerge from the Covid-19 pandemic. These shifts are related to an outlook for weaker growth and employment data to follow on the heels of persistent, generationally high inflation. We expect the uncertainty and associated higher levels of compensation to endure.

The probability of left-tail risk (for example, a recession, supply chain issues, a return to Covid-19 lockdowns) is also increasing, along with the median expectation for growth moving materially lower. This has led to a risk-off environment with lower asset prices. We believe that some of the Fed's activity has transmitted to the real economy as monetary policy moves through financial markets near the short end of its historical 6- to 18-month range. In addition, market reactions ahead of the widely anticipated Fed policy "catch-up" are tightening financial conditions, particularly via higher mortgage rates.

Inflation is rotating away from goods and toward services because more consumer dollars are spent on experiences outside the home post-pandemic, including travel. This is a negative development from our perspective because goods are produced mainly outside the United States, whereas services are almost entirely produced and consumed domestically, leading to a greater likelihood of a price-wage spiral. In addition, the massive moves higher in shelter components of the Consumer Price Index will continue to play out over coming quarters as those measurements are gradually included in the calculation. The Fed's inflation fight is likely to be more difficult and longer than most market participants are acknowledging. Elevated volatility, which is being stirred up by a wide range of potential outcomes, is likely here to stay.

Given that economic growth at the aggregate level is all about marginal activity, we also expect real economic growth to roll over much more quickly and prominently than broad market expectations. Many people in the bottom income quartile have exhausted pandemic savings and are faced with costs of essentials that are hundreds of dollars a month higher than they were a year ago. Although a technical recession may be avoided, this level of deterioration in economic activity will feel like a recession to many Americans.

The broad market outlook appears to be migrating closer to the reality depicted in economic data. We expect additional data deterioration as the Fed accepts weaker employment conditions to defeat inflation before it becomes further entrenched in consumer expectations. Even so, yields have increased significantly, and fixed income securities now offer investors a return for taking these risks. In addition, quality assets should provide more of their traditional safe haven status if our bear case does occur.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
86

Calamos Short-Term Bond Fund   (Unaudited)

GROWTH OF $1,000,000: SINCE INCEPTION (9/18/18) THROUGH 10/31/22

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/22

	1 YEAR			SINCE INCEPTION
Class A Shares – Inception 9/19/18
Without Sales Charge		-4.99	%		0.92	%
With Sales Charge		-7.14			0.36
Class I Shares – Inception 9/19/18		-4.77			1.17

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

As of the prospectus dated 3/1/22, the Fund's gross expense ratio for Class A shares is 0.65% and Class I shares is 0.40%. The expense ratios shown above may differ from the more recent expense ratios reported in the Financial Highlights section of this report.

†  Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 2.25% for Class A shares.

NOTES:

The Bloomberg 1-3 Year Government/Credit Index includes all medium and larger issues of US government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued.

The Bloomberg US 1-3 Year Credit Index measures the investment-grade, US dollar-denominated, fixed-rate, taxable corporate and government-related bond markets. It is composed of the US Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals and local authorities that have maturities of between 1 and 3 years.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

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87

Expense Overview

EXPENSE OVERVIEW

As a shareholder of a mutual fund, you incur two types of costs. You incur:

1) Transaction costs, including sales charges, or loads, on purchase payment and redemption fees.

2) Ongoing costs, including management fees, distribution and/or service (12b-1) fees and other fund expenses.

The examples in this report are based on an investment of $1,000 made at the beginning of the period and held for the entire period from May 1, 2022 to October 31, 2022. It is intended to help you understand the ongoing costs associated with investing in each mutual fund and to compare these costs with the ongoing costs of investing in other mutual funds.

There are two parts of each Fund's chart:

Actual

In this part of the chart, you'll see the actual expenses you would have paid on a $1,000 investment made at the beginning of the period and held for the entire period in each fund from May 1, 2022 to October 31, 2022, the period covered by this report. This chart also shows the actual returns, after expenses, you would have earned during that time. This chart can help you estimate your own expenses. For example, if you invested $8,600 in Class A shares of the fund, simply divide $8,600 by $1,000, then multiply that result by the figure in the Actual Expenses per $1,000 row. In this example, you would multiply 8.6 times the figure.

Hypothetical

In this part of the chart, you'll see the hypothetical expenses you would have paid on a $1,000 investment from May 1, 2022 to October 31, 2022, and the hypothetical returns, after expenses, you would have earned during that time. The Securities and Exchange Commission (SEC) has established the guidelines for this chart, including the assumed 5% annual rate of return before expenses, which is what you'll see in the chart. Note that this chart will not help you determine your own expenses, but will help you compare expenses of the fund you own to the expenses of another fund since the information for that fund should be calculated using the same assumptions.

Please note that the expenses shown in the chart are meant to highlight your ongoing costs only and do not include any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the second line of the chart is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
88

Expense Example

The actual and hypothetical examples shown assume a $1,000 investment at the beginning of the period, May 1, 2022 and held through October 31, 2022.

	CLASS A SHARES			CLASS C SHARES			CLASS I SHARES			CLASS R6 SHARES
CALAMOS MARKET NEUTRAL INCOME FUND
Actual Expenses per $1,000*	$	5.79		$	9.51		$	4.54		$	4.24
Actual – Ending Balance	$	978.80		$	974.80		$	979.10		$	980.20
Hypothetical Expenses per $1,000*	$	5.92		$	9.70		$	4.63		$	4.33
Hypothetical – Ending Value	$	1,025.21		$	1,015.58		$	1,020.62		$	1,020.92
Annualized expense ratio(1),(2)		1.16	%		1.91	%		0.91	%		0.85	%
CALAMOS HEDGED EQUITY FUND
Actual Expenses per $1,000*	$	5.83		$	9.51		$	4.59		$	—
Actual – Ending Balance	$	959.30		$	955.90		$	959.90		$	—
Hypothetical Expenses per $1,000*	$	6.02		$	9.80		$	4.74		$	—
Hypothetical – Ending Value	$	1,025.21		$	1,015.48		$	1,020.52		$	—
Annualized expense ratio		1.18	%		1.93	%		0.93	%		—
CALAMOS PHINEUS LONG/SHORT FUND
Actual Expenses per $1,000*	$	12.07		$	15.67		$	10.85		$	—
Actual – Ending Balance	$	946.20		$	942.40		$	947.50		$	—
Hypothetical Expenses per $1,000*	$	12.56		$	16.20		$	11.22		$	—
Hypothetical – Ending Value	$	1,025.21		$	1,009.07		$	1,014.06		$	—
Annualized expense ratio(1),(2)		2.46	%		3.20	%		2.21	%		—
CALAMOS CONVERTIBLE FUND
Actual Expenses per $1,000*	$	5.37		$	8.99		$	4.16		$	—
Actual – Ending Balance	$	920.00		$	916.60		$	921.40		$	—
Hypothetical Expenses per $1,000*	$	5.67		$	9.45		$	4.38		$	—
Hypothetical – Ending Value	$	1,025.21		$	1,015.83		$	1,020.87		$	—
Annualized expense ratio		1.11	%		1.86	%		0.86	%		—
CALAMOS GLOBAL CONVERTIBLE FUND
Actual Expenses per $1,000*	$	6.24		$	9.80		$	5.05		$	—
Actual – Ending Balance	$	890.30		$	886.60		$	891.40		$	—
Hypothetical Expenses per $1,000*	$	6.67		$	10.46		$	5.40		$	—
Hypothetical – Ending Value	$	1,018.60		$	1,014.82		$	1,019.86		$	—
Annualized expense ratio(3)		1.31	%		2.06	%		1.06	%		—
CALAMOS TIMPANI SMALL CAP GROWTH FUND
Actual Expenses per $1,000*	$	6.44		$	9.83		$	5.20		$	4.61
Actual – Ending Balance	$	964.50		$	960.30		$	965.30		$	965.70
Hypothetical Expenses per $1,000*	$	6.64		$	10.11		$	5.35		$	4.74
Hypothetical – Ending Value	$	1,025.21		$	1,015.17		$	1,019.91		$	1,020.52
Annualized expense ratio(3)		1.30	%		1.99	%		1.05	%		0.93	%
CALAMOS TIMPANI SMID GROWTH
Actual Expenses per $1,000*	$	6.65		$	—		$	5.42		$	5.27
Actual – Ending Balance	$	953.00		$	—		$	953.40		$	953.40
Hypothetical Expenses per $1,000*	$	6.87		$	—		$	5.60		$	5.45
Hypothetical – Ending Value	$	1,018.40		$	—		$	1,019.66		$	1,019.81
Annualized expense ratio(3)		1.35	%		—			1.10	%		1.07	%

*  Expenses for all Fund Classes A, C, I, and R6, are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365.

**  Expenses for all Fund Classes A, C, and I are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365.

***  Expenses for all Fund Classes A, I, and R6 are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365.

(1)  Annualized Expense Ratios for Market Neutral Income Fund are adjusted to reflect fee waiver related to its investment in an affiliated fund.

(2)  Includes 0.16% and 0.75% related to dividend expense on short positions for Market Neutral Income Fund and Phineus Long/Short Fund, respectively.

(3)  Annualized Expense Ratios for Global Convertible Fund, Timpani Small Cap Growth Fund and Timpani SMID Growth Fund are adjusted to reflect an expense limitation agreement.

www.calamos.com
89

Expense Example

The actual and hypothetical examples shown assume a $1,000 investment at the beginning of the period, May 1, 2022 and held through October 31, 2022.

	CLASS A SHARES			CLASS C SHARES			CLASS I SHARES			CLASS R6 SHARES
CALAMOS GROWTH FUND
Actual Expenses per $1,000**	$	6.29		$	9.85		$	5.10		$	—
Actual – Ending Balance	$	891.40		$	888.10		$	892.20		$	—
Hypothetical Expenses per $1,000**	$	6.74		$	10.51		$	5.45		$	—
Hypothetical – Ending Value	$	1,025.21		$	1,014.77		$	1,019.81		$	—
Annualized expense ratio		1.32	%		2.07	%		1.07	%		—
CALAMOS GROWTH AND INCOME FUND
Actual Expenses per $1,000*	$	5.19		$	8.85		$	3.97		$	3.58
Actual – Ending Balance	$	942.90		$	939.10		$	944.20		$	944.60
Hypothetical Expenses per $1,000*	$	5.41		$	9.20		$	4.13		$	3.72
Hypothetical – Ending Value	$	1,025.21		$	1,016.08		$	1,021.12		$	1,021.53
Annualized expense ratio		1.06	%		1.81	%		0.81	%		0.73	%
CALAMOS DIVIDEND GROWTH FUND
Actual Expenses per $1,000**	$	6.67		$	10.32		$	5.44		$	—
Actual – Ending Balance	$	944.40		$	940.40		$	945.80		$	—
Hypothetical Expenses per $1,000**	$	6.92		$	10.71		$	5.65		$	—
Hypothetical – Ending Value	$	1,018.35		$	1,014.57		$	1,019.61		$	—
Annualized expense ratio(4)		1.36	%		2.11	%		1.11	%		—
CALAMOS SELECT FUND
Actual Expenses per $1,000**	$	5.66		$	9.58		$	4.43		$	—
Actual – Ending Balance	$	953.10		$	949.20		$	954.20		$	—
Hypothetical Expenses per $1,000**	$	5.87		$	9.91		$	4.58		$	—
Hypothetical – Ending Value	$	1,025.21		$	1,015.38		$	1,020.67		$	—
Annualized expense ratio(4)		1.15	%		1.95	%		0.90	%		—
CALAMOS INTERNATIONAL GROWTH FUND
Actual Expenses per $1,000*	$	4.99		$	8.41		$	3.85		$	3.30
Actual – Ending Balance	$	816.40		$	812.90		$	817.30		$	817.70
Hypothetical Expenses per $1,000*	$	5.55		$	9.35		$	4.28		$	3.67
Hypothetical – Ending Value	$	1,019.71		$	1,015.93		$	1,020.97		$	1,021.58
Annualized expense ratio(4)		1.09	%		1.84	%		0.84	%		0.72	%
CALAMOS EVOLVING WORLD GROWTH FUND
Actual Expenses per $1,000**	$	6.02		$	9.44		$	4.89		$	—
Actual – Ending Balance	$	795.90		$	792.80		$	796.80		$	—
Hypothetical Expenses per $1,000**	$	6.79		$	10.61		$	5.50		$	—
Hypothetical – Ending Value	$	1,025.21		$	1,014.67		$	1,019.76		$	—
Annualized expense ratio(4)		1.33	%		2.09	%		1.08	%		—
CALAMOS GLOBAL EQUITY FUND
Actual Expenses per $1,000*	$	6.68		$	10.24		$	5.49		$	6.64
Actual – Ending Balance	$	894.20		$	890.40		$	895.60		$	895.00
Hypothetical Expenses per $1,000*	$	7.12		$	10.92		$	5.85		$	7.07
Hypothetical – Ending Value	$	1,018.15		$	1,014.37		$	1,019.41		$	1,018.20
Annualized expense ratio(4)		1.40	%		2.15	%		1.15	%		1.39	%

*  Expenses for all Fund Classes A, C, I, and R6, are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365.

**  Expenses for all Fund Classes A, C, and I are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365.

(4)  Annualized Expense Ratios for Dividend Growth Fund, Select Fund, International Growth Fund, Evolving World Growth Fund and Global Equity Fund are adjusted to reflect an expense limitation agreement.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
90

Expense Example

The actual and hypothetical examples shown assume a $1,000 investment at the beginning of the period, May 1, 2022 and held through October 31, 2022.

	CLASS A SHARES			CLASS C SHARES			CLASS I SHARES			CLASS R6 SHARES
CALAMOS GLOBAL OPPORTUNITIES FUND
Actual Expenses per $1,000**	$	5.85		$	9.43		$	4.66		$	—
Actual – Ending Balance	$	903.30		$	899.90		$	905.00		$	—
Hypothetical Expenses per $1,000**	$	6.23		$	10.01		$	4.94		$	—
Hypothetical – Ending Value	$	1,025.21		$	1,015.27		$	1,020.32		$	—
Annualized expense ratio(5)		1.22	%		1.97	%		0.97	%		—
CALAMOS INTERNATIONAL SMALL CAP GROWTH FUND
Actual Expenses per $1,000*	$	6.19		$	9.57		$	5.12		$	5.12
Actual – Ending Balance	$	846.20		$	842.90		$	847.30		$	847.30
Hypothetical Expenses per $1,000*	$	6.79		$	10.46		$	5.60		$	5.60
Hypothetical – Ending Value	$	1,025.21		$	1,014.82		$	1,019.66		$	1,019.66
Annualized expense ratio(5)		1.33	%		2.06	%		1.10	%		1.10	%
CALAMOS GLOBAL SUSTAINABLE EQUITIES FUND
Actual Expenses per $1,000*	$	5.67		$	9.04		$	4.48		$	3.72
Actual – Ending Balance	$	890.20		$	887.40		$	892.60		$	892.60
Hypothetical Expenses per $1,000*	$	6.07		$	9.65		$	4.79		$	3.97
Hypothetical – Ending Value	$	1,025.21		$	1,015.63		$	1,020.47		$	1,021.27
Annualized expense ratio(5)		1.19	%		1.90	%		0.94	%		0.78	%
CALAMOS TOTAL RETURN BOND FUND
Actual Expenses per $1,000**	$	4.43		$	8.06		$	3.26		$	—
Actual – Ending Balance	$	930.90		$	927.40		$	931.10		$	—
Hypothetical Expenses per $1,000**	$	4.65		$	8.44		$	3.41		$	—
Hypothetical – Ending Value	$	1,025.21		$	1,016.84		$	1,021.83		$	—
Annualized expense ratio(5)		0.91	%		1.66	%		0.67	%		—
CALAMOS HIGH INCOME OPPORTUNITIES FUND
Actual Expenses per $1,000**	$	4.92		$	8.65		$	3.69		$	—
Actual – Ending Balance	$	952.50		$	949.30		$	953.70		$	—
Hypothetical Expenses per $1,000**	$	5.09		$	8.94		$	3.82		$	—
Hypothetical – Ending Value	$	1,020.16		$	1,016.33		$	1,021.42		$	—
Annualized expense ratio(5)		1.00	%		1.76	%		0.75	%		—
CALAMOS SHORT-TERM BOND FUND
Actual Expenses per $1,000****	$	3.20		$	—		$	1.95		$	—
Actual – Ending Balance	$	982.90		$	—		$	985.00		$	—
Hypothetical Expenses per $1,000****	$	3.27		$	—		$	1.99		$	—
Hypothetical – Ending Value	$	1,025.21		$	—		$	1,023.24		$	—
Annualized expense ratio(5)		0.64	%		—			0.39	%		—

*  Expenses for all Fund Classes A, C, I, and R6, are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365.

**  Expenses for all Fund Classes A, C, and I are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365.

****  Expenses for all Fund Classes A and I are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365.

(5)  Annualized Expense Ratios for Global Opportunities Fund, International Small Cap Growth Fund, Global Sustainable Equities Fund, Total Return Bond Fund and High Income Opportunities Fund are adjusted to reflect fee waiver.

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91

Market Neutral Income Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT				VALUE
CONVERTIBLE BONDS (34.0%)
			Communication Services (4.4%)
	50,000,000	EUR	America Movil, BV 0.000%, 03/02/24	$	49,560,723
	15,000,000		Bandwidth, Inc. 0.250%, 03/01/26		9,669,600
	7,500,000		0.500%, 04/01/28~		4,452,000
	27,500,000		Bilibili, Inc.~ 0.500%, 12/01/26*		16,426,025
	12,000,000		1.375%, 04/01/26		9,142,920
	5,000,000		1.250%, 06/15/27		4,488,400
	25,000,000	EUR	Cellnex Telecom, SA 1.500%, 01/16/26		29,845,388
	1,000,000,000	JPY	CyberAgent, Inc. 0.000%, 02/19/25		7,345,035
	2,500,000		Eventbrite, Inc. 5.000%, 12/01/25~		2,380,500
	1,953,000		0.750%, 09/15/26		1,339,856
	5,000,000		Fubotv, Inc.~ 3.250%, 02/15/26		2,559,450
	20,000,000		iQIYI, Inc.~ 2.000%, 04/01/25		16,259,600
	19,667,000		4.000%, 12/15/26		12,523,159
	10,000,000		JOYY, Inc.~ 1.375%, 06/15/26		8,468,200
	10,000,000		0.750%, 06/15/25		9,353,800
	27,500,000		Lyft, Inc.~ 1.500%, 05/15/25		24,368,575
	10,000,000		Marathon Digital Holdings, Inc.~* 1.000%, 12/01/26		4,024,100
	20,000,000		Match Group Financeco 2, Inc.* 0.875%, 06/15/26		17,481,800
	15,000,000		Match Group Financeco 3, Inc.~*^ 2.000%, 01/15/30		12,874,050
	2,500,000		Radius Global Infrastructure, Inc.~* 2.500%, 09/15/26		1,968,300
	80,040,000		Sea, Ltd.~ 0.250%, 09/15/26^		55,507,740
	9,614,000		1.000%, 12/01/24		11,701,584
	7,500,000		2.375%, 12/01/25		7,093,650
	77,897,000		Snap, Inc.~ 0.000%, 05/01/27		53,693,623
	40,000,000		0.125%, 03/01/28*		26,628,000
	14,970,000		0.750%, 08/01/26		12,902,194
	10,000,000		0.250%, 05/01/25		9,104,200
	20,000,000		TechTarget, Inc.~ 0.000%, 12/15/26*		16,031,200
	7,500,000		0.125%, 12/15/25		8,191,350
	15,000,000		TripAdvisor, Inc.~ 0.250%, 04/01/26		12,070,800

PRINCIPAL AMOUNT				VALUE
			Twitter, Inc.~
	115,000,000		0.000%, 03/15/26	$	114,514,700
	24,000,000		0.250%, 06/15/24		26,920,800
	19,250,000		World Wrestling Entertainment, Inc.~ 3.375%, 12/15/23		61,187,665
	12,500,000		Ziff Davis, Inc.~*^ 1.750%, 11/01/26		12,160,625
	18,000,000		Zillow Group, Inc.~ 0.750%, 09/01/24		18,635,220
	15,000,000		1.375%, 09/01/26		15,038,100
					705,912,932
			Consumer Discretionary (6.1%)
	7,000,000		2U, Inc.~ 2.250%, 05/01/25		4,490,150
	91,893,000		Airbnb, Inc.~ 0.000%, 03/15/26		76,945,685
	15,000,000		Carnival Corp. 5.750%, 10/01/24		17,446,200
	3,009,000		Cheesecake Factory, Inc.~ 0.375%, 06/15/26		2,476,708
	13,457,000		Chegg, Inc.~ 0.125%, 03/15/25		11,714,722
	12,500,000		0.000%, 09/01/26		9,761,750
	7,500,000		Cracker Barrel Old Country Store, Inc.~ 0.625%, 06/15/26		6,767,025
	20,000,000	EUR	Delivery Hero, SE 1.500%, 01/15/28		12,668,768
	15,000,000	EUR	1.000%, 01/23/27		10,924,508
	22,900,000		Dick's Sporting Goods, Inc.~ 3.250%, 04/15/25		81,165,157
	75,956,000		DraftKings Holdings, Inc.~ 0.000%, 03/15/28		47,503,642
	60,000,000		Etsy, Inc.~ 0.250%, 06/15/28		46,543,200
	30,000,000		0.125%, 10/01/26		38,672,400
	18,500,000		Farfetch, Ltd.~ 3.750%, 05/01/27		17,590,540
	30,000,000		Fiverr International, Ltd.~^ 0.000%, 11/01/25		23,847,600
	10,000,000		Ford Motor Company~ 0.000%, 03/15/26		10,107,700
	6,500,000		Groupon, Inc.~ 1.125%, 03/15/26		3,963,895
	15,000,000		Guess?, Inc.~ 2.000%, 04/15/24		14,704,950
	10,000,000		Li Auto, Inc.~ 0.250%, 05/01/28		8,061,600
	62,500,000		Lucid Group, Inc.~* 1.250%, 12/15/26		39,388,750
	13,000,000		Luminar Technologies, Inc.~* 1.250%, 12/15/26		8,677,370

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
92

Market Neutral Income Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT				VALUE
	7,000,000		Marriott Vacations Worldwide Corp.~ 0.000%, 01/15/26	$	7,155,190
	20,000,000		Meituan 0.000%, 04/27/27		15,789,600
	12,500,000		MercadoLibre, Inc.~^ 2.000%, 08/15/28		26,653,250
	7,500,000		National Vision Holdings, Inc.~ 2.500%, 05/15/25		10,047,450
	40,000,000		NCL Corp., Ltd.~* 1.125%, 02/15/27		30,569,200
	10,199,000		NIO, Inc.~ 0.500%, 02/01/27		7,302,484
	10,000,000		0.000%, 02/01/26		8,091,300
	20,000,000	GBP	Ocado Group, PLC 0.750%, 01/18/27		14,106,552
	47,500,000		Peloton Interactive, Inc.~ 0.000%, 02/15/26		34,188,125
	17,000,000		Pinduoduo, Inc.~ 0.000%, 12/01/25		15,283,000
	6,750,000		0.000%, 10/01/24		8,950,635
	5,000,000		Porch Group, Inc.~* 0.750%, 09/15/26		2,592,750
	5,287,000		Quotient Technology, Inc.~ 1.750%, 12/01/22		5,039,357
	20,000,000		Royal Caribbean Cruises, Ltd.~* 6.000%, 08/15/25		26,139,800
	10,245,000		Shake Shack, Inc.~ 0.000%, 03/01/28		7,000,818
	10,833,000		Stride, Inc.~ 1.125%, 09/01/27		9,768,874
	16,822,000		Tesla, Inc.~ 2.000%, 05/15/24		184,986,487
	4,264,000		Vail Resorts, Inc.~^ 0.000%, 01/01/26		3,804,980
	11,632,000		Vroom, Inc.~ 0.750%, 07/01/26		3,397,475
	27,590,000		Wayfair, Inc. 0.625%, 10/01/25~		18,128,837
	25,000,000		1.000%, 08/15/26		15,492,500
	23,055,000		3.250%, 09/15/27*		20,045,170
	12,500,000		Winnebago Industries, Inc.~ 1.500%, 04/01/25		14,015,500
					981,971,654
			Consumer Staples (0.3%)
	11,500,000		Beauty Health Company~* 1.250%, 10/01/26		9,129,620
	36,755,000		Beyond Meat, Inc.~ 0.000%, 03/15/27		9,874,231
	15,000,000		Herbalife Nutrition, Ltd.~ 2.625%, 03/15/24		13,848,750
	15,000,000		Post Holdings, Inc.~* 2.500%, 08/15/27		15,637,050

PRINCIPAL AMOUNT				VALUE
	610,000,000	JPY	Yaoko Company, Ltd. 0.000%, 06/20/24	$	4,560,754
					53,050,405
			Energy (1.2%)
	5,000,000		Northern Oil And Gas, Inc. 3.625%, 04/15/29		5,615,900
	71,500,000		Pioneer Natural Resources Company~ 0.250%, 05/15/25		183,997,385
					189,613,285
			Financials (0.8%)
	80,800,000		Coinbase Global, Inc.~ 0.500%, 06/01/26		54,308,912
	5,000,000		Hope Bancorp, Inc.~ 2.000%, 05/15/38		4,883,550
	25,000,000		JPMorgan Chase & Company 0.000%, 12/28/23		23,476,750
	10,467,000		JPMorgan Chase Financial Company, LLC (Voya Financial, Inc.)~§ 0.250%, 05/01/23		11,545,834
	15,000,000		LendingTree, Inc.~^ 0.500%, 07/15/25		10,725,750
	13,000,000		PRA Group, Inc.~ 3.500%, 06/01/23		12,870,910
	10,000,000		SoFi Technologies, Inc.~* 0.000%, 10/15/26		7,228,100
					125,039,806
			Health Care (3.5%)
	15,000,000		Accolade, Inc.~ 0.500%, 04/01/26		11,240,850
	18,000,000		Aerie Pharmaceuticals, Inc. 1.500%, 10/01/24		17,759,340
	10,500,000		Allscripts Healthcare Solutions, Inc.~ 0.875%, 01/01/27		13,074,705
	17,500,000		Alnylam Pharmaceuticals, Inc.* 1.000%, 09/15/27		17,588,725
	4,000,000		Alphatec Holdings, Inc.~ 0.750%, 08/01/26		3,400,240
	8,500,000		Ascendis Pharma, A/S~* 2.250%, 04/01/28		8,351,080
	10,000,000		Bridgebio Pharma, Inc.~ 2.500%, 03/15/27		5,908,800
	10,000,000		2.250%, 02/01/29		4,284,300
	3,759,000		Coherus Biosciences, Inc. 1.500%, 04/15/26		2,846,803
	3,500,000		Collegium Pharmaceutical, Inc.~ 2.625%, 02/15/26		3,176,845
	20,000,000		CONMED Corp.~* 2.250%, 06/15/27		17,492,000
	3,188,000		CryoPort, Inc.~* 0.750%, 12/01/26		2,413,922

See accompanying Notes to Schedule of Investments

www.calamos.com
93

Market Neutral Income Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
	15,000,000	Dexcom, Inc.~ 0.750%, 12/01/23	$	44,250,450
	10,000,000	Envista Holdings Corp.~^ 2.375%, 06/01/25		16,606,900
	5,000,000	Evolent Health, Inc.~ 1.500%, 10/15/25		5,824,400
	5,000,000	Haemonetics Corp. 0.000%, 03/01/26		4,137,250
	19,000,000	Halozyme Therapeutics, Inc.~ 0.250%, 03/01/27		16,993,220
	18,000,000	1.000%, 08/15/28*		19,013,580
	14,500,000	Illumina, Inc.~ 0.000%, 08/15/23		14,028,605
	17,000,000	Innoviva, Inc.~ 2.500%, 08/15/25		17,729,130
	10,000,000	2.125%, 03/15/28*		8,145,200
	9,000,000	Insmed, Inc.~ 0.750%, 06/01/28		7,141,590
	27,500,000	Insulet Corp.~ 0.375%, 09/01/26		35,596,000
	5,000,000	Intercept Pharmaceuticals, Inc. 2.000%, 05/15/26		3,735,450
	11,243,000	Ionis Pharmaceuticals, Inc.~ 0.125%, 12/15/24		10,370,993
	9,500,000	Ironwood Pharmaceuticals, Inc.~ 1.500%, 06/15/26		9,895,200
	7,500,000	0.750%, 06/15/24		7,745,400
	24,500,000	Jazz Investments I, Ltd.~ 2.000%, 06/15/26		27,571,810
	7,250,000	Livongo Health, Inc. 0.875%, 06/01/25		6,308,153
	5,000,000	Mesa Laboratories, Inc.~ 1.375%, 08/15/25		4,189,050
	10,000,000	Natera, Inc.~ 2.250%, 05/01/27		14,219,100
	10,000,000	NeoGenomics, Inc. 0.250%, 01/15/28		6,097,000
	7,500,000	Neurocrine Biosciences, Inc.~ 2.250%, 05/15/24		11,292,900
	4,500,000	NextGen Healthcare, Inc. 3.750%, 11/15/27		4,748,400
	15,000,000	Novocure, Ltd.~ 0.000%, 11/01/25		12,987,450
	40,000,000	Oak Street Health, Inc.~^ 0.000%, 03/15/26		30,566,400
	12,500,000	Omnicell, Inc.~ 0.250%, 09/15/25		12,513,500
	11,233,000	Pacira BioSciences, Inc.~ 0.750%, 08/01/25		10,940,268
	4,000,000	Revance Therapeutics, Inc. 1.750%, 02/15/27		3,960,120
	40,000,000	Sarepta Therapeutics, Inc. 1.250%, 09/15/27*		42,775,600
	10,115,000	1.500%, 11/15/24~		17,157,973

PRINCIPAL AMOUNT				VALUE
	12,500,000		SmileDirectClub, Inc.* 0.000%, 02/01/26	$	1,259,500
	10,000,000		Supernus Pharmaceuticals, Inc.~ 0.625%, 04/01/23		9,807,400
	5,000,000		Tabula Rasa HealthCare, Inc.~ 1.750%, 02/15/26		4,015,800
	16,250,000		Teladoc Health, Inc.~ 1.250%, 06/01/27		12,228,613
					561,390,015
			Industrials (1.3%)
	17,500,000		American Airlines Group, Inc.~ 6.500%, 07/01/25		19,746,475
	14,000,000		Atlas Air Worldwide Holdings, Inc. 1.875%, 06/01/24		23,493,820
	15,000,000		Chart Industries, Inc.~* 1.000%, 11/15/24		56,933,850
	11,250,000		FTI Consulting, Inc.~ 2.000%, 08/15/23		17,488,462
	6,600,000		Greenbrier Companies, Inc.~ 2.875%, 04/15/28		5,943,432
	20,000,000		John Bean Technologies Corp. 0.250%, 05/15/26		17,069,800
	16,467,000		Middleby Corp.~ 1.000%, 09/01/25		19,953,887
	10,000,000	EUR	Safran, SA 0.875%, 05/15/27		12,791,707
	4,000,000		Stem, Inc.~* 0.500%, 12/01/28		3,025,360
	35,000,000		Upwork, Inc.~ 0.250%, 08/15/26		26,156,900
	15,000,000		Virgin Galactic Holdings, Inc.~* 2.500%, 02/01/27		7,967,550
					210,571,243
			Information Technology (14.9%)
	20,000,000		3D Systems Corp.~* 0.000%, 11/15/26		14,131,400
	30,056,000		Affirm Holdings, Inc.~* 0.000%, 11/15/26		19,007,715
	73,500,000		Akamai Technologies, Inc.~ 0.375%, 09/01/27		72,852,465
	55,000,000		0.125%, 05/01/25		59,475,900
	10,000,000		Altair Engineering, Inc.~* 1.750%, 06/15/27		9,370,200
	10,000,000		Alteryx, Inc.~ 1.000%, 08/01/26		8,042,000
	10,000,000		0.500%, 08/01/24		9,056,300
	30,000,000		Avalara, Inc. 0.250%, 08/01/26		29,813,700
	16,398,000		Bentley Systems, Inc.~ 0.125%, 01/15/26		14,406,955
	10,000,000		BigCommerce Holdings, Inc. 0.250%, 10/01/26		7,385,700

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
94

Market Neutral Income Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
	50,000,000	Bill.com Holdings, Inc.~ 0.000%, 12/01/25	$	55,635,500
	50,000,000	Blackline, Inc.~ 0.000%, 03/15/26		40,616,500
	24,000,000	0.125%, 08/01/24		24,371,280
	35,000,000	Block, Inc. 0.500%, 05/15/23~		36,893,150
	25,000,000	0.125%, 03/01/25~		23,275,500
	17,000,000	0.000%, 05/01/26~		13,649,130
	10,000,000	0.250%, 11/01/27		7,476,400
	25,000,000	Box, Inc.~ 0.000%, 01/15/26		31,059,500
	20,000,000	Ceridian HCM Holding, Inc.~ 0.250%, 03/15/26		17,047,400
	57,200,000	Confluent, Inc.~* 0.000%, 01/15/27		42,704,376
	43,000,000	Coupa Software, Inc.~ 0.375%, 06/15/26		34,313,570
	22,876,000	0.125%, 06/15/25		19,671,987
	15,000,000	CyberArk Software, Ltd.~ 0.000%, 11/15/24		17,587,350
	20,000,000	Datadog, Inc.~ 0.125%, 06/15/25		22,838,000
	62,500,000	DigitalOcean Holdings, Inc.~* 0.000%, 12/01/26		45,829,375
	27,750,000	Dropbox, Inc.~ 0.000%, 03/01/28		24,102,263
	23,000,000	0.000%, 03/01/26		20,493,460
	16,000,000	Enphase Energy, Inc.~ 0.000%, 03/01/28^		20,609,600
	10,000,000	0.000%, 03/01/26		12,284,100
	26,000,000	Envestnet, Inc.~ 0.750%, 08/15/25		22,372,480
	8,000,000	Everbridge, Inc.~ 0.000%, 03/15/26		6,879,840
	50,000,000	Fastly, Inc.~ 0.000%, 03/15/26		35,648,000
	15,000,000	Five9, Inc.~ 0.500%, 06/01/25		13,328,700
	20,000,000	Guidewire Software, Inc.~ 1.250%, 03/15/25		18,106,400
	2,500,000	i3 Verticals, LLC~ 1.000%, 02/15/25		2,221,450
	5,000,000	Impinj, Inc.~* 1.125%, 05/15/27		6,191,400
	15,000,000	Infinera Corp.~ 2.125%, 09/01/24		14,111,400
	6,000,000	3.750%, 08/01/28*		6,461,400
	13,000,000	Insight Enterprises, Inc.~ 0.750%, 02/15/25		18,657,730
	10,000,000	InterDigital, Inc.~* 3.500%, 06/01/27		9,377,200
	15,000,000	Itron, Inc.~^ 0.000%, 03/15/26		12,086,850

PRINCIPAL AMOUNT			VALUE
	16,000,000	Lenovo Group, Ltd. 3.375%, 01/24/24	$	17,562,080
	17,500,000	LivePerson, Inc. 0.000%, 12/15/26~		12,241,250
	7,500,000	0.750%, 03/01/24		6,985,650
	50,500,000	Lumentum Holdings, Inc.~ 0.500%, 12/15/26		49,547,065
	20,000,000	0.250%, 03/15/24		26,267,000
	12,500,000	0.500%, 06/15/28*		10,557,625
	18,000,000	Magnite, Inc.~ 0.250%, 03/15/26		13,139,640
	29,523,000	MicroStrategy, Inc. 0.000%, 02/15/27~		13,685,682
	9,601,000	0.750%, 12/15/25		7,956,541
	55,500,000	MongoDB, Inc.~ 0.250%, 01/15/26		62,794,365
	10,000,000	New Relic, Inc.~ 0.500%, 05/01/23		9,804,500
	20,000,000	Nice Systems, Inc.~ 1.250%, 01/15/24		45,553,400
	10,000,000	Nova, Ltd.~ 0.000%, 10/15/25		11,413,100
	14,960,000	Nutanix, Inc. 0.250%, 10/01/27		13,049,608
	57,500,000	Okta, Inc.~ 0.125%, 09/01/25		48,462,150
	43,500,000	0.375%, 06/15/26		34,951,380
	60,000,000	ON Semiconductor Corp.~ 0.000%, 05/01/27		79,337,400
	84,925,000	Palo Alto Networks, Inc.~ 0.750%, 07/01/23		164,531,996
	68,000,000	0.375%, 06/01/25		119,907,120
	4,500,000	PAR Technology Corp.~ 2.875%, 04/15/26		4,382,865
	32,500,000	Pegasystems, Inc.~ 0.750%, 03/01/25		27,196,325
	7,707,000	Perficient, Inc.~* 0.125%, 11/15/26		5,818,785
	12,500,000	Progress Software Corp.~ 1.000%, 04/15/26		12,907,000
	5,000,000	PROS Holdings, Inc. 1.000%, 05/15/24		4,637,700
	2,000,000	2.250%, 09/15/27		1,765,480
	30,625,000	Q2 Holdings, Inc.~ 0.125%, 11/15/25		25,009,906
	19,500,000	Rapid7, Inc.~ 0.250%, 03/15/27		15,406,755
	7,000,000	2.250%, 05/01/25		7,170,310
	7,500,000	Repay Holdings Corp.~* 0.000%, 02/01/26		5,173,050
	41,100,000	RingCentral, Inc.~ 0.000%, 03/15/26^		31,500,273
	20,000,000	0.000%, 03/01/25		16,688,000
	17,500,000	Shift4 Payments, Inc.~ 0.500%, 08/01/27^		13,542,375
	15,000,000	0.000%, 12/15/25		13,521,150

See accompanying Notes to Schedule of Investments

www.calamos.com
95

Market Neutral Income Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT				VALUE
	15,000,000		Shopify, Inc.~^ 0.125%, 11/01/25	$	12,685,350
	30,000,000		Silicon Laboratories, Inc.~ 0.625%, 06/15/25		34,029,300
	5,000,000		SMART Global Holdings, Inc.~ 2.250%, 02/15/26		4,764,450
	40,000,000		Splunk, Inc.~ 0.500%, 09/15/23		38,622,400
	32,500,000		1.125%, 09/15/25		30,293,250
	20,000,000		1.125%, 06/15/27		17,050,000
	75,000,000		Spotify USA, Inc.~ 0.000%, 03/15/26		59,877,750
	15,000,000		Teradyne, Inc.~ 1.250%, 12/15/23		38,599,800
	5,000,000		Tyler Technologies, Inc.~ 0.250%, 03/15/26		4,727,100
	90,074,000		Unity Software, Inc.~* 0.000%, 11/15/26		65,704,479
	10,000,000		Verint Systems, Inc.~ 0.250%, 04/15/26		8,554,400
	5,000,000		Veritone, Inc.~* 1.750%, 11/15/26		3,074,050
	10,000,000		Vishay Intertechnology, Inc.~ 2.250%, 06/15/25		9,679,700
	10,000,000		Weibo Corp.~ 1.250%, 11/15/22		9,930,600
	26,500,000		Western Digital Corp.~ 1.500%, 02/01/24		25,339,565
	10,000,000		Wix.com, Ltd.~ 0.000%, 07/01/23		9,801,500
	17,500,000		Wolfspeed, Inc.~ 1.750%, 05/01/26		31,150,875
	15,000,000		0.250%, 02/15/28*		13,799,100
	17,500,000		Workiva, Inc.~ 1.125%, 08/15/26		20,540,625
	66,663,000		Zendesk, Inc.~ 0.625%, 06/15/25		65,875,710
	10,000,000		0.250%, 03/15/23		12,353,600
	22,500,000		Zscaler, Inc.~ 0.125%, 07/01/25		27,690,975
					2,396,055,731
			Materials (0.3%)
	10,000,000		Amyris, Inc.~* 1.500%, 11/15/26		4,822,300
	10,000,000		ATI, Inc.~ 3.500%, 06/15/25		20,190,500
	3,124,000		Lithium Americas Corp.~* 1.750%, 01/15/27		2,712,632
	20,000,000	CHF	Sika, AG 0.150%, 06/05/25		25,738,453
					53,463,885
			Other (0.4%)
	60,000,000		Cloudflare, Inc. 0.000%, 08/15/26		48,553,200

PRINCIPAL AMOUNT				VALUE
	15,000,000		Jamf Holding Corp. 0.125%, 09/01/26	$	12,422,400
	2,000,000		QIAGEN, NV 0.000%, 12/17/27		1,803,020
	10,000,000		Upstart Holdings, Inc. 0.250%, 08/15/26		5,588,700
					68,367,320
			Real Estate (0.3%)
	20,000,000	EUR	ANLLIAN Capital, Ltd. 0.000%, 02/05/25		19,980,828
	12,500,000		Opendoor Technologies, Inc.~* 0.250%, 08/15/26		6,459,750
	5,000,000		Realogy Group, LLC / Realogy Co-Issuer Corp.~ 0.250%, 06/15/26		3,370,650
	20,000,000		Redfin Corp.~ 0.500%, 04/01/27		8,627,600
	15,000,000		0.000%, 10/15/25		7,739,400
					46,178,228
			Special Purpose Acquisition Company (0.3%)
	42,687,000		1Life Healthcare, Inc. 3.000%, 06/15/25		41,533,170
			Utilities (0.2%)
	12,500,000		NextEra Energy Partners, LP~* 0.000%, 06/15/24		12,051,125
	10,000,000		Sunnova Energy International, Inc.~ 2.625%, 02/15/28*		8,098,200
	10,000,000		0.250%, 12/01/26		7,723,600
					27,872,925
			TOTAL CONVERTIBLE BONDS (Cost $5,794,510,873)		5,461,020,599
CORPORATE BOND (1.0%)
			Airlines (0.0%)
	2,850,000		Mileage Plus Holdings, LLC / Mileage Plus Intellectual Property Assets, Ltd.* 6.500%, 06/20/27		2,822,127
			Communication Services (0.1%)
	3,257,000		Comcast Corp. 3.375%, 08/15/25		3,114,832
	750,000		5.250%, 11/07/25		750,412
	3,214,000		Netflix, Inc.* 3.625%, 06/15/25		3,067,731
	2,500,000		Verizon Communications, Inc.^ 1.450%, 03/20/26		2,203,675
					9,136,650
			Consumer Discretionary (0.1%)
	5,000,000		Cargill, Inc. 4.875%, 10/10/25		4,961,850

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
96

Market Neutral Income Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
	5,000,000	Dollar General Corp. 4.150%, 11/01/25	$	4,856,850
	5,000,000	General Motors Financial Company, Inc. 1.250%, 01/08/26		4,277,800
	5,000,000	Lowe's Companies, Inc. 4.400%, 09/08/25		4,906,150
	1,859,000	VF Corp. 2.400%, 04/23/25		1,724,186
				20,726,836
		Financials (0.3%)
	5,000,000	Bank of America Corp.~‡ 1.530%, 12/06/25 SOFR + 0.65%		4,560,150
	5,000,000	Bank of Montreal 4.250%, 09/14/24		4,896,850
	5,000,000	Bank of NY Mellon Corp.‡ 4.414%, 07/24/26 SOFR + 1.35%		4,865,050
	3,500,000	Citizens Bank NA^‡ 6.064%, 10/24/25 SOFR + 1.45%		3,525,270
	2,000,000	Intercontinental Exchange, Inc. 3.650%, 05/23/25		1,939,020
	5,000,000	JPMorgan Chase & Company‡ 2.595%, 02/24/26 SOFR + 0.92%		4,635,850
	5,000,000	Mondelez International Holdings Netherlands, BV* 4.250%, 09/15/25		4,864,550
	5,000,000	PNC Financial Services Group, Inc.‡ 5.671%, 10/28/25 SOFR + 1.09%		5,009,050
	5,000,000	Toronto-Dominion Bank 3.766%, 06/06/25		4,803,300
	5,000,000	Truist Financial Corp.‡ 5.900%, 10/28/26 SOFR + 1.63%		5,002,400
	5,000,000	US Bancorp.‡ 5.727%, 10/21/26 SOFR + 1.43%		5,018,350
				49,119,840
		Health Care (0.1%)
	4,860,000	Baxter International, Inc. 1.322%, 11/29/24		4,476,060
	5,000,000	Elevance Health, Inc. 5.350%, 10/15/25		5,004,850
	5,000,000	UnitedHealth Group, Inc. 5.150%, 10/15/25		5,010,950
				14,491,860
		Industrials (0.1%)
	2,500,000	Lockheed Martin Corp. 4.950%, 10/15/25		2,503,125

PRINCIPAL AMOUNT			VALUE
	3,830,000	Raytheon Technologies Corp. 3.950%, 08/16/25	$	3,716,402
	1,750,000	Roper Technologies, Inc.^ 2.350%, 09/15/24		1,662,920
	5,000,000	Siemens Financieringsmaatschappij, NV* 3.250%, 05/27/25		4,764,150
				12,646,597
		Information Technology (0.1%)
	3,500,000	Broadridge Financial Solutions, Inc. 3.400%, 06/27/26		3,241,035
	5,000,000	PayPal Holdings, Inc. 2.650%, 10/01/26		4,565,600
	5,000,000	Take-Two Interactive Software, Inc. 3.300%, 03/28/24		4,855,200
				12,661,835
		Materials (0.0%)
	2,500,000	Sherwin Williams Company~ 4.050%, 08/08/24		2,454,250
		Other (0.1%)
	3,120,000	BorgWarner, Inc. 3.375%, 03/15/25		2,982,907
	5,000,000	Diageo Capital, PLC 5.200%, 10/24/25		5,018,450
	1,457,000	Schlumberger Holdings Corp.* 3.750%, 05/01/24		1,425,442
	5,000,000	Toyota Motor Credit Corp. 3.950%, 06/30/25		4,874,450
	5,000,000	WEC Energy Group, Inc. 5.000%, 09/27/25		4,974,250
				19,275,499
		Utilities (0.1%)
	5,000,000	National Rural Utilities Cooperative Finance, Corp. 5.450%, 10/30/25		5,026,700
	5,000,000	Southern Company 5.150%, 10/06/25		4,981,500
				10,008,200
		TOTAL CORPORATE BOND (Cost $153,647,190)		153,343,694
NUMBER OF SHARES			VALUE
CONVERTIBLE PREFERRED STOCKS (1.4%)
		Communication Services (0.3%)
	35,692	T-Mobile Exchangeable Trust~* 5.250%, 06/01/23		44,430,472
		Consumer Discretionary (0.2%)
	316,491	Aptiv, PLC~ 5.500%, 06/15/23		33,826,558

See accompanying Notes to Schedule of Investments

www.calamos.com
97

Market Neutral Income Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
		Financials (0.1%)
	15,000	2020 Mandatory Exchangeable Trust~* 6.500%, 05/16/23	$	13,931,550
		Industrials (0.1%)
	178,572	Clarivate, PLC~^ 5.250%, 06/01/24		8,162,526
	47,143	RBC Bearings, Inc.~ 5.000%, 10/15/24		5,766,532
	104,200	Stanley Black & Decker, Inc.~ 5.250%, 11/15/22		5,253,764
				19,182,822
		Information Technology (0.1%)
	50,000	Coherent Corp.~ 6.000%, 07/01/23		7,758,000
		Utilities (0.6%)
	400,000	American Electric Power Company, Inc.~^ 6.125%, 08/15/23		19,888,000
	300,000	DTE Energy Company~ 6.250%, 11/01/22		15,411,000
	500,000	NextEra Energy, Inc. 6.926%, 09/01/25		23,250,000
	300,000	6.219%, 09/01/23~^		14,475,000
	205,000	5.279%, 03/01/23~		10,135,200
	150,000	PG&E Corp.~ 5.500%, 08/16/23		20,118,000
				103,277,200
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $237,994,650)		222,406,602
COMMON STOCKS (54.0%)
		Communication Services (3.5%)
	630,238	Activision Blizzard, Inc.~		45,881,327
	1,135,873	Alphabet, Inc. - Class A~#		107,351,357
	1,314,695	Alphabet, Inc. - Class C~#		124,449,029
	1,234,951	AT&T, Inc.		22,513,157
	1,012,445	Comcast Corp. - Class A~		32,135,004
	183,008	Fox Corp. - Class A^		5,283,441
	228,013	Match Group, Inc.#		9,850,162
	533,268	Meta Platforms, Inc. - Class A~#		49,679,247
	101,872	Netflix, Inc.#		29,734,399
	270,307	Paramount Global - Class B		4,952,024
	163,081	T-Mobile US, Inc.#		24,716,556
	904,128	TEGNA, Inc.~		18,878,193
	942,409	Verizon Communications, Inc.~		35,217,824
	457,102	Walt Disney Company~#		48,699,647
				559,341,367

NUMBER OF SHARES			VALUE
		Consumer Discretionary (4.5%)
	2,024,992	Amazon.com, Inc.~#	$	207,440,181
	174,421	Aptiv, PLC^#		15,884,520
	8,483	Booking Holdings, Inc.~#		15,858,799
	230,907	Caesars Entertainment, Inc.#		10,097,563
	1,095,491	Carnival Corp.^#		9,925,148
	10,775	Chipotle Mexican Grill, Inc. - Class A^#		16,144,506
	64,696	Darden Restaurants, Inc.~		9,260,585
	479,604	DISH Network Corp. - Class A^#		7,150,896
	56,118	Dollar General Corp.~		14,312,896
	196,538	DR Horton, Inc.~^		15,109,841
	184,301	eBay, Inc.		7,342,552
	940,940	Ford Motor Company~		12,580,368
	353,265	General Motors Company		13,865,651
	244,672	Home Depot, Inc.~		72,454,719
	503,703	iRobot Corp.#		28,459,220
	197,938	Lowe's Companies, Inc.~		38,588,013
	173,270	McDonald's Corp.^		47,243,798
	214,670	MGM Resorts International		7,635,812
	331,621	NIKE, Inc. - Class B~		30,734,634
	502,775	Norwegian Cruise Line Holdings, Ltd.#		8,491,870
	26,601	O'Reilly Automotive, Inc.#		22,269,559
	111,716	Ross Stores, Inc.~		10,690,104
	271,323	Starbucks Corp.~		23,493,859
	122,742	Target Corp.~		20,160,374
	106,543	Tesla, Inc.#		24,242,794
	307,020	TJX Companies, Inc.~		22,136,142
	33,773	Ulta Beauty, Inc.#		14,163,383
				725,737,787
		Consumer Staples (3.0%)
	130,000	Albertsons Companies, Inc.		2,666,300
	454,798	Altria Group, Inc.~		21,043,503
	184,992	Archer-Daniels-Midland Company~		17,940,524
	118,887	Church & Dwight Company, Inc.		8,813,093
	788,819	Coca-Cola Company		47,210,817
	183,307	Colgate-Palmolive Company~		13,535,389
	91,883	Constellation Brands, Inc. - Class A		22,702,452
	72,800	Costco Wholesale Corp.~		36,509,200
	69,746	Estee Lauder Companies, Inc. - Class A		13,983,375
	200,502	General Mills, Inc.		16,356,953
	147,780	Kellogg Company~		11,352,460

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
98

Market Neutral Income Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
	110,141	Kimberly-Clark Corp.	$	13,708,149
	254,719	Kraft Heinz Company		9,799,040
	264,008	Kroger Company^		12,484,938
	519,960	Mondelez International, Inc. - Class A		31,967,141
	114,448	Monster Beverage Corp.#		10,726,067
	242,552	PepsiCo, Inc.~		44,042,592
	434,501	Philip Morris International, Inc.~		39,908,917
	426,737	Procter & Gamble Company		57,468,672
	403,616	Walmart, Inc.~		57,446,665
				489,666,247
		Energy (2.5%)
	471,892	Chevron Corp.~		85,365,263
	302,873	ConocoPhillips~		38,189,257
	90,649	EOG Resources, Inc.~		12,375,401
	556,184	Exxon Mobil Corp.~		61,630,749
	211,792	Hess Corp.		29,879,615
	627,369	Kinder Morgan, Inc.		11,367,926
	412,850	Marathon Petroleum Corp.		46,908,017
	194,713	Occidental Petroleum Corp.		14,136,164
	125,762	ONEOK, Inc.		7,460,202
	88,269	Phillips 66~^		9,205,574
	127,378	Pioneer Natural Resources Company^		32,660,993
	279,825	Schlumberger, NV		14,559,295
	198,353	Sysco Corp.		17,169,436
	85,398	Valero Energy Corp.~		10,721,719
	316,548	Williams Companies, Inc.		10,360,616
				401,990,227
		Financials (5.0%)
	155,937	Aflac, Inc.~		10,153,058
	121,656	Allstate Corp.~		15,359,070
	214,643	American Express Company~^		31,863,753
	444,819	American International Group, Inc.~		25,354,683
	60,957	Ameriprise Financial, Inc.		18,843,028
	108,749	Arthur J Gallagher & Company		20,344,763
	91,433	Assurant, Inc.		12,422,087
	2,472,297	Bank of America Corp.~		89,101,584
	227,025	Bank of New York Mellon Corp.		9,560,023
	328,192	Berkshire Hathaway, Inc. - Class B~#		96,846,177
	23,555	BlackRock, Inc.~^		15,214,410
	108,098	Cboe Global Markets, Inc.		13,458,201
	426,654	Charles Schwab Corp.~		33,991,524
	140,162	Chubb, Ltd.~		30,119,412
	344,047	Citigroup, Inc.~		15,777,995

NUMBER OF SHARES			VALUE
	48,989	CME Group, Inc.	$	8,489,794
	137,783	Discover Financial Services		14,392,812
	132,052	Goldman Sachs Group, Inc.~		45,493,234
	516,311	Huntington Bancshares, Inc.		7,837,601
	597,311	JPMorgan Chase & Company~		75,189,509
	60,594	M&T Bank Corp.		10,202,212
	168,110	Marsh & McLennan Companies, Inc.		27,148,084
	183,167	MetLife, Inc.~		13,409,656
	309,222	Morgan Stanley~		25,408,772
	97,058	Northern Trust Corp.		8,186,842
	72,941	Prudential Financial, Inc.~		7,672,664
	63,315	S&P Global, Inc.		20,339,944
	91,668	State Street Corp.~		6,783,432
	81,304	Travelers Companies, Inc.~		14,997,336
	163,830	Truist Financial Corp.		7,337,946
	185,377	US Bancorp		7,869,254
	1,152,908	Wells Fargo & Company~		53,022,239
	292,568	Zions Bancorp NA		15,195,982
				807,387,081
		Health Care (6.9%)
	315,426	Abbott Laboratories~		31,208,248
	395,669	AbbVie, Inc.~		57,925,941
	208,836	Agilent Technologies, Inc.		28,892,461
	88,694	Amgen, Inc.~		23,978,423
	233,427	Baxter International, Inc.		12,686,757
	75,809	Becton Dickinson and Company		17,888,650
	45,359	Biogen, Inc.~#		12,856,555
	710,891	Boston Scientific Corp.#		30,646,511
	641,453	Bristol-Myers Squibb Company~		49,693,364
	143,625	Centene Corp.#		12,226,796
	61,117	Cigna Corp.		19,744,458
	269,980	CVS Health Corp.~		25,567,106
	183,216	Danaher Corp.		46,109,971
	123,867	Dexcom, Inc.#		14,960,656
	207,304	Edwards Lifesciences Corp.~#		15,015,029
	223,838	Eli Lilly & Company		81,049,501
	286,762	Gilead Sciences, Inc.		22,499,346
	61,758	HCA Healthcare, Inc.		13,430,512
	37,459	Humana, Inc.		20,905,119
	103,264	Intuitive Surgical, Inc.#		25,451,478
	62,899	IQVIA Holdings, Inc.#		13,188,033
	496,808	Johnson & Johnson~		86,429,688
	55,559	Laboratory Corp. of America Holdings~		12,326,320
	42,000	LHC Group, Inc.~#		7,018,200

See accompanying Notes to Schedule of Investments

www.calamos.com
99

Market Neutral Income Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
	56,944	McKesson Corp.	$	22,172,285
	330,135	Medtronic, PLC		28,833,991
	549,308	Merck & Company, Inc.		55,589,970
	58,255	Organon & Company^		1,525,116
	1,197,598	Pfizer, Inc.~		55,748,187
	74,115	Quest Diagnostics, Inc.~		10,646,620
	15,056	Regeneron Pharmaceuticals, Inc.~#		11,273,180
	107,598	Thermo Fisher Scientific, Inc.~		55,302,144
	259,546	UnitedHealth Group, Inc.~		144,086,962
	91,654	Vertex Pharmaceuticals, Inc.#		28,596,048
	58,062	Zimmer Biomet Holdings, Inc.		6,581,328
	74,863	Zoetis, Inc.		11,287,843
				1,113,342,797
		Industrials (3.7%)
	91,385	3M Company		11,495,319
	64,157	Allegion, PLC		6,721,729
	90,214	Boeing Company~#		12,856,397
	352,007	Carrier Global Corp.		13,995,798
	175,731	Caterpillar, Inc.~		38,038,732
	922,637	CSX Corp.~		26,811,831
	63,392	Deere & Company^		25,091,822
	213,045	Delta Air Lines, Inc.~#		7,228,617
	93,343	Eaton Corp., PLC		14,007,984
	247,403	Emerson Electric Company~		21,425,100
	67,477	Generac Holdings, Inc.#		7,821,259
	54,376	General Dynamics Corp.		13,583,125
	234,879	General Electric Company		18,275,935
	205,844	Honeywell International, Inc.		41,996,293
	77,576	Illinois Tool Works, Inc.~		16,564,803
	213,001	Johnson Controls International, PLC		12,319,978
	81,898	L3Harris Technologies, Inc.		20,185,400
	44,456	Lockheed Martin Corp.		21,635,846
	183,207	Masco Corp.		8,476,988
	48,801	Norfolk Southern Corp.		11,130,044
	44,188	Northrop Grumman Corp.^		24,259,654
	81,873	Otis Worldwide Corp.		5,783,509
	128,811	PACCAR, Inc.		12,472,769
	208,192	Pentair, PLC		8,941,846
	439,477	Raytheon Technologies Corp.~		41,671,209
	406,045	Southwest Airlines Company~#		14,759,736
	141,391	Spirit Airlines, Inc.~#		3,110,602
	53,698	Stryker Corp.~		12,309,730
	10,937	Teledyne Technologies, Inc.#		4,352,707
	232,845	Union Pacific Corp.~		45,903,063
	147,685	United Parcel Service, Inc. - Class B		24,777,113

NUMBER OF SHARES			VALUE
	72,222	Verisk Analytics, Inc. - Class A	$	13,204,348
	137,990	Waste Management, Inc.		21,853,476
	101,602	Xylem, Inc.		10,407,093
				593,469,855
		Information Technology (11.6%)
	121,721	Accenture, PLC - Class A~		34,556,592
	95,226	Adobe, Inc.#		30,329,481
	434,534	Advanced Micro Devices, Inc.#		26,098,112
	188,091	Amphenol Corp. - Class A~		14,262,941
	3,371,979	Apple, Inc.~		517,059,260
	197,112	Applied Materials, Inc.~		17,403,018
	55,238	Autodesk, Inc.#		11,837,503
	122,343	Automatic Data Processing, Inc.		29,570,303
	96,985	Broadcom, Inc.		45,594,588
	1,156,776	Cisco Systems, Inc.~		52,552,334
	159,098	Cognizant Technology Solutions Corp. - Class A~		9,903,851
	130,000	DouYu International Holdings, Ltd.#		129,987
	33,245	Enphase Energy, Inc.#		10,206,215
	144,527	Fiserv, Inc.#		14,848,704
	297,097	ForgeRock, Inc.#		6,702,508
	53,726	Gartner, Inc.#		16,220,954
	81,920	Global Payments, Inc.		9,360,179
	309,607	HP, Inc.		8,551,345
	452,959	Intel Corp.~		12,877,624
	147,069	International Business Machines Corp.		20,338,172
	55,569	Intuit, Inc.		23,755,748
	495,868	ironSource, Ltd.~#		1,601,654
	54,612	Jack Henry & Associates, Inc.^		10,871,065
	206,834	Mastercard, Inc. - Class A		67,878,782
	371,609	Micron Technology, Inc.~		20,104,047
	1,714,970	Microsoft Corp.~		398,095,986
	29,369	Monolithic Power Systems, Inc.		9,969,307
	88,332	NetApp, Inc.		6,118,758
	587,318	NVIDIA Corp.~		79,270,310
	87,145	NXP Semiconductors, NV		12,730,142
	136,264	ON Semiconductor Corp.#		8,370,698
	312,033	Oracle Corp.		24,360,416
	114,826	Paychex, Inc.		13,585,064
	45,822	Paycom Software, Inc.#		15,854,412
	165,465	PayPal Holdings, Inc.#		13,829,565
	105,256	Qorvo, Inc.#		9,060,436
	264,858	QUALCOMM, Inc.		31,163,192
	34,102	Rogers Corp.#		8,025,224
	251,552	salesforce, Inc.#		40,899,840
	26,086	Silicon Motion Technology Corp.		1,395,340

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
100

Market Neutral Income Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
	124,207	Skyworks Solutions, Inc.	$	10,683,044
	29,364	SolarEdge Technologies, Inc.#		6,754,601
	90,000	Switch, Inc. - Class A~		3,064,500
	79,728	TE Connectivity, Ltd.^		9,745,153
	125,221	Teradyne, Inc.^		10,186,728
	143,271	Texas Instruments, Inc.~		23,013,621
	444,088	Visa, Inc. - Class A~^		91,997,270
	211,000	VMware, Inc. - Class A~		23,743,830
	52,000	Zendesk, Inc.~#		3,987,880
				1,868,520,284
		Materials (1.2%)
	72,947	Air Products and Chemicals, Inc.~		18,265,929
	59,471	Avery Dennison Corp.^		10,083,308
	78,604	Celanese Corp. - Class A		7,555,416
	207,311	Corteva, Inc.		13,545,701
	207,310	Dow, Inc.		9,689,669
	186,682	DuPont de Nemours, Inc.		10,678,210
	568,062	Freeport-McMoRan, Inc.		18,001,885
	48,569	International Flavors & Fragrances, Inc.		4,740,820
	159,359	Linde, PLC^		47,385,399
	89,573	PPG Industries, Inc.^		10,227,445
	55,955	ServiceNow, Inc.#		23,542,507
	53,653	Sherwin-Williams Company		12,073,535
				185,789,824
		Real Estate (1.2%)
	62,128	Alexandria Real Estate Equities, Inc.^		9,027,198
	85,723	American Tower Corp.~		17,760,948
	57,155	AvalonBay Communities, Inc.~		10,008,984
	79,196	Crown Castle, Inc.		10,553,659
	93,184	Digital Realty Trust, Inc.		9,341,696
	16,422	Equinix, Inc.^		9,302,078
	55,178	Federal Realty Investment Trust		5,461,518
	74,064	Mid-America Apartment Communities, Inc.		11,661,377
	245,003	Prologis, Inc.~		27,134,082
	40,786	Public Storage~		12,633,463
	141,400	Realty Income Corp.^		8,804,978
	115,333	Regency Centers Corp.		6,978,800
	444,082	STORE Capital Corp.		14,121,808
	179,430	UDR, Inc.		7,134,137
	368,659	Vornado Realty Trust^		8,696,666
	145,110	Welltower, Inc.		8,857,514
	277,144	Weyerhaeuser Company		8,572,064
				186,050,970

NUMBER OF SHARES			VALUE
		Special Purpose Acquisition Companies (9.5%)#
	625,945	10X Capital Venture Acquisition Corp.	$	6,359,601
	1,750,000	7 Acquisition Corp.		17,745,000
	500,000	Accelerate Acquisition Corp.		4,970,000
	160,000	Accretion Acquisition Corp.		1,593,600
	616,403	Acropolis Infrastructure Acquisition Corp.		6,071,570
	50,000	Advanced Merger Partners, Inc.		495,000
	125,000	Aesther Healthcare Acquisition Corp. - Class A		1,280,000
	500,000	Aetherium Acquisition Corp.		5,045,000
	750,000	AF Acquisition Corp.		7,440,000
	963,772	Ahren Acquisition Corp.		9,787,105
	750,000	Alpha Partners Technology Merger Corp.		7,421,250
	1,000,000	ALSP Orchid Acquisition Corp. I		10,130,000
	1,000,000	AltC Acquisition Corp. - Class A		9,840,000
	1,500,000	AltEnergy Acquisition Corp.		15,067,500
	600,000	AMCI Acquisition Corp. II		5,886,000
	1,000,000	Andretti Acquisition Corp.		10,140,000
	485,000	Anthemis Digital Acquisitions I Corp.		4,927,600
	300,000	Anzu Special Acquisition Corp. I		2,976,000
	100,000	AP Acquisition Corp.		1,022,000
	1,000,000	Apeiron Capital Investment Corp.		10,135,000
	1,000,000	APx Acquisition Corp. I		10,180,000
	150,000	Argus Capital Corp. - Class A		1,513,500
	100,000	Arrowroot Acquisition Corp.		995,000
	200,100	Ascendant Digital Acquisition Corp. III		2,040,020
	511,397	Astrea Acquisition Corp. - Class A		5,083,286
	300,000	Athena Consumer Acquisition Corp.		3,030,000
	500,000	Athena Technology Acquisition Corp. II		4,970,000
	240,000	Atlantic Coastal Acquisition Corp. - Class A		2,380,800
	1,250,000	Atlantic Coastal Acquisition Unit		12,562,500
	500,000	Aura Fat Projects Acquisiton Corp.		5,057,500
	250,000	Avalon Acquisition, Inc.		2,517,500
	600,000	Avista Public Acquisition Corp. II		4,104,000
	500,000	AxonPrime Infrastructure Acquisition Corp.		4,895,000
	200,000	B Riley Principal 250 Merger Corp.		1,969,000

See accompanying Notes to Schedule of Investments

www.calamos.com
101

Market Neutral Income Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
	600,000	Banner Acquisition Corp.	$	6,069,000
	1,000,000	Banyan Acquisition Corp.		10,570,000
	1,500,000	Battery Future Acquisition Corp.		15,195,000
	542,433	Beard Energy Transition Acquisition Corp.		5,462,300
	600,000	Belong Acquisition Corp.		5,973,000
	500,000	Berenson Acquisition Corp. I - Class A		4,955,000
	119,900	Big Sky Growth Partners, Inc.		1,184,013
	500,000	Bilander Acquisition Corp.		4,890,000
	1,000,000	BioPlus Acquisition Corp.		10,120,000
	225,500	Black Mountain Acquisition Corp.		2,273,040
	481,099	Black Spade Acquisition Company		4,753,258
	755,104	Blockchain Coinvestors Acquisition Corp. I - Class A		7,664,306
	1,250,000	Blue Ocean Acquisition Corp.		12,637,500
	141,132	Blue Whale Acquisition Corp. I		1,371,803
	500,000	Build Acquisition Corp.		4,965,000
	1,000,000	BurTech Acquisition Corp.		10,060,000
	500,000	byNordic Acquisition Corp.		5,017,500
	300,000	C5 Acquisition Corp.		3,003,000
	750,000	Cactus Acquisition Corp.		7,608,750
	400,000	Canna-Global Acquisition Corp.		4,080,000
	1,500,000	Cartesian Growth Corp.		15,180,000
	269,402	Cartica Acquisition Corp.		2,754,635
	300,000	Cascadia Acquisition Corp. - Class A		2,973,000
	300,000	Catalyst Partners Acquisition Corp.		2,976,000
	478,400	CF Acquisition Corp. VII		4,798,352
	1,500,000	Chain Bridge I		15,202,500
	700,000	Chenghe Acquisition Company		7,140,000
	20,000	Colicity, Inc.		198,600
	500,000	ColiseumAcquisition Corp.		4,957,500
	600,000	Colombier Acquisition Corp.		5,880,000
	500,000	Compass Digital Acquisition Corp.		4,935,000
	276,950	Concord Acquisition Corp. II		2,700,262
	450,000	Concord Acquisition Corp. III		4,518,000
	750,000	Consilium Acquisition Corp. I		7,567,500
	20,000	Constellation Acquisition Corp. I		199,600
	280,268	Conyers Park III Acquisition Corp.		2,739,620
	250,000	Corazon Capital V838 Monoceros Corp.		2,493,750
	1,500,000	Crescera Capital Acquisition Corp.		15,172,500
	300,000	Crypto 1 Acquisition Corp.		3,039,000

NUMBER OF SHARES				VALUE
	200,000		D & Z Media Acquisition Corp.	$	2,000,000
	800,000		Decarbonization Plus Acquisition Corp. IV		8,076,000
	350,000		Denali Capital Acquisition Corp.		3,559,500
	275,000		DHB Capital Corp. - Class A		2,729,375
	100,000		DiamondHead Holdings Corp.		996,000
	625,000		Digital Transformation Opportunities Corp.		6,209,375
	1,500,000		DP Cap Acquisition Corp. I - Class A		15,180,000
	300,000		DTRT Health Acquisition Corp.		3,066,000
	225,000		EG Acquisition Corp.		2,239,875
	745,522		Emerging Markets Horizon Corp.		7,742,246
	1,250,000		Enphys Acquisition Corp.		12,237,500
	1,200,000		Enterprise 4.0 Technology Acquisition Corp.		12,198,000
	300,700		EQ Health Acquisition Corp.		2,988,958
	140,000	EUR	ESG Core Investments, BV		1,342,043
	175,000		ESGEN Acquisition Corp.		1,790,250
	1,000,000		EVe Mobility Acquisition Corp.		10,120,000
	1,250,000		Everest Consolidator Acquisition Corp.		12,687,500
	500,000		Evergreen Corp.		5,092,500
	1,000,000		ExcelFin Acquisition Corp.		10,060,000
	40,000		Fast Acquisition Corp.		395,200
	244,983		Finnovate Acquisition Corp.		2,481,678
	50,000		FinTech Acquisition Corp. VI		499,500
	150,000		Fintech Ecosystem Development Corp.		1,512,000
	400,000		Flame Acquisition Corp.		3,982,000
	1,051,600		Focus Impact Acquisition Corp.		10,558,064
	750,000		Forbion European Acquisition Corp.		7,650,000
	500,000		Forum Merger IV Corp.		4,962,500
	800,000		Frontier Investment Corp.		7,944,000
	17,200		FTAC Emerald Acquisition Corp.		170,968
	100,000		FTAC Zeus Acquisition Corp.		1,000,000
	500,000		FutureTech II Acquisition Corp.		5,055,000
	700,000		G&P Acquisition Corp. - Class A		7,042,000
	200,000		Galata Acquisition Corp.		2,012,000
	1,250,000		Games & Esports Experience Acquisition Corp.		12,718,750
	500,000		Generation Asia I Acquisition		4,955,000
	1,000,000		Genesis Growth Tech Acquisition Corp.		10,600,000
	250,000		Glenfarne Merger Corp.		2,476,250
	400,000		Global Systems Dynamics, Inc.		4,064,000
	50,000		Global Technology Acquisition Corp. I		508,000

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
102

Market Neutral Income Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
	1,000,000	Gogreen Investments Corp.	$	10,220,000
	380,000	Golden Arrow Merger Corp.		3,777,200
	40,000	Gores Holdings VII, Inc.		397,200
	100,000	Green Visor Financial Technology Acquisition Corp. I		1,020,000
	100,000	Group Nine Acquisition Corp.		992,500
	1,000,000	GSR II Meteora Acquisition Corp.		10,100,000
	533,506	GX Acquisition Corp. II		5,265,704
	150,000	Hamilton Lane Alliance Holdings I, Inc.		1,495,500
	500,000	Hawks Acquisition Corp.		4,950,000
	1,250,000	HCM Acquisition Corp.		12,706,250
	1,000,000	Healthcare AI Acquisition Corp.		10,130,000
	512,066	Healthwell Acquisition Corp. I		5,033,609
	1,000,000	Heartland Media Acquisition Unit		10,140,000
	13,540	Home Plate Acquisition Corp. - Class A		134,046
	35,000	Hudson Executive Investment Corp. II		348,600
	100,000	Hunt Companies Acquisition Corp.		1,019,000
	200,000	Iconic Sports Acquisition Corp.		2,041,000
	750,000	Industrial Tech Acquisitions Unit		7,556,250
	1,500,000	Infinite Acquisition Corp.		15,120,000
	876,447	Infinite Acquisition Corp.		8,939,759
	1,000,000	Inflection Point Acquisition Corp.		9,890,000
	400,000	Innovative International Acquisition Corp.		4,068,000
	700,000	Insight Acquisition Corp.		6,979,000
	250,000	Integral Acquisition Corp.		2,498,750
	308,270	Integrated Wellness Acquisition Corp.		3,145,895
	1,250,000	Intelligent Medicine Acquisition Corp.		12,687,500
	1,500,000	Investcorp Europe Acquisition Corp. I		15,315,000
	25,000	Iris Acquisition Corp.		247,500
	500,000	IX Acquisition Corp.		5,010,000
	750,000	Jackson Acquisition Company		7,470,000
	100,000	Jaws Hurricane Acquisition Corp.		984,500
	100,000	Jaws Juggernaut Acquisition Corp.		991,500
	350,000	Juniper II Corp.		3,521,000
	296,200	Kensington Capital Acquisition Corp.		2,982,734
	500,000	Keyarch Acquisition Corp.		5,070,000
	20,000	Khosla Ventures Acquisition Company		198,000

NUMBER OF SHARES			VALUE
	400,000	Kimbell Tiger Acquisition Corp.	$	4,082,000
	1,000,000	Knightswan Acquisition Corp.		10,090,000
	1,500,000	LAMF Global Ventures Corp. I		15,195,000
	500,000	Latamgrowth Spac		5,080,000
	25,000	LAVA Medtech Acquisition Corp.		252,000
	825,000	Learn CW Investment Corp.		8,621,250
	1,500,000	Legato Merger Corp. II		15,195,000
	550,000	LF Capital Acquisition Corp. II		5,555,000
	150,000	Liberty Resources Acquisition Corp.		1,512,750
	200,000	Lionheart Iii Corp. - Class A		2,028,000
	500,000	LIV Capital Acquisition Corp. II		5,195,000
	20,888	Live Oak Crestview Climate Acquisition Corp.		204,076
	1,250,000	M3-Brigade Acquisition III Corp.		12,581,250
	850,450	Macondray Capital Acquisition Corp. I		8,555,527
	456,321	Marblegate Acquisition Corp.		4,586,026
	400,000	Mason Industrial Technology Inc - Class A		3,972,000
	862,277	McLaren Technology Acquisition Corp.		8,704,686
	250,000	Mercato Partners Acquisition Corp.		2,525,000
	500,000	Mercury Ecommerce Acquisition Corp.		5,002,500
	225,000	Mission Advancement Corp.		2,252,250
	1,250,000	Motive Capital Corp. II		12,587,500
	1,350,700	Mountain & Company I Acquisition Corp.		13,912,210
	400,000	Nabors Energy Transition Corp.		4,054,000
	1,500,000	New Providence Acquisition Corp. II		15,052,500
	1,000,000	Newcourt Acquisition Corp.		10,220,000
	800,000	NewHold Investment Corp. II		7,968,000
	18,129	Northern Genesis Acquisition Corp. III		180,384
	500,000	Nubia Brand International Corp.		5,060,000
	100,000	OceanTech Acquisitions I Corp. - Class A		1,025,000
	500,000	Omnilit Acquisition Corp.		5,050,000
	1,500,000	Onyx Acquisition Company I		15,300,000
	485,489	OPY Acquisition Corp. I		4,830,616
	375,000	Orion Biotech Opportunities Corp.		3,731,250
	302,300	Oyster Enterprises Acquisition Corp. - Class A		3,009,396
	1,250,000	Papaya Growth Opportunity Company Unit		12,581,250
	250,000	Parabellum Acquisition Corp.		2,492,500

See accompanying Notes to Schedule of Investments

www.calamos.com
103

Market Neutral Income Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
	300,000	Patria Latin American Opportunity Acquisition Corp.	$	3,066,000
	1,000,000	Pearl Holdings Acquisition Corp.		10,085,000
	918,300	Pegasus Digital Mobility Acquisition Corp.		9,297,787
	700,000	PepperLime Health Acquisition Corp.		7,028,000
	384,490	Perception Capital Corp. II		3,937,178
	25,000	Phoenix Biotech Acquisition Corp. - Class A		254,250
	710,000	Pine Technology Acquisition Corp.		7,050,300
	432,281	Portage Fintech Acquisition Corp.		4,273,098
	92,081	Post Holdings Partnering Corp.		902,403
	100,000	Power & Digital Infrastructure Acquisition II Corp.		997,500
	500,000	Project Energy Reimagined Acquisition Corp.		4,925,000
	1,500,000	PROOF Acquisition Corp. I		15,060,000
	250,000	Property Solutions Acquisition Corp. II		2,480,000
	100,000	Pyrophyte Acquisition Corp.		1,019,000
	1,373,044	RCF Acquisition Corp.		13,929,531
	10,000	Revolution Healthcare Acquisition Corp.		100,100
	2,000,000	Rigel Resource Acquisition Corp. - Class A		20,310,000
	500,000	ROC Energy Acquisition Corp.		5,045,000
	230,805	Rose Hill Acquisition Corp.		2,361,135
	244,578	Rosecliff Acquisition Corp. I		2,426,214
	250,000	Roth Ch Acquisition IV Company		2,517,500
	500,000	Roth CH Acquisition V Company		4,975,000
	450,000	RXR Acquisition Corp. - Class A		4,468,500
	40,000	Sanaby Health Acquisition Corp. I		408,400
	350,000	SArbor Rapha Capital Bioholdings Corp. I		3,585,750
	731,522	SArena Fortify Acquisition Corp.		7,388,372
	301,696	Schultze Special Purpose Acquisition Corp. II		3,010,926
	100,000	Science Strategic Acquisition Corp. Alpha		1,000,000
	421,000	Sculptor Acquisition Corp. I		4,266,835
	800,000	SDCL EDGE Acquisition Corp.		7,920,000
	150,000	Seaport Calibre Materials Acquisition Corp.		1,512,000
	150,000	Seaport Global Acquisition II Corp.		1,510,500
	2,000,000	Semper Paratus Acquisition Corp.		20,440,000

NUMBER OF SHARES			VALUE
	600,530	Shelter Acquisition Corp. I	$	6,011,305
	2,000,000	ShoulderUp Technology Acquisition Corp.		20,100,000
	500,000	SHUAA Partners Acquisition Corp. I		5,092,500
	36,903	Sierra Lake Acquisition Corp.		371,613
	500,000	Signal Hill Acquisition Corp.		5,015,000
	507,400	Silverspc, Inc. - Class A		4,992,816
	50,000	Simon Property Group Acquisition Holdings, Inc.		496,000
	1,000,000	Sizzle Acquisition Corp.		10,150,000
	500,000	Skydeck Acquisition Corp.		4,965,000
	50,000	Soar Technology Acquisition Corp.		516,500
	10,000	Social Leverage Acquisition Corp. I		98,900
	300,000	Sound Point Acquisition Corp. I, Ltd.		3,076,500
	1,000,000	Southport Acquisition Corp.		10,475,000
	1,500,000	Spindletop Health Acquisition Corp.		15,210,000
	100,000	SportsMap Tech Acquisition Corp.		1,003,000
	500,000	Spree Acquisition Corp. 1, Ltd.		5,070,000
	600,573	Springwater Special Situations Corp.		6,026,750
	1,500,000	ST Energy Transition I, Ltd.		15,097,500
	500,000	StoneBridge Acquisition Corp.		5,077,500
	500,000	Stratim Cloud Acquisition Corp.		4,952,500
	292,080	Summit Healthcare Acquisition Corp.		2,895,973
	100,000	Supernova Partners Acquisition Company III, Ltd.		996,000
	25,000	Sustainable Development Acquisition I Corp.		249,250
	500,000	Swiftmerge Acquisition Corp.		5,025,000
	100,000	Talon 1 Acquisition Corp.		1,026,000
	1,000,000	Target Global Acquisition I Corp.		10,135,000
	700,000	TB SA Acquisition Corp.		6,982,500
	200,000	TCW Special Purpose Acquisition Corp. - Class A		1,980,000
	25,000	Thrive Acquisition Corp.		255,250
	100,000	Thunder Bridge Capital Partners III, Inc.		995,000
	500,000	Thunder Bridge Capital Partners IV, Inc.		4,900,000
	20,000	Tishman Speyer Innovation Corp. II - Class A		200,200
	300,000	TKB Critical Technologies 1		3,063,000
	600,000	TLG Acquisition One Corp. - Class A		5,970,000

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
104

Market Neutral Income Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
	657,389	Tlgy Acquisition Corp.	$	6,659,351
	500,000	TortoiseEcofin Acquisition Corp. III		4,920,000
	500,000	Trajectory Alpha Acquisition Corp.		4,977,500
	1,485,784	Trine II Acquisition Corp.		15,036,134
	900,000	Tristar Acquisition I Corp.		8,991,000
	700,558	UTA Acquisition Corp.		7,075,636
	1,250,000	Vahanna Tech Edge Acquisition I Corp.		12,675,000
	50,000	Valor Latitude Acquisition Corp.		496,000
	1,500,000	VMG Consumer Acquisition Corp.		15,060,000
	800,000	Waverley Capital Acquisition Corp. 1		7,880,000
	800,000	World Quantum Growth Acquisition Corp.		8,068,000
	579,015	Worldwide Webb Acquisition Corp.		5,821,996
	100,000	Z-Work Acquisition Corp.		995,000
	100,000	Zimmer Energy Transition Acquisition Corp.		986,000
				1,520,165,024
		Utilities (1.4%)
	441,457	AES Corp.~		11,548,515
	172,637	American Electric Power Company, Inc.~		15,178,245
	160,286	CMS Energy Corp.~		9,144,316
	134,201	Consolidated Edison, Inc.		11,804,320
	49,173	Constellation Energy Corp.		4,648,815
	158,626	Dominion Energy, Inc.~		11,099,061
	219,198	Duke Energy Corp.~		20,424,870
	105,359	Edison International		6,325,754
	98,132	Entergy Corp.^		10,513,862
	147,519	Exelon Corp.		5,692,758
	222,143	FirstEnergy Corp.~		8,377,013
	362,249	NextEra Energy, Inc.		28,074,298
	271,892	NiSource, Inc.		6,984,905
	741,774	PNM Resources, Inc.~		34,470,238
	170,679	Public Service Enterprise Group, Inc.~		9,569,972
	243,976	Southern Company		15,975,549
	195,281	Xcel Energy, Inc.		12,714,746
				222,547,237
		TOTAL COMMON STOCKS (Cost $7,486,340,891)		8,674,008,700

NUMBER OF SHARES			VALUE
EXCHANGE-TRADED FUNDS (6.2%)
		Other (6.2%)
	487,671	SPDR S&P 500 ETF Trust^	$	188,343,417
	2,298,390	Vanguard S&P 500 ETF		815,813,531
		TOTAL EXCHANGE-TRADED FUNDS (Cost $1,004,860,944)		1,004,156,948
INVESTMENT IN AFFILIATED FUND (2.0%)
		Other (2.0%)
	35,117,150	Calamos Short-Term Bond Fund (Cost $350,000,000)		325,887,150
WARRANTS (0.0%)
		Financials (0.0%)
	166,666	Angel Pond Holdings Corp. 12/31/27, Strike $11.50		54,158
	62,500	Aries I Acquisition Corp. 05/07/23, Strike $11.50		4,882
				59,040
		Industrials (0.0%)
	116,666	Terran Orbital Corp. 03/25/27, Strike $11.50		23,333
		Information Technology (0.0%)
	350,000	Rubicon Technologies, Inc. 04/01/27, Strike $11.50		31,360
		Other (0.0%)
	250,000	SpringBig Holdings, Inc.& 06/14/27, Strike $11.50		15,250
		Special Purpose Acquisition Companies (0.0%)
	83,333	10X Capital Venture Acquisition Corp. 12/31/27, Strike $11.50		1,667
	875,000	7 Acquisition Corp. 11/05/26, Strike $11.50		86,887
	166,666	Accelerate Acquisition Corp. 12/31/27, Strike $11.50		5,883
	80,000	Accretion Acquisition Corp. 02/19/23, Strike $11.50		1,976
	205,467	Acropolis Infrastructure Acquisition Corp. 03/31/26, Strike $11.50		22,622
	8,333	Advanced Merger Partners, Inc. 06/30/26, Strike $11.50		167
	62,500	Aesther Healthcare Acquisition Corp. - Class A 01/19/23, Strike $11.50		7,500
	250,000	AF Acquisition Corp. 03/31/28, Strike $11.50		17,175

See accompanying Notes to Schedule of Investments

www.calamos.com
105

Market Neutral Income Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
	375,000	African Gold Acquisition Corp. 03/13/28, Strike $11.50	$	15,000
	183,333	Agile Growth Corp. 12/31/27, Strike $11.50		3,905
	250,000	Alpha Partners Technology Merger Corp. 02/05/22, Strike $11.50		17,525
	500,000	ALSP Orchid Acquisition Corp. I 11/30/28, Strike $11.50		12,600
	750,000	Altenergy Acquisition Corp. 02/06/23, Strike $11.50		105,000
	2,500	Altimar Acquisition Corp. 12/31/28, Strike $11.50		195
	300,000	AMCI Acquisition Corp. II 12/31/28, Strike $11.50		59,220
	242,500	Anthemis Digital Acquisitions I Corp. 04/01/23, Strike $11.50		36,375
	500,000	Apeiron Capital Investment Corp. 06/24/23, Strike $11.50		23,000
	2,000	Apollo Strategic Growth Capital II 12/31/27, Strike $11.50		140
	116,666	Arbor Rapha Capital Bioholdings Corp. I 03/14/23, Strike $11.50		12
	6,275	Arctos NorthStar Acquisition Corp. 12/31/28, Strike $11.50		160
	365,761	Arena Fortify Acquisition Corp. 12/31/28, Strike $11.50		21,873
	20,000	Ares Acquisition Corp. 12/31/27, Strike $11.50		1,000
	75,000	Argus Capital Corp. 07/22/23, Strike $11.50		3,765
	50,000	Arrowroot Acquisition Corp. 01/29/26, Strike $11.50		1,000
	100,050	Ascendant Digital Acquisition Corp. III 04/19/23, Strike $11.50		1,051
	255,698	Astrea Acquisition Corp. 01/13/26, Strike $11.50		2,838
	150,000	Athena Consumer Acquisition Corp. 07/20/23, Strike $11.50		19,500
	80,000	Atlantic Coastal Acquisition Corp. 12/31/27, Strike $11.50		5,184
	6,250	Atlas Crest Investment Corp. II 02/28/26, Strike $11.50		3
	75,000	Austerlitz Acquisition Corp. II 12/31/27, Strike $11.50		23
	187,500	Avalon Acquisition, Inc. 02/26/23, Strike $11.50		15,797

NUMBER OF SHARES			VALUE
	200,000	Avista Public Acquisition Corp. II 04/06/26, Strike $11.50	$	150,000
	66,666	B Riley Principal 250 Merger Corp. 12/31/27, Strike $11.50		16,980
	271,216	Beard Energy Transition Acquisition Corp. 12/31/27, Strike $11.50		17,263
	300,000	Belong Aquisition Corp. 12/31/27, Strike $11.50		19,710
	250,000	Berenson Acquisition Corp I 08/01/26, Strike $11.50		15,800
	29,975	Big Sky Growth Partners, Inc. 02/26/23, Strike $11.50		2,399
	500,000	BioPlus Acquisition Corp. 07/19/28, Strike $11.50		35,000
	169,125	Black Mountain Acquisition Corp. 10/15/27, Strike $11.50		9,826
	240,549	Black Spade Acquisition Company 06/29/23, Strike $11.50		9,285
	377,552	Blockchain Coinvestors Acquisition Corp. I 11/01/28, Strike $11.50		26,429
	625,000	Blue Ocean Acquisition Corp. 10/21/28, Strike $11.50		46,844
	35,283	Blue Whale Acquisition Corp. I 07/09/23, Strike $11.50		7,101
	33,333	BlueRiver Acquisition Corp. 01/04/26, Strike $11.50		683
	166,666	Build Acquisition Corp. 04/29/23, Strike $11.50		2,750
	250,000	Byte Acquisition Corp. 12/31/28, Strike $11.50		6,262
	375,000	Cactus Acquisition Corp. 07/20/23, Strike $11.50		37,500
	400,000	Canna-Global Acquisition Corp. 02/09/28, Strike $11.50		10,760
	70,000	Cartesian Growth Corp. 12/31/27, Strike $11.50		26,950
	150,000	Cascadia Acquisition Corp. 02/05/23, Strike $11.50		8,190
	60,000	Catalyst Partners Acquisition Corp. 12/31/27, Strike $11.50		5,580
	25,000	Catcha Investment Corp. 12/31/27, Strike $11.50		550
	750,000	Chain Bridge I 12/31/28, Strike $11.50		92,400
	66,666	Clarim Acquisition Corp. 12/31/27, Strike $11.50		140
	4,000	Colicity, Inc. 12/31/27, Strike $11.50		80

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
106

Market Neutral Income Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
	200,000	ColiseumAcquisition Corp. 12/31/28, Strike $11.50	$	13,600
	166,666	ColiseumAcquisition Corp. 12/31/28, Strike $11.50		20,000
	166,666	Compass Digital Acquisition Corp. 09/14/23, Strike $11.50		15,450
	37,500	Compute Health Acquisition Corp. 12/31/27, Strike $11.50		3,375
	92,316	Concord Acquisition Corp. 12/31/28, Strike $11.50		7,385
	225,000	Concord Acquisition Corp. III 12/31/28, Strike $11.50		29,925
	6,666	Constellation Acquisition Corp. I 12/31/27, Strike $11.50		134
	93,422	Conyers Park III Acquisition Corp. 08/12/28, Strike $11.50		18,983
	83,333	Corazon Capital V838 Monoceros Corp. 12/31/28, Strike $11.50		1,675
	41,666	Corner Growth Acquisition Corp. 2 03/01/23, Strike $11.50		550
	25,000	COVA Acquisition Corp. 12/31/27, Strike $11.50		920
	750,000	Crescera Capital Acquisition Corp. 04/20/23, Strike $11.50		30,150
	133,333	Crown PropTech Acquisitions 12/31/27, Strike $11.50		2,840
	66,666	D & Z Media Acquisition Corp. 12/31/27, Strike $11.50		2,007
	400,000	Decarbonization Plus Acquisition Corp. IV 12/31/28, Strike $11.50		236,000
	91,666	DHB Capital Corp. 03/15/28, Strike $11.50		3,240
	166,666	DHC Acquisition Corp. 12/31/27, Strike $11.50		11,917
	156,250	Digital Transformation Opportunities Corp. 03/31/28, Strike $11.50		13,281
	166,666	Disruptive Acquisition Corp. I 03/06/26, Strike $11.50		5,433
	750,000	DP Cap Acquisition Corp. I - Class A 04/22/23, Strike $11.50		58,575
	150,000	DTRT Health Acquisition Corp. 11/12/22, Strike $11.50		39,000
	50,000	DTRT Health Acquisition Corp. 12/31/27, Strike $11.50		2,982
	13,200	Empowerment & Inclusion Capital I Corp. 12/31/27, Strike $11.50		264

NUMBER OF SHARES				VALUE
	125,000		Energem Corp. 03/10/23, Strike $11.50	$	10,625
	625,000		Enphys Acquisition Corp. 07/15/24, Strike $11.50		69,125
	150,350		EQ Health Acquisition Corp. 02/02/28, Strike $11.50		4,856
	5,000	EUR	ESG Core Investments, BV 12/31/27, Strike 11.50		284
	87,500		ESGEN Acquisition Corp. 06/28/23, Strike $11.50		5,670
	133,333		Esm Acquisition Corp. 02/02/26, Strike $11.50		22,533
	33,333		European Biotech Acquisition Corp. 05/10/26, Strike $11.50		4,900
	10,000		Fast Acquisition Corp. 03/16/26, Strike $11.50		4,039
	183,737		Finnovate Acquisition Corp. 04/15/23, Strike $11.50		7,294
	3,750		FinServ Acquisition Corp. II 02/18/23, Strike $11.50		150
	12,500		FinTech Acquisition Corp. VI 12/31/27, Strike $11.50		1,375
	75,000		Fintech Ecosystem Development Corp. 12/31/28, Strike $11.50		7,125
	25,000		Fintech Evolution Acquisition Group 03/31/28, Strike $11.50		1,470
	525,800		Focus Impact Acquisition Corp. 04/23/23, Strike $11.50		26,290
	4,000		Forest Road Acquisition Corp. II 01/15/26, Strike $11.50		386
	50,000		Fortistar Sustainable Solutions Corp. 12/31/27, Strike $11.50		440
	25,000		Fortress Value Acquisition Corp. IV 03/18/28, Strike $11.50		10
	42,500		Freedom Acquisition I Corp. 12/31/27, Strike $11.50		10,310
	25,000		Frontier Acquisition Corp. 12/31/28, Strike $11.50		2,899
	266,666		Frontier Investment Corp. 12/31/26, Strike $11.50		5,413
	125,000		FTAC Hera Acquisition Corp. 12/31/27, Strike $11.50		3,125
	50,000		FTAC Zeus Acquisition Corp. 12/31/27, Strike $11.50		3,152
	141,666		Fusion Acquisition Corp. II 12/31/27, Strike $11.50		1,516
	200,000		Future Health ESG Corp. 02/19/23, Strike $11.50		11,980
	350,000		G&P Acquisition Corp. - Class A 03/05/27, Strike $11.50		945

See accompanying Notes to Schedule of Investments

www.calamos.com
107

Market Neutral Income Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
	100,000	Galata Acquisition Corp. 12/31/28, Strike $11.50	$	15,010
	625,000	Games & Esports Experience Acquisition Corp. 10/21/28, Strike $11.50		20,812
	425,000	GigCapital5, Inc. 12/31/28, Strike $11.50		10,625
	221,893	GigInternational1, Inc. 04/19/26, Strike $11.50		9,364
	83,333	Glenfarne Merger Corp. 12/31/27, Strike $11.50		3,333
	200,000	Global Systems Dynamics Inc. 12/31/27, Strike $11.50		32,160
	25,000	Global Technology Acquisition Corp. I 07/13/23, Strike $11.50		2,375
	500,000	Gogreen Investments Corp. 06/04/23, Strike $11.50		15,000
	126,666	Golden Arrow Merger Corp. 07/31/26, Strike $11.50		1,267
	50,000	Green Visor Financial Technology Acquisition Corp. I 05/08/23, Strike $11.50		1,500
	20,000	Grove Collaborative Hldgs, Inc. 03/13/26, Strike $11.50		1,828
	177,835	GX Acquisition Corp. II 12/31/28, Strike $11.50		68,662
	50,000	Hamilton Lane Alliance Holdings I, Inc. 01/08/26, Strike $11.50		1,005
	250,000	Hawks Acquisition Corp. 01/29/23, Strike $11.50		75
	256,033	Healthwell Acquisition Corp. I 08/05/28, Strike $11.50		16,181
	6,770	Home Plate Acquisition Corp. 03/03/23, Strike $11.50		284
	8,750	Hudson Executive Investment Corp. II 01/31/27, Strike $11.50		140
	30,000	Hudson Executive Investment Corp. III 12/31/28, Strike $11.50		942
	50,000	Hunt Companies Acquisition Corp. 12/31/28, Strike $11.50		15
	125,000	Ibere Pharmaceuticals 12/31/27, Strike $11.50		4,094
	100,000	Iconic Sports Acquisition Corp. 04/06/23, Strike $11.50		4,750
	20,000	Independence Holdings Corp. 03/31/28, Strike $11.50		802
	750,000	Infinite Acquisition Corp. 11/23/28, Strike $11.50		66,675
	438,223	Infinite Acquisition Corp. 05/19/27, Strike $11.50		38,564

NUMBER OF SHARES			VALUE
	500,000	Inflection Point Acquisition Corp. 03/05/23, Strike $11.50	$	100,000
	350,000	Insight Acquisition Corp. 02/11/23, Strike $11.50		12,670
	125,000	Integral Acquisition Corp. 12/14/28, Strike $11.50		6,250
	625,000	Intelligent Medicine Acquisitin Corp. 01/13/23, Strike $11.50		18,750
	6,250	Iris Acquisition Corp. 03/05/26, Strike $11.50		180
	110,000	Itiquira Acquisition Corp. 12/31/27, Strike $11.50		3,140
	250,000	IX Acquisition Corp. 11/24/26, Strike $11.50		5,025
	25,000	Jack Creek Investment Corp 12/31/27, Strike $11.50		5,250
	200,000	Jatt Acquisition Corp. 06/15/23, Strike $0.00		15,000
	25,000	Jaws Hurricane Acquisition Corp. 02/23/23, Strike $11.50		2,214
	25,000	Jaws Juggernaut Acquisition Corp. 02/12/26, Strike $11.50		3,375
	43,750	Jaws Mustang Acquisition Corp. 01/30/26, Strike $11.50		1,234
	33,333	JOFF Fintech Acquisition Corp. 12/31/27, Strike $11.50		1,000
	175,000	Juniper II Corp. 12/31/28, Strike $11.50		26,250
	222,150	Kensington Capital Acquisition Corp. 07/19/23, Strike $11.50		29,102
	25,060	Kernel Group Holdings, Inc. 01/31/27, Strike $11.50		261
	166,666	Kismet Acquisition Three 12/31/27, Strike $11.50		1,667
	166,666	Kismet Acquisition Two Corp. - Class A 12/31/27, Strike $11.50		3,075
	33,333	L Catterton Asia Acquisition Corp. 03/15/26, Strike $11.50		2,410
	750,000	LAMF Global Ventures Corp. I 04/04/23, Strike $11.50		69,375
	4,564	Landcadia Holdings IV, Inc. 12/31/28, Strike $11.50		844
	12,500	LAVA Medtech Acquisition Corp. 04/01/23, Strike $11.50		1,250
	1,000	LDH Growth Corp. I 12/31/28, Strike $11.50		87

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
108

Market Neutral Income Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
	750,000	Legato Merger Corp. 02/05/23, Strike $11.50	$	277,425
	50,000	Levere Holdings Corp. 12/31/28, Strike $11.50		3,200
	275,000	LF Capital Acquisition Corp. II 01/07/26, Strike $11.50		7,549
	150,000	Liberty Resources Acquisition Corp. 10/31/28, Strike $11.50		11,182
	100,000	Lionheart Iii Corp. - Class A 03/19/23, Strike $11.50		6,000
	6,962	Live Oak Crestview Climate Acquisition Corp. 03/12/26, Strike $11.50		1,549
	20,000	Live Oak Mobility Acquisition Corp. 03/04/28, Strike $11.50		2,400
	15,000	Longview Acquisition Corp. II 05/10/26, Strike $11.50		902
	416,666	M3-Brigade Acquisition III Corp. 05/11/23, Strike $11.50		27,917
	283,483	Macondray Capital Acquisition Corp. I 05/17/26, Strike $11.50		5,755
	228,160	Marblegate Acquisition Corp. 12/09/22, Strike $11.50		9,126
	133,333	Mason Industrial Technology, Inc. 12/31/27, Strike $11.50		1,333
	431,138	McLaren Technology Acquisition Corp. 03/03/23, Strike $11.50		11,856
	125,000	Mercato Partners Acquisition Corp. 12/28/26, Strike $11.50		2,500
	250,000	Mercury Ecommerce Acquisition Corp. 03/25/23, Strike $11.50		25,000
	166,666	Metals Acquisition Corp. 07/12/26, Strike $11.50		43,308
	75,000	Mission Advancement Corp. 12/31/28, Strike $11.50		450
	50,000	Monument Circle Acquisition Corp 12/31/27, Strike $11.50		750
	675,350	Mountain & Company I Acquisition Corp. 08/24/23, Strike $11.50		23,705
	25,000	Music Acquisition Corp. 02/05/28, Strike $0.00		28
	200,000	Nabors Energy Transition Corp. 11/17/26, Strike $11.50		12,000
	500,000	New Providence Acquisition Corp. II 12/31/27, Strike $11.50		40,000

NUMBER OF SHARES			VALUE
	1,666	New Vista Acquisition Corp. 12/31/27, Strike $11.50	$	87
	500,000	Newcourt Acquisition Corp. 04/12/28, Strike $11.50		50,000
	400,000	NewHold Investment Corp. II 10/21/23, Strike $11.50		24,000
	200,000	Nogin, Inc. Warrants 08/27/27, Strike $11.50		6,400
	4,532	Northern Genesis Acquisition Corp. III 12/31/27, Strike $11.50		295
	3,333	Northern Star Investment Corp. III 02/25/28, Strike $11.50		54
	3,333	Northern Star Investment Corp. IV 12/31/27, Strike $11.50		80
	100,000	OceanTech Acquisitions I Corp. 05/10/26, Strike $11.50		1,695
	250,000	Omnilit Acquisition Corp. 11/08/26, Strike $11.50		15,012
	33,333	One Equity Partners Open Water I Corp. 12/31/27, Strike $11.50		57
	750,000	Onyx Acquisition Company I 01/07/23, Strike $11.50		35,400
	242,744	Opy Acquisition Corp. I 04/08/23, Strike $11.50		19,274
	75,000	Orion Acquisition Corp. 02/19/26, Strike $11.50		83
	75,000	Orion Biotech Opportunities Corp. 12/31/27, Strike $11.50		4,500
	375,000	Osiris Acquisition Corp. 05/01/28, Strike $11.50		18,750
	151,150	Oyster Enterprises Acquisition Corp. 12/31/27, Strike $11.50		3,114
	187,500	Parabellum Acquisition Corp. 03/26/23, Strike $11.50		1,481
	459,150	Pegasus Digital Mobility Acquisition Corp. 12/28/22, Strike $11.50		13,774
	350,000	PepperLime Health Acquisition Corp. 03/28/23, Strike $11.50		3,500
	192,245	Perception Capital Corp. II 12/31/28, Strike $11.50		8,622
	100,000	Peridot Acquisition Corp. II 04/30/28, Strike $11.50		5,995
	12,500	Phoenix Biotech Acquisition Corp. 09/01/26, Strike $11.50		878
	3,000	Pivotal Investment Corp. III 12/31/27, Strike $11.50		1

See accompanying Notes to Schedule of Investments

www.calamos.com
109

Market Neutral Income Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
	20,000	Plum Acquisition Corp. I 12/31/28, Strike $11.50	$	950
	285,000	Pono Capital Corp. 12/16/22, Strike $11.50		13,338
	144,093	Portage Fintech Acquisition Corp. 06/18/23, Strike $11.50		23,055
	30,693	Post Holdings Partnering Corp. 02/09/23, Strike $11.50		2,291
	200,000	Prenetics Global, Ltd. - Class A 12/31/26, Strike $8.91		80,680
	35,000	Primavera Capital Acquisition Corp. 01/19/26, Strike $11.50		1,995
	83,333	Priveterra Acquisition Corp. 12/31/27, Strike $11.50		7,487
	250,000	Project Energy Reimagined Acquisition Corp. 12/31/28, Strike $11.50		27,487
	62,500	Property Solutions Acquisition Corp. II 03/01/26, Strike $11.50		2,500
	100,000	PWP Forward Acquisition Corp. I 03/09/26, Strike $11.50		100
	50,000	Pyrophyte Acquisition Corp. 12/17/23, Strike $11.50		7,495
	686,522	RCF Acquisition Corp. 04/25/23, Strike $11.50		68,652
	2,000	Revolution Healthcare Acquisition Corp. 12/31/28, Strike $11.50		14
	1,000,000	Rigel Resource Acquisition Corp. 04/19/23, Strike $11.50		106,000
	40,000	RMG Acquisition Corp. III 12/31/27, Strike $11.50		782
	115,402	Rose Hill Acquisition Corp. 03/03/23, Strike $11.50		14,425
	81,526	Rosecliff Acquisition Corp. I 12/31/27, Strike $11.50		799
	133,333	Ross Acquisition Corp. II 02/12/26, Strike $11.50		6,800
	125,000	Roth Ch Acquisition IV Company 01/09/23, Strike $11.50		7,487
	250,000	Roth CH Acquisition V Company 12/10/26, Strike $11.50		17,500
	90,000	RXR Acquisition Corp. - Class A 03/08/26, Strike $11.50		2,452
	20,000	Sanaby Health Acquisition Corp. I 07/30/28, Strike $11.50		200
	25,000	Sandbridge X2 Corp. 12/31/27, Strike $11.50		5

NUMBER OF SHARES			VALUE
	150,848	Schultze Special Purpose Acquisition Corp. II 03/25/28, Strike $11.50	$	1,871
	33,333	Science Strategic Acquisition Corp. Alpha 12/31/27, Strike $11.50		183
	33,333	ScION Tech Growth II 01/28/26, Strike $11.50		667
	400,000	SDCL EDGE Acquisition Corp. 03/23/26, Strike $11.50		49,980
	75,000	Seaport Calibre Materials Acquisition Corp. 01/19/23, Strike $11.50		7,500
	75,000	Seaport Global Acquisition II Corp. 11/17/26, Strike $11.50		5,254
	1,000,000	Semper Paratus Acquisition Corp. 11/04/26, Strike $11.50		29,700
	300,265	Shelter Acquisition Corp. I 12/31/27, Strike $11.50		12,641
	1,000,000	ShoulderUp Technology Acquisition Corp. 07/26/23, Strike $11.50		30,500
	18,451	Sierra Lake Acquisition Corp. 03/31/28, Strike $11.50		333
	52,005	Silver Spike Acquisition Corp. II 02/26/26, Strike $11.50		4,680
	169,133	Silverspc, Inc. - Class A 02/16/23, Strike $11.50		31,290
	10,000	Simon Property Group Acquisition Holdings, Inc. 02/04/26, Strike $11.50		450
	500,000	Sizzle Acquisition Corp. 03/12/26, Strike $11.50		115,000
	166,666	Skydeck Acquisition Corp. 12/31/27, Strike $11.50		21,033
	7,500	Slam Corp. 12/31/27, Strike $11.50		626
	16,666	Soar Technology Acquisition Corp. 12/31/27, Strike $11.50		583
	2,500	Social Leverage Acquisition Corp. I 12/31/27, Strike $11.50		538
	750,000	Spindletop Health Acquisition Corp. 12/31/28, Strike $11.50		39,525
	75,000	SportsMap Tech Acquisition Corp. 09/01/27, Strike $11.50		2,085
	300,286	Springwater Special Situations Corp. 04/12/26, Strike $11.50		14,053
	750,000	ST Energy Transition I, Ltd. 12/02/26, Strike $11.50		99,075

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
110

Market Neutral Income Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
	250,000	StoneBridge Acquisition Corp. 02/26/23, Strike $11.50	$	6,875
	166,666	Stratim Cloud Acquisition Corp. 03/05/26, Strike $11.50		5,000
	146,040	Summit Healthcare Acquisition Corp. 05/03/23, Strike $11.50		18,226
	12,500	Sustainable Development Acquisition I Corp. 12/31/28, Strike $11.50		407
	83,333	Tailwind International Acquisition Corp. 03/01/28, Strike $11.50		2,633
	50,000	Talon 1 Acquisition Corp. 04/18/23, Strike $0.00		1,500
	233,333	TB SA Acquisition Corp. 03/25/28, Strike $11.50		11,258
	66,666	TCW Special Purpose Acquisition Corp. 12/31/28, Strike $11.50		8,847
	166,666	Tech and Energy Transition Corp. 12/31/27, Strike $11.50		9,117
	12,500	Thrive Acquisition Corp. 03/09/23, Strike $11.50		870
	20,000	Thunder Bridge Capital Partners III, Inc. 02/15/28, Strike $11.50		400
	100,000	Thunder Bridge Capital Partners IV, Inc. 03/12/23, Strike $11.50		7,200
	4,000	Tishman Speyer Innovation Corp. II 12/31/27, Strike $11.50		160
	150,000	TKB Critical Technologies 1 01/08/23, Strike $11.50		14,325
	200,000	TLG Acquisition One Corp. 01/25/28, Strike $11.50		2,000
	328,694	Tlgy Acquisition Corp. 01/14/28, Strike $11.50		9,812
	125,000	TortoiseEcofin Acquisition Corp. III 02/26/23, Strike $11.50		13,762
	742,892	Trine II Acquisition Corp. 12/31/27, Strike $11.50		35,659
	450,000	Tristar Acquisition I Corp. 12/31/28, Strike $11.50		18,000
	179,109	Twelve Seas Investment Company II 03/02/28, Strike $11.50		1,469
	83,333	Twin Ridge Capital Acquisition Corp. 12/31/28, Strike $11.50		3,592
	33,333	TZP Strategies Acquisition Corp. 12/31/27, Strike $11.50		1,240

NUMBER OF SHARES			VALUE
	350,279	UTA Acquisition Corp. 10/30/26, Strike $11.50	$	58,812
	625,000	Vahanna Tech Edge Acquisition I Corp. 11/30/28, Strike $11.50		24,937
	16,666	Valor Latitude Acquisition Corp. 12/31/28, Strike $11.50		1,666
	70,000	Velocity Acquisition Corp. 02/26/27, Strike $11.50		1,197
	750,000	VMG Consumer Acquisition Corp. 07/03/23, Strike $11.50		75,000
	1,000	Warburg Pincus Capital Corp. I-A 12/31/27, Strike $11.50		30
	4,000	Warburg Pincus Capital Corp. I-B 03/09/26, Strike $11.50		80
	185,274	Warrior Technologies Acquisition Company 03/31/28, Strike $0.00		37
	266,666	Waverley Capital Acquisition Corp. 1 04/30/27, Strike $11.50		22,960
	400,000	World Quantum Growth Acquisition Corp. 12/31/28, Strike $11.50		18,080
	289,507	Worldwide Webb Acquisition Corp. 03/27/23, Strike $11.50		8,656
	266,666	Xpac Acquisition Corp. 05/13/27, Strike $11.50		13,333
	33,333	Z-Work Acquisition Corp. 01/04/26, Strike $11.50		583
	33,333	Zimmer Energy Transition Acquisition Corp. 05/14/23, Strike $11.50		6,333
				4,376,099
		TOTAL WARRANTS (Cost $6,335,593)		4,505,082
RIGHTS (0.0%)
		Special Purpose Acquisition Companies (0.0%)
	160,000	Accretion Acquisition Corp., (Expires 3/1/28)		10,408
	150,000	Fintech Ecosystem Development Corp., (Expires 4/1/26)		28,125
	500,000	ROC Energy Acquisition Corp., (Expires 11/30/28)		52,200
		TOTAL RIGHTS (Cost $27,301)		90,733

See accompanying Notes to Schedule of Investments

www.calamos.com
111

Market Neutral Income Fund Schedule of Investments October 31, 2022

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
PURCHASED OPTIONS (0.9%)#
			Communication Services (0.0%)
			Cyberagent, Inc.
	30	JPY
	2,463,000,000		Call, 02/19/25, Strike 93.40	$	342,837
	10	JPY
	821,000,000		Call, 02/17/23, Strike 95.84		32,120
	70	JPY
	57,470,000		Call, 02/17/23, Strike 95.44		241,215
	165	JPY	Koei Tecmo Holdings Company,
	3,709,200,000,000		Ltd.
			Call, 12/20/24, Strike 97.97		958,159
	50	JPY	Zenrin Company, Ltd.
	438,000,000,000		Call, 03/31/23, Strike 96.21		111,167
					1,685,498
			Consumer Discretionary (0.1%)
			Edion Corp.
	50	JPY
	5,905,000,000		Call, 06/19/25, Strike 94.30		635,225
	60	JPY
	708,600,000,000		Call, 06/19/25, Strike 99.51		532,230
	50	JPY
	590,500,000,000		Call, 06/19/25, Strike 95.45		596,556
	100	JPY	H.I.S. Company, Ltd.
	2,059,000,000,000		Call, 11/15/24, Strike 96.54		—
	100	JPY	Kyoritsu Maintenance
	6,130,000,000,000		Company, Ltd.
			Call, 01/29/26, Strike 94.89		3,080,479
	5	JPY	Kyoritsu Maintenance
	306,500,000,000		Company, Ltd.
			Call, 01/29/26, Strike 95.73		151,186
			Takashimaya Company, Ltd.
	100	JPY
	18,380,000,000		Call, 12/06/23, Strike 97.28		927,561
	50	JPY
	9,190,000,000		Call, 12/06/23, Strike 97.29		463,394
	50	JPY
	9,190,000,000		Call, 12/06/23, Strike 97.18		466,867
					6,853,498
			Consumer Staples (0.0%)
	7,500		Beyond Meat, Inc.
	11,775,000		Put, 01/19/24, Strike $10.00		2,868,750
			Ezaki Glico Company, Ltd.
	100	JPY
	33,450,000,000		Call, 01/30/24, Strike 97.57		184,016
	50	JPY
	16,725,000,000		Call, 01/30/24, Strike 96.89		116,924
	50	JPY
	782,500,000,000		Nippn Corp.
			Call, 06/20/25, Strike 98.27		128,488
					3,298,178

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
			Health Care (0.0%)
			Ship Healthcare Holdings, Inc.
	72	JPY
	2,052,720,000,000		Call, 12/13/23, Strike 97.95	$	743,712
	50	JPY
	1,425,500,000,000		Call, 12/13/23, Strike 97.68		525,566
	25	JPY
	712,750,000,000		Call, 12/13/23, Strike 98.32		251,994
	100	JPY	Toho Holdings Company, Ltd.
	2,022,000,000,000		Call, 06/23/23, Strike 98.43		110,521
					1,631,793
			Industrials (0.0%)
			ANA Holdings, Inc.
	100	JPY
	4,010,000,000		Call, 12/08/28, Strike 86.09		2,462,295
	100	JPY
	40,100,000		Call, 09/19/24, Strike 96.53		237,284
	100		Asashi Refining US, Inc.
	18,990,000,000		Call, 03/16/26, Strike $88.78		445,000
	160	JPY	Seino Holdings Company, Ltd.
	1,830,400,000,000		Call, 03/31/26, Strike 97.31		416,029
					3,560,608
			Information Technology (0.0%)
			Digital Garage, Inc.
	150	JPY
	53,550,000,000		Call, 09/14/23, Strike 94.68		616,858
	50	JPY
	17,850,000,000		Call, 09/14/23, Strike 94.80		201,567
					818,425
			Materials (0.0%)
	45	JPY
	1,361,250,000,000		Maeda Kosen Company, Ltd.
			Call, 04/18/24, Strike 99.90		148,494
			Nippon Steel Corp.
	100	JPY
	13,720,000,000		Call, 10/04/24, Strike 98.59		379,705
	100	JPY
	13,720,000,000		Call, 10/05/26, Strike 97.61		615,301
	50	JPY
	6,860,000,000		Call, 10/05/26, Strike 96.93		337,125
					1,480,625
			Other (0.8%)
			S&P 500 Index
	7,000
	2,710,386,000		Put, 12/30/22, Strike $3,600.00		41,580,000
	4,500
	1,742,391,000		Put, 11/30/22, Strike $3,500.00		6,480,000
	2,750
	1,064,794,500		Put, 12/30/22, Strike $4,000.00		56,980,000
	2,500
	967,995,000		Call, 03/31/23, Strike $4,500.00		10,000,000

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
112

Market Neutral Income Fund Schedule of Investments October 31, 2022

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
			S&P 500 Index (cont.)
	1,500
	580,797,000		Put, 11/30/22, Strike $3,400.00	$	1,222,500
	1,000
	387,198,000		Put, 11/30/22, Strike $3,600.00		2,570,000
	1,000
	387,198,000		Put, 03/31/23, Strike $3,000.00		3,625,000
					122,457,500
			TOTAL PURCHASED OPTIONS (Cost $212,566,641)		141,786,125
NUMBER OF SHARES/ PRINCIPAL AMOUNT				VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.0%)
	54,167,072		JPMorgan Prime Money Market Fund - Capital Class, 0.400%***†		54,167,072
	108,181,818		State Street Navigator Securities Lending Government Money Market Portfolio, 3.124%†		108,181,818
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $162,348,890)		162,348,890
			TOTAL INVESTMENTS (100.5%) (Cost $15,408,632,973)		16,149,554,523
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.0%)					(162,348,890	)
OTHER ASSETS, LESS LIABILITIES (0.5%)					77,268,394
NET ASSETS (100.0%)				$	16,064,474,027
NUMBER OF SHARES				VALUE
COMMON STOCKS SOLD SHORT (-14.8%)#
			Communication Services (-1.3%)
	(43,800	)	Bandwidth, Inc. - Class A		(519,906	)
	(350,848	)	Bilibili, Inc.		(3,129,564	)
	(510,000	) EUR	Cellnex Telecom, SA*		(16,682,643	)
	(600,000	) JPY	CyberAgent, Inc.		(4,938,969	)
	(114,600	)	Eventbrite, Inc. - Class A		(752,922	)
	(69,800	)	JOYY, Inc.		(1,761,054	)
	(246,200	) JPY	Koei Tecmo Holdings Company, Ltd.		(3,722,100)
	(7,084,169	) EUR	Koninklijke KPN, NV		(19,819,627	)

NUMBER OF SHARES				VALUE
	(260,300	)	Lyft, Inc. - Class A	$	(3,810,792	)
	(263,347	)	Match Group, Inc.		(11,376,590	)
	(49,600	)	Radius Global Infrastructure, Inc.		(463,760)
	(208,738	)	Sea, Ltd.		(10,370,104	)
	(736,267	)	Snap, Inc. - Class A		(7,296,406	)
	(259,300	)	T-Mobile USA, Inc.		(39,299,508	)
	(153,492	)	TechTarget, Inc.		(9,907,909	)
	(46,170	)	TripAdvisor, Inc.		(1,090,535	)
	(772,704	)	World Wrestling Entertainment, Inc. - Class A		(60,958,619)
	(497,000	)	Zillow Group, Inc. - Class C		(15,337,420	)
					(211,238,428	)
			Consumer Discretionary (-2.6%)
	(44,300	)	2U, Inc.		(274,217	)
	(89,000	)	Airbnb, Inc. - Class A		(9,514,990	)
	(711,400	) HKD	ANTA Sports Products, Ltd.		(6,253,349	)
	(321,250	)	Aptiv, PLC		(29,256,238	)
	(500,000	)	Carnival Corp.		(4,530,000	)
	(13,500	)	Cheesecake Factory, Inc.		(483,435	)
	(61,898	)	Chegg, Inc.		(1,335,140	)
	(300,000	)	Chewy, Inc. - Class A		(11,619,000	)
	(16,323	)	Cracker Barrel Old Country Store, Inc.		(1,864,413)
	(72,278	) EUR	Delivery Hero, SE*		(2,382,148	)
	(705,961	)	Dick's Sporting Goods, Inc.		(80,310,123	)
	(117,300	)	DraftKings, Inc. - Class A		(1,853,340	)
	(844,300	) JPY	EDION Corp.		(6,705,796	)
	(389,959	)	Etsy, Inc.		(36,621,050	)
	(428,500	)	Farfetch, Ltd. - Class A		(3,633,680	)
	(20,000	)	Ford Motor Company		(267,400	)
	(249,080	)	Guess?, Inc.		(4,229,378	)
	(181,800	) JPY	Kyoritsu Maintenance Company, Ltd.		(7,494,764)
	(224,900	)	Li Auto, Inc.		(3,063,138	)
	(272,901	)	Luminar Technologies, Inc. - Class A		(2,207,769)
	(27,000	)	Marriott Vacations Worldwide Corp.		(3,989,520)
	(21,000	) HKD	Meituan - Class B*		(333,875	)
	(27,004	)	MercadoLibre, Inc.		(24,347,346	)
	(190,000	)	National Vision Holdings, Inc.		(7,037,600	)
	(622,200	)	Norwegian Cruise Line Holdings, Ltd.		(10,508,958)
	(120,550	)	Pinduoduo, Inc.		(6,609,757	)
	(305,832	)	Royal Caribbean Cruises, Ltd.		(16,325,312	)
	(21,000	)	Shake Shack, Inc. - Class A		(1,166,970	)

See accompanying Notes to Schedule of Investments

www.calamos.com
113

Market Neutral Income Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES				VALUE
	(140,355	)	Stride, Inc.	$	(4,703,296	)
	(395,800	) JPY	Takashimaya Company, Ltd.		(4,892,433	)
	(416,358	)	Tesla, Inc.		(94,738,099	)
	(4,100	)	Vail Resorts, Inc.		(898,433	)
	(368,602	)	Wayfair, Inc. - Class A		(13,977,388	)
	(138,300	)	Winnebago Industries, Inc.		(8,255,127	)
					(411,683,482	)
			Consumer Staples (-0.1%)
	(173,100	)	Beauty Health Company		(1,978,533	)
	(55,100	)	Herbalife Nutrition, Ltd.		(1,171,426	)
	(47,000	) JPY	Nippn Corp.		(494,670	)
	(92,400	)	Post Holdings, Inc.		(8,354,808	)
	(69,400	) JPY	Yaoko Company, Ltd.		(3,019,725	)
					(15,019,162	)
			Energy (-1.2%)
	(96,468	)	Northern Oil and Gas, Inc.		(3,293,418	)
	(715,806	)	Pioneer Natural Resources Company		(183,539,816)
					(186,833,234	)
			Financials (-0.1%)
	(30,500	)	Coinbase Global, Inc. - Class A		(2,020,625	)
	(34,000	)	Hope Bancorp, Inc.		(461,380	)
	(136,800	)	PRA Group, Inc.		(4,582,800	)
	(107,000	)	SoFi Technologies, Inc.		(582,080	)
	(103,500	)	Voya Financial, Inc.		(7,075,260	)
					(14,722,145	)
			Health Care (-1.6%)
	(662,149	)	Allscripts Healthcare Solutions, Inc.		(9,733,590	)
	(38,300	)	Alnylam Pharmaceuticals, Inc.		(7,938,058	)
	(114,300	)	Alphatec Holdings, Inc.		(1,170,432	)
	(30,400	)	Ascendis Pharma, A/S		(3,496,000	)
	(125,066	)	Bridgebio Pharma, Inc.		(1,304,438	)
	(117,790	)	Coherus Biosciences, Inc.		(1,024,773	)
	(64,000	)	Collegium Pharmaceutical, Inc.		(1,148,160	)
	(80,019	)	CONMED Corp.		(6,379,915	)
	(5,864	)	CryoPort, Inc.		(162,785	)
	(365,214	)	Dexcom, Inc.		(44,110,547	)
	(433,000	)	Envista Holdings Corp.		(14,293,330	)
	(105,000	)	Evolent Health, Inc. - Class A		(3,340,050	)
	(336,924	)	Halozyme Therapeutics, Inc.		(16,108,336	)
	(911,100	)	Innoviva, Inc.		(12,354,516	)
	(160,531	)	Insmed, Inc.		(2,780,397	)
	(89,000	)	Insulet Corp.		(23,034,090	)
	(1,005,487	)	Ironwood Pharmaceuticals, Inc. - Class A		(11,000,028)
	(108,100	)	Jazz Pharmaceuticals, PLC		(15,543,699	)

NUMBER OF SHARES				VALUE
	(6,000	)	Mesa Laboratories, Inc.	$	(793,260	)
	(220,000	)	Natera, Inc.		(10,331,200	)
	(69,521	)	Neurocrine Biosciences, Inc.		(8,003,258	)
	(90,600	)	NextGen Healthcare, Inc.		(1,815,624	)
	(36,400	)	Novocure, Ltd.		(2,572,024	)
	(85,000	)	Omnicell, Inc.		(6,572,200	)
	(99,300	)	Pacira BioSciences, Inc.		(5,139,768	)
	(85,000	)	Revance Therapeutics, Inc.		(1,896,350	)
	(310,975	)	Sarepta Therapeutics, Inc.		(35,457,369	)
	(323,000	) JPY	Ship Healthcare Holdings, Inc.		(6,193,033	)
	(36,000	)	Supernus Pharmaceuticals, Inc.		(1,233,720	)
	(10,000	)	Teladoc Health, Inc.		(296,400	)
					(255,227,350	)
			Industrials (-0.8%)
	(752,400	)	American Airlines Group, Inc.		(10,669,032	)
	(208,100	) JPY	ANA Holdings, Inc.		(4,045,981	)
	(252,700	)	Chart Industries, Inc.		(56,321,776	)
	(513,000	)	Clarivate, PLC		(5,299,290	)
	(104,003	)	FTI Consulting, Inc.		(16,185,987	)
	(64,380	)	Greenbrier Companies, Inc.		(2,273,258	)
	(49,800	)	John Bean Technologies Corp.		(4,541,760	)
	(95,700	)	Middleby Corp.		(13,384,602	)
	(19,000	)	RBC Bearings, Inc.		(4,817,070	)
	(65,442	) EUR	Safran, SA		(7,289,945	)
	(77,000	) JPY	Seino Holdings Company, Ltd.		(592,407	)
	(64,692	)	Stanley Black & Decker, Inc.		(5,077,675	)
	(78,600	)	Stem, Inc.		(1,068,960	)
	(160,305	)	Upwork, Inc.		(2,156,102	)
	(615,000	)	Virgin Galactic Holdings, Inc.		(2,841,300	)
					(136,565,145	)
			Information Technology (-6.2%)
	(221,345	)	3D Systems Corp.		(1,954,476	)
	(806,900	)	Akamai Technologies, Inc.		(71,273,477	)
	(84,250	)	Altair Engineering, Inc. - Class A		(4,132,462	)
	(18,835	)	Alteryx, Inc. - Class A		(917,830	)
	(109,700	)	Bentley Systems, Inc. - Class B		(3,870,216	)
	(16,300	)	BigCommerce Holdings, Inc.		(242,218	)
	(198,259	)	Bill.com Holdings, Inc.		(26,439,820	)
	(325,341	)	Blackline, Inc.		(18,219,096	)
	(229,000	)	Block, Inc.		(13,756,030	)
	(690,000	)	Box, Inc. - Class A		(20,044,500	)
	(26,586	)	Broadcom, Inc.		(12,498,610	)
	(27,900	)	Ceridian HCM Holding, Inc.		(1,846,701	)
	(98,594	)	Cloudflare, Inc. - Class A		(5,552,814	)
	(172,975	)	Coherent Corp.		(5,813,690	)
	(131,800	)	Confluent, Inc.		(3,542,784	)

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
114

Market Neutral Income Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES				VALUE
	(70,060	)	Coupa Software, Inc.	$	(3,729,294	)
	(62,900	)	CyberArk Software, Ltd.		(9,869,639	)
	(178,600	)	Datadog, Inc. - Class A		(14,379,086	)
	(75,000	) JPY	Digital Garage, Inc.		(1,800,666	)
	(72,050	)	DigitalOcean Holdings, Inc.		(2,588,036	)
	(702,200	)	Dropbox, Inc. - Class A		(15,272,850	)
	(67,734	)	Enphase Energy, Inc.		(20,794,338	)
	(92,400	)	Envestnet, Inc.		(4,556,244	)
	(45,000	)	Five9, Inc.		(2,711,700	)
	(59,833	)	Guidewire Software, Inc.		(3,554,679	)
	(20,000	)	i3 Verticals, Inc. - Class A		(435,200	)
	(33,000	)	Impinj, Inc.		(3,782,790	)
	(988,000	)	Infinera Corp.		(5,542,680	)
	(146,400	)	Insight Enterprises, Inc.		(13,836,264	)
	(50,973	)	InterDigital, Inc.		(2,542,024	)
	(42,916	)	Itron, Inc.		(2,098,163	)
	(67,800	)	j2 Global, Inc.		(5,247,042	)
	(145,000	)	Jamf Holding Corp.		(3,432,150	)
	(11,862,000	) HKD	Lenovo Group, Ltd.		(9,490,023	)
	(53,400	)	LivePerson, Inc.		(564,438	)
	(657,439	)	Lumentum Holdings, Inc.		(48,946,334	)
	(17,949	)	MicroStrategy, Inc. - Class A		(4,801,537	)
	(203,829	)	MongoDB, Inc. - Class A		(37,306,822	)
	(8,500	)	New Relic, Inc.		(503,540	)
	(241,076	)	Nice, Ltd.		(45,777,922	)
	(110,850	)	Nova, Ltd.		(8,170,753	)
	(69,587	)	Nutanix, Inc. - Class A		(1,906,684	)
	(104,162	)	Okta, Inc.		(5,845,571	)
	(942,600	)	ON Semiconductor Corp.		(57,903,918	)
	(1,593,723	)	Palo Alto Networks, Inc.		(273,466,930	)
	(78,900	)	PAR Technology Corp.		(2,270,742	)
	(43,800	)	Pegasystems, Inc.		(1,629,798	)
	(4,500	)	Perficient, Inc.		(301,365	)
	(124,000	)	Progress Software Corp.		(6,327,720	)
	(36,500	)	PROS Holdings, Inc.		(910,675	)
	(44,630	)	Q2 Holdings, Inc.		(1,385,315	)
	(184,900	)	Rapid7, Inc.		(8,370,423	)
	(65,600	)	Repay Holdings Corp.		(399,504	)
	(20,711	)	RingCentral, Inc. - Class A		(735,655	)
	(146,300	)	Shift4 Payments, Inc. - Class A		(6,725,411	)
	(194,950	)	Silicon Laboratories, Inc.		(22,403,654	)
	(144,400	)	SMART Global Holdings, Inc.		(1,953,732	)
	(183,498	)	Splunk, Inc.		(15,250,519	)
	(473,975	)	Teradyne, Inc.		(38,557,866	)
	(6,100	)	Tyler Technologies, Inc.		(1,972,313	)
	(78,300	)	Verint Systems, Inc.		(2,774,169	)

NUMBER OF SHARES				VALUE
	(116,000	)	Vishay Intertechnology, Inc.	$	(2,425,560	)
	(424,800	)	Wolfspeed, Inc.		(33,453,000	)
	(164,700	)	Workiva, Inc. - Class A		(12,815,307	)
	(323,050	)	Zendesk, Inc.		(24,774,704	)
	(111,000	)	Zscaler, Inc.		(17,105,100	)
					(1,003,504,573	)
			Materials (-0.3%)
	(50,000	)	Amyris, Inc.		(140,500	)
	(204,000	) JPY	Asahi Holdings, Inc.		(2,605,306	)
	(602,021	)	ATI, Inc.		(17,916,145	)
	(40,000	)	Lithium Americas Corp.		(995,200	)
	(67,200	) JPY	Maeda Kosen Company, Ltd.		(1,367,094	)
	(341,500	) JPY	Nippon Steel Corp.		(4,690,902	)
	(75,461	) CHF	Sika, AG		(17,016,122	)
					(44,731,269	)
			Real Estate (0.0%)
	(227,302	)	Opendoor Technologies, Inc.		(588,712	)
	(63,400	)	Realogy Holdings Corp.		(471,062	)
					(1,059,774	)
			Utilities (-0.6%)
	(168,003	)	American Electric Power Company, Inc.		(14,770,824)
	(137,180	)	DTE Energy Company		(15,379,250	)
	(55,300	)	NextEra Energy Partners, LP		(4,096,071	)
	(435,520	)	NextEra Energy, Inc.		(33,752,800	)
	(950,000	)	PG&E Corp.		(14,183,500	)
	(369,000	)	Sunnova Energy International, Inc.		(6,841,260)
					(89,023,705	)
			TOTAL COMMON STOCKS SOLD SHORT (Proceeds $2,553,939,379)		(2,369,608,267	)
			TOTAL SECURITIES SOLD SHORT (Proceeds $2,553,939,379)		(2,369,608,267	)
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
WRITTEN OPTIONS (-1.9%)#
			Communication Services (0.0%)
	1,600		Twitter, Inc.
	8,592,000		Call, 11/18/22, Strike $55.00		(1,600	)
			Consumer Discretionary (0.0%)
	8,500		Carnival Corp.
	7,701,000		Call, 06/21/24, Strike $10.00		(2,762,500	)

See accompanying Notes to Schedule of Investments

www.calamos.com
115

Market Neutral Income Fund Schedule of Investments October 31, 2022

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	2,500	Farfetch, Ltd.
	2,120,000	Call, 01/19/24, Strike $17.50	$	(378,750	)
	5,500	Ford Motor Company
	7,353,500	Call, 01/19/24, Strike $20.00		(429,000	)
				(3,570,250	)
		Consumer Staples (0.0%)
	1,500	Beyond Meat, Inc.
	2,355,000	Call, 01/19/24, Strike $70.00		(81,750	)
		Other (-1.9%)
		S&P 500 Index
	13,500
	5,227,173,000	Call, 12/30/22, Strike $3,900.00		(195,817,500	)
	3,000
	1,161,594,000	Call, 11/30/22, Strike $3,700.00		(67,140,000	)
	2,500
	967,995,000	Put, 12/30/22, Strike $3,500.00		(10,437,500	)
	1,250
	483,997,500	Call, 12/30/22, Strike $3,800.00		(25,481,250	)
	500
	193,599,000	Call, 11/30/22, Strike $3,900.00		(4,767,500	)
				(303,643,750	)
		TOTAL WRITTEN OPTIONS (Premium $406,772,236)		(307,297,350	)

FORWARD FOREIGN CURRENCY CONTRACTS

COUNTERPARTY	SHORT CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
Northern Trust Company	Swiss Franc	01/19/23		2,055,000	$	2,071,954	$	11,097
Northern Trust  British Company	Pound Sterling	01/19/23		11,358,000		13,061,066		(240,690	)
Northern Trust Company	Swiss Franc	01/19/23		22,017,000		22,198,640		(44,818	)
State Street Bank and Trust	Japanese Yen	01/19/23		3,322,854,000		22,579,653		(152,745	)
Bank of New York	European Monetary Unit	01/19/23		120,005,000		119,378,093		(973,120	)
							$	(1,400,276	)

NOTES TO SCHEDULE OF INVESTMENTS

~  Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options and securities sold short. The aggregate value of such securities is $4,381,331,448.

*  Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must

generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

^  Security, or portion of security, is on loan.

§  Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.

‡  Variable rate security. The rate shown is the rate in effect at October 31, 2022.

#  Non-income producing security.

&  Illiquid security.

***  The rate disclosed is the 7 day net yield as of October 31, 2022.

†  Represents investment of cash collateral received from securities on loan as of October 31, 2022.

FOREIGN CURRENCY ABBREVIATION

CAD  Canadian Dollar

CHF  Swiss Franc

EUR  European Monetary Unit

GBP  British Pound Sterling

HKD  Hong Kong Dollar

JPY  Japanese Yen

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The principal amount for such securities is shown in the respective foreign currency. The date on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown. For purchased options denominated in JPY, the strike price shown is a percentage of the par value of the underlying.

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
116

Hedged Equity Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
COMMON STOCKS (96.7%)
		Communication Services (7.0%)
	15,858	Activision Blizzard, Inc.~	$	1,154,462
	95,760	Alphabet, Inc. - Class A~#		9,050,278
	107,380	Alphabet, Inc. - Class C~#		10,164,591
	96,026	AT&T, Inc.~		1,750,554
	82,886	Comcast Corp. - Class A		2,630,802
	15,330	Fox Corp. - Class A		442,577
	17,727	Match Group, Inc.#		765,806
	41,459	Meta Platforms, Inc. - Class A#		3,862,320
	7,920	Netflix, Inc.~#		2,311,690
	21,015	Paramount Global - Class B		384,995
	12,678	T-Mobile US, Inc.#		1,921,478
	79,111	Verizon Communications, Inc.~		2,956,378
	38,434	Walt Disney Company~#		4,094,758
				41,490,689
		Consumer Discretionary (9.8%)
	169,376	Amazon.com, Inc.~#		17,350,877
	13,562	Aptiv, PLC#		1,235,091
	682	Booking Holdings, Inc.~#		1,274,985
	17,954	Caesars Entertainment, Inc.#		785,128
	85,181	Carnival Corp.#^		771,740
	819	Chipotle Mexican Grill, Inc. - Class A#		1,227,132
	5,303	Darden Restaurants, Inc.		759,071
	37,289	DISH Network Corp. - Class A#		555,979
	4,791	Dollar General Corp.		1,221,945
	16,476	DR Horton, Inc.		1,266,675
	14,374	eBay, Inc.		572,660
	73,157	Ford Motor Company		978,109
	27,466	General Motors Company		1,078,041
	20,167	Home Depot, Inc.~		5,972,054
	16,466	Lowe's Companies, Inc.		3,210,047
	14,412	McDonald's Corp.~		3,929,576
	18,409	MGM Resorts International		654,808
	25,782	NIKE, Inc. - Class B~		2,389,476
	39,088	Norwegian Cruise Line Holdings, Ltd.#		660,196
	2,168	O'Reilly Automotive, Inc.#		1,814,985
	9,140	Ross Stores, Inc.		874,607
	22,153	Starbucks Corp.~		1,918,228
	10,210	Target Corp.		1,676,993
	10,356	Tesla, Inc.#		2,356,404
	25,539	TJX Companies, Inc.~		1,841,362
	2,810	Ulta Beauty, Inc.#		1,178,430
				57,554,599
		Consumer Staples (6.7%)
	35,208	Altria Group, Inc.~		1,629,074
	15,521	Archer-Daniels-Midland Company		1,505,226

NUMBER OF SHARES			VALUE
	9,956	Church & Dwight Company, Inc.	$	738,038
	64,380	Coca-Cola Company~		3,853,143
	14,996	Colgate-Palmolive Company		1,107,305
	7,075	Constellation Brands, Inc. - Class A		1,748,091
	6,121	Costco Wholesale Corp.~		3,069,681
	5,423	Estee Lauder Companies, Inc. - Class A		1,087,257
	16,376	General Mills, Inc.		1,335,954
	12,424	Kellogg Company		954,412
	9,260	Kimberly-Clark Corp.		1,152,500
	21,397	Kraft Heinz Company		823,143
	21,553	Kroger Company		1,019,241
	43,254	Mondelez International, Inc. - Class A~		2,659,256
	9,352	Monster Beverage Corp.#		876,469
	19,746	PepsiCo, Inc.~		3,585,479
	36,146	Philip Morris International, Inc.~		3,320,010
	35,498	Procter & Gamble Company~		4,780,516
	30,451	Walmart, Inc.~		4,334,091
				39,578,886
		Energy (5.6%)
	39,868	Chevron Corp.~		7,212,121
	27,052	ConocoPhillips~		3,410,987
	7,628	EOG Resources, Inc.		1,041,375
	46,403	Exxon Mobil Corp.		5,141,916
	17,560	Hess Corp.		2,477,365
	51,321	Kinder Morgan, Inc.		929,936
	31,219	Marathon Petroleum Corp.		3,547,103
	15,241	Occidental Petroleum Corp.		1,106,497
	10,288	ONEOK, Inc.		610,284
	7,206	Phillips 66		751,514
	10,230	Pioneer Natural Resources Company		2,623,074
	21,710	Schlumberger, NV		1,129,571
	16,130	Sysco Corp.		1,396,213
	7,171	Valero Energy Corp.		900,319
	25,902	Williams Companies, Inc.		847,772
				33,126,047
		Financials (11.2%)
	10,639	Aflac, Inc.~		692,705
	8,171	Allstate Corp.~		1,031,589
	18,264	American Express Company~		2,711,291
	36,370	American International Group, Inc.~		2,073,090
	5,003	Ameriprise Financial, Inc.		1,546,527
	9,110	Arthur J Gallagher & Company		1,704,299
	7,514	Assurant, Inc.~		1,020,852
	202,032	Bank of America Corp.~		7,281,233
	18,542	Bank of New York Mellon Corp.		780,804
	27,539	Berkshire Hathaway, Inc. - Class B#		8,126,483
	1,923	BlackRock, Inc.		1,242,085

See accompanying Notes to Schedule of Investments

www.calamos.com
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Hedged Equity Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
	8,465	Cboe Global Markets, Inc.~	$	1,053,892
	35,515	Charles Schwab Corp.		2,829,480
	11,313	Chubb, Ltd.		2,431,051
	26,752	Citigroup, Inc.~		1,226,847
	4,002	CME Group, Inc.		693,547
	10,865	Discover Financial Services		1,134,958
	10,793	Goldman Sachs Group, Inc.~		3,718,296
	40,143	Huntington Bancshares, Inc.		609,371
	48,871	JPMorgan Chase & Company~		6,151,881
	4,972	M&T Bank Corp.		837,136
	14,132	Marsh & McLennan Companies, Inc.~		2,282,177
	15,410	MetLife, Inc.		1,128,166
	25,046	Morgan Stanley		2,058,030
	7,968	Northern Trust Corp.		672,101
	5,967	Prudential Financial, Inc.		627,669
	5,176	S&P Global, Inc.~		1,662,790
	7,022	State Street Corp.		519,628
	6,649	Travelers Companies, Inc.		1,226,474
	12,630	Truist Financial Corp.		565,698
	18,394	US Bancorp~		780,825
	94,557	Wells Fargo & Company~		4,348,676
	23,881	Zions Bancorp NA		1,240,379
				66,010,030
		Health Care (15.4%)
	26,402	Abbott Laboratories~		2,612,214
	32,795	AbbVie, Inc.~		4,801,188
	16,926	Agilent Technologies, Inc.~		2,341,712
	7,426	Amgen, Inc.~		2,007,619
	18,536	Baxter International, Inc.~		1,007,432
	6,200	Becton Dickinson and Company		1,463,014
	3,862	Biogen, Inc.#		1,094,645
	54,688	Boston Scientific Corp.#		2,357,600
	52,182	Bristol-Myers Squibb Company~		4,042,540
	12,062	Centene Corp.#		1,026,838
	5,122	Cigna Corp.		1,654,713
	22,658	CVS Health Corp.~		2,145,713
	14,796	Danaher Corp.~		3,723,709
	9,631	Dexcom, Inc.#		1,163,232
	17,257	Edwards Lifesciences Corp.~#		1,249,925
	17,525	Eli Lilly & Company~		6,345,627
	24,137	Gilead Sciences, Inc.~		1,893,789
	5,054	HCA Healthcare, Inc.		1,099,093
	3,264	Humana, Inc.~		1,821,573
	8,648	Intuitive Surgical, Inc.~#		2,131,473
	4,890	IQVIA Holdings, Inc.#		1,025,286
	41,753	Johnson & Johnson		7,263,769
	4,622	Laboratory Corp. of America Holdings		1,025,437
	4,653	McKesson Corp.		1,811,739

NUMBER OF SHARES			VALUE
	25,600	Medtronic, PLC	$	2,235,904
	44,892	Merck & Company, Inc.~		4,543,070
	4,765	Organon & Company		124,748
	101,228	Pfizer, Inc.~		4,712,163
	5,774	Quest Diagnostics, Inc.		829,435
	1,230	Regeneron Pharmaceuticals, Inc.#		920,963
	8,838	Thermo Fisher Scientific, Inc.~		4,542,467
	21,339	UnitedHealth Group, Inc.		11,846,346
	7,245	Vertex Pharmaceuticals, Inc.~#		2,260,440
	4,486	Zimmer Biomet Holdings, Inc.		508,488
	6,101	Zoetis, Inc.		919,909
				90,553,813
		Industrials (8.2%)
	7,106	3M Company		893,864
	5,377	Allegion, PLC		563,348
	7,015	Boeing Company~#		999,708
	28,029	Carrier Global Corp.		1,114,433
	14,277	Caterpillar, Inc.~		3,090,399
	75,798	CSX Corp.~		2,202,690
	5,153	Deere & Company~		2,039,661
	17,724	Delta Air Lines, Inc.~#		601,375
	7,072	Eaton Corp., PLC		1,061,295
	20,229	Emerson Electric Company~		1,751,831
	5,246	Generac Holdings, Inc.#		608,064
	4,473	General Dynamics Corp.		1,117,355
	19,063	General Electric Company		1,483,292
	17,134	Honeywell International, Inc.~		3,495,679
	6,373	Illinois Tool Works, Inc.		1,360,827
	16,442	Johnson Controls International, PLC		951,005
	7,121	L3Harris Technologies, Inc.		1,755,113
	3,590	Lockheed Martin Corp.~		1,747,181
	15,042	Masco Corp.		695,993
	4,088	Norfolk Southern Corp.		932,350
	3,676	Northrop Grumman Corp.~		2,018,161
	6,732	Otis Worldwide Corp.		475,549
	10,521	PACCAR, Inc.		1,018,748
	16,186	Pentair, PLC		695,189
	36,559	Raytheon Technologies Corp.~		3,466,524
	32,311	Southwest Airlines Company#		1,174,505
	4,508	Stryker Corp.		1,033,414
	976	Teledyne Technologies, Inc.#		388,429
	18,912	Union Pacific Corp.~		3,728,312
	12,062	United Parcel Service, Inc. - Class B~		2,023,642
	6,053	Verisk Analytics, Inc. - Class A		1,106,670
	11,585	Waste Management, Inc.~		1,834,716
	8,323	Xylem, Inc.~		852,525
				48,281,847

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
118

Hedged Equity Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
		Information Technology (25.1%)
	10,126	Accenture, PLC - Class A	$	2,874,771
	7,404	Adobe, Inc.~#		2,358,174
	33,788	Advanced Micro Devices, Inc.~#		2,029,307
	15,725	Amphenol Corp. - Class A		1,192,427
	271,733	Apple, Inc.~		41,667,538
	15,327	Applied Materials, Inc.~		1,353,221
	4,377	Autodesk, Inc.#		937,991
	10,244	Automatic Data Processing, Inc.~		2,475,975
	8,086	Broadcom, Inc.~		3,801,390
	96,224	Cisco Systems, Inc.~		4,371,456
	12,277	Cognizant Technology Solutions Corp. - Class A		764,243
	2,585	Enphase Energy, Inc.#		793,595
	12,142	Fiserv, Inc.~#		1,247,469
	4,524	Gartner, Inc.#		1,365,886
	6,726	Global Payments, Inc.		768,513
	25,241	HP, Inc.		697,156
	35,217	Intel Corp.~		1,001,219
	12,347	International Business Machines Corp.		1,707,467
	4,736	Intuit, Inc.~		2,024,640
	4,589	Jack Henry & Associates, Inc.		913,486
	16,081	Mastercard, Inc. - Class A~		5,277,463
	29,916	Micron Technology, Inc.~		1,618,456
	143,093	Microsoft Corp.~		33,216,178
	2,283	Monolithic Power Systems, Inc.		774,964
	6,799	NetApp, Inc.		470,967
	45,661	NVIDIA Corp.~		6,162,865
	6,775	NXP Semiconductors, NV		989,692
	10,594	ON Semiconductor Corp.#		650,789
	25,955	Oracle Corp.~		2,026,307
	9,630	Paychex, Inc.		1,139,325
	3,455	Paycom Software, Inc.#		1,195,430
	12,864	PayPal Holdings, Inc.#		1,075,173
	8,183	Qorvo, Inc.#		704,393
	21,620	QUALCOMM, Inc.~		2,543,809
	20,462	salesforce, Inc.~#		3,326,917
	9,656	Skyworks Solutions, Inc.		830,513
	2,283	SolarEdge Technologies, Inc.#		525,159
	6,564	TE Connectivity, Ltd.		802,318
	9,735	Teradyne, Inc.		791,942
	12,038	Texas Instruments, Inc.~		1,933,664
	36,486	Visa, Inc. - Class A~		7,558,440
				147,960,688
		Materials (2.6%)
	5,942	Air Products and Chemicals, Inc.~		1,487,877
	4,856	Avery Dennison Corp.		823,335
	6,112	Celanese Corp. - Class A		587,486

NUMBER OF SHARES			VALUE
	16,937	Corteva, Inc.	$	1,106,664
	16,934	Dow, Inc.		791,495
	15,222	DuPont de Nemours, Inc.		870,698
	47,739	Freeport-McMoRan, Inc.		1,512,849
	3,776	International Flavors & Fragrances, Inc.		368,575
	13,278	Linde, PLC		3,948,213
	7,526	PPG Industries, Inc.		859,319
	4,350	ServiceNow, Inc.#		1,830,219
	4,607	Sherwin-Williams Company		1,036,713
				15,223,443
		Real Estate (2.4%)
	5,176	Alexandria Real Estate Equities, Inc.		752,073
	6,504	American Tower Corp.		1,347,564
	4,758	AvalonBay Communities, Inc.		833,221
	6,457	Crown Castle, Inc.		860,460
	7,246	Digital Realty Trust, Inc.		726,412
	1,191	Equinix, Inc.		674,630
	4,607	Federal Realty Investment Trust		456,001
	6,192	Mid-America Apartment Communities, Inc.		974,930
	19,047	Prologis, Inc.		2,109,455
	3,408	Public Storage		1,055,628
	11,845	Realty Income Corp.		737,588
	9,657	Regency Centers Corp.		584,345
	14,994	UDR, Inc.		596,161
	28,660	Vornado Realty Trust		676,089
	12,128	Welltower, Inc.		740,293
	22,574	Weyerhaeuser Company		698,214
				13,823,064
		Utilities (2.7%)
	36,942	AES Corp.~		966,403
	14,464	American Electric Power Company, Inc.~		1,271,675
	13,456	CMS Energy Corp.		767,665
	11,266	Consolidated Edison, Inc.		990,957
	3,789	Constellation Energy Corp.		358,212
	13,321	Dominion Energy, Inc.		932,070
	18,420	Duke Energy Corp.~		1,716,376
	8,152	Edison International		489,446
	8,247	Entergy Corp.^		883,584
	11,365	Exelon Corp.		438,575
	18,659	FirstEnergy Corp.		703,631
	29,630	NextEra Energy, Inc.~		2,296,325
	22,798	NiSource, Inc.		585,681
	14,326	Public Service Enterprise Group, Inc.		803,259
	20,453	Southern Company		1,339,262
	16,418	Xcel Energy, Inc.		1,068,975
				15,612,096
		TOTAL COMMON STOCKS (Cost $482,521,916)		569,215,202

See accompanying Notes to Schedule of Investments

www.calamos.com
119

Hedged Equity Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
EXCHANGE-TRADED FUND (3.3%)
		Other (3.3%)
	51,058	SPDR S&P 500 ETF Trust^ (Cost $20,081,271)	$	19,719,110
PRINCIPAL AMOUNT			VALUE
CONVERTIBLE BOND (1.2%)
		Consumer Discretionary (1.2%)
	616,000	Tesla, Inc. 2.000%, 05/15/24 (Cost $6,587,300)		6,773,967
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
PURCHASED OPTIONS (0.8%)#
		Other (0.8%)
		S&P 500 Index
	500
	193,599,000	Put, 12/30/22, Strike $3,600.00		2,970,000
	300
	116,159,400	Call, 03/31/23, Strike $4,500.00		1,200,000
	200
	77,439,600	Put, 11/30/22, Strike $3,500.00		288,000
	100
	38,719,800	Put, 11/30/22, Strike $3,400.00		81,500
	50
	19,359,900	Put, 11/30/22, Strike $3,600.00		128,500
	50
	19,359,900	Put, 03/31/23, Strike $3,000.00		181,250
		TOTAL PURCHASED OPTIONS (Cost $11,400,589)		4,849,250
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (0.3%)
	1,650,445	State Street Navigator Securities Lending Government Money Market Portfolio, 3.124%† (Cost $1,650,445)		1,650,445
		TOTAL INVESTMENTS (102.3%) (Cost $522,241,521)		602,207,974
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.3%)				(1,650,445	)
LIABILITIES, LESS OTHER ASSETS (-2.0%)				(11,693,038	)
NET ASSETS (100.0%)			$	588,864,491

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
WRITTEN OPTIONS (-2.9%)#
		Other (-2.9%)
		S&P 500 Index
	500
	193,599,000	Call, 12/30/22, Strike $3,900.00	$	(7,252,500	)
	400
	154,879,200	Call, 12/30/22, Strike $4,000.00		(3,922,000	)
	200
	77,439,600	Call, 11/30/22, Strike $3,700.00		(4,476,000	)
	50
	19,359,900	Call, 12/30/22, Strike $3,800.00		(1,019,250	)
	25
	9,679,950	Call, 11/30/22, Strike $3,900.00		(238,375	)
		TOTAL WRITTEN OPTIONS (Premium $23,159,113)	$	(16,908,125	)

NOTES TO SCHEDULE OF INVESTMENTS

~  Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $134,865,121.

#  Non-income producing security.

^  Security, or portion of security, is on loan.

†  Represents investment of cash collateral received from securities on loan as of October 31, 2022.

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

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
120

Phineus Long/Short Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES				VALUE
COMMON STOCKS (93.7%)
			Communication Services (6.6%)
	330,000		Alphabet, Inc. - Class A#~	$	31,188,300
	193,000		Walt Disney Company#~		20,562,220
					51,750,520
			Consumer Discretionary (8.5%)
	12,150		Booking Holdings, Inc.#~		22,714,182
	367,500		Caesars Entertainment, Inc.#~		16,070,775
	172,000		Marriott International, Inc. - Class A~		27,538,920
					66,323,877
			Energy (3.3%)
	296,500		Sysco Corp.~		25,665,040
			Financials (13.1%)
	1,190,000		Huntington Bancshares, Inc.~		18,064,200
	381,000		Morgan Stanley~		31,306,770
	8,200,000	GBP	NatWest Group, PLC		22,085,069
	143,200		PNC Financial Services Group, Inc.~		23,174,056
	175,000		Wells Fargo & Company		8,048,250
					102,678,345
			Health Care (5.4%)
	419,000		Boston Scientific Corp.#~		18,063,090
	29,000		Danaher Corp.		7,298,430
	31,000		Humana, Inc.~		17,300,480
					42,662,000
			Industrials (35.2%)
	509,000		AerCap Holdings, NV#~		27,185,690
	911,880		Air Lease Corp. - Class A~		32,180,245
	907,000		CSX Corp.~		26,357,420
	749,300		Delta Air Lines, Inc.#~		25,423,749
	141,000		Honeywell International, Inc.~		28,766,820
	93,500		L3Harris Technologies, Inc.~		23,044,945
	282,000		Raytheon Technologies Corp.~		26,739,240
	119,000	EUR	Siemens, AG		12,995,866
	657,000		Southwest Airlines Company#~		23,881,950
	195,500		TransUnion~		11,587,285
	559,000		Uber Technologies, Inc.#~		14,852,630
	118,500		Union Pacific Corp.~		23,361,090
					276,376,930
			Information Technology (16.9%)
	423,000		Advanced Micro Devices, Inc.#~		25,405,380
	106,000		Analog Devices, Inc.~		15,117,720
	120,000		Fidelity National Information Services, Inc.~		9,958,800
	43,000		Lam Research Corp.		17,405,540

NUMBER OF SHARES			VALUE
	67,000	Microsoft Corp.	$	15,552,710
	83,500	ON Semiconductor Corp.		5,129,405
	29,600	Paycom Software, Inc.#~		10,241,600
	162,000	Visa, Inc. - Class A~		33,559,920
				132,371,075
		Materials (3.1%)
	82,500	Linde, PLC~		24,531,375
		Special Purpose Acquisition Company (1.6%)
	229,800	Shell, PLC^		12,783,774
		TOTAL COMMON STOCKS (Cost $738,826,941)		735,142,936
EXCHANGE-TRADED FUND (5.4%)
		Other (5.4%)
	110,000	SPDR S&P 500 ETF Trust (Cost $40,370,004)		42,483,100
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
PURCHASED OPTIONS (0.4%)#
		Communication Services (0.0%)
	1,650	Alphabet, Inc.
	15,594,150	Call, 11/04/22, Strike $100.00		31,350
		Consumer Discretionary (0.1%)
	121	Booking Holdings, Inc.
	22,620,708	Call, 11/04/22, Strike $1,930.00		486,420
		Financials (0.0%)
	6,600	Wells Fargo & Company
	30,353,400	Call, 11/04/22, Strike $47.00		161,700
		Industrials (0.0%)
	2,820	Raytheon Technologies Corp.
	26,739,240	Put, 11/04/22, Strike $88.00		15,510
		Information Technology (0.1%)
	4,230	Advanced Micro Devices, Inc.
	25,405,380	Put, 11/04/22, Strike $60.00		1,053,270
		Other (0.2%)
	3,150	SPDR S&P 500 ETF Trust
	121,656,150	Put, 11/18/22, Strike $372.00		1,200,150
		TOTAL PURCHASED OPTIONS (Cost $4,516,608)		2,948,400

See accompanying Notes to Schedule of Investments

www.calamos.com
121

Phineus Long/Short Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES/ PRINCIPAL AMOUNT				VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.2%)
	9,818,768		State Street Navigator Securities Lending Government Money Market Portfolio, 3.124%† (Cost $9,818,768)	$	9,818,768
			TOTAL INVESTMENTS (100.7%) (Cost $793,532,321)		790,393,204
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.3%)					(9,818,768	)
OTHER ASSETS, LESS LIABILITIES (0.6%)					4,049,976
NET ASSETS (100.0%)				$	784,624,412
NUMBER OF SHARES				VALUE
COMMON STOCKS SOLD SHORT (-4.4%)#
			Consumer Staples (-3.1%)
	(15,500	)	Costco Wholesale Corp.		(7,773,250	)
	(114,500	)	Walmart, Inc.		(16,296,785	)
					(24,070,035	)
			Information Technology (-1.3%)
	(83,500	)	ON Semiconductor Corp.		(5,129,405	)
	(171,000	)	STMicroelectronics, NV		(5,321,520	)
					(10,450,925	)
			TOTAL COMMON STOCKS SOLD SHORT (Proceeds $34,223,094)		(34,520,960	)
EXCHANGE-TRADED FUNDS SOLD SHORT (-42.7%)#
			Other (-42.7%)
	(266,000	)	SPDR S&P Oil & Gas Exploration & Production ETF		(40,243,140)
	(831,500	)	Vanguard S&P 500 ETF		(295,140,925	)
			TOTAL EXCHANGE-TRADED FUNDS SOLD SHORT (Proceeds $357,254,433)		(335,384,065	)
			TOTAL SECURITIES SOLD SHORT (Proceeds $391,477,527)		(369,905,025	)
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
WRITTEN OPTIONS (-0.9%)#
			Consumer Discretionary (-0.3%)
	3,342		Amazon.com, Inc.
	34,235,448		Put, 12/16/22, Strike $100.00		(1,612,515	)
	242		Booking Holdings, Inc.
	45,241,416		Call, 12/16/22, Strike $2,200.00		(468,270	)
					(2,080,785	)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
		Financials (-0.1%)
	3,300	Wells Fargo & Company
	15,176,700	Put, 11/04/22, Strike $47.00	$	(498,300	)
		Industrials (0.0%)
	1,940	Raytheon Technologies Corp.
	18,395,080	Put, 12/16/22, Strike $80.00		(96,030	)
		Information Technology (-0.1%)
	4,230	Advanced Micro Devices, Inc.
	25,405,380	Put, 12/16/22, Strike $45.00		(351,090	)
	940	Apple, Inc.
	14,413,960	Call, 12/16/22, Strike $165.00		(237,820	)
	1,160	Texas Instruments, Inc.
	18,633,080	Put, 12/16/22, Strike $140.00		(193,140	)
				(782,050	)
		Other (-0.4%)
	6,300	SPDR S&P 500 ETF Trust
	243,312,300	Put, 12/30/22, Strike $330.00		(1,367,100	)
	2,660	SPDR S&P 500 Oil & Gas Exploration ETF
	40,243,140	Put, 11/18/22, Strike $130.00		(175,560	)
	3,960	SPDR S&P Homebuilders ETF
	23,102,640	Put, 11/04/22, Strike $56.00		(148,500	)
	1,850	VanEck Semiconductor ETF
	35,005,700	Put, 11/18/22, Strike $180.00		(642,875	)
	7,950	Vanguard S&P 500 ETF
	282,185,250	Put, 12/16/22, Strike $305.00		(1,073,250	)
				(3,407,285	)
		TOTAL WRITTEN OPTIONS (Premium $12,303,570)	$	(6,864,450	)

NOTES TO SCHEDULE OF INVESTMENTS

#  Non-income producing security.

~  Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options and securities sold short. The aggregate value of such securities is $363,917,315.

^  Security, or portion of security, is on loan.

†  Represents investment of cash collateral received from securities on loan as of October 31, 2022.

FOREIGN CURRENCY ABBREVIATIONS

EUR  European Monetary Unit

GBP  British Pound Sterling

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

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
122

Convertible Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
CONVERTIBLE BONDS (84.3%)
		Communication Services (6.0%)
	12,500,000	Liberty Media Corp. 0.500%, 12/01/50*	$	13,389,750
	10,750,000	1.375%, 10/15/23		13,923,292
	11,250,000	Liberty Media Corp. / Liberty Formula One* 2.250%, 08/15/27		10,423,125
	7,750,000	Match Group Financeco 3, Inc.* 2.000%, 01/15/30		6,651,593
	20,500,000	Snap, Inc. 0.000%, 05/01/27		14,130,445
	3,273,000	0.250%, 05/01/25		2,979,805
				61,498,010
		Consumer Discretionary (14.4%)
	7,750,000	Airbnb, Inc. 0.000%, 03/15/26		6,489,385
	15,419,000	Booking Holdings, Inc.^ 0.750%, 05/01/25		19,989,037
	15,500,000	DISH Network Corp. 0.000%, 12/15/25		10,515,045
	10,750,000	DraftKings Holdings, Inc. 0.000%, 03/15/28		6,723,158
	16,750,000	Etsy, Inc. 0.125%, 09/01/27		14,492,937
	25,000,000	Ford Motor Company 0.000%, 03/15/26		25,269,250
	14,750,000	Marriott Vacations Worldwide Corp. 0.000%, 01/15/26		15,077,007
	5,250,000	Royal Caribbean Cruises, Ltd.* 6.000%, 08/15/25		6,861,698
	7,750,000	Shake Shack, Inc. 0.000%, 03/01/28		5,295,885
	505,000	Tesla, Inc. 2.000%, 05/15/24		5,553,334
	20,750,000	Vail Resorts, Inc.^ 0.000%, 01/01/26		18,516,262
	7,750,000	Vroom, Inc. 0.750%, 07/01/26		2,263,620
	11,000,000	Wayfair, Inc.* 3.250%, 09/15/27		9,563,950
				146,610,568
		Consumer Staples (0.6%)
	5,750,000	Post Holdings, Inc.* 2.500%, 08/15/27		5,994,202
		Energy (3.4%)
	3,000,000	EQT Corp.^ 1.750%, 05/01/26		8,552,730
	5,000,000	Northern Oil And Gas, Inc.* 3.625%, 04/15/29		5,615,900
	7,750,000	Pioneer Natural Resources Company 0.250%, 05/15/25		19,943,772
				34,112,402

PRINCIPAL AMOUNT			VALUE
		Financials (0.5%)
	7,250,000	SoFi Technologies, Inc.*^ 0.000%, 10/15/26	$	5,240,372
		Health Care (18.3%)
	5,500,000	Alnylam Pharmaceuticals, Inc.* 1.000%, 09/15/27		5,527,885
	7,750,000	Alphatec Holdings, Inc. 0.750%, 08/01/26		6,587,965
	5,500,000	BioMarin Pharmaceutical, Inc. 0.599%, 08/01/24		5,503,355
	11,000,000	CONMED Corp.* 2.250%, 06/15/27		9,620,600
	7,000,000	CryoPort, Inc.* 0.750%, 12/01/26		5,300,330
	25,750,000	Dexcom, Inc.^ 0.250%, 11/15/25		28,363,625
	2,772,000	Envista Holdings Corp. 2.375%, 06/01/25		4,603,433
	10,750,000	Exact Sciences Corp. 0.375%, 03/01/28		6,961,055
	11,500,000	Halozyme Therapeutics, Inc.* 1.000%, 08/15/28		12,147,565
	5,500,000	Insmed, Inc. 0.750%, 06/01/28		4,364,305
	5,750,000	Insulet Corp. 0.375%, 09/01/26		7,442,800
	13,500,000	Integra LifeSciences Holdings Corp. 0.500%, 08/15/25		12,577,815
	5,500,000	Ionis Pharmaceuticals, Inc. 0.000%, 04/01/26		5,453,580
	12,250,000	Jazz Investments I, Ltd. 2.000%, 06/15/26		13,785,905
	10,000,000	NeoGenomics, Inc. 0.250%, 01/15/28		6,097,000
	5,000,000	NextGen Healthcare, Inc.* 3.750%, 11/15/27		5,276,000
	5,600,000	NuVasive, Inc. 0.375%, 03/15/25		4,898,544
	11,250,000	Omnicell, Inc. 0.250%, 09/15/25		11,262,150
	10,000,000	Pacira BioSciences, Inc. 0.750%, 08/01/25		9,739,400
	4,000,000	Repligen Corp. 0.375%, 07/15/24		6,798,680
	5,500,000	Sarepta Therapeutics, Inc.* 1.250%, 09/15/27		5,881,645
	8,500,000	Tandem Diabetes Care, Inc.* 1.500%, 05/01/25		8,002,155
				186,195,792
		Industrials (6.3%)
	7,000,000	Air Transport Services Group, Inc.~ 1.125%, 10/15/24		7,583,520

See accompanying Notes to Schedule of Investments

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123

Convertible Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
	7,500,000	John Bean Technologies Corp. 0.250%, 05/15/26	$	6,401,175
	5,500,000	Middleby Corp. 1.000%, 09/01/25		6,664,625
	6,250,000	Parsons Corp. 0.250%, 08/15/25		7,185,563
	13,250,000	Southwest Airlines Company~^ 1.250%, 05/01/25		16,419,002
	23,750,000	Uber Technologies, Inc.^ 0.000%, 12/15/25		19,637,450
				63,891,335
		Information Technology (31.7%)
	9,500,000	Akamai Technologies, Inc. 0.125%, 05/01/25		10,273,110
	11,500,000	Bentley Systems, Inc. 0.125%, 01/15/26		10,103,670
	15,750,000	Bill.com Holdings, Inc. 0.000%, 12/01/25		17,525,183
	12,000,000	Block, Inc. 0.500%, 05/15/23		12,649,080
	8,500,000	Camtek Ltd.* 0.000%, 12/01/26		6,457,195
	8,000,000	Confluent, Inc.* 0.000%, 01/15/27		5,972,640
	13,000,000	Coupa Software, Inc. 0.125%, 06/15/25		11,179,220
	8,750,000	CyberArk Software, Ltd.^ 0.000%, 11/15/24		10,259,288
	6,000,000	Datadog, Inc. 0.125%, 06/15/25		6,851,400
	8,500,000	DigitalOcean Holdings, Inc.* 0.000%, 12/01/26		6,232,795
	11,847,000	Enphase Energy, Inc. 0.000%, 03/01/26		14,552,973
	7,750,000	0.000%, 03/01/28^		9,982,775
	4,000,000	Five9, Inc. 0.500%, 06/01/25		3,554,320
	17,750,000	Microchip Technology, Inc.^ 0.125%, 11/15/24		17,946,492
	6,250,000	MongoDB, Inc.^ 0.250%, 01/15/26		7,071,438
	8,000,000	Okta, Inc. 0.125%, 09/01/25		6,742,560
	4,750,000	0.375%, 06/15/26		3,816,530
	19,000,000	ON Semiconductor Corp. 0.000%, 05/01/27		25,123,510
	9,500,000	Palo Alto Networks, Inc. 0.750%, 07/01/23~		18,405,110
	6,250,000	0.375%, 06/01/25		11,020,875
	8,500,000	Perficient, Inc.* 0.125%, 11/15/26		6,417,500
	11,500,000	Repay Holdings Corp.* 0.000%, 02/01/26		7,932,010

PRINCIPAL AMOUNT			VALUE
	21,750,000	Shift4 Payments, Inc. 0.000%, 12/15/25	$	19,605,667
	9,000,000	Silicon Laboratories, Inc. 0.625%, 06/15/25		10,208,790
	20,000,000	Splunk, Inc.^ 1.125%, 06/15/27		17,050,000
	13,750,000	Tyler Technologies, Inc. 0.250%, 03/15/26		12,999,525
	17,000,000	Unity Software, Inc.* 0.000%, 11/15/26		12,400,650
	10,500,000	Wix.com, Ltd.^ 0.000%, 08/15/25		8,744,610
	6,704,000	Wolfspeed, Inc.* 0.250%, 02/15/28		6,167,278
	4,000,000	Zscaler, Inc. 0.125%, 07/01/25		4,922,840
				322,169,034
		Materials (2.6%)
	4,000,000	ATI, Inc. 3.500%, 06/15/25		8,076,200
	4,500,000	Ivanhoe Mines, Ltd.* 2.500%, 04/15/26		5,097,285
	6,655,000	Lithium Americas Corp.* 1.750%, 01/15/27		5,778,669
	8,241,000	MP Materials Corp.* 0.250%, 04/01/26		7,893,395
				26,845,549
		Real Estate (0.5%)
	5,250,000	Pebblebrook Hotel Trust 1.750%, 12/15/26		4,656,278
		TOTAL CONVERTIBLE BONDS (Cost $871,236,536)		857,213,542
NUMBER OF SHARES			VALUE
CONVERTIBLE PREFERRED STOCKS (11.6%)
		Communication Services (1.6%)
	12,500	T-Mobile Exchangeable Trust* 5.250%, 06/01/23		15,560,375
		Consumer Discretionary (1.2%)
	115,335	Aptiv, PLC^ 5.500%, 06/15/23		12,327,005
		Financials (1.8%)
	10,300	Bank of America Corp.~‡‡ 7.250%		11,952,738
	107,870	KKR & Company, Inc.^ 6.000%, 09/15/23		6,549,866
				18,502,604

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
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Convertible Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
		Health Care (2.1%)
	89,600	Boston Scientific Corp. 5.500%, 06/01/23	$	9,859,584
	8,500	Danaher Corp.^ 5.000%, 04/15/23		11,156,165
				21,015,749
		Utilities (4.9%)
	104,840	AES Corp.^ 6.875%, 02/15/24		10,327,788
	191,900	American Electric Power Company, Inc.^ 6.125%, 08/15/23		9,541,268
	353,990	NextEra Energy, Inc. 6.219%, 09/01/23		17,080,018
	187,200	6.926%, 09/01/25^		8,704,800
	86,590	5.279%, 03/01/23		4,281,010
				49,934,884
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $118,335,587)		117,340,617
COMMON STOCK (2.0%)
		Information Technology (0.0%)
	43,372	Broadcom, Inc. (Cost $13,864,531)		20,390,045
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (9.2%)
	40,670,686	JPMorgan Prime Money Market Fund - Capital Class, 3.170%***†		40,670,686
	52,582,264	State Street Navigator Securities Lending Government Money Market Portfolio, 3.124%†		52,582,264
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $93,252,950)		93,252,950
		TOTAL INVESTMENTS (107.1%) (Cost $1,096,689,604)		1,088,197,154
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-9.2%)				(93,252,950	)
OTHER ASSETS, LESS LIABILITIES (2.1%)				21,532,977
NET ASSETS (100.0%)			$	1,016,477,181

FORWARD FOREIGN CURRENCY CONTRACTS

COUNTERPARTY	SHORT CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
State Street Bank   and Trust	Canadian Dollar	01/19/23		5,016,000	$	3,685,828	$	(26,720	)
							$	(26,720	)

NOTES TO SCHEDULE OF INVESTMENTS

*  Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

^  Security, or portion of security, is on loan.

~  Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $25,909,817.

‡‡  Perpetual maturity.

***  The rate disclosed is the 7 day net yield as of October 31, 2022.

†  Represents investment of cash collateral received from securities on loan as of October 31, 2022.

See accompanying Notes to Schedule of Investments

www.calamos.com
125

Global Convertible Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT				VALUE
CONVERTIBLE BONDS (88.8%)
			Communication Services (11.0%)
	1,100,000	EUR	America Movil, BV 0.000%, 03/02/24	$	1,090,336
	1,363,000		Bharti Airtel, Ltd.* 1.500%, 02/17/25		1,856,992
	1,389,000		Bilibili, Inc.* 0.500%, 12/01/26		829,664
	600,000	EUR	Cellnex Telecom, SA 1.500%, 01/16/26		716,289
	50,000,000	JPY	CyberAgent, Inc. 0.000%, 02/19/25		367,252
	1,205,000		iQIYI, Inc. 4.000%, 12/15/26		767,296
	760,000		iQIYI, Inc. 2.000%, 04/01/25		617,865
	710,000		Liberty Media Corp. 1.375%, 10/15/23		919,585
	3,546,000		Sea, Ltd. 0.250%, 09/15/26		2,459,151
	1,377,000		Sea, Ltd.^ 2.375%, 12/01/25		1,302,394
	1,400,000		Snap, Inc. 0.000%, 05/01/27		965,006
	1,181,000		Snap, Inc. 0.750%, 08/01/26		1,017,868
	1,000,000		Xiaomi Best Time International, Ltd. 0.000%, 12/17/27		737,570
	808,000		Zillow Group, Inc. 1.375%, 09/01/26		810,052
					14,457,320
			Consumer Discretionary (18.9%)
	607,000		Booking Holdings, Inc.^ 0.750%, 05/01/25		786,909
	900,000	EUR	Delivery Hero, SE 0.250%, 01/23/24		815,682
	2,719,000		DraftKings Holdings, Inc. 0.000%, 03/15/28		1,700,490
	772,000		Etsy, Inc. 0.125%, 10/01/26		995,170
	1,329,000		Farfetch, Ltd. 3.750%, 05/01/27		1,263,666
	2,000,000	AUD	Flight Centre Travel Group, Ltd. 1.625%, 11/01/28		1,016,442
	1,100,000	EUR	Global Fashion Group, SA 1.250%, 03/15/28		800,620
	600,000	EUR	HelloFresh, SE 0.750%, 05/13/25		516,892
	1,330,000		Lucid Group, Inc.* 1.250%, 12/15/26		838,193
	1,458,000		MakeMyTrip, Ltd. 0.000%, 02/15/28		1,441,743

PRINCIPAL AMOUNT				VALUE
	703,000		Marriott Vacations Worldwide Corp. 0.000%, 01/15/26	$	718,585
	2,700,000		Meituan 0.000%, 04/27/28		1,936,035
	2,783,000		NCL Corp., Ltd.* 1.125%, 02/15/27		2,126,852
	900,000	GBP	Ocado Group, PLC 0.750%, 01/18/27		634,795
	800,000	GBP	Ocado Group, PLC 0.875%, 12/09/25		659,520
	1,843,000		Pinduoduo, Inc. 0.000%, 12/01/25		1,656,857
	889,000		Royal Caribbean Cruises, Ltd.* 6.000%, 08/15/25		1,161,914
	1,000,000	EUR	Shop Apotheke Europe, NV 0.000%, 01/21/28		651,197
	980,000		Stride, Inc. 1.125%, 09/01/27		883,735
	91,000		Tesla, Inc. 2.000%, 05/15/24		1,000,700
	2,043,000		Vroom, Inc. 0.750%, 07/01/26		596,719
	1,486,000		Wayfair, Inc.* 3.250%, 09/15/27		1,292,003
	977,000		Wayfair, Inc.^ 1.000%, 08/15/26		605,447
	1,000,000	EUR	Zalando, SE 0.050%, 08/06/25		820,178
					24,920,344
			Consumer Staples (0.5%)
	100,000,000	JPY	Nippn Corp. 0.000%, 06/20/25		677,770
			Energy (2.6%)
	1,341,000		Northern Oil And Gas, Inc.* 3.625%, 04/15/29		1,506,185
	747,000		Pioneer Natural Resources Company 0.250%, 05/15/25		1,922,322
					3,428,507
			Financials (4.6%)
	1,312,000		Coinbase Global, Inc. 0.500%, 06/01/26		881,848
	2,700,000	EUR	Corestate Capital Holding, SA 1.375%, 11/28/22		599,748
	1,000,000	GBP	Cornwall Jersey, Ltd. 0.750%, 04/16/26		717,117
	900,000	EUR	JPMorgan Chase Financial Company, LLC 0.000%, 01/14/25		914,871
	900,000	EUR	LEG Immobilien, SE 0.875%, 09/01/25		803,773
	1,300,000	EUR	Oliver Capital Sarl 12/29/23		1,325,193

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
126

Global Convertible Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT				VALUE
	130,000,000	JPY	SBI Holdings, Inc. 0.000%, 09/13/23	$	881,040
					6,123,590
			Health Care (13.4%)
	761,000		Alnylam Pharmaceuticals, Inc.* 1.000%, 09/15/27		764,858
	725,000		BioMarin Pharmaceutical, Inc. 0.599%, 08/01/24		725,442
	650,000		Coherus Biosciences, Inc. 1.500%, 04/15/26		492,264
	841,000		CONMED Corp.* 2.250%, 06/15/27		735,539
	1,140,000		Dexcom, Inc. 0.250%, 11/15/25		1,255,710
	972,000		Halozyme Therapeutics, Inc. 0.250%, 03/01/27		869,337
	785,000		Halozyme Therapeutics, Inc.* 1.000%, 08/15/28		829,203
	502,000		Innoviva, Inc. 2.500%, 08/15/25		523,531
	732,000		Insmed, Inc. 0.750%, 06/01/28		580,849
	788,000		Integra LifeSciences Holdings Corp. 0.500%, 08/15/25		734,172
	753,000		Ionis Pharmaceuticals, Inc. 0.000%, 04/01/26		746,645
	1,295,000		Jazz Investments I, Ltd. 2.000%, 06/15/26		1,457,367
	200,000,000	JPY	Menicon Company, Ltd. 0.000%, 01/29/25		1,381,862
	941,000		NeoGenomics, Inc. 0.250%, 01/15/28		573,728
	2,061,000		Oak Street Health, Inc. 0.000%, 03/15/26		1,574,934
	600,000		Omnicell, Inc. 0.250%, 09/15/25		600,648
	620,000		Pacira BioSciences, Inc. 0.750%, 08/01/25		603,843
	759,000		Sarepta Therapeutics, Inc.* 1.250%, 09/15/27		811,667
	130,000,000	JPY	Ship Healthcare Holdings, Inc. 0.000%, 12/13/23		987,710
	630,000		Tabula Rasa HealthCare, Inc. 1.750%, 02/15/26		505,991
	910,000		Tandem Diabetes Care, Inc.* 1.500%, 05/01/25		856,701
					17,612,001
			Industrials (3.6%)
	900,000	EUR	Duerr, AG 0.750%, 01/15/26		874,580
	981,000		John Bean Technologies Corp. 0.250%, 05/15/26		837,274

PRINCIPAL AMOUNT				VALUE
	652,000		Middleby Corp. 1.000%, 09/01/25	$	790,061
	873,000		Southwest Airlines Company^ 1.250%, 05/01/25		1,081,795
	1,674,000		Sunrun, Inc.^ 0.000%, 02/01/26		1,123,689
					4,707,399
			Information Technology (29.3%)
	1,388,000		Affirm Holdings, Inc.* 0.000%, 11/15/26		877,785
	1,010,000		Akamai Technologies, Inc. 0.125%, 05/01/25		1,092,194
	691,000		Bill.com Holdings, Inc.^ 0.000%, 04/01/27		547,728
	625,000		Bill.com Holdings, Inc. 0.000%, 12/01/25		695,444
	1,323,000		Block, Inc. 0.125%, 03/01/25		1,231,739
	1,320,000		Confluent, Inc.* 0.000%, 01/15/27		985,486
	973,000		CyberArk Software, Ltd.^ 0.000%, 11/15/24		1,140,833
	496,000		Datadog, Inc. 0.125%, 06/15/25		566,382
	2,853,000		DigitalOcean Holdings, Inc.* 0.000%, 12/01/26		2,092,019
	1,374,000		Dropbox, Inc. 0.000%, 03/01/28		1,193,388
	1,777,000	CAD	Dye & Durham, Ltd.* 3.750%, 03/01/26		1,012,512
	2,744,000		Fastly, Inc. 0.000%, 03/15/26		1,956,362
	1,676,000		Five9, Inc. 0.500%, 06/01/25		1,489,260
	1,163,000		LivePerson, Inc. 0.000%, 12/15/26		813,519
	1,161,000		Lumentum Holdings, Inc. 0.500%, 12/15/26		1,139,092
	1,967,000		Microchip Technology, Inc.^ 0.125%, 11/15/24		1,988,775
	2,264,000		MicroStrategy, Inc. 0.000%, 02/15/27		1,049,500
	1,500,000	EUR	Nexi S.p.A 0.000%, 02/24/28		1,102,427
	1,400,000	EUR	Nexi S.p.A 1.750%, 04/24/27		1,190,475
	969,000		Nice, Ltd.^ 0.000%, 09/15/25		909,096
	2,023,000		Okta, Inc. 0.125%, 09/01/25		1,705,025
	1,506,000		ON Semiconductor Corp. 0.000%, 05/01/27		1,991,369
	770,000		Palo Alto Networks, Inc. 0.375%, 06/01/25		1,357,772

See accompanying Notes to Schedule of Investments

www.calamos.com
127

Global Convertible Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT				VALUE
	729,000		Pegasystems, Inc. 0.750%, 03/01/25	$	610,034
	190,000,000	JPY	SCREEN Holdings Company, Ltd. 0.000%, 06/11/25		1,317,867
	929,000		Shift4 Payments, Inc. 0.000%, 12/15/25		837,410
	492,000		Silicon Laboratories, Inc. 0.625%, 06/15/25		558,081
	708,200	EUR	SOITEC 0.000%, 10/01/25		1,226,054
	1,080,000		Splunk, Inc. 1.125%, 09/15/25		1,006,668
	1,346,000		Tyler Technologies, Inc. 0.250%, 03/15/26		1,272,535
	1,392,000		Unity Software, Inc.* 0.000%, 11/15/26		1,015,394
	896,000		Workiva, Inc. 1.125%, 08/15/26		1,051,680
	1,335,000		Xero Investments, Ltd. 0.000%, 12/02/25		1,043,690
	490,000		Zscaler, Inc. 0.125%, 07/01/25		603,048
					38,670,643
			Materials (3.0%)
	1,448,000		Amyris, Inc.* 1.500%, 11/15/26		698,269
	1,675,000		Lithium Americas Corp.* 1.750%, 01/15/27		1,454,436
	2,000,000	EUR	POSCO Holdings, Inc. 0.000%, 09/01/26		1,807,252
					3,959,957
			Real Estate (1.9%)
	700,000	EUR	ANLLIAN Capital, Ltd. 0.000%, 02/05/25		699,329
	2,135,000		Redfin Corp. 0.000%, 10/15/25		1,101,575
	1,000,000		Vingroup, JSC 3.000%, 04/20/26		757,390
					2,558,294
			TOTAL CONVERTIBLE BONDS (Cost $144,819,614)		117,115,825
NUMBER OF SHARES				VALUE
CONVERTIBLE PREFERRED STOCKS (9.9%)
			Communication Services (0.4%)
	485		T-Mobile Exchangeable Trust* 5.250%, 06/01/23		603,743
			Financials (4.0%)
	1,937		Bank of America Corp.‡‡ 7.250%		2,247,811

NUMBER OF SHARES				VALUE
	14,328		KKR & Company, Inc.^ 6.000%, 09/15/23	$	869,996
	1,830		Wells Fargo & Company‡‡ 7.500%		2,132,920
					5,250,727
			Health Care (0.7%)
	674		Danaher Corp.^ 5.000%, 04/15/23		884,618
			Utilities (4.8%)
	10,463		AES Corp.^ 6.875%, 02/15/24		1,030,710
	12,820		American Electric Power Company, Inc.^ 6.125%, 08/15/23		637,410
	54,250		DTE Energy Company 6.250%, 11/01/22		2,786,822
	24,300		NextEra Energy, Inc. 6.219%, 09/01/23		1,172,475
	15,361		NextEra Energy, Inc. 6.926%, 09/01/25		714,287
					6,341,704
			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $13,439,248)		13,080,792
PRINCIPAL AMOUNT				VALUE
U.S. GOVERNMENT AND AGENCY SECURITY (0.8%)
	1,016,000		United States Treasury Note 2.250%, 03/31/24 (Cost $1,012,473)		982,762
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
PURCHASED OPTIONS (0.2%)#
			Energy (0.0%)
	127	EUR	TotalEnergies, SE
	695,579		Call, 12/16/22, Strike $56.00		23,847
			Industrials (0.2%)
	242	EUR	Schneider Electric, SE
	3,096,629		Call, 12/16/22, Strike $120.00		271,203
			TOTAL PURCHASED OPTIONS (Cost $344,777)		295,050

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
128

Global Convertible Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (5.9%)
	7,753,521	State Street Navigator Securities Lending Government Money Market Portfolio, 3.124%† (Cost $7,753,521)	$	7,753,521
		TOTAL INVESTMENTS (105.6%) (Cost $167,369,633)		139,227,950
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-5.9%)				(7,753,521	)
OTHER ASSETS, LESS LIABILITIES (0.3%)				415,246
NET ASSETS (100.0%)			$	131,889,675

NOTES TO SCHEDULE OF INVESTMENTS

*  Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

^  Security, or portion of security, is on loan.

‡‡  Perpetual maturity.

†  Represents investment of cash collateral received from securities on loan as of October 31, 2022.

FOREIGN CURRENCY ABBREVIATIONS

AUD  Australian Dollar

CAD  Canadian Dollar

EUR  European Monetary Unit

GBP  British Pound Sterling

JPY  Japanese Yen

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

CURRENCY EXPOSURE
OCTOBER 31, 2022

	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	113,324,117		81.4	%
European Monetary Unit		16,249,946		11.7	%
Japanese Yen		5,613,501		4.0	%
British Pound Sterling		2,011,432		1.5	%
Australian Dollar		1,016,442		0.7	%
Canadian Dollar		1,012,512		0.7	%
Total Investments	$	139,227,950		100.0	%

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

www.calamos.com
129

Timpani Small Cap Growth Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
COMMON STOCKS (100.0%)
		Consumer Discretionary (8.5%)
	195,128	Chegg, Inc.#	$	4,208,911
	153,917	Everi Holdings, Inc.#		2,921,345
	172,760	First Watch Restaurant Group, Inc.#		2,945,558
	10,589	Murphy USA, Inc.		3,330,346
	24,138	Ollie's Bargain Outlet Holdings, Inc.#		1,351,728
	76,035	Portillo's, Inc. - Class A#		1,630,190
	193,914	PowerSchool Holdings, Inc. - Class A#		3,878,280
	21,769	Scientific Games Corp. - Class A#		1,222,112
	62,422	Xometry, Inc. - Class A#		3,749,065
	194,564	Xponential Fitness, Inc. - Class A#		3,764,814
				29,002,349
		Consumer Staples (9.4%)
	125,948	Celsius Holdings, Inc.#		11,471,344
	64,959	Chefs' Warehouse, Inc.#		2,379,448
	193,276	elf Beauty, Inc.#		8,361,120
	45,315	MGP Ingredients, Inc.		5,077,545
	447,300	SunOpta, Inc.#		5,023,179
				32,312,636
		Energy (9.6%)
	225,947	American Resources Corp.#		449,635
	69,209	California Resources Corp.		3,122,018
	36,921	Chord Energy Corp.		5,652,236
	112,468	Comstock Resources, Inc.#		2,112,149
	86,778	Golar LNG, Ltd.#		2,414,164
	100,517	Liberty Energy, Inc. - Class A#		1,699,742
	108,776	Matador Resources Company		7,228,165
	137,964	SilverBow Resources, Inc.#		4,893,583
	96,377	SM Energy Company		4,335,037
	26,307	Weatherford International, PLC#		1,096,476
				33,003,205
		Financials (5.0%)
	19,784	Kinsale Capital Group, Inc.		6,235,324
	43,225	LPL Financial Holdings, Inc.		11,050,471
				17,285,795
		Health Care (26.4%)
	416,366	Alphatec Holdings, Inc.#		4,263,588
	103,134	Axonics, Inc.#		7,543,221
	80,768	Cytokinetics, Inc.#		3,526,331
	91,570	DocGo, Inc.#		906,543
	191,151	Evolent Health, Inc. - Class A#		6,080,513
	43,608	Halozyme Therapeutics, Inc.#		2,084,899
	82,514	Harmony Biosciences Holdings, Inc.#		4,290,728
	9,195	Inspire Medical Systems, Inc.#		1,792,565
	77,046	iRadimed Corp.		2,238,186

NUMBER OF SHARES			VALUE
	38,941	iRhythm Technologies, Inc.#	$	4,964,588
	71,925	Lantheus Holdings, Inc.#		5,321,731
	98,850	Natera, Inc.#		4,641,996
	260,778	Paragon 28, Inc.#		5,207,737
	37,547	PROCEPT BioRobotics Corp.#		1,705,760
	31,870	Prometheus Biosciences, Inc.#		1,673,812
	111,005	Revance Therapeutics, Inc.#		2,476,522
	140,403	Sensus Healthcare, Inc.#		1,975,470
	34,169	Shockwave Medical, Inc.#		10,016,642
	47,107	STAAR Surgical Company#		3,338,473
	39,637	Syndax Pharmaceuticals, Inc.#		910,066
	112,399	Tela Bio, Inc.#		1,002,599
	107,871	TransMedics Group, Inc.#		5,201,540
	374,813	Treace Medical Concepts, Inc.#		9,175,422
				90,338,932
		Industrials (13.8%)
	22,048	Advanced Drainage Systems, Inc.		2,554,922
	43,155	Applied Industrial Technologies, Inc.		5,367,619
	36,851	Axon Enterprise, Inc.#		5,359,609
	3,732	Carlisle Companies, Inc.		891,202
	89,173	CBIZ, Inc.#		4,426,548
	8,778	Chart Industries, Inc.#		1,956,441
	28,596	Curtiss-Wright Corp.		4,799,267
	64,576	Driven Brands Holdings, Inc.#		2,065,140
	58,272	Dycom Industries, Inc.#		6,886,585
	127,864	Enovix Corp.#		2,412,794
	22,466	Huron Consulting Group, Inc.#		1,654,171
	23,615	NV5 Global, Inc.#		3,422,994
	260,673	Tecnoglass, Inc.		5,351,617
				47,148,909
		Information Technology (27.0%)
	48,693	ADTRAN Holdings, Inc.		1,093,645
	254,369	Alkami Technology, Inc.#		4,031,749
	227,431	AvidXchange Holdings, Inc.#		2,069,622
	141,010	Bel Fuse, Inc. - Class B		4,570,134
	60,745	Box, Inc. - Class A#		1,764,642
	143,259	Calix, Inc.#		10,549,593
	70,915	Clearfield, Inc.#		8,614,045
	13,313	CyberArk Software, Ltd.#		2,088,943
	90,949	Digi International, Inc.#		3,667,973
	63,740	DoubleVerify Holdings, Inc.#		1,863,120
	41,553	ExlService Holdings, Inc.#		7,556,413
	161,912	Extreme Networks, Inc.#		2,904,701
	46,340	Flywire Corp.#		1,017,163
	521,137	Harmonic, Inc.#		8,051,567
	345,277	International Money Express, Inc.#		9,332,837

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
130

Timpani Small Cap Growth Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
	127,341	Lantronix, Inc.#	$	643,072
	192,962	Napco Security Technologies, Inc.#		5,483,980
	73,911	nCino, Inc.#		2,326,718
	184,324	Privia Health Group, Inc.#		6,171,168
	72,213	Richardson Electronics Ltd.		1,739,611
	106,930	ShotSpotter, Inc.#		4,063,340
	45,942	Sprout Social, Inc. - Class A#		2,771,681
				92,375,717
		Materials (0.3%)
	14,644	Cabot Corp.		1,076,041
		TOTAL COMMON STOCKS (Cost $288,308,998)		342,543,584
		TOTAL INVESTMENTS (100.0%) (Cost $288,308,998)		342,543,584
OTHER ASSETS, LESS LIABILITIES (0.0%)				11,440
NET ASSETS (100.0%)			$	342,555,024

NOTES TO SCHEDULE OF INVESTMENTS

#  Non-income producing security.

See accompanying Notes to Schedule of Investments

www.calamos.com
131

Timpani SMID Growth Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
COMMON STOCKS (99.5%)
		Consumer Discretionary (10.6%)
	9,057	Chegg, Inc.#	$	195,360
	1,282	Deckers Outdoor Corp.#		448,610
	1,217	Etsy, Inc.#		114,289
	6,478	Everi Holdings, Inc.#		122,952
	6,217	First Watch Restaurant Group, Inc.#		106,000
	1,159	Five Below, Inc.#		169,620
	389	Murphy USA, Inc.		122,344
	754	Ollie's Bargain Outlet Holdings, Inc.#		42,224
	8,403	PowerSchool Holdings, Inc. - Class A#		168,060
	752	Scientific Games Corp. - Class A#		42,217
	2,851	Xometry, Inc. - Class A#		171,231
	6,442	Xponential Fitness, Inc. - Class A#		124,653
				1,827,560
		Consumer Staples (8.6%)
	558	Casey's General Stores, Inc.		129,852
	6,074	Celsius Holdings, Inc.#		553,220
	2,264	Chefs' Warehouse, Inc.#		82,930
	9,298	elf Beauty, Inc.#		402,232
	1,905	MGP Ingredients, Inc.		213,455
	7,722	SunOpta, Inc.#		86,718
				1,468,407
		Energy (10.0%)
	2,345	California Resources Corp.		105,783
	1,725	Chord Energy Corp.		264,080
	1,066	Diamondback Energy, Inc.		167,479
	4,354	Golar LNG, Ltd.#		121,128
	5,071	Liberty Energy, Inc. - Class A#		85,751
	4,785	Matador Resources Company		317,963
	1,795	New Fortress Energy, Inc. - Class A		98,851
	10,215	Range Resources Corp.		290,923
	1,631	SilverBow Resources, Inc.#		57,852
	3,755	SM Energy Company		168,900
	1,105	Weatherford International, PLC#		46,056
				1,724,766
		Financials (7.6%)
	547	FactSet Research Systems, Inc.		232,743
	890	Kinsale Capital Group, Inc.		280,501
	2,683	LPL Financial Holdings, Inc.		685,909
	2,420	Ryan Specialty Holdings, Inc.#		108,537
				1,307,690
		Health Care (21.7%)
	4,010	Axonics, Inc.#		293,291
	3,452	Cytokinetics, Inc.#		150,714
	3,927	DocGo, Inc.#		38,877

NUMBER OF SHARES			VALUE
	9,445	Evolent Health, Inc. - Class A#	$	300,445
	1,302	Halozyme Therapeutics, Inc.#		62,249
	4,008	Harmony Biosciences Holdings, Inc.#		208,416
	284	Inspire Medical Systems, Inc.#		55,366
	3,049	Ionis Pharmaceuticals, Inc.#		134,766
	1,771	iRhythm Technologies, Inc.#		225,785
	3,220	Lantheus Holdings, Inc.#		238,248
	930	Molina Healthcare, Inc.#		333,740
	5,835	Natera, Inc.#		274,012
	1,915	Neurocrine Biosciences, Inc.#		220,455
	1,695	PROCEPT BioRobotics Corp.#		77,004
	1,488	Prometheus Biosciences, Inc.#		78,150
	5,069	Revance Therapeutics, Inc.#		113,089
	1,601	Sarepta Therapeutics, Inc.#		182,546
	1,475	Shockwave Medical, Inc.#		432,396
	2,004	STAAR Surgical Company#		142,024
	1,700	Syndax Pharmaceuticals, Inc.#		39,032
	525	United Therapeutics Corp.#		121,028
				3,721,633
		Industrials (20.8%)
	1,682	Advanced Drainage Systems, Inc.		194,910
	1,907	Applied Industrial Technologies, Inc.		237,193
	4,084	Axon Enterprise, Inc.#		593,977
	1,260	Carlisle Companies, Inc.		300,888
	4,128	CBIZ, Inc.#		204,914
	238	Chart Industries, Inc.#		53,045
	1,468	Curtiss-Wright Corp.		246,374
	4,914	Driven Brands Holdings, Inc.#		157,150
	2,680	Dycom Industries, Inc.#		316,722
	5,978	Enovix Corp.#		112,805
	1,147	Huron Consulting Group, Inc.#		84,454
	1,084	NV5 Global, Inc.#		157,126
	1,943	Quanta Services, Inc.		275,984
	11,081	Tecnoglass, Inc.		227,493
	505	Tetra Tech, Inc.		71,346
	832	Valmont Industries, Inc.		265,591
	267	Watsco, Inc.		72,346
				3,572,318
		Information Technology (19.9%)
	2,067	ADTRAN Holdings, Inc.		46,425
	1,165	Aspen Technology, Inc.#		281,289
	10,480	AvidXchange Holdings, Inc.#		95,368
	675	Bill.com Holdings, Inc.#		90,018
	2,094	Box, Inc. - Class A#		60,831
	6,898	Calix, Inc.#		507,969
	677	CyberArk Software, Ltd.#		106,228

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
132

Timpani SMID Growth Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
	4,050	DoubleVerify Holdings, Inc.#	$	118,382
	230	Enphase Energy, Inc.#		70,610
	1,840	ExlService Holdings, Inc.#		334,604
	7,079	Extreme Networks, Inc.#		126,997
	864	Five9, Inc.#		52,065
	2,585	Gitlab, Inc. - Class A#		125,269
	23,961	Harmonic, Inc.#		370,197
	616	Monolithic Power Systems, Inc.		209,101
	4,627	nCino, Inc.#		145,658
	1,229	Paylocity Holding Corp.#		284,870
	5,803	Privia Health Group, Inc.#		194,284
	1,722	Sprout Social, Inc. - Class A#		103,888
	3,854	Toast, Inc. - Class A#		85,135
				3,409,188
		Materials (0.3%)
	623	Cabot Corp.		45,778
		TOTAL COMMON STOCKS (Cost $14,802,021)		17,077,340
		TOTAL INVESTMENTS (99.5%) (Cost $14,802,021)		17,077,340
OTHER ASSETS, LESS LIABILITIES (0.5%)				81,009
NET ASSETS (100.0%)			$	17,158,349

NOTES TO SCHEDULE OF INVESTMENTS

#  Non-income producing security.

See accompanying Notes to Schedule of Investments

www.calamos.com
133

Growth Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
COMMON STOCKS (95.0%)
		Communication Services (8.0%)
	799,780	Alphabet, Inc. - Class A#~	$	75,587,208
	37,556	Meta Platforms, Inc. - Class A#		3,498,717
	13,851	Netflix, Inc.#		4,042,830
	63,300	T-Mobile US, Inc.#		9,593,748
				92,722,503
		Consumer Discretionary (15.4%)
	634,340	Amazon.com, Inc.#		64,981,790
	51,384	Chegg, Inc.#		1,108,353
	5,418	Chipotle Mexican Grill, Inc. - Class A#		8,117,952
	7,197	Deckers Outdoor Corp.#		2,518,446
	56,000	Dollar Tree, Inc.#		8,876,000
	6,909	Etsy, Inc.#^		648,824
	36,814	Everi Holdings, Inc.#		698,730
	35,266	First Watch Restaurant Group, Inc.#^		601,285
	6,578	Five Below, Inc.#^		962,690
	62,557	Lowe's Companies, Inc.		12,195,487
	33,200	Lululemon Athletica, Inc.#		10,924,128
	2,211	Murphy USA, Inc.		695,382
	121,700	NIKE, Inc. - Class B		11,279,156
	4,375	Ollie's Bargain Outlet Holdings, Inc.#^		245,000
	47,648	PowerSchool Holdings, Inc. - Class A#^		952,960
	4,219	Scientific Games Corp. - Class A#		236,855
	173,178	Tesla, Inc.#		39,404,922
	29,557	Ulta Beauty, Inc.#		12,395,319
	16,167	Xometry, Inc. - Class A#		970,990
	36,603	Xponential Fitness, Inc. - Class A#^		708,268
				178,522,537
		Consumer Staples (3.1%)
	3,267	Casey's General Stores, Inc.		760,264
	34,444	Celsius Holdings, Inc.#^		3,137,160
	12,711	Chefs' Warehouse, Inc.#		465,604
	42,082	Constellation Brands, Inc. - Class A		10,397,621
	52,839	elf Beauty, Inc.#		2,285,815
	24,005	Estee Lauder Companies, Inc. - Class A		4,812,762
	10,820	MGP Ingredients, Inc.^		1,212,381
	44,041	SunOpta, Inc.#		494,580
	88,386	Walmart, Inc.		12,579,979
				36,146,166
		Energy (3.2%)
	13,303	California Resources Corp.		600,098
	35,000	Chevron Corp.		6,331,500
	9,784	Chord Energy Corp.^		1,497,833
	5,985	Diamondback Energy, Inc.		940,303
	24,835	Golar LNG, Ltd.#		690,910

NUMBER OF SHARES			VALUE
	38,333	Hess Corp.	$	5,408,020
	28,771	Liberty Energy, Inc. - Class A#		486,518
	27,146	Matador Resources Company		1,803,852
	10,192	New Fortress Energy, Inc. - Class A^		561,273
	16,319	Pioneer Natural Resources Company		4,184,355
	57,947	Range Resources Corp.		1,650,331
	9,266	SilverBow Resources, Inc.#^		328,665
	21,081	SM Energy Company		948,223
	130,351	Sysco Corp.		11,283,182
	6,268	Weatherford International, PLC#		261,250
				36,976,313
		Financials (6.7%)
	79,696	American Express Company~		11,830,871
	57,600	Blackstone, Inc.		5,249,664
	75,800	Charles Schwab Corp.		6,038,986
	3,070	FactSet Research Systems, Inc.		1,306,254
	33,000	Goldman Sachs Group, Inc.		11,368,830
	484,767	Huntington Bancshares, Inc.		7,358,763
	4,997	Kinsale Capital Group, Inc.		1,574,904
	15,218	LPL Financial Holdings, Inc.		3,890,482
	80,400	Marsh & McLennan Companies, Inc.		12,983,796
	13,726	Ryan Specialty Holdings, Inc.#^		615,611
	396,000	SLM Corp.~		6,569,640
	195,344	Wells Fargo & Company~		8,983,871
				77,771,672
		Health Care (12.8%)
	22,507	Axonics, Inc.#^		1,646,162
	221,000	Boston Scientific Corp.#		9,527,310
	141,537	Bristol-Myers Squibb Company		10,964,871
	19,690	Cytokinetics, Inc.#^		859,665
	43,600	Danaher Corp.~		10,972,812
	133,500	Dexcom, Inc.#		16,124,130
	22,260	DocGo, Inc.#		220,374
	55,342	Edwards Lifesciences Corp.#		4,008,421
	72,000	Eli Lilly & Company		26,070,480
	53,595	Evolent Health, Inc. - Class A#		1,704,857
	7,557	Halozyme Therapeutics, Inc.#^		361,300
	22,746	Harmony Biosciences Holdings, Inc.#^		1,182,792
	18,700	Humana, Inc.		10,436,096
	1,608	Inspire Medical Systems, Inc.#		313,480
	17,119	Ionis Pharmaceuticals, Inc.#		756,660
	44,478	IQVIA Holdings, Inc.#		9,325,702
	10,046	iRhythm Technologies, Inc.#		1,280,764
	40,173	Jazz Pharmaceuticals, PLC#		5,776,476
	18,297	Lantheus Holdings, Inc.#		1,353,795
	5,222	Molina Healthcare, Inc.#		1,873,967

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
134

Growth Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
	32,760	Natera, Inc.#	$	1,538,410
	10,861	Neurocrine Biosciences, Inc.#		1,250,318
	9,613	PROCEPT BioRobotics Corp.#		436,719
	8,446	Prometheus Biosciences, Inc.#		443,584
	28,781	Revance Therapeutics, Inc.#		642,104
	8,990	Sarepta Therapeutics, Inc.#^		1,025,040
	8,371	Shockwave Medical, Inc.#^		2,453,959
	11,429	STAAR Surgical Company#		809,973
	9,634	Syndax Pharmaceuticals, Inc.#		221,197
	46,000	Thermo Fisher Scientific, Inc.		23,642,620
	2,947	United Therapeutics Corp.#		679,372
				147,903,410
		Industrials (6.6%)
	9,543	Advanced Drainage Systems, Inc.		1,105,843
	321,155	Air Lease Corp. - Class A~		11,333,560
	10,819	Applied Industrial Technologies, Inc.		1,345,667
	23,150	Axon Enterprise, Inc.#		3,366,936
	7,151	Carlisle Companies, Inc.		1,707,659
	23,406	CBIZ, Inc.#		1,161,874
	1,360	Chart Industries, Inc.#		303,117
	359,200	CSX Corp.~		10,438,352
	8,337	Curtiss-Wright Corp.		1,399,199
	27,882	Driven Brands Holdings, Inc.#^		891,666
	15,202	Dycom Industries, Inc.#		1,796,572
	33,830	Enovix Corp.#^		638,372
	31,966	Honeywell International, Inc.		6,521,703
	6,504	Huron Consulting Group, Inc.#		478,890
	23,400	L3Harris Technologies, Inc.		5,767,398
	6,148	NV5 Global, Inc.#		891,153
	10,909	Quanta Services, Inc.		1,549,514
	94,000	Raytheon Technologies Corp.		8,913,080
	62,889	Tecnoglass, Inc.		1,291,111
	2,930	Tetra Tech, Inc.		413,950
	178,358	Uber Technologies, Inc.#~		4,738,972
	43,300	Union Pacific Corp.		8,536,162
	4,720	Valmont Industries, Inc.		1,506,718
	1,513	Watsco, Inc.^		409,963
				76,507,431
		Information Technology (37.4%)
	9,900	Accenture, PLC - Class A		2,810,610
	11,728	ADTRAN Holdings, Inc.		263,411
	47,500	Advanced Micro Devices, Inc.#		2,852,850
	754,092	Apple, Inc.		115,632,467
	109,831	Applied Materials, Inc.		9,696,979
	24,300	ASML Holding, NV		11,479,806
	6,612	Aspen Technology, Inc.#		1,596,467

NUMBER OF SHARES			VALUE
	59,462	AvidXchange Holdings, Inc.#	$	541,104
	3,835	Bill.com Holdings, Inc.#		511,436
	12,326	Box, Inc. - Class A#		358,070
	39,133	Calix, Inc.#		2,881,754
	3,800	CyberArk Software, Ltd.#^		596,258
	22,975	DoubleVerify Holdings, Inc.#		671,559
	1,310	Enphase Energy, Inc.#		402,170
	10,446	ExlService Holdings, Inc.#		1,899,605
	40,166	Extreme Networks, Inc.#		720,578
	4,897	Five9, Inc.#^		295,093
	28,980	Gitlab, Inc. - Class A#^		1,404,371
	136,032	Harmonic, Inc.#		2,101,694
	12,200	Intuit, Inc.		5,215,500
	15,000	Lam Research Corp.		6,071,700
	127,758	Marvell Technology, Inc.		5,069,438
	17,000	Mastercard, Inc. - Class A		5,579,060
	571,144	Microsoft Corp.~		132,579,657
	3,495	Monolithic Power Systems, Inc.		1,186,378
	26,286	nCino, Inc.#^		827,483
	186,133	NVIDIA Corp.~		25,122,371
	66,800	Oracle Corp.		5,215,076
	35,355	Paycom Software, Inc.#		12,232,830
	6,981	Paylocity Holding Corp.#		1,618,126
	58,000	PayPal Holdings, Inc.#		4,847,640
	32,573	Privia Health Group, Inc.#		1,090,544
	43,415	salesforce, Inc.#		7,058,845
	32,593	Snowflake, Inc. - Class A#		5,224,658
	9,784	Sprout Social, Inc. - Class A#^		590,269
	21,865	Toast, Inc. - Class A#^		482,998
	13,955	Trade Desk, Inc. - Class A#		742,964
	39,400	UnitedHealth Group, Inc.		21,872,910
	120,811	Visa, Inc. - Class A		25,027,207
	59,960	Workday, Inc. - Class A#		9,342,967
	1,052	Zscaler, Inc.#		162,113
				433,877,016
		Materials (1.8%)
	3,496	Cabot Corp.^		256,886
	55,148	Celanese Corp. - Class A		5,300,826
	51,000	Linde, PLC		15,164,850
				20,722,562
		TOTAL COMMON STOCKS (Cost $812,283,636)		1,101,149,610

See accompanying Notes to Schedule of Investments

www.calamos.com
135

Growth Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
EXCHANGE-TRADED FUNDS (1.7%)
		Other (1.7%)
	31,000	Invesco QQQ Trust Series 1^	$	8,616,450
	40,000	iShares Expanded Tech-Software Sector ETF^		10,704,000
		TOTAL EXCHANGE-TRADED FUNDS (Cost $18,822,116)		19,320,450
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (2.4%)
	3,215,915	JPMorgan Prime Money Market Fund - Capital Class, 3.170%***†		3,215,915
	24,654,810	State Street Navigator Securities Lending Government Money Market Portfolio, 3.124%†		24,654,810
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $27,870,725)		27,870,725
		TOTAL INVESTMENTS (99.1%) (Cost $858,976,477)		1,148,340,785
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-2.4%)				(27,870,725	)
OTHER ASSETS, LESS LIABILITIES (3.3%)				38,543,684
NET ASSETS (100.0%)			$	1,159,013,744

NOTES TO SCHEDULE OF INVESTMENTS

#  Non-income producing security.

~  Security, or portion of security, is segregated as collateral (or potential collateral for future transactions) for written options. The aggregate value of such securities is $25,415,028.

^  Security, or portion of security, is on loan.

***  The rate disclosed is the 7 day net yield as of October 31, 2022.

†  Represents investment of cash collateral received from securities on loan as of October 31, 2022.

FUTURES CONTRACTS

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE	NOTIONAL VALUE		MARKET VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)
Sales
	11,000	Chicago Board Options Exchange VIX Futures	Nov 2022	$	284,628	$	(18,458	)
	8,000	Chicago Board Options Exchange VIX Futures	Dec 2022		211,197		(8,580	)
						$	(27,038	)

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
136

Growth and Income Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
CONVERTIBLE BONDS (15.3%)
		Communication Services (1.6%)
	7,315,000	Liberty Media Corp. 2.250%, 08/15/27*		$6,777,348
	6,963,000	1.375%, 10/15/23		9,018,408
	2,275,000	0.500%, 12/01/50*		2,436,935
	13,805,000	Live Nation Entertainment, Inc.^ 2.000%, 02/15/25		14,272,989
	3,000,000	Match Group Financeco 2, Inc.* 0.875%, 06/15/26		2,622,270
	2,500,000	Match Group Financeco 3, Inc.* 2.000%, 01/15/30		2,145,675
				37,273,625
		Consumer Discretionary (2.8%)
	16,950,000	Airbnb, Inc. 03/15/26		14,192,913
	4,590,000	Booking Holdings, Inc.^ 0.750%, 05/01/25		5,950,430
	4,760,000	DISH Network Corp. 3.375%, 08/15/26		3,299,108
	18,610,000	Ford Motor Company 03/15/26		18,810,430
	2,515,000	Liberty Broadband Corp.* 2.750%, 09/30/50		2,433,212
	7,235,000	Marriott Vacations Worldwide Corp. 01/15/26		7,395,400
	325,000	Tesla, Inc. 2.000%, 05/15/24		3,573,928
	9,200,000	Vail Resorts, Inc.^ 01/01/26		8,209,620
				63,865,041
		Energy (1.4%)
	3,995,000	EQT Corp.^ 1.750%, 05/01/26		11,389,385
	5,425,000	Northern Oil And Gas, Inc.* 3.625%, 04/15/29		6,093,252
	5,290,000	Pioneer Natural Resources Company 0.250%, 05/15/25		13,613,233
				31,095,870
		Financials (0.2%)
	3,950,000	Ares Capital Corp. 4.625%, 03/01/24		4,247,317
		Health Care (3.0%)
	7,225,000	Alnylam Pharmaceuticals, Inc.* 1.000%, 09/15/27		7,261,631
	13,570,000	Dexcom, Inc.^ 0.250%, 11/15/25		14,947,355
	3,899,000	Envista Holdings Corp. 2.375%, 06/01/25		6,475,030
	3,640,000	Halozyme Therapeutics, Inc.* 1.000%, 08/15/28		3,844,968
	3,365,000	Integra LifeSciences Holdings Corp. 0.500%, 08/15/25		3,135,137

PRINCIPAL AMOUNT			VALUE
	12,670,000	Jazz Investments I, Ltd. 2.000%, 06/15/26	$	14,258,565
	5,250,000	Omnicell, Inc. 0.250%, 09/15/25		5,255,670
	9,355,000	Pacira BioSciences, Inc. 0.750%, 08/01/25		9,111,209
	4,400,000	Tandem Diabetes Care, Inc.* 1.500%, 05/01/25		4,142,292
				68,431,857
		Industrials (2.0%)
	3,950,000	Air Transport Services Group, Inc. 1.125%, 10/15/24		4,279,272
	1,300,000	Chart Industries, Inc.*^ 1.000%, 11/15/24		4,934,267
	14,230,000	John Bean Technologies Corp. 0.250%, 05/15/26		12,145,163
	8,645,000	Middleby Corp. 1.000%, 09/01/25		10,475,579
	11,220,000	Southwest Airlines Company^ 1.250%, 05/01/25		13,903,487
				45,737,768
		Information Technology (3.7%)
	3,400,000	Akamai Technologies, Inc. 0.375%, 09/01/27		3,370,046
	3,860,000	Bill.com Holdings, Inc. 12/01/25		4,295,060
	9,755,000	CyberArk Software, Ltd.^ 11/15/24		11,437,640
	1,960,000	Datadog, Inc.^ 0.125%, 06/15/25		2,238,124
	8,204,000	Enphase Energy, Inc. 0.000%, 03/01/26		10,077,876
	4,990,000	0.000%, 03/01/28^		6,427,619
	11,597,000	Microchip Technology, Inc.^ 0.125%, 11/15/24		11,725,379
	2,235,000	Nova, Ltd. 10/15/25		2,550,828
	12,675,000	ON Semiconductor Corp. 05/01/27		16,760,026
	3,825,000	Palo Alto Networks, Inc. 0.375%, 06/01/25		6,744,775
	3,322,000	Silicon Laboratories, Inc. 0.625%, 06/15/25		3,768,178
	4,725,000	Tyler Technologies, Inc.^ 0.250%, 03/15/26		4,467,109
				83,862,660
		Materials (0.2%)
	2,843,000	Lithium Americas Corp.* 1.750%, 01/15/27		2,468,634
	2,485,000	MP Materials Corp.* 0.250%, 04/01/26		2,380,182
				4,848,816

See accompanying Notes to Schedule of Investments

www.calamos.com
137

Growth and Income Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
		Real Estate (0.4%)
	8,975,000	Pebblebrook Hotel Trust 1.750%, 12/15/26	$	7,960,017
		TOTAL CONVERTIBLE BONDS (Cost $324,485,575)		347,322,971
NUMBER OF SHARES			VALUE
CONVERTIBLE PREFERRED STOCKS (6.1%)
		Communication Services (1.4%)
	25,725	T-Mobile Exchangeable Trust* 5.250%, 06/01/23		32,023,252
		Consumer Discretionary (0.6%)
	122,480	Aptiv, PLC 5.500%, 06/15/23		13,090,662
		Financials (0.6%)
	80,250	AMG Capital Trust II 5.150%, 10/15/37		3,909,138
	154,380	KKR & Company, Inc. 6.000%, 09/15/23		9,373,954
				13,283,092
		Health Care (0.4%)
	89,145	Boston Scientific Corp. 5.500%, 06/01/23		9,809,516
		Utilities (3.1%)
	131,150	AES Corp.^ 6.875%, 02/15/24		12,919,587
	481,075	American Electric Power Company, Inc.^ 6.125%, 08/15/23		23,919,049
	80,675	CenterPoint Energy, Inc. (Warner Media, LLC, Charter Communications Time, Inc.)§** 3.369%, 09/15/29		3,161,169
	328,535	DTE Energy Company 6.250%, 11/01/22		16,876,843
	215,000	NextEra Energy, Inc. 6.926%, 09/01/25^		9,997,500
	88,405	6.219%, 09/01/23		4,265,541
				71,139,689
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $133,716,028)		139,346,211
COMMON STOCKS (69.8%)
		Communication Services (5.2%)
	781,600	Alphabet, Inc. - Class A#~		73,869,016
	321,635	Comcast Corp. - Class A		10,208,695
	139,280	Meta Platforms, Inc. - Class A#		12,975,325
	27,710	Netflix, Inc.#		8,087,995
	126,745	Walt Disney Company#		13,503,412
				118,644,443

NUMBER OF SHARES			VALUE
		Consumer Discretionary (7.0%)
	561,200	Amazon.com, Inc.#	$	57,489,328
	3,710	Booking Holdings, Inc.#		6,935,771
	50,445	Home Depot, Inc.		14,938,278
	33,625	Lowe's Companies, Inc.		6,555,194
	47,685	McDonald's Corp.		13,001,792
	207,960	MGM Resorts International		7,397,137
	100,640	NIKE, Inc. - Class B		9,327,315
	66,830	Starbucks Corp.		5,786,810
	115,475	Tesla, Inc.#		26,275,181
	50,060	TJX Companies, Inc.		3,609,326
	21,935	Ulta Beauty, Inc.#		9,198,881
				160,515,013
		Consumer Staples (5.5%)
	408,935	Coca-Cola Company		24,474,760
	23,370	Costco Wholesale Corp.		11,720,055
	18,325	Estee Lauder Companies, Inc. - Class A		3,673,979
	215,050	Mondelez International, Inc. - Class A		13,221,274
	60,850	Monster Beverage Corp.#		5,702,862
	98,075	PepsiCo, Inc.		17,808,459
	155,005	Philip Morris International, Inc.		14,237,209
	152,560	Procter & Gamble Company		20,545,255
	98,230	Walmart, Inc.		13,981,076
				125,364,929
		Energy (4.8%)
	136,015	Chevron Corp.		24,605,114
	97,640	ConocoPhillips		12,311,428
	258,910	Exxon Mobil Corp.		28,689,817
	76,190	Hess Corp.		10,748,885
	111,565	Marathon Petroleum Corp.~		12,676,015
	141,440	Schlumberger, NV		7,359,123
	140,095	Sysco Corp.		12,126,623
				108,517,005
		Financials (8.1%)
	39,170	American Express Company		5,814,787
	99,710	American International Group, Inc.		5,683,470
	43,888	Assurant, Inc.		5,962,624
	541,560	Bank of America Corp.		19,517,822
	9,110	BlackRock, Inc.		5,884,240
	185,505	Charles Schwab Corp.		14,779,183
	76,160	Chubb, Ltd.		16,366,022
	58,455	Citigroup, Inc.		2,680,746
	84,145	Discover Financial Services		8,789,787
	21,995	Goldman Sachs Group, Inc.		7,577,498
	363,495	Huntington Bancshares, Inc.		5,517,854
	212,245	JPMorgan Chase & Company		26,717,401

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
138

Growth and Income Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
	259,175	KeyCorp	$	4,631,457
	122,180	Marsh & McLennan Companies, Inc.		19,730,848
	236,405	Morgan Stanley		19,425,399
	320,775	Wells Fargo & Company~		14,752,442
				183,831,580
		Health Care (11.2%)
	137,690	Abbott Laboratories~		13,623,049
	113,510	AbbVie, Inc.		16,617,864
	99,305	Alcon, Inc.		6,025,827
	197,855	Bristol-Myers Squibb Company		15,327,827
	68,650	Danaher Corp.		17,277,146
	19,290	Elevance Health, Inc.		10,547,193
	42,885	Eli Lilly & Company		15,528,230
	97,025	Gilead Sciences, Inc.		7,612,582
	30,005	Humana, Inc.		16,745,190
	203,220	Johnson & Johnson		35,354,183
	98,030	Medtronic, PLC		8,561,940
	179,870	Merck & Company, Inc.		18,202,844
	206,135	Pfizer, Inc.		9,595,584
	17,665	Stryker Corp.		4,049,525
	17,705	Thermo Fisher Scientific, Inc.		9,099,839
	92,715	UnitedHealth Group, Inc.		51,470,732
				255,639,555
		Industrials (5.3%)
	813,840	CSX Corp.		23,650,190
	120,840	Honeywell International, Inc.		24,653,777
	87,210	JB Hunt Transport Services, Inc.		14,919,015
	36,270	Northrop Grumman Corp.		19,912,593
	353,765	Raytheon Technologies Corp.		33,543,997
	125,020	Southwest Airlines Company#		4,544,477
				121,224,049
		Information Technology (20.0%)
	57,015	Accenture, PLC - Class A		16,186,559
	18,515	Adobe, Inc.#		5,897,028
	982,945	Apple, Inc.		150,724,786
	39,769	Broadcom, Inc.		18,696,202
	185,485	Cisco Systems, Inc.		8,426,584
	8,450	Intuit, Inc.		3,612,375
	29,800	Lam Research Corp.		12,062,444
	68,530	Mastercard, Inc. - Class A		22,490,175
	78,250	Micron Technology, Inc.		4,233,325
	486,955	Microsoft Corp.~		113,036,864
	165,360	NVIDIA Corp.		22,318,639
	66,560	Oracle Corp.		5,196,339
	146,235	PayPal Holdings, Inc.#		12,222,321
	42,205	QUALCOMM, Inc.		4,965,840

NUMBER OF SHARES			VALUE
	72,820	salesforce, Inc.#	$	11,839,804
	18,370	ServiceNow, Inc.#		7,728,994
	168,980	Visa, Inc. - Class A		35,005,897
				454,644,176
		Materials (1.7%)
	244,845	Freeport-McMoRan, Inc.		7,759,138
	90,600	Linde, PLC		26,939,910
	41,045	PPG Industries, Inc.		4,686,518
				39,385,566
		Real Estate (0.9%)
	60,195	American Tower Corp.		12,471,802
	235,058	Invitation Homes, Inc.		7,448,988
				19,920,790
		Utilities (0.1%)
	20,185	DTE Energy Company		2,262,940
		TOTAL COMMON STOCKS (Cost $829,756,406)		1,589,950,046
PRINCIPAL AMOUNT			VALUE
U.S. GOVERNMENT AND AGENCY SECURITIES (3.2%)
	50,320,000	United States Treasury Note 4.375%, 10/31/24		50,217,790
	24,335,000	United States Treasury Note 2.250%, 03/31/24		23,538,884
		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $74,440,307)		73,756,674
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
PURCHASED OPTIONS (0.3%)#
		Financials (0.0%)
	590	Berkshire Hathaway, Inc.
	17,410,310	Call, 03/17/23, Strike $320.00		526,575
				526,575
		Other (0.3%)
	5,800	iShares MSCI EAFE ETF
	34,330,200	Call, 06/16/23, Strike $68.00		551,000
	3,150	iShares Russell 2000 ETF
	57,748,950	Call, 03/17/23, Strike $195.00		2,575,125
	1,540	SPDR S&P 500 ETF Trust
	59,476,340	Put, 02/17/23, Strike $375.00		2,282,280
				5,408,405
		TOTAL PURCHASED OPTIONS (Cost $5,117,377)		5,934,980

See accompanying Notes to Schedule of Investments

www.calamos.com
139

Growth and Income Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (4.1%)
	42,099,704	JPMorgan Prime Money Market Fund - Capital Class, 3.170%***† (Cost $42,099,704)	$	42,099,704
	51,749,628	State Street Navigator Securities Lending Government Money Market Portfolio, 3.124%† (Cost $51,749,628)		51,749,628
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $93,849,332)		93,849,332
		TOTAL INVESTMENTS (98.8%) (Cost $1,461,365,025)		2,250,160,214
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-4.1%)				(93,849,332	)
OTHER ASSETS, LESS LIABILITIES (5.3%)				121,736,655
NET ASSETS (100.0%)			$	2,278,047,537

NOTES TO SCHEDULE OF INVESTMENTS

*  Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

^  Security, or portion of security, is on loan.

§  Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.

**  Step coupon security. Coupon changes periodically based upon a predetermined schedule. The rate shown is the rate in effect at October 31, 2022.

#  Non-income producing security.

~  Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $12,227,091.

***  The rate disclosed is the 7 day net yield as of October 31, 2022.

†  Represents investment of cash collateral received from securities on loan as of October 31, 2022.

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

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
140

Dividend Growth Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
CONVERTIBLE PREFERRED STOCK (0.4%)
		Health Care (0.4%)
	700	Boston Scientific Corp. 5.500%, 06/01/23 (Cost $81,132)	$	77,028
COMMON STOCKS (94.0%)
		Communication Services (6.4%)
	6,050	Alphabet, Inc. - Class C#		572,693
	3,070	Comcast Corp. - Class A		97,442
	330	Live Nation Entertainment, Inc.#		26,271
	960	Meta Platforms, Inc. - Class A#		89,434
	215	Netflix, Inc.#		62,754
	1,200	T-Mobile US, Inc.#		181,872
	935	Walt Disney Company#		99,615
				1,130,081
		Consumer Discretionary (10.2%)
	4,100	Amazon.com, Inc.#		420,004
	880	Aptiv, PLC#		80,142
	47	Booking Holdings, Inc.#		87,865
	5,875	Ford Motor Company		78,549
	445	Home Depot, Inc.		131,778
	440	Lowe's Companies, Inc.		85,778
	695	McDonald's Corp.		189,499
	2,905	MGM Resorts International		103,331
	1,215	NIKE, Inc. - Class B		112,606
	1,265	Starbucks Corp.		109,536
	975	Tesla, Inc.#		221,851
	1,130	TJX Companies, Inc.		81,473
	190	Ulta Beauty, Inc.#		79,680
	20	Vail Resorts, Inc.		4,383
				1,786,475
		Consumer Staples (7.6%)
	3,305	Coca-Cola Company		197,804
	205	Costco Wholesale Corp.		102,808
	130	Estee Lauder Companies, Inc. - Class A		26,064
	1,615	Mondelez International, Inc. - Class A		99,290
	560	Monster Beverage Corp.#		52,483
	1,180	PepsiCo, Inc.		214,264
	1,520	Philip Morris International, Inc.		139,612
	1,190	Procter & Gamble Company		160,257
	2,175	Sysco Corp.		188,268
	1,075	Walmart, Inc.		153,005
				1,333,855
		Energy (6.2%)
	920	Chevron Corp.		166,428
	1,690	ConocoPhillips		213,092

NUMBER OF SHARES			VALUE
	2,680	Exxon Mobil Corp.	$	296,971
	695	Hess Corp.		98,051
	1,335	Marathon Petroleum Corp.		151,683
	325	Pioneer Natural Resources Company		83,333
	1,575	Schlumberger, NV		81,947
				1,091,505
		Financials (10.5%)
	690	American Express Company		102,430
	360	American International Group, Inc.		20,520
	495	Assurant, Inc.		67,251
	4,710	Bank of America Corp.		169,748
	410	Berkshire Hathaway, Inc. - Class B#		120,987
	70	BlackRock, Inc.		45,214
	1,810	Charles Schwab Corp.		144,203
	830	Chubb, Ltd.		178,359
	715	Citigroup, Inc.		32,790
	750	Discover Financial Services		78,345
	215	Goldman Sachs Group, Inc.		74,070
	5,885	Huntington Bancshares, Inc.		89,334
	1,750	JPMorgan Chase & Company		220,290
	1,540	KeyCorp		27,520
	850	Marsh & McLennan Companies, Inc.		137,266
	1,995	Morgan Stanley		163,929
	3,840	Wells Fargo & Company		176,601
				1,848,857
		Health Care (15.4%)
	1,540	Abbott Laboratories		152,368
	1,340	AbbVie, Inc.		196,176
	740	Alcon, Inc.		44,903
	2,880	Bristol-Myers Squibb Company		223,113
	580	Danaher Corp.		145,969
	325	Dexcom, Inc.#		39,253
	180	Elevance Health, Inc.		98,419
	730	Eli Lilly & Company		264,326
	960	Gilead Sciences, Inc.		75,322
	315	Humana, Inc.		175,795
	1,910	Johnson & Johnson		332,283
	730	Medtronic, PLC		63,758
	2,135	Merck & Company, Inc.		216,062
	1,940	Pfizer, Inc.		90,307
	245	Stryker Corp.		56,164
	200	Thermo Fisher Scientific, Inc.		102,794
	775	UnitedHealth Group, Inc.		430,241
				2,707,253

See accompanying Notes to Schedule of Investments

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141

Dividend Growth Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
		Industrials (6.4%)
	6,895	CSX Corp.	$	200,369
	840	Fortive Corp.		53,676
	1,040	Honeywell International, Inc.		212,181
	615	JB Hunt Transport Services, Inc.		105,208
	270	Northrop Grumman Corp.		148,233
	2,490	Raytheon Technologies Corp.		236,102
	4,590	Southwest Airlines Company#		166,846
				1,122,615
		Information Technology (25.7%)
	660	Accenture, PLC - Class A		187,374
	115	Adobe, Inc.#		36,628
	8,240	Apple, Inc.		1,263,522
	518	Applied Materials, Inc.		45,734
	440	Broadcom, Inc.		206,853
	2,235	Cisco Systems, Inc.		101,536
	235	Enphase Energy, Inc.#		72,145
	390	Intuit, Inc.		166,725
	160	Lam Research Corp.		64,765
	715	Mastercard, Inc. - Class A		234,649
	1,125	Microchip Technology, Inc.		69,457
	415	Micron Technology, Inc.		22,452
	4,285	Microsoft Corp.		994,677
	1,365	NVIDIA Corp.		184,234
	1,780	Oracle Corp.		138,965
	455	Palo Alto Networks, Inc.#		78,073
	1,110	PayPal Holdings, Inc.#		92,774
	440	QUALCOMM, Inc.		51,770
	550	salesforce, Inc.#		89,424
	170	ServiceNow, Inc.#		71,526
	550	Texas Instruments, Inc.		88,346
	1,230	Visa, Inc. - Class A		254,807
				4,516,436
		Materials (1.8%)
	2,140	Freeport-McMoRan, Inc.		67,816
	660	Linde, PLC		196,251
	270	PPG Industries, Inc.		30,829
	75	Sherwin-Williams Company		16,877
				311,773
		Real Estate (0.6%)
	545	American Tower Corp.		112,919

NUMBER OF SHARES			VALUE
		Utilities (3.2%)
	6,120	AES Corp.	$	160,099
	2,150	American Electric Power Company, Inc.		189,028
	1,175	DTE Energy Company		131,729
	1,000	NextEra Energy, Inc.		77,500
				558,356
		TOTAL COMMON STOCKS (Cost $11,065,676)		16,520,125
EXCHANGE-TRADED FUNDS (2.8%)
		Other (2.8%)
	565	iShares Biotechnology ETF		72,653
	1,330	iShares Russell 2000 Growth ETF		300,926
	425	SPDR S&P Biotech ETF		34,914
	915	Vanguard Communication Services ETF		77,290
		TOTAL EXCHANGE-TRADED FUNDS (Cost $469,388)		485,783
		TOTAL INVESTMENTS (97.2%) (Cost $11,616,196)		17,082,936
OTHER ASSETS, LESS LIABILITIES (2.8%)				495,164
NET ASSETS (100.0%)			$	17,578,100

NOTES TO SCHEDULE OF INVESTMENTS

#  Non-income producing security.

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
142

Select Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES			VALUE
COMMON STOCKS (94.1%)
		Communication Services (7.6%)
	15,157	Alphabet, Inc. - Class A#	$	1,432,488
	1,060	Charter Communications, Inc. - Class A#		389,677
	6,020	T-Mobile US, Inc.#		912,391
	4,571	Walt Disney Company#		486,995
				3,221,551
		Consumer Discretionary (10.5%)
	13,136	Amazon.com, Inc.#		1,345,652
	1,213	Lululemon Athletica, Inc.#		399,125
	4,951	NIKE, Inc. - Class B		458,859
	6,940	Royal Caribbean Cruises, Ltd.#^		370,457
	4,395	Starbucks Corp.		380,563
	4,020	Tesla, Inc.#		914,711
	8,400	TJX Companies, Inc.		605,640
				4,475,007
		Consumer Staples (7.9%)
	11,064	Coca-Cola Company		662,181
	2,829	Constellation Brands, Inc. - Class A		698,989
	1,768	Estee Lauder Companies, Inc. - Class A		354,466
	11,115	Mondelez International, Inc. - Class A		683,350
	6,821	Walmart, Inc.		970,833
				3,369,819
		Energy (7.0%)
	7,881	Chevron Corp.		1,425,673
	5,608	Hess Corp.		791,177
	8,589	Sysco Corp.		743,464
				2,960,314
		Financials (11.0%)
	4,749	American Express Company		704,989
	13,020	Bank of America Corp.		469,241
	2,122	Chubb, Ltd.		455,997
	1,157	Goldman Sachs Group, Inc.		398,598
	3,180	JPMorgan Chase & Company		400,298
	4,244	Marsh & McLennan Companies, Inc.		685,364
	4,320	Morgan Stanley		354,974
	2,960	PNC Financial Services Group, Inc.		479,017
	15,561	Wells Fargo & Company		715,650
				4,664,128
		Health Care (15.8%)
	11,317	Boston Scientific Corp.#		487,876
	11,974	Bristol-Myers Squibb Company		927,626
	2,617	Danaher Corp.		658,620
	4,780	Dexcom, Inc.#		577,328

NUMBER OF SHARES			VALUE
	4,294	Edwards Lifesciences Corp.#	$	311,014
	3,840	Eli Lilly & Company		1,390,426
	3,688	Jazz Pharmaceuticals, PLC#		530,298
	670	Thermo Fisher Scientific, Inc.		344,360
	2,627	UnitedHealth Group, Inc.		1,458,379
				6,685,927
		Industrials (9.6%)
	22,129	CSX Corp.		643,069
	12,930	Delta Air Lines, Inc.#		438,715
	2,829	Honeywell International, Inc.		577,173
	6,719	Raytheon Technologies Corp.		637,095
	6,927	Uber Technologies, Inc.#		184,050
	3,990	Union Pacific Corp.		786,589
	5,204	Waste Management, Inc.		824,157
				4,090,848
		Information Technology (20.7%)
	2,340	Analog Devices, Inc.		333,731
	19,350	Apple, Inc.		2,967,129
	900	Intuit, Inc.		384,750
	2,500	Mastercard, Inc. - Class A		820,450
	9,700	Microsoft Corp.		2,251,661
	5,260	NVIDIA Corp.		709,942
	5,450	Oracle Corp.		425,482
	1,213	Paycom Software, Inc.#		419,698
	1,718	Snowflake, Inc. - Class A#		275,395
	933	Visa, Inc. - Class A		193,280
				8,781,518
		Materials (1.6%)
	2,223	Linde, PLC		661,009
		Utilities (2.4%)
	4,600	American Electric Power Company, Inc.		404,432
	8,084	NextEra Energy, Inc.		626,510
				1,030,942
		TOTAL COMMON STOCKS (Cost $30,299,734)		39,941,063
EXCHANGE-TRADED FUND (1.3%)
		Other (1.3%)
	2,120	iShares Expanded Tech-Software Sector ETF (Cost $540,379)		567,312

See accompanying Notes to Schedule of Investments

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143

Select Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (0.5%)
	211,560	State Street Navigator Securities Lending Government Money Market Portfolio, 3.124%† (Cost $211,560)	$	211,560
		TOTAL INVESTMENTS (95.9%) (Cost $31,051,673)		40,719,935
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.5%)				(211,560	)
OTHER ASSETS, LESS LIABILITIES (4.6%)				1,949,040
NET ASSETS (100.0%)			$	42,457,415

NOTES TO SCHEDULE OF INVESTMENTS

#  Non-income producing security.

^  Security, or portion of security, is on loan.

†  Represents investment of cash collateral received from securities on loan as of October 31, 2022.

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
144

International Growth Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES				VALUE
COMMON STOCKS (99.3%)
			Communication Services (3.0%)
	100,000	EUR	Deutsche Telekom, AG	$	1,887,548
	1,065,000	SGD	Singapore Telecommunications, Ltd.		1,875,193
	53,700	HKD	Tencent Holdings, Ltd.		1,411,063
					5,173,804
			Consumer Discretionary (17.5%)
	97,000	HKD	Alibaba Group Holding, Ltd.#		754,166
	14,085		Aptiv, PLC#~		1,282,721
	207,600	INR	Campus Activewear, Ltd.#		1,455,622
	166,400	GBP	Compass Group, PLC		3,504,686
	75,800		Coupang, Inc.#		1,309,066
	13,640	GBP	Flutter Entertainment, PLC#		1,807,862
	31,859	HKD	JD.com, Inc. - Class A		580,169
	30,900	JPY	Kyoritsu Maintenance Company, Ltd.^		1,272,956
	5,250		Lululemon Athletica, Inc.#		1,727,460
	8,625	EUR	LVMH Moet Hennessy Louis Vuitton, SE		5,442,328
	84,700	INR	Mahindra & Mahindra, Ltd.		1,383,724
	43,700	HKD	Meituan - Class B#*		699,660
	2,090		MercadoLibre, Inc.#		1,884,386
	9,900	JPY	Oriental Land Company, Ltd.^		1,325,884
	41,700	EUR	Prosus, NV#		1,803,177
	847,500	HKD	Samsonite International, SA#*		1,820,808
	631,200	HKD	Sands China, Ltd.#		1,103,479
	17,600	JPY	Sony Group Corp.		1,186,850
					30,345,004
			Consumer Staples (6.8%)
	68,200	GBP	British American Tobacco, PLC		2,693,453
	47,300	GBP	Diageo, PLC		1,946,511
	11,500	JPY	Kose Corp.		1,147,935
	18,500	CHF	Nestle, SA		2,013,888
	67,600	JPY	Seven & i Holdings Company, Ltd.		2,523,397
	7,760,000	IDR	Sumber Alfaria Trijaya, Tbk PT		1,402,237
					11,727,421
			Energy (3.9%)
	62,700	CAD	Canadian Natural Resources, Ltd.^		3,760,573
	52,000	NOK	Equinor, ASA		1,894,553
	327,200	AUD	New Hope Corp., Ltd.^		1,188,609
					6,843,735
			Financials (14.1%)
	550,200	HKD	AIA Group, Ltd.		4,167,649
	6,600		Aon, PLC - Class A		1,857,834
	3,400,800	IDR	Bank Mandiri Persero, Tbk PT		2,297,421
	183,500	EUR	Bank of Ireland Group, PLC		1,321,314
	261,800	GBP	Beazley, PLC		1,877,580
	65,800	SGD	DBS Group Holdings, Ltd.		1,590,801
	10,500	EUR	Deutsche Böerse, AG		1,707,506

NUMBER OF SHARES				VALUE
	84,200	INR	HDFC Bank, Ltd.	$	1,527,282
	81,590		ICICI Bank, Ltd.		1,798,244
	389,800		Itau Unibanco Holding, SA		2,268,636
	7,800	DKK	Jyske Bank, A/S#		420,959
	14,600	GBP	London Stock Exchange Group, PLC		1,265,557
	148,000		UBS Group, AG#^		2,347,280
					24,448,063
			Health Care (14.6%)
	22,782		Alcon, Inc.		1,382,412
	34,400	GBP	AstraZeneca, PLC		4,036,225
	12,325	AUD	CSL, Ltd.		2,206,365
	4,100	DKK	Genmab, A/S#		1,579,351
	92,400	BRL	Hypera, SA		908,885
	6,800	CHF	Lonza Group, AG		3,500,530
	59,800	JPY	Menicon Company, Ltd.		1,021,022
	77,093	DKK	Novo Nordisk, A/S - Class B		8,382,418
	71,000	JPY	OLYMPUS Corp.		1,496,999
	202,500	HKD	Wuxi Biologics Cayman, Inc.#*		911,178
					25,425,385
			Industrials (15.9%)
	27,850	EUR	Airbus, SE		3,013,473
	17,900	EUR	Alfen Beheer, BV#*		1,898,808
	66,700	JPY	ANA Holdings, Inc.#		1,296,562
	101,460	SEK	Atlas Copco, AB - Class A		1,082,908
	30,650	CAD	Canadian Pacific Railway, Ltd.		2,284,886
	383,000	HKD	Cathay Pacific Airways, Ltd.#		347,315
	39,500	JPY	Harmonic Drive Systems, Inc.^		1,318,422
	44,720	INR	Hindustan Aeronautics, Ltd.		1,366,431
	12,675	EUR	Schneider Electric, SE		1,602,834
	12,300	INR	Siemens, Ltd.		434,335
	290,000	SGD	Singapore Airlines, Ltd.#^		1,075,699
	6,500	EUR	Societe BIC, SA		373,140
	33,500	EUR	Thales, SA		4,260,527
	12,730	CAD	Thomson Reuters Corp.^		1,353,873
	27,950	EUR	Vinci, SA		2,572,433
	13,060	CAD	Waste Connections, Inc.^		1,723,726
	16,100	EUR	Wolters Kluwer, NV		1,710,762
					27,716,134
			Information Technology (19.1%)
	2,880	EUR	Adyen, NV#*		4,111,485
	5,200	EUR	ASM International, NV		1,150,342
	15,485	EUR	ASML Holding, NV		7,263,806
	8,450		Atlassian Corp. - Class A		1,713,069
	1,276,800	BRL	Cielo, SA		1,470,711
	26,090		CyberArk Software, Ltd.#		4,093,782
	9,800	JPY	Keyence Corp.		3,695,237
	13,500	EUR	SAP, SE		1,299,412

See accompanying Notes to Schedule of Investments

www.calamos.com
145

International Growth Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES				VALUE
	13,000	KRW	SK Hynix, Inc.	$	752,590
	473,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		5,686,502
	309,000	BRL	TOTVS, SA		1,983,630
					33,220,566
			Materials (2.4%)
	1,480,000	AED	Fertiglobe, PLC		2,050,230
	373,200	GBP	Glencore, PLC#		2,139,581
					4,189,811
			Special Purpose Acquisition Company (2.0%)
	127,100	EUR	Shell, PLC		3,521,316
			TOTAL COMMON STOCKS (Cost $170,213,195)		172,611,239
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
PURCHASED OPTIONS (0.6%)#
			Consumer Discretionary (0.0%)
			JD.com, Inc.
	642
	2,394,018		Call, 01/20/23, Strike $60.00		26,001
	605
	2,256,045		Call, 01/20/23, Strike $70.00		11,495
					37,496
			Energy (0.4%)
	875		Schlumberger, NV
	4,552,625		Call, 02/17/23, Strike $47.50		717,500
			Special Purpose Acquisition Company (0.2%)
	620		Shell, PLC
	3,449,060		Call, 04/21/23, Strike $57.50		241,800
			TOTAL PURCHASED OPTIONS (Cost $1,338,318)		996,796
NUMBER OF SHARES/ PRINCIPAL AMOUNT				VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (6.3%)
	10,959,862		State Street Navigator Securities Lending Government Money Market Portfolio, 3.124%† (Cost $10,959,862)		10,959,862
			TOTAL INVESTMENTS (106.2%) (Cost $182,511,375)		184,567,897
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-6.3%)					(10,959,862	)
OTHER ASSETS, LESS LIABILITIES (0.1%)					225,356
NET ASSETS (100.0%)				$	173,833,391

NOTES TO SCHEDULE OF INVESTMENTS

#  Non-income producing security.

~  Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $45,535.

^  Security, or portion of security, is on loan.

*  Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

†  Represents investment of cash collateral received from securities on loan as of October 31, 2022.

FOREIGN CURRENCY ABBREVIATIONS

AED  UAE Dirham

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

IDR  Indonesian Rupiah

INR  Indian Rupee

JPY  Japanese Yen

KRW  South Korean Won

NOK  Norwegian Krone

SEK  Swedish Krona

SGD  Singapore Dollar

TWD  New Taiwan Dollar

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

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
146

International Growth Fund Schedule of Investments October 31, 2022

CURRENCY EXPOSURE
OCTOBER 31, 2022

	VALUE		% OF TOTAL INVESTMENTS
European Monetary Unit	$	44,940,211		24.4	%
US Dollar		33,621,548		18.2	%
British Pound Sterling		19,271,455		10.4	%
Japanese Yen		16,285,264		8.8	%
Hong Kong Dollar		11,795,487		6.4	%
Danish Krone		10,382,728		5.6	%
Canadian Dollar		9,123,058		5.0	%
Indian Rupee		6,167,394		3.3	%
New Taiwan Dollar		5,686,502		3.1	%
Swiss Franc		5,514,418		3.0	%
Singapore Dollar		4,541,693		2.5	%
Brazilian Real		4,363,226		2.4	%
Indonesian Rupiah		3,699,658		2.0	%
Australian Dollar		3,394,974		1.8	%
UAE Dirham		2,050,230		1.1	%
Norwegian Krone		1,894,553		1.0	%
Swedish Krona		1,082,908		0.6	%
South Korean Won		752,590		0.4	%
Total Investments	$	184,567,897		100.0	%

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

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147

Evolving World Growth Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT				VALUE
CONVERTIBLE BONDS (7.7%)
			Airlines (1.8%)
	54,000,000	HKD	Cathay Pacific Finance III, Ltd. 2.750%, 02/05/26	$	6,560,570
			Industrials (1.2%)
	5,750,000	SGD	Singapore Airlines, Ltd. 1.625%, 12/03/25		4,110,787
			Information Technology (2.4%)
	4,109,000		Enphase Energy, Inc. 0.000%, 03/01/26		5,047,537
	4,600,000		Hon Hai Precision Industry Company, Ltd. 0.000%, 08/05/26		3,688,188
					8,735,725
			Materials (2.3%)
	7,600,000		Glencore Funding, LLC 0.000%, 03/27/25		8,257,096
			TOTAL CONVERTIBLE BONDS (Cost $28,827,671)		27,664,178
NUMBER OF SHARES				VALUE
COMMON STOCKS (91.6%)
			Communication Services (2.7%)
	375,300	HKD	Tencent Holdings, Ltd.		9,861,673
			Consumer Discretionary (18.3%)
	678,400	HKD	Alibaba Group Holding, Ltd.#		5,274,497
	434,871		Arcos Dorados Holdings, Inc. - Class A~^		3,278,927
	45,000	BRL	Arezzo Industria e Comercio, SA		910,367
	51,440	CNY	BYD Company, Ltd. - Class A		1,741,721
	594,000	INR	Campus Activewear, Ltd.#		4,164,930
	6,141,000	IDR	Champ Resto Indonesia Tbk PT#		742,156
	92,801	CNY	China Tourism Group Duty Free Corp., Ltd. - Class A		2,039,150
	225,400		Coupang, Inc.#		3,892,658
	760,000	BRL	Cyrela Brazil Realty, SA Empreendimentos e Participacoes		2,736,618
	59,700	INR	Eicher Motors, Ltd.		2,784,915
	733,000	INR	Indian Hotels Company, Ltd. - Class A		2,957,212
	133,221	HKD	JD.com, Inc. - Class A		2,426,022
	245,100	HKD	Li Ning Company, Ltd.		1,267,882
	250,400	INR	Mahindra & Mahindra, Ltd.		4,090,725
	176,600	HKD	Meituan - Class B#*		2,827,460
	4,630		MercadoLibre, Inc.#~		4,174,501
	4,940	INR	Page Industries, Ltd.		2,974,123
	79,700	EUR	Prosus, NV#		3,446,361
	3,161,100	HKD	Samsonite International, SA#*		6,791,455
	1,536,800	HKD	Sands China, Ltd.#		2,686,671

NUMBER OF SHARES				VALUE
	127,500	INR	TVS Motor Company, Ltd.	$	1,765,754
	64,200	HKD	Yum China Holdings, Inc.		2,598,741
					65,572,846
			Consumer Staples (8.4%)
	40,500	INR	Britannia Industries, Ltd.		1,842,625
	59,900	INR	Hindustan Unilever, Ltd.		1,853,566
	697,100	BRL	Hypera, SA#		6,856,965
	11,000	CNY	Kweichow Moutai Company, Ltd. - Class A		2,038,893
	133,700	CNY	Proya Cosmetics Company, Ltd. - Class A		3,063,359
	636,000	BRL	Raia Drogasil, SA		3,239,408
	22,219,000	IDR	Sumber Alfaria Trijaya, Tbk PT		4,014,986
	283,816	INR	Varun Beverages, Ltd.		3,599,412
	928,500	MXN	Wal-Mart de Mexico, SAB de CV		3,586,907
					30,096,121
			Energy (7.5%)
	22,000		Chevron Corp.		3,979,800
	216,700	EUR	Motor Oil Hellas Corinth Refineries, SA		3,724,426
	1,130,400	THB	PTT Exploration & Production, PCL		5,360,935
	265,960	INR	Reliance Industries, Ltd.		8,194,432
	2,691,500	IDR	United Tractors, Tbk PT		5,567,464
					26,827,057
			Financials (20.7%)
	670,800	HKD	AIA Group, Ltd.		5,081,169
	117,000	SAR	Al Rajhi Bank#		2,652,899
	1,193,000	BRL	B3, SA - Brasil Bolsa Balcao		3,473,569
	11,090,500	IDR	Bank Central Asia, Tbk PT		6,269,208
	8,758,500	IDR	Bank Mandiri Persero, Tbk PT		5,916,832
	978,402	AED	First Abu Dhabi Bank, PJSC		4,771,429
	793,700	ZAR	FirstRand, Ltd.		2,774,760
	324,500	MXN	Grupo Financiero Banorte, SAB de CV - Class O		2,641,629
	123,400	KRW	Hana Financial Group, Inc.		3,567,663
	325,400	INR	HDFC Bank, Ltd.		5,902,347
	115,400	INR	Housing Development Finance Corp., Ltd.		3,450,596
	391,025		ICICI Bank, Ltd. (ADR)		8,618,191
	1,636,800		Itau Unibanco Holding, SA (ADR)^		9,526,176
	779,700	THB	Kasikornbank PCL		3,010,562
	923,000	HKD	Ping An Insurance Group Company of China, Ltd. - Class H		3,695,129
	434,700	INR	State Bank of India		3,017,211
					74,369,370
			Health Care (4.0%)
	651,501	CNY	Aier Eye Hospital Group Company, Ltd. - Class A		2,210,911
	616,500	THB	Bumrungrad Hospital PCL		3,676,971
	76,300	SAR	Dallah Healthcare Company		3,252,801

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
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Evolving World Growth Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES				VALUE
	165,000	CNY	Hangzhou Tigermed Consulting Company, Ltd. - Class A	$	1,885,549
	51,989	TWD	PharmaEssentia Corp.#		729,412
	583,500	HKD	Wuxi Biologics Cayman, Inc.#*		2,625,541
					14,381,185
			Industrials (10.8%)
	26,400	INR	ABB India, Ltd.		975,795
	2,023,400	THB	Airports of Thailand PCL#		3,907,512
	199,189	CNY	Beijing United Information Technology Company, Ltd. - Class A		3,388,668
	3,836,400	INR	Bharat Electronics, Ltd.		4,962,532
	40,200	CNY	Contemporary Amperex Technology Company, Ltd. - Class A		2,063,053
	133,100	INR	Hindustan Aeronautics, Ltd.		4,066,905
	5,950	KRW	LG Energy Solution, Ltd.#		2,201,614
	71,300	BRL	Localiza Rent a Car, SA		973,672
	340,328	CNY	Ningbo Orient Wires & Cables Company, Ltd. - Class A		3,592,432
	339,705	CNY	Shanghai International Airport Company, Ltd. - Class A#		2,485,738
	53,400	INR	Siemens, Ltd.		1,885,650
	181,634	CNY	Sungrow Power Supply Company, Ltd. - Class A		3,263,333
	13,031	CNY	Suzhou Maxwell Technologies Company, Ltd. - Class A		857,423
	125,000	BRL	WEG, SA		974,736
	1,291,909	CNY	YTO Express Group Company, Ltd. - Class A		3,342,900
					38,941,963
			Information Technology (14.7%)
	12,600	SAR	Arabian Internet & Communications Services Company		831,049
	4,306,400	BRL	Cielo, SA		4,960,426
	318,000	TWD	E Ink Holdings, Inc.		2,020,626
	10,400	SAR	Elm Company		914,025
	6,900		EPAM Systems, Inc.#		2,415,000
	1,060,000	HKD	Kingdee International Software Group Company, Ltd.#		1,736,927
	107,000	INR	KPIT Technologies, Ltd.		920,986
	87,000	TWD	MediaTek, Inc.		1,585,853
	160,000	KRW	Samsung Electronics Company, Ltd.		6,659,172
	40,700	KRW	SK Hynix, Inc.		2,356,185
	1,933,649	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		23,246,721
	627,500	BRL	TOTVS, SA		4,028,245
	293,729	CNY	Venustech Group, Inc. - Class A		1,023,846
					52,699,061

NUMBER OF SHARES				VALUE
			Materials (2.0%)
	3,877,000	AED	Fertiglobe, PLC	$	5,370,771
	17,700		Sociedad Quimica y Minera de Chile, SA		1,658,136
					7,028,907
			Real Estate (1.9%)
	5,683,400	PHP	Ayala Land, Inc.		2,522,232
	679,000	HKD	China Overseas Land & Investment, Ltd.		1,297,514
	618,200	INR	DLF, Ltd.		2,877,677
					6,697,423
			Utilities (0.6%)
	44,200	SAR	ACWA Power Company		2,046,039
			TOTAL COMMON STOCKS (Cost $351,216,704)		328,521,645
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
PURCHASED OPTIONS (1.2%)#
			Consumer Discretionary (0.0%)
			JD.com, Inc.
	1,290
	4,810,410		Call, 01/20/23, Strike $60.00		52,245
	1,270
	4,735,830		Call, 01/20/23, Strike $70.00		24,130
					76,375
			Energy (0.4%)
	1,800		Schlumberger, NV
	9,365,400		Call, 02/17/23, Strike $47.50		1,476,000
			Other (0.6%)
	2,500		Freeport-McMoRan, Inc.
	7,922,500		Call, 01/20/23, Strike $35.00		475,000
	6,050		iShares MSCI South Korea ETF
	31,345,050		Call, 01/20/23, Strike $51.00		1,799,875
	6,720		Kraneshares CSI China Internet
	12,902,400		Call, 11/18/22, Strike $33.00		13,440
					2,288,315
			Special Purpose Acquisition Company (0.2%)
	1,290		Shell, PLC
	7,176,270		Call, 04/21/23, Strike $57.50		503,100
			TOTAL PURCHASED OPTIONS (Cost $6,476,942)		4,343,790

See accompanying Notes to Schedule of Investments

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149

Evolving World Growth Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.5%)
	5,515,745	State Street Navigator Securities Lending Government Money Market Portfolio, 3.124%† (Cost $5,515,745)	$	5,515,745
		TOTAL INVESTMENTS (102.0%) (Cost $392,037,062)		366,045,358
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.5%)				(5,515,745	)
LIABILITIES, LESS OTHER ASSETS (-0.5%)				(1,629,202	)
NET ASSETS (100.0%)			$	358,900,411

NOTES TO SCHEDULE OF INVESTMENTS

#  Non-income producing security.

~  Security, or portion of security, is segregated as collateral for written options. The aggregate value of such securities is $4,029,175.

^  Security, or portion of security, is on loan.

*  Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

†  Represents investment of cash collateral received from securities on loan as of October 31, 2022.

FOREIGN CURRENCY ABBREVIATIONS

AED  UAE Dirham

BRL  Brazilian Real

CNY  Chinese Yuan Renminbi

EUR  European Monetary Unit

HKD  Hong Kong Dollar

IDR  Indonesian Rupiah

INR  Indian Rupee

KRW  South Korean Won

MXN  Mexican Peso

PHP  Philippine Peso

SAR  Saudi Riyal

SGD  Singapore Dollar

THB  Thai Baht

TWD  New Taiwan Dollar

ZAR  South African Rand

CURRENCY EXPOSURE
OCTOBER 31, 2022

	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	64,395,745		17.6	%
Indian Rupee		62,287,393		17.0	%
Hong Kong Dollar		54,731,251		15.0	%
Chinese Yuan Renminbi		32,996,976		9.0	%
Brazilian Real		28,154,006		7.7	%
New Taiwan Dollar		27,582,612		7.5	%
Indonesian Rupiah		22,510,646		6.1	%
Thai Baht		15,955,980		4.4	%
South Korean Won		14,784,634		4.0	%
UAE Dirham		10,142,200		2.8	%
Saudi Riyal		9,696,813		2.6	%
European Monetary Unit		7,170,787		2.0	%
Mexican Peso		6,228,536		1.7	%
Singapore Dollar		4,110,787		1.1	%
South African Rand		2,774,760		0.8	%
Philippine Peso		2,522,232		0.7	%
Total Investments	$	366,045,358		100.0	%

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
150

Global Equity Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES				VALUE
COMMON STOCKS (98.8%)
			Communication Services (5.2%)
	21,100		Alphabet, Inc. - Class A#	$	1,994,161
	29,900	EUR	Deutsche Telekom, AG		564,377
	26,100	HKD	Tencent Holdings, Ltd.		685,824
	5,189		Walt Disney Company#		552,836
					3,797,198
			Consumer Discretionary (9.3%)
	21,020		Amazon.com, Inc.#~		2,153,289
	8,055		Aptiv, PLC#		733,569
	450		AutoZone, Inc.#		1,139,796
	85,260	INR	Campus Activewear, Ltd.#		597,815
	42,500	GBP	Compass Group, PLC		895,127
	1,666	HKD	JD.com, Inc. - Class A		30,339
	430		MercadoLibre, Inc.#		387,696
	309,600	HKD	Samsonite International, SA#*		665,159
	1,080		Tesla, Inc.#		245,743
					6,848,533
			Consumer Staples (4.7%)
	1,380		Costco Wholesale Corp.		692,070
	9,430		General Mills, Inc.		769,299
	22,600		Hostess Brands, Inc.#		598,448
	26,300	JPY	Seven & i Holdings Company, Ltd.^		981,736
	2,140,000	IDR	Sumber Alfaria Trijaya, Tbk PT		386,699
					3,428,252
			Energy (8.7%)
	25,500	CAD	Canadian Natural Resources, Ltd.^		1,529,420
	11,800		Chevron Corp.		2,134,620
	11,000		Helmerich & Payne, Inc.		544,610
	5,760		Marathon Petroleum Corp.		654,451
	5,750		Pioneer Natural Resources Company		1,474,357
					6,337,458
			Financials (12.9%)
	172,800	HKD	AIA Group, Ltd.		1,308,924
	2,650		Aon, PLC - Class A		745,948
	586,000	IDR	Bank Mandiri Persero, Tbk PT		395,874
	30,125		Bank of America Corp.		1,085,705
	75,900	EUR	Bank of Ireland Group, PLC		546,527
	1,970		Berkshire Hathaway, Inc. - Class B#		581,327
	1,950		Chubb, Ltd.		419,036
	52,990	INR	HDFC Bank, Ltd.		961,172
	5,160		JPMorgan Chase & Company		649,541
	10,800		Morgan Stanley		887,436
	63,400		UBS Group, AG#^		1,005,524
	19,500		Wells Fargo & Company		896,805
					9,483,819

NUMBER OF SHARES				VALUE
			Health Care (15.4%)
	12,022		Alcon, Inc.	$	729,495
	9,450	GBP	AstraZeneca, PLC		1,108,789
	3,150	AUD	CSL, Ltd.		563,899
	4,220		Danaher Corp.		1,062,047
	6,115		Eli Lilly & Company		2,214,180
	2,210		Humana, Inc.		1,233,357
	1,860	CHF	Lonza Group, AG		957,498
	18,210		Novo Nordisk, A/S		1,981,976
	2,639		UnitedHealth Group, Inc.		1,465,041
					11,316,282
			Industrials (14.8%)
	13,410	CAD	Canadian Pacific Railway, Ltd.		999,684
	4,250		Chart Industries, Inc.#^		947,240
	4,750		Comfort Systems USA, Inc.		585,580
	4,650		Dycom Industries, Inc.#		549,537
	6,300	INR	Hindustan Aeronautics, Ltd.		192,498
	3,150		L3Harris Technologies, Inc.		776,381
	14,700		Quanta Services, Inc.		2,087,988
	5,450	EUR	Safran, SA		606,966
	7,500	EUR	Schneider Electric, SE		948,422
	9,900	EUR	Thales, SA		1,259,081
	2,340		Valmont Industries, Inc.		746,975
	6,500	EUR	Vinci, SA		598,240
	3,340		Waste Management, Inc.		528,956
					10,827,548
			Information Technology (23.5%)
	3,850		Accenture, PLC - Class A		1,093,015
	559	EUR	Adyen, NV#*		798,028
	17,670		Apple, Inc.		2,709,518
	4,828	EUR	ASML Holding, NV		2,264,750
	3,970		Automatic Data Processing, Inc.		959,549
	1,600		Enphase Energy, Inc.#		491,200
	3,100	JPY	Keyence Corp.		1,168,902
	11,550		Microsoft Corp.~		2,681,101
	2,830		NVIDIA Corp.		381,965
	4,590		Palo Alto Networks, Inc.#		787,598
	5,720		Snowflake, Inc. - Class A#		916,916
	95,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		1,142,109
	17,400		Taiwan Semiconductor Manufacturing Company, Ltd.		1,070,970
	3,870		Visa, Inc. - Class A		801,709
					17,267,330
			Materials (3.3%)
	6,100		CF Industries Holdings, Inc.		648,186
	19,500		Freeport-McMoRan, Inc.		617,955

See accompanying Notes to Schedule of Investments

www.calamos.com
151

Global Equity Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES				VALUE
	125,550	GBP	Glencore, PLC#	$	719,787
	10,800		Newmont Corp.		457,056
					2,442,984
			Special Purpose Acquisition Company (1.0%)
	27,250	EUR	Shell, PLC		754,964
			TOTAL COMMON STOCKS (Cost $55,855,535)		72,504,368
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
PURCHASED OPTION (0.5%)#
			Consumer Discretionary (0.5%)
	315		Amazon.com, Inc.
	3,226,860		Put, 01/20/23, Strike $110.00 (Cost $100,685)		361,463
NUMBER OF SHARES/ PRINCIPAL AMOUNT				VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (3.0%)
	2,209,522		State Street Navigator Securities Lending Government Money Market Portfolio, 3.124%† (Cost $2,209,522)		2,209,522
			TOTAL INVESTMENTS (102.3%) (Cost $58,165,742)		75,075,353
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.0%)					(2,209,522	)
OTHER ASSETS, LESS LIABILITIES (0.7%)					551,330
NET ASSETS (100.0%)				$	73,417,161

NOTES TO SCHEDULE OF INVESTMENTS

#  Non-income producing security.

~  Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $638,870.

*  Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

^  Security, or portion of security, is on loan.

†  Represents investment of cash collateral received from securities on loan as of October 31, 2022.

FOREIGN CURRENCY ABBREVIATIONS

AUD  Australian Dollar

CAD  Canadian Dollar

CHF  Swiss Franc

EUR  European Monetary Unit

GBP  British Pound Sterling

HKD  Hong Kong Dollar

IDR  Indonesian Rupiah

INR  Indian Rupee

JPY  Japanese Yen

TWD  New Taiwan Dollar

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

CURRENCY EXPOSURE
OCTOBER 31, 2022

	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	51,442,743		68.5	%
European Monetary Unit		8,341,355		11.1	%
British Pound Sterling		2,723,703		3.6	%
Hong Kong Dollar		2,690,246		3.6	%
Canadian Dollar		2,529,104		3.4	%
Japanese Yen		2,150,638		2.9	%
Indian Rupee		1,751,485		2.3	%
New Taiwan Dollar		1,142,109		1.5	%
Swiss Franc		957,498		1.3	%
Indonesian Rupiah		782,573		1.0	%
Australian Dollar		563,899		0.8	%
Total Investments	$	75,075,353		100.0	%

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
152

Global Opportunities Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT				VALUE
CONVERTIBLE BONDS (20.2%)
			Communication Services (2.0%)
	2,291,000		Liberty Media Corp.* 2.250%, 08/15/27	$	2,122,612
	1,939,000		Live Nation Entertainment, Inc.^ 2.000%, 02/15/25		2,004,732
					4,127,344
			Consumer Discretionary (1.2%)
	220,000,000	JPY	Kyoritsu Maintenance Company, Ltd. 0.000%, 01/29/26		2,016,996
	800,000	AUD	Webjet, Ltd. 0.750%, 04/12/26		510,400
					2,527,396
			Consumer Staples (1.1%)
	2,300,000		Post Holdings, Inc.*^ 2.500%, 08/15/27		2,397,681
			Energy (0.5%)
	1,013,000		Northern Oil And Gas, Inc.* 3.625%, 04/15/29		1,137,781
			Health Care (2.9%)
	559,000		Alnylam Pharmaceuticals, Inc.* 1.000%, 09/15/27		561,834
	1,113,000		BioMarin Pharmaceutical, Inc.^ 0.599%, 08/01/24		1,113,679
	1,585,000		Dexcom, Inc.^ 0.250%, 11/15/25		1,745,877
	1,150,000		Halozyme Therapeutics, Inc.* 1.000%, 08/15/28		1,214,757
	210,000,000	JPY	Menicon Company, Ltd. 0.000%, 01/29/25		1,450,955
					6,087,102
			Industrials (3.3%)
	2,070,000		Air Transport Services Group, Inc.^ 1.125%, 10/15/24		2,242,555
	220,000,000	JPY	ANA Holdings, Inc. 0.000%, 12/10/31		1,620,864
	940,000		Parsons Corp. 0.250%, 08/15/25		1,080,699
	3,000,000	SGD	Singapore Airlines, Ltd. 1.625%, 12/03/25		2,144,759
					7,088,877
			Information Technology (4.7%)
	3,538,000		CyberArk Software, Ltd.^ 0.000%, 11/15/24		4,148,270
	1,287,000		Datadog, Inc. 0.125%, 06/15/25		1,469,625
	3,507,000		Enphase Energy, Inc. 0.000%, 03/01/26		4,308,034
					9,925,929

PRINCIPAL AMOUNT				VALUE
			Materials (3.7%)
	5,200,000		Glencore Funding, LLC 0.000%, 03/27/25	$	5,649,592
	480,000		Ivanhoe Mines, Ltd.* 2.500%, 04/15/26		543,710
	1,834,000		Lithium Americas Corp.* 1.750%, 01/15/27		1,592,499
					7,785,801
			Other (0.8%)
	2,650,000	EUR	Edenred 0.000%, 09/06/24		1,627,675
			TOTAL CONVERTIBLE BONDS (Cost $43,227,539)		42,705,586
NUMBER OF SHARES				VALUE
CONVERTIBLE PREFERRED STOCKS (2.1%)
			Consumer Discretionary (1.0%)
	19,622		Aptiv, PLC 5.500%, 06/15/23		2,097,199
			Utilities (1.1%)
			NextEra Energy, Inc.
	25,400		6.219%, 09/01/23		1,225,550
	22,200		6.926%, 09/01/25		1,032,300
					2,257,850
			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $4,470,790)		4,355,049
COMMON STOCKS (71.4%)
			Communication Services (4.5%)
	66,160		Alphabet, Inc. - Class A#		6,252,781
	69,400	HKD	Tencent Holdings, Ltd.		1,823,608
	14,670		Walt Disney Company#		1,562,942
					9,639,331
			Consumer Discretionary (5.6%)
	35,000		Amazon.com, Inc.#		3,585,400
	790		AutoZone, Inc.#		2,000,975
	94,900	GBP	Compass Group, PLC		1,998,766
	3,304	HKD	JD.com, Inc. - Class A		60,168
	3,700	EUR	LVMH Moet Hennessy Louis Vuitton, SE		2,334,680
	7,974		Tesla, Inc.#		1,814,404
					11,794,393
			Consumer Staples (6.2%)
	66,900	GBP	British American Tobacco, PLC		2,642,112
	51,850		Coca-Cola Company~		3,103,222
	2,590		Costco Wholesale Corp.		1,298,885
	20,300		General Mills, Inc.		1,656,074

See accompanying Notes to Schedule of Investments

www.calamos.com
153

Global Opportunities Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES				VALUE
	38,050		Mondelez International, Inc. - Class A	$	2,339,314
	57,100	JPY	Seven & i Holdings Company, Ltd.		2,131,449
					13,171,056
			Energy (4.9%)
	51,900	CAD	Canadian Natural Resources, Ltd.^		3,112,819
	24,200		Chevron Corp.		4,377,780
	31,700		Helmerich & Payne, Inc.		1,569,467
	10,988		Marathon Petroleum Corp.		1,248,457
					10,308,523
			Financials (10.2%)
	229,800	HKD	AIA Group, Ltd.		1,740,687
	7,600		Aon, PLC - Class A		2,139,324
	1,638,000	IDR	Bank Mandiri Persero, Tbk PT		1,106,556
	84,410		Bank of America Corp.		3,042,136
	5,525		Chubb, Ltd.		1,187,267
	174,800	INR	HDFC Bank, Ltd.		3,170,652
	23,375		JPMorgan Chase & Company~		2,942,445
	31,850		Morgan Stanley		2,617,115
	66,500		UBS Group, AG^#		1,054,690
	55,200		Wells Fargo & Company		2,538,648
					21,539,520
			Health Care (12.3%)
	25,286		Alcon, Inc.		1,534,354
	18,700	GBP	AstraZeneca, PLC		2,194,111
	8,200	AUD	CSL, Ltd.		1,467,926
	9,996		Danaher Corp.		2,515,693
	11,500		Eli Lilly & Company		4,164,035
	4,210		Humana, Inc.		2,349,517
	4,075	CHF	Lonza Group, AG		2,097,744
	54,000		Novo Nordisk, A/S		5,877,360
	7,050		UnitedHealth Group, Inc.		3,913,808
					26,114,548
			Industrials (9.4%)
	28,100	EUR	Airbus, SE		3,040,524
	24,600	CAD	Canadian Pacific Railway, Ltd.		1,833,873
	9,000		Dycom Industries, Inc.#		1,063,620
	26,800		Quanta Services, Inc.		3,806,672
	25,900		Raytheon Technologies Corp.		2,455,838
	20,250	EUR	Schneider Electric, SE		2,560,740
	19,200	EUR	Thales, SA		2,441,854
	16,600		Waste Management, Inc.		2,628,942
					19,832,063
			Information Technology (16.0%)
	7,700		Accenture, PLC - Class A		2,186,030
	40,040		Apple, Inc.		6,139,734

NUMBER OF SHARES				VALUE
	8,630	EUR	ASML Holding, NV	$	4,048,217
	6,900		Automatic Data Processing, Inc.		1,667,730
	5,600	JPY	Keyence Corp.		2,111,564
	26,680		Microsoft Corp.		6,193,228
	16,500		NVIDIA Corp.		2,227,005
	9,500		salesforce, Inc.#		1,544,605
	314,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		3,774,972
	24,700		Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		1,520,285
	11,800		Visa, Inc. - Class A		2,444,488
					33,857,858
			Materials (1.3%)
	109,000	CAD	Barrick Gold Corp.^		1,639,381
	36,700		Freeport-McMoRan, Inc.		1,163,023
					2,802,404
			Special Purpose Acquisition Company (1.0%)
	80,000	GBP	Shell, PLC		2,216,127
			TOTAL COMMON STOCKS (Cost $128,891,588)		151,275,823
PRINCIPAL AMOUNT				VALUE
U.S. GOVERNMENT AND AGENCY SECURITIES (3.3%)
			United States Treasury Note
	2,575,000		2.250%, 03/31/24		2,490,759
	2,335,000		2.000%, 06/30/24^		2,237,496
	2,315,000		2.500%, 04/30/24		2,243,832
			TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $7,192,401)		6,972,087
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
PURCHASED OPTIONS (0.7%)#
			Financials (0.0%)
	690		Bank of America Corp.
	2,486,760		Put, 01/20/23, Strike $30.00		34,845
	75		Berkshire Hathaway, Inc.
	2,213,175		Call, 11/18/22, Strike $310.00		13,650
	190		JPMorgan Chase & Company
	2,391,720		Put, 01/20/23, Strike $105.00		28,215
					76,710
			Health Care (0.0%)
	115		Eli Lilly & Company
	4,164,035		Put, 01/20/23, Strike $260.00		17,480

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
154

Global Opportunities Fund Schedule of Investments October 31, 2022

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
		Industrials (0.2%)
	180	Quanta Services, Inc.
	2,556,720	Put, 11/18/22, Strike $120.00	$	9,000
	85	Valmont Industries, Inc.
	2,713,370	Call, 03/17/23, Strike $300.00		329,375
				338,375
		Other (0.4%)
	1,430	iShares China Large-Cap ETF
	2,995,850	Call, 01/20/23, Strike $35.00		2,145
	615	VanEck Semiconductor ETF
	11,637,030	Put, 01/20/23, Strike $190.00		867,150
				869,295
		Special Purpose Acquisition Company (0.1%)
	675	Shell, PLC
	3,755,025	Call, 04/21/23, Strike $57.50		263,250
		TOTAL PURCHASED OPTIONS (Cost $2,785,175)		1,565,110
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (7.8%)
	16,573,587	State Street Navigator Securities Lending Government Money Market Portfolio, 3.124%† (Cost $16,573,587)		16,573,587
		TOTAL INVESTMENTS (105.5%) (Cost $203,141,080)		223,447,242
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-7.8%)				(16,573,587	)
OTHER ASSETS, LESS LIABILITIES (2.3%)				4,847,175
NET ASSETS (100.0%)			$	211,720,830

NOTES TO SCHEDULE OF INVESTMENTS

*  Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

^  Security, or portion of security, is on loan.

#  Non-income producing security.

~  Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $1,707,188.

†  Represents investment of cash collateral received from securities on loan as of October 31, 2022.

FOREIGN CURRENCY ABBREVIATIONS

AUD  Australian Dollar

CAD  Canadian Dollar

CHF  Swiss Franc

EUR  European Monetary Unit

GBP  British Pound Sterling

HKD  Hong Kong Dollar

IDR  Indonesian Rupiah

INR  Indian Rupee

JPY  Japanese Yen

SGD  Singapore Dollar

TWD  New Taiwan Dollar

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

CURRENCY EXPOSURE
OCTOBER 31, 2022

	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	164,527,063		73.6	%
European Monetary Unit		16,053,690		7.2	%
Japanese Yen		9,331,828		4.2	%
British Pound Sterling		9,051,116		4.1	%
Canadian Dollar		6,586,073		2.9	%
New Taiwan Dollar		3,774,972		1.7	%
Hong Kong Dollar		3,624,463		1.6	%
Indian Rupee		3,170,652		1.4	%
Singapore Dollar		2,144,759		1.0	%
Swiss Franc		2,097,744		0.9	%
Australian Dollar		1,978,326		0.9	%
Indonesian Rupiah		1,106,556		0.5	%
Total Investments	$	223,447,242		100.0	%

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

www.calamos.com
155

International Small Cap Growth Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES				VALUE
COMMON STOCKS (91.3%)
			Communication Services (2.8%)
	520	EUR	IPSOS	$	25,172
	2,400	GBP	YouGov, PLC		24,566
					49,738
			Consumer Discretionary (15.0%)
	4,400		Arcos Dorados Holdings, Inc. - Class A		33,176
	3,930	INR	Campus Activewear, Ltd.#		27,556
	800	EUR	CIE Automotive, SA		20,378
	600	JPY	Kyoritsu Maintenance Company, Ltd.		24,718
	48,600	IDR	Matahari Department Store, Tbk PT		14,546
	1,800	JPY	Nextage Company, Ltd.		34,694
	19,500	HKD	Samsonite International, SA#*		41,895
	600	EUR	Sanlorenzo S.p.A / Ameglia		19,246
	4,385	GBP	Trainline, PLC#*		16,730
	1,500	INR	TVS Motor Company, Ltd.		20,774
	3,320	AUD	Webjet, Ltd.#		11,212
					264,925
			Consumer Staples (8.9%)
	3,630	BRL	Hypera, SA		35,706
	800	JPY	Kobe Bussan Company, Ltd.		17,353
	200	JPY	Kose Corp.		19,964
	12,500	HKD	L'Occitane International, SA		30,690
	151,000	IDR	Sumber Alfaria Trijaya Tbk PT		27,286
	2,090	INR	Varun Beverages, Ltd.		26,506
					157,505
			Energy (7.0%)
	2,325	CAD	ARC Resources, Ltd.		32,733
	17,430	CAD	CES Energy Solutions Corp.		36,719
	1,440	EUR	Motor Oil Hellas Corinth Refineries, SA		24,749
	4,290	AUD	New Hope Corp, Ltd.		15,584
	1,760	CAD	Whitecap Resources, Inc.		13,643
					123,428
			Financials (7.1%)
	6,480	EUR	Bank of Ireland Group, PLC		46,660
	3,700	GBP	Beazley, PLC		26,536
	740	KRW	Hana Financial Group, Inc.		21,394
	3,100	THB	Kasikornbank PCL		11,970
	5,885	AUD	Steadfast Group, Ltd.		19,066
					125,626

NUMBER OF SHARES				VALUE
			Health Care (8.0%)
	2,285	GBP	Abcam, PLC#	$	35,370
	310	GBP	Dechra Pharmaceuticals, PLC		9,319
	2,580	GBP	Ergomed, PLC#		36,255
	235		Galapagos, NV#		10,702
	1,400	JPY	Menicon Company, Ltd.		23,904
	1,100	JPY	Ono Pharmaceutical Company, Ltd.		25,887
					141,437
			Industrials (22.8%)
	695	EUR	Aalberts, NV		24,111
	311	EUR	Alfen Beheer, BV#*		32,990
	4,400	NOK	AutoStore Holdings, Ltd.#*		8,316
	1,000	JPY	BayCurrent Consulting, Inc.		28,057
	1,300	CNY	Beijing United Information Technology Company, Ltd. - Class A		22,116
	430	EUR	DO & CO, AG#		33,798
	500	JPY	Ebara Corp.		16,246
	1,150	INR	Hindustan Aeronautics, Ltd.		35,139
	600	JPY	Japan Airport Terminal Company, Ltd.#		25,681
	2,180	EUR	Leonardo S.p.A		17,514
	2,400	CNY	Ningbo Orient Wires & Cables Company, Ltd. - Class A		25,334
	700	EUR	Rexel, SA#		12,492
	250	EUR	Societe BIC, SA		14,351
	1,800	JPY	Sojitz Corp.		26,535
	786	CAD	Stantec, Inc.		38,459
	1,300	JPY	THK Company, Ltd.		22,672
	300	JPY	Visional, Inc.#		20,392
					404,203
			Information Technology (14.4%)
	190	EUR	Alten, SA		22,198
	79	EUR	ASM International, NV		17,476
	20,400	BRL	Cielo, SA		23,498
	297		CyberArk Software, Ltd.#		46,602
	4,000	TWD	E Ink Holdings, Inc.		25,417
	146		Endava, PLC#		11,131
	192	CAD	Kinaxis, Inc.#		20,493
	885	EUR	Lectra		28,318
	2,980	GBP	Sage Group, PLC		24,838
	5,300	BRL	TOTVS, SA		34,023
					253,994

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
156

International Small Cap Growth Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES				VALUE
			Materials (5.3%)
	24,320	AED	Fertiglobe, PLC	$	33,690
	1,860	AUD	IGO, Ltd.		18,191
	400	JPY	Kureha Corp.		25,684
	3,675		Yamana Gold, Inc.		16,096
					93,661
			TOTAL COMMON STOCKS (Cost $1,810,494)		1,614,517
			TOTAL INVESTMENTS (91.3%) (Cost $1,810,494)		1,614,517
OTHER ASSETS, LESS LIABILITIES (8.7%)					153,770
NET ASSETS (100.0%)				$	1,768,287

NOTES TO SCHEDULE OF INVESTMENTS

#  Non-income producing security.

*  Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

FOREIGN CURRENCY ABBREVIATIONS

AED  UAE Dirham

AUD  Australian Dollar

BRL  Brazilian Real

CAD  Canadian Dollar

CNY  Chinese Yuan Renminbi

EUR  European Monetary Unit

GBP  British Pound Sterling

HKD  Hong Kong Dollar

IDR  Indonesian Rupiah

INR  Indian Rupee

JPY  Japanese Yen

KRW  South Korean Won

NOK  Norwegian Krone

THB  Thai Baht

TWD  New Taiwan Dollar

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

CURRENCY EXPOSURE
OCTOBER 31, 2022

	VALUE		% OF TOTAL INVESTMENTS
European Monetary Unit	$	339,453		21.0	%
Japanese Yen		311,787		19.3	%
British Pound Sterling		173,614		10.8	%
Canadian Dollar		142,047		8.8	%
US Dollar		117,707		7.3	%
Indian Rupee		109,975		6.8	%
Brazilian Real		93,227		5.8	%
Hong Kong Dollar		72,585		4.5	%
Australian Dollar		64,053		4.0	%
Chinese Yuan Renminbi		47,450		2.9	%
Indonesian Rupiah		41,832		2.6	%
UAE Dirham		33,690		2.1	%
New Taiwan Dollar		25,417		1.6	%
South Korean Won		21,394		1.3	%
Thai Baht		11,970		0.7	%
Norwegian Krone		8,316		0.5	%
Total Investments	$	1,614,517		100.0	%

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

www.calamos.com
157

Global Sustainable Equities Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES				VALUE
COMMON STOCKS (95.8%)
			Communication Services (5.3%)
	1,936		Alphabet, Inc. - Class A#	$	182,971
	1,489	CAD	BCE, Inc.		67,163
	227,274	KES	Safaricom, PLC		46,728
	1,619		Verizon Communications, Inc.		60,502
					357,364
			Consumer Discretionary (11.5%)
	333		Aptiv, PLC#		30,326
	1,500	HKD	BYD Company, Ltd. - Class H		33,605
	2,080	EUR	Cie Generale des Etablissements Michelin SCA		53,007
	448	EUR	EssilorLuxottica, SA		70,841
	1,707	GBP	Greggs, PLC		39,571
	1,684	EUR	Industria de Diseno Textil, SA		38,224
	52	EUR	Kering, SA		23,814
	2,012		Levi Strauss & Company - Class A		30,100
	878		LKQ Corp.		48,852
	371		NIKE, Inc. - Class B		34,384
	1,160		Sony Group Corp.		78,265
	874		Starbucks Corp.		75,680
	565		Target Corp.		92,801
	1,128		TJX Companies, Inc.		81,329
	173		Tractor Supply Company		38,020
					768,819
			Consumer Staples (5.8%)
	146		Costco Wholesale Corp.		73,219
	727		Darling Ingredients, Inc.#		57,055
	3,135	EUR	Jeronimo Martins SGPS, SA		64,873
	653	EUR	Kerry Group, PLC - Class A		56,716
	2,744	EUR	Koninklijke Ahold Delhaize, NV		76,525
	123	EUR	L'Oreal, SA		38,622
	326		McCormick & Company, Inc.		25,637
					392,647
			Financials (14.4%)
	5,400	HKD	AIA Group, Ltd.		40,904
	9,694	GBP	Aviva, PLC		46,498
	1,525		Bank of New York Mellon Corp.		64,218
	171,583	IDR	Bank Rakyat Indonesia Persero, Tbk PT		51,189
	355		Credicorp, Ltd.		51,958
	3,424	NOK	DNB Bank, ASA		60,560
	8,484	MXN	Grupo Financiero Banorte, SAB de CV - Class O		69,065
	1,700	HKD	Hang Seng Bank, Ltd.		23,932
	1,170		HDFC Bank, Ltd.		72,903
	900	HKD	Hong Kong Exchanges & Clearing, Ltd.		23,889
	425		Intercontinental Exchange, Inc.		40,617
	6,838		Itau Unibanco Holding, SA		39,797

NUMBER OF SHARES				VALUE
	196		Jones Lang LaSalle, Inc.#	$	31,182
	1,100	EUR	KBC Group, NV		55,127
	77		MSCI, Inc. - Class A		36,102
	3,600	JPY	ORIX Corp.		52,876
	387		PNC Financial Services Group, Inc.		62,628
	2,043	KRW	Shinhan Financial Group Company, Ltd.		51,926
	98		SVB Financial Group#		22,634
	376		Travelers Companies, Inc.		69,357
					967,362
			Health Care (12.5%)
	238	AUD	Cochlear, Ltd.		30,403
	215	DKK	Coloplast, A/S - Class B		23,966
	289	AUD	CSL, Ltd.		51,735
	1,284		CVS Health Corp.		121,595
	1,118	GBP	Dechra Pharmaceuticals, PLC		33,610
	551		Edwards Lifesciences Corp.#		39,909
	1,977	NZD	Fisher & Paykel Healthcare Corp., Ltd.		22,469
	789		Gilead Sciences, Inc.		61,905
	911		Merck & Company, Inc.		92,193
	365	EUR	Merck KGaA		59,482
	559	DKK	Novo Nordisk, A/S - Class B		60,781
	299	CHF	Roche Holding, AG		99,208
	210	CHF	Straumann Holding, AG		19,986
	500	JPY	Sysmex Corp.		26,912
	186		Thermo Fisher Scientific, Inc.		95,598
					839,752
			Industrials (14.8%)
	1,339	SEK	Assa Abloy, AB - Class B		27,037
	3,028	SEK	Atlas Copco, AB - Class A		32,319
	1,061		Canadian Pacific Railway, Ltd.		79,034
	500	JPY	Daifuku Company, Ltd.		22,888
	199		Deere & Company		78,768
	900	JPY	East Japan Railway Company		47,957
	1,836	SEK	Epiroc, AB - Class A		28,106
	561		Ferguson, PLC		61,295
	1,105	GBP	Intertek Group, PLC		46,292
	367	EUR	Kingspan Group, PLC		18,503
	121	CHF	Kuehne + Nagel International, AG		25,757
	1,163		MillerKnoll, Inc.		24,632
	1,000	JPY	Nidec Corp.		54,984
	632		Quanta Services, Inc.		89,769
	1,100	JPY	Recruit Holdings Company, Ltd.		33,848
	153		Rockwell Automation, Inc.		39,061
	580	EUR	Siemens, AG		63,341
	214		Trane Technologies, PLC		34,161
	388		United Parcel Service, Inc. - Class B		65,095

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
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Global Sustainable Equities Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES				VALUE
	500		Waste Management, Inc.	$	79,185
	387		Xylem, Inc.		39,640
					991,672
			Information Technology (19.6%)
	180		Accenture, PLC - Class A		51,102
	109		Adobe, Inc.#		34,716
	619	EUR	Amadeus IT Group, SA#		32,284
	1,534		Apple, Inc.		235,224
	915		Applied Materials, Inc.		80,785
	1,500		Cisco Systems, Inc.		68,145
	668	EUR	Dassault Systemes, SE		22,391
	2,163	EUR	Infineon Technologies, AG		52,486
	104		Intuit, Inc.		44,460
	940		Microsoft Corp.		218,202
	398		NVIDIA Corp.		53,718
	500	JPY	Omron Corp.		23,319
	97	KRW	Samsung SDI Company, Ltd.		50,044
	764	EUR	SAP, SE		73,537
	1,108		Taiwan Semiconductor Manufacturing Company, Ltd.		68,197
	481		TE Connectivity, Ltd.		58,793
	257		Texas Instruments, Inc.		41,282
	517		Visa, Inc. - Class A		107,102
					1,315,787
			Materials (6.1%)
	414	EUR	Air Liquide, SA		54,157
	1,280		Ball Corp.		63,219
	357	GBP	Croda International, PLC		27,657
	465		Ecolab, Inc.		73,037
	14,919	BRL	Klabin, SA		62,443
	282	EUR	Koninklijke DSM, NV		33,172
	156	EUR	Linde, PLC#		46,578
	491	DKK	Novozymes, A/S - Class B		25,773
	109	CHF	Sika, AG		24,577
					410,613
			Real Estate (2.2%)
	270		American Tower Corp.		55,942
	22,300	SGD	Capitaland Investment, Ltd.		47,424
	407		Prologis, Inc.		45,075
					148,441
			Utilities (3.6%)
	238		American Water Works Company, Inc.		34,591
	57,330	HKD	China Water Affairs Group, Ltd.		40,604
	1,288	EUR	EDP Renovaveis, SA		27,103
	10,898	COP	Interconexion Electrica, SA ESP		42,522
	273	DKK	Orsted, A/S*		22,524

NUMBER OF SHARES				VALUE
	11,857	INR	Power Grid Corp. of India, Ltd.	$	32,628
	5,837	EUR	Terna - Rete Elettrica Nazionale		38,709
					238,681
			TOTAL COMMON STOCKS (Cost $7,877,050)		6,431,138
			TOTAL INVESTMENTS (95.8%) (Cost $7,877,050)		6,431,138
OTHER ASSETS, LESS LIABILITIES (4.2%)					279,520
NET ASSETS (100.0%)				$	6,710,658

NOTES TO SCHEDULE OF INVESTMENTS

#  Non-income producing security.

*  Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

FOREIGN CURRENCY ABBREVIATIONS

AUD  Australian Dollar

BRL  Brazilian Real

CAD  Canadian Dollar

CHF  Swiss Franc

COP  Colombian Peso

DKK  Danish Krone

EUR  European Monetary Unit

GBP  British Pound Sterling

HKD  Hong Kong Dollar

IDR  Indonesian Rupiah

INR  Indian Rupee

JPY  Japanese Yen

KES  Kenyan Shilling

KRW  South Korean Won

MXN  Mexican Peso

NOK  Norwegian Krone

NZD  New Zealand Dollar

SEK  Swedish Krona

SGD  Singapore Dollar

See accompanying Notes to Schedule of Investments

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CURRENCY EXPOSURE
OCTOBER 31, 2022

	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	3,735,967		58.1	%
European Monetary Unit		999,492		15.5	%
Japanese Yen		262,784		4.1	%
British Pound Sterling		193,628		3.0	%
Swiss Franc		169,528		2.6	%
Hong Kong Dollar		162,934		2.5	%
Danish Krone		133,044		2.1	%
South Korean Won		101,970		1.6	%
Swedish Krona		87,462		1.4	%
Australian Dollar		82,138		1.3	%
Mexican Peso		69,065		1.1	%
Canadian Dollar		67,163		1.0	%
Brazilian Real		62,443		1.0	%
Norwegian Krone		60,560		0.9	%
Indonesian Rupiah		51,189		0.8	%
Singapore Dollar		47,424		0.7	%
Kenyan Shilling		46,728		0.7	%
Colombian Peso		42,522		0.7	%
Indian Rupee		32,628		0.5	%
New Zealand Dollar		22,469		0.4	%
Total Investments	$	6,431,138		100.0	%

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
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Total Return Bond Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
CORPORATE BONDS (43.6%)
		Airlines (2.7%)
	188,167	Air Canada Pass Through Trust Series 2015-1, Class B* 3.875%, 09/15/24	$	184,195
	106,601	Air Canada Pass Through Trust Series 2015-2, Class AA* 3.750%, 06/15/29		93,521
	181,293	Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29		169,003
	80,880	British Airways Pass Through Trust Series 2013-1, Class A* 4.625%, 12/20/25		78,972
	113,355	British Airways Pass Through Trust Series 2019-1, Class A* 3.350%, 12/15/30		96,575
	133,540	JetBlue Pass Through Trust Series 2019-1, Class AA 2.750%, 11/15/33		107,019
	75,000	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25		76,208
	126,553	United Airlines Pass Through Trust Series 2018-1, Class B 4.600%, 09/01/27		113,544
				919,037
		Communication Services (2.6%)
	200,000	Ashtead Capital, Inc.* 4.375%, 08/15/27		181,228
	100,000	Charter Communications Operating, LLC / Charter Communications Operating Capital 2.800%, 04/01/31		76,025
	150,000	Comcast Corp. 3.900%, 03/01/38		121,458
	110,000	Hughes Satellite Systems Corp. 5.250%, 08/01/26		105,089
	64,000	Netflix, Inc.* 3.625%, 06/15/25		61,087
	105,000	Sirius XM Radio, Inc.* 3.125%, 09/01/26		93,958
	100,000	United States Cellular Corp. 6.700%, 12/15/33		95,321
	150,000	Verizon Communications, Inc. 4.016%, 12/03/29		135,569
				869,735
		Consumer Discretionary (2.0%)
	150,000	Cargill, Inc.* 3.125%, 05/25/51		97,098
	200,000	Ford Motor Credit Company, LLC 4.000%, 11/13/30		162,354

PRINCIPAL AMOUNT			VALUE
	100,000	GLP Capital, LP / GLP Financing II, Inc. 3.250%, 01/15/32	$	74,311
	100,000	goeasy, Ltd.* 4.375%, 05/01/26		86,763
	100,000	M/I Homes, Inc. 3.950%, 02/15/30		76,274
	100,000	Newell Brands, Inc.^ 6.375%, 09/15/27		98,038
	100,000	NIKE, Inc. 2.850%, 03/27/30		86,821
				681,659
		Consumer Staples (2.4%)
	125,000	Anheuser-Busch InBev Worldwide, Inc. 3.500%, 06/01/30		111,814
	125,000	Archer-Daniels-Midland Company 3.250%, 03/27/30		110,452
	125,000	Costco Wholesale Corp. 1.600%, 04/20/30		99,907
	100,000	Edgewell Personal Care Company* 4.125%, 04/01/29		85,550
	125,000	Hershey Company 1.700%, 06/01/30		97,859
	200,000	JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.* 5.500%, 01/15/30		182,910
	100,000	Kimberly-Clark Corp. 3.100%, 03/26/30		87,691
	50,000	Pilgrim's Pride Corp.* 4.250%, 04/15/31		41,924
				818,107
		Energy (1.1%)
	175,000	Energy Transfer, LP‡ 7.457%, 11/01/66 3 mo. USD LIBOR + 3.02%		129,579
	100,000	EQM Midstream Partners, LP* 7.500%, 06/01/27		99,046
	100,000	EQT Corp.* 3.125%, 05/15/26		91,041
	52,000	MPLX, LP‡ 6.875%, 02/15/23 3 mo. USD LIBOR + 4.65%		50,587
				370,253
		Financials (16.8%)
	115,000	Ally Financial, Inc.‡ 4.700%, 05/15/26 5 year CMT + 3.87%		83,419
	150,000	Ares Capital Corp. 3.250%, 07/15/25		135,477
	100,000	Aviation Capital Group, LLC* 3.500%, 11/01/27		81,617
	125,000	AXIS Specialty Finance, PLC 4.000%, 12/06/27		114,670

See accompanying Notes to Schedule of Investments

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PRINCIPAL AMOUNT			VALUE
	100,000	Bank of America Corp.‡ 2.087%, 06/14/29 SOFR + 1.06%	$	80,981
	150,000	Bank of Montreal‡ 3.088%, 01/10/37 5 year CMT + 1.40%		109,878
	75,000	4.800%, 08/25/24 5 year CMT + 2.98%		63,763
	100,000	Bank of New York Mellon Corp.‡ 5.802%, 10/25/28 SOFR + 1.80%		100,756
	150,000	Berkshire Hathaway Finance Corp. 4.250%, 01/15/49		122,683
	100,000	Boston Properties, LP 3.200%, 01/15/25		94,849
	125,000	BP Capital Markets, PLC‡ 4.875%, 03/22/30 5 year CMT + 4.40%		104,443
	175,000	Brookfield Finance, Inc. 2.724%, 04/15/31		135,880
	150,000	Capital One Financial Corp.‡ 2.359%, 07/29/32 SOFR + 1.34%		103,838
	100,000	Charles Schwab Corp.^‡ 4.000%, 06/01/26 5 year CMT + 3.17%		81,705
	150,000	Citigroup, Inc.‡ 3.875%, 02/18/26 5 year CMT + 3.42%		123,171
	100,000	Essential Properties, LP 2.950%, 07/15/31		71,222
	100,000	Essex Portfolio, LP 1.700%, 03/01/28		80,413
	100,000	Fifth Third Bancorp 2.550%, 05/05/27		87,424
	125,000	Franklin Resources, Inc. 2.850%, 03/30/25		118,469
	100,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		80,950
	125,000	Globe Life, Inc.^ 4.550%, 09/15/28		118,771
	150,000	Goldman Sachs Group, Inc.‡ 3.800%, 05/10/26 5 year CMT + 2.97%		116,307
	250,000	ILFC E-Capital Trust II*‡ 5.365%, 12/21/65 3 mo. USD LIBOR + 1.80%		173,250
	125,000	JPMorgan Chase & Company^‡ 3.650%, 06/01/26 5 year CMT + 2.85%		103,094
	100,000	Level 3 Financing, Inc.* 3.400%, 03/01/27		86,310

PRINCIPAL AMOUNT			VALUE
	200,000	Lloyds Banking Group, PLC‡ 1.627%, 05/11/27 1 year CMT + 0.85%	$	167,814
	200,000	LSEGA Financing, PLC* 2.000%, 04/06/28		166,262
	125,000	Markel Corp. 3.500%, 11/01/27		112,389
	100,000	MetLife, Inc. 6.400%, 12/15/66		92,188
	100,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		74,700
	200,000	Nordea Bank Abp* 4.750%, 09/22/25		196,166
	200,000	3.750%, 03/01/29‡ 5 year CMT + 2.60%		141,178
	118,000	PartnerRe Finance B, LLC‡ 4.500%, 10/01/50 5 year CMT + 3.82%		96,733
	100,000	Primerica, Inc. 2.800%, 11/19/31		78,506
	150,000	Prologis, LP 2.875%, 11/15/29		125,775
	125,000	2.250%, 04/15/30		100,715
	100,000	Radian Group, Inc. 4.500%, 10/01/24		95,302
	125,000	Reinsurance Group of America, Inc. 3.900%, 05/15/29		111,430
	125,000	RenaissanceRe Finance, Inc. 3.450%, 07/01/27		114,681
	125,000	Royal Bank of Canada 0.875%, 01/20/26		108,170
	150,000	SLM Corp. 3.125%, 11/02/26		131,661
	150,000	State Street Corp.‡ 2.354%, 11/01/25 SOFR + 0.94%		140,947
	125,000	SVB Financial Group 4.000%, 05/15/26^‡ 5 year CMT + 3.20%		88,046
	100,000	2.100%, 05/15/28		79,489
	100,000	Toronto-Dominion Bank 4.693%, 09/15/27		95,869
	125,000	Travelers Companies, Inc. 2.550%, 04/27/50		72,259
	100,000	Truist Financial Corp.‡ 5.900%, 10/28/26 SOFR + 1.63%		100,048
	125,000	US Bancorp‡ 3.700%, 01/15/27 5 year CMT + 2.54%		96,029
	200,000	USAA Capital Corp.* 2.125%, 05/01/30		159,120
	125,000	Ventas Realty, LP 4.000%, 03/01/28		113,091

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
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PRINCIPAL AMOUNT			VALUE
	150,000	VICI Properties, LP / VICI Note Company, Inc.* 3.500%, 02/15/25	$	140,043
	125,000	Wells Fargo & Company& 4.400%, 06/14/46		92,905
				5,664,856
		Health Care (2.3%)
	100,000	Charles River Laboratories International, Inc.* 3.750%, 03/15/29		86,635
	150,000	CVS Health Corp. 4.780%, 03/25/38		130,254
	100,000	DaVita, Inc.* 4.625%, 06/01/30		78,078
	23,000	3.750%, 02/15/31		16,710
	100,000	Elanco Animal Health, Inc. 6.400%, 08/28/28		90,294
	100,000	Health Care Service Corp. A Mutual Legal Reserve Company* 1.500%, 06/01/25		90,685
	150,000	Johnson & Johnson 3.400%, 01/15/38		122,668
	100,000	Royalty Pharma, PLC 2.200%, 09/02/30		75,854
	100,000	UnitedHealth Group, Inc. 5.250%, 02/15/28		100,276
				791,454
		Industrials (5.3%)
	125,000	Air Lease Corp.‡ 4.650%, 06/15/26 5 year CMT + 4.08%		104,135
	100,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 4.625%, 01/15/27		92,925
	100,000	Allegiant Travel Company* 7.250%, 08/15/27		94,307
	100,000	Avolon Holdings Funding, Ltd.* 5.500%, 01/15/26		92,054
	125,000	Beacon Roofing Supply, Inc.* 4.500%, 11/15/26		115,049
	130,000	Delta Air Lines Pass Through Trust Series 2019-1, Class AA 3.204%, 10/25/25		124,814
	100,000	EnerSys* 4.375%, 12/15/27		87,784
	100,000	Graphic Packaging International, LLC* 1.512%, 04/15/26		85,166
	80,000	GXO Logistics, Inc. 1.650%, 07/15/26		66,726
	100,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26		92,420
	100,000	Honeywell International, Inc. 1.950%, 06/01/30		81,263

PRINCIPAL AMOUNT			VALUE
	125,000	Infor, Inc.* 1.750%, 07/15/25	$	112,266
	150,000	Moog, Inc.* 4.250%, 12/15/27		134,491
	121,000	QVC, Inc. 4.375%, 09/01/28		87,847
	125,000	Roper Technologies, Inc. 1.400%, 09/15/27		102,825
	250,000	SMBC Aviation Capital Finance DAC* 1.900%, 10/15/26		207,690
	125,000	TransDigm, Inc.* 6.250%, 03/15/26		123,373
				1,805,135
		Information Technology (2.8%)
	150,000	Apple, Inc. 4.375%, 05/13/45		131,016
	100,000	Broadridge Financial Solutions, Inc. 3.400%, 06/27/26		92,601
	125,000	CGI, Inc. 1.450%, 09/14/26		107,462
	125,000	Fortinet, Inc. 2.200%, 03/15/31		94,265
	157,000	Microsoft Corp. 4.100%, 02/06/37		143,792
	125,000	NVIDIA Corp. 3.500%, 04/01/40		95,145
	100,000	TTM Technologies, Inc.*^ 4.000%, 03/01/29		84,565
	100,000	Twilio, Inc. 3.625%, 03/15/29		82,641
	150,000	VMware, Inc. - Class A 1.800%, 08/15/28		118,608
				950,095
		Materials (0.7%)
	150,000	Clearwater Paper Corp.* 5.375%, 02/01/25		145,948
	100,000	Georgia-Pacific, LLC* 3.600%, 03/01/25		96,334
				242,282
		Other (0.5%)
	62,000	BorgWarner, Inc. 3.375%, 03/15/25		59,276
	125,000	Intact Financial Corp.* 5.459%, 09/22/32		120,101
				179,377
		Real Estate (1.8%)
	150,000	EPR Properties 4.950%, 04/15/28		123,238
	125,000	Forestar Group, Inc.* 3.850%, 05/15/26		107,633

See accompanying Notes to Schedule of Investments

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Total Return Bond Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
	100,000	Healthpeak Properties, Inc. 3.250%, 07/15/26	$	92,018
	100,000	Public Storage 2.300%, 05/01/31		78,764
	125,000	Service Properties Trust 3.950%, 01/15/28		92,025
	125,000	Tanger Properties, LP^ 3.875%, 07/15/27		109,949
				603,627
		Utilities (2.6%)
	150,000	Berkshire Hathaway Energy Company 3.800%, 07/15/48		109,224
	100,000	Consolidated Edison Company of New York, Inc. 3.350%, 04/01/30		86,879
	150,000	Duke Energy Carolinas, LLC 3.700%, 12/01/47		108,634
	100,000	Entergy Texas, Inc. 1.500%, 09/01/26		86,119
	175,000	Monongahela Power Company* 3.550%, 05/15/27		161,793
	150,000	Northern States Power Company 3.750%, 12/01/47		103,179
	150,000	Public Service Electric and Gas Company 3.600%, 12/01/47		107,766
	125,000	Southern Company‡ 3.750%, 09/15/51 5 year CMT + 2.92%		98,883
				862,477
		TOTAL CORPORATE BONDS (Cost $17,295,646)		14,758,094
BANK LOANS (10.0%)¡
		Airlines (0.5%)
	185,000	American Airlines, Inc.‡ 8.993%, 04/20/28 3 mo. LIBOR + 4.75%		183,514
		Communication Services (2.2%)
	292,745	Go Daddy Operating Company, LLC‡ 5.504%, 02/15/24 1 mo. LIBOR + 1.75%		291,465
	162,547	Nexstar Broadcasting, Inc.‡ 6.254%, 09/18/26 1 mo. LIBOR + 2.50%		161,259
	294,615	SBA Senior Finance II, LLC‡ 5.510%, 04/11/25 1 mo. LIBOR + 1.75%		292,590
				745,314
		Consumer Discretionary (0.7%)
	246,250	Murphy USA, Inc.‡ 4.865%, 01/31/28 1 mo. LIBOR + 1.75%		246,650

PRINCIPAL AMOUNT			VALUE
		Energy (0.1%)
	49,916	DT Midstream, Inc.‡ 5.813%, 06/26/28 1 mo. LIBOR + 2.00%	$	50,029
		Financials (0.4%)
	133,609	Jazz Financing Lux Sarl‡ 7.254%, 05/05/28 1 mo. LIBOR + 3.50%		132,242
		Health Care (1.5%)
	295,500	Catalent Pharma Solutions, Inc.‡ 5.625%, 02/22/28 1 mo. LIBOR + 2.00%		292,638
	159,717	Icon Luxembourg Sarl‡ 5.938%, 07/03/28 3 mo. LIBOR + 2.25%		158,350
	39,794	PRA Health Sciences, Inc.‡ 5.938%, 07/03/28 3 mo. LIBOR + 2.25%		39,453
				490,441
		Industrials (4.0%)
	296,250	AECOM Technology Corp.‡ 5.504%, 04/13/28 1 mo. LIBOR + 1.75%		296,127
	246,585	APi Group DE, Inc.‡ 6.504%, 01/03/29 1 mo. LIBOR + 2.75%		243,719
	246,250	Horizon Therapeutics USA, Inc.‡ 5.375%, 03/15/28 1 mo. LIBOR + 1.75%		241,634
	315,200	Spectrum Brands, Inc.‡ 5.760%, 03/03/28 1 mo. LIBOR + 2.00%		307,831
	250,000	XPO Logistics, Inc.‡ 4.936%, 02/24/25 1 mo. LIBOR + 1.75%		246,661
				1,335,972
		Information Technology (0.6%)
	202,282	ON Semiconductor Corp.‡ 5.754%, 09/19/26 1 mo. LIBOR + 2.00%		202,692
		TOTAL BANK LOANS (Cost $3,422,940)		3,386,854
SOVEREIGN BOND (1.0%)
	400,000	Province of Ontario Canada 1.800%, 10/14/31 (Cost $398,948)		317,708

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
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PRINCIPAL AMOUNT			VALUE
U.S. GOVERNMENT AND AGENCY SECURITIES (28.2%)
		Other (28.2%)
	156,425	Federal Home Loan Mortgage Corp. Pool 4.000%, 05/01/49	$	144,640
	95,804	2.500%, 02/01/35		86,985
	642,860	Federal National Mortgage Association 2.500%, 04/01/50		531,319
	561,551	3.000%, 04/01/50		481,523
	467,506	3.500%, 04/01/50		414,416
	285,281	3.000%, 07/01/46		247,294
	181,688	3.000%, 03/01/47		157,495
	159,553	3.500%, 08/01/47		143,075
	148,749	2.500%, 09/01/31		137,969
	138,523	3.500%, 11/01/49		123,480
	117,305	4.000%, 06/01/48		108,639
	113,904	3.000%, 02/01/33		106,745
	91,604	4.500%, 04/01/48		87,503
	80,797	3.500%, 02/01/49		72,433
	70,109	3.000%, 07/01/49		60,198
	59,508	3.000%, 01/01/35		55,254
	52,180	4.000%, 03/01/47		48,346
	160,182	Government National Mortgage Association II Pool 3.500%, 10/20/47		145,819
	121,093	3.000%, 10/20/47		107,355
	500,000	U.S. Treasury Bond 3.500%, 02/15/39		454,375
	500,000	3.000%, 05/15/47		393,516
	500,000	2.250%, 08/15/49		339,922
	500,000	2.000%, 02/15/50		318,359
	400,000	1.125%, 05/15/40		239,094
	300,000	3.000%, 02/15/49		239,508
	250,000	2.875%, 11/15/46^		192,422
	220,000	2.375%, 02/15/42		160,737
	200,000	2.875%, 05/15/52		155,422
	125,000	2.375%, 11/15/49		87,432
	786,438	U.S. Treasury Inflation Indexed Bond 0.750%, 02/15/42		648,774
	1,200,710	U.S. Treasury Inflation Indexed Note 0.500%, 01/15/28		1,131,113
	800,000	U.S. Treasury Note 2.750%, 08/15/32		716,500
	500,000	1.875%, 02/15/32		416,172
	360,000	2.875%, 05/15/32		326,447
	250,000	3.125%, 08/15/25		241,465
	250,000	3.000%, 08/15/52		200,351
		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $11,577,606)		9,522,097
RESIDENTIAL MORTGAGE BACKED SECURITIES (7.6%)
		Other (7.6%)
	100,000	BX Trust Series 2019-OC11, Class A* 3.202%, 12/09/41		82,329
	859,590	Federal National Mortgage Association 2.500%, 07/01/51		707,027
	832,180	2.000%, 07/01/36		730,257
	630,941	4.500%, 06/01/52		592,281

PRINCIPAL AMOUNT			VALUE
	500,000	Freddie Mac Multifamily Structured Pass Through Certificates Class A2‡ 3.990%, 05/25/33	$	471,844
		TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $3,077,294)		2,583,738
ASSET BACKED SECURITIES (7.4%)
		Financials (3.8%)
	121,922	Commonbond Student Loan Trust Series 2021-AGS, Class A* 1.200%, 03/25/52		96,200
	150,000	Dell Equipment Finance Trust Series 2021-1, Class B* 0.710%, 05/22/26		143,650
	96,878	ELFI Graduate Loan Program 2022-A, LLC* 4.510%, 08/26/47		90,992
	150,000	Ford Credit Auto Owner Trust Series 2021-2, Class A* 1.530%, 05/15/34		129,678
	150,000	Hertz Vehicle Financing III, LP Series 2021-2A, Class A* 1.680%, 12/27/27		126,537
	150,000	Oscar US Funding Trust XII, LLC Series 2021-1A, Class A4* 1.000%, 04/10/28		135,141
	110,000	Pawnee Equipment Receivables, LLC Series 2022-1, Class A3* 5.170%, 02/15/28		107,589
	237,000	Progress Residential Trust Series 2021-SFR5, Class B* 1.658%, 07/17/38		202,171
	112,374	SoFi Professional Loan Program, LLC Series 2017-F, Class A2FX* 2.840%, 01/25/41		107,325
	150,000	Toyota Auto Loan Extended Note Trust 2019-1A, Class A* 2.560%, 11/25/31		142,980
				1,282,263
		Other (3.6%)
	150,000	Aligned Data Centers Issuer, LLC Series 2021-1A, Class A2* 1.937%, 08/15/46		126,119
	92,273	Amur Equipment Finance Receivables 2020-1A* 3.060%, 04/20/26		89,801
	100,000	Amur Equipment Finance Receivables 2022-2A* 5.300%, 06/21/28		98,561
	114,500	CLI Funding VI, LLC Series 2020-3A, Class A* 2.070%, 10/18/45		98,489
	100,000	Daimler Trucks Retail Trust 2022-1 5.230%, 02/17/26		99,623
	134,764	MVW Owner Trust Series 2019-1A, Class A* 2.890%, 11/20/36		124,646

See accompanying Notes to Schedule of Investments

www.calamos.com
165

Total Return Bond Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
	104,256	SCF Equipment Leasing, LLC 2020-1* 1.190%, 10/20/27	$	100,497
	195,000	SCF Equipment Leasing, LLC Series 2021-1A, Class A3* 0.830%, 08/21/28		183,038
	100,000	T-Mobile U.S. Trust 2022-1 4.910%, 05/22/28		99,273
	225,000	Tesla Auto Lease Trust Series 2021-B, Class B* 0.910%, 09/22/25		208,476
				1,228,523
		TOTAL ASSET BACKED SECURITIES (Cost $2,741,926)		2,510,786
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.9%)
	648,848	State Street Navigator Securities Lending Government Money Market Portfolio, 3.124%† (Cost $648,848)		648,848
		TOTAL INVESTMENTS (99.7%) (Cost $39,163,208)		33,728,125
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.9%)				(648,848	)
OTHER ASSETS, LESS LIABILITIES (2.2%)				753,335
NET ASSETS (100.0%)			$	33,832,612

NOTES TO SCHEDULE OF INVESTMENTS

*  Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

^  Security, or portion of security, is on loan.

‡  Variable rate security. The rate shown is the rate in effect at October 31, 2022.

¡  Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.

†  Represents investment of cash collateral received from securities on loan as of October 31, 2022.

&  Illiquid security.

FUTURES CONTRACTS

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE	NOTIONAL VALUE		MARKET VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)
Buys
	800,000	U.S. Treasury Note 5-Year	Dec 2022	$	852,750	$	2,765

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
166

High Income Opportunities Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
CORPORATE BONDS (85.9%)
		Airlines (2.0%)
	141,125	Air Canada Pass Through Trust Series 2015-1, Class B* 3.875%, 09/15/24	$	138,146
	22,000	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25		21,313
	96,971	Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29		90,397
	54,020	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		53,749
	120,000	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		94,306
	65,000	American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.* 5.500%, 04/20/26		61,983
	22,000	5.750%, 04/20/29		20,038
	107,756	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		86,454
	66,636	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		65,014
	58,000	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25		58,934
	43,422	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		36,678
				727,012
		Communication Services (9.5%)
	200,000	Altice France, SA* 5.500%, 10/15/29		152,690
	115,000	APi Group DE, Inc.* 4.750%, 10/15/29		96,714
	150,000	Arrow Bidco, LLC* 9.500%, 03/15/24		150,950
	200,000	Ashtead Capital, Inc.* 2.450%, 08/12/31		143,862
	119,000	Audacy Capital Corp.* 6.750%, 03/31/29		34,204
	44,000	6.500%, 05/01/27		12,989
	65,000	Beasley Mezzanine Holdings, LLC*^ 8.625%, 02/01/26		47,511
	38,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		33,174
	145,000	Consolidated Communications, Inc.* 6.500%, 10/01/28		119,305
	250,000	CSC Holdings, LLC* 5.375%, 02/01/28		230,925

PRINCIPAL AMOUNT			VALUE
	220,000	4.500%, 11/15/31	$	171,717
	215,000	5.750%, 01/15/30		166,083
	75,000	Diamond Sports Group, LLC / Diamond Sports Finance Company* 6.625%, 08/15/27		3,919
	55,000	5.375%, 08/15/26		11,070
	127,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27		114,428
	66,000	Embarq Corp. 7.995%, 06/01/36		26,789
	101,000	Frontier California, Inc. 6.750%, 05/15/27		96,246
	60,000	Frontier Communications Holdings, LLC* 5.000%, 05/01/28		52,567
	24,000	8.750%, 05/15/30		24,529
	101,000	Frontier Florida, LLC 6.860%, 02/01/28		94,172
	140,000	Frontier North, Inc.@ 6.730%, 02/15/28		131,760
	90,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 3.500%, 03/01/29		74,699
	25,000	5.250%, 12/01/27		23,712
	30,000	Hughes Satellite Systems Corp. 5.250%, 08/01/26		28,661
	70,000	Intelsat Jackson Holdings, SA@& 9.750%, 07/15/25*		—
	50,000	5.500%, 08/01/23		—
	65,097	Ligado Networks, LLC* 15.500%, 11/01/23 15.500% PIK rate		27,261
	155,000	Lumen Technologies, Inc. 4.000%, 02/15/27*		132,100
	101,000	7.600%, 09/15/39		69,793
	48,000	4.500%, 01/15/29*		33,980
	48,000	Match Group Holdings II, LLC*^ 3.625%, 10/01/31		36,663
	80,000	Netflix, Inc. 4.875%, 06/15/30*		74,152
	45,000	4.875%, 04/15/28		42,831
	48,000	Paramount Global‡ 6.375%, 03/30/62 5 year CMT + 4.00%		40,932
	46,000	Scripps Escrow II, Inc.* 3.875%, 01/15/29		38,280
	23,000	5.375%, 01/15/31		18,716
	180,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		163,148
	125,000	Sirius XM Radio, Inc.* 5.500%, 07/01/29		115,431
	72,000	4.000%, 07/15/28		62,214
	50,000	3.125%, 09/01/26		44,742
	24,000	3.875%, 09/01/31		19,209
	40,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		24,686

See accompanying Notes to Schedule of Investments

www.calamos.com
167

High Income Opportunities Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
	230,000	Sprint Corp. 7.125%, 06/15/24	$	233,986
	80,000	Stagwell Global, LLC* 5.625%, 08/15/29		69,043
	80,000	Telecom Italia Capital, SA 6.000%, 09/30/34		58,410
	98,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		45,545
	76,000	United States Cellular Corp. 6.700%, 12/15/33		72,444
				3,466,242
		Consumer Discretionary (15.6%)
	113,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		107,287
	96,000	American Axle & Manufacturing, Inc. 6.875%, 07/01/28		88,829
	9,000	5.000%, 10/01/29^		7,330
	72,000	Ashton Woods USA, LLC / Ashton Woods Finance Company* 6.625%, 01/15/28		61,716
	60,000	4.625%, 08/01/29		45,115
	24,000	4.625%, 04/01/30		17,851
	118,000	At Home Group, Inc.*^ 4.875%, 07/15/28		85,896
	28,000	Avis Budget Car Rental, LLC / Avis Budget Finance, Inc.* 5.375%, 03/01/29		24,386
	123,000	Bath & Body Works, Inc. 6.694%, 01/15/27		116,267
	115,000	6.875%, 11/01/35		97,880
	61,000	Caesars Entertainment, Inc.* 4.625%, 10/15/29^		48,883
	46,000	8.125%, 07/01/27^		44,784
	46,000	6.250%, 07/01/25		44,956
	44,000	Carnival Corp.* 10.500%, 02/01/26		43,183
	23,000	7.625%, 03/01/26		17,348
	110,000	Carriage Services, Inc.* 4.250%, 05/15/29		83,322
	65,000	Carvana Company* 4.875%, 09/01/29		28,815
	201,000	CCO Holdings, LLC / CCO Holdings Capital Corp.* 4.250%, 02/01/31		159,015
	200,000	5.125%, 05/01/27		185,500
	110,000	6.375%, 09/01/29		101,961
	100,000	4.750%, 03/01/30		83,551
	55,000	5.000%, 02/01/28		49,689
	50,000	4.500%, 08/15/30		40,720
	48,000	4.750%, 02/01/32		38,535
	35,000	4.250%, 01/15/34		25,738
	48,000	CDI Escrow Issuer, Inc.* 5.750%, 04/01/30		43,356

PRINCIPAL AMOUNT			VALUE
	75,000	Cedar Fair, LP 5.250%, 07/15/29	$	66,112
	12,000	Century Communities, Inc.* 3.875%, 08/15/29		9,468
	80,000	Dana, Inc. 4.250%, 09/01/30		64,206
	48,000	4.500%, 02/15/32		36,658
	125,000	DISH DBS Corp. 5.250%, 12/01/26*		108,652
	77,000	7.750%, 07/01/26		65,151
	60,000	7.375%, 07/01/28		45,676
	45,000	5.125%, 06/01/29		30,560
	200,000	Empire Resorts, Inc.* 7.750%, 11/01/26		164,846
	107,000	Everi Holdings, Inc.* 5.000%, 07/15/29		93,380
	100,000	Ford Motor Company 6.100%, 08/19/32		91,719
	200,000	Ford Motor Credit Company, LLC 5.113%, 05/03/29		178,872
	200,000	4.389%, 01/08/26		185,732
	200,000	4.000%, 11/13/30		162,354
	200,000	2.900%, 02/16/28		162,840
	36,000	Gap, Inc.* 3.875%, 10/01/31^		24,874
	5,000	3.625%, 10/01/29		3,518
	35,000	General Motors Financial Company, Inc. 3.100%, 01/12/32		26,684
	160,000	goeasy, Ltd.* 5.375%, 12/01/24		150,629
	80,000	4.375%, 05/01/26		69,410
	67,000	Goodyear Tire & Rubber Company^ 5.000%, 07/15/29		58,240
	41,000	Group 1 Automotive, Inc.* 4.000%, 08/15/28		33,825
	148,000	Guitar Center, Inc.* 8.500%, 01/15/26		130,028
	200,000	International Game Technology, PLC* 6.250%, 01/15/27		198,338
	95,000	Liberty Interactive, LLC 8.250%, 02/01/30		59,577
	65,000	Life Time, Inc.* 8.000%, 04/15/26^		57,167
	50,000	5.750%, 01/15/26		46,563
	62,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		55,628
	65,000	M/I Homes, Inc. 3.950%, 02/15/30		49,578
	99,000	Macy's Retail Holdings, LLC 6.700%, 07/15/34*		77,846
	60,000	5.875%, 03/15/30*		50,707
	50,000	4.300%, 02/15/43		29,742
	200,000	Mclaren Finance, PLC* 7.500%, 08/01/26		160,618

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
168

High Income Opportunities Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
	112,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29	$	95,676
	130,000	Mohegan Gaming & Entertainment* 8.000%, 02/01/26		109,729
	25,000	Newell Brands, Inc. 6.375%, 09/15/27		24,510
	13,000	6.625%, 09/15/29^		12,715
	50,000	Nordstrom, Inc. 5.000%, 01/15/44		31,673
	48,000	4.250%, 08/01/31		34,900
	110,000	Penn Entertainment, Inc.*^ 4.125%, 07/01/29		88,026
	135,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.* 5.625%, 09/01/29		100,647
	224,000	Rite Aid Corp.* 8.000%, 11/15/26		145,674
	130,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		108,602
	108,000	Sonic Automotive, Inc.* 4.625%, 11/15/29		85,074
	70,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		61,240
	185,000	Station Casinos, LLC* 4.500%, 02/15/28		159,481
	59,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		54,164
	23,000	Viking Cruises, Ltd.* 13.000%, 05/15/25		24,738
	100,000	Vista Outdoor, Inc.* 4.500%, 03/15/29		78,521
	23,000	Williams Scotsman International, Inc.* 4.625%, 08/15/28		20,832
				5,677,313
		Consumer Staples (3.9%)
	107,000	Central Garden & Pet Company* 4.125%, 04/30/31		89,603
	110,000	Edgewell Personal Care Company* 4.125%, 04/01/29		94,105
	127,000	Energizer Holdings, Inc.* 4.375%, 03/31/29		102,841
	24,000	6.500%, 12/31/27		21,994
	140,000	JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.* 5.500%, 01/15/30		128,037
	105,000	5.125%, 02/01/28		98,427
	63,000	New Albertsons, LP 7.750%, 06/15/26		65,053
	96,000	Performance Food Group, Inc.* 4.250%, 08/01/29		81,791

PRINCIPAL AMOUNT			VALUE
	250,000	PetSmart, Inc. / PetSmart Finance Corp.* 4.750%, 02/15/28	$	228,270
	80,000	Pilgrim's Pride Corp.* 5.875%, 09/30/27		78,329
	75,000	4.250%, 04/15/31		62,886
	39,000	Post Holdings, Inc.* 5.750%, 03/01/27		37,827
	24,000	5.500%, 12/15/29		21,632
	12,000	4.625%, 04/15/30		10,151
	90,000	Prestige Brands, Inc.* 3.750%, 04/01/31		72,504
	100,000	United Natural Foods, Inc.* 6.750%, 10/15/28		96,808
	142,000	Vector Group, Ltd.* 5.750%, 02/01/29		124,503
				1,414,761
		Energy (9.2%)
	45,000	Antero Resources Corp.* 5.375%, 03/01/30		41,775
	90,000	Apache Corp. 5.100%, 09/01/40		72,959
	75,000	Buckeye Partners, LP 3.950%, 12/01/26		65,827
	50,000	5.850%, 11/15/43		37,777
	110,000	Callon Petroleum Company* 7.500%, 06/15/30		104,591
	48,000	Cheniere Energy Partners, LP 3.250%, 01/31/32		37,426
	23,000	4.000%, 03/01/31		19,428
	45,000	Cheniere Energy, Inc. 4.625%, 10/15/28		41,550
	72,000	Chesapeake Energy Corp.* 6.750%, 04/15/29		71,035
	45,000	Continental Resources, Inc.* 5.750%, 01/15/31		40,989
	25,000	2.875%, 04/01/32		18,320
	125,000	DCP Midstream Operating, LP*‡ 5.850%, 05/21/43 3 mo. USD LIBOR + 3.85%		120,847
	1,745	Diamond Foreign Asset Company / Diamond Finance, LLC 9.000%, 04/22/27 13.000% PIK rate		1,612
	51,000	DT Midstream, Inc.* 4.125%, 06/15/29		44,146
	121,000	Earthstone Energy Holdings, LLC*^ 8.000%, 04/15/27		114,622
	55,000	Enbridge, Inc.‡ 7.375%, 01/15/83 5 year CMT + 3.71%		52,509
	140,000	Energy Transfer, LP‡ 7.457%, 11/01/66 3 mo. USD LIBOR + 3.02%		103,663
	70,000	6.500%, 11/15/26 5 year CMT + 5.69%		60,316

See accompanying Notes to Schedule of Investments

www.calamos.com
169

High Income Opportunities Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
	120,000	EnLink Midstream Partners, LP 6.000%, 12/15/22‡ 3 mo. USD LIBOR + 4.11%	$	92,365
	100,000	4.850%, 07/15/26		94,338
	50,000	Enlink Midstream, LLC*^ 6.500%, 09/01/30		49,178
	110,000	EQM Midstream Partners, LP* 7.500%, 06/01/27		108,951
	117,000	Genesis Energy, LP / Genesis Energy Finance Corp. 6.250%, 05/15/26		109,647
	90,000	Gulfport Energy Operating Corp.&@ 6.375%, 05/15/25		—
	75,000	Gulfport Energy Operating Corp. 8.000%, 05/17/26*		74,884
	27,505	8.000%, 05/17/26		27,462
	110,000	Hilcorp Energy I, LP / Hilcorp Finance Company* 6.000%, 04/15/30		100,454
	72,000	Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27		65,544
	99,000	Laredo Petroleum, Inc. 10.125%, 01/15/28^		97,680
	46,000	9.500%, 01/15/25		46,101
	89,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		86,979
	50,000	Moss Creek Resources Holdings, Inc.* 7.500%, 01/15/26		46,051
	45,000	10.500%, 05/15/27		43,449
	85,000	MPLX, LP‡ 6.875%, 02/15/23 3 mo. LIBOR + 4.65%		82,691
	44,000	Murphy Oil Corp. 6.375%, 07/15/28		43,093
	96,000	New Fortress Energy, Inc.* 6.750%, 09/15/25		94,471
	45,000	6.500%, 09/30/26		43,682
	90,000	Par Petroleum, LLC / Par Petroleum Finance Corp.* 7.750%, 12/15/25		86,547
	105,000	Parkland Corp.* 5.875%, 07/15/27		99,527
	100,000	Patterson-UTI Energy, Inc. 5.150%, 11/15/29		88,202
	100,000	Plains All American Pipeline, LP‡ 6.125%, 12/01/22 3 mo. USD LIBOR + 4.11%		83,038
	135,000	Rockcliff Energy II, LLC* 5.500%, 10/15/29		120,682
	48,000	Southwestern Energy Company 5.375%, 03/15/30		44,615
	45,000	5.375%, 02/01/29		41,944
	24,000	4.750%, 02/01/32		20,833
	24,000	Sunoco, LP / Sunoco Finance Corp. 4.500%, 04/30/30		20,494

PRINCIPAL AMOUNT			VALUE
	25,000	Venture Global Calcasieu Pass, LLC* 4.125%, 08/15/31	$	21,399
	25,000	3.875%, 08/15/29		21,651
	105,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		87,556
	70,000	W&T Offshore, Inc.* 9.750%, 11/01/23		69,783
	103,000	Weatherford International, Ltd.* 6.500%, 09/15/28		99,201
	75,000	8.625%, 04/30/30		70,796
				3,332,680
		Financials (16.5%)
	144,000	Acrisure, LLC / Acrisure Finance, Inc.* 6.000%, 08/01/29		119,439
	127,000	7.000%, 11/15/25		120,800
	133,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		135,816
	147,000	AG Issuer, LLC* 6.250%, 03/01/28		138,187
	205,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		187,575
	25,000	5.875%, 11/01/29		21,249
	25,000	4.250%, 10/15/27		22,636
	101,000	Ally Financial, Inc. 4.700%, 05/15/26‡ 5 year CMT + 3.87%		73,263
	75,000	8.000%, 11/01/31		77,045
	45,000	4.700%, 05/15/28‡ 7 year CMT + 3.48%		30,526
	193,000	AmWINS Group, Inc.* 4.875%, 06/30/29		167,694
	215,000	AssuredPartners, Inc.* 7.000%, 08/15/25		207,654
	98,000	Aviation Capital Group, LLC* 3.500%, 11/01/27		79,985
	22,000	Bank of New York Mellon Corp.‡ 3.750%, 12/20/26 5 year CMT + 2.63		16,907
	191,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		154,559
	195,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC* 4.500%, 04/01/27		166,747
	116,000	5.750%, 05/15/26		108,031
	200,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30		174,900
	23,000	Capital One Financial Corp.^‡ 3.950%, 09/01/26 5 year CMT + 3.16%		17,334
	110,000	Castlelake Aviation Finance DAC*^ 5.000%, 04/15/27		93,592
	130,000	Credit Acceptance Corp. 6.625%, 03/15/26		123,232
	89,000	5.125%, 12/31/24*		83,786

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
170

High Income Opportunities Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
	123,000	Enact Holdings, Inc.* 6.500%, 08/15/25	$	121,410
	138,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		111,711
	156,000	Greystar Real Estate Partners, LLC* 5.750%, 12/01/25		151,401
	319,000	HUB International, Ltd.* 7.000%, 05/01/26		315,111
	150,000	5.625%, 12/01/29^		129,237
		Icahn Enterprises, LP / Icahn Enterprises Finance Corp.
	115,000	5.250%, 05/15/27		106,037
	68,000	4.375%, 02/01/29		57,137
	160,000	ILFC E-Capital Trust II*‡ 5.365%, 12/21/65 3 mo. USD LIBOR + 1.80%		110,880
	195,000	Iron Mountain, Inc.* 5.250%, 03/15/28		179,749
	260,000	Jefferies Finance, LLC / JFIN Co-Issuer Corp.* 5.000%, 08/15/28		204,636
	182,000	Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.* 5.250%, 10/01/25		168,028
	48,000	4.750%, 06/15/29		38,418
	138,000	LD Holdings Group, LLC* 6.125%, 04/01/28		77,437
	110,000	Level 3 Financing, Inc.* 4.250%, 07/01/28		90,811
	49,000	3.875%, 11/15/29		40,344
	65,000	LPL Holdings, Inc.* 4.000%, 03/15/29		56,992
	193,000	MetLife, Inc. 6.400%, 12/15/66		177,923
	130,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		106,237
	202,000	Navient Corp. 5.000%, 03/15/27		171,237
	100,000	4.875%, 03/15/28		79,929
	110,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		82,170
	65,000	OneMain Finance Corp. 3.875%, 09/15/28		50,816
	35,000	7.125%, 03/15/26		33,731
	45,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer* 5.875%, 10/01/28		40,880
	150,000	PHH Mortgage Corp.* 7.875%, 03/15/26		124,662
	25,000	PNC Financial Services Group, Inc.‡ 6.000%, 05/15/27 5 year CMT + 3.00%		23,328

PRINCIPAL AMOUNT			VALUE
	100,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29	$	87,800
	72,000	RLJ Lodging Trust, LP* 3.750%, 07/01/26		65,993
	45,000	Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.* 3.875%, 03/01/31		33,571
	45,000	3.625%, 03/01/29		34,920
	20,000	2.875%, 10/15/26		16,779
	90,000	StoneX Group, Inc.* 8.625%, 06/15/25		88,988
	22,000	SVB Financial Group^‡ 4.000%, 05/15/26 5 year CMT + 3.20		15,496
	111,000	United Wholesale Mortgage, LLC* 5.500%, 04/15/29		84,318
	50,000	5.750%, 06/15/27		40,997
	50,000	Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC* 6.500%, 02/15/29		36,148
	45,000	US Bancorp‡ 3.700%, 01/15/27 5 year CMT + 2.54		34,570
	200,000	VZ Secured Financing, BV* 5.000%, 01/15/32		160,710
	98,000	XHR, LP* 6.375%, 08/15/25		96,483
	48,000	4.875%, 06/01/29		41,820
				6,009,802
		Health Care (6.6%)
	209,999	Bausch Health Companies, Inc.* 11.000%, 09/30/28		164,232
	39,000	14.000%, 10/15/30		22,388
	36,000	6.125%, 02/01/27^		23,798
	44,000	Charles River Laboratories International, Inc.* 3.750%, 03/15/29		38,119
	183,000	CHS/Community Health Systems, Inc.* 6.125%, 04/01/30		75,186
	110,000	8.000%, 03/15/26		94,935
	49,000	6.875%, 04/15/29		20,604
	12,000	5.250%, 05/15/30		8,329
	189,000	DaVita, Inc.* 4.625%, 06/01/30		147,567
	112,000	3.750%, 02/15/31		81,370
	72,000	Embecta Corp.* 5.000%, 02/15/30		61,868
	24,000	6.750%, 02/15/30		21,976
	45,000	Encompass Health Corp. 4.750%, 02/01/30		38,401
	45,000	4.500%, 02/01/28		40,279
	124,000	HCA, Inc. 7.500%, 11/06/33		126,515
	210,000	Jazz Securities DAC* 4.375%, 01/15/29		186,461

See accompanying Notes to Schedule of Investments

www.calamos.com
171

High Income Opportunities Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
	19,000	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC* 10.000%, 06/15/29	$	10,755
	122,000	Medline Borrower, LP* 5.250%, 10/01/29^		95,193
	120,000	3.875%, 04/01/29		98,189
	200,000	Organon & Company / Organon Foreign Debt Co-Issuer, BV* 5.125%, 04/30/31		169,984
	107,000	Team Health Holdings, Inc.*^ 6.375%, 02/01/25		81,323
	220,000	Tenet Healthcare Corp. 6.250%, 02/01/27*		211,581
	130,000	6.875%, 11/15/31		110,740
	125,000	4.875%, 01/01/26*		118,325
	200,000	Teva Pharmaceutical Finance Netherlands III, BV 6.000%, 04/15/24		198,382
	200,000	3.150%, 10/01/26		169,162
				2,415,662
		Industrials (12.3%)
	100,000	ACCO Brands Corp.*^ 4.250%, 03/15/29		79,521
	150,000	AerCap Holdings, NV‡ 5.875%, 10/10/79 5 year CMT + 4.54%		135,027
	95,000	Air Lease Corp.‡ 4.125%, 12/15/26 5 year CMT + 3.15%		62,898
	155,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 4.625%, 01/15/27		144,034
	75,000	5.875%, 02/15/28		70,677
	46,000	3.500%, 03/15/29		38,116
	110,000	Allegiant Travel Company* 7.250%, 08/15/27		103,738
	44,000	Allison Transmission, Inc.* 4.750%, 10/01/27		40,623
	25,000	3.750%, 01/30/31		20,072
	20,000	American Airlines Group, Inc.*^ 3.750%, 03/01/25		17,645
	49,000	Arcosa, Inc.* 4.375%, 04/15/29		42,489
	225,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		161,721
	40,000	Avolon Holdings Funding, Ltd.* 5.500%, 01/15/26		36,822
	68,000	Beacon Roofing Supply, Inc.* 4.125%, 05/15/29		56,354
	87,000	BWX Technologies, Inc.* 4.125%, 04/15/29		75,396
	50,000	Cascades, Inc. / Cascades USA, Inc.* 5.375%, 01/15/28		42,835

PRINCIPAL AMOUNT			VALUE
	23,000	Delta Air Lines, Inc.^ 7.375%, 01/15/26	$	23,540
	23,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.* 4.750%, 10/20/28		21,397
	125,000	Deluxe Corp.* 8.000%, 06/01/29		104,729
	48,000	Dun & Bradstreet Corp.* 5.000%, 12/15/29		40,751
	72,000	Eco Material Technologies, Inc.* 7.875%, 01/31/27		67,447
	120,000	Endurance International Group Holdings, Inc.* 6.000%, 02/15/29		78,216
	45,000	EnerSys* 4.375%, 12/15/27		39,503
	110,000	Fly Leasing, Ltd.* 7.000%, 10/15/24		87,108
	46,000	GFL Environmental, Inc.* 3.750%, 08/01/25		43,514
	52,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		42,800
	50,000	Granite US Holdings Corp.* 11.000%, 10/01/27		46,811
	60,000	Graphic Packaging International, LLC* 4.750%, 07/15/27		55,461
	44,000	3.500%, 03/01/29		37,437
	107,000	Great Lakes Dredge & Dock Corp.* 5.250%, 06/01/29		84,434
	223,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		188,810
	144,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26		133,085
	125,000	Herc Holdings, Inc.* 5.500%, 07/15/27		118,422
	115,000	IEA Energy Services, LLC* 6.625%, 08/15/29		111,068
	110,000	JELD-WEN, Inc.* 4.625%, 12/15/25		91,612
	155,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		129,984
	46,000	MasTec, Inc.* 4.500%, 08/15/28		40,709
	60,000	Moog, Inc.* 4.250%, 12/15/27		53,797
	95,000	Novelis Corp.* 4.750%, 01/30/30		80,889
	35,000	OI European Group, BV* 4.750%, 02/15/30		29,773
	110,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC* 4.000%, 10/15/27		97,487

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
172

High Income Opportunities Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
	148,000	Patrick Industries, Inc.* 4.750%, 05/01/29	$	112,711
	110,000	Peninsula Pacific Entertainment, LLC / Peninsula Pacific Entertainment Finance, Inc.* 8.500%, 11/15/27		118,279
	61,000	QVC, Inc. 4.375%, 09/01/28		44,287
	45,000	5.450%, 08/15/34		28,372
	86,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		68,539
	71,000	Sinclair Television Group, Inc.* 4.125%, 12/01/30		54,958
	45,000	5.500%, 03/01/30^		33,779
	90,000	Standard Industries, Inc.* 5.000%, 02/15/27		82,347
	76,000	Stericycle, Inc.* 3.875%, 01/15/29		66,067
	69,000	STL Holding Company, LLC* 7.500%, 02/15/26		60,154
	195,000	TransDigm, Inc. 7.500%, 03/15/27		192,794
	129,000	6.250%, 03/15/26*		127,320
	71,000	Tronox, Inc.* 4.625%, 03/15/29		55,153
	96,000	Vertiv Group Corp.* 4.125%, 11/15/28		83,592
	101,000	Wabash National Corp.* 4.500%, 10/15/28		85,258
	100,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		92,621
	47,000	WESCO Distribution, Inc.* 7.125%, 06/15/25		47,525
	25,000	7.250%, 06/15/28		25,400
	106,000	Williams Scotsman International, Inc.* 6.125%, 06/15/25		105,869
				4,461,777
		Information Technology (3.6%)
	48,000	Booz Allen Hamilton, Inc.* 4.000%, 07/01/29		42,074
	65,000	Clarivate Science Holdings Corp.* 3.875%, 07/01/28		56,343
	56,000	Coherent Corp.* 5.000%, 12/15/29		48,073
	112,000	CommScope Technologies, LLC* 6.000%, 06/15/25		105,573
	90,000	CommScope, Inc.* 4.750%, 09/01/29		76,249
	49,000	Dell International, LLC / EMC Corp. 6.100%, 07/15/27		49,125
	48,000	Fair Isaac Corp.* 4.000%, 06/15/28		43,449
	100,000	KBR, Inc.* 4.750%, 09/30/28		87,780

PRINCIPAL AMOUNT			VALUE
	100,000	MPH Acquisition Holdings, LLC* 5.750%, 11/01/28^	$	77,404
	50,000	5.500%, 09/01/28		43,435
	44,000	NCR Corp.* 5.125%, 04/15/29		36,944
	68,000	ON Semiconductor Corp.* 3.875%, 09/01/28		60,004
	72,000	Open Text Corp.* 3.875%, 02/15/28		61,861
	36,000	3.875%, 12/01/29		28,572
	36,000	Open Text Holdings, Inc.* 4.125%, 12/01/31		27,228
	44,000	Playtika Holding Corp.* 4.250%, 03/15/29		36,684
	66,000	PTC, Inc.* 4.000%, 02/15/28		60,264
	130,000	TTM Technologies, Inc.*^ 4.000%, 03/01/29		109,934
	65,000	Twilio, Inc. 3.625%, 03/15/29		53,717
	23,000	3.875%, 03/15/31^		18,777
	130,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		108,108
	100,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		84,280
				1,315,878
		Materials (4.1%)
	200,000	Alcoa Nederland Holding, BV* 4.125%, 03/31/29		170,682
	52,000	ArcelorMittal, SA 7.000%, 10/15/39		49,269
	47,000	ATI, Inc. 5.875%, 12/01/27		43,004
	25,000	Carpenter Technology Corp. 7.625%, 03/15/30		24,446
	70,000	Chemours Company* 4.625%, 11/15/29		54,621
	145,000	Clearwater Paper Corp.* 4.750%, 08/15/28		127,367
	48,000	Commercial Metals Company 4.125%, 01/15/30		40,715
	24,000	4.375%, 03/15/32		19,644
	250,000	Constellium, SE*^ 3.750%, 04/15/29		196,272
	48,000	Freeport-McMoRan, Inc. - Class H 5.450%, 03/15/43		39,868
	68,000	HB Fuller Company 4.250%, 10/15/28		59,329
	85,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		86,700
	110,000	Kaiser Aluminum Corp.* 4.625%, 03/01/28		96,315
	11,000	4.500%, 06/01/31		8,648

See accompanying Notes to Schedule of Investments

www.calamos.com
173

High Income Opportunities Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
	69,000	LSF11 A5 HoldCo, LLC*^ 6.625%, 10/15/29	$	54,391
	96,000	Mercer International, Inc. 5.125%, 02/01/29		80,096
	135,000	Owens-Brockway Glass Container, Inc.*^ 6.625%, 05/13/27		129,908
	24,000	Sealed Air Corp.* 5.000%, 04/15/29		21,941
	110,000	Silgan Holdings, Inc. 4.125%, 02/01/28		100,847
	44,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		25,130
	75,000	Univar Solutions USA, Inc.* 5.125%, 12/01/27		69,510
				1,498,703
		Other (0.6%)
	117,000	1375209 BC, Ltd.* 9.000%, 01/30/28		114,137
	13,000	CNX Resources Corp.* 7.375%, 01/15/31		12,924
	45,000	NortonLifeLock, Inc.* 7.125%, 09/30/30		44,460
	45,000	6.750%, 09/30/27		44,429
				215,950
		Real Estate (1.1%)
	71,000	EPR Properties 3.750%, 08/15/29		52,536
	67,000	Forestar Group, Inc.* 5.000%, 03/01/28		55,795
	48,000	3.850%, 05/15/26		41,331
	108,000	MIWD Holdco II, LLC / MIWD Finance Corp.* 5.500%, 02/01/30		84,381
	125,000	Service Properties Trust 4.350%, 10/01/24		114,965
	45,000	5.250%, 02/15/26		38,978
				387,986
		Special Purpose Acquisition Companies (0.3%)
	95,000	Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.* 6.750%, 01/15/30		74,686
	46,000	4.625%, 01/15/29		40,033
				114,719
		Utilities (0.6%)
	34,000	PPL Capital Funding, Inc.‡ 6.339%, 03/30/67 3 mo. USD LIBOR + 2.67%		28,859
	100,000	TerraForm Power Operating, LLC* 5.000%, 01/31/28		93,785
	50,000	Vistra Corp.*‡ 8.000%, 10/15/26 5 year CMT + 6.93%		47,564

PRINCIPAL AMOUNT			VALUE
	45,000	7.000%, 12/15/26 5 year CMT + 5.74%	$	40,084
				210,292
		TOTAL CORPORATE BONDS (Cost $36,129,205)		31,248,777
CONVERTIBLE BONDS (0.7%)
		Consumer Discretionary (0.4%)
	139,000	DISH Network Corp. 2.375%, 03/15/24		126,837
	40,000	Peloton Interactive, Inc. 0.000%, 02/15/26		28,790
				155,627
		Information Technology (0.2%)
	75,000	Shift4 Payments, Inc. 0.500%, 08/01/27		58,039
		Other (0.1%)
	50,000	Multiplan Corp.* 6.000%, 10/15/27		34,792
		TOTAL CONVERTIBLE BONDS (Cost $270,676)		248,458
BANK LOANS (9.4%)¡
		Airlines (0.8%)
	95,000	American Airlines, Inc.‡ 8.993%, 04/20/28 3 mo. LIBOR + 4.75%		94,237
	95,000	Mileage Plus Holdings, LLC‡ 8.777%, 06/21/27 3 mo. LIBOR + 5.25%		97,177
	123,125	United Airlines, Inc.‡ 8.108%, 04/21/28 3 mo. LIBOR + 3.75%		120,517
				311,931
		Communication Services (1.1%)
	120,938	Clear Channel Outdoor Holdings, Inc.‡ 7.915%, 08/21/26 3 mo. LIBOR + 3.50%		111,097
	313	Clear Channel Outdoor Holdings, Inc.‡ 7.254%, 08/21/26 1 mo. LIBOR + 3.50%		287
	133,986	DIRECTV Financing, LLC‡ 8.754%, 08/02/27 1 mo. LIBOR + 5.00%		128,024
	146,000	Entercom Media Corp.‡ 6.132%, 11/18/24 1 mo. LIBOR + 2.50%		113,116
	49,875	Univision Communications, Inc.‡ 7.790%, 06/24/29 3 mo. SOFR + 4.25%		49,002
				401,526

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
174

High Income Opportunities Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
		Consumer Discretionary (1.8%)
	32,191	Life Time Fitness, Inc.‡ 7.820%, 12/16/24 3 mo. LIBOR + 4.75%	$	31,818
	59,850	Peloton Interactive, Inc.‡ 8.346%, 05/25/27 3 mo. SOFR + 6.50%		58,204
	48,479	Penn National Gaming, Inc.‡ 6.579%, 05/03/29 1 mo. SOFR + 2.75%		47,855
	157,600	Petco Health and Wellness Company, Inc.‡ 6.924%, 03/03/28 3 mo. LIBOR + 3.25%		151,529
	88,628	PetSmart, Inc.‡ 7.500%, 02/11/28 1 mo. LIBOR + 3.75%		85,507
	100,000	SkyMiles IP, Ltd.‡ 7.993%, 10/20/27 3 mo. LIBOR + 3.75%		101,063
	113,347	TKC Holdings, Inc.‡ 9.180%, 05/15/28 3 mo. LIBOR + 5.50%		96,827
	155,925	WW International, Inc.‡ 7.260%, 04/13/28 1 mo. LIBOR + 3.50%		101,546
				674,349
		Health Care (1.9%)
	84,740	Amneal Pharmaceuticals, LLC‡ 7.313%, 05/04/25 1 mo. LIBOR + 3.50%		72,710
	82,825	Amneal Pharmaceuticals, LLC‡ 7.188%, 05/04/25 3 mo. LIBOR + 3.50%		71,068
	24,688	Bausch Health Companies, Inc.‡ 8.624%, 02/01/27 1 mo. SOFR + 5.25%		18,551
	67,081	Icon Luxembourg Sarl‡ 5.938%, 07/03/28 3 mo. LIBOR + 2.25%		66,507
	131,870	Mallinckrodt International Finance, SA‡ 8.733%, 09/30/27 3 mo. LIBOR + 5.25%		107,948
	108,235	Padagis, LLC‡ 8.491%, 07/06/28 3 mo. LIBOR + 4.75%		92,271
	16,713	PRA Health Sciences, Inc.‡ 5.938%, 07/03/28 3 mo. LIBOR + 2.25%		16,570
	283,674	Team Health Holdings, Inc.‡ 8.979%, 03/02/27 1 mo. SOFR + 5.25%		237,577
				683,202

PRINCIPAL AMOUNT			VALUE
		Industrials (1.1%)
	37,125	ACProducts, Inc.‡ 7.127%, 05/17/28 6 mo. LIBOR + 4.25%	$	26,189
	12,250	ACProducts, Inc.‡ 7.924%, 05/17/28 3 mo. LIBOR + 4.25%		8,641
	59,850	Air Canada‡ 6.421%, 08/11/28 3 mo. LIBOR + 3.50%		58,547
	90,122	Dun & Bradstreet Corp.‡ 6.846%, 02/06/26 1 mo. LIBOR + 3.25%		88,883
	107,000	Granite Holdings US Acquisition Company‡ 7.688%, 09/30/26 3 mo. LIBOR + 4.00%		104,660
	99,750	Scientific Games International, Inc.‡ 6.402%, 04/14/29 1 mo. SOFR + 3.00%		98,649
				385,569
		Information Technology (1.2%)
	94,110	Banff Merger Sub, Inc.‡ 7.504%, 10/02/25 1 mo. LIBOR + 3.75%		90,671
	86,265	Camelot U.S. Acquisition 1 Company‡ 6.754%, 10/30/26 1 mo. LIBOR + 3.00%		84,989
	25,000	Central Parent, Inc.‡ 8.112%, 07/06/29 3 mo. SOFR + 4.50%		24,531
	100,000	II-VI, Inc.‡ 5.878%, 07/02/29 1 mo. LIBOR + 2.75%		97,625
	130,000	VFH Parent LLC‡ 6.567%, 01/13/29 1 mo. SOFR + 3.00%		127,671
				425,487
		Materials (0.3%)
	78,000	Innophos, Inc.‡ 7.004%, 02/05/27 1 mo. LIBOR + 3.25%		75,758
	49,750	LSF11 A5 HoldCo, LLC‡ 7.343%, 10/15/28 1 mo. SOFR + 3.50%		47,449
				123,207
		Other (0.3%)
	100,000	ChampionX Corp.‡ 6.618%, 06/07/29 1 mo. SOFR + 3.25%		100,100
		Special Purpose Acquisition Companies (0.9%)
	85,000	AP Core Holdings II, LLC‡ 9.254%, 09/01/27 1 mo. LIBOR + 5.50%		77,704

See accompanying Notes to Schedule of Investments

www.calamos.com
175

High Income Opportunities Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
	44,888	Clydesdale Acquisition Holdings, Inc.‡ 8.004%, 04/13/29 1 mo. SOFR + 4.18%	$	43,309
	24,875	Fertitta Entertainment, LLC‡ 7.729%, 01/27/29 1 mo. SOFR + 4.00%		23,401
	100,000	Oscar AcquisitionCo, LLC‡ 8.153%, 04/29/29 3 mo. SOFR + 4.50%		91,080
	100,000	Patagonia Holdco LLC‡ 8.386%, 08/01/29 3 mo. SOFR + 5.75%		80,500
				315,994
		TOTAL BANK LOANS (Cost $3,697,540)		3,421,365
NUMBER OF SHARES			VALUE
COMMON STOCKS (1.5%)
		Communication Services (0.1%)
	2,040	Altice USA, Inc. - Class A#		13,484
	1,273	Cumulus Media, Inc. - Class A#		9,382
				22,866
		Energy (1.3%)
	1,068	Chaparral Energy, Inc. - Class A&#		61,410
	291	Chesapeake Energy Corp.		29,761
	6,600	Energy Transfer, LP		84,282
	3,970	Enterprise Products Partners, LP		100,243
	660	EP Energy Corp.&#		5,940
	1,285	Magellan Midstream Partners, LP		69,326
	355	Schlumberger, NV		18,471
	1,523	Superior Energy Services, Inc.&#		102,802
	965	Williams Companies, Inc.		31,584
				503,819
		Health Care (0.0%)
	701	Mallinckrodt, PLC#		10,627
		Special Purpose Acquisition Company (0.1%)
	1,132	Intelsat Emergence, SA&#		28,300
		TOTAL COMMON STOCKS (Cost $774,135)		565,612
WARRANTS (0.0%)#
		Energy (0.0%)
	4,950	Mcdermott International, Ltd.& 06/30/27, Strike $15.90		1
	4,455	Mcdermott International, Ltd. 06/30/27, Strike $12.33		—
		TOTAL WARRANTS (Cost $1,909)		1

NUMBER OF SHARES			VALUE
CONVERTIBLE PREFERRED STOCK (0.0%)
		Energy (0.0%)
	2	Gulfport Energy Operating Corp. 10.000% (Cost $1,373)	$	12,530
PREFERRED STOCKS (0.9%)
		Consumer Discretionary (0.2%)
	590	Guitar Center, Inc.&		73,455
		Energy (0.6%)
	3,755	NuStar Energy, LP‡ 9.126%, 11/30/22 3 mo. USD LIBOR + 5.64%		79,756
	1,697	NuStar Energy, LP^‡ 10.249%, 11/30/22 3 mo. USD LIBOR + 6.77%		39,303
	4,185	NuStar Logistics, LP‡ 10.813%, 01/15/43 3 mo. USD LIBOR + 6.73%		104,248
				223,307
		Financials (0.1%)
	1,924	B Riley Financial, Inc. 5.250%, 08/31/28		32,650
		TOTAL PREFERRED STOCKS (Cost $364,453)		329,412
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (4.6%)
	1,689,300	State Street Navigator Securities Lending Government Money Market Portfolio, 3.124%† (Cost $1,689,300)		1,689,300
		TOTAL INVESTMENTS (103.0%) (Cost $42,928,591)		37,515,455
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-4.6%)				(1,689,300	)
OTHER ASSETS, LESS LIABILITIES (1.6%)				569,624
NET ASSETS (100.0%)			$	36,395,779

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
176

High Income Opportunities Fund Schedule of Investments October 31, 2022

NOTES TO SCHEDULE OF INVESTMENTS

*  Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

^  Security, or portion of security, is on loan.

@  In default status and considered non-income producing.

&  Illiquid security.

‡  Variable rate security. The rate shown is the rate in effect at October 31, 2022.

¡  Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.

#  Non-income producing security.

†  Represents investment of cash collateral received from securities on loan as of October 31, 2022.

See accompanying Notes to Schedule of Investments

www.calamos.com
177

Short-Term Bond Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
CORPORATE BONDS (59.8%)
		Airlines (1.3%)
	446,897	Air Canada Pass Through Trust Series 2015-1, Class B* 3.875%, 09/15/24	$	437,463
	302,279	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25		292,845
	1,054,029	Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29		982,577
	270,101	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		268,747
	990,775	British Airways Pass Through Trust Series 2013-1, Class A* 4.625%, 12/20/25		967,403
	477,604	British Airways Pass Through Trust Series 2019-1, Class A* 3.350%, 12/15/30		406,904
	1,250,000	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25		1,270,125
				4,626,064
		Communication Services (2.3%)
	1,000,000	Ashtead Capital, Inc.* 4.375%, 08/15/27		906,140
	1,000,000	AT&T, Inc. 1.700%, 03/25/26		882,830
	1,000,000	Bell Canada 0.750%, 03/17/24		943,140
	373,000	Cincinnati Bell, Inc. 7.250%, 06/15/23		370,534
	750,000	Cogent Communications Group, Inc.* 3.500%, 05/01/26		679,627
	250,000	Comcast Corp. 5.250%, 11/07/25		250,138
	500,000	Magallanes, Inc.* 3.788%, 03/15/25		471,540
	822,000	Netflix, Inc.* 3.625%, 06/15/25		784,591
	500,000	NTT Finance Corp.* 0.583%, 03/01/24		470,660
	1,000,000	Rogers Communications, Inc. 3.625%, 12/15/25		936,690
	500,000	Sirius XM Radio, Inc.* 3.125%, 09/01/26		447,420
	1,000,000	Sprint Corp. 7.875%, 09/15/23		1,017,110
	250,000	Warnermedia Holdings, Inc.* 3.428%, 03/15/24		241,350
				8,401,770

PRINCIPAL AMOUNT			VALUE
		Consumer Discretionary (5.8%)
	1,157,000	Abercrombie & Fitch Management Company*^ 8.750%, 07/15/25	$	1,098,502
	500,000	American Honda Finance Corp. 0.650%, 09/08/23		480,820
	250,000	0.750%, 08/09/24^		232,078
	250,000	0.550%, 07/12/24^		231,878
	1,000,000	Aptiv, PLC 2.396%, 02/18/25		932,450
	500,000	BMW US Capital, LLC*^ 3.900%, 04/09/25		483,360
	750,000	Brunswick Corp. 0.850%, 08/18/24		687,525
	500,000	Caesars Entertainment, Inc.* 6.250%, 07/01/25		488,650
	1,000,000	Daimler Finance North America, LLC* 2.125%, 03/10/25		925,400
	1,000,000	Dollar General Corp. 4.250%, 09/20/24		983,010
	1,000,000	DR Horton, Inc.^ 5.750%, 08/15/23		1,002,410
	500,000	Ford Motor Credit Company, LLC 3.810%, 01/09/24		485,440
	500,000	3.370%, 11/17/23		485,245
	500,000	2.300%, 02/10/25		453,990
	250,000	3.350%, 11/01/22		250,000
	250,000	General Motors Company 5.400%, 10/02/23		249,090
	1,000,000	General Motors Financial Company, Inc. 1.200%, 10/15/24		913,990
	750,000	goeasy, Ltd.* 5.375%, 12/01/24		706,072
	200,000	4.375%, 05/01/26		173,526
	500,000	Goodyear Tire & Rubber Company 9.500%, 05/31/25		521,760
	1,251,000	Hasbro, Inc. 3.000%, 11/19/24		1,189,388
	500,000	Kia Corp.*^ 2.375%, 02/14/25		461,730
	750,000	L Brands, Inc.*^ 9.375%, 07/01/25		782,205
	250,000	Lennar Corp. 4.500%, 04/30/24		246,167
	1,000,000	Lowe's Companies, Inc. 4.400%, 09/08/25		981,230
	750,000	Mattel, Inc.* 3.375%, 04/01/26		687,330
	500,000	5.875%, 12/15/27		486,425
	250,000	MGM Resorts International 6.000%, 03/15/23		250,600
	500,000	Newell Brands, Inc. 6.375%, 09/15/27^		490,190
	300,000	4.000%, 12/01/24		291,741

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
178

Short-Term Bond Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
	500,000	Nordstrom, Inc. 2.300%, 04/08/24	$	469,880
	250,000	Target Corp. 2.250%, 04/15/25		235,303
	500,000	Toll Brothers Finance Corp. 4.375%, 04/15/23		496,940
	1,000,000	Toyota Motor Corp. 0.681%, 03/25/24		941,940
	1,000,000	VF Corp. 2.400%, 04/23/25		927,480
				20,723,745
		Consumer Staples (1.4%)
	200,000	Conagra Brands, Inc. 0.500%, 08/11/23		192,704
	500,000	Darling Ingredients, Inc.* 5.250%, 04/15/27		482,775
	750,000	Keurig Dr Pepper, Inc. 0.750%, 03/15/24		706,852
	500,000	McCormick & Company Inc/MD 3.500%, 09/01/23		493,610
	300,000	0.900%, 02/15/26		259,011
	500,000	Mondelez International, Inc. 2.125%, 03/17/24		479,735
	905,000	Pilgrim's Pride Corp.* 5.875%, 09/30/27		886,095
	1,500,000	Walgreens Boots Alliance, Inc. 0.950%, 11/17/23		1,435,155
				4,935,937
		Energy (2.2%)
	500,000	Atlantic City Electric 3.375%, 09/01/24		483,160
	750,000	Continental Resources, Inc. 4.500%, 04/15/23		746,955
	500,000	Enbridge, Inc. 2.500%, 02/14/25		467,460
	375,000	2.150%, 02/16/24		360,743
	500,000	EQM Midstream Partners, LP* 7.500%, 06/01/27		495,230
	1,000,000	EQT Corp. 3.125%, 05/15/26*		910,410
	500,000	6.125%, 02/01/25		501,280
	1,000,000	Eversource Energy 4.200%, 06/27/24		982,180
	1,000,000	Kinder Morgan Energy Partners, LP 3.500%, 09/01/23		986,620
	1,250,000	ONEOK, Inc. 2.750%, 09/01/24		1,188,112
	500,000	Parkland Corp.* 5.875%, 07/15/27		473,940
	500,000	TransCanada PipeLines, Ltd. 1.000%, 10/12/24		459,690
				8,055,780

PRINCIPAL AMOUNT			VALUE
		Financials (24.2%)
	500,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust 2.875%, 08/14/24^	$	468,440
	500,000	1.750%, 10/29/24		453,665
	500,000	1.650%, 10/29/24		454,565
	1,000,000	African Development Bank 3.375%, 07/07/25		970,130
	250,000	Ally Financial, Inc. 3.050%, 06/05/23		246,400
	250,000	1.450%, 10/02/23		239,973
	500,000	American Express Company 3.400%, 02/22/24		487,900
	500,000	2.250%, 03/04/25		464,610
	680,000	Ares Capital Corp.^ 3.500%, 02/10/23		676,403
	2,000,000	Asian Development Bank^ 0.375%, 06/11/24		1,870,020
	750,000	Aviation Capital Group, LLC* 1.950%, 09/20/26		604,305
	250,000	3.875%, 05/01/23		246,280
	500,000	Bank of America Corp.‡ 2.456%, 10/22/25 3 mo. USD LIBOR + 0.87%		466,490
	500,000	1.530%, 12/06/25 SOFR + 0.65%		456,015
	250,000	1.658%, 03/11/27 SOFR + 0.91%		216,198
	250,000	0.981%, 09/25/25 SOFR + 0.91%		227,250
	500,000	Bank of Montreal 4.250%, 09/14/24		489,685
	500,000	1.500%, 01/10/25		459,420
	500,000	1.250%, 09/15/26		425,635
	500,000	0.625%, 07/09/24		462,290
	1,000,000	Bank of Nova Scotia 1.450%, 01/10/25		916,540
	200,000	0.650%, 07/31/24		184,102
	1,000,000	Bank of NY Mellon Corp.‡ 4.414%, 07/24/26
		SOFR + 1.35%		973,010
	500,000	3.430%, 06/13/25 SOFR + 0.57%		485,200
	500,000	Barclays, PLC‡ 5.304%, 08/09/26 1 year CMT + 2.30		475,840
	500,000	1.007%, 12/10/24 1 year CMT + 0.80%		468,735
	500,000	Blackstone Private Credit Fund 2.350%, 11/22/24		458,250
	1,000,000	Brookfield Finance, Inc. 4.000%, 04/01/24		980,500
	450,000	Buffalo State College Foundation Housing Corp. 2.100%, 11/01/22		450,000

See accompanying Notes to Schedule of Investments

www.calamos.com
179

Short-Term Bond Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
	500,000	Capital One Financial Corp. 4.985%, 07/24/26‡ SOFR + 2.16%	$	482,535
	500,000	2.636%, 03/03/26‡ SOFR + 1.29%		458,770
	500,000	2.600%, 05/11/23		493,605
	1,000,000	Caterpillar Financial Services Corp. 0.450%, 05/17/24		934,170
	500,000	3.650%, 08/12/25		484,555
	250,000	Charles Schwab Corp. 0.900%, 03/11/26		216,133
	1,000,000	Chubb INA Holdings, Inc. 3.350%, 05/15/24		972,630
	1,000,000	Citigroup, Inc.‡ 0.981%, 05/01/25 SOFR + 0.67%		923,540
	500,000	2.014%, 01/25/26 SOFR + 0.69%		457,080
	500,000	1.281%, 11/03/25 SOFR + 0.53%		453,290
	1,000,000	Citizens Bank NA‡ 4.119%, 05/23/25 SOFR + 1.40%		974,300
	500,000	6.064%, 10/24/25		503,610
	1,000,000	CNO Global Funding* 1.650%, 01/06/25		916,950
	1,000,000	Cooperatieve Rabobank UA 1.375%, 01/10/25		919,100
	250,000	3.875%, 08/22/24		244,457
	475,000	Credit Acceptance Corp.* 5.125%, 12/31/24		447,174
	500,000	Credit Suisse AG/New York NY 3.700%, 02/21/25		458,030
	500,000	1.000%, 05/05/23		485,035
	250,000	0.495%, 02/02/24		228,358
	500,000	Credit Suisse Group, AG*‡ 6.373%, 07/15/26 SOFR + 3.34%		466,720
	1,500,000	Danske Bank, A/S*‡ 0.976%, 09/10/25 1 year CMT + 0.55%		1,345,890
	1,250,000	Discover Bank 2.450%, 09/12/24		1,174,812
	1,000,000	DNB Bank, ASA*‡ 0.856%, 09/30/25 1 year CMT + 0.33%		905,660
	207,000	Enact Holdings, Inc.* 6.500%, 08/15/25		204,323
		European Bank for Reconstruction & Development^
	1,250,000	0.500%, 11/25/25		1,106,300
	1,000,000	0.500%, 05/19/25		903,540
	1,000,000	European Investment Bank 0.375%, 07/24/24		931,000
	1,000,000	0.250%, 09/15/23		961,410

PRINCIPAL AMOUNT			VALUE
	500,000	Fifth Third Bancorp 4.300%, 01/16/24	$	492,785
	500,000	1.707%, 11/01/27‡ SOFR + 0.69%		426,600
	500,000	FNB Corp/PA 2.200%, 02/24/23		494,160
	750,000	Goldman Sachs Group, Inc. 0.855%, 02/12/26‡ SOFR + 0.61%		665,175
	500,000	1.757%, 01/24/25‡ SOFR + 0.73%		472,505
	500,000	1.217%, 12/06/23		478,530
	250,000	0.627%, 11/17/23‡ SOFR + 0.54%		249,047
	350,000	HAT Holdings I, LLC / HAT Holdings II, LLC* 3.375%, 06/15/26		285,761
	750,000	HSBC Holdings, PLC‡ 0.732%, 08/17/24 SOFR + 0.53%		711,315
	500,000	1.162%, 11/22/24 SOFR + 0.58%		469,250
	450,000	2.999%, 03/10/26 SOFR + 1.43%		409,140
	250,000	Hyundai Capital America* 2.375%, 02/10/23		248,045
	1,000,000	Inter-American Development Bank^ 1.750%, 03/14/25		937,510
	500,000	Intercontinental Exchange, Inc. 3.650%, 05/23/25		484,755
	1,000,000	International Bank for Reconstruction & Development 1.625%, 01/15/25		939,530
	500,000	International Finance Corp. 3.625%, 09/15/25		487,990
	500,000	JPMorgan Chase & Company‡ 2.595%, 02/24/26 SOFR + 0.92%		463,585
	500,000	0.824%, 06/01/25 SOFR + 0.54%		460,810
	250,000	1.578%, 04/22/27 SOFR + 0.89%		215,098
	250,000	0.768%, 08/09/25 SOFR + 0.49%		227,983
	500,000	KeyBank NA 4.150%, 08/08/25		483,400
	250,000	0.423%, 01/03/24‡ SOFR + 0.34%		247,805
	500,000	KeyCorp‡ 3.878%, 05/23/25 SOFR + 1.25%		485,590
	1,000,000	KfW 1.250%, 01/31/25		930,500
	1,000,000	Kreditanstalt fuer Wiederaufbau 3.375%, 08/23/24		978,270
	300,000	1.000%, 10/01/26		262,905

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
180

Short-Term Bond Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
	1,000,000	Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.* 5.250%, 10/01/25	$	923,230
	1,000,000	Level 3 Financing, Inc.* 3.400%, 03/01/27		863,100
	750,000	Lloyds Banking Group, PLC‡ 0.695%, 05/11/24 1 year CMT + 0.55%		727,687
	500,000	3.511%, 03/18/26 1 year CMT + 1.60		463,585
	750,000	LSEGA Financing, PLC*^ 0.650%, 04/06/24		699,780
	650,000	Macquarie Group, Ltd.*‡ 4.150%, 03/27/24 3 mo. USD LIBOR + 1.33%		645,853
	500,000	1.201%, 10/14/25 SOFR + 0.69%		453,765
	1,000,000	Markel Corp. 3.625%, 03/30/23		994,540
	1,000,000	Metropolitan Life Global Funding I* 2.800%, 03/21/25		946,500
	335,000	0.700%, 09/27/24^		307,362
	500,000	Mitsubishi UFJ Financial Group, Inc.‡ 5.063%, 09/12/25 1 year CMT + 1.55		492,875
	500,000	4.788%, 07/18/25 1 year CMT + 1.70		490,745
	520,000	Mondelez International Holdings Netherlands, BV*^ 0.750%, 09/24/24		476,226
	750,000	Morgan Stanley‡ 0.790%, 05/30/25 SOFR + 0.53%		686,977
	750,000	0.731%, 04/05/24 SOFR + 0.62%		732,135
	500,000	National Bank of Canada 3.750%, 06/09/25‡ SOFR + 1.01%		481,965
	250,000	2.100%, 02/01/23		248,260
	500,000	NatWest Group, PLC‡ 2.359%, 05/22/24 1 year CMT + 2.15%		487,930
	500,000	NatWest Markets, PLC*^ 1.600%, 09/29/26		421,200
	500,000	Nordea Bank Abp* 4.750%, 09/22/25		490,415
	500,000	1.500%, 09/30/26		420,840
	1,000,000	Nordic Investment Bank 2.625%, 04/04/25		956,460
	1,000,000	0.375%, 09/11/25		888,790
	1,000,000	Oesterreichische Kontrollbank, AG 3.625%, 09/09/27		964,640
	1,000,000	1.500%, 02/12/25		934,060
	500,000	OneMain Finance Corp. 6.125%, 03/15/24		489,095

PRINCIPAL AMOUNT			VALUE
	500,000	Pacific Life Global Funding II* 0.500%, 09/23/23	$	480,170
	750,000	PNC Financial Services Group, Inc. 5.671%, 10/28/25‡		751,357
	250,000	2.200%, 11/01/24		235,908
	935,000	Pricoa Global Funding I* 4.200%, 08/28/25		904,210
	500,000	1.200%, 09/01/26		432,535
	1,000,000	Radian Group, Inc. 4.500%, 10/01/24		953,020
	1,000,000	Reinsurance Group of America, Inc. 4.700%, 09/15/23		998,340
	1,000,000	Reliance Standard Life Global Funding II* 3.850%, 09/19/23		984,110
	500,000	Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.* 2.875%, 10/15/26		419,480
	750,000	Royal Bank Of Canada 6.000%, 11/01/27		754,950
	250,000	Royal Bank of Canada 0.875%, 01/20/26		216,340
	500,000	SBA Tower Trust* 1.631%, 05/15/51		418,011
	250,000	1.840%, 04/15/27		207,079
	200,000	1.884%, 07/15/50		175,274
	190,000	2.836%, 01/15/50		176,609
	500,000	Skandinaviska Enskilda Banken, AB* 0.650%, 09/09/24		457,695
	300,000	1.200%, 09/09/26^		256,599
	500,000	SLM Corp. 3.125%, 11/02/26		438,870
	500,000	Starwood Property Trust, Inc.* 5.500%, 11/01/23		494,395
	500,000	3.750%, 12/31/24		468,130
	500,000	State Street Corp.‡ 2.354%, 11/01/25 SOFR + 0.94%		469,825
	500,000	StoneX Group, Inc.* 8.625%, 06/15/25		494,380
	1,500,000	SVB Financial Group 3.500%, 01/29/25		1,427,190
	1,000,000	Svenska Handelsbanken, AB* 3.650%, 06/10/25		955,380
	500,000	Toronto-Dominion Bank 3.766%, 06/06/25		480,330
	500,000	1.450%, 01/10/25		460,340
	250,000	1.200%, 06/03/26		215,523
	250,000	0.750%, 09/11/25		219,470
	250,000	0.750%, 01/06/26		215,953
	1,000,000	Truist Financial Corp. 5.900%, 10/28/26‡		1,000,480
	250,000	2.200%, 03/16/23		247,797
	1,000,000	UBS AG/London* 1.375%, 01/13/25		915,510
	500,000	0.450%, 02/09/24^		469,915

See accompanying Notes to Schedule of Investments

www.calamos.com
181

Short-Term Bond Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
	500,000	UBS Group, AG*‡ 4.490%, 08/05/25 1 year CMT + 1.60%	$	484,095
	500,000	USAA Capital Corp.* 1.500%, 05/01/23		491,375
	1,000,000	Ventas Realty, LP 3.500%, 04/15/24		970,870
	1,000,000	3.500%, 02/01/25		950,300
	750,000	VICI Properties, LP / VICI Note Company, Inc.* 3.500%, 02/15/25		700,215
	500,000	Wells Fargo & Company‡ 3.908%, 04/25/26 SOFR + 1.32%		475,915
	500,000	1.654%, 06/02/24 SOFR + 1.60%		488,575
				86,883,407
		Health Care (3.8%)
	250,000	AbbVie, Inc. 2.300%, 11/21/22		249,695
	250,000	AstraZeneca, PLC 0.700%, 04/08/26		215,625
	1,000,000	Baxter International, Inc. 1.322%, 11/29/24		921,000
	500,000	0.868%, 12/01/23		477,765
	1,000,000	Bristol-Myers Squibb Company 2.900%, 07/26/24		967,840
	250,000	Cigna Corp. 0.613%, 03/15/24		235,463
	750,000	Elanco Animal Health, Inc. 5.772%, 08/28/23		748,372
	750,000	Elevance Health, Inc. 2.375%, 01/15/25		705,315
	375,000	Gilead Sciences, Inc. 0.750%, 09/29/23		361,110
	250,000	GlaxoSmithKline Capital, PLC^ 0.534%, 10/01/23		240,373
	1,000,000	GSK Consumer Healthcare* Capital U.S. LLC 3.024%, 03/24/24		965,126
	250,000	3.125%, 03/24/25		235,573
	1,000,000	Health Care Service Corp. A Mutual Legal Reserve Company* 1.500%, 06/01/25		906,850
	750,000	Humana, Inc. 0.650%, 08/03/23		725,070
	400,000	Illumina, Inc. 0.550%, 03/23/23		392,660
	500,000	Laboratory Corp. of America Holdings 3.600%, 02/01/25		479,795
	500,000	2.300%, 12/01/24		469,895
	500,000	PerkinElmer, Inc. 0.850%, 09/15/24		461,850
	750,000	Quest Diagnostics, Inc. 3.500%, 03/30/25		719,722

PRINCIPAL AMOUNT			VALUE
	500,000	Tenet Healthcare Corp.* 4.625%, 09/01/24	$	487,265
	1,000,000	Teva Pharmaceutical Finance Company, BV 2.950%, 12/18/22		994,590
	750,000	Thermo Fisher Scientific, Inc. 1.215%, 10/18/24		698,460
	500,000	UnitedHealth Group, Inc. 5.250%, 02/15/28		501,380
	500,000	5.150%, 10/15/25		501,095
				13,661,889
		Industrials (6.4%)
	500,000	Air Lease Corp. 0.800%, 08/18/24		454,750
	250,000	2.250%, 01/15/23		248,295
	750,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 3.500%, 02/15/23		746,857
	500,000	Allegiant Travel Company* 7.250%, 08/15/27		471,535
	500,000	Avolon Holdings Funding, Ltd.* 5.250%, 05/15/24		484,700
	250,000	5.500%, 01/15/26		230,135
	750,000	Beacon Roofing Supply, Inc.*^ 4.500%, 11/15/26		690,292
	1,000,000	Canadian Pacific Railway Company 1.350%, 12/02/24		923,490
	500,000	Daimler Trucks Finance North America, LLC* 1.625%, 12/13/24		459,925
	500,000	1.125%, 12/14/23		476,605
	1,000,000	Delta Air Lines, Inc. 3.800%, 04/19/23		995,860
	1,000,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.* 4.500%, 10/20/25		975,160
	500,000	GATX Corp. 4.350%, 02/15/24		493,025
	500,000	Graphic Packaging International, LLC* 1.512%, 04/15/26		425,830
	500,000	0.821%, 04/15/24		464,320
	500,000	GXO Logistics, Inc. 1.650%, 07/15/26		417,035
	750,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26		693,150
	250,000	Honeywell International, Inc. 1.350%, 06/01/25		229,528
	375,000	Huntington Ingalls Industries, Inc. 0.670%, 08/16/23		361,755
	250,000	3.844%, 05/01/25		238,298
	500,000	Infor, Inc.* 1.450%, 07/15/23		485,490

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
182

Short-Term Bond Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
	1,000,000	John Deere Capital Corp. 2.125%, 03/07/25	$	939,530
	500,000	3.400%, 06/06/25		482,780
	1,000,000	L3Harris Technologies, Inc. 3.850%, 06/15/23		992,060
	500,000	Leidos, Inc. 3.625%, 05/15/25		476,555
	500,000	2.950%, 05/15/23		494,215
	500,000	Owens Corning 4.200%, 12/01/24		487,570
	1,000,000	Parker-Hannifin Corp. 2.700%, 06/14/24		959,060
	350,000	QVC, Inc. 4.850%, 04/01/24		336,767
	500,000	Roper Technologies, Inc. 1.000%, 09/15/25		442,705
	700,000	Ryder System, Inc. 3.875%, 12/01/23		689,528
	500,000	Siemens Financieringsmaatschappij, NV*^ 3.250%, 05/27/25		476,415
	250,000	0.400%, 03/11/23		246,188
	1,000,000	SMBC Aviation Capital Finance DAC* 4.125%, 07/15/23		993,620
	500,000	1.900%, 10/15/26		415,380
	49,000	TransDigm, Inc.* 6.250%, 03/15/26		48,362
	1,000,000	Verisk Analytics, Inc. 4.000%, 06/15/25		965,030
	1,000,000	Waste Management, Inc. 3.500%, 05/15/24		976,700
	750,000	WESCO Distribution, Inc.* 7.125%, 06/15/25		758,385
	723,000	Williams Scotsman International, Inc.* 6.125%, 06/15/25		722,103
				22,868,988
		Information Technology (4.6%)
	1,000,000	Apple, Inc. 2.850%, 05/11/24		973,240
	1,000,000	Autodesk, Inc. 4.375%, 06/15/25		981,530
	715,000	Broadridge Financial Solutions, Inc. 3.400%, 06/27/26		662,097
	500,000	CDW, LLC / CDW Finance Corp. 5.500%, 12/01/24		495,530
	300,000	4.125%, 05/01/25		285,546
	500,000	CGI, Inc. 1.450%, 09/14/26		429,850
	1,000,000	Dell International, LLC / EMC Corp. 4.000%, 07/15/24		976,140
	500,000	Fidelity National Information Services, Inc. 4.500%, 07/15/25		486,790
	500,000	0.600%, 03/01/24		470,165
	500,000	Fortinet, Inc. 1.000%, 03/15/26		429,815

PRINCIPAL AMOUNT			VALUE
	750,000	Hewlett Packard Enterprise Company 1.450%, 04/01/24	$	710,272
	300,000	2.250%, 04/01/23		296,787
	500,000	HP, Inc. 1.450%, 06/17/26		428,150
	1,000,000	Intel Corp. 2.875%, 05/11/24		970,620
	500,000	Intuit, Inc. 0.650%, 07/15/23		485,365
	500,000	KLA Corp. 4.650%, 11/01/24		497,720
	1,000,000	NetApp, Inc. 1.875%, 06/22/25		908,180
	1,000,000	NVIDIA Corp. 0.584%, 06/14/24		933,240
	1,000,000	Oracle Corp.^ 2.400%, 09/15/23		975,630
	1,000,000	PayPal Holdings, Inc. 2.650%, 10/01/26		913,120
	750,000	PTC, Inc.* 3.625%, 02/15/25		716,257
	350,000	Seagate HDD Cayman 4.750%, 06/01/23		347,519
	500,000	Take-Two Interactive Software, Inc. 3.550%, 04/14/25		477,310
	500,000	3.300%, 03/28/24		485,520
	250,000	Texas Instruments, Inc. 1.125%, 09/15/26		217,873
	200,000	TSMC Arizona Corp. 1.750%, 10/25/26		172,728
	750,000	VMware, Inc. - Class A 1.000%, 08/15/24		692,138
				16,419,132
		Materials (2.1%)
	750,000	Alcoa Nederland Holding, BV*^ 5.500%, 12/15/27		703,365
	250,000	Avery Dennison Corp. 0.850%, 08/15/24		231,340
	250,000	Ball Corp. 4.000%, 11/15/23		245,205
	1,000,000	Celanese US Holdings, LLC 5.900%, 07/05/24		982,990
	350,000	Clearwater Paper Corp.*^ 5.375%, 02/01/25		340,546
	1,000,000	Freeport-McMoRan, Inc. 5.000%, 09/01/27		956,660
	1,000,000	Genuine Parts Company 1.750%, 02/01/25		925,470
	500,000	Martin Marietta Materials, Inc. 0.650%, 07/15/23		484,245
	1,000,000	OCI, NV* 4.625%, 10/15/25		935,410
	227,000	Owens-Brockway Glass Container, Inc.* 5.875%, 08/15/23		226,839

See accompanying Notes to Schedule of Investments

www.calamos.com
183

Short-Term Bond Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
	500,000	Sherwin Williams Company 4.050%, 08/08/24	$	490,850
	200,000	4.250%, 08/08/25		194,690
	1,000,000	Sonoco Products Company 1.800%, 02/01/25		923,560
				7,641,170
		Other (0.8%)
	312,000	BorgWarner, Inc. 3.375%, 03/15/25		298,291
	1,000,000	Diageo Capital, PLC 5.200%, 10/24/25		1,003,690
	1,000,000	Federation des Caisses Desjardins du Quebec* 4.400%, 08/23/25		960,860
	500,000	NortonLifeLock, Inc.* 6.750%, 09/30/27		493,660
	250,000	Toyota Motor Credit Corp. 0.800%, 01/09/26		218,582
				2,975,083
		Real Estate (1.5%)
	250,000	American Tower Corp. 0.600%, 01/15/24		236,430
	500,000	EPR Properties^ 4.500%, 04/01/25		466,735
	500,000	Equinix, Inc. 1.000%, 09/15/25		439,015
	250,000	1.250%, 07/15/25		222,710
	500,000	Federal Realty Investment Trust 1.250%, 02/15/26		435,155
	750,000	Forestar Group, Inc.* 3.850%, 05/15/26		645,795
	1,000,000	Healthpeak Properties, Inc.^ 3.400%, 02/01/25		954,640
	500,000	Realty Income Corp. 4.625%, 11/01/25		489,110
	500,000	Simon Property Group, LP 1.375%, 01/15/27^		424,490
	250,000	2.000%, 09/13/24		235,110
	500,000	Welltower, Inc. 3.625%, 03/15/24		486,165
	250,000	4.000%, 06/01/25		239,215
				5,274,570
		Special Purpose Acquisition Companies (0.7%)
	1,000,000	New York Life Global Funding* 3.600%, 08/05/25		957,900
	1,000,000	Novartis Capital Corp. 3.400%, 05/06/24		980,810
	400,000	Shire Acquisitions Investments Ireland DAC 2.875%, 09/23/23		391,504
				2,330,214

PRINCIPAL AMOUNT			VALUE
		Utilities (2.7%)
	250,000	AES Corp. 1.375%, 01/15/26	$	216,863
	500,000	Alexander Funding Trust* 1.841%, 11/15/23		469,690
	500,000	American Electric Power Company, Inc. 0.750%, 11/01/23		478,155
	1,000,000	CMS Energy Corp. 3.600%, 11/15/25		947,260
	250,000	Consolidated Edison, Inc.^ 0.650%, 12/01/23		238,745
	300,000	DPL, Inc. 4.125%, 07/01/25		284,091
	250,000	DTE Energy Company 2.250%, 11/01/22		250,000
	750,000	Enel Finance International, NV* 2.650%, 09/10/24		709,590
	250,000	Entergy Arkansas, LLC 3.500%, 04/01/26		237,127
	300,000	Entergy Corp. 0.900%, 09/15/25		262,950
	500,000	Entergy Texas, Inc. 1.500%, 09/01/26		430,595
	1,000,000	National Rural Utilities Cooperative Finance, Corp. 5.450%, 10/30/25		1,005,340
	167,000	NextEra Energy Capital Holdings, Inc. 0.650%, 03/01/23		164,757
	25,000	PPL Capital Funding, Inc.‡ 6.339%, 03/30/67 3 mo. USD LIBOR + 2.67%		21,220
	250,000	Public Service Electric and Gas Company 0.950%, 03/15/26		218,415
	1,500,000	Public Service Enterprise Group, Inc. 0.841%, 11/08/23		1,430,100
	200,000	Sempra Energy 3.300%, 04/01/25		189,896
	1,000,000	Southern California Gas Company 3.150%, 09/15/24		964,910
	250,000	Southern Power Company 0.900%, 01/15/26		216,948
	500,000	WEC Energy Group, Inc. 5.000%, 09/27/25		497,425
	500,000	0.800%, 03/15/24		470,340
				9,704,417
		TOTAL CORPORATE BONDS (Cost $228,034,090)		214,502,166
U.S. GOVERNMENT AND AGENCY SECURITIES (5.4%)
	1,000,000	Federal Home Loan Mortgage Corp. 4.000%, 11/25/24		984,980
	5,500,000	U.S. Treasury Note 3.125%, 08/15/25		5,312,227
	5,000,000	3.500%, 09/15/25		4,875,586
	4,000,000	3.000%, 07/15/25		3,853,125

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
184

Short-Term Bond Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
	4,000,000	United States Treasury Note 1.125%, 10/31/26	$	3,530,312
	1,000,000	0.625%, 10/15/24		928,203
		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $20,324,238)		19,484,433
SOVEREIGN BONDS (1.0%)
	1,000,000	Export Development Canada 3.375%, 08/26/25		968,330
	500,000	Kommunalbanken AS* 0.500%, 01/13/26		439,145
	750,000	Korea Development Bank^ 0.750%, 01/25/25		681,817
	1,500,000	Svensk Exportkredit AB 3.625%, 09/03/24		1,470,585
		TOTAL SOVEREIGN BONDS (Cost $3,740,241)		3,559,877
BANK LOANS (9.1%)¡
		Airlines (0.5%)
	470,000	American Airlines, Inc.‡ 8.993%, 04/20/28 3 mo. LIBOR + 4.75%		466,224
	712,500	Mileage Plus Holdings, LLC‡ 8.777%, 06/21/27 3 mo. LIBOR + 5.25%		728,827
	511,500	Mileage Plus Holdings, LLC! 0.000%, 06/21/27		523,221
				1,718,272
		Communication Services (1.5%)
	1,981,805	Charter Communications Operating, LLC‡ 5.510%, 04/30/25 1 mo. LIBOR + 1.75%		1,960,926
	698,210	DIRECTV Financing, LLC‡ 8.754%, 08/02/27 1 mo. LIBOR + 5.00%		667,139
	1,176,091	Go Daddy Operating Company, LLC‡ 5.504%, 02/15/24 1 mo. LIBOR + 1.75%		1,170,946
	650,187	Nexstar Broadcasting, Inc.‡ 6.254%, 09/18/26 1 mo. LIBOR + 2.50%		645,038
	934,852	SBA Senior Finance II, LLC‡ 5.510%, 04/11/25 1 mo. LIBOR + 1.75%		928,425
				5,372,474
		Consumer Discretionary (0.9%)
	995,000	Avis Budget Car Rental, LLC‡ 7.329%, 03/16/29 1 mo. SOFR + 3.50%		987,955
	986,237	Murphy USA, Inc.‡ 4.865%, 01/31/28 1 mo. LIBOR + 1.75%		987,840

PRINCIPAL AMOUNT			VALUE
	494,987	PetSmart, Inc.‡ 7.500%, 02/11/28 1 mo. LIBOR + 3.75%	$	477,561
	750,000	SkyMiles IP, Ltd.‡ 7.993%, 10/20/27 3 mo. LIBOR + 3.75%		757,973
				3,211,329
		Energy (0.4%)
	550,077	DT Midstream, Inc.‡ 5.813%, 06/26/28 1 mo. LIBOR + 2.00%		551,323
	1,000,000	Southwestern Energy Company‡ 6.203%, 06/22/27 3 mo. SOFR + 2.50%		988,130
				1,539,453
		Financials (0.3%)
	891,842	Jazz Financing Lux Sarl‡ 7.254%, 05/05/28 1 mo. LIBOR + 3.50%		882,718
		Health Care (1.3%)
	368,135	Avantor Funding, Inc.‡ 6.004%, 11/08/27 1 mo. LIBOR + 2.25%		361,897
	936,987	Catalent Pharma Solutions Inc.‡ 5.625%, 02/22/28 1 mo. LIBOR + 2.00%		927,913
	992,347	DaVita, Inc.‡ 5.504%, 08/12/26 1 mo. LIBOR + 1.75%		961,336
	319,435	Icon Luxembourg Sarl‡ 5.938%, 07/03/28 3 mo. LIBOR + 2.25%		316,700
	965,428	Organon & Company‡ 6.188%, 06/02/28 3 mo. LIBOR + 3.00%		944,411
	997,500	Perrigo Investments, LLC‡ 6.329%, 04/20/29 1 mo. SOFR + 2.50%		986,278
	79,587	PRA Health Sciences, Inc.‡ 5.938%, 07/03/28 3 mo. LIBOR + 2.25%		78,906
				4,577,441
		Industrials (2.4%)
	1,186,237	AECOM Technology Corp.‡ 5.504%, 04/13/28 1 mo. LIBOR + 1.75%		1,185,745
	498,750	Air Canada‡ 6.421%, 08/11/28 3 mo. LIBOR + 3.50%		487,892
	986,339	APi Group DE, Inc.‡ 6.504%, 01/03/29 1 mo. LIBOR + 2.75%		974,873

See accompanying Notes to Schedule of Investments

www.calamos.com
185

Short-Term Bond Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
	1,500,000	Berry Global, Inc.‡ 5.050%, 07/01/26 3 mo. LIBOR + 1.75%	$	1,480,710
	986,237	Horizon Therapeutics USA, Inc.‡ 5.375%, 03/15/28 1 mo. LIBOR + 1.75%		967,751
	992,462	JELD-WEN, Inc.‡ 6.004%, 07/28/28 1 mo. LIBOR + 2.25%		919,000
	917,288	Spectrum Brands, Inc.‡ 5.760%, 03/03/28 1 mo. LIBOR + 2.00%		895,842
	1,079,212	United Rentals, Inc.‡ 5.504%, 10/31/25 1 mo. LIBOR + 1.75%		1,081,371
	750,000	XPO Logistics, Inc.‡ 4.936%, 02/24/25 1 mo. LIBOR + 1.75%		739,984
				8,733,168
		Information Technology (0.7%)
	641,849	ON Semiconductor Corp.‡ 5.754%, 09/19/26 1 mo. LIBOR + 2.00%		643,151
	1,000,000	TTM Technologies, Inc.‡ 5.628%, 09/28/24 1 mo. LIBOR + 2.50%		991,880
	1,000,000	ZoomInfo LLC‡ 6.754%, 02/02/26 1 mo. LIBOR + 3.00%		996,560
				2,631,591
		Information Technology (0.3%)
	1,250,000	II-VI, Inc.‡ 5.878%, 07/02/29 1 mo. LIBOR + 2.75%		1,220,313
		Materials (0.5%)
	882,353	American Axle and Manufacturing, Inc.‡ 5.840%, 04/06/24 1 mo. LIBOR + 2.25%		873,088
	1,000,000	H.B. Fuller Company‡ 5.489%, 10/20/24 1 mo. LIBOR + 2.00%		1,001,075
				1,874,163
		Other (0.3%)
	1,000,000	ChampionX Corp.‡ 6.618%, 06/07/29 1 mo. SOFR + 3.25%		1,001,000
		TOTAL BANK LOANS (Cost $33,116,730)		32,761,922

PRINCIPAL AMOUNT			VALUE
ASSET BACKED SECURITIES (17.8%)
		Communication Services (0.9%)
	1,000,000	T-Mobile U.S. Trust 4.910%, 05/22/28	$	992,726
	1,000,000	Verizon Master Trust 2021-2 1.280%, 04/20/28		924,238
	1,000,000	Verizon Owner Trust 2020-A 1.980%, 07/22/24		984,513
	380,828	Verizon Owner Trust 2020-B 0.470%, 02/20/25		373,882
				3,275,359
		Consumer Discretionary (0.9%)
	1,500,000	Avis Budget Rental Car Funding AESOP, LLC* 3.350%, 09/22/25		1,436,634
	2,000,000	BMW Vehicle Lease Trust 2022-1 1.100%, 03/25/25		1,918,788
				3,355,422
		Financials (9.0%)
	2,000,000	American Express Credit Account Master Trust 0.900%, 11/15/26		1,838,635
	500,000	American Tower Trust #1* 3.070%, 03/15/48		495,593
	2,000,000	Capital One Multi-Asset Execution Trust 1.040%, 11/15/26		1,838,398
	1,000,000	Capital One Prime Auto Receivables Trust 2022-1 3.170%, 04/15/27		959,817
	151,240	Commonbond Student Loan Trust 2018-C-GS* 3.870%, 02/25/46		144,305
	484,339	Commonbond Student Loan Trust 2019-A-GS* 2.540%, 01/25/47		431,618
	766,150	Commonbond Student Loan Trust 2021-B-GS* 1.170%, 09/25/51		642,021
	380,136	Commonbond Student Loan Trust Series 2017-BGS* 2.680%, 09/25/42		349,263
	243,844	Commonbond Student Loan Trust Series 2021-AGS, Class A* 1.200%, 03/25/52		192,400
	1,000,000	Credit Acceptance Auto Loan Trust 2020-3* 1.240%, 10/15/29		972,145
	1,140,000	Credit Acceptance Auto Loan Trust 2021-2* 0.960%, 02/15/30		1,083,627
	500,000	Credit Acceptance Auto Loan Trust 2021-4* 1.260%, 10/15/30		463,832

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
186

Short-Term Bond Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
	1,550,000	Dell Equipment Finance Trust 2020-1* 2.980%, 04/24/23	$	1,548,725
	279,562	Dell Equipment Finance Trust 2020-2* 0.570%, 10/23/23		275,868
	250,000	Dell Equipment Finance Trust 2022-2* 4.400%, 07/22/27		242,719
	300,000	Dell Equipment Finance Trust Series 2021-1, Class B* 0.710%, 05/22/26		287,301
	1,500,000	Discover Card Execution Note Trust 2022- A2 3.320%, 05/15/27		1,433,864
	960,708	ELFI Graduate Loan Program 2021-A, LLC* 1.530%, 12/26/46		829,206
	1,186,750	ELFI Graduate Loan Program 2022-A, LLC* 4.510%, 08/26/47		1,114,649
	63,565	Enterprise Fleet Financing 2019-3, LLC* 2.060%, 05/20/25		63,426
	755,815	Enterprise Fleet Financing 2020-2, LLC* 0.610%, 07/20/26		732,536
	2,000,000	Ford Credit Auto Owner Trust 2019-REV1* 3.520%, 07/15/30		1,951,688
	1,500,000	Hertz Vehicle Financing, LLC* 1.210%, 12/26/25		1,365,915
	376,449	Kubota Credit Owner Trust 2020-1* 1.960%, 03/15/24		372,688
	2,000,000	MMAF Equipment Finance, LLC 2017-B* 2.720%, 06/15/40		1,926,166
	557,327	Navient Private Education Refi Loan Trust 2020-B* 2.120%, 01/15/69		494,478
	271,000	NextGear Floorplan Master Owner Trust* 0.850%, 07/15/26		251,192
	780,000	OneMain Direct Auto Receivables Trust 2021-1* 0.870%, 07/14/28		717,219
	777,000	OneMain Direct Auto Receivables Trust 2021-1* 1.260%, 07/14/28		670,354
	860,000	Oscar US Funding Trust XII, LLC* 1.000%, 04/10/28		774,808
	648,780	Oscar US Funding XIII, LLC* 0.390%, 08/12/24		638,070
	433,676	Pawnee Equipment Receivables Series 2020-1, LLC* 1.370%, 11/17/25		427,153

PRINCIPAL AMOUNT			VALUE
	374,601	Pawnee Equipment Receivables Series, LLC 2021-1* 1.100%, 07/15/27	$	356,827
	750,000	Pawneee Equipment Receivables Series 2022-1 LLC* 5.170%, 02/15/28		733,559
	400,000	PenFed Auto Receivables Owner Trust 2022-A* 3.960%, 04/15/26		391,561
	300,000	PenFed Auto Receivables Owner Trust 2022-A* 4.180%, 12/15/28		291,999
	1,240,000	Progress Residential 2019-SFR4 Trust* 2.687%, 10/17/36		1,163,634
	792,000	Progress Residentiall Trust Series 2021-SFR5, Class B* 1.658%, 07/17/38		675,609
	1,460,968	SoFi Professional Loan Program Trust 2020-C* 1.950%, 02/15/46		1,300,582
	1,615,000	Toyota Auto Loan Extended Note Trust 2019-1* 2.560%, 11/25/31		1,539,423
	206,582	World Omni Select Auto Trust 2020-A 0.550%, 07/15/25		204,380
				32,187,253
		Health Care (0.3%)
	1,000,000	DT Auto Owner Trust 2022-2* 4.220%, 01/15/27		960,218
		Industrials (0.2%)
	1,000,000	John Deere Owner Trust 2021-B 0.740%, 05/15/28		878,593
		Other (6.2%)
	2,000,000	Aligned Data Centers Issuer, LLC Series 2021-1A, Class A2* 1.937%, 08/15/46		1,681,587
	1,305,659	Amur Equipment Finance Receivables 2020 1A* 3.060%, 04/20/26		1,270,677
	600,000	Amur Equipment Finance Receivables 2022 2A* 5.300%, 06/21/28		591,367
	1,485,805	Atalaya Equipment Leasing Trust 21-1* 1.230%, 05/15/26		1,440,785
	1,000,000	BA Credit Card Trust 3.530%, 11/15/27		963,337
	1,475,000	CCG Receivables Trust* 3.570%, 09/14/26		1,444,360
	330,000	CCG Receivables Trust 2021-2* 1.270%, 03/14/29		297,681
	1,526,667	CLI Funding VI, LLC Series 2020-3A, Class A* 2.070%, 10/18/45		1,313,189

See accompanying Notes to Schedule of Investments

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187

Short-Term Bond Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
	1,609,000	CNH Equipment Trust 2020-A 2.300%, 10/15/27	$	1,533,793
	222,559	CNH Equipment Trust 2020-A 1.160%, 06/16/25		218,461
	1,000,000	Daimler Trucks Retail Trust 2022-1 5.230%, 02/17/26		996,232
	1,250,000	HPEFS Equipment Trust* 1.790%, 05/21/29		1,167,318
	1,035,348	HPEFS Equipment Trust 2020-2A* 1.200%, 07/22/30		1,033,330
	250,000	HPEFS Equipment Trust 2021-1* 4.200%, 09/20/29		243,661
	500,000	HPEFS Equipment Trust 2021-1* 0.570%, 03/20/31		481,374
	269,528	MVW Owner Trust 2019-1* 2.890%, 11/20/36		249,292
	695,039	SCF Equipment Leasing 2020-1, LLC* 1.190%, 10/20/27		669,981
	1,070,000	SCF Equipment Leasing, LLC Series 2021-1A, Class A3* 0.830%, 08/21/28		1,004,364
	153,815	Tesla Auto Lease Trust 2020-A* 0.680%, 12/20/23		152,561
	500,000	Tesla Auto Lease Trust 2021-A* 1.020%, 03/20/25		476,800
	775,000	Tesla Auto Lease Trust Series 2021-B, Class B* 0.910%, 09/22/25		718,084
	1,000,000	USAA Auto Owner Trust 2022-A 4.860%, 11/16/26		993,168
	1,489,292	Vantage Data Centers Issuer, LLC* 4.196%, 11/15/43		1,453,446
	2,000,000	World Omni Auto Receivables Trust 2022-B 3.250%, 07/15/27		1,918,741
				22,313,589
		Utilities (0.3%)
	55,300	Harley-Davidson Motorcycle Trust 2020-A 1.870%, 10/15/24		55,052
	1,000,000	Harley-Davidson Motorcycle Trust 2022-A 3.060%, 02/15/27		963,183
				1,018,235
		TOTAL ASSET BACKED SECURITIES (Cost $67,852,667)		63,988,669
MUNICIPAL OBLIGATIONS (4.2%)
		Airlines (0.1%)
	250,000	Dallas Fort Worth International Airport 1.041%, 11/01/23		240,200

PRINCIPAL AMOUNT			VALUE
		Other (3.8%)
	400,000	Alaska Housing Finance Corp. 0.846%, 12/01/23	$	382,901
	250,000	Armada Area Schools 0.950%, 05/01/25		227,082
	155,000	City of Auburn CA 0.961%, 06/01/25		139,947
	250,000	City of Carbondale IL 2.163%, 12/01/23		241,580
	500,000	City of Moline IL 0.542%, 12/01/22		498,247
	1,000,000	City of Montclair CA 0.926%, 06/01/24		935,911
	850,000	City of San Ramon CA 0.490%, 07/01/23		826,166
	500,000	City of Wheaton IL 0.786%, 12/01/24		459,105
	300,000	City of Willows CA 0.770%, 08/01/23		289,553
	300,000	Colorado Housing and Finance Authority 1.650%, 11/01/25		271,842
	150,000	Colorado Housing and Finance Authority 0.858%, 11/01/24		139,749
	250,000	Corona-Norco Unified School District 1.000%, 09/01/25		222,288
	250,000	County of Bergen NJ 2.000%, 11/01/23		243,032
	295,000	County of San Diego CA 0.600%, 10/01/23		284,123
	155,000	County of Santa Cruz AZ Pledged Revenue 1.250%, 07/01/24		145,385
	250,000	Cypress-Fairbanks Independent School District 5.000%, 02/15/25		251,325
	400,000	Duluth Independent School District No 709 2.000%, 02/01/23		397,340
	175,000	Encinitas Public Financing Authority 1.020%, 10/01/25		157,137
	175,000	Encinitas Public Financing Authority 0.790%, 10/01/24		162,381
	400,000	Fairfield Facilities Corp. 2.000%, 09/01/24		377,447
	250,000	Galveston Independent School District 5.000%, 02/01/25		251,147
	175,000	Haverstraw-Stony Point Central School District 0.790%, 05/01/23		171,503
	200,000	Indiana Bond Bank 0.650%, 02/01/24		189,262
	200,000	Indiana Bond Bank 0.470%, 02/01/23		197,975

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
188

Short-Term Bond Fund Schedule of Investments October 31, 2022

PRINCIPAL AMOUNT			VALUE
	640,000	Kentucky Housing Corp. 0.550%, 07/01/23	$	622,277
	500,000	Lake Central Multi-District School Building Corp. 0.853%, 01/15/24		474,846
	200,000	Lakeside Fire Protection District 1.250%, 08/01/23		194,227
	125,000	Lakeside Fire Protection District 1.620%, 08/01/24		117,359
	215,000	Minnetonka Independent 2.000%, 01/01/24	School District No 276 208,528
	390,000	New York City Transitional Finance Authority Future Tax Secured Revenue 1.250%, 05/01/26		342,696
	255,000	New York State Dormitory Authority 2.438%, 02/15/26		234,747
	150,000	Pharr San Juan Alamo Independent School District TX 5.000%, 02/01/25		150,085
	250,000	Reedy Creek Improvement District 1.549%, 06/01/23		245,325
	400,000	Regional Transportation Authority 3.000%, 06/01/25		375,884
	265,000	Sallisaw Municipal Authority 1.420%, 09/01/24		244,800
	400,000	San Bernardino City Unified School District 0.792%, 08/01/23		388,394
	350,000	South Dakota Health & Educational Facilities Authority 0.594%, 11/01/22		350,000
	250,000	Thornapple Kellogg School District 0.930%, 05/01/25		227,264
	250,000	Town of Oyster Bay NY 2.000%, 08/15/23		244,481
	525,000	Town of Stratford CT 0.956%, 08/01/24		490,287
	250,000	Village of Tarrytown NY 2.000%, 10/15/23		241,531
	300,000	Virginia Housing Development Authority 0.607%, 09/01/23		289,580
	400,000	West Mifflin Sanitary Sewer Municipal Authority 1.052%, 08/01/23		388,065
	125,000	Wichita Falls 4B Sales Tax Corp. 1.049%, 09/01/25		111,465
	340,000	Williamston Community Schools School District 1.050%, 05/01/25		310,028
				13,714,297

PRINCIPAL AMOUNT			VALUE
		Utilities (0.3%)
	505,000	Augusta GA Water & Sewer Revenue 4.300%, 10/01/26	$	488,342
	135,000	City of Fountain Company Electric Water & Wastewater Utility Enterprise Revenue 0.930%, 12/01/23		128,619
	100,000	City of Fountain Company Electric Water & Wastewater Utility Enterprise Revenue 0.870%, 12/01/22		99,672
	260,000	Twin Lakes Regional Sewer District 0.570%, 07/01/23		252,285
				968,918
		TOTAL MUNICIPAL OBLIGATIONS (Cost $15,711,776)		14,923,415
RESIDENTIAL MORTGAGE BACKED SECURITIES (1.0%)
	1,117,617	BANK 2019-BNK16 3.933%, 02/15/52		1,093,513
	181,977	CSAIL 2017-CX9 Commercial Mortgage Trust 3.054%, 09/15/50		178,983
	1,613,165	GS Mortgage-Backed Securities Corp. Trust 2021-PJ4*‡ 2.500%, 09/25/51		1,366,664
	610,656	GS Mortgage-Backed Securities Trust 2021-PJ11*‡ 2.500%, 04/25/52		518,362
	392,715	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15 3.773%, 04/15/47		382,264
	114,926	Wells Fargo Commercial Mortgage Trust 2015-LC20 2.678%, 04/15/50		114,926
	66,245	WFRBS Commercial Mortgage Trust 2014-LC14 3.522%, 03/15/47		65,414
		TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $4,110,908)		3,720,126

See accompanying Notes to Schedule of Investments

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189

Short-Term Bond Fund Schedule of Investments October 31, 2022

NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (2.2%)
	7,943,858	State Street Navigator Securities Lending Government Money Market Portfolio, 3.124%†	$	7,943,858
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $7,943,858)		7,943,858
		TOTAL INVESTMENTS (100.5%) (Cost $380,834,508)		360,884,466
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-2.2%)				(7,943,858	)
OTHER ASSETS, LESS LIABILITIES (1.7%)				6,095,485
NET ASSETS (100.0%)			$	359,036,093

NOTES TO SCHEDULE OF INVESTMENTS

*  Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

^  Security, or portion of security, is on loan.

‡  Variable rate security. The rate shown is the rate in effect at October 31, 2022.

¡  Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.

!  This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.

†  Represents investment of cash collateral received from securities on loan as of October 31, 2022.

FUTURES CONTRACTS

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE	NOTIONAL VALUE		MARKET VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)
Buys
	8,000,000	U.S. Treasury Note 5-Year	Dec 2022	$	8,527,500	$	27,442
Sales
	10,000,000	U.S. Treasury Note 2-Year	Dec 2022	$	10,219,141	$	(212,147	)

See accompanying Notes to Schedule of Investments

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
190

Statements of Assets and Liabilities October 31, 2022

	MARKET NEUTRAL INCOME FUND			HEDGED EQUITY FUND		PHINEUS LONG/SHORT FUND			CONVERTIBLE FUND			GLOBAL CONVERTIBLE FUND
ASSETS
Investments in securities, at cost	$	15,058,632,973		$	522,241,521	$	793,532,321		$	1,096,689,604		$	167,369,633
Investments in affiliated funds, at cost		350,000,000			—		—			—			—
Investment in securities, at value	$	15,823,667,373		$	602,207,974	$	790,393,204		$	1,088,197,154		$	139,227,950
Investments in affiliated funds, at value		325,887,150			—		—			—			—
Cash with custodian		287,222,050			5,479,111		1,576,480			24,666,187			7,743
Foreign Cash (cost $36,211,779)		36,211,779			—		—			—			—
Restricted cash		15,300,000			—		—			—			—
Restricted cash for short positions		2,262,310,085			—		502,513,738			185			—
Restricted cash for futures		26			—		—			—			—
Restricted foreign currency for short positions (cost $156,525,433)		137,677,980			—		—			—			—
Restricted cash for open forward foreign currency contracts		1,030,000			—		—			—			—
Unrealized appreciation on forward foreign currency contracts		11,097			—		—			—			—
Receivables:
Accrued interest and dividends		26,742,049			440,798		492,194			1,549,250			339,997
Investments sold		665,922,320			247,544		162,201,408			—			—
Fund shares sold		24,085,762			388,718		2,978,828			3,636,580			368,819
Due from investment advisor		—			—		—			—			—
Prepaid expenses		277,659			31,556		35,071			49,505			16,286
Deferred offering costs		—			—		—			—			—
Other assets		296,287			—		599,009			140,120			—
Total assets		19,606,641,617			608,795,701		1,460,789,932			1,118,238,981			139,960,795
LIABILITIES
Due to custodian bank		1,693,482			—		4,351,123			—			—
Due to custodian bank - Foreign currency (cost $11,066,657 and $73,825)		11,066,657			—		68,550			—			—
Collateral for securities loaned		162,348,890			1,650,445		9,818,768			93,252,950			7,753,521
Securities sold short, at value (proceeds $2,553,939,379 and $391,477,527)		2,369,608,267			—		369,905,025			—			—
Options written, at value (premium $406,772,236, $23,159,113 and $12,303,570)		307,297,350			16,908,125		6,864,450			—			—
Unrealized depreciation on forward foreign currency contracts		1,411,373			—		—			26,720			—
Payables:
Investments purchased		646,511,008			261,617		283,781,459			5,738,951			—
Open swap contracts		636,309			—		—			—			—
Fund shares redeemed		28,896,940			579,546		411,750			1,729,247			155,435
Affiliates:
Investment advisory fees		8,915,394			364,339		796,119			620,423			96,632
Distribution fees		67,624			1,781		4,941			12,598			669
Deferred compensation to trustees		138,315			—		—			140,120			—
Trustees' fees and officer compensation		73,634			4,014		6,255			8,109			3,088
Other accounts payable and accrued liabilities		3,502,347			161,343		157,080			232,682			61,775
Total liabilities		3,542,167,590			19,931,210		676,165,520			101,761,800			8,071,120
NET ASSETS	$	16,064,474,027		$	588,864,491	$	784,624,412		$	1,016,477,181		$	131,889,675
COMPOSITION OF NET ASSETS
Paid in capital	$	15,899,429,615		$	567,235,201	$	788,766,108		$	1,035,889,888		$	165,749,454
Accumulated distributable earnings (loss)		165,044,412			21,629,290		(4,141,696	)		(19,412,707	)		(33,859,779	)
NET ASSETS	$	16,064,474,027		$	588,864,491	$	784,624,412		$	1,016,477,181		$	131,889,675
CLASS A SHARES†
Net assets applicable to shares outstanding	$	1,244,116,520		$	33,813,838	$	55,800,444		$	294,232,578		$	10,698,305
Shares outstanding		89,880,353			2,585,263		3,821,402			15,848,085			1,116,148
Net asset value and redemption price per share	$	13.84		$	13.08	$	14.60		$	18.57		$	9.59
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	14.23	#	$	13.73	$	15.33		$	19.00	#	$	9.81	#
CLASS C SHARES†*
Net assets applicable to shares outstanding	$	306,311,708		$	7,884,353	$	31,351,938		$	41,803,855		$	3,424,991
Shares outstanding		22,000,800			617,042		2,254,735			2,318,113			370,881
Net asset value and redemption price per share	$	13.92		$	12.78	$	13.90		$	18.03		$	9.23

See accompanying Notes to Financial Statements

www.calamos.com
191

Statements of Assets and Liabilities October 31, 2022

	MARKET NEUTRAL INCOME FUND		HEDGED EQUITY FUND		PHINEUS LONG/SHORT FUND		CONVERTIBLE FUND		GLOBAL CONVERTIBLE FUND
CLASS I SHARES†
Net assets applicable to shares outstanding	$	14,470,089,887	$	547,166,300	$	697,472,030	$	680,440,748	$	117,766,379
Shares outstanding		1,057,959,529		41,785,470		47,105,415		42,766,296		12,262,006
Net asset value and redemption price per share	$	13.68	$	13.09	$	14.81	$	15.91	$	9.60
CLASS R6 SHARES†
Net assets applicable to shares outstanding	$	43,955,912	$	—	$	—	$	—	$	—
Shares Outstanding		3,211,990		—		—		—		—
Net asset value and redemption price per share	$	13.68	$	—	$	—	$	—	$	—

†  No par value; unlimited number of shares authorized.

#  For Market Neutral Income Fund maximum offering price per share is Net asset value plus 2.75% of offering price. For Convertible Fund and Global Convertible Fund maximum offeringprice per share is Net asset value plus 2.25% of offering price.

*  Redemption price may be reduced by contingent deferred sales charge.

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
192

Statements of Assets and Liabilities October 31, 2022

	TIMPANI SMALL CAP GROWTH FUND			TIMPANI SMID GROWTH FUND			GROWTH FUND		GROWTH AND INCOME FUND		DIVIDEND GROWTH FUND
ASSETS
Investments in securities, at cost	$	288,308,998		$	14,802,021		$	858,976,477	$	1,461,365,025	$	11,616,196
Investment in securities, at value	$	342,543,584		$	17,077,340		$	1,148,340,785	$	2,250,160,214	$	17,082,936
Cash with custodian		—			—			44,845,941		146,018,955		389,945
Restricted cash for futures		—			—			202,715		—		—
Receivables:
Accrued interest and dividends		23,290			775			481,893		1,952,688		11,920
Investments sold		6,399,814			518,827			8,163,911		35,198,946		466,071
Fund shares sold		1,220,655			—			33,348		2,220,451		70,166
Due from investment advisor		19,176			8,231			—		—		8,588
Prepaid expenses		37,414			25,712			36,746		51,978		25,590
Other assets		—			—			675,575		293,265		—
Total assets		350,243,933			17,630,885			1,202,780,914		2,435,896,497		18,055,216
LIABILITIES
Due to custodian bank		257,166			33,829			—		—		—
Collateral for securities loaned		—			—			27,870,725		93,849,332		—
Foreign currency overdraft (cost $60)		—			—			—		50		—
Variation margin on open futures contracts		—			—			26,975		—		—
Payables:
Investments purchased		5,963,795			394,462			12,687,166		60,028,109		438,009
Fund shares redeemed		1,069,734			—			1,156,606		1,867,061		—
Affiliates:
Investment advisory fees		251,626			13,433			898,917		1,279,319		14,288
Distribution fees		1,117			8			25,809		41,668		371
Deferred compensation to trustees		—			—			679,167		293,265		—
Trustees' fees and officer compensation		3,095			2,071			11,505		17,880		2,131
Other accounts payable and accrued liabilities		142,376			28,733			410,300		472,276		22,317
Total liabilities		7,688,909			472,536			43,767,170		157,848,960		477,116
NET ASSETS	$	342,555,024		$	17,158,349		$	1,159,013,744	$	2,278,047,537	$	17,578,100
COMPOSITION OF NET ASSETS
Paid in capital	$	415,567,162		$	17,457,836		$	884,921,215	$	1,451,289,977	$	12,100,797
Accumulated distributable earnings (loss)		(73,012,138	)		(299,487	)		274,092,529		826,757,560		5,477,303
NET ASSETS	$	342,555,024		$	17,158,349		$	1,159,013,744	$	2,278,047,537	$	17,578,100
CLASS A SHARES†
Net assets applicable to shares outstanding	$	23,762,050		$	305,412		$	900,166,684	$	1,199,491,255	$	5,180,906
Shares outstanding		901,870			30,131			31,878,032		31,290,130		386,217
Net asset value and redemption price per share	$	26.35		$	10.14		$	28.24	$	38.33	$	13.41
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	27.66		$	10.65		$	29.65	$	40.24	$	14.08
CLASS C SHARES†*
Net assets applicable to shares outstanding	$	4,425,243		$	—		$	12,280,798	$	84,103,726	$	2,202,127
Shares outstanding		164,621			—			1,113,449		2,180,589		172,391
Net asset value and redemption price per share	$	26.88		$	—		$	11.03	$	38.57	$	12.77
CLASS I SHARES†
Net assets applicable to shares outstanding	$	292,187,185		$	16,497,471		$	246,566,262	$	977,764,827	$	10,195,067
Shares outstanding		10,724,553			1,612,144			5,740,413		26,787,582		758,506
Net asset value and redemption price per share	$	27.24		$	10.23		$	42.95	$	36.50	$	13.44
CLASS R6 SHARES†
Net assets applicable to shares outstanding	$	22,180,546		$	355,466		$	—	$	16,687,729	$	—
Shares Outstanding		811,661			34,732			—		457,066		—
Net asset value and redemption price per share	$	27.33		$	10.23		$	—	$	36.51	$	—

†  No par value; unlimited number of shares authorized.

*  Redemption price may be reduced by contingent deferred sales charge.

See accompanying Notes to Financial Statements

www.calamos.com
193

Statements of Assets and Liabilities October 31, 2022

	SELECT FUND		INTERNATIONAL GROWTH FUND			EVOLVING WORLD GROWTH FUND			GLOBAL EQUITY FUND		GLOBAL OPPORTUNITIES FUND
ASSETS
Investments in securities, at cost	$	31,051,673	$	182,511,375		$	392,037,062		$	58,165,742	$	203,141,080
Investment in securities, at value	$	40,719,935	$	184,567,897		$	366,045,358		$	75,075,353	$	223,447,242
Cash with custodian		2,388,426		1,703,457			—			1,263,698		5,901,056
Foreign currency (cost $137,329, $350,217, $40,094 and $2,918)		—		137,325			350,217			39,828		2,916
Receivables:
Accrued interest and dividends		22,791		528,210			202,101			93,075		322,494
Investments sold		—		—			7,496,927			120,983		1,522,117
Fund shares sold		203		75,357			1,373,455			9,022		445,969
Due from investment advisor		13,757		79,305			114,286			11,716		43,639
Prepaid expenses		12,564		25,539			35,508			21,269		30,270
Deferred offering costs		—		—			—			—		—
Other assets		72,811		45,829			13,505			23,507		110,291
Total assets		43,230,487		187,162,919			375,631,357			76,658,451		231,825,994
LIABILITIES
Due to custodian bank		—		—			866,295			—		—
Collateral for securities loaned		211,560		10,959,862			5,515,745			2,209,522		16,573,587
Payables:
Investments purchased		425,656		1,705,794			7,389,206			840,077		2,881,305
Fund shares redeemed		—		246,857			531,539			9,151		208,730
Affiliates:
Investment advisory fees		34,707		164,280			341,591			65,592		174,624
Distribution fees		333		1,510			1,682			655		3,181
Deferred compensation to trustees		72,811		45,829			13,505			23,507		110,291
Trustees' fees and officer compensation		2,322		3,443			3,568			3,548		3,138
Other accounts payable and accrued liabilities		25,683		201,953			2,067,815			89,238		150,308
Total liabilities		773,072		13,329,528			16,730,946			3,241,290		20,105,164
NET ASSETS	$	42,457,415	$	173,833,391		$	358,900,411		$	73,417,161	$	211,720,830
COMPOSITION OF NET ASSETS
Paid in capital	$	31,925,141	$	186,619,620		$	472,322,561		$	53,916,136	$	201,815,940
Accumulated distributable earnings (loss)		10,532,274		(12,786,229	)		(113,422,150	)		19,501,025		9,904,890
NET ASSETS	$	42,457,415	$	173,833,391		$	358,900,411		$	73,417,161	$	211,720,830
CLASS A SHARES†
Net assets applicable to shares outstanding	$	11,627,791	$	46,993,225		$	36,889,800		$	21,142,688	$	86,402,552
Shares outstanding		733,272		3,045,886			2,542,622			1,838,239		9,439,786
Net asset value and redemption price per share	$	15.86	$	15.43		$	14.51		$	11.50	$	9.15
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	16.65	$	16.20		$	15.23		$	12.07	$	9.61
CLASS C SHARES†*
Net assets applicable to shares outstanding	$	169,810	$	1,988,963		$	6,153,093		$	725,869	$	7,528,026
Shares outstanding		12,787		154,633			461,082			77,669		973,916
Net asset value and redemption price per share	$	13.28	$	12.86		$	13.34		$	9.35	$	7.73
CLASS I SHARES†
Net assets applicable to shares outstanding	$	30,659,814	$	120,519,692		$	315,857,518		$	51,537,609	$	117,790,252
Shares outstanding		1,863,936		7,483,376			21,535,684			4,259,779		12,362,750
Net asset value and redemption price per share	$	16.45	$	16.10		$	14.67		$	12.10	$	9.53
CLASS R6 SHARES†
Net assets applicable to shares outstanding	$	—	$	4,331,511		$	—		$	10,995	$	—
Shares Outstanding		—		266,025			—			908		—
Net asset value and redemption price per share	$	—	$	16.28		$	—		$	12.11	$	—

†  No par value; unlimited number of shares authorized.

*  Redemption price may be reduced by contingent deferred sales charge.

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
194

Statements of Assets and Liabilities October 31, 2022

	INTERNATIONAL SMALL CAP GROWTH FUND			GLOBAL SUSTAINABLE EQUITIES FUND			TOTAL RETURN BOND FUND			HIGH INCOME OPPORTUNITIES FUND			SHORT-TERM BOND FUND
ASSETS
Investments in securities, at cost	$	1,810,494		$	7,877,050		$	39,163,208		$	42,928,591		$	380,834,508
Investment in securities, at value	$	1,614,517		$	6,431,138		$	33,728,125		$	37,515,455		$	360,884,466
Cash with custodian		101,428			198,666			119,780			—			4,389,528
Restricted cash for futures		—			—			—			—			577,013
Foreign currency (cost $2,197 and $1,204)		2,197			1,193			—			—			—
Variation margin on open futures contracts		—			—			20,635			—			—
Receivables:
Accrued interest and dividends		4,454			11,161			234,944			540,950			1,949,560
Investments sold		—			—			499,389			582,745			1,909,698
Fund shares sold		—			30,000			13,643			—			—
Due from investment advisor		33,567			51,589			8,271			12,854			—
Prepaid expenses		5,099			5,553			23,013			21,385			25,592
Deferred offering costs		57,217			19,316			—			—			—
Other assets		—			—			26,451			80,238			—
Total assets		1,818,479			6,748,616			34,674,251			38,753,627			369,735,857
LIABILITIES
Due to custodian bank		—			—			—			72,562			—
Collateral for securities loaned		—			—			648,848			1,689,300			7,943,858
Variation margin on open futures contracts		—			—			—			—			184,508
Payables:
Investments purchased		17,935			—			62,206			267,560			1,790,406
Fund shares redeemed		—			—			49,358			172,867			5,866
Dividends payable		—			—			4,288			7,496			622,340
Affiliates:
Investment advisory fees		1,404			4,666			13,179			18,584			91,441
Distribution fees		—			13			463			787			59
Deferred compensation to trustees		—			—			26,451			80,238			—
Trustees' fees and officer compensation		990			172			2,425			2,293			3,479
Other accounts payable and accrued liabilities		29,863			33,107			34,421			46,161			57,807
Total liabilities		50,192			37,958			841,639			2,357,848			10,699,764
NET ASSETS	$	1,768,287		$	6,710,658		$	33,832,612		$	36,395,779		$	359,036,093
COMPOSITION OF NET ASSETS
Paid in capital	$	2,247,334		$	8,243,351		$	39,852,849		$	52,923,663		$	385,138,302
Accumulated distributable earnings (loss)		(479,047	)		(1,532,693	)		(6,020,237	)		(16,527,884	)		(26,102,209	)
NET ASSETS	$	1,768,287		$	6,710,658		$	33,832,612		$	36,395,779		$	359,036,093
CLASS A SHARES†
Net assets applicable to shares outstanding	$	12,845		$	440,287		$	14,662,475		$	26,774,680		$	2,128,489
Shares outstanding		1,678			58,392			1,690,684			3,669,465			229,279
Net asset value and redemption price per share	$	7.65		$	7.54		$	8.67		$	7.30		$	9.28
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	8.03		$	7.92		$	8.87	#	$	7.47	#	$	9.49	#
CLASS C SHARES†*
Net assets applicable to shares outstanding	$	7,618		$	7,491		$	548,612		$	471,159		$	—
Shares outstanding		1,000			1,000			63,280			60,441			—
Net asset value and redemption price per share	$	7.62		$	7.49		$	8.67		$	7.80		$	—
CLASS I SHARES†
Net assets applicable to shares outstanding	$	1,740,161		$	6,255,321		$	18,621,525		$	9,149,940		$	356,907,604
Shares outstanding		227,101			827,820			2,146,390			1,253,620			38,470,206
Net asset value and redemption price per share	$	7.66		$	7.56		$	8.68		$	7.30		$	9.28
CLASS R6 SHARES†
Net assets applicable to shares outstanding	$	7,663		$	7,559		$	—		$	—		$	—
Shares Outstanding		1,000			1,000			—			—			—
Net asset value and redemption price per share	$	7.66		$	7.56		$	—		$	—		$	—

†  No par value; unlimited number of shares authorized.

#  For Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund, maximum offering price per share is Net asset value plus 2.25% of offering price.

*  Redemption price may be reduced by contingent deferred sales charge.

See accompanying Notes to Financial Statements

www.calamos.com
195

Statements of Operations Year Ended October 31, 2022

	MARKET NEUTRAL INCOME FUND			HEDGED EQUITY FUND			PHINEUS LONG/SHORT FUND			CONVERTIBLE FUND			GLOBAL CONVERTIBLE FUND
INVESTMENT INCOME
Interest	$	45,770,890		$	27,644		$	499,354		$	5,359,589		$	1,059,854
(Amortization)/accretion of investment securities		(209,506,560	)		—			—			(16,499,091	)		(1,870,695	)
Net interest		(163,735,670	)		27,644			499,354			(11,139,502	)		(810,841	)
Dividends		160,405,677			9,804,877			11,381,775			7,795,358			943,101
Dividends from affiliated funds		5,570,311			—			—			—			—
Foreign Taxes Withheld		(8,641	)		—			(161,418	)		—			1,208
Securities lending income		849,141			24,457			65,686			871,485			99,422
Other income		3,945,027			—			1,894,239			—			—
Total investment income		7,025,845			9,856,978			13,679,636			(2,472,659	)		232,890
EXPENSES
Investment advisory fees		116,939,758			4,573,528			8,423,376			8,901,823			1,655,655
Performance fees		—			—			—			—			—
Distribution fees
Class A		3,437,644			95,262			135,119			862,955			35,323
Class C		3,273,331			75,865			302,593			540,314			42,892
Dividend or interest expense on short positions		26,366,837			—			5,107,563			—			—
Transfer agent fees		14,973,811			722,205			616,811			1,193,631			181,436
Fund administration fees		999,527			34,563			37,666			69,378			10,715
Accounting fees		888,182			47,739			46,656			71,333			26,212
Trustees' fees and officer compensation		595,852			34,201			36,339			55,783			20,808
Legal fees		546,720			26,253			31,113			46,027			16,677
Printing and mailing fees		539,097			36,878			24,129			48,765			13,322
Registration fees		411,917			80,752			57,441			91,693			52,286
Custodian fees		411,470			31,891			102,838			24,379			13,168
Audit fees		358,825			21,489			24,085			32,324			12,564
Other		927,247			9,778			29,745			82,270			314
Total expenses		170,670,218			5,790,404			14,975,474			12,020,675			2,081,372
Less expense reductions		(999,822	)		—			—			—			—
Net expenses		169,670,396			5,790,404			14,975,474			12,020,675			2,081,372
NET INVESTMENT INCOME (LOSS)		(162,644,551	)		4,066,574			(1,295,838	)		(14,493,334	)		(1,848,482	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		(524,161,326	)		(16,854,923	)		(64,140,152	)		18,057,598			(2,391,263	)
Purchased options		(217,641,056	)		(7,196,081	)		(51,617,203	)		(374,169	)		175,657
Foreign currency transactions		(398,271	)		—			353,527			—			(33,466	)
Forward foreign currency contracts		37,471,945			—			—			751,744			—
Written options		694,117,978			38,332,109			43,547,131			—			—
Short positions		496,471,648			—			59,395,136			—			—
Total return swaps		3,387,341			—			—			—			—
Futures contracts		50			—			—			—			—
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options		(2,862,299,275	)		(94,406,087	)		(74,197,431	)		(334,669,676	)		(57,928,509	)
Affiliated funds		(22,022,540	)		—			—			—			—
Purchased options		(894,760	)		(5,369,852	)		7,000,070			1,193,274			62,386
Foreign currency translations		(16,733,282	)		—			(7,741	)		—			(11,923	)
Forward foreign currency contracts		(2,285,846	)		—			—			(86,456	)		—
Written options		278,775,525			11,349,750			7,504,114			—			—
Short positions		1,318,837,820			—			28,967,453			—			—
Total return swaps		615,684			—			—			—			—
NET GAIN (LOSS)		(816,758,365	)		(74,145,084	)		(43,195,096	)		(315,127,685	)		(60,127,118	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(979,402,916	)	$	(70,078,510	)	$	(44,490,934	)	$	(329,621,019	)	$	(61,975,600	)

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
196

Statements of Operations Year Ended October 31, 2022

	TIMPANI SMALL CAP GROWTH FUND			TIMPANI SMID GROWTH FUND			GROWTH FUND			GROWTH AND INCOME FUND			DIVIDEND GROWTH FUND
INVESTMENT INCOME
Interest	$	61,290		$	2,705		$	396,738		$	4,699,767		$	5,123
(Amortization)/accretion of investment securities		—			—			—			(6,853,663	)		—
Net interest		61,290			2,705			396,738			(2,153,896	)		5,123
Dividends		2,036,690			116,636			9,085,946			33,246,308			275,566
Dividend taxes withheld		(107	)		—			(4,819	)		(14,912	)		—
Securities lending income		—			—			66,217			448,740			697
Other income		—			—			16			—			—
Total investment income		2,097,873			119,341			9,544,098			31,526,240			281,386
EXPENSES
Investment advisory fees		3,540,107			182,484			13,066,506			17,325,938			178,025
Distribution fees
Class A		65,654			489			2,804,495			3,380,442			12,984
Class C		42,317			—			179,118			907,211			19,890
Transfer agent fees		484,605			14,308			1,445,886			2,169,205			22,325
Fund administration fees		22,145			1,061			79,945			141,120			988
Accounting fees		36,882			13,037			81,398			133,217			16,159
Trustees' fees and officer compensation		27,511			14,856			62,198			97,855			14,838
Legal fees		33,552			10,736			50,199			77,399			11,212
Printing and mailing fees		44,212			8,460			118,910			95,194			7,653
Registration fees		105,624			45,632			68,027			94,005			50,298
Custodian fees		50,102			11,704			38,464			48,108			471
Audit fees		18,816			9,601			35,124			56,601			9,585
Other		24,247			5,534			96,210			155,332			5,043
Total expenses		4,495,774			317,902			18,126,480			24,681,627			349,471
Less expense reductions		(292,694	)		(106,234	)		—			—			(120,770	)
Net expenses		4,203,080			211,668			18,126,480			24,681,627			228,701
NET INVESTMENT INCOME (LOSS)		(2,105,207	)		(92,327	)		(8,582,382	)		6,844,613			52,685
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		(123,002,610	)		(2,469,497	)		(6,445,082	)		85,192,318			50,850
Purchased options		—			—			(3,511,419	)		(17,466,274	)		—
Forward foreign currency contracts		—			—			—			557,985			—
Written options		—			—			7,570,062			1,644,977			—
Futures contracts		—			—			(7,753	)		—			—
Change in net unrealized appreciation/(depreciation) on:
Investments		(81,291,878	)		(7,270,735	)		(529,983,721	)		(509,719,255	)		(2,930,056	)
Purchased options		—			—			36			(7,845,145	)		—
Foreign currency translations		—			—			(4,069	)		8			—
Forward foreign currency contracts		—			—			—			(51,896	)		—
Written options		—			—			(19,178	)		(775,511	)		—
Futures contracts		—			—			(27,038	)		—			—
NET GAIN (LOSS)		(204,294,488	)		(9,740,232	)		(532,428,162	)		(448,462,793	)		(2,879,206	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(206,399,695	)	$	(9,832,559	)	$	(541,010,544	)	$	(441,618,180	)	$	(2,826,521	)

See accompanying Notes to Financial Statements

www.calamos.com
197

Statements of Operations Year Ended October 31, 2022

	SELECT FUND			INTERNATIONAL GROWTH FUND			EVOLVING WORLD GROWTH FUND			GLOBAL EQUITY FUND			GLOBAL OPPORTUNITIES FUND
INVESTMENT INCOME
Interest	$	16,456		$	9,140		$	203,341		$	20,645		$	495,651
(Amortization)/accretion of investment securities		—			—			32,603			—			(1,710,416	)
Net interest		16,456			9,140			235,944			20,645			(1,214,765	)
Dividends		513,981			5,043,622			9,619,043			1,473,845			3,570,794
Dividend taxes withheld		—			(263,598	)		(1,100,391	)		(66,603	)		(205,275	)
Securities lending income		31			45,331			25,723			7,548			34,407
Total investment income		530,468			4,834,495			8,780,319			1,435,435			2,185,161
EXPENSES
Investment advisory fees		460,308			2,266,448			4,935,165			934,348			2,485,643
Performance fees		—			321,477			—			89,038			—
Distribution fees
Class A		31,631			153,222			111,916			64,133			254,641
Class C		4,417			28,283			99,542			10,943			90,020
Transfer agent fees		31,861			261,126			559,162			70,196			262,396
Fund administration fees		2,526			12,641			23,499			5,155			13,831
Accounting fees		15,910			27,431			34,440			21,177			25,981
Trustees' fees and officer compensation		8,753			21,846			29,468			17,418			22,473
Legal fees		11,964			22,160			24,654			13,477			20,884
Printing and mailing fees		8,106			14,276			44,426			8,891			19,359
Registration fees		47,782			62,833			108,645			58,881			63,681
Custodian fees		2,443			74,397			331,013			17,318			35,735
Audit fees		10,076			13,135			16,819			10,840			13,776
Other		6,316			49,206			102,644			27,483			49,573
Total expenses		642,093			3,328,481			6,421,393			1,349,298			3,357,993
Less expense reductions		(192,104	)		(1,223,993	)		(1,489,399	)		(200,665	)		(602,953	)
Net expenses		449,989			2,104,488			4,931,994			1,148,633			2,755,040
NET INVESTMENT INCOME (LOSS)		80,479			2,730,007			3,848,325			286,802			(569,879	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		1,399,226			(11,921,961	)(a)		(43,945,653	)(a)		5,353,136	(a)		(10,172,221	)
Purchased options		—			(2,004,852	)		(27,003,909	)		(334,192	)		127,893
Foreign currency transactions		—			(164,549	)		(986,604	)		(6,148	)		18,001
Forward foreign currency contracts		—			(1,093,451	)		(5	)		(191,631	)		—
Written options		—			—			—			—			132,010
Change in net unrealized appreciation/(depreciation) on:
Investments		(9,783,898	)		(91,130,275	)(b)		(118,563,797	)(b)		(38,537,016	)(b)		(53,145,962	)(b)
Purchased options		—			(341,522	)		(785,827	)		260,778			(5,805,502	)
Foreign currency translations		—			(27,864	)		8,979			(6,367	)		(13,373	)
Forward foreign currency contracts		—			(4,526	)		—			(1,350	)		—
NET GAIN (LOSS)		(8,384,672	)		(106,689,000	)		(191,276,816	)		(33,462,790	)		(68,859,154	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(8,304,193	)	$	(103,958,993	)	$	(187,428,491	)	$	(33,175,988	)	$	(69,429,033	)

(a)  Net of foreign capital gains tax of $275,704, $719,843 and $104,010.

(b)  Net of change of $473,045, $556,752, $143,233 and $19,867 in deferred capital gains tax.

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
198

Statements of Operations Year Ended October 31, 2022

	INTERNATIONAL SMALL CAP GROWTH FUND(a)			GLOBAL SUSTAINABLE EQUITIES FUND(b)			TOTAL RETURN BOND FUND			HIGH INCOME OPPORTUNITIES FUND			SHORT-TERM BOND FUND
INVESTMENT INCOME
Interest	$	814		$	2,283		$	1,452,572		$	2,257,284		$	9,444,616
(Amortization)/accretion of investment securities		—			—			(48,552	)		1,410			(2,136,737	)
Net interest		814			2,283			1,404,020			2,258,694			7,307,879
Dividends		25,803			106,241			—			51,059			—
Dividend taxes withheld		(2,817	)		(7,341	)		—			—			—
Securities lending income		—			—			4,513			15,556			28,572
Total investment income		23,800			101,183			1,408,533			2,325,309			7,336,451
EXPENSES
Investment advisory fees		9,661			40,545			190,330			244,140			1,126,735
Distribution fees
Class A		13			735			45,185			74,539			6,550
Class C		49			73			7,312			5,966			—
Transfer agent fees		4,228			8,812			42,316			46,992			43,056
Fund administration fees		56			268			2,235			2,235			20,910
Accounting fees		14,811			15,063			24,706			33,336			48,873
Trustees' fees and officer compensation		7,615			11,393			15,570			15,585			26,362
Legal fees		5,135			11,512			13,508			18,993			18,797
Printing and mailing fees		2,782			4,608			9,303			11,777			9,300
Registration fees		1,462			3,424			47,108			48,176			35,782
Custodian fees		14,980			22,747			2,375			4,078			10,999
Audit fees		5,404			7,584			10,767			11,141			17,910
Offering costs and organizational fees		74,233			131,452			—			—			—
Other		16,030			26,458			17,431			30,722			50,970
Total expenses		156,459			284,674			428,146			547,680			1,416,244
Less expense reductions		(145,216	)		(238,975	)		(101,258	)		(162,000	)		—
Net expenses		11,243			45,699			326,888			385,680			1,416,244
NET INVESTMENT INCOME (LOSS)		12,557			55,484			1,081,645			1,939,629			5,920,207
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		(288,603	)		(136,951	)		(345,708	)		(194,245	)		(2,952,229	)
Purchased options		1,167			—			—			—			—
Foreign currency transactions		(3,121	)		(4,369	)		—			—			—
Forward foreign currency contracts		(5,043	)		3			—			—			—
Written options		—			—			—			689			—
Futures contracts		—			—			(21,847	)		—			(633,524	)
Change in net unrealized appreciation/(depreciation) on:
Investments		(195,977	)		(1,445,912	)		(7,190,870	)		(6,307,309	)		(20,750,401	)
Foreign currency translations		(27	)		(154	)		—			—			—
Written options		—			—			—			133			—
Futures contracts		—			—			21,693			—			(90,066	)
NET GAIN (LOSS)		(491,604	)		(1,587,383	)		(7,536,732	)		(6,500,732	)		(24,426,220	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(479,047	)	$	(1,531,899	)	$	(6,455,087	)	$	(4,561,103	)	$	(18,506,013	)

(a)  International Small Cap Growth Fund commenced operations on March 31, 2022.

(b)  Global Sustainable Equities Fund commenced operations on December 17, 2021.

See accompanying Notes to Financial Statements

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199

Statements of Changes in Net Assets

	MARKET NEUTRAL INCOME FUND						HEDGED EQUITY FUND						PHINEUS LONG/SHORT FUND
	YEAR ENDED OCTOBER 31, 2022			YEAR ENDED OCTOBER 31, 2021			YEAR ENDED OCTOBER 31, 2022			YEAR ENDED OCTOBER 31, 2021			YEAR ENDED OCTOBER 31, 2022			YEAR ENDED OCTOBER 31, 2021
OPERATIONS
Net investment income (loss)	$	(162,644,551	)	$	(388,424,053	)	$	4,066,574		$	3,183,842		$	(1,295,838	)	$	(3,719,786	)
Net realized gain (loss)		489,248,309			(423,150,961	)		14,281,105			(60,547,188	)		(12,461,561	)		70,289,688
Change in unrealized appreciation/(depreciation)		(1,306,006,674	)		1,640,334,324			(88,426,189	)		134,166,828			(30,733,535	)		84,192,393
Net increase (decrease) in net assets resulting from operations		(979,402,916	)		828,759,310			(70,078,510	)		76,803,482			(44,490,934	)		150,762,295
DISTRIBUTIONS TO SHAREHOLDERS
Class A		(2,530,481	)		(4,093,015	)		(109,918	)		(99,210	)		—			—
Class C		—			(35,185	)		—			(8,969	)		—			—
Class I		(64,002,758	)		(73,093,694	)		(2,334,728	)		(2,686,998	)		—			—
Class R6		(617,073	)		(18,182	)		—			—			—			—
Total distributions		(67,150,312	)		(77,240,076	)		(2,444,646	)		(2,795,177	)		—			—
Return of capital
Class A		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class I		—			—			—			—			—			—
Total return of capital		—			—			—			—			—			—
CAPITAL SHARE TRANSACTIONS		664,127,462			5,417,514,253			105,216,503			120,100,883			270,199,042			35,137
TOTAL INCREASE (DECREASE) IN NET ASSETS		(382,425,766	)		6,169,033,487			32,693,347			194,109,188			225,708,108			150,797,432
NET ASSETS
Beginning of year	$	16,446,899,793		$	10,277,866,306		$	556,171,144		$	362,061,956		$	558,916,304		$	408,118,872
End of year	$	16,064,474,027		$	16,446,899,793		$	588,864,491		$	556,171,144		$	784,624,412		$	558,916,304

See accompanying Notes to Financial Statements

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
200

Statements of Changes in Net Assets

	CONVERTIBLE FUND						GLOBAL CONVERTIBLE FUND						TIMPANI SMALL CAP GROWTH FUND
	YEAR ENDED OCTOBER 31, 2022			YEAR ENDED OCTOBER 31, 2021			YEAR ENDED OCTOBER 31, 2022			YEAR ENDED OCTOBER 31, 2021			YEAR ENDED OCTOBER 31, 2022			YEAR ENDED OCTOBER 31, 2021
OPERATIONS
Net investment income (loss)	$	(14,493,334	)	$	(33,150,460	)	$	(1,848,482	)	$	(7,270,135	)	$	(2,105,207	)	$	(2,725,737	)
Net realized gain (loss)		18,435,173			224,798,724			(2,249,072	)		36,243,176			(123,002,610	)		(3,877,881	)
Change in unrealized appreciation/(depreciation)		(333,562,858	)		131,877,289			(57,878,046	)		11,365,716			(81,291,878	)		93,664,468
Net increase (decrease) in net assets resulting from operations		(329,621,019	)		323,525,553			(61,975,600	)		40,338,757			(206,399,695	)		87,060,850
DISTRIBUTIONS TO SHAREHOLDERS
Class A		(49,468,941	)		(23,380,794	)		(2,202,209	)		(1,045,348	)		—			(448,442	)
Class C		(8,312,063	)		(3,892,096	)		(688,433	)		(393,770	)		—			—
Class I		(154,675,818	)		(64,455,836	)		(30,244,502	)		(16,845,247	)		—			(6,108,848	)
Class R6		—			—			—			—			—			(72,878	)
Total distributions		(212,456,822	)		(91,728,726	)		(33,135,144	)		(18,284,365	)		—			(6,630,168	)
Return of capital
Class A		—			—			—			—			—			(2	)
Class C		—			—			—			—			—			—
Class I		—			—			—			—			—			(23	)
Total return of capital		—			—			—			—			—			(25	)
CAPITAL SHARE TRANSACTIONS		(96,875,594	)		259,758,376			(57,001,247	)		53,416,871			94,246,952			238,535,395
TOTAL INCREASE (DECREASE) IN NET ASSETS		(638,953,435	)		491,555,203			(152,111,991	)		75,471,263			(112,152,743	)		318,966,052
NET ASSETS
Beginning of year	$	1,655,430,616		$	1,163,875,413		$	284,001,666		$	208,530,403		$	454,707,767		$	135,741,715
End of year	$	1,016,477,181		$	1,655,430,616		$	131,889,675		$	284,001,666		$	342,555,024		$	454,707,767

See accompanying Notes to Financial Statements

www.calamos.com
201

Statements of Changes in Net Assets

	TIMPANI SMID GROWTH FUND						GROWTH FUND						GROWTH AND INCOME FUND
	YEAR ENDED OCTOBER 31, 2022			YEAR ENDED OCTOBER 31, 2021			YEAR ENDED OCTOBER 31, 2022			YEAR ENDED OCTOBER 31, 2021			YEAR ENDED OCTOBER 31, 2022			YEAR ENDED OCTOBER 31, 2021
OPERATIONS
Net investment income (loss)	$	(92,327	)	$	(229,308	)	$	(8,582,382	)	$	(12,969,158	)	$	6,844,613		$	5,776,818
Net realized gain (loss)		(2,469,497	)		3,728,407			(2,394,192	)		219,548,739			69,929,006			146,171,654
Change in unrealized appreciation/(depreciation)		(7,270,735	)		4,844,369			(530,033,970	)		417,371,448			(518,391,799	)		611,904,786
Net increase (decrease) in net assets resulting from operations		(9,832,559	)		8,343,468			(541,010,544	)		623,951,029			(441,618,180	)		763,853,258
DISTRIBUTIONS TO SHAREHOLDERS
Class A		(17,064	)		—			(152,810,088	)		(128,871,354	)		(82,367,258	)		(36,912,502	)
Class C		—			—			(5,873,124	)		(7,716,439	)		(4,863,487	)		(2,400,579	)
Class I		(2,419,370	)		—			(29,081,247	)		(24,434,261	)		(72,241,118	)		(30,498,794	)
Class R6		(46,994	)		—			—			—			(409,283	)		(122,602	)
Total distributions		(2,483,428	)		—			(187,764,459	)		(161,022,054	)		(159,881,146	)		(69,934,477	)
Return of capital
Class A		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class I		—			—			—			—			—			—
Total return of capital		—			—			—			—			—			—
CAPITAL SHARE TRANSACTIONS		3,020,993			1,038,619			29,684,003			(25,604,069	)		31,501,713			70,103,447
TOTAL INCREASE (DECREASE) IN NET ASSETS		(9,294,994	)		9,382,087			(699,091,000	)		437,324,906			(569,997,613	)		764,022,228
NET ASSETS
Beginning of year	$	26,453,343		$	17,071,256		$	1,858,104,744		$	1,420,779,838		$	2,848,045,150		$	2,084,022,922
End of year	$	17,158,349		$	26,453,343		$	1,159,013,744		$	1,858,104,744		$	2,278,047,537		$	2,848,045,150

See accompanying Notes to Financial Statements

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202

Statements of Changes in Net Assets

	DIVIDEND GROWTH FUND						SELECT FUND						INTERNATIONAL GROWTH FUND
	YEAR ENDED OCTOBER 31, 2022			YEAR ENDED OCTOBER 31, 2021			YEAR ENDED OCTOBER 31, 2022			YEAR ENDED OCTOBER 31, 2021			YEAR ENDED OCTOBER 31, 2022			YEAR ENDED OCTOBER 31, 2021
OPERATIONS
Net investment income (loss)	$	52,685		$	18,413		$	80,479		$	(10,223	)	$	2,730,007		$	974,290
Net realized gain (loss)		50,850			1,572,517			1,399,226			5,011,477			(15,184,813	)		46,699,886
Change in unrealized appreciation/(depreciation)		(2,930,056	)		3,963,573			(9,783,898	)		12,585,439			(91,504,187	)		25,042,069
Net increase (decrease) in net assets resulting from operations		(2,826,521	)		5,554,503			(8,304,193	)		17,586,693			(103,958,993	)		72,716,245
DISTRIBUTIONS TO SHAREHOLDERS
Class A		(425,805	)		(314,294	)		(1,043,899	)		(561,996	)		(11,177,695	)		(3,751,792	)
Class C		(157,226	)		(62,147	)		(63,375	)		(60,882	)		(630,114	)		(440,816	)
Class I		(876,353	)		(798,425	)		(2,763,310	)		(1,424,305	)		(30,545,299	)		(9,711,583	)
Class R6		—			—			—			—			(235,038	)		(65,577	)
Total distributions		(1,459,384	)		(1,174,866	)		(3,870,584	)		(2,047,183	)		(42,588,146	)		(13,969,768	)
Return of capital
Class A		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class I		—			—			—			—			—			—
Total return of capital		—			—			—			—			—			—
CAPITAL SHARE TRANSACTIONS		4,334,104			(42,481	)		949,359			(9,582,232	)		18,279,801			19,150,551
TOTAL INCREASE (DECREASE) IN NET ASSETS		48,199			4,337,156			(11,225,418	)		5,957,278			(128,267,338	)		77,897,028
NET ASSETS
Beginning of year	$	17,529,901		$	13,192,745		$	53,682,833		$	47,725,555		$	302,100,729		$	224,203,701
End of year	$	17,578,100		$	17,529,901		$	42,457,415		$	53,682,833		$	173,833,391		$	302,100,729

See accompanying Notes to Financial Statements

www.calamos.com
203

Statements of Changes in Net Assets

	EVOLVING WORLD GROWTH FUND						GLOBAL EQUITY FUND						GLOBAL OPPORTUNITIES FUND
	YEAR ENDED OCTOBER 31, 2022			YEAR ENDED OCTOBER 31, 2021			YEAR ENDED OCTOBER 31, 2022			YEAR ENDED OCTOBER 31, 2021			YEAR ENDED OCTOBER 31, 2022			YEAR ENDED OCTOBER 31, 2021
OPERATIONS
Net investment income (loss)	$	3,848,325		$	(109,922	)	$	286,802		$	(391,724	)	$	(569,879	)	$	(563,566	)
Net realized gain (loss)		(71,936,171	)		(14,408,321	)		4,821,165			15,178,391			(9,894,317	)		18,527,788
Change in unrealized appreciation/(depreciation)		(119,340,645	)		32,165,730			(38,283,955	)		23,506,666			(58,964,837	)		45,478,341
Net increase (decrease) in net assets resulting from operations		(187,428,491	)		17,647,487			(33,175,988	)		38,293,333			(69,429,033	)		63,442,563
DISTRIBUTIONS TO SHAREHOLDERS
Class A		(175,029	)		(747,004	)		(3,462,651	)		(1,621,951	)		(6,304,125	)		(6,002,158	)
Class C		—			(333,159	)		(185,192	)		(377,975	)		(644,077	)		(624,026	)
Class I		(3,000,642	)		(5,912,444	)		(9,750,158	)		(4,817,056	)		(8,160,730	)		(4,693,425	)
Class R6		—			—			(17,305	)		(8,657	)		—			—
Total distributions		(3,175,671	)		(6,992,607	)		(13,415,306	)		(6,825,639	)		(15,108,932	)		(11,319,609	)
Return of capital
Class A		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class I		—			—			—			—			—			—
Total return of capital		—			—			—			—			—			—
CAPITAL SHARE TRANSACTIONS		(30,492,519	)		331,901,974			(17,417,765	)		14,327,412			14,369,955			66,293,575
TOTAL INCREASE (DECREASE) IN NET ASSETS		(221,096,681	)		342,556,854			(64,009,059	)		45,795,106			(70,168,010	)		118,416,529
NET ASSETS
Beginning of year	$	579,997,092		$	237,440,238		$	137,426,220		$	91,631,114		$	281,888,840		$	163,472,311
End of year	$	358,900,411		$	579,997,092		$	73,417,161		$	137,426,220		$	211,720,830		$	281,888,840

See accompanying Notes to Financial Statements

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Statements of Changes in Net Assets

	INTERNATIONAL SMALL CAP GROWTH FUND			GLOBAL SUSTAINABLE EQUITIES FUND			TOTAL RETURN BOND FUND
	YEAR ENDED OCTOBER 31, 2022(a)			YEAR ENDED OCTOBER 31, 2022(b)			YEAR ENDED OCTOBER 31, 2022			YEAR ENDED OCTOBER 31, 2021
OPERATIONS
Net investment income (loss)	$	12,557		$	55,484		$	1,081,645		$	1,462,011
Net realized gain (loss)		(295,600	)		(141,317	)		(367,555	)		997,311
Change in unrealized appreciation/(depreciation)		(196,004	)		(1,446,066	)		(7,169,177	)		(2,367,572	)
Net increase (decrease) in net assets resulting from operations		(479,047	)		(1,531,899	)		(6,455,087	)		91,750
DISTRIBUTIONS TO SHAREHOLDERS
Class A		—			—			(715,465	)		(542,753	)
Class C		—			—			(23,532	)		(20,122	)
Class I		—			—			(1,122,873	)		(1,303,761	)
Class R6		—			—			—			—
Total distributions		—			—			(1,861,870	)		(1,866,636	)
Return of capital
Class A		—			—			—			—
Class C		—			—			—			—
Class I		—			—			—			—
Total return of capital		—			—			—			—
CAPITAL SHARE TRANSACTIONS		2,247,334			8,242,557			(25,023,659	)		(17,806,314	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		1,768,287			6,710,658			(33,340,616	)		(19,581,200	)
NET ASSETS
Beginning of year	$	—		$	—		$	67,173,228		$	86,754,428
End of year	$	1,768,287		$	6,710,658		$	33,832,612		$	67,173,228

(a)  International Small Cap Growth Fund commenced operations on March 31, 2022.

(b)  Global Sustainable Equities Fund commenced operations on December 17, 2021.

See accompanying Notes to Financial Statements

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205

Statements of Changes in Net Assets

	HIGH INCOME OPPORTUNITIES FUND						SHORT-TERM BOND FUND
	YEAR ENDED OCTOBER 31, 2022			YEAR ENDED OCTOBER 31, 2021			YEAR ENDED OCTOBER 31, 2022			YEAR ENDED OCTOBER 31, 2021
OPERATIONS
Net investment income (loss)	$	1,939,629		$	1,767,010		$	5,920,207		$	3,245,427
Net realized gain (loss)		(193,556	)		(386,223	)		(3,585,753	)		751,114
Change in unrealized appreciation/(depreciation)		(6,307,176	)		3,597,031			(20,840,467	)		(2,217,051	)
Net increase (decrease) in net assets resulting from operations		(4,561,103	)		4,977,818			(18,506,013	)		1,779,490
DISTRIBUTIONS TO SHAREHOLDERS
Class A		(1,423,098	)		(1,080,427	)		(38,158	)		(134,481	)
Class C		(22,262	)		(20,245	)		—			—
Class I		(524,930	)		(288,687	)		(6,266,171	)		(7,632,234	)
Class R6		—			—			—			—
Total distributions		(1,970,290	)		(1,389,359	)		(6,304,329	)		(7,766,715	)
Return of capital
Class A		—			(465,338	)		—			—
Class C		—			(8,676	)		—			—
Class I		—			(124,338	)		—			—
Total return of capital		—			(598,352	)		—			—
CAPITAL SHARE TRANSACTIONS		(1,566,132	)		3,226,381			74,786,794			135,382,170
TOTAL INCREASE (DECREASE) IN NET ASSETS		(8,097,525	)		6,216,488			49,976,452			129,394,945
NET ASSETS
Beginning of year	$	44,493,304		$	38,276,816		$	309,059,641		$	179,664,696
End of year	$	36,395,779		$	44,493,304		$	359,036,093		$	309,059,641

See accompanying Notes to Financial Statements

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206

Notes to Financial Statements

Note 1 – Organization and Significant Accounting Policies

Organization. CALAMOS INVESTMENT TRUST, a Massachusetts business trust organized December 21, 1987 (the "Trust"), consists of twenty series, Market Neutral Income Fund, Hedged Equity Fund, Phineus Long/Short Fund, Convertible Fund, Global Convertible Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Growth Fund, Growth and Income Fund, Dividend Growth Fund, Select Fund, International Growth Fund , Evolving World Growth Fund, Global Equity Fund, Global Opportunities Fund, International Small Cap Growth Fund (commenced operations on March 31, 2022), Global Sustainable Equities Fund (commenced operations on December 17, 2021), Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund (each a "Fund" and collectively the "Funds"). The Trust is registered under the Investment Company Act of 1940 as amended (the "1940 Act") as an open-end management investment company. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The Trust currently offers Class A, Class C (except Timpani SMID Growth Fund and Short-Term Bond Fund), and Class I shares of each of the Funds. Class R6 shares are offered in Market Neutral Income Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Growth and Income Fund, International Growth Fund, Global Equity Fund, International Small Cap Growth Fund, and Global Sustainable Equities Fund only.

Significant Accounting Policies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), and the Funds are each considered an investment company under U.S. GAAP and follow the accounting and reporting guidance applicable to investment companies. The Funds adhere to the accounting and reporting requirements set forth in ASU 2013-08 and ASC 946. Under U.S. GAAP, management is required to make certain estimates and assumptions at the date of the financial statements and actual results may differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Fund Valuation. The Trust's Board of Trustees, including a majority of the Trustees who are not "interested persons" of the Trust, have designated Calamos Advisors LLC ("Calamos Advisors") to perform fair valuation determinations related to all Fund investments under the oversight of the Board. As "valuation designee" the Calamos Advisors has adopted procedures to guide the determination of the NAV on any day on which the Funds' NAVs are determined. The valuation of the Funds' investments is in accordance with these procedures.

Fund securities that are traded on U.S. securities exchanges, except option securities, are valued at the official closing price, which is the last current reported sales price on its principal exchange at the time each Fund determines its 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 last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations on its principal exchange in accordance with guidelines adopted by the board 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 either by an independent pricing agent approved by the board of trustees or based on a quotation provided by the counterparty to such option under the ultimate supervision of the board of trustees.

Fixed income securities, bank loans, certain convertible preferred securities, and non-exchange traded derivatives are normally valued by independent pricing services or by dealers or brokers who make markets in such securities. Valuations of such fixed income securities, bank loans, certain convertible preferred securities, and non-exchange traded derivatives consider yield or price of equivalent securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data and do not rely exclusively upon exchange or over-the-counter prices.

Trading on European and Far Eastern exchanges and over-the-counter markets is typically completed at various times before the close of business on each day on which the New York Stock Exchange ("NYSE") is open. Each security trading on these exchanges or in over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the board 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 respective Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign securities may not take place on every NYSE business

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day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the respective Fund's NAV is not calculated.

If the pricing committee determines that the valuation of a security in accordance with the methods described above is not reflective of a fair value for such security, the security is valued at a fair value by the pricing committee.

Each Fund also may use fair value pricing, pursuant to guidelines adopted by Calamos Advisors, if trading in the security is halted or if the value of a security it holds is materially affected by events occurring before the Fund's pricing time but after the close of the primary market or exchange on which the security is listed. Those procedures may utilize valuations furnished by pricing services approved by Calamos Advisors, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.

When fair value pricing of securities is employed, the prices of securities used by the Fund to calculate its NAV may differ from market quotations or official closing prices. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund's net asset value ("NAV").

Investment Transactions. Investment transactions are recorded on a trade date basis as of October 31, 2022. Net realized gains and losses from investment transactions are reported on an identified cost basis. Interest income is recognized using the accrual method and includes accretion of original issue and market discount and amortization of premium. Dividend income is recognized on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date.

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.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign currency gains or losses arise from disposition of foreign currency, the difference in the foreign exchange rates between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the ex-date or accrual date and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes (due to the changes in the exchange rate) in the value of foreign currency and other assets and liabilities denominated in foreign currencies held at period end.

Allocation of Expenses Among Funds and Classes. Expenses directly attributable to a Fund are charged to that Fund; certain other common expenses of the Trust, Calamos Advisors Trust, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Global Total Return Fund, Calamos Global Dynamic Income Fund, Calamos Dynamic Convertible and Income Fund, and Calamos Long/Short Equity and Dynamic Income Trust are allocated proportionately among each Fund to which the expenses relate in relation to the net assets of each Fund or on another reasonable basis. Expenses directly attributable to a particular class of a fund in the Trust are charged directly to such class. In calculating the net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day plus current day fund share activity.

Income Taxes. No provision has been made for U.S. income taxes because the Trust's policy is to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended, and distribute to shareholders substantially all of the Funds' taxable income and net realized gains.

Dividends and distributions paid to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. To the extent these "book/tax" differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment. These differences are primarily due to differing treatments for foreign currency transactions, contingent payment debt

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instruments and methods of amortizing and accreting for fixed income securities. The financial statements are not adjusted for temporary differences.

The Funds recognized no liability for uncertain tax positions. A reconciliation is not provided as the beginning and ending amounts of unrecognized benefits are zero, with no interim additions, reductions or settlements. Tax years 2018 – 2021 remain subject to examination by the U.S. and the State of Illinois tax jurisdictions for those Funds that have been in existence during that time, and for all years since inception for those Funds created subsequent to October 31, 2016.

Indemnifications. Under the Trust's organizational documents, the Trust is obligated to indemnify its officers and trustees against certain liabilities incurred by them by reason of having been an officer or trustee of the Trust. In addition, in the normal course of business, the Trust may enter into contracts that provide general indemnifications to other parties. Each Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Funds' management expects the risk of material loss in connection to a potential claim to be remote.

Note 2 – Investment Adviser and Transactions With Affiliates Or Certain Other Parties

Pursuant to an investment advisory agreement with Calamos Advisors, each Fund pays a monthly investment advisory fee based on the average daily net assets of the Fund, as shown below:

AVERAGE DAILY NET ASSETS	GROWTH FUND ANNUAL RATE			EVOLVING WORLD GROWTH FUND ANNUAL RATE			TOTAL RETURN BOND FUND ANNUAL RATE			SELECT FUND, DIVIDEND GROWTH FUND, INTERNATIONAL GROWTH FUND*, GLOBAL EQUITY FUND*, GLOBAL OPPORTUNITIES FUND ANNUAL RATE
First $500 million		1.00	%		1.10	%		0.45	%		1.00	%
Next $500 million		0.90	%		1.05	%		0.43	%		0.95	%
Next $5 billion		0.80	%		1.00	%		0.41	%		0.90	%
Over $6 billion		0.70	%		0.90	%		0.35	%		0.80	%

*  International Growth Fund and Global Equity Fund are subject to a possible adjustment based on performance as described below.

AVERAGE DAILY NET ASSETS	GLOBAL CONVERTIBLE FUND ANNUAL RATE			TIMPANI SMALL CAP GROWTH FUND ANNUAL RATE			TIMPANI SMID GROWTH FUND ANNUAL RATE			SHORT-TERM BOND FUND ANNUAL RATE			GROWTH AND INCOME FUND, CONVERTIBLE FUND, MARKET NEUTRAL INCOME FUND, HEDGED EQUITY FUND ANNUAL RATE			HIGH INCOME OPPORTUNITIES FUND ANNUAL RATE			PHINEUS LONG/SHORT FUND ANNUAL RATE
First $500 million		0.85	%		0.90	%		0.95	%		0.30	%		0.75	%		0.60	%		1.25	%
Next $500 million		0.80	%		0.80	%		0.85	%		0.27	%		0.70	%		0.55	%		1.20	%
Over $1 billion		0.75	%		0.75	%		0.80	%		0.25	%		0.65	%		0.50	%		1.15	%

AVERAGE DAILY NET ASSETS	INTERNATIONAL SMALL CAP GROWTH FUND ANNUAL RATE
First $500 million		0.95	%
Next $500 million		0.90	%
Over $1 billion		0.85	%

The Global Sustainable Equities Fund has a flat rate of 0.85% of the average daily net assets of the Fund.

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Notes to Financial Statements

The average investment advisory fee as of the period ended October 31, 2022 was as follows:

FUND	PERCENTAGE
Market Neutral Income Fund		0.65	%
Hedged Equity Fund		0.74
Phineus Long/Short Fund		1.24
Convertible Fund		0.71
Global Convertible Fund		0.85
Timpani Small Cap Growth Fund		0.90
Timpani SMID Growth Fund		0.95
Growth Fund		0.90
Growth and Income Fund		0.68
Dividend Growth Fund		1.00
Select Fund		1.00
International Growth Fund		1.00
Evolving World Growth Fund		1.10
Global Equity Fund		1.00
Global Opportunities Fund		1.00
International Small Cap Growth Fund		0.95
Global Sustainable Equities Fund		0.85
Total Return Bond Fund		0.45
High Income Opportunities Fund		0.60
Short-Term Bond Fund		0.30

Each of the International Growth and Global Equity Funds pays a fee based on average daily net assets of the Fund that is accrued daily and paid on a monthly basis, subject to possible adjustment based on the Fund's investment performance (since March 2006 for International Growth Fund and since February 2008 for Global Equity Fund). The performance adjustment increases or decreases the management fee, on a monthly basis, by 1/12 of 0.03% of a Fund's average daily net assets over the performance period for each full 1% increment amount by which a Fund outperforms or underperforms the benchmark index ("Index"), on an annualized basis, over the performance measurement period. The benchmark indexes are the MSCI EAFE Growth Index and the MSCI World Index for the International Growth Fund and Global Equity Fund, respectively.

The base fee is shown in the table above. The performance adjustment rate is calculated by comparing over the performance measurement period the Fund's Class A share performance to that of the respective Index. The performance measurement period commenced at the beginning of each Fund's first full month of operation (April 2005 and March 2007 for the International Growth Fund and Global Equity Fund, respectively). The first performance adjustment was applied to the advisory fee at the end of the twelfth month. Each month subsequent to the twelfth month, a new month is added to the performance measurement period until the performance measurement period includes 36 months. Thereafter, the performance measurement period consists of the most recent month plus the previous 35 months.

The performance comparison is made at the end of each month. The maximum annualized performance adjustment rate is +/- 0.30% of the Fund's average daily net assets over the performance measurement period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average daily net assets over the performance measurement period, and the resulting dollar amount is then added to or subtracted from the base fee. Calamos Advisors may receive a positive performance adjustment even if the Fund has a negative return over a performance measurement period if it otherwise outperforms the Index during that period.

Each Fund may invest in shares of the Timpani Small Cap Growth Fund ("SCG"), Timpani SMID Growth Fund ("SMID") or Short Term Bond Fund ("STBF"). Calamos Advisors has contractually agreed to waive a portion of its advisory fee charged to the Fund equal to the advisory fee paid by SCG, SMID or STBF, respectively, attributable to the Fund's investment in SCG, SMID or STBF, respectively, based on daily net assets. For the period ended October 31, 2022, the total advisory fees waived pursuant to such agreement were $999,822 for the Market Neutral Income Fund and are included in the Statements of Operations under the caption "Expense reductions".

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Notes to Financial Statements

As of October 31, 2022, the Market Neutral Income Fund had holdings of $325.9 million in STBF. During the period from November 1, 2021 through October 31, 2022, the Market Neutral Income Fund had net subscriptions of $75.0 million and earned $5.6 million in dividends.

The Funds reimburses Calamos Advisors for a portion of compensation paid to the Trust's Chief Compliance Officer. This compensation is reported as part of the "Trustees' fees and officer compensation" expense on the Statements of Operations.

Calamos Advisors has contractually agreed to limit the annual ordinary operating expenses of each Fund as a percentage of the average daily net assets through March 1, 2024 (except as noted) as follows:

FUND	CLASS A SHARES			CLASS C SHARES			CLASS I SHARES			CLASS R6 SHARES
Calamos Market Neutral Income Fund		1.75	%		2.50	%		1.50	%		1.50% less the annual sub-transfer agency ratio*
Calamos Hedged Equity Fund		1.25	%		2.00	%		1.00	%		—
Calamos Phineus Long/Short Fund		2.00	%		2.75	%		1.75	%		—
Calamos Convertible Fund		1.75	%		2.50	%		1.50	%		—
Calamos Global Convertible Fund		1.35	%		2.10	%		1.10	%		—
Calamos Timpani Small Cap Growth Fund		1.30	%		2.05	%		1.05	%		1.05% less the annual sub-transfer agency ratio*
Calamos Timpani SMID Growth Fund		1.35	%		—			1.10	%		1.10% less the annual sub-transfer agency ratio*
Calamos Growth Fund		1.75	%		2.50	%		1.50	%		—
Calamos Growth and Income Fund		1.75	%		2.50	%		1.50	%		1.50% less the annual sub-transfer agency ratio*
Calamos Dividend Growth Fund		1.35	%		2.10	%		1.10	%		—
Calamos Select Fund		1.15	%		1.90	%		0.90	%		—
Calamos International Growth Fund(1)		1.10	%		1.85	%		0.85	%		0.85% less the annual sub-transfer agency ratio*
Calamos Evolving World Growth Fund		1.30	%		2.05	%		1.05	%		—
Calamos Global Equity Fund		1.40	%		2.15	%		1.15	%		1.15% less the annual sub-transfer agency ratio*
Calamos Global Opportunities Fund		1.22	%		1.97	%		0.97	%		—

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FUND	CLASS A SHARES			CLASS C SHARES			CLASS I SHARES			CLASS R6 SHARES
Calamos International Small Cap Growth Fund(2)		1.35	%		2.10	%		1.10	%		1.10% less the annual sub-transfer agency ratio*
Calamos Global Sustainable Equities Fund(2)		1.20	%		1.95	%		0.95	%		0.95% less the annual sub-transfer agency ratio*
Calamos Total Return Bond Fund		0.90	%		1.65	%		0.65	%		—
Calamos High Income Opportunities Fund		1.00	%		1.75	%		0.75	%		—
Calamos Short-Term Bond Fund		0.65	%		—			0.40	%		—

*  The annual sub-transfer agency ratio is equal to the aggregate sub-transfer agency expenses common to the other share classes of the Fund divided by the aggregated average annual net assets of the Fund's other share classes.

(1)  For the Period March 1, 2023 through March 1, 2024, Class A Shares 1.20%, Class C Shares 1.95%, Class I Shares 0.95%, Class R6 Shares 0.95% less the annual sub-transfer agency ratio.

(2)  The Contractual limitation is through March 31, 2025 for the Calamos International Small Cap Growth Fund and March 1, 2025 for the Calamos Global Sustainable Equities Fund.

For the year ended October 31, 2022, Calamos Advisors waived or absorbed the following expenses:

FUND	AMOUNT
Market Neutral Income Fund	$	999,822
Timpani Small Cap Growth Fund		292,694
Timpani SMID Growth Fund		106,234
Dividend Growth Fund		120,770
Select Fund		192,104
International Growth Fund		1,223,993
Evolving World Growth Fund		1,489,399
Global Equity Fund		200,665
Global Opportunities Fund		602,953
International Small Cap Growth Fund		145,216
Global Sustainable Equities Fund		238,975
Total Return Bond Fund		101,258
High Income Opportunities Fund		162,000

These amounts are included in the Statements of Operations under the caption "Expense reductions".

As Distributor, Calamos Financial Services LLC ("CFS") assumed all expenses of personnel, office space, office facilities and equipment incidental to such service. Each Fund has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act whereby the Fund pays to CFS a distribution and/or service fee at the annual rate of 0.25% of the average daily net assets of the Fund's Class A shares; a service fee at the annual rate of 0.25% and a distribution fee at the rate of 0.75% of the average daily net assets of the Fund's Class C shares. No such fees are paid on each Fund's Class I or Class R6 shares.

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CFS also receives a sales commission and/or an underwriting fee on certain sales of each Fund's Class A shares. During the period ended October 31, 2022, CFS received commissions and underwriting fees as follows:

FUND	AMOUNT
Market Neutral Income Fund	$	54,046
Hedged Equity Fund		11,074
Phineus Long/Short Fund		19,878
Convertible Fund		7,139
Global Convertible Fund		136
Timpani Small Cap Growth Fund		17,494
Timpani SMID Growth Fund		761
Growth Fund		59,693
Growth and Income Fund		129,796
Dividend Growth Fund		2,653
Select Fund		365
International Growth Fund		2,387
Evolving World Growth Fund		2,853
Global Equity Fund		1,959
Global Opportunities Fund		4,822
Total Return Bond Fund		79
High Income Opportunities Fund		445
Short-Term Bond Fund		76

A trustee and certain officers of the Trust are also officers and directors of CFS and Calamos Advisors. Such trustee and officers serve without direct compensation from the Trust. The Trust's Statement of Additional Information contains additional information about the Trust's Trustees and Officers and is available without charge, upon request, at www.calamos.com or by calling 800.582.6959.

As of October 31, 2022, certain affiliates of Calamos Advisors hold material investments in the Funds as follows:

FUND	PERCENTAGE
Timpani SMID Growth Fund		69	%
Select Fund		33
Global Equity Fund		30
International Small Cap Growth Fund		87
Global Sustainable Equities Fund		29
High Income Opportunities Fund		32

As of October 31, 2022, the Market Neutral Income Fund held 90.7% of the outstanding shares of Short Term Bond Fund.

The Trust has adopted a deferred compensation plan (the "Plan"). Under the Plan, a trustee who is not an "interested person" (as defined in the 1940 Act) and has elected to participate in the Plan (a "participating trustee") may defer receipt of all or a portion of his compensation from the Trust. The deferred compensation payable to the participating trustee is credited to the trustee's deferral account as of the business day such compensation would have been paid to the participating trustee. The value of amounts deferred for a participating trustee is determined by reference to the change in value of Class I shares of one or more funds of the Trust designated by the participant. The value of the account increases with contributions to the account or with increases in the value of the measuring shares, and the value of the account decreases with withdrawals from the account or with declines in the value of the measuring shares.

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At October 31, 2022, the Funds had deferred compensation balances, which are included in "Other assets" on the Statements of Assets and Liabilities, as follows:

FUND	AMOUNT
Market Neutral Income Fund	$	138,315
Convertible Fund		140,120
Growth Fund		679,168
Growth and Income Fund		293,265
Select Fund		72,811
International Growth Fund		45,829
Evolving World Growth Fund		13,505
Global Equity Fund		23,507
Global Opportunities Fund		110,291
Total Return Bond Fund		26,451
High Income Opportunities Fund		80,238

Each Fund's obligation to make payments under the Plan is a general obligation of the Fund and is included in "Payable for deferred compensation to trustees" on the Statements of Assets and Liabilities at October 31, 2022.

Interfund Lending Program and Joint Credit Agreement

The SEC has granted an exemptive order to the Funds permitting the Funds to participate in an interfund lending facility whereby participating Funds may directly lend to and borrow money from each other (an "Interfund Loan") for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities "fails," resulting in an unanticipated cash shortfall) (the "InterFund Program"). The InterFund Program is subject to a number of conditions, which are discussed in detail in the Funds' statement of additional information. Any loan made through the InterFund Program is expected to be more beneficial to a borrowing Fund (i.e., at a lower interest rate) than borrowing from a bank and more beneficial to a lending Fund (i.e., at a higher rate of return) than an alternative short-term investment. The duration of an InterFund Loan will be limited to the time required to receive payment for securities sold, but in no event more than seven days. In addition, each InterFund Loan may be called on one business day's notice by a lending Fund and may be repaid on any day by a borrowing Fund. No Interfund Loans were made during the period.

On April 30, 2021, the Trust, on behalf of the Funds, entered into a $50,000,000 Demand Discretionary Credit Agreement with State Street Bank and Trust Company (the "Credit Agreement"). Effective May 10, 2022, Global Sustainable Fund and International Small Cap Fund were added to the Credit Agreement. On November 30, 2022, the Credit Agreement was increased to $100,000,000. Each Fund may borrow under the Credit Agreement to meet shareholder redemptions and for other lawful temporary purposes. Borrowing results in interest expense and other fees and expenses, which may increase a Fund's net expenses and reduce a Fund's return. In addition, borrowing by a Fund may create leverage by increasing a Fund's investment exposure. This will result in changes in a Fund's net asset value, either positive or negative, being greater than it would have been if the Fund had not borrowed. Administration, legal, and arrangement fees, if applicable, under the Credit Agreement are allocated among Funds based upon factors deemed relevant by the Adviser and the Board of each Fund, while fees on any amounts drawn by a Fund under the Credit Agreement are borne by that Fund. At October 31, 2022, there were no borrowings under the Credit Agreement. Please see the supplement to the Prospectus and Statement of Additional Information for more information about the Credit Agreement.

Note 3 – Investments

In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund's investment adviser to perform fair value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are "readily available" for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth recordkeeping requirements associated with fair value determinations. The compliance date for Rule 2a-5 and Rule 31a-4 was September 8, 2022. Effective June 29, 2022 and pursuant to the requirements of Rule 2a-5, the Trust's Board of Trustees designated the Advisor as its valuation designee to perform fair value determinations and approved new Advisor Valuation Procedures for the Trust.

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Notes to Financial Statements

The cost of purchases and proceeds from sales of long-term investments for the year ended October 31, 2022 were as follows:

	COST OF PURCHASES				PROCEEDS FROM SALES
FUND	U.S. GOV'T SECURITIES		OTHER		U.S. GOV'T SECURITIES		OTHER
Market Neutral Income Fund	$	—	$	13,002,386,764	$	—	$	9,695,384,628
Hedged Equity Fund		—		336,344,922		—		198,438,297
Phineus Long/Short Fund		—		3,409,868,991		—		2,820,467,298
Convertible Fund		—		481,370,690		—		742,107,703
Global Convertible Fund		1,259,868		57,412,276		2,557,292		135,869,146
Timpani Small Cap Growth Fund		—		866,411,679		—		763,291,819
Timpani SMID Growth Fund		—		39,676,939		—		39,282,673
Growth Fund		—		596,487,328		—		752,620,277
Growth and Income Fund		98,755,712		479,146,952		23,547,048		723,980,946
Dividend Growth Fund		—		6,799,381		—		4,366,177
Select Fund		—		15,292,633		—		19,896,433
International Growth Fund		—		286,389,898		—		309,123,511
Evolving World Growth Fund		—		572,590,970		—		607,285,185
Global Equity Fund		—		70,419,593		—		100,634,796
Global Opportunities Fund		7,182,867		220,724,324		—		222,276,896
International Small Cap Growth Fund		—		3,119,822		—		1,020,726
Global Sustainable Equities Fund		—		8,335,918		—		321,915
Total Return Bond Fund		6,955,860		4,611,493		14,279,587		23,558,993
High Income Opportunities Fund		—		11,917,237		—		12,416,807
Short-Term Bond Fund		49,479,629		223,288,546		42,090,238		132,107,764

The following information is presented on a federal income tax basis as of October 31, 2022. 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 October 31, 2022 was as follows:

FUND	COST BASIS OF INVESTMENTS		GROSS UNREALIZED APPRECIATION		GROSS UNREALIZED DEPRECIATION			NET UNREALIZED APPRECIATION (DEPRECIATION)
Market Neutral Income Fund	$	13,163,777,274	$	2,813,939,390	$	(2,505,972,936	)	$	307,966,454
Hedged Equity Fund		502,281,767		120,048,222		(35,441,038	)		84,607,184
Phineus Long/Short Fund		402,579,999		75,636,317		(64,592,587	)		11,043,730
Convertible Fund		1,109,522,979		72,812,605		(94,138,430	)		(21,325,825	)
Global Convertible Fund		169,546,117		8,079,995		(38,398,162	)		(30,318,167	)
Timpani Small Cap Growth Fund		290,825,247		59,881,416		(8,163,079	)		51,718,337
Timpani SMID Growth Fund		14,945,757		2,663,062		(531,479	)		2,131,583
Growth Fund		862,438,204		318,366,769		(32,438,211	)		285,928,558
Growth and Income Fund		1,477,344,578		830,059,933		(57,244,297	)		772,815,636
Dividend Growth Fund		11,637,869		5,626,341		(181,274	)		5,445,067
Select Fund		31,139,598		9,701,605		(121,268	)		9,580,337
International Growth Fund		182,531,566		19,643,864		(17,607,533	)		2,036,331
Evolving World Growth Fund		393,880,722		31,302,873		(59,138,237	)		(27,835,364	)
Global Equity Fund		58,240,950		18,471,142		(1,636,739	)		16,834,403
Global Opportunities Fund		203,247,710		31,563,312		(11,363,780	)		20,199,532
International Small Cap Growth Fund		1,810,494		36,515		(232,426	)		(195,911	)
Global Sustainable Equities Fund		7,877,050		110,906		(1,556,818	)		(1,445,912	)

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FUND	COST BASIS OF INVESTMENTS		GROSS UNREALIZED APPRECIATION		GROSS UNREALIZED DEPRECIATION			NET UNREALIZED APPRECIATION (DEPRECIATION)
Total Return Bond Fund	$	39,314,682	$	19,013	$	(5,605,570	)	$	(5,586,557	)
High Income Opportunities Fund		42,919,410		116,170		(5,520,125	)		(5,403,955	)
Short-Term Bond Fund		384,687,930		529,754		(23,963,808	)		(23,434,054	)

Note 4 – Income Taxes

For the fiscal year ended October 31, 2022, the Fund recorded the following permanent reclassifications to reflect tax character. The results of operations and net assets were not affected by these reclassifications.

FUND	PAID-IN CAPITAL			UNDISTRIBUTED/ (OVERDISTRIBUTED) NET INVESTMENT INCOME			ACCUMULATED NET REALIZED GAIN/(LOSS) ON INVESTMENTS
Market Neutral Income Fund	$	(17,219,110	)	$	275,922,390		$	(258,703,280	)
Hedged Equity Fund		—			(183,621	)		183,621
Phineus Long/Short Fund		(356,595	)		346,922			9,673
Convertible Fund		2,678,037			20,425,530			(23,103,567	)
Global Convertible Fund		(1,221,496	)		1,901,733			(680,237	)
Timpani Small Cap Growth Fund		(2,130,578	)		2,105,207			25,371
Timpani SMID Growth Fund		(93,513	)		92,327			1,186
Growth Fund		(8,589,150	)		8,575,778			13,372
Growth and Income Fund		2,308,876			11,935,705			(14,244,581	)
Dividend Growth Fund		56,182			(449	)		(55,733	)
Select Fund		375,284			(84,895	)		(290,389	)
International Growth Fund		1,469,312			(2,732,009	)		1,262,697
Evolving World Growth Fund		(89,466	)		(467,991	)		557,457
Global Equity Fund		2,124,245			(202,329	)		(1,921,916	)
Global Opportunities Fund		(756,945	)		614,926			142,019
International Small Cap Growth Fund		—			(8,164	)		8,164
Global Sustainable Equities Fund		794			(5,161	)		4,367
Total Return Bond Fund		(2	)		62,333			(62,331	)
High Income Opportunities Fund		(1,267	)		54,765			(53,498	)
Short-Term Bond Fund		726			2,368,714			(2,369,440	)

Distributions were characterized for federal income tax purposes as follows:

These differences are primarily due to differing treatments for foreign currency transactions, contingent payment debt Instruments, distribution treatment for redeeming shareholders, and methods of amortizing and accreting for fixed income securities.

	YEAR OR PERIOD ENDED OCTOBER 31, 2022						YEAR ENDED OCTOBER 31, 2021
FUND	ORDINARY INCOME		LONG-TERM CAPITAL GAIN		RETURN OF CAPITAL		ORDINARY INCOME		LONG-TERM CAPITAL GAIN		RETURN OF CAPITAL
Market Neutral Income Fund	$	67,150,312	$	—	$	—	$	77,240,076	$	—	$	—
Hedged Equity Fund		2,444,646		—		—		2,795,177		—		—
Phineus Long/Short Fund		—		—		—		—		—		—
Convertible Fund		54,892,564		157,564,258		—		23,011,285		68,717,440		—
Global Convertible Fund		17,366,007		15,769,528		391		8,075,991		10,208,374		—
Timpani Small Cap Growth Fund		—		—		—		—		6,630,168		25

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	YEAR OR PERIOD ENDED OCTOBER 31, 2022						YEAR ENDED OCTOBER 31, 2021
FUND	ORDINARY INCOME		LONG-TERM CAPITAL GAIN		RETURN OF CAPITAL		ORDINARY INCOME		LONG-TERM CAPITAL GAIN		RETURN OF CAPITAL
Timpani SMID Growth Fund	$	334,328	$	2,149,114	$	14	$	—	$	—	$	—
Growth Fund		56,615,558		131,149,309		408		2,572,719		158,449,335		—
Growth and Income Fund		55,045,973		104,835,173		—		35,180,486		34,753,991		—
Dividend Growth Fund		58,287		1,401,097		—		22,251		1,152,615		—
Select Fund		1,439,973		2,430,611		—		—		2,047,183		—
International Growth Fund		13,108,287		29,479,859		—		941,757		13,028,011		—
Evolving World Growth Fund		3,175,671		—		—		91,008		6,901,599		—
Global Equity Fund		1,770,057		11,645,249		—		514,069		6,311,570		—
Global Opportunities Fund		5,452,181		9,656,929		178		3,527,218		7,792,391		—
International Small Cap Growth Fund		—		—		—		—		—		—
Global Sustainable Equities Fund		—		—		—		—		—		—
Total Return Bond Fund		1,140,747		721,123		—		1,866,636		—		—
High Income Opportunities Fund		1,970,290		—		—		1,389,359		—		598,352
Short-Term Bond Fund		6,304,329		—		—		6,716,397		1,050,318		—

As of October 31, 2022, the components of accumulated earnings/(loss) on a tax basis were as follows:

	MARKET NEUTRAL INCOME FUND			HEDGED EQUITY FUND			PHINEUS LONG/SHORT FUND			CONVERTIBLE FUND			GLOBAL CONVERTIBLE FUND
Undistributed ordinary income	$	71,342,750		$	1,832,412		$	229,385		$	3,809,627		$	—
Undistributed capital gains		—			—			—			—			—
Total undistributed earnings		71,342,750			1,832,412			229,385			3,809,627			—
Accumulated capital and other losses		(190,021,975	)		(65,097,157	)		(13,429,764	)		(1,756,920	)		(3,519,933	)
Net unrealized gains/(losses)		283,817,978			84,607,184			11,033,935			(21,352,545	)		(30,325,218	)
Total accumulated earnings/(losses)		165,138,753			21,342,439			(2,166,444	)		(19,299,838	)		(33,845,151	)
Other		(94,341	)		286,851			(1,975,252	)		(112,869	)		(14,628	)
Paid-in-capital		15,899,429,615			567,235,201			788,766,108			1,035,889,888			165,749,454
Net assets applicable to common shareholders	$	16,064,474,027		$	588,864,491		$	784,624,412		$	1,016,477,181		$	131,889,675
	TIMPANI SMALL CAP GROWTH FUND			TIMPANI SMID GROWTH FUND			GROWTH FUND			GROWTH AND INCOME FUND			DIVIDEND GROWTH FUND
Undistributed ordinary income	$	—		$	—		$	—		$	8,122,160		$	32,236
Undistributed capital gains		—			—			—			61,852,615			—
Total undistributed earnings		—			—			—			69,974,775			32,236
Accumulated capital and other losses		(124,740,114	)		(2,431,448	)		(11,704,895	)		(7,208,776	)		—
Net unrealized gains/(losses)		51,718,336			2,131,583			285,896,780			772,815,646			5,445,067
Total accumulated earnings/(losses)		(73,021,778	)		(299,865	)		274,191,885			835,581,645			5,477,303
Other		9,640			378			(99,356	)		(8,824,085	)		—
Paid-in-capital		415,567,162			17,457,836			884,921,215			1,451,289,977			12,100,797
Net assets applicable to common shareholders	$	342,555,024		$	17,158,349		$	1,159,013,744		$	2,278,047,537		$	17,578,100

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	SELECT FUND			INTERNATIONAL GROWTH FUND			EVOLVING WORLD GROWTH FUND			GLOBAL EQUITY FUND			GLOBAL OPPORTUNITIES FUND
Undistributed ordinary income	$	—		$	—		$	3,554,132		$	89,726		$	—
Undistributed capital gains		1,053,180			—			—			3,033,133			—
Total undistributed earnings		1,053,180			—			3,554,132			3,122,859			—
Accumulated capital and other losses		—			(14,636,068	)		(87,197,640	)		(320,118	)		(9,888,152	)
Net unrealized gains/(losses)		9,580,337			1,919,328			(29,603,957	)		16,783,221			20,118,424
Total accumulated earnings/(losses)		10,633,517			(12,716,740	)		(113,247,465	)		19,585,962			10,230,272
Other		(101,243	)		(69,489	)		(174,685	)		(84,937	)		(325,382	)
Paid-in-capital		31,925,141			186,619,620			472,322,561			53,916,136			201,815,940
Net assets applicable to common shareholders	$	42,457,415		$	173,833,391		$	358,900,411		$	73,417,161		$	211,720,830
	INTERNATIONAL SMALL CAP GROWTH FUND			GLOBAL SUSTAINABLE EQUITIES FUND			TOTAL RETURN BOND FUND			HIGH INCOME OPPORTUNITIES FUND			SHORT-TERM BOND FUND
Undistributed ordinary income	$	4,327		$	50,323		$	71,999		$	26,382		$	2,032,199
Undistributed capital gains		—			—			—			—			—
Total undistributed earnings		4,327			50,323			71,999			26,382			2,032,199
Accumulated capital and other losses		(287,436	)		(136,950	)		(400,041	)		(11,035,668	)		(4,697,937	)
Net unrealized gains/(losses)		(195,938	)		(1,446,066	)		(5,586,557	)		(5,403,955	)		(23,803,464	)
Total accumulated earnings/(losses)		(479,047	)		(1,532,693	)		(5,914,599	)		(16,413,241	)		(26,469,202	)
Other		—			—			(105,638	)		(114,643	)		366,993
Paid-in-capital		2,247,334			8,243,351			39,852,849			52,923,663			385,138,302
Net assets applicable to common shareholders	$	1,768,287		$	6,710,658		$	33,832,612		$	36,395,779		$	359,036,093

The following Funds had capital loss carryforwards for the year ended October 31, 2022, with no expiration date, available to offset future realized capital gains:

Fund	Short-Term		Long-Term
Market Neutral Income Fund	$	126,875,589	$	—
Hedged Equity Fund		31,075,334		33,767,238
Phineus Long/Short Fund		12,413,147		—
Global Convertible Fund		3,518,542		—
Timpani Small Cap Growth Fund		124,740,114		—
Timpani SMID Growth Fund		2,431,448		—
Growth Fund		744,551		—
International Growth Fund		14,502,363		—
Evolving World Growth Fund		87,197,640		—
Global Opportunities Fund		9,698,578		—
International Small Cap Growth Fund		287,436		—
Global Sustainable Equities Fund		136,950		—
Total Return Bond Fund		354,549		45,492
High Income Opportunities Fund		1,250,326		9,785,342
Short-Term Bond Fund		2,928,815		1,769,122

The capital loss carryforwards utilized in the year ended October 31, 2022 in Market Neutral Income Fund and Hedged Equity Fund are $650,148,958 and $19,784,970, respectively.

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Note 5 – 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 the 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. Dividends paid on securities sold short are disclosed as an expense on the Statements of Operations. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be realized upon the termination of a short sale.

To secure its obligation to deliver to the broker-dealer the securities sold short, 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 6 – Derivative Investments

Foreign Currency Risk. Each Fund may engage in portfolio hedging with respect to changes in currency exchange rates by entering into forward foreign currency contracts to purchase or sell currencies. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Risks associated with such contracts include, among other things, movement in the value of the foreign currency relative to the U.S. dollar and the ability of the counterparty to perform.

To mitigate the counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Generally, collateral is exchanged between the Fund and the counterparty and the amount of collateral due from the Fund or to a counterparty has to exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. When a Fund is required to post collateral under the terms of a derivatives transaction and master netting agreement, the Fund's custodian holds the collateral in a segregated account, subject to the terms of a tri-party agreement among the Fund, the custodian and the counterparty. The master netting agreement and tri-party agreement provide, in relevant part, that the counterparty may have rights to the amounts in the segregated account in the event that the Fund defaults in its obligation with respect to the derivative instrument that is subject to the collateral requirement. When a counterparty is required to post collateral under the terms of a derivatives transaction and master netting agreement, the counterparty delivers such amount to the Fund's custodian. The master netting agreement provides, in relevant part, that the Fund may have rights to such collateral in the event that the counterparty defaults in its obligation with respect to the derivative instrument that is subject to the collateral requirement. Generally before a default, neither a Fund nor the counterparty may resell, rehypothecate, or repledge any collateral that it receives.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. The Fund's net counterparty exposure is reflected in the counterparty table below. The net unrealized gain, if any, represents the credit risk to the respective Fund on a forward foreign currency contract. The contracts are valued daily at forward foreign exchange rates. The Funds realize a gain or loss when a position is closed or upon settlement of the contracts. Please see the disclosure regarding ISDA Master Agreements under Foreign Currency Risk within this note.

As of October 31, 2022, the Funds had outstanding forward foreign currency contracts listed on the Schedules of Investments.

Equity Risk. Each Fund may engage in option transactions and in doing so achieves similar objectives to what it would achieve through the sale or purchase of individual securities. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the seller of the option the obligation to sell, the underlying security, index or other

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Notes to Financial Statements

instrument at the exercise price. A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the seller the obligation to buy, the underlying security, index, or other instrument at the exercise price.

To seek to offset some of the risk of a potential decline in value of certain long positions, each Fund may also purchase put options on individual securities, broad-based securities indexes or certain exchange-traded funds ("ETFs"). Each Fund may also seek to generate income from option premiums by writing (selling) options on a portion of the equity securities (including securities that are convertible into equity securities) in the Fund's portfolio, on broad-based securities indexes, or certain ETFs.

When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount received or paid on a closing purchase or sale transaction is also treated as a realized gain or loss. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid. Gain or loss on written options and purchased options is presented separately on the Statements of Operations as net realized gain or loss on written options and net realized gain or loss on purchased options, respectively.

Options written by each Fund do not typically give rise to counterparty credit risk since options written obligate each Fund and not the counterparty to perform. Exchange traded purchased options have minimal counterparty credit risk to each Fund since the exchange's clearinghouse, as counterparty to such instruments, guarantees against a possible default.

As of October 31, 2022, the Fund had outstanding purchased options and/or written options as listed on the Schedules of Investments.

As of October 31, 2022, the Funds had outstanding derivative contracts which are reflected on the Statements of Assets and Liabilities as follows:

	ASSET DERIVATIVES		LIABILITY DERIVATIVES
	MARKET NEUTRAL INCOME FUND
Gross amounts at fair value:
Forward foreign currency contracts(1)	$	11,097	$	1,411,373
Purchased options(2)		141,786,125		—
Written options(3)		—		307,297,350
	$	141,797,222	$	308,708,723
	HEDGED EQUITY FUND
Gross amounts at fair value:
Purchased options(2)	$	4,849,250	$	—
Written options(3)		—		16,908,125
	$	4,849,250	$	16,908,125
	PHINEUS LONG/SHORT FUND
Gross amounts at fair value:
Purchased options(2)	$	2,948,400	$	—
Written options(3)		—		6,864,450
	$	2,948,400	$	6,864,450
	CONVERTIBLE FUND
Gross amounts at fair value:
Forward foreign currency contracts(1)	$	—	$	26,720
	$	—	$	26,720

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Notes to Financial Statements

	GLOBAL CONVERTIBLE FUND
Gross amounts at fair value:
Purchased options(2)	$	295,050	$	—
	$	295,050	$	—
	GROWTH FUND
Gross amounts at fair value:
Futures contracts(5)	$	—	$	27,038
	$	—	$	27,038
	GROWTH AND INCOME FUND
Gross amounts at fair value:
Purchased options(2)	$	5,934,980	$	—
	$	5,934,980	$	—
	INTERNATIONAL GROWTH FUND
Gross amounts at fair value:
Purchased options(2)	$	996,796	$	—
	$	996,796	$	—
	EVOLVING WORLD GROWTH FUND
Gross amounts at fair value:
Purchased options(2)	$	4,343,790	$	—
	$	4,343,790	$	—
	GLOBAL EQUITY FUND
Gross amounts at fair value:
Purchased options(2)	$	361,463	$	—
	$	361,463	$	—
	GLOBAL OPPORTUNITIES FUND
Gross amounts at fair value:
Purchased options(2)	$	1,565,110	$	—
	$	1,565,110	$	—
	TOTAL RETURN BOND FUND
Gross amounts at fair value:
Futures contracts(5)	$	2,765	$	—
	$	2,765	$	—
	SHORT-TERM BOND FUND
Gross amounts at fair value:
Futures contracts(5)	$	27,442	$	212,147
	$	27,442	$	212,147

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	GROSS AMOUNTS NOT OFFSET IN THE STATEMENT OF ASSETS AND LIABILITIES
MARKET NEUTRAL INCOME FUND	GROSS AMOUNTS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES					COLLATERAL		NET AMOUNT RECEIVABLE IN THE EVENT		NET AMOUNT PAYABLE IN THE EVENT
Counterparty		ASSETS		LIABILITIES		PLEDGED		OF DEFAULT		OF DEFAULT
Bank of New York	ISDA	$	—	$	973,120	$	—	$	—	$	973,120
Northern Trust Company	ISDA		11,097		285,508		—		—		274,411
State Street Bank and Trust	ISDA		—		152,745		152,745		—		—
		$	11,097	$	1,411,373	$	152,745	$	—	$	1,247,531
CONVERTIBLE FUND	GROSS AMOUNTS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES					COLLATERAL		NET AMOUNT RECEIVABLE IN THE EVENT		NET AMOUNT PAYABLE IN THE EVENT
Counterparty		ASSETS		LIABILITIES		PLEDGED		OF DEFAULT		OF DEFAULT
State Street Bank and Trust	ISDA	$	—	$	26,720	$	—	$	—	$	26,720
		$	—	$	26,720	$	—	$	—	$	26,720

For the year ended October 31, 2022, the volume of derivative activity for the Fund is reflected below:*

FUND	FORWARD CONTRACTS(1)		PURCHASED OPTIONS(2)		FUTURES CONTRACTS(5)		WRITTEN OPTIONS(3)		SWAPS(4)
Market Neutral Income Fund		825,524,289		191,825		—		201,795		51,402,986
Hedged Equity Fund		—		12,152		—		9,619		—
Phineus Long/Short Fund		—		715,977		—		751,182		—
Convertible Fund		34,682,787		—		—		—		—
Global Convertible Fund		—		796		—		—		—
Growth Fund		—		50,740		72		49,998		—
Growth and Income Fund		23,393,507		109,107		—		37,993		—
International Growth Fund		42,092,743		19,152		—		—		—
Evolving World Growth Fund		266		369,509		—		—		—
Global Equity Fund		8,764,506		3,981		—		—		—
Global Opportunities Fund		—		19,730		—		195		—
International Small Cap Growth Fund		52,844		36		—		—		—
Total Return Bond Fund		—		—		13		—		—
Short-Term Bond Fund		—		—		755		—		—

*  Activity during the period is measured by opened number of contracts for options purchased or written, opened foreign currency contracts (measured in notional), opened number of contracts for futures contracts, and opened total return swaps (measured in notional).

(1)  Generally, the Statement of Assets and Liabilities location for Forward foreign currency contracts is Unrealized appreciation on forward foreign currency contracts for asset derivatives and Unrealized depreciation on forward foreign currency contracts for liability derivatives.

(2)  Generally, the Statement of Assets and Liabilities location for Purchased Options is Investments in securities, at value.

(3)  Generally, the Statement of Assets and Liabilities location for Written Options is Options written, at value.

(4)  Generally, the Statement of Assets and Liabilities location for Swap contracts is Unrealized appreciation on total return swaps for asset derivatives and Unrealized depreciation on total return swaps for liability derivatives.

(5)  Generally, the Statement of Assets and Liabilities location for Futures contracts is Investments in securities, at value.

Note 7 – 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. The additional return is disclosed on a net basis as Securities lending income in the Statement of Operations. Upon receipt of cash or cash equivalent collateral, the Funds' securities lending agent invests the collateral into short term investments

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following investment guidelines approved by Calamos Advisors. The Funds record the investment of collateral as an asset and the value of the collateral as a liability on the Statements of Assets and Liabilities. 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 will 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.

The following table indicates the total amount of securities loaned by asset class, reconciled to the gross liability payable upon return of the securities loaned by the Funds as of October 31, 2022.

	AMOUNT OF COLLATERAL HELD IN SHORT TERM INVESTMENTS AND RESTRICTED		AMOUNT OF NON-CASH		TOTAL		VALUE OF SECURITIES ON LOAN TO BROKER-DEALERS AND BANKS BY ASSET CLASS ON LOAN						EXCESS AMOUNT DUE TO/(FROM)
FUND	CASH		COLLATERAL		COLLATERAL		EQUITY		FIXED INCOME		TOTAL		COUNTERPARTY
Market Neutral Income Fund	$	162,348,890	$	68,867,924	$	231,216,814	$	195,924,164	$	29,156,995	$	225,081,159	$	6,135,655
Hedged Equity Fund		1,650,445		3,743,000		5,393,445		5,280,586		—		5,280,586		112,859
Phineus Long/Short Fund		9,818,768		2,016,225		11,834,993		11,565,595		—		11,565,595		269,398
Convertible Fund		93,252,950		33,644,871		126,897,821		23,236,656		100,935,672		124,172,328		2,725,493
Global Convertible Fund		7,753,521		299,425		8,052,946		1,522,029		6,346,894		7,868,923		184,023
Growth Fund		27,870,725		2,982,712		30,853,437		31,206,054		—		31,206,054		(352,617	)
Growth and Income Fund		93,849,332		5,786,668		99,636,000		34,490,003		62,745,009		97,235,012		2,400,988
Select Fund		211,560		163,718		375,278		370,457		—		370,457		4,821
International Growth Fund		10,959,862		3,098,999		14,058,861		13,460,155		—		13,460,155		598,706
Evolving World Growth Fund		5,515,745		—		5,515,745		5,582,586		—		5,582,586		(66,841	)
Global Equity Fund		2,209,522		1,744,600		3,954,122		3,841,772		—		3,841,772		112,350
Global Opportunities Fund		16,573,587		472,875		17,046,462		5,711,333		10,826,371		16,537,704		508,758
Total Return Bond Fund		648,848		251,253		900,101		—		879,607		879,607		20,494
High Income Opportunities Fund		1,689,300		131,488		1,820,788		30,108		1,748,976		1,779,084		41,704
Short-Term Bond Fund		7,943,858		4,332,010		12,275,868		—		11,997,210		11,997,210		278,658

Note 8 – 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 – Prices are determined using inputs from unadjusted quoted prices from active markets (including securities actively traded on a securities exchange) for identical assets.

•  Level 2 – Prices are determined using significant observable market inputs other than unadjusted quoted prices, including quoted prices of similar securities, fair value adjustments to quoted foreign securities, interest rates, credit risk, prepayment speeds, and other relevant data.

•  Level 3 – Prices reflect unobservable market inputs (including the Funds' own judgments about assumptions market participants would use in determining fair value) when observable inputs are unavailable.

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Notes to Financial Statements

Debt securities are valued based upon evaluated prices received from an independent pricing service or from a dealer or broker who makes markets in such securities. Pricing services utilize various observable market data and as such, debt securities are generally categorized as Level 2. The levels are not necessarily an indication of the risk or liquidity of the Fund's investments.

The following is a summary of the inputs used in valuing the Funds' holdings at fair value:

	MARKET NEUTRAL INCOME FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	5,461,020,599	$	—	$	5,461,020,599
Corporate Bonds		—		153,343,694		—		153,343,694
Convertible Preferred Stocks		156,286,580		66,120,022		—		222,406,602
Common Stocks U.S.		8,345,596,572		327,070,085		—		8,672,666,657
Common Stocks Foreign		1,342,043		—		—		1,342,043
Exchange-Traded Funds		1,004,156,948		—		—		1,004,156,948
Investments in Affiliated Funds		325,887,150		—		—		325,887,150
Warrants		3,612,404		892,678		—		4,505,082
Rights		90,733		—		—		90,733
Purchased Options		125,326,250		16,459,875		—		141,786,125
Investment of Cash Collateral For Securities Loaned		—		162,348,890		—		162,348,890
Forward Foreign Currency Contracts		—		11,097		—		11,097
Total	$	9,962,298,680	$	6,187,266,940	$	—	$	16,149,565,620
Liabilities:
Common Stocks Sold Short U.S.	$	2,237,776,689	$	—	$	—	$	2,237,776,689
Common Stocks Sold Short Foreign		124,207,758		7,623,820		—		131,831,578
Written Options		307,297,350		—		—		307,297,350
Forward Foreign Currency Contracts		—		1,411,373		—		1,411,373
Total	$	2,669,281,797	$	9,035,193	$	—	$	2,678,316,990
	HEDGED EQUITY FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	569,215,202	$	—	$	—	$	569,215,202
Exchange-Traded Funds		19,719,110		—		—		19,719,110
Convertible Bonds		—		6,773,967		—		6,773,967
Purchased Options		4,849,250		—		—		4,849,250
Investment of Cash Collateral For Securities Loaned		—		1,650,445		—		1,650,445
Total	$	593,783,562	$	8,424,412	$	—	$	602,207,974
Liabilities:
Written Options	$	16,908,125	$	—	$	—	$	16,908,125
Total	$	16,908,125	$	—	$	—	$	16,908,125

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	PHINEUS LONG/SHORT FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	700,062,001	$	—	$	—	$	700,062,001
Common Stocks Foreign		—		35,080,935		—		35,080,935
Exchange-Traded Funds		42,483,100		—		—		42,483,100
Purchased Options		2,948,400		—		—		2,948,400
Investment of Cash Collateral For Securities Loaned		—		9,818,768		—		9,818,768
Total	$	745,493,501	$	44,899,703	$	—	$	790,393,204
Liabilities:
Common Stocks Sold Short U.S.	$	34,520,960	$	—	$	—	$	34,520,960
Exchange-Traded Funds Sold Short		335,384,065		—		—		335,384,065
Written Options		6,864,450		—		—		6,864,450
Total	$	376,769,475	$	—	$	—	$	376,769,475
	CONVERTIBLE FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	857,213,542	$	—	$	857,213,542
Convertible Preferred Stocks		90,624,077		26,716,540		—		117,340,617
Common Stocks U.S.		20,390,045		—		—		20,390,045
Investment of Cash Collateral For Securities Loaned		—		93,252,950		—		93,252,950
Total	$	111,014,122	$	977,183,032	$	—	$	1,088,197,154
Liabilities:
Forward Foreign Currency Contracts	$	—	$	26,720	$	—	$	26,720
Total	$	—	$	26,720	$	—	$	26,720
	GLOBAL CONVERTIBLE FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	117,115,825	$	—	$	117,115,825
Convertible Preferred Stocks		11,592,432		1,488,361		—		13,080,792
U.S. Government and Agency Securities		—		982,762		—		982,762
Purchased Options		295,050		—		—		295,050
Investment of Cash Collateral For Securities Loaned		—		7,753,521		—		7,753,521
Total	$	11,887,482	$	127,340,469	$	—	$	139,227,950
	TIMPANI SMALL CAP GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	342,543,584	$	—	$	—	$	342,543,584
Total	$	342,543,584	$	—	$	—	$	342,543,584

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Notes to Financial Statements

	TIMPANI SMID GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	17,077,340	$	—	$	—	$	17,077,340
Total	$	17,077,340	$	—	$	—	$	17,077,340
	GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	1,101,149,610	$	—	$	—	$	1,101,149,610
Exchange-Traded Funds		19,320,450		—		—		19,320,450
Investment of Cash Collateral For Securities Loaned		—		27,870,725		—		27,870,725
Total	$	1,120,470,060	$	27,870,725	$	—	$	1,148,340,785
Liabilities:
Futures Contracts	$	27,038	$	—	$	—	$	27,038
Total	$	27,038	$	—	$	—	$	27,038
	GROWTH AND INCOME FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	347,322,971	$	—	$	347,322,971
Convertible Preferred Stocks		100,252,652		39,093,559		—		139,346,211
Common Stocks U.S.		1,589,950,046		—		—		1,589,950,046
U.S. Government and Agency Securities		—		73,756,674		—		73,756,674
Purchased Options		5,934,980		—		—		5,934,980
Investment of Cash Collateral For Securities Loaned		—		93,849,332		—		93,849,332
Total	$	1,696,137,678	$	554,022,536	$	—	$	2,250,160,214
	DIVIDEND GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	16,520,125	$	—	$	—	$	16,520,125
Convertible Preferred Stocks		77,028		—		—		77,028
Exchange-Traded Funds		485,783		—		—		485,783
Total	$	17,082,936	$	—	$	—	$	17,082,936
	SELECT FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	39,941,063	$	—	$	—	$	39,941,063
Exchange-Traded Funds		567,312		—		—		567,312
Investment of Cash Collateral For Securities Loaned		—		211,560		—		211,560
Total	$	40,508,375	$	211,560	$	—	$	40,719,935

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Notes to Financial Statements

	INTERNATIONAL GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks Foreign	$	13,486,284	$	137,460,065	$	—	$	150,946,349
Common Stocks U.S.		21,664,890		—		—		21,664,890
Purchased Options		996,796		—		—		996,796
Investment of Cash Collateral For Securities Loaned		—		10,959,862		—		10,959,862
Total	$	36,147,970	$	148,419,927	$	—	$	184,567,897
	EVOLVING WORLD GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	27,664,178	$	—	$	27,664,178
Common Stocks Foreign		50,723,015		240,255,241		—		290,978,256
Common Stocks U.S.		37,543,389		—		—		37,543,389
Purchased Options		4,343,790		—		—		4,343,790
Investment of Cash Collateral For Securities Loaned		—		5,515,745		—		5,515,745
Total	$	92,610,194	$	273,435,164	$	—	$	366,045,358
	GLOBAL EQUITY FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	48,871,758	$	—	$	—	$	48,871,758
Common Stocks Foreign		2,529,104		21,103,506		—		23,632,610
Investment of Cash Collateral For Securities Loaned		—		2,209,522		—		2,209,522
Purchased Options		361,463		—		—		361,463
Total	$	51,762,325	$	23,313,028	$	—	$	75,075,353
	GLOBAL OPPORTUNITIES FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	42,705,586	$	—	$	42,705,586
Convertible Preferred Stocks		4,355,049		—		—		4,355,049
Common Stocks U.S.		101,727,293		—		—		101,727,293
Common Stocks Foreign		6,586,073		42,962,457		—		49,548,530
U.S. Government and Agency Securities		—		6,972,087		—		6,972,087
Purchased Options		1,565,110		—		—		1,565,110
Investment of Cash Collateral For Securities Loaned		—		16,573,587		—		16,573,587
Total	$	114,233,525	$	109,213,717	$	—	$	223,447,242
	INTERNATIONAL SMALL CAP GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks Foreign	$	252,004	$	1,244,806	$	—	$	1,496,810
Common Stocks U.S.		117,707		—		—		117,707
Total	$	369,711	$	1,244,806	$	—	$	1,614,517

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Notes to Financial Statements

	GLOBAL SUSTAINABLE EQUITIES FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	3,735,967	$	—	$	—	$	3,735,967
Common Stocks Foreign		287,921		2,407,250		—		2,695,171
Total	$	4,023,888	$	2,407,250	$	—	$	6,431,138
	TOTAL RETURN BOND FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Corporate Bonds	$	—	$	14,758,094	$	—	$	14,758,094
Bank Loans		—		3,386,854		—		3,386,854
Sovereign Bond		—		317,708		—		317,708
U.S. Government and Agency Securities		—		11,551,661		—		11,551,661
Residential Mortgage Backed Securities		—		554,173		—		554,173
Asset Backed Securities		—		2,510,786		—		2,510,786
Investment Of Cash Collateral For Securities Loaned		—		648,848		—		648,848
Long Futures		2,765		—		—		2,765
Total	$	2,765	$	33,728,124	$	—	$	33,730,889
	HIGH INCOME OPPORTUNITIES FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Corporate Bonds	$	—	$	31,248,777	$	—	$	31,248,777
Convertible Bonds		—		248,458		—		248,458
Bank Loans		—		3,421,365		—		3,421,365
Common Stocks U.S.		367,160		198,452		—		565,612
Warrants		—		1		—		1
Convertible Preferred Stocks		—		12,530		—		12,530
Preferred Stocks		255,957		73,455		—		329,412
Investment of Cash Collateral For Securities Loaned		—		1,689,300		—		1,689,300
Total	$	623,117	$	36,892,338	$	—	$	37,515,455
	SHORT-TERM BOND FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Corporate Bonds	$	—	$	214,502,166	$	—	$	214,502,166
U.S. Government and Agency Securities		—		19,484,433		—		19,484,433
Sovereign Bonds		—		3,559,877		—		3,559,877
Bank Loans		—		32,761,922		—		32,761,922
Asset Backed Securities		—		63,988,669		—		63,988,669
Municipal Obligations		—		14,923,415		—		14,923,415
Residential Mortgage Backed Securities		—		3,720,126		—		3,720,126
Investment of Cash Collateral For Securities Loaned		—		7,943,858		—		7,943,858
Futures Contracts		27,442		—		—		27,442
Total	$	27,442	$	360,884,466	$	—	$	360,911,908
Liabilities:
Futures Contracts	$	212,147	$	—	$	—	$	212,147
Total	$	212,147	$	—	$	—	$	212,147

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Notes to Financial Statements

Note 9 – Capital Share Transactions

The following table summarizes the activity in capital shares of the Funds for the Year ended October 31, 2022:

	MARKET NEUTRAL INCOME FUND						HEDGED EQUITY FUND						PHINEUS LONG/SHORT FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		33,416,629		$	480,597,207			1,729,518		$	24,861,744			1,367,804		$	20,814,938
Shares issued as reinvestment of distributions		142,979			2,012,211			7,536			105,853			—			—
Less shares redeemed		(34,938,628	)		(494,152,004	)		(1,492,083	)		(20,606,634	)		(908,010	)		(13,646,441	)
Net increase (decrease)		(1,379,020	)	$	(11,542,586	)		244,971		$	4,360,963			459,794		$	7,168,497
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		5,359,254		$	77,840,039			216,029		$	2,952,619			450,627		$	6,512,659
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Less shares redeemed		(5,149,618	)		(73,465,291	)		(82,788	)		(1,125,448	)		(217,039	)		(3,146,259	)
Net increase (decrease)		209,636		$	4,374,748			133,241		$	1,827,171			233,588		$	3,366,400
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		449,267,900		$	6,380,594,057			20,185,735		$	282,931,966			27,530,365		$	424,306,901
Shares issued as reinvestment of distributions		3,823,767			53,144,384			167,105			2,329,953			—			—
Less shares redeemed		(418,040,213	)		(5,807,275,155	)		(13,697,320	)		(186,233,550	)		(10,925,487	)		(164,642,756	)
Net increase (decrease)		35,051,454		$	626,463,286			6,655,520		$	99,028,369			16,604,878		$	259,664,145
Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		12,848,988		$	183,489,735			—		$	—			—		$	—
Shares issued as reinvestment of distributions		39,768			546,242			—			—			—			—
Less shares redeemed		(10,288,626	)		(139,203,963	)		—			—			—			—
Net increase (decrease)		2,600,130		$	44,832,014			—		$	—			—		$	—

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Notes to Financial Statements

	CONVERTIBLE FUND						GLOBAL CONVERTIBLE FUND						TIMPANI SMALL CAP GROWTH FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,958,928		$	42,089,291			107,978		$	1,306,291			476,181		$	14,861,366
Shares issued as reinvestment of distributions		1,982,992			45,106,908			171,157			2,094,959			—			—
Less shares redeemed		(3,596,705	)		(75,287,073	)		(365,752	)		(3,944,262	)		(407,923	)		(12,421,882	)
Net increase (decrease)		345,215		$	11,909,126			(86,617	)	$	(543,012	)		68,258		$	2,439,484
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		297,979		$	6,194,650			59,674		$	710,530			133,685		$	4,567,938
Shares issued as reinvestment of distributions		372,254			8,282,648			57,982			688,248			—			—
Less shares redeemed		(1,043,405	)		(21,404,792	)		(123,280	)		(1,363,701	)		(41,821	)		(1,205,095	)
Net increase (decrease)		(373,172	)	$	(6,927,494	)		(5,624	)	$	35,077			91,864		$	3,362,843
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		18,061,409		$	323,015,317			5,707,273		$	64,103,440			8,060,814		$	268,408,302
Shares issued as reinvestment of distributions		7,781,222			151,456,381			2,463,533			30,153,639			—			—
Less shares redeemed		(31,825,456	)		(576,328,924	)		(13,434,789	)		(150,750,391	)		(6,206,325	)		(186,523,352	)
Net increase (decrease)		(5,982,825	)	$	(101,857,226	)		(5,263,983	)	$	(56,493,312	)		1,854,489		$	81,884,950
Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—			457,378		$	15,496,235
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Less shares redeemed		—			—			—			—			(311,499	)		(8,936,560	)
Net increase (decrease)		—		$	—			—		$	—			145,879		$	6,559,675

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230

Notes to Financial Statements

	TIMPANI SMID GROWTH FUND						GROWTH FUND						GROWTH AND INCOME FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		35,268		$	377,269			805,432		$	29,007,364			1,577,898		$	67,773,292
Shares issued as reinvestment of distributions		1,258			17,064			3,649,882			141,615,426			1,671,502			74,377,578
Less shares redeemed		(15,295	)		(153,848	)		(3,891,971	)		(134,061,085	)		(3,742,633	)		(157,611,231	)
Net increase (decrease)		21,231		$	240,485			563,343		$	36,561,705			(493,233	)	$	(15,460,361	)
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			59,922		$	882,302			549,078		$	23,529,048
Shares issued as reinvestment of distributions		—			—			383,579			5,849,577			107,166			4,851,411
Less shares redeemed		—			—			(554,289	)		(7,618,188	)		(507,554	)		(21,618,671	)
Net increase (decrease)		—		$	—			(110,788	)	$	(886,309	)		148,690		$	6,761,788
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		196,721		$	2,271,211			245,554		$	12,804,961			4,514,729		$	183,580,235
Shares issued as reinvestment of distributions		177,113			2,419,370			483,617			28,480,183			1,699,167			71,724,554
Less shares redeemed		(172,744	)		(2,005,300	)		(897,150	)		(47,276,537	)		(5,762,414	)		(228,175,183	)
Net increase (decrease)		201,090		$	2,685,281			(167,979	)	$	(5,991,393	)		451,482		$	27,129,606
Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		4,006		$	48,233			—		$	—			384,521		$	15,255,602
Shares issued as reinvestment of distributions		3,440			46,994			—			—			9,937			409,283
Less shares redeemed		—			—			—			—			(67,028	)		(2,594,205	)
Net increase (decrease)		7,446		$	95,227			—		$	—			327,430		$	13,070,680

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231

Notes to Financial Statements

	DIVIDEND GROWTH FUND						SELECT FUND						INTERNATIONAL GROWTH FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		101,442		$	1,544,378			58,525		$	1,017,078			598,449		$	11,738,319
Shares issued as reinvestment of distributions		26,908			420,845			53,515			983,612			449,071			10,122,059
Less shares redeemed		(42,193	)		(642,307	)		(72,812	)		(1,267,711	)		(759,164	)		(15,202,096	)
Net increase (decrease)		86,157		$	1,322,916			39,228		$	732,979			288,356		$	6,658,282
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		81,257		$	1,126,742			979		$	12,900			12,124		$	219,252
Shares issued as reinvestment of distributions		10,240			153,491			4,089			63,375			33,222			628,226
Less shares redeemed		(41,410	)		(598,268	)		(42,908	)		(639,915	)		(49,244	)		(858,782	)
Net increase (decrease)		50,087		$	681,965			(37,840	)	$	(563,640	)		(3,898	)	$	(11,304	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		276,953		$	4,136,647			166,871		$	2,938,755			1,470,202		$	30,576,518
Shares issued as reinvestment of distributions		56,033			876,353			145,162			2,762,434			1,294,238			30,388,703
Less shares redeemed		(179,350	)		(2,683,777	)		(272,265	)		(4,921,169	)		(2,524,778	)		(53,119,293	)
Net increase (decrease)		153,636		$	2,329,223			39,768		$	780,020			239,662		$	7,845,928
Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—			260,145		$	4,892,431
Shares issued as reinvestment of distributions		—			—			—			—			9,913			235,038
Less shares redeemed		—			—			—			—			(67,655	)		(1,340,574	)
Net increase (decrease)		—		$	—			—		$	—			202,403		$	3,786,895

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Notes to Financial Statements

	EVOLVING WORLD GROWTH FUND						GLOBAL EQUITY FUND						GLOBAL OPPORTUNITIES FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		792,429		$	14,519,997			163,327		$	2,279,703			1,088,375		$	12,903,771
Shares issued as reinvestment of distributions		8,171			165,063			201,704			3,080,018			503,552			5,816,024
Less shares redeemed		(717,551	)		(13,643,363	)		(293,951	)		(4,102,636	)		(1,529,480	)		(17,020,570	)
Net increase (decrease)		83,049		$	1,041,697			71,080		$	1,257,085			62,447		$	1,699,225
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		54,708		$	946,233			14,131		$	158,930			340,975		$	3,131,965
Shares issued as reinvestment of distributions		—			—			14,803			184,890			65,588			644,077
Less shares redeemed		(374,763	)		(6,679,062	)		(47,824	)		(512,505	)		(350,910	)		(3,074,317	)
Net increase (decrease)		(320,055	)	$	(5,732,829	)		(18,890	)	$	(168,685	)		55,653		$	701,725
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		12,249,000		$	224,001,306			178,242		$	2,734,794			6,178,298		$	71,792,097
Shares issued as reinvestment of distributions		146,559			2,986,867			607,155			9,732,703			673,478			8,081,729
Less shares redeemed		(13,482,472	)		(252,789,560	)		(1,903,888	)		(30,858,817	)		(6,062,855	)		(67,904,821	)
Net increase (decrease)		(1,086,913	)	$	(25,801,387	)		(1,118,491	)	$	(18,391,320	)		788,921		$	11,969,005
Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—			—		$	—
Shares issued as reinvestment of distributions		—			—			1,079			17,305			—			—
Less shares redeemed		—			—			(8,911	)		(132,150	)		—			—
Net increase (decrease)		—		$	—			(7,832	)	$	(114,845	)		—		$	—

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233

Notes to Financial Statements

	INTERNATIONAL SMALL CAP GROWTH FUND(a)				GLOBAL SUSTAINABLE EQUITIES FUND(b)						TOTAL RETURN BOND FUND
Class A	Shares		Dollars		Shares			Dollars			Shares			Dollars
Shares sold		1,678	$	15,000		65,915		$	590,107			123,447		$	1,211,083
Shares issued as reinvestment of distributions		—		—		—			—			64,636			637,786
Less shares redeemed		—		—		(7,523	)		(59,664	)		(607,540	)		(5,953,120	)
Net increase (decrease)		1,678	$	15,000		58,392		$	530,443			(419,457	)	$	(4,104,251	)
Class C	Shares		Dollars		Shares			Dollars			Shares			Dollars
Shares sold		1,000	$	10,000		1,000		$	10,000			18,746		$	190,543
Shares issued as reinvestment of distributions		—		—		—			—			2,365			23,491
Less shares redeemed		—		—		—			—			(33,217	)		(315,063	)
Net increase (decrease)		1,000	$	10,000		1,000		$	10,000			(12,106	)	$	(101,029	)
Class I	Shares		Dollars		Shares			Dollars			Shares			Dollars
Shares sold		227,101	$	2,212,334		833,950		$	7,741,295			506,117		$	4,770,630
Shares issued as reinvestment of distributions		—		—		—			—			111,309			1,111,405
Less shares redeemed		—		—		(6,130	)		(49,181	)		(2,614,273	)		(26,700,414	)
Net increase (decrease)		227,101	$	2,212,334		827,820		$	7,692,114			(1,996,847	)	$	(20,818,379	)
Class R6	Shares		Dollars		Shares			Dollars			Shares			Dollars
Shares sold		1,000	$	10,000		1,000		$	10,000			—		$	—
Shares issued as reinvestment of distributions		—		—		—			—			—			—
Less shares redeemed		—		—		—			—			—			—
Net increase (decrease)		1,000	$	10,000		1,000		$	10,000			—		$	—

(a)  International Small Cap Growth Fund commenced operations on March 31, 2022.

(b)  Global Sustainable Equities Fund commenced operations on December 17, 2021.

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234

Notes to Financial Statements

	HIGH INCOME OPPORTUNITIES FUND						SHORT-TERM BOND FUND
Class A	Shares			Dollars			Shares			Dollars
Shares sold		252,917		$	2,033,928			522,033		$	4,960,770
Shares issued as reinvestment of distributions		171,917			1,343,273			3,445			32,935
Less shares redeemed		(783,609	)		(6,366,587	)		(564,631	)		(5,358,149	)
Net increase (decrease)		(358,775	)	$	(2,989,386	)		(39,153	)	$	(364,444	)
Class C	Shares			Dollars			Shares			Dollars
Shares sold		8,316		$	73,900			—		$	—
Shares issued as reinvestment of distributions		2,666			22,262			—			—
Less shares redeemed		(24,601	)		(203,280	)		—			—
Net increase (decrease)		(13,619	)	$	(107,118	)		—		$	—
Class I	Shares			Dollars			Shares			Dollars
Shares sold		729,592		$	5,834,515			9,802,212		$	96,319,676
Shares issued as reinvestment of distributions		65,707			512,816			69,370			661,301
Less shares redeemed		(621,832	)		(4,816,959	)		(2,333,029	)		(21,829,739	)
Net increase (decrease)		173,467		$	1,530,372			7,538,553		$	75,151,238
Class R6	Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—
Shares issued as reinvestment of distributions		—			—			—			—
Less shares redeemed		—			—			—			—
Net increase (decrease)		—		$	—			—		$	—

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235

Notes to Financial Statements

The following table summarizes the activity in capital shares of the Funds for the Year ended October 31, 2021:

	MARKET NEUTRAL INCOME FUND						HEDGED EQUITY FUND						PHINEUS LONG/SHORT FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		48,554,245		$	695,201,026			1,441,169		$	19,988,009			738,586		$	11,322,683
Shares issued as reinvestment of distributions		240,648			3,435,092			7,350			98,789			—			—
Less shares redeemed		(16,883,138	)		(241,454,139	)		(386,124	)		(5,358,012	)		(1,022,190	)		(14,988,782	)
Net increase (decrease)		31,911,755		$	457,181,979			1,062,395		$	14,728,786			(283,604	)	$	(3,666,099	)
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		8,167,959		$	118,538,445			248,475		$	3,425,300			247,561		$	3,685,673
Shares issued as reinvestment of distributions		1,913			27,893			694			8,969			—			—
Less shares redeemed		(4,435,798	)		(64,308,323	)		(46,912	)		(629,814	)		(311,890	)		(4,390,989	)
Net increase (decrease)		3,734,074		$	54,258,015			202,257		$	2,804,455			(64,329	)	$	(705,316	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		481,262,999		$	6,805,725,825			16,334,120		$	226,238,382			7,525,798		$	115,301,010
Shares issued as reinvestment of distributions		4,305,160			60,691,588			189,464			2,552,174			—			—
Less shares redeemed		(139,548,062	)		(1,969,026,109	)		(9,181,017	)		(126,222,914	)		(7,607,705	)		(110,894,458	)
Net increase (decrease)		346,020,097		$	4,897,391,304			7,342,567		$	102,567,642			(81,907	)	$	4,406,552
Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		623,329		$	8,856,506			—		$	—			—		$	—
Shares issued as reinvestment of distributions		759			10,807			—			—			—			—
Less shares redeemed		(12,977	)		(184,358	)		—			—			—			—
Net increase (decrease)		611,111		$	8,682,955			—		$	—			—		$	—

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236

Notes to Financial Statements

	CONVERTIBLE FUND						GLOBAL CONVERTIBLE FUND						TIMPANI SMALL CAP GROWTH FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		2,777,331		$	72,665,732			536,727		$	7,878,385			563,461		$	22,054,242
Shares issued as reinvestment of distributions		833,011			21,241,780			67,185			965,671			12,429			448,444
Less shares redeemed		(2,745,563	)		(71,528,455	)		(234,040	)		(3,462,058	)		(61,406	)		(2,379,887	)
Net increase (decrease)		864,779		$	22,379,057			369,872		$	5,381,998			514,484		$	20,122,799
Class C(a)	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		527,193		$	13,584,758			62,029		$	897,028			73,715		$	3,025,301
Shares issued as reinvestment of distributions		152,610			3,841,200			27,576			388,548			—			—
Less shares redeemed		(521,154	)		(13,386,606	)		(77,213	)		(1,114,914	)		(958	)		(39,448	)
Net increase (decrease)		158,649		$	4,039,352			12,392		$	170,662			72,757		$	2,985,853
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		19,798,724		$	453,359,024			5,750,086		$	84,668,776			6,552,471		$	264,307,210
Shares issued as reinvestment of distributions		2,833,100			63,015,810			1,166,932			16,794,465			164,479			6,107,102
Less shares redeemed		(12,465,538	)		(283,034,867	)		(3,650,432	)		(53,599,030	)		(2,010,241	)		(79,646,237	)
Net increase (decrease)		10,166,286		$	233,339,967			3,266,586		$	47,864,211			4,706,709		$	190,768,075
Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—			754,011		$	30,387,908
Shares issued as reinvestment of distributions		—			—			—			—			1,961			72,878
Less shares redeemed		—			—			—			—			(142,205	)		(5,802,118	)
Net increase (decrease)		—		$	—			—		$	—			613,767		$	24,658,668

(a)  Timpani Small Cap Growth Fund Class C shares commenced operations on June 25, 2021.

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237

Notes to Financial Statements

	TIMPANI SMID GROWTH FUND						GROWTH FUND						GROWTH AND INCOME FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		15,953		$	265,494			1,001,231		$	38,718,724			2,865,182		$	123,267,802
Shares issued as reinvestment of distributions		—			—			3,210,883			119,220,099			814,587			33,063,790
Less shares redeemed		(21,775	)		(357,204	)		(4,191,712	)		(168,341,439	)		(3,995,738	)		(173,246,676	)
Net increase (decrease)		(5,822	)	$	(91,710	)		20,402		$	(10,402,616	)		(315,969	)	$	(16,915,084	)
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			78,424		$	1,489,432			582,347		$	25,856,512
Shares issued as reinvestment of distributions		—			—			441,180			7,623,586			57,908			2,351,622
Less shares redeemed		—			—			(1,267,411	)		(23,098,760	)		(1,383,950	)		(58,921,715	)
Net increase (decrease)		—		$	—			(747,807	)	$	(13,985,742	)		(743,695	)	$	(30,713,581	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		225,185		$	3,475,331			349,978		$	20,093,648			5,756,072		$	240,119,420
Shares issued as reinvestment of distributions		—			—			442,786			23,932,552			767,992			29,983,198
Less shares redeemed		(176,853	)		(2,792,757	)		(793,486	)		(45,241,911	)		(3,795,835	)		(157,630,478	)
Net increase (decrease)		48,332		$	682,574			(722	)	$	(1,215,711	)		2,728,229		$	112,472,140
Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		26,286		$	447,755			—		$	—			148,440		$	6,063,308
Shares issued as reinvestment of distributions		—			—			—			—			3,120			122,602
Less shares redeemed		—			—			—			—			(22,364	)		(925,938	)
Net increase (decrease)		26,286		$	447,755			—		$	—			129,196		$	5,259,972

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
238

Notes to Financial Statements

	DIVIDEND GROWTH FUND						SELECT FUND						INTERNATIONAL GROWTH FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		45,063		$	688,741			40,948		$	724,394			551,383		$	15,070,245
Shares issued as reinvestment of distributions		22,697			310,042			32,177			525,780			131,078			3,332,005
Less shares redeemed		(38,761	)		(576,175	)		(88,898	)		(1,565,831	)		(560,965	)		(15,238,749	)
Net increase (decrease)		28,999		$	422,608			(15,773	)	$	(315,657	)		121,496		$	3,163,501
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		73,532		$	1,025,067			2,605		$	38,845			43,908		$	1,049,903
Shares issued as reinvestment of distributions		4,697			62,147			4,327			60,882			19,862			439,547
Less shares redeemed		(9,986	)		(146,192	)		(37,732	)		(572,425	)		(219,726	)		(5,212,131	)
Net increase (decrease)		68,243		$	941,022			(30,800	)	$	(472,698	)		(155,956	)	$	(3,722,681	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		143,318		$	2,098,829			257,995		$	4,700,807			1,905,212		$	54,803,138
Shares issued as reinvestment of distributions		58,493			798,425			84,555			1,423,899			367,227			9,669,096
Less shares redeemed		(285,863	)		(4,303,365	)		(866,973	)		(14,918,583	)		(1,616,979	)		(45,382,962	)
Net increase (decrease)		(84,052	)	$	(1,406,111	)		(524,423	)	$	(8,793,877	)		655,460		$	19,089,272
Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—			31,518		$	912,308
Shares issued as reinvestment of distributions		—			—			—			—			2,470			65,576
Less shares redeemed		—			—			—			—			(12,639	)		(357,425	)
Net increase (decrease)		—		$	—			—		$	—			21,349		$	620,459

www.calamos.com
239

Notes to Financial Statements

	EVOLVING WORLD GROWTH FUND						GLOBAL EQUITY FUND						GLOBAL OPPORTUNITIES FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		2,212,209		$	51,019,685			446,625		$	7,341,057			1,400,654		$	16,147,177
Shares issued as reinvestment of distributions		32,116			698,205			92,854			1,425,309			500,215			5,452,069
Less shares redeemed		(1,366,960	)		(30,741,959	)		(324,849	)		(5,415,646	)		(1,370,975	)		(16,118,554	)
Net increase (decrease)		877,365		$	20,975,931			214,630		$	3,350,720			529,894		$	5,480,692
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		404,762		$	8,912,627			15,763		$	223,586			398,710		$	4,020,787
Shares issued as reinvestment of distributions		16,204			327,330			28,680			372,273			65,916			618,294
Less shares redeemed		(361,595	)		(7,792,422	)		(333,206	)		(4,632,598	)		(573,770	)		(5,633,247	)
Net increase (decrease)		59,371		$	1,447,535			(288,763	)	$	(4,036,739	)		(109,144	)	$	(994,166	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		23,551,104		$	552,762,439			1,926,087		$	32,790,956			7,439,534		$	89,201,046
Shares issued as reinvestment of distributions		268,509			5,891,083			299,709			4,792,340			404,201			4,592,491
Less shares redeemed		(10,965,677	)		(249,175,014	)		(1,307,319	)		(22,578,522	)		(2,631,882	)		(31,986,488	)
Net increase (decrease)		12,853,936		$	309,478,508			918,477		$	15,004,774			5,211,853		$	61,807,049
Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—			—		$	—
Shares issued as reinvestment of distributions		—			—			541			8,657			—			—
Less shares redeemed		—			—			—			—			—			—
Net increase (decrease)		—		$	—			541		$	8,657			—		$	—

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
240

Notes to Financial Statements

	TOTAL RETURN BOND FUND						HIGH INCOME OPPORTUNITIES FUND						SHORT-TERM BOND FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		425,168		$	4,581,154			490,424		$	4,182,704			130,782		$	1,326,520
Shares issued as reinvestment of distributions		44,679			480,419			170,873			1,458,344			13,305			134,013
Less shares redeemed		(605,838	)		(6,482,744	)		(475,259	)		(4,048,553	)		(191,018	)		(1,918,900	)
Net increase (decrease)		(135,991	)	$	(1,421,171	)		186,038		$	1,592,495			(46,931	)	$	(458,367	)
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		6,836		$	74,127			19,862		$	180,547			—		$	—
Shares issued as reinvestment of distributions		1,850			19,977			3,158			28,595			—			—
Less shares redeemed		(97,055	)		(1,039,926	)		(64,999	)		(588,385	)		—			—
Net increase (decrease)		(88,369	)	$	(945,822	)		(41,979	)	$	(379,243	)		—		$	—
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,130,619		$	12,133,263			377,612		$	3,217,952			13,795,593		$	136,965,873
Shares issued as reinvestment of distributions		120,410			1,296,009			46,775			399,554			110,341			1,109,247
Less shares redeemed		(2,691,929	)		(28,868,593	)		(187,903	)		(1,604,377	)		(223,370	)		(2,234,583	)
Net increase (decrease)		(1,440,900	)	$	(15,439,321	)		236,484		$	2,013,129			13,682,564		$	135,840,537
Class R6	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—			—		$	—
Shares issued as reinvestment of distributions		—			—			—			—			—			—
Less shares redeemed		—			—			—			—			—			—
Net increase (decrease)		—		$	—			—		$	—			—		$	—

www.calamos.com
241

Calamos Market Neutral Income Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS A
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	14.63		$	13.77		$	13.47		$	13.52		$	13.41
Income from investment operations:
Net investment income (loss)(a)		(0.04	)		(0.45	)		0.19			0.27			0.30
Net realized and unrealized gain (loss)		(0.72	)		1.37			0.24			0.28			0.19
Total from investment operations		(0.76	)		0.92			0.43			0.55			0.49
Distributions:
Dividends from net investment income		(0.03	)		(0.06	)		(0.13	)		(0.19	)		(0.16	)
Dividends from net realized gains		—			—			—			(0.41	)		(0.22	)
Total distributions**		(0.03	)		(0.06	)		(0.13	)		(0.60	)		(0.38	)
Net asset value, end of year	$	13.84		$	14.63		$	13.77		$	13.47		$	13.52
Ratios and supplemental data:
Total return(b)		(5.22	%)		6.67	%		3.27	%		4.32	%		3.79	%
Net assets, end of year (000)	$	1,244,117		$	1,334,984		$	817,405		$	744,356		$	743,925
Ratio of net expenses to average net assets		1.16	%(c)		1.14	%(d)		1.20	%(e)		1.24	%(f)		1.25	%(g)
Ratio of gross expenses to average net assets prior to expense reductions		1.17	%		1.14	%		1.21	%		1.24	%		1.25	%
Ratio of net investment income (loss) to average net assets		(1.12	%)		(3.15	%)		1.43	%		2.04	%		2.26	%
	Year Ended October 31,
	2022			2021			2020			2019			2018
Portfolio turnover rate		41	%		49	%		77	%		74	%		67	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.01% for the year ended October 31, 2022.

(d)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.03% for the year ended October 31, 2021.

(e)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.05% for the year ended October 31, 2020.

(f)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.06% for the year ended October 31, 2019.

(g)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.07% for the year ended October 31, 2018.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
242

Calamos Market Neutral Income Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS C
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	14.80		$	13.98		$	13.70		$	13.73		$	13.62
Income from investment operations:
Net investment income (loss)(a)		(0.27	)		(0.57	)		0.10			0.18			0.21
Net realized and unrealized gain (loss)		(0.61	)		1.39			0.24			0.28			0.19
Total from investment operations		(0.88	)		0.82			0.34			0.46			0.40
Distributions:
Dividends from net investment income		—			(0.00	)*		(0.06	)		(0.08	)		(0.07	)
Dividends from net realized gains		—			—			—			(0.41	)		(0.22	)
Total distributions**		—			(0.00	)*		(0.06	)		(0.49	)		(0.29	)
Net asset value, end of year	$	13.92		$	14.80		$	13.98		$	13.70		$	13.73
Ratios and supplemental data:
Total return(b)		(5.95	%)		5.88	%		2.46	%		3.56	%		3.03	%
Net assets, end of year (000)	$	306,312		$	322,432		$	252,490		$	261,352		$	303,417
Ratio of net expenses to average net assets		1.91	%(c)		1.89	%(d)		1.95	%(e)		1.98	%(f)		2.00	%(g)
Ratio of gross expenses to average net assets prior to expense reductions		1.92	%		1.89	%		1.96	%		1.99	%		2.00	%
Ratio of net investment income (loss) to average net assets		(1.87	%)		(3.92	%)		0.70	%		1.31	%		1.51	%

*  Amounts are less than $0.005.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.76% for the year ended October 31, 2022.

(d)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.78% for the year ended October 31, 2021.

(e)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.80% for the year ended October 31, 2020.

(f)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.80% for the year ended October 31, 2019.

(g)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.81% for the year ended October 31, 2018.

www.calamos.com
243

Calamos Market Neutral Income Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS I
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	14.45		$	13.60		$	13.30		$	13.36		$	13.26
Income from investment operations:
Net investment income (loss)(a)		(0.12	)		(0.41	)		0.22			0.30			0.33
Net realized and unrealized gain (loss)		(0.59	)		1.35			0.24			0.28			0.19
Total from investment operations		(0.71	)		0.94			0.46			0.58			0.52
Distributions:
Dividends from net investment income		(0.06	)		(0.09	)		(0.16	)		(0.23	)		(0.20	)
Dividends from net realized gains		—			—			—			(0.41	)		(0.22	)
Total distributions**		(0.06	)		(0.09	)		(0.16	)		(0.64	)		(0.42	)
Net asset value, end of year	$	13.68		$	14.45		$	13.60		$	13.30		$	13.36
Ratios and supplemental data:
Total return(b)		(5.01	%)		6.92	%		3.51	%		4.62	%		4.02	%
Net assets, end of year (000)	$	14,470,090		$	14,780,637		$	9,207,961		$	7,709,445		$	5,658,499
Ratio of net expenses to average net assets		0.91	%(c)		0.89	%(d)		0.95	%(e)		0.99	%(f)		0.99	%(g)
Ratio of gross expenses to average net assets prior to expense reductions		0.92	%		0.89	%		0.96	%		0.99	%		0.99	%
Ratio of net investment income (loss) to average net assets		(0.87	%)		(2.90	%)		1.66	%		2.28	%		2.49	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.76% for the year ended October 31, 2022.

(d)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.78% for the year ended October 31, 2021.

(e)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.80% for the year ended October 31, 2020.

(f)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.81% for the year ended October 31, 2019.

(g)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.81% for the year ended October 31, 2018.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
244

Calamos Market Neutral Income Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS R6
	Year Ended October 31,						June 23, 2020• through October 31,
	2022			2021			2020
Net asset value, beginning of period	$	14.46		$	13.61		$	13.35
Income from investment operations:
Net investment income (loss)(a)		(0.11	)		(0.38	)		0.05
Net realized and unrealized gain (loss)		(0.60	)		1.33			0.21
Total from investment operations		(0.71	)		0.95			0.26
Distributions:
Dividends from net investment income		(0.07	)		(0.10	)		—
Dividends from net realized gains		—			—			—
Total distributions**		(0.07	)		(0.10	)		—
Net asset value, end of period	$	13.68		$	14.46		$	13.61
Ratios and supplemental data:
Total return(b)		(4.94	%)		6.99	%		1.95	%
Net assets, end of year (000)	$	43,956		$	8,846		$	10
Ratio of net expenses to average net assets		0.86	%(d)		0.82	%(e)		0.77	%(c)(f)
Ratio of gross expenses to average net assets prior to expense reductions		0.87	%		0.83	%		0.77	%(c)
Ratio of net investment income (loss) to average net assets		(0.82	%)		(2.64	%)		1.06	%(c)

•  Commencement of operations.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)  Annualized.

(d)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.69% for the year ended October 31, 2022.

(e)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.70% for the year ended October 31, 2021.

(f)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.66% for the year ended October 31, 2020.

www.calamos.com
245

Calamos Hedged Equity Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS A
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	14.66		$	12.35		$	11.88		$	11.44		$	10.85
Income from investment operations:
Net investment income (loss)(a)		0.06			0.06			0.10			0.10			0.08
Net realized and unrealized gain (loss)		(1.60	)		2.32			0.47			0.64			0.57
Total from investment operations		(1.54	)		2.38			0.57			0.74			0.65
Distributions:
Dividends from net investment income		(0.04	)		(0.07	)		(0.10	)		(0.05	)		(0.06	)
Dividends from net realized gains		—			—			—			(0.25	)		—
Total distributions**		(0.04	)		(0.07	)		(0.10	)		(0.30	)		(0.06	)
Net asset value, end of year	$	13.08		$	14.66		$	12.35		$	11.88		$	11.44
Ratios and supplemental data:
Total return(b)		(10.51	%)		19.20	%		4.92	%		6.65	%		6.08	%
Net assets, end of year (000)	$	33,814		$	34,309		$	15,782		$	10,412		$	5,151
Ratio of net expenses to average net assets		1.16	%		1.17	%		1.15	%		1.21	%		1.25	%
Ratio of gross expenses to average net assets prior to expense reductions		1.16	%		1.17	%		1.20	%		1.21	%		1.47	%
Ratio of net investment income (loss) to average net assets		0.42	%		0.44	%		0.84	%		0.86	%		0.65	%
	Year Ended October 31,
	2022			2021			2020			2019			2018
Portfolio turnover rate		32	%		39	%		57	%		82	%		141	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
246

Calamos Hedged Equity Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS C
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	14.39		$	12.18		$	11.72		$	11.35		$	10.78
Income from investment operations:
Net investment income (loss)(a)		(0.04	)		(0.04	)		0.01			0.01			(0.01	)
Net realized and unrealized gain (loss)		(1.57	)		2.28			0.48			0.63			0.58
Total from investment operations		(1.61	)		2.24			0.49			0.64			0.57
Distributions:
Dividends from net investment income		—			(0.03	)		(0.03	)		(0.02	)		(0.00	)*
Dividends from net realized gains		—			—			—			(0.25	)		—
Total distributions**		—			(0.03	)		(0.03	)		(0.27	)		(0.00	)*
Net asset value, end of year	$	12.78		$	14.39		$	12.18		$	11.72		$	11.35
Ratios and supplemental data:
Total return(b)		(11.19	%)		18.43	%		4.19	%		5.88	%		5.31	%
Net assets, end of year (000)	$	7,884		$	6,960		$	3,429		$	2,151		$	616
Ratio of net expenses to average net assets		1.91	%		1.92	%		1.90	%		1.96	%		2.00	%
Ratio of gross expenses to average net assets prior to expense reductions		1.91	%		1.92	%		1.95	%		1.96	%		2.30	%
Ratio of net investment income (loss) to average net assets		(0.31	%)		(0.30	%)		0.08	%		0.11	%		(0.07	%)

*  Amounts are less than $0.005.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com
247

Calamos Hedged Equity Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS I
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	14.66		$	12.34		$	11.87		$	11.45		$	10.84
Income from investment operations:
Net investment income (loss)(a)		0.10			0.10			0.13			0.13			0.10
Net realized and unrealized gain (loss)		(1.61	)		2.31			0.47			0.64			0.59
Total from investment operations		(1.51	)		2.41			0.60			0.77			0.69
Distributions:
Dividends from net investment income		(0.06	)		(0.09	)		(0.13	)		(0.10	)		(0.08	)
Dividends from net realized gains		—			—			—			(0.25	)		—
Total distributions**		(0.06	)		(0.09	)		(0.13	)		(0.35	)		(0.08	)
Net asset value, end of year	$	13.09		$	14.66		$	12.34		$	11.87		$	11.45
Ratios and supplemental data:
Total return(b)		(10.33	%)		19.60	%		5.09	%		7.01	%		6.38	%
Net assets, end of year (000)	$	547,166		$	514,903		$	342,851		$	224,234		$	91,589
Ratio of net expenses to average net assets		0.91	%		0.92	%		0.90	%		0.96	%		1.00	%
Ratio of gross expenses to average net assets prior to expense reductions		0.91	%		0.92	%		0.95	%		0.96	%		1.26	%
Ratio of net investment income (loss) to average net assets		0.69	%		0.73	%		1.09	%		1.12	%		0.91	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
248

Calamos Phineus Long/Short Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS A
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	15.46		$	11.18		$	11.63		$	12.15		$	12.33
Income from investment operations:
Net investment income (loss)(a)		(0.06	)		(0.13	)		(0.08	)		0.04			(0.03	)
Net realized and unrealized gain (loss)		(0.80	)		4.41			(0.36	)		(0.12	)		—
Total from investment operations		(0.86	)		4.28			(0.44	)		(0.08	)		(0.03	)
Distributions:
Dividends from net investment income		—			—			(0.01	)		—			—
Dividends from net realized gains		—			—			—			(0.44	)		(0.15	)
Return of capital		—			—			(0.00	)*		—			—
Total distributions**		—			—			(0.01	)		(0.44	)		(0.15	)
Net asset value, end of year	$	14.60		$	15.46		$	11.18		$	11.63		$	12.15
Ratios and supplemental data:
Total return(b)		(5.44	%)		38.19	%		(3.77	%)		(0.45	%)		(0.34	%)
Net assets, end of year (000)	$	55,800		$	51,971		$	40,748		$	76,689		$	108,730
Ratio of net expenses to average net assets		2.38	%(c)		2.34	%(d)		2.91	%(e)		2.95	%(f)		2.28	%(g)
Ratio of gross expenses to average net assets prior to expense reductions		2.38	%		2.34	%		2.92	%		2.96	%		2.28	%
Ratio of net investment income (loss) to average net assets		(0.43	%)		(0.88	%)		(0.68	%)		0.33	%		(0.27	%)
	Year Ended October 31,
	2022			2021			2020			2019			2018
Portfolio turnover rate		214	%		211	%		206	%		135	%		229	%

*  Amounts are less than $0.005.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.64% for the year ended October 31, 2022.

(d)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.67% for the year ended October 31, 2021.

(e)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.71% for the year ended October 31, 2020.

(f)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.64% for the year ended October 31, 2019.

(g)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.64% for the year ended October 31, 2018.

www.calamos.com
249

Calamos Phineus Long/Short Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS C
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	14.83		$	10.80		$	11.32		$	11.92		$	12.19
Income from investment operations:
Net investment income (loss)(a)		(0.17	)		(0.24	)		(0.16	)		(0.05	)		(0.13	)
Net realized and unrealized gain (loss)		(0.76	)		4.27			(0.36	)		(0.11	)		0.01
Total from investment operations		(0.93	)		4.03			(0.52	)		(0.16	)		(0.12	)
Distributions:
Dividends from net investment income		—			—			—			—			—
Dividends from net realized gains		—			—			—			(0.44	)		(0.15	)
Return of capital		—			—			(0.00	)*		—			—
Total distributions**		—			—			(0.00	)*		(0.44	)		(0.15	)
Net asset value, end of year	$	13.90		$	14.83		$	10.80		$	11.32		$	11.92
Ratios and supplemental data:
Total return(b)		(6.20	%)		37.31	%		(4.59	%)		(1.15	%)		(1.09	%)
Net assets, end of year (000)	$	31,352		$	29,980		$	22,528		$	38,072		$	52,169
Ratio of net expenses to average net assets		3.12	%(c)		3.09	%(d)		3.65	%(e)		3.69	%(f)		3.03	%(g)
Ratio of gross expenses to average net assets prior to expense reductions		3.12	%		3.09	%		3.65	%		3.70	%		3.03	%
Ratio of net investment income (loss) to average net assets		(1.19	%)		(1.63	%)		(1.43	%)		(0.42	%)		(1.02	%)

*  Amounts are less than $0.005.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.39% for the year ended October 31, 2022.

(d)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.42% for the year ended October 31, 2021.

(e)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.46% for the year ended October 31, 2020.

(f)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.39% for the year ended October 31, 2019.

(g)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.39% for the year ended October 31, 2018.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
250

Calamos Phineus Long/Short Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS I
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	15.64		$	11.28		$	11.75		$	12.23		$	12.39
Income from investment operations:
Net investment income (loss)(a)		(0.02	)		(0.10	)		(0.05	)		0.07			0.01
Net realized and unrealized gain (loss)		(0.81	)		4.46			(0.37	)		(0.11	)		(0.02	)
Total from investment operations		(0.83	)		4.36			(0.42	)		(0.04	)		(0.01	)
Distributions:
Dividends from net investment income		—			—			(0.02	)		—			—
Dividends from net realized gains		—			—			—			(0.44	)		(0.15	)
Return of capital		—			—			(0.03	)		—			—
Total distributions**		—			—			(0.05	)		(0.44	)		(0.15	)
Net asset value, end of year	$	14.81		$	15.64		$	11.28		$	11.75		$	12.23
Ratios and supplemental data:
Total return(b)		(5.25	%)		38.69	%		(3.67	%)		(0.16	%)		(0.10	%)
Net assets, end of year (000)	$	697,472		$	476,965		$	344,843		$	678,157		$	1,003,457
Ratio of net expenses to average net assets		2.14	%(c)		2.09	%(d)		2.64	%(e)		2.68	%(f)		2.00	%(g)
Ratio of gross expenses to average net assets prior to expense reductions		2.14	%		2.09	%		2.65	%		2.69	%		2.00	%
Ratio of net investment income (loss) to average net assets		(0.12	%)		(0.63	%)		(0.42	%)		0.57	%		0.05	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.38% for the year ended October 31, 2022.

(d)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.42% for the year ended October 31, 2021.

(e)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.46% for the year ended October 31, 2020.

(f)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.39% for the year ended October 31, 2019.

(g)  Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.39% for the year ended October 31, 2018.

www.calamos.com
251

Calamos Convertible Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS A
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	27.25		$	22.78		$	17.45		$	18.11		$	18.27
Income from investment operations:
Net investment income (loss)(a)		(0.27	)		(0.61	)		0.47			0.51			0.48
Net realized and unrealized gain (loss)		(5.20	)		6.68			4.99			1.00			0.13
Total from investment operations		(5.47	)		6.07			5.46			1.51			0.61
Distributions:
Dividends from net investment income		(0.02	)		(0.06	)		(0.13	)		(0.35	)		(0.24	)
Dividends from net realized gains		(3.19	)		(1.54	)		—			(1.82	)		(0.53	)
Total distributions**		(3.21	)		(1.60	)		(0.13	)		(2.17	)		(0.77	)
Net asset value, end of year	$	18.57		$	27.25		$	22.78		$	17.45		$	18.11
Ratios and supplemental data:
Total return(b)		(22.29	%)		27.09	%		31.58	%		10.02	%		3.43	%
Net assets, end of year (000)	$	294,233		$	422,476		$	333,481		$	245,948		$	210,845
Ratio of net expenses to average net assets		1.10	%		1.08	%		1.13	%		1.16	%		1.16	%
Ratio of gross expenses to average net assets prior to expense reductions		1.10	%		1.08	%		1.13	%		1.16	%		1.16	%
Ratio of net investment income (loss) to average net assets		(1.30	%)		(2.35	%)		2.37	%		2.98	%		2.58	%
	Year Ended October 31,
	2022			2021			2020			2019			2018
Portfolio turnover rate		39	%		41	%		71	%		37	%		73	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
252

Calamos Convertible Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS C
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	26.73		$	22.48		$	17.27		$	17.92		$	18.09
Income from investment operations:
Net investment income (loss)(a)		(0.42	)		(0.80	)		0.32			0.39			0.34
Net realized and unrealized gain (loss)		(5.09	)		6.59			4.93			0.99			0.12
Total from investment operations		(5.51	)		5.79			5.25			1.38			0.46
Distributions:
Dividends from net investment income		—			—			(0.04	)		(0.21	)		(0.10	)
Dividends from net realized gains		(3.19	)		(1.54	)		—			(1.82	)		(0.53	)
Total distributions**		(3.19	)		(1.54	)		(0.04	)		(2.03	)		(0.63	)
Net asset value, end of year	$	18.03		$	26.73		$	22.48		$	17.27		$	17.92
Ratios and supplemental data:
Total return(b)		(22.88	%)		26.16	%		30.53	%		9.21	%		2.65	%
Net assets, end of year (000)	$	41,804		$	71,925		$	56,935		$	56,070		$	128,920
Ratio of net expenses to average net assets		1.85	%		1.83	%		1.88	%		1.91	%		1.91	%
Ratio of gross expenses to average net assets prior to expense reductions		1.85	%		1.83	%		1.88	%		1.91	%		1.91	%
Ratio of net investment income (loss) to average net assets		(2.04	%)		(3.10	%)		1.65	%		2.34	%		1.85	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com
253

Calamos Convertible Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS I
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	23.82		$	20.05		$	15.38		$	16.23		$	16.45
Income from investment operations:
Net investment income (loss)(a)		(0.19	)		(0.48	)		0.46			0.49			0.47
Net realized and unrealized gain (loss)		(4.49	)		5.86			4.39			0.88			0.13
Total from investment operations		(4.68	)		5.38			4.85			1.37			0.60
Distributions:
Dividends from net investment income		(0.04	)		(0.07	)		(0.18	)		(0.40	)		(0.29	)
Dividends from net realized gains		(3.19	)		(1.54	)		—			(1.82	)		(0.53	)
Total distributions**		(3.23	)		(1.61	)		(0.18	)		(2.22	)		(0.82	)
Net asset value, end of year	$	15.91		$	23.82		$	20.05		$	15.38		$	16.23
Ratios and supplemental data:
Total return(b)		(22.09	%)		27.40	%		31.91	%		10.31	%		3.73	%
Net assets, end of year (000)	$	680,441		$	1,161,030		$	773,460		$	442,907		$	275,776
Ratio of net expenses to average net assets		0.85	%		0.83	%		0.88	%		0.91	%		0.91	%
Ratio of gross expenses to average net assets prior to expense reductions		0.85	%		0.83	%		0.88	%		0.91	%		0.91	%
Ratio of net investment income (loss) to average net assets		(1.04	%)		(2.09	%)		2.60	%		3.21	%		2.83	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
254

Calamos Global Convertible Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS A
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	14.85		$	13.48		$	11.08		$	10.81		$	11.24
Income from investment operations:
Net investment income (loss)(a)		(0.01	)		(0.44	)		0.24			0.10			0.33
Net realized and unrealized gain (loss)		(3.45	)		2.95			2.37			0.70			(0.34	)
Total from investment operations		(3.46	)		2.51			2.61			0.80			(0.01	)
Distributions:
Dividends from net investment income		(0.01	)		(0.01	)		(0.06	)		(0.22	)		(0.08	)
Dividends from net realized gains		(1.79	)		(1.13	)		(0.15	)		(0.31	)		(0.34	)
Total distributions**		(1.80	)		(1.14	)		(0.21	)		(0.53	)		(0.42	)
Net asset value, end of year	$	9.59		$	14.85		$	13.48		$	11.08		$	10.81
Ratios and supplemental data:
Total return(b)		(26.01	%)		18.86	%		23.93	%		7.90	%		(0.09	%)
Net assets, end of year (000)	$	10,698		$	17,865		$	11,231		$	8,998		$	11,184
Ratio of net expenses to average net assets		1.28	%		1.25	%		1.33	%		1.32	%		1.34	%
Ratio of gross expenses to average net assets prior to expense reductions		1.28	%		1.25	%		1.34	%		1.32	%		1.35	%
Ratio of net investment income (loss) to average net assets		(0.11	%)		(2.96	%)		1.96	%		0.91	%		2.98	%
	Year Ended October 31,
	2022			2021			2020			2019			2018
Portfolio turnover rate		31	%		35	%		48	%		45	%		32	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com
255

Calamos Global Convertible Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS C
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	14.47		$	13.25		$	10.93		$	10.69		$	11.14
Income from investment operations:
Net investment income (loss)(a)		(0.09	)		(0.54	)		0.14			0.02			0.24
Net realized and unrealized gain (loss)		(3.36	)		2.89			2.35			0.69			(0.33	)
Total from investment operations		(3.45	)		2.35			2.49			0.71			(0.09	)
Distributions:
Dividends from net investment income		—			—			(0.02	)		(0.16	)		(0.02	)
Dividends from net realized gains		(1.79	)		(1.13	)		(0.15	)		(0.31	)		(0.34	)
Total distributions**		(1.79	)		(1.13	)		(0.17	)		(0.47	)		(0.36	)
Net asset value, end of year	$	9.23		$	14.47		$	13.25		$	10.93		$	10.69
Ratios and supplemental data:
Total return(b)		(26.58	%)		17.95	%		23.09	%		7.01	%		(0.77	%)
Net assets, end of year (000)	$	3,425		$	5,448		$	4,824		$	3,409		$	3,884
Ratio of net expenses to average net assets		2.03	%		2.00	%		2.08	%		2.07	%		2.09	%
Ratio of gross expenses to average net assets prior to expense reductions		2.03	%		2.00	%		2.09	%		2.07	%		2.10	%
Ratio of net investment income (loss) to average net assets		(0.85	%)		(3.72	%)		1.21	%		0.16	%		2.21	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
256

Calamos Global Convertible Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS I
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	14.87		$	13.50		$	11.08		$	10.82		$	11.24
Income from investment operations:
Net investment income (loss)(a)		0.01			(0.40	)		0.26			0.12			0.36
Net realized and unrealized gain (loss)		(3.46	)		2.94			2.39			0.70			(0.33	)
Total from investment operations		(3.45	)		2.54			2.65			0.82			0.03
Distributions:
Dividends from net investment income		(0.03	)		(0.04	)		(0.08	)		(0.25	)		(0.11	)
Dividends from net realized gains		(1.79	)		(1.13	)		(0.15	)		(0.31	)		(0.34	)
Total distributions**		(1.82	)		(1.17	)		(0.23	)		(0.56	)		(0.45	)
Net asset value, end of year	$	9.60		$	14.87		$	13.50		$	11.08		$	10.82
Ratios and supplemental data:
Total return(b)		(25.82	%)		19.09	%		24.36	%		8.09	%		0.24	%
Net assets, end of year (000)	$	117,766		$	260,688		$	192,475		$	120,526		$	121,170
Ratio of net expenses to average net assets		1.03	%		1.00	%		1.08	%		1.07	%		1.09	%
Ratio of gross expenses to average net assets prior to expense reductions		1.03	%		1.00	%		1.09	%		1.07	%		1.10	%
Ratio of net investment income (loss) to average net assets		0.13	%		(2.71	%)		2.19	%		1.16	%		3.22	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com
257

Calamos Timpani Small Cap Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS A*
	Year Ended October 31,									May 31, 2019 through October 31,			July 1, 2018 through May 31,			Year Ended June 30,
	2022			2021			2020			2019			2019†			2018			2017
Net asset value, beginning of year	$	42.31		$	29.18		$	22.31		$	22.51		$	25.02		$	18.54		$	14.62
Income from investment operations:
Net investment income (loss)(a)		(0.24	)		(0.45	)		(0.28	)		(0.11	)		(0.29	)		(0.28	)		(0.18	)
Net realized and unrealized gain (loss)		(15.72	)		14.95			8.29			(0.09	)		(0.80	)		6.76			4.10
Total from investment operations		(15.96	)		14.50			8.01			(0.20	)		(1.09	)		6.48			3.92
Distributions:
Dividends from net investment income		—			—			—			—			—			—			—
Dividends from net realized gains		—			(1.37	)		(1.14	)		—			(1.42	)		—			—
Return of capital		—			(0.00	)**		—			—			—			—			—
Total distributions***		—			(1.37	)		(1.14	)		—			(1.42	)		—			—
Net asset value, end of year	$	26.35		$	42.31		$	29.18		$	22.31		$	22.51		$	25.02		$	18.54
Ratios and supplemental data:
Total return(b)		(37.71	%)		50.42	%		37.60	%		(0.89	%)		(3.52	%)		34.95	%		26.81	%
Net assets, end of year (000)	$	23,762		$	35,274		$	9,313		$	6,857		$	5,551		$	5,890		$	3,954
Ratio of net expenses to average net assets		1.30	%		1.30	%		1.30	%		1.30	%(c)		1.50	%(c)		1.50	%		1.50	%
Ratio of gross expenses to average net assets prior to expense reductions		1.37	%		1.37	%		1.40	%		1.35	%(c)		1.71	%(c)		1.74	%		1.75	%
Ratio of net investment income (loss) to average net assets		(0.78	%)		(1.15	%)		(1.16	%)		(1.18	%)(c)		(1.31	%)(c)		(1.33	%)		(1.10	%)
	Year Ended October 31,									May 31, 2019 through October 31,			July 1, 2018 through May 31,			Year Ended June 30,
	2022			2021			2020			2019			2019†			2018			2017
Portfolio turnover rate		197	%		165	%		181	%		142	%		112	%		126	%		179	%

*  Prior to May 31, 2019, Class A shares were Class Y shares of the predecessor fund.

†  Pursuant to the Reorganization of the Predecessor Fund into the Fund, Class Y shareholders of the Predecessor Fund received Class A shares of the Fund, and Service Class and Institutional Class shareholders of the Predecessor Fund each received Class I shares of the Fund. As a result of the Reorganization, the Fund adopted the performance and financial history of the Predecessor Fund. Accordingly, the data shown for periods prior to May 31, 2019 is the data of the Predecessor Fund.

**  Amounts are less than $0.005.

***  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
258

Calamos Timpani Small Cap Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS C
	Year Ended October 31, 2022			June 25, 2021• through October 31, 2021
Net asset value, beginning of year	$	43.50		$	41.91
Income from investment operations:
Net investment income (loss)(a)		(0.45	)		(0.82	)
Net realized and unrealized gain (loss)		(16.17	)		2.41
Total from investment operations		(16.62	)		1.59
Distributions:
Dividends from net investment income		—			—
Dividends from net realized gains		—			—
Total distributions**		—			—
Net asset value, end of year	$	26.88		$	43.50
Ratios and supplemental data:(b)
Total return		(38.18	%)		3.75	%
Net assets, end of year (000)	$	4,425		$	3,165
Ratio of net expenses to average net assets		2.05	%		2.05	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.12	%		2.06	%(c)
Ratio of net investment income (loss) to average net assets		(1.50	%)		(2.00	%)(c)

•  Commencement of operations.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)  Annualized.

www.calamos.com
259

Calamos Timpani Small Cap Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS I*
	Year Ended October 31,									May 31, 2019 through October 31,			July 1, 2018 through May 31,			Year Ended June 30,
	2022			2021			2020			2019			2019†			2018			2017
Net asset value, beginning of year	$	43.65		$	29.99		$	22.85		$	23.02		$	25.47		$	18.80		$	14.77
Income from investment operations:
Net investment income (loss)(a)		(0.16	)		(0.36	)		(0.23	)		(0.09	)		(0.20	)		(0.20	)		(0.10	)
Net realized and unrealized gain (loss)		(16.25	)		15.39			8.51			(0.08	)		(0.83	)		6.87			4.13
Total from investment operations		(16.41	)		15.03			8.28			(0.17	)		(1.03	)		6.67			4.03
Distributions:
Dividends from net investment income		—			—			—			—			—			—			—
Dividends from net realized gains		—			(1.37	)		(1.14	)		—			(1.42	)		—			—
Return of capital		—			(0.00	)**		—			—			—			—			—
Total distributions***		—			(1.37	)		(1.14	)		—			(1.42	)		—			—
Net asset value, end of year	$	27.24		$	43.65		$	29.99		$	22.85		$	23.02		$	25.47		$	18.80
Ratios and supplemental data:
Total return(b)		(37.57	%)		50.80	%		37.90	%		(0.74	%)		(3.21	%)		35.48	%		27.29	%
Net assets, end of year (000)	$	292,187		$	387,149		$	124,867		$	72,539		$	68,510		$	69,095		$	43,833
Ratio of net expenses to average net assets		1.05	%		1.05	%		1.05	%		1.05	%(c)		1.10	%(c)		1.10	%		1.10	%
Ratio of gross expenses to average net assets prior to expense reductions		1.12	%		1.11	%		1.16	%		1.11	%(c)		1.34	%(c)		1.36	%		1.36	%
Ratio of net investment income (loss) to average net assets		(0.52	%)		(0.90	%)		(0.92	%)		(0.93	%)(c)		(0.92	%)(c)		(0.92	%)		(0.64	%)

*  Prior to May 31, 2019, Class I shares were Institutional Class shares or Service Class shares of the predecessor fund. Results shown are exclusive of the Service Class shares.

†  Pursuant to the Reorganization of the Predecessor Fund into the Fund, Class Y shareholders of the Predecessor Fund received Class A shares of the Fund, and Service Class and Institutional Class shareholders of the Predecessor Fund each received Class I shares of the Fund. As a result of the Reorganization, the Fund adopted the performance and financial history of the Predecessor Fund. Accordingly, the data shown for periods prior to May 31, 2019 is the data of the Predecessor Fund.

**  Amounts are less than $0.005.

***  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
260

Calamos Timpani Small Cap Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS R6
	Year Ended October 31,									May 31, 2019• through October 31,
	2022			2021			2020			2019
Net asset value, beginning of year	$	43.74		$	30.02		$	22.86		$	23.02
Income from investment operations:
Net investment income (loss)(a)		(0.11	)		(0.32	)		(0.21	)		(0.08	)
Net realized and unrealized gain (loss)		(16.30	)		15.41			8.51			(0.08	)
Total from investment operations		(16.41	)		15.09			8.30			(0.16	)
Distributions:
Dividends from net investment income		—			—			—			—
Dividends from net realized gains		—			(1.37	)		(1.14	)		—
Total distributions**		—			(1.37	)		(1.14	)		—
Net asset value, end of year	$	27.33		$	43.74		$	30.02		$	22.86
Ratios and supplemental data:
Total return(b)		(37.51	%)		50.96	%		37.98	%		(0.70	%)
Net assets, end of year (000)	$	22,181		$	29,120		$	1,562		$	1,063
Ratio of net expenses to average net assets		0.93	%		0.96	%		0.98	%		1.00	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.00	%		1.02	%		1.09	%		0.96	%(c)
Ratio of net investment income (loss) to average net assets		(0.37	%)		(0.80	%)		(0.84	%)		(0.84	%)(c)

•  Commencement of operations.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year.

(c)  Annualized.

www.calamos.com
261

Calamos Timpani SMID Growth Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS A
	Year Ended October 31,									August 1, 2019• through October 31,
	2022			2021			2020			2019
Net asset value, beginning of year	$	18.17		$	12.34		$	9.01		$	10.00
Income from investment operations:
Net investment income (loss)(a)		(0.08	)		(0.20	)		(0.13	)		(0.03	)
Net realized and unrealized gain (loss)		(6.23	)		6.03			3.46			(0.96	)
Total from investment operations		(6.31	)		5.83			3.33			(0.99	)
Distributions:
Dividends from net investment income		—			—			—			—
Dividends from net realized gains		(1.72	)		—			—			—
Total distributions**		(1.72	)		—			—			—
Net asset value, end of year	$	10.14		$	18.17		$	12.34		$	9.01
Ratios and supplemental data:
Total return(b)		(37.07	%)		47.04	%		36.96	%		(9.90	%)
Net assets, end of year (000)	$	305		$	162		$	182		$	9
Ratio of net expenses to average net assets		1.35	%		1.35	%		1.35	%		1.37	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.93	%		1.79	%		2.45	%		3.42	%(c)
Ratio of net investment income (loss) to average net assets		(0.68	%)		(1.22	%)		(1.21	%)		(1.11	%)(c)
	Year Ended October 31,									August 1, 2019• through October 31,
	2022			2021			2020			2019
Portfolio turnover rate		205	%		188	%		201	%		55	%

•  Commencement of operations.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares.

(c)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
262

Calamos Timpani SMID Growth Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS I
	Year Ended October 31,									August 1, 2019• through October 31,
	2022			2021			2020			2019
Net asset value, beginning of year	$	18.28		$	12.38		$	9.02		$	10.00
Income from investment operations:
Net investment income (loss)(a)		(0.06	)		(0.16	)		(0.10	)		(0.02	)
Net realized and unrealized gain (loss)		(6.27	)		6.06			3.46			(0.96	)
Total from investment operations		(6.33	)		5.90			3.36			(0.98	)
Distributions:
Dividends from net investment income		—			—			—			—
Dividends from net realized gains		(1.72	)		—			—			—
Total distributions**		(1.72	)		—			—			—
Net asset value, end of year	$	10.23		$	18.28		$	12.38		$	9.02
Ratios and supplemental data:
Total return(b)		(36.95	%)		47.46	%		37.25	%		(9.80	%)
Net assets, end of year (000)	$	16,497		$	25,793		$	16,877		$	9,348
Ratio of net expenses to average net assets		1.10	%		1.10	%		1.10	%		1.10	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.65	%		1.55	%		2.25	%		3.17	%(c)
Ratio of net investment income (loss) to average net assets		(0.48	%)		(0.98	%)		(0.94	%)		(0.85	%)(c)

•  Commencement of operations.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year.

(c)  Annualized.

www.calamos.com
263

Calamos Timpani SMID Growth Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS R6
	Year Ended October 31,									August 1, 2019• through October 31,
	2022			2021			2020			2019
Net asset value, beginning of year	$	18.28		$	12.38		$	9.02		$	10.00
Income from investment operations:
Net investment income (loss)(a)		(0.05	)		(0.18	)		(0.09	)		(0.02	)
Net realized and unrealized gain (loss)		(6.28	)		6.08			3.45			(0.96	)
Total from investment operations		(6.33	)		5.90			3.36			(0.98	)
Distributions:
Dividends from net investment income		—			—			—			—
Dividends from net realized gains		(1.72	)		—			—			—
Total distributions**		(1.72	)		—			—			—
Net asset value, end of year	$	10.23		$	18.28		$	12.38		$	9.02
Ratios and supplemental data:
Total return(b)		(36.95	%)		47.46	%		37.25	%		(9.80	%)
Net assets, end of year (000)	$	355		$	499		$	12		$	9
Ratio of net expenses to average net assets		1.07	%		1.08	%		1.06	%		1.07	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.63	%		1.48	%		2.25	%		3.16	%(c)
Ratio of net investment income (loss) to average net assets		(0.43	%)		(1.04	%)		(0.90	%)		(0.81	%)(c)

•  Commencement of operations.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year.

(c)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
264

Calamos Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS A
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	45.88		$	34.96		$	32.23		$	33.14		$	35.54
Income from investment operations:
Net investment income (loss)(a)		(0.22	)		(0.33	)		(0.14	)		(0.04	)		(0.08	)
Net realized and unrealized gain (loss)		(12.47	)		15.44			5.90			3.53			2.15
Total from investment operations		(12.69	)		15.11			5.76			3.49			2.07
Distributions:
Dividends from net investment income		—			—			—			—			—
Dividends from net realized gains		(4.95	)		(4.19	)		(3.03	)		(4.40	)		(4.47	)
Total distributions**		(4.95	)		(4.19	)		(3.03	)		(4.40	)		(4.47	)
Net asset value, end of year	$	28.24		$	45.88		$	34.96		$	32.23		$	33.14
Ratios and supplemental data:
Total return(b)		(30.58	%)		46.00	%		19.11	%		13.97	%		6.12	%
Net assets, end of year (000)	$	900,167		$	1,436,709		$	1,093,909		$	1,066,939		$	851,590
Ratio of net expenses to average net assets		1.30	%		1.28	%		1.34	%		1.34	%		1.29	%
Ratio of gross expenses to average net assets prior to expense reductions		1.30	%		1.28	%		1.34	%		1.34	%		1.29	%
Ratio of net investment income (loss) to average net assets		(0.64	%)		(0.80	%)		(0.45	%)		(0.12	%)		(0.22	%)
	Year Ended October 31,
	2022			2021			2020			2019			2018
Portfolio turnover rate		42	%		45	%		115	%		69	%		72	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com
265

Calamos Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS C
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	21.21		$	18.18		$	18.26		$	21.00		$	24.26
Income from investment operations:
Net investment income (loss)(a)		(0.19	)		(0.29	)		(0.20	)		(0.13	)		(0.22	)
Net realized and unrealized gain (loss)		(5.04	)		7.51			3.15			1.79			1.43
Total from investment operations		(5.23	)		7.22			2.95			1.66			1.21
Distributions:
Dividends from net investment income		—			—			—			—			—
Dividends from net realized gains		(4.95	)		(4.19	)		(3.03	)		(4.40	)		(4.47	)
Total distributions**		(4.95	)		(4.19	)		(3.03	)		(4.40	)		(4.47	)
Net asset value, end of year	$	11.03		$	21.21		$	18.18		$	18.26		$	21.00
Ratios and supplemental data:
Total return(b)		(31.12	%)		44.94	%		18.23	%		13.18	%		5.34	%
Net assets, end of year (000)	$	12,281		$	25,965		$	35,843		$	50,442		$	329,883
Ratio of net expenses to average net assets		2.05	%		2.04	%		2.09	%		2.11	%		2.04	%
Ratio of gross expenses to average net assets prior to expense reductions		2.05	%		2.04	%		2.10	%		2.12	%		2.04	%
Ratio of net investment income (loss) to average net assets		(1.39	%)		(1.53	%)		(1.17	%)		(0.73	%)		(0.97	%)

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
266

Calamos Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS I
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	66.93		$	49.25		$	44.13		$	43.48		$	45.18
Income from investment operations:
Net investment income (loss)(a)		(0.20	)		(0.33	)		(0.09	)		0.06			0.02
Net realized and unrealized gain (loss)		(18.83	)		22.20			8.24			4.99			2.75
Total from investment operations		(19.03	)		21.87			8.15			5.05			2.77
Distributions:
Dividends from net investment income		—			—			—			—			—
Dividends from net realized gains		(4.95	)		(4.19	)		(3.03	)		(4.40	)		(4.47	)
Total distributions**		(4.95	)		(4.19	)		(3.03	)		(4.40	)		(4.47	)
Net asset value, end of year	$	42.95		$	66.93		$	49.25		$	44.13		$	43.48
Ratios and supplemental data:
Total return(b)		(30.43	%)		46.40	%		19.39	%		14.24	%		6.41	%
Net assets, end of year (000)	$	246,566		$	395,431		$	291,027		$	280,294		$	282,061
Ratio of net expenses to average net assets		1.05	%		1.03	%		1.09	%		1.09	%		1.04	%
Ratio of gross expenses to average net assets prior to expense reductions		1.05	%		1.03	%		1.09	%		1.09	%		1.04	%
Ratio of net investment income (loss) to average net assets		(0.39	%)		(0.56	%)		(0.20	%)		0.15	%		0.03	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com
267

Calamos Growth and Income Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS A
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	48.18		$	36.26		$	33.43		$	32.53		$	33.15
Income from investment operations:
Net investment income (loss)(a)		0.08			0.07			0.30			0.32			0.25
Net realized and unrealized gain (loss)		(7.32	)		13.01			3.74			2.99			1.41
Total from investment operations		(7.24	)		13.08			4.04			3.31			1.66
Distributions:
Dividends from net investment income		(0.24	)		(0.27	)		(0.41	)		(0.50	)		(0.38	)
Dividends from net realized gains		(2.37	)		(0.89	)		(0.80	)		(1.91	)		(1.90	)
Total distributions**		(2.61	)		(1.16	)		(1.21	)		(2.41	)		(2.28	)
Net asset value, end of year	$	38.33		$	48.18		$	36.26		$	33.43		$	32.53
Ratios and supplemental data:
Total return(b)		(15.77	%)		36.68	%		12.43	%		11.51	%		5.20	%
Net assets, end of year (000)	$	1,199,491		$	1,531,445		$	1,163,876		$	1,129,201		$	832,433
Ratio of net expenses to average net assets		1.05	%		1.06	%		1.08	%		1.09	%		1.09	%
Ratio of gross expenses to average net assets prior to expense reductions		1.05	%		1.06	%		1.08	%		1.09	%		1.09	%
Ratio of net investment income (loss) to average net assets		0.19	%		0.15	%		0.86	%		1.01	%		0.77	%
	Year Ended October 31,
	2022			2021			2020			2019			2018
Portfolio turnover rate		24	%		18	%		35	%		19	%		25	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
268

Calamos Growth and Income Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS C
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	48.55		$	36.57		$	33.68		$	32.69		$	33.30
Income from investment operations:
Net investment income (loss)(a)		(0.24	)		(0.25	)		0.04			0.12			0.01
Net realized and unrealized gain (loss)		(7.37	)		13.12			3.79			2.98			1.41
Total from investment operations		(7.61	)		12.87			3.83			3.10			1.42
Distributions:
Dividends from net investment income		—			—			(0.14	)		(0.20	)		(0.13	)
Dividends from net realized gains		(2.37	)		(0.89	)		(0.80	)		(1.91	)		(1.90	)
Total distributions		(2.37	)		(0.89	)		(0.94	)		(2.11	)		(2.03	)
Net asset value, end of year	$	38.57		$	48.55		$	36.57		$	33.68		$	32.69
Ratios and supplemental data:
Total return(b)		(16.41	%)		35.66	%		11.62	%		10.68	%		4.42	%
Net assets, end of year (000)	$	84,104		$	98,647		$	101,490		$	136,333		$	502,593
Ratio of net expenses to average net assets		1.80	%		1.81	%		1.84	%		1.85	%		1.84	%
Ratio of gross expenses to average net assets prior to expense reductions		1.80	%		1.81	%		1.84	%		1.85	%		1.84	%
Ratio of net investment income (loss) to average net assets		(0.56	%)		(0.57	%)		0.13	%		0.37	%		0.02	%

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com
269

Calamos Growth and Income Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS I
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	46.02		$	34.68		$	32.03		$	31.28		$	31.96
Income from investment operations:
Net investment income (loss)(a)		0.17			0.17			0.36			0.39			0.32
Net realized and unrealized gain (loss)		(6.97	)		12.44			3.58			2.85			1.37
Total from investment operations		(6.80	)		12.61			3.94			3.24			1.69
Distributions:
Dividends from net investment income		(0.35	)		(0.38	)		(0.49	)		(0.58	)		(0.47	)
Dividends from net realized gains		(2.37	)		(0.89	)		(0.80	)		(1.91	)		(1.90	)
Total distributions**		(2.72	)		(1.27	)		(1.29	)		(2.49	)		(2.37	)
Net asset value, end of year	$	36.50		$	46.02		$	34.68		$	32.03		$	31.28
Ratios and supplemental data:
Total return(b)		(15.55	%)		37.02	%		12.72	%		11.81	%		5.45	%
Net assets, end of year (000)	$	977,765		$	1,211,985		$	818,641		$	735,329		$	643,422
Ratio of net expenses to average net assets		0.80	%		0.81	%		0.83	%		0.85	%		0.84	%
Ratio of gross expenses to average net assets prior to expense reductions		0.80	%		0.81	%		0.83	%		0.85	%		0.84	%
Ratio of net investment income (loss) to average net assets		0.44	%		0.40	%		1.11	%		1.27	%		1.01	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
270

Calamos Growth and Income Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS R6
	Year Ended October 31,						June 23, 2020• through October 31,
	2022			2021			2020
Net asset value, beginning of period	$	46.04		$	34.69		$	33.24
Income from investment operations:
Net investment income (loss)(a)		0.21			0.16			0.12
Net realized and unrealized gain (loss)		(6.99	)		12.49			1.42
Total from investment operations		(6.78	)		12.65			1.54
Distributions:
Dividends from net investment income		(0.38	)		(0.41	)		(0.09	)
Dividends from net realized gains		(2.37	)		(0.89	)		—
Total distributions**		(2.75	)		(1.30	)		(0.09	)
Net asset value, end of period	$	36.51		$	46.04		$	34.69
Ratios and supplemental data:
Total return(b)		(15.50	%)		37.14	%		4.63	%
Net assets, end of year (000)	$	16,688		$	5,968		$	15
Ratio of net expenses to average net assets		0.73	%		0.73	%		0.71	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		0.73	%		0.73	%		0.71	%(c)
Ratio of net investment income (loss) to average net assets		0.55	%		0.38	%		0.99	%(c)

•  Commencement of operations.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)  Annualized.

www.calamos.com
271

Calamos Dividend Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS A
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	17.13		$	13.04		$	13.37		$	12.34		$	12.73
Income from investment operations:
Net investment income (loss)(a)		0.03			0.00	*		0.05			0.07			0.07
Net realized and unrealized gain (loss)		(2.41	)		5.24			1.13			1.50			0.57
Total from investment operations		(2.38	)		5.24			1.18			1.57			0.64
Distributions:
Dividends from net investment income		—			(0.02	)		(0.06	)		(0.08	)		(0.05	)
Dividends from net realized gains		(1.34	)		(1.13	)		(1.45	)		(0.46	)		(0.98	)
Total distributions**		(1.34	)		(1.15	)		(1.51	)		(0.54	)		(1.03	)
Net asset value, end of year	$	13.41		$	17.13		$	13.04		$	13.37		$	12.34
Ratios and supplemental data:
Total return(b)		(15.01	%)		42.42	%		9.20	%		13.63	%		5.26	%
Net assets, end of year (000)	$	5,181		$	5,139		$	3,534		$	3,638		$	2,347
Ratio of net expenses to average net assets		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
Ratio of gross expenses to average net assets prior to expense reductions		2.03	%		2.04	%		2.15	%		1.94	%		1.83	%
Ratio of net investment income (loss) to average net assets		0.23	%		0.02	%		0.40	%		0.60	%		0.55	%
	Year Ended October 31,
	2022			2021			2020			2019			2018
Portfolio turnover rate		25	%		20	%		22	%		15	%		11	%

*  Amounts are less than $0.005.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
272

Calamos Dividend Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS C
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	16.49		$	12.67		$	13.07		$	12.09		$	12.52
Income from investment operations:
Net investment income (loss)(a)		(0.07	)		(0.11	)		(0.04	)		(0.01	)		(0.02	)
Net realized and unrealized gain (loss)		(2.31	)		5.07			1.09			1.45			0.57
Total from investment operations		(2.38	)		4.96			1.05			1.44			0.55
Distributions:
Dividends from net investment income		—			(0.01	)		—			—			—
Dividends from net realized gains		(1.34	)		(1.13	)		(1.45	)		(0.46	)		(0.98	)
Total distributions**		(1.34	)		(1.14	)		(1.45	)		(0.46	)		(0.98	)
Net asset value, end of year	$	12.77		$	16.49		$	12.67		$	13.07		$	12.09
Ratios and supplemental data:
Total return(b)		(15.63	%)		41.37	%		8.35	%		12.74	%		4.56	%
Net assets, end of year (000)	$	2,202		$	2,017		$	685		$	659		$	1,028
Ratio of net expenses to average net assets		2.10	%		2.10	%		2.11	%		2.10	%		2.10	%
Ratio of gross expenses to average net assets prior to expense reductions		2.78	%		2.78	%		2.91	%		2.65	%		2.59	%
Ratio of net investment income (loss) to average net assets		(0.51	%)		(0.74	%)		(0.36	%)		(0.06	%)		(0.19	%)

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com
273

Calamos Dividend Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS I
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	17.15		$	13.03		$	13.36		$	12.33		$	12.71
Income from investment operations:
Net investment income (loss)(a)		0.07			0.04			0.08			0.11			0.10
Net realized and unrealized gain (loss)		(2.41	)		5.23			1.12			1.49			0.58
Total from investment operations		(2.34	)		5.27			1.20			1.60			0.68
Distributions:
Dividends from net investment income		(0.03	)		(0.02	)		(0.08	)		(0.11	)		(0.08	)
Dividends from net realized gains		(1.34	)		(1.13	)		(1.45	)		(0.46	)		(0.98	)
Total distributions**		(1.37	)		(1.15	)		(1.53	)		(0.57	)		(1.06	)
Net asset value, end of year	$	13.44		$	17.15		$	13.03		$	13.36		$	12.33
Ratios and supplemental data:
Total return(b)		(14.76	%)		42.73	%		9.46	%		13.93	%		5.61	%
Net assets, end of year (000)	$	10,195		$	10,373		$	8,974		$	12,986		$	20,585
Ratio of net expenses to average net assets		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
Ratio of gross expenses to average net assets prior to expense reductions		1.78	%		1.80	%		1.88	%		1.67	%		1.60	%
Ratio of net investment income (loss) to average net assets		0.48	%		0.28	%		0.67	%		0.92	%		0.82	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
274

Calamos Select Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS A
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	20.48		$	14.93		$	14.21		$	15.37		$	15.21
Income from investment operations:
Net investment income (loss)(a)		0.00			(0.03	)		0.07			0.15			0.10
Net realized and unrealized gain (loss)		(3.12	)		6.39			0.74			0.95			0.58
Total from investment operations		(3.12	)		6.36			0.81			1.10			0.68
Distributions:
Dividends from net investment income		—			—			(0.09	)		(0.06	)		(0.05	)
Dividends from net realized gains		(1.50	)		(0.81	)		—			(2.20	)		(0.47	)
Total distributions**		(1.50	)		(0.81	)		(0.09	)		(2.26	)		(0.52	)
Net asset value, end of year	$	15.86		$	20.48		$	14.93		$	14.21		$	15.37
Ratios and supplemental data:
Total return(b)		(16.22	%)		43.93	%		5.71	%		10.14	%		4.53	%
Net assets, end of year (000)	$	11,628		$	14,211		$	10,595		$	11,363		$	21,349
Ratio of net expenses to average net assets		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Ratio of gross expenses to average net assets prior to expense reductions		1.57	%		1.57	%		1.64	%		1.62	%		1.60	%
Ratio of net investment income (loss) to average net assets		0.00	%		(0.19	%)		0.49	%		1.06	%		0.64	%
	Year Ended October 31,
	2022			2021			2020			2019			2018
Portfolio turnover rate		34	%		25	%		136	%		78	%		119	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com
275

Calamos Select Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS C
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	17.52		$	12.97		$	12.36		$	13.77		$	13.74
Income from investment operations:
Net investment income (loss)(a)		(0.12	)		(0.14	)		(0.01	)		0.02			(0.01	)
Net realized and unrealized gain (loss)		(2.62	)		5.50			0.62			0.83			0.51
Total from investment operations		(2.74	)		5.36			0.61			0.85			0.50
Distributions:
Dividends from net investment income		—			—			—			(0.06	)		—
Dividends from net realized gains		(1.50	)		(0.81	)		—			(2.20	)		(0.47	)
Total distributions		(1.50	)		(0.81	)		—			(2.26	)		(0.47	)
Net asset value, end of year	$	13.28		$	17.52		$	12.97		$	12.36		$	13.77
Ratios and supplemental data:
Total return(b)		(16.85	%)		42.92	%		4.85	%		9.33	%		3.77	%
Net assets, end of year (000)	$	170		$	887		$	1,056		$	5,274		$	4,318
Ratio of net expenses to average net assets		1.91	%		1.90	%		1.90	%		1.90	%		1.90	%
Ratio of gross expenses to average net assets prior to expense reductions		2.33	%		2.33	%		2.40	%		2.35	%		2.35	%
Ratio of net investment income (loss) to average net assets		(0.77	%)		(0.92	%)		(0.11	%)		0.15	%		(0.10	%)

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
276

Calamos Select Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS I
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	21.15		$	15.36		$	14.62		$	15.80		$	15.63
Income from investment operations:
Net investment income (loss)(a)		0.05			0.01			0.10			0.16			0.14
Net realized and unrealized gain (loss)		(3.23	)		6.59			0.76			1.01			0.59
Total from investment operations		(3.18	)		6.60			0.86			1.17			0.73
Distributions:
Dividends from net investment income		(0.02	)		—			(0.12	)		(0.15	)		(0.09	)
Dividends from net realized gains		(1.50	)		(0.81	)		—			(2.20	)		(0.47	)
Total distributions**		(1.52	)		(0.81	)		(0.12	)		(2.35	)		(0.56	)
Net asset value, end of year	$	16.45		$	21.15		$	15.36		$	14.62		$	15.80
Ratios and supplemental data:
Total return(b)		(16.00	%)		44.28	%		5.92	%		10.43	%		4.78	%
Net assets, end of year (000)	$	30,660		$	38,585		$	36,075		$	28,389		$	21,892
Ratio of net expenses to average net assets		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of gross expenses to average net assets prior to expense reductions		1.32	%		1.32	%		1.39	%		1.36	%		1.36	%
Ratio of net investment income (loss) to average net assets		0.25	%		0.07	%		0.69	%		1.13	%		0.90	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com
277

Calamos International Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS A
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	28.83		$	22.96		$	17.97		$	18.10		$	21.55
Income from investment operations:
Net investment income (loss)(a)		0.21			0.05			(0.04	)		0.09			0.15
Net realized and unrealized gain (loss)		(9.48	)		7.29			5.03			1.80			(2.78	)
Total from investment operations		(9.27	)		7.34			4.99			1.89			(2.63	)
Distributions:
Dividends from net investment income		(0.00	)*		—			—			—			—
Dividends from net realized gains		(4.13	)		(1.47	)		—			(2.02	)		(0.82	)
Total distributions**		(4.13	)		(1.47	)		—			(2.02	)		(0.82	)
Net asset value, end of year	$	15.43		$	28.83		$	22.96		$	17.97		$	18.10
Ratios and supplemental data:
Total return(b)		(36.67	%)		32.76	%		27.82	%		13.07	%		(12.70	%)
Net assets, end of year (000)	$	46,993		$	79,503		$	60,527		$	53,950		$	59,566
Ratio of net expenses to average net assets		1.10	%		1.10	%		1.10	%		1.10	%		1.33	%
Ratio of gross expenses to average net assets prior to expense reductions		1.64	%		1.56	%		1.52	%		1.48	%		1.51	%
Ratio of net investment income (loss) to average net assets		1.04	%		0.19	%		(0.20	%)		0.51	%		0.71	%
	Year Ended October 31,
	2022			2021			2020			2019			2018
Portfolio turnover rate		129	%		99	%		85	%		81	%		112	%

*  Amounts are less than $0.005.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
278

Calamos International Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS C
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	24.94		$	20.17		$	15.91		$	16.38		$	19.72
Income from investment operations:
Net investment income (loss)(a)		0.05			(0.16	)		(0.16	)		(0.05	)		(0.03	)
Net realized and unrealized gain (loss)		(8.00	)		6.40			4.42			1.60			(2.49	)
Total from investment operations		(7.95	)		6.24			4.26			1.55			(2.52	)
Distributions:
Dividends from net investment income		—			—			—			—			—
Dividends from net realized gains		(4.13	)		(1.47	)		—			(2.02	)		(0.82	)
Total distributions**		(4.13	)		(1.47	)		—			(2.02	)		(0.82	)
Net asset value, end of year	$	12.86		$	24.94		$	20.17		$	15.91		$	16.38
Ratios and supplemental data:
Total return(b)		(37.18	%)		31.79	%		26.84	%		12.21	%		(13.35	%)
Net assets, end of year (000)	$	1,989		$	3,953		$	6,344		$	9,022		$	20,449
Ratio of net expenses to average net assets		1.85	%		1.85	%		1.85	%		1.85	%		2.06	%
Ratio of gross expenses to average net assets prior to expense reductions		2.39	%		2.31	%		2.27	%		2.26	%		2.26	%
Ratio of net investment income (loss) to average net assets		0.27	%		(0.69	%)		(0.95	%)		(0.35	%)		(0.17	%)

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com
279

Calamos International Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS I
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	29.92		$	23.73		$	18.53		$	18.55		$	22.01
Income from investment operations:
Net investment income (loss)(a)		0.27			0.12			0.01			0.13			0.18
Net realized and unrealized gain (loss)		(9.88	)		7.54			5.19			1.87			(2.82	)
Total from investment operations		(9.61	)		7.66			5.20			2.00			(2.64	)
Distributions:
Dividends from net investment income		(0.08	)		(0.00	)*		—			—			—
Dividends from net realized gains		(4.13	)		(1.47	)		—			(2.02	)		(0.82	)
Total distributions**		(4.21	)		(1.47	)		—			(2.02	)		(0.82	)
Net asset value, end of year	$	16.10		$	29.92		$	23.73		$	18.53		$	18.55
Ratios and supplemental data:
Total return(b)		(36.54	%)		33.13	%		28.06	%		13.32	%		(12.48	%)
Net assets, end of year (000)	$	120,520		$	216,723		$	156,321		$	134,562		$	153,312
Ratio of net expenses to average net assets		0.85	%		0.85	%		0.85	%		0.85	%		1.06	%
Ratio of gross expenses to average net assets prior to expense reductions		1.39	%		1.31	%		1.28	%		1.23	%		1.26	%
Ratio of net investment income (loss) to average net assets		1.28	%		0.43	%		0.05	%		0.75	%		0.85	%

*  Amounts are less than $0.005.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
280

Calamos International Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS R6
	Year Ended October 31,												September 17, 2018• through October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	30.20		$	23.93		$	18.67		$	18.66		$	20.89
Income from investment operations:
Net investment income (loss)(a)		0.31			0.15			0.05			0.20			0.01
Net realized and unrealized gain (loss)		(10.00	)		7.61			5.21			1.83			(2.24	)
Total from investment operations		(9.69	)		7.76			5.26			2.03			(2.23	)
Distributions:
Dividends from net investment income		(0.10	)		(0.02	)		—			—			—
Dividends from net realized gains		(4.13	)		(1.47	)		—			(2.02	)		—
Total distributions**		(4.23	)		(1.49	)		—			(2.02	)		—
Net asset value, end of year	$	16.28		$	30.20		$	23.93		$	18.67		$	18.66
Ratios and supplemental data:
Total return(b)		(36.47	%)		33.24	%		28.23	%		13.41	%		(10.67	%)
Net assets, end of year (000)	$	4,332		$	1,921		$	1,012		$	7,463		$	22
Ratio of net expenses to average net assets		0.75	%		0.77	%		0.76	%		0.77	%		0.76	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.28	%		1.22	%		1.17	%		1.15	%		1.21	%(c)
Ratio of net investment income (loss) to average net assets		1.59	%		0.51	%		0.24	%		1.13	%		0.34	%(c)

•  Commencement of operations.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)  Annualized.

www.calamos.com
281

Calamos Evolving World Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS A
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	22.25		$	19.60		$	14.12		$	12.54		$	14.83
Income from investment operations:
Net investment income (loss)(a)		0.12			(0.05	)		(0.07	)		0.09			(0.01	)
Net realized and unrealized gain (loss)		(7.79	)		3.15			5.66			1.49			(2.28	)
Total from investment operations		(7.67	)		3.10			5.59			1.58			(2.29	)
Distributions:
Dividends from net investment income		(0.07	)		—			(0.11	)		—			(0.00	)*
Dividends from net realized gains		—			(0.45	)		—			—			—
Return of capital		—			—			—			—			(0.00	)*
Total distributions**		(0.07	)		(0.45	)		(0.11	)		—			(0.00	)*
Net asset value, end of year	$	14.51		$	22.25		$	19.60		$	14.12		$	12.54
Ratios and supplemental data:
Total return(b)		(34.55	%)		15.87	%		39.81	%		12.60	%		(15.43	%)
Net assets, end of year (000)	$	36,890		$	54,731		$	31,015		$	28,168		$	34,678
Ratio of net expenses to average net assets		1.30	%		1.30	%		1.56	%		1.64	%		1.63	%
Ratio of gross expenses to average net assets prior to expense reductions		1.63	%		1.60	%		1.64	%		1.64	%		1.63	%
Ratio of net investment income (loss) to average net assets		0.67	%		(0.21	%)		(0.47	%)		0.63	%		(0.08	%)
	Year Ended October 31,
	2022			2021			2020			2019			2018
Portfolio turnover rate		132	%		140	%		125	%		78	%		97	%

*  Amounts are less than $0.005.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
282

Calamos Evolving World Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS C
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	20.55		$	18.26		$	13.16		$	11.78		$	14.03
Income from investment operations:
Net investment income (loss)(a)		(0.03	)		(0.22	)		(0.18	)		(0.01	)		(0.12	)
Net realized and unrealized gain (loss)		(7.18	)		2.96			5.28			1.39			(2.13	)
Total from investment operations		(7.21	)		2.74			5.10			1.38			(2.25	)
Distributions:
Dividends from net investment income		—			—			—			—			—
Dividends from net realized gains		—			(0.45	)		—			—			—
Total distributions**		—			(0.45	)		—			—			—
Net asset value, end of year	$	13.34		$	20.55		$	18.26		$	13.16		$	11.78
Ratios and supplemental data:
Total return(b)		(35.04	%)		15.05	%		38.75	%		11.71	%		(16.04	%)
Net assets, end of year (000)	$	6,153		$	16,050		$	13,183		$	13,478		$	17,739
Ratio of net expenses to average net assets		2.05	%		2.05	%		2.32	%		2.39	%		2.38	%
Ratio of gross expenses to average net assets prior to expense reductions		2.39	%		2.34	%		2.39	%		2.39	%		2.38	%
Ratio of net investment income (loss) to average net assets		(0.16	%)		(1.04	%)		(1.23	%)		(0.11	%)		(0.85	%)

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com
283

Calamos Evolving World Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS I
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	22.51		$	19.78		$	14.26		$	12.63		$	14.96
Income from investment operations:
Net investment income (loss)(a)		0.17			0.01			(0.03	)		0.12			0.02
Net realized and unrealized gain (loss)		(7.87	)		3.18			5.71			1.51			(2.29	)
Total from investment operations		(7.70	)		3.19			5.68			1.63			(2.27	)
Distributions:
Dividends from net investment income		(0.14	)		(0.01	)		(0.16	)		—			(0.06	)
Dividends from net realized gains		—			(0.45	)		—			—			—
Return of capital		—			—			—			—			(0.00	)*
Total distributions**		(0.14	)		(0.46	)		(0.16	)		—			(0.06	)
Net asset value, end of year	$	14.67		$	22.51		$	19.78		$	14.26		$	12.63
Ratios and supplemental data:
Total return(b)		(34.39	%)		16.17	%		40.16	%		12.91	%		(15.21	%)
Net assets, end of year (000)	$	315,858		$	509,216		$	193,243		$	120,318		$	152,114
Ratio of net expenses to average net assets		1.05	%		1.05	%		1.30	%		1.39	%		1.38	%
Ratio of gross expenses to average net assets prior to expense reductions		1.38	%		1.35	%		1.39	%		1.39	%		1.38	%
Ratio of net investment income (loss) to average net assets		0.90	%		0.04	%		(0.22	%)		0.91	%		0.14	%

*  Amounts are less than $0.005.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
284

Calamos Global Equity Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS A
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	18.40		$	14.05		$	11.64		$	13.61		$	15.63
Income from investment operations:
Net investment income (loss)(a)		0.02			(0.08	)		(0.07	)		(0.01	)		0.00	*
Net realized and unrealized gain (loss)		(4.94	)		5.49			3.37			0.79			(0.63	)
Total from investment operations		(4.92	)		5.41			3.30			0.78			(0.63	)
Distributions:
Dividends from net investment income		—			—			—			—			—
Dividends from net realized gains		(1.98	)		(1.06	)		(0.89	)		(2.75	)		(1.39	)
Total distributions**		(1.98	)		(1.06	)		(0.89	)		(2.75	)		(1.39	)
Net asset value, end of year	$	11.50		$	18.40		$	14.05		$	11.64		$	13.61
Ratios and supplemental data:
Total return(b)		(29.36	%)		39.89	%		30.07	%		10.28	%		(4.59	%)
Net assets, end of year (000)	$	21,143		$	32,511		$	21,814		$	20,236		$	27,489
Ratio of net expenses to average net assets		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%
Ratio of gross expenses to average net assets prior to expense reductions		1.61	%		1.58	%		1.65	%		1.51	%		1.56	%
Ratio of net investment income (loss) to average net assets		0.17	%		(0.48	%)		(0.59	%)		(0.08	%)		0.03	%
	Year Ended October 31,
	2022			2021			2020			2019			2018
Portfolio turnover rate		77	%		72	%		71	%		72	%		81	%

*  Amounts are less than $0.005.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com
285

Calamos Global Equity Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS C
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	15.45		$	12.03		$	10.15		$	12.34		$	14.40
Income from investment operations:
Net investment income (loss)(a)		(0.07	)		(0.18	)		(0.14	)		(0.09	)		(0.10	)
Net realized and unrealized gain (loss)		(4.05	)		4.66			2.91			0.65			(0.57	)
Total from investment operations		(4.12	)		4.48			2.77			0.56			(0.67	)
Distributions:
Dividends from net investment income		—			—			—			—			—
Dividends from net realized gains		(1.98	)		(1.06	)		(0.89	)		(2.75	)		(1.39	)
Total distributions**		(1.98	)		(1.06	)		(0.89	)		(2.75	)		(1.39	)
Net asset value, end of year	$	9.35		$	15.45		$	12.03		$	10.15		$	12.34
Ratios and supplemental data:
Total return(b)		(29.96	%)		38.88	%		29.19	%		9.36	%		(5.31	%)
Net assets, end of year (000)	$	726		$	1,492		$	4,635		$	8,011		$	10,887
Ratio of net expenses to average net assets		2.15	%		2.15	%		2.15	%		2.15	%		2.15	%
Ratio of gross expenses to average net assets prior to expense reductions		2.37	%		2.33	%		2.40	%		2.26	%		2.32	%
Ratio of net investment income (loss) to average net assets		(0.59	%)		(1.32	%)		(1.31	%)		(0.86	%)		(0.76	%)

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
286

Calamos Global Equity Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS I
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	19.20		$	14.59		$	12.02		$	13.93		$	15.95
Income from investment operations:
Net investment income (loss)(a)		0.05			(0.04	)		(0.04	)		0.02			0.03
Net realized and unrealized gain (loss)		(5.17	)		5.71			3.50			0.82			(0.64	)
Total from investment operations		(5.12	)		5.67			3.46			0.84			(0.61	)
Distributions:
Dividends from net investment income		—			—			—			—			(0.02	)
Dividends from net realized gains		(1.98	)		(1.06	)		(0.89	)		(2.75	)		(1.39	)
Total distributions**		(1.98	)		(1.06	)		(0.89	)		(2.75	)		(1.41	)
Net asset value, end of year	$	12.10		$	19.20		$	14.59		$	12.02		$	13.93
Ratios and supplemental data:
Total return(b)		(29.20	%)		40.29	%		30.46	%		10.52	%		(4.38	%)
Net assets, end of year (000)	$	51,538		$	103,256		$	65,062		$	52,619		$	58,078
Ratio of net expenses to average net assets		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Ratio of gross expenses to average net assets prior to expense reductions		1.36	%		1.33	%		1.40	%		1.26	%		1.31	%
Ratio of net investment income (loss) to average net assets		0.37	%		(0.23	%)		(0.34	%)		0.14	%		0.18	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com
287

Calamos Global Equity Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS R6
	Year Ended October 31,						June 23, 2020• through October 31,
	2022			2021			2020
Net asset value, beginning of period	$	19.21		$	14.59		$	13.19
Income from investment operations:
Net investment income (loss)(a)		(0.02	)		(0.03	)		(0.02	)
Net realized and unrealized gain (loss)		(5.10	)		5.71			1.42
Total from investment operations		(5.12	)		5.68			1.40
Distributions:
Dividends from net investment income		—			—			—
Dividends from net realized gains		(1.98	)		(1.06	)		—
Total distributions		(1.98	)		(1.06	)		—
Net asset value, end of period	$	12.11		$	19.21		$	14.59
Ratios and supplemental data:
Total return(b)		(29.18	%)		40.36	%		10.61	%
Net assets, end of year (000)	$	11		$	168		$	120
Ratio of net expenses to average net assets		1.12	%		1.09	%		1.09	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.35	%		1.27	%		1.36	%(c)
Ratio of net investment income (loss) to average net assets		(0.12	%)		(0.18	%)		(0.45	%)(c)

•  Commencement of operations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
288

Calamos Global Opportunities Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS A
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	12.72		$	10.02		$	8.51		$	8.99		$	9.85
Income from investment operations:
Net investment income (loss)(a)		(0.03	)		(0.04	)		0.07			0.10			0.09
Net realized and unrealized gain (loss)		(2.88	)		3.42			1.55			0.37			(0.35	)
Total from investment operations		(2.91	)		3.38			1.62			0.47			(0.26	)
Distributions:
Dividends from net investment income		—			(0.05	)		(0.02	)		(0.07	)		(0.03	)
Dividends from net realized gains		(0.66	)		(0.63	)		(0.09	)		(0.88	)		(0.57	)
Total distributions**		(0.66	)		(0.68	)		(0.11	)		(0.95	)		(0.60	)
Net asset value, end of year	$	9.15		$	12.72		$	10.02		$	8.51		$	8.99
Ratios and supplemental data:
Total return(b)		(23.93	%)		34.84	%		19.09	%		6.67	%		(2.91	%)
Net assets, end of year (000)	$	86,403		$	119,261		$	88,618		$	83,069		$	63,069
Ratio of net expenses to average net assets		1.22	%		1.31	%		1.53	%		1.49	%		1.50	%
Ratio of gross expenses to average net assets prior to expense reductions		1.46	%		1.45	%		1.53	%		1.49	%		1.50	%
Ratio of net investment income (loss) to average net assets		(0.28	%)		(0.33	%)		0.78	%		1.20	%		0.93	%
	Year Ended October 31,
	2022			2021			2020			2019			2018
Portfolio turnover rate		92	%		82	%		119	%		69	%		75	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com
289

Calamos Global Opportunities Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS C
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	10.92		$	8.71		$	7.45		$	7.98		$	8.84
Income from investment operations:
Net investment income (loss)(a)		(0.09	)		(0.11	)		0.00			0.04			0.02
Net realized and unrealized gain (loss)		(2.44	)		2.95			1.35			0.31			(0.31	)
Total from investment operations		(2.53	)		2.84			1.35			0.35			(0.29	)
Distributions:
Dividends from net investment income		—			—			—			—			—
Dividends from net realized gains		(0.66	)		(0.63	)		(0.09	)		(0.88	)		(0.57	)
Total distributions**		(0.66	)		(0.63	)		(0.09	)		(0.88	)		(0.57	)
Net asset value, end of year	$	7.73		$	10.92		$	8.71		$	7.45		$	7.98
Ratios and supplemental data:
Total return(b)		(24.43	%)		33.77	%		18.22	%		5.87	%		(3.61	%)
Net assets, end of year (000)	$	7,528		$	10,032		$	8,946		$	14,742		$	54,425
Ratio of net expenses to average net assets		1.97	%		2.07	%		2.28	%		2.28	%		2.25	%
Ratio of gross expenses to average net assets prior to expense reductions		2.21	%		2.20	%		2.28	%		2.28	%		2.25	%
Ratio of net investment income (loss) to average net assets		(1.03	%)		(1.09	%)		0.01	%		0.50	%		0.18	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
290

Calamos Global Opportunities Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS I
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	13.18		$	10.36		$	8.79		$	9.25		$	10.11
Income from investment operations:
Net investment income (loss)(a)		(0.02	)		(0.01	)		0.09			0.13			0.12
Net realized and unrealized gain (loss)		(2.96	)		3.54			1.60			0.38			(0.36	)
Total from investment operations		(2.98	)		3.53			1.69			0.51			(0.24	)
Distributions:
Dividends from net investment income		(0.01	)		(0.08	)		(0.03	)		(0.09	)		(0.05	)
Dividends from net realized gains		(0.66	)		(0.63	)		(0.09	)		(0.88	)		(0.57	)
Total distributions**		(0.67	)		(0.71	)		(0.12	)		(0.97	)		(0.62	)
Net asset value, end of year	$	9.53		$	13.18		$	10.36		$	8.79		$	9.25
Ratios and supplemental data:
Total return(b)		(23.66	%)		35.16	%		19.33	%		6.95	%		(2.65	%)
Net assets, end of year (000)	$	117,790		$	152,596		$	65,909		$	53,594		$	72,843
Ratio of net expenses to average net assets		0.97	%		1.04	%		1.28	%		1.25	%		1.25	%
Ratio of gross expenses to average net assets prior to expense reductions		1.21	%		1.20	%		1.28	%		1.25	%		1.25	%
Ratio of net investment income (loss) to average net assets		(0.14	%)		(0.09	%)		1.01	%		1.47	%		1.18	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com
291

Calamos International Small Cap Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS A
	March 31, 2022• through October 31, 2022
Net asset value, beginning of year	$	10.00
Income from investment operations:
Net investment income (loss)(a)		0.05
Net realized and unrealized gain (loss)		(2.40	)
Total from investment operations		(2.35	)
Distributions:
Dividends from net investment income		—
Dividends from net realized gains		—
Total distributions**		—
Net asset value, end of year	$	7.65
Ratios and supplemental data:
Total return(b)		(23.50	%)
Net assets, end of year (000)	$	13
Ratio of net expenses to average net assets		2.66	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		11.03	%(c)
Ratio of net investment income (loss) to average net assets		(9.66	%)(c)
	March 31, 2022• through October 31, 2022
Portfolio turnover rate		64	%(d)

•  Commencement of operations.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)  Annualized.

(d)  Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
292

Calamos International Small Cap Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS C
	March 31, 2022• through October 31, 2022
Net asset value, beginning of year	$	10.00
Income from investment operations:
Net investment income (loss)(a)		0.01
Net realized and unrealized gain (loss)		(2.39	)
Total from investment operations		(2.38	)
Distributions:
Dividends from net investment income		—
Dividends from net realized gains		—
Total distributions**		—
Net asset value, end of year	$	7.62
Ratios and supplemental data:
Total return(b)		(23.80	%)
Net assets, end of year (000)	$	8
Ratio of net expenses to average net assets		2.67	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		11.03	%(c)
Ratio of net investment income (loss) to average net assets		(9.66	%)(c)

•  Commencement of operations.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)  Annualized.

www.calamos.com
293

Calamos International Small Cap Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS I
	March 31, 2022• through October 31, 2022
Net asset value, beginning of year	$	10.00
Income from investment operations:
Net investment income (loss)(a)		0.06
Net realized and unrealized gain (loss)		(2.40	)
Total from investment operations		(2.34	)
Distributions:
Dividends from net investment income		—
Dividends from net realized gains		—
Total distributions**		—
Net asset value, end of year	$	7.66
Ratios and supplemental data:
Total return(b)		(23.40	%)
Net assets, end of year (000)	$	1,740
Ratio of net expenses to average net assets		2.67	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		11.03	%(c)
Ratio of net investment income (loss) to average net assets		(9.66	%)(c)

•  Commencement of operations.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
294

Calamos International Small Cap Growth Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS R6
	March 31, 2022• through October 31, 2022
Net asset value, beginning of year	$	10.00
Income from investment operations:
Net investment income (loss)(a)		0.06
Net realized and unrealized gain (loss)		(2.40	)
Total from investment operations		(2.34	)
Distributions:
Dividends from net investment income		—
Dividends from net realized gains		—
Total distributions**		—
Net asset value, end of year	$	7.66
Ratios and supplemental data:
Total return(b)		(23.40	%)
Net assets, end of year (000)	$	8
Ratio of net expenses to average net assets		2.67	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		11.03	%(c)
Ratio of net investment income (loss) to average net assets		(9.66	%)(c)

•  Commencement of operations.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)  Annualized.

www.calamos.com
295

Calamos Global Sustainable Equities Fund^(d)  Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS A
	December 17, 2021• through October 31, 2022
Net asset value, beginning of year	$	10.00
Income from investment operations:
Net investment income (loss)(a)		0.08
Net realized and unrealized gain (loss)		(2.54	)
Total from investment operations		(2.46	)
Distributions:
Dividends from net investment income		—
Dividends from net realized gains		—
Total distributions**		—
Net asset value, end of year	$	7.54
Ratios and supplemental data:
Total return(b)		(24.60	%)
Net assets, end of year (000)	$	440
Ratio of net expenses to average net assets		1.20	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		5.54	%(c)
Ratio of net investment income (loss) to average net assets		(4.53	%)(c)
	December 17, 2021• through October 31, 2022
Portfolio turnover rate		6	%(e)

•  Commencement of operations.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)  Annualized.

(d)  Subsequent Event – On October 31, 2022, The Board of Trustees approved a proposal to liquidate the Calamos Global Sustainable Equities Fund (the "Fund"). It is expected that the Fund will be liquidated in the first quarter of 2023. Additional information will be provided to shareholders regarding the timing of the liquidation, including the date on which the Fund will close to new investors and the date on which it will close to investments from existing investors.

(e)  Not annualized.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
296

Calamos Global Sustainable Equities Fund^(d)  Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS C
	December 17, 2021• through October 31, 2022
Net asset value, beginning of year	$	10.00
Income from investment operations:
Net investment income (loss)(a)		0.00
Net realized and unrealized gain (loss)		(2.51	)
Total from investment operations		(2.51	)
Distributions:
Dividends from net investment income		—
Dividends from net realized gains		—
Total distributions**		—
Net asset value, end of year	$	7.49
Ratios and supplemental data:
Total return(b)		(25.10	%)
Net assets, end of year (000)	$	7
Ratio of net expenses to average net assets		1.20	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		5.54	%(c)
Ratio of net investment income (loss) to average net assets		(4.53	%)(c)

•  Commencement of operations.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)  Annualized.

(d)  Subsequent Event – On October 31, 2022, The Board of Trustees approved a proposal to liquidate the Calamos Global Sustainable Equities Fund (the "Fund"). It is expected that the Fund will be liquidated in the first quarter of 2023. Additional information will be provided to shareholders regarding the timing of the liquidation, including the date on which the Fund will close to new investors and the date on which it will close to investments from existing investors.

www.calamos.com
297

Calamos Global Sustainable Equities Fund^(d)  Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS I
	December 17, 2021• through October 31, 2022
Net asset value, beginning of year	$	10.00
Income from investment operations:
Net investment income (loss)(a)		0.09
Net realized and unrealized gain (loss)		(2.53	)
Total from investment operations		(2.44	)
Distributions:
Dividends from net investment income		—
Dividends from net realized gains		—
Total distributions**		—
Net asset value, end of year	$	7.56
Ratios and supplemental data:
Total return(b)		(24.40	%)
Net assets, end of year (000)	$	6,255
Ratio of net expenses to average net assets		1.20	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		5.54	%(c)
Ratio of net investment income (loss) to average net assets		(4.53	%)(c)

•  Commencement of operations.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)  Annualized.

(d)  Subsequent Event – On October 31, 2022, The Board of Trustees approved a proposal to liquidate the Calamos Global Sustainable Equities Fund (the "Fund"). It is expected that the Fund will be liquidated in the first quarter of 2023. Additional information will be provided to shareholders regarding the timing of the liquidation, including the date on which the Fund will close to new investors and the date on which it will close to investments from existing investors.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
298

Calamos Global Sustainable Equities Fund^(d)  Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS R6
	December 17, 2021• through October 31, 2022
Net asset value, beginning of year	$	10.00
Income from investment operations:
Net investment income (loss)(a)		0.08
Net realized and unrealized gain (loss)		(2.52	)
Total from investment operations		(2.44	)
Distributions:
Dividends from net investment income		—
Dividends from net realized gains		—
Total distributions**		—
Net asset value, end of year	$	7.56
Ratios and supplemental data:
Total return(b)		(24.40	%)
Net assets, end of year (000)	$	8
Ratio of net expenses to average net assets		1.20	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		5.54	%(c)
Ratio of net investment income (loss) to average net assets		(4.53	%)(c)

•  Commencement of operations.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)  Annualized.

(d)  Subsequent Event – On October 31, 2022, The Board of Trustees approved a proposal to liquidate the Calamos Global Sustainable Equities Fund (the "Fund"). It is expected that the Fund will be liquidated in the first quarter of 2023. Additional information will be provided to shareholders regarding the timing of the liquidation, including the date on which the Fund will close to new investors and the date on which it will close to investments from existing investors.

www.calamos.com
299

Calamos Total Return Bond Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS A
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	10.61		$	10.85		$	10.53		$	9.81		$	10.39
Income from investment operations:
Net investment income (loss)(a)		0.24			0.19			0.21			0.27			0.25
Net realized and unrealized gain (loss)		(1.81	)		(0.19	)		0.33			0.72			(0.49	)
Total from investment operations		(1.57	)		—			0.54			0.99			(0.24	)
Distributions:
Dividends from net investment income		(0.24	)		(0.23	)		(0.22	)		(0.27	)		(0.26	)
Dividends from net realized gains		(0.13	)		(0.01	)		—			—			(0.05	)
Return of capital		—			—			—			—			(0.03	)
Total distributions**		(0.37	)		(0.24	)		(0.22	)		(0.27	)		(0.34	)
Net asset value, end of year	$	8.67		$	10.61		$	10.85		$	10.53		$	9.81
Ratios and supplemental data:
Total return(b)		(15.13	%)		0.01	%		5.18	%		10.24	%		(2.30	%)
Net assets, end of year (000)	$	14,662		$	22,394		$	24,376		$	22,565		$	17,109
Ratio of net expenses to average net assets		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of gross expenses to average net assets prior to expense reductions		1.15	%		1.01	%		1.03	%		1.09	%		1.05	%
Ratio of net investment income (loss) to average net assets		2.48	%		1.77	%		2.00	%		2.67	%		2.44	%
	Year Ended October 31,
	2022			2021			2020			2019			2018
Portfolio turnover rate		28	%		51	%		61	%		64	%		64	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
300

Calamos Total Return Bond Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS C
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	10.61		$	10.85		$	10.53		$	9.81		$	10.39
Income from investment operations:
Net investment income (loss)(a)		0.17			0.11			0.14			0.20			0.17
Net realized and unrealized gain (loss)		(1.81	)		(0.19	)		0.32			0.72			(0.48	)
Total from investment operations		(1.64	)		(0.08	)		0.46			0.92			(0.31	)
Distributions:
Dividends from net investment income		(0.17	)		(0.15	)		(0.14	)		(0.20	)		(0.20	)
Dividends from net realized gains		(0.13	)		(0.01	)		—			—			(0.05	)
Return of capital		—			—			—			—			(0.02	)
Total distributions**		(0.30	)		(0.16	)		(0.14	)		(0.20	)		(0.27	)
Net asset value, end of year	$	8.67		$	10.61		$	10.85		$	10.53		$	9.81
Ratios and supplemental data:
Total return(b)		(15.76	%)		(0.74	%)		4.40	%		9.42	%		(3.03	%)
Net assets, end of year (000)	$	549		$	800		$	1,777		$	2,929		$	6,413
Ratio of net expenses to average net assets		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%
Ratio of gross expenses to average net assets prior to expense reductions		1.90	%		1.76	%		1.77	%		1.84	%		1.80	%
Ratio of net investment income (loss) to average net assets		1.72	%		1.02	%		1.28	%		1.98	%		1.69	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com
301

Calamos Total Return Bond Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS I
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	10.61		$	10.85		$	10.54		$	9.81		$	10.39
Income from investment operations:
Net investment income (loss)(a)		0.26			0.22			0.24			0.30			0.27
Net realized and unrealized gain (loss)		(1.79	)		(0.20	)		0.32			0.73			(0.48	)
Total from investment operations		(1.53	)		0.02			0.56			1.03			(0.21	)
Distributions:
Dividends from net investment income		(0.27	)		(0.25	)		(0.25	)		(0.30	)		(0.29	)
Dividends from net realized gains		(0.13	)		(0.01	)		—			—			(0.05	)
Return of capital		—			—			—			—			(0.03	)
Total distributions**		(0.40	)		(0.26	)		(0.25	)		(0.30	)		(0.37	)
Net asset value, end of year	$	8.68		$	10.61		$	10.85		$	10.54		$	9.81
Ratios and supplemental data:
Total return(b)		(14.92	%)		0.17	%		5.34	%		10.62	%		(2.06	%)
Net assets, end of year (000)	$	18,622		$	43,979		$	60,602		$	35,570		$	32,888
Ratio of net expenses to average net assets		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of gross expenses to average net assets prior to expense reductions		0.88	%		0.76	%		0.77	%		0.84	%		0.80	%
Ratio of net investment income (loss) to average net assets		2.65	%		2.02	%		2.21	%		2.92	%		2.69	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
302

Calamos High Income Opportunities Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS A
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	8.58		$	7.96		$	8.34		$	8.37		$	8.87
Income from investment operations:
Net investment income (loss)(a)		0.37			0.35			0.43			0.48			0.47
Net realized and unrealized gain (loss)		(1.27	)		0.66			(0.35	)		(0.01	)		(0.45	)
Total from investment operations		(0.90	)		1.01			0.08			0.47			0.02
Distributions:
Dividends from net investment income		(0.38	)		(0.27	)		(0.46	)		(0.50	)		(0.52	)
Dividends from net realized gains		—			—			—			—			—
Return of capital		—			(0.12	)		—			—			—
Total distributions**		(0.38	)		(0.39	)		(0.46	)		(0.50	)		(0.52	)
Net asset value, end of year	$	7.30		$	8.58		$	7.96		$	8.34		$	8.37
Ratios and supplemental data:
Total return(b)		(10.67	%)		12.88	%		1.13	%		5.85	%		0.25	%
Net assets, end of year (000)	$	26,775		$	34,550		$	30,580		$	35,124		$	32,282
Ratio of net expenses to average net assets		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of gross expenses to average net assets prior to expense reductions		1.40	%		1.33	%		1.37	%		1.23	%		1.46	%
Ratio of net investment income (loss) to average net assets		4.71	%		4.10	%		5.34	%		5.71	%		5.41	%
	Year Ended October 31,
	2022			2021			2020			2019			2018
Portfolio turnover rate		30	%		49	%		52	%		46	%		56	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

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303

Calamos High Income Opportunities Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS C
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	9.14		$	8.45		$	8.82		$	8.82		$	9.31
Income from investment operations:
Net investment income (loss)(a)		0.33			0.31			0.40			0.45			0.42
Net realized and unrealized gain (loss)		(1.35	)		0.71			(0.38	)		(0.02	)		(0.46	)
Total from investment operations		(1.02	)		1.02			0.02			0.43			(0.04	)
Distributions:
Dividends from net investment income		(0.32	)		(0.21	)		(0.39	)		(0.43	)		(0.45	)
Dividends from net realized gains		—			—			—			—			—
Return of capital		—			(0.12	)		—			—			—
Total distributions**		(0.32	)		(0.33	)		(0.39	)		(0.43	)		(0.45	)
Net asset value, end of year	$	7.80		$	9.14		$	8.45		$	8.82		$	8.82
Ratios and supplemental data:
Total return(b)		(11.35	%)		12.11	%		0.38	%		5.04	%		(0.42	%)
Net assets, end of year (000)	$	471		$	677		$	981		$	1,887		$	9,772
Ratio of net expenses to average net assets		1.75	%		1.75	%		1.75	%		1.75	%		1.75	%
Ratio of gross expenses to average net assets prior to expense reductions		2.15	%		2.08	%		2.11	%		2.08	%		2.22	%
Ratio of net investment income (loss) to average net assets		3.95	%		3.38	%		4.67	%		5.16	%		4.66	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
304

Calamos High Income Opportunities Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS I
	Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	8.58		$	7.96		$	8.34		$	8.37		$	8.86
Income from investment operations:
Net investment income (loss)(a)		0.39			0.37			0.44			0.50			0.49
Net realized and unrealized gain (loss)		(1.27	)		0.67			(0.34	)		(0.01	)		(0.44	)
Total from investment operations		(0.88	)		1.04			0.10			0.49			0.05
Distributions:
Dividends from net investment income		(0.40	)		(0.30	)		(0.48	)		(0.52	)		(0.54	)
Dividends from net realized gains		—			—			—			—			—
Return of capital		—			(0.12	)		—			—			—
Total distributions**		(0.40	)		(0.42	)		(0.48	)		(0.52	)		(0.54	)
Net asset value, end of year	$	7.30		$	8.58		$	7.96		$	8.34		$	8.37
Ratios and supplemental data:
Total return(b)		(10.45	%)		13.16	%		1.38	%		6.11	%		0.62	%
Net assets, end of year (000)	$	9,150		$	9,267		$	6,716		$	7,003		$	7,706
Ratio of net expenses to average net assets		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Ratio of gross expenses to average net assets prior to expense reductions		1.15	%		1.08	%		1.12	%		0.99	%		1.21	%
Ratio of net investment income (loss) to average net assets		4.98	%		4.34	%		5.56	%		5.97	%		5.65	%

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

www.calamos.com
305

Calamos Short-Term Bond Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS A
	Year Ended October 31,												September 19, 2018• through October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	9.91		$	10.23		$	10.20		$	9.98		$	10.00
Income from investment operations:
Net investment income (loss)(a)		0.13			0.15			0.21			0.25			0.03
Net realized and unrealized gain (loss)		(0.62	)		(0.07	)		0.12			0.23			(0.02	)
Total from investment operations		(0.49	)		0.08			0.33			0.48			0.01
Distributions:
Dividends from net investment income		(0.14	)		(0.31	)		(0.25	)		(0.26	)		(0.03	)
Dividends from net realized gains		—			(0.09	)		(0.05	)		(0.00	)*		—
Total distributions**		(0.14	)		(0.40	)		(0.30	)		(0.26	)		(0.03	)
Net asset value, end of year	$	9.28		$	9.91		$	10.23		$	10.20		$	9.98
Ratios and supplemental data:
Total return(b)		(4.99	%)		0.85	%		3.24	%		4.84	%		0.12	%
Net assets, end of year (000)	$	2,128		$	2,661		$	3,225		$	601		$	25
Ratio of net expenses to average net assets		0.63	%		0.65	%		0.65	%		0.65	%		0.66	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		0.63	%		0.65	%		0.68	%		0.74	%		48.01	%(c)
Ratio of net investment income (loss) to average net assets		1.36	%		1.51	%		2.12	%		2.47	%		2.55	%(c)
	Year Ended October 31,												September 19, 2018• through October 31,
	2022			2021			2020			2019			2018
Portfolio turnover rate		48	%		44	%		41	%		132	%		3	%

•  Commencement of operations.

*  Amounts are less than $0.005.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)  Annualized.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
306

Calamos Short-Term Bond Fund Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

	CLASS I
	Year Ended October 31,												September 19, 2018• through October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	9.91		$	10.23		$	10.20		$	9.98		$	10.00
Income from investment operations:
Net investment income (loss)(a)		0.15			0.17			0.25			0.28			0.04
Net realized and unrealized gain (loss)		(0.62	)		(0.06	)		0.10			0.22			(0.02	)
Total from investment operations		(0.47	)		0.11			0.35			0.50			0.02
Distributions:
Dividends from net investment income		(0.16	)		(0.34	)		(0.27	)		(0.28	)		(0.04	)
Dividends from net realized gains		—			(0.09	)		(0.05	)		(0.00	)*		—
Total distributions**		(0.16	)		(0.43	)		(0.32	)		(0.28	)		(0.04	)
Net asset value, end of year	$	9.28		$	9.91		$	10.23		$	10.20		$	9.98
Ratios and supplemental data:
Total return(b)		(4.77	%)		1.11	%		3.49	%		5.09	%		0.16	%
Net assets, end of year (000)	$	356,908		$	306,398		$	176,439		$	217,552		$	15,118
Ratio of net expenses to average net assets		0.38	%		0.40	%		0.40	%		0.40	%		0.42	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		0.38	%		0.40	%		0.42	%		0.47	%		2.13	%(c)
Ratio of net investment income (loss) to average net assets		1.58	%		1.73	%		2.44	%		2.73	%		3.22	%(c)

•  Commencement of operations.

*  Amounts are less than $0.005.

**  Distribution for annual periods determined in accordance with federal income tax regulations.

(a)  Net investment income (loss) allocated based on average shares method.

(b)  Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)  Annualized.

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307

Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Trustees of Calamos Investment Trust

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Calamos Investment Trust comprising the Calamos Market Neutral Income Fund, Calamos Hedged Equity Fund, Calamos Phineus Long/Short Fund, Calamos Convertible Fund, Calamos Global Convertible Fund, Calamos Timpani Small Cap Growth Fund, Calamos Timpani SMID Growth Fund, Calamos Growth Fund, Calamos Growth and Income Fund, Calamos Dividend Growth Fund, Calamos Select Fund, Calamos International Growth Fund, Calamos Evolving World Growth Fund, Calamos Global Equity Fund, Calamos Global Opportunities Fund, Calamos International Small Cap Growth Fund, Calamos Global Sustainable Equities Fund, Calamos Total Return Bond Fund, Calamos High Income Opportunities Fund, and Calamos Short-Term Bond Fund (the "Funds"), including the schedules of investments, as of October 31, 2022; the related statements of operations, changes in net assets, and the financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds listed above constituting Calamos Investment Trust as of October 31, 2022, and the results of their operations, the changes in their net assets, and the financial highlights for each of the periods listed in the table below in conformity with accounting principles generally accepted in the United States of America.

Individual Fund Comprising the Calamos Investment Trust	Statement of Operations	Statements of Changes in Net Assets	Financial Highlights
Calamos Market Neutral Income Fund, Calamos Hedged Equity Fund, Calamos Phineus Long/Short Fund, Calamos Convertible Fund, Calamos Global Convertible Fund, Calamos Growth Fund, Calamos Growth and Income Fund, Calamos Dividend Growth Fund, Calamos Select Fund, Calamos International Growth Fund, Calamos Evolving World Growth Fund, Calamos Global Equity Fund, Calamos Global Opportunities Fund, Calamos Total Return Bond Fund, and Calamos High Income Opportunities Fund	For the year ended October 31, 2022	For the years ended October 31, 2022 and 2021	For the five years ended October 31, 2022, 2021, 2020, 2019, and 2018 respectively
Calamos Short-Term Bond Fund	For the year ended October 31, 2022	For the years ended October 31, 2022 and 2021	For the years ended October 31, 2022, 2021, 2020, 2019, and the period from September 19, 2018 (commencement of operations) through October 31, 2018
Calamos Timpani Small Cap Growth Fund (formerly, Frontier Timpani Small Cap Growth Fund for the period July 1, 2018 through May 31, 2019)	For the year ended October 31, 2022	For the years ended October 31, 2022 and 2021	For the years ended October 31, 2022, 2021, 2020, and the period from May 31, 2019 (commencement of operations) through October 31, 2019 and July 1, 2018 through May 31, 2019
Calamos Timpani SMID Growth Fund	For the year ended October 31, 2022	For the years ended October 31, 2022 and 2021	For the years ended October 31, 2022, 2021, 2020, and the period from July 31, 2019 (commencement of operations) through October 31, 2019
Calamos International Small Cap Growth Fund	For the period from March 31, 2022 (commencement of operations) to October 31, 2022
Calamos Global Sustainable Equities Fund	For the period from December 17, 2021 (commencement of operations) to October 31, 2022

The financial highlights for the year ended June 30, 2018 and 2017 of Frontier Timpani Small Cap Growth Fund were audited by other auditors whose report dated August 27, 2018, expressed an unqualified opinion on those financial highlights.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
308

Report of Independent Registered Public Accounting Firm

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Chicago, Illinois

December 19, 2022

We have served as the auditor of one or more Calamos Advisors LLC investment companies since 2003.

www.calamos.com
309

Trustee Approval of Management Agreement (Unaudited)

The Board of Trustees ("Board" or the "Trustees") of the Trust oversees the management of each of the Funds, and, as required by law, determines annually whether to continue the Trust's management agreement with Calamos Advisors LLC ("Adviser") pursuant to which the Adviser serves as the investment manager and administrator for each of the Funds. The "Independent Trustees," who comprise more than 80% of the Board, have never been affiliated with the Adviser.

In connection with their most recent consideration regarding the continuation of the management agreement, the Trustees received and reviewed a substantial amount of information provided by the Adviser in response to detailed requests of the Independent Trustees and their independent legal counsel. In the course of their consideration of the agreement, the Independent Trustees were advised by their counsel, and in addition to meeting with management of the Adviser, they met separately in executive session with their counsel.

At a meeting held on June 29, 2022, based on their evaluation of the information referred to above and other information provided in this and previous meetings, the Trustees determined that the overall arrangements between the Trust and the Adviser on behalf of the Funds were fair in light of the nature, quality and extent of the services provided by the Adviser and its affiliates, the fees charged for those services and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees, including all of the Independent Trustees, approved the continuation of the management agreement with respect to all of the Funds through July 31, 2023, subject to possible earlier termination as provided in the agreement.

In connection with its consideration of the management agreement, the Board considered, among other things: (i) the nature, quality and extent of the Adviser's services, (ii) the investment performance of each Fund as well as performance information for comparable funds and other, comparable clients of the Adviser, (iii) the fees and other expenses paid by each Fund as well as expense information for comparable funds and for other, comparable clients of the Adviser, (iv) the profitability of the Adviser and its affiliates from their relationship with each Fund, (v) whether economies of scale may be realized as each Fund grows and whether potential economies may be shared, in some measure, with Fund investors and (vi) other benefits to the Adviser from its relationship with the Funds. In the Board's deliberations, no single factor was responsible for the Board's decision to approve continuation of the management agreement, and each Trustee may have afforded different weight to the various factors.

Nature, Quality and Extent of Services. The Board's consideration of the nature, quality and extent of the Adviser's services to the Funds took into account the knowledge gained from the Board's meetings with the Adviser throughout the years. In addition, the Board considered: the Adviser's long-term history of managing the Funds; the consistency of investment approach; the background and experience of the Adviser's investment personnel responsible for managing the Funds; and the Adviser's performance as administrator of the Funds, including, among other things, in the areas of brokerage selection, trade execution, compliance and shareholder communications. The Board also reviewed the Adviser's resources and key personnel involved in providing investment management services to the Funds. The Board noted the personal investments that the Adviser's key investment personnel have made in the Funds, which further aligns the interests of the Adviser and its personnel with those of the Funds' shareholders. In addition, the Board considered compliance reports about the Adviser from the Funds' Chief Compliance Officer.

The Board also considered the information provided by the Adviser regarding the Funds' performance and the steps the Adviser is taking to improve performance. In particular, the Board noted the additional personnel added to the Adviser's investment team, which includes portfolio managers, research analysts, research associates and risk management personnel. The Board also noted the Adviser's significant investment into its infrastructure and investment processes.

Investment Performance of the Funds. The Board considered each Fund's investment performance over various time periods, including how the Fund performed compared to the average performance of a group of comparable funds (the Fund's "Category") selected by an independent third-party service provider. In certain instances noted below, the Category represents a custom group of comparable funds, also selected by the independent third-party service provider. The performance periods considered by the Board ended on March 31, 2022, except where otherwise noted. Where available, the Board considered one-, three-, five- and ten-year performance. To the extent the Board considered data for periods other than those ending on March 31, 2022 or considered comparative data in addition to that of the Category, such as comparative data for an alternate group of comparable funds (a "category"), the data was still produced by an independent third-party service provider.

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Further detail considered by the Board regarding the investment performance of each Fund is set forth below:

Calamos Growth Fund. The Board considered that the Fund outperformed its custom Category average for the one- and three-year periods, though it underperformed for the longer periods.

Calamos Select Fund. The Board considered that the Fund outperformed its custom Category average for the one- and three-year periods, thought it underperformed its custom Category average for the remaining periods.

Calamos Dividend Growth Fund. The Board considered that the Fund outperformed its custom Category average for all periods.

Calamos International Growth Fund. The Board considered that the Fund outperformed its Category average for the three-, five- and ten-year periods and underperformed its Category average for the one-year period.

Calamos Evolving World Growth Fund. The Board considered that the Fund outperformed its Category average for all periods.

Calamos Global Equity Fund. The Board considered that the Fund outperformed its Category average for all periods.

Calamos Growth and Income Fund. The Board considered that the Fund outperformed its custom Category average for all periods.

Calamos Global Opportunities Fund. The Board considered that the Fund outperformed its custom Category average for all periods.

Calamos Convertible Fund. The Board considered that the Fund outperformed its Category average for the three- and five-year periods and underperformed its Category average for the one- and ten-year periods.

Calamos Global Convertible Fund. The Board considered that the Fund underperformed its Category average for all periods. The Board further noted the Adviser's representation that the Fund is the only U.S.-based convertible fund with a global mandate in its Category, and therefore considered the Adviser's assertion that the Global Convertible UCITS fund managed by the Adviser and its performance universe are a better comparative source than the Category. As a result, the Board considered the Fund's similarity to the UCITS fund managed by the Adviser, noting that the UCITS fund outperformed peers for the three- and five-year periods and only underperformed peers for the more recent one-year period. The Board also considered that the Fund outperformed its benchmark for the three- and five-year periods.

Calamos Total Return Bond Fund. The Board considered that the Fund outperformed its Category average for the one-year period and underperformed for the remaining periods. The Board also considered that as of April 30, 2022, the Fund outperformed its benchmark for the one-year period and ranked in the second quartile of its Category for the one-year period.

Calamos High Income Opportunities Fund. The Board considered that the Fund outperformed its Category average for the one-, three- and five-year periods, though it underperformed the Category average for the ten-year period.

Calamos Market Neutral Income Fund. The Board considered that the Fund outperformed its custom Category average for the three-, five- and ten-year periods, though it underperformed the Category median for the one-year period.

Calamos Hedged Equity Fund. The Board considered that the Fund outperformed its Category average for the one-, three- and five-year periods.

Calamos Phineus Long/Short Fund. The Board considered that the Fund outperformed its Category average for the three-, five- and ten-year periods and underperformed its Category average for the one-year period. The Board also considered that for the year-to-date period ended April 20, 2022, the Fund ranked in the 1st quartile when compared to its Category and outperformed its benchmarks.

Calamos Short-Term Bond Fund. The Board considered that the Fund outperformed its Category average for the one- and three-year periods.

Calamos Timpani Small Cap Growth Fund. The Board considered that the Fund outperformed its Category average for the three-, five- and ten-year periods and underperformed its Category average for the one-year period.

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Calamos Timpani SMID Growth Fund. The Board considered that the Fund underperformed its custom Category average for the one-year period. The Board also considered, however, that the portfolio management team should be afforded more time to develop a performance record in light of the relatively recent launch of the Fund.

Costs of Services Provided and Profits Realized by the Adviser. Using information provided by an independent third-party service provider, the Board evaluated each Fund's actual management fee rate compared to the median management fee rate for other mutual funds similar in size, character and investment strategy (the Fund's "Expense Group"), and the Fund's total expense ratio compared to the median total expense ratio of the Fund's Expense Group.

The Board also reviewed the Adviser's management fee rates for its institutional separate accounts and sub-advisory accounts with comparable investment strategies. The Board took into account that although, generally, the rates of fees paid by institutional clients or for sub-advisory services were lower than the rates of fees paid by the Funds, the differences reflected the Adviser's greater level of responsibilities and significantly broader scope of services regarding the Funds, the more extensive regulatory obligations and risks associated with managing the Funds, and other financial considerations with respect to creation and sponsorship of the Funds. The Board considered factors that lead to more expenses for registered funds including but not limited to: (i) capital expenditures to establish a Fund, (ii) length of time to reach critical mass, and the related expenses, (iii) higher servicing costs of intermediaries and shareholders, (iv) higher redemption rates of assets under management, (v) entrepreneurial risk assumed by the Adviser and (vi) greater exposure to "make whole" errors.

The Board also considered the Adviser's costs in serving as the Funds' investment adviser and manager, including but not limited to costs associated with technology, infrastructure and compliance necessary to manage the Funds. The Board reviewed the Adviser's methodology for allocating costs among the Adviser's lines of business. The Board also considered information regarding the structure of the Adviser's compensation program for portfolio managers, analysts and certain other employees, and the relationship of such compensation to the attraction and retention of quality personnel. Finally, the Board reviewed information on the profitability of the Adviser in serving as each Fund's investment manager and of the Adviser and its affiliates in all of their relationships with each Fund, as well as an explanation of the methodology utilized in allocating various expenses among the Funds and the Adviser's other business units. Data was provided to the Board with respect to profitability, both on a pre- and post-marketing cost basis. The Board reviewed the financial statements of the Adviser's parent company and discussed its corporate structure.

Further detail considered by the Board regarding the management fee rate and total expense ratio of each Fund is set forth below:

Calamos Growth Fund. The Board considered that the Fund's management fee rate and total expense ratio are higher than the respective medians of the Fund's Expense Group. The Board also reviewed the Fund's expenses in light of its more recent performance record.

Calamos Select Fund. The Board considered that although the Fund's management fee rate is higher than its Expense Group median, the Fund's total expense ratio is equal to its Expense Group median.

Calamos Dividend Growth Fund. The Board considered that the Fund's management fee rate is lower than its Expense Group median, though the Fund's total expense ratio is higher than its Expense Group median. The Board also reviewed the Fund's expenses in light of its performance record.

Calamos International Growth Fund. The Board considered that the Fund's management fee rate and total expense ratio are lower than the respective medians of the Fund's Expense Group. The Board also noted that the Fund's management fee is subject to a performance adjustment, which serves to lower the management fee during periods of underperformance. The Board also reviewed the Fund's expenses in light of its performance record.

Calamos Evolving World Growth Fund. The Board considered that the Fund's management fee rate is lower than the median of the Fund's Expense Group and the Fund's total expense ratio is equal to the median of the Fund's Expense Group. The Board also reviewed the Fund's expenses in light of its performance record.

Calamos Global Equity Fund. The Board considered that, while the Fund's management fee rate and total expense ratio are higher than the respective medians of the Fund's Expense Group, the Fund's management fee is subject to a performance adjustment, which serves to lower the management fee during periods of underperformance. The Board also reviewed the Fund's expenses in light of its performance record.

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Calamos Growth and Income Fund. The Board considered that the Fund's management fee rate and total expense ratio are higher than the respective medians of the Fund's Expense Group. The Board reviewed the Fund's expenses in light of its performance record.

Calamos Global Opportunities Fund. The Board considered that the Fund's management fee rate and total expense ratio are higher than the respective medians of the Fund's Expense Group. The Board reviewed the Fund's expenses in light of its performance record.

Calamos Convertible Fund. The Board considered that the Fund's management fee rate and total expense ratio are higher than the respective medians of the Expense Group. The Board noted that the Fund's total expense ratio was less than two basis points above and its management fee rate was less than one basis point above the respective Expense Group median. The Board also reviewed the Fund's expenses in light of its performance record.

Calamos Global Convertible Fund. The Board considered that the Fund's management fee rate and total expense ratio are higher than the respective medians of the Fund's Expense Group. The Board also considered, however, that the Fund offers a unique mandate and the Adviser's assertion that, as a result, there are no appropriate peer funds against which to meaningfully compare the Fund's fees. The Board reviewed the Fund's expenses in light of its performance record against its benchmark.

Calamos Total Return Bond Fund. The Board considered that the Fund's management fee rate and total expense ratio are higher than the respective medians of the Fund's Expense Group. The Board also considered that the Adviser had contractually agreed to limit Fund expenses through March 1, 2023 and was currently subsidizing the Fund under this arrangement. The Board also reviewed the Fund's expenses in light of its recent performance record.

Calamos High Income Opportunities Fund. The Board considered that the Fund's management fee rate is lower than the median of the Fund's Expense Group and the Fund's total expense ratio is equal to the median of the Fund's Expense Group.

Calamos Market Neutral Income Fund. The Board considered that the Fund's management fee rate and total expense ratio are lower than the respective medians of the Fund's Expense Group.

Calamos Hedged Equity Fund. The Board considered that the Fund's management fee rate and total expense ratio are lower than the respective medians of the Fund's Expense Group.

Calamos Phineus Long/Short Fund. The Board considered that the Fund's management fee rate and total expense ratio are lower than the respective medians of the Fund's Expense Group.

Calamos Short-Term Bond Fund. The Board considered that the Fund's management fee rate and total expense ratio are lower than the respective medians of the Fund's Expense Group.

Calamos Timpani Small Cap Growth Fund. The Board considered that the Fund's management fee rate and total expense ratio are higher than the respective medians of the Fund's Expense Group. The Board reviewed the Fund's expenses in light of its performance record.

Calamos Timpani SMID Growth Fund. The Board considered that the Fund's management fee rate and total expense ratio are higher than the respective medians of the Fund's Expense Group. The Board considered the Fund's expenses in light of its level of assets and short performance record. The Board also considered that the Adviser had contractually agreed to limit Fund expenses through March 1, 2023 and was currently subsidizing the Fund under this arrangement.

Economies of Scale. The Board considered whether each Fund's management fee shares with shareholders potential economies of scale that may be achieved by the Adviser. The Board recognized that breakpoints in the fee schedule for each Fund could result in the sharing of economies of scale as Fund assets increase. The Board also considered the Adviser's agreement to reimburse each Fund for a portion of its expenses if the Fund's expense ratio otherwise would exceed a certain level. The Board also considered the benefits accruing to shareholders from the Adviser's investments into its infrastructure and investment processes. The Board concluded that the breakpoints in the fee schedule for each Fund allow shareholders to benefit from potential economies of scale that may be achieved by the Adviser.

Other Benefits Derived from the Relationship with the Funds. The Board also considered other benefits that accrue to the Adviser and its affiliates from their relationship with the Funds. The Board concluded that while the Adviser may potentially

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benefit from its relationship with the Funds in ways other than the fees payable by the Funds, the Funds also may benefit from their relationship with the Adviser in ways other than the services to be provided by the Adviser and its affiliates pursuant to their agreement with the Funds and the fees payable by the Funds.

The Board also considered the Adviser's use of a portion of the commissions paid by the Funds on their portfolio brokerage transactions to obtain research products and services benefiting the Funds and/or other clients of the Adviser and concluded, based on reports from the Funds' Chief Compliance Officer, that the Adviser's use of "soft" commission dollars to obtain research products and services was consistent with regulatory requirements.

After full consideration of the above factors as well as other factors that were instructive in their consideration, the Trustees, including all of the Independent Trustees, concluded that the continuation of the management agreement for each Fund with the Adviser was in the best interest of each respective Fund and its shareholders.

Calamos Global Sustainable Equities Fund. The Board of Trustees ("Board" or the "Trustees") of Calamos Investment Trust ("Trust"), on behalf of its new series, Calamos Global Sustainable Equities Fund (the "New Fund"), oversees the management of the New Fund, and, as required by law, determines whether to approve or (annually thereafter) continue the New Fund's management agreement with Calamos Advisors LLC ("Adviser") pursuant to which the Adviser serves as the investment manager and provides certain administrative services for the New Fund. The "Independent Trustees," who comprise more than 80% of the Board, have never been affiliated with the Adviser.

In connection with their consideration regarding the initial approval of the management agreement for the New Fund, the Trustees received and reviewed a substantial amount of information provided by the Adviser in response to detailed requests from the Independent Trustees and their independent legal counsel. In the course of their consideration of the agreement, the Independent Trustees were advised by their counsel and, in addition to meeting with management of the Adviser, they met separately in executive session with their counsel.

At a meeting held on December 14, 2021,¹ based on their evaluation of the information referred to above and other information provided in this and previous meetings, the Trustees determined that the overall arrangements between the New Fund and the Adviser were fair in light of the nature, quality and extent of the services to be provided by the Adviser and its affiliates, the proposed fees to be charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees, including all of the Independent Trustees, approved the management agreement with respect to the New Fund through July 31, 2023, subject to possible earlier termination as provided in the management agreement.

In connection with its consideration of the management agreement with respect to the New Fund, the Board considered, among other things: (i) the nature, quality and extent of the Adviser's services to be provided, (ii) the fees and other expenses to be paid by the New Fund as well as expense information for comparable funds, (iii) the expected profitability of the Adviser and its affiliates from their relationship with the New Fund, (iv) whether economies of scale may be realized as the New Fund grows and whether potential economies may be shared, in some measure, with the New Fund's investors; and (v) other benefits to the Adviser from its relationship with the New Fund. In the Board's deliberations, no single factor was responsible for the Board's decision to approve the management agreement, and each Trustee may have afforded different weight to the various factors.

Nature, Quality and Extent of Services. The Board's consideration of the nature, quality and extent of the Adviser's services to be provided to the New Fund took into account the knowledge that may be gained from the Board's meetings with the Adviser throughout the years. In addition, the Board considered: the Adviser's long-term history of managing the other Funds in the Calamos fund complex; the consistency of the Adviser's investment approach; the Adviser's recent acquisition of Pearl Impact Capital LLC ("Pearl Impact"); and the background and experience of Messrs. Madden and Tursich (who are now employees of the Adviser) who will be responsible for managing the New Fund; and the Adviser's provision of administrative services for the other Funds in the Calamos fund complex, including, among other things, in the areas of brokerage selection, trade execution, compliance and shareholder communications. The Board also reviewed the Adviser's resources and key personnel expected to be involved in providing investment management services to the New Fund. The Board also considered compliance reports about the Adviser from the Trust's Chief Compliance Officer. The Board concluded that the nature, quality and extent of the services to be provided by the Adviser to the New Fund were appropriate and consistent with the

1  The meeting was held via videoconference in reliance on an exemptive order issued by the Securities and Exchange Commission on June 19, 2020.

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management agreement and that the New Fund was likely to benefit from services to be provided under the management agreement with the Adviser.

Investment Performance of the New Fund. Because the New Fund has not yet commenced operations, the Board did not consider the investment performance of the New Fund.

Costs of Services Provided and Profits Realized by the Adviser. Using information provided by an independent third-party service provider, the Board evaluated the New Fund's proposed management fee rate compared to the median management fee rate for other mutual funds similar in size, character and investment strategy (the "Expense Group") and estimated total expense ratio compared to the median total expense ratio of the Expense Group. The Board considered that the Fund's estimated total net expense ratio and proposed management fee rate are both higher than the respective medians of the Expense Group. The Board also took into account, however, the Adviser's agreement to cap expenses of the Fund. The Board noted that under the contractual expense cap, the total annual expenses for the Fund's Class A shares, Class C shares and Class I shares are capped at 1.20%, 1.95% and 0.95% of average net assets, respectively, through March 1, 2025 and that the Fund's annual ordinary operating expenses for Class R6 shares are limited (as a percentage of average net assets) to 0.95% less the Fund's annual sub-transfer agency ratio. Lastly, the Board considered the Adviser's confidence in the Fund's investment team to deliver favorable performance and scale given its track record with other funds that it manages. In light of all the information presented, the Board concluded that it would be in the best interest of the Fund and its shareholders to approve the management agreement.

Economies of Scale. The Board noted that while the proposed management fee does not contain breakpoints, the Adviser had agreed to contractually cap total annual expenses for the Fund's Class A shares, Class C shares and Class I shares at 1.20%, 1.95% and 0.95% of average net assets, respectively, through March 1, 2025 and noted that the Fund's annual ordinary operating expenses for Class R6 shares are limited (as a percentage of average net assets) to 0.95% less the Fund's annual sub-transfer agency ratio.

Profitability. The Board considered information on the anticipated profitability of the Adviser in serving as the New Fund's investment manager and of the Adviser and its affiliates in their relationships with the New Fund, as well as an explanation of the methodology utilized in allocating various expenses among the Funds in the Calamos fund complex and the Adviser's other business units.

Other Benefits Derived from the Relationship with the New Fund. The Board considered other benefits that could accrue to the Adviser and its affiliates from their relationship with the New Fund. The Board concluded that while the Adviser may potentially benefit from its relationship with the New Fund in ways other than the proposed fees payable by the New Fund, the New Fund also may benefit from its relationship with the Adviser in ways other than the services to be provided by the Adviser and its affiliates pursuant to its agreement with the New Fund and the proposed fees payable by the New Fund.

The Board also considered the Adviser's proposed use of a portion of the commissions to be paid by the New Fund on its portfolio brokerage transactions to obtain research products and services benefiting the New Fund and/or other clients of the Adviser and concluded, based on reports from the New Fund's Chief Compliance Officer, that the Adviser's use of "soft" commission dollars to obtain research products and services is consistent with regulatory requirements.

After full consideration of the above factors as well as other factors that were instructive in their consideration, the Trustees, including all of the Independent Trustees, concluded that the proposed amendment to the Trust's management agreement with the Adviser to add the New Fund was in the best interest of the New Fund and its shareholders.

Calamos International Small Cap Growth Fund. The Board of Trustees ("Board" or the "Trustees") of Calamos Investment Trust ("Trust"), on behalf of its new series, Calamos International Small Cap Growth Fund (the "New Fund"), oversees the management of the New Fund, and, as required by law, determines whether to approve or (annually thereafter) continue the New Fund's management agreement with Calamos Advisors LLC ("Adviser") pursuant to which the Adviser serves as the investment manager and provides certain administrative services for the New Fund. The "Independent Trustees," who comprise more than 80% of the Board, have never been affiliated with the Adviser.

In connection with their consideration regarding the initial approval of the management agreement for the New Fund, the Trustees received and reviewed a substantial amount of information provided by the Adviser in response to detailed requests from the Independent Trustees and their independent legal counsel. In the course of their consideration of the agreement, the Independent Trustees were advised by their counsel and, in addition to meeting with management of the Adviser, they met separately in executive session with their counsel.

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At a meeting held on March 23-24, 2022, based on their evaluation of the information referred to above and other information provided in this and previous meetings, the Trustees determined that the overall arrangements between the New Fund and the Adviser were fair in light of the nature, quality and extent of the services to be provided by the Adviser and its affiliates, the proposed fees to be charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees, including all of the Independent Trustees, approved the management agreement with respect to the New Fund through July 31, 2023, subject to possible earlier termination as provided in the management agreement.

In connection with its consideration of the management agreement with respect to the New Fund, the Board considered, among other things: (i) the nature, quality and extent of the Adviser's services to be provided, (ii) the fees and other expenses to be paid by the New Fund as well as expense information for comparable funds, (iii) the expected profitability of the Adviser and its affiliates from their relationship with the New Fund, (iv) whether economies of scale may be realized as the New Fund grows and whether potential economies may be shared, in some measure, with the New Fund's investors; and (v) other benefits to the Adviser from its relationship with the New Fund. In the Board's deliberations, no single factor was responsible for the Board's decision to approve the management agreement, and each Trustee may have afforded different weight to the various factors.

Nature, Quality and Extent of Services. The Board's consideration of the nature, quality and extent of the Adviser's services to be provided to the New Fund took into account the knowledge that may be gained from the Board's meetings with the Adviser throughout the years. In addition, the Board considered: the Adviser's long-term history of managing the other Funds in the Calamos fund complex; the consistency of the Adviser's investment approach; and the Adviser's provision of administrative services for the other Funds in the Calamos fund complex, including, among other things, in the areas of brokerage selection, trade execution, compliance and shareholder communications. The Board also reviewed the Adviser's resources and key personnel expected to be involved in providing investment management services to the New Fund. The Board also considered compliance reports about the Adviser from the Trust's Chief Compliance Officer. The Board concluded that the nature, quality and extent of the services to be provided by the Adviser to the New Fund were appropriate and consistent with the management agreement and that the New Fund was likely to benefit from services to be provided under the management agreement with the Adviser.

Investment Performance of the New Fund. Because the New Fund has not yet commenced operations, the Board did not consider the investment performance of the New Fund.

Costs of Services Provided and Profits Realized by the Adviser. Using information provided by an independent third-party service provider, the Board evaluated the New Fund's proposed management fee rate compared to the median management fee rate for other mutual funds similar in size, character and investment strategy (the "Expense Group") and estimated total expense ratio compared to the median total expense ratio of the Expense Group. The Board considered that the Fund's estimated total net expense ratio and proposed management fee rate are both lower than the respective medians of the Expense Group. The Board also took into account the Adviser's agreement to cap expenses of the Fund. The Board noted that under the contractual expense cap, the total annual expenses for the Fund's Class A shares, Class C shares and Class I shares are capped at 1.35%, 2.10% and 1.10% of average net assets, respectively, through March 1, 2025 and that the Fund's annual ordinary operating expenses for Class R6 shares are limited (as a percentage of average net assets) to 1.10% less the Fund's annual sub-transfer agency ratio. Lastly, the Board considered the Adviser's confidence in the Fund's investment team to deliver favorable performance and scale given its track record with other funds that it manages. In light of all the information presented, the Board concluded that it would be in the best interest of the Fund and its shareholders to approve the management agreement.

Economies of Scale. The Board considered whether the New Fund's proposed management fee shares with shareholders potential economies of scale that may be achieved by the Adviser. The Board recognized that breakpoints in the proposed fee schedule for the New Fund could result in the sharing of economies of scale as the New Fund's assets increase. The Board also considered the Adviser's agreement to reimburse the New Fund for a portion of its expenses if the New Fund's expense ratio otherwise would exceed a certain level. The Board concluded that the breakpoints in the proposed fee schedule for the New Fund allow shareholders to benefit from potential economies of scale that may be achieved by the Adviser.

Profitability. The Board considered information on the anticipated profitability of the Adviser in serving as the New Fund's investment manager and of the Adviser and its affiliates in their relationships with the New Fund, as well as an explanation of the methodology utilized in allocating various expenses among the Funds in the Calamos fund complex and the Adviser's other business units.

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Other Benefits Derived from the Relationship with the New Fund. The Board considered other benefits that could accrue to the Adviser and its affiliates from their relationship with the New Fund. The Board concluded that while the Adviser may potentially benefit from its relationship with the New Fund in ways other than the proposed fees payable by the New Fund, the New Fund also may benefit from its relationship with the Adviser in ways other than the services to be provided by the Adviser and its affiliates pursuant to its agreement with the New Fund and the proposed fees payable by the New Fund.

The Board also considered the Adviser's proposed use of a portion of the commissions to be paid by the New Fund on its portfolio brokerage transactions to obtain research products and services benefiting the New Fund and/or other clients of the Adviser and concluded, based on reports from the New Fund's Chief Compliance Officer, that the Adviser's use of "soft" commission dollars to obtain research products and services is consistent with regulatory requirements.

After full consideration of the above factors as well as other factors that were instructive in their consideration, the Trustees, including all of the Independent Trustees, concluded that the proposed amendment to the Trust's management agreement with the Adviser to add the New Fund was in the best interest of the New Fund and its shareholders.

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Trustees and Officers (Unaudited)

The management of the Trust, including general supervision of the duties performed for the Trust under the investment management agreement between the Trust and Calamos Advisors, is the responsibility of its board of trustees. Each trustee elected will hold office for the lifetime of the Trust or until such trustee's earlier resignation, death or removal; however, each trustee who is not an interested person of the Trust shall retire as a trustee at the end of the calendar year in which the trustee attains the age of 75 years. The Trust's Statement of Additional Information contains additional information about the Trust's Trustees and Officers and is available without charge, upon request, at www.calamos.com or by calling 800.582.6959.

The following table sets forth each trustee's name, year of birth, position(s) with the Trust, number of portfolios in the Calamos Fund Complex overseen, principal occupation(s) during the past five years and other directorships held, and date first elected or appointed. Each Trustee oversees each Fund of the Trust.

NAME AND YEAR OF BIRTH	POSITION(S) AND LENGTH OF TIME WITH THE TRUST	PORTFOLIOS IN FUND COMPLEX^ OVERSEEN		PRINCIPAL OCCUPATION(S) DURING THE PAST 5 YEARS AND OTHER DIRECTORSHIPS
Trustees who are interested persons of the Trust:
John P. Calamos, Sr., (1940)*	Chairman, Trustee and President (since 1988)		28	Founder, Chairman and Global Chief Investment Officer, Calamos Asset Management, Inc. ("CAM"), Calamos Investments LLC ("CILLC"), Calamos Advisors LLC and its predecessor ("Calamos Advisors") and Calamos Wealth Management LLC ("CWM"); Director, CAM; and previously Chief Executive Officer, Calamos Financial Services LLC and its predecessor ("CFS"), CAM, CILLC, Calamos Advisors, and CWM
Trustees who are not interested persons of the Trust:
John E. Neal, (1950)	Trustee (since 2001); Lead Independent Trustee (since July 2019)		28	Retired; Private investor; formerly, Director, Equity Residential Trust (publicly-owned REIT); Director, Creation Investments (private international microfinance company); Director, Centrust Bank (Northbrook Illinois community bank); formerly, Director, Neuro-ID (private company providing prescriptive analytics for the risk industry) (until 2021); formerly, Partner, Linden LLC (health care private equity) (until 2018)
William R. Rybak, (1951)	Trustee (since 2002)		28	Private investor; Chairman (since 2016) and Director (since 2010), Christian Brothers Investment Services Inc.; Trustee, JNL Series Trust and JNL Investors Series Trust (since 2007), JNL Variable Fund LLC (2007-2020), Jackson Variable Series Trust (2018-2020) and JNL Strategic Income Fund LLC (2007-2018) (open-end mutual funds)**; Trustee, Lewis University (since 2012); formerly Director, Private Bancorp (2003-2017); Executive Vice President and Chief Financial Officer, Van Kampen Investments, Inc. and subsidiaries (investment manager) (until 2000)
Virginia G. Breen, (1964)	Trustee (since 2015)		28	Private Investor; Director, Tech and Energy Transition Corporation (blank check company) (since 2021); Director, Paylocity Holding Corporation (since 2018); Trustee, Neuberger Berman Private Equity Registered Funds (registered private equity funds) (since 2015)***; Trustee, Jones Lang LaSalle Income Property Trust, Inc. (REIT) (since 2004); Director, UBS A&Q Fund Complex (closed-end funds) (since 2008)****

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
318

Trustees and Officers (Unaudited)

NAME AND YEAR OF BIRTH	POSITION(S) AND LENGTH OF TIME WITH THE TRUST	PORTFOLIOS IN FUND COMPLEX^ OVERSEEN		PRINCIPAL OCCUPATION(S) DURING THE PAST 5 YEARS AND OTHER DIRECTORSHIPS
Lloyd A. Wennlund, (1957)	Trustee (since 2018)		28	Trustee and Chairman, Datum One Series Trust (since 2020); Expert Affiliate, Bates Group, LLC (financial services consulting and expert testimony firm) (since 2018); Executive Vice President, The Northern Trust Company (1989-2017); President and Business Unit Head of Northern Funds and Northern Institutional Funds (1994-2017); Director, Northern Trust Investments (1998-2017); Governor (2004-2017) and Executive Committee member (2011-2017), Investment Company Institute Board of Governors; Member, Securities Industry Financial Markets Association (SIFMA) Advisory Council, Private Client Services Committee and Private Client Steering Group (2006-2017); Board Member, Chicago Advisory Board of the Salvation Army (2011-2019)
Karen L. Stuckey, (1953)	Trustee (since 2019)		28	Member (2015-2021) of Desert Mountain Community Foundation Advisory Board (non-profit organization); Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions 1975-1990); member of Executive, Nominating and Audit Committees and Chair of Finance Committee (1992-2006), and Emeritus Trustee (since 2007) of Lehigh University; Member, Women's Investment Management Forum (professional organization) (since inception); formerly, Trustee, Denver Board of Oppenheimer Funds (open-end mutual funds) (2012-2019)
Christopher M. Toub, (1959)	Trustee (since 2019)		28	Private investor; formerly, Director of Equities, AllianceBernstein LP (until 2012)

*  Mr. Calamos, Sr. is an "interested person" of the Trust as defined in the 1940 Act because he is an officer of the Trust and an affiliate of Calamos Advisors and CFS.

**  Overseeing 131 portfolios in fund complex.

***  Overseeing eighteen portfolios in fund complex.

****  Overseeing four portfolios in fund complex.

^  The Fund Complex consists of Calamos Investment Trust, Calamos Advisors Trust, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Global Total Return Fund, Calamos Global Dynamic Income Fund, Calamos Dynamic Convertible and Income Fund and Calamos Long/Short Equity & Dynamic Income Trust.

The address of each trustee is 2020 Calamos Court, Naperville, Illinois 60563.

www.calamos.com
319

Trustees and Officers (Unaudited)

Officers. The preceding table gives information about John P. Calamos, Sr., who is Chairman, Trustee and President of the Trust. The following table sets forth each other officer's name, year of birth, position with the Trust and date first appointed to that position, and principal occupation(s) during the past five years. Each officer serves until his or her successor is chosen and qualified or until his or her resignation or removal by the board of trustees.

NAME AND YEAR OF BIRTH	POSITION(S) AND LENGTH OF TIME WITH THE TRUST	PRINCIPAL OCCUPATION(S) DURING THE PAST 5 YEARS
John S. Koudounis, (1966)	Vice President (since 2016)	President (since February 2021) and Chief Executive Officer, CAM, CILLC, Calamos Advisors, CWM and CFS (since 2016); Director CAM (since 2016); prior thereto, President and Chief Executive Officer (2010-2016), Mizuho Securities USA Inc.
Thomas E. Herman, (1961)	Vice President (since 2016) and Chief Financial Officer (2016-2017) and since August 2019)	Executive Vice President (since February 2021) and Chief Financial Officer, CAM, CILLC, Calamos Advisors and CWM (since 2016); prior thereto, Chief Financial Officer and Treasurer, Harris Associates (2010-2016)
Stephen Atkins, (1965)	Treasurer (since March 2020)	Senior Vice President, Head of Fund Administration (since February 2020), Calamos Advisors; prior thereto, Consultant, Fund Accounting and Administration, Vx Capital Partners (March 2019-February 2020); Chief Financial Officer and Treasurer of SEC Registered Funds, and Senior Vice President, Head of European Special Purpose Vehicles Accounting and Administration, Avenue Capital Group (2010-2018)
Robert F. Behan, (1964)	Vice President (since 2013)	Executive Vice President and Chief Distribution Officer (since February 2021), CAM, CILLC, Calamos Advisors and CFS; prior thereto, President (2015-February 2021); Head of Global Distribution (2013-February 2021); Executive Vice President (2013-2015); Senior Vice President (2009-2013); Head of US Intermediary Distribution (2010-2013)
J. Christopher Jackson, (1951)	Vice President and Secretary (since 2010)	Senior Vice President, General Counsel and Secretary, CAM, CILLC, Calamos Advisors, CWM and CFS (since 2010); Director, Calamos Global Funds plc (since 2011)
Mark J. Mickey, (1951)	Chief Compliance Officer (since 2005)	Chief Compliance Officer, Calamos Funds (since 2005)
Daniel Dufresne (1974)	Vice President (since June 30, 2021)	Executive Vice President and Chief Operating Officer, CAM, CILLC, Calamos Advisors, and CWM (since April 2021); prior thereto, Citadel (1999-2020); Partner (2008-2020); Managing Director, Global Treasurer (2008-2020); Global Head of Operations (2011-2020); Global Head of Counterparty Strategy (2018-2020); Senior Advisor to the COO (2020); CEO, Citadel Clearing LLC (2015-2020).
Susan L. Schoenberger (1963)	Vice President and Assistant Secretary (since 2022)	Vice President, Associate Counsel, Calamos Advisors (since 2022); prior thereto Vice President, Legal Counsel (2011-2022), Ariel Investments, LLC

The address of each officer is 2020 Calamos Court, Naperville, Illinois 60563.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
320

Tax Information (Unaudited)

We are providing this information as required by the Internal Revenue Code (Code). The amounts shown may differ from those elsewhere in this report due to differences between tax and financial reporting requirements. In January 2023, shareholders will receive Form 1099-DIV which will include their share of qualified dividends and capital gains distributed during the calendar year 2022. Shareholders are advised to check with their tax advisors for information on the treatment of these amounts on their individual income tax returns.

Under Section 852(b)(3)(C) of the Code, the Funds hereby designate the following amounts as capital gain dividends for the fiscal period ended October 31, 2022:

CONVERTIBLE FUND		GLOBAL CONVERTIBLE FUND		TIMPANI SMID GROWTH FUND		GROWTH FUND
$	157,564,258	$	15,769,528	$	2,149,114	$	131,149,309
GROWTH AND INCOME FUND		DIVIDEND GROWTH FUND		SELECT FUND		INTERNATIONAL GROWTH FUND
$	104,835,173	$	1,401,097	$	2,430,611	$	29,479,859
GLOBAL EQUITY FUND		GLOBAL OPPORTUNITIES FUND		TOTAL RETURN BOND FUND
$	11,645,249	$	9,656,929	$	721,123

Under Section 854(b)(2) of the Code, the Funds hereby designate the following amounts, or the maximum amount allowable under the Code, as qualified dividends for the fiscal period ended October 31, 2022:

MARKET NEUTRAL INCOME FUND		HEDGED EQUITY FUND		CONVERTIBLE FUND		GLOBAL CONVERTIBLE FUND
$	132,117,303	$	4,015,455	$	5,384,012	$	746,805
TIMPANI SMALL CAP GROWTH FUND		TIMPANI SMID GROWTH FUND		GROWTH FUND		GROWTH AND INCOME FUND
$	1,896,778	$	109,683	$	9,043,043	$	22,179,546
DIVIDEND GROWTH FUND		SELECT FUND		INTERNATIONAL GROWTH FUND		EVOLVING WORLD GROWTH FUND
$	52,346	$	82,442	$	1,624,977	$	4,407,972
GLOBAL EQUITY FUND		GLOBAL OPPORTUNITIES FUND		INTERNATIONAL SMALL CAP GROWTH FUND		HIGH INCOME OPPORTUNITIES FUND
$	89,726	$	2,652,352	$	7,144	$	26,595

Under Section 854(b)(2) of the Code, the Funds hereby designate the following percentage amounts of the ordinary income dividends as income qualifying for the dividends received deduction for the period ended October 31, 2022:

MARKET NEUTRAL INCOME FUND			HEDGED EQUITY FUND			CONVERTIBLE FUND			GLOBAL CONVERTIBLE FUND
	98	%		100	%		14	%		5	%
TIMPANI SMID GROWTH FUND			GROWTH FUND			GROWTH AND INCOME FUND			DIVIDEND GROWTH FUND
	6	%		10	%		65	%		100	%
SELECT FUND			EVOLVING WORLD GROWTH FUND			GLOBAL EQUITY FUND			GLOBAL OPPORTUNITIES FUND
	17	%		5	%		14	%		23	%
HIGH INCOME OPPORTUNITIES FUND
	1	%

www.calamos.com
321

Tax Information (Unaudited)

At October 31, 2022, more than 50% of each of International Growth Fund and Evolving World Growth Fund total assets were invested in securities of foreign issuers. In most instances, foreign taxes were withheld from income paid to each fund on these investments. International Growth Fund and Evolving World Growth Fund elect to treat foreign taxes paid as allowed under Section 853 of the Code. This election will allow shareholders of record as of the 2022 distribution date to treat the proportionate share of foreign taxes paid by International Growth Fund and Evolving World Growth Fund as having been paid directly by them. The shareholder shall consider these amounts as foreign taxes paid in the tax year in which they receive the distribution.

CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
322

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MANAGING YOUR CALAMOS FUNDS INVESTMENTS

Calamos Investments offers several convenient means to monitor, manage and feel confident about your Calamos investment choice.

24-HOUR AUTOMATED SHAREHOLDER ASSISTANCE: 800.823.7386

Through a single toll-free number, Calamos 24-Hour Shareholder Assistance is fast and easy. Get fund prices and account balances, review recent transactions, order statements, literature and more.

PERSONAL ASSISTANCE: 800.582.6959

Dial this toll-free number to speak with a knowledgeable Client Services Representative who can help answer questions or address issues concerning your Calamos Fund.

ONLINE ACCOUNT MANAGEMENT:
www.calamos.com

Manage your personal account of Calamos Funds online at www.calamos.com. On your account access page, you can view account history and download data.

YOUR FINANCIAL ADVISOR

We encourage you to talk to your financial advisor to determine how the Calamos Funds can benefit your investment portfolio based on your financial goals, risk tolerance, time horizon and income needs.

This report, including the audited financial statements contained herein, is submitted for general information for the shareholders of the Funds. The report is not authorized for distribution to prospective investors in the Funds unless accompanied by a currently effective prospectus of the Funds. The views expressed in this report reflect those of Calamos Advisors LLC only through October 31, 2022.

A description of the Calamos Proxy Voting Policies and Procedures and the Funds' proxy voting record for the 12-month period ended June 30 are available free of charge upon request by calling 800.582.6959, by visiting the Calamos Web site at www.calamos.com, or by writing Calamos at: Calamos Investments, Attn: Client Services, 2020 Calamos Court, Naperville, IL 60563. The Funds' proxy voting record is also available free of charge by visiting the SEC Web site at www.sec.gov.

The Funds file a complete list of their portfolio holdings with the SEC for the first and third quarters each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available free of charge, upon request, by calling or writing Calamos Investments at the phone number or address provided above or by visiting the SEC Web site at www.sec.gov.

FOR 24-HOUR AUTOMATED SHAREHOLDER ASSISTANCE: 800.823.7386

TO OBTAIN INFORMATION ABOUT YOUR INVESTMENTS: 800.582.6959

VISIT OUR WEB SITE: www.calamos.com

INVESTMENT ADVISER:
Calamos Advisors LLC
2020 Calamos Court
Naperville, IL 60563-2787

CUSTODIAN AND FUND ACCOUNTING AGENT:
State Street Bank and Trust Company
Boston, MA

TRANSFER AGENT:
U.S. Bank Global Fund Services
615 E. Michigan St., 3rd Floor
Milwaukee, WI 53202

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM:
Deloitte & Touche LLP
Chicago, IL

LEGAL COUNSEL:
Ropes & Gray LLP
Chicago, IL

Visit our Web site for timely fund performance, detailed fund profiles, fund news and insightful market commentary.

2020 Calamos Court
Naperville, IL 60563-2787
800.582.6959
www.calamos.com

© 2022 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

MFANR 1631 2022

Item 1(b). Registrant has included in its Rule 30e-3(c) notice only the disclosures specified by Rule 30e-3(c)(1) and (2). Therefore, Registrant has not included a copy of the notice herewith.

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Code of Ethics”) that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or person performing similar functions.

(b) No response required.

(c) The registrant has not amended its Code of Ethics as it relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2 during the period covered by this report.

(d) The registrant has not granted a waiver or an implicit waiver from its Code of Ethics during the period covered by this report.

(e) Not applicable.

(f) (1) The registrant’s Code of Ethics is attached as an Exhibit hereto.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Trustees has determined that it has five audit committee financial experts serving on its audit committee, each of whom is an independent Trustee for purpose of this N-CSR item: John E. Neal, William R. Rybak, Virginia G. Breen, Karen L. Stuckey and Christopher M. Toub. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert pursuant to this Item. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert pursuant to this Item does not affect the duties, obligations, or liabilities of any other member of the audit committee or board of trustees.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Fiscal Years Ended	10/31/2021		10/31/2022
Audit Fees(a)	$	501,858	$	554,193
Audit-Related Fees(b)	$	150,933	$	170,568
Tax Fees(c)	$	728,426	$	785,460
All Other Fees(d)	$	-	$	-
Total	$	1,381,217	$	1,510,221

(a) Audit fees are the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant to the registrant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Audit-related fees are the aggregate fees billed in each of the last two fiscal years for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item 4.

(c) Tax fees are the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.

(d) All other fees are the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant to the registrant, other than the services reported in paragraph (a)-(c) of this Item 4.

(e) (1) Registrant’s audit committee meets with the principal accountants and management to review and pre-approve all audit services to be provided by the principal accountants.

The audit committee shall pre-approve all non-audit services to be provided by the principal accountants to the registrant, including the fees and other compensation to be paid to the principal accountants; provided that the pre-approval of non-audit services is waived if (i) the services were not recognized by management at the time of the engagement as non-audit services,(ii) the aggregate fees for all non-audit services provided to the registrant are less than 5% of the total fees paid by the registrant to its principal accountants during the fiscal year in which the non-audit services are provided, and (iii) such services are promptly brought to the attention of the audit committee by management and the audit committee approves them prior to the completion of the audit.

The audit committee shall pre-approve all non-audit services to be provided by the principal accountants to the investment adviser or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant if the engagement relates directly to the operations or financial reporting of the registrant, including the fees and other compensation to be paid to the principal accountants; provided that pre-approval of non-audit services to the adviser or an affiliate of the adviser is not required if (i) the services were not recognized by management at the time of the engagement as non-audit services, (ii) the aggregate fees for all non-audit services provided to the adviser and all entities controlling, controlled by or under common control with the adviser are less than 5% of the total fees for non-audit services requiring pre-approval under paragraph (e)(1)of this Item 4 paid by the registrant, the adviser or its affiliates to the registrant’s principal accountants during the fiscal year in which the non-audit services are provided, and (iii) such services are promptly brought to the attention of the audit committee by management and the audit committee approves them prior to the completion of the audit.

(e)(2) No percentage of the principal accountant’s fees or services described in each of paragraphs (b)—(d) of this Item were approved pursuant to the waiver provision paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) No disclosures are required by this Item 4(f).

(g) The following table presents the aggregate non-audit fees billed in each of the last two fiscal years for services rendered by the principal accountant to the registrant and the aggregate non-audit fees billed in each of the last two fiscal years for services rendered by the principal accountant to the investment adviser or any entity controlling, controlled by or under common control of the adviser.

Fiscal Years Ended	10/31/2021		10/31/2022
Registrant	$	728,426	$	785,460
Investment Adviser	$	-	$	-

(h) No disclosures are required by this Item 4(h).

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS

(a) Included in the Report to Shareholders in Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

No material changes.

ITEM 11. 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-CSR was recorded, processed, summarized, and timely reported.

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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a)(1) Code of Ethics

(a)(2)(i) Certification of Principal Executive Officer.

(a)(2)(ii) 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:	December 28, 2022

By:	/s/    Thomas E. Herman
Name:	Thomas E. Herman
Title:	Principal Financial Officer
Date:	December 28, 2022

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.

By:	/s/    John P. Calamos, Sr.
Name:	John P. Calamos, Sr.
Title:	Principal Executive Officer
Date:	December 28, 2022

By:	/s/     Thomas E. Herman
Name:	Thomas E. Herman
Title:	Principal Financial Officer
Date:	December 28, 2022